Skip to main content

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

See other formats


■No. 27,748 

Saturday December 23 1978 



V? 1-4 -4 I 

Slwl Sanaa Ctm 

pa RniB<niiid.SftW«-TrM.sri»n. 
Tii'SM* m-Iimi b:hj artsi Ida: hsi 

Ulnuidin liniulnaal'EievilCi— n!n 





Esso pay move* 
may avert strife 

: . 

• ■ -- 


. '"s ii2j£ 

i.: - i te. 

Jtbodeslaa .'Air Force planes 
: yesterday attacked a Zambian 
National Service training camp 
' jbe Capital, Lusaka, a Zambian 
in Central Province, north of 
" iSavernotcat 'spokesman said. 

- -The r spokesman •" gave -no 
' Iprther. details.. H is the first 
Rhodesian air raid on. a purely 
Zambian target It was not 
- jpmnedlately dear why the 
■ Rhodesians should attack a 
Zambian ? National Service 
centre, and there was specula- 
tion, .-that they might have 
mistaken it for a 2APU black 
.pittoigHst camp. . 


# EQUITIES trading- produced 
the smallest volume of badness 
Since December. 1974. - Official 

by tanker drivers 


The prospect of averting a national tankers-d rivers’ strike from January 3 
improved significantly yesterday when union negotiators agreed to recommend 
acceptance of a pay and productivity offer from Esso. 


’The ' South': African-sponsored 
Namibian Constituent Assembly 

; agnJCtL’in' principle to plans for 
a UN-supervised election in the 
territory aesr year. But it set 
out.a:SOties.:or preconditions for 
final acceptance of such a 
scheme; Back. Page 

Other big companies, includ- Industry has maintained close 
ing Shell, British Petroleum and contact with the Department of 
Texaco, are expected to make Energy', and mode a study of the 
similar offers to their drivers potential effects on industry of 
next week if Esso’s proposals, a strike. 

th0U !!lI* t0 be wor . U ' 1 about 15 Union officials appear quite 
per cent, are accepted. confident that Essos offer will 

Tanker drivers throughout be accepted, with the decision 
Esso’s network of depots agreed likely to be known by Wcdncs- 
tn end immediately their over- day. 

Industry has maintained close night subsistence allowance; 
contact with the Department of and special Northern Ireland 
Energy', and mode a study of the allowance, 
potential effects on industry of as part of the productivity 
a strike. clement the rompany has looked 

tin ion officials appear quite for a savin:: on working time 
cunfident that Essos offer will of between 10 and 25 minutes a 

SintlS bp Earlier monlh "gators 

W f iflrn niinA saw thelr recommendation to 

ae ' :c P l an 11 P er '*nt Oil Of 
drivers overtime ban lifted. /row Mnb| -j re j ectec j hy 

The threat of a strike has company's drivers. 


Sue Cameron writes: There 
were long queues outside petrol 
stations yesterday as motorists 
tried to stock up on fuel to beat 
thp tanker-drivers’ overtime 

Police in London said drivers 

y ?. Ji i Search called off 

- An Atlantic search for the 

'•■'-’■r-tVi-i Mundteri,: 37,000 tons, a West 
- Gefmah- ctmtai ship insured 
• : ■; y” for a record- $53Jra and missing 

'i f or IT days with .28 people on 

T rai algar Hor ■ board ’ , off 

SALT progress 

: XLS. and Soviet'., negotiators 

..; r ‘ B reported progress 

';*♦.** towards coflclu^wn of; a Strategic 
" r -'%\ Arms LhmtationTreaiy : fSALT 

" B), and itaid- they would extend 

' y the talks into a third day today. 

Healhir^ ptiops 

* Tbd^jgB 'gbcishnas -hoj iday 
. ... passengei^ Were' stranded at 
. Heathrow yesterday, - .when 

r dcoeus^. flights were cancelled 

^ orY'iEv-erteti ; as .thick fog 
:: ^hroffiied .the airport/A British 
Airways' spokesman said the 
jry situation- ■■could •'only get 

18 13 20 21-22 


markings of 1,793 took the FT 
ordinary index 11 np to 479.3. 

9 GILTS improved on renewed 
hopes that short-term interest 
Year. The Government Seeuriti 
rates may case early -to the 
New. Tear. The Government 
Securities index closed 6.12 up 
at 6S.67. 

© STERLING rose 50 points to 
S2.0060 and its trade-weighted 
index rose to 63.4 (63.3). The 
dollar’? depreciation widened to 
9.4 per cent (9.3). 

O GOLD dosed $2 up at $215J 
in London. 

& WALL STREET was 11.26 
up at 806.05 fust before .-the 
close. ' -■ .r 

© U.S. INFLATION rate, ** 
measured by the Consumer 
Price Index, rose by 03 -per 
cent in November. Back Page 

been causing industry and Gov- The Esso proposals were w . er f f l ue,, f IT *5 purely because 
eminent deep concern. made in 14J hours of nogotia- 2L vL ar * 3 i 0 {l a?e ; 

A detailed contingency plan tions which ended at 5 am wcr -‘ plenty of 

showing how and whore the yesterday. Shell and Mobil are . in . th * J? 1 ** 

Government would use troops tn due to reopen negotiations next Lh r i st n ,as P-->od. and motorists 
maintain essential services was Wednesday, and BP and Texaco no * normaI! y have to T>^ue. 

ri%>f»r> tn Mr Mnce Ifusnc nan«n1 rnllnuiinn rim. Otltsidf? Sunie DelfOl Stations 

maintain essential services was Wednesday, and BP and Texaco 
given to Mr. Moss Evans, general the following day. 

secretary of the Transport and The drivers have submitted a nucu^s V 3 . m;ie Jong rormna 
General Workers Union, at claim valued at more than 50 an ^. ,n . c,er ? ai .^ “ m,l «ht 

meetings with Ministers earlier per cent by the companies, !ra -V = 7 a " 3,t - Pn!,ce tempo* 
this week. including an improvement on ” r j ° n ! 

The Civil Contingency Unit the basic rate of between £75 sfatI . nn m L -ndon to get traffic 
of the Cabinet Office estimated and £90. They have also sought . .. , ..... 

that only about 25 per cent of a new “calculator" rate for . S w ld , 

normal supplies could be made overtime and shift pnv. now £59. " ad the r ' h sh * ,t ° ar V— I 
available if there were a strike, of £90. queries ou.^d- them started 

This would necessitate strict E«n's offer involves a joint caustn Q an m.-t ruction to tTamc 

queues half a mile long formed 

of the Cabinet Office estimated 
that only about 25 per cent of 
normal supplies could be made 
available if there were a strike. 
This would necessitate strict 

The Confederation of British 


Scotland Yard said that police 
had the rioht t* shut garages if 
queues outride them started 
causing an obstruction to traffic 

basic rate and calculator of £78: ^ 0W- 

improved holiday pay: over- Seamen's settlement. Page S 

Canada faces dilemma 
over paper groups’ link 



i. -Denmarir's ; Prune Minister 
1 Anker Joergeasen dismissed his 
> Education Minister, Mis Ritt 
v; B3erregHard, 

f u ; Fastest, setting: Christmas toy. 

; has : been the new TV video 
i; -Cannes Which can be played on 
; r domestic, setfc Page 3 

; Propane.gas cylinder, heated by 
t roadwork flames, rocketed into 

■ a nearby street and killed two 

--". people in Dusseldorf, West 
- . . Germany. 

Madrid • ibank derk - won a 
frSsSfljOOO " jackpot in Spain’s 
'Chxikmas lottery with.the same 
. number— 15640 — that made his 
. -father rich -22 years ago.’ 

• ;"Pope John Paul . II -will visit 
.. c- Kextieo .next month 

Centre Pages 

''■} TIIWES 

^ Wishes its readers 
/-afeappy, and restfni, 
y^C: ■ Christmas 

Ht ALT Tiad. a balance of pay- 
ments surplus 6P L&.929bh dur- 
ing the first 11 months of this 
Tear, according to provisional 
figures from the Bank of Italy. 
The Italian Government of Sig. 
-Andreottr is coming under in- 
creasing pressure ,- to boost 
growth. Page 2 ^ 

“will not investigate GEC’s joint 
venture with Hitachi nor As- 
sociated Biscuit Manufatcurers’ 
£ 16.4m purch4se of the Smiths 
crisps and/ snacks business. 
Prices Secretary. Mr. Roy Hat» 
tersley : annouuced. 

© WES^ GERMAN monopolies 
commiaion has urged that BP’s 
,?fake/ in Veha’s .subsidiary, 
Ruhrgas, should be limited to 
9 pier- cent, rather than the 
2.1.05 per cent that BP agreed 
. wifli Veba in the summer. 

Baek Page 

0 GATT Tokyo Round hego- 
■'liators are confident that 
President Carter will be able 
; to start ratification in Congress 
of a new international trade 
reform and liberalisation agree- 
ment early in the New Year. 
-Page 2 

ffi EEC JOBLESS fell Jn 
November by about 7,000 to. 
6.032m. the Common Market’ 
siatstical office has said. Com- 
pared with 1977 however, the 
November figure represents a 
1.1- per cent rise in unemploy- 

•© BRITAIN has signed a new 
aviation agreement with 
Sweden. Norway and Denmark 
to' introduce, new services and 
cut economy fares next summer 
. by about 5 per cent. Back Page 

holders have approved the 
group’s £ 10.5m purchase of 
Barrow Hepburn’s specialist 
chemicals division — in spite of 
strong opposition from Tunnel’s 

-.largest shareholder, Thomas 
Ward. Back Page 

© INMOS. the company estab- 
lished by the NEB to manufac- 
ture microelectroo chips, is to 

■ site its ' research centre in 
Bristol. The company is looking 
for.' four manufacturing sites. 
Baric Page 

' 9 HOOVER, the. domestic-appli- 
ance manufacturer has rejected 
-a 15 per cent wage claim from 
its 4,900 workforce at Merthyr 
Tydfil in South Wales, and sent 
redundancy, notices -to 280 em- 
ployees. Page 17 . 

MONTREAL— The Canadian 
Government is faced with a 
takeover move which would 
create a forest products group- 
ing with sales of C$ 3bn 
(£157bn) a yeah and major 
international*, interests. 

; MacMillan Bloedel, the 
biggest paper . company in 
-Canada, is bidding for a con- 
trolling shareholding in 
Domtar. another major 
Canadian pulp and paper group, 
as a direct counter to a move by 
Domtar to buy the capital of 
MacMillan BioedeL 
Last night the Quebec Securi- 
ties- Commission issued a 
15-day lease trading order in 
Domtar Securities. 

If the Federal Government 
aHows the merger of MacMillan 
Bloedel, based in Vancouver, 

and the Montreal-based Domtar. 
logically it would have to allow 
further concentration in the 
industry, such as the possible 
merger of Abitibi Paper and 

The critical move came oa 
Thursday, when Domtar. up to 
that point firmly controlled hy 
Argus Corporation, the big 
Toronto holding company which 
also controls Massey Ferguson 
and Hollinger Mines, made a hid 
in stock and cash worth npariy 
S600m for the shares of 
MacMillan Bloedel. » 

However, MarMHlan Bloedel 
has disclosed that it had already 
bought the 20 per cent con- 
trolling block in Domtar from 
Argus Corporation and its 
affiliate Hollinger Mines and 
would bid $2S a share for 
enough Domtar shares to bring 


Its total holding to roughly 51 
per cent. The bid puts a value 
of nearly $4O0m on the total 
D-'Ptiar equity. 

The counter move confirmed 
t'iisension within the Argus 
Corporation management, which 
ha- seen recent changes. The 
new controlling group, it is 
believed, was willing to sell the 
Argus >take in Domtar, while 
directors of Drratar. represent- 
ing the rld-line Argus manage- 
ment, wanted lo hold on and 
tri^d to block the deal by. 
bidding /or MacMillan Bloedel. 

A key to the outcome may be 
the 134 per cent of MacMillan 
Blottlel held hy Canadian 
Pscilie. itf the two apposing 
bids ihn MacMillan Bloedel one 
fur Domtar seems the most 
likely «.« succeed at tin* point. 
Canadian paper battle. Page 14 





By Christian Tyler, Labour Editor 

THE BBC strike was called 
off last BlgbL 

With nn usual speed, the 
Central Arbitration Com- 

mittee announced a 12} per 
cent general pay award to 
the BBC’s 23,000 staff after a 
day’s bearing of an applica- 
tion bought tinder Schedule 
11 of the Employment 

Protection Act. 

With this preliminary 

award — statutorily exempt 

from pay controls — in their 
grasp. BBC managers and 
officials of the main union, 
the Association of Broadcast- 
ing Staff, went on to a meet- 
ing with the Advisory, 
Conciliation and Arbitration 

Meanwhile, BBC 1 and BBC 
2 television remained out of 
action, and from 4 pm the 
corporation was reduced to 
transmitting the same news 
and music programme from 
all four of Its domestic radio 

W orld Service broadcasts 
were cut from the same time. 

An overtime ban by the 
nnion was stepped np yester- 
day afternoon following a 
dispute about the use of con- 
tractors to cover news stories, 
and the subsequent suspen- 
sion of 12 union members. 
The original action was over 

Last night's award, although 
not specifically directed at the 
BBC's grievance about the 
disparity of earnings between 
its staff and those employed 
by independent radio and 
television, appeared to go 
some way towards meeting it. 

The Home Office has com- 
plained about the BBC’s 
latest pay offer. Bnt, in an 
apparent weakening of its 
tine. It has said that any 
breach of the pay guidelines 
will be taken into account in 
considering any future appli- 
cation for an increase In the 
TV licence fee. That Is at 
least a yea? away. 

The arbitration committee 
has asked both sides to return 
for further discussion of the 
award, when special anomalies 
will be reviewed. 

9 Yorkshire Television, one of 
the independent companies, 
said last night it would prob- 
ably not he able to provide any 
service *1 all over Christmas. 
The company, which has been 
off the air since Monday be- 
cause of a productivity dispute, 
said local members of the 
.Vssodciatior. or Cinemato- 
ffranh. Television ami .Allied 
Technicians, had not been pre- 
pared to fulfill q ret um-»o- work 
agreement worked «u* with 
rational and local officials of 
the nnion. 

West End 
stores’ sales 
hopes dashed 


RETAILERS' hopes for a record 
Christmas have been dashed in 
London, but many provincial 
centres report record sales. 

While the value of retail 
spending has risen sharply, the 
volume of trade appears not to 
have grown so fast. In addition, 
the preference shown by 
shoppers last year towards shop- 
ping locally rather than taking 
trips to central London seems to 
have been repeated. 

This is in spite of the £150.000 
investment by the Oxford Sn-eet 
stores on their laser tights dis- 
play as well as some £60.000 
spent by the Regent Street 
stores on more traditional light- 


While the Oxford Street lights 
have attracted large numbers of 
visitors it is felt many shoppers 
have been disappointed. . 

The recent wave of bombings 
in shopping centres also appears 
to have hit the central London 
shopping areas more than pro- 
vincial centres, although most 
stores believe the Threat of 
explosions has had only a very 
marginal effect on sales. 

The pattern of Christmas 
spending has been further con- 
fused hy a nu ether of factors. 
One is the hi^h levoj nf con- 
sumer expenditure . throughout 
the year which has left little 
scope for a sharp increase in 
the past few weeks. 

The relatively mild weather 
for much of the autumn delayed 
the start of the traditional 
Christmas build-up because, 
according to one retailer 
“shoppers did not feel it was 
cold enough for Christmas.” 

Outside London most provin- 
cial stores have been very busy 
and have achieved sales in 
excess of last year’s record 
figures. James Beattie, the 
Midlands-based department 
store grotto, reports both sales 
and volume substantially up nrt 
last year. . 

Owen Owen, the Liverpool- 
based stores group, aiso reports 
trade well up i.m last year, 
especially at the lop end of the 
price range with suede and 
leather coats doing especially 
well. Shoppers are also buying 
more practical gtfis this year, 
the store reports. 

The John Lewis Partnership, 
which has 17 ^tore-: - in London 
and the provinces, also reports 
record sales. Theiv reached 
£10m. last week f -r the first 
time — a jump of almost 23 per 
l cent on the equivatini week lost 

Food retailers il .o expert in 
do well as usual ihi< ;.ear. John 
Lewis' Wuitrosc suncrmr.r!:ci 
chain hod sale'; of £5.5;n last 

week, a rise of over IB per cent. 

Tesco also reported yesterday 
that it has achieved its best-ever 
trading figures this week with 
sales of more than £40m. A 
record number of turkeys — lm 
— have also been sold by Te.$co 
this year. 

The overall reluctance by 
consumers to make this Christ- 
mas the biggest ever spending 
spree may also reflect some 
concern about the economy and 
political situation iu 1979. This 
was suggested in the latest 
Financial Times Survey nf con- 
sumer confidence, published 
earlier this week. which 
revealed that three-quarters of 
those surveyed intended to 
spend the same or less on 
Christmas this ypar than last. 

For most nf the big London 
stores. the pre-Christmas 
trading period finished last 
night so there is no chance of 
a "last-minute rush today. The 
major stores have decided to 
shut today m enable them to 
re-open next Wednesday with 
their bargain sales. 

SE calm 

Christine Moir writes: Barely 
a ripple disturbed the pre- 
Christmas calm of the Stock 
Exchange yesterday. Only 1,793 
dealine? were transacted by the 
time the market closed at 1 pm. 

This is the second lowest 
figure ever recorded apart from 
freak wartime occurrences. The 
lowest figure. 1.143. was 
recorded nn December 27, 1974 
at the nadir of the last Stack 
Market slump. 

Last year, although the trad- 
ing floor closed an hour earlier, 
some 2.219 markings were 

Best selling games and holiday 
traffic report. Page 3 

Publisher's notice 

•Hie Financial Times will 
not be published on Christ- 
mas Day and Boxing Day. 
The next Issue will be on 
Wednesday December 27. 

The issue of Saturday 
December 3(1 will contain 
special articles on the 
crcsomic outlook for 1979 in 
the UK and the rest of the 
world, together with forecasts 
of the prospects facing major 

£ in New York 

— D«:. 21 I Previous 

Soot S t.SiSSO 2.0010 S2.00 10-0 125 
1 month : 0. 15-0.08 dis 0.29-0-23 dls 
3 months 0 47-0.57 dis D.67-0.S9 dis 
12 months 2.001.60 dis 2.55-2.20 dls 

Government sets cash targets 
for gas and electricity supply 



specific financial targets for the 
gas and electricity supply indus- 
-tries Tor the first time in ten 
years. British Gas it to aim at 
a' 6.5, per cent return on turn- 
over, after interest next year, 
and; electricity, supply is to go 
for a 10 per cent return on 
average net assets, before 

:Thfe targets accord with 
recommendations in the White 
Paper last March on the 
nationalised industries. They 
will-' mean increases in the 
prices of gas and electricity. 

. .However, the Energy Depart- 
ment said yesterday, that the 
1979-80 prices ” should no more 
than maintain ; tbcir present 
levels in real teems.” 

• British Gas welcomed the 
formal targets jfesterday while 

reassuring customers that tariffs 
would not be increased until 
next April, as promised. 

The Corporation has been 
pressing the Government for 
formal targets for two years, but 
is thought to have wanted a 
target on a rolling basis, cover- 
ing several years. It is there- 
fore unlikely to be pleased that 
Mr. Anthony Wedgwood Benn, 
the Energy Secretary, has 
chosen a one-year target 

British Gas made £lR0m 
profit in the year ending Inst 
April. That represented a 7 per 
cent return on turnover after 
interest. The size of the profit 
caused some outcry and that is 
a reason why the corporation 
has been anxious for a specific 

British Gas said 'yesterday 
that it had for some time been 

anxious to ** have something to 
work up.”- Hitherto it b3S 
had merely a statutory duty to 
to cover costs and make 
adequate allocation to reserves. 

Demand for gas. however, 
depends on the weather: profits 
are alwajs higher during a cold 
winter. That is thought to be 
the main reason Why British Gas 
would probably have preferred 
a target covering several years. 

In! reducing specific targets 
will give the Government 
greater control over such things 
as gas depletion rates and 
consumption rates The Energy 
Department said yesterday that 
factors taken into account in 
settins the target included 
finanria! policy, energy policy 
and the inioortance of contain- 
ing inflation. • 

By this time every child in the country knows that Christmas is 
on Monday this year. So does every adult, to their cost. 

In Northampton there’s an old saying that if the sun shines on 
Christmas Day, no matter how briefly, the ensuing year will be a 
fruitful one. That’s why we’re hoping for Christmas on a sun day. 

A sunny day — even if it’s Monday. 

Today’s Northampton is a thriving industrial and commercial 
centre as well as an historic county town. We don’t depend on the 
old superstitions for our success any more. Yet somehow it’s nice to 
know they’re still around. ^ 0 ****~ 




(Prices in pence unless otherwise indicated) 

.Rises Natwest .... 

Treasury 3*pe T9S1 £89 4- 

Transport 3pc *7S-SS £622 4- ^ 

Ault ,; & Wiborg 45$-+ 3 ■ • Tescn • 

Baker Perkins 146. + U’ - Trust Houses Forte 

Be fehliWi 626 .+ 6* Conzinc Kiqtinto ... 

(Connttoff .Brns. , 1ST-+ • 9 East Mefontem . 

-Eecttmiic - - -Rentals 150 +.5- wgLS'lw ”* 

iStiiMkai Props.; .95 t Z : :We5tenl us 

•Gutoness (A.) 168 +4" ,Bi n emel 

t-Sbangbal- w 264 -+-U'» - Glaxo 

, JlCT 369 +'4- ; AVbodhead (J.) 

2S8 '+' 6 
278 -h 5 
106 + 6 
300 + 5 
54 + 1} 

258 .+ 4. 
280 + 4 

USB + 19 
£22|+ i 
739 + 20 

•80 t-* 5 I 
515 i—i 3 
86 — ' 3 

Overseas; news...; 2 

Home news— general 3, 15, 17 

' • — labour 3 

Arts page i 10 

Leaders .and Laggards on 
the Stock Exchange 1978 12 

JPhy Tm Dreaming of a 
Green Christmas 13 

Insurance: Paying for Pets 5 
To&r Savings: Capital Gains 
<h» Unit -Trusts 5 . 

Leader page 12 

UJK_ Companies 14. 15 

Mining 4 

Inti. Companies 14 


Travel: Behind Ike Beaches, 
Winter Sports. Taking the 
Kids off to the Cities. 
Chasing ’ Around the 

Islands 6 & 7 

Property: A Place on the 

Piste 7 

Christmas Jumbo X-word 10 

. -AopoIMmwits ... 18. 20 

Books Pm 8 

Bridgs n 

Chess ; 11 

Colloctliig . , im - 10 . 11 
■' Crossword PuseJo 10 

- Economic Diary ...... 13 

'<• Education 4 

Bitor'iMnt -Guitia 10 


Finance & , Family 
FT -Actuaries tnds. 



How to Spend ILh 

. Insurance 



Man ot the Week 


Profits Table .. .. 



Share Information 

SE Week's Deal'gs 17-19 

Travel 6, 7 

Unit Toasts 21 

World Markets 4 & 16 

Foreign Exchanges 19 

Farming, raw materials ... 17 
U.K. stock market 20 

'Golf: now Money Rolls in 11 

Collecting: The Appeal of 

Pantomime 11 

Gardening: The Holly Bears 

the Crown II 

Education: First Class to 
Oxford II 


Your SaVns & |mr. 
Bare InW'iq Ratos 
Building Soc. Rales 
Local Avthy. U*S. 
UK Convoftiploe. 

Leslie Austin -Crowe, BSc, FRICS 
Chief Estate Surveyor j 

Northampton Development 
Corporation, j 
2-3 Market Square 1 , 
Northampton NN 1^2EN, 
Telephone (0604} 34734 

* * F4 

M & G 

For latest Shore lvdcx ’phone 01-246 8026 


VfngTK aai oaw ~~r 


Sadiqi said to face problems 
forming new Iran Government 


TEHRAN — Dr. Gholam Hossein 
Sadiqi, the man who will prob- 
ably emerge as Iran's new 
Prime Mini ster over the next 
few days, is reported to be 
having difficulty in forming a 
new government. 

Not only has the main politi- 
cal opposition, the National 
Front, warned him against pur- 
suing his aim, but word has 
also come from the Ayatollah 
Khomeini, the exiled religious 
leader, telling him to wait. 

However, such a government 
still seems likely as the Shah 
tries yet one more manoeuvre 
within the established form of 
political change to ward off 
more revolutionary action. 
Opposition against the forma- 
tion of a new government shows 
signs of being less than united 
as the various anti-Shah factions 
watch to see what concessions 
Dr. Sadiqi will win from the 
Shah over control of the 

The present Administration 
seems to be orchestrating a 
careful preparation of its own 
downfall. On Thursday, at a 
meeting of the Lower House, a 
body which supports the Shah 
almost completely, there was 
criticism of the present govern- 

ment, led by General Azhari, a 
senior military commander. 

Observers here .were sur- 
prised not so much by the 
content of the speeches as by 
the way the adverse comment 
was reported on stateeontrolled 
radio and television. Also, in 
previous days, new rules were 
brought in regarding the entry 
of soldiers to hospitals — an 
example of restraint following 
an incident when two doctors 
and two children were killed 
during a raid on a hospital by 

Parliament has now 
adjourned for 3 weeks, just two 
days before it was due to 
debate three censure motions 
against the Government Mr. 
Eani- Ahmad, who is close to the 
opposition, said that it did not 
matter that the motion would 
not be debated immediately 
because “ the present Govern- 
ment only had two or three 
days to run." 

The new government is seen 
as a poker-style gamble by the 
Shah, who has now started to 
ooerate efficiently ag ain . He is 
said to be trying to manipulate 
the result to the advantage of 
his own perception of Iran’s 
future, without having to 
abdicate or accept a regency 

Observers say the broad 
section of middle opinion still 
provides a fertile area for 
exploitation. There are those 
who neither want the Islamic 
state of Ayatollah Khomeini 
nor the military government 
which might result from 
further attempts to remove the 

Dr. Sadiqi, who accepted the 
Shah's offer of trying to form a 
government, is a 73-year-old 
philosopher and sociologist who 
had belonged to the National 
Front during the premiership 
of the nltra-nationilist of the 
1950’s. Dr. Mbssadech. Despite 
being a government minister 
twice at that time, he has had 
nothing to do with the present 
anti-Shah opposition by the 
National Front. 

He is reported to be looking 
for Cabinet members with new 
faces, people who have not 
served in government posts for 
the past 25 years. This will be 
no easy task, given the way the 
Shah has changed his ministers. 
Apart from old politicians. Dr. 
Sadiqi is said to have sounded 
out several of his former 
students, some of them members 
of the National Front Dr. 
Shahponr Baktiar, the Front's 
deputy leader, is also said to 
have been approached. 

Oil leak 
hits exports 
from Kliarg 


By Our Own Correspondent 

TEHRAN — A serious leak has 
occurred in one of Iran's main 
oil pipelines, disrupting exports 
again just as production was 
returning to normal after 
strikes by workers protesting 
against the Shah s regime. 

The leak was discovered on 
Thursday at the Gavhfaran 
Field, in a pipeline to the main 
oil export terminal on Kharg 
Island, in the Gulf. The flow 
has had to be cut by 200,000 b/d. 

A national Iranian Oil Com- 
pany (NIOC1 spokesman said 
oil exports were now running 
at 3.6m b/d. when they should 
be 3.8m b/d. He was unable 
to give the reason for the leak, 
but ruled out sabotage. 

Iran normally produces about 
5.4m b/d. but industrial action 

Mideast talks seek 
to break impasse 


TEL AVTV — a meeting in 
Brussels this weekend of Israeli, 
Egyptian and U.S. Ministers is 
expected to discuss possible 
compromises to break the 
impasse in the Middle East 
peace talks and not just 
procedural issues, according to 
Israeli officials. 

But they cautioned against 
undue optimism. They said that 
while Israel was ready to con- 
tinue the talks it was up to the 
Egyptians or the U.S. to pro- 
duce new solutions to the un- 
resolved Issues. 

Israel had insisted that Mr. 
Moshe Dayan, its Foreign 
Minister, would be. empowered 
only to discuss procedures for 
restarting the peace talks when 
he met by Cyrus Vance, the U.S. 
Secretary of State, and Mr. 
Mustapha Khalil. Egypt’s Prime 
Minister. But Mr. Vance would 

has disrupted output twice in j hardly attend 3 meeting dealing 

the past two months. Ten days 
ago. production was as low as 
l.Olra b/d, and Iran was having 
to rely on imports to meet 
domestic demand. 

A maintenance team is at the 
site of the leak, but the time 
needed to restore the flow to 
normal will not be clear until 

A year ago, there was a 
serious leak in the pipeline from 
Ahwaz, in the centre oE Iran’s 
Southern Oilfield, to the main 
oil refinery at Abadan. It was 
caused by a bulldozer working 
near the pipeline. Pipeline 
leaks are comparatively rare, 
according to the NIOC spokes- 

The national news agency has 
reported that staff at the 
Abadan petrochemical works 
have stopped their strike. 

Politically motivated go-slows 
are thought to be persisting in 
the oilfields, although to a lesser 
extent. Oil experts said yester- 
day that only 25 per cent of 
workers were still taking indus- 
trial action. 

U.S. restricts 
LNG imports 

By David Buchan 

Government has said it needs no 
extra imports of liquefied 
natural gas (’LNG), after last 
month's enactment of President 
Carter's natural gas bill, 
designed to stimulate domestic 

The Energy Department has 
this week rejected two plans for 
importing Algerian LNG: 
Tenneca's proposal to pipe gas 
through Canada to the northeast, 
and El Paso Natural Gas Com- 
pany’s $4.5bn plan to import a 
billion cubic feet a day of 
Algerian gas through Texas. 

The Energy Department 
described the LNG as " a mar- 
ginal source of supply” which 
should not be encouraged while 
U.S. resources were under- 
utilised, and while long-term 
commitments with such neigh- 
bours as Mexico were being 
negotiated. Mr. James 
Schlesinger, the Energy Secre- 
tary, has taken a hard line with 
the Mexicans, telling them to 
keep their gas until they are 
wilting to sell it to the U.S. at a 
“ reasonable ” price. 

solely with procedure, officials 
in Jerusalem concede. 

Mr. Menahem Begin. Israel’s 
Prime Minister, received a 
message from Mr. Vance on 
Thursday night which is 
believed to have suggested en- 
larging the framework of the 
discussions which are expected 
to start tonight. Newspapers 
here say that the Secretary of 
State's letter was placatory and 
apparently designed to ease the 
crisis in U.S.-Israeli relations. 

Mr. Samuel Lewis, the U.S. 
Ambassador, is reported to have 
received a lecture from Mr. 

Begin when be delivered the 
letter. The Prime Minister is 
believed to have again accused 
the U.S. of taking a pro- 
Egyptian stance in tbe latest 
round of negotiations even 
though Israel believes the new 
Egyptian proposals clearly went 
beyond the framework for a 
peace treaty as set out at Camp 

Meanwhile, the senior Israeli 
military officer in charge of the 
West Bank and Gaza Strip has 
resorted that 2'480 residents of 
the occupied territories are in 
jail for security offences. Gen- 
eral Avraham Orly told a news 
Conference that 386 of the 
Palestinians were still awaiting 

In addition, the military gov- 
ernment had placed 20 people 
under administrative detention, 
which means they can be beld 
as long as Israel wishes with- 
out being brought to trial. 
S/8}— Page 2 — 

Gen. Orly denied that recent 
arrests of students at the Bir 
Zelt University beside Ramalla 
on the West Bank were moti- 
vated by a desire to suppress 
their political activity. He said 
that between 15 and 20 students 
had been arrested in the past 
few weeks for security offences 
ahd half were still in detention. 

The students at Bir Zeit are 
known for their outspoken criti- 
cism of the Israeli occupation, 
land expropriation and the 
Camp David agreement 

Parliament row confirms 
rift in Janata Party 

BY K. K. SHARff A 

NEW DELHI— The rift in the 
Janata Party came fully into 
the open yesterday when Mr. 
Charan Singh, the former Home 
Minister, told Parliament he 
was expelled from the Govern- 
ment for demanding an inquiry 
into charges of corruption 
against Kantibhai Desai, tbe 
Prime Minister's son. 

Mr. Moraiji Desai flatly 
denied the truth of Mr. Charan 
Singh's claim and counter- 
charged that Mr. Charan Singh 
had not appointed a commission 
erf inquiry into corruption 
charges against his own wife 
and son-in-law. Had the former 
Home Minister done this, tbe 
Prime Minister said, he would 
have been forced to order a 
similar inquiry into charges 
against his own son. 

Tbe two statements, which 
signalled the final rupture 
between the two Janata leaders, 
were heard in silence by MPs 

of their party, 
was greeted 

The exchange 
With derisive 

laughter by Congress and other 
opposition groups. 

Mr. Charan Singh's statement 
comes more than six months 
after he resigned as Home 
Minister. A number of futile 
attempts by other Janata leaders 
to bring about a reconciliation 
between the two men. have 

The Janata’s growing internal 
problems come in the middle 
of its battle with Congress and 
its imprisoned leader. Mrs. 
Indira Gandhi. Her followers 
have continued their campaign 
to “fill the jails" by defying 
a ban on demonstrations. Many 
thousands have been imprisoned 
although an exact number is 
not available. Incidents of 
violence, sabotage and arson 
continued yesterday but it 
seemed as if the agitation was 
petering out. 

Loans to S. Africa blacks 

leading U.S. banks have lent tbe 
equivalent of almost R30m 
I £17. 2m) to build houses for 
South Africa’s urban blacks. 
They are Bank of America, 
Chase Manhattan and Morgan 
Guaranty, and the money will 


Group Limited 


be channelled through tbe Urban 
Foundation, a body funded by 
major South African and foreign 
companies which aims to im- 
prove the quality of life in urban 
black townships. 

The loans are for five years 
and carry an interest rate of 
&86 per cent It is believed they 
are denominated in Swiss francs, 
as were two smaller loans total- 
ling SwFr 8m (£2 .4m) raised by 
the foundation last August 
The -funds will be made avail- 
able- through local building 
societies to participants in the 
Government’s new home lease- 
hold scheme for blacks. Tbe 
societies have agreed to match 
the foreign loans on a rand-for- 
rand basis. 

Announcing tbe loans yester- 
day, Judge Jan Steyn, the direc- 
-f pw 1 1 tor of the foundation, said the 

I 1 1 foundation hopes to raise 

■* “ ‘ ■ * further funds abroad, with a 

target— from local and foreign 
sources — of R200m over the 
next five years. 

reform plan 
likely for 
New Year 

By Reginald Dale 

GENEVA— Tokyo round nego- 
tiators at the GATT talks are 
now confident that President 
Carter will be able to - start 
congressional ratification of a 
major new international trade 
reform and liberalisation 
agreement early in the New 
Year. As the talks here ad- 
journed until January 8. tbe 
U.S. and the EEC issued a 
joint statement recording 
“significant progress" on all 
the main subjects under dis- 
cussion In the five-year-long 

A number of important 
issues remain to be settled in 
early 1979, but the general 
view here is that the U.S. has 
now secured enough bilateral 
agreements with other indus- 
trialised countries, inciadiog 
Japan, to enable the Admini- 
stration to claim that a final 
deal is in sight. - 

Tbe Administration needs 
to do so to start congressional 
procedures on two fronts. 
First, it must start'the lengthy 
ratification process; second, it 
must table legislation to pre- 
vent the imposition of , new 
countervailing duties on U.S. 
imports early in the New Tear 
— a precondition for tbe EECs 
acceptance of the final 

The biggest outstanding 
problem between the U.S. and 
the Community is the balanc- 
ing of industrial tariff cuts — a 
process described as “difficult 
and time-consuming ” In 
yesterday's joint statement 

Tariffs are also one of the 
main issues stiU dividing the 
EEC and Japan. Tbe Japanese 
tariff-cutting offer, .according 
to the EEC, 'tofiSnpts to a 
reduction 'of ‘only' about 25 
per cent against the overall 
30 per cent average expected 
to emerge from the round as 
a whole. 

The Community is likely to 
withdraw some of its earlier 
tariff-cutting offers to Japan 
if Tokyo makes no further 
concessions- The -Community 
also feels that Japan has not 
made adaquate proposals for 
opening Its market to EEC 
processed agricultural pro- 

Japan and the Community 
are still seeking a deal under 
which the Japanese would 
accept the selective safeguard 
measures the Community is 
seeking for use against cheap 
imports, in return Aor the 
removal of existing N»o£acles 
to Japanese exports by a 
number of EEC countries. 

These Include bilateral 
safeguard treaties such as 
those between Japan and the 
UK, France and the Benelux 
countries* and quantitative 
restrictions against Japanese 
imports imposed by France 
and Italy. 

There are good chances 
that such a bargain can be 
negotiated in the New Year. 
But the overall package con- 
cluded between the Com- 
munity and Japan may be less 
far-reaching than those 
between tbe EEC and the 
US., and the U-S. and Japan. 

SALT talks 
make slow 


By Our Own Correspondent 

GENEVA — The U.S. and the 
Soviet Union wore yesterday 
making slow progress in their 
attempt to hammer out the final 
details of a new Strategic Arms 
Limitation Treaty (SALT 2> on 
the second day of negotiations 
here between Mr. Cyrus Vance, 
the U.S. State Secretary, and 
Mr. Andrei Gromyko, the Soviet 
Foreign Minister. 

American officials said: “ Real 
substantive work remains to be 

Mr. Hodding Carter, the State 
Department spokesman, said 
more ground had been covered 
at yesterday’s session, and that 
ail the main outstanding issues 
had been discussed. The talks 
had not run into unexpected 
snags. But important issues re- 
mained to be resolved, ' 

The talks, originally scheduled 
to end last night are now cer- 
tain to continue today. This 
means that Mr. Vance’s new 
round of Middle East peace 
talks in Brussels may not start 
until tonight 

Fiat engine deal 
with Venezuela 

By Our Own Correspondent 

ROME — Fiat, Italy’s largest 
private enterprise, has signed 
a contract to build a four- 

cylinder petrol car engine for 
Venezuela, it was announced in 
Turin yesterday. 

Fiat declined to put a value 
on tbe deal which was signed 
with the Venezuelan Govern- 
ment It said the engines were 
destined for the Venezuelan 
market and for other Andean 
pact countries. They would be 
constructed at a new .plant in 
the industrial zone of 
Ba reel Iona, 300 miles from 

Plant capacity is expected to- 
total 46.000 engines a year from 
1980 and 700 people are 
expected to be employed. Con- 
trol will be by a mixed com- 
pany with a majority Venezue- 
lan shareholding. 


i .Ct- V;--./. f 

tML' ' ! 1- • ' ‘ 



MADRID — Sr. Adolfo Suarez, 
the Prime Minister, is under 
increasing pressure to spell out 
his plans either to seek a Parlia- 
mentary vote of confidence or 
opt for a general election. His 
refusal to reveal his hand since 
the December constitutional 
referendum is beginning to 
create an atmosphere of drift. 

Under an appendix to the 
constitution the Prime Minister, 
after the approval of tbe refer- 
endum, can opt for a confidence 
vote or a general election, or 
both. He must announce his 
decision within 30 days of the 
constitution appearing in the 
official bulletin. This 30-day 
period will not begin to rim 
until December 27, the day 
when the constitution is 
solemnly sworn into force by 
the King in a special Parlia- 
mentary session. 

At present, Sr Suarez’s party. 
Union de Centro Demo era tico 
(UCD), has 165 of the 350-seat 
lower House of Parliament To 
win a vote of confidence, Sr. 
Suarez must obtain an absolute 
majority the first time round. If 

he fails to gain this, a simple 
majority will thereafter suffice. 

It is more or less taken fot- 
granted that Sr Suarez would be 
able to win a simple majority. 
However, if he wishes to obtain 
an absolute majority, he win 
have to do a deal with one or 
more of the minority groups,, 
like the Catalans or the Basque^ 
nationalists^ " 

He risks more complex horse- 
trading to win the support, of - 
the large parties, the Socialists, 
the Communists and the-RIghi- 
wmg Alfanza Popular. 

Political observers, believe 
that Sr. Saurez is not happy; 
about doing a dear with the 
large Parliamentary parties, as 
this would commit him to collar' 
borate more closely with them 
for the remainder of his term 
through to 19SL • - ■ 

The advantage for Sr. Suarez 
in dissolving Parliament .and; 
calling a snap election is two-, 
fold. A fresh general election 
could increase "CCD’s parlia-. 
mentary strength. The latest 
opinion polls, while showing a 
large number of' abstentions, 
give a sharp upswing in ~ Sr. 
Suarez own ratings against 

those of his main rival,, the. 
Socialist Sr. Felipe Gonzalez.. 

' Elections would also; hope- 
fully confirm the- electorate’s 
view of Sr. Suarez not.n«Mly r 
„as a transitional ..Prime ^ 
Minister — but as a more . per* 
manent political figure./* ; ... 

' A general electinu .; Would 
also tend to lessen the .impact 
of municipal, elections which/ 
must be held this year -r 
theoretically within 90 days of., 
tite ratification of the.:cpbstl- 
tution — . at the municipal level 
there is expected to be a sharp 
swing towards the C ommunis ts^ 
and Socialists. ■ ' 

, . The Socialists and.. Cook 
mimists have indicated. that they, - 
win abstain, in a vote of con- 
fidence. The Socialists have; 
{refrained from either opposing., 
tff supporting a general election, 
contenting themselves wifo 
insisting on municipal elections. 
The Communists' would like a 
vote of confidence said Sr. 
Suarez to then form a new 
, government with the Socialists, 
which they would support The 
right-wing Alianza, popular 
wants to see a. ■ " neutral 
government formed - which 

would, then prepare, a/gejefol 
election. -- . . 

- influential -> people. " Vntliln 
'• Sr. Suarez own party.'are^ccging 
, hinir- to opt. fotaa election. 
Among those favouring ■■ this ■ 
approach -is. Sr. 7 Rafael ; Arias 
Salgado- the UGD Secretary^ 
GeneraL= . '■ ^ ‘ ~ ' 

However, .such a course has 
its risks. " The constitutional, 
’.referendum , which -Sri - Suarez 
■soughttGUseas ah endorsement 
pf hip ^Government was not aft 
pomtive.. as: hoped. ■ A geheral 
election wilL -also . djsnyrt 
ftatippaljife iat^a moment when 
important'.: economic decisk) na . 
aee&tft taken Wages mid 

:.:/Thc-51sraptS>U8 -yil^he :sven ' 
p*ater ; jf : : ah eTecticra. fs--fol- 
kwgdj- quickly i hy .^ntnaiopal 
flections. Initially ;Sc- JScferez. 
was“ ■ saTC’^ - considered 


. flit® v CQIlSid- 



now w^.'^t^j^Mrganuary fi 
to make an annqUnqeme^'^his 
is when the" Spanish cbmpl eto 
their Christmas//;/,- r: .:.'. 1 


r 1 

Andreotti faces pressure to 
reflate as trade improves 


ROME — The spectacular 
recovery of. Italy’s balance of 
payments was confirmed yester- 
day by provisional Bank of Italy 
figures showing a surplus of 
L5,929bo during the first 11 
months of this year compared 
to some Ll,800bn during tbe 
same period last year. 

In November, the monthly 
payments surplus totalled 
L324bn as against L33bn in tbe 
same month last year. 

This marked improvement is. 
in part, the result of increased 
export performance and record 
tourist receipts of some 
L5,OOObn this year, but it also 
reflects the decline in imports 

however, that the country’s eco- 
nomic momentum could be in- 
creased only if the economy’s 
fundamental structural weak- 
nesses were removed. 

To this effect, the minority 
Christian . Democrat Govern- 
ment is to present tbe' details 
of its long-awaited three year 
(1979-81) recovery plan to the 
political parties supporting it in 
Parliament early 

undermining Sig. GLuIioAndre-. 
otti’s minority administration 
are a series of nominations for 
the chairmanships of Italy’s 
biggest state conglomerates.'; 

The Cabinet is scheduled to_ 
propose before Christmas a 
of names for the giant HQ State 
bolding company as well as for 
ENL the State hydrocarbons 
agency, ENEL, the national; 
in the" New -/ electricity and energy board, ' 

■ .V. EFIM, another . State holding,;! 


loathes ^ Budget for 


While broad agreement * has < and INA, foe nation^ infttiranfcff, 
been reached over measures to group. ’ t 

reduce the country's enormous-'' ' In view of the considerable- 
ly enlarged public sector deficit,- political power that goes with 
no such consensus has so far : - these top State jobs, the buijd-j 
emerged over the Government’s'- up to the nominations has-been 

efforts to introduce an incomes^ particularly unsavoury, general 

as^a^oDsequence ^of the "prxK policy. Indeed, the Government, rag major frictions within the 

is increasingly coming under Christian Democrat Patty .anc 
criticism from the trade unions*,, between the riding party -and 
and the left-wing parties on this- :the Communists and Socialists, 
issue 7 "^currently supporting— Wit io- 

The latest controversy in the - creasingly critically— The Andro- 
rapidly accumulating issues i Otti adntinistration.- ‘ ~ ' . r : 

on < 

longed recession. 

The Government is now com- 
ing under heavy pressure to 
boost growth and to promote a 
series of ambitious job-creating 
investments. It has warned. 

Dutch unions 
for shorter working 

AMSTERDAM — Negotiations 


for wage agreements in Holland 
for 1979 almost certainly will 
concentrate on the controversial 
issue of a shorter working week. 

Holland's two most powerful 
and militant trade unions, cover- 
ing industrial workers, the NW 
and NKV, announced here yes- 
terday that they would press for 
a 3f-hour week in the metal 
industry, the country's largest, 
which employs some 425,000. 

These claims traditionally are 
adopted by unions in other 
Dutch industries. 

A spokesman for the two in- 
dustrial workers unions said 
that the principal demands for 
1979 should be seen in the con- 
text of union efforts to help re- 
duce growing industrial unem- 

“If necessary, we are pre- 
pared to resort to strike action 
to get what we want." he added. 

The effectiveness of a reduced 
working week in tackling unem- 
ployment is questioned seriously 
in Holland by both Government 

and the employers. Both parties 
clearly favour the extension of 
the early retirement scheme 
already in operation in part of 
Dutch industry; 

In addition, employers in the 
Dutch metal industry, such as 
Hoogovens. the big steel com- 
pany, has pointed at the nega- 
tive implications for the already 
strained Dutch labour market 
Affairs Minister 

Earlier this month. Dr. Wil- 
lem Albeda, the Social Affairs 
Minister, said that the Govern- 
ment was prepared to allocate 
some funds towards a u redistri- 
bution of work.” But he, too, 
favoured early retirement 

At the end of November, 
national wage talks for 1979 
collapsed, partly as a result of 
the unions* refusal to accept 
any conditions laid down in the 
Government’s economic aust- 
erity package. As customary, 
wage talks are then switched 
to industry at the company 
level, and these are due to start 
in January. 

The two industrial union 


groupings «ld fhey wfll also 
press -for a ban on ' overtime 
unless such a measure . U 
approved by the ’works council 
of the company in question, a 
ban on the use, of employment 
agencies .and .on ; other,, inter- 
mediary labour .organisations- 
in- the metal ' .sector, ahd for 
higher pay for those; eligible 
under eariy retirement schemes 
agreed in fast yearis wage talks. 

The unions, have, indicated 
their willingness to give up a 
small part of next year’s 'cost Of 
living - compensation towards 
the cost of financing a 35-hour, 
working week but the lion’s 
share will have to be - boffle 
both by employers and- , the 
Government: ■> 

On the pay side, the unions 
are demanding the maintenance 
of the purchasing power of- all 
incomes FI 30,000 (£7,444) 
a year. But they. have stressed 
compensatory wage claims will’ 
be lodged if it appears that this 
is not achieved as a result of 
the . Government’s -austerity 

Heavier German 


BONN — West Germany is 
heading for a somewhat larger 
trade surplus this year than last 
— and a far higher current- 
account surplus. The latest 
figures released today are likely 
to mean further upward pres- 
sure ou the Deutsche Mark. 

According to tbe Federal 
Statistical Office in Wiesbaden, 
the November trade surplus 
totalled DM 3.6bn (£965ro), com- 
pared with the record DM 4.8bn 
in October and DM 3-lbn In 
November, 1977. This brings the 
accumulated trade surplus for 
the first 11 months to DM 38,9bn, 
compared with DSf 343ba in the 
same period last year. 

After allowing for deductions 
for services and transfer pay- 

ments, the November current- 
account surplus is DM 3.8bn, 
compared with DM 3.4bn in 
October and DM l.Tbn in Novem- 
ber. 1977. The total surplus for 
the first 11 months is DM 13.1bu, 
compared with DM 5.3bn in 
January-November, 1977, 

The almost unbroken stream 
of trade surplus figures contrasts 
oddly with the often-expressed 
German fears of a Ipss of export 
competitiveness caused by the 
constant appreciation of tbe 
Deutsche Mark. . 

While those fears appear 
somewhat exaggerated, it is also 
clear that the trade figures in 
value terms tend to understate 
the extent to which imports are 
penetrating the West German 
domestic market The appreci- 

ation of the Deutsche Mark, by 
6.6 .-.per- cent against the; 
currencies . of Germany’s 22 
major trading partners since foe 
start of this year, has boosted 
the export figures and cut the 
bill for imports expressed in.i 
other cur re n c ies. 

In real volume terms. West 
Germany's 'imports have been 
growing consistently, faster ^aix ; 
exports. T fee figures for each of 
tbe first three quarters of . tbds 

year show imports by Volume 
4.3, per. cent, 12.4 

growing by 
per cent and 5.7 per cent respec- 
tively, compared. With the same 
periods’ of 1977.’ .' The export 
volume figures- fori the same 
three quarters show increases of 
2.6 per cent, 73 per cent and 
5.4 pier cent 

Referendum urged on Greek EEC entry 


ATHENS — Mr. Andreas 
Papandreou. the Greek opposi- 
tion leader, has said that if his 
Panhollenic Socialist Movement 
comes to power it will call for 
a referendum on Greek entry to 
the EEC. 

Mr. Papandreou, who is 
opposed to full membership of 
the EEC and prefers a special 
agrement such as that between 
the Common Market and Nor- 
way. said yesterday the accord 
reached in Brussels on Thurs- 
day on the terms of Greece's, 
accession served neither the’ 
short- nor long-term interests of 
the Greek people. 

Mr. Papandreou said in a 

statement: “ We particularly 
believe that accession of a small 
regional country such as Greece 
to the coalition of European 
monopolies means first of all a 
virtual placing of oar economic 
future in the- hands of the 
Brussels economic directorate, 
whose toughness the Govern- 
ment negotiators recently had 
the opportunity to experience. 

The Greek Communist Party 
said the Brussels agreement 
ushered Greece into an organisa- 
tion of multi-national mono- 
polies which in essence will 
decide on the products Greek 
farmers will produce and the 
prices they will receive. 

Mr' loannis Zigdls,’ leader of 
the - Union of the Democratic. 
Centre, said the Greek , people 
should be able to express their 
verdict on the issue In a 

These three oppcsitloiLparties .] 
together polled 46.6 per .cent 
of the votes in . the last general 
election held in November 1977; 
They nbw hpid 116 of the 366 
seats in Parliament 

Tbe ruling New.. Democracy 
party, which won 42 per cent of , 
the votes now commands 175 
seats in the House. It needs. ~180'. : 
votes 'to.- ratify the adhesion 
agreemept. ,once it -is sighed/; 

prohahty;wfll total a little Jess 
f than YSfijWObri, ' according to . 

‘ reports*- orLabout : 13 j»er cem . 
over the present year’s strand 
* . lafive' budget /MftictF repre 
sehled a 2&S per emit rise. 
^The budget 'probably .will be 
based "assumption ;of 

economic growth of slightly 
over-6 per emit after taking 

.: TbeareaswiHchdtowedthe' 

- Jhcaiti^ foareasekrnt the cur- . 
rwkimdg^J&eptdilie works 
spending wtil be Increased by 
jknaHefr" ^tn&trgii^ : ttris- time 

welfare tiemxlwfil^ialso grow 

r- *, 

•*? “ 

be forced to-depeml heavily 
oin the: issue of ^defirit-cover- 
lng national bonds. The ratio 
oT bonds to expenditures may - 
.edge np-fo about 4ft per rent 
£rom 37' per rent this yeari 
: .-Plains Arawn up by L the tax . 
.agency of the Finance Minis- 

itty-fri Introduce ;a general *&- 
January ”1980 

are runitinp icto soma oppo- : 
rition. The 'hope is that such* 
tax WOl serve- to lessen- the 
dependence on national bond • 
issues, to rover, the budgetary 
spending next year. ’’’7. ■ 

3 - 


Renault truck 



By -David White 



PARIS-— NewYe^urTeduEd-- 
ancies ’ in ’ foe most- troubled 
sectors .of Frerwh industry have 
been added to by confiirmation 
of cu tb a c ks ai foecheavy vehicles 
division of .Hehauft foe state-' 
owned motor group.-- . . 

At a meeting “wifo shop-floor 
representatives ui -Lyon, /the 

ma nageme nt announced plans- to 
CUT- 950 '.Jobs in. foe division, 

wb icb makes B edict ah d- Sa vie m 
lorries and buses- Unions, .fear ’• 
further -redundancies' : : in the 
66,000 strong : workforce when 
reorganisation: plans are pre- 
sented late next-month.; 

■ The- company- saitf-it was try- 
tog - to -raate r .the cots , bn a 
voluntary; h^ls, . offering, cash 
paymCTjt£j >Hdrpfosar incentives 
for workerff/to take ofoer’ xobs 
-or fo 'retire TeaityT;/ Ti.'. . 

: : jfroiesr" action ; against 'job 
lossw'and-'ogainst 'Ancfe^aes In -. 
social- security charges, organ-? - 
ised on Thursday by thh' CGT * 
union, produced mixed results. 
The most serious effectives-" bn. . 
foe newspaper ^ industry;^ vnetu-' 
ally . paralysed . b y .the - printers’ 
Union which is &fiQxa£&fi to the. 
CGT. ' - -. /: . 


Onlyoneparig ®ewsjp&per,-tbe 


About 40 per cent 'ra.- French ' 

foe^moveufedt; while . 

in rail and ofoediservices; were 
limited: . ’> / * : 7 ; >• ; ; ■ ■ 

. Amajerrow 

broken ’.out ’fa' S^nt*Nazmei;on j- 

f-V,* J.’ — 


■ft ~'~ 


► ' r->\ 
>vr ; *. 

«5»,. ■’ ,; ‘ 


corffrchtatleh-- ' 

between police^ari^ ^emon^rat : 
tog- shipyard ; '; The 

worters; at : : ! 

brought 1 
m.anagement 'tb 

inorder fo.settie Afiiijjirtft abouti'/ ■ 
-payment’ for la^ 
work stopped. 


- 1 7 

December- 23 1&78 


- ,j£S« . • 

' .*3 hJ-! -. 

systems go for video games sales 

r. V,?*V •' 

•1 -1 


THE FASTEST fietojg toys this history of video games really 
Chri^hsdSp'^uaBQ'rdins ,#UKre- reflects thp rapid advances made 
tatters yesterday.: have been the in . micro-electronic .-technology 
prograanmdble- video '"games' /in the 1970s. ’ • 

yviddi'csB he played prt TV sets. The US- company Magna vox 
For up to £200, a«±d3cts «an (how owned by Philips) intro 

> ‘ :-i.v v/JV" 

- • • -iio ^ f ; 

• 5j ' 

■--- ■*■ -r s , *}' 


, • •. a — -til'’ 

ivj «*£.*: 

. -*-"r .,/- V" 

-r- . 

lake part In aerfal . dog-fights or 
■ depth-charge submarines; pre- 
tend to"be a ratsng driver ^or 
command a spaceship; or plajr. 
chess, /blackjack, and . back- 
gamt ppn.jgafaistxbe computer, 

. ,Tfce 'Strength .of demand .from 
people wflling ^tb spend hull' 
died* /of pounds on the most 

sonhisdcated of -finch Karnes— 
droijwetf about £10 being 

duced in 1972-wiiat is generally 
believed to be the-, first con- 
sumer video game , in the U.S. 
The game was basic and com- 
pared -unfavourably , with- the 
relatively more advanced games 
being displayed in both: the VS. 
and UK amusement' arcades 
and pubs. • 

The commercial - games cost 
several hundred pounds and 

asked -for- the . simplest ‘ video were fairly balky because of the 
giun^s— tos- surprised manufac- considerable amount of circuitry 

.. •’ mJ ~- ir ‘ 

turers aiid.refaiterfi. ' 
...Mimy-tetaBera sold’ out their 
games itiocatlou/ .within weeks 
.and, tpo : manufacturers • have 
been frimticaBg Seeking Xo get 
sdgplfd^. ffoiri Jfiefx: overseas 
. plantsto -meet ' ffie demand. 

- -P^tso market figures are not 
available yet, but trade sources 
suggest about 50,000 of the pro- 
grammable games :have been 
sold since they went introduced 
this year. About 1m video 
games of all sons are believed 
to have been sold this year 

needed, but ' they - were still 
profitable for the operators. 

In 1975. Gmml Instruments, 
of Scotland, developed a single 
integrated circuit or “ dedicated 
drip ** which incorporated all 
the features of -f&e : ~ arcade 
games, hut were much -smaller 
and cheaper. “ v: 

The circuits are a tiny sliver 
of silicon, less than, the size of a 
tea-leaf, on which a micro-elec- 
tronic circuit has been . etched. 

The early -games, which 
carried a variety o£ ball-sports 

Subsequent developrQfsrts in 
micro-electronics resulted In .a 
new generation of video games 
being developed in the U.S. and 
Europe. These new games are 
based on microprocessors — or 
very small computers — rather 
than a single integrated circuit. 

Thus, Instead of having a 
limited range of games built 
directly into the set, the micro- 
processor can be programmed to 
take different games simply by 
inserting a different games pro- • 
gramme in a small cartridge. 
This saves duplication of the 
basic bardware — such as colour 
circuitry and hand controls — 
while allowing unlimited scope 

ing multiples. Both the Fair- 
child and lotcrton games retail 
at between £120 and £130, plus 
nearly £15 for each basic games 
cartridge, although more ad- 
vanced cartridges cost more. 

The Atari game sells for about 
£170, the difference In price said 
to be due to the Atari game in- 
cluding an initial games cart- 
ridge as well as extra con- 

The three systems are fairly 
similar in design and style, 
although the cartridges are not 
compatible with each other. The 
Intcrtoo system uses a micropro- 
cessor developed by Aftillard 
specifically for the European 


DAVID CHURCHILL looks at the latest 
microprocessor-controlled television 
games and analyses their future prospects. 

xbBking ttie video feames market with sound effects and on-screen 

worth mare than £25m. 

While. Che trade believes that 
the cheaper end of the market 
has probably become . saturated, 
tfie demand for the more ad- 
vanced; games is causing re* 
tailers : anti /manufacturers to 
revise rapidly their sales pro- 
jections, for next year. 

It. is only a few years since 
even 4 the most basic “ball and 
paddle ” games were hailed as 
a technological wonder. The 

scoring, retailed at between £40 
and £50. But in 1976 aid 1977 
the UK market Vas„ rt 'flooded ** 
with games from thenar East, 
where production costs were 
lower, all with virtually the same 
circuits and, therefore, very 
similar in performance/. 

Prices fell quickly, which 
meant that consumers who 
bought a game at £40. quite often 
saw the price drop, by -half or 
more within a few weeks. 

for different games to be played. 

There are three different 
microprocessor - controlled pro- 
grammable games on the UK 
market, two Df which are of 
U.S. origin and the third from 
Europe. The U.S. games are 
Fairchild’s Video Entertainment 
System, marketed in the UK by 
Adam Imports under the name 
Grandstand, and Atari's Video 
Computer System, marketed by 
Cherry Leisure. 

A German company, Interton. 
is the third big producer of pro- 
grammable games with its 
VC 4.000 model, which is manu- 
factured in Ireland. 

All three games are sold 
mainly through large depart- 
ment stores and electrical retail- 

television system which Interton 
claims gives better picture defi- 

The Mulfnrd microprocessor is 
also claimed to use less capacity 
for 11 staring ** the screen images, 
thus allowing more scope 
for increasingly advanced pro- 
grammes to be handled by the 

The market share battle is 
largely being determined by the 
range of different games avail- 
able. and here the competition 
changes almost weekly ns new 
cartridges are introduced. Atari, 
has just introduced a three- 
dimensional basketball game. 
Interton is coming back early 
next year with a high-level chess 

These cartridge sales 
spread out during the year and 
manufacturers hope that they 
will oven out the largoly 
seasoual nature of the industry, 
with most games sold in the 
weeks before Christmas. The 
risk element was shown this 
year by Waddington’s acquisi- 
tion of V id com aster, a former 
European market ^ider in the 
video games field. 

For the consumer, the chief 
question is whether the price 
will tumble as fast as it did for 
the first generation of video 
games. The trade believes that 
while prices could fall by 10 to 
20 per cent next year, there is 
little scope for any of the 
earlier dramatic price cutting. 

This is largely because of the 
considerable development costs 
of each games programme, 
which is likely to limit the 
amount of competition for Far 
Eastern manufacturers. 

Some programmable games, 
including those manufactured 
by Videomaster and TeJeng, are 
on sale at about £40, but they 
are based on advanced develop- 
ment of the integrated circuits 
rather than microprocessor tech- 

they provide limited compe- 
tition to the more expensive 
systems on the games requiring 
physical dexterity, but cannot 
compete where substantial pro- 
cessing capacity is required in 
such games as blackjack or 

At the it:p end of the market, 
chess can be played against the 
microprricesfrtir. The game — 
Chess Challenger — has been 
selling fast at £200, although an 

••Lost again, .dear? 


experienced chess player 
usually beat ihe cnmpuler.- 

Tho new generation of micro- 
processor-controlled- games - are 
not likely to fall in price so 
rapidly or become out-dated as 
fast, since more sophisticated 
games can be included in ‘the 
present basic equipment with 
the addition of a new larrridge. 

But in two to three years, 
the industry expects consumers 
to be ready. for the next big 
step with an inexpensive home 
computer, which will -have con- 
siderably more capacity and 
flexibility for performing diff- 
erent functions. 

One such home computer, 
sold by Commodore, is already 
on sale, but the present price 
of £7UU has limited sales to the 
serious amateur. At £300. the 
trade would expect the not-so- 
*v finis* amateur io become very 


• * - ••a?tai2f- 


Jr,- ,r y*tk.:. 

r^Oprjj^ v- 

' " ■ •*- 


relief changes 
oh company 


r -C-Sfl mir" 
T * aahdkw 

■" a ;?t>/ 
~ MB 

' ' N- *Wfr£.. 

5l l 3 - « ain*. - 

r\a;i,t;n as, 


rarns; *’• 
r wiston* ■ 

*• .-.ZLi %-Gl a£- 

* ■ s.T r-H ff 

‘ ■ •• T-c cr?aip 
■ i tr.i- L? a: ifc;' 

TBE Maud /Revenue suggests 
some radical changes in the tar 
/ . reEef ellcrtfed oa increases in 
' a copjpany.^s Stocks in a consulta- 
tive - paper authorised by the 
Government ~ and published 

Ttr contains proposals that 
bpostAhe. value of stock 
relief to., . small private com- 
panies, ' These, would allow 
com panies r^, /make partial 
claittts vof ■ stock- relief, and 
bu&iesses ivo id repayments 

. of '_scock reiief/-i£ -their stocks 
. • dipped Jirtt/sin&e.-year. 
f ; , > ;ApmJ,fram -these novfilties, 
I the' raa^r thrust oif^thc consuka- 
! ' . live. . paper ' deads' yrith . a .'state- 
ment;, on stock relief made by 
th'fe Glftncellor in his budget 
. Speech this year. 

Jffie said.ifliat failing the intro^ 

. dfcrtioh. of' a permanent stock 

The paper ex- 

be written off. 
plains how these dates and 
aznoiints might be calculated. 

One controversial aspect of 
stock re liar has been the deduc- 
tion of 15 per cent of “ relevant 
income” from the - - relief 
granted. This has' been criti- 
cised because the complicated 
calculation tends to penalise un- 
incorporated businesses/ 

The Revenue sugge^s three 
possible solutions, all. ^.fiscally 
neutral.’ V The first . would do 
away with “ relevant, income,” 
substituting reliefs and/“ claw- 
backs ” of 65 per cent of manges 
in stock values. i. ' 

The second envisages'7S per 
cent relief and 100 per cent 
clawback. The third would 
keep “relevant income'' but 
modify the calculation to make 
things easier for small com' 


-, .■ e»afev 
i”:.-. np far.' 

T :zf Rs'L 

• :rn las?: 

' ...I" 7; efcr.. 
• t,.;. » r.iw&-' 



- r:V- ,?jr - 

The revenue also airs the idea 
that companies should be 
allowed to defer “ clawback "for 
one. full yejfr in the hope that 
the dip in' their stock values 


rey&f .scheme, the Government ponies, 
would Introduce legislation to 
- v liiritt- the birildrup^ of a.eom- 
. papy's tax ItabHities under the 
/ -existing 6tock relief system. 

;The gist of the proposed 

Solution is that any outstanding might prove only temporary, 
/stock relief ^pertaining to the It say#* that such a scheme 
first two years after the scheme's would ^ave to be framed arid 
- start' in 1974 should be for- phasejf in with care, because .-it 
...v gotten.- V'. ' • 

. Furthermore,- after the end of 
' any a'ccohnting year the stock 
■„ relief, pertaining to the year end- 
ing six years, .earlier could also 

migmc cost the Revenue £3 50m 
in life first year. 

So far, there is no commit-’ 
i^ent by Ministers to any tit 
these possible changes. 

Renault mf. 



. ' . i . - 

Study supports plan 
for Wheal Jane 

New inquiry ordered 
into dockland mart 


Fog hits 



v , i# 


A FURTHER Inquiry intD pro- 
posals by Trammel Crow, the 
U.S. properly partnership, io 
build a £5 5m trade mart in the 
heart of London's derelict dock- 
land, has been ordered by Mr. 
Peter Shore. Environment 

Details of the inquiry have 
not been made public, but it is 
understood that Mr. Shore has 
asked a small team of prominent 
businessmen to prepare the new 

He is believed to have com- 
missidoed the inquiry to try to 
head off possible opposition to 
the scheme when he takes It 
before^ the Cabinet for final 
approvaMir The~New Year. 

Mr. Shore is thought to favour 
the proposal, which would con- 
vert 133 acres of the 5.500 acres 
lying Idle in. dockland into the 
London Intenrational Merchan- 
dise Mart, because of the press- 
ing need for a big development 
to act as a catalyst for further 
'revitalisation of the area. 

London Internationa] Merchan- 
child of Mr. Trammell Crow, a 
Texan businessman, would pro- 
vide about 1;000 Showrooms 
leased by manufacturers in a 
six - storey futuristic - looking 

building at Surrey Docks, 

A previous, and as yet unpub« 
Jislierl report by ihe Industrial 
Development Advisory Board 
raised a number of doubts about 
the' commercial viability of the 
scheme which involves a 
request for substantial Govem- 
<ment financial guarantees cover- 
ing the bulk of the investment 

These need for guarantees has 
arisen because of nervousness 
among City financial institutions 
in backing a type of project 
which has no proven track 
record in Britain. The advisory 
Board, which vets applications 
for Government support under 
the 1972 and 1975 Industry Acts, 
Is usually ■ more disposed to 
favour projects where Govern- 
ment involvement is limited to 
about 50 per cent. However, 
reports by the Board have been 
overturned in the Cabinet 

Mr. Shore’s hand would 
clearly be strengthened if he 
could produce an alternative and 
authoritative independent 
report which was not unfavour- 
able to the scheme. 

Ultimately the decision, which 
is expected in January or Feb- 
ruary. will involve political as 

well as commercial COOS id era- ; Financial Times Reporter 


In his recent submission to 
the Commons' environment sub- 
committee. which is investigat- 
ing the slow progress towards 
redeveloping dockland. Mr. 
Shore mentioned the Trammell 
Crow project and the possi- 
bility of News International, the 
publishers, moving into the area 
as being the kind of redevelop- 
ment needed to give it a boost 
and improve business confidence 
in its future. 

Trammell Crow's surveys 

have, for example suggested 

that' .'.vc out of every' 100 UK 
furniture manufacturers would ! 
need to join the mart to make - 
it viable. j 

Yesterday, however. Mr. J 
Ralph Shafran. chairman of the ; 
British Furniture Manufacs i 
turers' Export Group, which 
represents about 2nd British fur- ! 
□iture manufacturers account- i 
ing for more than 90 per cent 
of the £200rti export-, market, 
said that the impression that 
there would be strong support 
from the furniture Industry in 
Britain for the scheme “ would 
be entirely wrong.” 

THOUSANDS of holiday- 
makers found escape from TV 
blackouts and petrol shortages 
to sun and snow frustrated 
yesterday by a blanket of fog. 

About 100.000 passengers 
had left the country on British 
Airways flights this week 
before the fog closed in. Visi- 
bility at one point was less 
than 100 yards at Heathrow. ; 

All British Airways 
“shuttle" services between 
Heathrow' and Glasgow and 
Edinburgh were cancelled as 
well as flights to Amsterdam,. 
Paris. Manchester. ' and 
Ireland. Some flights were 
diverted to Manchester and 
Prestwick. * 

British Airways, which had 
planned to put on more than 
50 flights to meet the demand 
hopes to carry around 30,000 
passengers out of London 
today, foe willing, well above 
last year's figures. 

On Christmas Day, 57 
flights are scheduled from- 1 

Airline buys Boeing 737s 


; 'N , ^ 

- Wk’Tl 



’ AN ' “INDEPENDENT financial 
■ and technical study has said Mr. 
V . Robert L. Sprinkel’s plans for 
f the resdue of the failed Wheal 
l jane .tin mine, neat Truro, Com- 
“■ Wall, : are . . both, practical and 
r economic. 

J •. ■' '-The study was. undertaken by 
Maekay- an£ Schriellmann, the 
London consultants. It was 
handed to"the Sprinkel team un 
■ . Thursday arid yesterday became 

appraisal have been enough to 
put back final decisions until 
the New Year. Mr. Sprinkel had 
hoped to take possession, of. 
Wheal Jane, by the end of -the 

The Government has made no 
secret of its willingness to sup- 
port any company which could 

operate Wheal Jane profitably 

and in recent months has had 
talks with a number of poten 

ayailabl e to th e Industry Depart- Hal ," rescuers. It seems likely 



that some £4m could be forth- 
coming. in loan funds. 

. Such a commitment would easier for Mr. Sprinkel 
to raise equity capital in the 
City, Which has only Htfle 
both Government loan experience in putting up money, 
capital irom the City, for high-risk domestic mining 


. The tone of the study's con- 
clusions markedly. Improve Mr. 
Sprinters charices : - of putting 
together an !£8m package for 
Wheal Jane's development. He 
Is seek! 
funds i 

The conclusions axe also an ventures, 
implicit ^ rejection of tfe Con- The City's confidence in .Mr. 

implicit Tejeenpn at ine '-on- me v,uy s uuunucm-e iu .or, 
soUdated Gold Fields view that Sprinkel would also increase if 
the. mine contains top /much it could be seen that a major 
water and not enough; tin. -Tins 

. r-'-? 

.V. -. 

■ view led to'the group’s ded^on 
last May to .stop production arid 
lay off the wurttforce of more 

• than 4 dd. 

Btackay . and ■ Schnellmann s 
report agrees with the Sprinkel 
view that reserves , at Wheal 
Jane -are . adegoate to support a 
mining operation. - It accepts 
with only .xoinor qualifications, 
' the Sprinkel team's mining plan, 

T fog involves: afln e months’ 
development work, a start to ore 
' milting ia. the third quarter df 
next year and 'full. production 
by the middle of 1980, working 
all : fhe- time with a tin. grade of 
less than 1, per cent, for each 
tonrie of o re. - 

■ "-Both/the. City and the Govern- 
ment have. been awaiting the 
report before making any finan- 
cial commitment 

'■’the .favourable’' conclusion 

mining group . was prepared Ip 
back his plans. In- fact, the 
Sprinkel team has had .pre- 
liminary contacts with a -U.S. 
company, whose identity 

. -To date the. financial risfc 
involved in the preparation of 
plans for Wheal Jane, the pay- , 
ment- of Maekay and SchnellT 
maim arid the assembly of a 
new management team has been 
largely met -by Mr. Sprinkel. - 

He 'is a -Californian business- 
man who classifies himself as an. 
entrepreneur.; His background 
is? in U.S. investment banking,- 
but he now lives in Derbyshire 
and was instrumental In putting" 
together a package which 
brought Dresser Industries of 
the U.S. into domestic fluorspar 

Mr. Sp rinke l has reached 
agreement in principle with 
Consolidated Gold Fields to buy 
Wheal - Jane and will pay less, 
than £2m for' it Should -his 

means- that - ’Mr.. Sprinkel can 
now reasonably' .expect interest 
' to .be trapslated into money. ■ - -- 

• ■ Bat- the slippage in /the pre- plans come to fruition. Whe al 
r peratiop of A’ mining plan and Jwie'shoald 
- hence i, izr/ tfir' work on - ..the fobs for about 400 aa ‘- 

Maekay.. .arid - Schnellmaim area of heavy unempioymem. 

nine Boeing 737 aircraft in a 
£50 m contract to replace ageing 
Boeing 707s flown by British 
Airtours,' its charter subsidiary. 

The contract brings to 28 the 
number of Boeing short-range 
jets ordered by British Airways 
this year. In July the Govern- 
ment approval purchase of 19 
for £120m for use by the parent 
airline on European flights. 

Mr. -Gerry Draper, chairman 
of British Airtours, said yester- 
-day that the Boeing 707s had 
been in service for nearly 20 
years and had become increas- 
ingly expensive to fly and 


He said margins in the pack- 
age holiday trade were fiercely 
competitive, and the new 737s 
would enable British Airtours 
to compete on an equal footing 
with other charter operators 
which already used the aircraft. 

Deliveries of the twin- 
engined aircraft begin in March. 
1981. All nine are expected to 
be in service for the 1981 sum- 
mer season. 

The aircraft will carry 130 
passengers, all at economy class. 
Other features, including flight- 
deck layout and galley space, 
will be the same as on the 19 

Boeing 737s already ordered. 

• British Airways announced 
yesterday a cut of £116 on the 
return air fare between London 
and Sydney or Melbourne. The 
new fare, effective from 
February, will be £334 return. 

Fares to other cities in Aus- 
tralia will be reduced, and all 
flights will be normal scheduled 
passenger services. 

British Airways will reduce 
fares from seven UK cities to 
Amsterdam to 40 per cent below, 
normal economy returns. The 
new return fare from Birming- 
ham will be £56, and from Edin- 
burgh and Glasgow £79. 

for North 
Sea divers 

NINE OIL companies have 
clubbed - together to buy a 
£450,000 life-saving system for 
North Sea. divers. 

The system, developed by 
International Underwater Con- 
tractors of New York, allows a 
diver to . flown ashore for 
treatment without having to 
spend time In a decompression 
chamber., , 

: , Two. lightweight pressurised 
'chambers,' based on shore, will 
carry injured divers to a larger 
compression chamber in which 
medical treatment can be given 

The oil companies, which 
include BP,. Shell,' Esso and the 
British National Oil Corporation, 
have" paid for the medical 
chamber, based near Aberdeen 
Airport. It will he run by the 
U.S. company for Grampian 
Health Board. Norway has a 
similar unit at Bergen, which 
will lock into the new system. 

Post Office considering 
phone deposit interest 

Castle repairs 

STONEWORK at Culzean 
Castle, - . Scotland, is being 
restored at a cost of £47.000 by 
Stewart McGl ashen a subsidiary 
of Balfoux Beatty 'Construction 
(Scotland! . It is being financed 
-by- the Scottish. Secretary of 
State arid- Strathclyde Regional 

NEW BUSINESSES considered 
a possible bad risk by the Post 
Office may find that it pays to 
have a dubious reputation. 

The -corporation said yester- 
day that it was considering pay- 
ing interest on large, long-term 
deposits sought from companies 
receiving telephones for the first 

An extra premium is charged 
on companies considered 'a pos- 
sible bad risk, and the total 
deposit can add up to more than 
£1,000, held for a year. 

The Post Office has been 
attacked by the Telephone 
Users’ Association for its prac- 
tice of asking for deposits in 

New domestic subscribers pay 
£45 for installation ' and a 
quarter's rental, £8.25. in ad- 
vance. A further deposit in 
“high risk” areas— such as 
parts of London with a high 
proportion of short-stay tenan- 
cies— may be demanded, also in 

Mr. Mark Elwes, the associa- 
tion's secretary, said yesterday 
that the deposits were in effect 
interest-free loans. It was 
absurd that no interest should 
be paid on them when inflation 
was high- 

The association has held talks 
with the corporation to establish 
the principle of interest pay- 
ment, but yesterday’s announce- 

ment Is the first indication that 
the Post Office is considering the 

The corporation pointed out 
that its provisions for bad debts 
were running at £16m a year. 

More home news, 
on Page 17 

Gati-vick, including Laker Sky- 

Overseas Christmas, post- 
ha s also been hit, although* 
most or it has been deakjvlth 
— 1.186 tonnes this^fea 
according lo British Airwaj 
an Increase of 29 per cent on 
last year. 

British Rail said yesterday 
that there were no delays, in 
trains leaving London, except 
on the Brighton line, still 
affected by Tuesday's crash. 

Cut travellers are being 
advised not lo (ravel on any 
of the Waterloo services on 
Boxing Day because some 
train drivers and guards on 
the Southern Region’s Water- 
loo services are refusing to' 
work. Essex and East Anglia 
services will also be hit 

Hardest hit — with virtually 
no trains at all — will be the 
lines between Woking and 
Portsmouth, Alton, Woking 
and Walton. Basingstoke and 
Salisbury, and on the cross- 
country route between Ports- 
mouth. . Southampton and 

Pollee said that traffic in 
the capital was normal for the 
time of year. But fog caused 
big delays In the South East. 

Many people staying at 
home will have their longest- 
ever Christmas break. 



Guidelines broken 
as seamen accept 
deal worth 8.75% 


BRITAIN'S 40,00 seamen yester- 
day became the third major 
group to settle outside pay 
guidelines when they* accepted, 
by ballot vote, a deal worth 
about S.75 per cent, without a 
productivity element 

The Employment Department 
confirmed the deal was in breach 
of. the 5 per rent limit. The 
Government, appears to be 
resigned to the fact that it can 
do nothing to lower the settle- 
ment now that its sanctions 
policy has been ended and said 
it regretted " the deal. 

In a small return, members 
of the National Union of Sea- 
men voted 5,22S to 4.S51 to 
accept the employers’ offer 
which starts on January 2. 

So far only two other signifi- 
cant deals— the 17 per cent set- 
tlement for Ford's . 57,000 
-manual workers and British 
Oxygen gases division's 9.5 per 
cent deal for 3.000 drivers and 
depot workers— have been con- 
firmed by the department as 
outside the guidelines. 

British shipowners had tried 
to justify the' deal by using the 
special low pay provisions 
within the Government's White 
Paper on pay policy. 

Employers were apparently 
using those provisions in rela- 
tion to minimum pay whereas 
the £44.50 — below which deals 
are exempt from the 5 per cent 
is meant to reflect overall 

The basic minimum for sea- 
men will be raised from £40 to 
£43.77 and the existing produc- 
tivity supplement from £1.72 to 


Basic pay for a fully qualified 
seaman. including efficient 
service pay will be raised frum 
£46.84 to £50.76. 

The deal raises average 
weekly earnings, calculated over 
the year, from £97.40 to £105.81. 
During periods when seamen 
arc working with specific crew 
agreements, average weekly 
earnings will be lifted from £87 
to £91. 

Journalists’ union seeks 
to take case to Lords 


THE NATIONAL Union cF th-t 
Journalists decided verier day to 
seek leave to appocl io the 
House nf Lords against a High 
Court decision on tlie blacking 
nf copy fmm the Press Associa- 
tion news agency. 

Earlier this week, the Cuurr 
of Appeal refused the uninn 
leave to appeal to the Lords 
against the decision. 

The- .union was itself appeal - 
ihe decision by Mr. 
Justice Lavscn to grant au in- 
junction to Express Newspapers 
ordering the union to lift its 
instruction to E:: press group 
journalists to black copy from 
the Press Association. 


Following discussions yester- 
day with their solicitors and 
the TUG. the union instructed 
lawyers to approach the House 
of Lords appeal committee to 
seek leave to appeal against the 
High Court decision. Mr. Denis 
MacShauc, NUJ president, said 
the lawyers had been instructed 
to proceed as rapidly as pos- 

The TUG. which considers 

the Ilieh Court decision 
will severely restrict trade 
union freedom to r ?.ke sympathy 
notion in in li-strlrd disputes, is 
prepared to 3 nance an \»peal. 

Tiie instruction to black all 
Pre?s Association copy was 
to NUJ member* on all 
national newspapers, television radio stations in support of 
an official strike by 9.000 pro- 
vincial journalists. 

The rejection of the appeal 
by Lord Denning. Master of the 
Ro’ls. centred on the interpreta- 
tion of Section 13 of the 1974 
Trade Union and Labour Rela- 
tions Act. This has provided 
legal immunity for trade union 
sympathy action if it is done 
•• in furtherance ’’ of a trade dis- 

Lord Denning said it was not 
sufficient that there should be 
intent alone to further, advance 
or encourage the union side 
with a trade dispute. “There 
must be a reasonable prospect 
or capability of advancing the 
cause in order for it to be given 
immunity. ~ 

The other sitting law lords. 
Lord Justice Lawton and Lord 
Justice Bamdon, agreed what is 
in effect a new point of law. 

party in coMpaoy’s 

sacked by their employer held 
a Christmas party yesterday for 
their wives and children in their 
former corporation's office. 

They arranged the party— 
without management consent — 
because, according to their shop 
steward, many of them would 
miss the usual Christmas cele- 
brations this year. The reason 
i*. that -they will be occupying 
th»? offices on an eight-hour 
shift- rota, through Christmas 
sitdi possibly river Hogmanay. 

The occupation of Kitson's In- 
sulation regional office in Glas- 
gow started a week ago after 
the men were dismissed from 
a contract for BP Trading at its 
Grangemouth petrochemicals 

/Mr. John McCarthy, Transport 
and General Workers Union 
shop steward, said the sit-in was 

in protest at the cancellation 
of the contract and the dismis- 
sal of 70 men. They would stay 
in Kitson's offices until promised 

The contract had been can- 
celled. he said, because the men 
on the site had been pursuing 
claims for better terms and con- 

The company, a national firm 
based in Barking. Essex, said 
th-?t since the placing of the 
contract in July there had been 
“a history of stoppages of an 
unofficial nature, which, when 
coupled with low productivity, 
has delayed the contract.” When 
EP cancelled the contract on 
December 12. the company had 
no alternative but to end the 
employment of the 55 men 
involved. There was no other 
suitable work for them in the 
region, it said. They would he 
paid up to next Friday. 

biggest building union 

THE NEW general secretary of 

the Union of Construction. 
Allied Trades and Technicians, 
Britain's biggest building union, 
is Mr. Les Wood. He succeeds 
Sir George Smith, who died a 
month ago. 

The big majority for Mr. 
Wood shown in ‘J** ballot was 
expected. Sir George was to 
have retired next year and the 
ballot began before his death. 

Mr. Wood collected 12.393 
votes against 1,077 for Mr. Tom 

Graves, national organiser, and 
695 for Mr. Len Eaton. London 
regional secretary. The union 
has nearly 300,000 members. 

In a separate election, the 
moderate Mr. Fred Hartman 
retained his seat against the 
Left-wing challenger, Mr. Jack 
Henry, a Communist Party 
member. The voting was S,35Q 
tn 5.667. with two runners-up. 
The Left has a strong, if not 
commanding, presence on the 

Tlbur holiday services fcr Post QCBcelfelegzaxnfk 

The arrangements far inland and iistsraaiiona! telegrams are as fellows: 


We will accept telegrams by teleplioiie 
or toytelexai any time but delivery i 
arrangements will be : 

To addresses in. 
England, Wales, 

H. Ireland and. 
Channel Isles 

To addresses la 

Dec 25 

Matters of Life andr 
Death, only + 

Matters of Ufa-arid; . 
Deatiiortfy t 

Dec 26 

Matters of Die and. 
Death only t 

Sunday Service* 

Jan I 

Public Holiday 

Matters of Life and." ' 
Death only f 


normal Service 

Sunday Service* 

On any day when there is no postal 
.delivery t overnight telegrams will be held for 
the next postal delivery. 

- - For telegrams to the Irisli Republic and 
the.Isle of Man, please check with the 
telegram operator. 

tAltbougtxno guarantee can. be given, delivery will be ' 
effectedlf at all poaflMe, 

^Telegrams to be delivered on days when there iB a " . - 
Public Holiday or Sunday Service must be tendered by ' 
Sam on these days. 

; pnT MH WawniirflT. ngr.IB B RAlgB 

We will accept telegrams by telephone or 
■ * telex at any time, but delivery overseas may 

• -be delayed. 

For telegrams received from overseas, 

• delivery arrangements will bs similar to 
.those for inland telegrams. 

The International Letter Rate telegram- 
services will be suspended from midnight 
83 December to midnight 26 December, 



i° L 

OPEC decision knocks equities 

is already assured and the com- j 
pany is expected to make 
around £40m, against 131.5m j 
last 'time. 

The market never really re- 
covered from the depressing 
news over the weekend that 
OPEC oil prices are to be in- 
creased by 14 Jt per cent Invest- 
ment sentiment was severely 
knocked and equities started the 
week with a 7 point fall in the 
Financial Times Industrial Ord- 
inary Index. Although slightly 
more than half of this shortfall 
was recouped over the nest 
couple of days business was at a 
minimum with markings failing 
to break the 3,500 mark at any 
stage.' By Friday, when the mar- 
ket closed at'l pm. markings 
fell to under 1,800 although 
there was a fair sprinkling of 
small sains. 

market was very firm on 
Monday and Tuesday. It was 
supported by Irish buying — the 
new bull factor is that Irish 
exchange controls now prevent 
Irish residents from buying 
British shares, virtually com- 
pelling them— given the small 
range of Irish equities available 
— to buy Government debt. On 
top of this, profit-taking from 

j BOC shortfall 



EMS boost 

Ireland’s decision to enter the 
EMS after all brought attention 
back to the Irish securities mar- 
kets.' Two months ago British 
investors were buying Irish gilts 
on the view that Irish entry 
would mean lower interest rates 
in Dublin, and therefore capital 
gains in fixed interest securities, 
a currency gain and perhaps a 
windfall through the dollar pre- 
mium if Irish stocks became 
premium investments. 

It is ironic that lower Irish 
interest rates look as far away 
as ever, that a currency gain is 
ruled out for the time being by 
the Irish Central Bank's deter- 
mination to keep the punt at par 
with sterling, and that hot 
money is unlikely to be rewarded 
with a dollar premium gain 
eren if the two currencies drift 
apart, as it seems probable that 
th“ UK treasury will set a cut- 
off date to exclude recent 
buyers of Irish stocks. 

But the Irish gilt-edged 

London bulls of Irish stocks was 
reduced by the lack of any 
premium gain. Irish equities 
advanced by around 5 per cent 
in come cases before falling on 
Wednesday as profits were 

British investors holding 
Irish gilts are in a market 
tightly controlled by the Dublin 
Government Broker, who can 
issue lines of any new stock 
on demand and thus easily hold 
the market down. They will be 
comforted by the fact that 
official funding in Ireland is 
well ahead of schedule. 


Diaries, please 

Two companies iD the food 
manufacturing sector this week 
provided a little seasonal cheer. 
More specifically the results 
from Northern Foods and Uni- 
gate suggested that dairy pro- 
ducts are ^experiencing at least 
a minor revival. 

Tuesday’s £22.4m (£17.91 mi 
full year pre-tax profits from 
Northern Foods which was well 

in line with expectations admit- 
tedly owed much to . other 
interests while net first time 
contributions (adding back 
British Credit Trust and strip- 
ping out seven months of Pork 
Farms) was worth roughly 

Nevertheless, dairy products 
still account for about half the 
group’s profits. And whereas 
reduced volume shows that the 
outlook for milk remains un- 
exciting. a modest profit in- 
crease was still achieved at the 
important subsidiary Northern 

Elsewhere diversification 
seems to be paying off with 
baking and biscuits showing up 
exceptionally well over the year. 
Only the brewing side — 

Northern earlier bid 
unsuccessfully for. Nottingham- 
based James Shipstone— appears 
to be flat. 

Unigate, meanwhile, following 
an impressive second half last 
year, turned in another good 
performance on Thursday with 
interim profits 59 per cent 
better at £15.Im. Growth in the 
current six months may be more 
difficult-to sustain, but there are 
encouraging signs that .the stiff 
foreign competition which 
affected last year’s results is no 
longer so intense. For instance, 
the company which, produces 
half the UK’s butter and one- 
third of the country’s cheese has 
improved margins, despite the 
absence of any significant 
volume growth. A; good year 




Change on 







fad. Ord. Index 


- 1.7 



Pre-holiday interest wanes 

Gold Mines Index 


+ 10.4 



Strength of bullion price 

A wan 


-r Si 



Board's Statement on prospects 

Bank 0 Ireland 


+ 17 



UK-lrish Each, control decision 



- 5 



Nervous selling 

Centrovincial Estates 

Cullen's Stores 



+ 3 






UA. property sale 

Poor half-year profits 

Be Beers Defd. 








+ 16 














Optimism over 1978 diamnod sales 
Second-half profits warning 

Broker's bearish circular 


Harris (Philip) 


Leigh Interests 

ft V 

+ 16 

Excellent int- results 

Adverse comment 

Renewed buying interest 

— ; a 


MF| Furniture 





Fading bid hopes 

Millets Leisure Shops 





Investment demand 

Monk (A.) 

Norton & Wright 




+ 10 





Chairman's pessimistic statement 
Good interim profits 

Philips' Lamps 

Record Ridgway 









Dollar premium influences 

Slump in annual profits 

Royal Dutch 


+ Ji 



Dollar premium influences 

week to 

Dec . Dec 
15 5 

BOC International’s 19 per cent 
pre-tax profit drop to £66.5m in 
the year to September 30, an- 
nounced on Wednesday, -has 
been attributed to the poor per- 
formance of Airco’s ferro alloys 
business, the continuation of 
production problems at Medi- 
shield and a costly strike in the 
group's UK gases division in 
October, 1977. 

As well, sterling strengthened 
against the dollar during the 
period and directors estimate 
that pre-tax profits would have 
been some £5m higher if ex- 
change rates ruling at Septem- 
ber 30. 1977 had still applied 
at the 1978 year end. 

The figures reflect a 100 per 
cent contribution from Airco, 
which became a -wholly-owned 
subsidiary f previously a 34 per 
cent owned associate) in May. 
This change has had a major j 
impact on BOCTs corporate j 
profile, boasting turnover from 
£670m to £l.2bn; capital em- 
ployed from £619m ttr£1.113m: 
net borrowings from £154m to 
£497m. ‘ 

At the operating level, the 
performance is impressive with 
profits, swelled by the consoli- 
dation of Airco. rising by £62m 
to £177m.‘ But after £2S.7m in 
extra depreciation together with 
interest of £11.3m deducted and 
the £19. 4m cut from associated 
companies there is not much 
profit growth left. European [ 
profit fell by a third to £2 6m as j 
a result of the general conti- j 
nental chemical and metals i 
malaise but the Australian ! 
branch performed welL raising i 
its profit contribution a fraction, j 

The key to the group’s future j 
is its ability to ' absorb success- 
fully Airco and the recovery- of : 
the European /U.S. chemical and • 
steel industries. But the market 
is just a little nervous about the ! 
possibility of another rights j 
issue. In the long term the ; 
group looks set for very strong'! 
growth. j 



Govt. Sea. "rtJ7 
Fixed Interest 70.24 
Indust. Ord. <772 

Gold Mines 139.1 
Do (Ex. $ Pm) 99.9 
Dealings mkd. 3.011 

•68Jtf 68.87 
70.16 Tjjjg 
4835 490.9 

% change ! 

1343 : 1285 
973 .. 94 .9 

4jm 4JB0 

Capital Cdi. 233.94. 

(Durable) 209.13 

Cons. ( Non- 
Purable) 208-41 
fad. Group 21834 
500-Share 243.03 
Financial Gp. 169.07 
All-Share 2225) 
Red. Debs. 55.02 

23741 23958 

Hire Purchase 

Lt. Electronics. Radio, TV 
Building Materials 
Miscellaneous (Financial) 
Entertainment, Catering 
All-Share Index 

-5-18.4 i 

-r73 i 

+ 6.6 I 

+5.7 ! 
+ 5.7 | 
+ 13 

211;91 211.15 

21 U2- 21259 
221.46 223.05 
146M 24836 
168-92- 171.70 
225.T7 227.19 
55.10 55.13 

Contracting. Construction — O.'f 
Food Manufacturing —0.4 j 

Insurance Brokers —0.8 i 

Overseas Traders —1.6 

Toys and Games —2.1 j 

Household Goods —2.7 > 

THE Organisation of Petroleum 
Exporting Countries threw a 
solid-looking left hook at Wall 
Street last weekend in the shape 
of a planned 14.5 per C0nt 
increase in the price of crude 
oiL Bat, like the wily old pro 
it is, the stock market took the 
blow and then rolled back to 
grab for the ropes and cover up 
while it tried to decide whether 
it had been badly hart. 

Monday’s 17.S4 point slump in 
the Dow Jones Industrial 
Average, the worst decline since 
the 19.4 point fall on October 31 
as the last dollar crisis reached . 
its height, was a dear indication 
of just how damaging investors 
feared the OPEC price increase • 
could be: - - - — 

The reaction was not just a. 
response to the weakness of the 
dollar on the foreign exchange.- 
markets on the same day. . Both 
markets were reading the kame 
signs, namely that the oil price 
increase would have an adverse 
impact on the U.S. balance of 
payments deficit and that it 
would also stoke the inflationary 
fires in the U.S. economy.. . 

The Carter Administration 
implicitly confirmed some of 
these fears on Wednesday wheri 
Treasury secretary Mr. Michael 
Blumenthal said that he was. 
anticipating that the l T 5. trade * 
deficit would be around $2bn 
higher next year at $28hn and- 
tbat inflation measured tar the 
consumer price index would run ? 
in excess of 7 per. cent in. 1979. 

Previously the Administration 
had been talking about a 6-6.5 
per cent inflation rate as its- 
target with the phase two anti- 
inflation programme in place. 

A rate of inflation at this 
level, which is the minimum 
many private economists are 
expedSng in spite of today’s 
better news on the inflation 
front 1 the 6 ;per cent annual- 
rate of increase in November) 
raises new questions over the 
administration's economic pro- 

The centrepiece of Phase Two 
of the anti-inflation policy is the 
attempt to curb wage increases 
in the forthcoming bargaining-^ 
round, and to try to hold the ^ 
increases to around 7 per cent 
for most workers. The chances 
of success are clearly reduced 
if the actual inflation rate runs 
higher than this, and particu- 
larly if expectations are . 
encouraged that the higher rate •• 

industrial Average 

will continue. The _ OECD’s 

warning that the Carter pro- 
gramme will probably not help 
much has the hallmark of a 
self-fulfilling prophesy. A clear 

picture on the wages front could 
emerge early in January when 
tiie first test of the wage guide- 
lines: arises in the form of; the 
op, chemical and atomic 

workers’ settlement 
The most striking feature of 
the stock market’s response to 
the OPEC decision however was 
not the Instant reaction to the 
news on Monday, but rather the 
performance of shares through 

•y ; 

policy in response - 

dollar’s weakness-anti 

casts that read ...- 

, product was moving.;V^Mi^ v > + . - 
much more 
fourth quarter than, 



the rest of the week. For as 
the market digested the news it 
dearly decided .that perhaps it 
was not as badly hurt as it first 

Tbere was no sign of any cum-- 
ulative decline in. share prices 
gathering pace. On the contrary 
volume contracted again from 
the 32m shares which changed 
hands on Monday .back -to 
aroundn the 26m shares level 
institutional investors once . 
a gain appeared to. retreat to the 
sidelines judging from the. 
statistics for the number of- 
large blocks of shares which 
changed hands, and they left the 
ruig to those share dealers who 
.were ..adjusting their portfolios 
for the end of the tax year. '. . 
" It might be too optimistic to ' 
read a lot into the week’s per>-_ 
fohnance and certainly themar- . 
ket's fears have. not... been, 
banished. But they occurred.? 
even though a . decision -by- a : 
- major New York, Chemical. 
Bank, promised to raise the : 
prime rate in the banking Indus*, 
try another notch to. 11} per 
cent, and there was ample 
■evidence in midweek that .the - 
[Federal Reserve Board Was 
: again tightening monetary 

of increase. . 

There was, ho W f 
striking news on the cfcrpgmfe 
front to encourage inwMfnrsr 
iii . particular a strong 
cent gain in 
‘American Telephone; 
graph in the quarter -ehd%f _ 
November 3D. &$:■■■ 

the most widely held.'Sh^^^ v 1 . 
the UB, so such / : . 

couraging for the' - - 

investor. He got . even : >.-■"■ , 

news the previous . day^vd^v^C";: 
another corporate • 

national Business Ma&oS&fy yj- 
disclosed that it wa S :ra 
quarterly dividend by SS%Btugt&A‘£ 
a share' to $3.44 

5 its stock oh a four fbr+ntw’j 6 r - 

5 its stock oh a four fdr£ot»j* » - ' 

basis'. ' IBM's shares, 

points- on the news ; ; • ’ r ' 

• Bv the middle of hexSpyeSf 
however, when the split aareKpuS-: 
are trading IBM stock w.&Myfcly ' . 
selling for iinder._$M® .a&fefaCc . - 

will open it up more easily >' . 

purchase by smaller iqvesjnts., - 
This -is one of tbe-nwtives^fo*^ jtv ; ^ 

the decision. IBM, Ir seems, Js* - 
anxious, partly, for pqKticid:;} _ 

reasons, .-that its shares .shoul&jj ; • ^ 
be more widely held by; the : ^ 

American man-io the street E-+. , 
cannot have missed the evidenre ; . / ), j 9\ 

either tiiat the smaller investor . 
is showing signs of making a+ 
comeback in terms of his partiCi- L ' . p 
pation in the. stock market. It is K 'yT/lg 4 /-' 
perhaps too early to conclude ^ ; %- 

that .the trend is ‘well estab- - *' 

lished, bat it is undoubtedly a ' .. . 

trend corporations will want to , 7 r^ 
.encourage. - , - •; !■[/ 



Day. _ _ ... Close 
Monday.,:... 787.51 
Tuesday 789.85 
Wednesday . 793.66 

+ 2.34 
+ 3.81 

Thursday; % .v794,79f +>18 

Smiles are a 


The age of tih&rlmritii 

IfTlt- ^ Lv,;. . 

ON' THE FACE of it. gold 
mi Ding men in the Orange Free 
State should be preparing for 
their happiest Christmas in 
years. Their product is in wide 
demand — wider perhaps than 
they would have thought pos- 
sible with central banks tucking 
it away jn vaults, manufacturers 
keeping up their stocks and the 



man with £100 to spare buying 
one-ounce Krugerrand coins. 

But their problems are build- 
ing up thick and fast, in some 
cases as a result of their own 
success.- . So if their seasonal 
smiles are becoming fixed and a 
little strained, it is not surpris- 
ing. They are probably asking 
themselves where they go from 

To be sure, the market is 
looking very steady. The bullion 
price has stabilised at well 
over $200 an ounce, closing 
yesterday at $215,375, after 
bumping around under $200 at 
the end of November and the 
beginning of this month. 

For weeks there has been 
some trepidation about the U.S. 
Treasury’s decision to raise its 
monthly auction offering to 1.5m 
ounces. But this week the first 
of the new series passed off in 
a manner which made it look as 
if those early fears bad been 

The average price of $214.17 
an ounce for gold not of the 
highest purity was at. the upper 
end of the market’s recent 
range. The bids were spread be- 
tween S199.7S and $217.50, but 
there were 261 of them from 26 
different sources and they cov- 
ered 2.7m ounces, nearly double 
the quantity available. 

Given that the auction offered 
twice, the amount of the Novem- 
ber sale and that the Inter- 
national Monetary Fund auc- 
tions have been continuing, 
there was certainly no lack of 
demand. Further, the role of 
gold in the international finan- 
cial system has been enhanced 
by the decision of the European 
Monetary System countries to 
mobilise part of the gold re- 

The market could be said to 
be underpinned. But what is 
less .clear in the view of London 
analysts is what course it will 
follow in the New Year. 

This underpinning could be 
very useful for the mines if 
the accepted wisdom that the 
stabilisation of the dollar results 
in an automatic decline of the 
bullion price proves well- 
founded. But if the stabilisa- 

tion of the dollar can only be 
achieved at the price of reces- 
sion then the underpinning 
might turn out to be rather 

In this case there could be a 
fall in industrial demand for 
gold. That would pose real 
problems for the mines because 
it has been on the firm base of 
industrial demand that the 
recent strength of the market 
has been built up. Gold for 
fabrication bas consistently 
accounted for the largest part 
of gold demand. 

All of this would be idle 
speculation were it not for the 
financial position of the mines. 
It is true that the Orange Free 
Stale operations of the Anglo 
American Corporation have been 
making handsome working 
profits, but internal economic 
and social pressures are making 
them look increasingly vulner- 

If working profits are to be 
maintained at current levels, 
then, according to the annual 
statements released this week. 
Free State Geduld needs an 
average gold price of more than 

£220 an ounce. Western Hold- 
ings needs $210. Welkom needs 
$220, President Steyn needs over 
$200 and President Brand needs 
about $210. 

The mines now require a high 
bullion price because they are 
not gaining the benefits that 
would at first sight be expected 
from record operating profits. 

“ Of the increased benefit of 
some R155m accruing to the 
Anglo American Corporation 
Orange Free State mines from 

the higher gold price, the State 
benefited to the extent of 
R113m and th stockholders only 
R34m. This clearly demonstrates 
the impact of the marginal rate 
of tax as applied to the gold 
mines,” the chairmen stated in 
their annual reports. 

This throws up the Irony that 
the gold mines have been a 
major factor behind the rise in 
South African state revenue 
collection? and in the improve- 
ment of the national balance of 
payments at the very time they 
are facing higher costs and 
lower productivity. 

Part of the difficulty for the 
OFS mines is that they came to 
production over 20 years ago. 
The easily won gold has been 
extracted long since. “ Since 
1972 the tonnage mined from 
remnants in uur mines has 
steadily increased to the point 
where, at some of the older 
RU3m and stockholders only 
won from areas . previously 
mined,” the chairmen said. 

Grades are decreasing and the 
working faces are spreading 
further from the shafts thus 
increasing travelling times for 
men and material. Power con- 
sumption has increased despite 
the fact that charges have 
increased by 167 per cent in the 
last six years. Steel, which is 
widely used in raining opera- 
tions, has jumped in price over 
the sarqe period by 257 per cent. 

Wages have also been moving 
tip and the workforce has been 
growing. In the case of white 
mine workers this is partly the 
result of the introduction of the 
H-shift fortnight. 

In short, higher costs have 
been eating into the additional 
profits generated by the higher 
bullion price. There is little to 
suggest that the escalation in 
shafts, over half the tonnage is 
doubts about where the bullion 
price will move. 

To some extent, of course, 
there Is special pleading in the 
OFS chairmen’s litany of prob- 
lems. No doubt they are pre- 
paring the gTound for another 
rejection of the white mine- 
workers’ demands for a five-day 
week. And they are probably 
preparing shareholders for 
difficult times ahead. 

In setting out their problems, 
the chairmen are posing some 
tricky questions for investors. 
The fundamental situation they 
describe has to be set against 
the prospect of immediate and 
high yields. It looks very much 
tike jam today instead of jam 

Even then the jam is not as 
thickly spread as it might be. 
Complaining about the level of 
tax the mines are paying, the 
chairmen said, “ Stockholders 
who have been very patient dur- 
ing the period of low gold 
prices, now receive a reward 
which may well be disappoint- 
ing and provide little induce- 
ment to invest in future gold 
mine developments.” 

Despite the fact that each 
mine presents a different invest- 
ment situation, these last com- 
ments are sobering for a sector 
which is already under a cloud 
of political uncertainties and 
whose market performance has 
been sluggish. 

: - # .w ,v 

■ ■ 

^ - -as 

„ . >. U ; ' >'*>** ; * - 

- . - - , , , fr-vtejfc 



: -r W * > - . : *• * -:* 1 

2 lands rand: the Anglo American Corporation group’s gold mine, where the first gold was poured this week 
Construction has been running 31 months ahead of schedule. 

THE TITLE of John Kenneth 
Galbraith's hook. “ The Age of 
Uncertainty,” has gained con- 
siderable popularity in Japan 
recently: used by politicians as 
catchy campaign themes and by 
editorial writers stalking the 
elusive mood of the Japanese 
people (who made the book in 
translation a best seller). The 
title also applies aptly to the 
Tokyo Stock Market where the 
uncertainty . has been over 
whether next year will equal the 
remarkable gains, until just 
recently, of 1978. 

The Nikkei Down Index of 225 
stocks on the first section of the 
Tokyo Exchange has suffered 
over the past two weeks from a 
combination of official jawboning 
by the Central Bank, the 
announcement of OPEC’s plans 
to raise crude oil prices in steps 
by 14.5 per cent next year, and 
some end of the year profit- 

The drops this week were 
quite substantial, but the analysts 
are still calling it .a fairly normal 
consolidation. By December 11 
the Nikkei Dow had edged 
through the 6,000 yen mark to a 
• new record high of 6.097 yea 
following a smooth rise from the 
lowest point in about one and a 
half years last November 24 of 
4,597 yen — a solid 33 per cent 

The Index lost about 50 yen 
on warnings from Bank of Japan 
governor. Mr. Teiichiro Mori- 
naga, that the market was over- 
heated. and another 50 yen after 
the OPEC price announcement. 
On Thursday, it suffered the 
biggest drop in over a year, down 
more than 100 yen. hut recovered 
somewhat by the end of the week. 

Why should investors be so 
anxious to hold equity shares in 
Japanese companies (particu- 
larly while the economy was 
battered this year by a rising 
yen) ? The answer appears to 
be an excess of funds among 
financial institutions and cor- 
porations and the most bullish 
market watchers see little 
change in the factors which led 
to a rush into shares over the 
past few months. 

As was the case in the last 
period of high liquidity in the 
economy in 1972-1973 before the 
oil Crisis, banks. life and 
casualty insurance companies, 
corporations, mutual funds and 
investment trusts are solid net 
buyers while individuals have 
continued to sell out. This 
trend has made the stock mar- 
ket very ” institutionalised ” 
with the individual investor 
accounting for only 30 per cent 
of outstanding shares, or about 
opposite the U.S. market. 

Jn the five months from July 
to November, banks bought a 
net Y122bn (about $626m) 
while -insurance firms pumped 
YSfi.lbn in and mutual funds 
another Yl9.6bn. 

Foreigners have remained 
consistent net sellers. This is 
probably due to the fact that 
the average share in Tokyo 

Forecasts by some of the major private economic research 
institutes for economic growth in fiscal year (FT) 1979 whiefa 
begins in April, and the present year ending March 3L 

Mitsubishi Research Institute 4J> / - " 54 

Nihon Keizai Research Center . ' 4.5 -': ... -~5L3; 

Nomura. Research Institute ; 4i8 . 49 

Yamaiebl Securities Research ' 5.0 _ T ; '5.1 

Daiwa Securities - 53 ' /•?*."' ‘ 4.9 

Kyoto University Econlmic Research 52 ' +5.7 

Research Institute of National Economy 5:5 . 5.3 

Nikko Research Center 5.5 52 

The Government will Issue its official growth target .latter. 

trades at the very high price to 
net earnings ratio 'of 26 times, 
which makes -sophisticated 
foreign investors dubious over 
how they could justify any 
possible losses after placing 
their funds in such risky — 
again by Western standards — 

Monetary authorities have 
been leaking various warnings 
to the banks that growing 
speculation in stocks, and. land, 
could have infiationary conse- 
quences for the economy as a 
whole. This was the result 
after the 1972-73 boom. 

There was a Press report 
that the Bank of Japan is 
weighing a cut back in com- 
mercial bank lending in the 
first quarter next year, which 
touched off one of the share 
price dives last week. Any 
actual tightening of credit 
seems highly improbable from 
next year, however, given the 
Covemmenfs increasing ' need 
•to have the private sector 
absorb larger amounts of 

national bonds' to fund, the 
budget • 

In fact, the Bank of Japan! is, 
in a quandary over how , to 
effectively control money supply 
growth which it fears" will, move 
higher.. The low levels of 
corporate borrowing for capital 
i nvestment .has ; - .effectively 
dulled the window, guidance ” 
controls on bank lending, as at 
tool. And any more efficient 
interest jrate.mechanism control! 
will Kave to .wait until the 
Finance Ministry gives up some! 
of its coveted' policy of a rigid 
Interest rate structure. Money 
supply has been expanding .at 
about 12 per cent per annum in 
recent months. ' 

The final arbiter of whether 
stocks will continue to boom Is 

the economy Atself. If demand 
for fdnds fro m . the private 

for Kinds front . the private 
sector picks up strongly as a 
result of increased -spending for 
plants and equipment, there 
could be a- recovery in the cor- 
porate bond market (funds have 
also flowed . from bonds tp 

JAW 4, 1968 “100 

475 ---■ -,= 

. equity shares -jnvtbe . current 
market).; .-With tije- government 
AaTso : borrowing fiwviljf were is 
the theoretical possibility Of a 
reversal and subsequent crowd- 
ing out conditions, in the- bond ' . 
^market.: V- ' ! v 

. The numerous ;, ^year-end - . 

: private, f orecaksfor' nextfiscal : 

: year's (from.. Apt® :.,real - 
economic grewfhl: © Ve- , littl e 
reason' hr strongly 1 support the 
latter scenario^ fThe most pessi- 
mistic sp” £ar : was4 per cent real . 

GNP growth' made'byMitsubishi 
. Research .. In stitu te, - The . most . 

. optimistic, - r by the Research - - 
Institute _ of National Economy . _ 

. ainong dthera. is ’ per cent 

, : Jaj>anese investors are cautious r 
over the impact; of the OPEC : 
price; rise on 3be US. and world • 

. economy as a whole. A . sharp 
worsening of economic condi- .v - 
tions WouM undoubtedly spHl 
over, into the Japanese market . 
If not there demand for Japan- " - 
: ese shares . created . by surplus; 5 ;; " 

. funds .looks to be ...outrunning, /• ..'j- 
; the supply, for some, time 1 to V.- , 
come. ". . . < 

There is perhaps good reaibn' ~ 1 
for some- caution (and uncet- ' 
taintyi, however, bullish stock 
market advocates ' are gearing- ^ / 
up lb make optimistic forecasts "vj ■ 
for J979, The top executives 
one : of. the major; -securities;-. v.'. 
bouses last week decided til ley 
would say 7,200 yen as a hoped- -' V 
: fbi 'gbal.-foir i»79 Nikkei Dow ^ ; . 
performance : Wheri-rjonrpalfets.l-' . 
come around: Waite 

speculative pieces 09: what I 

^happen, next- year. ■: y : 

The ' most" Iroliish . tiffly ^ ' 
8,000 yeh-slip^lnfaFpAh^;:'. 

- ~ •• " • 

• : J ft, 

- V'2 • ••• 

--.’:■ j r . 

• V : 



r. iz 

400 BH 


V'-.'i S'<3 Ci 



- .. . ■ ;• • •* 'jjvj is§ 

J f ivi a lyt j j A s 

' . • - - -W->, 

1 Catnpaa?. 



J^faiiy limtliblders will sooii learn a new word, bed-and-breakfasting. Eamonn Fingleton * 
shows how thK imlikely idea may cut your tax in the New Year. 

tax-conscious investors 

■;v- * :e . M 

>?- ?*4yt 


. V:. 


; . 

■ '• ' -3 *} 

■ ■ *.r • -r .. m iifr : y 

..... - 3nt;:.. 


f “* « D&i 

•■•- i \ ’ 
— 7 >•■• *1 

: *V: 

* =*& ; • 

ALOT of holders of tmit trusts 
sad investment, trusts. «>ald da 
-; with a potitfet ddatUtor-in their 
stoddhear '* ; HMf ;?■■ Christmas 
- Thanks to- changes in. the last 
Budget they nOw. hOTe -an un- 
precedented- uppartusfty .to 
cut their capital gains tax —but 
they will nee&'tu.dd their sums 
carefutiy to make sure they are. 

cHjyjbJji* _ . "i *l „ \ m V. ~ % m 

The key ^tcv- t&e' taSr saving is 
“bed-and-bre^kfa^jug^the -Crty 
technique -(by which you estab- 
lish an. atfifiSal capital gain, 
or loss by. seniug yoor hol dings 
and then: immediately buying 
them "bade again! : ~- 

Normally bed-and-breakfast- 
ing is use<L to establish- a loss 
on investments that are doing 
badly but -which , you want, to 
bold on to; the loss can then 
be set against .profits realised 
from other investments and so 
you can cut or avoid capital 
gains tax bills. In the next few 
months, . - -. bed-and-breakfasting 
Will have a special use for unit 
trust and - investment . trust 
holders who' have . large un- 
realised gains. ... 

• The point is that if the total 
gains you take are below £5,760 
5ils year and they come solely 
from unit trusts or investment 
trusts; there is no capital gains 
tax to -pay . in; your hands, 
whereas next year the limit will 
fall to only £3,000. This anomaly 
results from tile transition - to 
.new. capital, gains ' tax rules 
which", were Introduced in the 
last Budget bat which do not 

takefull effect until next ApriL 
l!Tha . consequence r . of ihe 
anomaly' is that tt 
you to establish a realisation of 
your gains for tax.puzposea.ihis 
year though you intend tohang 
on to your investments; .-By bed- 
and - breakfasting, '-you.'; '.-may 
'escape "tax this year because of 
the current favourable taJtPPsi- 
tion. and; - when is future -years 
you finally dispose of thehold- 
ixrg, you will be assessed «nly 
on the gain since the bed-and- 
breakfast date. If, for instance. 
the investment does not appre- 
ciate furtoer between the. bed- 
on d-breakfast date and- .the .anal 
sale, theze will be no question of 
any capital gains tax to i*y in 
your hands at that point , r; 

.At the root of the anomaly 
is the capital gains tax .-credit 
you get when yon lake. a. gain 
on a unit trust or investment 
trust holding. The credit is for 
capital gains tax paid .within 
the fund . This has in recent 
years been paid at the rate of 
17 per cent. For the- current 
year the tax credit remans at 
17 percent although the -actual 
rate now paid within the fund 
was reduced in the Budget* to 
10 per cent and this wffivback- 
dated to April 1977. . 

The effect is that, even in the 
hands of an investor who would 
normally be liable for’ the 1 full 
capital gains tax rate of 30 per 
cent on equity profits, tile rate 
actually payable will be: only 
13 per cent in the current tax 
year. But the tax payable in 


Btd-and-brakfast rates for typical 
unit trust holdings. In each sue the 
figures Include stamp duty of two 
per cent which is normally payable 
on such deals. 


Save and Prosper 21 

M & G 21 

Barclays Unicorn about 4 * 

Allied Hambro 2J 

Britannia 3 * 

* The rate may be lower in some 

his bands will rise to 20 per 
cent after April, vsdien the rules 
have fully adjusted for the 10 
per cent capital gains tax rate 
now payable within the fund. 

Most investors these days are 
not liable to the full capital 
gains tax rate or anything like 
it. For the first £1,000 of your 
gains in each tax year are now 
tax-free and the next £4,000 are 
taxed at only 15 per cent 

For the current tax year, this 
means that the tax credit for 
unit trust or investment trust 
gains of up to nearly £5,760 is 
enough to offset the notional tax 
charge that would normally be 
payable in an investor’s hands 
(provided he has gains from no 
other sources). 

The notional charge on the 
gain is made up of nil for the 
first £1,000, £600 for the next 
£4,000 and £380 for the remain- 
ing £760 (one of the quirks of 

•' mng mug 

h ' Ow fcr 

flw IL> FEW INVESTORS realise how 
... ^ much scope unit trust manage- 

•*•3 •&*' ment companies have to play 
7»sA’ .*■ around, with unit prices. By a 
“ stroke of a pen; a group can 
”* \- swicth a fund from. an “offer” 
T*l;s -i to a ** bid ” basis and wipe about 
- 7 per. cent off the unit price 

overnight.' ' ' . TV.''.'* -. 

Luckily most ;umt trust 
groups like to stay oh an offer 
basis as much es possibl&— it $ 

the appropriate stance for an of un 
expanding fund. But every its pc 
' serious investor should know from 
how to spot the omens that pre- unit t 
cede a switch to a bid "basis. A The 

more difficult trielp— but one 

‘ that some investors have learned 
to exploit to great advantage — . . 

is to spot a fund that is tem- U 
porarily down on its luck and is . 

just about to switch from a bid 
to an offer basis. • : T‘ 

In “Unit trusts ■—■ what 
every investor should know,” bonds 
Christopher Gilchrist explains capita 

clearly bow unit trust prices- are the section on regular savings 

determined and provides a use- 
ful introduction to the neglected 
art of reading unit-, trust 
accounts, which often provide 

gives a timely warning of the 
need to check management 

The book, now being re- 

vital clues to a fund’s bid-offer launched. Is published in assoc i- 


ation with the Britannia unit 

The hook will also be useful trust group; the re-named rump 
'for teasing? out the complexities * of the; Slater Walker empire. 

> I am a widow with a young 

j sou whose own income Is about 
: .£150; so reduong my tax 
: aBbwahce. I have now . 

I discovered that for the year 
'1 ^ 1877-78, the chfid benefit 

:.y & 3V- was less than the corresponding 
7:? rednetion In the child 

4 r allowance. Is there any way of 
.- :.:^ r iafllgalJing this. Tread 

.. somewhere that a ; reduction " 

:. ody appHes where the 
-.Ti; it" ; eMId’s lncwne exceeds £500- 
\ What does this mean? 

The transition from child tax 
■ f : iJlowances .to child benefit was 

: :2' : ;jioL intended to. . improve (or 
: V f / ; eyeu. preserve) . .everyone’s net 
position^ - and -it . may 
-r- ^'iweUr be that you are one of 
-> three who has ended up worse, 
oS. We. cannot comment in’ 
! detaQ; 1 'without full facts and 

figures, but it is unlikely that 
:: -j$> there- is anything that can be 
u jdone tb- improve your cuixent 
: position * unless the. nature of, 
. v-c your son's Income: Is such that 
it can be reduced to £115 for 
’ 1978-79 <e.g. by selling income- 

: '7T&T Producing inv^tments and buy-. 
l iflg something "which will , not- 

■■ . 2 > h~- 
■ ■; '-# c . 

produce any taxAle income 
until after April 5, 1979). 

For both 1977-73 and 1973-79, 
your child tax allowance will' be 
reduced by a- {, £ for every £ 
by which your son’s unearned 
income exceeds £11 5. This 
figure has /remained unaltered 
for many.^ears. 

- The figure of £500 (£350 for 
2976-77/ and 1977-78) is the 
mnrim«m for a young child's 
income from ail sources includ- 
ing earnings: no more than £115 
out ; of the £500 may be un- 

Bank as trustee 
for a minor 

My late husband appointed a 
bank as trustee of an 
inheritance he left for my 
daughter. Will you Inform me. 
please whether the hank should 
have rendered a periodic 
account of its trusteeship to my 
daughter or to me as her 
g uardian, or should now give a 
detailed -account to my 




daughter, who has now reached 
the age at which my husband 
decided she should manage her 
own affairs? 

The trustee should render an 
account to your daughter when 
she. reaches her majority. While 
a request for an account made 
before that time is likely to be 
considered with sympathy and 
possibly assented to, we think 
that neither she nor her 
guardian (if not a guardian 
appointed by the Court) can 
insist on an account before then 
without the direction of the 

A tenancy 
in common 

My. late father left his farm. 
“In equal shares” between 
nty brother and myself with xny 
mother as life tenant Do these 
words imply joint tenants or 
tenants in common? Can my 
mother sell the property without 
the trustee’s consent? Is it 
possible to register a charge 
at the Land Charges Registry, 
in ordey to protect my 
reversionary Interest? 

The phrase “ in equal shares " is 
construed as creating a tenancy 
is common. The life tenant 
(your mother) can insist on a 
sale if the land is settled land. 

the new rules is that in the 
band of gains immediately 
above £5,000 pays an effective 
marginal rate of 50 per cent). 
That gives a total of £980. But 
because the gain comes from 
unit trust or investment trust 
holdings, the investor enjoys a 
credit of £979 (17 per cent of 
£5,760), wiping out all but a 
pound of the tax he is assessed 

To see how you can use bed- 
and-breakfasting to make the 
most of the present anomaly 
take, for example, an investor 
who is now sitting on a gain of 
£5,500 on a unit trust or invest- 
ment trust holding which cost 
him £4.500. Suppose he realises 
the holding sometime after next 
April dnd that it will be the 
only gain he will cash in then. 
If he does not bed-and-breakfast 
and the holding remains at its 
current value of £10,000. then 
he will be assessed for £850 
capital gains tax on the gain 
(nil on the first £1,000. £600 on 
the next £4,000 and £250 on the 
remaining £500), He will; how- 
ever. be credited with only 
10 per cent tax paid within the 
fund — this is £550. So the tax 
payable in bis hands will be 
£300 (£850 less £550). 

If he bed-and-breakfast s 
today, there will be no tax to 
pay either now (assuming he 
has no other taxable gains this 
year) or later. The charge for 
bed-and-breakfasting will prob- 
ably be about £150 in the 
case of an investment trust and 
could well be no more than 
£225 (including stamp duty) in 
the case of unit trust holdings 
with such groups as Allied 
Hambro, M and G and Hender- 

Bed-and-breakfasting will 
ensure really dramatic savings 

of unit trust taxation and for 
its pointers on how to choose 
from the bewildering variety of 
unit trusts now on offer. 

The drawbacks of investment 



bonds for investors seeking 
capital gains are highlighted and 



but the trustees must join in to 
receive the purchase money and 
give a receipt. The need to have 
the trustees join in a sale pro- 
vides the safeguard and no land 
charge Is registrable. 

A way to 
avoid CTT 

My wife and I propose to buy a 
house into which one of my two 
sons will move along with us, 
and be wiU provide 30 per cent 
of the capital. It has been 
suggested that we loan the 
capital to our two s ons and, 
so as to avoid CTT, each year 
release to them £2,000 of their 
debt. This seems unfair to 
the son not living with us as 
he would he liable to capital 
gains tax when he redeemed 
bis share. Can you suggest 
an alternative which is fairer? 

An alternative is to purchase 
the house yourselves but with 
the 30 per cent contribution 

where the investment's value 
continues to increase after the 
bed-and-breakfast date. Suppose, 
for instance, the value of the 
investor's holding increases by 
a further £2,000 to £ 12.000 
before final disposal. A £2,000 
gain on its own will not bear 
tax in the investor’s hands. But 
If he has not bed-and-break- 
fasted his holding before final 
disposal, he will be assessed on 
a £7,500 gain (£12,000 less 
£4,500) and will face a swinge- 
ing £1,850 capital gains tax 
charge against which he can set 
a credit of only £750. 

Investors who have taken 
substantial profits on a direct 
holding, in shares thic year may 
be able to reduce their capital 
gains tax bill if they arrange a 
realisation of unit or invest- 
ment trust gains before the end 
of the tax year. Suppose, for 
instance, you have taken a profit 
of £1*500 on shares this year and 
you are sitting on an unrealised 
£3,500 -gain on a unit trust If 
you are planning to realise the 
unit trust gain fairly soon in 
any case, it could well make 
sense to do so before April. 

That way the total capital 
gains tax payable in your hands 
is £5 (£600 less a credit of £595) 
whereas if the £1,500 shares 
gain is the total for the year 
you will face a bill for £75. 

A word of warning: because 
of the intricacies of the current 
rules you run the risk of actu- 
ally having to pay more tax 
than you should if you don't do 
your sums carefully. If yon are 
in doubL seek top quality per- 
sonal advice from, for instance, 
a tax accountant It is little 
use going to a unit trust group 
or anyone else who does not 
have a complete picture of your 
financial position. 

The first edition in 2976 paid p? 
tribute to the Slater connection i . ' 
on its cover, which probably jjj i 
proved a damper on sales when * - 
a few months later the depth 
of the group's financial troubles 
rocked the City. 

The damage done at that time 
to the Britannia trusts* image in 
the eyes of more panicky in- 
vestors has now been made 
good. But arguably any com- 
mercial connection of this sort 
is likely to hinder sales — 
because the uninitiated reader 
can be forgiven for fearing, 
quite wrongly in this case as 
in many others, that the advice 
will not be impartial. 

The second edition, published 
this week, costs £2.95 from book- -gp 
sellers or £3.35 direct from the gg§ 
publishers, Woodhead-Faulkner, 

8 Market Passage, Cambridge. 

Spotting the omens 

** ii v ■ " 

No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by past as soon as 

from the son who is to reside 
in the house. You can then 
assign to one or both sons in 
each year an appropriate part 
of your equitable interest For 
this purpose division of the 
shares held in equity in the 
house into a large number (say, 
-2.000 or more) will facilitate 
such transfers. 

Enforcing a 

A covenant on my and the 
adjoining bungalow provides 
“ The boundary fences 
shall be only a chain link 
fencing not more than 3 feet 
in height and planted 
with evergreens.” My 
neigh hour has permitted 
the boundary hedge to grow 
to a height of 7 feet and 
refuses to reduce it. 

What action can I take? 

Would any legal fees be likely 
to be as much as £100? 
Provided that the covenant is so 
framed as to run with the land 
as a restrictive covenant bene- 
fiting your land, you can seek 
an injunction in the County 
Court. You should consult a 
solicitor who can inform you of 
the likely costs: but we doubt 
if they would be as little as 
£ 100 . ■ 


Mon it or 







the odds 

EVERYONE Is supposed to talk 
about insurance against kidnap- 
ping in hushed tones. So Ameri- 
acan International Group, an 
ambitious American insurance 
company, has taken advantage 
of the silence to convey the 
message opposite. Its solution, 
writes Nicholas Colchester, is 
an “executive stress” policy 
which will cover you against 
kidnap, ransom and extortion — 
just the things to get worried 
about this week-end. 

AIG is proud of its ability to 
meet special insurance de- 
mands. “With a little legwork 
we can do anything Lloyd's can 
do,” it announced recently over 
a photograph of the shapely 
Betty Grable. Its premium in- 
come from “executive stress’' 
policies has been rising by 
about one-third every year over 
the last three to four years. 

Such policies provide indivi- 
duals with maximum coverage 
of $500,000 per kidnapping (but 
not more than $lm per year 
should any policy holder make a 
habit of it). AIG writes poli- 
cies all over the world but the 
bulk of its business is with U.S. 
multi-national companies. They 
can take out “ group plans ” for 
all their employees with a maxi- 
mum payout of $20m a year. 
Predictably, the premiums vary 
from place to place. 

Lloyd’s remains the world’s 
largest supplier of this sort of 
insurance, and at least part of 
AIG's risk is re-insured there. 
But though Lloyd's position in 
th is special market is well- 
known — premium income in 
1975 was an estimated $50m and 
has undoubtedly shot up since 
then — its officials keep quiet 
about iL The Lloyd’s com- 
mittee effectively prevents 
Lloyd's brokers from advertis- 
ing their willingness to do such 

The major British insurance 
companies do not themselves 
write policies for kidnap and 
ransom. Their executives ap- 
pear rather shocked by the 
idea of AIG’s advertisement. 
Although AIG states encourag- 
ingly that “ we'll handle ail 
enquiries on a completely con- 
fidential basis,” insurers here 
feel that such advertising could 
provide the underworld with a 
clue as to where the names of 
the easy' pickings might be 
found. More generally, open 
discussion of kidnap insurance 
could further reduce people’s 

moral scruples about getting 
into the kidnapping business. 

It is to stop this vicious circle 
of insurance policies, careless 
millionaires and friendly kid- 
nappers that the Italian govern- 
ment has tried to ban the 
business. Italian insurance 
companies cannot sell kidnap 
insurance to Italians. Customers 
who turn abroad — chiefly it 
seems to Lloyd’s — should fall 
foul of the exchange control 
regulations. This has not pre- 
vented Lloyd’s providing cover 
for a number of wealthy 


■ -ft •- «_-y— -r--r— T 

*S * L Zl d *“ 

anyone who does not have risk 
funds and we hope that we have 
made that clear in our 

So far. the bond bas pulled in 
£115,000 and the fund is show- 
ing small profits on both its 
commodity investments and on 
its gilts portfolio in which the 
other half of the money is 

Out in 
the cold 



THE CARILLON investment 
management concern has struck 
a wrong note in its sales cam- 
paign tor Us controversial new 
commodity bond. Would-be 
investors have been sent a 
copy of an article from these 
pages as part of a promotional 
package for the scheme — but 
with a few vital words edited 
ouL These were the concluding 
comment: “ Not for widows and 

The article was reprinted — 
without permission — for a mail- 
ing shot to students of the 
Reliance School of Investment, 
which is run by Carillon's 
chairman, John Sullivan. 

- Mr. Sullivan admits 
that his people have dropped 
a clanger and he has written to 
the FT to apologise. 

Any Reliance student still in 
doubt about the scheme should 
remember that commodity 
investment, in which Carillon 
will stake half his money, is 
extremely risky. Another draw- 
back of the scheme is that in 
addition to paying normal man- 
agement fees the investor has 
to band over five per cent of 
any realised profits he makes to 
the managers. 

Mr. Sullivan comments: “We 
have attempted to make this 
bond as safe as possible but we 
recognise that it involves higher 
than normal risk. 

“We don’t recouupend if for 

MANY divorced women will 
from next April get tax relief 
on the cost of insuring their ex- 
husbands' lives. 

The new deal will be a boon 
for women who depend on - 
aliinony and stand to take a . . 
big income cut if their ex- 
husbands die suddenly. 

It results from the Govern- 
ment's new arrangements for ., 
giving the tax relief to policy- 
holders in a direct subsidy 
which will reduce the premiums 
insurance companies charge. 

But divorcees will get the . ^ 
benefit only if they take out 
the policies before the divorce 
and the divorce happens after 
next April. 

It seems unfair but women * 
who forget about the need for _ 
insurance until after the trauma 
of divorce is over will still be 
out in the cold. 

The rules on life policies for 
ex-husbands are among many 
confusing aspects of the tax '* 
position of divorced couples 
explained in a new booklet _ ■ 
from the Inland Revenue. 

It also clears up confusion 
about mortgage interest relief. - 
This is normally given to the 
person who makes the mortgage ,1 
payments: but even if you do . 
not own the matrimonial home 
but live in it and pay the 
interest you can get the relief. •• 
Where wives pay mortgage . 
interest after separation, they 
need to make a particular point 
of telling the tax office. 

The booklet, called “Income 
tax — separation and divorce,” is . . 
available from most area offices . 
of the Inland Revenue. 


.*•. *.■ - 


Pets os presents 

A pension from Canada 

A widow friend nf mine Mrs- X 
emigrated, to Canada in 1957 
mad we there until 1568 when 
tier husband died. She then 
returned to^this country, is in 
receipt of Widow’s Pension. As 
die and. her late husband spent 
tern years in Canada she also 
qualifies for Canadian .Widow’s 
Pension and Orphans-Benefit 
for fcer.ehBdren. 

Shewed* that the whole of the 
Canadian .Pension, or certainly 
-th&jpacrt of-it wbteh relates to 
theehlldren, should not be 
taxed. She has had protracted 
co rrespondence with a local 
Inspector of Taxes who has 
xiow notified her that she may ' 
take the ease before ihe 
General Commissioners and die 
has this month received a 
.further letter from the 
Inspector stating that “if the 
children’s benq£t Is 
subsequently agreed to be the 
income of the children had not 
ydnr Income, then you would 
lose at least some part of the 
Income-tax child allowance for 
each ot the children, to the 
extent that the children’s 
income would exceed £115 per 
aiinrim.” 98 per Cent of the total 
pension and benefit received is 
.being taxed can yon confirm 

this Is correct The lady is 
ordinarily resident in the UK 
and therefore I think a 
remittance basis cannot apply. 
Can you also confirm this point? 
As Mrs. X is both (a) ordinarily 
resident on the UK _ and lb), 
presumably, domiciled in 
England and Wales, the remitt- 
ance basis does not apply to her 
schedule D case V assessments, 
as yau say. 

As a first step, Mrs. X should 
ask her tax inspector for a copy 
of the free booklet of extrasta- 
Tutory concessions (IRI), and 
seek relief under concession 
A26. reminding the inspector of 
sectnod 23(3) of the Finance 
Act 1977, section 20(4) of the 
Finance Act 1978 and the Chief 
Secretary’s promise for 1979-SO 
(con taine d in the Inland 
Revenue press release of July 
21). Unfortunately, the General 
Commissioners cannot give 
effect to extrastatutory conces- 
sions, since they must give 
effect to the Jaw, and so Mrs. 
X is in the inspector’s hands on 
this particular point. 

Concession AU(b) does not 
apply, unless Mr. X*s death was 
the result of war service etc., 
as mentioned hi the first para- 
graph (a) of that concession, in 
the booklet HU» 

An alternative ground for 
exemption (and one which Mrs. 
X should point out to the 
inspector lies within the exetm- 
sive jurisdiction of the Special 
Commissioners, under schedule 
2 to the Taxes Management Act 
1970) may lie either in (i) 
article 16(4). of the Canada-UK 
double taxation convention of 
December 12, 1966, or in (ii) 
the Canada-UK convention of 
September s this-year. 

If the inspector’s reference to 
£115 relates to 1978-77 onwards 
(as we assume ft does, although 
you do not say which years* 
assessments toe in dispute),- he 
is wrong. The figure should be 
£350 for 1976-77 and 1977-78, 
and £500 for -1978-79, by virtue 
of section 530(1) (a) of the 
Taxes Act coupled with section 
10(5), as amended. j . 

This reply can do tittle more 
than indicate paths worth pur- 
suing— and ways of making the 
tax inspector stop and think a 
little ; longer — because the 
answer depends upon more facts 
and figures than you have given 
us. Mrs. X herself may care to 
come back to us direct, in due 
course, if she has difficulty in 
reaching a satisfactory conclu- 
sion to her negotiations with 
the inspector. 

ON MONDAY, if not sooner, 
quite a number of you will be 
giving or receiving pets as 
presents — pets large and small, 
from ponies to guinea-pigs: and 
not only the pets themselves 
but tbeir accessories. 

For the bigger, more expen- 
sive pets, how many of you will 
have thought about insurance, 
how many will have investi- 
gated the possibilities— or 
rather, how few? 

In Britain, there are millions 
of cats, six million dogs and 
about a million horses and 
ponies: but probably only 
around 25,000 people bother to 
insure their animals. Maybe 
many cats and dogs are not 
thought to be worth insuring, 
since their replacement is often 
a matter of a few pounds — but 
tbe attitude ignores the real 
cost of getting the most cross- 
bred mongrel treated at the 

I will come back to vets later: 
just horses and ponies. Most of 
tbe major composite offices sell 
what they call livestock 
insurance, and this includes 
cover for horses and ponies: 
cover is also sold at Lloyd’s, and 
there are besides, specialist 

Normally, cover is available 
for death by accident or disease, 
or humane slaughter: cover is 
also offered if the animal 
becomes unfit for its normal 
duties and has to be put out to 
grass or sold off. Insurers fix 
a maximum age beyond which 
they will not provide cover— 
usually 15, but tbe terminal 
point may be lower, and pre- 
mium in later years more 

Nowadays, it is posable to get 
a pony insurance package — from 
the specialist Equine and Live- 
stock, and from Norwich Union 
and General Accident. These 
policies cover tbe basic risks of 
death and necessary slaughter, 
and permanent losfe of use, but 
allow the policyholder to pay 

extra premium to get cover 
against loss by theft on stray- 
ing. cover in respect of legal 
liability for damage and injury, 
cover against accidents to policy- 
holder or rider, cover on equip- 
ment and a modicum of cover 
for vets’ fees. This package is 
very like a “ comprehensive " 
motor policy. 

As with all insurances on 
property, the policyholder has 



to put a value on his animal, 
which becomes the limit of in- 
surers’ payment for its death or 
slaughter; but if, at that time, 
this declared value exceeds the 
market value (which may have 
to be established by an inde- 
pendent vet) then insurers pay 
only the market value. 

Except where immediate 
decision is required to prevent 
suffering, the policyholder who 
thinks slaughter a necessity 
must consult insurers, who 
reserve the right to an in- 
dependent opinion. 

liability cover is provided for 
the policyholder and anyone 
riding or driving the insured 
animal .with permission — except 
when it' is hired out. In addi- 
tion to the normal exclusions in 
liability policies, there are 
special ones dealing with 
damage to fences or growing 

Premium for the basic cover 
is charged at a rate per cent in 
the policyholders' valuation, and 
usually reflects the use to which 
the animal will be put: so that 
a pony for children's use and 
for entry in the occasional gym- 
khana will attract around £3 per 
cent basic, the ultimate rate de- 


Clyn Gcnin 

pending on the chosen range of 
optional extras. 

In these policies some cover 
is given for vet’s fees — usually 
there is a low limit, of £50 or 
so. and insurers require the 
policyholder to pay the first £10 
of any claim. Clearly insurers 
reckon this cover unattractive 
and unprofitable — and they do 
not sell the cover separately. 

Quite the reverse is true when 
one comes to dogs and cats: 
here the specalist insurers, equi- 
nox livestock, dog breeders' in- 
surance, are happy to set vet’s 
cover without providing protec- 
tion against death or slaughter. 

Normally eover is provided 
for £1 00 worth of expenditure 
on any one course of treatment, 
and without limit in the year of 
insurance: the policyholder has 
to pay the first £5 of every claim 
and, of course, pay the cost of 
preventative vaccination. 

Because of inflation, insurers' 
premiums have risen substan- 
tially, and a year's cover will 
cost from £9 to £12.50, depend* 
ing on the type of policy chosen. 
The more expensive policy is 
again a package, for insurers 
pay for the death of the animal 
by accident, indemnify the 
policyholder in respect of legal 
liability incurred through the 
animal (with £100,000 limitT costs 
in addition) and pay £25 towards 
the cost of defending any prose- 
cution under the Dogs Act 

Dogs get lost or stolen — and 
the cost of advertising the loss, 
of paying any reward offered for 
return, can be insured. Equine 
and Livestock is prepared to 
cover up to £100 each cl aim, 
irrespective of the value of the 
dog concerned. 

These covers are available 
for "ordinary” animals, special 
policies are provided for more 
valuable pedigree animal!;, 
covering death, breeding risks 
and so on: and of course there 
are special contracts for kem 
nels and catteries and even for 
animal beauty parlours. 


;irow**wv^V. . 


> *• -.. . - ■J'VA- '.-• . j 

Tiiis weekend is traditionally the time when Britain leaps to its brochures and starts 
making holiday choices for the coming year. This time, however, the booking rush has 
started early. Here FT Travel writers turn their minds from the chills of winter and 
look at some of the choices for the summer of ’79. 

■■■■' .• •»?. 'tsr 

)ff to the cities 


CITTES OFFER tiretr own hydrofoil speeding between Florence, Venice, Bruges and 
particular rewards In summer— Vienna and Budapest in 4i Antwerp all have a very high 
not least a wideness of range of hours could provide a very rating, the last-named being far 
things to do — but unless you are happv combination of these fine less well known than it should 
addicted to stifling streets, cities, the art treasures of both be despite its Rubens’ fourth 
there is good reason to take being a special attraction, and centennial last year. A world 

addicted to stifling streets, cities, the art treasures of both oe aespxre 11s wunens lourm 
there is good reason to take being a special attraction, and centennial last year. A world 
geography and topography into the vineyards of Vienna and the diamond centre, major port, one 
account The Scandinavian thermal baths of Budapest add- of the earliest homes of prrnt- 
capitals" leap to mind, not only ing their extra dimensions, ing, peppered with patrician 
because they are unlikely to be Prague, one of -the most beauti- houses and with Belgium s only 
wii-tin^ with heat, but because ful of capitals, stands astride maritime museum, it also has a 
no one knows better than the the Vltava whose character has particularly lively tourist 

because -they are unlikely to be 
wilting with heat, but because 
no one knows better than the 
inhabitants of Oslo. Stockholm, 
Helsinki and Copenhagen how 
to make the most of every 

been so hauntingly captured by organisation. And many of its 
Smetana in a composition of the sights are free. 

Sweden: a world of cities and beadles 

WE TEND to . have shorter parents. There areal«> 

school summer holidays than 

almost any other European some cases ^ve 1 

country and the lemmin^tike ^do not occupy f- 8 *?*!***-* 1 ^ 

rush to the sea at peak season craft seat 

can create frustrating delays :at their parents 

airports and occasional prob- ments y 1 *. 

Jems of overbooking. So, if you hotelier for their tooq. ; _ 

plan to take your own smaQ : The importance . £«= *^7 
people abroad, these and off: understandings ^ the 
season discounts are excellent' cannot 
reasons for avoiding- high- Childrens ■ ?hft 

summer. Try and choose -a. \ generally most- generous 
resort which does not - involve a ; early and ^seaso^; 3S? 

long and tiring coach journey should 

from the airport. beach is safe .and whether. 

The Education Act ’ allows . baby-sitters and early suppers 
parents to take their children are provided for the very y®j ul | . 
away from school during term who will be experiencing^ 
time to fit ia with the family’s .different climate and an un- 
annual holiday. There is no : famiUar diet . _ 

hard and fast rule about. Bearing in mind that tour 
children’s reductions but . one operators operate ^aiflerent 
child will probably have to schemes, here are just a hand; 
share a room with their, ful. Intasun offer some. com. 

to n»ake the most of every same name. The Vltava’s Or there are cities which seem 

second of -their sbortisili sum- character, however, has been to draw their life from the sea. • 

mers. modified of recent years and it Dubrovnik is one example, a m &9SW OfMQ' 

All irf* seaside cities (Stock- now feeds a series of man-made perfect little medieval walled 
holm glorias mSl- lakes that are aJso a lovely metropolis, if you can ignore . ° 

nphw nerhaus comes out best) natural playground for Prague’s the sumer crowds who never, EASE OF access and an influx from .Ibiza by 

and%he fir^r three are within citizens and visitors, within an anyway, seem to penetrate the of developers have sadly often potentially chop] 

cammuUn” distance of country- hour’s drive to the south. further and sometimes most removed those island qualities Likewise, the 

sid^at Is .taS?ASSfta Cities offering varied short charming^corners. San Sebastian which ^differentiate ». chunk of have their ’’ Cl 

mers. mouinea ox recent years 

All are seaside cities (Stock- now feeds a series of mai 
holm with its glorious arctii- ^akes that are aJso a 
pelago perhaps comes out best) natural playground for Pj 
and the first three are within citizens and visitors, wit 
commuting distance of country- hour's drive to the south, 
side tha-t is almost primeval in Cities offering varied 

Chasing around the islands 

short, but porary ' andthere are other Still In. .goffiera^jiit 

of developers have sadly often potentially choppy boat journey, islan ds like Krk and Brae which latitudes 

Likewise, the Canary Islands are large enough to lose a lot of Aland Isl and s , ol them 

ktfd tlioir 11 findorollnc " ennh ^ -■ - A- mrauiTiTlfr in ITI 1 n-KnltH 1 hfitWfiGTl 

MUC LliJ'L la JI-UIIJAL lltiCVffi ill ’WLkW vuv,iiu 6 iuaiw ■- . __ j 

character. Boating, swimming excursions to lake or mountain “ 
and EQ3TTV otheT forms of water have an obvious summer advan- 
sport are-weH catered for, open- MB™ taj Particularly 

which differentiate a chunk of have their “ Cinderellas " such tourists. Or there is the Kornat sprawling in mid-Baltic between 
land surrounded by sea from as La Palma, which is said to archipelago, a most bizarre Stockholm, and. south-west _Fin- 

any other old holiday area. An be very pretty indeed but where collection of islands on many of land- These hayu been iidiabited 
island, it seems to me, must as yet, only one large two-star wbic j 1 ^ m-hing much stirs at all since prabistorfc-itmies and- axe 

there are art galleries, museums old town's labyrinth of arcades, 

(here Copenhagen tops the list), narrow streets and 
and wining and dining places in many of them a-glc 
good supply. geraniums and buhbli 

A financial advantage is that fountains. The cit] 
most Scandinavian children are excellent short-stay 1 
back at their school desks well too, which make the 
be Fore ours, and after mid- the Swiss franc. _ Gex 
An- 11st prices can drop sub- Zurich have si malar ; 
s:a finally. and. of course, a las 

The capitals of more central apiece on the doorstep. 

Europe can get pretty warm. Although cities of all sizes 

narrow streets and squares, “r«Vh 0 «,™nfNn r 

many of steals across the Strait, 

geramums and bubbling with 3 c . 

fountains. The city offers ^ 

much seems almost familiar ele“**tal Dalmatiqn coast have retained homesttus get- 

even as the aura of North Africa SSL 01 * tfS S ^SSteTte ulial 

— despi te. «« wuwuwouw aiimnse of island life. capital, nas some .. excellent 

Happily such aland* still popularity of some of them.. ® at the other end of hotels but the isIandsT specialily 

exist and even vers* well known Regular boats still leave at Far away at me _ * enQ “ SrSf-eaterinn accommodation. 


jammers were known aerbs^ the - 
seven seas. Mariehamn,.- the--" 
capital, has some excellerit- 

loumains. xne oiy oners Tof U no. hou^ t^ a^u^ e*iw anu even vwy wen *uuw« Regular boats still leave at 7 ” . is self-catering accommodation, 

excellent short-stay packages. Felixstowe. Suffolk ipii sxe. and sew- ones have whole areas by-passed hideously early hours to take Europe is one of the ®oat .*■ jTi. in deliehtful rural 

too. which make the most of toura. a Spring Gartens, London SW1: by the tourist masses. You only products and people to the main- beautiful archipelagoes in the 

Che Swiss franc. Geneva and Raad . London swns 2 pu (Belgium) 

Zurich have si malar packages Belgian Travel Service, Bridge House, 
and. of course, a large lake “’I,”? fioS Va SSSCS 

though there is usually a broad offer a variety of attractions, 
river cm which to catch the they usually fall naturally into 

breeze. Three of them are one particular category. When 
linked by the Danube, and the it comes to art treasures. 

Road. London SW10 SEL; (Gibraltar) 
Exchange Travel, Exchange House, 
Parker Road. Hastings, East Sussex 
TN34 3UB: (General) Pegasus Holidays, 
24 Earls Court Gardens, London SWS 
OTA an Sovereign Holidays, West Lon- 
don Terminal, Cromwell Road, London 
SW7 4ED. 

Formenrera SKfwS * SST ^SortSte ^cC^le^he ^foien Wall E5® 

S!e Sf farge“oteS^ some hour*. Ifvllic idand com- Proves, oncl^er ggj 

self-caterinc accommodaticm munities like Rab. Korcula and examination, to be indented ^ P8 „ Malt. London; SWj: . 

since I rattled round it in an inevitably get their daily with fjords and inlets, with F.nmsh Tourist Boarf r mr owca 

antique taxi some years ago. I ration of sightseers out from, pretty, brightly coloured fishing s^'i^Niu'OTei^toun^Kgeni* ■ 

imagine its peace is still the mainland or off the cruise villages perched beside them. « tl or. oi Greece, ias-197 Regent Stwm. , 

Lor-lon Wl ■ • • • • • 

imagine its peace is still the mainland or off the cruise 
relatively intact You reach it ships, but the influx is tem- 

pletely' free ' htflids^- ftasrone ' 
child up tar eleven ^ramig 3 
-town -with :paxe&tff vwfl||e£, 
early May, a 60 per / 

tion on 14-day holidays -appiite : certain hotels with ,2Q ; -per. 

' cent off for a second _ 

On -• some • . charter^ 3toliimSs r . 
Blue Sky’s discounts' yary ^whif 1 . 
aee and departure dstte wiw '3 
50 W cent reduction; Jii Kay 
for the 2-7 year ojd .^djZSjie^ 

rent,' (JfSV,4i three; 

Bjjza. . Inf ants traveL irre and 
their foQtfria pai^ direet'tp^tbe' 

faryty i • fln~ scheduled services the 
- overall: reductam is. ariaund SO 
‘..per ieht jV- ‘ rS 

”« Sovereign’s reductions^r effec- 
tive up to : afee ; ifl hfresjaective.. 
of departure date. vary hetweeiL 
resorts. ■ In - Tenerife, j . for 
example, it is for 
the 2-S year '<ff(fe7-)syttd“'20 per 

• cent up ta agfe . l& A T5 pec'j 

eent- disconat in some" 

'hotels if thre^^var^y^pieena 
share a .-.•>? * ■ 

■ . Thomson's redtwtfe^'o Jare . 
very . cong^ehtoSpi!^!- : v .va?^tig 

betwrea -10 per .cezit «^^)_per 
cent oh a package <ff;-? '12" . 
nights. Some JbteIs ^FeT;a:25 
per cent , discount Tdaringr^Juiy 
and August r if 

accompanied by Wo adjdts .but^. 
the usual ratio is one .chfld'tcT 
one adult' ' Again the .'tunes 
travel free: and you settle with. 

' the hotel. Baby Patrollers v can 
. also be . found at some hotels. : 

• . The Swedish oompariy. Yin*, 
gresor, a new entrant v in Jhe 
direct sale market, at 46 ^2he3P- 
side, London, EC2 (01-248 2000) 

.eMms- tb offer -considerable 
savings, and a simplified book-. , 
ing - procedure.- They ^ serve 
many popular holiday -destina- 
tions and; at Alcudia in Majorca 
-and Grand . Canary, - are setting ' 
Up Mini .Clubs for the chiMreo 
a supplement <rf £5 and £4 
respectively for the whole boii- 
dayi V • 



. i pfIA. 
. ;iu- 

telsl:; J .. . . 








' y- 




Barkston Gardens 
London SW5 0EN 

100 rooms, private bath / 
shower, radio, television, 
English breakfast, restaunm, 
bar — fully licensed. 2 lifts. 

Special terms to companies 
Details and illustrated 
brochure on request 
Telex: 27885 
Tel: 01-373 3151 or 79S1 


r .'PortsrrsoutfvRoadi- 
ThBiDfs Ditton'. -v 

01:395, 4222 


2300 2600 3500 

From £5,450 From £6,250 From £6,999 

Ex Works Ex Works Ex Works 

or £140.11 per or £160.17 per or £178.94 par 

month Leasing month Leasing month Leasing 

The latest price increases are more than ignored 

£5,950 ' / 


01-398 4222 


©Id Small Sotcl 




From £6,999 
Ex Works 
or £178S4 per 
month Leasing 


, * V-i 1 fTTTa V-i i ! T*i l 

* Arty make of car,orTraht vari r avaiTabtein U.fw 
supplied ^.-rriarv for irhmediafe delivery. ^ '. 

^Choice of Leasing A&reerri&ti. options. 

For further information about our Leasing Services. 

SUNDERLAND, SR4 7BA. TE£H*H0NE 44122. TELEX 537665. 


■ . Conference Saueaiy ra/- 
^ Telephone (0423) 504001 ■ ^ 

A Vi 



I 150AoeB]A:ii*«3i>r aonSahn . 

I Plenerr Eeiilm«a3N'*4l > ri«BnBMu>7S 
Buoiet 0wio33H * BediK OeaatlaBs 
3Hnumaia*11 pn. 

«l One of Briuin'i PRESTIGE HOTELS 4 




A ROSA Hold €d«n«*-*. MiCme 01041 

Bl/31 IB 77. Central ar.d celel stle. 
Near to sM IHt and skatlns-nn*. French 
I lichen. Uar-daiKlnp. 

A ROSA — Hold Bella»ista , "- lr . Phone 
0104181/51 2A 21. InCeOr Swhnmlns 
pool. 28" Cl 7 x ami. Excellent fcrtcnen. 
Quiet Me. Transfer ;o srn-iilt tree o« 


Choice of colours. 

It’s not hot ak 


Phone for Deto/Js and 

Tel: 01.584 6441 

1979 MODELS 

Immediate or Early Delivery 

01 -370 3152/3/4 





Contact your Travel Agent or clip the 
coupon now for fijll details, 
g ije Economy Class £549 (Standby), £659 (Apexji To: Pan Am, PO Box 747, Coulsdon, 

p * First Class £879 (Standby). £1044 (Apex). 
„ * Scheduled flights, almost always on 747s. 

if- Sample itinerary: London/Frankfurt/ Delhi/ 
Hong Kong/Tokyo/Honolulu/San Francisco/ 
Los Angete/Hoiiscon/New York/ London. 
* Minimum 23 days, maximum 80 days. 

Surrey CR3 9UU. 

Please send me your booklet 'Round-the-Worid 
in 80 days... or less.’ FT 


Addrpvi — 




ficx Mauritius flies to Mauritius via 
Rome and Nairobi (and from 
Mauritius to Bombay). You’re going 
to love the difference. 

Beautiful, charming, friendly, efficient 
Indian, French, Creole, Chinese and 
Muslim hostesses — all Mauritians — 
will take care of you all the way. 

We do not claim to be map. dam. We 
Oo try harder te* ft rtd good tenant* 
tor, good preoert las. It you wish to 
let a UK or house In London, please 
teleohme as ft discuss your require- 
mems. Wc hare long- established con- 
tacts with many banks, companies and 
embassies and wc need gacd proper- 
ties lor reseon-.rble aosi rants. 

Cutlass & Co. 01 .S«9 S247. 



M, ^ 

svip lorry specialists. 021-552 2802. 
TX 236193. Immediate deliveiy on 
Gedlord and Lcyland chassis. 

Self-drive hire — 

keen rates for short- or long-term 


me / 

, £ -- 

230 . . 


New models from stock plus 
the Turbo. Demonstrators 
available. Always 20 
guaranteed used models in 
stock. Advantageous 
ieasing/finance facilities. 


Woking . 

(04862) 65307 + 66663 

Commercial -and Industrial . Property .. 5J0 

Residential Property > -.230 

Appointments-. . - 530 

Business & Investment Opportunities r. 

Corporation Loans, Production Caipacky, : : 

Businesses for Sale/Wanted •: \ • 625 ~_: 

Eaucatioii, Motors, Contracts & Tend ere, 

Person^, Gardening . •. . v • 5.00 

Hotels and Travel ^, '8^)0 

Book Publishers . - • r. 

; 1 •. Premium, positiom available ; 

(Minimum, irize 40,eb)uing L ciBS.)" z- 
£L50 per single, ctdonin cm.- extra > 



• cm.^ 

■ £ t: 

950 : 

V. 15.00 J 
; :12.09 

For further details [ write; i&-'. ~ 

. - Classified Adve^emerit Manager, ; 
Financial Times* 10, Caimon SLreet, 

Spedal chefs will prepare a wide 
variety of meals for you. And some 
of the -world ^ s best crews will fly with 
you. Yes, its the most cosmopolitan 
way to fly. 

■ "" 

■ - ^ : ^ ^ v v r-s -i' » * . ' 

i; 1 / f ^ Sri'*/’ 




Air Mauritius* Boeing 707 departs 
London (Heathrow) euen; Tuesday 
at 18:40 hrs and arriues in Mauritius 
on Wednesdays at 13:50 hrs. 
Departs Mauritius every Friday at 
19 A5 hrs and arrives in London 
07:30 hrs on Saturdays. 


As cosmopolitan as our island in the sun 




Air Mauritius.lAljeinarie Street, London Wl. 
General Sates Agents: British Airways 

r 4 ^:> 




- J , "w kjj'/i : 

? i$. ; . 

.'“ v *!-* , !‘ i 
-:2 - 

-•v.c • 

~. r ^^ %. 

•-.- a f ?3 5^SS>- 

*‘ ■' • 

!■=• >■« - a** 


• . - fc . 

.. ' l V 
'¥* *;• 
■^*<r _ ' 


' THJT IBEiiL family holiday. 

eatariiui::^:' all „ages, should 
■ zlinost - tsartaialjr- include a 
beach awL'witfa. the reasonable 
assurance -of better weather 
' over- on . the jrtber .side,, form 
the basisjaf the annual summer 

hob ;:y-z ..... . v..-* 

Howeverp There are those — I 
number myself among them~ 
wbo. wfcila.tftey love Soaking up 
the ; -;*tua: ^Interspersed by an 
ixa^Onal tacwfiineni ^owartis a 
ciyihs^cl baach bsh’.'find 
that, a -couple, of days .of the 
-seaside lotas Hfe, even if 
femfrened = hy the study.' of, 
occasional];;, delectable ’female 
' anatomy. 'suffices. The beach 
will, after. aU; still he there -for 
the riejct 10 ‘days or so. . 

, . Yet. these is noneed to adopt 
^totally h£C.P. attitude if you 
Set ... itchy- . feet • and, as a 
dedicated ' follower rof , .the 
fatuous and architectural’ styles 
of yesteryear, choose a beach 
witmit easy' access, of places 
which fill: the cultural void: The 
sun-worshippers can -spend 'the 
entire day on the beach while 
you quietly slip away for the 
o(W ; afferuootL : - ■ - - 

Beach scene with modem hotel in Malts 


r -=* 5 : 




said Hans, scraping his 
dd^tick through the -thin layer 
of srrow aijd revealing the still 
grefiii’. grass or autumn. “'Let 
us 'say 20 centimetres.” And. 
they! aQ -laughed . and walked 
haek to the bar, bopping now 
.and then to avoid the muddy 
puddles: ...... 

The Belgian coast while It 
shares our weather: has inites 
of splendid randy beached 'with 
The added advantage that -It he 
coastal trains link the. main 
resorts. , There is no need-Jo 
book an excursion or hire- a car 
to go to Bruges, Northern 
Europe’s .best preserved 
mediaeval city. 

Take a trip round the.einals 
to get your hearings and, li the 
specialist collection . of Flemish 
Primitives are not high, on’ your 
priority list,, stroll down to a 
cafe terrace along Dyver or the 
Rosary Quay and, over a coffee 
or a beer, listen to the melli- 
fluous tones of the cartiloh ring- 
ing out from the graceful belfry 
tower over the surrounding 

Brittany has long been. one of 
my own favourite - summer 
places with its extensive 'sandy 
beaches not’ far removed from 
the splendour of Motif ; St. 
Michel, marking the dividing 
line between the - ancient 
provinces of Brittany and 

An apocryphal story; per- 
haps, but one th 2 t is not that 
far from the trulb in.’ some 
resorts as far as the daily show 
reports go. Nonetheless skiers 
the world over rely dn the 
reporu for some indication of 
what the conditions arp : likely 
to-be as they set off for their 
annual holiday. 

For a newspaper the gather- 
ing of the snow reports is a 
thankless task. Err on the con- 
servative side and the . angry' 
letters arrive from resorts; err 
on the optimistic side ' and 
readers vent their fizry upon 
the paper concerned. The prob- 
lem is not made easier by the 
fact that weather conditions is 

Normandy. The main street, 
leading up to the marvel at the 
summit nf the rock, is souvenir 
land gone mud but even that 
cannot destroy the sense or 
wonder at the dedication of the 
monks who raised a monument 
to the glory of God in an 
isolated setting where the rapid, 
surging movement of the tidal 
seas is my abiding memory. 

There too there is Ihc 
lovingly restored Corsair city 
of St. Malo and. inland, the 
fortified heart of Dinan set 
above the river Ranee. 

In the Italian resorts the 
beaches are still very much 
private enterprise affairs, with 
The concessionaires responsible 
for the daily wash and brush-up. 
with rakes replacing combs. If 
you are in Lido di Jesolo, then 
Venice is not far away but for 
the young, blissfully happy with 
the sea. sand and the sun, a 
little classical “grot” goes a 
mighty long wny. My 9-ypar- 
old daughter went right off 

the mountains change with 
impressive speed. No snow one 
day can prove io be a blizzard 
the next A sudden warm spell 
will remove yesterday’s beauti- 
ful new powder. 

In attempting In make life 
somewhere near bearable for 
all concerned we have arranged 
for Ski Club of Great Britain 
representatives in specially 
chosen European resorts to file 
iheir reports on snow conditions 
direct to this newspaper. These 
are independent reports and the 
resorts concerned have been 
chosen for their geographic 
locations so that readers will 
have access to a reasonable 
spread of areas. 


■ - <21 T23g- -V. ' 


™™m-: STEIN ENGELL,. bpr'.ski Jn- 
- — structor-dmla fodher Telemark 
ebampibn; . was; -a ^dedicated 
| cress-country ion Jjfcftp; still 
mm \ favoured thegmeftd’teieinark 
h: turn. .He showed usJtoakto wax 

• . - 01 m. fejdstfoc the , unusually; cold 

V-->jT ^thKcold 

: ~;\i ’**#' mS' 5 ** ft wai Gteeii lor 
* • ££ G jmafc- X spent a- .week -there, 
-Vi? on the-shores_ of Lake Mjcsa 
r in 'Eastern Norway and not far 

frenriiltejiamnier. 7 

: ! C NOW • Kay X '.foUiid us out- on the 

** 1 getttlfi .slopes- atTranberg, Farm. 

' . With mrke'd tracks through' the 
j c? s^rs i^ silen^ . ^sunliti. .snqvir^overed 
• r. r r uv woxKlefcisS^: of the Norwegian 
. - C ‘Vii ; pine^oods jittt belpw. . 

, ?. Chws-cQbntry, Involves a. very 
different’teciihlque from Alpine 
and, although nothing 
EwitvMf «ah^-qtdhi-iaplace the .sheer 
lEllT M ^dalaratioh - of ;a co'ntrolled, 

[ deaefent -on . a prepared 

,.,.nu P^’«TOSs<pdBtiy .has.a.coni- 

IDAKli "v ptefiHy Afferent appeaL I re- 
v.turned-fKane ad eiflbusiast. 

’•3S .was my first shot at an 
i ' vettety that - has aeqdiiEed many 
' naaCes,- In Noeway. it is . called 
Leg^ln^. Tbe boots are soft and 
: . -jiliahH- ^and, with ", the - 3^dn 

.,£ BotirfeHa binding oii -ouf-hired 
-^hut vlrtually new touring skis. 

; there' is great fluidity of nrove- 
TJarent -Ybur heel Is. free and you 
%: qtHckly pick up the rh5 r Sun. of a 

- toeheel- action.- •’ 7 

:i ,; j r Sfein,;iwho' provides .virtually 
: ■ rfoffivaduSt. tuition.' .had built a 
- t htilb ciituits-and-burop s coutse 
7 Pwr jpay I. : Parting on this • by 
>-.i i ttey.2, we then, moved down; to 
•ics fte woods, where,- in some ? ft. 
C’of fresh, powder snow, I- had a 
I - . ffiaior .shunt with : a nHm-.fir 
’.isrjrer. .•-.tree-'-ndtii no dama^ -tbjeither! 

Hay 3 found us doing the 
mini-course without poles and 
bobbing over hummocks under 
three gate- made out of . our 
now confiscated poles! 

Many skiers regard Bay 4~-as 
make- or- break time and I fttt. 
a Teal sense of achievement ih- 
covering ten miles of gorgeouSy 
varied country. Cross-counpry 
skiers are always shown slog" 
ging uphill, and, while some 
herring-boning and side- 
stepping are involved/ it is 
usually followed by energetic 
double-poling and the lovely 
moments when the hill does the 
work. You move at’ your own 
pace on clearly marked tracks 
floodlit at night. No lift queues 
and no exhibitionist piste- 
hashers demanding a clear 
passage. / 

Time too, -to stop and take 
a photo, w?lch a squirrel cas- 
cading -down a tTee or mark 
the footprints of an elk— you’ll 
never find one crossing your 
path iff' daylight! The golden 

rules are simple. Don’t set 
out alone without telling some- 
one and don’t overtax yourself. 

Apr&s-ski, in the accepted 
sense, is nonexistent but The 
Strand Hotel in Gjovik is the 
town’s social centre with three 
restaurants, a pub and, for 
•hotel. guests, unlimited free use 
-of both the saunas and an 
attractive swimming-pool. 

A week's demi-pension, with 
private facilities and including 
London-Oslo scheduled air and 
the onward train journey, costs 
from £172 from Norwegian 
State Railways Travel Bureau, 
21/24 Cockspur Street; London 
SW1Y 5DA. The £35 ski-pack 
includes hire nf boots, skis and 
poles, six hours ski^ -school and 
a- snazzy crosscountry ski suit 
which is yours to keep- 
a Full information about 
Norwegian cross-country skHng 
is; available from The Nor- 
wegian National Tourist Office. 
20 Fall Mall, London, SW1Y 


snow depth (ems) 
lower upper 


•.i s.-jifi- 7- five-TViBn no a a-mage 
r ‘ . n'tf * .Br^kages. of ^d!s andJimbs are 

‘Tare.;;.-- : . -•* - ■.. ' 

RESORT lower upper Conditions 

/Val d’Xsere ...: -70 110 Good snow on higher runs . 

La .Plagne ....... 70 130 Most runs now complete 

Les Menuires . 38 60 Good -conditions and all runs 

. . should he open for the week- 

Seefeld ...-. 15 15 Runs only open halfway, piste 

- .worn 

Davos 10 30 Good 


Stowe (Vermont), Powder. 30-inch base, 24 of 29 nins open 
Sugarioaf (Maine), Powder, 8-12-jnch base. 3 of *43 nins open 
Sugarbush (Vermont j . Powder, 10-20-inch base, 27 of 70 runs open 
Aspen Mount (Col.), New powder,- : 2L49-incb base. Snow within 
past 24 hours. All runs open.,. . . 

The Versillian Riviera. 

strt?;diing along fn»m 
' Yiares'giu. i.s within easy n.*arh 
or tin* treasure!, Pisa, 

Florence and Siena bui. if ym 
are there during high summer. 
The city centre", can be 

c-vfrcmely hni. 

. Greece remains hnUi 3 

fabulous holiday country and 
The h«n oi ;ho Ancient V/urlil 
and, i / you are a determined 
seeker-out of aruiquities, you 
are never far from them. 1 
would willingly return, lime 
and lime again, to Rhodes on 
condition that I could lnave the 
brown bodies on the beach and 
climb up to the majeftu-al 

setting and the incomparable 
beauty of the Aeropuiis of 

IF you feci that just one 
member nf the family nr the 
party’ might orrasionajj’y like t<» 
drift aw.-iy from the beach and 
if you need some guidance, this 
kind of advice is available from 
Ihc National Tnu list Office of 
your chosen holiday country. 

Our U-S. bureaux will b\ 
supplying us with snow condi- 
tion information from Norih 

We will be using there re- 
ports each Saturday. Such are 
the vagaries of mountain com- 
munications that by the time 
they reach the weekend break- 
fast tables lhe reports for sonic 
areas could be 4S hours old. hut 
we feel thely are still a reason- 
able indication of the weather 

We, and the Ski Club, will do 
our best to make sure no one 
tries to cook the books by mea- 
suring the snow piled up beside 
the cow sheds. The only assur- 
ances wc can give is that the 
resorts are being filed by skiers, 
prepared for the paper by 
skiers, and intended for the eyes 
of skiers. 

So far this year the omens 
are bad. Although there has 
been precipitation in much of 
the Alps, the temperatures have 
fluctuated so wildly that only on 
the uppermost slopes is there 
any real guarantee of snow this 
weekend. This is particularly 
unfortunate for beginners, who 
rely on a good cover on the 
nursery slopes for those impor- 
tant first steps — or falls. 

Nonetheless, not everyone 
going to a ski resort at Christ- 
mas is there to ski, and the fact 
that most seem to be fully 
booked this season would indi- 
cate that the apres ski is likely, 
to be as good as ever. 

However, snow conditions are 
rarely the same throughout the 
alps and there is a chance that 
many a skier will .find good 
snow this weekend. It was 
interesting to see that the 
pictures of the world cup skiing 
in Jugoslavia during the week 
seemed to indicate, a fair 
amount of cover in those moun- 

Reports from Switzerland 
illustrate the overall position 
clearly. Andermatt. Chain pery. 
Gst&ad. Saas Fe and Verbier 
are among areas reporting good 
conditions but such well known 
names as Grind el wa Id, Arosa 
and Muerren all. seem to have 
had a shaky start to the season. 

As far as the U.S. is con- 
cerned my spies in Colorado 
suggest that the snow in the 
west is superb at the moment. 
In the Aspen, area there has 
been several feet of new snow 
since the beginning of the 
month and several inches otier 
the last few days. The news 
from the cast coast is less 
enthusiastic, with many resorts 
a little light on snow cover. 
Skiers should check with the 
resorts for the latest position. , 

AT ONE time Crans-Montana. in 
the Swiss canton of Valais, was 
one of the most popular Alpine 
resorts with the British. The 
skiing potential was discovered 
by Arnold Lunn. inventor of 
the slalom, just after the turn 
of the century and in 1906 Iho 
resort was chosen as lhe site of 
the first Kandahar ski competi- 

Some of the enthusiasms of 
those early visitors remain evi- 
dent today — most notably in a 
fine IS-holc golf course in the 
centre of the resort, together 
with a. golf-mari population. 

However, nowadays the resort 
is liltle-known in the UK. and 
as the Swiss r raise mounts in 
value year by year, the number 
of British visiiors to Crans has 
steadily declined. 

The rise of the franc has hurt 
many Swiss resorts — and the 
British arc not the only nation- 
ality to be staying away. But 
Crans has decided to counter- 
attack. It has launched a major 
publicity drive, at the S3me time 
aiming its appeal — in both pro- 
perty and tourism — 3t a very 
specific sector of the market. 

Crens-Moniar.a is the third 
biggest resort in Switzerland, 
after Davos and St. Moril 2 . with 
more than 3u.0ni> tourist beds. 
I; lies about 2 and u-hulf hours 
from Geneva on a sunny plateau 
at 1.500 meire;-. with slopes 
rising to 3.000 metres. 

The slopes provide some 129 
kras of piste, or marked and 
maintained runs, and a great 
deal of off-pi* to, especially lower 
down. There js some 3S kins of 
uphill transport, mostly cable 
cabins, with a capacity of 12.000 
rides an hour. This puts the 
resort comfortably within the 
top Swiss five :n terms of trans- 

While the skiing terrain is 
enormous, little of it is particu- 
larly challenging, making the 
resort better suited to inter- 
mediate skiers than experts. 
However, there is a wonderful 



THE FIRST Princess 2 I drove 
soon after its buch last summer 
was a 2000HL with the then new 
overhead camshaft O-series 
engine, manual transmission 
and power veering. I noted 
that the two-litre engine was an 
improvement on the aged 1-S 
litre it replaced;, that the gear 
change was still gritty and the 
transmission inexcusably noisy 
in traffic; arid that .the power 
steering was pleasant.. 

range of ideal slopes for begin- 

Most of the slopes face south, 
which can mean that the pistes 
are icy early in the morning and 
snow cover deteriorates quite 
fast. But to compensate. Crazis 
can lay claim to the best sun- 
shine figures of any Swiss 

This, together with the type 
of skiing available, has given 
Crans a unique character. 
People live in Crans all year 
round, and the resident popula- 
tion totals 9.000 — far bigger 
than in other resorts. 

This means there is a lot 
more to do in Crans than ski. 
And it is estimated that only 
about a third of the visitors to 
the resort use the slopes. 

Its size allows it to sustain an 
unmatched range of facilities. It 
is a major shopping centre in 
its own right, with numerous 
restaurants and nightclubs. 
There are tennis courts, ice 
skating rinks, inside and outside 
swimming pools, a 14km lang- 
lauf circuit. 

Crans is within an hour’s 
drive 01 at least three major 
resorts — Zerman, Saas Fee and 
Verbier — and numerous smaller- 
ones. Ail of which makes it the 
perfect ba>e for people who 
want to own property in the 

So it is hardly surprising that 
Crans lays cl aim to the first 
apartment blocks built in the 
.Alps for sale 10 the general 
public. Until Crans broke with 
tradition. Alpine property devel- 
opment consisted of chalets and 

Nor is it surprising that 
among the home-owners of 
Crans can be numbered such in- 
ternational personages as 
Charles Aznavour. the French 
singer. Sheikh Yaraani. the 
Saudi .Arabian oil minister, and 
the Belgian royal family. 

There was a major boom in 
Swiss resort property through 

the sixties and early seventies, 
and buildings across lhe wide 
plateau oF Crans-Montana 
remain to testify to it. The boom 
was killed by three factors: the 
oil crisis of 1973. the rise in the 
franc and legislation aimed at 
limiting property purchases by 

The biggest developer in 
Crans, Gaston Barras, who 
claims to have built — in 1957 — 
the first Alpine apartment block, 
has reacted to the triple blow 
by going up-market. It is a 
policy that has been remarkably 

Rather than the large, closely- 
packed blocks typical of the 
sixties — and evident currently 
in the new French resorts — the 
recent Barras projects have been 
small and opulent. One develop- 
ment. nearing completion, for 
instance, consists of 24 apart- 
ments in three modest blocks set 
in a full hectare of ground — no 
more than 10 minutes walk from 
the nearest ski lift. 

The apartments are of the 
highest possible quality. They 
are spacious and cleverly 
designed. Each bedroom has an 
attendant bathroom, while the 
decorations are completed to 
the choice of the purchaser. 
Most have superb views across 
the valley. 

M. Barras said be moved up- 
market to sumve. “The last 
people to be affected in any 
crisis are the very rich, so I 
had to build for them,” he ex- 
plained. “1 could make the same 
return by selling ten top class 
apartments as selling 50 further 
down the market And ten sales 
are easier than 50.” 

His decision was reinforced 
by legislation in 197S, the Lex 
Furgler, that laid down that 35 
per cent of any new develop- 
ment had t f> be bought by Swiss 
residents. This effectively rules 
out large-scale development as 
-there .is. insufficient domestic 
demand to match it-^even on a 
tvn-formne basis. 

The law’ has forced many 
developers to adopt a differerv- 
tial pricing structure and M. 

E arras estimates that the 35 per 
cent of his apartments reserved 
for residents have been sold at 
a discount of abouc a third. 

This is an additional factor 
hoisting the prices of Swiss 
property for foreigners, along 
with planning insistence 011 a 
nuclear fall-out shelter under 
each block and the rise of the , 
franc. Whereas in J95T the 
frenchman who bought M. 
Barras’ first apartment paid 
about £2.500 at the prevailing 
rates of exchange, a similar 
property today could cost as 
much as 40 times that amount. 
There can rarely have been a 
better hedge against inflation. 

Prices for new two-room 
anartments of some 05 sq 
metres, with balconv. average 
about SwFr 350.000 (£106.0001. 
Four-room apartments of 
roughly double the size are 
about twice as expensive. Gas- 
ton Barras also acts as agent in 
selling second-hand top-flight 
property, and prices here run 
at some two-thirds of the level 
of new apartments. 

Maintenance charges and 
taxes add up to a little over 1 
per cent of the purchase price 
annually. The cost of running 
an 85 square metre, two-room 
apartment, for instance, is 
SwFr 6.000 (£1.800). Much of 
this can be recouped from Jet- 
ting. although this is not 

Gaston Barras can arrange 
Swiss mortgages for foreigners 
of up to 50 per cent at 5 per 
cent interest repayable over 10 
years. British residents should 
add the dollar premium to the 
prices, currently moving within 
the effective range of 30-40 per 

For further information con- 
tact Gaston Barras. 3963 Crans- I 
Sur-Sierre. Switzerland. or 
Grafton Consultants, 14 Dover 
Street. London Wl. 

steering was pleasant.. . lot of . , be rid of 

_ . , r . . . . by opting for Dunlop s Denovo 

This week. I have been drtv- runQat for an extra £99. 

’. n?: . a P y mcess (This problem doesn’t arise with 

Again, tt is a _OOOHL. ^ The the Citroen which, very sensibly, 
engine is lusty but strikes me as keeps its spare ^ out of 
less than refined. The Borg- wa y under the bonnet.) 

Warner automatic transmission Xhe * mucb more 

removes what were the mrbn t0 reverse than the 

fii^f e pn^unte? ra wfth 0, the n prin^ Citroen because the wedge- 
S2 9 W A^If r thP shaped styling' gives it so high 

r 2 n(7 j?® pn'iSf^h rt va rear P 3 *** 1 shelf you can’t see 

trv out of the back window. This 
delight a phj* culhinst try- seem faj r i v unimportant, 

af-rint-ihte bl ^ even long-standing owners 
I can t sec it bem Q acceptable g et j Rt0 j ro uhle. A friend who 

to anjone else. cairn* ti> drinks last Slindav 

fSL’s Princess 2000 HL 

understand it. the Citroen Vari- 
Power system is very good 

So, too. is the more orthodox 
system available for an extra 
£240 on the Princess. (On the 
dearer six-cylinder Princess 
2200s it is part of the package.) 
Putting power steering on the 



io anj one cist. came to drinks last Sunday 

Many people — including not a week prudently reversed his 
few Inside the BL Cars organisa- Princess through our gate but 
tion— look upon the Princess as within 20 yards had gone off 
Britain's answer to the Citroen the drive and backed its boot 
CX. But is it ? There are into the rhododendrons. ” Sorry 
obvious similarities. Both are ... I didn't want to stick my 
medium-large executive saloons head out of tin.- window because 
with cross-engines, front wheel of .the rain and 1 couldn’t 
drive, suspensions relying on see where I was going." he 


hydraulics instead of steel 
springs, and advanced styling. 

and explained. I believed him. 

The Citroen has a maximum 
speed at Iea=t 10 mph higher. 

In some ways — the layout of is as economical, has self- 
fascia and minor controls, for levelling suspension, rides 
example — the Princess is a better (though the Princess 
much more traditional kind of comes close for comfort) and 
car. Its exceptionally spacioas has more effective headlamps, 
interior has a look of conven- Power steering, in which the 
tional richness about it. The amount of assistance varies with 
boot is averagely roomy but the the speed, is standard. It takes 
spare wheel, which takes up a getting used to, but once you 

Princess 2000HL transforms it 
in town from a clumsy leviathan 
into a fairly nimble car. though 
it narrows the considerable 
basic price advantage the £4.254 
BL car has over the £5.199 
Citroen CX2000 Super. 

What could be the clincher 
for any business motorist 
wondering which car to go for 
is the fact that only the Princess 
can be bad as an automatic. 
The Borg- Warner equipped car 
is as big an improvement over 
the manual Princess as is the 
power-assisted steering over the 
musdes-only kind. It is much 
quieter; there is still some 
whine from the main drive gears 

but almost none from the trans- 
mission itself. And you never 
have to pause at the traffic 
lights while you struggle to 
engage first gear, which happens 
all trie time with lhe manual 

Overall fuel consumption is, 
as always, two or three utiles 
per gallon worse with automatic 
transmission, but the difference 
could be less if the car is used 
a lot in town. It’s roundabouts 
and swings, really. For me, the 
slightly higher petrol bUl at the 
end of the month would be fair 
exchange for the greater driving 
pleasure of the automatic. In 
normal driving, the two-pedal 
Princess is as quick off the 
mark as the manual and it 
cruises just as nicely on the 

By the time the Princess 
2000HL has had power steering, 
Denovo lyres and automatic 
transmission added, the price is 
£5.005, whic hLs £194 less than 
that of a manual Citroen 

My persona! choice would still 
be the CX. but the Princess HL 
automatic with extras must be 
considered a well equipped, 
comfortable car. with ample 
luggage space, easy town driv- 
ing lishiis and a relaxed per- 
formance on a journey. 

■Financial Lines Saturday Decaaoer y w 

77 7. • . , - • . • • ' . -7 >* 

■ ^ : --v 7 ; 7 ■ 77||it7^ 



Passing Bell 

•o~ +- 

by zarA stewer! 

• . : t«A « 

li * 

Katherine Mansfield, a bio- 
graph? by Jeffrey Meyers. 
Hamish Hamilton. £7.95. 
306 pages 

Katherine Mansfield’s work is 
still overshadowed by her life. 
It v.ijl be interesting to see if 
til is changes now that Jeffrey 
Meyers has untangled the 
threads of her 35 frantic years. 
Three main themes gradually 
emerge: her work, her health 
and her husband. 

Her belief in herself as a 
writer compensated for a frus- 
trated childhood in New Zealand 
with a cold delicate mother and 
the father she described 
to Lady Ottolins as looking "a 
typical Colonial banker." Her 
health would never have been 
normal but was exacerbated by 
her years of sexual misadven- 
tures which gave her the 
material for her stories and the 
look of coarseness which both 
intrigued and repelled the cold 
intellectuals of Bloomsbury. 
“Dead. dead, dead" as D. H. 
Lawrence described them. 

The parallel which Dr. Meyers 
draws between the two writers 
who were both fighting a losing 
battle against tuberculosis with- 
out using any of the conven- 
tional weapons is tragically con- 

Meanwhile J. Middleton 
Slurry makes his appearance, 
according to Dr. Meyers, the 
“ clever but not creative" 
villain whose “ acquiescence in 
her self-deception hastened her 
death." Certainly he was an un- 
pleasant man about, whom many 
unpleasant things could be said 
— not least Katherine's remark 
that ” he couldn’t fry a sausage 
without thinking about God.” 
Their kitchen life seems to have 
been particularly fraught. 
Middleton ?.Iurry described how 
on the first morning of their 

cohabitation he came to the 
breakfast table to find a raw 
egg sitting in its cup with a 
label attached. “This is your 
egg. You must boil it KM.” 

It was poverty that sent them 
to the kitchen and poverty that 
caused most of their problems. 
It Is tempting to speculate what 
Katherine might have been if 
Middleton Murry had been a 
Leonard Woolf. 

Another possibility that Dr. 
Meyers doesn't investigate is 
that in some awful way, 
Katherine Mansfield actually 
needed loneliness, misery and 
poverty to produce her work. 
Certainly she did all her best 

C. P. Snow is away 

v/riting under these circum- 
stances, usually in some seedy 
European hotel looked after by 
her hated and loved slave, Ida 
Baker. .After all, she bad known 
physical comfort in New 
Zealand and, although she 
rejected it there seems no real 
reason why she couldn't return 
there at any moment she chose. 
Dr. Meyers stresses the 
meanness of her rich father. 
But was this because of her 

The circumstances of her 
death in particular make this 
seem a possibility. Gurdjieff 
and the simple life of a simu- 
lated Russian village are not the 
choice of someone who is long- 
ing to be looked after within a 
conventional marriage. From 
1918 she knew she was dying. 
Her aim above all was to write 
as much as she could in the 
time left to her. It would be a 
pity to let the - shadow of 
Middleton Murry. -continue to 
obscure this • -essential truth 
even after his death. ;*• 

Indeed my only serious 
criticism of Dr.. Meyers’s book 
is that he doesn’t do enough to 
defend Katherine Mansfield the 
writer, as opposed to the woman. 
He quotes criticisms not only 
from the printed reviewers 
who found her "cruel, passion- 
less and cynical” and her 
themes “narrow and cynical" 
but also from her closesHriends 
and patrons. D. H. Lawrence 
said, ‘'She was not a great 
genius. She had a charming gift 
and a finely cultivated one. But 
not more.” Lady ' OttoKne 
Morrell said : “She did not see 
very deeply into the tragedy 
of human lives, and it was 
perhaps this want of insight that 
made her so often pitiless and 

Even Virginia Woolf who 
printed by hand 300 copies -of 
Prelude and recognised -it 
possessed “the detached 
existence of a work of art” also 
described it as “freely watered 
with some of her cheap 
realities" and called Bliss, 
“very thin soil, laid an inch 
or two deep upon very barren 

After such attacks I expected 
a strong rebuttal from such a 
sympathetic biographer as Dr. 
Meyers. lostead he only gives 
an excuse which by implication 
agrees with her critics : ‘Tier 
illness ' inevitably intensified 
her egocentric introspection 
which limited both the range 
and the depth of her stories.” 
This view sits oddly with his 
continual vilification of 
Middleton Murry whose refusal 
to subordinate his own success- 
ful career to hers was surely 
perfectly reasonable if she was 
onlv a second-rate writer. 

The truth is her so-called 
“ superficiality ” was a matter 
of style. Critics have always 
ftad a great ability for conftis- 

Gertrnde Bell by H. V. F. 

Winstone. Cape, £7.50, 322 
. pages 


**!. i , ! ■ -V X 



Katherine Mansfield: life of story-telling 

Ing style • with content. 
Katherine Mansfield’s insight 
into character and situation are 
as deep as anything either 
Lawrence or Woolf could man- 
age. But it came in a short- 
sentenced, brittle, almost lac- 
quered form, which made it an 
easy target for those who prefer 
to criticise, rather than to 

No one reading even the less 
well-known stories such as 
“ Man without a Temperament ” 
or “ The Little Governess " 
could fail to be moved by the 
desperation and isolation of her 
heroine. Even her earliest 
book. In o German Pension 
whose easy satire made her dis- 

like it later has a great deal 
of importance to say about the 
husbahd/wife, . master /slave 
relationship. Isolation must 
surely be a central theme in 
human existence. The most 
absurdly dismissive critic of her 
work was Mr. -Malcolm Cowley 
whom Dr. Meyers quotes with 
apparent agreement. He writes 
scornfully that she had " three 
backgrounds only, continental 
hotels. New Zealand upper- 
class society and an artistic set 
in London. . . 

Anyone who insists on making 
a dill pickle stand for romantic 
freedom and equality must ex- 
pect early suspicion. But we 
should be over that by now. 

Gertrude Bell is one of a group 
of women whose independence, df. 
mind and physical courage 
enabled them to pierce the pro* 
tective coverings of Edwardian 

Most were well-boni, financially 
independent and, like Gertrude 
Bell, suprisingly conventional. iir 
all social matters. At tbe agfeof' 
30, already a ' world - .traveller, 
Miss Bell asked her father's. per- 
mission to go .from one place ’to : . 
another and though she travelled^ 
in the desert with but one male 
seryaat. would not go out s dh- . 
chaperoned in London. She' was.- 
the daughter of -a Liberal WP\ 
who combined an interest in in- 
dustry and science with; the pur- 
suits of the country gentleman, 
acd already at an early, 'age 
Gertrude was introduced into the 
upper reaches of the. ruling 
circle. -. . ■ 

Intellectually precocious .and. 
Independent in her thinking, she 
took a First in history at Lady 
Margaret. Hall but proved -too 
restless to settle down to the life 
of scholarship. Taking advantage 
of a loving and surprisingly in- 
dulgent family and almost 
unlimited financial means, she 
wandered the world, through 
Europe, the U.S., Japan; and; 
above all, the Near East which 
captured both her interest and 
her emotions. 

She was a superb linguist- 
speaking fluent French. German. 
Persian, Arabic and Turkish. : a. 
first-rate mountaineer, completing 
climbs which upset even her dis- 
tinguished Swiss guides, and- 
couJd ride for hours on horse 
or camel in all kinds of terrain. 
Miss BeU was a good archaeolo- 
gist, botanist and photographer 
she wrote accounts of.- her 
journeys and published a book of 
verse. But her endless travels 
were without purpose and her 
passionate nature found no vital 
centre- . "J : .v . 

Hr winstone was fortunate in- 

having at his disposal, a huge 
collection of ■ letters document- 
ing almost every. : phase of 
Gertrude Bell’s life -from .early 
childhood until .her suiade.m 
Baghdad, in 1926. He -has- £Ued 
ST the gaps from the public 
records aod from bf&r private 

S °Much of this book revolves 
around the personality of Mjss 
Bell a not always attraeuye_hnt 
an obviously compelling -figure.- 
An early romance in Persiawas 
blocked by her parents. Then 
came the great personal passion : 
of her life. . an attachment m 
Lt-CoL Charles Dough ty-Wyiie. 

- a* professional- -soldier killed. at-_ 
Gallipoli, very much in love with 

- Gertrude. but unwilling to change 
' his life*-. 

Their exchange of letters, used 
here for the first time, are extra- . 

ordinary in their ■ Intensity -and 
-frustration.. By contrast, jMr. 
Winstone is almost too: fastidious - 
in “his treatment; of ttlisl central 
chapter in Miss Bell’s- life. -- 
It was the war and the Arab 
revolt which gave Miss- Bell the _ 
opportunity to channel" her ; 
energies and talents. .. Here, 
the sharp, acquisitive^ analytical" 
.judgment and the -. ^fierce . 
emotional drive, found a -comm cm 
focus. Mr. Winstone describes 
Miss Bell’s involvement -in. war- . 
time intelligence workl her role -. 
in the famed Arab Bureau, ner 
connections with Hogarthr." Sykeg. . 
T E. Lawrence add -H. "St. . Joan - 
Philby who all placed ;a part in ' 
the Arab Revolt. Miss Bell was - 

the official correspondent, of th? 
Arab Bureau and Sir Percy Cox’s; . 
Oriental Secretary hi . Mesopo-^. 
tamia. travelling, collecting in- 
telligence, ' contributing - -to.- . 
Hogarth’s Arab Eufietin. dealing 1 
with tribal shaikhs and "future - 
Arab leaders.. 

It might 'have been predicted- 
that she would become ode ..of " 
the leading advocates of ait ilt 
dependent Iraq at the Paris' ' 
Peace Conference. Breaking wjjft : 
her political chief; Sir Arnold • 
Wilson, she subsequently- used;": 
all her London connections -to -V 

favour the cause of , 

and Prince' Faisal aadf -gather . 

in 1921. 1 r. 

The su bsequent -years were,Ies 9 : t - 
happy; -Faisal went his!dwh*Fay. 
and though his- tojat 
enjoyed ' a . specUV . . P^ea^ -'in 
Baghdad,- she was-7. 

. suited on political issues^,-. -- 
: Mr. Winstone does upt felve : 
too deeply into the ccznjdegities : 
of ; the Arab Revolt iotfifcBse- . 
-.qtteht i^Near ’. Eastejn.^develop- 
ments. - Tbs reader nugfcithave ’> 
been - offered : more assistance^ ; 
this respect without, 
the . balance -of- the bpofc-r ItVfe - * 
..difficult^ : . 

account, howr;. imporrani.-lfiss j - 
Selfs fcoptributMmws^^^ese; 
momentous ebanges,;^ ■ . ' ■ 

One can.. -infer ,firpar;£ state- : 
meat of T. E. l4nm!h^'qumed ; * 
, by Mr. Winstohe.^tiiaf she tended 
to change her:vaws5apSttdinfe to . 
her. - mentor (a : 

-.fault attributed . Syl-the autiior to 
irer hut-fto-^dMce pre- . 
sented is final, 

judgment.-, ;iV - 
lir.- ..Winstone^ ' ' ’ 

letters; a : 

-sharp; insight ibth~the ‘ tensions 
Which made' Gertrude^ Beil' -such . 
ah ; Intriguing pe.^sdui v'^Cturtem- 1 . 

■ poraries' had .ana . iwdees -will. • 
retaiu a mixed? impression - of 
her: Her talents and' bcajrery - 
.were Ttndcoibted,;-as '.W5»e ■ lier 
energy and passhmL v" Ser onpb- . 
hism and se^^assurahce^cSeuded - 
many .for her Juporihbdmt ,p«h - 
•titm* allowed, her ■ a of ;■ 

freedom • denied'.-; civil 
'.servants.-, ■ 1. - v: _4-':- -1.T 

;; Her sex prptected: herdin' the 
.desert aaa ;she--was nqt Lahore 
-using -it . to Her . advantage - She 
had little' liking for. members of : 

turn ■ apd ^tbey; J" dh. ' tnrhi.' were 
highly* eritieal;'-qt".iier.- : -."T^ 

Mr.; -.WlustmK:: T has ; drawn a 
-rounded portrait^of :his .subject, 
hr" Bell’s letters 

rdqminate;thi$:;bdpk; -One sees 
Gertrude- Boll through- ber own 
; eyi».i Ode , is /-fascinated;- rather 
thair ^jfifghttened"by this accoun L 


7 ° 

‘es come hack 


The Smoke That Thunders by 
Dominic Mulaisbo. Heinemann. 
Educational. £4.25 (Paper- 
back £1.50 ». 2S5 pages 

tors in India appear as harmless 
Oxbridge dons compared to the 
colonial scum sent out to Africa. 

Dominic Mulaisho is a remark- 
abie Zambian: economist, former 
Civil servant and now President 
Kaunda‘3 Principal Adviser on 
Economic Affairs. Here we meet 
him in his avatar as a novelist 

Wiin the exception of the 
Kenyan writer Ngugi Wa 
Tbiong’O » Petals of Blood) 
Mu !a is ho is Central and East 
Africa's most accomplished and 
gifted writer. In his first novel. 
The Tongue of ihe Dumb (1971) 
he gave ample proof of his 

The Smoke That Thunders is 
set in Kandaha a not so 
imaginary British Colony in 
Central Africa between Rhodesia 
and Zambia, not loo far from 
Musi-o-Tunya. tbe Victoria Falls. 
Fact and fiction overlap. The 
Zambian freednni struggle and 
the current upheavals in Zim- 
babwe provide the setting. 
Kawala. the upright and noble 
leader of the People's Army of 
Liberation Party (PALP), is 
easily identifiable, as is Sir Kay 
Norris, tbe Polish immigrant who 
made good in Rhodesia. 

The white expatriates are 
deftiy drawn and their imbecile 
world of racial arrogance, 
administrative high-handedness 
acd folly is devastatincly ex- 
posed in a matter-of-fact way, 
without artifice, or literary 

Vorster's English administra- 

colonial scum sent out to Africa. 
The African ethos — anguish, in- 
justice. hope and defiance are all 
well done. Here we are in the 
bands of a narrator whose skill 
has matured and sympathies 
extended. Behind all the brutality 
and bloodshed and whitfe bar- 
barity people of good will exist 
on both sides. Not once does the 
prose crack or dialogue ring 

In the end Kandaha gets inde- 
pendence with Kawala as Head 
of State, but the Bristol Cold 
Syndicate the real power in the 
Colony survives the change. The 
whites leave by the front door 
and return by the tradesmen’s 
entrance. Hats off to their 
unctuous adaptability. 

Tbe doomed love of George 
Norris — son of Sir Ray — for the 
lovely black girl Anna Aliness 
forms the most moving part of 
the novel. Tbe right tone and 
voice 'are adapted and there is 
no sentimentality. Young Norris 
is killed — not by the “rebels” 
but by a shrapnel from an official 

To me tbe most engaging 
character is Mr. Patel, an Indian 
businessman. Hjs speech defies 
grammar and be transcends 
morality with breathtaking ease. 
It is not an entirely unfair por- 
trait. except that while all Patels 
are Indians, not all Indians are 

Those interested in Africa, its 
people and problems will find 
Smoke very worthwhile reading. 

f 0 • -WlL 

World ago 

: ! vv. V--: -vv -. v 


A European Past Memoirs by 
Prince Clary. Weidenfeld and 
•Xicoison, £8.95. 246 pages: ... 

.Vi ; 

[•v* 1 ' 1 ?S —- •. 

• jg- 

\ C M' 

M The Watch on Christmas Eve ” — one of 6? illustrations in “Thomas Nast's Christmas Dmwings ” 
(Constable /Dover Books £234). Nast was the great disseminater of the Santa Claus image throughout 
the United States in the nineteenth century. The bock, which original 1 / appeared in 1890, 
has an introduction by Thomas St Hill Nast, grandson of the artist 

Prince Clary was a wonderful 
link with - the past. He- had 
known a man. a Pole, who h(td 
recited a poem in front -of 
Napoleon. His grandfather had 
entertained Goethe in the CLatjr 
castle at" Teplitz. the " spa. fc 
southern Czechoslovakia. . An 
aunt of his had been adopt$i 
by Madame Hanska, widow -Of 
Balzac. - ■ 

Born in 1887, he himself had 
been an Imperial Chamberlain! 
to the Emperor Franz Josef. His - 
looks were commandingly 
aristocratic. He had never ^for- 
gotten a thing about the doings 
of people like himself, - but when 
it came to • anecdotes he was 
wholly free of malice. Nothing 
is out of place in this book, its 
charm unblemished. In his in- 
telligence there was something 
narrow, to be sure. Nor was he 
fond of Czechs unless they were 
of the calibre of Thomas 
Masaryk. though he was much 
too well-bred to say so. Humour, 
joie de vivre. were more to the 
point. He tens the I9th century. 
He teas the Austro-Hungarian 
empire. It is sad that this 
October he died, though I 
suppose the reviews of his book 

must anyhow haya. vhaff- , ; Ui- 
nostalgic obituary mood, about 
them. . •"-*■ • - - 

As a "child he ..'travelled 
because his father ' was eoun- 
seJJor at the Austrian .embassy' 
in London; ”1893," after- < 
wards en poste fn Dresdeh’To-the 
Court of, Saxpnyi - Among " his 
early memories . were the 
funeral of Field-Mirshai 
Moltke, glimpses - of. the E^napre^a 
Elisabeth and of the^ Empress 
Ettgfiitie.. and Queen • 'Victoria’s 
.. Bj^mbnd Jubilee. 
i'fyate famous names like' Badzi- - 
>.will iud Kinsky and Chotek apd . 

7otockr. Crossing intb Russia to 

stay with a cpnsin was alarmifig 
even in Czarist timflb.. At-a rail- 
way station ^ he "was kicked by. a-: 
soldier -for -trying, to see who. 
roieht be traveling ln.*t special 
white carriage ■ coupled^- to the : 
train. S 

Sophie Chotek bad msiyjed the, 
Archduke.-Fr^nz Feritinand. :and : 
was to be assassinated with Bim 
at Sarajevo:. The.yopng Clary * 
used to be- invited- to stay with . . 
them at- Konopifete; - In Slovakia, ’ 
and he held the'vifiw . that the 
Archduke might have: been the 
man to save the Aaif for. the : 
Habsburgs. As for tbe 1914 war, 
he krrew that ** Armageddon lay,-, 
ahead.” 'Loyally. 'as in Uhlan ' 
officer, he foueht throughout in . - 
Russia or the Ukraine. - 

.:.-.-:The world Prince Clary knew 
iheir fefi :fo pieces. " At -TepHtz. 

. on h)s ; estate,, he .'had a ..brief 
respite - though ' ttoonred - after 
-1933 wheti be found himself 
willy-nilly a Sudenteo-Deutsch. 
: Germ an -Czech feelfogswere en- 
.-venomed'beyond Tepair. In 
1945, Prinee eikiy and his family 
(two sons had been killed with 
tbe : Gerroan'-nrmy ) iled west- 
wards before the Russians, with 
. luck" - oh their rside. They were 
fortunate in- : having . .a - family 
palace as-skrefuge in: Venice, the 
pity.- inhere ttffee hundred years 
earlier j; the first Clarys had 
origin atedr And tiiere. the door- 
man, who had:nof seen them. for 
-nr long' while, .was. nonetheless 
waiting th welcome, them. 

- Beriwrd Berensdn, also a be 
never in eertahi sorts, of civilised 
values ^became a .friend who 
apprnciatedjtfaezh and was appre- 
ciated^ turnu ' There were, after 
kinidred chisanbiKfiitftns and 
survivots. " Af Pritfce Clary wrote 
gta(^ifoHy nt his home in Venice, 
In.: th*.-, botftfa j closing words, 
"Sometime :^the -.water rises 
alarmingly 4ind cavers the pave- 
ments below the windows. But 
We all- know -. it will go down 
again." . ..’No complaining, cer- 
tainly? ho. anlnmcy- -for . having 
been forced oatofhls time and 
place into 'the siiipwredt. of the 
20th cehttqy. • 

I Hi 'dp 


In short— Movers 

JBen-Guriou : A Biography, by 
Michael Bar-Zohar. Wieden- 
feid and Nicholson, £12.95, 
334 pages 

political biography ( although un- 
fortunately the English language 
version has been substantially 

The Horse of Pride by Pierr?- 
Jakez Heli as, Yale Univers'fy 
Press. S15.0O. 351 pages. 

The title of this book The 
"Horse of Pride, is what 
the peasants in Brittany had to 
depend on when they were too 
poor to buy another. The 
author's autobiographical 

account of life in a Breton vil- 
lage is not a nostalgic review 
of his past but an “acknowledge- 
ment of the value of our civilisa- 
tion.” What is now left is 
“wreckage” and those hits, are 
best viewed in a glass case as 
“honest archaeology.” 

June Guicharnaud's translation 
has kept the freshness of the 
storyteller's language in her des- 
criptions of the working, 
struggling lives of the peasants— 
described in such a way as to 
lift them out oF their ordinari- 
ness. tt is the contrast between 
the general fight for survival 
and the great events— births, 
marriages. christenings and 
deaths, accompanied by elaborate 
preparations and larishness. 
which makes this such vivid 


tireless to reason with the enemy 
before seizing victory, merciful 
to civilian populations, creator 
of a short-lived earthly paradise, 
master of the arts of peace as 
well as war. 

To accuse him of confining his 
heroism to so small a theatre as 
Haiti is to overlook Toussant’s 
sense of proportion. He never 
over-reached himself. At one 
time, his 50,000 highly- 
disciplined troops could easily 
have captured Jamaica and gone 
on to defeat General Washing- 
ton. (With Toussaint’s vision of 
a nation where white and black 
played equal parts — “ Race melts 
beneath his band,” wrote one 
cop temporary — the "U.S. might 
have been spared much of its 

Toussaint L’Ouverture was the 
first to bring the torch of 
freedom to the Negro race. He 
should never be forgotten- A 
sympathetic book. 


Even his Arab enemies could 
hardly deny that David Ben- 
Gurion was one of the outstand- 
ing leaders of this century. No 
lesser contemporary than the 
imperious General de Gaulle, 
whose Middle East policy was 
later to cause Israel so much 
bitterness, described him as 
“one of the greatest statesmen 
of our time.” Yet none could 
have been so inscrutable. Ben- 
Gurion's awn memoirs revealed 
virtually nothing. 

Given privileged access to the 
archives in the mid-1960s, Mr. 
Michael Bar-Zohar went a long 
way to penetrating the craggy 
facade of the “ Old Man ” and 
throwing light on his involve- 
ment in critical events, in an 
earlier work published a decade 
ago . The Armed Prophet. Now 
with the use of new material, 
particularly diaries of Ben- 
Gurion and freed from some 
Inhibitions by B-G’s death in 
3973, and the lifting of censor- 
ship. be hs produced what may 
be regarded as a definitive 

Bar-Zobar gives us the most 
detailed and lascinating account 
yet the Sfcvres conference at 
which the finer points of the 
Israeli-French collusion against 
Egypt prior to the Suez War 
,were worked out He has pro- 
vided new information about the 
Israeli leader's attempt to nego- 
tiate with Nasser in 1956. the 
secret alliance with Turkey con- 
cluded by him in 1958, and the 
crisis with tbe U.S. in 1980 over 
the nuclear reactor at Dimona. 
Tne author has unravelled with 
greater precision than anyone 
before the notorious Lavon 
Affair — both the bungled intelli- 
gence operation of 1954 in Egypt, 
which was aimed at destroying 
Egyptian-U.S. relations, and also 
the political repercussions later 
resulting from the efforts of the 
former Defence Minister to be 
cleared of responsibility. In- 
directly. this led to Ben Gurion’s 
resignation in 1963. 

In territorial terms Ben-Gurion 
was a maximalist who only 
accepted the partition plan pro- 
posed in tbe British White Paper 

of 1939 for tactical reasons and 
would have liked to conquer 
" the whole of historic Israel.” 
including much of Lebanon in 
194S, though he realised this to 
be politically impossible. He 
embarked on the Suez War 
wanting to secure Sinai in 
perpetuity. However. Bar-Zohar 
reveals how. surprisingly, the 
“ Old Man ” was opposed to the 
“preventive” attack on Egypt 
in 1967 in complete contrast to 
the image of him held by a 
majority of the public who called 
for his return to power. He was 
then no longer 44 the 3dacious, 
far-sighted leader bis admirers 

“Obstinacy and total dedica- 
tion to a single objective were 
the most characteristic traits of 
David Ben-Gurion.” In personal 
terms his solitude was almost un- 
bearable. Even so. ind in spite 
of his enduring devotion to his 
wife, he had his love-affairs, in 
particular the most important 
one with an English woman. 
Doris May. Bar-Zohar has un- 
earthed and quoted correspon- 
dence between them. He has 
succeeded well in his aim of a 
svn^besis between depicting the 
statesman and the man behind 
the legend. 

Trujillo’s inferno 


Trujillo: The Death of the Goat 
by Bernard Diedericb. The 
Bodiey Head. £5.95. 265 pages 

Brazil: A Political Analysis by 
Peter Flynn. Ernest Benn. 
£15.50. 592 pages 

I suppose the same feeling 
must come over policemen and 
lawyers and priests about their 
trades but sometimes I think 
that the job“-of a journalist, 
especially a journalist writing 
about Latin America, has much 
in common with that of a sewer- 
man. While much of one's life 
is spent above ground there are 
moments when one has the im- 
pression of wading through the 
vilest quintessences of corruD-' 

academic Jwho Was brave mough 
. to stand-against the; Benefactor. 
Having, been kidnapped on the 
.’New York subway station. 
Calindes was taken to Ciudad 
Trusting "He was stripped and 
handcuffed, and then’ a rope was 
tied to. his. feet and led through 
an overhead pulley: :Tnch'- by 
inch Galindes was lowered into a 

Around the World in Ninety 
years by Sir Clough WHliams- 
Ellis. Blackle. £6.95. 130 pages 

This Glided African— Toussaint 
L’Onrerture by Wenda 
Parkinson. Quartet, £5.95, 
240 pages 

Toussaint L’Oirverture was, 
literally, a postitidon struck 
by lightning. "HHiile still a Negro 
slave’ at 40— a coachman on the 
sugar-rich island of St 
Domingue— a slave uprising 
rocketed him to tbe rank of 
General endorsed by the French 
Assembly, liberator of the future 
land of Haiti, and finally, frus- 
trator of Napoleon’s plans to 
conquer America. 

Imbued with the highest ideals 
of ISth century thought. Tous- 
saint was a man harmonious in 
all his parts. In a land of mass 
slaughter and towns put to the 
torch, he showed himself 
magnantimous as a conqueror. 

The author, so recently taken 
from us at tbe age of 95 was. 
to his finger-tips, the astbetic 
architect of a universal and age- 
old type. His love of building 
and landscape left us a great 
work of architecture and land- 
scaping in the far-famed Port- 
meirion. set in the beautiful 
scenery of North Wales. Unfor- 
tunately there is in this book, no 
overall bird’s-eye photograph of 
this great memorial. 

The book is light-hearted, 
humane and optimistic, with 
many a good and interesting 
reminiscence. As written on the 
“ blurb ’*: “ Sir Clough here 
gives his few modest and final 
messages to humanity and hopes 
his book will help his readers 
to attain something of his own 


First liberated woman 


Eleanor of Aquitaine— A 

Biography by Marion Meade. 
Frederick Muller, £9.50, 3S9 

Eleanor of Aquitaine— The 
Mother Queen by Desmond 
Seward. David and Charles, 
£6.50, 264 pages 

The intriguing story of Eleanor 
Of Aquitaine (1122-1204). wife 
of two kings— Louis VII of 
France and later Henry II of 
England — and mother of Richard 
Coeur-de-Lion and King John— 

has all the Ingredients for a suc- 
cessful novel. What more 
could any author need than 
troubadour's courts of love and 
royal mistresses, spiced with - 
homosexuality plus a bint of 
incest, against a canvas of the 
Crusades and the struggle 
between Church and State? 

When two books appear siraul- 
taneous’-y on the same subject, 
there te a temptation to back- 
cheek one agadn&t the other. Botih 
Marion Meade's and - Desmond 
Seward's Eleanor emerge as 
similar characters — tbe original 
H-berated woman, passionate, 
peverse, intelligent, with a fof- 
midaible personality and gargan- 
tuan energy. And each, consider 
that the special relationship she 
had with her uncle Raymond 

of Antioch, was ewy&kig bn£ 

Whole baffli volumes should 
have an assured readership 
because of ■the enormous aniounj 
of interest generated by the 
recent tehn-tislon series on tbe 
Pl3mtagaTi*ts, American Ms 
Meades book probably has tbe 
edge ov'Ct her rival’s. Hers is a 
glossier production, oil owing 
greater space for bibliography 
and source notes which makes 
for a broader portrayal. 

Mr. Seward's style is perhaps 
more concise, although it lacks 
the lustre of his previous his- 
torical tours - de - force. The 
Bourbon Kings of France and 
Prince of ike Renaissance. Curi- 
ously. neither are lasted in lie 
current work. 

In writing tills book from the 
assassination in 1961 of the • 
dictator of the Dominican 
Republic. Bernie Diedericb must 
have had such an impression. - 
Rafael Leonidas Trujillo was a ‘ 
man of overweening vanity, 
cruelty and vulgarity who ‘ 
battened on his country and 
countrymen for nearly four, 
decades. Haring installed him-' 
self in power he terrorised his- 
opponents. He had the niame of'-"' 
the beautiful old Dommic&tuv 
capita! Santo Domingo changed ' 
to Ciudad Trujillo and had 
himself proclaimed “ the ^ 
Benefactor.” At home and':, 
abroad he strutted round in'-! 
uniforms each more, gbrgeous 
titan the last On Ins 25th 

TiujHIortryint'araateikMted St-1961 

meal - "they ‘ tbld "him . what— or • 

rather. ■whom-rhe.T -had eaten. .’ ' 

• Terrified. the man did not believe ■- • - 
.it. so they brought him bi& son’s c--. 
-"head oh- a plate. -He died-of a 
heart 1 attack on. the spot ‘ 

■ Diedench : tells the’ story -T ’■■■ 
. of -the • assassination of ; Trujillo ' . i - 
"..■by a group of : conspirators who ' ■ 
v enjoyed, the vacillating and half- ' ; . 
hearted . help of the U^" Govern- ■ 
ment. 'As a yeteran reporter for 
-- TfnJte magazine .he has A. masterly -.C ; f~ 
gift for keeping, the story .run- 

rapidly and vividly, while .1' ~ r 
at the same time, keeping a tight ■/ 

. bold op. the threads ;• of the 
. tangled. pIb^ 'Zf.there were to he. ■! 
jmy ertttaisni oif Wa. treatment of Si v 
,thb ,ktoiy :rt' Would be that the \ 
autijar:coui(r , 'giye miffe of the ■ if J 
social 3nd r ecortoptitr - 'background 
to the ■‘Trujillo nightmare. - ‘The r- 
saddest tiring about this book for 
me -ig that it is a reminder- that J- -V‘. 
.there are. at least : fWo. oountries a 

left 1 in -LatuL'America- where a - '. ; lV .. 3 
similar sort of regime <*bo Crnues -■ 

to thls dayl> K-.- ■ , 

-.•It is. "som^hitrg of . relief , '■ 

\ tiwugh pot a ibtPl'rellel fto; turn } ’•’■ 

ftp a' ^ bpok : aboirt. r Br&ri5-\wiiich ’ !' s 
..Twfli withqttt. a doubt beconj& the ' 
Stand aed work J p Fngtjfih' nip 't'h at vS':-/ 
MpPtrir^ reoHat i>olitiisal bistory . *} 

Dr. Flynn's bptric^has .'dope - for .>£ 

-Bra^I what Dr,' Hu^i 'TStsnas’s .'• * 

: The Spanish; G*CTl ;, r W®: - ''.^5d. Tor ' 
Spain. ' a 

oalanced >nd aoper ass^anent > V. " 
.'Ur tSfi/events befM^ 'during aitd rV> 

after- the of s. t 

-1964- disregarding the -rpasses of 

fide -iffle ^ 


receiving tbe Great Collar of the 
Fatherland worked with a jewel, 
for each year of -his tyranny. 

His daughter. Mary of the 
Anqels of the Heart of Jesus was 
declared Queen-Angelita I at the 
inauguration of the Free World' 
Fair of Peace and ' Fraternity 
which that year absorbed 
one-third of the Republic’s 
annual budget Mr. Diedericb 
describes the last moments of 
Jesus Galindez, the Spanish 

Lhpiji cr° - 

. the shacks.” The cmly tpmmpnl Brazil ypxjay 

onp cjm . ; think . of .for that T h'etifir rlFlyBB. 

-incident «as..that...;tb^-w!ay.- ! <jf ^ 

■Galindes’s . death! was~.- probably-. -- ; y : , t . ... 

more merdfnl timn if he had-, "V 

been lowered feet 'first infb the - -v -• .x-.',; - 

;v w' ■■ - • weekly 

Wra; . 

suspected of anti-Trofillo Vabti- 

rides with the flesh , of; life own f ™ 

son. After he had- paten a hearty' • ‘-C ■ -' 


• T'-iy. CbnSE®as Eve 

• ■* V several shops do; not plan' to 

' - ft open todays' fit London. if or 

- : ■_- ■' O* *„••: -r Instance;* -'Burb^r^y^-- flebeif- 
;W; it,' -1 '- RT.hiuns^ D. H.\Evans:'33ickinsaad 

- ..- ■ i ■'. " ! Jones, . -John .Lewis. Liberty’s. 

*V- ; .v •■ Si^ndcrsdb, x -<Sid£ridees'.. and 
'•“... ? ' • Sa^n.'.ot Piceadilly. v are all 

’-.- -abut today-; A-Ga-theotherfaand 

: - *>.; the^Army;JMd Navy. Barkers. 

V ’» Jis-sr". Eonmfit and'Hbllingsworth. iiie 
-- *. ?-. -Cbadreii’&^V .Bqofc ' : Centre. 

r ' Hamleyn 1 <W igmore . Street" tin 

’ C- ejb^v. ■'■*:' 1 ^.Band^-EmNiciuIS,: 
■"rr- .-*= : ! - Heel’s, : Marfcfc-. ?.and _ Spencer,- 

- » : ? i, • t Peter ^bner‘-(4fn pm). The 

‘i .■'... Scotch- House. (Kjaigbtsbridge), 

C* o V- ' r and Svan;azid &tgar (tiil 2pni) 

&S / :■ rtL^^fpkihT'-v); / 

■ -r “ - Cl? a }> 4fo f. ddi^bt\-Teaders but , of 
' i * i**- . r^Xoijdoar.Vlill find sue* lists in 

; - l' .ir ; xonoott:VW- .fina sue* lists in 

— -7.- 1 ;. r ' their local newspapers— that is If 

v;.. : ' f \- ^^’restniatailable. Meanwhile 

r; ‘..*$6 „ "'*'S in the London area it is always 
•■-r .'•*&*-'.* • y* worth . remembering- that 
- ’ 2: *£-,? : Gatwicfc and Heathrow airports 
-■ - ^ ‘ 3 ; ■ are always open from : 6.30 am 

' : to 3 1 pm (including Sundays and 

‘ 'l- Christmas Eve - itself) *and 

^ p though you wont be able to find 
i'-r anything particularly original 
‘ ':?**. ■ ,.v- pr unusual there ire bookstalls, 

•-' ? s >rij i -v* giftshops - selling scarves, 
■'■ v % -Cosmetics, glassware, perfume 

■ 5»Jav ^.ahd so oil -.Make up for the lack 
of orienalltyhy buying the very 
.V: ■ ' ' best quality and, if it’s perfume, 
- V . the largest size you can afford. 
. "if you're determined, nonethe- 

Shown here is a photograph 
of whaf might be- called a 
miniature fii ass-ha use/; Mad e by 
the "Tiffany*’ methbit! these 
miniature', oases allow light 
through to the plants hut beep 

16-year-olds wish to be seen out 
and about in. 

Portobello Road has a 
splendid collectlcnr pf such 
shirts, at very low prices, but I 
couldn't quite bring myself to 
.buy from the. selection' of waist- 
coats and jackets. Shirts in all 
-colours and sizes-star&as low as 

Camden Lock Market will be 

" .* me that all the Sunday markets 

will- be operating tomorrow as 
. . : J]''" S' i usual — Camden Lock, Petticoat 
- . „ _ . a Lane, Brentford, Earl’s Court. 

/ maricets a marvellous 

. - Jib; ^ . ; ^. source of presents, particularly 
: ‘ m f ; .-for that singularly difficult age- 

" . : * : 4\b-r . - group— the teenager. I had had 
.. V. W • . .'in mind to give my own teenage 
son a rather chic sort of jacket 
to. wear with bis cord trousers. 
— y 'However, I gathered, in the nick 
-l - *: of time that nobody, but nobody, 
( •• i wears -that kind- of -thing any 
i- f more— secondhand men’s shirts 
■r & with -no collars, loose waist- 

■‘-■JL VfcS ;- coats froth old suits and a 

; r crumpled suit-jacket (needless 
to say they must not match or 
have come originally from Hie 
same-suit) are, apparently, what 

4STS^ T&v ft * **•+’'1 

Shown sketched here is one of 
a selection of pottery cottages 
and farmhouses that : start at 
about £3.75 and go oir up to 
about £18.00. From the Lock 
Shop. ; 

the moisture in so that ferns 
and mosses flourish almost in- 
definitely. They ore quite expen. 
sive: the one photographed 
measures about 15 ins by 10 ins 
by 16 ins high and costs £47.50 
from the Lock Shop. 

open all day today and to- 

In the market you will be 
able to find a range of silver, 
Jeatherware, antiques, records, 
musical instruments, cushions, 
prints, clothes— in fact, the 
whole gamut of things old and 
new in which Ihcsu sorts of 
market specialise. 

The Lock Shop is one of thp 
nicest of the shops in Camden 
Lock and will he open until 
at least 2 They* have 
some marvellous annual teapots 
‘(from about 1 ’ 16 . 00 , oorti one 
original and different), some 
nice knitted wont Ureses, hand- 
made glass miniature scent . 
bottles (from £4. Op), sijmed 
glass mobiles (about £17.50), 
silk shirts and scarves and 
pottery or all kinds. 

If you go to Camden Lock 
make your way to Andy Bye's 
stall in the covered part of the 
market. He is a silversmith 
who makes very unusual and 
original jewellery, at very good 
prices. Rings are from £4 tn 
£16 — the more expensive rings 
will be totally original and will 
include a semi-precious stone. 

Kui'T.r C*’fnk» Or Tnlhornri 
( »v;.V-vij 1 -{i.tnci l .ri’.':r:s 

...... I „■ - * 

if the illustrations from the Museum of London's 

i t w i- r j, 
O 10 T U 13 
> -.8 T7 :j 


: * } i f 
3 4 5 e .7 
to 11 -3 -J 'A 
. 17 ~.H 19 M M 

.. ’• '.Fetiovy 
V'» ‘ta.-’.' * 1 - f .4 
' •at'.’-i "3 ’ 

4 5 - A 7 S'-iO 

-tt’u «■( $r, ir . 
..Ta sac r.i2^y 

n't'-V/V-Tf •«:' 
J. 2 J A 

i nes -c ii. 

•-* is - it -7 -.3 

-22 23 24 25 » 27 ZS" 1S2C 21 22 23 .2- 25 


324 25 2BVt:?629. '2£29'.'0 31 

0 ■- *m 



it up 

I DObTT.know about yon but 
7 ■' L. in mr household tha' Christmas 

f- paper always mes out before 
: :k . I - the . presents : and -^there is 
... f usually an -unseemly rush oyer.'] 
' j l- whffls going to manage to collar 
' -.Z'i- \ -j^ th^'laft few sheets. Wen,, if 
you should run out, all is not 
- ' h' lost-^-there are plenty of Itn- 
■ :zrS y aginative ways nf wrapping up 
| - ? f f , presents- that can be done with 

--I .Vl'.fti ordinary household equipment 
One of the simplest but one 
i of the easiest ways of wrapping 

i - up Presents is to use 

£■* ordinaiy paper bags, the small 
white or brown kind, that are 
. 'v ^'. r. used by most grocers. Children 

.^T; ; ( : TWh6 like using things like 

• Vf> ’ " potato or rubber cuts can make 
.J^.’ vr cut-outs of the initials of the 

. - r 3t.X'f- Person for whom the present. 
■ ..Intended and then print 

• < £ i ' r i- :them on the bag (the child 

: . [ must remember to cut the 

^ initials , out back to front aedy 

? should then :use poster paints' 

^.thinned with a little water to 
f stamp the initials), - . 

■ .1/ Cut-outs from , magazines, ' or 
; ? from . kitchen tin toil can : be 
.stuck onto the bag. A collage 
;V -’ can be made on the bag. using 
: ' coloured paper or pictures cut 
&.• r .put from magazines, .and then 
t stuck on. Desi^is can be drawn 
r-i' .'i-V • Tiafng paints and -crayons or, 

/ finally, you could use gdue and 
' l stick Christmas glitter all over 
~ ^ the bag. If you then use some 

■- nice ribbon- to tie it ; up, you 
. r - - i> t have a simple but attractive 

• wrapping. .. 

Sellotape produces a splendid 
.- -A' r range of sticky tapes of all sorts 
^-iv which can be used -to decorate 
- .. very ordinary . boxes, Eke old 

' :: A': shoe, boxes or cardboard boxes 
y-Z-'.- that one happens to . have 
; r 5 ‘ ,A : around. You can use differently 
: coloured tapes to' produce two* 

"A?, ./i tone effects. Our photograph - 
shows how even today's news* 
Vfi-.-r paper could be used to make a ' 
: i - i splendid ' 7 package for an 
umbrella. Yim should . first 

r miVs 9 wilindpr fnr- • thl> 

fe- i y ^ : >;• . * a.. .* v"»; 

: :5’. 1 

I UiAA'A. 

t";-,;. ;=./ ; 7/ .^7 

r A ' - 'i 

r : ii.'.,;:*** 
b l. wWJj 

fjr ' * • 3 *a*, i 


: ” r " ':\. s ** ** , ' ^ 

^ou can do more with newspapers than just read them 

Brown or white paper bags can be turned Into glamorous packaging 

i make . a cylinder for . the 
-nmbrella, using corrugated : 
paper measuring about 19Jns by- 
, 38- ins’ which you then stick 
•together with Clear Tape. 

A base for the cylinder/ 

. diameter 5} ins can be cut from ■* 
1 any. strongish papek. You should 
make another for the . top - but 
Should, leave a hole' through 
.'.i which the umbrella'handle will 
i go. Cover the .whole cylinder 
7-t.- with newspaper, sticking it with. 

-.Clear Tape. - Cover the two 
■* circles leaving the' bole clear. 

- v Eix the base, oh to the cylinder 

with Clear Tape. Put the um- 
brella into the package, putting 
the handle through the hole and 
flying the top on to the cylinder, 
with more tape. Then decorate 
the whole parcel as you like, 
using • the coloured Brilliant 

. No., doubt most women don/t 
themselves have time to make, 
such elaborate packages but. -it 
seems ‘like good occupational 

therapy, for keeping the child- 
.ren quiet while you get on with 
:.the rest of the Christmas 

: ' If you haven’t the time to be 
very imaginative or have some 
awkward-shaped presents to be 
X wrapped most branches of W. HL 
Smith are selling sets of three 
'.different-sized brightly-patterned 
boxes. 55p for the set photo- 
graphed below. 

Athens Interactional*! Calendar Girl 

WE ALL oeed calendars or 
diaries if we're not to make a 
complete hash of our lives but 
ever since the demise of the 
great cult calendar, the Pirelli, 
it’s been hard finding one that 
carries quite the same cache. 
In fact on the whole this year's 
crop is very disappointing— 
endless calendars featuring 
quite sweet flowers or tourist 
board pictures of Ye Olde Eng- 
land seem to dominate the 
scene. It seems a shame, for the 
great thing about a calendar or 
a diary is that it is consulted 

brings forth a spate of glossy 
cookery books and anybody still 
left with presents to buy should 
be able to find a good selection 
in a local bookshop. 

Of this year's crop of new 
cookery books. I suppose the 
one that appeals most of all to 
me is Jane Grigson's Vegetable 
Book (published by Michael 
Joseph, £10). I meet more and 
more people who say to me that 
somehow, without any conscious 
thought processes taking place, 
they are turning against eating 
meat in the sort of quantities 
that most of us used to until 
a few years ago. They have a 
natural feeling for eating more 
vegetables, more grains and 
either fish or eggs. 

This kind of diet is only in- 
teresting if the vegetables are 
treated with the respect and 
skill that they deserve. Watery 
cabbage with a small solitary 
blob of butter in the middle, 
over-cooked carrots and all the 
other vegetable horrors that we 
have all endured at some time 
or another are not conducive to 

Soft soap 

IF YOU do find yourself needing 
an emergency present the cos- 
metic counters of good stores 
(such as are open in your area 
between now and the big day) 
and the local chemist can 
usually come up with something. 
Soap, for instance, is a' daily 
necessity and doesn't usually 
come into the gift category; 
however, many people seem to 
feel its rather extravagant to 
use really good soap for every 
day and love to be given some 
that is speciaL 

Aram is has had a great suc- 
cess with its Christmas soap col- 
lection and I can quite see why. 
Nqt only is the soap very nice 

One picture from the quilt engagement dicry 

every day of the year so it really 
is worth having something you 
want to keep looking at. 

By far the nearest in spirit to 
the Pirelli calendar Ls the one 
of the ; tcnnis player whose gear 
would obviously cause more of a 
sensation than Gorgeous 

Gussies ever did. Athena Inter- 
national. which sells the 
calendar, call the Calendar 
Girl 1979 and it costs £1-25 from 
Athena Galleries, or Athena 
stockists. There are. 3,500 round 
the country, but if you have 

pleasurable meals. \ 

Jane Grigson shows us just 
how imaginatively vegetables 
can be treated, and makes- one 
long to experiment more Aith 
the everyday vegetables like 
cabbage, (there are 21 recipe? 
for that alone), onions, carrots, 
and their ilk. 

The book is not meant for 
vegetarians; many of the recipes 
incorporate meat in them (as in 
stuffed cabbage, for instance) 
but it should be a great inspira- 
tion to anyone who feels that 
bis or her vegetable cooking has 
fallen into a nit. 

Traditionally Brussels sprouts 
accompany the Christmas turkey 
and Jane Grigson offers at least 
nine different ways of cooking 
them — For instance, instead of 
the perennial chestnuts, you 
could try one of her other 
recipes, like Brussels Sprouts 
with almonds or with buttered 
crumbs or (now all the rage on 
the Continent) a puree of 
Brussels sprouts. 

Lady Maclean's Book of 
Sauces and Surprises (published 
by Collins. £6.95) is full of ideas 

trouble, ring 0279 56627 for one 
in your area. 

A charming, but less striking 
calendar, is the one featuring 
the Cries of London and 
produced by the Museum of 
London. The itinerant street 
traders and the cries they used 
to advertise their wares are 
featured in 12 charming poster- 
tike cards. 

Six of the prints are in black 
and white and six are in colour. 
They are all charmingly drawn 
and would make an attractive 

Cooking - 
the books 

for transforming a plain piece 
of grilled meat or fish into 
something elegant and interest- 
ing. Some of the sauces will 
obviously be familiar to most 
people, but I defy anybody to 
have met or cooked them all. 

As most of us are likely to 
have some cold turkey lying 
around in a few days’ time, 
readers might like to have her 
recipe for a slightly curried 
sauce which turns cold turkey 
into a dish fit for parties. 

The sauce fa also called 
Jubilee Mayonnaise because it' 
was first served in 1935 at a 
banquet for HM King George V 
and Queen Mary’s Jubilee. 

Ingredients: 1 oz oil; 2 oz 
onion, finely chopped; J table- 
spoon curry powder; 2 teaspoons 
tomato puree; 4 tablespoons red 
wine; 3 tablespoons water; 1 bay 
leaf; 1 teaspoon sugar; salt and 
pepper; 2 slices lemon; squeeze 

calendar with a practical use; 
after each month has passed 
you can tear off each IS by 
12 cm picture and use it as a 
post-card. The calendar retails 
at £1.50 and is available from 
the Museum of London, London 
Wall, London, EC2Y 5HN (by 
post 25p). 

Browns Living of 26 South 
Motion Street, London, Wl, has 
an exclusive collection of 
calendars from New York— the 
Tiffany Calendar features 
photographs of some of Tiffany's 
best work and then there is a 

of lemon juice: } pint of mayon- 
naise; 2 tablespoons apricot 
puree; 3 tablespoons double 
cream, lightly whipped. 

Method: Heat the oil, add the 
onion and cook gently for 3-4 
minutes. Add the curry powder 
and cook for a further 2 
minutes. Add the tomato puree, 
wine, water and bay leaf. Bring 
to the boil and add sugar, salt, 
pepper to taste and lemon slices 
and. juice. Simmer, uncovered, 
fOT 5 to 10 minutes. Fish out 
the lemon and bay leaf and 
leave to cool. Add the mixture 
to the mayonnaise by degrees, 
with the apricot pur£e. Check 
the flavour and sweeten or sea- 
son to taste. Stir in the cream 
and serve well chilled. (Need- 
less to say this sauce goes 
beautifully with cold chicken as 

Paul Bocuse is, of course, one 
of the high priests of the so- 
called “ nouvelle cuisine." He 
has brought out a huge tome 
this Christmas (called simply 
Paul Bocuse, the New Cuisine, 
£15.00, published by Hari-Davis. 
Mac Gibbon.) 

charming diary, each paao cf : 
which is illustrated with a 
colnur reproduction uf a 
tradvtiona'1 American quilt alio* 
quilt illustrated here is from the 
diary and is a pieced and 
applique quilt based on a sun- 
flowers and hearts theme, , 
dating from about 1865 and 
coming from New England*. 

It is called The Quilt Engage- 
ment Calendar and costs £6.U0 
from Browns Living. The simp 
is open until 5 pm today, but the 
calendar can be bought by Dust 
for 50p extra. 

Although it is meant to 
present t'ne " full range . of 
classical French cooking inter- 
preted in the style of the 
nouvelle cuisine framaise " it 
looks quite daunting to nm. 
Several of the incredier.ts are 
the sort one would only erne 
upon very occasionally i perm 
and pike, cray fish, chervil) but 
if anybody had t?me and The 
inclination to learn how to cook 
very thoroughly in the old 
classic traditions they could 
certainly do it with this hook. 
AJJ instructions are given in 
precise detail which is man pi- 
lous for those who want to 
learn to do things properly. 

Finally. the Sportsman's 
Cookbook (£7.95, Hutch! risen/ 
which is. I suppose, intended 
for all those lucky people v ho 
shoot so many pheasants that 
they hove the opportunity *n '.■••t 
bored with just roasting then/, 
and want some more origin?! 
ideas. It doesn't, of course, 
just deal with pheasant but 
with all the fish and game that 
could be bagged in the water or 
on the Land. 



in such enchanting disguises. In 
fact the little animal shapes are 

to use and to smell but it comes so beguiling that I'm not at all 

Handles well 

Teenage girls are usually the 
easiest of all to find presents 
for, but if you’re looking for a 
last-minute present for a 
teenager, Salisbury’s main 
shops stock this very nice 
qnffted khaki-green bag which 
is caparioizs enough to hold a 
multitude of necessities (it is 
about 12 Ins high by 14 ins) 
and looks much more expen- 
sive than the £12.99 it costs. 
Salisbury shops are open all 
day today and most of the 
main branches stock this hag. 

sure 1 could bring myself to 
whittle them away in daily use 
if they were mine. As you can 
sec from the picture there are 
several different animals of 
which l think the teddy bear 
(£2.50) and the ducks (Mr. and 
Mrs. are sold together and cost 
£5 the pair) are by a long way 
the most charming. 

There are also pigs and 
hippos. For a really luxurious 
present you could buy three 
pairs of animal soaps and 
sponge for £16. Most good 
chemists and department stores 
stock them. 

if tbe man in your life is a 
keen sportsman, you will know 
how easily and often he com- 
plains of aching muscles. The 
most luxurious way to soothe 
them is by using the Aramis 
Muscle Soothing Soak— a huge 
stonejar holding a kilo of tbe 
stuff is £17.50. 



Every Saturday the Financial Times pub- 
lishes a table giving details of Local 
Authority Bonds on offer to the public. 

For advertising details please ring 
Stephen Cooper 
01-248 8000 Extn. 7008 


















Yyonne Kenny and Jos4 Carreras 

Un hallo in maschera 

'■ ' The four-year-nld production 
! of Verdi's Un hallo in maschera, 
- directed by Otto Schenk and 
[ designed by Jurgen Rose, was 
revived at Covent Garden on 
Thursday night with a largely 
: new cast of principals, two of 
' whom were not the singers 
’ originally announced for their 
! particular roles. Whether or 
• not these replacements are the 
cause, one resuir is the lack of 
a consistent overall style rather 
far from Mr* Schenk's soberly 
uniform staging as it originally 
was. Gustavo — the Swedish 
setting is used — and Oscar 
choose a form of heightened 
realism: Renaio and Ulrica — no 
attempt is made to change their 
names — opt for plain stand-anri- 
dcliven/while Amelia is in- 
clined to silent-film histrionics. 

Luckily there is a co-ordinator 
in the orchestra pit in the per- 
son of Charles Macke eras, whose 
happy gift for joining phrase to 
phrase, scene to scene and act 
to act has rarely been employed 
to better purpose. Again and 
again bis shaping of Verdi’s 
glorious melodic line soothes — 
and stimulates — nerves a trifle 
bewildered by the stylistic 

variety on stage. In the final 
scene of the King's assassination 
at the masked ball, it becomes 
clear that each musical strand, 
as well as each filament of plot, 
has been woven into an im- 
mensely strong and satisfying 
whole. Mr. Mackerras obtains 
rhythmic precision and supple- 
ness of phrasing in equal 
measure from the orchestra. 



As Gustav III, Jos£ Carreras 
sings with a disarming sincerity 
that compensates almost en- 
tirely for' the lack of. any very 
individual characterisation - of 
the role. In lustrous voice, he 
moulds and articulates his music 
so beautifully that it seems 
churlish to demand a more posi- 
tive or passionate response to 
the King's predicament. His 
natural manner throws into re- 
lief the artificiality of the 
Amelia put together by Sylvia 
Sass, who has not yet learnt to 

hide her well-intentioned efforts 
under a cloak of spontaneity. At 
present she disrupts the vocal 
line with very soft or very loud 
singing, while her excessive 
arm-waving is not only distract- 
ing, but often hides her face and 
sometimes actually muffles her 
voice, as at the end of “Morrd 
ma prima in grazia." . 

In contrast. Yvonne Kenny 
makes a delightfully unaffected 
Oscar; her voice is both larger 
and softer-grained than the 
usual soubrette-type soprano 
heard in the role, but its agility 
and clarity are exemplary, 
while “Saper vorreste" gains 
in expressiveness from the un- 
usual warmth of tone. Patricia 
Payne copes will with the wide 
range of Ulrica's music, but so 
far she has a rather restricted 
..palette of colours with which, 
to shade her singing. As 
Ribbing and Horn. G wynne 
Howell* and Forbes Robinson 
are content to remain figures 
of melodrama; their vocal con- 
tributions to the ensembles, 
however, especially to “£ scherzo 
ori follia,” are impressively 
solid. The chorus, too. is in 
fine collective voice. 


.1 pri-c u/ C/o trill be given to each of the nenrier* < 1 / the first 
fire correct solutions opened. Solutions -must he recer.ed bji 
Wednesday. January -1. marked Crossjcord in the tn/i (eft-hand 
corner nf the envelope, and addressed la the Financial Times. W. 
Cannon Street. Londiyn. EC4P 4BY. Winners and sulutiiyn tail be 
pifcu on Saturday January 6. 

A' ante ., 


9 Staitencd «.-ircu instances — thef 
dickens they are: i4. 5) 

10 and 12 Roundabout sayings 
c.m bo cutting iS. 4> 

13 One way town in the West 
Country itii 

14 Parly summons favourite for 
the dog track IT 1 

15 Splendour from the Orient in 
a London suburb. Hasten and 
sec perhaps I 4. 5) 

IT Coloured cleaner rites aboard 
(3. 6 » 

18 Outbursts by southern friends 
1 ") 

20 The fruit that makes one sob 
about a female 1 6 1 

21 Simply a lake <4 » 

24 Silver set on gold of a novel 
character (4, 4) 

26 William Willett was all for 
saving it iS 1 

28 Gunner gets in on the 
Algerian pui't (4) 

29 Yarn from a London thorough- 
fare (>•* 

31 Subtle tv at the bridge table 

34 Widespread reformation 
makes Val repent tfll 

36 Margin of vicmry fnr I lie 
brarhy cephalic (5. 4i 

38 One of Caesar's assassins joins 
the 3rlist fur a draught (7 1 

39 Instant French wit about men 

46 Excitement in prison (4) 

41 Cheated party gets Ned to 
admit i4. 4i 

42 Is in store— uneasy if it wears 
a crown 14, 5j 


1 Restrains speed in the Civil 
Service tSl 

2 Pledges include the right 
Crustacea (61 

3 Suffocates one parent in the 
ship I S > 

4 Backwards like a bird 161 

5 Untaxed force set in confu- 
sion (4-1) 

6 Sovereign race found in China 
(5. 5) 

7 The objet d'art gets us 
inquisitive i7> 

8 Find fault with the Irishman 
following the automobile 
(4. 2) 

11 “Can urn or animated 

bust '■ 1 Gray ) ( 7 j 

16 Fair amusements which allow 
you to recoup your losses on 
others (6> 

19 A brush that makes an idiot 
get up t5i 

and 26 Frank combines pre- 
sent ability and pa*i per- 
formance ifii 

So the character of a nation 
is revealed <5> 

Bird has permit to include 
hotel tfi' 

How the temperate get around 
12. 3. Si 
Sec 20 

An agreement that is “in the 
bag" (7» 

Shakespeare's Athenian seen 
in any chemical element (Si 
Orieinal builder about fifty 
seen to $lumb)e helplessly 1 Si 
Old a-.c or trouble becomes 
the Itnd nf wealth (Si 
Copes wuh v chop who is 
getting on (7) 

We become the r.hjcct in 
college terminus iBi 
A n easy remedy 1 6 > 
Admission to the course (6) 


PUZZLE No. 3.830 

Foil a wins 3 re the winners of 
la*l Saturday'* prize puzzle: 

Mrs. E. Edmond. 91. The 
Causeway. Potters Ear, Herts. 

Mr. J. K. Lain?, “ Abbuts- 
knowe." Huntly Road. !I el rose, 
Roxburghshire. TD6 9SB. 

Mr. P. A. Tyler. Wildwood, 
The Hyde, V/ inch com be. Glos., 
GL54 5QR. 

Wenceslas and 

Even programme planners 
become affected by the Christ- 
mas spirit. They like to put out 
plays and features with seasonal 
associations. Trouble is there 
-are not many plays depicting a 
nice quarrelsome British family 
coming together at Christmas 
time. When you have done The 
Holly and the Ivy, by Wynward 
Browne, and that has been 
broadcast several times already, 
you have more or less exhausted 
the list. An extra helping of 
plum pudding, then, to James 
Forsyth for taking a fresh look 
at our old friend Good King 
Wenceslas and discovering that 
the tradition of family friction 
is at least as old as the 10 th 

Forsyth's play, When the 
Snow Lay Round About (Radio 
4 UK. December 16) was set in, 
10 th-century Bohemia. Wences- 
las rules. OK? Well, not com- 
pletely OK. because he has to 
cope with inroads into bis small 
mountainous kingdom from that 
expansionist monarch. King 
Henry 1 of Saxony, leading the 
Imperial army of the Franco- 
German Empire. Henry offers 
him protection (and we all know 
what that means) and at the 
same time the poor fellow has 
to keep an eye on his interfer- 
ing old mother. Drahomira. and 
his reactionary brother. Prince 
Boleslav. Forsyth bad done bis 




homework and found as promis- 
ing a situation of intrigue and 
power-politics buried deep in 
ail that snow as any playwright 
could wish for. He also went 
back to the carol,;, and found 
there a boy-hero through whose 
experience at court he was able 
to give it life. “Hither page, 
and stand by me," be echoed. 

One of the advantages of 
working in radio for a play- 
wright is that he can make the 
entire play depend upon a boy's 
role without presenting the 
slightest problem to the pro- 
ducer. There are a number of 
radio actresses who specialise 
in hoy's voices and one of them 
clearly is Rosalind Adams who 
played Samo here, the young 
nephew of the royal forester 
whom fate transplants from his 
uncle’s humble cottage to the 
palace where he enters the ser- 
vice of the king. Ms. Adams 
sounded most convincing as a 
callow youth whose loyalties 
were stretched intolerably as 
the various factions got to work 
on him. At one point she not 
only had to sound like a boy 
anxious to please in a new job 
but a boy anxious to please with 
a lisp. This after the horrible 
Boleslav (Philip Sully) had 
nicked bis tongue with a dagger 
to encourage him to keep bLs 

mouth shut The “blood that 
dripped in the snow prepared 
the ground for the fratricide to 
follow. David Buck was -smooth 
as silk as Wenceslas going un- 
flinchingly to his doom. David 
Spenser directed deftly. 

One piece of seasonal good 
luck the programme-planners 
have bad is the 200tb anniver- 
sary of the birth of Joseph 
Grimaldi that fell this week and 
was marked by a tribute on 
Radio 4, written and compiled 
by Gerald Frow, with Roy Hudd 
to impersonate the great clown. 
Hello? Hello. 1 Hello Here We Arc 
Again!! (Radio 4 UK December 
17) resuscitated some of Joey 
Grimaldi’s most celebrated 
songs and routines performed by 
Marion Grimaldi, Timothy Bate- 
son and William Roberts inter- 
leaved with snippets of well- 
researched biographical informa- 
tion to cue in the numbers. 

It is a technique perfected ou 
Radio 2 and it worked well 
enough on 4. Mr. Frow conveyed 
to us how young Joey learnt to 
be a clown the bard way getting 
beaten for real by his melan- 
cholic Italian father before the 
feigned beatings on-stage. And 
we learned of the futher beat 
tugs fate had in store for him 
in the form of the death of his 
wife, the death of his son, and 
his own early retirement 
through crippling illness. 

The programme also touched 
seasonally on the immense im- 
pact Grimaldi had upon the pan- 
tomime tradition (for a fuller 
account of this see a most 
Interesting article in this week's 
The Listener. “Who says panto- 
mime is dead?’’ by Jack Water- 
man. not apparently broadcast). 
Pantomimes in the 19th century 
usually contained a Harlequin 
episode involving the stock 
characters of the commedia 
dell’arte in their traditional 
routines: it was Grimaldi who 
elevated the figure of the clown 
to being the 6tar turn of this 
inset. Both Mr. Frow and Mr. 
Waterman pointed out that this 
tradition survived until the 
1930s and is now extinct One 
place where it still survives is 
in Pollock's Toy Theatre where 
the whole Harlequin show 
including rhyming script may 
be recreated in its pristine 
charm in cut-out form. 

Later in the week on Radio 4 
on Wednesday night Mr. Frow 
did for the Gaiety Theatre what 
he had done earlier for 
Grimaldi. It is not quite so easy 
to revive interest in a theatre- 
building however much of an 
institution it became as in a 
single performer. The history 
of the Gaiety in its various 
phases, the beginnings under 
Hollingshead. the great days 
under Edwardes. the sad decline 
under Lupino Lane, reveals a 
fascinating transition of style 
from burlesque, to mulical 
comedy, to revue. Mr. Frow did 
his best to pack it all in, Edward 
Woodward narrated, and the 
music was enjoyable. 

jane Asher and Nigd f stride 

Peter Pan is probably one of 
Barrie’s most personal and pro-, 
found plays: how it has come 
to be considered in the same 
breath as pantomime is hard to 
imagine. Now that the play- 
wright's obsession with family 
life, and his role as “ surrogate " 
father to the Davies boys, is 
better known through the recent 
television series his reverence 
for motherhood which pervades 
Peter Pan is so much more 

There is a drama in Peter 
Pan which has much more to 
do with human emotions than 
fights with pirates and this pro- 
duction plays on the pathos of 
the relationship between Peter 
and Wendy — he seeking a 
mother figure, she a lover. Jane 
Asher acts the role, which is 
fine, and although there is a lot 

of skipping and . boyish 
'enthusiasm the... spine-chilling 
‘lines like ‘to die.much Tbe an 
awfully big adventure?*;; are 
_gjven their full weight - Also 
the very odd endin&'-wheie 
Peter, still pursuing 
fantasies, seems to forgetfee 
whole Wendy saga also comes 
over strongly. '••• . 

This is all to tbjf good because, 
on the Thursday, matinee the 
production still looked, a bit 
ragged. Peter Pan a very 
long play and to. mafntam.the 
tempo, much starpei scene 
changes are needed, r Too many 
actors including Nigel; Patrick", 
as Mr. Darling/Captain Hook*: 
still seemed .to be easing into.' 
■their roles, and too many of the' 
..words from the lost boys were 
missed in the spaces , of the 
Shaftesbury. In decent years 

.'Ron Moody' turned Captain 
Hook into a bravura . per son al 
porfonnance which was not 
Barrie but vfeicli seemed to 
work. - This straightex version 
from "Nigel - Patrick was .-dull in 
-comparison .'iaUbough <the hisses 
were there. ■ 

- Peter. Pan is; an old-fashioned 
treat wife lots -of .actors, lots of 
. sets (beginning to look, slightly 
ragged) lots -of incident. It must 
have -been wonderful to .escape 
into its Ed war cU an. certainties in 
1904; it" can still wori^ given: a . 
little more brio from the cast 
-Sheila Mathews was suitably' 
’ beantifuL . as. Mrs. Darting, the 

only real mother-ai?odnd, and 
Andrea Kealy was an effective 

\ . 



• j. 

The Pirates ($ Penzance 

Whether Einta or A Chorus 
Line will be playing in 99 years 
from now is. to say the least a 
matter of conjecture. But The 
Pirates of Penzance, which Gil? 
bert and Sullivan went to launch . 
in New York in 1879, still has 
the comic and musical attributes 
of a winning show. It even; 
stands up against the distressing 
musical direction currently im- 
posed by the D’Oyly Carle 
Opera Company. 

The overture as conducted by 
Royston Nash on Thursday was 
coarsely played, with no feeling 
for the balance between sections 
of the orchestra. The operetta 
itself ran into similar handi- 
caps, voices and orchestra re- 

peatedly getting, out of. Step::' 
This defect in direction is ...the 
more regrettable because the 
vocal standard of the ebmpiny 
(which is in occupation of Sad- 
ler’s Wells. Theatre until late 
February) actually shows some ! 
signs of invigocation. ' •• 

/ Weston Reid’s- tenor ^distin- 
guishes the role of Frederic and 
. Joa -Ellison as'. Samuel--; (fee 
pirate lieutenant) makes ,a : 
major character out of a minor 
parti As fee middle-aged Ruth, 
Patrida Leonard's fresh, voice 
rings out clearly, while Michael 
Rayner as the sergeant of police 
displays sturdy bass as well 
as a lively relish for fee tradi- 
tional routines. • _ . . . 

■ - * Traditional yes, of course. 
But thfi approach can work only 
becausethe: composer's gift is 
so strong, with -ah extra appeal 
to those who spot the- musical 
allusions and parodies. The 
scene - When both pirates and 
police, are supposedly concealed, 
but totally 'visible' and audible, 
js a hk,a£JL Trgvatbre — while 
amhltarieonsiy. ■ '/"the"-' major- 
general's. song about a river 
reproduces Schubert’s pattern 
of accompaniment In~Anf dem 
Yiasser zu $ingen. J '. • Who but 
Sullivan, could or would , have 

A 1 



Operas from Vienna 




Richard Strauss: Die Liebe der 
• Danae. An belies Kupper, 
Paul Schbffler. JoseE Gostic, 
Anny Felbermayer. Laszlo 
Szemere. Josef Traxel. Vienna 
Philharmonic and Vienna 
State Opera Chorus/Clemens 
Krauss. Discocorp mono 
RR464 (£10.50. incl. trans- 
lated text). 

Richard Strauss: Daphne. Hilde 
Gueden. James King. Fritz 
Wunderlich, Paul Schoffler. 
Vera Little. Vienna Symphony 
and Vienna State Opera 
Chorus/Karl Biihni. DC 2721 
190 (£7.55). 

Beethoven: Fidelio. Gundula 
Janowilz. Rene Kollo, Hans 
Sotin. Manfred Jungwirth, 
Lucia Popp. Adolf Dailapozza, 
Dietrich Fischer-Dieskau. 
Vienna Philharmonic and 
Vienna State Opera Chorus^ 
Leonard Bernstein. DG 3S71 
039 (£13.50). 

Mozart: Don Giovanni. Sherrill 
Milnes, Anna Tomova-Sintow, 
Walter Berry. Teresa Zylis ; 
Cara. Peter Schrt-ier. Edith 
Mathis. Dale Diismg. John 
Macurdv. Vienna Philhar- 
monic and Vienna State Opera 
Chorus/Karl Biihm. DG 2707 
10S (£8.70). 

Strauss's penultimate opera 
could not be less thai interest- 
ing. Die Liebe dcr Danae was 
completed in 1940, the year be- 
fore the “conversation piece" 

Solution to Position No. 247 
1 RiNTixBPl QxQ: 2 RxP ch, 
K-RI; 3 R-Q7 dis ch. and Black 
resigned. If 3 . . . K-N 1: 4 
KxR mate, or if 3 . . . QxB; 4 
RxR ch and 5 PxQ. 

Solution to Problem No. 247 
The obvious answer is to put 
the black king at Q6 and for 
White to mate by 1 O-Q-0. But 
this v:ould leave Black no legal 
last move — ihe king would have 
had to come from an illegal 
double check at QB5. Q5. K5 or 

But it is legal fnr ihe kin? to 
ho al Qfi if it is Black's move in 
the diagram: then there is mate 
in one by Q-N'S. The king can 
also be at Blark's QB3. and then 
it is White who males in one by 
1 Q-X5. 

So the correct answer is: at 
Q6, when Black mates in one, or 
at QB3, when While mates in 

Capricclo: and where the latter 
was probably written as much 
for the amusement of Strauss 
and his collaborator Clemens 
Krauss as for any more ambi- 
tious end (however happy the 
result). Danae bears the self- 
conscious marks of a composer's 
Final Operatic Testament. By 
intention it is much grander, 
though it was not publicly staged 
until the Salzburg Festival of 
1952. when this recording was 
made. The technical quality is 
surprisingly good, and (especi- 
ally in the absence of any com- 
peting version) the album is 

Hugo von Hofmannsthal died 
in 1929, while working with 
Strauss on their unfinished 
Arabella, but the idea for Danae 
was his: it was from his sketch 
that Strauss commanded Joseph 
Gregor to devise the Danae 
libretto. Characteristically. Hof- 
mannsthal conceived the action 
the notion of combining two 
classical gold-myths: one about 
Danae, whom Jupiter courted 
in the form of a shower of gold, 
and the other about the unlucky 
Midas of the golden touch. Hof- 
mannsthal coeceveidc the action 
as sophisticated operetta, close 
to Offenbach. Danae's father is 
the bankrupt King Pollux, who 
badly needs to marry her off 
to King Midas, a plan calculated 
in the light of Danae's inno- 
cently erotic fascination with 
gold: but Midas owes his gift 
and his crown to Jupiter, in re- 
turn for lending his shape com- 
placently to the god. who wants 
to continue his wooing of Danae. 
Four nf Jupiter's earlier mythi- 
cal Joves-—Semele, Aikmene, 
Leda and Europa — help to pre- 
pare the match, constituting an 
off-colour ladies' quartet. The 
real match is of course between 
Danae and her tenor Midas: it 
was his wrily ambiguous situa- 
tion that attracted Hofmanns- 
thal. and Jupiter was to remain 
an unseen presence (like Keiko- 
bad in Die Frau nftne Schatienj. 
Gregor, who had just con- 
trived the ponderous nature- 
mysticism of Daphne, was not 
a librettist to sustain a light 
touch.' and Hofmannsthals 
sketch offered little for the third 
act. alter the rejected Jupiter 
has petulantly reduced Midas to 
the rank of donkey-driver. 
Gregor and Strauss soon agreed 
to involve Jupiter onstage, and 

the opera was transformed. 
Jupiter became Strauss’s Wotan 
— even equipped with Mercury 
as a colourable Loge, and over- 
whelming echoes of Wagner's 
music — a vessel into which the 
old composer could pour his sen- 
timents about life, love and 
resignation. The compounded 
action now lacks any consistent 
tone, but a very clever producer 
might succeed in holding it 
together for the sake of the 
opulently lovely portions of the 
score. The sense of the strongest 
passages is borrowed variously 
from situations in other operas 
— the Rinq. Arabella, Frau ohne 
Schaileu— and not from the 
official story, as any seasoned 
opera -lover will perceive, and 
as the singers here sensibly 
recognise. SchdfHer’s Jupiter 
combines great authority with 
intermittent vagueness about 
pitch: Kupper soars more than 
adequately as Danae. twining 
ecstatically with Felbermayer in 
thei r cryto-,4 raijella duet, 
and credibly matched with Cos- 
tic's confidently lyrical Mi<4as. 
Krauss’ account of the score is 

The welcome reissue nf 
Daphne , the “bucolic tragedy" 
which immediately preceded 
Danae, may help the opera to 
a British production (if in Eng- 
lish. let it be indistinct). 
Daphne, you will remember, 
turned into a tree to protect her 
virginity from Apollo; here she 
is a junior pantheist with a 
devoted childhood chum to con- 
trast as lyric tenor with the 
heroically virile Apollo. The 
mysterious charm of the idea 
survives the leaden text; the 
opera chiefly needs a ravishing 
soprano, which Hilde Gueden 
mostly is. and Wunderlich and 
King— in his best youthful ring- 
ing voice— strike jusl the right 
contrast as the mortal and 
immortal lovers. Rita Streich 
turns up charmingly as First 
Miaden, and Biihm — with 
Gueden— makes something 
haunting of the final transfor- 
mation scene. 

Though Bernstein’s Fidclo Is 
the only studio recording among 
the four reviewed hare, it 
doesn't want drama on that 
account— in fact the spoken 
dialogue, though pruned sharply, 
is unusually vividly and 
naturally done. Whether by 

design' or not, Bernstein 
recovers the. flavour of the text: .- 
high-minded melodrama, too ' 
intimately theatrical to pass for 
grand epic. Gundula - Janowitz. 
makes a wholly feminine, vul- 
nerable Leonora, without fee 
hint of sexless steel that stiffens 
the spines of the most powerful 
Leonoras; Kollo is determinedly 
fervent as Florestan, and pushes 
his tone too hard toward fee 
end of his great monologue. 
They get first-class support, in 
principle; though Sotins demonic. 
Pizarro and Jungwirth’s cahnily 
brisk Rocco are both unticty 
about pitch on occasion. Fischer- 
Dieskau, creates a definitive DOB 
Fernando, a role which, ought 
never to be under-cast. Bern- 
stein indulges in nothing worse' 
than some histrionic ritardandi. 
and the sympathetic urgency of 
his reading compensates for a. 
want of the pudetir that the: 
tone and manner of. the opera- 

The • Bdhm - Don Giovanni . 
derives from last year’s Salz— ; 
burg FestivaLperfonnances, and 
for all I know from some' of the- 1 
rehearsals too— fee audience is . 
remarkably unobtrusive. The 
effect of live drama, j* striking : 
(and might be still mOxe- sa if 
the standard post-Prague addi- 
tions to .the catalogue of arias 
had been omitted: the second 
act needs all its musical strength 
in Stay afoft with- that gratuitous 
freight). BOhm’s classical poise 
disguises the steady thrust of 
his . conducting.-. . . Milnes' 
glamorous, pressing Giovanni is = 
stylish-- too. l .ahd Zylis-Gart’s 
Elvira is the-first real challenger 
to Schwarafcopfs since the fine 
old Glulinf . recording. Mathis 
gives Zerlina an interesting 
maturity,' _and Tomowa-Sintow’e * 
Donna . Anna -is a clear iuccess' 
wife an “Or sal chi rpnore’ ■ 
that . suggests less, a vengeful., 
goddess than cool moral inten.-. 

.fiity. The lifelike stereo is cap 
-cellent for the famous super- 
imposed dances at Giovanni’s 
party.' No recorded Giovanni has 
ever evoked universal satisfac- 
tion, but this one is both distin- 
guished aqd exciting: strong 
though the cast is, there- is no 
' damaging suspicTon. of star turns 
being wheeled on. ' It may be 
fee . most ' recommend able 
Giovanni for years to come. 

over the 

The Victoria : ; and . ’ Albert 
Museum, wil) present a major 
exhibition on the- thame of the 
last LOOO ‘-;yeaSarjo£ British 
gardenings -'/■ throughout the 

summer. ' -- .-, V 

: There will be a historical pre- 
sentation of gardening trends, 
great _ gardens, and great 
gardeners,' ranging "from fee 
medieval garden, through great 
formal gardens and fee 'cottage 
garden, up to the present day. 

Not only will, the] ginnd themes 
be’ featured r - there will also he 
sections ..oh: -garde ir too Is, ' the - 
kitchen and fruit, garden, and 
the suburban and - • m un icipal 
garden. Conservation 7of historic 
gardens will he a strong element 
in fher'show. . 

There; will fie a “ferheiy^-Jn 
the tiled Victorian- refreshment 
rooms,. to. present the;- thane of: 
th indoor garden and. Russell 
Page,, the garden; designer is. to 
redesign the nrUsenm 7 ® -quad- 
rangle garden. , 


w/e Dec. 17 

U S, TOP 10 

'" >ily (I 

7 All m tKa ‘Family (CSS) ' . 

sy (AffC) 

2 LoYoma 3n<r Shirtey 

3 Hapov Oays. (ASC) 

< Thtea’tr Company (ASC) . 
S M.A.S.H. (CBS) .„ m 

: :; i •►v'iv 


:3E^^a^ i^^.Satttijd^y Decembers 1978 

_.* .... ... : Mes . of Golf . for -sttc&r an 

y .v v ; ^ ■ ■■ ■■’:;-;t offe n c e ■ a nd rigHQy. $o,‘ ja my 
“~ r: r»?V~ '';F«|MniB»^sfiice such aniitraty 

'"1- Hudqinent could easily Cost a 

. * XrfJ-^ . -. YttfXnP \7 “ ' jilayor' outright: •victory,-' .But 

- > ; this : tongh : penalty .•:*•;• «ro 

l : ^*r \ ’-i -i' wDI -Sa fiRnncnd An/IOV 

f&Ni Toornam^ni 

ertra ®df*SffVin«in- 

ever^kguxjviQg; tour-;:‘on' ;-well- 
pr^ven American 1 : lines,' -And it 
itl^nttibues- to: . upgrade., tba. 
-opO«lKUV tfaepld saying, “Go 
West. ^THing jotm irill become 

improve the present : mwely 
funereal pace of., play Via bis 
manner. Then .these gentlemen 
must -si am the well-known worst 
culprits, as quickly: as possible. 


TKtt nto.t-eaq .t to the j«jy; M « 
fefo. dctBffmneo as .once was .their timing system ifs as ?oph«- 
Tqqy .ay^m,' to P^re . ***»-' incited as the ETPDJs yague 

tbat the XJSFfCA 
.oeher^dt- of .the . Tour, .officiate were thW ^year 
Atlanta; -to fhqt, :WPMtro‘ v joft' ; te speed tip. the pact of 
money may. not ^en/ca yO w QS pigy jn America by ah average 
paSd- to. dm;^eadintf : .jAiaeSran-- v# hal£gn-hbur per round- ' But 
players to the EPTD is even half as 

by the middle T I9B Ite Jf ' PI vi-_ joccessful. it will be a boims 
Sion ; Secretary ■AGn-^^SamneM aad B great service to th<rg 2 txne 
1 a n < £ continue in its most suspect areaV^'- -.. 

" The other novv event' the 'Air 
money id eateg fed .events.- Fw it- France-Concorde Team-Cbara- 
,becoW w#r. nmre impossible pIanghip# wort b £50.000,. :and 
wn, let alone retain a Place played at Valbonnc Golf Club, 
in the suo on the America n cir- Cannes (October 25-28), is a 

1 ■ CBflt. 

In Increasing theprize 'money 
available in Britain and Europe 


rr -* c-v^vS 

• * UI ®Tto , - ' - ■ 

- - C>i: 

.... T ■ ■ ■ P 




handsome replacement for the 
Sumrie*Borimemoath Better Ball 

The major British Increases in 
prizemoney concern .the Martini 
international at Wentworih 
(3f ay- 25-28), up from £30,000 
to £42.000, the British Airways- 
Avis Open in Jersey (May 31- 
June 3). tip from £20,000 to 
£30,000, the Greater Manchester 
Open (June 21-24) at Wiimslow, 
up from £20.000 to £30,000.* the 
Benson and Hedges .Inter- 
national -Open at St. Hellion, 
Cornwall (August 9-12), up from 
£50.000 to £60,000, and the Dun- 
lop Masters (October 3-6) at 
Woburn, up from £40,000 to 

The most significant increase 

: ' 7 . V --7-' flex* year by nearly £300,000 10 

- - - ; ‘ -WeH over ' £lim-^-admlXTedly a 

- 613^.0 : drop in the ocean compared to 

.’ ~ 7 • the. $3m-pUis increa se o n the 

: 7 *■• ^ ^ i 4 » ' ' ; IKS PtiA t6ur— the ETPD has 
. : ‘ i : .• . „7 sttcasheded in retaining its vital 
. tnnhp card in Sewy Ballesteros. 

r ' - *• w 7 By tanung down U.S. PGA tour 

; CoiMi*isskrner Deane Bemans’ 

■ Z v, . offer of a |llayeIS , card without 

toriii^iy rof ^ on* the jCTonthoent ‘ conc«ws' , "the 
, - - t.-rMF. peting at a.tour school. Ball's- Madrid 0pen> up bv neariy 50 

• * ;t™ ias done a great service ^ cent t0 £ 32 , 000 . But with the 

' l \.z^v to European gojfi even if his exception of the £53 J50 Swiss 

. -t, -;•-% motives are hardly, unselfish. ^ prize money level in 

" '"?• M has to he ob«ous that the Europe is still far too Idw.'Too 
future of professional, touma- many players will again lafl" to 
u merit -golf - here lies in multi- break even on a sizeable *?in- 
r -Spoimorship, as - is the .case vestment** in foreign travel, 
throughout Jhe .United States. 

- Barrey . Demmy showed ‘ the 
7 way with the once-somewhat 
. over-gran tfiy named Greater 
Manchester Open. Two of the 
ts SI v /| || /I/I ■" three entirely new tournaments 
t S l ^ W Ilf; in 1979 will- be -the £50,000 



nndti-spoitsored ' English V Golf 
> Classic, to be played at the 
. Belfry, Sutton Coldfield, the 
new national TlQ-of the Profes- 
. V ’ ^ional Golfers Association (June 

: 28 to July" 3): televised by ITV, 

i: sq l and , the similarly . mnlti-spon- 
i>:: i4 sored Welsh • Gplf Classic, with 
’-.-s'; a mi nimnnr jnf £30,006 at Stake, 
.1".;'. !z : at Wenvoe Castle, Cardiff t June 
- 14-17). 

Tins: ^ M'-adinlrable. '.idea. 

• S.C; 

-■ - 

'. . . it 
:■; aVw. ' 
* -r.jwif*. 

but may be 'damnably difficult 


unless they have learned ‘.the 
hard way in previous years and 
stay at home. Certainly those 
with ambitions of, and a chance 
to win, one of the 10 out of :12 
places in the Ryder Cup team, 
decided automatically on' the 
points system, will have to do 
more than their fair share of 
expensive travelling. : ‘ , 
Bnt as the rich get richer, 
the poor will fare a little less 
badly, in that prize money will 
be paid to all who survive, to 
the last day of every tourna- 
ment Instead of ending at 50th 
place, it will now extend to 65th 
and those tied for that position. 
Only the first and second prii^s 
have been affected to effect this 

The appeal of pantomine 

AN OLD playbill sums up thu 
traditional appeal of panto- 
mime : . 

These things are requested 
at Christmas time : 

Plum pudding, beef and 


'alba could resist the former 


Without the latter none 

could do. 

Early pantomime derived 
from the old Italian Coinmedio 
deli Arte, where the principal 
characters. Harlequin and 
Columbine, never speak, and 
Clown and Pantaloon keep up a 
constant fire of jokes and 

Eventually It became a 
hybrid, a hot-potch of fairy 
tales and historical figures, com- 
bining the elements of theatre, 
music hall, opera, ballet and 
the rircus. 

With the Principal Boy re- 
cruited from Burlesque, where 
actresses played boys, scantily 
clad, Cruickshank’s Comic 
Almanac in 1846 deplored “ The 
progress of burlesque at various 
theatres has done much to in- 
jure pantomimes, and it is 
feared that the race of clowns 
will . become extinct unless in 
these days of educational 
enlightenment some raepns are 
taken to train up fresh ones as 
the old ones drop off.” 

George Cruickshanf: ( 1792- 
1878) was no doubt thinking of 
the great clown.' Joseph 
Grimaldi (177&-1838). wbo 
worked at the Sadlers Wells 
Theatre, round the 'corner from 
where Cruikshank 1 lived. Both 
belonged to a select club called 
The Crib, which met at the Sir 
Hugh Myddleton public house. 



Grimaldi came from a long 
lino of travelling showmen, be- 
ing carried on stage as a baby, 
and appearing with his father, 
Italian Giuseppe Grimaldi. 
m/iitre dc ballet at Drury Lane, 
when he was only a few years 

A glutton for work, at the 
height of his fame Grimaldi 
“would do three shows on the 
same night — at .different 
theatres, after running the 
several miles to get to each. 
This coupled with accidents on 
stage and the stress and strains 
of his personal life — bis invest- 
ments failed, his wile died soon 
after their marirage, and his 
son was a ne’er-do-well — 
obviously contributed to his 
bad health and early retire- 

Grimaldi's last performance 
at the Theatre Royal, Druiy 
Lane, on June 27, 1828 (in his 
day pantomimes were per- 
formed in summer as well as 
mid-winter, usually after a 
heavy drama, dramatic sketch 
and musical melange), included 
his favourite song “* Hot 
Cod Jins” — toffee apples. 

His farewell speech summed 
up the heartbreak of his profes- 
sion. Seated in the centre of the 
stage (his legs were too weak 
to support him), be referred to 
“the sickness and infirmity” 
that had come upon him. “To- 
night has seen me assume the 

motley for a short time— it dung 
to my shins as I took it off, and 
Ihe old cap and bells rang 
mournfully as I quitted them for 

Cruickshank immortalised the 
occasion — the engraving appear- 
ing in Dickens' Memoirs. A 
painting of the poignant scene 
is the highlight of a fascinating 
pantomime exhibition which 
also commemorates the bi- 
centenary of the clown’s birth. 
Aladdin to Zinbad, an A To Z 
of Pahftimime is at Woodlands 
Art Gallery, 90 Mycenae Road, 
Blackheath, London SE3, untl 
January 30. A true collector's 
discovery, the painting was 
bought at Christie's for 130 
guineas in 1970 as “Joey 
Grimaldi’s Last Song,” 
catalogued In the style 
of Cruickshank, and not with a 
direct attribution. 

The differences between the 
painting and the drawing in the 
Memoirs though, are infinitesi- 
mal, bearing in mind the differ- 
ent mediums used, and the 
painting must be worth very 
much more now. 

David Drummond has 
organised the exhibition, which 
is great fun for children and 
adults. The colourful items are 
mainly from his own collection, 
combining programmes, play- 
bills. posters, postcards, water- 
colours of costume designs and 
so on. The display is arranged 
as a Panto Alphabet, with 
amusing verses printed in the 
exhibition programme — L. 
Looms large for Leno, Drury 
Lane and Lupino. while M. 
stands for Mothers Hubbard 
and Goose, and 

P, The Principal Boys ire at 
once applaud : 

KirJnrood, Hale and Dorothy 

Ward. Dixon, the Burkes and 

Florrie Ford . . . 

David Drummond, an actor 
who turned to collecting and 
then dealing, in “objects that 
amused me and told a story.” 
progressed from running a stall 
in various antique markets (I 
first came across him in the now 
defunct Kingly Street market), 
to a small sbop in Islington. 
He is now a bookseller specialis- 
ing in theatrical ephemera at 
his evocatively named 
“ Pleasures of Past Times " at 
11 Cecil Court, off London’s 
Charing Cross Road, a veritable 
treasure trove for collectors. 

What to read: Hilary and 
Mary Evans' The Man Who 
Drew the Drunkard's Daught r 
— The Life and Art of G orge 
Cniicksliank IT29-1ST8 (Muller), 
and Michael Wynn Jones' 
George Cruickshank — His Life 
and London (Macmillan). Peter 
Leslie’s A Hard Act To Folloic 
and Peter Verney’s Here Comes 
Th Circus (both Paddington 
Press), .Anthony and Peter 
Miall's The Victorian Christmas 
Book (Dent). Raymond Mander 
and .Toe Mitch enson’s Enter- 
tainment From Old Photographs 
(Batsford), are all new books 
containing references to panto- 
mime. Richard J. Findlater's 
Grimaldi — King of Clomis 
(Cambridge University Press), 
has just gone into a second 
edition, while essential reading 
too are Mander and Mitchen- 
son’s Pantomime (Peter 
Davies). Giles Brandreth’s Dis- 
corering Pan tomime ( Sb i re 
Publications), both 1973, and 
John Kennedy Mel ling’s Dis- 
covering Theatre Ephemera 
(Shire Publications 1974). 

The holly bears the crown 

to ‘impretnen^^iind could easfly:_ extension, the winner getting 
lead the:' ETPD • juto. expensive one-sixth of the total kitty in- 
litigation in-.'- the civil' courts, stead of one-fifth, the runner-ua- 
There -will be no two-stroke taking away one-ninth instead 
penally as stipulated in the of -one-eighth. / • 

Christmas -but i doubt whether 
many people are planting 
hollies in their gardens, which 
is a pity as this is the most 
decorative of our native ever- 
greens and the one that has pro- 
duced the greatest number of 
ornamental varieties. What 
the grand total is I do not know 
but W. J. Bean describes 46 
without including those hybrid 
formfs that are nowadays listed 
under the general name flex 
nltet-ctorensis to distinguish 
thefrn from the pure, unadul- 
terated British holly, 7. aqui- 

The variations occur in size, 
"habit, leaf colour and form and 
berry size and colour. On top 
of this there is the little matter 
'of sex, of some importance with 
hollies since most plants pro- 
duce exclusively either male or 
female flowers. This is one of 
the causes of disappointment 


ARTHUR at * • 

First class to Oxford 


over the 

WHY NOT Oxford as well The 
question, has been asked by 
several readers over the four 
weeks since this column pub- 
lished its - “ ambitious child's 

• guide to Cambridge entrance.” 
based -oil that university’s 

. admission statistics for the cur- 
rent academic year. 

- Today; therefore, I am pro- 
r»»v : duefng- a - - similar guide to 

i ■ Oxford ^entrance, as set our in 
* r C-.; the. accompanying table. Owing - 

• to. ; '?dii*erences. , - i in the nni- 

r versifies’ statistics, however, the 

^ Oxford guide is lessxompreben- 

.. f : - rive than its Cambridge counter- 

' . ri'- • ; part various ways. 

! - . First. Oxford publishes no' 

^'"figures bn 1 the' occupational- class 
t*:-; of the , parents of candidates, 
who apply to and are accepted 
t by the university. - 

. : Second, there- is. a vagary in 
" the Oxford . statistics which un- 
avoidably Inflates the- “ success 
rateff" for women as. set out in 
the table. The success rates are 
■ calculated by taking all the 
candidates * . known to - have 
applied : in each : category; and 
working out what percentage 
of' the applicants' was accepted. 
'■The vagary is that Qxford.has 
felt unable to bring; , itself to 

- include in its application figures 
£34 women whp named tiie uni- 

. - varsity as only. . their second 
choice; their first choice being 
\V‘ Cambridge. Of these 324, how- 


. J* 


ever. ; f5 were finally admitted 
by Qkford and they have been 
included . in the 'figures for 

Not knowing from which 
types of schools &e 324 came, 
or which subjects they wished 
to study, I have been unable to 
-adjust the detailed figures in 
the women’s half of the table. 
But adding the 324 to the total 
applications would reduce the 
“ overall average " success rate 
for the women from 36.7 per 
cent as given in the table, to 
32 per cent. 

'Hie third difference from the 
Cambridge “ guide ” is that 
Oxford offers a larger number 
of subjects for study. As a 
result, I have excluded from the 
“faculties’* section of the 
table, 10 subjects each of which 
accepted fewer than 20 new 
undergraduates this year. 

These subjects are experi- 

With physics; philosophy with 
mathematics; modern history 
with -modern languages; and 
classics with modern languages. 

.-By broad comparison with the 
Canibridge figures, the direct 
grant schools-— which are being 
“ phased- out ” of their semi- 
independent existence by .the 
Labour Government — were a 
more successful entry route to 
Oxford than to Cambridge 
whert this year independent 
sahoois topped both the men’s 
and the women's tables. 

Among the different subjects, 
aspiring chemists or physicists 
of - either sex seem to have a 
considerably better chance of 
getting- into their respective 
faculty, at Oxford than of being 
admitted to study natural 
sciences at Cambridge. Girls, 
and to a less extent boys, wish- 
ing to study music would seem 
wise, to name Oxford as their 
first choice, too. 

But for . young men and 
women whose priority is getting 
into either Oxford or 
Cambridge, ' with what they 
study there .being a matter of 
subsidiary importance, then, far 
ahd.away the “best bet” subject 
is classics. Which may, of 
Cduree, have something to do 

mental psychology; — . . ,- r .. - J . 

sciences; engineering with with tfie direct grant and the 
economics; botany; philosophy .independent -schools’ high posi- 
with modern languages; philo- tiods in the first section of the 
sophy. with theology; philosophy table. 

(All figures show the percentage of people accepted oat of known applicants In each category) 

. (A) Best bets in choice of schools to go to: 

■- MEN - - ' 

Type of secondary education to Advanced level 

r , “ Direct grant J. 53.3 

V Independent' 49,3 

Overall average — - - 

State-maintained England and Wales ... 42.1 
rs and overseas - ■>'- 19.0 


Type' of secondary education to Advaneed level 

“Direct grant” 53.0 

Independent 45.5 

Overall average__i....y : 36.7 

State-maintained England and Wales ... 32.5 
Others and overseas 2L1 

(B) Best bets in choice of subject to apply for: 



University faculty • . ; 



• Metallurgy and -science of materials ... 

Geology — — 

Theology .... — 


Oriental studies' ^ - 

Engineering .. -> 

Modem languages ....... — 

History — 

Zoology ..... 

-Biochemistry.' ..■—■■■■ — - 

. Physics 

Mathematics — ----- 

Overall average * - 

Agricultural and forest sciences 

Jurisprudence •— - 

t. Hlstery and economics - 

F* Philosophy, psychology, and physiology 

t- English 

PMToso phy, poli fi cs and economics ..... 

Ffiaq wt 

Geography. . U- 

Medidne and physiological sdences - 














University faculty . 

Geology - .'. 80.0 

Classics v. -.--- 75.4 

Chemistry 70.7 

' Zoology G9.7- 

Metallurgy and science of materials ... 62.5 

: Pbysies - ; ' 60.7 

History and economics .1 60.0 

Oriental studies. 56.3 

'• Biochemistry : 55J» 

Agricultural and forest sciences 52.6 

Music '48.7 

Philosophy, polities and economics ...... 47 A 

Philosophy, psychology and physiology . 44.7 

History ; 41.6 

Theology 40.0 

Overall average' ; 36.7 

Mathematics ^ :.... 35.7 

Modem language* 34.3 

Geography— ; - 32.3 

En^neering 31.6 

.Jurisprudence 25.4 

Medicine and physiological sciences ... 25.2 

Pine art 25.0 

English — :.. 22.9 



for those who plant a single 
holly expecting that it will 
automatically produce berries 
and find themselves instead 
with a barren tree. It is not all 
that easy to distinguish the 
difference between a male and 
female holly because the flowers 
are so small and dingy that they 
usually go unnoticed. Even 
when observed it is necessary 
to look very closely to . deter- 
mine whether there are four 
little stamens alternating with 
the four greenish white petals, 
in which case the holly is male, 
or simply a central pistil, in- 
dicating that it is female. 
Occasionally flowers of both 
sexes may be produced on the 
same plant and then there is no 
problem about productivity but 
when the sexes are divided only 
the female bushe's flowers can 
produce berries and then only 
if fertilised with pollen from 
nearby males. 

So, really the lone holly bush 
has scarcely any chance of 
fruiting and both male and 
female sbould be planted for 
certain success. 

From time to time hollies 
produce variations with 
variegated leaves and these can 
differ in many ways. The 
variegation can be white, 
cream or yellow, confined 
mainly to the edge of the leaf 
or displayed as a blotch in the 
middle. Naming can be con- 
fusing. Mr. Bean writes about 
Argentea Marginata and Mr. 
Hiliier about Argentco- 
marginata but both are refer- 
ring to the same plant, or more 
accurately, group of plants 
since there are small variations 
even within a ringle variety 
such as this. The Argentea 
Marginata which I grow has 
purple stems when young and 
there is sometimes a hint of 
pink in the leaf colouring as 
well as the margin of white 
which gives it its name. The 
form of ATrgenteomarginata 
which Hilliers Nursery offer is 
described as green, stemmed 

and presumably it has no pink 
in the leaves lacking the sap 
colour which causes iL 
Argent o Medio-picta has the 
variegation in the centre of the 
leaf, a creamy white rather than 
a dead white which presumably 
suggested its other name. Silver 
Milkmaid. This Mr. Hilii er 
alters to Silver Milkboy no 
doubt for some good reason. So 
far as I know it always pro- 
duces male flowers whereas 
Argent a Marginata can be 
either male or female. 

Then there are hollies with 
central blotches of gold which 
are usually sold as Golden 
Milkmaid (bough they may turn 
up in some places as Aureo 
M dia-picta. Not all are iden- 
tical, which may be because the 
central variegation seems to be 
more unstable •. than the 
marginal variegatfyn and in- 
dividual branches often revert 
to normal green leaves. It is 
worth while looking aityind and 
picking out the best forms and 
then trying to keep them good 
by cutting out green or inferior 
steins as soon as noted. \ 

It is probably wise to use tody 
well coloured stems as cuttifigs 
or grafts when propagating 
though if they are all white on pVmfukT 
all yellow’, as occasionally hap-\ There is 

pens, it may be difficult to get 
them to grow because of the 
lack of chloropbyl. Probably 
the most consistently handsome 
of yellow’ variegated hollies is 
Golden King which belongs to 
the hybrid group and has a 
yellow band around a green 
centre. Despite its name it is 
female and capable of bearing 
god crops of red berries. 

One of the- oddest hollies is 
Fcrox, known as the Hedgehog 
Holly because there is a cluster 
of small spines on the upper 
surface of each leaf as well as 
the usual spines around the 
margin. I grow a silver varie- 
gated form of this holly more as 
a curiosity . than because it is 
outstandingly beautiful and 
there is also a golden variegated 
form. All are males so it is no 
use planting any of these for 
berries though they might be 
used as pollinators for good 
females such as Madame BrioL 
a yellow variegated holly of 
excellent quality. 

It is always difficult to know 

whether to write of hollies as 
trees or shrubs for in time 
most will reach a considerable 
height but are so slowing grow- 
ing and are so amenable to 
pruning that there is no diffi- 
culty’ about keeping them to 
shrub proportions. Anpusti- 
folia is one of the most natur- 
ally dwarf and is also slim in 
habit and narrow in leaf. At the 
other extreme Camellii/olia is 
a very vigorous holly with 
extra large, virtually spineless 
leaves. Both are green and 
Camelliifoliq has extra large 

Victorian gardeners loved to 
plant weeping hollies with 
branches that swept right down 
to the ground. Well placed they 
can be very beautiful and it is 
sad that they are almost 
unknown today except in old 
gardens. Pendula Is the name 
tagged on to most of them 
though it really belongs to only 
one form selected nearly 150 
years ago In Derbyshire. 

This has green leaves but 
there is also a weeping holly 
with leaves in two shades of 
green plus white. It is some- 
times called Perry’s Silver 
Weeping, sometimes Argentea 

also a holly with 
yellow berries. This may turn 
Up as Bacelflora or Fructuluteo 
so .do not get caught and buy 
the same thing twice over think- 
ing that there must be some 

All hollies are very easy to 
grow but also rather difficult 
to transplant. They dislike root 
breakage and so are best pur- 
chased in containers or “ balled, 
a nursery term for plants that 
are dug up with plenty of soil 
around the roots which is then 
prevented from falling off 
during transit from nursery to 
garden by being wrapped tightly 
in sacking or polythene fiim. 
Do not be tempted to plant 
with this protective covering 
still around the roots bitt 
remove it carefuliy. actually in 
the new planting hole if practic- 
able, so that there need be 
no further movement of the 
plant Then if the soil is 
shovelled back around the roots 
and made firm the holly should 
scarcely know that it has been 



TO BE involved in even one 
thrilling hand during a session 
of bridge makes one more than 
grateful, but to have two such 
bands gives one a feeling ■ of 
complete euphoria. Let me tell 
you of two deals which occurred 
only last week. Here is the first: 


* 2 

V K 7 6 4 
O A K Q 7 5 

* A J 8 

W. E. 

♦ A K 10 9 5 ♦ J 7 3 
C> — Q 10 9 3 2 

0 9 2 O 10 .6 4 


* Q 8 6 4 
ri A .7 8 5 
O J 8 3 

+ 10 2 

At game all West dealt and 
opened the bidding with one 
dub, which my partner over- 
called with two diamonds. After 
East's pass I had to take some 
action, - and I bid two hearts. 
West now said two spades, and 
my partner raised to four 
hearts. This was passed to West 
who bid four spades. I was pre- 
pared to double this, but North 
decided to go five hearts, and 
all passed. Surprisingly enough, 

East did not double, but his 
decision proved to be right 

After cashing the spade King, 
West switched to the club five, 
and I won with dummy’s Ace. 

Prospects were not too bright 
and when West failed to follow 
suit when the heart King was 
played, it was dear that the 
trumps had a lot of work to do. 
I continued with the heart four 
from the table, East played the 
Queen, and I won with the Ace. 
West appeared to have a 
5—0 — 2 — 6 pattern, and if that 
was so. I had a chance. 

I ruffed a spade in dummy, 
returned to my Knave of 
diamonds, and proceeded to run 
the rest of the suit Oa the 
fourth diamond East and 1 
threw clubs, and on the fifth 
we each discarded a spade. At 

This was the second deal: 



V K Q 10 9 7 5 
0 7 5 
* Q 6 4 

W. E. 

• 10 7 6 2 4 

9862 * J - 

0 8 OAKJ 10643 

4 K 10 8 5 2 4 A J 9 7' 


• <7. A 4 3 

C- Q 9 2 


this stage East was left with 
ten, nine, three of trumps, I had 
Knave, eight of trumps and the 
spade Queen. When I led a 
club from the table. East ruffed 
with his nine, I overruffed with 

the Knave, and led my spade 
which was ruffed with the seven 
of hearts. East overruffed with 
the ten, but now my eight was 
good for the eleventh trick. 

South dealt at game all 
and bid one spade. North 
took out into two hearts, and 
my partner in the East seat bid 
four diamonds. South, lured by 
the honours and the prospect of 
playing (he hand, rebid four 
spades. She should have said 
four hearts, which is cold 
against any defence, but in that 
case there would have been no 

Against the spade contract I 
led my singleton diamond, and 
my partner cashed Ace and 
King. On the second diamond I 
threw the two of hearts, and 
East rightly cashed the Ace of 

At first sight it looked safe 
to encourage with the ten, but 
declarer might have no further 
club. A diamond continuation is 
certain to defeat the contract 
because it promotes my ten of 

On the Ace of clubs I threw 
my King. With the Queen 
exposed in dummy this could 
mean only one thing — I did not 
want a club return. As I had 
already thrown the heart two, I 
must want another diamond 
lead. My partner, bless him, got 
the message, led the- diamond 
Knave, and I ruffed with thg 
ten of spades to put the con- 
tract down. 

This was a variation of the 
famous coup brought off by 
Harry Fishbein. 



LAST month's FT Buyers’ Guide 
to Stamps, Coins, Medals and 
Banknotes caused some panic 
in the breast of one reader who 
was perturbed to see the caption 
to an illustration of the PUC £1 
stamp of 1929, stating that it ' 
had been purchased at a 
Warwick and Warwick monthly 
auction for £290. He himself 
had purchased a similar stamp 
through the same firm for rather 
more than £300 and wondered 
whether he had made a poor 

There seem to be two moral 
points to this story: the first 
is the danger these days of not 
using the most up-to-date cap- 
tions to pictures; and the second 
is that any collector— as opposed 
to Investor — would have been 
fully aware of the present state 
of the market. This in itself 
is ironic, since collectors often 
strike a pose that they find any 
reference to the monetary value 
of their possessions rather 
distasteful — yet it has been my 
experience that philatelists 
usually have a pretty’ accurate 
idea of the current value of 
their holdings, despite protesta- 
tions to the contrary. 

Investors, on the other hand, 
the people who one might 
expect to have a finger on the 
pulse at all times, are sometimes 
incredibly naive where the 
stamp market is concerned, 
perhaps, since many of them 
are people who would have put 
their money into the more 
traditional forms of investment, 
they have not yet grasped the 
peculiar nature of the stamp 
market. This can best be illus- 
trated by reviewing the per- 
formance of the PUG £1 stamp 
which caused all the panic in 
the first place. 

This stamp was issued in 1929 
as part of a series marking the 
Postal Union Congress held in 
London. Four low values, in 
denominations of $d, Id. 14d and 
2}d were issued in accordance 
with the modest requirements 
of the inland and overseas rates 
of the time, but it was felt that 
delegates to the Congress should 
receive something extra special 
in the way of a souvenir, hence 
the £1 stamp. As Britain had 
managed without a £1 definitive 
since the outbreak of the First 
World War, -the need for a com- 
memorative stamp of this value 
was vigorously denounced by 
collectors at the time. Slightly 
more than 80,000 stamps were 
issued but the demand was very 
poor. Britain was then entering 
the Depression -and few people 
could have afforded to spend £1 
on a piece of paper. For several 
years the stamp was available 
at face value from the GPO in 
London, and from the viewpoint 
of collectors and dealers alike 
it was a drug on the market 

As recently as ten years ago 
the PUC £1 was catalogued by 
Gibbons at £12 in mint condi- 
tion. but was invariably offered 
by dealers at a hefty discount 

Suddenly its potential came to 
be realised and ihe full cata- 
logue quote was being asked 
by dealers. This reflected the 
upsurge of interest in British 
stamps following the adoption 
of a more liberal new issue 
policy by the Post Office. 

Gibbons dropped a bombshell 
by hoisting the stamp from £12 
to £60 in the 1969 catalogue. In 
vain was it protested that tins 
was too much and by 1972 the 
average retail price had gone 
ahead to about £75. By now it 
was attracting international 
attention and over the next 
three years its value doubled 
to £145 and by 1976 it hsd 
broken through the £200 
barrier. By the end of 1977 it 
had rocketed to £350, so the 
price of £290 quoted in the 
caption must have referred to 
some 18 months aco. 

Warwick and Warwick, an 
oid-estn Wished company of 
philatelic auctioneers based in 
the Midlands, bowed to the 
demand of customers and began 
an investment service about two 
ycers ago. Recently it published 
a brochure showing the per- 
formance of a selection of 
stamns. typical of the materia! 
which now finds its way into 
investment portfolios. Among 
them is the PUC £1 which 
Warwick shows as averaging 
£425 in 197S and having a pro- 
jected value of £500 in 1979. 
These figures are, in fnct. far 
too modest, since the PUC £1 
was listed by Gibbons (summer 
197S) at £500 mint. £30 used, 
and in the winter I97S edition 
of Colleci British Stomps the 
st?mn had risen to £800 mint 
and £400 used. 

Of course, some people will 
argue that Gibbons can put any 
nrice they like on the stamps 
listed in their catalogues but 
even the catalogue publishers 
have been overtaken by events. 
At several provincial auctions 
recently, ranging from William 
C*rcnn of Glasgow to Warwick 
and W’rwick itself. evamDles of 
the PUC £1 have fetched more 
than £600 for average mounted 
conies, while a superb mint 
mpv went for no less than 
n.ino at a Farmer auction in 
London last week. 

The PUC £1 is not an isolated 
case: many of the better British 
stamns up to 1934 have shown 
ornnortionate increases and the 
same is true of the Common- 
wealth and foreign classics of 
the same period. Warwick and 
Warwick state nuite soberly 
that a random selection of rare 
stamps have increased on 
average by 27.2 per cent' per 
annum every year for the past 
J3 years. As with all averages. 
This conceals the fact that some 
stamns have not moved up so 
raoidly as others, while the 
star performers seem to' be 
doubling in value every year. 
But the overall pattern is one 
of steadv growth— an inevit- 
ability given the fact that it 
remrired no more than a slight 
increase in the number of 
genuine collectors, let alone 
investors, in quest of the rela- 
rivp'v limited supply of good- 
nnalitv material, to send prices 
Through the roof. 



THE ENTRY list is taking shape 
for the traditional Hastings con- 
gress, the 54th in the series and 
the longest running annual event 
on the international chess calen- 
dar. All the - world champions 
since 1886 except Bobby Fischer 
have played at Hastings. 

In recent years the congress 
has had some of its thunder 
stolen by rival regular events 
across the North Sea in the 
Netherlands, where the annual 
Hoogoven and IBM tournaments 
are among the most important 
on the European calendar and 
where the lnterpolis insurance 
invitation at Tilburg has also 
made a great impact in its first 
two years. 

Given this background, tbe 
news that Hastings has found a 
new and 'well-known sponsor in 
tbe form of International Com- 
puters Ltd. is a welcome and 
major development The link be- 
tween this leading Britisb com- 
puter company and our best- 
known chess event is a happy 
pairing in view of tbe significant 
and growing link between com- 
puters and chess. 

This can be seen in IBM's help 
for the game in the Netherlands 
and the increasing use of com- 
puter programs for team pair- 
ings and result information from 
the world team championship 
and similar major competitions. 

Reverting to Hastings, the 
entry list at writing is a strong 
one including eight grand- 
masters: The announced players 
are Vasyukov and Koebiev 

(USSR), Hort (Czechoslovakia), 
Csom (Hungary), Christiansen, 
Peters and Lein (U.S.). Anders- 
son (Sweden), Suba (Romania). 
Biyiasas (Canada), Balsban 

(Israel), Hartston, Mestel, 

Speelman and Taulbut (Eng- 

I should add that p laying 
rounds at Hastings are every 
afternoon at the White Rock 
Pavilion from December 28 to 
January 14 except for Mondays 
and for Friday, January 12. 

Games are demonstrated on 
wall boards, play can be viewed 
in comfort, admission is at the 
door, and there are usually 
seats available. 

This week’s game shows — as 
may also be in evidence at Hast- 
ings — that lesser-known 
Russians are a danger to the 
best in tile world. The winner is 
joint Soviet champion, but still 
an unfamiliar name in the West 

White: B. Gulko (USSR). 
Black: L. Portisch (Hungary). 
Opening: Ruy Lopez (Nifcsic 

1 P-K4, P-K4; 2 N-KB3, N-QB3; 
3 B-N5, P-QR3; 4 B-R4, N-B3; 
5 04), B-K2; 6 R-Kl. P-QN4: 7 
B-N3, P-Q3; 8 P-B3. 00; 9 P-Q4. 
B-N5; 10 B-K3, PxP; 11 PxP. 
N-QR4; 12 B-B2, P-B4; 13 PxP, 

PxP; 14 QN-Q2, N-B3; 15 R-QB1, 

This is normal Ruy Lopez 
strategy, where White operates 
in the centre and king's side 
while Black advances on the 
queen's wing. But around here 
Black’s play is too tame: ihe 
should mobilise his pawn 
majority by P-B5. 

16 B-Nl, R-Bl; 17 P-KP.3, 
B-K3 (and here B-R4. maintain- 
ing the pin, is better): 18 N-N3. 
Q-NS: 19 N-N5, KR-Q1: 20 Q-B3, 
N-Q2; 21 P-K5! (opening up 
against the black king, for iF 21 
...NxKP? 22 BsP ch, K-Rl: 23 
Q-R5), P-N3: 22 Q-N3, N-Bl; 23 
N-K4, BxN (conceding the two 
bishops to post a knight on Q5): 
24 PxB, N-K3; 25 P-B4. N-Q5: 26 
P-B5!. (the surprise winning 
breakthrough). NxBP; 27 N-B6 
ch. K-Rl (if QxN: 2S PxQ. NxQ; 
29 PxB, R-Kl: 30 BxBP): 28 BxN. 
PxB: 29 B-N5, R-KN1; 30 P-K6J 
(threat Q*QB3 followed by N-Q7 
dis ch). P-B5 dis ch: 31. K-Rl, 
P-B5: 32 Q-QB3, R-N2; 33 N-R5, 
P-B3: 34 BxP (B6>. BxB; 35 
QyB, QR-KN1: 36 NxR, Resigns. 
For if RxN: 37 Q-BS ch, R-Nl; 
38 P-K7. 


BUCKO men) 







■ n 

r < 

































F. Portiscb v. Regan. Budapest 
197S. - Black, under pressure, has 
just offered the exchange of 
queens. White (to raovei can 
now win a pawn by 1 QxQ and 
2 RxRP; has he anything better? 

PROBLEM No. 247 

BIACK (2mea) 



. *. v 

: 'm j 




1 1 



■ , 




'■. j 


For a. Christmas puzzle, t 
this offbeat problem by W. Keyi 
The black king is obvious 
missing, and you have to deci( 
where the king should be plan 
for it to be mate in one mov 
Not so simple as jt looks, and 
puzzle which has defeated sever 
strong players. Merry Christm; 
to you all. 

Solution Page 10 



Telegrams: Ftnantimo, London PS4- Tdeae 886341/2, *33897 
Telephone: Ot-248 8CHJ0 

Saturday December 23 1978 



IT WAS COLD up there— even 
the reindeer were a bit restive; 
but inside the cabin thought- 
fully provided by the mysterious 
hijacker, impenetrably disguised 
behind a thick white beard and 
an enveloping red cloak, things 
were warming up. They needed 
to: for as he had told the assem- 
bled leaders, there was only one. 
way out. They had to generate 
enough warmth of goodwill to 
melt the unpenetrable snow, 
and enough light of reason to 
show them the way down. Dur- 
ing the first disastrous night, 
spent by everyone blaming 
everyone else for the disaster, 
there had been a severe danger 
of frostbite: but by now, they 
were beginning to see the sense 
of their instructions. 

It was started, naturally 
enough, by one of the delegates 
from the South, a fat. comfort- 
able-looking figure with Three 
pairs of arms, who found the 
cold particularly trying. “ It 
has occurred to me in my medi- 
tations" he said “that although 
my people have been sorely pro- 
voked. their present strategy of 
trying to bully all the richer 
brothers int» co-operation is 
more satisfying to emotion than 
To reason. As Confucius had 
observed. * If you want to mix 
it in the saloon, ftp suru to carry 
two guns.' “ We do not 


“ On the other hand, we do 
have something to offer. You 
complain of inflation; we could 
supply abundant goods. Your 
makers of the engines of pro- 
duction are in depression: our 
needs are almost limitless. If we 
proceed step by step, surely we 
could arrange an exchange to 
our mutual advantage ?” 

This thought appealed to some 
of the politicians present: but a 
figure in a resplendent silk hat, 
who had been brought along as 
a financial adviser, cleared his 
throat and started a long speech 
about third-world debt. There 
was a worrying amount of it 
already, his hearers understood 
jn a haze of technicalities. 

“ I see ” said the six-armed 
one, rather sadly “ that although 
you complain of inflation, you 
are in fact devoted to it. For it 
has been written that he who 
tries to get a quart out of a pint 
pot, or who repeatedly returns 
with his jar to a dry well, roust 
expect to get short measure.” 
There was an immediate call 
for the banker to be suppressed: 
but as soon as he promised to 
mind his own business — that is, 
making loans which could 
actually be repaid — he was 
allowed to stay in his corner 
quietly. After a pause, a red- 
faced figure called Bull cleared 
his throat and muttered: “You 
have heard me going nn ahout 
transfer of resource? at another 
summit. Perhaps that's what we 
need here." 

The realisation that Mr. Bull, 
generally known as a cantan- 
kerous partner who always 

wanted to know wbat was in it 
for him. wax capable of an 
unselfish thought, greatly 
impressed the leaders of other 
and richer countries. They soon 
fel] to discussing their own 
differences in a. pretty tolerant 
spirit, but were making not very 
much progress, when the leader 
of rather a small country, an 
agreeably peaceable and un- 
sophisticated. fellow, spoke up 

"If you’ll forgive an outsider 
butting in. it seems to me you 
all have the same problems, and 
you quarrel mainly because you 
are always trying to unload 
them onto one another. Isn't it 
time we started talking about 
what goes on inside your 
countries, and see if most of the 
answers aren't there?" And. so 
began the first meeting in 
history which was not only 
tripartite, like so many sand- 
wich sessions at Downing Street, 
but international. 

The first result was a a sharp 
fall in the temperature, and 
some previously melted snow 
which had seeped under the 
door froze and made the cabin 
a positive ice-rink. However, 
Mr. Bull, with Jong experience 
in these matters, soon divided 
the party into three corners of 
the room to talk to each other: 
and they rapidly found what a 
lot they had to learn. Unions 
heard how militancy, which 
involved disrupting production, 
was not the best known way to 
make workers rich. Employers 
learned that in countries where 
workers are trusted and in- 
formed, they do not bite. 

By now the warmth and light 
were reaching the required 
levels, and the snow was vanish- 
ing: and even a bear, which 
had been quite enjoying the 
cold, joined the band of 
hrotliers, and suggested sprink- 
ling salt on wbat remained nf 
the snow, which worked very 


At this point the bearded hi- 
jacker appeared on a sleigh, 
which appeared to be equipped 
with some form of levitation, 
and beamed on his captives. 
“ Ready to go ? ” he said. “ I’ll 
give you all a lift." And to 
their amazement, ail of them 
fitted in. 

When he had set them down, 
they first demanded to know 
his identity, and he had to allow 
a number of sceptics to pull his 
beard quite painfully before 
they would accept him at face 
value. Then they began to ask 
him why they had been put up 
there in the first place. " We've 
got no hard and fast agree- 
ments, nothing to sign, no plan, 
not even a communique." they 
complained. "We might just as 
well never have gone." 

" Plans ? ’’ said their host- 
" Communiques ? Whoever 
supposed you would solve any- 
thing with those ? But if you 
really think your meeting h&f 
achieved nothing. I might have 
to make an annual event of it.” 

Leaders and laggards on the London Stock Exchange 


C OMPANIES which hit the 
takeover jackpot dominate 
the field in this year's 
league of top stock market per- 
formers. Without the spice -of 
bid speculation, investors who 
picked up a few thousand shares 
last Christmas can feel well 
pleased if they are significantly 
better off this morning. 

Chance, of course, often pro- 
vides the elusive key to making 
money quickly. But even.a side-' 
ways glance at Datastream's 
table of 1976 leaders and lag- 
gards (between January 3 and 
December 15) demonstrates that 
it played a more thap usually 
important part for those who 
did make money. 

• Of the ten top companies 
capitalised at more than £2 5m, 
no fewer than four forced their 
way into the charts with the 
help either of successful or as 
yet unfulfilled takeover 
attempts. Two more (including 
top performer William Mowat) 
used an identical route into the 
list of allcomers, i those com- 
panies capitalised above 
£100,000) while bid hopes 
helped spur the price of several 
other stocks. 

Moreover, only last week 
Merck's bid for Alginate pushed 
Alginate's shares up from 255p 
to 370p in just a few days. 

On the other band, looking 
back to 1977. only three shares 
reached the top on the back of 
takeover speculation. A year 
earlier bids were largely con- 
fined to one or two smaller com- 
panies which made the tables. 

If 1977 was a year of recovery, 
1978 could well-be described as' 
the year of renewed uncertainty; 
After Britain's shock treatment 
at the hands of the IMF. 
interest rates in 1977 gradually 
fell while inflation and the 
balance of payments were 
brought under control. 

This sharply encouraged 
equities which peaked io the 
autumn of 1977 before tailing 
off at the end of the year. Never- 
theless the FT 30-share Index 
still shoved a useful 12-month 
gam of 351 per cent. 

By contrast the year just end- 
ing has shown nacre of the 
pedestrian qualities which held 
back growth in 1976. With 
interest rates already on the 
way up before the new year was 
in. 1978 promised little, and 
yielded just one significant mid- 
summer rally, finishing back 
whore it started. 

As if to prove the market's 
indifference, the FT Industrial 
Index was last week hovering 
slightly below its January level 
while ’ the FT Actuaries All- 
Share Index looks like ending 
the year a shade up on 12 
months aso. 

Rising interest rates— at times 
not moving ahead fast enough to 
satisfy some commentators — 
perhaps provided the biggesr 
drag on portfolio investment. 

Initial concern ahnur sterling 
and the balance oi payments, 
however, proved largely un- 
founded as the former picked 
up after an early slice and 


(Market capitalisation £25m. 
December 15 r 1978) 

Table 1 

plus at 

MR Furniture 
Allied Retailor! 
tdn. Sumatra Plantation 

Foster Bros. '■ • 
icl . - • 
British Aluminium. 
Electrocom portents' 
Sabah Timber 
Sotheby Parke Bernet 


+ 189 
+ 137 
• +77 

(Market capitalisation £100,080 plus 
at December 15, 1978) 
Table-2 . ' 

« - %rbw 

Wmjdowat' +74A 

Brown and jadgeo +64S 

Walla 1 Fashion - +4H 

London- Pavilion ' +445 

Bam Iwrrv Stores; . +395 

Cap. and Capital Laundries +314 
Suter Elecfrkal r +288 

H. J. .Baldwin . - +280 

LeadecSusbf-. - +259 

P rince'of "Wales Hotels +251 

London Pavilion: a sew. star bUUa£ i* 

CaQ ia its shares reflects Hie 
way other food retailers hive 
tried to challenge Kwflc Save’s 
position as a price leader. 

Margins at UnfOod have also 
been.' dented while the blt fer 
Wheatsbeaf did not go down 
well with the market 



Table 3 

Hoover ‘ A ' 

Grattan Warehouses 
P & O 

Kwik Save Discount 
Dunlop Holdings 
Furness Withy 

Oil Exploration 
Trafalgar House 
Linfood Holdings 

% fall 

Table 4 

George Ingham . 
Hunting. Gibson . 
Graig Shipping 
Creilon Holdings 
Petrocon Group 
Edinburgh Industrial 
A udiotronic Holdings 
Bishop's Stores 

Reardon Smith • 












Another consumer share,- 
Grattan Warehouses, has also 
disappointed with a 37 per cent 
slump over the -year.' m .au 
otherwise buoyant maR order 
sector the company's .stow 
profits growth has appeared 
pedestrian. Dixons Photo- 

graphic. Mothereare and Currys 
are ail in the bottom 20. 

fluctuating current account 
figures more or less evened 
themselves out. , 

Currency worries, however, 
found an outlet: in the dollar 
crisis which dashed any forlorn 
hopes later in tbe year of a sus- 
tained pick up in the equity 
market. By .pushing up U.S. in- 
terest rates it provides a legacy 
which will -doubtless play a big 
Tsart in. determining inter- 
national equity movements rn 
1979. ; 

Hopes that dividend controls 
might be lifted caused much ex- 
citement at the' time but in tbe 
end ' made little impact on 

Two companies — Boots and 
Beecham — which- used a Euro- 
dollar loan and rights issue re- 
spectively to help reward share- 
holders — sot little thanks from 
the market. 

Elsewhere, political uncer- 
tainty further cloaked any signs 
of enthusiasm and many 
observers feel this factor may 
carry over into 1979 until a 
general election has passed. 

There was, however, good 
news and in a year when the 
much expected consumer boom 
dutifully arrived, it is not sur- 
prising to see several retail 
groups in the list of top per- 
forming shares. 

Pride of place in the Grand 
Prix league goes to MFI Furni- 
ture when the share price 
started the year at 60 Ip and 
reached 175p by December 15. 
This is all the more impressive 
given the share's 265- per cent 
nain in 1977 when ii'.wa* called 
MFI Warehouses. 

Demand for the shares has 
been consistently strong' and 
pre-tax profits for the year n» 
the end of May of £5 3m f£1.8m; 
set the seal on an excellent 
year. ’ Wilh sales currently 

reported to. be 50 per cent 
ahead, analysts feel the stack 
has not yet run out of steam. 

Furniture is also a profit 
pillar of runner up Allied 
Retailers, perhaps better known 
for its fast growing carpets 
business. The merger proposals 
from the As da Group of course, 
provided the final spur and 
helped push Allied's shares 153 
per cent higher over the year. 

Anofher multiple retailer 
Foster Brothers, this time sell- 
ing clothes, takes fourth posi- 
tion with the share price more 
than doubled over the year. 
Menswear sales have been 
booming but there has been an 
element of recovery in the 
stock's popularity now that the 
company has closed down the 
Stone-Dri outlets. 

Burton Group, is another 
clothing company lurking near 
the top with pre-tax profits this 
year turning out at £7.5m. 
against losses of £5.1m. In 18th 
place its share price has im- 
proved 56 per cent thanks to 
the recovery. 

Bambers Stores, meanwhile, 
takes fifth place in the Allcomers 
League with an almost quad- 
rupled share price. Women's 
and children's clothes did the 
trick here with the help of a 
doubled interim dividend and 
the apparent alchemy in a name 

While carpets, furniture and 
clothes on this reckoning seem 
to hare dpne well, it has not 
been all- sunshine in the retail 
sector. Although signs may have 
emerged recently that price 
warfare in the high street is 
cooling down, keen competition 
has taken its toll. 

Kwik Save's appearance in the 
bottom ten companies capitalised 
a i over £2 5m may raise some 
eyebrows blit the 28 per cent 

With the 1977 market in 
many cases discounting 
advances m the retail sector 
this year, takeovers provided 
the best bet fqr dramatic share 
growth in 1978. 

Besides Allied Retailers there 
was London Sumatra Planta- 
tion, Westinghouse Brake and 
Sabah Timber which are all in 
the senior league as the subject 
of bids. Harrisons Malaysian 
Estates, Averys and Carlton In- 
dustries are among, those who 
nearly made it. ,. 

The allcomers list meanwhile 
includes Mowat and London 
Pavilion and Midi and Educa- 
tional not far off. 

Shareholders in - London 
Sumatra and Sabah can all 
thank Harrisons and Crosfield 
for the 137 per cent and 89 per 
cent appreciation in their .re? 
spective investments. H and C. 
which now owns 45 per cent of 
London Sumatra, vigorously 
helped its associate defend . a 
bid last spring from McLeod- 
Sipef. But whereas some abor- 
tive takeover attempts simply 
leave investors where .they 
started, this action, which in- 
volved a revaluation of London 
Sumatra's assets, clearly demon- 
strated that the shares were 
cheap. . 

In Sabah’s case the recent 
bid by H and C for the 40 per 
cent minority stake it did not 
already own, has been the main 
spur behind the shares. 

The London Sumatra defence 
and Hawker Siddeley’s recent 
offer for Westinghouse Brake 
both demonstrate that take- 
overs majr hare been popular in 
1978 hut" they have not been 
won cheaply. 

Property company William 
Mo wat's position at the top nf 
the Allcomers League owes 
much to rumours of a bidder 
hack in August and the appear- 
ance or Jenth. the private 
Jersey-based investment group, 
the following month. 

The Mowat Board's advice to 

shareholders after -thte agre^ 
22 Ip per share offer from Jenth 
fa October was" somewhat con- 
fusing. Shareholders were told 
they might actually wish to hold, 
on to their investment “in 
view of the action Jenth in- 
tended to take tft develop the 
company.” Such ambiguity may- 
explain why the- share! have 
readied their December 15 
level of 55p. .. ' 

London FasiliinVl growth, 
meanwhile, . has almost been as 
spectacular. The tiny group, 
of which the only asset: is the 
leasehold Interest in the cinema 
of the same name, has shot up 
on renewed speculation follow- 
ing stockbroker .. Mr. Victor- 

Sandelson’s unsuccessful; bid at 
tbe beginning of the year. The" 
shares have mdved ‘from. I€Bp to 
900p in the 12 months. 

Of tbe remaining- companies 
in the £25m plus bracket. Elec- 
trocomponents- has' perhaps the' 
most impressive record. Hot bn 
the heels of its third pldce finish 
in 1977 (an almost 300 per. cent' 
growth) the shares :finished I55p- 
higher at 328p this- timO. The 
group has a wide range -of 
customers, has benefited from 
the increasing use : of electronic 
equipment, and as a distributor: 
of a big variety of coxnponents; 
stakes its reputation atTprompt 
and efficient service. Growth has 
been uninterrupted ...since 1968 
and last month the, company: con- 
tinued its run with interim . 
profits of £4.5m (£3 ;im j-.-v- 

Mipwat London Pavilion and 

i'- Those investors waiting for 
fthe bafi news will already have 
spotted the long 1 ist of shipping 
casualties in both the large and 
small, divisions. 

- : -P-«nd O.-Eumess Withy, and 
-Trafalgar' House represent the 
"b igg er companies, while Hunting 
Gibson, Graig Shipping and 
Reardon Smith coEIect boobies : 
for the smaller. Another groups ; 
Ocean Transport and -Trading, ; 
-makes the bottom. 20 jn the. big ' 
. league. . . ' 

Graig Shipping ill ustxates in & *! 
somewhat Unusual way that 
' -times : . axe tough r the- company . 
has - been forced to sell off its ' 
speculatiVe^holdings of port 

• B ottbm lof '.th e pack, however, 
lies i Hoover v where ' the . share 
price fell -from 387p in January 
MO 222p : on December 15. Like 
Dunlop, "which also 1 features in 
the list With a 28 per cent drop, 
^obver has been hit hard by 
cheap imports— In its. cause by 
• txras&mer ■■ white goods from 
ttaiy = The ' company'6 ; nine- 
. mahfhrfigures to September this 
year revested the scars-pre- 
-.taxr profits - -fcere . more than 
: halved at £4.15m. Dunlop, 
meanwhile, is in. a similarly 
difficult ... ’Position, thanks .to 
. cheap '"tyre - imports from the 
:Eastern,' tftac: 



Last year's winner British 
Aluminium, where — until 
September only 2 per cent of the 
shares were on the market, again 
performed well -with the shires 
almost doubling over the year to 
finish at 875p. Tbe 'decision by' 
Reynolds Metals, of the U.S. to. 
sell . its 48 per cent stake in the 
company, gave other investors 
f largely institutions) a chance to 
share in what the market 
obviously fee? the suc- 
cessful expansion of : what Is: 
again a British owned company. 

Of those which just missed the" 
top ten but made the tqp 20. of 
the. over-£25m league, Tflacaf 
Electronics.. -lohiL Brawn • artd - 
Dowty Group deserve a mention. 

In the Ailcbmers League, • 
Blackburn-based- ' -Brown and- 
Jackson has attracted .attention . 
with a big spending;^ spree on 
private companies. -A narrow 
market in the shares has alsti . 
been significant, . a" factor in- 
cidentally which also applies- to 

- In-' the Allcomers ' League, 
George Ingham and Hunting 
Gibson' were joint losers in 1978 
with a 55" per cent fall in their 
capitalisation. The . former,. ' a 
Halifax-based textile manu- 
facturer With a market valua- 
tion of only £130.000, missed 
out bn the increase in consumer 
spending with first-half profits 
this year virtually unchanged at 
£21,000. • 

Elsewhere ■ In this league, 
Edinburgh Industrial, formerly ] 
Edinburgh Cemetery Company, j 
was once again an investor’s “ 
graveyard following- a 27 per /. 
cent slide in its-sharfe price in J 
i977.;r • :■ 

' Uninspiring half time figures f 
from AtaJiotrohic earlier this ? 
month showed that new chair- • 
.man’Mr. Geoffrey Rose will have 
Ms work cutout to convince : 
-the - market Viflf his company's ; 
“recovery .potential. 

:;.'Rrvestore |b only 117 com- 
panies ha doubled their ! 
money , in IfiSB, against 560 in 
1977. ITIhft* market really Is • 
waiting' for ^general election. 1 
before- nwmng- . into gear, 
perhaps nexp Christmas there ■ 
will be something more to cheer: 
ab ont. : "51 ' ' 

Letters to the Editor 


From Mr. .4. SmallAorn 

Sir. — Mr. S. B. Marsh I Decem- 
ber 20 1 may well have misread 
my reference when he quotes 
me of warning against too rapid 
abandonment of old techniques. 
Nowhere in my original letter 
did I make this warning. 

Mr. Marsh quotes of advances 
made in sewing machines 
through the application oE 
micro-processing technology. I 
would agree that this is just one 
of the many areas where micro- 
electronic techniques are taking 
over ostensibly mechanically 
controlled processes. I would 
add that they may improve the 

It is possible to hazard a guess 
that the number of new stiches 
available on an electronically 
controlled sewing machine has 
puzzled seamstresses and baffled 
marketing. This is not a 

The high-speed train could be 
cited as the ultimate develop- 
ment of Stevenson's technology 
married to many others. The 
advanced passenger train, when 
it comes into service, may be 
regarded as the start of a new 
era of rail transport engineering 
on conventional permanent way. 

Similarly, no small part of 
Westland's continued success in 
the helicopter market should be 
attributed to the brilliance of 
tne mechanical engineering of 
its drive line. This is achieved 
by the application of new ideas 
to “ traditional ” engineering 

The mechanical engineering 
industry is suffering terribly 
from a tacit acceptance of 
decline. Unless something as 
dramatic as the Government 
intervention in the new tech- 
nology of micro processes is 
seen to happen, whole areas of 
industry will vanish. They will 
not vanish because the products 
manufactured in these indus- 
tries have stopped being made, 
they will vanish because we can 
no longer compete. These pro- 
. ducts will b<? made in the Third 
[ World, behind the Iron Curtain, 

[ and hy our competitors. 

! This - momentum can be 

defeated by new technology. 
The greater part must come 
from the development of new 
products which cause various 
mechanical engineers to create 
higher technology products with 
which our competitors can 

To remain competitive these 
products need not always be 
cheaper. Added value may 
come from higher performance, 
lightness, lower maintenance 
costs, or other product plusses. 
The task of improving mechani- 
cal engineering is more im- 
portant than any other in 
industry but it is not recognised. 
Anthony Smallhorn. 

Wraytfeld House, 


Hitchin, Herts. 

thti may reduce 'he initiative of 
the upper board but 1 do not 
know that this is any worse 
from the present position 
where one may find half of the 
board saying nothing at board 

Finally, I note Mr. Hildreth 
says the board owes its first duty 
to the customer which is news 
to me as I was always under the 
impression that a director's first 
responsibility was to the share- 

G. S. D. Wolf. 

14. Harley Street. Wl. 



From Mr. G. Wolf 
Sir. — Jan Hildreth’s letter of 
December 18 is not unexpected 
from the director general of the 
Institute of Directors but it is 
not entirely correct. He states 
that “ directors are not chosen 
on the basis of electoral popu- 
larity nor as representatives of 
a narrow interest group-*' The 
directors are elected by the 
shareholders and therefore 
there must be some electoral 
popularity to secure their seats 
and as the board are statute 
bound to represent the interests 
of the shareholders of a com- 
pany they must represent a 
narrow interest group. 

My support for the two tier, 
board is not reduced by its 
weaknesses. Although I do not 
pretend it is a perfect solution 
it certainly seems to me to be 
the nearest we can get to an 
ideal solution. I have no 
objection to shareholders hav- 
ing representatives on the board 
any more than I object to 
workers, having representatives 
on the board but as these are 
not necessarily people skilled 
in the profitable and efficient 
running of the enterprise, I 
would be much happier for the 
existence of a -lower board con- 
sisting of professionally quali- 
fied managers who reach their 
position ou merit 
I agree with Mr. Hildreth that 

From Mr. B. Lc\:!c 

Sir. — With regard to The 
comments of Mr. A. T-i. Turpin 
nf Hi^igatc and Job concerning 
the Christmas cards which 
Robert Lindsay tieli’-erc-d on 
behalf of ov.r organisation' 
f“ Christmas protest at whale 
oil refiners” December 19s I 
would wish to make the 
following points. 

However many cards were 
sent by children — and these 
certainly did not comprise '* a 
large proportion " — we certain- 
ly were proud to include them. 
It is partiidly because we want 
future generations of children 
to be able to grow up in a 
world where whales still live 
that we organised our protest. 

As regards any regrettable 
obscenities that may have been 
expressed in a few cards, they 
cannot begin to compare with 
the obscenity of killing the 

Finally we would wish to 
acknowledge that at least Mr. 
Turner's comments make a 
change from “No comment." 
May we now see Highgate and 
Job accept Robert Lindsay's 
challenge to start discussing the 
real issue with us? 

Bob Lentle, 

Friends of the Earth Liverpool , 
5 Percy Street, 


spondence- of December 6 aod 
IX protesting at the intention 
of the British Patent Oflire to 
index patents according to the 
international patent classifica- 
tion instead of the present 
British system. From ray point 
of view, the change will- be an 
improvement so long as the cor- 
rect international classification 
is applied, and undoubtedly. 
British Patent Office staff will 
need some education in this 
respect fthose in other national' 
Patent Offices too). 

Recently I was with the offi- 
cials in The Hague handling the 
international system and I was 
most impressed by their open, 
helpful attitude and saddened 
by the fact that I was alone’ in 
visiting them. Their data is 
computerised and readily- re- 
trievable: it is far more com-, 
prehensjve than that at the 
London Patent Office. The inter- 
national system is not perfect, 
but the officials in The Hague 
are aware of the problems and 
are making changes to improve 
the system. We find we get a 
good service from The Hague 
for our area? of technology’ 
relying on ihc international 

L. Shaic, 

285, Loti/? Acre, .A'i'chelis, - 

date for pre-qualification ten- 
ders and advertised this in 
certain countries Including 
USA. but hot at all in the UK 
It was only on November 10 
that this requirement became 
indirectly known to our Indian 
mission, which left tittle time 
to acL This point was taken 
up vigorously - with the cus- 
tomers and the Ministry in 
India who were much taken 
aback. As a result of this the 
pre-qualification date was 
extended to January 20 which 
does give our industry time to 

wines in carafes of either 
20 cl or 30 cl as well as i and 
l litre. Long may he continue 
to flourish. 

Alan Bradley. 

710 Coltingivood House, 
Dolphin Square, SW1. 

It would be idle to state that 
there have been no delivery 
problems in the UK process 
plant industry - from rime to 
time in the pr.r-t, specially at the 
time of the thvee day week in 
197-4. but failures of this tSTe 
have been creatly cxascerated 
by the Indian authorities. It 
should also be remembered that 
LtK fabricators are very much 
in the hands of contractors 
when it comes to projects of 
the type of Gas I and IL 

Harry Hornsby. 

197 Knightsbridgc, SW7 



From the Director. 

Process Plant Association' • 

Sir,— Your article of Decem- 
ber 19 gives a misleading 
impression of the UK process 
plant industry's performances 
and attitude towards India. Our 
members have made great 
efforts to secure business in 
that country and were 
prominent in the recent mission 
to India to which you refer. 
Indeed, they supplied the 
fertilizer plants to that country 
immediately after the last war. 

From Mr. A. Bradley 
Sir. — It would be surprising 
if, as stated by Brigadier 
Chcsshyre (Dec. 20), carafes of 
wine in $ and- 1 litre sizes 
“ are becoming increasingly 
rare in tbis country" because, 
since the beginning of 1977, 
these (together with J and 1 
pint for the diehards) are the 
only sizes in which restaurants 
arc permitted to sell wine cn 

carafe. ’ 


From the Group Parents 
Director, Foseco International 
Sir. — I have seen the corre* 

You stated that our industry 
produced just one reply 10 days 
before the close of tenders. This 
statement out or context gives 
a false picture. The truth is that 
the Indian customers set 
November 30 as U16 closing 

This does, of course, raise 
again the question of over- 
regulation by government in 
consumer affairs. One might 
have thought it sufficient merely 
to prescribe that the volume of 
a carafe be clearly stated. For- 
tunately, l can think of one 
highly eminent restaurateur 
some distance from London 
( whose name I would not dream 
of divulging) who blithely 
ignores the new regulations, and 
who continues to offer his house 


From Ur. P. Southwood 

Sir, — I read with interest your 
science editor’s feature article 
(December 20) on the problems 
of nuclear proliferation. 

It is surely revealing that, 
having made the admission that 
there is no technological "fix" 
which can render the nuclear 
fuel cycle proliferation-proof, 
every kind of conclusion b then 
drawn except the one that seems 
most obvious: namely, that the 
role of nuclear energy in vprld 
society should be reduced to a 
minimum. The fact that emerges 
quite clearly from the article is 
that no matter what precautions 
are taken the spread of nuclear 
weapons cannot be prevented. 
Whether Carter's policies on 
nuclear energy are right is not 
the cnidal point What matters 
most is that every development 
in nuclear energy, whether for 
nuclear weapons or power 
generation, is fuelling the Barnes 
of proliferation, whatever pre- 
cautions are taken. Surely the 
most important underlying pre- 
caution that can be taken to 
limit The risks of nuclear pro- 
liferation is to minimise our re- 
liance on nuclear power. Other 
precautions ore important, and 
Carter’s policies do not go far 
enough, but without minimising 
the role of nuclear power the 
overall risks of proliferation can 
only increase. 

So if we are all agreed that 
non-proliferation is of central 
importance— and this is impera- 
tive given the dangers of 
nuclear war or, more likely, nu- 
clear guerrilla war — then 
nuclear energy should be seen 
in a different context 

P. M. Southwood, 
c/o Deportment 0/ Peace 

Bradford University, 
Richmond Road, Bradford, 
W. Yorfes. 



£220,237 ■ 

■yrv .... 77- 78 

Before gains tai ana expenses. Figures is at December 13, 1978. 

At the beginning of every year the' 1C News letter iselects a 
number of shares (generalljrsix) for tapitol gain ov4p.'ihe following 
twelvemonths — Us Star Nap Selections.-' 35= 

The chart above shows the cumulative iii-montfLberformance of 
each year's Nap Selectionsbver the’ last 22 years, including that of '• 
the 197B selections. H you had invested £1,000 in ftie357 Nap - 
Selections and reinvested the proceeds at the end breach year in the 
new annual selections, your initial £ i .000 Would riorte worth a ' - ' 
£220,297 (before gains tax and expenses) gainst jfeflifere £2,18^1 
you had invested in the FT index and £4,381 if you^&f manxed tb 
keep pace with inflation. • 

in addition to its traditional Nap Selections, the New? Letter'" 
gives regular weekly recommendations The overall Vecoril shows tfi#t 
its recommendations have beaten tfipindex by a wide p erce n tage j ' 
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 over the years, as- supported by' the ihahy appredativs- 
letters received from subscribers, and it Has extended this tcr other 
important investment areas: • . •- 

.The 1C News Letter, PuNished'e^eiy ^ ' 

postal subscription only. Use the coupon below to order jibur ' \ 
subscription now, starting with the : i979 Nap Setscti&s. " ' . . . .. 

Many regular subscribers describe it as-their bestinvestmentever. 

ftowwtBrmy name as a «jt»cnb» **, tt*-* Jarraary/lSTV-tfep 

LJ Pj*«*mtfOK*fo»t3SUO -• •• 


- • . - -j v; ■ 

(BLOCK tenfews PLEAS& 



. -• • , •- • v'.-v-s-rt v 


















£ = 

is - 

r4§ 3 ' 

S i?' 









.' v'-'i 


<5 l> 


£«“ 2 i 2 ? .a 

2 E =-.^'S 
>S °° ! 2 

U. , " o « 

^ c? = - 
S { 5 .o£ a a 5 

= a. 1 *" x 1/1 
p -j r= 71 rs 

s £?H “ ;b "=5 
■s £gS-g S 

_ a; .- v 5 « r . 

c g-3 2 £ 

£ S E£ ? 5 £ ■ 
H o w o - S{ 


« =0 

£ C 

- W 1 

c c c 



rt — ■ 

S u 


2 S f rj c -- to— TT 

2 "tgi3 ^ g S 
« c" m j •- = « = 

\ °?S = 
*55! E cSiw 
5 o 2 = Ss o a .<" 

S-fi - 7 = 3 j= o±: 

■a ® c ' . 


t * 



-S . e_ * .2 - 

a£S '55 

CO oS C cp 


^ . 

V3 ° 








^3 ^ s l 

s — _ 

_ O c 

o 4 i o * o 7 | 
— -g -; C > s-*; 

V,o s c? a# a if 

ft-« S 5 £ B «\=2 

3 «S<r< odTsH > 

— ; t- 6 , Ci « w it 

% °£~ 5 ^ 

o = «* f 
S .£ o " -n r 


- cZ- 


. ■. .: 

•:::; ai 

• -•::’ Izc-fc- <: .- 

.- -. Cerei .. V 

.’.■: :oUo-xj 

• ‘ . ‘ 

'•:• vsFm 

- ■-■ -j 
•- •■■■Zll 

■■- Z-V 

: 'A 

• MSSlUf 

•-^ .'c. 

■i- - .<: 

.«f f ; 

•. : y s 

.•: »* 

.-# 1 

■'. * ii 


[■? 5 ■ :i3b5 
’ “S„ = 

.- 2 ? o do 

■ e ® f* ^ 

“ 7 ' j tr 

“■aftiS - 5 
o^c *-3 

Sr- I 

« JR J 
“VI « 



O E -n 

3 < & 
UI T ■ 

<0 5 

Oft® - 

■a - 5 . b ■ 

2 » * =■"* 5 

? mh« 

m _ 2 w j_ , 
X ° 5ji"o 
• t ; J a : = 
= 3 D<La^ 
B« » g 

o°I l.f 1 " 


sespg i 

-gv 9 J 

? ?‘5 y p 

|I 1 ”B 

g 5j|j 



P J 5* 

feJ* £ 

§H*S a 

2 2° r» o 

- * o a 

2 sM g < 
2 aj&l'S 2 
£-3| -H&3 

- Jl , 

3 a 

» o j : 

* = 5 ! 

Mas ! 


; g* ; 

*3 = 
| 3 S _ 


* 3 3 . 

2 .C§ 
2 =rcr 


5 ?S £ c.o o a. 

w .on <2 


, 2 ST'S zi k" m 3 

■ 3 sf’ 

§.“ 5 5§2 e c n | S 

'a - 3 co « 

*a-£Sg.jB&gS n 

cV®2;oo '“oa 2.H 
S7UvaNSo , W ffl K 

in 13 Ow» O fa R| 4 *B »«C 


5 c o p 
S’* !P ' 
Sc- v 


M S.erS 

tc a 


5 3 2-v; 

g =“ S 
cram <S 

£ fc 2 .» 

.fcrw b K 



no o i 


si - a 
■a » C-O 
,B<So T 


B 3 

° S » 
« a * 

3 Qtq 
I >4 

i a 

I a 

- ss 3 ; 

as £ rj j 
2 “ 

2 Ssai 

2 . o o a . 

* *■ £ H' ; 

L> • a* < 
=' > = 2 1 
j: - is r; : 
C — ■ 1 

a ss 1 

i^racr =5 ct 


Q- • 
,Qa c “ i 


.jg £ W — * ; 

' rsrfl 
~9 ra 3 ! 

JTJs O ‘ 
• o ^ - c o 

■ <n 50 £ : 

, n “ s — x i 

a £=? ° ; 
: ?■»&-!■, 

2 .S e- 

52 . o i-« 
cr^_ ^ 

k mm °- F, 
Co sn 

t 0.3 o 2 

v ri 31 

k TJ 6 Qa 

j <0 c s 

9 J-O 

1 . 2.0 52. 2 

2 9 * se c.; 


- s-2 sr £; 

-K. — Irt *■•» ST* 

- ^ s; u 

Isi-So 2 s 

«< «» _ c 4 


“ w 



1 ’=; ^3- 
^*r,F B 
Qb 2 " =• 

C J— o ~ 

tr S' £ t5a 

in o ?!rn 


g^^Bo ' 
og ‘ 

3 5 - 0-5 


O ^ to n g, 

■ o 

> 1^1 g 


“S£ =. 

Is-aa C* o 

la w q v: vj 


S' 2 2.0 
'3 -0 

B a m tJ 


r i * ^ a- 

o =r ~ a* 

n* .-! ~ 

£ o 5 
c 2 a Q 
~ 3 3 ■a 

c_i 3 “■ o 


I £ ?! 

J- r. O 

er rzz s 

= Sr 2 , 

■§« Si?! 

5 a 5. v- : 
c. o _ i 
rs b 1 
V. •< * ^ D 

O# Jj 

- 2 . o 
? 5 T 3 

* s 

2 § = c? w 
'85 s X- 

®?a S S' 

H w - W cr 
22 2 !^o- 
*" 2 2 . * TO ° 
S S O 3 « s 
S,^ o w ° 

2 2 3 s S = 


r 7 ■« m r r 

53 £ ta * 

U S. o tu 

1 s » Sfi 

■ S a a =s 

2 2 s 

2 ° - 3 
;p 3 fS. 

* 13 2 
, oi o n r 
a * P ° 

'2 3 -3 & 

I u w 3 o 

” d = cr 

5 f« 3 3 

? o »* S 

id B O P 

=• © ea a 
° e *+ SS 

£ a, ^ 


0 C3 . v- 


af* « % 

Er? & 
S O *■ & 
" a o ’3 


m to < 


1 c.oo a 

2 . g so £ 

II ! 

5 O fr-i 

5. 2 y | 

- 3 -B ™ 

"» f a* 



^ e- 3 c 

g* . » 

| w a s* 


b-= w 

= = 3s 

r p~ 
S-. 3 


; <.. Ui 

' sr 2 S 

Cr? -a =.-r 

— O 2-JC 

o s - 
o-o r* — 
o * 2 

so s ' 2 5 ‘ 

a o ^ __ 
&a Q 2 

°3 = 2 


“ 5* 3 3 


i «S=£.: 

> 2. — ^ — o ; 

'a- d =■“■ 
i S'K£ 2 * , 

: nq a a a 
i w m o 

i 2 coo.' 

> ri _3 V 
. ra 03 O — , a 

r* a= 9B : 

} ss r 'E® 2 . 

5 ^sjS’SS 

1 ja 2 — 

2 _ B-c. 2 -^ 


, O o _«■- 
J S ffa-Q o 
? g.'< o r-. a 

o rTo o 
! 7 5. £ 


a* 0 


ra - 2 — 
■ S cn 3-0 

*< o 1 Cl 
c. 5' ^ 3 o 2 =rO 

S 3?s | 

:- s J 

n-J a. 


n *- r: 
9.0 C 

cn aca 

go SC 

.ft 7 a* 

1 2 .' « - ■ 

2 c « .3 

3 gjs 

= ■£ 2 C 3 ‘ 


ms ~ 
<u> 2 

a' 3 a. - 

oa o "** 

(A -* 

. s- 53 2 

S o “ 

n ,, — 
(9 « = 

i- s ° 

2 “i a 

S >4 


c - as n> o 

M > £ 3 a r. 

a - — ■ I' ~ o a: 

iSoq a-? 

3 0 3 

-a c* » 

a (o 

a i! 


■ * 
tJ O 
< 3 ?. 
a _ -i 

2 . F £ 

o o § c 

« 2 5 2 

£. o m rf 

a =3 = o 

S. 1 ' ^ ” 
^ to' O ^ 
2 •* » 3- 

a-i ?s 

25 [ T* 
- 2 3 3 
5* i Hi 2i 
kj ra sr c 
o * -j 

' 5'?r 

3 •S. 1 

«< s r 

O 3S <! 

3 o’ o 

o c; S' 
• ‘ *i 

“ c 

S3 a| 

5 'm S *2 - 
► 35 . a-< 

9 5 > 2 - 
5(fO 2 3 y 
3- 3 « S? M O 

| *3 


n O 

o s 
a - s: 
" ‘rJ-a 
— i 
sr S’ 
o o o 

* 8 s 


■H-o c " 

= 33 

2 o c 
a 2 3 2 , 

"S. a* S’ 

g ^ 1 - 
s s os 2 . 




= SL = E£ JL. 

5 3 - » H 



Sr . 


O » r* 

3 d io 2 . 


»; 3 s 

§ 2 .|? 

arc, p ^ 

-' O 

^ ^ g «§.■£- 


*3 r^» f* ►JiJJ ^ 5. 
s?= 3 3 ;? o - 

1 S| ~ o 5s B 


B , *» - ■ tt< a g. 

**- o cn ns Hoc 
oE.-ai.3r2 Fan 

s^ - 5i t , c,n I 

= 5 . 5-0 £ 

ffos 2 n®o 0 . 2 . 
S-c a* ^ 2 .“ “ 
a=2«3 g n^ff 

2 2 n <g _S =- — D 
?&a , o , ?J*vran»”> 

o5 ^ 2 -S an.wo 


d ■ <H iHiS^SaW 

S CL&'aS3“L5jrs B * r !ii5! 

S 3 

fag ffj*| 

2 .^- 3 |a;S H? 5 -re 

Es^as 1 

Ss.|ii3 i 


a£sFs , « 


*E S sS| 

!<» x-t 

Sf - = £.° 

I _ 

M <3 9 m 

™a”eHoS -.2 . -^es tf« ■- 
S£l5el4 : 8fI<S3 
ftrtffffS 88 sftSfir-sof 

S' - 35 4 ?,: 5 : ^ , 5g.|g 

Olfi p 3 n « 3 Tc- 1 — ST 5 " 

«S— o„,25» 0b 
9 2 B O w® s - BS _ 

S " c =*« —i. 

&&g-RQ5aSfB - 
S"®||i a &| S| 
^S s |i.g.S?| gg. 

>o- 8 'S 5 : 
g“sff sf B Hi 
ai 2 o 2 * 

lists ’ 8 i? 




^S>S|S S: 

■PS&fcl « -* 


‘Slha'Cig 2 .a.^ag ® 

B.Or?-Br? OiGO 3 * 0 - « 

5 ^.If, M fcA 

? piCQ^O. 

* f ji ri'-a.'V :- 

■ 4" w 

••'. 5^3* 

■ ■ < 2 .^ 

' "32 

•••-^ S C- 

'•‘SV - : ' -" 

• ‘ ^ ** -s. r .' v ‘ 

;W- k / 

i! 3 r$ 

gasi n " 
z ■ I n — 

■ «>“ „ ?hoo> _ d r“' r cr =>-<^ u = qo.'s^is ra-i r® 5 »» -- a * - •» 

t r *% 2 -s s 5 IpSa! ° Ji z 5 'Sl n a j-* 1 ' -321.1 -l|< 

3 B= 1 ssf 8 ||»|§?|i; 'st-51 S?;S if: H pS|- Ssgr a* ' S;t3 

■ S5 isplsli ^l 2 « i R !r 

o- 5n"=r3r?9!“i . !* i^Pi 

r &? ?S ■ wl 3 K o -?S : WS-l - SSS' Si «■-. 

ay ' 5?i Ss § !5i;i? rtipfe; x\ 

\- \ 


i V: i 

- '" .*.. ’Pi’:*- .-ra 

S|»2 ’: i;'3 WS! ?S|Ef I ?5b » 

pS-'t, ui S- P® 1 7*5 zi I 2 P 2r* 

|^i.= 5 * 8 . 8 ! e -J 5 ir = 45 

CD--, I S W® »M' ’■= « 3s 

. . I .< .o • - n • • 

« « ^ • 
• oc» 

.^1 7|?S?S | ^ 

S5: =i:s?3 

a. r"S -“5 •'‘• 5 : *' S.aSl'S^ ; - 

gg PC •* I.F 8 ;-,.*-': 


mpr*" * 1 

O m « tnrs' DO z i: 5 « — m— ^ 

i B 5-£«05 2 55=:2 O S Irt 

gw9 5f S !S tog-* H 

S -S3 li is : 

5 » *. E 5, <5 ^ 
52 3 iS S. ° 

5 Im * 

1 wig 95 

^ fnifJI O 

rl a ?l= = 

35 S-Sfs ms 

H = 

=f?5?5.=i r5- x 

^ S •• p -t g 
2i^,3ii3o. ^ 5 * 

? 2 ss--\ a- 

=ig?s! J 

: 2 M as 3 ; w 

% i- a ;| S g 
f= S5| s i S • 

= „5rS 

= 3=» ■ s9“s 

S S5 S*| U 5 =3 

f »5 «i £2s 
«*clp ^3 v !* S s 3 f - 9,0 

+ft»S 3 


®>- a '-** 

. ffij a 
_ ZJ. e f» ^.a 

it fi- 
ll |«l 

Si «*_ *• 


as £ 3 + 
*i |ss* 
I V I.?. 

• • v»tA‘ 

£ J ii.^k £ ■ 

^ w'-. 


• sJ! 

. - >w f 

• ?“• Eft .JV* . 

...rv 5 **** 


tip rt. 

' ’ - , " r '& 1 * J : '£ . 

* ? • r-« i- t . 

- -... cZ' ’'ftt iV 

. .; - S 3 «sipCf 

:o» r*.-^ ** t. V*. - 

•A- ' t 'i*.' ‘ 

J * 3 ! ?■•■£•.' 

et filL'i ?: 
-• • . ‘Ji. 1 ' [«:■ 

. UaiiJ 

,; -' Wa*il; 

_” ' 11 - "*r* Ify ' * . 
: ft. ■ j £ 

I L- 

•• -* tte'rfc 

-- -^hjEr' if, 

'._■■■ r- 

■ ‘ 1 •• »■■*■,' V 

; -• 'v. 2 . Ih.i A ■ 

" v- CH : s' 3 

• - ■* « ig 


■ ■; ’yza%{ 

• '■ ... r ? 

: Jraej,:. 

: . : j:; C~t* ■■ 

•:• •:• i iollw; 
- ■ ::; ’j: :cr 

- - -r 


'rfJtl :‘ 

-.:-V «*£. 



. t .Tf 

°e •• 
*■ 5 Ss 
* u; 



j J J, "<| -< 

uv. 3 . t<. o ~ Q 

— ■ i» M feu 

ZL'-f a*£il:< 
5 “ .:■*!•* z 

X.'J- : 5 » ? ' 05 

v!s §" S « 

i-c . - N 

2s > 

“ t E 

< 5 lt 

, 11 





■ « 

/ i» n 5 tn 

> f" T| > 

fc 5 I? ,fc 

^ u - g-." 
£*” a |w! 

ft oSo £5 
2 i=^> 5 ^> 

t" » 5 eS£ 
r Eni *»6 






• ■ 5 2 

I s* 



H * 


3 00 0 ; • 
O*-' 3 - 


C <3 _■« 
S 3 . 0*3 

<T uS # 

C 4 



5 h o 
f to 3 x: 
5 4 o«J 
Z H J 3 h 4 

.5 2 , 


« a 

"hn ?? 

t 3 y 

B 0 « 


3 Vi 

2 ?JS 




1 1 B I 


2 « « 
w a c 


E- 3 e 



■35 « o «n ^ 

Swsg 1 «a 

fcs fees * 4 H 






s 0 
5 * 

? *s • tJ- 



c g |b g- 

2 a> > e B a 


:4 S23 fr o&2> 

2 S ®?Pl D 

O gj 

3 -E<!« e&J 

tan j wS .2 



" -g="S 

i-*i 3 poo 

..Iw | ^2 

o S' C o jfc 



5 SS ^ 

K u a o B j‘s; ta g 


S 5 


W A -o* 03 O O 

.t® ' 

- ■.-' 


/ ''I 

& 5 : 




* m 



,l*» ' 



■>.■ ' i 

di J 5 U g eg 


l|' *sit "s 



o SiC o « 2 So ° 


1 - 

: 5 s- *■• 

■“£ ,~V ■ 








wf«»g . ^«c 

» H»W > L. m. .. 

S 9 5 S- « “ m-o 

CS^.g o 3 ^ ^ " 2 


T&:. in® M O ® J- 

u-g’ 3 -^ >>G' 9 S| 

s !gii!§ii! 

SOH o 6 h fleA taQ 

flt) OA v 

5 =5 g’S 

' o *3 

-53 P' - ? « - 

t— I-| o 

5 tf) 

. ■ •’ ■■■ 

ti u 





U. 4JflI H 

r »«■• - 

£ £.5 
:s 2 « 2 = 

■rr > W et 

. ® v - ®o 

' rM^Zv Z2 g= ? ? S„o 5 \ 

2 -Ci-.-.-sSt >5 S- 3 t? 9 o'Ce«- *-> 5>*5 
■ ^,.*5 =;«:= . gffiuaiS 2 5 £ o 

. ®3STS S _ — 

M 3 s 0 3 5 ® 

5^3 ■c ln^S ffl 


« a "iJ i^S S|b° 
S oTS So®* 3 - 

E S R |2fi^ 

3 v - 


so °,E O 

« ? o a a Q,»'« 
A S Bq XJ CQ a Cl’S 

I <-■> 

55 "’'"Si 

- s to ft 

i=| 5 

•'5 5 

L S 

-i ^ - S». 

* £ 

, §• 


- 1 

December 23 1978 





\i TJNlJKS; Bing Crosby I h*v» 
k never longed ior '.- a white 
p» Christmas. As y a livestock 
il farmer show posts sse-'. money 
; and tmS] less-' snow 'there is' 
) .' through this year 3be better. It 
just- makes the - -miseries of 
farming through ; an- English 
winter. all. the worse. Particu- 
larly so at' 'Christmas and. the 
New Year which now seems to 
he telescoped into . one long 
holiday. ‘'This means (hat all 
work is. &n. _an overtime. basis 
and the -hindrances caused by . 
snow ana- 'frost to bunt pipes 
nod froze^i troughs and' the 
costs :of.:«gtra. feed hecause xif 
the lack.?rif- grazing axe-ezroir- . 
mously i&steMed..- . 

There %a foolish saying that 
a greetul Christmas' fills the 
churchyards; don’t -you believe 
it Tbfc£gieeher : the Christ- - 
mares. zfid fortunately in the . 
South ofaEngland they are in 
the majesty, the better . toy 
stock .antt/erops amLl survive 
Into another spring; Even so 
the only^really good thing to 
be said about December 25 is 
that by f&t day the sun has 
begun itjf-jslow climb back to 
our latitudes and the days are 
getting perceptibly longer. 

But I have suffered. . . : 
Before ip. the war I. used to 
milk mjr T bows in a portable 
milking shed in the field, called 
a bail: *' system much -at risk 
with snow'. and I remember one 
when snow' and Christmas coin- 
cided when. I was actually 
milking. i - 

On thig partieular Christmas 
afternoon:-! was relieving a 
cowman and. arrived at the bail 
about 2 ipJxL to find it silent, 
the cowgrln a huddle' at the 
other ' c&3; of the field; 'a foot 
of snowviand nn sign of my 
mate. I. hadn’t far to look for 
him. Tied to the fence of the. 
nearby pub was the horse and 
cart which carried the churns 
and feeder the cows. Inside 
1 found; Stan topping up his 
Christmas/ - cheer and in very 
good well. 

I joined blm for a while, and 
then persuaded bun to come ami 
help me milk. He was very 
'cheerful about It, 'and by this 
time so was I. • We drove tp the 
bail, chased the cows in to their 
pen, unthawed the. pipeline 
which was frozen, and started 
milking.- It was a brute of an 
afternoon, the wind getting 
colder every minute ami snow- 
ing hard. But somehow we 
didn’t seem to feel it. In fact 
we began to feel uncomfortably 
hot. Whatever the' landlord had 
spliced the beer. With,' had made 
us impervious to - the cold. Wo 
were sweating. *. T took off my 
overcoat then ~my jacket and 
before long was down to my 
shirt sleeves and so was Stan. 
Then we thought the cows 
would milk better if we sang 
to them and so we did.. Because 
we bad been late in starting we 
were singing well as the local 
churchgoers forced thpJr way 
through the snow to -evensong. 
But next morning at 5 am things 
didn’t look so good. There had 
been more snow which we had 
to dig oat, we couldn't get 
warm, the - cows kicked the 
buckets and stamped on our 
feet The Christmas ‘.spirit had 
left them (and ns) entirely and 
what was worse the milk which 
bad been up. the afternoon 
before was down. The only 
explanation I can think of is 
that when conditions are 
atrocious it is better to -be tight 
than sober. 

Two boars 

Other Christmases remem- 
bered for various, accidents 
inseparable from - farming life. 
A herd of cows or sheep gets nut 
and tramples over neighbouring 
gardens. Angry people interrupt 
my Christmas dinner with com- 
plaints. not realising .that the 
joys of living in the country 
must be paid for. Only last year 
I took a last look around my pics 
just before going in. to lunch. 

only to find that two enormous 
boors had had a fight and one 
had broken its leg. if took one- 
and-a-half hours to get a slaugh- 
terman (o conic and put him out 
of his misery and haul him 
away. Disasters invariably start 
on holidays. 

In the 1830s farm workers 
only enjoyed Christmas if they 
were lucky as a privilege and not 
ns a right. They certainly had 
nn holiday on Boxing Day. 
Farmers of course could take a 
break and one of the customs in 
Wiltshire, although I never saw 
it actually performed, was to go 
out and shoot 12 blackbirds 
before Christmas lunch. What 
the origin of this particular 
slaughter was I never dis- 
covered (four and 20 blackbirds 
baked in a pic?). And I never 
indulged in the sport myself. 
But as game shooting is for- 
bidden on Christmas Day, the 
addict could keep his eye in 
before the customary tenant 
shoot on Boxing Day. 

Boxing Day shoots, coming as 
they do towards the end of the 
shooting season, were often a 
free for all. Almost anyone used 
to be invited, and no one tonk it 
with the deadly seriousness that 
unfortunately characterises so 
many farmers’ shoots today. 
Almost everyone came out 
replete with food and drink and 
could be retied upon to miss a 
number of birds so as to safe- 
guard the next year's stock. 

One Boxing Day I shot a 
pheasant the last drive, then 
caught a plane lo Australia 
where three days later, before 
the days of jets, my friends had 
delayed (heir Christmas dinner, 
turkey and plum pudding until 
my arrival. The thermometer 
topped the century and the lieer 
flowed like Niagara until New 
Year’s Eve when my host sud- 
denly bundled me into a car to 
drive some hundreds of miles 
into the interior to shoot 
kangaroos. On New Year’s Day 
T shot one — not quite a right and 

1 have had half a dozen 
Christmases and New Years 

abroad, particularly m ibe 
southern hemisphere, where 
instead of snow and ice, drought, 
great heat or torrential rain has 
been The rule. 

1 had landed in the Argentine 
with a load of sheep from New 
Zealand and promptly began to 
look for work. I found that all 
jobs except for the lowliest, had 
Spanish as a first essential. I 
spoke no Spanish, so I got a 
labouring job on a hi® esiancia 
south of Buenos Aires where, 
after a couple of months, I hoped 
lo learn enough Spanish to rise 
In the social scale. It was hard 
monotonous work, and the food, 
boiled beef at midday, and roast 
beef at nicht. with* very little 
else was montonous. However, 
on Christmas Day we were given 
a treat:” asado con cucro,” calf 
in its skin. A biq mir was killed 
e.'d skewered on fencing slakes 
with the skin still on, facing an 
open fire. There it cooked for 
two or three hours. This system 
makes sure that all the juices 
remain in the meat. The minute 
it was judged properly cooked 
vie were imVed to try it. No 
plates were used. The procedure 
was to cut a strip of skin and 
meat fmn the carcase, then slice 
a suitable mouthful almost in 
the last shred, which held it on 
until you got it between your 
teeth. Then a slick upper cut 
with the knife which everyone 
carried taking care not to take 
off the tip of your nose, and 
llic morsel was in your mouth. 

It was absolutely delicious, 
particularly on that first occa- 
sion that I tasted it. To avoid 
burning our hands v/o used two 
small pieces of hard bread — 
galleta — which used to be 
delivered to the fwianeia every 
two months. With difficulty they 
could be swallowed when soaked 
in gravy- For drink we had wine. 
ama, a sort of brandy, finishing 
up with male, a holly-leaf tea, 
which kept scurvy :rt bay. I 
can’t remember when I enjoyed 


"iriS AL - 




a i 
2 » 

ffi s 




l.- - 


PI I- 



Mrs. Gandhi appeared to enjoy 
every moment of it. As the 
Indian Parliament brought 
ridicule : on itself last week by 
both expelling her and locking 
her up .for . a few days, Mrs. 
Gandhi^ sat back with.: her 
patrician aif quietly waiting to 
harvest her martyr’s crown. The 
demonstration of support that 
followed— with over 25,000 
people offering themselves for 
arrest and outbursts of violence 
at her imprisonment in several 
cities— must certainly have 
exceeded -her expectations. - Mr. 
Morgrji'. . Desai, the Prime 
Minister; has been made to look 
ineffective and politically 
inept, while Mrs; Gandhi Is once, 
again strutting out with her -old 
self confidence. 

The agitation Jo her favour 
has been largely concentrated in 
- the. southern states of Andhra 
Pradesh, Karnataka, and Tamil 
Nadu. These were the states 
: that were largely unaffected by 
the Emergency and which are 
coming to regard Mrs. Gandhi 
as their chosen , daughter since 
she staged her return to Parlia- 
ment last month through a con- 
stituency in Khmataka. She has 
yet to wipe out the memories of 
the sterilisation campaign that 
lost hpr £ie -Northern Hindi belt 
in the 197?- general election. But 
ip her iiphge of Mataji— : mother 
of the ^ption^-an'd her appeal 
as protector of the lower-castes* 
she striSssp a -chord across India 
that is .njkjrlvalled by any other 
politician^ . •’* 

-The foolishness of Mr. Desai 
has beeaHb force her back into 
active politics— and to provide 
her witliare&dy platform -from 
which tfijfifiht— by a legalistic 
determination to. bring her to 
book for.what were Undoubtedly 
the nnn&Vpus excesses of power 
committed either . by her '.or 
those responsible .to “her during 
the Emergency. In the 1977 
election ^Indian-.. voters over- 
whelmingly ' 'rejected the 
Emergency and Mrs. Gandhi. To 
reinforc&xhe lesson the Shah 
commission into thesEmergency 
has sbowpr how iq -the hands of 
an autocratic" government 
Institutions caved in and indivi- 
duals Abused . their office. 
Pursuit of- Mrs. Gandhi through 
the conks will np longer put 
that to-^jeigbts or prevent- a 
.recurrent*?. Thedangernew is 
of the al wrangle -polarising. - 
Indian political life into what 
could ban. continuing battle- of 
recrimination and counter* 
recrimination. . . - 

It wiH? be but. a short while 


Mr. Gar.dhi—th« martyr's crown 

before Mrs,* Gandhi is back la man logo. Both DC . Comics 
Parliament. The risk she stood and LCA will receive two and 

in seeking election last month a half per tent or the films 
is that she is a pour debater, gross. 

Which meant that challenges . LCA has increased the mtro- 

from.' the Janata government her of Its licensees from 100 to 
benches cnuld have brought a- ; 14ft. One of them. Atari Inc, 
damaging blow to her prestige/ also a subsidiary of Warner Inc. 
The higher her popularity 'out- ' Will be making electronic pin- 
side the House', the easier to ball machines for use in public 
duck such confrontationi. Her amusement centres. Planters/ 
first task on getting hack to Curtiss have the lollipops with 
Parliament will be io harness Superman wrappers. The list is 
as many uf the Congress, endless from childrens sleep 
Tactions to her cause us she can :wear and bed linen to figurines 
before trying to tempi members ' and Christmas ornaments, 
of Mr. D*esai’s uneasy coalition'-'. - Warner Books will be hand!- 
into joining her. Mr. Desai has. jog all the printed material: a 
had’ in his favour plentiful Superman novel, an encyclo- 
harvests which have given two pedia, a quiz book, a calender. 

good years of economic growth.-: blueprints of tbe Arctic fortress 
But there are likely to be &n in. the inevitable making of 

increasing number of deserters- Superman, the book, about tbe 
from his ranks if he cannot film about the book. Warner 
improve on his government’s Records have done the sound- 
performance. 7 track - and will put out two 

singles.. And that just about 
' . Covers all the angles under one 

Cfinpr - ■ giant umbrella. . 

t)ll|IGI - A new marketing gimmick has 

. - . . been launched by a New York 
man * firm called National Screen Ser- 

-' Vice (NSS) which has been 
Superman finally Teached the; ^supplying cinemas with press 
cinemas in the form of a 550m books; stills and display adver- 
mtrvie.'.-'Aud 'so did nearly.- A rising, for 50 years . as ’ well as 
millfon. dollars worth of .^flogging; Superoanalia in the 

mao artifacts destined for sale sfiops it intends to grab, the cus- 

in the foyers to the comic- book; totner's. * right in the movie 

bero'sr fans. . houses; NSS already has a heavy 

unlike - the makers ' of _ thrt - fnvestment in the success of 
other, blockbuster ” Star wars Superman they have already 
who 'failed to see the potential hbugfat *25ri,d00 worth of Super- 
ari'd . got their. “ supplementary man merchandise that will retail - 
merchandising ° out too late- to at $600,000. 
catch tbe early ru^i. Warner • i n 475 0 f the 700 theatres 
Bros, the makers of Supennan” '-- showing Superman ore booths 
have come prepared with no less : called movie madness boutiques, 
than "1,000. bits of Supermanalm-. ' They wDl have buttons posters 
Warner Publications already. T-shirts and krytoniyte rocks 
owns. DC Comics (pnbmhers-m. that glow in tbe dark; 

Superman comics) and Licen-; “-The movie is a natural hype 
sing Corpl of American whica;;. f or ttj e merchandise,” "said 
gets & per cent f rom the wboie-- Sej-mour Kaplan an executive of 
sale-price of all toys, novelties- NSS. . ” Why sell Superman 
anff clothing bearing the. Super-v-jhfrts -ft Wool worth since the 

' " -people who want .to buy the stuff 


s 1 

Charinc Cross station. It is a 
conversion of the Nash build- 
ings which can stand com- 
parison with the Cilicurp centre 
*n New York. 

Yet is it not out of keeping 
with the' persunna of the bank 
(which keeps the Queen's 
accounts) that it should provide 
old-fash lonptl school-type pens 
and ink for its customers hi 
the first-floor hanking hall. 

The pen with the detachable 
nib, so beloved of generations 
of school maslcrs. has now all 
hui disappeared from the scene. 
Yet the advertising jingle 

They come as a boon and a 

blessing to men 

The Pickwick.- the Owl and 

the Waverley pen 
was once on as many lips as 
Thai’s the Wonder of Wnol- 
worih or the Esso Blue ditty 
have been more recently. 

The pen nib was all-but killed 
off by the introduction in the 
middle 40s of the ball-point pen. 
Last year 193m ball-points were 
sold in Britain compared with 
just under 7m fountain pens. 
Bnt whereas the number of pens 
lias been slipping there was a 
sharp 14 per cent rise in ball- 

Fountain pens fend to have 
something of a messy image 
whereas in this disposable age 
the throwaway bail-point stick is 
what modem living i*all about. 
The stick is a lot cheaper, too. 
at 6p or so compared with any- 
thing between £3 and £20 for 
the average fountain pen. 

Ball-points are changing all 
the time. loo. A new breed 
cumins on to the market has 
a plastic ball instead of 
the steel ball and liquid ink 
instead of the solidified ink now 
being used. 

Nor is this the end of it. 
Fibre-tip pens, which originated 
in Japan as writing sticks dipped 
in a fluid, are selling fast. Last 
year 38m were sold, though as 
they have many applications it 
is not dear how many of them 
are bought just for writing. 

For "pure" writing there is 
nothing to beat the pen with a 
nib. Unfortunately, most of us 
prefer to scrawl away ratber 
than attempt to be legible. Now, 
where did I put my bail- 
point . . . ? 

Express, and Jeremy Isaacs, a 
very distinguished TV executive, 
are probably outsiders. 

Another being mentioned is 
Ian McIntyre, Controller of BBC 
Radio 3. McIntyre was for a 
short while Controller of Radio 
"4 and produced so many changes 
that he aroused great opposition. 
Although he has risen high in 
the BBC Mr. McIntyre has by- 
no menus spent all his life with- 
in the corporation. 

He spent a spell within the 
Conservative Party and at one 
time stood for parliament 
against Mr. David Steel in 
Roxburgh. Selkirk and Peebles. 

. Another expatriate Scot who 
is beins mentioned is Charles 
McLelland, Controller of Radio 
2. Unlike the others who are 
all Oxford or. Cambridge men. 
McLelland was educated at 
Glasgow University but like 
Burnet he spent a spell on the 
Glasgow Herald as a sub editor. 

Whoever gets the job will 
have a tough assignment BEC 
in the regions is seen as a re- 
flection of local interests and 
cultures. But ihc head men in 
London don’t always have quite 
the same reverence for it. so 
controllers have to fight hard if 
they are to win air lime 
nationally for their projects. 
This is where the clash comes. 




-Are the people who see the film. 
To sell’ merchandise you seed a 
/film that has drawing power and 
‘staying power we won’t gamble 
*an a, film that might be a loser," 
-he said, 

.The age .of the audience that 
P ypapts a “ piece of the film,” Mr. 
Kaplan puts it is between 7-20 .so 
■the cost of the merchandise is 
held below 5. The theatres get 
roughly 50 per. cent of the 
money. . ; 

The best new building to have 
bpened ic London in recent 
years Is: probably Courts' bank 
in the Strand, opposite London's 

The main topic of conversation 
in Glasgow this weekend among 
those who have had any dealings 
with the BBC is who will follow 
Alastair Hetherington as Con- 
troller of BBC Scotland. 

Hetherington resigned from 
his post on Thursday after a 
series of rows with tfie 
hierarchy in London and for a 
while the post is being held on 
a care-and-maintenance basis by 
Andrew Todd, deputy director 
of news and current affairs in 

This is not a long-term solu- 
tion, though, and all sorts of 
names are already being 
bandied about as possible 
successors to the former editor 
of the Guardian for the £17,000- 
a-year post. 

It is generally conceded that 
the position will go to an 
•insider. ■ Hetherington arrived 
at the BBC after 20 years editing 
the Guardian and found the 
intricacies of' BBC life very 
different from that of a smaller, 
more compact newspaper group. 
Someone who knows his or her 
way around the BBC is there- 
fore certain to succeed him. 

With tbe 'possibility of Scot- 
land voting for devolution in 
the; referendum on March 1 it 
is highly likely that the BBC will 
put in another Scot and a num- 
ber of names are already being 
canvassed. Some, such as 
Alastair Burnet newsreader at 
ITN and a former editor 'of the 
Economist as well as the Daily 

Once upon a time a very senior 
executive of this paper was the 
only person in the whole 
organisation who did not 
receive h is Christmas bonus. His 
closest colleagues and friends 
laughed and laughed and 
laughed and as the news spread 
round the building even more 
laughter could be heard. It was 
said that the only way the 
accounts side realised their mis- 
take was the vast sum of money 
left at the end of the day which 
could not be accounted for. 

Life catches up with those 1 
who laugh at others’ (even tem- 
porary) misfortunes — the pay 
cheque for November of one 
of the biggest eaeklers was 
awash in the banking system 
for close on a fortnight. It was 
an interesting experience. 

Her bank statement happeued 
to- arrive on Thursday 
November 30. Confidence, com- 
placency or laziness but it did 
not get opened until the Sunday. 
Judge of. her horror — the big 1 
figure was missing*! (not that 

Come the Monday morning 
the first telephone call was to 
her branch where a trembling- 
voiced girL confirmed the worst 
A oall to the accounts depart- 
ment established that the usual 
procedure had been followed 
with the company’s banker and 
that — as had been suggested 
by a few really close mates — 
nobody was trying to give her 
a message. Accounts called the 
bank which presumably put. its 
tracking system into gear. 

Presumably because this is 
where it gets interesting. What 
followed was silence. Utter 
silence. Nobody telephoned to 
say they were sorry. Nobody 
telephoned to say they were 
doing their best Nobody even 
worried if she was stony broke, 
about to go on. the bad debtors 
register or into huge charges 
for overdrafts. She felt very 

Not being a timid lass she 
phoned her bank manager on 
the Wednesday. No- the cheque 
was not In. He is a nice , man, 
her bank manager, kind and 
understanding: He was posi- 
tively cheerful.- The message 
was virtually “carry on signing 
the cheques.” He didn’t seem 
at all worried — most likely 
he had established that it was 
not his bank’s fault by then. 

a meal so muoh or felt bo full 

When it was over I thought 
I would like a swim. The 
owners of the csrcnrio had a 
swimming pool. This was 
reserved for them and not lor 
the wurk».*rs. While the family 
were enjoying their sophisti- 
cated meal mduiirs 1 crept 
through the grounds, took off 
my clothes, and swam a few 
lengths in the nici- warm milky 
. water until I suddenly 
remembered the awful stones I 
had heard of cramp affecting 
these who swam after a heavy 

I remember a more recent 
Christmas or rather New Year 
in Colombia, where the New 
Year is often more fughly 
thought of. I had travelled 
from Bogota ir. the highlands to 
the jungles near the M3gdelena 
river with Antonio, a politician 
looking for a seat in Parliament 
who was gome: to give some sort 
of a bribe in the shape of « nc-w 
bridge In a ullage in his pros- 
pective constituency. At least 
I think it was a bribe. 

\Ve spent the night on a near- 
by ranch and reached the vil- 
lage about 10 o'ciock. The 
cheque for the local bridge was 
handed over with due ccr.-niony, 
and then wc adjourned to r. pub 
with a Ion; verandah whvrc 
Antonio, myself, our wives and 
some chtlrinm anti 40 or i«) vil- 
lagers sat down in the shpclv 
of the tin roof, and began on 
tbo bee: - . 

Tbe Colombian barmaids 
uhdestanu the principle s of 
serving drink excellently. As 
soon as thv top was oft on'* vf 
our bottles, another was pur :n 
its place, and although Colom- 
bian beer i-s not particularly 
strong, the effect of ^btrer quan- 
tity- is pleasing in a hot climate. 
If by any chance the conxir na- 
tion flaeced a bcitie uf spirits 
was produced and parsed mound 
to top up wiih. During Th-.- 

itr - - 

** i 1 . 1 -TVv! 

na**-— aL..? ’ 

. J*gF : -TgvX) ' - 

One iff Font’s cartoons of IS24. Reproduced by permission of Punch 

course of the morning I heard 
some crnvcrsalion going on 
about a which means 
hen. A minutes later there 
■•var a tquawltinc in the 

di.inaee sri wv were told (hat 
<-hU-?:en would oc. sewed when 
{?«.-:< ocked. 

r-iv'Ut 4 pm Ihr hen tvas 
pron-ojpeed cooked, banana 
leaves v.'n* laid nn toe table, 
the cooking pets emptifd on to 
them and v. v helped ourselves. 
Only the gravy was digestible. 

All through (he tong after- 
noun we drank beer and made 
political speeches; about 50 
people spoke on various political 
questions and they then looked 
expectantly at me*. ‘What could 
I do but uphold the honour of 
Srrfain and the- Financial Times. 
1 embarked on a routing 
endorsement of my friend 
Antonio and all he stood for. My 
. Sp.-uii'h. although fluent, could 
not have been very- good. 
Antonio did not then and has 

not gim-e severed hi* nciiC; 
place ;n h:s country’s pa: 11 

And for this Cbrl>l:: - ..ii T 
doing sojn<‘thing comp! 
different. Xu Travel, no 
ment. I am leaving tin- far 

in good UctulF and hii-yir 
myself in «»»e of the fi.rtite 
ovtro nines uf the nyC-h mus* 
land where nctiung happ •: 
snd telephones never r::* 
Raiher like a beautiful hut 
hope temporary grave. 

So lha money went missing 
in 1 he company's hank (no we 
don’t own it — yet). The staff 
th-*re didn't seem ton worried 
either. But th-re was not a 
wholehearted open concern. In 
f?ct it was extremely difficult 
set any sort ef sense. No 
animorirv. of course, just a sort 
of judicial “We know best” 

Apparently it all comes into 
bank security consciousness. In 
reality cn? suspects it comes 
*n!u -- wr- don't want to tell." At 
any event 1-.1 some stage what is 
a block instruction from th* FT 
to the bar.!: sets broken down 
into the- individual bits of 
pap-?r. Here is where the nub 
is at. Her beak had cban.sed 

its name some years aRO. The 
accounts department had con- 
tinued paying on the old plate, 
or whatever is the system. And 
it can only he assumed that the 
person in the hank who whs 
totally used to the system went 
to a well earned retirement and 
The new person put the paper 
to the nearest equivalent name. 

Bearing jn mind that the 
cheque had gone adrift at some 
date like November 23 (cold 
turkey on Thanksgiving? ) it 
was truly fascinating to discover 
that the nearest equivalent 
name bank took so long to spot 
a wandering sum of money. It 
would be too too unkind to 
speculate on the overnight 
rates applying. 


> SEA 



Ths Financial Times is planning to publish a number of Surveys 
in 1979 on the Drink Industry. The titles and proposed publica- 
tion dates of those planned are listed below. Other titles may be 
added during the course of the year. 

BREWING March 21 
LAGER August 2 
WHISKY October 5 
WINES & SPIRITS November 8 

The Financial Times publishes over 250 separate surveys every 
year on a wide variety of subjects. The complete survey schedule 
is available on request 

For further information on Drink Industry Surveys 
or Run-of paper advertising, 
please contact, 

Derek Rome, 

Financial Times, Bracken House, 10 Gannon Street, 
London EC4P 4BY 
Tel: 248 8000 Ext 7181. 



The content, size and publication dates of Surveys in the Financial Times 

are subject lo change at the discretion of the Editor. 

■ *>n December 1". every boti;- 
suddenly value up roses. T. :, o 
branch rang to say the morvy 
vai in. The banker rang to i-r.y 
ihe same ihin^. The account 
department — unfailingly in- 
terested — was pleased to ?io:ir 
the news. 

But when the bank v:.3 
approached on the grounds lli-t 
the pure technicalities miskt 
make a slightly unusual su-vv 
everybody became terribly shy. 


David House go 
Caroline Hyde 
Tony Moreton 
and Pamela Judge 

•i ; 



r Coiapaiiies and Markets 


Second half fall leaves 

0,000 off 

A SECOND half Tali from 
£190.035 to £135.411 left taxable 
profits of Blucment Bros, behind 
at £325,466 for the year ended 
September 30, 1978 compared 
with a previous record £375,490. 
Turnover was up from £4.7m to 

Mr. B. J. Ditcham, chairman, 
says that the industrial side of 
the business continued in 
expand throughout I he yea T. hut 
the market for cycle products at 
home declined in the second half 
and has not yet recovered, while 
competition in the export market 
for cycle products remains very 

Production of steering wheels 
was hit during the last four 

months of i he year due to strikes 

in the motor industry, he adds. 

Earnings are given as 7.77p 
(S.59p) per 25p share and the 
dividend total is lifted tn 3. Sip 
(3.67p) net with an unchanged 
final of 2.17p. 


Bluemel Bros. . 
Coat. Stationery 


Borne Brewery . 










payment payment 





April 4 




.tot. 0.9 

April 6 














.int 0.67 

Feb. 6 


1.76 . 

Dividends shown pence per share net except where otherwise stated. 

*■ Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. 

for Home 


Profit before 
tCoTpoieliun i 
He! profit .. 
Interim div. 
Proposed final 
Lea vi no . . . 

t Includin'? 


il « 

CBJ.407 (C16T.871). 

148 832 


4 704.872 


A PRE-TAX profits leap from 
£31.059 in C$7,580 in the six 
: months to August 31 I97S is an- 
nounced by Sohrunk- (Holdings > 
the ciaarelle and tobacco manu- 
facturer. Turnover went ahead 
from £3.1Im to £3.I4m. 

Pre-tax profiLs fur the whole 
. of last year were 164.0UO. 

The halfway profits included a 
contribution from associated 
. companies of i'14.9S5. against 
£32.545. After lax up from £7.434 
to £45,500 attributable profits 
1 come out at £44.380, compared 
> with £26.850. 

The interim dividend per 10p 
. share is raised from G.GSp to 
0.(57 p — last year's to la l was l.Tfip. 
; Stated earnings - per share are 
ahead from Q.S6p to 1.45p. 

Brewery Company were lifted 
from £3.7nt to £3 .88m on turn- 
over ahead from £23.02m to 
£25.38m in the year to September 
30. 197S. 

The Board says the company 
has contracted commitments of 
£2.lm. and projected capital 
spending over the next five years 
is estimated at more than £6m. 

The profit was struck after 
interest received of £610.000 
(£548.000). surplus on thu dis- 
posal of assets £339,000 
(£174.030 1 and depreciation 
£734.000 (£660.000). Tax -for the 
year look £2.3m (£2. 12ui). 

The final dividend of 4p. makes 
a total of 4.7p net per 25p share, 
compared with 4.54p for 1977. 

The company is a " close 

First half earnings are 2.37p 

per lOp share compared with 

2.lSp and the directors announce 
an unchanged interim dividend 
payout of 0.9p net costing £22.500 
(same) — last year's final was 


Corporation tax took £64,100 
(£59.500) leaving a net profit of 
£59.176 against £54,620. The 
amount retained was £36,676 
(£32,120). . 

The company prints computer 

lower than 

up slightly 

On turnover oT £1.29m against 
fl.ISm pre-tax profits of Con- 
tinuous Stationery rose 8 per cent 
from £114.120 to £1232176 for the 
six months tu September 30. 197S 
and il is expected that this level 
of profitability will continue for 
the second half. Profit for the 
1977-78 year was £196,159. 

Group finished the September 30, 
1978 year ahead at £285.939 
against £259.292 previously, 
despite a second-half slip from 
£144.292 tn £132.939. 

The directors say that profits 
for Ihe full period were lower 
than anticipated and positive 
action is being taken to increase 
the level of profitability. 

Turnover rose to £6.87m com- 
pared with a previous £6.QSm and 
net profit came out at £150.948 
(£92.7621 after a lower Lax 
charge of £134.991 (£166.530). 

Earnings 'are shown as 3.6p 
(3p) per 25p share and the divi- 
dend total far the year is stepped 
up to 2.66062p (2.41$75p) net 
with a final payment of l.S5625p. 

Cronite is an investment bold- 
ing concern with interests in the 
design, production and sale of 
castings and fabrications in 
alloys of nickel and chromium. 

! Edinburgh Industrial accounts 
carry heavy , qualifications 


AFTER A brief glance at the 
report and accounts for Edin- 
burgh Industrial Holdings for 
the 17 months to March 31. 197S 
it is quite dear why ihe shares 
have been one nr the wool 
per formers in the market. 

The accounts carry a full page 
auditors' report which ends with 
the comment that the auditors. 
Tansley Will. ” are unable to 
confirm dial the accounts give 
... a true and fair view ' of 
the company. 

The auditors say that proper 
Internal control over expendi- 
ture was nnt always maintained, 
although the dire* -tors now say 
that these defects have been 

They also say that the sale of 
two ships from Southern Tankers 
was Dot recorded in the accounts 
according to standard accounting 
practice. If Standard 14 had 
been complied with ihe trading 
profit before interest and extra- 
ordinary debits Would have been 
£322.001) lower. 

As it is the profit and l*v.s 
account shows a much worse pic- 
ture than that revealed at ihe 
preliminary stage — and that hurt- 
no resemblance in the profit fore- 
cast made at the Sleek Ex- 

change's insistence at the time or 
the Southern Tanker takeover. 

The figures now released show 
pre-mieresi trading profits of 
£265.000 (including the £322.000 
c*n the sale of the two ships 
which rile auditors commented 
on». Interest charges were £3,000 
greater than the trading profits 
leaving a *mall loss before tax. 

Below the line, however, there 
are no less than £2m worth of 
extraordinary losses, £1.4Sm of 
which was goodwill written-off 
on Southern Tankers and 
£356.000 related to losses on the 
disposal of shares in subsidiaries. 

Unnervingly, none of these 
figures hear any resemblance to 
the preliminary accounis which 
showed trading profits of 
£221.000 turning into a loss of 
£493.000 after tax and excep- 
tional and extraordinary debts 
totalling £710,000. 

Mr. Godfrey Billun. chairman, 
does nut comment in nis 
accompany ing statement about 
the discrepancies beyond saying 
Jhat the forecast pre-tax profits 
o«' £251.000 made in November. 
1977 included a £3m fussil fuel 
transaction which toll through 
and which would have contri- 
buted £240,000 in profits. 

He also points nut that the 

1977 forecast had included 
figures for the lossmaking E1H 
Electronics, subsidiary, since 
sold. Excluding its losses from 
the forecast, increased the 
forecast profits to 1350.000 — even 
further removed from the actual 

The accounts are littered with 
other depressing figures such as 
the fact that shareholders funds 
are £610.000 compared with 
bank loans of £l.3m. There are 
also contingent liabilities of 
£711.000 including a £139.000 
claim by Crystal ate which Edin- 
burgh has lost in ihe lower 
courts. Edinburgh is appealing 
against the judgment. 

Mr. Billon's statement makes 
no reference to the company's 
current prospects although at the 
time of Die takeover of Southern 
a forecast of £50S,000 per tax 
profils was made for the 12 
months io June 197S. 

Record year 
for National 


Kunick forecasting 

With trading activities exceed- 
ing earlier expectations, profits 
at Kunick Holdings arc now fore- 
cast to reach at least £100.000 in 
the year to May 31. 1979. 

This was slated b\ Mr. Andrew 
Chat teas, chairman and manag- 
ing director, at the annual meet- 

Trading activities have ex- 
ceeded earlier !• nr mi pa linns, and 
inform lh3t ihe preliminary 
figures show a profit for the hair- 
year to November 30. 197$. nf 
about £60,000. he said. This in- 
cluded profits of i lie newly 
acquired subsidiaries Tor ihe 
period from June ! to August 
15, 1978. 

It should prove possiMe tn 
recommence the payment uf divi- 

Mr. Robert Lamdm. chairman 
nf Welk-o Holdings, (old share- 
holders that sides in the first five 
months of Hie year had moved 
ahead and the rate of expansion 
was continuing aL the same level. 

The electrical division 
improved performance in July 

and August, he reported 

Manufacturing had a very 
healthy order book and a recent 
substantial order from Australia 
fur elements bad been received. 

Ensel Electric continued to 
expand their share of the 
market especially in furniture 
light fittings. The Lincass 
manufacture of heavy irons had 
been revitalised and the 
chairman was confident that this 
company could be built into a 
useful contributor to the results 
of Welk-o. 

Indications wore that profit- 
ability was being maintained in 
proportion. despite severe 
competition in some sectors. 

Mr. J. N. Co* * per. chairman of 
Steaua Humana (British), stated 
in reply tu a question for a 
shareholder that the company 
had no information as in 

ihe percentage of Lhe established 
claim of £1,444,447 which it will 

However. 10 per cent of the 
established claim would repre- 
sent around 7-p per share. 

LIFE assurance and pensions 
business of National Mutual Life 
Assurance Society surged tu 
record levels this year. 

New annual premium business 
as a whole rose by 6$ per cent 
to £4.S5m, against £2.8Sin. while 
new annual premium income for 
assurances increased by almost 
«nc third t»i £2.S$m (£2.1.$mi and 
for annuities n almost trebled 
to £1.97m (£0.7m >. Single 

premiums were, down from 
£3.49m to £2.55m. 

New sums assured rose 50 per 
cent to 1119m i£79.2m) and new 
annuities per annum more than 
doubled to £9.$m from £ 3.85m, 



7 Financial Time^ ^tUrd^j;;P‘4cem^^ 



Lead Industries buying 
Oster Group for £8m 

Lead Industries, the non-fer- 
rous metals, paints and chemicals 
group, is to buy the Oster Group 
of companies the U.S. metals 
concern for $U.S.l6.4m (£7. 9m). 

The British group says that 
the deal is to be -funded partly 
from retained profits but also by 
medium term loans raised io tbe 
U.S. In addition 85m of the pur- 
chase price is to be “paid on a 
five and ten year, deferred basis." 

The group is buying the Oster 
metal service centres in Rhode 
Island as well as its metal fabri- 
cation and casting of special 
metal alloys operations. 

It says that Oster's net tangible 
assets are valued at some SI2m 
(£6ra) while Oster group pre-tax 
profits, including rental income, 
are currently running at around 
$2 5m i£1.25m}. 

Lead Industries says that the 
acquisition compliments its exist- 
ing Frys Metals business — 
smelters and refiners of lead and 
tin as well as manufacturing die 
castings in al umin ium, zinc and 

Tbe group already has close 
links with Oster. Earlier this 
year the two concerns set up 
Frys Metals Incorporated as a 
joint venture in the U.S. 

Mr. Richard Oster and Mr. 
Stephen Oster will be joining the 
new Lead Industries' subsidiary 
— to be named A. J. Oster Com- 

pany — under -five year service 

Mr. Michael Henderson, a 
director of Lead Industries, Mr. 
Brian Carey and Mr. Allan 
Barnes, directors of Fry-3 Metal 
will also be joining the new 
Oster Board. 


Keizer VenesU. a subsidiary of 
Montague L. Meyer has ac- 
quired the capital of Brymitre 
Holdings of Ightham, Kent, for 
some £1.1 m cash. 

The consideration is depen- 
dent on the expected pre-tax pro- 
fit .for 1978 amounting to 

Brymitre carries on the busi- 
ness of laminating vinyl foils on 
to chipboard and other boards 
for the production of components 
for Hi-Fi and television cabin- 
ets, furniture components and 
other industrial applications 
using sophisticated v-groovtog 

for cash at 8lp per share to Meiji, 
and in turn has acquired 500,000 
shares from existing shareholders 
in Meiji. The investment in each 
case represents about 0.2 per cent 
of the share capital ' of each 
company. ' 

Since 1972 UB and Meiji have, 
co-operated in the production by 
Meiji of a range of UB products 
which have been sold in Japan 
by a jointly owned company, 
Meiji McVitie. ' 

The new UB shares will rank 
pari passu with the company’s 
existing ordinary shares, but will 
not rank for the interim divi- 
dend paid on January 6. 

United Biscuits (Holdings) and 
Meiji Seika Kaisha, in recog- 
nition of their Trading Relation- 
ship, are to make an investment 
in each others share capitaL 
UB has issued 500,000 shares 


As part of the Internal 
rationalisation of Cummins* 
organisation in the UK the assets 
and undertakings of the Daventry 
branch of Cummins Diesel Sales 
Corporation are to be transferred 
to Cummins Engine Company 
with effect from December 31. 

The business of the Daventry 
branch will not be affected in 
any way. 


The scheme resulting m the 
acquisition of the preference 
stock of Berger. Jenson and 
Nicholson by Hoechst US has 
been approved by the H ig h Court 
and has become effective. 

could last 

Forbes suspension 
another month 

Shares of Sedgwick Forbes, 
tbe insurance broker which is 
planning to merge with Bland 
Payne arid the U.S. brokers 
Alexander and Alexander, could 
be suspended until the end of 

•The directors apologised to 
shareholders yesterday for the 
delay involved in getting all the 
consents necessary .for the com- 
plicated deal. The shares were 
suspended on November 16. 

A number of factors are con- 
tributing to the delays. In tbe 
first place Bland Payne is a 
wholly owned subsidiary of the 
Midland Bank, which has not yet 
agreed terms for the merger with 
Sedgwick which is the sine qua 
non of the link with Alexander. 

Under the deal Sedgwick plans 
to offer Midland its own shares 
in exchange for Bland Payne. 
Midland then proposes to sell the 
stake it will have acquired in 
Sedgwick and tbe sale price has 
still not been worked out. 

Vi addition the giant deal has 
also to receive the blessing of 

the Stock Exchange and the 
relevant Government authorities 
on both sides of the Atlantic. 

The Office of Fair Trading has 
already held discussions with 
Sedgwick and Bland Payne on 
this side of tbe water, but there 
is a possible bitch in tbe U.S. * 

Under the new- Hart Scott 
Rodino Act. the Securities and 
Exchange Commission has the 
obligation to call in all bids 
involving companies with assets 
and earnings in tbe U.S. above a 
certain size. 

It is not yet absolutely clear 
whether the proposed merger with 
Alexander falls within the size 
criteria. Yesterday Mr. P. T. 
Wright, chairman of Sedgwick, 
said that he did not believe it 
did. “ I may be proved wrong 
but 1 would he very surprised if 
wc were large enough to warrant 
investigation." he said. 

Meanwhile. Sedgwick believes 
the shares should stay suspended 
because of tbe scale of tbe 
proposed deal. It will create the 
largest insurance broking 

company in tbe UK, equal in size 
lo Royal Insurance. 


Premier Consolidated Oilfields, 
the British independent oil com? 
pany, announces completion of 
the purchase by Premco Western 
Inc. subsidiary of Premier’s 
wholly owned subsidiary, Premco 
Petroleum Inc. of Dallas. Texas, 
of a 50 per cent'working interest 
in 356.000 acres on seventeen 
separate prospects primarily 
located in the Rocky Mountain 
overtbrust belt areas of Mon- 
tana, Idaho. Utah, Nevada, 
Wyoming, New Mexico and 

The purchase was made from 
May Petroleum Inc. of Texas. 
The consideration paid by Prem- 
co was U.S. $2.24 m in cash and 
future work commitments. 

Premco and May expect drill- 
ing operations on these prospects 
during the Dext two years. 

Partial offer for Van Diemen’s 

A private Liechenstein invest- 
ment group, orag, has made a 
partial offer for the Van 
Diemen's Land Company, which 
was established in 1825 and owns 
estates in Tasmania. 

During 1975 and again in 1977 
Ofag bought nearly 66 per cent 
of Van Diemen's voting capital. 

Now the Takeover Panel has 
ruled that an obligation exists 
to make an offer for the 
remainder hut it has agreed to 
a partial offer by Ofag oa the 
grounds that it does not have 
sufficient financial resources to 
make a full offer. 

The Panel says that it is 
“ unfortunate " thai only a 
partial hid should have proved 

The terms are £4. SO per share 
(in U.S. dollars— equivalent lo 
S&.60 at current rales of 
exchange). Il is open i» holders 
of 70 per cent of ihe remaining 
$5,551 shares it does nor already 
own. excluding owners nf 164.449 
shares whu have ik-dioed to 

The offer is being made on 
O fag's behalf by L. Mcssel. Van 
Diemen's independent advisers. 
Coopers and Lyorand. will 
comment on the utter when the 

documents are posted. The date 
will depend upon consent from 
the Australian Foreign Invest- 
ment Review Board. 

and machinery to increase sub- 
stantially the company's produc- 
' tivity. 

EMI Music Publishing. a 
wholly owned subsidiary of EMI, 
has acquired Berry Music for 
about £250,000 cash. Berry Music 
is a music publishing company 
whose principal asset is its ex- 
tensive background music lib- 
rary, known to radio, television 
and film company users as the 
Conroy Music Library. 



Burroughs Wellcome, the U.S. 
subsidiary of the Wellcome 
Foundation, has acquired the 
Jcnsen-Salsberj laboratories 
division uf Kichardson-Mcrrell 


Industrial ami Commercial 
Finance Corporation has invested 
in Traill Mini-replivas of Hove. 
Sussex. mnnufaciurer of 
miniature replicas of antique 

The finance has been used to 
equip leasehold premises in 
Brighton with specialised plant 


Atlas Electronics Corporation 
has bought Arvin (Hongkong), a 
loss-making subsidiary of the 
Jardine Matheson Group through 
Zung Fu Company, Jardine 
Industries and the Jardine 
Engineering Corporation Ltd. for 
a nominal figure. 

Full provision for the loss on 
disposal will be made in 
Jardine’s 1978 account, but the 
directors say that the disposal is 
not expected to have any 
material effect on the results for 
the year anticipated when the 
interim results* of Jardines were 
announced in October 1978. 

Trading profits at Zung Fu. 
which held- 49.5 per cent of 
Arvin. are forecast at HK82Sm 
after tax for the year to Decem- 
ber 31. but in addition there will 
be provisions for Arvin and 
hisses in another subsidiary, 
Brookeades, of HK$19.5ra. 

Nelson David has acquired 
Pippbrook. which operates a 
Ford dealership id the Dorking 
area, for £47.700 cash. 



turns tbe tables 
on Domtar Inc 

!; ,-£ . •• 

• vX- 

' " - - P 


. ... 

MACMILLAN B L OE DEL, Meighenof Toronto. Messrs.; 
Canada’s largest forest-products Barron and Meighen. remain on, 
company, in which Canadian' thfc'; Argus Botod. although they ; 
Pacific has the biggest single .were defeated in a takeover 
stake, moved in swiftly yester- battle- for Argur.' control last 
day with a counterbid for summer- by the Blade group. 

■ : ^i(l f ."-,y1 I'v 1 ' 
■ ->* 

Domtar Inc. the Montreal- 
based ptilp-and-paper.- building 
materials and chemicals group. 

! ..'Canadian industry believes 

that behind the move, is the 
continuing feud between the 
Conrad Black group, .which now 
controls Argus Corporation, and 
the older members, of the big 
Toronto holding .company's 
management. Argus Corpora 

These sources believe that the 
. Domtar management pushed in 
its surprise bid for 'MacMillan 
on Thursday to try to block the 
sale of the Argus 20 per cent 
holding in Domtar. by the Black 
group- to- MacMillan 
• Tbe Black group -at 4h*s point 
seems to. have- had the last word: 
having agreed - ' tnr^selL the 20 

i / 

! /( 

.tr- - 

I 'Jit** .. 

tidn. founded by Mr. E. F- per .cent block- in- - Domtar- to 

Taylor, after . World. War \H, 
controls Domtar. . . Massev- 
Ferguson, Dominion Stores^ and. 
Bollinger Mines, and several 
other companies. ' The.' Conrad 
Black group took control 'of 
Argus this summer. . 

.'On Thursday night, the . 
Domtar hoard, on which sit two 
Argus directors, representing 
.the old management, announced 
it . would offer , one. Domtar. 

MacM-iHan JfflplIBUnii - then 
niade ha hid fijr ail Domtar 
stock In cash, .it is; believed 
that the Canadian Pacific group 
-would be favourable towards - 
fids since its interest In the 
enlarged company 'would appear 
to ' be : protected- ; Canadian 
Pacific also -controls .more than 
50 . per cent of 'the 'big Ontario 
newsprint and pulp -qpmpany. 
Great Lakes Paper. - 

4 ■" 

1 ? 

- (l ‘ 

? < 
- a***- 0- 


share, plus C$3 far each share, j 
of MacMillan or the equivalent - 
of $27.75 per MacMillan share,' However, the new MacMillan 
new in the market' at^ 'about tod wSHvcertahUy- interest die 
$22 . a mi nimum .51 per cent' Federal Government’s .Combines 
acceptance was sought. .‘The; branch in - .. Ottawa because 
Price was well below- the cost MacMillan arid Domtar together 
of. the 13.4 per cent holding in. would "make, tbe most cqmpre- 
MacMilian. acquired about a 



decade ago by Canadian Pacific; 

Surprise bid 

hensiye forest-products group 
to Canada;' with 'annual vdlumc 
of’ nearly' C$5bnV mid far out- 
weighing- the largest . single 
The Domtar hid was a sur= ' hdW^rint producer Ahitibi 
prise and greeted with some Pape r—unl ess a merger were 
disbelief in- the - todustry.-" Yes:-' eHoWed ^between 'Ahitfiaf . arid 
terday, MacMillan replied. - it Consolidated-Bathhurst, .itself 
revealed it had completed the controlled by Power.Corpo ration 
purchase of 2.8m shares of of - Canada, ; 

Domtar or a 20 per cent interest . -The Canaddaii forest-products ' 
fjrnm Argus Corporation and its industry for several; month& has . 
; affiliate, Hoilinger : Mtoes ‘at hPJ»n- argiiirig to Ottawa that it 
-• *<« most get'.;jntQL; target .units .to - 
compete more effectively : . in 
North-'America and atooad. with 
such .large American companies 
as Georgia ;Pacific. :,In the case 
of the recent Simpsons takeover 
by Hudson's Bay^ -tbe Federal 
.Government has appeared to tie 

■ i- -:T- ’ 1 - 

©7 a share. Its offer oif ’£2? 
per share of Dcrmtar appHes 
pro rata to sufficient shares to 
bring its total holding to; about. 

5l per cent of the outstanding 
stock. This valued the Dpnitar' 
equity at just over .C$4p0m. 

- CU-S.$470m), , l '■ AJU1V1 iliucu L UOa IU vo 

However, the MacMillan state- taking generally a more lenient 
ment from Vancouver gave -a /-view; of~ ‘ cpncentraikm fn 
hint at possible tUsaensioh industry. -; } *r " - 

within the Argus group. Mac- , Domtar ; is ...Canada's; largest 
milian said that -it began talks fine paper producer. It recently 
with Argus on acquisition of the - bought some building materials 
Argus-controUed blocker in interest from Kaiser, in the 
Domtar about ten days ago, and western r U5. "I. Ite chemical 
that it intended to. pursue, interests ire largely in' consumer 
vigorously- the. acquisition .qfy wm ‘ 

Dointar: Ttffe "strateiy*wotlii ash 

•"jikS md ri- - '--' 5 

• . r.* t 

. *- iiHr'-GoC-can 1 

U - > ' 


. --?.i 

' 't ; ; i - > J i*' ; 

.r;:2— ' 1 

• i % ■ m • • j R"* ! , 

,jl ' A P:.r 
"!• ' '• * 
: k- : ; .... 

tionally also a large exporterTo 

Canadian forest products . 

dustry." -. -■ •. ;the:HK,::. r - ■ 

MacMillan recently. Tecd^ in^Te^tit 
of negotiations for acquisition.qf ' years'- has beeBTrdi^tppdtoting. 
Reed Internationales 82 per «^ ^1Jy'becauaeW: the. Ct^dfldc 
control of Reed Paper Limited. - cjeie buLhlstj, because of major 
Industry sources ihjW spbcu- stopping losses several; ; years 
late that the "MacMillan .- ttfts . ' ^go.- It ^ been subjeetto suc- 
witb Argus and its cbntroUtog- ^tiessive-^.-fftodor;-^ management 
group headed by Mrl doiuad 'flange^ 1 -' -re^ntly • " an 
Black, aged 36, for acquisMtm.^ffmerica^ ptoj^^dpupw-. man 
of the 20 per cent blpck in ^as appointed prestoeaL to help 
Domtar were leaked by 'someone : improve its e araings Tperfoim- 

to the Domtar Board. President 
of the Board, Mr. Alex: D. 
Hamilton, is allied with the: 
two old-line Argus director^; 
Mr. Alex Barron and Mr. Max 

aoc^ Thelcompahy already has 
a two-machine newsprint mill in 
New Bruaiswids and ateo' pulp- 
ahd-paper intotsts in the 
southern U.S. . ; • 

Simpsons board holds out 


Higsons Brewery cMef cautious 

Th recent rights Issue by 
William Boullon has been taken 
up ss to 90 per cent. The balance 
of 829,309 shares has been sold 
and the net proceeds will be dis- 
tributed to entitled shareholders 
except that no payment will be 
made for less than £1. 

In respect of the rights issue 
by SIX. Holdings uf 600.000 ordi- 
nary shares of 25p each. 557.438 
shares, representing 92.9 per 
cent of the total, have been taken 


Acceptances have been re- 
ceived in respect of 93.9 per cent 
of Slothert and Pin's rights 
issue. The balance has been sold 

in the market for the benefit of 

A MORE cautious view of the 
company's future is taken by 
Mr. K. R. Mackenzie, the 
chairman of the Liverpool-based 
JTigsons Brewery in his annual 

He says he cannot view the 
future with .the same confidence 
he did a few years ago. 
.Competition is toucher. Mersey- 
side seems tn have even more 
problems, and on the industrial 
relations front he cannot see any 
relief unless management can 
persuade employees that a 
compay must have continuous 
and profitable production. 

The company has embarked nrt 
a three-stage modernisation 
scheme for the brewery. It 
comprises preliminary work, □ 
new brew-house and lastly, a 

lager fermentation and condition- 
ing plant 

The whole operation, costing 
art estimated £4.5m at June 1978 
prices, should be completed in 
about four years. When tbe 

Results due next week 

The pace livens up on Thurs- 
day. when four companies are 
already due to report figures. The 
troubled Reliant Motor Group 
will produce its preliminary 
results. This will be the first set 
of figures since Kettering-hased 
J. F. Nash Securities took the 
company fully under Lis wing. 

In the summer of 1977 Nash 
bought over 76 per cent of 
Reliant from the Hodge Group 
and since then the new manage- 
ment has streamlined the small, 
independent motor builder. First 
half losses were 1416,000 against 
a profit of £229,000 after sub- 

stantial redundancy costs: but 
tbe second half should see the 
car division hack in the black, 
and overall the group should 
make a profit. 

As usual next week sees the 
post Christmas lull in company 
report mg. However, ihere are a 
few companies holding Board 
meetings during the three work- 
ing days, 

The only notified meeting on 
Wednesday is Mann Egcrlnn. the 
motor distributing subsidiary of 
the lnchcape Group. 

Thursday should also see half- 
year figures from S. Hoffnimg- 

The directors have forecast that 
profits for tbe full year will be 
up on the depressed level of last 
year— £'2.78m ’ pre-tax — though 
this trend might n ot show- 
through io The interim figures. 

Others on Thursday are full 
year figures from Yectis Stone 
3nd an interim from Sterling 

John Haddington. belter 
known for its games than its real 
profit earners, packaging printing 
greetings cards, is due -o 
half-time figures on 

... Waddinglon had a 

disastrous second half last year. 


After an Interim rise of 17 per 
cent in profits to £2-37m. the 
closing six months saw profits 
collapse from £1.25m to £191,000. 
Games were a Joss maker last 
year, and the stock market is 
not optimistic for the next set 
of figures. 

Amalgamated Industrials is 
coming out with its half-year on 
Friday and sn is Crrlton Hold- 
ings — one of Mr. Geoffrey Rome's 
companies. Orel Ion was the 
second ailing company which Mr. 
Rose and his associates moved 
into by way of a cash injection. 
Dealers will be watching this 
result with interest. 

estimates were made. the 
company did not envisage any 
great difficulty in financing the 
project. But. says Mr. Mackenzie, 
since then they have had u 
serious industrial dispute which, 
if it sets the pattern, casts doubt 
on future profitability and 
therefore on cash flow. 

Turning to the new bottling 
plant line, he adds that they 
have secured contract bottling so 
that they have managed lo main- 
tain their usual level nf bottled 
output in a declining market. 

The policy of rebuilding pubs 
cunlinucs. One such pub was 
opened in September and 
another rebuild is underway, 
with two more on the drawing 

Mr. Mtkenzie adds that they 
expect to start building on a 

new site in Nocronim. Birken- 
head, in a few months. Other 
opportunities are becoming 
available and the company 
hopes to find room for them to 
a restricted financial plan. 

On the wine and spirits side the 
main concern has been the 
organisation of the new ware- 
house which is still incomplete, 
waiting for the Customs and 
Excise decision of the future of 
their bond. Once that decision 
has been made the final phase 
of the operation can be started, 
with completion in about two 

Group profit after lax on a 
Current Cost Accounting, basis 
conics down £51,000 to £775.317, 
compared with the figure shown 
in the consolidated accounts. 

A revaluation of fixed assets 
threw up a 17.96m surplus over 
book value. Net assehf are 
shnwn at £22255m against 

As reported November 10. pre- 
profils for the year to 

September 29, 1978 were down 
from £l.S2m to £1.69 after addi- 
tional depreciation of £169.605. 
The increased depreciation 
charge arises from the asset re- 
valuation and provision, for the 
first time, of depreciation on 
certain freehold and leasehold 

Meeting. January. 19, Liver- 
pool, at noon. 


Size we 11 European Investment 
Trust h-as re-negotiated -its exist- 
ing mu Iti-curremy loan facility 
of U.S.5 12.85m, which expires on 
March 31. 1979. in an amount of 
812m available to March 31, 1987. 

At December 15. 1978 specific 
drawings under ihe facility of 
various currencies were 
equivalent when drawn to a 
total of $9,091,735. 

The company has nteo arranged 
a separate loan facility of 
DM3. 75m for investment 4 a 
bonds issued by certain EEC 
institutions as specified in 
supplement number 35 to tiie 
Bank of England exchang e con- 
trol notice number 7. This loan 
is repayable in five equal 
tranches at annual intervals by 
purchase of currency at the 
ruling rate of exchange. 


For hail year lo September 29, 1973 
total income E73.34* (£65.2341 l Q ,-j 
mpofiaos 01 administration end deben- 
ture and loan Interest £14,935 (£12.576) 
lor pre-tax profit 0 l £59.408 f £52,818). 
T« £22.018 (£19.618). Net mt'rim 
dividend 1 Iflp (1 06p). It is intended 
that Boat dividend be increased by 
mditiRium permitted. 

— Results lor year lo October 31, 1978 
already known. Invostmonta. £82. Am 
(C5B 62m) Appreciation on book, 
£21 83m (C23.T4ntj. Moating. Win- 

sheMor House. EC. January 10 gr 
12.46 pm. 

OTTAWA— The chairman and 
directors of, Simpsons will re- 
fuse to seB their shares to the 
retail store chain to its rivaL 
The Hudson’s Bay Company,, 
which appears to have won 
control of Simpsons. 

A statement by the company 
said Mr.- G- Allan Barton, the 
chairman, and other directors 
“have not and do not intend to 
awept the Bay bid for any 
shares owned by them.” 

Referring -to the Bay’s 
C$390m (US$459m) offer to 

Simpsons’ shareholders for.-all 
their < ou standing -shares. in- 
Simpsons and ^Simpsons-Sea^s’ 
Simpsons said-., shareholders 
“were advised _to seek'. advice 
from their investment and. tax 

advisers, based on fheiripersonal 

investment objectives. ■ 
Meanwhile, Bay' officials' re- 
garded this as a hollow gesture. 
They were- confident-' that the 
300-year-old former fur trading 
company, was- emerging \ the 
winner in the com pies,- month- 
long- battle "for ..control of 
.Simpsons.-- " * 

losses mount 

PARIS — Creusot-Loire. the 
French steel, shipbuilding and 
heavy engineering group, ex- 
pects to incur a loss for 1978 
of about' FFr 300m ($7L,4to) 
against a consolidated loss' of 
FFrs 222m in 1977. 

The deterioration..- in: the 
group's situation, which it de- 
scribes as . “difficult but not 
catastrophic,' r mainly reflects 
heavy losses . estimated - at 
FFrs 500m incurred by the steel, 
activities, especially its special- 

..x .. • • 

German offer 
for Hycel;; ;; 

HOUSTON— As- agreement in 
principle has 1 been reached call- 
ing for tbe acquisition of the 
capital, of Hycer .lnc.-fdr some 

• $39m cash by the . West German 
company, .Bbehrtoger Mannheim. 
GmbH. About ; &.478^ Hycei 
.shares are outstaxidi^Vand the 
cash- bid is worth $6 a. share: 7 

The ;merger is subject to the 
approval andyexecutioh/of a de- 
finitive agrementani'appraval ' 

ty steels division. The group’s .by Hycel shareholders. TUe prto- 
steel sector has a negative self* . cipal shareholders pLfiycel ia- 
financing capacity equivalent to ; r dicate that they are to -favour- 
some. 4 pqr cent of turnover.. oLthe transaction. ' = --- -- 

AP-DJ . ’ V" 


, Vi' 

* ' 


Metals, /the Japanese company. 

/etis ti hgvi/ -\e£ " 

. Kdstayeiten from th'e Bofbra, 

has withdrawn from Theproject‘Gr«to‘ deyefcp^tSS^ 
to set up a new -drop forging - - new- joint, company, supplying - 
plant in. Sweden together with- heavy crankshafts an&*o$£r- 
Bofora, the .armaments, stool torgings for the. ^emotive - 
and chemical^ sroup. .The, •" SwSSSShV-. 

Japanese are understood to have Western Europe, " -'had ' 

decided that- the SKr 400m' made — - 
( S90m ) investment 




P^elimtoary^toqtories / 

r . .... . . about. Swedish ! goverament- 

targe. It would have been the financial support - 
first . investment . by .the-. c/Bofttr^still 
Japanese tn Swedisn engineer- its Xslstilverk&L . 

The plan - was to separate the' paxtoer. -■ .> r 


‘ ' - 'j-. * ' : ' :% 

•i'll"! - 

... > •: -r c $ 

•• • ^ -.- V.* A ."■fys'ii- -V .“J 

■ •7'T 

* Nk 

S *»T, 

' . ' ' ‘' T *•'*•. *" *• ': ■*.'• • ‘ 

v^Bnimig. Tiroes .Saturday December 2$ 1978 


ftak4^to^.Bieni8rs. * preliminary results 

,e { '%l 

ntar £ I 

"“•a* £ 

• *•_ , 

i ii: 

- U-.**jVr- 

■ . 

“ "- r 

' ' •<-■ r - i /it 

• if. - 

-t- .;•■*« n.i-fv 

■ • --vjM 

C cv ^ -ft 

— - : V* 

- . ' r • .-• 

- r g-j > 

[ Her/"' '] 

' jn contrast with the borst of activity last Friday week which 
saw three -separate offers of around £20m apiece for seaweed 
processing group A/ginafe Industries, leisure Caravan Pfirte and 
stamp dealers Stanley Gibbons, the week's ran^ip lo Christmas 
has been extremely quiet ■ -on the' bids 'and mergers front in 
conmmn With. QO»r areas of stock markets.. 

No major ^developments have occurrcd, there.are .no new 
entries to this weeks table and the one deletion is that of Midlaiid 
Educational after the success of the Alfred Pree dy offer. 

Deals announced this week Included the £ 1 . 7m acquisition of 
.Ford main dealers Portland Motor Croup by LCP gollda}^ the 
property, m anufa ctu ring and, motor distribution group, while 
Boris Homes; p and O Group's house-building -subsidiary, has, 
for f 4.45m, acquired S-Vis Constructions, a leading Midlands- 
based housing company,, and two associated companies. 

Botaflex, th» electric light and systems mauufacturcr. has 
agreed to buy floo rescent strip and picture light manufacturer 
Xlnolite for in initial consideration of iUm and, possibly, a 
further £10<MKM> depending on Linolite’s profits performance in 
the year to March Bi, 187& . 

i > ;‘--Piiueof . ‘ Price Value . '• Final 

Company. 7, bid per- Market before of hid ACcYce 

' bidfor Ashore** price** bid fmV» Bidder ^date 

Year Prv-iav profit Earnings* Dividends" 
10 {£OQU> per share (p) 


BOC Inti. 
Granada Group 
Jackson (J&HB) 
Nth. Bril, sice! 
Northern Foods 

Record fUdgway 
Sea field 



1 82.200) 









































, — 

t— > 















Pre-tax profit 

(Nil i 

Interim dividends" 
per share (p) 

lEM.Ui.Mm tint*** ettMMyAM Indicated. 


Bambcrgers / v T 
Cedar BMgs. - •. T 
Cityof Aberdeen 

City Hotels 
English Property 
Gibbons (Stanley) 
Haggas (John) . 
Kean & Scott 
Leisure Caravans 
Sfyddletcm Hotels 
Peerage of 
Plantation BOdgs. 
Bawdalls ■ 

Sabah Umber 

3S5* 1 36S 

76f55 _ 76 

26* 24 

103 i* 100 

190S5 178 

37* ' 38i 

304^55 300 

19949 193 

10* 25t? 

143* 140 ' 

300* 295 

6993 66 

64* ' 63 
11835 10S 
69453 68 

309tT 21.01 
88 7.56 

19 . 9.6 . . 

S7 0.93 

126ft 3d& 
364 23.35 

228rt ■ 1SJJ7 
181 24.79 

12 0.04 

112jtt 19.9 
215 4.41 

54 tf 2.26 

64 12.89 

98 3.00 

34 12.07 

Tridaot Group 

Printers 100* 100 

Turner Cnrzpa S* 74 

Warne Wright Sc 
Rowland 6459 64 

Warwick Eng. 41* 41 

Westinghse. Brake 95f S9 

Merck — 

InlL Timber — 
Lloyds &Scot — 
Scot. Western 
Trust .- f "' — 
Comfort XntL. — 
Wereldhave — 
Xetruet ' — 

Dawson lath — 
Unknown • -. — 
Rank Org. ‘ — 

Ladbroke ' — 

Ferguson Indosti. 
Holdings — 
Multi-purpose — 
Whitecrott — 
Harrisons A 
Crosfleld • — 

84 4.38 Argns Press 29/11 

114 1.74 S. W. Bedsford — 

53 655 Hr. N. Gldaey — 

40 2.46 B. Priest ; — 

62 40.5 Hukr. Slddly. — 

Assoc. Dairies 






Baileys of York 






British Benzol 






British Steam 












Christy Bros. 






Cohen (A.) 






Cooper Itids. 






Crown House 






Cullens Stores 






Banks Gower ton 






Diamond, Stylus 












Elliot (E.) 






Harris (Philip) 






Laurence Scott 






Leboff (S.) 






Lin dus tries 






Monk (A.) 






Norton & Wright 






Nova (Jrsy.) Knit ScpL 





Paterson (R.) 






Petbow Hldgs. 












Radiant Metal 






Scot. & Newcastle 






Tex Abrasives 










< — ) 













- 7 * All cash offer, t Cash alternative, t Partial bid. S For capital 
not. already- bekL H Combined market capitalisation. (I Date on 
which scheme is expected' to become operative. ** Rased cm 
21/12/78. .ttAt suspension. It Estimated. £5 Shares and cash. 
S5 Rased 6 a 22/12/78. 

Dividends shown net except where otherwise staled. 
(Figures in parentheses are for corresponding period.) 

* Adjusted for any Intervening scrip issue, t Including special 
dividend due to change in tax rate, i Total for year. Directors 
announced that company’s offer for Allied Retailers is now 
unconditional and a 4.3p final will be paid. £ Including second 
interim. | Nine months. L Loss. 

Scrip Issue 

Granada Gfoup: One for four. 

?•- Lindsay and Williams — Mr. 
t p. H. Giles, managing director, 
} Cc. i. now holds 166,400 ordinary. 


i now holds 166,401 
fer..- ..••• shares (16 per cent). 
i.t*f Brawn and Jackson — Mr. P. W. 

• . Brown (managing director). has 
•’ ---la ’ • disposed ol his shareholding of 
■-•'.■-T.-y ,>i ^ 246,666 ordinary shares. He is 

?:-. i ' to retire from .the board at 

: -IjJ; December 3L 

. ... Hawiey-GoodaB Group — To. 

. take. up Ids rights of convertible 
7"’'- " ■ unsecured - loan stock 1986-88 
‘-‘S- ■ amounting -to approximately 
£24/100, Mr. S. J. Hawley, a direc- 
tor has add 167,771 ordinary 
. . : shares each to three directors of 

subsidiary companies. . 

- h John Meades- (Holdings) — 

- ’;vt7 i- Lt-CoL C A. Ramsey has dte< 

• posed inf 11^500 ordinary shares 

' “ i leaving a holding of 3.D62.466 

shares (7.68 per cent). 

Levex— Mr. K. Maharajh, 
managing director, has recently 
been dealing in the company's 
shares. As a result, the auditors 
confirm, he is now Interested in 
244.000 shares (two per cent). 

Maurice James Industries — 
Mr. L. N. James purchased this 
week 27,000 shares at 14p._30.000 
at 14£p and- 100,000 at 144/16p, 
making 157.000 in all. . - 

De Vere Hotels and Bestanrants 
— M. L. Muller and Mr. A T. W. 
Harvey have sold 250,000 
ordinary shares out of their joint 
holding. Following this sale, Mr. 

Samfords — Mr. J. G. Samford, 
director, has sold 19,000 ordinary 
shares at 40p. 

Long and Harably — Mr. J. L. 
Woodman, director, has disposed 
of 132,520 ordinary shares. 

Sound Diffusion — Controf 
Nominees has sold 205,500 shares 
in company. 

Akroyd and Sraitber? — Cross- 
friars Trust has sold 400,000 
ordinary share (five per cent) 
but still owns 400,000. Reason for 
sale which had been under con- 
sideration for some time, was to 
reduce proportion of portfolio 
invested in any single company. 

Nuller’s . personal holding lo- Intended to retain remaining 
gether with the joint holding 400,000 ordinary as a long-term 

: TV 

with Mr. A. T. W. Harvey, repre- 
sents over 56 per cent of the 


Whitbread and Company — A 
trust in which Mr. S. C. 

- V.fTC;?-- 
*:.i 22.1-i* 

■A : 

. ; :_5 .; ■>'- 

- - 52?|a 

, ,, in*' 

il ■ 

■ ",J : m 

uird ! 

tiiTiTian 1 
r, ,r Hved 


Amcrkan executives have nearly everything 
*— except regular, refiable information on 
mternational business, edited specially for 
them. Now they can have that too, in the 
new JlnancU-Timns WORLD BUSINESS 
WEEKLY, published by the FT-in New 

Ybrk every week. 

When we printed a pilot issue of WORLD 
BUSINESS, WEEKLY earlier this year, it 
carried 122 reports of major international 
developments that we feH would be of 
■working value to American executives. 

Then we compared onr pilot issue with the 
- coverage for that same week in the Wall 
Striret Journal, theTSfew York Times, 
Business Week, Forbesy Fortune and the 
Joumalof Commerce; 

-■ We foixiid that all of these distinguished - 
journals — combined. -r- had covered less 
than half of. the wide-ranging stories in that 

As areader of thieFTthis willhardly 
surprise you, especially if you have ever 
crossed the Atlantic and found yourself 
surrounded toy U.Srbiisiness papers, ' 

. wondering what was going on in the rest or 
the world. 

Many American business executives feel 
like that, as we discovered in three separate 
and wtenslve exercises in market research 
■ "WEEKLY still now fill the gap. Itwill of . 
course draw on. the extensive resources of - 
iheJFTitself — pIusourBusmess 
Information Service, our newsleiters, and,' 
our other business publications 
This is what American rcadcrs who recrive_ 
' ynnr gift will get in WORLD BUSINESS 
WEEifLY: . 

WmM Burins Digest: Identifies ;the items 
of nnmediate imerest. Plus a complete 
index of all companies. « 

XuterBatioBal Haaariflland Company - 
Nero: New venturesTticw conlra cts, new • 
experiments, new .acquisitions. Case 

histories. Progress reports. Over the year 

every important decision by. the world’s top 
J 000 companies will be reported. 

Industry News: What’s happening 
everywhere in steel, oil, mining, aircraft, 
shipping, chemicals, textiles, construction;, 
automobiles, electronics. ' _ 

Products and Techniques: A rundown of 
the money-saving, time-saving, material- 
saving innovations around the world. 

Corregdes: Fullest coverage of changes in. 
jates of all international currencies and 
markets, supported by tables. 

’•Sony, it’s for delivery 
in the Americas, only 

Shareholders’ Report: On stock markets FIN ANCIALTIMES OF LONDON 

everywhere buttressed by current prices in "O -m-m oil 

19 different markets. - WOFIU JjUbil 

Banking and Bonds: What the international _ — 

banks arc lending, to whom and for how «J|ApiA|^’|H7' 

World Report: Economic and business .. * 

news and developments. From every comer ^ g g||— i — i Bf W | 

of the globe. In depth . . \ 'a rnancial times world busini 

People: Detailed individual profiles on ■ weekly is for delivery in thi 

personalities in the worid. of international n Americas only 

business. 5 To: Financial Times WORLD BU5INE! 

« H WEEKLY (Ann. Daiid Moody) 

Phis: Special business bneis on H ng Queen Viaoria Srrcct. London EC4 1 . 

iBtrmatioaal Bond Market • Eurodollar ■ 

Market * Eastern Earope • Petromoney ■ ' ■pleaw send a fnD gear’s mbscHpiion lo 
Conunoditits ■ & n « pgn Commorily - SsSSncS^^dSry fir'll; 


report one single major market or industry. B 

A seardting, thorough, authoritative source ™ Name 

of reference. ' ■ B anuS S — 

Plus: Editorials and comments on the news m 

of international significance. “ 

A A A A • • A A A A A A I * 

• w w w » w w . , W W V ™ Company 

Now you can send your American business B D 1 mciosea raid to accompany my gll 
WBSdsflbsMinetfLptollwitWHlBed Hn Please tend a cant with my name on i 
FT businessman ’s desk diary, for only ■ 

£39.95. Send it now, la tina for Christmas. ■ My own name and address is 

• Tbe dhay alone sells for £14. It is bound S 

ie genuine cal Heather. B 

• The one year gift sabscriptionwonM ■OCheqaefor encl 

-normally cost £50 on lop of thaL And we ®a Bin my company 

sire selling single copies over there for $2.50 IS , 

. ■ u ifi m Cn rtO (R ka-ciuiifiFani -* Each aft sent will cost £39.95. Built ordi 

(about £1 -25). So £39.95 fe a significant H ^ 5 subject to mv* diwoum; please ii 

Saving OB a gif I worth £64. . . W rcc ipienis on separate sheei. 

You know at least one American executive m „ , 

who win remember your gift with gratitude ™ 

throughout the year. Send it to Urn now. jg En&imi «•*»»**' ion» **«»». 1 i.«i 

«••••••••••• ■■BSMBaa 

tendon OHkg 112 Owe* VtctUrtiSUeei, town EC4P 48Y T*H (PI>^8 MW AdTcrtiftaBctl Mwtagtn Ds»^d M oarfy. 
htw YukOItlCKB RBtkrfe8H:nm.Na» York HOU N.Y-Ttfc Util 245 TO* A&wttKmmMmifr. DhM Botmm 

World Business 




To: Finanrial Times WORLD 8L/5INESS m®, 

H WEEKLY (Ann. David Moody) ffli 

® 112 Queen Viaoria Sneet. London EC4P4BY — 

Please send a foil year’s robscripfion to 

geift (rommeto 


P D 1 enclose a card to accompany my gift 
y □ Please tend a card with my name on it 
^ My own name and address is 

! □ Cheque for 

□ mu my company 


■8 Each pft sent will cost £39.95. Bulk orders 

B over 5 subject to 109* discount; please list 
recipients on separate sheet. 

® Thr Fi»aiifi»l Thin* L Mini. Bee . Cffiff: Hmtrn Hook, 

S lOC.nmnoSiKa. Lo«t£.|i CC-lWBY. ^ 

pp^rL wl Surnbcr mricr dnn JO. 1 1.1* L 

Whitbread, a director, ha.e an 
interest, has sold 100,000 “A” 
ordinary shares. 

Y. J. Lovell (Holdings): 
National Car Parks has acquired 
553.000 ordinary shares (3.04 per 
cent). NCP emphasise that these 
shares have been acquired as an 

Sbipion Communications Pur- 
chase: Shipton Communk-alions 
Group, a company owned by Mr. 
J. B. Harrold and Mr. W. D. G. 
Greenhaif. has purchased (he 
operating subsidiary nf Shipton 
Automation from Bankers Trust 

Rea brook Investment Trust: J. 
Chaytcr, a director, has pur- 
chased 15.000 shares increasing 
his holding to 35,300 shares. 






By Haul Duffy, 

Industrial Correspondent 

THE MACHINE tool industry, 
one of five designated for 
ypccial atemion under the Gov- 
ernment’s industrial strategy 
programme, has had to revise 
its export and productivity tar- 
gets as a result of continued 
ifack and intensified competi- 
tion in world markets. 

m its progress report to be 
presented to the National Eco- 
nomic Development Council in 
February, the economic develop- 
ment committee put the indus- 
try’s targeted share of world 
markets in 1982 at 5.5 per cent. 
This is a whole percentage point 
below that in its last report 
In 1977 the UK's share of 
machine tool world exports was 
5.1 per cent, which means that 
exports must rise by 25 per cent 
! if the 19S2 target is to be 
achieved. i 



On productivity, the target is 
for 10 per i -nt growth to cover 
ground lo .- 1 in the recession, 

| plus 21 per cent trend growth 
| in sales ?er employee asainst ; 
3J per cent in the 1977 report. I 
The objective for home market I 
sales remain, unaltered at 58 1 
per cent, which will require a 
15 per cent increase by 1982. 

The report warns, however, 
that achievement of its objec- 
tives “depends heavily on the 
general economic climate in the 
UK and has been adversely 
affected by the lack of expansion 
in recent jears." 

Investment by the automotive 
industry, the biggest single cus- 
tomer for machine tools, would 
enhance prospects. But. “there 
are considerable uncertainties in 
this area, particularly arising 
from doubt* about BL's re-equip- 
ment programme and the imnli- 
entions of the change in owner- 
ship of Chrysler UK.” I 


The recovery in the home 
market has been patchy, with 
some firms operating at “ unpre- 
cedentJy high levels of output 
and seeing further major growth 
ahead. The demand thrust is 
undoubtedly strongest for 
numerically-controlled machines 
and high-production machines 
| generally." 

More rapid development of 
these types of advanced 
machines was called for in the 
last report, and the current re- 
port reviews some progress in 
this area. This has been helped 
by discussions held by the In- 
dustry's research body and user 
industries, while product deve- 
lopment projects accounted for 
a third of the industry’s take-up 
of the Government's aid scheme. 
Tbe report says, however, that 
“much remains to be achieved 
in the spheres of product deve- 
lopment and manufacturing 

While the economic condi- 
tions worldwide have hindered 
the industry's export and 
import substitution plans, the 
emphasis on improving over- 
seas marketing called for by the 
industrial strategy has produced 
some more positive results. In 
the American market, where 
big re-tooling programmes are 
being carried out by the auto- 
motive and aerospace industries, 
the UK has “ substantially in- 
creased its share of U.S. imports 
of machine tools from Europe." 

The report says, however, that 
"anxiety over inflation and the 
sterling/dollar rate is now in- 
creasing — and in fact already 
causing concern for business 
that has to be quoted In fixed 
prices some time ahead.” Many 
export orders in addition to 
those for the American market 
are quoted in U.S. dollars. 

It also paints out that 
although oroducr design, quality 
and reliability . are very 
important,' “relative prices are 
assuming more importance in 
capital expenditure decisions." 
Price pressure is particularly 
signifiont In relation to Come- 
con exports— and the committee 
calls for the Government to see 
if it constitutes unfair trading. 

Competition is also intensify- 
ing from third world countries 
with low labour costs. This is 
extending increasingly into 
quite advanced general purpose 
numerically controlled 


r r 

■■ - „ - - * / 

■ // 

. V 

- .. • A' 


Humber bridge takes shape 

The world's largest span bridge takes shape as steel workers “spin" 14,948 high strength j 
steel wires into each of the main cables high over the River H amber, four miles west of HnlL 
The bridge will have a main span 4,625 ft long between the 500 ft high concrete lowers. Steel .. 
boxes 60 ft long and 92 ft wide, that will form the bridge deck, have been assembled in a 
nearby railway yard and will be lifted into place when the cables are completed next year. 

The bridge, designed by Freeman Hardy and Partnrrs, will cut road distances by as 
much as 50 miles, and will be the vital link to aid commercial development along both sides 

of the Humber Estuary. 

The success story 
of Air Anglia 


THE PAST year has been very 
good indeed for Mr. Jim Cramp- 
ton and Mr. L. G. (Wilbur) 
Wright, and for the airline they 
founded and now run jointly 
from Norwich. For little more 
than eight years after they set 
up the Air Anglia in July 1970, 
with only one DC-3 twin-engined 
piston airliner, and no scheduled 
services, they have recently 
been awarded Europe’s highest 
marketing trophy, the lostitiute 
of Marketing's National Award 
for 1978, to commemorate a year 
in which they exceeded 375.000 
passengers, a turnover of more 
than £14m. and profits over 
£800,000. Added to this, they 
have ordered two of the latest 
twin-jet airliners from Fokker 
of Holland, and an 85 per cent 
stake in their airline has been 
acquired by the British and 
Commonwealth Shipping Group. 

Air Anglia began in 1970 as 
the amalgamation of three small 
East Anglian companies — 
Norfolk Airways. Anglian Air 
Charter and Rig Air. Its earliest 
scheduled operations with the 
DC-3 were flights from 
Norwich to Edinburgh and 
Aberdeen, and then between 
Norwich and Rotterdam. The 
key lo tbe airline's success in 
a field traditionally the grave- 
yard of airline operators — -UK 
domestic short-haul services by 
independent companies — has 
been a total change in market- 
ing philosophy. Both Jim 
Crampton and Wilbur Wright 
not only recognised tbe in- 
creasingly significant business 
implications of the North Sea 
gas and oil operations, and the 
requirements they would 
generate for local flights up and 
down the East Coast (an area of 
slow, if not non-existent, surface 
transport), but also realised that 
instead of waiting for a market 
to emerge, they would have to 
go out and actively generate it. 


It was not easy. Initially, 
funds were limited, and busi- 
nessmen took some persuading 
to fly in old aeroplanes like 
D€-3 s on what seemed to be 
obscure routes. But by a pro- 
cess of flexible thinking, involv- 
ing readjustments to the route 
structure, the management team 
and the aircraft fleet, together 
with the necessary indefatigable 
energy and drive to convince 
others that they were right, Jim 
Crampton and Wilbur Wright 

BP strikes oil 
on new block 

covered oil on block 206/8, 
which is west of Shetland. 

BP. which is the operator on 
behalf of Chevron Petroleum 
(UK) and Imperial Chemical 
Industries, said yesterday that 
it was the third well drilled on 
the block. 

turned the tide in their favour. 
They leased a Fokker F-27 twin- 
turbo-prop Friendship airliner, 
and so began a happy relation- 
ship with Fokker of Holland 
that continues to this day. The 
Norwich Union Insurance Com- 
pany came in with some funds, 
more DC-3s were acquired, and 
the route network' was restruc- 
tured round an " iron triangle " 
of Norwich. Aberdeen and 
Amsterdam — three strong 
traffic-generating points, within 
which much of the North Sea 
oil and gas industry exploita- 
tion is taking place, and within 
-which the aim was and is to 
ensure that a passenger need 
look no further than Air 
Anglia's timetable to meet all 
his air travel requirements, 
whether for regularly-scheduled 
services or small private execu- 
tive aircraft. 


As a result, the business has 
prospered. By tbe end of 1973. 
there was a staff of 102, 45,000 
passengers and a profit of 
£2,000. By the end of 1974. 
traffic had risen to 90.000. staff 
to 153, and tbe profit to 
£111,000. The DC-3S were 
phased out and more F-27s 
brought in. New routes, includ- 
ing Edinburgh- Amsterdam and 
Leeds /Bradford - Amsterdam 
were introduced. By end-1975, 
traffic was up to 145.000 passen- 
gers, staff to 275, and profits to 

The following two years, 1976 
and 1977, saw more route 
additions, and the founders 
could genuinely feel that their 
1972 plans had been realised. 
They had created an effective 
domestic and international air- 
line in an area where none had 
existed before. They had edu- 
cated East Anglians to realise 
that it was not necessary to drive 
to London’s Heathrow for inter- 
national flights— the Air Anglia 
flights to Amsterdam offered a 
more convenient and faster 
alternative, although Air Anglia 
does now fly feeder-liner ser- 
vices from the East Coast (Nor- 
wich and Humberside) into 

By the end of 1977 traffic had 
grown to 322,000 passengers, the 
staff to 453, and the profit to 
over £lm. This expansion con- 
tinues. During the past year, 
new services have been added 
to the network, including 















• F.LBQi 

BA STOi ■ 




Jan. Apr. . 

VoL [ La»t Vol. j Last ] 

15 I O . SO I IO ! 2.30 i 

— I — 50 I 1-50 I 

4 24.B0 


Vol. , Last 

2 3.30 

S 2.60 

5 8.80 

6 34.50 

i l _! 

5 j 8 
30 4.30 

1 ! 3.50 




F. 149.50 

11 4.50 

1 l 1.40 
1 J 0.50 
60 | 0.10 

54 | 0.10 
S j 0.70 

6 seal 

10 a> 4 

2 Bis; 


i ; 3 i 

41 * . 
l j J 1 

Z - 0.80 1 
9 j 6.70 j 

49 I 0.90 ! 
83 ; 0.50 I 

15 '12.10 j 

20 j 2.60 | 
8 ! 21 ,! 

— i — ( 

1 | 8.50 

* i 5 

1 4 

2 2.80 

1 0.90 

~5 | 2.20 
10 . 1.30 
70 , 1 

5 <56.60 

' 8.50 
S ! 4.30 


|F.l 10.80 

'F. 122. 30 

Humberside - Teeside - Glasgow,- 
Norwich - Birmingham - Swan- 
sea - Newquay, Leeds - Bradford-' 
Paris, and Edinburgh-Stavanger. 
with Stansted added to the 
Norwich-Leeds / Bradford- 
Edinburgh-Aberdeen route. The- • 
airline has also asked for a- 
Stansted-Brussels route. From- • 
this November. Air Anglia is 
serving no fewer than 18 air-'" 
ports — Aberdeen. Amsterdam,' 
Bergen, Birmingham, Dublin, 
Edinburgh. Glasgow. Humber- 
side, Leeds/Bradford. London. 
(Heathrow), Newcastle, New- . 
quay, Norwich, Paris (Orly), 
Stansted. Stavanger. Swansea 
and Teesside. with Jersey also 
served In the summer. Since 
August. Air Anglia has been . 
using its first jet — a leased, 
65-seat twin-engined Series 1000 . 
Fokker F-2S Fellowship, linking 
Edinburgh, Aberdeen and New- 
castle with Paris and Aberdeen ■- 
with Stavanger. 

For tbe coming year, further 
expansion is planned. In May, 
the airline takes delfrery of the" 
first of two new Series 40ti0^ 
F-28 jets, with capacity for 85.. 
passengers each, and with,, 
greater range and cruising., 
speed than the earlier Series . 
1000 (which will remain in ser- 
vice until the second Series -WOO 
F-28 is delivered in August), •" 


Jim Crampton and Wilbur . 
Wright are now looking towards' 
their half-mi Uionth passenger in 
the coming year. Their new 
link with British and Common- ■ 
wealth Shipping Group (which, 
also includes British Island 
Airways and now also British 
Air Ferries) ensures direct links 
with a substantial proportion of 
the rest of UK independent air 
transport. B & C will hold 85 
per cent or Air Anglia, but Jim ; 
Crampton. Wilbur Wright and 
the Norwich Union will each . 
hold 5 per cem. The airline ; 
will remain an entity in its own 
right, although there may be 
some rationalisation of services 
between Air Anglia, BIA and 
BAF. But coupled with the con-.- 
tinued development of North. 
Sea oil and gas operations, and 
the growing acceptance by the 
UK population of air travel^ 
there seems to be no reason to 
.doubt that Air Anglia will set 
new records, demonstrating that 
provided sufficient energy, ex- 
pertise and funding can be 
applied to a bright idea, it can 
be made to work successfully.' 


^ M'Jit' < :u 


Send for details of the | 
M&G Share Exchange 
Plan by completing the 
coupon below. 

p— — — — — — — — - ftgsaaanre — — ”1 

I To: M&G Group. Threr-Quays.Tower Hill. r^S 7 ] ■ 

j London EC3R bBQ. Telephone- 01-626 4588. L 1 | 

i Please send me full details of your Share Exchange Plan, a 

■ II MRS | FUl I. 1 ■ 


Member of ihc 

Unti TVuo. AsModalioo 



1 Royal Exchance Ave., London. EC3V 3LU. Te!.: 0I-2S3 1101. 
Index Guide as at December 19. 1978 (Base 100 on 14.1.77) 

Clive Fixed Interest Capital 129.92 

Clive Fuced Interest Income 114.50 

45 Cornhilf, London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at December 21, 1978 

Capital Fixed Interest Portfolio 100.17 

Income Fixed Interest Portfolio 100.38 




Companies and Markets 


ains 10 in early trade 


EJe>:, Deo. 



'' S2.60 to £L— 83J% (82>^) 

Effective S2.00G0 41 i% <40J%) 

. A SLOWING in the rate of 
consumer price increases in 
November helped Wall Street to 
stage a broad advance in fairly 
active early trading yesterday. 

The Dow Jones Industrial 
Average moved ahead 10.04 to 

Closing: prices and market 
reports were not available 
for this edition. 

S04.S3 at 1 pm. while (he NYSE 
All Common Index rose 64 ceots 
to $53.53 and gains outnumbered 
declines by a three-to-one ratio. 
Volume came to 13.69m shares, 
down from Thursday’s 1 pm 
figure of 20.10m. 

Tbe Labour Department said 
the consumer price index rose a 
reasonally adjusted 0.5 per cent 
in November after a 0.8 per cent 
gain in October. 

Analysis stated that the market 
was also encouraged when Citi- 
bank held its Prime Rate un- 
changed at 111 per cent. Chemi- 
cal Bank earlier in the week 
raised its key rate to 11J from 
• lit per cent. 

; Another plus, they said, was 

the fall in the U.S. money stock 
in tbe latest reporting week, 
announced * after Thursday’s 
slock market close* 

Petroleum stocks, which .have 
benefited from the OPEC oil 
price increase announcement, 
were strong again yesterday 
morning. Texaco topped the 
actives list aod rose I to $24&. 
Exxon, also active, put on 3 to 
$4BJ, while Southland Royalty 
added 21 at $53} and. Marathon 
Oil 11 at $57 jj. 

Active Roelng continued its 
recent upsurge, advancing 1§ to 
$73;. It has' received orders for 
another nine jet aircraft 

IBM, which earlier this week 
announced plans for a four-for- 
one stock split and a higher 
dividend, jumped S3 to $2912. 

Teledyne gained 2} to S96|, 
Digital Equipment lj to $513, 
Polaroid IQ to $51} and Du Pont 
$2 to $124. 

Value Index was 1.99 higher at 
150.33 at 1 pm. Volume 2.3Sm 

shares < 2.50m). 


Stocks mainly gained fresh 
ground in active dealings yes- 
terday morning. The Toronto 


NEW YORK-*™™ 3 ”* 

' Iiw. i De-.-. 1 Der. i Dec. j Dec. I— — ■ — — - 

: 21 1 20 j 19 j IS 1 16 I 14 I Hiffb I*™ 

_ , i ; ; ; 

•I n. in? trial* j 794.19 7S3.6G 789.85, 787.51; 805.35 812.541 507.74 742-12 

H'raeB'.ifi** j 84.82 B5.D3| B5.24j B5.E4j K.W- B5.9lj M.8B 

- Tra/isp-ii't.... , 284.42 203.4s' 204.62' 204.05; 209.54' 211.1* 261.48 189.5] 

r I ' I i 'Siil »9ll> 

Glllnu* i 97.77 97.73 87.77. 97.77.1 89.18 99.73,110.99 97.75 

. | 1 |ij W/l) . 1201 12) 

rrariliiu ivil, • . ! I > i 

(K-Tm 28,700 26,520 25 0GQ 52,9001 23,820 M.BBOi — — 

?ii ll» 

a I Q'?e Compilin' Q 
Hlch I Low 

1051.70 41-22 

(11/1/73) <2,7/30 

279J8 12.2S 

OKI €9) IE (7.52) 
163.32 t 10758 
(30/4-69) (25/4/42) 

Composite index climbed 6.6 to 
1,291.4 at noon. Oils and Gas 
rose 22.5 to 1,824.1 and Metals 
and Minerals S.4 to 1,076.8, but 
Golds, at 1,383.7, shed 7.7 more 
of the recent rise. 

GERMANY — Firmer for choice 
in moderate trading, with end- 
year window dressing dominating 
activity. The Commerzbank 
index put on 1.9 more to S19.6. 

Strong gains were posted by 
Machine Manufacturers, Brown 
Boveri advanced DM 7.50 to 
DM314, Deutsche Babcock 
DM 4.S0 more to DM 261.80 and 
GHH DM6.00 fo DM 239.30. 
Thyssen, in Steels, rose DMlttiO 
to DM 118.40. 

PARIS — Share prices moved 
irregularly, after the previous 
day's strong performance, 
although underlying sentiment 
was boosted by an OECD report 
predicting lower French inflation 
in the second-half of next year. 

SWITZERLAND— Stocks were 
generally edged further forward 
in active settlement day trading, 
reflecting the. calmer currency 
situation and high share market 

Schindler were noteworthy for 
an advance of 15 to SwFr295. 

Domestic and Foreign Bonds 



! 13 ! 



•; Ba i 




were steady la a moderate 

AUSTRALIA — Markets closed 
yesterday’s shortened pre-holiday 
session on a firm note. 

BHP featured with a gain of 
10 cents at AS8.80 on considera- 
tion of the oil discovery at the 
Esso-BHP Fortescue three well 
in the Bass Strait 
Peko-Wallsend stood out in 
Uraniums with an advance of 20 
cents at AS5.60 despite reports 
that the Australian Heritage 
Commission is proposing to 
declare the Northern Territory's 
uranium province part of the 
national estate. 

Westfield Properties rose 20 
cents more to AS8.50 for a two- 
day gain of 34 cents, while 
HONG KONG— Market further 
improved on modest local 
'support, the Hang Seng index 
adding 9.13 at 511.36. - 
With Thursday’s -late news of 
a sharp deterioration in the 
domestic trade deficit having 
already been discounted, selec- 
tive buying of leading stocks 
pushed the index higher. 

Hongkong' Bank rose 40 cents 
to HK$1S, Jardine Mathcsou 30 
cents to HKS12.10 and Hong 
Kong Land 15 cents to HKS7.95. 

Hines rhU Fail-, 

| Dec. 21 1 l>r. 20 D«. 19 

luues Trailed.....! 1,940 1,949 ■ 1,924 

Rhea ( 819 814; 794 

Kalh 682 667 i 645 

i'eulum/red 443 468 i 485 

Kew Bulls 12 9 1 5 

Xww Lows.- 105 I 141 * 122 

Abbott L*bs._ j 

A<Mitt»ugnwib... J 



Dn, Dec. Dec. Dec. ' 

21 20 1 19 18 | Bifffa 

214.34 213.22 214.27! 213,92; 222.14(11/10) 
220.99 220.06 220.671 220.75 226.51 il2/10> 

152.90 (16/2) 
170.82 (30/1) 

TORONTO Composite I 1284.8 1 280.5 1276,2! 1270.1 1332.7(12 10/ I 038.2/30/1/ 




I 249.1 2S1.1 247.7 241.4, 272.0(14.8) 
■ 2 70S 270.9 270.4 270.8 . 281.8 (1/11) 

186.0 <9D/4j 
194.3 (13/3/ 

On fre- ime 19(6 
1 23 rlnus • H igb Lnw 

- Bo-is r,r InJer chauceil imm Aug. 24 

* Day'- high 801.65 Taw 730.11 

Dec. 1 J (Year ear- «ppm* 

ln.l- 41 v. vieM % 


Doc. i Dec. j PC' 1 - Dec. j Ihv. j Do- 1 , j 

1978 telnet 1 Compilnt'ii 

20 ! w 

14 Ri«h ! Low ! Hlpb I Low 

; lmliistnuls I 105.49- 105.45: 104.84, 108.85' 105.95 106.71' 1 1B.71 \^Al I UUj i « 

; I * ( : ! I 1 12/9/ (6/3i S 1 1/1/73) |f3d/t-/:i2) 

84.7 1! 94 .be: 94.24 95.44 96.35 86.04' 1D6.M 68.60 12B.B5 j 4.40 

jComuorite I { I ; ■ i ; im 1 am iai/i/MiltiifeSi 

I Dei'. 20 | 15 | Ite«.-.'6 J Year 130 ia|ipnix.) 

Ind. .llv. tielri % * 5.21 | 5.14 j Sk'OS j 4.99 

1,k 1. I-/L- It aH.. j 8.55 ; 5-54 j fe.77 8.97 

Lui- Okv. Umiil i ielJ I 3.95 i 8.84 J 8.74 . 7.96 

AnstraliaCSi *»i 
Belgium t(l 97.75 
Denmark! “ 89.65 
Franca ut) 71.8 
Germany!:;) 819.6 
Holland <*f i ao.a 
HongKoasjj: 511.35 
Italy t|jj 69.10 
Japan tai 440.57 
Singapore^*) 345.55 

636.80 566.79 
97.43 101.16 
88.49 98.36 
77.2 83 .u 

617.7 SS.8 
80 J 93.1 

602123 707.70 
E8.84 92 .&> 

440.71 452.6D . 

345.15 414.50 

Don. J Prcv | 1978 I 1978" 
22 . i iiiih | £Cip<i / 

Spain (lb 88.71) £8.77)110.781 87.88 
| i9/0i 1 (17/3) 
Sweden (Cl 364.51 357.24 I 408.00 £3.74 
I I (4/0 (3/1) 

SwitrerldC i 2?9.8 289.0 ; 523.7 261J5 

_| _ | rU/2) | 1 26/9) 

bank Dee. 103.7. ?! .Amsterdam Industrial 
U»ro. 77 HaoB Sena Bank 31. 7 M. |[-| Banca 
Comnn/rriaie luliana 1872. a Tokyo 
New SE 4 l.'ts. 6 Strain Times 1246. 
C Closed, rf Madrid SE 30/12 77. C Stock- 
holm Industrial l'l. 5S. f Swiss Bank 
Corpora lion, n Unavailable. 



Stocks Closing on 
traded price day 

Ind. .llv. yield % 
li»l. )*/li Kail” 

Lour Guv. Ikiilil J IvtJ 

Indices and base dates (all bane values 
100 except NYSE AU Common— 50 
Standards and Poors— 10 and Toronto 
300—1,000. Ute last named baaed on 1675 ■. 
t Excluding bonds. ? 400 Industrials 
} 400 IndunrlaJs. 40 Ut/bl/es, 40 Finance 
and 2« Transport, f Sydney All Ordinary. 
|| Belgian SE 3D'Kl/e3. " Copenhagen SE 
l'L'73. rf Paris Bourse 196L d Cnmmerz- 

Dlctuphone ... 
Sears Roebuck 
Occidt. Perrlm. 




Hairis Corpn. . 


U.S. Sraol ... 









25^ +5», 

aw. — 

72*. +1 
15 +*, 




New chairman for 
Rediffusion Holdings 

Mr. J. T. Dover, managing 
director since November 1970. 
has taken on the additional 
responsibility of diairatanship 
a subsidiary of Britisih Electric 
Traction, on 'the resignation of 
Sir John Spencer WjiJls from the 


M.Y. DART announces that 
Mr. Geoffrey Bray and Mr. 
David R. Kelsey will join the 
Board on January 1. They will 
continue as commercial director 
and development director, 
respectively, of the group’s sports 
and leisure equipment division. 

Mr. Herbert L. Golden, who 
began his banking career with 
and subsequently formed his ow’n 
investment bank to serve the 
entertainment industry, will 
return to Bankers Trust on 
January 1 as a senior consultant, 
in charge of the newly-fonned 
media group, providing services 
to the film and television indus- 
tries, broadcasting, music, pub- 
lishing and other media-related 


The following appointments 
have been made in the Frizzell 
Group. taking effect from 
January 1: Mr. P. J. Hubert, to 
the Board of Norman Frizzell 
Underwriting; Mr. R. W. Steele, a 
director of Norman Frizzell UK; 
Mr. J. D. Arpef, a director of 
Frizzell International; Mr. M. A. 
Shilvock and Mr. \V. J. Laurence 
joint regional managers. Norman 
Frizzell Midlands; and Mr. M. R. 
Osborne, group systems con- 
troller. Frizzell Group. 


Mr. Max McHardy. UK manag- 
ing director of BUDGET RENT- 
A-CAR tUK) and Mr. Peter 
Croncb. financial directnr and 
director of operations in Europe. 
Middle East and Africa, have bolh 
been appointed vice-presidents of 
Budget Rent-A-Car International 
Inc- the worldwide subsidiary of 
the Chieaao-based Budget Rent-A- 

Car Corporation of America. 


Following the acquisition of a 
majority interest in the George 
Waller Group by Callantown. Mr. 
I. W. Reeves has become chair- 
man and Mr. R. V. Wharton 
deputy chairman. Mr. F. S. 
Pardoc. Mr. L. A. Dixon and Mr. 
S. R. Maddox have joined the 
Board. >fr. K, J. Glides continues 
as managing director and Mr. J. 
H. C. Bowen and Mr. J. D. May- 
cock remain directors, together 
with the recently anpointed 
financial director Mr. 1ML J. R. 
Bennett. Mr. Reeves. Mr. Whar- 
ton, Mr. Pardoe and Mr. Dixon 
are also directors of the High- 
Point Services Group. 


Mr. Edward Janu has heen 
appointed managing director of 
PACOL from January 1. The 
firm are commodity merchants 
and members of the Gill and 
Duffus Group. 


Mr. Cyril Swann lias been 
engaged by AJIcrlon Industries, 
Northallerton, as adviser on the 
design and production of over- 
head cranes at the new crane 
division. Ho was previously 

managing director of several 
crane manufacturing companies. 

Mr. J. D. Caps tick, managing 
director of FIELD AVIATION 
and a director of Hunting 
Associated Industries is retiring 
on December 31. Mr. G. H. 
Williams is appointed managing 
director of Field Aviation from 
January 1. Mr. Capstick will 
retain a close association with 
Field Aviation, remaining a 
director on the Field Aviation 
main Board, and managing direc- 
tor of Air-Bridge Carriers. He 
will continue as chairman of 
FieldTech and will retain respon- 
sibilities as a non-execltive direc- 
tor of certain other Field 
Aviation sub-group companies. 
The companies are members of 
the Hunting Group. 


Dorset ta Petrocon Group com- 
pany). manufacturer of instru- 
mentation valves and manifolds, 
has appointed Mr. Trevor Open- 
sbaw as financial director and 
company secretary. 


Mr. J. Graydon is promoted to 
production director of RELI- 
major subsidiary of Reliance 
Knitwear Group, from the begin- 
ning of next year. 


exempt unauthorised uni! trust 
managed by Drayton Montagu 
Portfolio Management has 
appointed Mr. Nicholas A. D. 
Johnson a member of Hie man- 
agement committee. 

Mr. J. Morris Gifford has 
decided to retire from the 
on January 1. He has been the 
director-general of the council 
since 1963 and a member since 


Mr. F. S. KL Baron, formerly 
chief executive of the Inter- 
national trading region, has been 
appointed by GUTHRIE 
CORPORATION as chief execu- 
tive of the new region formed by 
the amalgamation of its 
European and international 
trading areas. 


The Industry Secretary has 
anpointed Mr. J. R. Ibbs to the 


ENGLAND has reorganised the 
Board and made new appoint- 
ments. Mr. John Price remains 
as chairman and managing 
director and Mr. Cyril Oeltinger 
becomes deputy chairman. Mr. 
T. Ricklnson retains his director- 
ship and role as company secre- 
tary and will assume a con- 
sultancy role in financial mailers. 
Mr. Richard Adkins becomes 
sales dirertor and Mr. Ronald 
Chaikin is made commercial 
director with responsibility for 
all financial and commercial 
affairs. Mr. Frank Kirk takes 
position of production director 
responsible for production in 
Birmingham and Sheffield. They 
rake up their new posts on 
January 1. 

Continued on page 20 

Railway Line looks 
likely at Fakenham 

JACK HARDY rarely has run- 
ners at Fakenham and it could 
be significant that he saddles 
two likely-looking prospects in 
Gala Lad and Harry’s Fizzale 
there today. Both seem sure to 
go well. 

Gala Lad. among the runners 
for the Tom Caxton Home Brew 
Hurdle, was a close fifth of eight 
behind Sean in Chepstow’s Free 
HandicaD Hurdle on his seasonal 

12.45 — Railway Line*** 

1.13— September Rain 
1.43 — Salutiferous 
2JL5 — Gay Twenties** 
2.45— Willrae 

3.15— Harry's Fizzale* 
(Boxing Day) 

12.43 — Koiro Scott (if absent, 
Ballyfin Lake) 

3.13 — Danish King ( if 
absent Upton Grey) 

' 1.45— Birds Nest (if absent. 
Major Thompson) 
2210 — Uncle Bing’*** 

2250 — Tbe Snipe 
3.20 — Coocb Behar 

debut. He showed the benefit 
of that run at Teesside ten days 
ago. finishing third two-ar.d-a- 
balf lengths and a neck to News 
King and All Even in the 
Middlesbrough Hurdie. 

The Gala Performance geld- 
ing. who struck a purple patch 
midway through last season, 
winning six races in succession, 
should be ahle in take advantage 
of the weight he receives from 
the two above him. lAttivo and 
Bcdfnrd Lodge l, but 1 doubt 
that he will find the concession 
of 10 lb to Gay Twenties an easy 

This tough Lord Gayle filly, a 
half-sister to Step Ahead, was 
well-fancied at Plumpton last 

time out, where she slipped up 
on a bend in the early stages. In 
what could develop into a 
closely-fought finish, Gay 
Twenties is given the edge. 

Harry’s Fizzal, for whom there 
was no bid after an easy win in 
a seller at Perth towards the 
end of September, probably ran. 
his best race this season when 
failing by a length to give 
Reeora — backed from 10 to 1 to 
7 to 2 — 17 lb in a similar event 
at Southwell on December 4. 

Any improvement on that 
form, which saw the third, Pan- 
tera, finishing all of 30 lengths 
behind the Hardy five-year-old, 
should see Harry's Fizzale safely 
home in the Fitzwilliam Selling 

Stan MelJor. for whom 
Moonstone Lad was a 6 to 1 
winner on the corresponding 
card a year ago. could go one 
better this afternoon. Both Rail- 
way Line, among the runners 
for the Cottesmore Novices’ 
Chase and Willrae. who goes 
for the Leisure Caravan Parks 
Chase, appear to have good 

Dunfermline's half-brother. 
Railway Line, a Relko gelding, 
might have opened his account 
over fences at Newcastle a fort- 
night ago if he had not blun- 
dered at two fences in the final 

Willrae, likely to be all the 
better for a successful outing 
over hurdles, looks handicapped 
to run off a lenient mark of 
lOst 121 b. 

Looking ahead to Kempton 
on Boxing Day. Uncle Bing 
could be the 3nswer to the King 
George VI Chase, in which he 
was runner-up to Bachelor's 
Hall a year ago. For the danger, 
I turn to Royal Frolic, who 
more than pleased Fred 
Rimmell with his recent show- 
ing at Haydock. 

Aetna late t Ca , 


A IcanA I it m 1 a I u m 


Alice. Lull inn 

Allegheny Pawei 
Allied UliemLc&i- 
Allleri now..,.. 
A lib. dimmer*.... 


tmenoda Hew.... 
A liter. Airliner— 
Anzer. Uruulfi. ... 
Amtr. HmadaiKt. 

A niff. On 

Aiuer. Cvaxnnthl 
A mer. DifL. Tel.. 
Amer. Klei/t. Fun 
Amer. Express ... 
Amur. Home Prtyl 
Amsr. /Medical ... 
Amer. Mulurv... 
Amer. Nat. Rut.. 
Amer. Stendeni. 

Amur. Storoa 

Amer. Try. A Tel. 





Anchor Hockiitu . 
Anbeuser Uuncb . 
Annco ...... —— 

A. S.A 

lumen Oil 

Aaarco :. 

Ashland Oil — — 
Au. HtehfieW 

Auto Data Pro.... 

A VC. 


Aron Prod acts... 
Balt. Gas Elect— 
Bangor Pnnln — 

Bank America 

Bankers Tr. .\_Y. 

Barber Oil 

Baxter Tnrnnol- 
Beatrice Food— . 
Beeton DfcM noon I 

Bell A Bowell 

Dendix i 

Benjtizet Cons -B*. 
Uetblebctu Steel. 
Btacfc it Uecte r_i 

Boemj? 1 

Boise Cascade—. 

Borden — 

Both Warner 

Brenifi lnt...—..; 

Bissau) ‘A' I 

Bristol 31 yen. | 

B. Pet A tint U_ 
Brvckway Gian ■ 
Brunswick ......... 

Bucyrua Brie 

Butova Watch — 
Burlington Still). 

Burro URb. 

Campbell Soun... 
Canadian Pacific 
l ana l Uandolpb- 

Uarnatuni — 

Carrier A General 
Carter blavriey — 
Caterpillar Tract* 


Celanese Corjm .. 
Centra' A t.W.... 

certain teed 

Ca-sna Aircraft... 
Champion Inter.. 
L'haae Man bat mb 
C hemical Bk. NY. 
Ciiesebrgh Pom).. 
Cnasie System.. 
OilcaRP BrlrlfiE... 


Cine. Mllaapp. 


citla- Service 

i-'itv (nvestlnm— 
Cleveianti Clm... 


Oolgste Palm 

lULlina Aik man— 

Columbia Crm, 

Columbia Put.... 
Uomiiartion Bnp. 
Combaation Bq... 
C'm'wth Hrtisun. 
Li) mm. Saterlite. 

LVinn Jj/e In- 

Co ora". 

Coo. (All-on SY... 
Con.-w Fowl- 

.Nal Qa . 
C.ui-umer t'l-wer 
L^uiuaenui Ut)*- 
CuiitttienUi ».*n.. 
Continental Tee 

Corn mi LMt /1 

Cooper Imluf 





CTBfr.-l 175* 

PW 1 t If f l 


1 V.i-i-H— RUpNi 

enhrau 1/3) J0U 
l^ifLliausa 1 

31. A. N 

.Manm-xmana ; 

31rtall;9?i< I 

.Uundiener Kuok.j 

Ni-ckemiann i 

I'rvi/NiaK ltui. lOOJ 
KlivtuW list. Elect. I 

beherieg I 

Sivn/CDH ■ 

Siul Zucker | 

Thysseu A.ti [ 


V BOA ! 

VnvlDftWral Of 

Voli an ageu I 

1.570 I — 10 Stb 
98.5| + l.a|9.3b| 4.8 
285 +1 | lb. /el 4.3 

175.5— 0.7 ,1/. 18 4 9 

253.B-0.2 lb.64 3.1 
660M-1' !a8.1i 2.3 
159 —2 I — — 

143.5- 1.0 - - 

182.0 +0.7 I 3S 6.9 

257.2- 0.8 I2B.JS 1 5^ 

284.9-0.5 , 4.4, 

245 -2 'l/.jto 1 3.6 1 

i5r;i 6 :^:!^:ll STOCKHOLM 

130.4— l.G ' X.db: 3.6 
295 28. )S, 4.7 

241.2- 0.8 25 15.2 



Dec. 22 


Banco Bilbao . . . . 
B. Atlanttco (1.000) 

Banco Exterior 

Banco General 
B. Granada (7,000) 
Bonco Hispano 
B. Ind. Cat (1.000) 
B. Ind. Mediternrr.eo 

Banco Madrrd 

Banco Popular 

B. Santander f250) . 
B Urquiio (1.000)... 

Banco Viceaya 

Banco Zaraoezano . . 


Banua Anda'ucia ... 

Babcock Wilcox 




E. I. Araaonosaa ... 

Espanota Zmc 

E«pl. fiio Tinto 

Facaa (1.0001 

Fanosa (1.000) 

Gol. Pr«iedo® 

Gr. Velazqu6£ (4C0) 

Per cent 
118 - 1 
286 - 2 
243 — 

270 — 

237 — 

Itt — 

231 +3 

167 — 

187 — 

213 — 

230 - 2 

333 — 

258 — 

227 - 2 

226 +2 

144 +2 

172 — 

25 - — 

95 +5 

ITS - 7 

64 +7 

32 — 

38 — 

50.50 - 3.25 
61.75 » 0.50 
62 4- 3 

41 - 2 

165 — 

66 + 0.50 



Pape'eras Raumdas 


- PotrolQDs 

Sarno Papjiera 



Torras Hostencb 
Union EJcc. ... 

66^0 — 

72 4-1 

38 — 

112 — 

148.60 - 3 

39 — 
06.50 + 0.50 

127 — 

G8.2S xd 
74 - 1 

68 ~ 4 

60 - 0.50 




vi-.-i.i-ri. r 


K.*» tnif+l. 

V'xcr.q lip ,\«t 

ti.b. In/ittiini .. .. 


•» t'l.tlSnt s Li. 


• -no.... 


Is I/ *. Mil- BviCP.. 
I'Allll-w'tll" ... . 


-nn. i niHiii* 
C i'll. I!rli;r .. I 

■S-'lilIh I 

m m 

|TH- Tl. .11 I'.., —I ... 


I' ii SI in. • lil'Ji.. .. 

V leniL- lloiUBpir., 

2.080 +30 — — 

2.600 1+2B 111© 4.5 

1.000 I+IO iioo TO.O 

426 +2 i - — 

2.380 I ;177 7.4 

S.7SO«-10 ^SU 6.4 
3.060 •+© |10J 6.6 

2.500 4 10 !loO 6.0 
1.406 1+6 • 85 6.0 

1.640 ' BJ S.4 

8,470 J+50 :170 6.9 
1.860 ,+ 10 142 7.6 

I. 020 ^9-, I 4.1 

3.100 j+ 100 'Mb 5.3 
1 740| 2.8 

J. 19Q ' — 10 .Ido I 6.6 

3.235 +2S >/u4 | G.3 
1.005 _S 1 14^' 7.0 

3.345 +45 |dla 6.4 
8.475 +15 \ .It. 8.5 

S.780 ' + 30 ;17.i 6.1 

1.190 .-42 [ - - 

700 '-12 W I 7.1 




4- i.r :Cru*, 



— j ll| V. 



Banrrahi Umcil..,.; 

B/mcn Itan I'M 

Bt/lirn MinelmOP 
)«ijn Aracr. O.P, 

Perrr4)ni« FP 

I’irrlli UP • 

bun /a f"mr OP....' 

I'ntp FK ' 

Vale 111" IM* FP. 

0.79 ->-lt J15.I8 

1.65 +0.07i 1 i9.75 

1.55 r 0.01 i 1 <124.02 

0 86 -O.D4l0.08 9.30 
3.05 — 0.07j ;6.Sr> 

1.76 ' — O.O&i -i.l7.39 
1.32 '-*.0.02' .njlf.lZ 
2. DO ... . 10... 11.00 

5.55 • .< :.4.M 

l.Oi -0.01 .1 17.82 

Turnover Cr. 84.4m. Volume 63.8m. 
Source: Rio du Janeiro SE. 

NOTES: Ovcrasas prices exclude S premium. Beljijn dividends are after 
withholding ta*. 

• DM50 denom. unless otherwise stated. V Ptas. 500 dennm. unless other- 
wise stated. * Kr. 100 denom. unless otherwise staled. <|< Frs. 500 danom. unless 
oilierwise stated. '■ Yen 50 denom. unloss ethDr/vise stated, s Price at time of 
Buspensien. u Fiorina. t> Schillings c Corns, d Dividend alter pending nqltts 
and/or seno issue. «r Per share. / Francs, tr Gross dnr. . U Assumed dividend 
after scrip and/or rights issue, t A/tor local ta/ms. m m* free, n Francs, 
including Umfac div. P Norn, a 5hare solit. a Div. and yield exclude special 
payment, t Indicated div. it Unofficial tradinp. v Minority holders only y Marker 
pending. ‘Asked, f Bid. § Traded, i Seller. .'Assumed, /tr Ex rights, ad E* 
dividend, xc Ex scrip issue, xa Ex alf, a Interim since increased. 




fiooRpreoa (FL20)| 



lot. Mullar 






PMipa (7U0J...J 

Rohdcd (PliO) — j 

47.5!+ 1.7 


_v^i| /^#-l’ ~4l 


v 4-a02 


ilLLj-LrTri . ; y - : j 

1 * ^i 1 *! <1 m r/jtf .fg rt: iT 

i o* 

17 . 


'<*■ [- V I 

\ m ; r 
Cfib. ?r-; 


' • “.'k-i? I, 

;! • “ h, I j- •,. 

.. »•-• 

: •: 

.£?«« ‘ r-’ • 

.-cV 1 " ' 

‘ Uy^L. ■ : 
l . ?* • 

•. ■■ ■ 

.’•■•l.v ■ x. - 



.._ pi* '. 
*- “/ 

-'• - r.iM 

; J ■ * ■? L -> . 

■': - . ,! • 

• J. 1 --* ?Ja ■ 

’ - _ - ■ -o- i* 

to make 280 
nt in Wales 


Fleetwood trawler 
owners’ group 
shelves liquidation 

&T Keruwtb . Gooding, 

Motor I rakotry Correspondent 

MOTOR CYCLE irsies row 
strongly last jrnwnlh comnarcd 
vvirh- the samc rncnih test year, 
but' the n-monlh total 'is still 
lf>.5 per- cent- lower than last 

The market -Is still, snflerfng 
fjom The -"drop nt registrations 
of mop^ds >of 'Jess . than -'5i» - cc 
capacity afte^ legislation -in 
August lastf'year, limiting their 
tm - : ape ed '.to ^ZO '■ mph . 

I'jgums-stnee August this year 
haw reflected ; a reasonable 
recovery. Transport Depamhent 
et •ft&ics -‘out yesterday show 
registrations of mopeds last 
month 43 per cent up on. the 
same month last year, at 4.tK>H. 

Sales or motor cycles of inf rs. 
than 50 cc capacity also showed 
reasonable - buoyancy in ' the 
month and rose 5 per cent to 
Altogether niotnrcycle p'gK- 
tranoac rose 13:8 -per cent from 
U tl- to 15,328. 

For the first 11 months of 
the year, however, total resutra- 
ttoqs fell from 2.47m to - 2.21 m 
because of a 35.3 per cent fall in 
moped, sales, down from RiJ.STa 
to' 54.256. Motor cycles id inure 
than 50cc Were up 2.1 ner well. . 
from 16S.SS0 to 157S2* 

The industry expects interest 
in mopeds to increase in the ■ 
nest few wesks. ;♦$ it always , 
does when petrol shortages are 

Mr'; Peter Bolton, rnanaeinq ; 
director o£ Steyr-ItaiinlerPtirh , 
GB, said yesterday, “ The recent ; 
shortage of. petrol has created ! 
an upsurge in interest in ill j 
energy-saving vehicles." ; 

/HOO\TR.,.lhe domestic'-, appli- 
ance manufacturer, is axing 280 
jobs at its MeUThyr : . Tydfil, 
South Wales, washing machine 
iv??npi«c as part of -a retrench- 
ment Further redundancies 
among the 4,900 workers at the 
plant follow in the New Year. 

The 00-day : tflsmlssat notice 
covers, both blue- and: ; white- 
coUar-; workers. . .It. was 
announced to unions yesterday 
:alcmg-with qn. outright, rejection 
of a 15 per cent claim for the 
plant. ... 

The company said, that it 
could afford no increase in 
prose nr circumstances.- .At the 
some time, it cou tended .that the 
claim actually amounted jo 
some 45 per conti taking into 
account fringe benefits and 
banns adjustments sought by 
the unions. . 

Redundancies have.-, .-seemed 
likely since last month, when 
•tine company,. Wales 1 biggest 
pm-afe-seetor 'employer, un- 
voted a broad strategy to cut 
costs and. improve efficiency. 
It.; profit margins. Jt claims, are 
being squeezed, severely as a 

result of strong competiiinn by 
imported domestic appliances, 
particularly frum Italy. 

The retrenchment package 
included closure nf subsidiary 
plants round Merthyr and 
shelving of plans for production 
of a new dishwasher and fop- 
loading washing machine at 
a £14m factory unit being built 
next door to the main Hoover 
works by the Welsh Develop- 
ment Agency. When first 
announced this expansion 
promised an extra 3,000 job.«. 

The company said that redun- 
dancies were virtually inevit- 
able. subject to a detailed inves- 
tigation of labour needs, which 
will continue in the New Year, 

The number or jobs at the 
Merthyr factory has been cut in 
the past 12 months from about 
5,500 to 4,900 by a halt to re- 

The same pressure on margins 
has led Hotpoint, the GEC wasli- 
ing^nachme subsidiary', to pnsr- 
pone indefinitely expansion 
plans in North Wales. 

On pay, the two sides at 
Hoover are due to meet again 

early next month. The Amal- 
gamated Union nf Enxineerinu 
Workers said that in mi circum- 
stances would it accept nu in- 
cruase at all. 

The unions had intimated in 
the management Uiat I hey might 
he prepared to accept 5 pur cent 
as an interim award, !>ui would 
reserve the right tu make fur- 
ther a p roaches when the com- 
pany*. s rationalisation pro- 
gramme was complete. 

7n the meantime the unions 
planned to insist that ihe redun- 
dancies be on a voluntary basis, 
said the union. 

Hoover's difficulties are the 
second employment blow in 
strike Merthyr Tydfil in recent 
weeks. The town is the home of 
the ailing toy company Tri-Ann. 
most of whose 3fi-plu.> work 
force were dismissed formally 
by the Government appointed 
Receiver three weeks ago. 

But the.v have crmfinu^ri M 
work normally in the hupc that 
the Welsh Development 
Agency's search far a rescue 
formula will prove siii cessful. 

Rolls-Royce wins jet contract 


THE Fleetwood Trawler 
Owners’ A.;i-i-iaiu«a has shelved 
its plan iu vo into liquidation 
until after Christmas, and has 
withdrawn notices issued tu its 

The association, which 
handles unloading and other, 
ancillary facilities at the Lan- 
cashire porf. announced last 
week that i; was goinu ahead 
with its liquidation decision in 
spite or ..n oiTer of Government 
aid to c-.v operating losses. 

Its clrinv* of heart is seen as 
a response io a warning issued, 
at talks with Ministry of Agri- 
culture officials on Thursday 
that she :od oifer might be with- 
drawn unless riie owners under- 
took to kwp the dockside ser- 
vices poing. 

The owners bad sought direct 
{•rant aid to the association, of 
which tivy are shareholders, 
amounlmv; to £150.0fH». The 
Govt-.T-i-i-Hi announced a £1.2m 
scheme io cover half the owners* 
landing « , r.:.r: , es at Fleetwootl, 
Hull and t irsmsby. under which 
Flcehvuod owners would have 
received about £3S0.u0O. But 
they di ruled fo go ahead with 
the liquidation plan anyway. 


Q-VVTAS, THE Australian air- 
line. has chosen Rolls-Royce 
engines for the first., time in 
power its expanding- fleet of 
Booing. 747 aircraft,, in _ a con- 
tract to fit the RB2H to two new 
aireraft. The contract will be 
worth £20ra over the life of the 
aircraft. . 

The existing Qantas fleet of 17 
Boeing jumbo jets is powered by 

the U.S. Pratt and Witney JTflD 
engine. The airline said yester- 
day, however, that it has options 
on four more jumbo jets, which 
are almost certain to he fitted 
with the Rolls-Royce RB211-524 

This would yield further con- 
tracts for Rolls-Royce up io 
£40m over the life of ihe air- 

Sir Kenneth Keith, chairman 

of Rolls-Royce, said that Oanfas 
was ihe fuunh new airline to 
order RB 211 engines this year. 
Pun American World Airways 
ordered them Tor a new fleet of 
Lockheed Tri-Sl:ir aircraft in 
April, in a contract worth £260m 
to Rolls-Royce. 

Saudi, the Saudi Arabian air- 
line. already operates Tri-Stare 
powered hy Rolls-Royce engines. 

Economic Council 
to fee enlarged 


New engineering orders up 6 % 

" ■' >-i ■ 

’ ■si 1 ..'. 

Commodity OFFER S 5.9 
Trust BID 55.8 

Double OFFER 57.0 
Option Trust BID SS.Q 

Commadity & Genera! 
ManageniePt Co Ltd I 

iO-irSt-fieO/ga's Street! 
Douglas Isle of Man I 

Tel: 05*4 25015 | 


i orders rose by> 6 per ; cent in 
: June to September overthe pre- 
; vjous quarter. . 

! • That was due . largely to a 
i 13.5 per cent increase in' export 
■ orders,, according to ' official 
! figures in the journal Trade and 

Industry, - 

j The Industry Department ob- 
I serves, however, that that figure 
, relies heavily on the iveiry high 
I seasonally adjusted figure for 

1 The combined sectors, for 

which the estimates are drawn 
u<p include mechanical, electri- 
cal and instrument engineering. 
It is not yet possible to say 
which one shows the strongest 
recovery, but other .sources have 
indicated recently that mechani- 
cal engineering might remain 
fairly fiat. 

Electrical engineering, how- 
ever. has been on a firm upward 
trend for thet past year. 

The big rise in export orders 
has been reached after revisions 
to the figures for earlier months. 

when exports had mostly been 
behind the trend in home 

The latter have been showing 
a steady, although modest, in- 
crease since the November last 
year quarter, when they were 
particularly low. 

The upward trend, amounting 
to a 3 per cent increase in June- 
September over the previous 
quarter. u reflects the increased 
level of investment iu plant and 
machinery in the UK during the 
past year." the Department says. 


view of the week 

Ins forecast 



ceed edemend in ’ the 2973-79 
- season, ending next. September, 
according to the latest market. 

• report by London merchants. 
.‘GUI and * Duffus. issued this 
week. Tho .forecast of a surplus 
contrasted with previous mar- 
ket predictions that poor crops 
•would lead to a shortfall in out- 
put this season. This sbtnewhat 
bearish view, was reflected on 
the futures market where the 
'March position 3art-£Sfi.5 on the 
-week i to close yesterday at 
.£1,941.5 a tonne. 

However, Gill and -Dnffus 
were careful to warn in iheir 
.report -thgt surpluses are not 
always what they seem tu be. 

. It was noted th3t the effects 
-of -the surplus in the' 19f//7S 
season, now estimated at 128,000 
tonnes, had little market impact 
for some time because «*f ship- 
ping problems preventing sup- 
plies reaching the market. In 
.any event the surplus for 1975/ 
4979 at 21.000 tonnes is very 
small. It results from expecta- 
tions of a slight improvement 
in crops both in West Africa 
and Brazil - compared with 
earlier gloomy forecasts of pro- 
duction setbacks. 

Coffee prices marked time. this 
week, prior Ao the Christamas 
holiday.. There is considerable 
uncertainty about the , future in 
view of the conflict between 
producer -plans tn boost values 
by support buj4ng and the 
anxiety of certain producers to 
dispose of surplus supplies to i 


ifiim - 

- mm - 


1978 i 

earn much needed foreign 
exchange revenue. . 

. The market is waiting to see 
whether cut-price sales of coffee 
below minimum export levels 
will continue next year, or 
whether producers will stand 

World sugar values dipped 
with the London daily sugar, 
price falling- by £3 to £99 ,a 
tonne. Significantly the daily 
price for .white sugar, which 
should; normally - be at a 
premium to raws allowing fer- 
tile refining costs, has also 
fallen to £99. This unusual, but 
not- unheard of, situation is the 
result of' a surplus of white 
sugar being available partly 
because- of the large weekly 
sales by the EEC whose crop 
has been better than expected. : 

It is now apparent, according- 
tn London brokers C. 
Czarnikow, that conditions j^of 

heavy surplus will continue to 
. prevail this season unless there 
is a major crop failure or some 
’ unexpected extra demand. 
■'•Tin prices lost ground again 
on the London Metal Exchange 
this week reflecting continued 
..lack of consumer buying 
interest. Standard grade cash 
'tin ended £147.5 lower at 
£6,927.5 a tonne, despite tally- 
ing slightly yesterday on fore- 
;. casts of another fall in ware- 
house stocks. 

- . The market was depressed by 
.the failure uf Penang to hold an 
: earlier recovery in prices, and 
. renewad fears uf U.S. stockpile 

releases being approved when 
the new UJS. Congress resunuis 
business in January. 

A modest rise is predicted for 
copper stocks. However a signfi- 
icant feature of the market is 
that that cash price discount to 
the three months quotation has 
narrowed to below £11 making 

- it less • discouraging for 
speculators to buy forward. 

It was announced yesterday 
.that talks aimed at settling the 
four-month-old strike by Inter- 
national Nickel workers at Sud- 
bury, Ontario, had been 
adjourned for Christmas but 
would resume on January 3 
after consideration of a new 

Lead prices recouped earlier 
losses yesterday on predictions 
of another fall in warehouse 
stocks: Cash lead jumped by 
£9.5 to £429.75 a tonne, up 
£3-25 on the week. 

. U m«t.. •• 

. j . f>i »<■*"' VJiV.w- ‘ Yo«r 
■ l-'KUe- •*« i ■(?> 
... nnlt.«a , wrot 
• , «UmrJ ,f 

Wheat . i • . 

■Si.. J fieri SiiriBiE . £«-5 ; + O.S • C30S 

An. Fe«l . ■ [*' • ! 

. Wlnwr (Jeq.jl - - * 

Rnr; JJ/Hing <op» twjit t834> f- — j £y].23 

Euces 1 i 

Clines— (jJ! S5.S75 • — • £i.ft30 

. P«fiper, nl&U!, — I. S3.B16 - + 12 S ' S3.lTo 

SIacJc — ... '.nr.-STs l+TSJ) S2.300 

Oila ■ •• I 

Cnranu C (Phi 1 4 .V l -WSO ■ \-t 29.01 

- Groundnut ■ ' . — i ^L 

lilnrtwl, Crude-... £&M .. -ri.0 £2rt 

Baim SUJbynn ~. r . _ fGla +7 .0 Sfctf 

Sotwlft " - ' ~ 

C v m»(PWHi«jiei.Y r PPM isid S5B» 
an>«hini» U-.S.) — '+ 6 .U * C.K* 1‘ 

Other ' . ‘ '■ i • . 

Cottmedingf ! . 

C>>c.a DUmurirt IIW ‘ , I 

1 nil t 1 ■* » i 

niK.ii j 

Metals . 

:<£M4i CH3.B Aiumtuium...;....— 
. I Vise Market o-iJ— . 

. £92-351 J '■£60.75 Ajitlmwiy fiMU).. 
£106 j ■ £B9.ts Free Merket (W^£) 

£5JOo!- £3JW) ^S’wire Bem..^ 

So.SOOi.’ -SJU>76 S mills Du. no 

-$8,450) SL516 C«ifa CHlhodes.— ... 

< ~ 3 niotiLh Do ,..■{ 

SB35 ’ --063X5 ,GqU par cc 

£770 ■ fit St . Le«d Cuh J...,— — 

£385 CS5& ,3 *H»nU>i V— !-■=_■ 

SOih *483.- 

' FreeMjir ket c J J. fel 

PWiawn per « 

-frtO • $37Si Five Market par os. 

I Uk»l . 

1 prlrea Ch'fr* 
per. Inane on 
unlew week 

£710 — £880 ] £310 £*80 

UOOrEO +30-0 S9BDIB0 5J.2L0 S966 

£1.026 — £2,160 | £L92S l.£L 6 B 6 

2.BD0.I660 -60. D 82.700-7501 gZ.TOO J 52,135 








8313 | 8234 

I £81258 • £1 All 

£88 j5 

.£438.6 . 



£602 J} 
£280 3b 


tiiinl Xu.o L.-.n-., 
' tsM/pr lit* '47,;.,-.-..;,' 
Xniaoea Nn, 

Tes fqudiivv silo—:.’ 
(plniiy ijla...; 


: llb.O 


■ | 

, 1310 


f+Z-C- j 

' CIW 

r-4»Jj - 

. I- ' ! 


£134 i 


7fj- - 

tpuua; x,ii n— . pit- « -- f . 

- Ww^tntw Op- •*- ^ l,f> *8?!**^ 

£190 . I £131 I- -£177 - 
SaAi:7a | -*M7ii 
£105 S £114 | £»1 
vl?0 ! £130 f £178 
152[i | 1®7> i ‘ 12-Tp . 

- &?)■ .EWn . J- ' 
in- kilt* i2B.vi4JU.W7pfc!Tn 


Silver- per us.— 

3 montlujieraz-,. 
Tin owb.-;..,-....,:. 
3 months... 

TluikbuiiL J dcL. 

Wnlrmin <22.04 Ik). 
Ziiw* iwli....i'...»— '■ 

3 month* 

Prod two*-.. ..... 

45.5ji I Prodm 
J1177 4 - - 
-4H7J5 flndna 


Mslw ..... 

Fsenub Siiu leHo w 

- ; (American] 

£7W.7S +0^ 
£7B7J35 -4.5 
. ■£756.6 - 6 'A ■ 
■■£77* -«A0'.. 

£*28.76 +3£6 
;-£«a.7B +L0 

1-64/76 -0X4 
£166 — - 
£171.86 -L9S 
»162*7 J+-4.0 
2S6.76p 1-1.9 
304.06p 1-2.05 
£5.087 A -147.6 
..* 6,886 U147.5 
IH6.56 U&M 
■ 8134/40 4—3.0 
- 434X75 [-4.25 

£362.76' k3.7b- 
{7D3 — 

£86.76 ]+« ' ORiO- £70.® 

COPPER — Slightly easier in quiet 
iradioo on me London Metul Enchun.ic 
The only feature in an otherwise quM 
morning Hading session WAS i squue^O 
on nearby data* which narrowed the 
contango qudo considatobly at on- 
point. Otherwise lorwurt) metal uadid 
in n narrow range btloia closin'* i*t 
C787 on thu kerb. Turnover 29,325 

~ a.m. ’+ of ’ " n.m. ~ i+ f, r 

(TipriiH ! official — L imnif wi , — 

” . £ ,~l £ ; £ 

Wircb&rs ! 

< h-Ii 776.S-7 +2.25 - -.76 

3 uHtUn; 7a7-,5 —3 — [-6 

Stn I’m, nt 777 : ,S ! — 

Cathodes j i 

CV-li 1 756-7 - 3.6 - 1-5 75 

3 iininili.s, 773.5 4.6-4.26 — '-i.25 

2m*i< I'ui.nt 757 —3.5 - ! 

l .S, miii... — ‘72 

Amjiyamjied Metal Tiuding reported 
ilut in inorn'inq uii/y uadmq cash wire* 
bars traded et C77C. 76 5. 17. ihree 
months H37. B6.5. 87. 88. 89. S8. 8" 
87.5. Cathodes. rhrcD mr. nil's C77s 5. 
74 5. Keibs; Witeb irs. cash E77E &, 
three mouths C786. 87. 

T1M-— Quietly steady. A tail in tii> 
Penanq market saw lorwnrd marer,.ii 
Open lower ol C6 830. However a good 
demand for. nearby dares widened the 
backwardation and torwjrd cdqed up to 
05.840. 'Towcrds rho close profri-iakin'r 
pared the price to 5.820 on Uie kerb. 
Turnover 585 tonnes. 

i a.m. ;+ v.r 1 V-ul. r+ 

Tf.V | tniii-Utl I — fL'nnflvtol j — 

Sigh 6 £ '• * J C , 4' 

kS3i ; 69*0-60 i+ 10 ! - ,+55 

i monrhu-i 6833-45 *-4?.5' — —7.5 

Qwilem i ., 69-0 |t 10| — j 

Standard^ | i I r 6925 JO -7.6 | - 1+82.5 

a uiunlJia J 6820 30 — 50 I ~ .'-22.5 

SeiUcm’i .' 6930 i— 15 — ! 

bl mil a, KJ JS1775 — £2 - i 

hei r Ynrt. — -. 

Marowi: Standard, cash £6, 920, three 
months C6.830, 35. 40. 35. 30. 25. Hi-ih 
grade, cash £6.940. Kerbs: Standard, 
three months E8.82S. 20. 

LEAb— Moved ahead roilectmq fore- 
casts of ■ (all in warehouse slocks and 
a tightening _ ol thq nearby supply 
situation which had the _ effect 'Ol 
widening thu backwardation. Alim 
opening in ihe rings at C40I forward 
metal rase to £404 prioi to clnsmn on 
the kerb af £403.5. Turnover 7.461 

j ;+ fi.m. ( + «w 

LRAD (HBtimI [ — lUonffiriali — 

' r • i-i £ : 

' Curb-,. ) 429,5-30 +7.5 — '+9.5 

i mnttlhn .| 403.5+4 +8.3i — 1+3 

Sen 'inent 430 +7.5 — ! 

U.». »|>it.| — ! I "36,86 i_ ...... 

Morning: Cash £425, 2S. 29.5, 30, 
three months £401. 1 5. 2. 4. 3.5. Kerbs: 
Three months £403. 3.5. 

ZIN&— — Ptmwr. Forecasts of a fall 
in stocks coupled wuh the trend m 
lend prompted a modes! gam in xir.c 
with influential buying ol cash narrow- 
ing the contango Irucuanaliy. Forward 
moral opanod in the rings at £350 end 
traded up to £353.5 at the close-. Turn- 
over 1,900' tonnes. _ 

a.m. J+ n r l'-ni. ;'+"r 

Z1SC OfHeist I — UnnRWIsli — 

; i \~£ “ 

Cub - 848.5-3 +1.26 — 1+2.25 

3 nmnrlii . 352.5-3 +1.5 — 1 + 2 

d'uient .... 343 +1 — J 

Prim, west! — __ "BAfi f 

Morning: Cash £344, 43. three months 
£350. 51. 51.5. 52. 52.5. 

ALUMINIUM — Lower in quiet trading 
with hodge Belling depressing forward 
metal from £623 at ihe opening io 
around £621.5 at the close. Turnover 
300 tonnes. 

j STEPS ARE io be taken to 
i t-nbam*." i h.» standing of the 
; Nnrtht rn Ecnnutnic Planning 
l Couc.*:i Mr. i>ne«i Armsrronq, 
Parliaiin-ntary Secreiarj- at the 
Envit-iiiuijcnr Department, 
annoutH-c-d yesterday. 

He refilled iy say. though, 
ishal i!.u>t steps would be . nr 
when wiiulfi imple- 

mectet-. He nvily hinted That the 
round! would be enlarged, and 
detail, uf the measures would 
be arimiumvd “as soon as poss- 

A few inure members is un- 
likely In change much the 
charaiter of the council, since 
it alrraiy b 2 ? 28 members and 
is heavily weighted down with 
cnunciilurs 2 nd trade union 
; officials. Department officials 
| were unable iu be mure precise 
' last ri^hi over the timing of 
[ any . hatijres. beyond saying 
I lha* .they would cuine in the 

bnnjina tr.o ioijI Ioi me wt-plc 10 
1.Z.L' aavin*: 1.442 tonnes rupoils F. 
W TjttersJlIli Bufiug wis stimulated 
br more demand on spinners, wt.a m 
turn wdntnd supplies ol the r*vr Ariention was canoed on 
Mddl-.- Eastern and South American 


Sit-, or was lised 1.9p an ounco lower 
tor soot delivery m the London bufiion 
niorkc yesiciday at 236.75p U S. cent 
equivalents Ql ihe H/mg levels were: 
spcl 525.2c. up 1 . 0 c lhneo-monrh 
603 8 :. up 0.?e- 5 i*-monrh 622 5c down 
0.5c: end 12-mouth 651 9c. up 0 4c Tho 
metjt ooened at 237-298P (595-597ci 
enf closed at 29 B 1 ; -297'. |554'.-536>:CI. 

Sll.Vm. 3V.lli.ui +. r. r UM.F.. 1 + ,<r 

1+1 , hcinq | — ' i-insi- — 

tr-i.. .u. 1 piu+ 1 ! 

Spa .. 296. 75|. -1.3 296.75p -1.35 
,i iiii.iii'ni. 304.05|i -3.0S 304.a[, -1.45 

+ ■tn.n-.'ia. 31l.5bt> -2.5b ' • - •• 

1: niMi.rhc 3£8.3dti +J.0I — ■ .... 

UME— Turnovur 172 . «232l tats of 
n'lOXl ois. h^ormng: Three monrhs 
305 5 5.3 4.6. 4.2. 

New Year. 

There has been a strong feel- 
ing in the North-East that the 
Government should do more 
for t'ne area now that Scotland 
and Wales have been conceded 
the right to poll over devolu- 

Rut Mr. Armstrong, speaking 
in Newcastle, scotched any 
hupes that the Government 
would be radical in its 
approach. Economic planning 
had to remain a matter for 
central government, and what- 
ever proposals were made in the 
New Year would be “in no way 
related to 'the debate about 
regional government." 

He also scotched hopes that 
the enlarged council would have 
elecred members. "The 
■measures should not be seen 
as a step towards putting mem- 
bership on to a representational 

unquoted. Jan. 107, transhipment East 
Coaot. S. Airman White Jen. 17.50. 
S. Arncjn Yellow Jan. 67.50. Barley: 
English Feed fob Apnl.Jone 90.50 east 
Coa;,:. Sorghum: U.S./Argentine Jan. 
100 nominal West Coast. 

foiio-A'.ng EEC levies end premiums sre 
effective lot December 23 in units of 
ac.-aunt per tonne. In order current 
levy gius Jan.. Fee. and March 

E radiums with previous in brackets). 

c.-nmon wheat. 81 .80: rest nil (81.80: 
rest nit) Durum wheat: 119.74; rest 
n>l (119 71: rest ml). Rye: 84.96: imi 
ml <84 96: rest ml). Barley: 88.19: rest 
mi (38 19: rest nil). Osts: 82.83: rest 
nil ,'82 83; 2.01: 2 01; nil). Maize (other 
mar, hybrid (or seeiiinq): 79.04; rest nil 
1 79 W; 0.77: 0.77- 0.62). Buckwheat: 
H.': rest nil (1 12: rest nil). Millet: 
68.91; rest nif (68.01 : rest ml). Gram 
sorghum. 78.84; rest nil (78.84: rest 


F:o-jr levies — Wheat or mived and rye 
flour 125 B 6 (125.86J. Rye llour: 130.28 
(11Q.2&I . 



In quiet rradinq conditions cocos 
prices endnd .slight// wb+tvr on ihe 
d:-/. reported Gill end Dcflus. 

li^hniiivV ^ ,, r iluuneii 
k'UI UA . Cl-ur — lA.m? 

In-.- T 68 B 0- 1508 -9.56 1908.D-19W 

Men'll 1S41.H < 2 .D .-7.60 1SS0. 0 42.0 

M-V I960. DB i.O -7.0 1967.L-72.0 

JhI.v £( -5. M1D04. 6-1892 

S- r .i 2012.0- 15.0 — s.O 5015.D 2C0I 

li-.-.- ajDB.OOB.O .. lOlMUMD 

Jlan-i.^ .^ 1 995.0-2006 +1.5 I998.0-M.0 

Sales: 3.674' (4,750) lots of 10 tonnes'. 

Inter national Cocoa Organisation 
(U S. cc-ms per pound). Daily pries 
lor Dec 21: 174 69 (176.30). Indicator 
price lor Dec. 22: 15-day average 179.52 
1 130,221: 22 day average 182 06 



ROBUST AS eased progressively 
throughout the shortened session, 
Dra/el Burnham Lambert reports Most 
traders were content 10 sland aside 
and dealers noted same commission- 
house liquidation before thu holidays. values wero £4 to £12 lower on 

,\'«H?rriiiv'-. | 

t'UFFBE • Cim 1 + wr | B'i'iiivffl 

— lhMU, 

. j £ per r/>iitie' I 

January 1 1439- 1440 —9.0 1455-143! 

.«on-h._ : 1282 1283 -2.0 1207-1273 

.1212 1213-4.5 1215-18M 

J«U- • i 1175 1177 — B.O 1180-1170 

hepri inter..; 1145 11+8 -7.5 1148-1147 

•.inter...: mg 1121 -6.0 

January^... 1105-1118—11.0 

Salus: 954 ( 3.354)~lois of 5 tonnes. 
ICO Indicator prices lor Dec. 21 
fl) S. cen:s per pound): Colombian 
Mild Arabicas 171.50 (same): un- 
w.iShad Arabicas 143 00 (same)' arbor 
Mild Arabicas 130.67 |130.G01: 

Robuaus ICA 1976 129 50 (same); 
Rohustes ICA 1968 130 50 (same). 
Daily averego 130.09 (129.75). 

SLIGHTLY STEADIER opening on the 
London pftysi'caf market. Slight interest 
dur.+g tne biiel session, dosing an a 
tr-iie: note. Lovns and Pear reported the 
Malaysian go-down price was 238 
(same) ;en rs j kilo (buyer. January). 

V.. 1 Vr-lerJuy V I'rrvioni Unvlnm 
u.s.s. : fi,i+. I t |i«r ! Done 

M«r 5S.S-59.30 56.35-58.40. - 

Ai-r-.lne Bl.lO-fil-15 1 60.85 -60.50: 

Jv S.-j.i- 65.55-U.40 1 63. ID-68. IS' 63.56-63.19 
Mr;. Lie- 65 65- 65. 7B 66.4B.K.<5'' 66. 6S 
Jsn-lUr. 67.95 58.00 67.70-67.75 - 

Ajii.Jiiv 76.50-' 

J-. -+M. 72.65-72.70 72.35-72.40 72.85 
».»«•». D«- 73.05-75. ID. — _ 75.tB-75.00 

tales: 68 (146) lots at 15 tonnes. 

Physical closing prices (buyers) 
were: Spct 57 SOp (57): Feb. 59.38p 
(59 3j; March 60.2Sp (BO. 00). 


■ Ye&re'iMay ■ + or | Buslneaa 
Dime '• — ■ i Done 

Decewil-er .... 127 .00-27.5' + 2 .0 ! - 

February — (127 2d-2 7.3> 0.451 27. 30- 27.09 

April ;l '<8 00 - 2 B . 5; + 0.49' 26.40 -28. 10 

June ■ K4.DJ-24.B- (26.30 

Aiijjiitt [124.30-28.0 + 0.50i — 

"i-t.-ter 124.50 27.0 +0J8| — 

Drvemter ... 12! 30-28 0 — 0.73| — 

Sales: 13 (SO) lots at 700 tonnes. 

Mr. John Si! kin, the Agricul- 
ture Minister, responded with a 
thinly-veiled warning that the 
gram might not be paid to the 
Meet wood owners it they 
allowed the association to 
flounder, and a union official 
representing the port's dockers* 
claimed that the owners were 
'planning to “ pocket the money 
and run away." 

This point is understood to 
havq been underlined at Thurs- 
day's meeting, and the owners 
uow appear to have recognised 
the weakness of their position. 

The port employs 178 dockside 
workers, of whom US are 
dockers, far more than is neces- 
sary to handle the decreasing 
work-load. At the beginning of 
the year. 39 vessels were 
operating from the port, but Ibis 
total has shrunk to 19. 

The dockers are employed, 
however, by the British Docks 
Labour Board, a statutory body, 
and can be dispensed with only 
on a voluntary basis. As they 
are entitled io severance pay 
averaging £6,000 a man, it would 
cost the association. £250,000 to 
bring manning levels down to a 
realistic leveL 

Stock Exchange 

Thursday, December 21 3.383 

Wednesday. December 20 3,080 *£’ 

Tuesday, December 19 3,403 

Monday, December 18 3.398 

Friday, Oecember IS 3,520 

Thursday, December M 3,944 

Tha list bslow records all last Thursday's marking and also tha latest 
markings during tha previous four trading days of any Share not marked on 
Thursday. Tha latter can' be dislHipuiitud by the date fin parentiiesas). 

rt* number ol dealings marked on Thursday in each section fallows 
the name of tha section. Unless otherwise denoted shares are £1 fully paid 
and stack £100 Sully paid. Slock Exchange securities are quoted in pounds 
Kid tractions of pounds or at pence and fractions ol pence. 

Tho list below gives the prices at which bargains done by members of 
The Suck Exchange have been recorded in The Stock Exchange Daily 
Official List. Members are not obliged to mark bargains, except in special 
cases, and tha list cannot, therelora. be regards d as a complete record of 
Prices it which business hes been done Bargains are recorded in the 
Official Liar up to 2.15 pin only, bur ,laiur transactions can be included in 
the following day's Official List. No indicobon is available as to whether a 
bargain represents a sale or purchase by members of the public. Mornings 
are not necessarily In ardor ol execution, and only one bargain in any one 
security at any one price is recorded. 

4 Bargain* *r Special Prices. A Bjrq-iirre dene with or between non-member*. 
* Bargains done previous day. § Boujihs done with members ol a recognised 
Slock Exchange, 4> Bargains done tot del.ivoJ delivery or ‘ no buying-in." 
SA— -S Australian; SB — SBahamijn- SC — SCanudian: Srlh — SHong Kong: 5J — 
Jamaican; SM*— SMulaypn: $Me — 5Me>ican; SNZ — SNew Zealand: SS— SSingapore: 
SUS — SUnned Stales* SWI — SWcat mdiun. 

30C Brit Trans. 197 0-38 62 ’x 2 mb -I 

J i* *4 ' i,: 

2‘sPi Cons. In. 20 '-6 16 «* 20 'v« 
aot Cons. In. 32 b® * h 
J‘:Bc Conversion La. S4’i* i>i« 

ISupc £*ctnjr. Ln 1996 IQl'-* 

lor denar. Slk. 19B1 B5I: '■■ 'i. -« >■ 

3nc txchur. Sts. 193s 7 #l. 'i 'i. 

S'*pc Excnar. sa. 1 901 91 
B roc exenar. SU 1983 SC 7«'i«. 

9i,pc Escncr. SlL. 19B2 89', '* 

9‘:oc Eschar, sue. igsi 93'* 

10pc fscnqr. Sit. 19S3 59‘>i,:* 90 I|b« 
B9i ib L 'i: li m 

1Q-« EnChqr. Slk. 1995 Hi:, 1 >« „ 

(2Q. I2< 

12', pc fechqr. 5tk. 19BS 97'.:* % > lt I 
I2',k EBcnqr. Stl. 1992 9Hc S 
12';pc EnChar. Slk. 1994 99<* I 

12', PC Enciiqr. Stt. 1981 IOO'i.O ■: 

1 Joe Exchar. Stk. 1930 101 : 20 -: 2 i , 

Sec Fnas- Ln. 197 B- B0 94«i,;o I 

' , |B I 

5KPC Fnda- La. 19S7-9I 64',* ■„ I, H | 

Bpc Fnoa. In. 799J 61 V.« -•- -- ! 

6 ':nc Fnd9- Ln. 1985-87 76 ‘.0 >.* 

'» *ib 7; | 

1 |:PC Fnds- Slk. 1999-2004 irck.- 3S',* 

S':PC FndS. StX. I9B2-84 80>.® *-.* Ij r, ' 

*i, r i» ; 

6 'jbc Trees. Ln. 1995-94 59'.* "n* i 

60* ’ I 

7', pc Trexl. Ln. 19S5-B8 77 L* I, . 

7‘iic T/eas. ln. 2012-15 6 I*m® ':b *;» i 
Bpc Treat. Ln. 2002-06 6 &'u* i 

a ,oc Trexi. Ln. 19B7-90 77* iir. i 4 : 

6 !.■« ", | 

Bt;K Treaa. Ln. 19B0-B2 90 mb® bO 'it =, 1 

*, i.. : 

8 <:pc Trcav Ln. 1984-86 840 J . r« 

BJgjc Treai. Ln. 1997 74-,* -i, 

9iK Trcas. Ln. 1994 7&':0 >» '« ''it '. 

»PC Treat, tn. 1992-96 76‘^i •- j 

9-. -pc Trea*. Ln. 1999 76'.-* '■© 

12pc Treat. Ln. 19B3 98* '■ >, 

1 2 >;BC Treat. Ln. 1993 9-l'«* S', 4". "'it i 

12LPC Treat. Ln. 1992 96S "i. •: 7'-: : 
12 Spe Treat. Ln. 1995 99',:* S'.® ■. • 

ta’iuic Treat Ln. 1997 SB''.,.* '.® V:* j 

T3“k Treit. * Ln. 1993 lOS'-O ' 

14:m Trai.. Ln. 1934 ftl'r* *■ I 

1 S’,pc Treat. Ln. 1996 liv-,* : 

ts’i'ec Treat. Ln. 199B ttfi'-o >* + ; 

2 ‘jrc Treat. Stt. iRec > ran or atirr J 
April I. 19751 19*.* ' 

3 oc Treat. Sit*. 23% >20 12) i 

3 Pc Treat. Stic. 1979 94 >',b S 4% 

3 Pc Trail. Slk. 1982 B3>>* <jO •>* '« '» I 
<i '’ibi ; 

Treat. Stk. I977-B0 !««.' 9-t"i»* | 

3^apc'* Treat!^ Stk. 1979-61 •««■> 88 J „* , 
5Pc’*Treas* ixk. '1986-89 iReg.> 64 %® 

s 1 ,: s 4% i*ib i 

S'; pc Trcas. Stk. MOB - 12 CReg.t Jo > 

SUpc Treat. Slk. 1982 ISM,*: i, 'i. j 
»>,PC Treat. Stk. 1933 88 ® ! m | 

9' pc Treat. Stv. 1990 97* '■>* <■» <t 
9 %pc Treat. Stk T9Bf 94«„* "-. u -'it 1 
IOpc Traiax. Slk. 1992 3L 4» „ S', * 

10 Treat. Stk 1979 99 <20 12* 

13- p; Treai. 5:1. 1999 B 2 ’»A 

11 .pc T-ea^ Slk. 1979 99.890 99.91 
lli-pc T-eas Stk. 193-1 98^,. '-'m 

: %oc T— -i SH 1991 91 ”i» «i» -'i 
12pc . 51 k 1995 91<.0 2 

12 ': pc T,e.,s. Stk. 2303-OS Us. £95PC- 
£+5 pc do.< 44 : 20 12| 

Cc: T'civ Stt. 1990 99',:* B* >,1 

Va» Rate Treat. Slk. 19S1 H1.44,35pc> 


Vtr. Rare Tit s S:fc. 1952 . 12.0670 PC) 
9E k - .23 121 
I . -PL War Ln 29% «’it 
Be- Elec. 3 '.DC Old. Slk. 1976-79 95*4 

4 .s*c Br.t. El-:. CiJ. Slk. 1974-79- 95 , 
B< t* Ga- 2 a: GlS. 5U- 1990-95 44 J i 
!£■'; Rea-J>iip:.£n S:k. 1976-96 44 


S&; Stk. -97~-y2 3) ■ , > 5 121 

i:ORPOR.\TIONS (30) 

Lpnc'on Ccunlv 3pc 23 119 121. Sne 
77 '.© S'-BC 1977-SI 85>. f20 12>. 

Ol 1932-34 75 : 0 . 60 c 96 1 19:121. 

6 -.PC 63 ■ t20 12. 

Cora, ol Lend. 5 % PC 94', tlll'12). 6 .-PC 

B3C 9 .DC 86 120 12'. 13I.PC 101U 
1 !B I2> 

Gmiii London 6 'ipc Gl'i 1 20 12>. 7’,PC 
3fi . 9>.rc 94 25.6Jlh5® >*•:*. 9i;PC 

39 O. 12 p: 7962 99-, IV t!9'12>. 
Do 1981 96 - <19 12 i 

A. r 6 .PC 9’ - r 2 Q 12 > 

Earno: T'.pc. Bl 120 »2i. 12 I.PC 94': ** 
•20 12 > 

Earn 11 01. , ,|B-12> 

B. -ilat*. 6 iic El 1 : 

Birnurijnj-n Cpn 7',PC 841,. 9',PC 91*4 

■ 20 * 12 - 

Birm:n(iham D'it. CC. 12i.pc 96': *39 12i. 

1 3pc R.-d 99'- i20 12) 

Sriiili.on 6 ;pc 97 , (20 12* 

Canidrn Con 6 ' pc 98”. i15 12i 
C iri.i.n 'Lena Bure. I Vnr RatcRed. 9 B'ib 
13-64!hs 1 1 “ 12. 12' pc 94', 120.12) 

Cardil- C.IV lip: S9 : , 111 1ZI 
Cr?vd-.n 6 ■ sc 06 © 

Oupsarlon 9 . PC 9;':* 

G'atDPw <"pn. 23- 120 12). 9',PC B9’<®. 

Cj-. S sc A" ii. 64-.*. Wwrorks Anns. 6 ®. 
W nock'. 7nd. Debt 3>:Pt Z3>.® 
Gr L 'L-ni»iCh I 1 -.BC 94% *, HI 12* 
Mi-rt/ordihiri.' S-’iPC 9 1 ’•C V. 5’;PC 75 
■ 1 9‘ 12* 6 .DC 73’. 15 1ZI 

Hull 2 pc 17 , .18 12* 

UHnp'.an IOpc 90'-®. 12 >,dc 9BH. 

13 '.Pi 102 'j® 

K-nSir.a;;n CI'Dlsca i F.oval Borough* 1 1 ',pc 
9J-. -IS 1 2 . 

Lanarkshire CC 6 oc B9', I19,'12* 

Leicester >Cti, ar> Floating Rale I3pc 
9 3 •' •: 63 64inj H5.‘12i 
Llr..-Aln I3PC 10! .18:121 
Liv-rpool Oil* of. 1 3':DC 101 iT9 12* 
Liverpool C.irp. J'-oc 2fi‘: «16 12*. 9'iP* 

59 ; <19 12' 

V DBleset CC 5’« pc 31', 

Pa is Lev 9',p.- 96 l , '20 1 2 1 

Continued on Page 18 

I.G. Index Limited 01-351 3466. Three months Aluminium fiZI-4'26 
29 Lamont Road, London SW10 ORS. 

1. Tax-free trading on commodity futures. 

2. The commodity Futures market for the smaller investor. 



ware fractionally lower in nearby posi- 
tions. but wheel trom Sooiembei 1979 
mude si.ght progress. Bartvy followed 
the nama basic pairerp with nearby 
belnur S4t> bur November 1379 ahead 
to BE. 55. . 

AW»if».rV + rir ;Ye«terd4i'>^ ,ir 
ll'mb! ul.jn*. — c-knu i — 

JUnr_.| 95.80 
:lnv .J 9S 26 

Aluann'iu] a.m. it+iw! C-'u. .i+w I c9.7S 

Onit-ttl — ill' DufUlMHl l — M-U'...; 9Z.B0 

-0.15! 85.35 
I-O.IQ; 85.75 
i—O.iO! c.8.20 
1-0.19; Bc.70 
i+0. 10) B6.55 

> Ji . i ; * : 

Sit* | — i • — 1 

3 m.wiihJ 821..5 .-l.2i! - -1V6 

_ . l ' . ■ 1 

Morning: Three months fS23, 22. 2) 5. 
Market now closed, reopens Wednes- 
day, December 27, 1SF78. 

* C«ni3 oer pound, t SM per picul. 
ton prentw luu/Bdiai dose. 

+ 1.0 i 

£84 1 C10J 1 £M.6 


‘“ijnqBWcij- •‘NKrtnal. * MadasafiCAr- 

COTTON— Liverpool. Spot and ship- 
mem safes amounted to 306 tonnes. 

Bu+mc+s- done— Wheat. Jon. 91-fiD- 
91 53. March nil May 90 . 25-96 35. Sept, 
n.l. Nov. ml. Safes: 29 lots. Barley: 
Jjn. aa 20-83.35. March 85.65-85.75. 
Mav E 8 . ' 1^-88 70, Sept- nil, Nov, 86 55 
linfv. Safes: 55 /ota. 

IMPORTED— Wheat: CWRS Mo. 1 13>, 
pei Lent Doc. 96.50 quoted. U.S. Dark 
N&nhotn Spring No. 2 14 par cant Dec. 
85 M. Jan 83.50. Feb. SO transhipment 
East Coast. U.S. Hard Winter 13*i par 
cent Dec. and Jan. 84.75. Feb. 85 Iran- 
sliiomant East Coast • EEC wheat 
u no iso lad. Malta: U.S./Fnnch Doc. 

LONDON DAILY PRICE (raw sugar)' 
£98.00 (same) a tonne cif for Nov.- 
Dcc. shipment. White sugar daily price 
was fued at £99.00 (£100:00). 

butpii . i i 

t'ref. YewerttayV Prrviou j fiuBirusa, 

Li'tiira. I'luaa CIom lfune 
ini. I I 

£ per 1 1 .it iii- 

M*n.-b ..10B.50-flB.6a 10B.B0-0B.8S 00.50-118.50 

"ay 110.75-10.80 111.10-11.20 12.00-10.75 

■Tu# IMJS0.f4.6fi 114.76- I4.BC, tSJf- 14 . 76 

Uv-I 117.50-17.60 II7.80-1B.00 17.88- 17.75 

Ilei- 120.10-20.60 120.60-21.iifl — 

Wan-li .. 124.00-24.70 124.25-24.50 — 

3t« ,v 126.50-27.30, 127. WL28 JO - 

Opening quotations ware soma 50 
points below overnight lavels and 
iheiealter prices showed lint a change 
in quiet trading conditions, reports C. 


Salas: 742 (2.038) lots of 50 tonnes. 

Tata and Lyle ex -rail nary price lor 
granulated basis white sugar was 
£254.85 (same) a tonne for home trade 
and £172.50 (£173.00) for export. ' 

International Sugar Agreement (U.S. 
corns per pound) fob and stowed 
Caribbean port. Prices for Dec. 21: 
Daily 7.99 (8.03): 15-day average 8.04 
(8.21 1 . 

WHITE SUGAR. Closa (in order 
buyer, seller, business, sales) — Feb. 
95 00-97.50; ml; nil. Apr. 102 j 00-03.00: 
103.00-02.00: 63. July 108A5-09.75; 
ml; ml aopi. 115.10-1B.50: 16.00. 10. 
Nov 120 6O-2J 0CK 21.25: 17. Feb. 124.50- 
26 OO- mi.- nif. Apr. 130.00-32.00: ail: 
nil. Tctsf sales. 90. 


SMITHF1ELD — No meat prices were 
quoted ahead of the holiday. 

prices ere -available. 

COVENT GARDEN (prices in sterling 
except where otherwise stated)— Im- 
ported Produce; Lamont— Italian: 120s 
new crap 5.50-8.00; Greek: 5.00-5.50; 

Cyprus: treys 4.00-5 00, bores 80 180s 

4.50- 6.50: Calilotnian: cartons 90-165 

6.00- 8.00. Oranges— Spanish: Navel' 
Nkvelmas 3.60-4.'M: Egyptian: BaUdi 

3.00- 3.20: Greek: Navels 20 kilos 3 E0- 
4.00; Israeli: 4 80-5.05. Clementines— 
Cyprus: 10 kilos 3 20-3.60; Moroccan: 

3.20- 4.20. Satsuniae— Spanish: trays 

1.40- 2.20. Grapefruit — Te^as: Red Blush 

4.50- 4.60; Florida: 4.60: Cyprus: 2 20- 
3.00; Israeli: JaKa 40/75 3 4Q-3 60. 
Apples — French: Stark Crimsons 40 Ib 
138/163S 4.40-5.30, 20 Ib 84a 1.7Q-2.00. 
72* 2.20-2.40: Golden Deucioas 20 Ib 
72 s 1.80-2.20. 84 S 1.60-1 80. 40 Ib 138' 
163/175s 3.50-4 00. jumble pack, pen 
pound 0.07; Granny Smith 20 Ib 72s 

2.20- 2.30, 84s 1.80-1.90. large bores 

1-8/ 150/163 3.60-4.60. jumble puck 55 ’ 
60 31 Ib per pound 0.06-0 07. Bun an us 
— Jamaican: per pound 0.13-0.14. 

Grapes — Spanish; Almena 3.00-4.00. 
Negri 3.00-3.50; Caiitorman; Rut) Em- 
peror 20/23 lbs 8 00. Avocados — Israeli; 
3.30-3.50. Melons — Spanish Grebii 5 30- 

6.00, 15-Kilo bo*e* 3.'12s 10.00 Onions 
—Spanish: 3.00-4 00; Dutch: 2.03-2.20. 
Tomatoes— Spanish: . 1.00-2.50: Canary: 

2.0Q-4J30. Cucumbars— Canary: 10/IGs 
3 00-3.60. Capsicums — Canary: O.iO; 
Itelfen: ' 14 lb 2.M Dates — Aigencn: 
Per glove box 0 38-0.43; Calilurnian. 
tubs 0.30. Lettuc es French: 12s 1 40: 
llifisn: Round 18s ! 30. Cos 2 70. 
Walnuts— Cdiilornian: par pound 0.40; 
Chinese: 0.30-0 31. Brazils—. pci pound 
LWM 0.42-0.44, ToLantins 0.ib-0.27. 
Almonds — . Spanish. Serru-solt per 
Pound 0.42, hard snell 0.30 Chestnuts 
— Italian: 10 kilos 4.50-6 50; Spanish. 
5 kilos 2.50-4.00. 10 kilos 4.40-5 80. 
Portuguese: 5. 00-5.50. Filberts — liol'an: 
per pound 0.30-0.31 Pecan Muls— 
Californian: par pound 0.60. Potatoes — 
Italian: 20 ib 3.80-4 00 bunes. Celery— 
Spanish. 5.00-6.00: llalijn: &s 3.00-3.30. 

English produce: Potatoes — per 2b 
kilos 1.40-1.80. Lettuces — per 12 round 

1.40- 1.50. Mushroopis — per pound U.BO- 

1.00. Applee — per pound Bramley 0.06- 
0.12; Cox's Orange Pippin 0.04-0.13; 
Worcester Pearmem Ci,0«-0.06: Bus&ets 

0. 06-0.09: Spa run 0.08-0.10. Pears — 
per _ pound Conlerence 0.09-0.14. 
Comice 0.14-0.18. Cabbages — per cute 

1. CO-1 .20. Celery — cuied 14, -18s 140- 
1.80. Cauliflowers— per 12s Kent 3.50- 
4.50. float root, — par 2fi Ib 0.70. Carrots 
—per 28 ib 0.80-1.00. Capsicums — per 
pound 0.30. Onions— per bag 1.80-2 20 
Swedes— per 28 fb 0.6 0. Turnips — per 
28 lb 1 00. Parsnips — per 28 Ib 1 20- 
1.40. Sprouts — uer pound 0.05-0.08. 


LONDON— The market was dull and 
featureless, reported Bache 
Safes:— O (samel lois ol 1.500 Kg. 

AuttnUlarriViieiO'^T+Tir' Bn-'liwi 
CrcoayWoal Clnu, : — I 

December ... 8 17.D-85.0' — 

AUroU 1218.0-25.0,' 

May ( — 

July 1831-0-40.0; | — 

UcbJiCr. 244.0-4DJI • — 

December .. .1235.0-42.0 — 

Msreb (236.6 M.fl — 

May -.1230.8-68. & — 

(in order buyer, seller). Dec. 184 0- 
190.0; March 183.0-185 0; May 185.0- 
188.0; July 187.0-190.0; Oct. 1S0.0.193.0; 
Dec. 192JM97.Q; March 193. 0-1 98 .0; 
Mey 193.0-198.0. SaTos: Nil. 



'Dee. 21 Dec. 3Q (MunUi opo I Veer men 

886.66(286.33! 862.96^ 836.86 
LBsse: July 1. 1952=180/ 


Dee. 22] Deo. 2) Momili ape j Veer up 1 

1601. 6:_1 500.7 1519.8 I 1416.1 

“ (Base: Seplember'lS. i9Sl'=lD0i 


Il'iw r l>^'. 1 fW. . .Mniilb] Year 

Jonea J 21 j 20 

Spnt .... 380.67 382i 59 394.80 548.7 ! 

Futures 87B.31 379.49 595.68 337.39 
(Averse e I924-»-;B=108 i 


llei% J iiev. [Slnnlh Year 
Moody'* 21 20 | *«" ."3" 

Sjric Ua mtnty 978.0 976.4985-3 8B0.4 
(Decemher SI. 1931=100' 

Cocoa falls 
-silver and 
gold steady 

NEW YORK. Dec. 21. 
Cocoa — March 168.80 (173.00), May 
160.AU 1 173.60) July 17050, Sept. 
J 69.90. Dec. 168.50. March 187.45. 
j Sales. 1.373. 

; Coffee — " C." Comract: Dec. 143.50 
I ( 12E>.00' March 126.60 (127 44). Mey 
; 124 25- 125 50. July 1 23.50- 124 40. Sept. 
124 05-124.50. Dec. 121 rc-123 40. March 
117 00-120 50. May 110 00-120.00. Salas: 

! Coppor— Dec 08.70 (69 05). Jan. 

; 69 80 (69.151. Feb. 60.65. March 70.45. 

; Mjv 71.85. July 77.10 hopt. 74.10. Dec. 
I 75 45. Jjn. 75 W. Mnrch 7F..75. May 
I 77 60 .inly 78.60. Sep t. 79.30. 

1 Cotton— No. 2. March 67.20-67.25 
j (67 uil. Mav £9 W-69.35 (B9 0l). July 
70.45-70 50. Oc i CC 25. Dec. 64 50, 
March 6S 97-65 70 Mov 66.35-6P.30. 

! Sales; 2.060. 

I ‘Gold — Dec 215 30 t 215 10), Jan. 

I 215 88 (215.30) Feb. 217.G0. April 
I 221 50 June 225 40. Aug. 729.40, Oct. 
I 223.40. Dec 227.40. Feb. 241 40. April 
j 245 40. June 249 50, Aug. 253.60. Oct. 
257 BO S ilas: 1B.0C0. 

tLarri — Chitono loose not available. 
NY pr<mu siciim not available (24.75 
riom I. 

ItMaize— Muvch 230t-2»>. (231*0* 
May 239>r-2:P»< 1 240). July 245 -245V 
S eol. 348:<-248V. Dec. 253. March 261. 
^Platinum — J-n. 341.50-342^0 

This edition went to press 
before the latest US. market 
reports were received. 

(346 70) April 346. 00- 347.20 ( 350.70). 

I July 353.10. Oci. 352.90-353.10 asked, 

I Jon. ?-5ij 10-356.30. April 359.10-359.30, 

, July 3C2.1 i.i- 352 30. Sales: 1.568. 

ISilver — Not nvailablu Handy and 
H.nmjr, spul 595 50 (597.50). 

Soyabeans— Jjn. (696'}). 

Mjrch 7TIV7C9 (7UM.I. May 7fg':-720t fc 
July 723-724. Ann. 716. Sept. 689. Nov. 

! 675-774*;. Jan 1*2. 

"Soyabean Meal — Jan. 194.60-194.30 
f 196.10i. March 193.30-193.60 (194.50). 
May 192.60- 192.50. July 192.20-191.80. 
Aug. 191.80-191.50. 5epr. 190 50. Oct. 
j 137 50. Dec. 186.80- 187.00, Jan. 187.00. 

Soyabean Oil — Jan. 26.40-25.42 

i25 631 March 25.50-25.47 (25.62). May 
25 40-35.25. July 25 30-25.25. Auq. 

25 15-25.20. Sept. 24.45. Dm. 24.05. 

Dec. 23 00-24. CO. Jar.. 23.65. 

Sugar— No. 11. Jan. 8.30 (8.32). 

Morcn 5 77-8 79 IB. 78). May 8.97. July 
9.15-9 IQ Sept. 9.30-9.36. Oct. 9.46- 
9 49. Jan. 9 55 bid March 10.15-10.20. 

, May 10.25- '.050. Sales: 1.620. 

Tirv—S35 00-640.00 nom. (645.00- 
663.00 nom 1. 5 pel 615 00-649.00 asked 
(645.W 663 03). 

••Wheat— March 338% -338 (342). May 
329V3295 (233). July 318*4-379. Sepf. 
324i, -324 1 -. Dec. 336. 

WINNIPEG Dec 21. ttRy»— Dec. 
90.99 b.d (91 50 bid). May 9E.20 bid 
(93.00 asked). July 100.00 nom . Oct. 
102 00 nom. 

U Oats— Dec. 89 50 bid (89.B0 bid). 
March 82 10 i82 20 bid!. May 79.80 
bid. July 79 30 bid. Oct. 79.10. 

ttBarley — Dec. 74.30 bid (74.50 bid). 
March 76 00 bid (76 30 bid). May 76.50, 
Julv 77 20 bid. Oct. 77.70 asked 

%§Floxseed — Dec . 272 50 b.d (267 50 
b.d). Mav 283 00 (286.00 bid). July 
281.50 hid. Oct. 281.00. 

Wheat— SCW RS 13 5 per cent prorein 
content cil Sr. Lawrence 185.70 
(185 97). 

All cents per pound ex -warehouse 
unluss otherw'se atated * Ss per troy 
ounce — 100-cuwce lots. 1 Chicago loose 
Ss pet 10O Ibi^-Dept of Ag. prices 
previous dav Prune steam /ob NY bulk 
ttfiiV care. I Cents pot 56-lb bushel 
ex- warehouse. 5.000-hushel lots. 5 Se 
oer troy ounce for 50-0! unlig of 99.9 
C^rr cent purity delivered NY 9 Cents 
per ttoy ounce e*- warehouse, (| New 
" B " contract in 5s a short ton lor 
bull' lots ol 100 short tone delivered 
lob cars Chicaqo Toledo. St. Louis and 
Alton. Com* per 59-|b bushel in 
ciore. ft Cents pBr 24-lb bushel, 
it Cents per 46-lb bushel ev- warehouse. 
§§ Cents pot 56-lb bushel ex -warehouse 
7.000-busiref Iocs. MCSs per tonne. 

Southend -on-Se* Cars, s : 411 c 99 »k « 20 *lii. 

91 .Bc 06-‘. <15 12-. ID' ac 99‘: •20'1Di 
Southwark 6'rOC 7S •. <.19 »21. 9ftpe 9?J« 
<ia/12v t 1 1 Upc 92’. rt5'13’. IZftPt 

; 96'*® 1 .. 15 m: lOJt. <i9i:> 

Stockport i2'«oc 87.- 

St. Helens II ftp.: 91 <. .15' 12) 

, Salford 9';0c S3 i19'IDi 
S indwell line 97 ft i20'12i 
Slough 9\pc 93 '4 -IS 12) 

I South Tvneciee 12 '.pc <<c '*# 
Suutncndwsn-jL-a Borough Council 12pc 
93': (19.-12i 

Surrey County Boc 92 '• '13 12' 

Tameside lOftpc S3'. .15 12' 

! True and Wear CC IIpc 9* 

< Wandsworth 1 1 u*»c 99'.® 

S'ipeBd*. fR«f. 22 8)791 98'« T w 3)4 

tOUpcBdl. <R"d. 12 3.791 §8'l|« 05 111 
IftpCBlH. ffttd. 5 12 79J 99"ln -1&1ZJ 

n-'.PcSdi. .nca. 2 nect 100 i-gsui 

Variooie Rale Bds. Rea. 11 1-Z75ne-lfJ 
97 1-64 (1012) 


' GftPCBO*. 99. b8” 99.690 113 12> 

! 6'lPCBdS. 99.429 99 432 <19 12i 
i 7pcBdi. 99"<; <.1B, '12< 

7 ftoeSds 99.215 0 5:121 
i floeBds. 99' i» 

9';PCHC5 lP.ud. 1 QiS 791 98 '"■* 09 12) 
Q’.peflds. (RH. 27 6:79' 98 . (19 12' 

I 1 1 WpCBdS. lR*d. 117 791 lOO'i H5.1JJ 
1 IQpcBdf. l»«d. 1 H 7 795 99*.; ft (76.12) 

! * lOoeBds. «Red. 25 7 T 51 98'|« 

9\ncBds. tiled. 1 3 791 9u : '■«: 

9 '.pc Bds. fR«l. 818 791 93",. 09 171 
r 9'incBds. > Red. 15 3 79) sei* 120121 


AoncuKural M««- Corn. fftP«Db. 1977-81 
70 1, SpcDD- 1979-E3 74 0 3112'. 

Si-pcDb 4fl': (IS.'IZi GpcDb, 67ft. 
fifte-Db 64 (1S12-. 91-peDb. 1881-83 
89'. 0 3.12). 9:;pcDa. 19B3-B6 B3ft 

Clvde* Port Authority 3 m 17 /20J12I. 4k 


Finance for Industry 1 SpcLn. 100 ft. 14pc 
Cl''" Ouse Water Aulh. 5‘*pcRd. 59ft 
Meiropalifun Wir. Brd. Met. Water SpcB 

27-; OS iz> 

12011 2). 7'»4>e 72«4. f1«M2J 
New Zealand Boc ■ 9Sft:. 7 Uk 62ft 
<20.12). 7-1.-PC 7?-’l tits 12) 

South Australian SPCtilft 03-1121 
Southern Rhodesia? 2iiK 510. V;pg 
I fl0-B5> 4A'u, I15T2I. 4B 64 f1S/l2>. 
41-pc <77-82) 62 f15'12i. SsC 77 U|. B 
120(121. 6K BS (15 121- 


Sin Paulo 7':ncBd. so usnzi 
Inland l Rea.) 8 L-pcLn. 8S7 ft* 



Montreal tC. o'.' 3nc 22 09 121 


Austrian 4aocSll9.Ln, (Drawn Bds.) 

BANKS (121) 


Austr.iiia iCmronurflh.l S'JPC (76-79' ’97*4 
,19 12'. S*:nc i77-flOi *4'® S’-dc 
iBi-azi a:<*a '« ft. aoe (77-aoi 89ft. 
6oc idl-SJ' 77-iffl. 7 k 39 nB'12l 
East Alrica High Cof.V Fitly. Harta.) 5 ft PC 

Chinese 5 m B ds 1925 19'.-. 5pcLn. 1913 
■ London litsuel 20 ft M9il2i Do. Drawn 
Bds. IS, 1 : 19': OB I2i. 5 k L n 1912 3* 
(10 121 Op. Drawn Bds 35 M9'12i. 
Sockn. 1911 24 2 3 Mil-. Honan Rly. 
5n :tn 1905 100 SpcLn. Tientsin- 

Puhow 22 < 1 912). 5pCLn. Lung-Tiing-U- 
Haf £21 119 12) 

t19 12). Do. Drawn Bds. 3S t19 l2l. 
Hungarian 7ftncBds 1924 47'. St (1S/12I 
Ireland Bftpc 76': '20 12i W. Int. 

Japan ipcLn. 1910 345 (19 12< 

Peru Ntl. 6 pc mow 3PC 136 119*121 
Russian SpcLn. 1906 'New Coupon) £5': 
08 1 2 1 

Industrial companies’ profits up 
9.9% as consumers spend more 

i > 

f. THE INCREASE In consumer spending last spring breathed 

I new life into flagging industrial profits and. uS the accompany- 
ing table shows, a per cent increase in profits from 
companies in consumer durables helped to increase the overall 
rcsnlts of the 4WJ industrial companies in tile survey by 9.9 per 

The rise compares with a 9.1 per cent increase recorded by 
49S industrial companies with account year ends -between 
| October la last year and January 14 In a similar survey 
F published two months ago. 

t It is, however, well below the rise In the opening months 
» of last year when aggregate industrial trading profits of 435 
F companies jumped by 2SJ1 per cent. Profits by consumer 
I durable companies in that period were 30.6 per cent higher. 

L The biggest changes between the two springs were in 
| textiles < profits up 44.6 per cent last year and down by S.5 per 
f cent this year) and toys and games (up 37.6 per cent last year 
P and down 13.5 per cent this year). 

Newspapers and publishers almost held their own, with an 
aggregate trading profit increase of 26.8 per cent In the latest 
survey compared with 35.4 per cent in spring last year. Hotels 
and caterers were also strong, showing a 25.5 per eent increase 
this year and a 29.3 per cent jump a year earlier. 

tile only sector that managed to record a substantially 
better aggregate figure last spring was office equipment 29.9 
per cent up compared with a 6 per cent rise in the previous 

Dividends paid by industrial companies in the survey were 
altogether 19.2 per cent higher, almost double the 10 per cent 
increase sought by the Government Cash flow In most sectors 
was much stronger, except in textiles and chemicals. 

The percentage return on capital was down on last year 
for almost two-thirds of the sectors. One of the worst areas 
was breweries, with only 11.5 per cent (12.1 per cent last year). 
Electricals bad one of the best results, with 31.7 per cent, 
significantly up on the previous year’s 2S.G per cent. 




No. Trading Profits before int. Pre tax 1 
of < & Tax , Profits [ 

• Cos. . I j ' 

I >1* Ichugo '2t • (5) i 

Earned for 

I Net Net 

Ord. dividends Casn Flow: Net CapitaljRetum Current 

. Employed Ion Cap assetts 

; % i i % 

(6< ichnge. i7i i i8*i l9i 1 10. 


32 3-44.269.4 (-1.9 . 269.645.5 . 229.141.6 ' 97.607 8 > 1E3.3Z2.7 . + J2.9 31.713.7 , 14.5 161 .50 1.2 1 1.557.708.7! 17.3 1521.297.5 

l260.627.21 (217,115.11 ( 100. 045. 9)( 109.220.0/ 

k 154. 547. £)[< 1.425. 351. 0)1 (18.3) 1454.845.81 

CONTRACTING & 18 53.498.6 -r 10.4 55.727.0 30.542.5 - 10,975.2 > 19.130.1 '-22.0 5.045.4 ; + 19.4 29.814.4 j 192.576.4 18.5 ! 76.777.8 

■ CONSTRUCTIONS .48.447. 7i -t55.818.5i (29.033.2) j (13.027.8) . 1 15.673.4) | , (4.226.5) : (24.167.7)1(161.110.5) (21.0) [ (64.957.4) 


11 520,248.8 -15.6 439.077.3 395,924.6 i 286.419.0 I 205.203.7 +23.0 38.730.2 + 14.9 243.822.7 i 1. 336. 392. 7: "3TT 1951.690.8 

1450.108.2) '3S1.22B.6' (341.891.5) (170.814.0i (166.757 .Oi; l35.695.0i . 1 198.611.5, « 1.354.662.&I, (28.6) |(818.948.1, 


289,051.4 -238,734.1 213,6 L1.3 ! 85,455.7 1126.646.3 + 28*8136,281.4 +19.3- 168,054.2 1 l;4O5,704.3| 17.0,620.036.3 

,266,037.4)^8.6 .(217,076.3) (193,908.7- (93,621.1) (98,287.2) ; (30,396.7) (105,497.8)11,088,524.71; 1 19.9) [541,435.1 


67,541.6 ■ 55,697.2 1 50,788.0 . 17,963.4 • 31,816.3 - 

■51,854.61 t 30.2 i41.323.1 j '34,738.5< I (16,799.6) i (17,835.9) : 

(4,475.5) - 


14 47,664.3 , 39,355.0 32,074.2 I 14,773.3 ! 17,013.5 

■ (48,671,61 • -2.1 j i42,133.8p <35,265.8) ; (17,257.5) j (17,846,5) i 

14,577.3) ! 

TOTAL CAPITAL 142 .1.322,244.1 ^-9.9 1,078.234. 1 952.0B2.0 ■ 413,194.4 : 523,132.6 : + 22.9 122,371.1 16.6 647,946.6(4,868,935.9 1 22.1 |2,428454.3 

GOODS 1,205.065,9.- i976,40B.4i (852,000.8) (410,565,9. (425,620.0i< j(105,065.1) (523,332.4)14,502.670,2) { (21,7) !(2 1 08a, 181.5 

ELECTRONICS 13 ; 393,715.2 ! -r 13.4 (243.248.5i 221.011.4i 95,799.6 ! 121,791.9 1+18.6 31,077.3 +77.6 aseT^aTo] 1,037.976.9' 23.4~ DwTaTO^ 

• RADIO A TV ,<547.116.6-. 1 221,724.2; .200.360.3), (92,557.7) 1(102, 641.7): 117,501.6)' .208, 786.8| ! (945,080.5) (23.5) (288,110.6) 


IS I 38,781.3 I i-9.6 29,447.7 25.204.6 . 8,924.9 16,044.4 1+25.3- 4,336.5 '+13.2 19,115.6 | 156,021.2 j 18.9 I 65,754.4 I (27,861.3. : '23. 166.51 i (10,150.91 ! (12,802.9) j j (3,839.0) ] . (14,997.0) . [137,092. li j (20.3) (54,781.01 


10 . 68,496.9 1-10.1 54,003.0 1 44,747.7 14,093.3 ; 29,341.9 1 + 24.0, 9,239.9 -r24.l' 32.720.8 296,243.9 ! 18.2 I 116.438.0 

I (62.229.8i , .50,209,6. (41,855.3) ; (16,762.7) j (23,661.1) . j (7,446.0. ' , [26,644.9. f (279.018.3) j (18.0) !(103,3B8.9) 


8 22.291.0 - + 17.5; 15,248.2 , 11.405,8 2.617.2 . 8.745.5 +105.6; 1.747.2 +18.7’ 15,187.5 | 101.066.0 I 15.1 • 27,348.9 

1 18. 961. 4| u Tin 1. .1 hfl9 n. I « «. li I .a OKJ *. 1 Ill'll >.- : .a isn a. ! -cr> ^>0-1 Inin. I -aa'-iai £ 

..ll.779.3i. I7.592.0i j (3.321.7) (4.254.3) 

1 1.471. 3 r. 


j (9.152.3) ; (69.438.4, (17.0) (38.721.6) 

SUMER 46 523.284.0 + 12.8 341.947.4 302.369.5 ; 121.435.0 | 175.923.7 + + 63.41303.490.9 1.591.308.0 21.5 | 556.41 1.5 
DURABLES <463.703.1, (31 1.574.4. (272.974.1) (122.793.0, (143.360.0) .30.346 0.' !<259.5S1.0m 1.430.628.S) (21.81 *475.003.91 


80,952.2 • + 3.0 65,105.5 | 52,464.3 - 12,588.6 | 39,364.1 + 58.6.10,375.5 -12.7 43,700.6 ' 567,377.0 > 11.5 , 73,345.3 

>78,602.0) ' <65,757.3) J (55,055.41 . (27,671.6) j (24,812.3; ' (9,119.4. . <27,680.6, j (542,199.5) | (12.1) ! (66,971.0) 


; 4 191,483.3 +18.5 180,596.3 ! 164.448.5 82,812.1 i 81,536.4 1+27.1 26,960.7 +13.0] 64,336.5 . 812,426.9 22.2 ! 628.135.9 _ 
I il61.640.2t (15 1.6 16.3. <133.499.5)169, 098.5, 1(64,141.1! (23,860.1. 149,295.7) (736.771.2, (20.6) ,565,572.31 

HOTELS A CATERERS ; 3 4,353.4 -25.5 3,653.5 i 3,207.9 1,476.8 ' 1,691.1 ) + 22.6 645.6 +13.6! 1,514.4 J 33,631.6 15.5 —3,414.4 

>_ ’3,469,1.. (2,916.6) J (2,577.8) (1,185.1) j (1,379.5) < , (568.2, , | H, 193.9 I 118,601.2) (15.7, (-2,933.8) 

LEISURE | 6 72,321.9 +13.5 40,835.5 i 36,977.6 ' 19,471.5 i 17,542.1 ; + 24.4 8.435.0 +2^3 39.162.7 286,598 6 14.2 . *26.138.2 

I (63,728.9. . (36,832.3) | (31,390.9) . (17,938.9. !(l4,095.0i| .(6,679.4). ! (33,227.71 ' (236.652.7) <1S.6| | |is!l31.1| 

FOOD MANUFACTURING | 12 213,213.9 -7.4 ’l53,903.3 109.667.7 46.373T"! 53, 220.3 -15.4; 89,245.9 1 1^037^55. 3 'i _ 14.7 - | 199.539.2 
; '230,235.1. •< 172,991.8) (126,348.6. (58,686.3)1(58,004.6) ’ (16,811.8. . (87,541.0) 1 1,058,429.2)1 (16.5) t 165'70B.9) 


■' B 133.964.3 +7 0 1 1 00.24 1.2 1 91,483.0 33,612.4 j 57,384.9 1 + 31.4-' 17,814.8 '+1I3 1 70.B30.0 j 601,526.2 i 16.7 : 72.062.1 
l (125,181.6, J (95,430.5. '(87,253.1) (43,321.1) (43,653.3) ,<15,934.1)' < (55,175.21 ! (542,330.8) (17.6) (721094.2) 

NEWSPAPERS AND I 10 43,907.8 +26.8 31,913.8 \ 30,012.0 1 14,816.0 14,658.7 + 30.5; 3,976.9 . , 20,492.4 I 125,176.1 26.6 I 38.676.0 

PUBLISHERS . <34,618.1' | (25,397.3) ' (23,238.4) | ( 10,739.0) (12,157.4) : |3,Z2TD; + 23.2' (16,665.3) I (108,319.4) (23.41 j (32,692.2) 

PACKAGING AND PAPER- 9 • 96,996.6 +5.2 71,903.0 ! 60,827.6 j 12,893.9 41,506.6 '+64.8 10,04578*1+13.4) 56,115X1 437,532.4 ~8/T ; 136,349.6 

, (92,192.71 (70,075.3) (59,622.1) | (28,675.5) (26,804.5i , lB.B61.2i ! I [39 997.1) I (383,673.4) (18.3) (130,677.8) 

...’ 33 . 648,444,3 -+ 13.6' 560,475.3 i 536,448.1 ; 244,995.1 i 280,209.3 1 + 22.5 95,610.0 + 11.8. 249,084.4 2,423,050.0' 23.1 1910.060.2 
.570,539.9 1. ;i493,61S.6i (457,6B5.3i .228, 829.0) (228, 655.9); *85,510.8, |i 200,999.8. (2, 172,45 1.6' i32.7< |iB16,507.1) 



D . 23 | 36,564.2 +15.8: 28,142.7 ! 23,106.7 j 8,063.9 14,741.0 ;+35.0 4,413.7 '+17.9 16.726.1 • 167,763.1 > 16.8 I 63 196 5 

FOOTWEAR (31.577.3)- (23,956.11 . (18,693.5) . >7.530.8) li 10,920.9, i (3,744.5) -.12,566. 1. • 1 140,353.3] • »17.1. ! (39[55 o!bi 

Z6 i 223,564.7 --8.5 143,334.0 101,002.8 i 25,537.6 69,072.3 ;-15.4 26.726.8 - 15. & 12Cr,5aiTl" *1,271, 776.2 : 11.3* ' 492 1902* 

(244,240.9'' .164, 167.4) <118,462.6. '27,857.01 J (8 1,688. li • >23, 085.6. <132,356.31 <1, 198,023.31 <13.7. -427!24o!3l 

2 '136.460.4 '+13.3117,313.0 i 89.745.D 44,716.0 i 37,093.0 .+ 28.0 '3,966.0 5*2,31 7 .*<Ti '466,937.0 ■ 25.1 274.836.0 

'120,437.4, (102,204.0) (75,323.0) .40,605,5) . (28,980,6. ' (3,509.5- -41,768.4' :,392,756,3) , <26.0. ;.219)&26.2) 

a 20,832.0 —13.5 15,220.0 13.205.0 4,734.0 ; 8,141.0 :-3.8 2,319.0 +31.2 10.408.0 \ 91,708.0 j 16.6 149 115 0 
(24.075.0) '19,491.0' ' 117,495.0, : <9,173.0, - (7,845.0) ; (1.767.0. >9,785.0. | (79,547.0) j .24,5. 4<737!0( 

TOTAL CON SUMER 146 1,903.079.0 +6.9 .1.511,537.1 1.303.496.2 552,090.8 715,990.8 +19.1225,410.1 +11.2 834,455,9 8,513,408.4: la.2 2 960 229 8 

NON-DURAELE S < 1,786, 956.2 • <1 .424,45 l.5>'l,<HM.&45.2. (571,211.3) >601.140.4, .202,678.0. i708.014.1m' 7,610,114.4'. (18.7> <2,5«9!b6bi) 

CHEMICALS 8 - 205.869.2 -16.6 178.255.6 : 160.612.5 ! 72.758. 1 . 85.830.9 .-15.2 31.113.2 + IE8.6 79.005.7 I 527.586.3 • 33. B 275.505 0 

‘ .174.S15.3i ,152.304.11(138.068.8,1 (62.093.8) (74.487.3) i >11.584.3, (85,082.11 , i447.691.5j (34.0, «259,77B."l; 


4 3.635.4 +29.9 1.887.8 j 1.381.0 393.8 994.2 +34.5 503.4 +20.9 1.851.8 I 14.514.5 ; 13.2 3 109.5 

(2. 797.6* (1.337.91 j (992.3, | (241.1) 1 (740.1, . >416.4. <1.425.2, ; (14.719.6, . i9.i; ' <4i578.6) 

- .-1,521.0,' 70,134.0 | - ' 12.602.0 

, (8.476. 8i ; (93,261.7, .>9.0, 113,210.9) 


SHIPPING 1 ' 587.0 -94.9 -2,665.0' -4,963.0 1 - —4,909.0 -180.1 - — -1,521.0, 70,134.0 I - 12 602 0 

'11,676.0) i (8,419.0) (6,385.0, ; , (6.130. 2| , 1 1.057.7. , i8.476.8i ; (93,261.7, .>9.0, • (13I210.91 

MISC. INDUSTRIAL .. S3 [705.160.9 + 528.201.0 381,844 5 194,088.6:212,590.6 - 34.2 67,304.5 -11.2 30 1, 4 1 7. 2 , 3. 137, 25 2.3 i l6 E~ B70 507 6 
-604,544 .1) .'459,709.31(359.196.611181,325.21(158,349.61 (60,511. 5. . >233 l 451.6- l i2,936,794.0) (15.6; >7B4'S86!9| 

TOTAL INDUSTRIALS I 400 [4.661,873.6 ♦ 9.9 3,637,396.0 3,096,822.711,353,960.7 1,709,555.8 +21.2 493,103.0 +19.8 2,166,647.1 18,523,019.4 19 6 7 106 619 7 

1 |(4,241.0M.g>. <J.3i4 1 204.6l .i2,8M,l62.8»jil,3«^i0.ii (1,409,635.6) ; -411,540.5- .1,617,363.2) | [17,035,660.7' ' risib. >6,194,894.1) 

1 . 1.672.1 —2.5 - 1,390.5 j 1,153.1 , 269.9 
<1,920.1' . il,500.6) I [1,299.0) . (227.8) 

878.0 -17.6 222.9 +10.0 1.U28.1 I 10,220.4 

<1,066.91 : <202.6. il,092.2j - -8,799,7- 

13.6 5,610.7 

1 17.0) >2,994.9) 

2 1189,192.0 +14.6 167,308.0 153,733.0 1 78,314,0 67,100.0 +10.7 16,988.0 -12.3 81,560.0 667,327.0 25 6 330 739 0 

<165,008.0) C59, 172.0) (137,709.0): (70,816.0, (60,618.0) >15.120.0. (70,216.0) ' (560,964.0, . i24!0) >272,569.0) 




+ 10.7- - j 

_ 1 

16,797.0 -12.4 


+ 17.1 






i-i ! 

1-1 j 

(14,943.0i . 


I- 1 

•*2,633,996. D> 

I — , 





+ 16.6 3,213.1 < 

1,936.4 j 

; 634.0 i 

1 1,278.0 +300.9 


. + 10.4 


i 24,571.4 



| 12,701.7) ; 

(770.3. ] 

1659.01 | 

| >126.7) . 


<— 56.Sp 

: .19,901.21 


<B, 597.3) 



. ! 

! <— i | 


I-i , 


. (— ) 

* * ) 

C -J 



27,329.0 j 

+ 28.4 24,480.0 , 



| 12,007.0 + £2.9 


- 13. G 


[2 1.280.0) . 

; <19.340.01 ; 

(18.922.0i ; 

< 8,739.0i 

i9.766.0i . 



- (35,548.01 1 


> 17,342.01 




+ 7.9 122.082.4 



. 61.297.0 j- 16.1 


+ 17.8 


i 2.064.644.5 



1 136,761.1) 

; 152.781.7/ 




i5.9. , 





—7.3 162.509.3 

i 50,169.8 i 


18.068.0 -79.9 




1 2,450,587.2 




(35,685.41 1 




(- 1.582.4) 





1.774.7 +18.2 1 1.6 19.4) 

'1.500.8) .1,35S.3> 

476.0 742.6 

(321.6) j (494.2, 

+ 50.3 385.4 -10.8 

' -347.6) 

11.806.3 13.7 4.589.9 

(12,577.4) .10,8. (8.468.3) 


100 539,699.7 +5.7 471.217.2 354,761.4 | 161,642.0 177.289,6 - 19.2 103.426.3 ~ 19.5 101.690.4 -.5.265.708.J 8<s -104 437 5 
: .510.694.6, <452,485,91 (284,484,8] ( 142,292.9) 1 148,772.91 )ei.881.l> ,1,4.93 1. 965. S< .sil, ,-558.305.5' 

'1,485.8) . 

19.5 1.651.5 1.616.8 > 678.6 

(1,384,8) . 1 1.384.81 | '732.8. 

r42.5 274.1 




18.0 547.9 | 544.9 

(734.3) I (531.8) | 1 424.5) 

247.1 —19.6 104.9 +74.8 250.8 



- 1.47e.9i 


2 - 2.115.5 -4.4 1.937.1 ; 1.755.1 i 591.9 

. <2.210.5) ! I 1 1.759.61 ! (1,754.81 j (826.6) 

1 9,227.0 1 + 41.9 8,632.0 8,416.0 j 6,079.0 

1.7 343,6 +16.7' 1,007.2 ! 5.126.8 ! 37.8* 2 926.7 

<294.4, (840.1) j <7.012.5. I >£4.8. (2’.604.7) 

• i6.502.01 ' . [6,027.0. < (5,538.0) j [3,729.01 \ fl,577.0) 

1,920.0 -21.8 544.0 +35.0 1,870.0 18,431.0 46.8 2 1130 

1,573.0) ; [17,207.0) ' (55.0, . (1,864.0, 


S '108.704.8 -0.5 I 92.267.2 I 69,706.5 j 31,230.3 j 35,045.3 . + 6.2 • 13,225.8 +49.0 36,204.7 ! 539,203.4 ' 17 1 104 7B2 0 
1 109,283,7. i (94.926.0i j (72,530.9) | <34,015.21 i (32,983.6> . <8,874.2- (36,089.7) l <514,931.3) : (18'.4> ;i496)434>, 

TOTAL COMMODITIES : 11 122,526.2 1.8 105.026.7 82,039.3 [ 38,877.7 < 59,305.2 + 8.4 ; 14,492.4 -46.5i 40,085.3 < 573,525.7 18.3 1119108 

, <130.340.9i ! i«. 104,81 1.7i! (81,940.3) i (39,738.1) | (36,272.0) I > <9,691. 7i 1 ; |39,300.3) ; (548,988.9) ria.i, j( 503,288,7 


r The clasf f>cai>4n loHows clea+ly that 
I of ihc Iml'luio *"i<l Facuiiy of 
< Actuanes. which has been Jd[-p:--d by 

• the Siocli. Eichdnge Doily OHicul Li&i. 
r Col. 1 '[ires [rjdiny prouib plus 

invegiment sod oiltvi ournwl tncume 
properly belonyin i to fit- lii'.uncul veer 
coveted. The li-jme sirucL bt-iore 
chJt'tina dupreci^don. l»on md oilier 

• interest, directors emclumems end 
other name normally shown on the 

. profit end loss account. Excluded are 
all e»cept<onal or non-recurring items 
:, for eoample. capital profile. 

unless the loner arise in the ordinary 
' iraneflction of business. 

N.B.— Certain companies, including 
merchant banks, discount houses, 
insurance end shipping companies are 
exempted Irom disclosing the full 

information required under the Com- 
panies Am, 1943. 

Col. 2 4«ve4 profits bnlure interest 
and twxdUon lhai is (e say proliis afier 
ell uheryes er.uept Igjn end other 
imerest. but he lure deductin', to^aiion 
provisions ond minoriir mreresis. In 
iho cuse o I Banks, no liqure can bu 
shown becju%e of nuii-iliscloiLire (see 
loreguin>j {lara^ruphl. 

Col 3 gives Prc-lax Piohis ihat is so 
sj-r proiiis ulier o<l cherries including 
debeittuie end loin mieieji but before 
dediiciing latanon prevision and 
minorir/ iniurms. 

Col. 4 groups all corpora w ta.reilnn 
including Dominion, Colonial and 
foreign liability end furure let provi- 
sions but excludes ad,ustmems relat- 
ing io previous years. 

Col. 5 gives (he net prolns accruing 
on equity capital eller meeting — 

1 — Minority mieresrs. 

2 — All prior charges — sulking lund pnv- 
mantb. eiu . ond Preference uivi- 
dends and 

3— Provisions tar sniff and emplcyens 
pensions lends where tli>s >s o 
standard annual charge egainsl net 

Col. 6 ants out tho net cost a! divi- 
dend Cm equ.ty capital. 

Col. 7 is the capital generated intern- 
ally over a year's trading. For the 
purpoaea ol comparison oavty earn- 
inga plus depreciation less equity 
dividends is the recognised method 
%< computing this figure 

Col. 8 constitutes [he total not 

capital employed. This is the total 
ol net lifted ussvrs — excludinq 
intangibles such as goodwill— plus 
current assets less current liabilities, 
except bank wverrii-flg. 

* For merchant benhs and discount 
houses a more realistic figure 10 Quote 
is u>e balance- shoe: total. 

Col. & represents the net return on 
capital employed Col. 2 as a percent- 
age ol Col. 8 provides an indication 
ol average prulii.ibiliry. 

t Excluding ir.orchanf banks, dis- 
count houses, insurances, etc. 

1 No figures given. 

Col. 10 net current ass*!* sis arrived 
b| by the subtraction ol current 
liabilities and provision irom current 

G1WM [Antony) HldSH. f2S« *99 8 
Giltatt Bros. Discount Co. 217 
Grtndlays Hldfts. <25») 12S 
Guinness Pent Group (250 T12 11 ■ 

Manures llSpI IBP 4. 7»ctn. 70 119/121 
Hill. Samuel Group (25 b) 84®. Warrants 
Ord. 1 21-32 hi <20/1 2) _ 

Honnkonu and Shanghai Binklmi Carp. 


Klelt (City ofl 5nc Gold Ln. 8 (18M2) 

Allen Harvey Ross 32Q (19)12) 

AHiad i nth Banks Q5oi 2010- 
Australia ana New Zealand BanVlno Gs. 
>SA1 1 313® 17 19 IB 
Bank ol Ireland diss 
Bank Of Montreal (5C2) 14»i # 09'12) 
Bank or New South Wales (L3n. Reg.1 
(>A1) 2S2 <Z0M2i 
Bank of Scotland 275® 3 
Barclays Bank 3B7t® 2 S 59L BLDcLn. 
68’; >a 

Barclays Bank Intend, 7'-ocLn. B6L 

Brown Iklplev Hides. 228 

Hongkong and snangnai Bittcrno corp. 

.SHK2.50) 247® 35 6 4 2 9 60 
Kcyser Utinunn Hldps. <J25o) 47 4 <19/123 
King and Shaxson SocPf. 38 (1611.2) 

Klein wort. Benson. Lonsdale <2Sp) 92 
Lloyds Bank 277 a 3 80 . 7*!PCLn. 91 
Mercury Securities (25 P? 110 • _ _ 

Canada Imperial Bank (iC2i 16'* 17>is 


Cater Ryder 267 (19,121 
Clive Discount HldBS. <20 dJ 75® 
Commercial Bank Australia iLon. Reg.} 
(SAll 190 

Deutscne Bank Aktlengescilschatt Br. <50p> 

Fraser' Ansbacher Ld. (10p1 13 
Geirard and National ‘ Discount Co. (Z5P) 
187 6 (20/1 2 j 


t The Financial Times gives below the uhle of company profits and balance-sheet analysis. This covers the results (will the 
\ preceding year’s comparison in brackets! of 512 companies whose account year ended in the period between January 15, 197S, and 
‘ April 14, 1978, which published their reports up .to the end of November. 1978. iF/gures in £000.) 

A— B 

AB Electronic Prods. Grp. [2 5n* 164® 
29 2 59 

AD Intel. 9pcLn. 711* I15'12) 

AGB Reward! HOp) M6 IB (20.121 
APV HldBS. rsoo) 147 'i S': 4.55ocPt. 

dS'- 120)12). (OLpcLn. 147 09:121 
AVP Props. 7Lpc1stDb. 631*® 

Aaronson Bros. Cl Dp) 660. 4J2SpcP1. SB's 

AVer >:am Invests. rRO^O) 90 (15.121 

Aberdeen Constr action Grp. <2&al 79 
Ace Belmont Intel. IDpcPI. 9Bu B i2(M1Z) 
Acrow A Non-vig. (25P> 83 4 2. New 
A Non-vtg. l25pi 81 i19.12). lOLiPCLn. 

A Non-vtg. L2Sn< 81 <19. 1- 
81. 8PCLn. 7DL (20121 
Advance Laundries 'lOpl 2S 

Advance Laundries <10pl 29 i20.,iz< 
Adwest Grp. <2 Sp> 290 2 (19.12) 
African Lakes Cpn. 26S® 

240,975.5 1 23.1 
(215,239.1) 1(19.8) 



256,490.5 1 15.3 
(227,802.4) j (18.5) 

127. 354.7 

Airhx Inds. (20p, 44( : 4 n a, 12) 
Albright Wilson SkDd. 690 
Alcan Aluminium lUK) 144® 
Alemndcrs Hldgs. (Sp) 16(; 09 12J. 

Rstd.-vtg. rspi 16 (1912) 

Alginate Inds. i25p( 367 
Ailebone Sons LlOo) 26 

Allen LCdgurl Ball our (25pl 58 
Allied Colloids Grr>. OOpi 72® 

Allied Insulators C25p) 60 (2012) 
Allied Plant Grp. <10p) 21 
Allied Suopiers 6%pcLn. 46:® 

Allied Textile Cos. (25p> 144 <20/1 2i 

Alpine Soft Drinks nOp, 138 C19.M2) 
Amal. Industrials 7 pen. 47 -j CIS, '121. 

10.6oc2ndPI. 921; na>12( 

Amal. Metal Can. 276 (1812) 
Amalgamated Power Engineering (7Sp) 1 39 
Amatil iAS1< SUS227 
Anderson Strathclyde (25p> 61 15/121 
Anglo-American Asphalt <Z5 pJ 44 0 9.-12) 
Anglo-American Ind. Core. (Rli 510 

118, 12> 

Applevard <2Spi B9 H9/12J 
Aaua scutum iSpi 4112(19/12) 

ArcoleCtrlC A NV (5pi 14’; (15/12) 
Arenson tlOp) 85 L l15/12i 
Arlington Motor (25pl TD7® 

Armitage Shanks >25p> 71 (j 

Armstrong Equipment OOpi 680 
Asoro- Nicholas 5 *pcPt. 41 0 9/121 
ASSOC. Biscuit Manufacturers. i20Pi 71® 2® 
1. 6pcDb. 78). H8/2) 

Assoc. British Engineer. (12>!P) 6L f 19112) 

Assoc. 9ritish Engineer. fl2i:p) 6L (19(121 
Assoc. British Foods (5PI 67 (20/12). 
Sijpetn. 21 '* 118 * 12 '. T'.-ncln. 28 ':® 
Assoc. Communications A <2Sp) 117 
Assoc. Dairies <25pi 196 4 0 6112) 

Assoc. Dairies (2Spi I97f« 200 198. Da. 

New 198 [20)121 

Associated Electrical Inds. 6 bcD». 77 'i 
S': (18/121 

Assoc. Engineer. (25p) 111 13 12. SpcLn. 
64 08/12) 

Assoc. Fisheries (25p' 38 <20/1 2i 
Assoc. Leisure <Sp< 72® 

Assoc. Newpaper i2Sp) 173 6B. B'ipcLn. 

Assoc. Paper Inds. <25p) SO (20.*12>. 

9i : pcLn. 99 (15.T21 
Assoc. Sprayers HOP) 50 119/12, 
Audlotromc ( 10 p. 13 
Ault Wiborg <25p) 40 
Aurora (25 d) 90 >18,12'. BpcPf. 81 

Austin IF .< HOP! 13 (20/12, 

Automated Security OOP' 108 
Automotive Products <25p> ?2<i <20/12) 
Avana iSp) 72’;® 

Averts <25 p« 233 2 
Avon Rubber 1B1 

BJk.T. industries t2Spi 282 S 3 1. Did- 
I25p) 2520 It® 2 5 112: 

BB4 Group <Z5pl 53 

BICC <5Qp> 129® 30-33 29 B 6 7. 7pcDb. 

71 '* 05(121 
BL <S0p) 19® 20 3 

8LMC bPcLn. 34’ft Ofl,12i. 6. IpcLn. 71 
09112). SucLn, 47 <15(1 2) 

BOC Intel. <25oi 66';® 7® 7 6 S'; 6': 
7 ’;. S-'.pcDb. 73’ft 

BPB Industries 'SOpi 249. 7’*pcLn. 144 


B.P.M. Hldgs. A >250) 59®. BNon-vtg. 

-2Spi 62® S'rpcPf. 32 1 »* <16/13. 
BS.G. Intel. OOP* 3-8'ft I20il2). I2';PC 
Ln. 94 i. 118/121 
B5R HOpl 85 
BTR . 2 5 b, 345® 2® 

Babcock W.lco* >25p< IS3 1 4. 6pcPr. 
37'- .18/12, 

Ba.tey <Beni Conslr ucllon OOP) IS 16 


Bul/ev >C. H.i OOP) 9'*. B OOP) 10 

0 6112. 

Ba.rd iWm i 175 < 201 1 2 ■ 

Bakers Household Siorcs (Leeds. tlOp, 42 
<: <15)12. 

Baldwin iH. J.i OOpi 119 
Bamhers Stares ildp) 153 
Bam'ords iZDp. 33 '20)12< 

Cank Bridge Group i5pi 1'*. BpcLn. 79 

Barro- Consd. Industries (20p) S7 
Bnrker Dobson Go. ilOo> IS® ■< 

Barr Wallace Arnold 7si. <250* HI 
IIS'ID ANor-Vlg. <25p> 110 08112'. 
New ANon-VIB <25p) 110 09)121 
Barratt Develoomeni .100' 1059 2® 

Barrow Hecburn Group >2 5p) 22 4. New 

■ 2 Sp. 32 09 12i 

Barton Sors I25P> 55'; <20112. _ __ 

Bassett -Geo i Hldgs. <25p< 114 i19.12i 
Bain Portr+tm Group <25 p) 50 
Baileys o' Yorkshire OOP, (36® 

Belles ijohni Assocd. Cos. <20D) 76 


Beatson Clark i’5p. 180 ii8[i2< 

Beanie .James. AResIrur.Vig. <25p) 130 

Beckman <A.» <10o> 75 «20<I21 
Beecnim Grp. >25o) 6iB;® 17® '40 ' 

15 20 New TSpi 622® 5® 5 9. bpe 
Ln. 76': 0 9021. &':ircLn 76 .19,12. 
S'rPcLn 68 .2002'. 

Brian. Group OOpi GO 1 09 12. 1 

Belgrave .Biaclhccrh. *25p) 28®. .pcPI. 

. Bemrose Corpn. i25dI 72 '-O 
Benlcrd Concrete Mrhv. OOpi 47 8 <.011 2)* OOP' 34 0 81121 , 

Berec Group «25P' 133 4. 6pcLn. 80 

<30(1 2 ■ 

Berger Jenson Nicholson 7 dcW. 77® 

Ben s' ord >S. w_. -2501 153 
Ree.slprds Ltd. <2So1 68 i20.'l.' 

Berwick Tlmpo (25di 84 '- U9'2l 
B+stobell <25pl 1421 
Besrwbod i15p< no 
B.btr [J i 5ons 293B t 7 6 
Eiddte Holdings (25di 97 
Birmld Oualcasf <2So< 51® 50 :. T’joe 
Unsec Ln. 62 <20'12i ..... 

Birmingham Mint i25p> 12S 119.12' 

RlrhdD * Stores «2 Sd< 138 '1C 12< 

Black Edcmgiun (50 pi 91 U 6. 5pcPf. 
14 (19)12. 

Black Arrow '50,' 36® 3" 

Black iPetrri Holdings <25pi 190® -59 
Blackman Conrad '200 21 • '9/t2' _ 

Blackwood Hodpr <25 p» 5?': <19'1.i. 

901 UnSPC.Ln 114'; i'9/I2i 
B lagden Noakes (Holdings. >25p> 242 

Bluet*- 1 rd Confectionery Holdings r2So> 75 
<18 121 

Blue Circle Inds. 266 B. 5'<PC2ndDb- 45. 
7pi/Db. 63'. 

Blundell- Perm og I lie Holdings <25o' E5 

■ 20 121 

Boardmen 'K O i Intt. I5p* 21 '20 12' 
Bodvcote Intel. >2Spi 78 
Bond 5L Fabrics OOpi 31 <19/12i 
Booker MCClniseli I50p< 2701® 6 3 
Booth ■ Inti. Holdings' <25oi 13 <t9i12' 
Book (Zip' 1892® 95® 69 B 7 9 91. 
TLpcLn. 651* s 0 5*12, 

Bonn wick iTnomac sou '50pi 71 6B 
Boulton 'Wm.i *Go.) t-IOpi 20®. New 
OOpi 19'v 09112. 

Bomter Con. 177® 7 fi 7pcUnsec.Ln. 
77 0 9*12* 

Bowthorpe Holdings OOpi 65 120/12) 

Bradv inds. A i25pi 52 M9M2i 
BralthwalU- Engineers 100 <20.1Z> 

Brammer iH < <20pi 111 <I9'I2 i 
B raswav <10p< 52 '• 

Qrncdon Cloud Hill Lime Works <25o) 109 

Brrngrcen (Holdings' OOP' 17.': 

Brent Chemicals tlOo' T67 oB.lii 

BrePt Waller <5p' SI (20 121 

Brick house Dudl-v n Oo. 49 

Br.doend Pros-.-ises iSbi 9 * 9 <20(121 

Bridon '25P< 103 

BrlOPOrt Cur-dr < i20pi 36 0 5(121 

8H0ht <J • Gp. I75pi 3J>. 

Bristol Evening Pnsi i25D< 130 <19/1 2i 
British Aluminium 863 60 
British- American Tobacco 5pcPf. 42 
(15112). 6pc2ncfP1 50 (19)12) American Tobacco Invmmu. TO‘-pc 
Ln- 1 990-95 82. 9';PcCn..Ln. 1990- 
1095 158'. 1 1 9f 1 2) 

8rU®h 2j Benzol Carbonising OOP) 35 

■rlllih c-ir Auction Group (JOo) SI'j 
S. . t V, r «f9'n9 [75ni 24 6 119/121 

■1 ,e $£ ,e Tr * a - 0,d - <‘5P> I* 1 ®® » 

9 10 lg 1 : 

British Enkalon (25n) 18 (I9!!Z) 

Financial Times Saturday, December K- 

*rltfeh Home Stares (25 p) ISO® “2®. .80 
89 91. 7ucP(. S7 

British Mohair Spinners C25n) 5D’i® 49. 

6’ikCK). T981-BS 7S®, 
British Northrop CSOnJ 64 
ariDsh Printing Corporation 

| eriush Printing Corporation C2So) 43 9U 

■British Shoe Corporation <6hpc3rdPf. 47^/ 
7ocLn.* 1985-90 61 v (1®fl2> __ -. . ; 
British Steam Specialties Group .<20o> 95 
(20)12) .. 
British Sugar Corporation CSOp) .135 
1 18)131 . ■ ■ 

Maynanfs 05 
Mears- Bros.* k . 
twtwmitt hwos-. t 

I J23 [T9*l2j; 

Midland Bank 355® 8® 8 7 4* 2: 2 6. 

1 0 McLn. 81 ’a®. T'ipcLn. 82® 

Minster Assets [25p) 58 

Morgan ij. P.) and Co. C3li.S3.5Q) 30.90 


National ind Commercial Banking Group 

National Westminster Bank 280® S3 4_2. 
Warrants 102 3. 7scPf. 59 (15|12). 

B ’jpcLn. 94, 9p<Ln, 74»* 

Rea Bremers asp* 68 5 (19/12) 

Royal Bank of Canada i'5C2) SC 377 b 
S chraders 380 [13/12) 

Socombe Marshall and Campion 21 Q 

Standata Chartered Bank 442® 2 35 8 40. 

1 3'jpCLn. 10Z: , 

Union Pi/KOvrtt Co- Of London 308 

Sottish SvBhon IndusL [20p, 32 {19/10J 
British Tar Products .tlOn) 57 (1«)l-Z)_.. 

British Vowing Industries (TOP) 2’1’Jt 2h 
British Vita Co. <2Sp> 11« 19 (2002) -. 
Brinaos < 2 Spj 18 J; 

Brockhuuse >2Spt 6B 7 1 15/12) - 

Brocks Group at Css. (1«p> 73 00/12) 
Broken Hill Proprietary (SA2) 700 
Brooke Tool Eng. (Hldgs.) (25e) SO 

Brawn Jackson f20p) 210 12 CIBfIZ) 

• Srfe? fw£?i& 2 : N^itS -BOTit”asEi*i«5ir ™ $ 

Go ners I* E ngin eer ing jgwl6l|W A A ^T^.NewshBgnt U*Pl 

G «» bon ^ {S ^S2. '2^ CS£>) i0 ° 

omT oirffus Gn>- Off', JfnS. 1 ® 50 Z - . 

GlwJm «lW'«OMBBCWM I10PI 33® 

Onrrifln iLuh) Grp- (1W V19/I2J 

Metirllle DkintHS WMtsqn^fg^P) 

M«ai -B<W *sa£® »0 
2 6 21-5 4<»m-_2.«m 
SpcLn. 90li Vi £1? t 

Gordon iluhl Grp- (1W 2. 

Ghosh Cooper ft Op) 72®,^ 
.Grampian Hldgs. (2Sp> S7 
-Grampian Temyts*" A-flOo) 39® 

Allied Breweries (2Sol BZ'^3 2. S'jpcPf. 
46 [1B/12J. 6i*peDh. 84-89 67 (18/12). 
7'iDcDb. 64 (20/12). 7)*PcLn. 62'* 

Amalgamated Distilled Products SpcLn. 

Bail 'char-rlnaton <2Sp) 171® 3 2 70. 
4DCPI. 34 li (20/1 ZJ. 7pcPr. 59*1 120/12). 
3'<PcDb. 77-79 95. 3i*pcDb. 44 <20/13). 
8'ftPcDb. 77-79 98'- (20/12). 8l*PCDta. 
70. 41 >PCLii. 411* 11 AT 2). 7J»pcLn. &1-V 
• >19/12) 

Bass Carrington Brewers 7>*pcLn. 59'* 
Belli avert Brewery Group ,Z5p) 40 1 

Bell (Arthur) Sons <50pi 169®. New 
:SOp) 170® 

Bcddingtcns Breweries (25 p> 89 
Border Breweries 'Wrexham) i25p) 74 

(18 1 2l 

Brown (Mattitewi [ZSpI 112 14 05/12) 
Bulmer (H.P.5 Hldgs. <=Sp> 150. Si^cPf. 
98 '^20/ 1 2) 

Burton wood Brewery (Forshaws) iZ5n> 177 

Cite London Brewery Dfd. <23pi 61 2 
Clark [Matthew) sons (Hides.) (25p) 144® 

Brown 8 over. Kent [25p) 49 (20/12) 
Brown Brothers Corporation {lOp) 28 It 

Brown LI Ohm 376. Do. Ord. Sh*. 36® 

Brownlee Cd. (25p) 80 (1Sri2) 

Bruhtons [Musselburgh! [23 o) 107 >1 


Bryant Holdings (ZSo) 48 
Bulglfl (A.F.) (Sp) 290. A.Non-Vta. (Sp) 
29 (20/1(2) 

Bulmer Lumb (Hldgs.) <2 Dp) 49 <19/12) 
BukI Pulp Paper I25p) 89 08/13) ■. 
Burcg Doan (ZSoi 75 

Burgcaj Products fiUdgs-) GSp) 80. A 
„ Non-vtg. *Z5p> 57 S 
Burndene Invests. So) 17 L1-K12) : 
Burnett HaliamshTre Hldgs. <2Sp>- 21* 
119 IS, 

Barrel! Co. >5p) Itu M 
Burton Groua A Non-Vtg. rsop) 175 . • ' 
Butlin's Gi^pcIstMLDb- 64A (20T2) 
Butlerteia Harvey asp) 73. S'tpcUnsedot. 
SS 1 ; 06/12) 

Granada GP- AOWffl 

Grand Metropolitan (50oi V1'£U® 12t® 
14® 101 “ 1® 10 14L 12'a 14. Warm**. 
» Sub. 2 I'l Cl aSz). Siioc Ln. *S 

MMar . ouidert HldM- OOP) id n ■ 
Milleb Leisur* Shops fZOp) 1J2 30. ; .N«w 

Mft&rats sw'swi C2W12VT 1 S 0 C 
■Ln. 90*a (1 W20 ■ ■ *_ . 

Mitchett 5om« ri.Opn «7 5 

M)yeoncrete «W9fc' «L 

iasaRilSlSv mirt. 

. tirtemiew “ ' i 

l .Guest Keen NettioftHtfs 256 4- 3i 7, 6’* 

actor. 77® B<« 6>a. IQ'tPCDfa. B1 
.Gun) (A. i Hldgs- 10';peL(i. 83(a.[1Stl2> 

HAT Grp. <1pP> 3**® <13fli2> 

HTVGrp. l25p) 120® 20 ^ 

Jianoas Uohf) OOP) 19Z HS/112) _ . 

■Hall En»3. (HldU ) (SOPI 112 (19/12) fiftoc 
ft. 47** (15(12). 7ftpctn. 85>a 
Hair (Matthew) C25p) 220 
Ttaitna <10 d) 41 ti?-12) . 

Ualnaad Uuin) (Hldgs.) (10g> 29® 9 
.HaihPson Indue. <5p» 16*i® 

Hanger imr. dOpf 49 

Courago 4>*BcOb 82-87 75 (21111). 61.PC 
ZndDb 871* (18/12). -rtftOcZndDB. 68 
riB<12>. 6J*ucUns.Ln. 47 (20/121. lOhPC 
UnS.Ln. 78 It9<12) 

DavenMrU' Brewery rHldgs-1 <25P> 73 
Distillers ( 50 p) ZOO® 2 13 1':. 5*)K 
Uns.Ln. 40®. 7t*DcUns Ln. GT® 1 
Greonall Whitley (25P) 122® 1. BocPf. 

Grant King 5ons [25pl 297 (15112) 
Guinness fArthurJ So« BSp) 159® E3 2. 

1 QortJns.Ln. BW' ".1 81 2 ) 

Highland Distilleries (2Cp) BO. New (20p) 

ttignns Brewery r2So, 74 «2Qf-12) 
(nversordon Distillers (Hldgs.i (25o) 1-59 7 
Irish Distillers I25pl 19S >18 12) 
Macdonald Martin DistIHerles A 050 pi 
530 <19/121 * 

Manideld Brewery 305 ... _ 

Marstan Thompson Evershed (25si 82';® 
Mori and 377® , _ 

Russell's Gravesend Brewery 45 9 (18(12) 
Scottish Newcastle Breweries T20p) 61 >;• 
1® 6 O 1 -C 2* 1 60 '!. 51’PCPf. 45 
118:12). GpcDb 641; /1 9/12) 

South African Breweries rR0.20) 56 <1G'12! 
Toma tin Distillers <25pl ’2B 
Vau* Breweries fTSpi 130 29 8 -/20)12l. 
7ncPf. 53 OS lil 

Watnev. Mann Truman Hldgs. 7ocOh. 61 
<15*12). 7'rtCDb. 63’* 0 5/12). Bpc 
6S*s <191121 , 

Whitbread A .250) 103'j® 4 3. 7».peLn. 
1995-99 56\*<D t-. 7>*ncLn. Sei; tl9*12l. 
lO/'iKLn. 75'; 7 <18/121. llpeLn. 157 
119 121 

Whitbread Invest f25o) 06 
tfto'verhamaton Dudler Q5P) 227® 

Vc-uno A rSOoi 167 8 rta'lS). Non-rig. 
<50 p< 123 <19 121 

CH Industrials <10p) 32.U SI 5/1 21 
Cadbury Schweppes (25pi£4 3- 3'uxlstPf. 
4) 1 1 9/12'. BtiDCUnscc.Ln. 62*i (18)12). 
OpcUnsec.Ln. 72 U 

Caffyns (SOuj 107 4 1 . 1 B 112 ). lOpepf, 101 
Camford Engg. (10pi 67 
Campari Intni. (lOp) 108 9 
Camrea CHhtgs.) C20p) 44 <.19(03) 

Canning 1 W .1 (2Sp, S3 
Cantors A (20p) 44® 

Cape Industries (25 pi 133 
C apian Prohie Group tlOp) 136® 8 B: 
Capoer-NMII (lOpl 72 (20)121- New Hf)»j 

Caravans intni. (20p> 70® 69 ‘ ' 

.Hanger m*. ( 10 pi- 49 n 8/121 
Hanson Tat. (2Sp) 139 4 7*i. 6*aPcLiw77>» 

Harris and Sheldon Gro. [25 p) 48 (20f12) 
' Harris (Philip) (Hldgs.) <20oi 79® 8® 
Harris Quecmwar Grp. (20p) 171. New 

Ho^an CwSte €»> rpjjgtg* 

Moms- Blakey A ti&Sa) 98 f18 M2); 

Morrison. (WraJ Suponnariteta <1 D® 96 .7 

Moss' .eno'g. (25o> 61 n-8j L t2> 

Mow (TOP) 35 rt9121 

Motlrtacare. tro»> 148 4 
Mtranr Chartirtte tmr. nuoi 24-'i 

wSS&x ttOpl 13'z «9:12» 

Mowu (Wm.i 5MS llW 54 O Sri 24 
Mow/ on- Uotnti t3So) 107' 

Mvlrhead i 2 Sw -JKB , . rt 8^ 1 21. 

■7«N ^LGt0rl2|-.-V 

Mysoo SlOw 53 <L9f12) 

t (2flp, 170 3.(10/12) 

Harrison and Sola (25p) 60 Cl 8 ) 12 ) 
Harrison (T. C> (25o1 105 (J9M2i 

!r* /-N^O^F' • 

NSS-ffgwKQiHiU iltfpr 102." ! Spew, HK 

Natfiap CB.- IJ (Z5P) 30 ..* 

■National CarbenWhS C10PT4J} 1 / " ' 
Necdtera (25 p). 38 42- . . .... 

Neepsend (25p» .40'j«'39.* . 

Ntsrattt Zamora (2Sp> -86 - _ . 

Harrisons and CrotiMd £4>* (20/12) Nggrattl Zambra ffiSp) *86 - 

Hante Machinery Inter. (25p) 21 (19/12) Neiu aamet HMgs.1 i2Spi 86® 9 
Hartwells Go. <2 Sp> ios Nelson David <5pi su ( 1 B /121 . 

KES er «SP» 226 «+< NowEoutem e rtt< 1 (S»24 MS ; 121 „ 

- Newell, Macblnc Tool 7'oPCW), 71ft® 2®. 
Hay ■ [Normans (IOdi 73 <15/121 • Nefr a r t tnil 151 2 - ■ 

Head/am. Sims. and,. .Coggins. .(5o4 47 'Ni 

• Sims. *nd,..Cosgios- .(Sp) 47 J Ngwnwn . inds. <25pi'77t-9. 1 NcW W 

. fffi 2 £r London C10P) 2 ,L Zb . / . ■'* 

.H«ndcrwn-Ko«ta" taop) 62 (»8/T2). ! } SS?*! + (_ 243 

Hdnlys (20p) 125 (19/T2I 

Cartlo Engg. Group (25p) 76 <19/12) 
Carless Cape! and Leonard <10 p) 28*19)12) 
Canton Inducts.' -25 p> 233 29- . 

Carpets IntnL RSOoi 58 H5I12V 
Carr (J-> iDoocasur) (25p) 53 (20/12) 
Carrinotoo Vtyella <25p) 33)^- 2H 
Can-on .Hldgs.) CZ5pl 64 H9)12) 

Carr's Milling Indusu. [2Sp> 87 
Cartiers Superioods <20pi. 109 (18/123 
Casket (S-i <Hldav) (10p< 40 (T8/12) . 
Castings tlOp) 53 1 ; 420.'12) .. . 

Cattle's (HJdus.) [10a) 35*a (20/12) 
Cauiton (Sir Joseph) and Sons i25j»l_25*j® 

Cavtnham T'uKlstCum.Pf.' 48®. lOpelst 
Cum-Pf. 98®. -9>*pcUnsec.Ln. 69 00(17) 
Cuwdaw Indus). Hldgs. (25pi 32*; os/ 12) 
Cawoods Hldgs: <25p1 141 
Celesllon /ndusts. (Sol 30 120 U 2 ) 
Cement-Road stone Hldgs. (2Sp> 101 


Central and Shecrwood (Sal 34 %.' TOpc- 
Pf. lOl'l 1 .19,12' 

Central Mfg. and Trading <1 Op 1 580 
Chambertin and Hilt (25p) 43 U0M2) 
Change Wares (IDpi 14 (19/12) 

Channel Tunnel Invests. CSPI 60 .. 

Chemruig <5pi 83 
Chloride Group c2Sp< 100 
Christlos nunl. HOP) 157 6 2 3*x 
Christie- Tyler HOp) 85 CZO/12) 

Christy Bros. rZSpi 42 09/ 1 21 
Chrysler UK 5';pcDb. 69’; t19/T2> ■ 

Chubb and Son i20p< 146® 4 - i 

mutes (20pj 125 <19/121 

HehaW (Furniture Trades) A'Non.V. (I Op). 

POCtiori U. NJ. £VHt*di «5P) 243 

■Noftikfc rasp) 90'a» a*nM 6® J»i. *** 

-as ( 2 Q.‘ 12 > . . 

■Hepworth Ceramic Hldgs. (25a) 77 *;. 

■ 7WDb. 65® ft®. lOApcOb. -B 2 ft 

'.Hepworth (J.I and Son (IOdi 68® . 

Herbn Motor Grn. (25p) 108 ^ - 

Hettair (25o) .72 . ‘ 

Lr.'SM’- -v. - * • • • 

Norfolk Capital (Sp) -41 - 

North' .Brit- Steel C25p» 42 . ft 0011.2) ■ 

North (M. FJ (10p) Z3 * * ' 

I taiiiB 'l • Engg- Indos- '250)124^. 
S:375pcPf. SS*®- ■ 8.2SpcPf 923® Tt. 
71*pcOti: 77»-8-.nB/12). -7PCUL. 59ft 

,HeWden-5t<<art Plant- nap* 52® lh> - 

Heywood Williams' Grp. (50p, 148 (191121 

-Heywood Williams Grp. (SOp 

-Hickson and Wrich (H/dnJ 

I- (18)12' 

l-HMd Bros. C5p) 9U 
i* Higgs and Hill (25oi 67- 5' 


---■t • •• : 7l*jirtR>, 77.ft.-8-.nB/12h • -7pcLn-. 55 

Z *48 1191121 ^tSHTP-^oo^ -(250) 98" 6. 7ftoc0 
tsoSi lit ® ' M na/iai. .e.asocLn. ti6 
(SOP) 191.2 ' Ntvthom Goldsmiths <25 P) 72 ft® 12) 
. Norton • wngbt -Gp. (log). 133 na/l2> 

ri ■/»«' ' Norton (W. 'S.r (Hldgs.T (5n> 27'* 

Op) 17 - - : “ 

67- 5 ' (19/121 ‘ f Norton (W. 'S.V (Hldfll.T (5»1 ZT 1 * 

I.! lAV'tiM- -wW j •Atimrie SocorftitM (IOp! 17 _ - : 

ana IIWL ptrpl -58 J Norwest Holst < 25 p) 105 ( 1 »ri 2 ) 

moTv + i -., . , — No r wcn Holst- «2SP) 105 11 

'Highland Electronics Gro.-taopl 44-4T9/12) '•®5l2S l-D, +- 9 ^l?Ji'.v« 

Hill and Smith i2Spi &5 . ■ Nova "(Jers ey) Krftt (ZOo) 38 (20M 27 

Hillards OOpi 221® i , -'V ' . NurtHi^PeBcack (lOp) 83 (19/12) 

-Hinton (Amos) and- Sons (1 Op) 86 (19/12) Nu-SWIft Hk/W (5P) 29 v 
.Hirst and Mailinson (2Dp> 34 _ ' +• ‘ ", 

. Hhcrott T»L 7’ycLn- S6 • • OK - Bazaars '.(1929} (R0.501 

Hnerhst Fin. lOPCUna.Lji. 1 1 9. ^ ' •< — - - 'Ocean- WINOns .rffSdsisJ' (20oi 
HoiTnuag tS.i <25 p) 67 <19/121. : 12pcLn. - -Oco-Van rDer Grhiten Wnam 
95 — •* * 97- '(ZQ/121 " 

Holliday «l_‘ B.) CHIdgs-l 4ftpcPr; .'3lV- Ofdek Gp. (20p) 1tt5 C20/12) 
ft- *15/12’ Old, SW30 Hotel (lop) -263 

I .(1920} .mo. 50) 337 (18/12) 

Ocean Wilsons .mhigu’ (20oi .76 09/12) 
Oco-Van rDer Grlnten Finance . 9pc Stk. 

ft. *15/12’ 

■ Noil Is Bros. ESA <2Sp) 65 QO/IZ). 

Holt -Lloyd Intel. HOol 157 ' + 

Home Charm *10pi 228 *T9.)2l 
Home Counties Newspaper* <25of 7 6 
118/121 • 
Homli-nv *2 Sp’ 40 •- 

OHver rG) (Footwear < - <25o) 51 <19/12) 

Olives Paper M.n wool 41 
Owen Owen- C2So) 110c 
Oxley Printing Gp. (2S«D 63'; 5 

City Hotels Group <20p) 176 (20).12> 

Clarke (Clement Hldgs.i i25p) 91 (18/12) 
Clarke Nickolls and Cooombs (2Sp) 73 

Clarke iT.i CIOpi 2 
Clay iRJ 125 n) 93 (15/12) - 

Clifford and Snell (5p) 32 1; *19/12) 
Clllford (C.l t ndusts. 116® 19®. New 
121® I 

Coalite and Chemical Products GSsi 630 4 
Coates Bros. A Non-voting tZSni 72' 

Coats Pa tons r25p< 69 ft 9. -aijpcUnsec.Ln.-' 
34 (ft. GftocU nsec. Lit. 50. 7 *mclinsK.LiL 
60’; .15,121 

cocksedge <Hidgs.i 7'tpcPf. 46 (19/12) 
Cohen iA.i A (20n) 125 
Cole IB. H.I SftpcDb. 661. 7 (15/12) 
Collins iw.i and Sons (Hldgs.) A [Non-vtg. 
(25p> T35'i <15/121 
Coimare Invests. . Zip) 31 
Comtlwi Group. (lOul 32 1 j 
Combined English Stares Group (1 Z'jjs] 
11 it® 9 

Comet Rad I ov Mon Service* nsp' 137 
Corotort Hotels Intel. ilDp) 27 *a 120/121. 

New <10p« 261; 115/121 . . 

CompAir (2.5®) 85® 

♦tomlray <p5p’ 40 - - • PM_A. (Hldgs. I (2SjD 64 »19'12l 

Hoover €26P' 222 (20/12). A (2Spt.21S, Panto (P> nop) 23 • 

1117 >19M2' . _ ; . t -Parker. Kboll t2So> 91® . A ,N-V 

Hopirtnsan Hlags. (5 Dpi 99 (20/12) 

Horiion Midlands C3pt 122ft C20.'12> 
Hoskins Horton <20o) 140 - 

House ot Fraver a Sol 136® 3 4 9 2. 
7IHKP1. S4 t16/i2>.. SftpcLn. 611; 
St 6)1 2) , _ • 

House o> Lerose OS pi 63 <20/12> 

Howard Wvndham (ZOpl 25ft: - A (ZOp) ' 
21 1. Now A 12 Op) 23. . IBpcLn. 99 
(18712) . 

.Howard Machinery I25p) 301, • • 

Howard Tenens Servtceg-125p» 27ft . - - L " 

•tftrker. Kboll C2S«) 91® . A ,N-V <2Sp) 
89 Jf 8(121.., 

•1ft riser Timber Gp. (ZSpt 336 

^ T+arJlc (H<ogs> _ A (25 PI 75ft- 

(RI Son* 125p)' 33 ... - 

Zochools. -CtO'p). 170 69 ft 

Howdon Go. (25p> B4ft (20)12) 
Hudson's Bav NPV 12iia 12 

Hudson's Bav NPV 12lw 12 ft p5, , 12»'=.‘ 
Munslttt (Hldgs.i (25pi ISO (18/ll> 

Hunt Moscrop rM.i DfrL. r5pi 13ii (TBD12) 
Huntleigh Gp. HOp) 51 49 L15/12) . 
Hyman *1. J.) CSpi 23 (18/12) - ■' 

Construction Hldgs. iZOpi 110 <18/121 
Cook and Wans 9ftpcUnsec.Ln. 61ft 

Cooper Industs. Cl Op) 21ft® 

Cone Allman Intel. i5o) 671® 8. 7ftoc 
Unwc.Ln. 85 (18/12) 

Copydex ■ <10p) 30 (18/12) 

Coran <25o) 36ft® 

Coral Leisure Group <10*1 IQS 8 9 (20/12) 
Cory 'H.i <5p> 17 <20)12} 

Cosalt iZSdi 56 

S OStam in.) (25n) 222 4 
ountnrside Props. (Sp) 44 
Courtaulda (25ni 117 16 15. 7»cDb. 
70’;. 7ftOCDb. 66ft. SftpcLn. 45ft. 
118/12). SftpcLn. 52. 7ftpcLn. 57ft® 

Courts (Furnishers' (25p) 117 
Cawle (T.) fSp) 44ft 
Crad'ey Printing (IOp) 21 (T9 
Crel Ion Holdings (}0p) 12 (20/1 

Crad'ey Printing (IOp) 21 (19/12) 

Crel Ion Holdings (JOp) 12 ao/12T. 12pcPf. 

HOP, 14 ft (20, ’12) 

Crest Nicholson ddpi 73 (15/12) 

Croda Infer. «0p, 52. Dfd. (IOp) Z5J 

/CL 432.' 4ftj»cDb. 88ft- (15/12) 55 

,IMI (25P1 S3® ft® 4 31*.: . „• / v; . : 'ET 

Ibstock Johnson <25p> T5«® x \ ,n 

- (HingworHi Morris <20pl - 28ft®. • A J4M+, pt 

- Vta. <20pi 27ft® & -. r ,. ; 

IO 363;® 2® 1 3 60 -2* 588-64 SB 65. H 
-SoePf. 451* (19/12'. SftpcLn.' 4SV' ft. - Pli 

- 7 r «jacLn_ 63® SpcLn. 65 ft. TOftOC PI! 

• •Ln .B6 '20/12' .v |Ml 

T Imperial Go. i2Sp) 04® 4 J' ft 4ft. -4eo ' .Pp 
L .Ln. 87’« <19/121. SftPCUr. 72ft (15(12/. ‘ -’S’ 

.* ®.9ocLn. 51ft ne/121... 7,5peLn. 56 P<; 

l : 118/1 2l. laspctn. soft® ft U "BKLlL D r 

Inca A NPV IO E* 

legal! (IOpi 280 -. : . r % 

•Initial Servicas <25p) 9I-ft® ft . ■ -9t 

-IBM (SU5SI 197ft . 

Inter. Paint <2 Sp) 724* ft (19/12) . j 

Inter. Standard Electric SftpcLn.- 65 CT9/12) Pc 

Jrrter. Stores 7/|pcLn. 60 (181121 - : - .aft 

Inter. Thomson Organlsailon Com. shs. 27.1 Pr 
08/121. PL ihs. 220 as/TZl " :■ P t 

Inwr. Timber Carp. (2SP) 120 ’ 'Pi 

.Mmresk CSOp) 59® . , . ' t*’ -p, 

OS/12)v A -N-V .(IOp) -165 7. • lOpcPt. 

ftwf (25p) 119 
Pawsorr. OV- L.) . sotr: T5p) 62 (20/ 1 2) 
Pearca (£ H.) Sohs (2 Sp) 203 115/12) 
PjPraon Loopman C25 p) 195 € (20/12). 
TOijpcDb. 76ha 

<S.> Son C25p» 214® 13® 14. 
■JOJipcUlMLb*.- 1993194 95 (191121 
Peerage of Hlrtplnpham (IOp) CS (18/12) 
Proter Katterstey CZ5P) 145® 

Pennine - Motan Gp. (IOp)- 9ft. 

^nttahd IHrdllS. OOiri - 24ft (19/121 
gCfltas MOP). 108 .(20/121. .. ISdCLti. 1B8S 
gmjy IH.) Motors asp) 108.(20/12) . 
Nhw HIOps. noai'79-<T4/12> 

P^triJCfB £12ftB) 401* (20/12) 

<rtri3can.O2ft0) 40<* (20/12) 

SL'E - L * mp * ;fFLf,0) 830® SUS1210® 



~ ••• 

64 (20/12) 

irBm* (5pi 8^ . ’ - '' '• • • 

"sn^ra^ 108 S. * 7h - 7 *>** 

Plv» -(TOP). W’” ' 

Piy» -<TOp)ld7 ■.•■■■ 

Poivmark . Int. OOpi SB*- 
FM^CHaMlnBB IB. r SpcLn. 

■Jortfr Chndtrtirn^Qbpir'M (1V121 
'P^taaidutb SunderUnd Newspapers (25p) 

Pratt; Ovk-too. (25oj 71.. 

28 (IOp) 54 
Jackson (5p 

; (19/121 

(Sol 33 (20/123. idpcPf. lda 

Crown Hau-ie f?5p> €5 Tg 
Cmialate Holdings i5p> 

128 n9n27 -' A 

Cutter Guard Bridge Holdings t2Sp) 23 

Janies U.) O5o) 49 ft 00/121. 
James (M.i (ZOpl • 1.4ft® ftoftk 
78 (1 8/12' 

78 (18,'lZl 
Jentinue rasoi 29* 

Johnson- Barnes .(I2ftp) 10ft (15/12) . »- 
Johnson Rrth Brown cKp>. BS® 4® 4- S, 

Curry* (2Sp) 170 (19-121 

Dale Electric Int. OOpi 163 2; ftl 

Johnson flrth Brown C25o> 0S® '4® 4- S. 

lOptLn. 86ft < 20 / 12 ) . . - ev • ' 

.lohnsoh Cleaners (25pi WS '(20)12) . ' , Qr— R -S ... 

4OT®,,: 7i*pcDbr 66ft . ■- . 

ohnson- Richards (25p) .107 .* . * . 

aims Srlpman (25P) 157 4 «1#/12> • R^^ Holdlnus aspi 38® 

pncslE.l HOpl 13ft' (19/12)’’ ' • «■' «FD 4-T8n 27-1 .* 

ones i ErtieSt) 'IOp) 148® TiSSt 4,2.8- 

ones Stroud <25p» 97.(15,12) ■ • : ’ 

ourdan -HQd) 38 (15/121 - - • - • -• - (5 p) 12ft - - - • 



TB-'afe* 5reT,i3iT" 79 ™' 1 '- 
£SS“&'5SiMSa?gS'll «¥’ 2 ' 

PrlKbard.'Setylces. IM. 37 T. - 

Wj?^?3Lnr*^ raQ,lz> 

3e 9 lia 'rus 2 <25p) 365®. JftpePf. 2B 

B e Vere Hotels USo) 178 
eanson Holdings 'idol 42ft (1S/12) 
Debennams i25d) 82® 2 3. SftpcZndDb. 
79 17 5/12). 7l*pc2ndDb. 60 ft (18/121. 
BftpcLn. S? (18/12). 7r*pcLn. 56 
C1®;1 2) 1 1 pcLn. 101 (20/12) 

ecca tZ5pl 425 7 8 (19/12). A GSpl 
408® 7 5. SpcLn. 73® 

’oison <1 Op) 26 aorl2) 

Jones (ErtteSO <1 Op, 148® 

Jones 5 Croud <25p» 97.(15,12) '* 
Jour dan 't-iQpj-38 (15/12) * - 

K Shoes <2 Sea 84 1 20/1 2) 
Kalamaao (i0o)_35® 
Kenning Motor [25n1 :71®. 

Bank - OrtwnJ 

40*377 Ift( 

Ln. 7Tt r* e 
Haris » 

JMot TttO _B B 21 

«9(T»T23. IQftocUns. 

Decai (25p) 425 7 8 119/12). A (25p, 
408® 7 5. SpcLn. 73® 

Deison tlOP) 26 120(12) 

Delta Metal (2 Sp) 69® Bft® B® 9 8ft 8. 
7 ftpcOb. 6BJ* 1 15k 12) 

Denny Ut.i 38 

Kent (M. P.) rtflir) 40 (20,12). 
Kershaw <AJ Ste« <5p) lift (19^12) 

Rmtat Haris 
' GpcCan?.' * 

; GpcCan?.* 


>teoCn. .62ft® ft®. 

Dentsply gpcLn. 75 *1S.'12, 

Derftend 5 la mo I nq (SOp) 147 (15(12) 
□esoutter Brothers (Hldas.i (25 p) 129 

Dew hum. Partner <10p) iBi* (19/12». 
A (IOpi 1SJ 

Diamono Stylus rlOo» 17ft (19, *121 
Dickinson Robinson Grp (2-Sp) 117. 7)*pe 
Ln. 651® 

Dlnkle Hud (Sp) 16ft® 17ft® 

Dipicma :Z5pi 1 94 

□ .non Hldgs. <25n) 110 13 (19(12*. 
Dixon (David) (Leeds) 5-ftpcPf. 31ft (I5M2) 
Dixons Phglopraphic flop, 131 29 
Dobson Park Ind. (10P» 111® 12ft 12 
Dorada Hldgs. <2 Spj 76 rt9/12) 

Douglas (Robert m.i Hldgs (25p) 83ftt 4t 

.TSTiorV OOp ) B8. New. 

k ss’, n '^ n s^r , L^ ,) £ B < < 1 « i2r ' ^ 631 3 - 

Kvrik-Flt -Tries Exhausts Holdtagt) <10rt d *"*?** TB5 * - 5J>BcW * 


Hotel Iff* (Greet Bridge) <25,. . , 

RJtnOrt * UeWeHerS)..(T Op) 65 (1&rf2) 

S«iS£«f mnwSR. nai 

•rt&SLv ,ttf !SS 0, S»W <is/i2). 

0ftpcUns4.iL 70ft n JM2, '* 

Dowdina Mills I5pi 38 119/121 . 

Dowty Grp (50p, 246® 2 4 3 1. 7p<Ln. 
2G5 <15/12) 

□rake. Scull Hldgs. (25p) 33 <19,12>. 7 pc 
DPI. 70 (18(121 „ 

Dreamland Electrical Appliances <10 d> 31ft 
2 1 (20. 12) _ 

Dubllier (5 d> 25 u ; 

Ductile steels <2Sp) 112 _i 20 - 12 ) 

Dufay B.taumastlc HOP' 36 120 12). lOftec 
Ln. 101 ft (IS- 12> 

Dundee- Com Bex- Mar* (IOp, ES'i [201 2- 

□undaman <20oi 51 50 2 __ 

L.C.P. HoWliBS «SP) 89® 93 
LRC Internationa, tlOp) 34 3ft (20P12) 
LWT Holdings A. Ord. CNoo-VJ (25p9 140 
Ladbrake Grow <10*>1 1031 2 80. -War- 
rants to -subscribe for Ora. 92 ’tip 3« 2® 
Lalng (John) J2Stri 79 <18/12J. Ord A 
<25P) 76 9 08/12) * 

Laird Gr0UD-<29P> 92 (19/12) 

Lambert Howartft Grow <20 p) 49 8 


Lane- /Percy) Grow -n Op) *9 

Laoorte industries < Holdings) (50p)-1O4ft 

Laurooce Scott t25f> 88 

Lawrence (WNtertr.(2Sp)-74 (1S/TZ) ■ • 

L;wte* (29a) 81 80 r2a/1Z) 

Lead Industries (500)- 154 


0*;W trCMfftah (SOp) 4G0. J&ftpcDb, «7ft ' 

Rocord Rhtmvay (2 Sp) SB- 7'" 

Redtearn Nitloral Glass (2Sp) 2703 

«£pr 1641s® 5® K GlipOft. 

Redman Heenan Jntmstlanar (IOp) S7ft 
*1*9212) — 

.RSad - Executive <5p) .79 ®TB/121* 

Rted InternMJonal 1*9® 5® S3 SO 43t. 

Lebaff (S:) (Foben-OOs) 38ft >20/12) 
Lobus Crisrrisl I25>) 40 I19<12)' 

Lee Refrigeration <25pl 77 *15(1 2) 

Lee (Arthur) Saw <12<») 23ft® 

Lee Conner Grow US®) 1U 72 >18/12) 
Leech (William) (Bollders) OOo) 90® 

Le*rt (John J.) (IOpi 46 (19‘12)- 
Ldgh Interests (Sp) 133® 26® 31**6 
Leigh M/Its (25pl 23 '20.12) 

Leisure Caravan Paries (IOp, 138® - 
Lennons Group *10 d) 330 1® 2 
Leu Group ilO-M 250®. New Ord. (IOp) 
35i® is)® 2 6pm. . . 

Lccnev Frodocts ISp) 7B 7: * 

Letnuet latcrnatiooal (IOpf .126 8. 7 
Lev ex (5s) 16 

57ft, lOocUnsin. 690 4t 9 ft 
Reed-, PbWlihJnu Hldgc; SftpcDb. 73 ft 
- (19/12). ’ npeUnsL-n: B5ft (19/12) 
Reliant Motor (5p) lOft E19/12V.. 

Relvon P.irW.S; CE5pi 9S«. 

Repel® 123® - 
RentokUM.10P) 71W,- * 

Remvlcfc (2 SpJ 40 £15/12).- « SocFf. 6Bft 
. <13.12) .. ‘ • ..* *••>.-_■ 

Rest mar (2So) 67J- 8 119/121- 
Rex more <25n7 67® 8.' 

Ricardo Consulting Engineers 12SP) 324 
Richards WalHngton nOp) 81 IIS'! 2). 

□ union Hldgs. (SOp) 64ftt 4. 6<*PCDb. 68'* 
(1512). BpcLn. 67 .15/121 

Duple Internationa, (5ni 22ft (20 I2i 
Duaurt <25 d) 65 6 (19(12). IDucLn. 101 
I19<1 2) 

□ unun-ForMiatv Gro. C25 d 1 46t 
Dvles u.) IHIdgs.1 (ZSpi 43 fit 12) 

Dvsen (J.. J.) A <2Sp) 61ft (18/12) 

Engineers (25p) 324 , 
i ClOp) 81 (15*1 2). 

7ftPCUns.Lfl. 78 {Ja/*I2) 

SH*7/_ r „ E - J.) *HWgs- nOp7. 39 (75121 
Rnt (Oliver) 6ft 

Robertson Foods <T25a> 128-30.-. E. SocPf. 

lockwaro Group (ZSp) 1200 2. 

61ft - . • • 

Ronsritotce Motors HTiBH. (25p) 94® 8 ' 

J9*S- ..... . *." 

EMI (SOD) 141* 39 40. 7pcLn. S9ft 

<20/121. BftocUns-Ln. G6ft (15'12l. 8 ft PC 
Cnr.Ln. 35:.-® 5 

E.RF, {Hldgs J l25d' 137 118/121 
Eastern Produce <Hld*!S.i f50n) 83 
EasrvicKM (J.B.i lOftocDb. *81® 

Edbro i Hldgs.i (2Sp) 215® 

Edwards .Louis C.i (Mancnestcrl (So) 23 
Elblel IIOol 15'- C15.’12> .. 
rl«o Hldgs. (IOP, 54 *15-121 
Elect rocamootients (1 OP) 337 S 
Electronic Machine .2Spi 25 >15*12) 
Electronic Rentals rlOoi 141® 4 6 
Elliott <B.) >25p1 169® 70 
Ellis Evcrard <25o) 98 <15 12> 

ElUs Goldstein ISp) 26ft 119/12) 
Elwlck-Hopper >Sd) IS'j® 

Empire Stares (2So1 18Q.i : ® * /So* 10ft |1S'13! 

Energy Services ilOot 19': 

Erglind ij. E ) i5di 26ft (19 12' 

English Overseas Invest. (IOp) 28 
English Card Clothing i25i> 95 <1<9l12) 
English China Ctars <25p) 81. 7ftpcDtL 
65'* <20’12) 

English Electric &><pcOb. 75 <201 2) 

Epicure Hldgs <5p) 14ft 120 12) 

Erlth Co. <7 Sd1 106® 

Esoeranxa Trade <1?>aP) 125 
European Ferries iOSp) 122*- 3 
Euratherm Jnt. HOpl 192 <19 1 2) 

Eva industries i*25a> 90 1 18/12) 

Evered Co. <25o< 244 
Evodo Hldgs. >2 Op) 39 
Eno. ns+orae) HOp) J* *20 121 
Exc'llbur Jewellery <5 pi 13<> 

Fvrhanne Tnlreraph *240) 127'. '• 9 
Executex Clothes (2Dp1 42 (20^12) 
Epanded M**lal <I5 pi 69 

Lewis ijahn) Spr.iTst Cum. Prf.i 29. 7pc 
Cum.Prf. 51'i d*12’ 

Lewis' (John) Partnership SpcPrr. 40 
1 19/12) 

Lewis's livv e stiwei W Trust 6 ’sac 2ndDeb. 

Lea ’service. Group. *2 So) 79ft Bft 
Leyland Paint watipap*r <25p) 65ft ft 9*1 Z) 
Liberty l25p) 175 (20/12). Non. V. Ord. 

C25p). 163 (20,72) ' 

LiHcshaU (The) -Company «iop> 34®. Spc 

RoOner Hklgi. tzsp) 43 (15*12) 
nosgitf Hldgs. rank SoTtSltZl- 
Jtotalex <St>. BrIL (IOp). 48. 5 M9.323 

Rothmans Iptcrnatli B (IZftpT 59 
Hogrif^reopJ 57 8 C13/I2L OftpcPf; 102ft 

Routiedo* Xegan Aaui T25o) TOO'nwiZ) 

Cum.Prf. 29 8ft_<l«i12) . 

LUIey fT. 3. C.) -‘TSpi 69 73 
Linda series ;2SP)13S 
Llntaod Hldgs. (25 p 1 1250 G, 12pcLn. 

Llnread fSSpt 33." BpcLn. 61® 

RowungM - Constructions Group .11 Do) 25 
(1S;1Z> • 

RowntreP Mscklmosh (50*r» 393 5 (19(12) 
Rcnrton Hotels <2So)M5fi a JIB/1 2) 

ROvBI Worcester <25p) 
.-■flpcLpi 102 (1972k -- 

«25oi;.156. 8. XI 8/12) . 
r.<25p) 165 39 <15/12). 

Lister <2So) 48-- 

Liverpool Dally Poit Echo <50n) ITS 19. 

Rovce Group f2So) aSA.- - v... ; . ... 
FtahwoW taSp) 41 4Q [15/121.- -lOftpcLni 

Lloyd [F. Hj Htdbft (2501 67 
Locker (Thomas/ (HidgsJ (5 di 18ft (15,72). 

A rspi* io® * 

Lockwoods Foods <25fl) 104 7 
London Midland Inds. (ZSp) 103 (20,72). 
GftocLri. -63 ■ (19*12). ^BftocLn. 121 
J2C12> . . ^ - ' 

. 7.0® ^ .--*•- • . 

R«W Portland Cement CZ5s»>74® 5. 6oc 
Lit. 47* ' - - -*-.*•• - 

Ru«se« (Alhgraoder) (I0u) 96 < 20 / 1 2 > t. 
Ryan tL.) Hldgs. <5o) 12 (2ort27 

London Northern . Grotra <25n) 36® S 
London Brick <25p) 69 70.. 1«DCLn. T29 

r 2 Dti 2 ) 

Long Hambte F10PJ 97 '1*72) " 

Longton Transoort HhMS. (2S«> 89 00.7 2) 
Lcnrho I25p» 63® l i. l. SpcLn. 80-65 
61®. BpcLn. 91-86-60' (20/12) 

s f9b < raSt2P - ?'™w , ^ : . 

swtcht Sautchl aon>'l3S>(l9)12) • . 

Sabah TkBtiep. H 0p7 JBVJ20n TO . * ■ 

Saaa .Hofkfa+B-taool-rTOr 
SaSkboryoU.). ; «5fl4 223,- ^TftpclstDb. 
SGJMi' . fipoCJL *57ftS* 

.S t CWMl Laundry [WeRxgter)-.ClOpg-ig 


2«3v- ;7ftpcl«Db. 

Low Bonar Group 030)177® 2t- l3ftpe H* <&*»>- »«0® - - 

. Ln/ TOfi <1®1»-; . * -* . Samuel «J <2Sp) 1(f*i T.. A <25p) 179® 

F.P.A, Construction 'ZSpi 9 <20.12j 
F.iitbairit Lawson <25p) 67 HB12i 
Fairciough Construction <25 d) 6-t 
Falrvievr Estates tlOp) 138 1 20.12' 

Fardell Eleclromd (20p, 387 tlj/il) 

Feb. Hit. A i TOP) 28 si ST 2) 

Federated Land <2Spi £5 
Feeoe < lupi 37 

Fenner *J. H.) <25p» 155 <2Q 72i 
Ferguson Ing I25nl 116 <20 121 
Ferranti ffiOp) 345 7 3 (1012, 

Fidcittv Radio > ion) SI HB.12) 

Findlay (Andrew R.» (25pi 34. oncLn. 

Fine An Ocvelv [i5ni 54ft r 19/12) 
f '"Ian (John) (TOpi 33 U5,12i 
Fmias Hldgs. (50pi 86® 

Flnfay (James' (25DI SB® B 
Fisher (Albert) Grp. (Sal 9 (I8'l2i 
Flsons 30BJ® 3 I SOp* SftpeLn. 43 (1B;i2) 
Fitch Lovell (20pl 58 

Flight Refuelling i Hldgs.) I25p) 166 


Fogarty (E.) <Z5pi 17G 
Folkes fjefni Helo (5o) 25. NDti.V.Ord. 
(5oi 24 i19/12) 

Footwear industry mv. (25 dj 69 (20,1 2, 
Ford_ Int. Can. Cpn, 6ncLn. 76'* I20.'12i 
Ford (Martin; (IOp) 37ft H9!U) w w 
Formlnstor (top, 101. IOkPI. 102 (ISriZl 
Fortnum. Meson 810 

F flDcLn* 74 ?,, - n i 0 g?Pil I,W ' l2S0J “ 
Faseto'M'iitcep <25 pi 158 Bt ft( 

Foster ^ Brothers Clpihim i25p, 166 8 , 

Fairer (John) <25p) 47ft ft. New (25pj 
pm J 2'V BpcLn. 63(- (20, ’12) 

Folhernill. Hareev (25 p» 116® 

Fpxboro. liUSli 19 ft 

Francis Parker (IOp) 17ft ft. 7ftpcLn. 59 
il 5,12' 

Freemans (25p) 119ft T9 18 <18 12>. New 
(2501 1 24 119,12). 7pcDb. 63 2‘* (19M2I 
French Rwr Hldgs. '25pT 32ft 
Er.edlana Dogoari Gp. i25n) toe (I5.i2i 

. Ln; TOfi (1®'12V‘ • V" . . 

Low rwm.) Co. OObl SS®>+ 

Luess-lnde. 302®.SOT« S» 2B» 9* 300. 

7'ipcUi. 71ft 18*12*. eiroCLn. 120® 
Lylg* fS-T [7001 66 l?n2r 1 » 

Lvo/ii a.) SpcLn. '49ft*. .. SftocLn. 85 

MFI Furniture Centre* +10O) 1G4 Ij® 4 ■ 
MK Electric. HiWas.-tiSn) £11 (201 2). 
7'MLn. 671* ' 

MY Dart ftl Oo) 'Soft 

Mac/uthlrs PhiraiacegUttJj .CMJp)' .-TI.i 
(1 912) ' _ * * ' ■' 

<2SP) 1tf*I r.. A (25p) 179® 

iv m - Serene (2 op) ias® *" 
SMdamaa. (Geo* G.) Seng <25c» 62 i;gii2> 
SS^rwa Murray Elddr (HIms-I (Sw' jS * 

: ■ 

Samaera Grow C23 pT aji 1 ' - 

Saw Hotw A ■■( 10 b) 77 * ■ y - * " 

Suw-Grotm (25piSi)5S» --* • 

uvrft) - ..*....'. ... . 

Mapnet Southerns OMI -ISO (lfftTSi. 

s ^ 25 pen. 65i*r 

Mahnotia Group ' (Mpol Steps) (IOp) U7ft 

nsriZJ - ' ' 

Makih ij.* J-.)."P4*tr -Mine. (25 b) 93 . . 

Malllnsoo-Denny 12SPI SO'sO . j 

htanapementl.AnencT Music (IOpi id<T-14. 

Mulder* Wttes-i j25*i 100 41512) 

amy - ^ 

Mepfff sHlMSdlOOp) 230 9>1. . lOiroeLlL, 

Ntitjrie :(lOp, 230 9ft. . IO'skLii-. 

March w?*l OSpr *112 18. SicA. 99 

Maries %9ffbcw tiSpl 34 2 3 - 3ft 3ft. 7oc 

MorlBV (ZfiP) 73® 2. * iftpeDt). 101 ' 

'1«)2J. * . ..... *. 

-.Momfriy J ad vied -on -.-'lore-'', brlcod. 
afiarea. which j 0 buy and when 

■CdS5giA« ,Un *&***■< .VMQL-fRBE- ' 

‘WPB«y«HAR£€WBE . 

■ V : 11® Bfemfldd Street" ' 
- Lortdoh-EC2M 7AT 


Deposits - of f ^OQO^Sfi.OOO .-accepted . foe-, fixed ' tenns : of -"5-ifl T 

.T . - » 

a r. 

: -*..* / <5 ‘ 

V, '/* 

.;JJ . 

: : .. -si 

Un ?'!^ ,, '.!^ Veat1 -. ^25p)' j'25 7 •: 

*V '\-i= 12 
’->V /-■ . ■. 1 

a" a-p' ^ ■ ’ 

v r-. 

p‘ - • v 1 ; 

Z*/ "1 ^ • . w 

j'. • ■n. ■- c 




. V W[. . 

GEI InL IZOpi 84 (18/12). lOpeLn. 9Sft 
t I9 I2< _ . . _ . . 

GalMford. Brlncley (5a) 68 (30-*l2. 
Garlord-i-'iiey. 'hd. .901 T4 (15<I2) 

Gar.ur scotblalr (25oi 97® 

Cartons 'IOp) 9 (15/12' 

Gates I Frank G.* (2Sp. 49 HB'121 
Gccn Gross (IOdi 40® fti® 

General Electric (42.50) 31 "i« (ZO/12’ 
Gen. Electric <25p) 3278 6® 5® 328 3D 

I a terest % - 12i - 12i . : 12.^'* . r S" 

"Rates for .larger amomrtarjm TOw^fPwo^*Vnj^‘ii ^i^i@ 
information - from. Tbc Chief .-Cashier, fittancefot industj^;*- ? ■ 
Limited, SI Waterloo- Road,- , Landoa SEl fKP ioi-9a?~ggag r »*: 
Ext. OT. Cheques . payable .to_“:Bai3ic r - : 

FFI is the holding -cwnpaoy for ICFC; ; and , L FCL- ^ 

‘ : >5SLiffc 

- . • Jv~Kf -Vi' 

*.■ /‘.'TV 1 r^M-'v 1 ^:*^ 

■ ~ •" ■’ :V. v?:W*5 -r <5 , ' t 5 «i; +•* 


23 1978 

} cjr- a ' y J^=^ 

*”*.'•**'■ *• at,paiu . ” SjgB^j* IWW rn n . *DMJa» coiMUF !«*. t*. <aspt mtje as. afltaflrj as» mto. tpc«. FOREIGN" RAILWAYS (2) 

mSStHBlSSS^o'- ■ $iS2i?SiS'Kj^U.V **. JDfsL #5StW, ? *2* uS^SS i*„^ •?« «&?«&- amm mr. am in mAmu «** mm u nua. 

%BX&3r&. '***?“? *■ 's"T„ " " 7p '^- ~»,tf ^ ■ , « , »- >u •» n™. m „, sssras?Maf. , &. » 

3Hfe2£QHEg&«>- 5!k-® MSS'S'&BFdM iCm nmmnman 


" *1 - 'll*. - 

;-• .. -. *k 

- ” . V.-5 .7 Vp - 

i V :N\v-.£ **•-. 

:•••. :■“*:? v^v-. 

';.*: j 

-. I'. .:-. V- 

:: ' ■■.£ iSf?.-:: 


"■rf ..• ". • *' ir p ■ > _, 

BWM CTjjHfcg: | y?- ns 1 s&sflb: Wu-Db. «„ j5&» m 3ss w» iru,t ,sort sH - * 
■SS^RSS? - .i Bgsgd&s T Mfr t,fl12> 

SSr-cirSttf n$St t/ • tt ^ 81 - ■ H«K*v T “**““ , *‘ (***• 7* l|* 5 *»l (avow Trurt «!5o) 109 fflwUi 

- m&B gKfte .:■_•••:> - ..tfffiKW «* »>«Spwv. : - 7? SSL p i»WiVX W 

' SflTmtn <S.l aS qf T4 ft$yl23 7"'* "■■' SS aS t > ^^ < 7g«j» 7 a *4 2?* -atancLn. < > two?® I n$nn 9 Izsei" v?u m An 2) 

jtfM /Mub. &&U Bb. 7(iAet*V SO .t«14#_as , 4 own ._ Gradient Invert. Trt. f2Sgl Sfl.i Qh (181121 

iiaiTi ~ lsow *» l F»:ato*«* , ... ■ 

Corinruian Hides. Moo) 32 *19>1*i i J -^ e5J " '?*: -S’; T2t 

D f5&»*3SS §0*121 UU,S ,M0> 353 - A | Cert, Funjn Ihv. Trt i2SDi 172 l20.'l21 
dJSm. 1 SIM i-JVn ! C.-rt. in* Tnr.»e» i25p> 90 

uttnmMr ce <25»> zzot9 3 7. 7peH. 




Krlt. *rd Cot^m9»wea!» StiiPSlnn (50p» 5«nrn Pic. 4 11*. Do. B 21 ’x 
29S Tr, CcnMvnUI LI 1. 70S 

I Mm emporium OS* 1.SM 
l New Mrtail «u» 

J oner €xpirn. 25a 
1 OHcnero Oil B 
I Pmoldln 620 7 0 
{ PaMrtfl Cons. *1 
) BJnd Learn U55 0-230 
I STiutler Cnun. C74; 

Caledonia In*. (2Spi 245 {19121 

nm»M <4.1 ilfiot lA ftSrtU 

Sid^w^rMiirta. estoT’ «£ 7hfxl*,- SO 

- r 

■■*"• 3-vpcun. j j 

Jitwov Invert. »25oi v>u Hfln 2 ) 

®[wj»ain Invert. Trt. f2Soi Sflii 9>j f18H2> 

Ttioma* Natunniee ^8 
Woolwurtn fAieuj U« 1.71 



290 AHance o-l Devs. io:e 
0L‘i Australian Cori. Mins, sso 
( AMonu S*eel £I4 “|sO 

Sfessw***™ SrteMKf 

gnWv wiWi (zspi vDi «sn»i 
.■Snjiin (Vir. N.I {WHf9a.i; Jk . iS»i 144 «- Valor 12 5p> 51 
. MncLn. U tni 2 i • ■. • . ; - vanton* Croup 

SmllM IMott*. I5ani_2f»ij* 194.1716. 129-19I121 

JUnxrDO. 37 OSrUr. .OocLn. . IZ4 Vw»lu.ll Mpto': 

cio-l 2 j - lAbroolani rUfito 

SmarttUTCv. OSp) 131 2 < 20.121 VKKarS 19305 

SobWlo <HUoa.» *10f>- 43, - V*cw fro3«*i 

s n t s^'- LMn **• «w » -^s2%m *- 

Somic' r25oi 41^ con 21 • •. vinwi Croup C 

Sc*.*wOr Par** Brr?««. Co. <Z5pJ US 43 

tSSfil Offluion: tCoi Sfi h. c«M11» . 

Soutnarn.^wovniap Ortto^i Cgi- U, W-GJ. rasol i J 
soaar jaefcson hnaL V 2 Soi ixa panzr wtu Crnuo < 2 ! 
socur -u,- w.k<23pj iso: .■-; • 'J'jof p«tcr<s 

na lodnrtrtei flOp] H2 Db.., 74. 7i<KQb. ‘A 1989.92 61 1. 

■SiclM C25P> HJt ,,,.., ^Sf 010 ?- * 1991-94 63. ><K 

I fHldavi Sol 261* *TS|12l . U. _7 1 . 10i;pcLn, B7>j® 
m fKol 320 7‘ ■ Invoatmant Co. I25p> 16 

c Hltffl*. c£SaI JM 9 Kwaiui (10 d> 24 >19.12) 

, - {-Wyits Scottish 12001 1120 11* 9 10 11 

toe/ a*m£-jn 0 * 2 ^780 London Curoonan « 10 p) so rsmsi 

t tlM . 11 s tWIW Lonoon seomah HOpl 27. New <10ol 

* , : *6 1 1 fir 12 ) 

-• • V • • Martin *H. P.) «5n) 57 (IMil 
<20 0) 1280/ NoVi.fZOpl Mills Allan IstPf. 1904 \lQo\ 7 Si- <201121 
■••-■■ Providom Financial >25ol SO 7 1 19112) 596 > jJW'M ROsehPUOh <10p« 74 i1»')2) 

Croon Inv. >:mk &»>• i19H2i 
Guardian inv. 1st. C2np' 70S 7>i 
H.T. I .iv. <25pi HO 5 -181121 

Inv. Tit i25pi B7 119112) 

Mill >D»llipj JIW. T«. 125c* 172 
Hume HcMIiqs A I25n« 73 <201121. B 
i2Spt 74 H5H21. 6nrPf. 62 «1& 12*. 
S’lacBUuvt.l.i IIS MS'121 
ludl. Ceu. Tit. (2 ini 51 >. '« 

Brit. Land i25p| 410 Z 4 ISoclMDO. 

lO&li *1*1 = 1- IZKUi. 164 <19-12* 
Bi-ilUD bt- <2 5oi I 1BO 

Capital Cowitwi <»p) &7 S-; 7: ; r2p;l2). 
BUKTIMPO. S$JJ i IS. 12 1. 9-utKLA 70- 

Pamnsahr and Oriental Sleim Navlnitipn ' Asntan Mm. 700 
Old. S2>0 1:6 to 3 :0 2 3 It S'j 4. ! Aron In* New 45 
S'mcOa. 89 I19.12J Balu Kawan 50 

Bearden Sm«tn Line CSOnl 77 A.Non.V. I 5k. &• Adelaide 1 25 __ 
(S3pl 33- ' Celpv SprCnv. LS9 

cln^^eilarm^eBclstDto" S4^’ 1 | l l'»12? I S«rtW«»»8. I*’e Cf w<9l!f infl satra* at \ Cent. Pac.* M-ni. /Jew 60 
e T55l«Db?«. s R07=» Mail ««« Packet (58pl , MW In*. ZV. 9-* 

CnptrovUrCial Cits. <2Dp) 93 u. Cap. 1 2 DPI 

mini. Ihv. T-J. <25p1 so’us 2HIB. War Chestertrtd (Moi 3£0 rjO 12) 
17'- llllir* I Orr O **** 12EPJ BS.j rirt.121 

TEA (6) 

Inv. fiOpi 3020 3 
Plantation Hid 3*. 3320 

Vooohall Motor* 7 5 K V I 1 W 12 ) MOiehouBh tlOpi 74 H»') 2 ) 

Vibroeiapt HUoa. « 35 pl 179 <191121 Slme Sarhv HW. *101 93 RHI 31 

Vtckors 19305 3 . Sort^lM* •*••>. S 5 'J Sterllno Creolt Go. nop* 23 { 15 | 12 » 
V*eroe P reduen rtntilKBili CZ 5 PJ. lit SiHrth Bro<. L 23 p) 570 

Jti Hrtldlno*. *=Em 47 Count* Dlttrlci HOP) 125 U ’U 

Juve lav. Trt. ’Zti) t ITC 72 * C ra*W» Cemtd. Secs. !-<pc!stOta. SO 

r-.cvvr^no |n» (SOm 13 a >20 131 Oarlan Htdas. ‘.lip. iC 5 

lelfj View Inv. Tct. CSs' 87 . S'tncDb. Gaits 1 57 V « 10 c> 23 i. . 19.121 
CL II - |J| Deirlnpxon Int. <I 0 b) 63 >20 12 ' 

t. w fWi. Cnn. f 73 c.. 99 - £nollu> Prop. Can. < 3 iia) S & ;6 

LbLj Irv. T-. 1 . Cap. Silt * 3 jn 2 Si- 119 : 12 ) 6 . *® ; - 12 pc’_n. 89 «1 

London Hoiyrood 7 -.:. r=En 10 S 1 ;* H«S. AOancvMiccs. « 2 £p> 59 

LP'aou ‘.turn. In,. Tst. « 25 pi 51 . S Hit* C **?j J , f 2Cg ; .’A : 

i 2 £d. 43 < 19/121 c«a»» Prop. In.. t 25 pi 109 

L man Mon '.ruse lltv. Tst - C! 5 p» 179 7 GKtB. 60 ': 
n 9 'i<> rx Portland Etts. < 5 Cai =76 

- <I?!1J) 

«"*n »ioo> 24u n»iii. „„„ 
Vi mew Croup l 20 pl 144 2 '; 120 ( 13 ) 

• • W-=Y— -'•"■■ 

WAI. 12501 151 3 ' 18 / 13 ) ' - 

WKf Group * 2 Do. 730 ' ■ 

i. ■■- 5 ,!?^ 

SQtflbb Can*. £1S7 m gg 
Muirrel Hanr fl2 'il>)'4<^ 

£ta 8 ordsnire . Pottffl 4 a* C 

Stakla nop) 48*s, 

SUnlc-r /So. 180 QSl|l 


v " S :V£- s». V 

‘ •■ * - -.'-7* y ; 

V ^ ^ 

sunn DUeoant nopi ;TM <i9;in 

09 W iMOgnai -: 

gSSSii^i^ 16560 ^ ■ 

ston^ Platt lads. USo) IDOtO 
Stottert PHt New 2200 HO 
8W HB1 {I OBI 27 
stuns ti O p) i2« 

Stylo Shoes OSpt 78 • 

Sumnor <ioo) i«u - 

US nsns) WMrf Grtowono asp) 96 <20 MS) 
Ward Mdaa. noo» s»i Ofliia . ■ 
ward <Tnov WJ (ZSbi 79i, BW Cl 

IVOB8. V'UD‘ ao-i UU>T2J 

Ward JTttov WJ <ZSP* 79>j (W/t2j. 

7 ^jOCuR. 7fl -. _ - _• _ 

Word WMta.Gro. a5p) 180 CI37I7I 
Wards CBersardl <10 p) 32 h __ 

Wanna Glliow (Hldss-l C25P) . 123 5 

Wot*t NoJ-dari M0»» 38 
Wlmtr-Um#trt OUS 11 15l> &M8 
worwKfc Eaarp. invert. raar>) i? - 
wassail a. w.) <Spj 111; (18112) . - 
WatcHord Oort cSo) SS **j <I««l 
wstsMuns ai pi Mi ti«fiai*_ 

Wanoo PWlip ClOp) Si 411LTM 

"■' liv' ); 
: ... '/ '-.-di . 

Sutnoer tlOo) tsu ' WedOMOM <25P> 107 11 371 

Sonne a caws C20 «ji za 115*771 watbAuacim OOP) 25 

Sunbeam Woliw QSp| 42 119/133 Weir Grp. <2S«1 9S'r® 

SunliaM Senwa ptS^N* <20.12) ... wShmAMKC 5W *4 <2a* 

Smra HOpl 51 509 U welhnu tShaTtpA (25p) 

SdtCllfla SPSaiawan OSPt 49 <15(12) Weft Bnmwoi Spring ffttk 

^^r^isiSri ^ C,a ” 2> W«UddAlrero«a5p,3S. 

. Swop 89% % (18/12) Westward Television C Non 

"in o r ' « t 7-i <18721 

i — U — V . w i n— t asp) 86>4i VI 

-L ’ Whewav Watwan iHHMa.) ft 

!«.-» rra SSSSSV'f'.A! w V «; 

BrsgaKa.^ .. ««,.«- sssirTS.T 1 *^ 

nsni). 5 %«cOb.. 69 czo/ 121 . 13k L n. riErtzi. aoctn. si nw 

’ - JM % 118.11). ■■ . - -.. WMtMorib electric nfldBS.1 > 

TWrtner Rotjodae OObi 66 7 (1S(12) W'SlaH (Henry) Sen ITSol 

Tartar Woodrow <25p) 408 00/72) WIpolM Teape 6*4pe2ndDh. 

' TeDtuH OOP* B<iO BO W«h: Coimrtictlon Hldo*. 

Teieiurton (£ai 37 <19/121. Do. a NV Wiik:n« M.ttiwli aSo* 590 
-* • (SP) 37 wifk’nvso Match T7S 

— I.ICW: up. ■ iiipi aa 1 1 LJI i . . 

1 IS Smrth Broi, L23p) 670 

Uniooc Group <tta.3> 49 >11111) 
uni;rd DamiMan T-.I. (25ni 42 i 
Wagon Fin.vnco Coro, irso) 41 

Of tnaUntf Tif. C Spy * 2 *? <70,12* 
w S&*2 n S«J«cxjofi {Xrvriopmmr (* 0 r> 

(7 1 rO 

OVlJi c«*iyjmfr» < Cca 103 


I Bowrlnp ./C T.I (2Sp) 13 12. IBptVnt. 
Ln. 154 ao/12) 

| Britannic Auumcr (Spl 160* 

; Commercial Union Asauraoce <25 s) 1460 
„S« 40 9 hO 50 47 
Eagle Star Insurance (2Sp) 1 S&S 3 
I Emiitv Law Life Asace. Soc. (Sp) 180 

.General Accident Rre Life Asace. Coro. 
<25pj 210 9 ao/121. 7<:pcUns.Ln. 62 '« 

i *4 

Guardian Royal EacMhge Assurance («o) 
20. 7pcUna.Ln. 60S (2Dll2i 
Namora Life Assurance f25p) 393 
Heoth (C. E.) (20p) 2390 
Hogg Robinson <2Sp) 110:0 BO 
Htwrfen (Alevandw) (10p) 138 29 (20/121 
Um General Assurance Soc. CSp) 1SOO 
45 8 50 

London Manchester Asaurance <3 p) 1S2 
London Dotted hweetmenti <20fti 183 
Matthews WrWitson HlOflS. <20p) 180 

trvollvn Prop. Con. (SCO) 5 & ;p 7: 9-» 
fi. 64 d* 64 "- B 6 c. 12 pt'_n. 89 tlE 12 * 
Ests. AOancv Nice*. ..'£0 59 
Esrs. Ge». treo- 2: is: 

Estate) Prop. In.. <:spi 109 <20.12*. 
71.PCLB. 60-; 

Grt. Portland EUl. <5CP> =76 


Barter Trarspat *T60p> IIS t18'l2l 


Bristol Ci.inrr' 6— p Reca.rers «19o) 6«r 
M»ncnrs:cr^Snjr Ca-al 270 C)3;l=i. 5 pc 

Mrrscv &):Ls art) Ktrbaur Cart'S. Units 
74 <30 1 2". S'.ocDh. 1974-B4 ECh 
1 CC >2 6 '-d:D3. 2B*« UO 12) 

M‘ltC--d Sects 139 


Heine IH. J.l 5=6*0 
Houston Nat. Gas L14'i..O ■: 
Hutchison Whampoa 570 <it V 
Hanu Seng BI-. £34.950 25S 
Jordinc Mathescn 1620 ht 
Mntsl Evrirp. 2540 
Oil Search e i-o USS 0.12U 
Panccirtlnevirsl US) 1 1 .33;® 

Poc. Pets. £34® 

Paul T Cpi-sti-cctlon 23 :C- *»S 
Sabina Inti. 39 40<; 

Timor Oil 60 

Whr-iock Mar den A 350 

Vuctthtld M nl. 2350 3C 

tt eodsidc Pets 51 

Wool worth if. \V> Com. £1 = S 

Vilen Con^. 165 


Aust. Dei. 25:0 
4mC4-l 532-,.. 

Bp Ccna-sa til -.,a 
dcriilrnom St.-:l u 5 * If"/ 
Confc^ners Nat . Gas <>S\ 50 X 
Endeavsur Ret turves 19 
Hudson s Ba* Oil Gas £270 
Jardinr Secs. u2 ;; 

Lunnarss 1 lo 

CM* r*t BO U „ 

Cm ml. flL. Wale* 87 
SoloswelU HISSL 19 
Eichcvn HldaS. 8S 
GRA Prop Tst 12U 11V 
javnlin EauttT Tat. 170 n9 
Moddock 73': 8 7's 7 6 
Madcock 7‘iPiU na.Cnv. £71 
Manchester Utd- FC (nil PO.) 8.5 tSh 6*4 
4C3 397 375 
Min* Pet. 12 
Mer-vCawn Wine 31 
Mnp. I«. Csr. 69 
Nifid.-iwioe Leisure T-: 

Norton Vimei-. Triumoh * a 
altar >E. J.) HI39S. l^PCLn. CBS 1 
Queen St. Warehouse .HlCgl.j 5 
Take a Tit SA USi 37 
TvnnlPck 24 OH 107 5 


Aston Villa FC .1 votei £14 1= 

Eri.n .5. A.) APCPf. 330 30D 
Cpvlin )M indun PWnien Hidpi. 44 
ptlknith .Cnylsm Htaw. a ... 

loswich Part Atm*. 3':«D5I. 1—3 
KlUIIC* HIC9S- 19 

MnddocV 1 6 5 . „ . . 

Manchester and London Inv. TK. lo 1* 
Sinclair >wm.i &1-: 

Sinclair iWm.i Q*d. 46 
Spencer I Isaac lAOerdeon) 85 


Dellenne (Hides. 1 IS 

Dollar Land Hides. 50 _ ___ 

Fuller SmrO) and Turner A 29S 

liland Garages IS 

NMW 170 „ „ 

Quet-m Pk. Raerers FC lOO 
Ranem* FC 500 Holt's tjcH. 50 
S'ntia r oivm.i 61 
Sinclair flXai.! D‘S 46 

Vt Hamashlre Wtt. A i7pc mu, dlr.l 345 .. 
Wynnitay Prop. 320 

Arsenal FC £1S0 
Clalrmace 22': __ 

Dart voiiev Liant Ply. 37 
Dcloswclla HldSS. 19 
Sldridoe Pope A 2=0 
Gen. Ceylon 7-; 

1, £ ,U 4 r i* P 2s- B ' ,llro:W '** OCB8dI - 2030 Gra. £19 

•«>. <UI«K r,cs Kellock Hides. 49'.- 9 „ 

?h?o» mai l 9o 5 ' SS l ?SL!!? a tm£3!: L i 

Whim Creek 55* “ 7 ‘ 

cuudtaso £1 Cao. Ln. 26 it«H2» 

*1812). 1 0ocUns.Ln. ISS'j 

Wittnn Pnllm flOnl <1 (IftTTI «" u n»-Ln. noy peiiii 

sajsw^&rfia" 0 * & •' S3? a. 

Wedtr- nod i??rl 107 (1SHS1 Htwrelen CAJevander) HOP) 130 2! 

wiofeAMOclSi OOP) 25 *188®). L^~&«wral Assuranca Soc. K 

Woi!c<P*?iiJotfooi ( 20 . 1 2 j London Man t b os tw Asaurance <3i 

SSS? , F TnnriTrnrr r74PI MS S • London Dottnd hwe ot ments (20oi 

Wert BronMiS' s&rino fftOowK ’“JniiSin? WriOMK^i Htags. CZ' 

W«l»« AtacrortOSolSS. 7*KlB.«WP (20p) 173 

Wcetward Tetavlslgn C Nonwto. <»0 p» 28h Mcran lChrlrtooheri Uopl 58 
7 t. (ISX 2 T Pc »r| Assurance (5pl 23) 3 

wiiliirna rr-ui Ml.r j.* •” Phoenix Assurance P25n> 335 R (TDM 2) 

Wtewov -Trr--' final w aVin ProvMeM Life Assoc. London /A* (Voting) 
v^tecrott a&Di Itn!” »)=WI2I nuo.) nso) 14S 112-.12' ^ 

White ley a, < and wi Qtal 29 PniflentJal Assarenca I5P) 146 5 4 

WhJrtTrrimgmv) bieLn 6S? &9TIZ1 Refuse Assurance (Spl 138 (ISMS) 

Wt»minml*tyin!tJlUnLi 39 Rpyal ln«traoee *J5»» 3578 9 

riEMZi. SocLn. 51 09(12) • |i*nhouse HMS I25nl 99 6 

Whitworth Electric (MldBS.l«o)30-£W12» Sun Alhanct and Uwdcm lfllur. 5 
V/igtoH (Henry) Son IZSpl 23S 00^121 Sun LKe Assurance See. (5 p> 1IM 

Wipgins Teaoe e*iPC2BdDh. 72)e h 418H2) Wills Faber I2SP) 228 (191 121 
Wight Consnictton Hides. <2 Sp) 1090 .... ... lm 

wiTkins M.tcneii aSp* 39* INVESTP.IENT TRUSTS 

N S£ th Sl'! Tit - C 5 ®' 921;. 2IJPC Low Land (J0P> 510 2.’ 7 Itortl ns .Ln. 106 

-P8- 76' r <20 M Z) Lawis (John) 5>:pcD&. 61 (19.12). »0 pc 

Pcnrlaitd Inv. Tit. <25n) 111 (I9ii2> Do. 77 

“JSS* 1 -V^'- . T **-_ >25n# 115 H 9-121. London ProWnilal Shoo Centre* (Hldgl.) 

Nwuiile Gateshead 3.5t»cPf. HV U£l ' 

(10 121. 4prQh. 25 (15l12i 

North Surrey 3.5pcPf. 3S>= I19H21 American Tel. ai 

South Static rdsn, re 2.1ocpf. =0>* (2012) J™ 001 JJffS. 5b 
Sundeeiand S. Shields Z.Epc 26 ij (20'12i. 5 r ’ l0 « f . 0| L 97. 


American Tel. and Tel. USX 60V* 

4'tPcLn B Jw iTi'i ji London erowntiai snoo Centres (miobs. 1 OpcPf. Pf. loa-., s <15 iz> Lonwett bulra Ko 

& '»•- «• ^ L^’^^rty (250) 72V SliPc 9SSJST 45 

S-b^ht. freg. MEfhC^2S9l *1Sll^S<apcDb. fill* (20121. »1S-12). 3 5PC 34 .15 «> gT'iJKS #**■ " 

ridge Oil 97 

onwest ExalrA 3200 

OsMiu >Rlciurd) Canada £80* 

online Rio T'llto =5 Bo 

cut. Pic. Mins. 1 1 S 

name o * Nat. Prov. Bk. (Norm net i (FI 5) 


Rolmco NV iFISOi 42* 

SocUM-Ln. 59:^ } u 5pcUns.Ln. 113* 

C19fl2> Sun AlHanca and London Intor. CIO « 
0121 Sun LHe Assurance Soc. (5p> 104 (Z0i>12) 
019i12> Willis Faber I2SP) 228 (191121 

Pac. Copp?r 6!0 
Smilh 'C. G I 2 = 1« 

Sthrn. Calif. EdUcn £16"*t 
Tens Instrjment £56:0 
Utd. Energy Res. £21' : : 

Dt> 63 ,I.vi2i icotnwi metre, aouian 120PI 1C5 QO.'lZi, 

cr-jIti.K riiiirnil T.f |^c. ,,c New (2001 T 07* 

*««*■£ NrajEU, T ft^“Vi*2to. 970 l,#M 

flit. SWP 171, .IP ■), vu. -fllHr* ?«?■ . PCUhS.LO. 69 __ 

i . . ’ ' . --!■ ►. 1-1 - - 

‘ *%fr: 

• .- •> . 

■■■ ... - * -?s-j\ 74. 

• - ; -7 

• i ; ..V^ -fV- 

; S's • i 

- -r. -v v-' ••;- 

• ■■ ^9 ' 

*: • -.-j ?* g. 

TatactioM. Rentals 125PI 148* 

Tom-Cons olatg New (25p> 72 120/ T 2) 

TesCD Since* iSo» 53* 2 3- Do. New 
Textured Jersey (10p) 44* 

Toamss Pfyvraod USoi 40* <i* 2 
Thermal Syndicate (25o) ioq 
T bobtsnn Org. S.B3pcPf. 64*: (2D/12) 

Witk'nson Match T7S - 

WTlklnson V/araunon «2So> » (1312) 
W,ll lam* (Sen) Oap) 24 
W'lllanv* H'idvon Bro. (=Oo1 S8 <1* 12) 
Williams /John) o« Cardiff (25p) ■ S3 
WROIOI-Brecden CHIdgi.) f25o> flZlrO 13 2 
Wilson Bros. rz:oi 43 2>; U» T9)i S’: pc 
Lo. 60 r2Q12> 

Vf.lica VVallon Eoarg. «T0n) 41* 


A?S?*sUlritfc* t2 Ca 0 p. 0*1 MO [1«™. S^ , S!ni e NSiJ5 5 Sw32 S lf. .’5 « 
rncome i50p) £5© rionhorn \n*~zt. Tsi. i25p» 

Alltenc* Truil ( 25 p) 205 ':- Ai«gc Pf. 32 * •IS.Jjfi . 1 SI. ^ ^ „ 

(1-9/12). OijocDh. (Red.' after 1si5/56) |Sh U 4L :,e ; B I ! ‘‘rje.f CO t r, i'*S d .'A 5 ??, 175 7 
SHr flB/lC). SlopcDb. 71«.- (=0/1 21 Sphere Inv (2Spi 110 (20 12* 

Alt ilund. income Shs. rsop) 1T6 ns/iJ) 

Slerlmo Trust (25p) 163- : * 

nmrgar Bordex Cl Op) 24tt S 05/421 u.Vit vi 

TjWiOats WNitCwil Miiflm (Ri) STO Toc 

Twun-v Contracting Gib. 284 Wolseiey-Hughes n 

TWno (Thomas! OOn) 123 2lj 2. 5 -25 pc Wcmbwell Foundry 

PV4KJ. BiwUi. 6 B (18/12* wood end Son C5t 

Amftrota Invest. Trust Cao- Shs. (25*1 77 foci holders lev. i25pI 91*: <15.12). 

(20/1-2) SljrcPf. 411- (19/121 

American Trust C2Sp) 40 ‘a 1 (19/12) Technoicav lnv«* *=5p< 98 I19J21 
Anglo American Securities Con. (25o) 06 Tr-moln a<r Inv (2Sn) 91'. 3 (20-121 
(20/10. 4 pcOt. 1885 66 >4 (19/10 S ^ tur<Nl Growth Cap. Ln. 

Tim .Products ciopi IBs (20/12) 

Tomfcjni IF. H.J (Sp) 22*1 J (76/727 / 

Tootal (25M 43>dp. 7J.pcLn. 60 A. (15,T2| I 
Tove and Co. (2501 77V I 

• Tosh. ' K O/ns ley and MUibowm (HLdos J 
OOP) 50 1/ BoeLn. 90 (18H2) 

w > «° ‘aOlll KW TOO ' , ,MWmJ 83 3 -gJ«.lnfcrtfifc?al ’inraet. TTusI *n&M. Tsi. rzsn) 76- 

f WNseley-Hughes I25p) 1976 ' J ArSE ri ir- 1 * T „,_ r' -o'.ln. 116 115:121 

. a Jioe 1 Wombwell Foundry vnorp (1 D“*_ ” *3 Cj) TrUSt Cae ~* h " Tnoievi-d Ine. «SOp) 61 (1fl'12i 

■Snf ai Vfl* • Atlanta Baltimore and Chicago Regional TrJ« Yimon 1 

lev T»U riM ro rt-niioi wum to I r ™J ,n L #n n /2’ . 

United Klnrtocun Prop. (25 p! 24 1; (20121 
United Rnl Prop. Tst. BSn» 319 il9T2> 
Wdn Uoseohi <Spi 19 >i <301121 


Bertam Consd. II0 p« 103 419.92) 

ConscL Plantation* Hop) 3B 
Grind Central <T0P> 11 H8T2) 

Guthrie Cera 3240 

SPFfTAT* l.TST Mnt ’-*«» wo 

GL-i.lU LilDl Nicholas Ini hi. 72* 

Business done to SfenriWfS hHaqSra^MphawV ftSw ,,- £9i'"* 
qooted in the Monthly Supple- a2£w"c«Sra:. nso 
menL Pac. Copn?r 6!0 

' Smilh <C. G i 2 = 1* 

DECEMBER 21 (Nil) j Ter as" fa'r^tsU ' 

Utd. Ercriv Re*. £211:1 

DECEMBER 20 (Nil) 


DECE>1SER 19 (Nil) 8Iyl „ Gtcci1 , JwinW . 17a 

Bui'nps Ayres /.acrgzo Tramways 

DECEMBER IS (Nil) .jamet, 130 

DECEMBER 15 (Nil) SaSi-^iS^. lm. 50!s 

Gr.inrillL- Inv. Tit. 4=5 

Hauler 6.-iro 2 

RULE 163 (1) (e) BBSrtSSWf ««• B«d«. 

_ Mtllows :Dav C< 5 C 

Barmins marked in securities UJ’X'n Tli “/"i-p* 1 >“s 
which are quoted or listed on an n * » ceu« nai.PmsZmi is 
overseas Stock Exchange. “ 


Blylh Greene Jpurtfpin 17 D 
BuenPS Ayres /.aeruo Tramways SpcOb. 

Gur-auTti ijameti 130 
Crl.'-c Bain 0,1 Ctclrn. 50 =: 

Del ten -r 'HTc=s < IS;; 15 
Gr-inoIlL- Inv. T'.l. 4=5 
Hartley E. iro 2 
KunicS H'cdl. 19 

Manchester Stact. Fvcnanee Bides. 110 
Millows :Dav C< 5 C 
M,’,*: I hr C=n. 7 l 70 
Mcwlcn (J.l 4 ';pcP*. £ 3 fl 


PM PA Insurance 44 

Tea Con. 10 

Urera;<* ir-.t. US’? 5 40 

,, «n.T- ; pr;on Secured Growth Cap. Ln. J Harrison* Mala,*.*»i Ests. IIOoj 1050 

£ I Highland* Lowlands Berhad (MS0-501 { Atlantic Richfield GZdA: 

103*i Qv-'lsl 

wood and 

Wood Hall Trust t25p* 
wood IS. W.) r=OB> 47 <19/171 
12l Wood head Odw) Sons (25o) 90* 88 
Wedhouse Riason C12i-n) 7B1j (19123 
as ) Woolworth F W.i (25 p) 8*3* Ji< 4 i, 
j Wrighton *F.» Sons llrfpi 28 (19f)21 

ufl MS'tZi 

Thrnnmerton Trt. I75n) 76>; (1B>121. 

(i-TO-ln. 116 <15:1 2) 

Trial cvr-A Inc. «S0p) 61 (18*121. Cap. 

RULE 163 (2) (e) 

} i; BDCLn. 90 (18l12) Wrighton *F.i Sons M 6m 28 (19*321 

House ( 200 ) neo ia 1B*s. 7Aoc Wyatt rwoodrcwi ISP) 21 (15/17) 

K.-5S 119T127. BpeLd. 61 (39/32).' 10 'ape 

Fsra ( 250 ) 67 - XeW * US " , • ««*W 

TNUnoort Ddwlopiinent Grp. CtSp) 70 . Yarrow < 30 p’ 314 ( 20' 121 - ■ 

_ 6 \pcLp. 37 ( 18 / 12 * Yorks. Floe Woollen New ( 20 o) SO 

rUS 1 <??o, M (ft-,?) 0 12> YoBBha, Can "“ (250J 32 

^< 2 tf "fat Tc,e, ttlOil A.N 00 .V. (top) S3 Zenith Cart. A IRao.l CS0p)_79 (19112) 

t"bi 7dr J Drd? < 18 ^ 5p> ,28, -« 7 ' 4 , ?P eW - 

sssn.^GSs.^. v&nw «-«*« *«& ^ 

Berry Trust <25p) 70 (= 0 / 12 ) 3es. IZSg'i 79<* (20 12 l 

Bltnopsgatc Trust (25o) 171 (19(12) v/dm inv <25pi 87. ho^Dh 65=: (19'12) 

Border Southern Stockholders Trust (10p) Yninin lir. I25pl 178. 

55'tO Yn-nn Comoanirs Inv. Wrrts. for Ord 

Bridgewater Invest. Trurt OOP) 7 '* ( 20112 ) 16'r ( 20 .T 2 * 

B «i l 9 ^ !^t ,n * rl “ ,, GtMU -‘' Tn,st 5otJ ’'- :5Bu, UNIT TRUSTS (10) 

Briush Assets Tru« OSoi C9*i 8 > M and G. American Gen. Fd. lac. 46.60 

J3-.0. M. and G. Comm. Gen. Inc. 

British ln»orm cut Trust i25pj TS9 -»o r *,q 

(19M2> M. anq e: Di*. Fd. Inc. 124< : 

OH^STt^Ji ( 25 P) TaCS 1 *’ 8 05 P 1 M f - 7 . J ; d 90 G 8 ^ ,nC - BT * W ' 9 * 

Card I ni^ ^ nvpst. Trurt^ ^'oi d -* ^ C 2 .^i> 102 **' Eas,cnl G *“ - ,Bt 52-6 I UK MONEY MARKET EXCHANGES AND BULLION 

Ctiu *1 1 T t Pf 391 | \ , f/. jnq G Ci*n, T“-t- Inc. 167 (19. r 12) 

^9^ni n L^ t 2ooM5 S io6'iT :i B-V2> c19n ‘ ) m! om g. H MidiMd‘ g2?®t« ine. 191 Bank of England Minimum bouses and banks. Discount Trading in yesterday's foreign S2.0110 at one point before clos-.. 

iKPim aBds ,nw Ca,, ■ e, ’*• 635 g Recovery FdMnc. 32 6 89 landing Rate 12§ per cent bouses were paying Hi-113 per exchange market was predictably ing at S2.0050-2.0D70. a rise of 

charier tw. Agency (Mpi si <:• 2 h« ' ns-’ji ‘ ^ ‘ __ , (since November 9, 1978) cent for secured call loans at the rather Quiet ahead of the Christ- 50 points on Thursday's close. 

city FoSio^ilnV H 4 n , i°S) > opIiz) 6- J ’ " F Hie Treasury bill rate fell by start, with closing balances taken mas holiday. The dollar still The pound's improvement was- 

ci«drM?w d f^, Dl a ^. a MINES 0.0112 per cent to 11.5857 per at 93-103 per cent. The market showed a slightly weaker trend, reflected in its trade weighted 

ciifton iiop* s^ts.uji’si ‘ Australian (5) cent at yesterday’s tender, and was helped by a large surplus of although there was no real pres- index, as calculated by the Bank. 

COTttaSrtAi'^nd’talpfies M9 I 21 . sitpc IL J , T?*?," ,/' cld .M'iJ'SS* j 5 ® 1 the minimum accepted bid was Treasurv bills maturing outside sure on the U.S. unit, with year of England. This showed a rise 

1-8 lM ,p, Norrh Br^w' Hill Htags. fr AD.SO) io4« £97.08 i compared with £97.07J official hands and a small excess end trading forming the major to 63.4 from 63.3, having stood 
crossf r iar** 25 p) 78 ci«i 2 i ' M /tSi'o 1 ^)* 2 ® VS th ® previous week. The £30Qm of Government disbursements part of the day's activities, at 63.3 at noon, and 63 J in early 

1 2011 2 ) bills on offer attracted bids of over revenue transfers to the Ex- Against tbe D-mark, it fell to trading. 

SShaii CfimiT asp) u»i? 08 / 12 * Miscellaneous (29) £712.50m. and all bills offered chequer. Banks also brought for- DM 1.S540 from DM 1.S570 on ^ 0 , d spent an e vtremelv mifet"* 

SSSS rw B &n«aap 1 . J S8*,aDi«» anax r«c. com. sm. cusd 32 < 19/121 were allotted. Next week, £300m ward balances a modest way Thursday, while the Swiss franc dav tfJ c { ose $2 a n ounce 'higher 

ssth P . r^ l ^/ 2 ^ , <^v°cao. ;%(,)) — — — — " 

York*. Floe Woollen New ( 20 o) SO 
Yosghal Carpets ( 25 o) 32 (, 9 ; 12 ) 

• (20 12) — . — »»»• urn, « ihis.i ishb/. r* uii u/ 

M <25oi 88 ri9'i2i FINANCIAL TRUSTS (78) 

Trwrt House Tort* GSp) 2S4 3. 7J75K Australian Acrid. (SA0.50) 108 (19,12) 

Ln. 60i: (1S/12) 

BlibsKrttr Prop. 6 (15/12) 


Annual Interest 


^ Authority 



AGnimum df I 

( telephone number trt 





-parentheses) . 




| Barnsley Metro. (0226 203232) 12 




Barking (01-592 4500) ..... 





Barking (01-592 4500) ..... 





Ksowsley- £051 548 6555) 





Manchester (061 236 3377) 





Poole (02013 5151) 





Poole (02013 5151) ; 




6 -T': 

Poole (02013.5151)- 





Redbridge (01-478 3020) .. 





Seftob <051 922 4040) 




Wrekin (0952 505051) 

r 1 1 ■ — 





Inch Kenneth Kalano (10p> 90* 
Cap. Kuala Lumaur Keaono Bemad 6610 
London Sumatra Plant*. <1Dn* IBS 
Mai a to IT B-rtaa 63 2 <T»,12> 

xPt. m oar River <i 0 o< 60 (t®i 2 < 

Plantation Hldos. HOp) 64 (2012) 
COO. Riphtwlse <1Qo] 117 (2a 12) acs. f=5ai 79 <• (20 121 

V/ilvp |nv <2Sp'. *T7. foiDb 65=: (19'12) 

Ycwiin isv. f25pl 178 

Ynmn Comoanirs Inv. Wrrts. for Ord 
16<: (20121 


M. and G. American Gen. Fd. i:x. 46.60 
JJ',7. M. and G. Comm. Gen. Ine. 
T9.C *19.12) 

f.>. an* G. Div. Fd. Inc. 124<: 

M. and G. Extra Y«ld Inc. B7o 90.9* 
87*4 90.3 

M 'if C. Far Eastern Gen. Inc. S2.6 

f/. jnd G Cen. T-4. Inc. 167 (19'12) 

M. ang G High Ine. 109* 

M. one G. Midland Gon. Tst Inc. 191 


M and C. Recovery Fd* Inc. 92 6 09 

<15-7 21 

M arjj G. Smaller Comps. Fd. Inc. 163 


Australian (5) 


^apc^COb 4BcNC,,, • 37 

assoc iatco sets. US* 0.49 

Blue MetLl 75o 

Ecu;: nil'll C;aper 1=7 

Con*. Botna-Lt A 725:0 

Contained US* 2.97 

Carpenter >W. R > 151 

Ccat* Patois (Aust.) USS 1.63 

Dcnl;p AujL 95 

Grace Bros. llSS 2.54 

HacLer Csn. USE 3.C9 

intnl. Ccmbuston <Au*t.) USS 2-19 

Jett n to n Control* £16~ a 

nd sers.) 49'-i '* 

Clonam E-t»(n> T 1 

a-merod *Jonni 15 

oremvred -join) 7 -•acPr. -5 

St. Pancra* Housing Soc _OrdLn. £10 

St. Pancras Housing Soc. cn* Ln. J’3 

St. Pancras H?,riing So^ 2 ':PCLn. C13 

Sthrn. New*. New 1*2 111 

Slhm. News. 110 8 !- 

WeeUbU A N.-vtg. 6 * 


Barvmm Ex. 54 
Carr Boyd Minerals 28 
Nona Kong Land W a rants 410 
Jarame Secs. 880 
Mid East Mineral* 36 
Magnet Metal* =3 
Northern Min-ng SO 
New Guinea Gold 11 
PctrMina £70 
Strive Props- J 3 --3 
Salanaer Cocenirts 93 
S A. Manaanci* 3=0 
I Southern Pacific Pets. 1691 
Unilever NV .F 120 > £39 
Snell Canada A 900 

RULE 163 (3» 

Bargains marked lor approved 
companies engaged solely in 
mineral exploration. 

Clufl OK A Sh*. Inc. War. £3'* 


Club Dll 37S 6 = : _ 

S.eDen* 1 UK 1 270 6 S 6 60 

DECEMBER 19 (Nil) 

Anpli cat Ions granted for specific DECEMB^S 

. . . . . Canae:« ncseurees 39 

bargains in secunltes not listed ! Gi* ana on Acr.-age no 

oa any Stock Exchange. 

Cambridge Insir-jmc-t ( 1 o> 3«« 2“« 
Cambridoe Instrument *10 d) 4 3% 

Slrten* <UKi 226 


Sickens >UK) 266 

1 01/ permuswn "f »><-' 5/ocft CzrliOlUM 1 - 

Cotr licit / 



houses and banks. Discount Trading in yesterday's foreign S2.Q11Q at one point before clos-., 
bouses were paying llj-ll} per exchange market was predictably ing at S2.0050-2.0070. a rise of 
cent for secured call loans at the rather quiet ahead of the Christ- 50 points on Thursday's close. 

SSoWya fhe previous week. The £300m of Government disbursements part of the day's activities. 

120/1121 bills on offer attracted bids of over revenue transfers to the Ex- Against tbe D-mark, it fell to 

Miscellaneous (29) £712.50m. and all bills offered chequer. Banks also brought for- DM 1.S540 from DM 1.S570 on 

amax inc com. sm. uusi) 32 (i 9 /i 2 ) were allotted. Next week, £300m ward balances a modest way Thursday, while the Swiss franc 

Burma Mint* -i7':pi ia <20.121 . _ _ will be on offer rcDlacine maturi- above target. also showed a slight improve- 

CNin dee 2 London i25o) £4 <19.1 21 
EHlnaurcd American Assets asp) 1 07 

E ?J^ h 

Consolin-t-d Gota Fields -25p) 176* 4 6 
5- 6 :PCLn. SH (15,121. 7NPcLn. 59 


Gc-peng Ccn*oltaated I25pl 29D 

will be on offer replacing maturi- above target. also showed a slight improve- at ‘ S2 15 J 

ties of £400m. In the interbank market, over- ment to Sw.Fr 1.6437+ from “ *’ 

Day to day credit was again night loans opened at 103-10* per SwFr 1.6570. The French -franc 
in good supply in the London cent and eased on the forecast was also firmer at Fr4.26 against 

■J9 1-I . __ B _ fWl *.cn*ui<nai«i riopi «□ in guuu i>uppiv m me Lioaoon cent, ana easea an me /"ri'caM was oiou nn/ier at rixw uyaiuai 

H3T«J W"? «T ,n «T*W !9 money market yesterday,’ an* tbe to 10 per cent, before firming FrJ.2650 and the Japanese yen 

English ifltg'i. asp) si ( 2012 ). SftpcPi. Mstavan Tm orad«Hr.g_ <M) Btriiad (VMi) authorities sold a large amount to li i per cent. Rates then fell finished at Y194.0 compared with 
ewiish'NaoYocfc < 2 Spi 71 2'.- ,, Rrt J Ttt:o- : 2 irtc. cori>or4ticn -Reg) a 5 pi of Treasury bills to the discount away to touch 8 nor cent before Y1B4.75 previously.. 

S WSiWa-'&Kj A^rumulatirg ^ TA* 88& before closing at 10 uer cent. Sterling opened at *1.9960 and 

134 6<*pcLn. 6i /is 12 J Rates hi the fable below are throughout the day saw a fair 

M !S* 7B^ no. 1 2 Z ) Truri^ ]z\l < ' THE POUND SPOT nominal in some cases. amount of demand. It touched 

,nV\^ - 


■ Deposit Share Sub*pn 

rate accounts shares ‘Term Shares 

' ' % % 96 96 

^bbey National 7.75 8 00 925 9.00 3 yts., S.50 2 yrs. 

IVW to Thrift ■ 8.25 8.TO — — 

Wllance J*. .7.75 8.00 925 9.00 34 yrs., 8.50 2 yrs.. 825 1 yr. 

Anglia Hastings and Thanet 7.75- 8.00 925 9.00 3-tyis., 820 2 yrs., 825 1 yr. 

Bradford and Bingley 7.75 _ 8.00 925 9.00 3 yrs., 820 2 yrs. 

Bridgwater 7.75 8.00 950 9.10 2$ yrs., 8.75 2 yrs. 

Bristol and West 7.75 8.00 925 — 

Bristol Economic ..- 7.75 8.00 925 825 3 months' notice 

Jrftannia . 7.75 8.00 925 9.00 3;y»^A50 2 yrs. 

ktmley 7.75 8.00 925 9.00 3 yra., 850 2 yrs. 

lardilf : 7. 75 8.5 0 9.50 — 

Catholic .-J. 7.50 *820 9.00 — 8 8.40 over £5,000 

3ielsea -.1 7.75 850 925 8.75 minimum £500, 6 months' notice 

Cheltenham and Gloucester . 7.75 8 . 00 925 9.00 3yr^, &50 2 yrs, £500-115,000 

Citizens Regency - - 7.75 820 9.50 0.55 3yeax§ 

aty of London ,....! . 8.00 820 925 925 3 yrs. increment share min. £500 

loventry Economic . 7.75 8.00 925 9.00 3yrs. min., 8.50 3 raths.' notice 

Coventry Provident \ 7J5 8.00 10.00 925 3 yrs^ 8.75 2 yrs., 825 1 yr. 

Jerbyshire 7.75 8.00 925 8.50 up to, 3 months' notice 

lateway ; 7.75 820- 925 9.00 Sy»^ 83 2yra; min. £500-£15,000 

iuadian -i 7.75 825 8.50 8.95 £1,000 S months' notice 

lalifax i 7.75 820 925 9.00 3 8.50 2 yrs. 

leart of England 7.75 8.00 925 920 3 yl^, 820 3 months’ notice 

fearls of Oak and Enfield... 7.75 825 9.75 925 3-4 yrs„ 9.00 2 yrs., 8.71 1 yr. 

lend era : : . 8.00 850 — 9.00 6' months, minimum £2,000 

luddersfield and Bradford... 7.75 S.00 925 9.00 3 yrs., 8^0 2 yrs. 

leamington Spa '725 840 *10.97 828 2 yearn ■ 3 years 

*eed& Permanent 7.75 8.00- 925 9D0 3 :'yrs,’ 850 2 yrs, min. £1,000 

Bicester ' 7.75 8.00 925 9.00 3 yrs, 850 2 yrs., 8.25 3 mlhs. 

jverpool . 7.75 SiW 9.45 9.10 3 yrs^ 8.60 2 yrs., coin. £1,000 

randon Goldhawk 7.75 825 920 925 3 yrs^ 9 2 yrs, 8.75 1 yr. 

felton Mowbray I,—.:.- 7.85, .840 925 8^ 2 yrs, minimum £2,000 

fidshires 7.75 8.00 925 920. 3 yrs, 850 2 yrs^ S25 1 yr. 

iomington 825 8.75 — ' — Rates effective from Jan. I 

rational Counties - 8.00 820 . 920 9.40 6 mths^ 8.75 3 mths., min. £1,000 

fationwide - — 7.75 8.00 925 9.00 34 yrs, 8.60 2 yrs^ min. £500 

Newcastle Permanent -7.75 . 8.00 920 920 3 yrs n 9.00 2 yxs. 

Jew Cross 1.... " 820 8.75 — — 13 yrs., 8.00 2 yrs., 8.75 1 yr. 

Jorthern Rock 7.75 8.00 • 925 9.00 31yrs^ 8.50 2 yrs., min- £200 

lorwich 7.75 8.00 950 950 3 yrs., 8.75 2 yrs., min. £200 

’eckh&m Mutual 8.00 - 850 — — 

>ortman . ..ri.. 7.75 8.00 925 9.00 3 yrs., 8.75 i-yrly^ 825 3 raths. 

hindpali ty ^ 7.75 8.00 925 9.00 3-4 yrs^ 850 2 yrs^ min. £500 

Progressive 8.00 8.25 925 9.00 2 yrs^ 8.75 3 months' notice 

Toperty Owners " 7.75 8.50 9.75 9.00 3 months’ notice 

TovinaLal 7.75 8.00 925 9.00 34 yrs„ 850 2 yrs. 

lu'pton :..w 7.75 8.00 925 9.00 3yr&., 8.50 2yrs., 825 3mths. not. 

losses Mutual .. 7-75 . 835 . 10.00 930 3- yrs., 9.00 2 yis., 8.75 1 yr. 

[■own and Country 7.75 8.00 +10.00 9.00 3 yis., 850 2 yrs. +Uax. £250 

Valthamstow i...'. . 7.75 ; 8L10 920 9.15 3yrs^ 835 3mths. not min. £500 

Voolwich' ' 7.75 . 8.00 925 9.00 3 yra^ 830 2 yrs. 

^ Rates normally variable in line with changes in ordinary share rates. . 

All these rates are after basic rate tax liability has been settled- on behalf of the investor. 


Doe. 22 irate I 

♦ I 

CjS. s 91 s 1-8960-2.D11D 2.DO&0-2.M7D 

Canadians 10** 2.S670-S.576 12.57 1D-2J574D 
Guilder 6 1* 4.M-4.M ♦J!2-4.D5j 

Belgian P 6 56.20-69.00 68.70-58.80 

2210 27 9. Ord- tor.) i253l 235 4. 

Accumulating Ord- <25s) 230 H&12). 

1 6i.pcLn. 61 <13121 
| Sa*ct Pi ran 125*1 BO !20'12> enn _. 

SL-lertlon Trurt taspi 447* THE POUND SPOT 

South CrottV IIOol 561 _ . 

southern Khira CorroLdatiri -M) Bertod i HrtnL 

*140.501 1«7 h (20/12) Dee. 22 Dav'a 

1 rantartg Tin Drooging *ispt tOO (15/12) ZZ rate J>»T‘ 

Tan** Carrol i a.-. ten Investment* t50g) 160 * sprean 


Th.-csl* Sutahur Cogger fRrg.l (21 240 50 C-5. S 9 *8 1.8860-2.01 

20/12). Do. fpr.i (2) 2ao *20/12) Canadians 10*« 2.5670-2.57 

T . r ^ h . Molavua BerMd UMj 1) (luildor 61* 4.N4.M 

19. <!5 '2) Belgian P 6 56.2IW9.M 

Rhodesian (8) Donirti K s 10 . 52 . 1 D.M 

Botswana RST <Pu=) 21 (20MZ) D-Mark 5 5.686-5.74 

Giooe Pnoenrt Geld Mining .(.12 '») 61 Port. Erne. II 91.80-95.20 

MTO (Mangula) <25pl 35* Srwn. Pa. 8 In M. Ml I 

Minerals Resources Corp. iSBDI -40) 1652 1 S 1 . inSlfliK 

Phoenix Mining Finance .25o) 23 .. B 1 * Ji™: 1 ;®”, 

Roan consolidated Mine* 8 Ord. <K4] 65 ArwRO. R. 7 10.175-10.2! 

20/12) French Fr. 91f 0.62-8.67 

Wank e Co'.llcrv iSOo] 29 S»«1i«liKr Eta & 67-6.75 

Zamgla Conner Investments ISBD0.24) 11 * J>n Ita iBffi 

* / J. - . 1 cc\ AurtrlaSch. 4lg 27.06-27.50 

South African (65) Swu- Fr. i 5 . 2 SA 5 a 

Anglo American Cnro iRQ.IOi 2986 4* 5 

■IVVUbrultzJclR 1R0.25I SUS4.10 UO/12) 1 — : : 

BfitckQn Mincfi <R0. 90) 69 Bo!oii//n rotw la for convfi 

Ourc^ Roodrttaort Deep ,81/ 5US4J0 Fi K.Tlranc MBOM 

East DasBalontcdn Mines (R1 ) 26 (19/12) 

East Ortc.-ontcln Gold (Rl) SUS9.75* 9-80 . . MnA1| unurv 

East Rand Con*. MOpi 17u ( 18112 ) LONDON MONEY 

East Rand Gold Uranium <R0-50i 6US4.05: 
tlandsrand Gold (R0.20> 217* ■■ 

Free State Geduld iRO.50) D1340* I Sterling 

Free Stale Saalplaa* Gold (Rl) 56 (15)12) Dee. 32 Cortifldie 

General Mining (R0.40> SUSS (15.'12> 1178 ’ nn 

Gold Fields 5. Airlca (RD.25) SUSl6»u 1970 on deposit 

Gold Field* Property (R0.D2is) 45 (20/12) — ; 

Grootvlei Prupriciary (RD.25) 98 Orernisb* — 

before closing at 10 oer cent. 

Sterling opened at $1.9960 and 

Rates in »Jif* (able below are throughout the day saw 3 fair 
nominal in some cases. amount of demand. It touched 



. Dec. 82 

Dec. 21 

G‘-M Bullion (a Itncl 

GniJder 6<f 
Belgian P 8 

Donirti K 8 

D-Mark 5 
Fore. Eac. 18 

Sfmo. Pa. S 

Lira 10ta 

Krwga. K. 7 
Frvnch Fr. 91| 
SaieduliKr. 6ta 

Sen &h! 

Austria Scto. 4lg 
Swim Fr. I 


Argentina Pc*. — 1.986-1.990 | 989.30 991.30jAo5tri* | 

AualnUa Dollar.-. ■ 1.7450-1. 7550; O.S692-0.8732lB«;lfili*in J 


Koto Rale* 


59l 4 -66ta 

Finland Markka.... 7.9325-7.9625 3.951 5-5 .96ESIp«.-iimart 10.30- 10. 4( 

yW; 7 * Brazil Cruarim ! 41.35^2.35 20.6a21.10 nNmnra 8.45-8.60 

■■ j I Gmi Draebira 7 1-862-73 .608 35.80-36.65 Germany 3.65-3.75 

A. l 4 SA^ 1 S BO,74 . 1 ^A!VA B Hong Rons Polio.-. ,8.6 ZOO-9. 6500 4. 7670-4. SO70'l£a/v_ 1650-1680 

l® 1 * ]- CT5 -]> 6M Inm Kl»! ‘I48.0ai52.00 74.0a76.00 papui 387-397 

10 *1 7 I:% 28 Kuwait Dinar/KDI ' 0.542-0.552 0. 2700-0. STSOLVetherlendv 3.9S4.05 







37.116- 27. SO I 27.18-27.36 
5.28-5.55 [ 5J9-3.505 

Hong Kiing Dollar. ,9.6100-9.6500 4.7670-4.6O7Q , Ifalv_ I6S0-I680 _ <^'1- 

. Iran K!»! ‘i48.0ai52.00 74.oa76.00 Qap^in 387-397 Old Sovereign* '561-65 

’“.•I 7 -*: 1 ?; 28 l 0 i 1 ?i’! 0 .-2 B * Kuwait Dinar iSD) ' 0.542-0.552 0.270a0.2750L\etherl£ndv 3.9S4.05 .(iBOi-I 

Luxembourg Franc 1 58.70-58.85 29.56-29.41 Xntirav 10.iai0.25 ' G “ ,J 

Malacstn D-j'.iar..... '4.39004.4300 2. 187a2.3070,l*omi»al 91-97 Imi-rnatiirmUly 

AenrZeaiandr'iiCnr 1.88S5- 1.8955 0.9390-0.9440JSi»ln 142i 2 -145i fi Krugerwral *2312 

Saudi Aratui Uiyal. 6.62-6.72 3.2976-3.3474'Svriizerian.l 3.25 5.33 „ „ . i£M0i- 

Singapure Dollar... <4. 3200-4. 36C0 2.152a2.I720illnltftl State* 1.990a2.0l00 New Sovereisns 557.59 

Cl««e 6215-215? -S215-215J 

Opening 6215^-216) E215*-2Jfil 

Uumlag rixiag S216.0D S215.25 

(£107.6251 (£106.572) 
Alternaon fixing.... 3215.10 5212.80 

: (£107.140) 106.220) 

Gold Coin* : 

Jameaticallj- < 

Krugerrand „....:S228±-22B 5228 J -2 25? 

{(£115-114) 1 ill 12-113) 

Jiew Sovereigns- 683-65 662-64 

(£51). 52 ) W3«-»2i) 

Old Sovereigns '361-66 §60^-624 

,(£504-514) |(«0i-31i), 

Gul.J Uiln' [ 

IniL-raalii*aailj' ...' 1 

Krugerraot) *22 1-223 ‘3218-IM 

i£n0Mnj)li£(08-ll0) " 

Belgium ran la for convombta francs. 


St-uLb Art-.onn Rand . 1.7261-1.7982* 0.86000 .87 30’ Yugov tafia 1 

Rare given for Arsen tlna Is tree rata. 

Carti Rente 
an depoatc 

Liual Autb-: Finance 

Interbank . Authority , negorinbie Hou*e Company < marscc j Trenauiy 

Grootvlei Propriciary (RD. 2 S) 98 I Orerni&bt — 

Hannpnv Gold (R0.50* SUSS.099 4.12* I 2 days notice-...' — 

■>.H Sdl A nn la. ' 

5.95* 4. OB 

HarteijcosHonteln Gold (Rli SU515-50# 
Jolionne*burg Cmu. (R2» 13 U5/121 
Kinross Mine* (Rl J SUS360 (10/12) 
KtOOi Gold <RI| %US7 HSl 121 
Leslie Gold 1R0.65) 52 U9I12) 

Ll&anon Gold (Rl) 435 

Lvdeftaura Platinum (R0.121O 68 (11/121 

Messina (RO^O) S7 (19/1 2i 

7 days or..— — . — 

7 day* notice t — 

One montb I IU 4 -IH 8 

Two nionthi.. 12l«.12ta 
Three months.-. 12^ 12 i‘n 

Six months j 12 ^- 12 rr 

NinemoaUtuu... 12 r ^-12^ 

M'^icWU^ierwandiRaiSi 145 n 8/121 One year 12^12^ 

Nffwi Wlfwa tcrcrand Goid iHa.SOi 3o 4 
President Brand Gold (R 0 . 5 O 1 B720 (18/121 
President Stevn Gold IRQ. 5 O 1 SUS0.8O 
Rand Mules 75 (10/12) 

Randfomcln Etts. Gold (R2i £26.35 
IUs3Sl« Cl 6/1 2) 

BuofcniiurH Piat (RO.IOt 91 <79/12* 

Two yean...— j 

B-llla' - - 

- . lUa-Hia • - 

lOta-lOTg! 115a-12 i - 

llfe-lllg. 1178-12 I 12-1258 
1210-121* - 121 6 -121* 
121a-136g I 8 I 4 -XZBB . L2l«.lS5a , 
1238-121*; 117e-12ta I 12-1238 
larl-IZrt - ' 12‘e-lEis 

laiB-iau; 11 V 12 1 12-12)8 ! 

— ; 12.123s — 

Deposits DepoxiU 


12 ta 
12 H 
12 ‘a 

dv)«nlt | Bills* | llill^b 

I 9 _ Ill2 "j _ “ l” 

;ioi a -n 1 - ; - 

,Ilta-I13« lira I11VU4 
I 12 * I lira : 12 ‘b 

I - “ 11r!-13 



(£28i-29i) i£2Si-28i) . 

Old. Sorwvigns 981-65 S60ji-6SA 

m (£d 0/.-£4) i£i0i-5li> 

920 Fugles $280-256 S2M-295 - 

SIO 1 - 04 - 10 . S 163-168 3163-168 

$1 Eacle* SI 10-115 SllO-llfi 


Ediita African Land 
(1 5/121 

Souihvaal (R0.50* 4208 

Local authority and finance housoa seven days’ notice, others seven days' fixed. "Long-term local authority 
1 q «"-*3 mortgage rates nominally three years 12*0-124 pet cent; four yoars 124-124 par cent: five years 124-124 per cent. 

rRo.toi 9t <i9/t2* • Bank b*l/ rates »/» tabi© ere buying rates hr prims paper. Buying rates for four-month bank bills J24 per cent; Jour- 

1 RI 1 6.8a (1BH2) month trade bills 124 pe* cant. 

RO.IOj 166 (19/I2i Approximate sailing rates for one-month Treasury bills 114»-11*4» per cant; two-month 11 “a- 11 t » per cant: 

Land (R0.3&) SUS0.7S an< j three-months 12 per cent: one-month trade bills 124 per cent; two-month 124 par cant and also thrae-momh 

1 420 : 124 P® r cent. ^ 

St. Helena Gold 1 RI 1 6. 80 (1BI12) 
Sc/rtri/st Bepert (R0.10) 166 (19/121 
Ediitn African Land (R0.3&) 

December 22 


U.S. dollar 

Canadian dollar 
Austrian schilling . 

Belgian franc .... 

Danish krone + 7.0 

Deutsche Mark +42.S - 

Swiss franc ,, +84.9 

Guilder + 

French franc ,, — 5.4 

Lira —49.2 

Yen +47.2 

Based on trade iveiqh/ed changes from' 
Weshmoion ag/eemoriT December, 1971 
(Bank o( England Index = 100). 

Bank ol Morgan 
England Guaranty 
Index changes''. 

Unavail. —40.7 
- 9.4 

sHHoetem Cota mo.soi SU54.35 (1B/I2r Finance House Base Rates (published by the Finance Houses Association) 114 per CBnt from December 1, 1978. 
Transvaal Cons, ird 10.509 Clearing Bank Deposit Rates for small sums st seven days' notice 10 per cent. Clearing Bank Base Ratos for lending 

124 par cant Tnwauiy Bills: Average tender rates ot discount 11.5657 par cant. 

•IJC ln». (Rl I 208 

Union Cora. (RD64) 24S (19/12) 

Vial Reefs Exploration (ROJO) 12.80 
, 12.70 (19(121 

Veatorseort Gold /Rl) 163 <20/12) 
Vlakfonteln Guta rR0.90> 41 h HS/12) 
Wclkom Gold (R0.50i 0217 21 (1S/12) 
West Driefantelr Gold (Rl, SUS31 '» 

Wea Rand COrtA <R11 SU51-40 (16112) 
Wewevn^ Areas Gold Mining Co. (Rl) 1264 

Western Hldos. CR0.50) 15h (19/12) 
WlnkelfiaaK Mines (Rl) £5.70 
Wlrwareraraad Hlgel (RO-Z51 31 28 

*(19112) 00,11 MlnIn0 C °' ,R1J JU - S - 3 - 10 

West African (1) 

Blslchi Tin Co. HOp) 640 

Diamond (3) 

De Beers Consd. Mine* Dfd, (20.05) 368. 
(Br.) (R0.05) 435 fa 7 119/121. 6pCPt. 
(Rl) 30 

OIL (164) 

British- Borneo Petroleum Syndicate (10p) 



l-.S. Dollar 



1 Dutch CiuilcUrt 


104-104 j 









104- 104 



12 *Z4 


919-94 l 



1^-1 l.i 

94-93a , 





Jnpnneoe Yen 

British Petroleum Co. 922/® 70 80 60 
20:« B 2 20 6 20 i 16 2*1 IB 4. 

9pcW. nii I1B/12). 6pcDb. 891^ _ _ 

Burmah Oil Co. 84i;0 3 >tO >: 4 2 6 5. 

7'.peP». 49 *r. BpcPf. 541. 7hUtaLll. 64 
ilB/12). B'xpcLn. 61 60 >3 _ _ 

Contarv Oib Group <10p) 60'i 05/12) 

Chorterhall <5p) 25lt 
Conoco SpcLn. 65'a H HS/12)._ 

Hantino Petroleum Services (25a) B5 
■ 19112) 

KCA Intrnl. (25 b) 33'i 
L ondon and Scortiffh Marine OIJ Co. (25p) 

134 S*s. Oil ProdCtn. Stt. IIOP) 4150 S. 

14pcLn. 102 IN . 

Oil Exploration /Hldgs.) (lOrt 2240 . 

Premier Cons. Olllields (SpJ 1 SO 14 Iff 
Rovai Nwterlandsclie Pot rim. MaotschappI) 

H20 41 NO W58M £42.60 

Shell Transocirt and Trading CD. (25pt _ 

57 a mi bio 76>io bo is « a j « m | British Land 12pc Cv. 

The /ollowing nominal rates were quoted for London dollar canificnies of deposit; one month 11.30-11.40 per cent; three months 11.60-11.70 per cant; six 
months 12.00-12.10 per cent; one year 11.60-11.70 per cent. ■ 

Long-term Eurodollar deposits: two years 10V11 1 * per cent: three years 1 OVIO^ par cent: four years lOVICB* per cent: flue years 10A a .io> s per cone 
nominal closing rates. Short-term rates are call for sterling, U.S. dollars and Canadian dollars; two-day cal for guiders and Swiss francs. Asian rotas are ~ 
closing rates in Singapore. 


Name and description 

Associated Paper &$pe Cv. 85-90 

Bank of Ireland lOpc Cv. 91-96 

English Property 6|pc Cv. 9S-03 

English Property I2pc Cv. 












• Premium! 


yield Current Kani 

Statistics provided by 
dou STREAM International ' 

Cheap{ + ) 

Income Dear( — )■>*' 

Kanget Equ.§ Conv.fl Current'- 



3 9 


1.0 - 7 to 9 5, 


- 9 to— 3 

10 to 26 

7 . 

6 7.8 - 3.4 -11 to — 1 36 

- 3.9 - 

Companies and Markets 


le smallest since 1974 

index hardens 1.1 to 479.3 

Account Dealing Dates 

‘First Declare- Last Account 
Dealings lions Dealings Day 
Dec. 11 Dec. 2S Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 
Jan. 15 25 26 Feb.- 6 

The shortened and final day 
of trading in stock markets 
before the Christmas holiday 
produced the smallest volume of 
business in equities since 1974. 
Yesterday’s official markings of 
1,793 compared with the 1,143 
established on December 27, 
1974. which is the lowest 
recorded figure apart from freak 
wgx-tirne occurrences. Despite 
the thinness of trade, howtver, 
leading equities hardened a 
penny or two in places with the 

exception of Glaxo which, still 
under the cloud of a broker’s 
downgrading of its profits fore- 
cast for the company, eased 
further to 51 Sp before closing a 
net 3 down at 515p. Boots, also 
a sensitive market on Thursday, 
became steadier and were finally 
a shade firmer at lS9p. 

A small investment demand 
enabled British Funds to 
Improve further, the shorts gain- 
ing 4 and the medium/Iongs a 
liltie more on occasions. 
Sporadic interest in a restricted 
market took the low-coupon 
Treasury 3i per cent 1979/31 up 
* to 89. Sentiment throughout 
the funds was encouraged by 
renewed hopes that short-term 
interest rates may begin to ease 
early in the Mew Year. 

Lcrgeiy because of the 
shortened trading period and 
seasonal influences. yesterday's 
110 was the lowest number of con- 
tracts completed in the Traded 
Option market since dealings 
began on April 21. The week's 
daily average was 255. 

The firmer line taken by the 
investment currency market 
since the Government's clarifica- 
tion nf ihn UK-Irish exchange 
control position on Monday con- 
tinued yesterday and, after a 
r-uiet trade, the nremium closed 
\ to the go"d ?t S3' per cent for 
a rise on the v/c-ek of fi}. Yester* 
dav's SE Conversion factor was 
0,707 1 ( 0.71231. 

UK & Shanghai up 

Rang end Shanghai 

featured Banks v*th a rise of 14 
to 264p on a combination of 
comcijtic and investment cur- 
rency influences. Elsewhere, 
home banks edged higher with 
NatWest finishing 6 to the good 
at 28Sp and Lloyds 4 dearer at 
282p. Improvements of 4 and 5 
respectively were recorded else- 
where in Karubros, lS2p. and 
Cater Ryder. 270p. 

Composite Insurance closed 
with occasional improvements. 
Royals added 5 at 365p and Eagle 
Siar 2 to 136p. 

Guinness again featured an 
idle Breweries sector rising 4 
more for a two-day gain of 10 at 
16 -Sp. 

Certain Contracting and Con- 

struction issues made limited 
progress; Taylor Woodrow con- 
tinued firmly, adding 5 for a two- 
day gain of 13 at 416p, while 
Richard Costain and Marchwiel 
hardened 2 apiece to 22Sp and 
118p respectively. In Cements, 
Blae Circle moved np 3 to 27lp, 
but speculative counter Tunnel B 
held at 322p. Recently firm 
Johnson-Rich ardg Tiles gave 
back a penny at 105p. 

ICI firmed 4 to 369p on 
occasional demand, but flsons 
held at the overnight level of 
3Q3p. William Ransom found 
support and, in a thin market, 
advanced 5 to a high for the year 
of 300p. Yorkshire Chemicals put 
on 2 to S2p. 

Electrical leaders were barely 
tested, but occasional interest 
was shown in secondary stocks 
where Electronic Rentals con* 
tinued to respond to recent Press 
comment and improves further 
to 150p. Press mention was also 
responsible for a rise of a penny 

Unread were on offer at 33p, 
down 2. 

Second thoughts on the impress 
siVe interim results left Unigate 

2 better at 76p. Elsewhere in 
Foods, Tesco put On 1} to 54p 
and Spillers edged up fractionally 
to 31p. Still buoyed by the 
Board's confident statement on 
current trading. Avana added a 
penny to 74p for a rise of 5* on 
the week. 

Hotels and Caterers featured 
Trust Houses Forte which im- 
proved from the outset to close 4 
to the good at 258p. 

Glaxo friendless 

Continuing to reflect a leading 
broker's bearish circular, Glaxo 
fell away further on fresh 
sporadic offerings to close a net 

3 lower on balance at 515p, after 
513p. Beecham. on the other 
hand, added 6 to 828p and Reed 
International hardened a peony 
more to 155p, the latter still on 
hopes that its Canadian subsi- 
diary sale talks will reach a 


40( tel9'75 

to €0p in Sound Diffusion. 
E. Wigfall continued firmly at 
242p, up 2, while Farnelf 
hardened a few pence to 393p in 
Electronic issues. "/ 

Stores closed the short session 
with a majority of small gains. 
Gussies A. 3l2p, and Mothereare, 
146p, improved 2 apiece. Cornell 
Dresses edged forward a penny 
to Hip with the help of Press 

The Engineering leaders tended 
a shade firmer, where altered. 
Tubes, 380p, and Vickers, 194p. 
improving 2 and a penny 
respectively. Elsewhere, Baker 
Perkins were outstanding at I40p, 
up 6, on bid hopes. Ratcliffe 
Industries also encountered sup- 
port and put on 4 to 90p, while 
Cronite Foundry responded to 
the increased dividend and pro- 
fits with a rise of 2 to 38p. 
Daport finned 1} to 67 Jp, but 

.satisfactory conclusion. Trafalgar 
Qonse improved a penny -o liOp 
followin'} the annual report. 
' Elsewhere. Aeronautics' and 
."General Instruments, which 
announced reduced interim earn- 
•ings on Monday, rallied 5 to lOOp, 
while improvements of around 4 
were seen in Petrocon, 45p, E. 
Brammer, 115p, and Johnson 
Cleaners lOSp. 

In the Leisure sector, Pleasnr- 
ama attracted buyers and firmed 
2 to a 197S peak of S5p. 

Hard-hit by Motor industry dis- 
putes. Blnemel Brothers reported 
a 15 per cent drop in annual pre- 
tax profits and reacted 5 to 60p. 
Jonas Woodhead also closed 
easier, losing 3 at $6p, but Dowty 
continued to reflect confidence 
over Chinese mining equipment 
orders and added 4 more to 265p. 

Ault and Wlborg hardened 
afresh following Thursday s late 


Appleyard Group 



l§=|u?o| 197a 

Issue jo2 iS?* 1 

Price c« !«? oQ; I 
p: <“■ r* i High I Low 

companies announces a re-struc- 
turing of the company’s organi- 
sation following recent acquisi- 
tions and disposals which have 
altered the geographical balance 
of the group. The present auto- 
nomous divisions will be replaced 
by an integrated structure with 
Mr. J. S. Limb as group manag- 
ing director, Mr. K. D. Fraser 
as regional director (Scotland), 
Mr. F. B. S. Hamby as regional 
director (Yorkshire) and Mr. 

R. EL Borradaiic as regional 
director (South i. Mr. Fraser 
continues as deputy chairman but 
relinquishes his appointment as 
joint managing director of the 
group. Air. Borradaile. currently 
managing director. Endeavour 
Motor Company. Brighton, is 
appointed to the group hoard 
and Mr. D. McLlniock, currently 
managing director, Appleyard 
Rippon, Leeds, is appointed 
managing director Appleyard 
(Glasgow) aDd joins the group 
board with special responsibility 
for all Rolls-Royce activities. Mr. 

S. J. Berry, currently general 
sales manager. Appleyard Rip- 
pon. is appointed managing direc- 
tor of that company. 

Due to pressure of other com- 
miunents. Mr. D. Wolfson. a non- 
executive director, is retiring 
from the Board of THE GREAT 


Mr. C. TV". H. Relly. has been 
appointed to the board of DE 


Tan Sri Senator Lee Loy Seng 
and Mr. A M. S or kin have been 
appointed to the Board of 
appointments follow a successful 
bid fur the company from Multi- 
Purpose Holdings Kerb ad. 


made the following appointments 
from January l. Changes within 
S. W. Farmer and Son include 
Mr. James E. Gower, marketing 
director, Mr. Graham Searie, 
sales director and Mr. Alan F. 
Murray, construction director. 
Mr. G. W. Holloway becomes 
director and general manager of 
Farmer Plant Engineering. Kir. 
Henry A. Tucker is promoted to 
director and general manager of 
Farmer Freight and Mr. David J. 
Smee is elected director and 
general manager of Shot Blasting 
and Metal Spraying Company. 
Mr. Robert J. Waraes, financial 
accountant of S. IV. Farmer 
Group, has been appointed com- 
pany secretary of Shot Blasting 
and Metal Spraying Company, 
Farmer Cabins, and SiUvood Hire 


■The chemical division of 
Palgery UK will be managed 
through a new company — D AL- 
directors will be: Mr. G, Terry 
Pryee, chairman; Hr. K. A. Par- 

geter, vice-chairman; and Mr. 
K. M. Parker, managing director 
and chief executive. Mr. G. L. 
Andrews, Mr. P. E. Duckworth, 
and Mr. F. R. Lidster, the manag- 
in g directors of the three princi- 
pal operating companies in the : 
division, will also join the board 
of Dalgety Chemicals. Mr. Par- 
ker and Mr. Pargeter are', 
appointed chairman and deputy* 
chairman respectively of ABM 
Chemicals and Murphy Chemical. 
Mr. J. F. Shepherd is appointed ! 
financial controller of the divi- | 
sion and a director of K. and K. j 
Grceff Chemical Group. 3Ir. E. ; 
Middleton is appointed a joint 1 
secretary of Dalgety Chemicals. 


COMPANY announces that Mr. j 
R. S. Clifton will be. retiring as i 
a director and deputy chairman | 
of the Provincial Insurance Cora- j 
pany and Provincial Assurance 1 
pany and Provincial Life Assur- 
ance Company from December 3L 
He is succeeded by Sir James 
Blair-Cunyngbame, Until recently . 
Sir James was chairman of the j 
National and Commercial Bank- j 
ins Group and of Williams and ' 
Glyn's Bank, having previously ! 
been chairman of the Royal Bank 
of Scotland: he remains a direc- ' 
tor of these organisations and 
is also a director of the Scottish 
Alortgage Investment Trust and 
of William Collins and Sons 


Peter Raynor. divisional 
operating superintendent for the \ 
Manchester division of BRITISH . 
RAIL is to take up a new post ! 
under the general manager as 
forward planning officer Tor the I 
region at the beginning of next 



Mr- 31. A. Knowles and Mr. 
H. J. Warren have been 
appointed directors of M. W. 
Mr. A. F. Alol (president of 
Lasser Marshall Inc.. U.S.i has 
been appointed a director of 
M. W. Marshall and Company, 
the group's international money 
broking subsidiary. 


Following the recent Inter- . 
notional Timber Corporation’s 
bid for the share capital of Bam- 
bergers becoming completely un- 
conditional Hr. C, D. Wood burn - 
Bambergcr and Sir. L. A. Wood- 
bnrn-Bamberger have been 
appointed directors of INTER- 


GROUP has made the following 
appointments in its operating 
companies, from January 1: Mr. 
A. S. Martin and Air. A. S. Toates, 
directors nr High-Point Contract 
Services; Mr. R, G. Mitchclhiil, a 
director of High-Point Services 
(Project Management): Mr. 
James Yarrow, managing director 
and Mr. R. V. Wharton, deputy 
chairman of High-Point Services 
(Insurance .Consultants). 

421*' F.P. 84)11, 48 j 43 jAmcliffe Hldgs 43 

ASO-50 F.P. — | 78 I 61 |Ashton Mining 50c. .. 69 

AS12&F.P- — 1 106 • XOO itSAust- Farming AS1. |103 

135 j F.P. 10(1176 .171 iH«rrl*Queensv» y20p|174 
39 i F.P.I 5(1 ■ 31 '31 ( Kitchcn Queen 10p ..! 29 

•110 :F.P.( — 135 ,115 iMill ttsU's'reShpsZOp 135 

5i F.P- — 1 106 J 100 .riAuot. Farming AS1. 105 
■ F.P. 10(1 176 .171 iH«rrl*Queensv»y20p|174 
(F.P.I 5(1 I 31 *31 ,Kitchen Queen 10p 29 


i ~ a,, o . 
i E a. a ~ o- 1Q-7R 

jU 1=^0 3^: 1970 

S^2'-Ja Q -Hish . LOW , 


* r . ‘ F.P. 16 2 J03p I09p Assoc. Dairies Pref ; I09p 

* . £10 26- 1 13 11 !•: Colne Valley Water 3-, Bed PrMSM ; 13 ; 

tlOOp: Nil 28:12. i;pnr >;pm Findlay 3% Cnv. Cum. Red. Prf , Mpmi 

S 100p Nil, 5.1 bpm 2pm Hawley -GoodalM 2^ Cnv. Uns. Ln. ‘66 65 i bpm! 

£1 ;F.P. 22.r2 99p 9ep Newman Inds. 10 Acc.. Prof 98a , 

• leio - ; is:* 13 Mid Kent Water t \ Prof. ISa i j 134 

1 • Nil • — H- pm Rivington Reed 9 *3%. Cnv.Cum.Red.PreT. il Dm 

97p 'F.P. 5 1 ■ 99p 98p seascope 10 Tb Pro! 99p | 






sl | 

Rcnurtc. . 

1978 • 


ih?° r 

P : 1 


© B 

High Low 

r ! 

8:12 12 1 645 568 Beecham 

15*1226:1 20 V 191? Boulton 

29.12 5.1 77 71 Capper Neill 

IS/ 12 12.1 122 ; 107 CJifTo.-d Chas.i .... 

1512 12 1 116 101 Dixon •!>.' 

3 1 9 2 41- pm 2pm Foster (John 1 

8*12 12.1 147 140 Hoskins 3c Horton. . 

■ ... — • 34pm 32pm Leo Group 

15 1212.1 161 1 50 M. I_ Holdings 

1 3.1 9'2 • 70pm ' 48pm Metal Eox 

• — ■ — 13pm, ICpm Milbury 

18.1210.1.230 ,210 Stothert & P(tt. ... 
13/12 15.1 • 76 67 Tern Consulate ... . 

— — 8 pm 6pm,YorK Fino Woollen 

-I 630 1+ 7 
20 !+V 
. . 72 I ...... 

..j4i? pm‘+ 1 

...I 34pm 

.' 155 1-r 3 


• I 12pm, 

... 225 > 

J 70 |—1 

Renunoatijn dale usually last day lor dealin cl s:am p duty, b Figures 
based on prosoeclus ostimaic. » Assumed dividend and yield ■. Forecooi divi- 
dend: cover based on previous year's commas. rDr.iuend and yuld based on 
prospe.nus oi oltiiial estimates Inr '■S79. u Gross. “ Fi'iures assumed, 
r Cover allows for conversion of shares nil now ranting lor <Ji i-end or rooming 
only ler rest nc led diviionos. 5 Plocnn price «o public, pi Pt.-re unless othor- 
wisc indicarcn '. Isi'joa 5> W1d;r. Ottered Id holders of orcinjry shores OS 
a rights." •• Issued bv v/sy ot capnalisulipri. $A Heir.lroducoJ M Issued in 
connection with r-jor jsnsaticn. merger u r r-c-vor. i ■ Introd icnon. Q Issued 
to former creiercnce holders. Q Allotment letters (or tully-pa'uj. •Provisional 
or ojrtly-pjid a/loUUit: tenors. With ivjr.-j.tti. 

Mail Engineering 

From January 1. Mr. John Hail 
becomes deputy chairman nf 
INGS). He will relinquish his 
position as managing director of 
The British Reinforced Concrete 
Engineering Company to assume 
responsibility far all Group over- 
seas investments, with the ex- 
ception of South Africa. He is 
succeeded as Managing Director 
of The British Reinforced Con- 
crete Engineering Company by 
his deputy, Mr. G. B. E. Maddox. 


Mr. Ronald J. 51, McMastcr, 
corporate development manager 
MENT BANK has been 
appointed a director of the bank 
and of its ultimate holding com- 
pany Manchester Exchange 


Jn the New Year, 3lr. Hush 
Morris will retire from the 
Board of Vickraan and from the 
Boards of other John Brown sub- 
sidiaries on which he serves. He 
will retire from the Board of 

at the next annual meeting in 

July 1979. Ho will devote some 
of his time to Wiekuian in an 
advisory role. Mr. Philip Norman, 
a director of Constructors John 
Brown, wili succeed Mr. Moms 
is managing director of Wick- 


Mr. James A. Harrison, vice- 
chairman international division 
has been appointed a director of 
TOOTAL and becomes chairman 
of international division. Mr. A. 
G. union, who relinquishes the 
chairmanship of international 
division beer, appointed 

chaii'mao of En^jish Sewine in 

succession In Sir. D. »V. Allen. 

Mr. Allen, whila retaining his 
seat on the Tootal Board will 
shortly lake up residence in the 
US. -with responsibility for the 
increasingly important interests 
of the group in North and South 


Mr. David Rowe- Ham has been 
appointed to riie Board of 
INDUSTRLALS as a non- 
executive director. 


V J* illiiDCi&l 'l l Hie& ba Uirttay - ,x/cvcmu^ r ^ 

NEW HI 6 HS Aim iOWSJgg® 

'£g nasawrwgtSwr: 

attained new «»«*.■« Lowa 1STB - jester uS ' 


CHEMICALS O) * . • | ai lif lHB f Cf W l f ■ ■ . ’! ■■ ~ 

— "tatoi.m . ■■ ■■ ^ 

•— r :.v .. 

Carrington V**«» - 

Dec. Dec. i Dec. Doc. j Dec. Dec. A year. 

82 21 | 20 19 IS 18 bSo 

report concerning' Sun Chemical 
Corporation's intended fund- 
raising which led to hopes that it 
might lead to a full bid for the 
former which rose 3 to 45$p for 
a two-day gain of 5. Newspapers 
tended firmer where altered. 
News International added 5 to 
278p, while Daily Mail A put on 
3 to 35Sp. 

Properties included one or two 
notable firm spots. Speculative 
demand took Guildhall up 7 to 
95p and buyers supported Pro- 
perty Partnerships which gained 
6 to 106p. A good market of late 
on the sale of the AMA building 
in New York, Centro vindai 
Estates added a penny to 94p for 
a rise on the week of 8. 

Although trading in ■ Oils 
remained at a low ebb. the under- 
lying tone held steady to firm. 
British Petroleum edged up 4 to 
930p, while Shell put on a few 
peace to 578p. Among the North 
Sea hopefuls. Oil Exploration, 
224p, and Siebens (UK) 270p, 
firmed 2 apiece. 

Movements in the Trust sector 
were limited to a few pence 
either way. Among Financials, 
Charterboase Group responded 
to the annual results with a rise 
of 2 to 65p. 

Courtanlds firmed 2 to 119p. 
Elsewhere in Textiles, gains of 3 
were marked against John 
Foster, 49p and Lister, 51p, while 
Sanderson Murray firmed a few 
pence to 42}p following a small 

Golds improve 

A good performance by the 
bullion price over the week 
following the generally satisfac- 
tory result to Tuesday's U.S. 
Treasury auction of l-5m ounces 
of the metal enabled South 
African Golds to close .the week 
on a high note. Also boosting 
sentiment in the share market 
were vague rumours ef a 
possible revaluation of the Rand, 
coupled with a fresh rise in the 
investment premium. 

The Gold Mines index pul on 
1.9 to 141.1 for a week's improve- 
ment of 10.4, while the 
ex-premium index added 0.6 to 
99.S for a gain of 3 points on 
the week. 

Randfonteln advanced £ to 
£2SL while West Driefontein put 
on £ to £22£ and Hartebeest and 
Vaal Reefs f apiece at £11$ and 
£12} respectively. Mediums 
showed gains of around 20 
common to East Driefontein, 
686p. Western Deep, 739p and 
President Steyn, 633p. 

South African Financials made 
modest headway in subdued trad- 
ing. “ Amgoid ” put os another 
3 to £155, while Gold Fields of 
South Africa hardened i to £11;. 

Australians edged upwards fol- 
lowing a farther rise in over- 
night Sydney and Melbourne 
markets and the higher invest- 
ment premium. 

Government Secs-- ee.67 ee.55 66.4Bj 68.60 68.66 77^2 

Fixed interest. 70.57 70.31 70.331 70.09 70.11 70.17 80.23 

Industrial 479.3 478.2 478.2i 476.1 474.0 481.0 483.7 

Gold Mines. 141.1 139.2 141.4[ 140.2 133.7 130.7 131.8 

Gold MinesfEx-S pmj 99.8 99.2, 101.0 101.21 83.3 96.B Bfi.7 

Ord. Dlv. Yield 6.02 6.05 6.02 6.05 6.08 6.00 U2 ' 

Eamlnga,Y’ld 3 ffulfl 1B.79 15.83 15.B2 16.99 16.07 15.86 1B.7B 

P/E Ratio (net) H— 8-23 8.21 8.16 .8.12 8.08 8.19 8.44' 

Dealings marked.... 1.793 5.383 5,080 3,403 3,398 3.020 2,219 

Equity turnover £m. — 49.34 51.SB 60.51 55.39 61 JO .Bl.Sl'; 

Equity bargairistotal - 8,5971 i0^2B| 12,3861 13,019 12^41 6.274 

10 *th 379 JO. 11 8m 479-3. Kooo <79.3. X pm 473.3* 

2 pm — . 3 pm — . 

Latest IndexOI- 238 8026.. ’ 

• Nil “7.98. ■ 

Basis 100 Govt Secs. 15/10/28. Fixed Inc. 1928. Industrial . Ord. ’ 
1/7/35 r Gold Mines 12/9/55. Ex-S pm. index started June 1S72. .SE- 
Actlvlty July-Dac. 1942. •_ ; ■ 


1978 Since Compliat'n 1 

_ — ■ Dec. Dec. 

High | Low High | Low ■ ■ ■- 22 21' ■ 

Baker P-rfclK «#>• V HonUw.Gitooe — 



Denomjna- of°' Closins Cnange 193S rlSJ* 
4ion marks price (p) ondajf . high,-. Iwr 

BAT Inds. — ■ 

Sand'son Murray 50p 
Shell Transport... 25p 

Grand Met 

Govt Sect.. 78.68 

Fixed int _. 81^7 

(Ex-S pm) J (14/8) 















— Dany • 

Gilt Edged.. S3. 2 105.9- 

Industnala.. oi-5 1173 

Speculative. 18.5 S0.8 

Totals. 40^ T7JQ 


Gilt Edged... 107.0 i20.0 
Industrials- 102.1 116.1 

Speculative. . 23,5 24.4 

Totals 68.61 * 76.4 


Ex -rc‘a«C losing Closing Closing 

Option price offer Vol. offer Vol. offer Vol. 


Cons Gold 
Cons Co/d 
. Courtaulds 
Grand Met. 
Grand Mat. 

Land Sees 
Land Secs 


220 1 28 

240 h - 

260 h — 

160 2 - 


42 1 65 

12 6 15 

41s 6 7is 

16 - 17 

91c 10 11 

10i s 3 131s 

61| 15 8 

10 — 21 

4 8 10 


2*1 - 
*» — — 

5l 2 2 11 



Metal Bax “New* 

BP :.v:. 

£1 - 


Shell Transport... 


■ 37 

Barclays Bank -... 




Midland Bank — 


BAT Inds; 

25 p 


3» & 0 Defd. ... 


‘ 29 

Burmah Oil 

£1 . 


Beecham • — - 



Grand Met. 



Commercial Un. 



Distillers - 



Marks & Spencer 





; 25 


A.B.N. Bank 12i% »Han*ros Bank 13|% 


First Last Last For 
Deal- Deal- Declare- Settle- 
ings Ings tion ment 
Dec. 19 Jan. 8 Mar. 22 Apr. 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
Jan. 23 Feb. 5 Apr. 19 May 1 
For rate indications see end of 
Share Information Service 
Stocks to attract money for 

the call included U J).T„ Lonrho, 
Talbe3» Laurence Seott, Lad- 
broke Warrants, Britannia 
Arrow, George Ewer, Baker 
Perkins, British Land and West-: 
land Aircraft No puts were 
recorded but doubles were, 
arranged in Mills and Allen and 

Allied Irish Banks Ltd. 12f% *HiD Samuel.. L. — ..§I2{% 

Amro Bank :..... 12|% ,C. Hoare & Co. 

American Express Bk. 12$%* Julian S. Hodge 13i% 

A P Bank Ltd............. 12*% - Hongkong & Shanghai 12i%* 

Henry Anshacher 121% Industrial Bk.>of Scot 12fc% 

Associates Cap. Corp.... I2i% Reyser Ullmaah JL3^% 

Banco de Bilbao 12J% . Knowsley^ Sr flcr 4 Ltd...; 14*% 

Bank of Credit & Cmce. 12 Lloyds Bank. 12 1% 

Bank of Cyprus 12i% London Mercantile/ ,.. 12*% 

Bank of N.S.W. 12*% Edw»rd.ManiOir & Co. 13*% 

Banqoe Beige Ltd. ... 12*% Midland-Bank ^2*% 

Banque du Rhone et de ■ Samuel Montagu, 12*% 

la Tamlse SA. 13 % ■ Morgan* .GbrenfeU......^; 12*% 

Barclays Bank ...i. 12*% National;. ^Westminster 12* % 

Barnett Christfe Ltd.... 13i% Norwich. General Trnst 12i% 

Bremar Holdings Ltd. 13i% P: S. Refs>n -& Co....... 12*%' 

Brit Bank of Mid. 3East 12* % -Kossmihster :-12*% 

i Brown Shipley .... — !• 12*%. . .Roy^l Bfc Canada Trust 12*% 
Canada Permt Trust.. 12*% ' ' Sqfaiesinger Limited .1. -12*% 

Cayzer Ltd. .,*..i ..<-12*% - E. S. Schwab ... 

Cedar Holdings. 12* % Security- Trust Co.Lt<L13*% 

I Charterhouse Jajrtiet..- 12*%** Shenley Trust ; 14 %- 

Choulartons 12*% Standard. Chartered. ...,12*% 

C. E. Coates 12 i%' Trade Dev.- Bank ...... 12*% 

Consolidated Credits..: 12* % Trustee Sayings Bank- 12*% 

Co-operative Bank ~ Twentieth Century Bk. 13*% 


British Finds 

Cpn. Dow. a Forsipn Bonds 


Financial and Prop 




Recent Issues 

Yesterday On the week 

Up Down Same Up Down Sams’ 

64 — 14 178 153 81 

1 1 59 16 28 282 

I9S 103 1,230 1.107 1.160 5,379 

80 25 407 370 523 1.857 

15 1 21 44 22 119 . 

1 4 27 23 21 118 

43 . 11 86 247 128 325 . 

6 2 23 27 19 11S.-. 

S05 147 1.867 2.009 2JS4 8.045 ' 

Corinthian Securities 12*%.. : -United Bank. of Kuwait 12*% 
Credit. Lyonnais * 12}% ' Whtteaway Laidlaw ... 13 -% 

Duncan Lawrie 12*%' Williams & Glyn’s .... 12*% 

The C^prus'PopularBk. 12*% - • Yorkshire Bank 12*-%. 

Eagil Trust — — 12*% .■ Membemof the Accepting Houses 

English . Transcont ... 12*% . ConiimtisB. ' • - 

First Nat. Fin. Giro. 14 % * '7-day : dots oak* ,• 10%. 1 -montli 
First Nat. Secs. Ltd. ... 14 % . 10 ^>- '' V ' t 

Antooy « 

Greyhound Gnaranty..r m% -104% and owr £ tov%; - 

Grindlays Bank 1 2}% f .call deposits ow fUWt to%- . 

Guinness Mahon .-.12 *% -5 bemend- depositi 10 %'. 

I Membem of the Accepting Houses 
Com mine a. ' 

7-day- ' deposits 10%, - 1-monUi 
. idepoaita . 10V%- • -• 

Greyhound Guaranty.. r 
Grindlays Bank 12|% 

B Guinness Mahon .12}% 


These loAces are the joint compilation off the FhanriaTTintf, the. Instftnte off Actaaies ami the Faculty of Actnarles 

l'“s S2 ( Li£ 

i*T r p*‘Irr 

| |«2.55| 3.4j 4.7 6.9 

!+ 1 i — ! — I — — 

i+l I :7.8' 3.116.7 7.2 

j |M-34, 3.4; 5.9 4.8 

I ! .'-u'o.T 1.8i 6.2:17.9 





Rjw h H4*d 

stado per *cdoo. 

Building Materials (27) - 
Contractina Cons tro c fi BU (28) 

Electricals 05) 

Engineering Contrarian (14) . 
Metals 2nd Metal ForrringQ&L.. 


U. HecWota, Ra*o,TV Qi)_ 
Household Goods (12) — 
Motors and Dbribidors (25) . 
(N OH-DURABLE) (171) 

Breweries 04) 

Wines and Spirits (6) 

Enteroiaoat, Catering (17). 
Food Manufacturing (19) 

Food Retailing 05) 

Newspapers, PtBfehing (12) - 
Padaging and Paper (15) - 

Stores (40) 

Textiles (24) 

Tobaccos (3) 

Toys and Games (6) 


Chemicals (19) 

Pharmaceutical Protets 17)- 

Office Equipment (6) 

Shipping QO) 

Miscellaneous (57) 

15 l^O-yr. Red. Dob. & Loans (16) 

16 llnvestmont Trust Profs, (is) 

17 Comi. and Indl. Prefs. (80) 

Seaitn or Group Box Data 
Pharmaceutical Products 30,02/77 
Ollier C roups Jl/IVTS 

Overseas Traders 31/12/74 

EngfflMrtna Contractor* 3S/12/7X 

Mechanical EnginMrirtB 31/12/71 

Wines ami Spiriu H/l/n 

Toys and Games 14/1/18 

Office Eqalpmeat 16/1/ID 

i adust rial Groan n /12/TO 


1 Dec 

r. Wed. 




1 14 




64.U tlS-62 
SI. 17 1S.7D 
72.38 12JT 

Base Value 
1T8 TP 

M li MM m as Mrs!!' "ffisga 

72.42 72.74 72.42 72.42 72.42 72.41 ri.aj 76.75 ) 7BJG # 1 % ) (TflS'. 

- High* -k'-- * '-JtoW*=: 

Seedoo or Greap Base Date Base Value 
Misco/lansDUS Financial 31/12/76 mtx 

24/12/67 . 13CI3 

f ood R ctJl l! i n 7 tx/wta ■ ■ xulo 

l usui atm wnm 29/12/67 

All Uttar 10/4/62 Uui 

list Bf uw; r j m s UtaMto M 

w^UWe from tta PuMlshws, The FahcIdI Times, 
HtMe - Cannau Street, LMtfMI, BC4, prka 


: December zs 1978 

S-^^^^BBS&'Sauthorisep -. UNIT 

S W 


Casual Ty- . 

ja- toat 


lm. 1 Growth Fd. 
Aft AzM), 



jji FrSwfs' PrMHtt. Uait Tr.Mgn* 

'' : Ffad-4vnEnd.'D9fW.-«.- : - 03065055 

<BfcJ 3^: 

K , . ... i"' '■ i: " ViamawtaB Unit Myt, tirf. (a) . ‘ Minster Fund Managers Ltd. 

hutar JMl TJf. JWHflrt. . UL. W ■ 5-7 “wAul, EC6B 5W. • fll-2*84^X. Mimier Hsr, Arifor Si . EG4. 01-623 1050 

>•"*= -w. 4f = :iH-i!jsste5fc r gK ,sjij *•» 

i«?| Lllj M*-A Unit Tn«l MngmnL Ltd. 

~ OhfOoerR Sirca:, SW1A *>JG. 01-<X7V3 

-ULAUnUi... _ 144. 1 <J t| | 3.71 

M«r»y Johnstone U.T. Mgnl* (8) 

lb3. Hun* Slrecl., 62 2UH. 041-221 5521 
; MJ European. .. . 1814 r St 4] — J 337 

Dealing Pay Ftjitey. 

Mutual Unit Tnnt Monageri? (»Kg) 

15, Cm hall Aw, EC2R7BU. 

Muiual Sec. Pfns^ 152 2 

M«u*l Inc. Tu (R 0 

-Mutual Bluff cmp last 

• --Mutual Hma YIA. j5o 5 

- National and Commercial 

- 31. 5l Andrew Square, Edinburg. 031-556 9151 

:IM3MV Ore. 13.. 1160.0 1M g J S.B7 

(Aceurt. Units..., JS.0 229 S . ...7 *87 

Cm- Ok 13 1131.4 136.21 | 4 22 

lAeeum. UaMsi JlAfl.4 Sfcfl | 422 

National Provident lov. Mngrs. Ltd* 

01-623 4 200 

Provincial LHe titv. Co. Ltd* 

2» Br.haf-gair EC7. 01-747 653 J 

Prolific l- nir : ]*2 5 UJI+Cll 3? T 

— 126 3. 4 ?.;3 

’ Save * Prasger eentfmiefl 
Seatbils Securities Lit* 

5.40 Hhhi IWDiiw 411 r.B 

5:ciw!- ... 6 

f.ic- —I?." 

43 ■"! -1 



«.T; Ona Managers Ltd* 
SbFlndrtV CWu< EC2M7DD 


01-620 6331 

Prudl. Pa rtf olio Mngrs, Ltd* 

HalDoinE-ir 1 , El IN 7*ftf 
Pruocicj! 1123 0 1364)1 

Quillcr Management Co. Ltd* 

Hxeill E.-.+Wn*- .LCTNIHP. 0t+KJ47~7 

QiM0<a-i! lien Fa 130' 1 109 H I J 52 

Ouaoram incomr ]U2J 136.4) B.U4 

hCciilu-*-- |6 ,J 7 64 lx; -5-1 - fl 

fa)(b)(c) iif-.t. r.Mi* )^.-3 7e:5ro. .1 24* 

01-4CW22 >7 ■*!-:■* 

■» 4,k Schleunger Trust Mrgr,. Ltd. (3) d) 

VI.-UTHfa C 

athPrOll 1J2 

sued a 

_ „ OS.&6M 

1 2 ‘W&es&SSzi 

G.T.- Ml. Fund 

- G.7. Pour YdsW 

G. & A. Tnut («Kg> • 
5 U1W9I1 Read. Branded 
6-44 132.9 

01 6064803 

55 am 

+ 0-4 

6 5V 

74 B 





0 47 

(02771 227300 524 

Gntnun Fund ManagmV (aXfl) 


inters OB Unit Tust Jfaagers Ltd. 

2 Sr. Mary A*r. EC3A EBP 
tel Am rel ^ an T« 
failhn 1st lAt« V ._ 

toi Income TsL ,125 J 

War Eaa Tro«.„MB 

High msov T« f 

locBM m Fund 


48. CratrcnuKh St, EC3P 3HH. 

h IP-l.Cm.UATa., 1473 506rf| I 4 80 

(Acrum Units}'. K9 0 6281 ... J 430 

NPI □ seat. TniM..._.h?4 4 1J2 3 ....1 2.40 

lAttwn. 342.5] | Z40 

" Prices on NmT 30. Ned dealing Dec. 28. 
•Prim on Ore. 13. Me* deaBng Dec. 29. 
National WectmlmteHF (a) 

361, Cnewder, EC2V 6£ U. 

ReBance Unit Mgn. Ltd* 

Rrlim Htr..' Welb, Kl. C892 22271 

OponrlunU* Fd i96B 71 41 ....J njl 

SeAMmr f lArt.. „U5 J « •» . ...I S oi 

Sctrfordr T. Inc. |4.*J 4iJl J i.ol 

Ridgefield Management Ltd. 

38-40 Krnnefly St, Maiwnwr 0fcl-23o 8571 

Ridoerwld Int. UT |43 99*1 ,. . ] .\t>7 

RiOarlrtlO Jutiwnr.... J-U 9M I 9.50 

Rothschild Asset Management (3) 

■ 72 80. Galeheiire Ad , Arir-Jjury. O.'A*, 

1-3. j>-IA Swe»*. OarV iiM. 

Am E.»mrl . — -J71 5 

Am Ar;*:0 !-'o d 

Am 5".i:rer r .e* — Le i 

C.imr:H*ytiS ».o3 

E..-e.ptftHil Lrr;.__]^J 

fc»'ia Inc. Til 24 ? 

Inca, -r Out. 

I.1-. 10*» W3. -I 3 

)« 7c; Un,i.. . .. . ,;2a o 

imi r.nrali 1 7- 

Mj,kr! L r.idrr*. 24 6 


-3J0f 5r«: 

: :5 

0 44 

: 4« 
4 77 
4 *.4 


•N.‘ Virl3 

Pol &6>ll Iriiit 

Fro pert- ‘Ah'- 

jCt-culSir T»t 

I! ? . Awm. 
fc.K 3rlh. tin:.. 


3? a 

27- J 
" 4 

2’ 'a -J2 

27 'C 

?:■■*■ . .. 
*4 2e, . 
?-■■!»* -0 1 
2s.°irJ — j lj 

: \ii! :i. : i 
5* 3.. -I 






J. Henry Schroder Wagg &. Co. Ltd* 

N. C. Equity Fund .... 
Itf.tngy.Ae Tl.„ 
NX. Income Puna .. . 
NX. Inti. Fd. <lnc 

U.C. lull. Fa. *4cc.i|ffl 5. 

N.C. SmllrCor.Fi...., 

105 4 
146 7 



lUti . 

156 fle) +p 

3i B 


rOJf 182 
-oM i82 

12P. Chpjosi^m. E.C-2. 

SL. HUM fcAA. 6239231 '. Gibbs (Antony) Unit Tst. Mgs. Ltd, 

25n«o5x---™peS-. =.' As -^.-1 .BJfl. 3 Frederick Pt,Wa 

Capua 1 lAccure.J 

Bilrj Ik... 

, rltuncial 

; n ^ 

fw*r%a _ 

APbachcr Unlt ^ oiA«.nown: 

ITkWrSl, EX2V7JA. .. •■. a „0t-M’3^6 u.'A.C. Far £aa 

1*, 1*0. WooShty Furtt_[I65 — . *• - - 

2 Arhutmwt Sesurttte t«. WM _ . 

^ ,73!£2 t !laBT±lgi i - ’ fS:JS :d 5IS 





Jewry, EC 2 

ial A.G. Incvmeff __I4LS 

<ai A.G. GtowtNn B9.9 «_ 


OWng 'rues. tpAcd. 

G ovett (JobnJv 
77 London Wall, EC2 

Slur. Dec. 15., „_J134-6 1«19( I 

Do. Accan. Uu!_._-| 163.4 172-2] 

W4n Oetkrg, Or/ Jaa. 5. 

Grieves on Management Co. Ltd. 

59 Gresham Street, EC2P 2DS 01-6064433 



70 JJ +0.71 
70 J +0J 
36 7 ... .. 
42 ( -0 .3 
371 +0.1 
73 On ... 
56S +0.1 

. .CroMn lnu.._> 

01-5884112- Income bed 

9+0 '■ P9rl*°' «> In*. Fd. " “ 

4j|, Untrertal Fd (d>,.,_ 

NEL Trust Managers LtrLP (aKgJ 

V" ; Malion Court. DdrVinfr Surrey. 5912 

. . Nelstar 159.7 62.B 5* 

B Ug SBP Nrl-.iar High Nc |«J 51. 3 +0.1) 80S 

— 1 25 Norwich Union Insurance Group (b) 

*•- P-O. Bw 4, Ndrwlclv MRl 3NG, 0603 22200 
Group Tst. Fd 1363.4 382 51 ..-.J 529 

01 -606 £060. Rothschild & Lowndes Mgmt. (a) 

St. Switlme. LuRr. Lao . LX 4. 01-t>26 43;6 

New C‘L E tempi, _.|C124 0 131 «8 .... i 2.9d 

Pmes on Dec 15. Neal dealing JJH. 15. 




7 24 

ln»-*e»r- OiC 19.— 
•A-ivn- time 1 — i- 

Grriiiai Rcr 20— — 

• Accun U+it*. ■ 

Ewot' O ' 1 14...— I | 

•P't.Cr*JfeDetJ9 — 

■Spe-:£i. Oc. S 1 

*lStf»err Dec. 5 

122 . 
271 0 
ir.7 4 



g?Si - : 

i *n ? ;■ 
2*li: .. 
XT-*' .. 



4 is 


3 12 

4 47 

3 « 

4 39 

Rowan Unit Trust Mngt. Ltd* (a) 

ChyGaieHse .Fimtwr* Sq,EC2. 01-e0tilGfa6 

Amencm D»x. 21 

Securities Dec. 19. 

High Yld Oer 22.,.. 

(Actum. UollO 

Merlin Dec . 20— 

(Actum. Units; 

162 5 

7 7 7 

65 S| . „ 



1 81 
4 40 
a °o 
4 42 


S +2J 



Unit Tit. Mgs. Ltd* faXc) 
3i£tMiHoUMfn,WeiV7NL 01-8716233 
VjSwFuM- ; -JjM.» K-Sd! ■ .1.1 eJl 
T^pn-s arOccTzL Me« Jib day Jaa. 4. 

■ Untown Ltd* t*McXs) 

-Item He. 258, HornM RA.E7. 01-5345544 

Brrugmn Dec. 20 

(Actum. Umtsl— . — 

Btugdl.Yd. DeL21 

(Astern. Uttftsl 

i. Dec. 14 

(Acctoq. Units)- 

Smcnu De: 22— 

(Acton. Ul6tsl___. i9L 

Lo-iBrsh. Dei- 20—W 
(Actum. uims7_ 1 73 

Guardian Royal Ex. UnH fitgn. Ltd. -" 

RofU Ertrfnnge, EC7P30N d-MBSOIl 

(a«Gu3HtM!Tn_...493.Z 965 . ,-J 05 

. Pearl Trust Managers Ltd. (a)(gXz) 

252, Hign Holbern, WC1V 7EB. 01-4050441 

Pearl Growlh Fd |24fl SS.W I 4 90 

Accum Units RB3 30 H „..J 4 90 

Peart I*. BIX jB*+0.1f 7J?0 

fran URdTu US.l 378d +0J I J4 

(Accum. Units 1., H62 497J+0J] 5-34 

! nqoi 


A J48.9 

'^-SkiAFAiec. b 

- "7 •-,1 , ,.-a£iawn.' — rr—\ 

'.'SdK'Brdthorc 4 Go, Lid* (aX*) 

' ifiW»pjgatr Progressive Mgmt Co* 

-.2,;.-.^;^m5anpsgs(t€C2. O2-58862S0 

ifftoPr^Dec-lR—OO.; MS.jl — | *03 

r 1^4 -^Sb. m D«. 19_pL4 2XXr-l 4E 

• i.. .■.•^■'SSWok 12^0619 r 1743 ..-1-859 

-. SGnjbee.W— flS7J 299.27 1 259 

• • V C4 1 i ri^y Next s* day -Jaa. 1 "*-Uu. 9. 

~V FMnd Manager* l«Xe) 

ll:“t> : ':«rtsHse.'!f«9 wmuai Si, EC4. 

' • - .. . 9-.a^dnnI.eMt 171 4 3 

Henderson AdmfabtraUftnV (a 
Prenifr UT ASnn. 5 Raytagh 
B'r+tecoS. Essci. 

UJL Fuads 

Caoci Recc.+ry [47 a 

Gao. Groxnh (rc ..(463 

Can. Greff '.A Arc (475 

Income & Auers LS5.6 

Hlffc iocaom FVqds 
High into me 
Caoot Extra me. 

Sector Funds 

rm*KUl<SITl/ 1 26. 2 

OriANui Res 1275 


CHw 1872 

tniernaikaMl- UL7 

WW. Vfldf Dec 22 — |r4-2 
Dniuu Fundi 

Australian. ..-—.136.9 

Euro«an_.. - 147.4 

Far Eat I [74.9 

K. An [31 0 

Cabo: An. Sm — J4S.0 

Exempt Funds 

.'asun (9e 6 

R. Arner — —JlU 6 

Smaller Eos.. — iM 0 

HQt Samuel Unit Tst Mgrs.f (a) 

45 Breen Sl, EC2P 2LX 03-6288011 

-Pelican Units Admin. Ltd. (gX«) 

81. Fountain St, Manchester 061-236 5685 

Pelican Units 1866 931} —J 4. S3 

Perpetual Unit Trust Mngnrt* (a) 

48. Hart St, Hetiley on Thames 04912 6868 

P'AeiualGp.Gth (42.9 464j J 3.86 

Piccadilly Unit Trust fettb) 

Antony GIMs Unit Trust Hunan Ltd, 

Aencv's PUee, Old Jewry, EC2R 8HO, 

Royal Tst Can. Fd. Mgr*. Ltd. 

54. Jernrvn Store:. S.W 1. 01629 8252 

Casual Fd (67 8 71 51 ] V* 

Inunae Fa -It" 7 . . | 7 70 

Pncn at DeceMber 15. Neat drain Dcceicaer 29. 

Save & Prosper Group 

4, Great SL Helene, London CC3P 3EP 
68-73 Que+n Sl, Edlifturdh EH? 4 NX 
Dealings to: 01-554 8894 or 031-220 7351 
Save & Prosper Securities Ltd* 
International Funds 

■Fw I4i eif-vt _ . 

Scottish Equitable ?ni. Mgr-,. Ltd* 

26SL.Anarpii.Sj. Ed.mnun 93: S5v9131 

Inco-nr IJi’-L. i5C^ 5: 2| ... I J 46 

Accum. Unit. .. -!56 2 sl —.1 5.40 

Daws SJ- V ‘tv.; z;. 

Sebag Unit Tst Managers Ltd* (a) 

PO 3o» 511, BcJdiry. H'.e . Z C.4. 0123oS000 

SpSal CjpiUl Fc |?9 i ?63(ff01i h Sl 

S-ojq ircome Fd 111- 3L7J +cj] 8.45 

Security Selection Lid. . 

1L : i Lincoln's Ini Fields. v.Ci 01-E31 6936-9 

Dn.: G:n To A: e ll-J b ■ 25 21 ._.. I 4.b3 

I' Ts: Lnc_ I—-D 22.4]...) 4 60 

Stewart Unit Tst Managers Ltd. (a) 

Target Tst Mgrs. (Scotland) (a) (bj 

29 At*: Zt.-.e-r Ei-. 3. 031-229 8o21 7 

Tj.grrTr.nw *«*» 

Eiaji iricntFe IbC.t 

Trades Unini Unit Tst Managers* 

ISO A'codSt-eeLE.r: 31-028 8311. 

Ti.UT Dei-1 ; :C2 S3JT — -1 S2A 

Transatlantic and Gelt. Sees. Co* 

4I.WVr» L ovoi Ke. Cbrunsfe-ra 07 45 51651 

CartKinS+c 21 — 175 2 _7| 

'A-:cun UriS-V .,,.1166 22 

Ba-3 C.*fi- *lo- 24.--ES S nf 

BkCfflur Dee ;1 79 4 8 

‘Actual linn: IlSOo JO 

Cdrnc Dec. 7.' -127 b 1J' 

(Scuri L -urn i. . _ . '.So 7 36; 

CumM Dr; 79.-....:L4 5. 

-Jfl/.ii -5*6 O' 

Glen Dr: 19 '»?5 Si 

• Accum 'Jn.'j 1*84 i, 

Uj.'Bpo Oe-_ 19 ]50 .' j, 

i.Aroiir Un.u , - .57 9 6 

Y4n.Gffta.8re.22 .(44.7 5, 

f A- cut L’n.U' .el 8 6! 

Van -H. Dec 22. ... 712 7; 

Yana. 7>r De:.M- 43.7 4o 

i Aconr Ui4V :4u_J 4: 

SV.cS-rDre ?. (U 4 + 

1 ft-Qir Unit ' — ,44 7 

».e*GP Ore. 22— ’®fi* 7 

Da Accum.— |N3 o 

Tyndall Managers Ltd* 

18. Carjnqe Roa*. 3-itoi. 

l«ar*De; 20 ;9* 2_ 

I Actum Urll-.'— _-_|183.Z 

CaaiUl Ore. 20 ,126 2 

(Accum. Uni6 • .’S79 0 

Ereran.De:. 23 R122 

llaun ' ■ 161 4 

in. Ear D+: 20 [?«0 

i Ac:un. L'n.tL.'— '2t S 0 

P-rf Sec 23 llflbj 

0Z72 32241 

3. Frei 

0^ -588 4111 

Eotra Income.,— 

Small Co'-. Fd — 

Capital Fund 

Int Eras. U Assets MV7 

Pn*ite Fund.. — f3i 1 

Accunlv. Fund , 
7ecnnotoay Fima 


American Fund , . 

39 6 





435 .... 


47 0o ... 


71 ( ,, 


28.8 ... 
13.( ... 









Practical Invest Co. Ltd* (yKc) 

44. BtoomcOurr 5q, WC1 A 2KA 01-623 SRR3 

Practical Dec. 20 1147.1 1563/ I 4n0 

Accum. Units |2LU 22531 J 4.50 

Capital.- 1366 

i.TTu. jw 7 

Unl« GrUwto .167 8 

lnQUUin Income Fast 

Hi^vV.'Ed _|53.9 

High Inc sac Funds , . 

High Return (67.5 

income . — |t?7 

UJC. Funds 

UKEipilty 144.9 

Overseas Fuuds(i) 

Europe 187 0 

Japan . — -11013 

S.eTasli..- „37 8 

U.S Ih73 

Sector Funds 

CoiruntSi} —..[ 

Energy IM 0 

Financial Sec, 1662 

Hlgh-MUHmuin Fundi 

Seiecr iniera-TI j?4bl 

Selrct Incjmc. 153.7 

393df+0 3l 763 
26.9 +0n 4 40 
7 Z-8J +0 21 2 17 

45. Crariosie Sg . Efli”w jr. 

(Stewart American Fuad 

LljndJrti Units— —157 ? 
Accum. Vnlls - — 2 

tv.jji j-ai umts — |4b0 
“Sleuart Brtlbh CapMI Fund 
iLinturd .. — --|13< 3 

0?l-22b 3271 

60 S — J 1 53 
6b j) 133 

493.-3 - 

s ?iS| JM 


(Atom. Unksi.. , . |1 
24. Cssth SL. EdmtoryA 
Vo( . Inc. Sec. 23 — Du5 6 

Scot. Cap De: 20 1137 4 

(Acorn. UmU.-* flbi.4 

Lenim Wall Group 

Capital Growui |Q2 . 

Do. AtCurl |B4 4 

E >tra Inc. Gramto <38 8 

Do Accum.- 1*6.9 

Fbtancial Pr'ri.y 364 

Do. Ac-uor — 20 4 

If >41 UK P/tlrjiy ,543. 

lntematian4L.,.—— 26 8 
Special Si*a___ -|35.4 

TSB Unit Trusts (y) 

21, Cuuln Way, 4 rubier, riams. 



HU* ^ 

Or June* to 0264 63632-3 

Accum UihB • — - J-AV - 

Ceatirg ff-je-. S Fr. 

Sun Alliance Fund Mngt Ltd. 

5u-. Ail jnce Hie , HO'?o+. 0*03 64141 

5’ 1| +0-11 731 E.pEg.T-.t.DeeUJ.-Kf>0 ?37 4J. I 4.4§ TSBS'toU.CT — _|82 8 

• mr F^itu 1 * i :3; t4 -C 3.15 (hi Qa. ±rr» i+\ ^[Blh 

7|3J +5JJ 3 w Target Tst. Mngrs. Ltd* (j) (g) 

IBM 62188 

(biTSS General— ^l.J4S - 

(o' Do Accuir 589 

lb- TSS Income [60 9 

si Do Accum |b43 

MM || 

... 2.17 
4 ZU 

31. CteMm jL, EC2 Gidun- 0?9t. 5441 
5 13 T.irv 1 ComwadBy— .1 

Tjiv: r.nj-KiJI 

Targe: Eqjitr a - 

jol^ -Sal '5 Target Ec.DrC. 27. 

40 « +u'3 Lt5 f jf 5-*a ? 

JliH tOjj 1 r,l ‘* rarw.ff... >;tt- •* 

J|:s| n 


Igl lin‘1 Trust— J 

<qj Dollar Tr u*J— 


101 Financial Trust .... 
(h> lasome Tr,-a_— _ 
.(b) SeamiyTnac 

1£04 260.9 

351 37 6 

73 5 7 53 

29.9 32 D 

90 o 97.C 

2o8 284 

51 8 55.5 

(01 High Y.eJo Tsi. —.[29.4 3L5| 

IntetAV (»K9) 

15, Chriuopher Street, E.C.2. 

Intel. Ins. Fund ,._... [29 4" 







UlSmtAa Inst Mwagemeot («Kg) ♦Ke* E»em«r4 — : 

: --Sssr« Vhg ISe 

. 444 

12733 ..,3 753 

jj - 04I- 

Si +01 

3£7 -03 
834 -TO.]) 
<05 +03} 
333* ..... 
574id -HfiJ 

1 6( +0 
7« ...... 

33i -^0.1, 
34 2 +0i 


3L*i l 730*' 

•Alter Sub. DMsria. 

Key Fund Managers Ltd. (aKo) 

25. MIA St, EC2V BJE. OJ-6067070 

5J| ■- 

174.5 185.(4 ..... 

II *' 

95B* 9 * 1 - 

KlgimiBtt Benson Unit Maoagerap 




. 426 







, .,J 8 .75 
— J 2JU 

He British Life Office Ltd? (a) 

m Hie, TdrtaMge ufelfea ht. 089222271 

■ Ue..^ «. 

•PrfceTSerA'Wert do»r « 
ShWey-AJCo. Ud* 
s, Foandm Cl, EC2 



20, FeneburtJi St, E.C J. 

IDS. UrH Ftf. (nc. (884 

♦K.Q.UnitFtLAc 8 

XB. Fd. lav.Tsts.. [S73 



KB.Sm Ccs-FilAcc 
High VWL FAInc__ 

High Yld. Fd . Ate. 

L & C Unit Trust Management Ltd* 
Tie Slocit Exchange, EC2N 1HP. 

UC Inc. Fd 1144.7 1«4. 

• L&C JullA&wiFd — J97JI 10ft 

Lawson Sacs. Ltd.* (aXO 
37, Quern's SL, London EC4R 1BY. 

*Rjw. Materials 

*l Accum. Units! 

•dronrjh FiuU 

*lAccum Units). 

ttGd: and Warranl _ 

. tAraeric an Fd. „ 

- iflrrnm llnirs) _ 

Oral. * Mon. -Tuet. tfWed. 

Legal A General Tyndall FundP 

IB, Caoynpe Road, Bristol- 027232241 

dilhov.ia :i624 m ^a j a ss 

(Accum. Unite). J79.4 - ..,.4 — 

H-It sub. day -Luxor L 

Leonine AdmJnMratron Ltd. 

2, Duke St, Lomhir YUM UP. 01-4865991 

HSSSs = zM SI'S 

.Lloyds Bk. UnK Tst. Mngrs. Ltd* (a) . 

4 86 

01-623 1288 

" v&hooda LJfe Unit TrsL MO07S. Ud* 

. ‘T I' i-r^ttlWHlghSt, Potters Bar, Herts. P:Bar5U22 

: ‘:->fegSsrzzSi UM 

- • " ; HI b ia 

^,^316. he. Acorn. K5.4 . 833 

- ' -:;•<«» !rf fiairosj Must .Ud* 

■ . v-"5Vv» au n— h ci crwiM 

- 1‘ : • 1 ^*B(tOI48»wdSL,ECZNlBQ .. 01-51 

. - —.HU - 89.3} I 

... Ahrrene--—.- , -W-t W-fi ..,. 

A-“ * pSttWta»_ a , ».6 ■ 99 jJ ... --I 


..... 1 M 

Pm» m Get. 20. hot deaDig date Jan. 3. - 

'SWCbriU Unit Fd. Mgrs. Ltd.? UKc> 

5ffiK s vSs 

Balanced : — -. 

Pc. (Accum.) — 

v/ortthude Gwu 

Do. 1 Accum.) 

/(ramie — 

Do. 1 Accum.) — ! 

Ertoa Income — 

Do. 1 6-cwoJ 

Lloyd's lit* Unit Tst Mngrs. Ud. 

72-83, Gatehooe Rd, Aylettwy. 0296 5941 


M & G Groopte 

TTurr Ou+rV Tower Hitf. 

17035 [ 4.76 


-. V ^ l35, Moor9Bte, toadert, Ett.^ 01-6384121 . 

. . Qartties • Official Invest Fd*. 

■ ~L. '■ Tl topdnt Wai), EC2H 10B. - 01-5681815 

I’-j-iKat&rrlES. ' “ 

- dUowth. Only atalfeWe to Reg. ChaniiK. 

For CfBrterhcuta Japbet see -tames Today 
•' Ouftatas Trust Managers lid? CaKs) 

- - - — 01-363 2632 



Canfrderation Funds Mgt Ltd* fal 

' . • .->^-S(1.0»*ertL«e,WC2AlHer* 01-2420^2 

■•'>. X Srw.tflFW*L „!45j -4805' 1 421 

■ ••../HBeiOM mm raugi 

U.NewSL, ec2« 4tt». 

- T -' ' 

mb Income 


^ (am. Growth Tst. -v|S 7 


See also Stock, Excfw»9e 4 Dea | | , gJ’ 

49 j -‘■04 
53.1 +0.* 
543 +0.4 

81.4 +0.1 

f] 2= 

ih = 

52.6* +03 

"Jn^ " r ° J 

53! +674 
S9J +tL5 

+6 j 

^ T* 

HD. 8a +03 

191.4 +02 
1756a -0 J 

1793 -01 
Z17J -03 
274.7 -03 
■ 32B.6 +02 
952S +05 
99 3 + 05 


(Acarni. UnUI._ 


(Accum. Units)- 




Cometsion Ik,. 

(^^ULlinlu) — 

... . UWts)'” 

■a View — 0 H 


Jar Eastern—, — 
(Accum. Units)— 
(Accum. Units)—. 


(Accum. Units) — 

High Iimoi* ..— 

1 Accum. Umui — 


(Accum. Units) — — , 
lAtaim. Unlti) — 
Smaller Cos.— 
(Attun. (MlS7.ii, 
Sgeclatacd Funds 
Trustee — 

CssiDopofttan Fuad Msmgcra 

.- i 5, 3aPom Strew, London SW1X 9EJ. . 01-2358525. 

3 tasstKSJH si -A i& 

- '.1 Craig iriBUflt Uoft Tst Mgrs.. Ltd. 

9110 Faster Lace, EC2V 6HH 01-6369262 
Ht9S Induce -jfei 

North Aomrican 

lAenjm. UnBsl.. 


396 147 1] . 


50 g 4 :o.oo 

51I 9 jo 

Um Mount Hign Inc -|414 

< Crescent. Unit TsL Mngrs. Ltd. (a)(g) • - 
• 4 , McMKe C res, EdMaugn 3u ' Ml-2264931- 

; v^-fcSsft 

•- •' •* -trre HIM (lire 

. High, oin. 

C -Crt-. Re+enrM 

^ Oes. tetye 

FitarmLife Management Ltd. 

SL George's Why, Sewage. 0438 5M01 

Growth Units {56-2 5921 -— 4 4.29 

Mayflower Management Co. Ltd. 

34-18, Gresham St, ECZV 7AU. ^01-606 8099 

Income Dec. 39 _|WL2 Jixg \ £» 


y> a r mm m 34-iH, ireesnam eta* , 

■.nrr 57 !s . ' 6z$ :::: 100 income p+c. i9_-_ji^ 2 in-g — -j 

L -47.g 936 General Dec. 19 to9A 77-W — -I 

_m 39 ft 42.0 524 InternL-Ooc. 19 -|433 45.8) 1 

— — 724.6 264). -.-4 1.98 Fond Managers Ltd 

30;GreswmSt, EC2P2EB. 

liHc-fim OK. 27 clfe2_ — 
Are. U&. Dec 37^4 
Uerc. tort. Dec. 20 — li 
Merc. Ext. Wa+^7... 

. Vieretionare Unit Fund Managers 

' . 2% BMoihrn Sl, IC2M 7AL. Tll-6384«B 

• 0tfccDre.8 I17A4 IWJri) - \ 4.99 

£. F. Winchester Fund Mngt Lid. 

Or) Jt«ry. EC 2. 01-6062167 

■ . . M 5=1. W fflafc 

Emson & Dudley Tst. MngmnL Lid. 

20, ArfbodoriSL S.W.l. 01-4997551 

i0 ° 

see Abbey Unit Trost Mngrs. 

Eqrfty & law Un. Tr. M* (aKbXc) 

Aromham RtL, Hloh Wycombe. _ . 049433377 

Entity SiLaW -1645 ' -69.9f ,:...} 438 

James Finlay. Unit Trust Mngt. Ltd. , 

20-14. West Mfe Street, Glasgow. 041-204 1321 
... ■ • 2.20 



1 2820 

Midland Bank Group 
Unit Trust Managers Ltd* (a) 

Court wood H dost, Silver Street, Head 
S wWeH Kl 3RO* r7 Tel: 0742 79842 

Commodity & Ghl —{643 

Do. Accum .175 9 

Growth — . — —Eg 9 

► . J. Fbtay Inteniai'l „..|2l8 ' ' 23.41 

Actum. Units ._^,125 .9 7Eg _.-, 

J.Fimaymcn™— IfiJ . • 

0/ J.FIhUy Eura.Fla..-,)26.2 ZiK ,.-. 

.isassSdSi' 'w=i . .« 

Prices Dec. 20. Ktrt driaUog Oec. 27. 

On Accum. 


Do. Act wn . 


Do. Accum . h8-2 

EoDity.ExeW- J®*-| 

Do Accum.- 1062 

japan & Pacific 47.0 

Do. Accum. „„)47.p 


'Prices at Dec. 15. Next draft* 

Dec. 22. 


CORAL INDEX: Close 478-433 


fPropeity Growth — — — 

tVanhrugh Guaranteed 

. 31%% 


f Address staHt Ooder lirairamie am) Preperty Bond table. 

fl Ajl lin* 

a - 6U Ta^rtGrSfflh 

Intel PiciU FC 

Do Rnm Umtt 

Tarar: Imi. — - 
Tji Pr. 3-C.27 

25S.T 02i 2 4i 7^-. pT,r: rzz: 

56.61+21; :.v> ~ * — 




?J 7 }' 3c| -3 )l 4 08 

6l« o' 4*’- 3 4 61 

>a a' 3c, +j4 •- 



bi i 

If >7 


*JO ?| -03 

6 SS 
4 <C 
A 15 

i <i 

:•« it *a A i ?! 
1:3 9 -li f 35 
. .■C3) ..7] t 79 

,—i 529 

Ulster Bank¥ (a) 

tta-irj Street. Be!«a‘!. 

(a.UI'.IerGrfhth 136.5 

Unit Trust Account & Mgmt. Ud. 

King -.Vilkam Sl. EC4R 9AR 

Fij'.H-j FjpC ;«4 

VWIr' Gri.TL fna )30 9 

Do. Axum [36.3 

Wieler Growth Fund 

l-jnq Wtt.2'1 Sr. EC-R 963 
>kco»U’-: 130 9 

AjUjri.lniC- ,3ff.B 

023235231 +0.11 5.79 


S3rd SS 

393) —J 467 


32. fit J 4.67 

3&3| J 4.67 


Abbey life Assurance Ca. Ltd. 

1-3 Sr. Paul's Churthyanf. EC4— 01-246 9111 

Eguliy Fund 1..J 

EwwvAcc. — 

Property Fd. 







163 3 

in. e 












37 2 

112 9 


Pro oerty ACC. 

Sefemive Fund., _...i 

ConwritOle Fund.. 

9 Money Fund 

•Prac. Fd. Srr. 4 

VMan. Fd. Ser 4 

PE Burly Fd Ser. 4 , 

bCrmv Fd Set. 4 I 

YMonry Fd. Ser.dlZ) — . . . .. 

Pnccs at Dec. 19. VaiMUo normal »y Tuts. 

Albany Life Assurance Co. Ltd. 

31, Old Burlington 5t, W.l. 01-437 5962 

WEouliv Fd Acc. 1196.4 206.71 

»fi««i ltd. Act. 141 7 149JJ 

(TGld MonevFA Ac. _ 117 3 

flml.hlan.Fd.Aan 1092 

Prop. c d.Att. U5.4 

'M'ple lm. Acc. 170 6 

fquiiy Pen FiLAcc 234 8 

Rxeo I.PenAcc 1H1J 

G' id. Mon Pm Acc. ... 134.7 

Inti Mn.PnFdAcc 1162 

P ran. Pen Acc. 133.5 

M’ple Inv.PmJlcc— 21L5 



190.1 ...... 

i = 


Crown Life Assurance Co. Ltd* 

Cra+n Lite II ■* . Wo* mg C.U21 15 V.' 



,9b 6 
94 9 
97 5 
100 5 



Manq d Fund Act . 
Mnng'd Fd. Incm _. 
haaoq'aFd. Inn... _ 

Equity Fd. Act 

Eouiry Fd. Incm. 

Equity Fn Inn 

Property Fd. Acc. _ 
Property Fd. titan... 

FYoperly Fd. Inn 

ln». Til. Fd. Ac: 

In*. T-,l Fd. Incut. - 
In*. TiLFd. inu...„ 

Fixed lot FA Acc 

F«d. ini Fd I non 

Imcr’I. Fd. bix. 

Interl. Fd. Incm 

Money Fd. Acc 

Mrarr Fd. loan .... .. 

Gist. Fd. mem. 

Crown Brt. Inv/A' 

Udytfs Life Assursnce 
20, Cl. Hon St. EC2A 4I.K 

Mill Gi.Non.30 — 
Oa 5’A'Pr. Drt.14 

ij — Oy.yA’EM.Dec.21 | 

; *2 saata^flj 

10 00 
9 bl 

Crusader Insurance Co. Ltd. 

Vincula Houre, Tower PI., EC3. 01-626 6031 

Gib. Prop. Dec. 5 J74.4 84.2| — J — 

Eagle Star Insur/Midland Assur. 

J, Threodnerdle SL. EC2. 01-588 1212 

Eagle; Mid. Units 153.6 55.61 . .. 4 6 16 

Equity & Law Life Ass. Soc. Ltd* 

lofiflOS J — J 

1— U l5l*l 

L'dJ T-l 3. 

155 a 1*4 Gf -.. 

OnS’A Man.Oec Ji/lsJ : l*i ... . i 

OptJt'A'DcL Dec.21'124 4 13! W . . 1 

London Indemnity u Gnl. Im. Co. Ltd 

18-20. The Foraury. Pe-vung 58 >511. 

Money Mananer 132 5 35.4J I — 

MM Fierdde Kit . . J — 

Fired im+eu. .... _.|><2 36?),.. I — 

The London & Manchester Ass. Gp* 
Wlrr-Jjdc Park, Erner. 

Czo GrowtnFund 234.7 

iSFirr. Eiempt Fd . 139 3 

pErrmpl Proo, Fd. 97 0 

ae-pi. Im. T«. Fd 152 5 

fie I miff Fund 1!4.0 

in* TruaFund, Us? 

Property Furg E5 it 

Gli. DelwsKFd 102.0 

M & G GroapV 

Tnrer Quays, Tower Hill. EC3R6BQ. 01-62b<589. 

Royal Insurance Group 
New Hail Plate. Liverpool. 051-227 4422 

F.oyar SnieM Fe_„|14:.7 1541[ — J — 

Save & Prosper Groupf 

d. GlSl Helen' v, LnCn.. EC3P36P- 01-5548899 

Bal In*. Fd 11314 

Priordt Fn.* 1 _• 162.7 

GiitFd.. -1220 

0epn..:Fn_ -\3&l 

Coma Pw.Ff r '209. 3 

Eggi^iPfi'i.^S ^ b 

Prof F’ertt.rd.*, iZ37 3 

Giit^env F: 

UepBi.Pens.Fet |10i0 

•Pr-rs on Drcenbrr 19. 
n'teeklf drabcgL 

Schroder Life Group? 

Entfrprlie House. PartStonath. 

Egnty 1 — ! 2331 

1295 ... 
133* ... 
220.6 .._ 
198 C .... 

S I.O ... 




AMEV Life Assurance Ltd* 

Alma Hu, Airna Rd, Relgate. RHgale 40101 





ii - 

AMEV Managed 

AMEV Mgd. 

AMEV Money Fd._... 
AMEV EqutM Fd__. 

AW FV Fixed Ini 

AMEV Prep. Fd 


FW.I pan 



Income — 1 

I BL Growth |l 

• Fer Atom* Life Aismnca see 
PravMem Capital Ufa Atsortaca 

Barclays Life Assur. Co. 

252 Rooforf Rd. E.7. 


Afltfrsnam Raad, High Wycombe 
Equity Fd . — 

P/operiy Fd. 

Fixed later esi F 

Gtd. D+po-U Fd..— 

Mixed Fo. 


17T.2j ... 


120 8 ... 


113.3 ... 


Hri.'fi .. 


1194 .. 

0494 33377 

* 0.1 

General Portfolio Life Ins. C. Ltd* 

60 Bartholomew Cl, Walitam Creu. WX31971 

Pori In I lo Fund 1 144.9 ,1 ..... I — 

Porilolio Mananed — 423 40.71 .1 — 

P’tolio. Fad. l«. 147 S SD.Oj 1 — 

Gresham Life Ass. Soc. Ltd. 

2 Prince M Woles Rd- B’moinh. CC02 767655 

G.L Cash Fund 199 3 

G.L. Eoulnr Fund 1107.1 

AmerkanFd 8d.*.— . 

Com. Deposit*, 

Equity Bond" 

r-.Y-eUFa Bd.- 
Fdiml* 7‘»aO-'. 
Family 81-86**. 

G<ii Band*”*— 
liunriulnl Bond* 
J,tun Fd 8d *.. 
Mjnantd Bd.***...,, 

Peis. Pension*** 

Property Bd.*" 

s? i 
121 C» 
,177 9 





)?: 5 

Its 6 



90 JU 





:S3 = 


Fixed Ini 4. 

ManaBed 4 1 

Money 4 

Overseas 4 

Property 4... — 
KfiSGmt SfCi.4.. 

B.S. Pen Cat. B 

B3 Pea. Acc. B 

Mngd. Pen. -Tap. S. .. 
MniO. Pen. Acc. B ... 
F. Int. Pen. Cap. B 
F. Ini. Pen. Ax. B 
Money Pen. Cap. B,_ 
Money Pen. Act B_.. 
Prop. Pen. Cap B — 
Prao. Pen. Acc 3. 

134 2 





10451 | — 

112U.. J - 

nta , ..1 - 

m" ::::| - 

Soc. Ltd* 

rice 0678-3428 

~:r| I ::::] — 

G.L GiU Fund 112b 

G.L. (nil. Fund 106 4 

G.L Ppiy- Fuiri 11028 

Growth & Soc. Life Ass. Soc. Ltd* 
Weir Bank, Brayrtm-Thaotes. Berks. _ 0678-34284 

Flexible Fnuncr 1 

Undharvlc Sees., 
landbank Scs. A 
G. AS. Super Fd. 

Guardian Royal Exchange 

Royal Exdnngr, E.C.3. 01-283 7107 

Property Bands fI9TO 2052} 4 — . 

Hambro Ufe Assorance LindtedT 

GIB Efl^PencAcc — 

Money Pens. 

_ 7 Old Park Lane, Lcndoxt, W1 


Fixed InL Dep— ~~- 

•Cwrtnt ixtiK value Dec 

Beehive .Life Assur. Ce. Ltd* 
71, Lombard Sl EC3. 

B*. Horse Dec 1 — [ 13233 

/ — -I - 


F’rbpfrtr.;; 172.2 

Overseas-— 124.4 

Gilt Edged 326.6 

American Acc. — — 
Prn-F,l.0rp Cap— 
Pen.F.I.Dep. Acc — . 

Pen. Prop Can.— ja.4,7 

Canada Life Assurance Co. 
2-6 High Sc. Potters Bar, Hms. 

Cannon Assurance Ltd* 

L ObmpIcVHr, Wexddey HA90NB. 


Equity Accwn -If* 

Property Accum 113.50 

P. Bar 51122 

I— J - 

^ 01-9028876 

Pen. Prop. Acc-, — 

Pen. Man. Cap 

Pen. Mon Aar .. ... — 


Pen. G«t Lag. Acc..... 

Pen. B3.Cap 

Pen. B.S. Ate 

Pen- D A.-F, Cop | 

Pen. DJLF. Acc 

93 A 



28 U. 




lhanery Fd. Bo *— IbVB 7341 . | — 

Pn'.rt on *0e: 2u **0rc 21 —Dec 22. 
Merc hart Investees Assurance? . 

Leon Hse., 233 hiqn S>.. Ctgxrion. 01-686 9171. 

Property Pens. — 

Equity. 1 

Equity P-ns 

Meney Mirnet , 

Monet MU Pen: 

Deootii — 

Qrpnsif Peas. 

Manaoed ...... — 

Managed Pens. _ — 

Inti. Ecuiiv — 

Do. Peot — 

iml. Maruarc 

Do. Pens-- — . 

HEL Pensions Ltd. 

Milton Court. D01 king, Surrey. 

Nele* Eq. Cap ”* 

Nele* Eq.Acaim. .— 

Nelex Money Cap 

Nele' Men. Arc 
NelexGlh r.>:Cae.~. 

Nele* GUiiikAcc™. 

Nel M.a. Fi. Cap. — 

Nel Mxd.Fd.Acc,—. 

hem Sub. 

523j +o.y — 

543) +£jj — 

itw OKWdiet 25 

HP! Pensions Management Ltd, 
48GracrchurehSl. EC3P3HH. 01-6234200 
Managed Fund.— [157 6 1M2I .,.J — 
Pt'«L Oec. L Ke.i draimg Jan 2. 

New Zealand Ins. Co. (UK) Ltd* 
Miilland House. S«uWnd SSI ?JS 0702 62955 


Scottish Widows’ Group 

P.0. Box 902. Ediitargh EH165BU. 

031-655 6000 
inv. Pw.Srs. Drc.21 
lo*esc Ca3i Dec. 21_ ( 

E* Ul Acc Dec 20. 


Mag- Pen Dec 19.,. 

Solar Life Assurance Limited 
10.12. Ely Plate, London. EC1N fcTT. 01-2422905 
13541 +0.41 

imJ +oi - 

i^+ + S:l 


179.( +06 
1212 +O.J 

Solar Managed S - ..[' 
__ Solar Property S L 



Sola* Equity P 17Q.9 

Sour Fxd.irn. P Tisa 

Solar Cash P |1025 

Solar l«LP_ 


+0.71 — 

Sun Alhance Fund Man grot. Ltd. 

San Alliance House, Horsham. 040364141 

Exp.Fd.lnLDec.13 — IQ48 1 159.91 .—J — 

lm. Bit Dec 19 1 £12-04 | — 4 — 

Sun AMtance Linhrd Ufe Ins. Ltd. 


_ Mt.fF.rr lm- Plan — [152 5 

Small Co’s r C ,4p j 

TrChnolffT* r 4 |W6i 

ZndEttPenc/Acc— I 
2nd Pro. Pens /Acc — - 
2nd & id. PmsJAcri 
2nd .fteaPens/ 



LlES.l.F.2 3ft? 

Current wine Decenfcer 

Capital- Life Assurance? 

CwwtonHowa, Chapel Ash Wton. 

Key fovea. Fd 101J5 

ParaoabertoJd.— 1 87.01 

ChvtertiousK Magna Gp* 

Stopneoma the. Briar I Centre, Blefriil ^M Phm^ 


1=1 = 

■ 6 104 7 

Hearts of Oak Benefit Society 

15-17, Tavistock Place, WC1H 9SM 01-387 5020 

Hearts of Oak — [37.4 39.91 1 — 

HUI Samuel Ufe Assur. Ltd* 

NLA Twr, Addiscorabe Rd, Cray. 01-686 4355 

♦Property Units „-J162.6 
Property Series A — , 1055 

Managed Units U3.4 

Managed Series A~- 96-3 
Managed Senes C — J2-4 

Money UrtiU 1238 

Money Sert« A- W.9 

Fined InL Ser. A ffj 

Pn*. Manaoed Acc— 1509 
Pits. G'leeACap— -107.4 

Pns. Gleefl. Acc 114.7 

Pe«. Equity Cap jgQJ 

Pens. Equity Acc /Iul9 

Pns Fxd.lnLCap._~. 95 4 
Pns-Fxtf.InLAcc ?J.l 

Pens. Prop Can % 7 

Pens. Prop. Acc [96.4 

Imperial Life Ass. Co. of Canada 

Imperial House, Guildford. 

GrLFd. Dec. 15- — [75.4 82 

Extra itc Fd 
E»tra lr.c. D|-A. Fp. 
ArrrnCin Ffi. , . , 

Far East Fc 

Gill Ediirt) Fd 

Con IV P«U Fd 

«4 5 

?Ja S o 


103 5, 
112 1 
liM y 

—J — Norwich Union Insurance GroupV 

3221 — 

li = 

liM —4 — 

— i — PO 5o» 4. Norwich NPI 3MG. 

M.vuped Fund,. 1> F-jnd , _ — — 

Property Fund 

Fried MK.'imd., — . 
□rcrsii Fund.. . — 
Nor. Unit Dec. 15 — I 





229 3 

374 9 
142 6 


Strn Afbawe Hoase. Hbtjiml 


Property Fund [1165 

Irrtfnu’.rP'tal Ffl,_ -|9§2 

Dew&Jt Fund 

Managed Fund__—|U9.4 

Sim Life of Canada (UK) Ltd. 

2. 3. 4. Coctatar Sl. SW1Y 5BH -01-930 5400 

Maple Lt Crtn. [ 204 7 

tuple L/.Uangd J 1355 

Maple L‘. Egri j 13L7 

Perstd. Pil Fd. — _| 207.6 

Target Life Assurance Co. Ltd. 

Tjgj. Hff>. "S&JSft&fW 

_ Man. Flmd me. 

Pearl Assurance (Unit Funds) Ltd. 

252, High Helbnra, IVT1 tf 7EB. 01-405 8441 

Manages rjnd 1T1S2 121J| 1 — 

Eonny Furri }ll|5 126.3 — j — 

Prooeriv Din 1112.5 118H — 

Property Accum 11266 13 jJ] J — 

Phoenix Assurance Co. Ltd. 

4-5 a ing Sl, ECOP4HR 01-626 9376 

Wealth As, |H25 138-61 .. — I - 

Eb’r. Ph Ass. L, „ 78.6 J . — — 

Eb’r. Ph.Eq.E 1775 BL9[ 1 — 

Prop. Equity At Life Ass. Co* 

119 Craw ford Street, WlH 2AS. 01-486 9857 

R. Silk Prn. Bd 1 1869 I ,-. [ — 

De. Equily Bd 1 76J 1 [ — 

Flex Monr> Bd. 1 149.6 I ... I — 

Property Growth Assur. Cos Ltd* 

Leon Hcuxe, CrcydonCR91LU. 01-6800606 

PtftS-Fd. Dtc. 15. - ._ 

64 9 

Chrthse Energy ___ 136.4 

Magne Managed 


Managed Fuad. 

Fixed im. Fd. — 
Seare Cap. Fd — 
Equity Fund 

UnK Linked Portfc 



Praprrr, Fund- 

Property Fund :A» — 
AgnciiturJI Fund — 

Aanc. Firrxi IAI 

Abber Nat. Fund. , 

Abbey Nat Fd.iO*— 

Investment Futtf 

Investment Fd. >Ai — , 
Equuy Fund 

City of Westminster Assur. Co. Ltd. 

mreg^^hWtotthurteRuaA d-^4%64 

Farm land -Fund 


PULA Fund 

Pens. Mrtpd. Cap 

Pens. Mngd.Acc. 

Pens. Money Cap. 

Pens. M««i Acc. 

Pen. Equity Cap. 

Pens. -EuuiN Act. — ; _ 

fJSsszz?* &r Trr - 

City ' of "Westminster ' Assur. Soc. Ltd. 

Telephone 01-684 9664 

^5Es=ga 4 M- 

Coniinerclil Union Group 

SL Heinrt, l. Undershaft, EC3. 01-283 7500 

&JES!E£=1 Its ta = 

Confederation LHe Insurance Co. 

50. Chancery Lane, WC2A1HE. 01-2420282 

Group Hngd. Pen. 

Fixed InL Pen. — 

Equity Pension 

Property Penmen — 

CorufaHI Insurance Co. Ud. 
32,Cenil>Ui. E.CA 




304] *17] 5.00 
9B2 +0< — 

B Ui +2J — 

L6 +0.9 — 

116.4 — 

205.7 — 

S 9.8 — 

aJQ ..Z| — 

lOZBOfvOiy — 

J 6s.1 ::::.( = 

BrJ = 

Cap. Feb. He* 15 



Credit & Commerce Insurance 

120. Regent St, Umaen WlR 5FE. 01-4397001 

CGC Hngd. Fd. [1232 ; 333Aj — 

Irish Life Assurance Co. Ltd. 

11, Flnsbtry Square, EC2. 

Blue Chip Dec 22 . — * 

Matw3.Fd.Ser.ll— P65 


Prop. Mod. CtlL 
King & Shaxson Ltd. 

52, CortiftilL EC3. 

Bond Fd. Exempt — H0L4B — . 

Next dealing date Jamory 1 

Lang ham Life Assurance Co. Ltd. 

Langham Hte, Hslmfirtnk Dt, NW4 . 01-203 5211 

Harvest Plan — 98 1 

Langham 'A" Plan — 660. 

UProp. Bond 747.1 

Wfcp ISP) Man Fd 755 

Legal A General fUrrft Assur.) Ud. 

IrfS&bEU. HoUS *' Wn3WOW, ‘B2S:K^I^Z 

Cash InltJal ... 

Do. Accum. — _ 

Equity Initial — 

De. Accim>. — 

Fixed initial 

Do. Accum., — 

lull, initial 

Do. Accum. .... 

' Managed Initial 


Property Initial., — - 

Legri C £*^«oMrtBift~ Pead M n ) Lto.' 

Exempt Cash inIL — “ 

Do. Atom — 

E«emp[ Eqty. IniL.. 

Do. Acture. 

E>emrt Fixed itux 
Do. Accum. 

Exempt Mngd. Inti 

Do. Accun. — — 

Exempt Ihop. InIL — 

DO. Actum. . — — 

Legal * General Prop. Fd. Mgrs. Ltd. 
11, Queen VlOOrta SL. EC4N 4T P. 01-248 9678 
L&GPrp.Fd. Dec.b— 199 7 1043 ..-J — 

■ Ntrt Mb. day Jsmnry J. 

Ufe Assur. Co. of Pennsylvania 

39-42. New Bond Sl. W27 CRS. 01-4938395 

LACOP Units.— +— |9E6 llBil — | — 

Uoyds Bk. UnK TsL Mngrs. Ltd. 

71. Ionian) SL, EC3. 01-623 12M 

Exempf— 1M5 3IB.4[ — 1 7.81 

Equity Fund lAj — 

Money Fund — 

Money Fund -'Ai 

Actuarial Fund , 

GiU-edgra Fum 

Gill-Edged rd iAr_, 

* Retire Annuity. 

ftlmmed Ann'tv 1 

imernaiiwul Fd. — l .... , ... 

Pup. CrovHi Pensions A AorndHet lid. 
All Winer Ac. 












Miru Fund Arc.— 

Prop. Fd.lnc — 

Proo. Fa. A^ 

Proa Fd lnv_. , 

Fixed lia-Fd. litt. — 

Dep.Fd. inc. 

Ref. Plan Ai Pen — 

ReLPlanCap.Pen — 

Man. Pen. Fd Acc. — 


Gilt PeaFiAaL 

Gilt Pen.Fd.Cas. — 

Prop. Pen. Fd AX. L 

Prop. Pen. Fd.CJfl.-~- [1627 
Guar.Pen.FddtCC. — W.9 
Guar.Pen.Fd.Cap. (&-» 

D.A-Pen-Fd.Act [97.4 


TransirtteraatfonaJ Life Ins. Ce. Lbf. 

Z Bream Bldgs, ECA1NV. 01-4056497 

VTulip Invest. Fd. — 047.2 
UTulio Mangd Fd-_ 1160 
wMaa. BondFd— — 1213 
Man. Pen. Fd. Cap. ~ 123.7 
Man. Pen. Fd. Acc — 1329 
VMngd. Inv. Fd. InL, *9 
(FMngd. Inv. Fd. Act- 99.9 

Trident LHe Assurance Co. Ud* 

ReiBlade House, Gloucester. 


Pt-Kidn Fd. IJti 

Con*. Fen-,. Fd 

Cnv. Pm. Cap. Uu| 
Man. Pent. Fd — 
Man. Pen:. Cap. Ul| 
Prop Pens. Fd 






136 6 


Providence Capitol Life Ass. Co. Ltd. 

30 Uxbridge Road, W12 8 PC. 

Sri. Ms: Fd Sid.— 

Pen-.-ion Eqtulv 

Psn'-ion Fxd. InL— - 

Deposit Fa. Dio 

Drop' ll Ftf Act — .. 
Ebuiijt Fd. Cat. — —— 

Equity Fd Acc 

Fid. Int. Cap. ! 

Fid lid Acc 

Irani. Cap 

Intel. ACC.., - — I 

Managed Fd. Cap. — i 

MaAJOrdFd. Act 

Property Fd. Cap- 

Property Fd. Ace..— 

I J i” 

51.91 , ■ 

— Provincial Life Assurance Co. Ltd. 

*” 222 Brdxmsgate, EC 2. 

Pro*. Mana^d Fd 


9 ? 

45 7 






110 0 

1? o« 







Dl-749 9111 



Fid InL Fund. 965 

Prudential Pensions Urattedt 

Holbarn ftlrt. EON 2«H. 01-JDS 9222 

Equit Fa No. 15-.,|(2£74 26.M+D21I — 

Fro. Hit. MOV 15, klf.37 19.6a*0J0 — 

Prop. Fd. Nov. 1S.-..U2UZ 29.7^+0541 — 

ReUance Mutual 

TiuVwtgr W< Us. KetlL 0692 22271 

Rei. Prop. Bai. — I Z2L9 ( [ — 

Rothschild Asset Management 

Sl Swithun Lane, London ECA. 01-626 4356 

NX. Prop. -I1M6 a l I - 

Next Sub. day Oeanaer 29. 

Pert Mngd Act 

Pert Gtd.Des.Cao — 

PerrvGtd DtojXCC 

Pro- Pel,. Cap 

Pens. Pty Acc — 

Trfll. Bond , 

-TrtfL 6.1. Bond 1 ___ 

•Cun value lor £200 mbm. 

Tyndall Assurance/ Pensions* 

1ft Camnge Poac, Bmud. 

3- Way Dec. 21 1 327.2 

Equrlv Dec. el 1 1625 

Bond Dec. 21 

Property Dr: 22 — - 

Deposit Dec. 2) 

3-Way Pn. Dee. 1«._ 

O’seai Iny. Dec. 21 — 

Un.Pn3.Vtf Dee 1.... 

Do. Equity Dec. 1 — 

Do. Bond Dec. 1 

Do. Prop. Oec. 1 

Vanbrugh Ufe Assurance 

41-43 U ardor Sl. Ldn. W) R 9 LA. 

Managed Fd— 

Equity Fd — 

laM. Fund. 

Fixed Irtterst Fd. 

Property Fd., 

CunFimd — 

Vanbrugh Pensions Limited 
41-43 Iham Sl. Ldn. vnR «LA 
Uanoged JlOlD 


Property 11010 

Gieremerd see -ins. Base Rates' able. 

Welfare Insurance Co. Ltd* 

Wmsiade Pare, Exeter. 0392-52155 

MonrynaaLer Fd._...| 104.9 1-0A| — > 

For other funds, mease rrlfr to The LM A 
Mascbnter Graup. 

Windsor Life Assur. Co. Ltd. 

Karel Assert Hie, Soeet Sl, Windsor 63144 
LHe Inv. Platts 
Future Assd.GIMb) — | 

ReL Arid. Ppns._, 

Fie*. Inv. Growth. 







< . — 

m2 105-51 — 4 - 




Alexander Fund 

37. w Meire-Came. Lovembtun. 

Aleianoer Fund . | SU5b :0 ‘ i I — 

ftt a»s« m*hc Dec. 12. 

Allen Harvey A Ross Inv. MgL 1C. I.) . 

1 Ctniinq CrosL Sl Hfurr Jtv, C.l. K >4-73741 

AHRGik Edg.Fd, ,_|ilB22 10X3| | 11.99 

Arhnthnot Securities {C.L) Limited 
PO Box 284. St. HeHer. Jerxry- 0534 72177 
Cap. Tst. ■ Jersey) — -IH5 219| 420 

next dealiim date Jaruxr, 4. 

GovTSeuTsL JIM 1021 .,.11200 

Next araftnj due Oe;emb" ->■ 

East &lnU-Tst.(CI) -J96 1011 3.64 

Next deling our Decenfcer 28. 

Auftratan Selection Fund NV 

Market fippnrtiatiuei. c. 0 Insn Young & Outhxalte, 

327. Kent SL, Sydnr* 

USS1 S*arrt | SUS1.4B ! I — 

Net asiM talue hoffemaer 21. 

Bank of America International SJL 

35 Boulevard Royal, LurereMtirg G.D. 

WlAnyest income JltfEUi F! 116511x048 7 JO 

prrett m Dec. 21. Neat Sufi, tq Drt. 27. 

Banque Braxeftes Lambert 

2, Rue Dr la Rcgcnce 8 1000 Brussels 

Renta Find LF 11.884 1.942) xlj BJM 

Barclays Unkorn Int (Ch. Is.) Ltd 
l.Onring Craw, St Heirr.Jsy. 0534 73741 
Overseas income — 147.0 445J xO 11 1?^ 

UwdffUar Inst IbjSIO. 71 llJTj .. ..( 170 

UoRXwdTruM RunoUZ 10256) 850 

Barclays Unicom InL (Lo.Man) 

1, Thoms St, Douglas. i.o.U. 06244856 

Unicom AjreL I 
Dd.AinL Min — 

De. Crtr. Pacific 
Da. (oU. Income 

Do. 1. el Mae Tsi 

be. Manx Mutual 

Bhdiopsgate Commodity Ser. Ltd. 

P 0. Bax 42, Douglas l.o M. 0624-23911 

ARMAC “Dee. 4 |WSWJ8 31 74f 

CANRHO** Dec. 4._£1 048 1 IM 

COUNT** Dec. 4._....K2 627 2.781 

OrfottWy issued JL *S10 and 

Bridge Management Ltd. 

P.0. Bk 50ft, Grand Cayman. Cayman Is. 
N'bMbiDec.l. [ VI 7. 858 | | — 

wS’FtLD^fjJ^lJuSM 2L5« 4 0.77 

Britannia Tst. M no rat, (Cl) Ltd. 


.1. *.Vba.4l*W~-B 

°obi . ..j 

d« i liB 

Keyser Ultmsnn Ltd. 

15. Mils Strre> EC2'. iiJT C-l-SPSTOrO 

Forr.el'i .. •*'! 777 .’51” I *05 

Beroi-l-i . --I — 

Ceil*, tie!', -lap -3'- -i — 

King- & StwasM Mgrs. , 

lCnarlruStv.- Vr..r. 'v’-'lj 1 ‘.iJ? 

Vrllr, Hu- S’ PeV'Pa-! tl— T 'fr«M-» i*ab 

i Thor-av 5t-re; Dvuq’.“ 1 O.I.i. . -.06-4 ■ 4856 

Gn: Funo iJir-f. '..—j*- il;- 
C-U Trj-< - I c- V - '1021 

Cil] Fr^J. fitr*)i!r>H 12 
Int L Cart. S«l T»? „ 

First -'l-. s4 1 - rS | — 

Firs: i"li. . . . aim-?. !50.7i| ..... | — 

Kleinwort Benson Limited 

M. Ferrtiurcn St. EC?. 01 -p23£200 

Euinr 1. Lux F . 1 124 ■ *11 3.11 

CienM. In- -g? 5 a _•*«{ . . .4 -7 

Da. Accum. 1, a . i-.l] ;.77 

K3Fai Ejv fc . . ■ i St 'IT o2 i 158 

hSlntl Fjn: i fl'Sl! W ■ 2.P0 

KB Japan Fuim 1 StiS>^22 I _... 0 64" F2 .} V. V.2V* 1 0-W 

Sane' E^rm-j-ja I S'.'S- °5_ ■ LEI 

Interntl. 84. Fa 1 Sbit00.i3 ) — 

0534 27561 

3 .32 

1 33*|~J IS 

1 »|ta fiS 

r. Ud. 

Uoyds Bk. (C.l.) U,T Mgrs. 

■ P.0 Bo* 145, St Hrtiie-. Jer.x- . 

Uo«dL< TsL O'-ros . '55! 5ECI-...J 

He.medi.ig xir «r--, 

Uoyds TrjstGil:.. . . £70 00 I 12.50 

Nett Oeri-rg Dale Ocr+arr 27. 

Lloyds Bank International, Geneva 

P.O. Bor 438 1211 G'dff.e 11 iS*:U*rrand> 
tfc?ro> Irt. G» 5330 JW-C.' 

Lloyds lm. Intcme .. l?F2SiO 29. :D! 

Management iniernaiional Ltd. 

Bans ol Ser.xiuM Smiling EerrqiJa 
CanterOuryC'vc.lS— iSJ5:l! I 1 — 

M & G Group 

Tnree Oua»s, Tokiffr Hill EC3R 630 01-6264588 

Atlantic Dec. 14 ;iLi!?i 5 0; * — 

AuslEs. Dec. 20... SI-57J' 74.' 

Llo.Ex.Ao. Dec. 2K«i«95 3119 

island L' a 9 L> a »i ... 

lAccurr UniUi— |I37 0 231.11+0 3 

Samuel Montagu Ldn. Asents 

114. Old B-oaa S: . £ C 2 
ApjlloFd.De: 2i ... ; :‘43 c n U13I 
Japt+st IVc 15 ’■‘■.t-? tl ;J CO 

337Grtu?Dr.-.i3 . Si;:;r-v )? -j 

317 Jersey D»:. 13.. 5 »C . ... 

JsfO’sCve-o.. !£*.?3 3 i>.-!£-b1 . 




01-598 6464 

2 4» 




127 , 
2 . 1 » 

o.V 4f 





30, Bath St, Sl HeVer, Jets*. 

Stxrfing DeneeUMted Fdi. 

Growth mMt - 1341 

Intitl. FtL — 79 8 

Energy Tit 1118.2 

S Ta. Stg p.Oe 

Hign tnLSUg.Tii p.93 

US. 0»tt*r OMomfiwifd Fd i. 


Value -Dec. 2L Next oeiling De- 27. 

Brown Shipley Tst. Co. (Jersey) Ltd. 

P 0. Bn 583. Sl Kefir r. Jersey. 0534 74 777 

SUn9.BnS.Fe.ln i |U0.0 1003) | 12A0 

Butterfield Management Co. Ltd. 

P.O. Bex 195. Hamhen. Bermuda 

SSSEardW* ill 

Price* n Dec. I. hen ub. lan. & 

Tar Capdirez SA see under Keyier Ulfman 

Capital International SJL 

37 rue -Metre- Da me. Luxembourg 

Capital Im. Fond I SUS17.65 I .....J — 

For Central Assets Mngt. Ltd see under 
Keyset- Ullman Ud. 


Murray, Johnstons (Inv. Adviser) 

lb J. Here Sl ulatgor.. C 041-221 5521 

»H«r St. Fc. 1 I'S+Jf -2 J .._. J — 

■Murray Fuitd— r C'vSU-.-- I 1 — 

fiAr OC-r-ZK- 15. 

Negit SJL 

lOi Bojli-.artf Lure-so : nrg 
NAV Dec. If- | S-jSil.lS I 

7-rnirJa 9id;r Ha-filin. L-t+Sj. 

NAV Dec. 15, . — liilO — i I — 

Phoenix Intemstioiul 

PO Fc* 77. 5:. pe:-r for. Guemwjr 
1nl*r-Dplia- Fur: . -.ISUS231 2 50| J — 

Quest Fund MngmnL (Jersey) Ltd. 

PO Go* 194 $i Hilic' -'ere-. D53S27441 

Owen SUa.Fro ir:.. .|5'. 2 djai . . . | 12.W 

Q-jewtiitf?^... . SJ41-* 0«F7 — 3 03 

(fceilinu Lo O'-ibl .... [ 9M 

Pr’Ae £■. DriL 2J. Ne t JcliUQ IV- 2i. 

Richmond Life Ass. Ltd, 

48. Alhai Sire:!. Oouwa - - < O.f, 
(> 'The 

Riuumtna Gc.Sa ,11: 4 

Do. Plai-run 3d 15* y 

Do. Diamc-r-'; ... ■«? 4 
Do.Em ircPmeSa . 1 

Carnllon C.G.i of . . [ J 5 0 

0674 23914 
iKSf-Of-' - 
1214 xU.5 _ 
ion 3-1.7 — 

101 FJ . . - 

l-> + .... 11 55 — 

Charterhouse Japhet 

1 Patemner Dm, EC4 



„roiei u 

lotos SB 
S3 05 


CRve Investments (Jersey) Ltd. 

P.O. Box 320, St. Heller. Jersey 0534 37361 
Core Gib Fd. (C.l.) -JIM 9 651 .. . 1 11 40 

Clive Gllr Fd. Usy. ' _ i960| .[ 11.45 

Corahn Im. (Guernsey) Ud. 

P.O. Dot 157. Sl Peter Pori, Guernsey 

lntri.Man.Fd 1163.5 17B.01 1 — 

OWS Oeotscfie Ges. F. Wertpapiersp 
Granefaraowrg 113. 6000 Frankfurt 
liwrata (0U3JJ8 3940) — 4 — 

Rothschild Asset Management (C.f.) 
01-2483999 PO BoxW Si. Jui.a-.- C*„, Gue.-mey. 0431 2->331 
31 701 4.83 OC.EqFr Ke. r-O .,»S , eOli 2.9? 

S JO ..... 4.45 O C.lncFd.Ctc.l_- 1:21 lil £= -38 

30 4 98 O.C.lmlFcT . Illo ]-’3«J .... 1 >7 

219t 530 CCSmCoNB,.5C..-.|!4u3 i-j? 2; .... , 338- 

tlfl ■ — 0 C. Conimcci'i' -.Ix’S !5.’tfJ.„. 4.-1 

4437 2.74 O.C. CHr.Com:-., t . J.57L 93 t» 

Delta Group 

P.O. Bm 3012. Nassau, Bahamas 

Delta Inv. Dec 6 ISU51A9 1.771 1 - 

Deutsdrer Investment-Trust 

Puitfach 2685 Biebergasse 6-10 6000 Frankfort 

Concentre in >0854 21.801 1 — 

HiL RemrriBBds |DUta70 70.«j .. ..J — 

Dreyfus Intercontinental Inv. Fd. 

PJO. Bra N3712, Nassau, Baaaau. 

NAV Ded9 PUSS.* 14.471 .....J — 

Emson & Dudley Tst. MgL Jrsy. Ltd. 

P.0. Bra 73. SL Metier. Jersey. 0534 20591 

E. D.I.C.T. 1123.8 13L8| 1 3.00 

The English Association 

4 Fore Street, EC 2 - - 01-588 7081 

SH3 I 

•Next deakag Oec. 2D. "Next dealing Dec. 27. 
Eurobond Holdings N.V. 

HandeUkade 24. WHletmud. Curacao 

NAV per share Dec. 22. SUS20.80. 

F. & C. Mgmt Ltd. Inv. Advisers 
1-2 Laurence Peuriary Hill, EC4R0BA 
01-623 4680 

Cert.Fd.Dec.20 [SUS526 -0.17| 1 — 

Fidelity Mgmt. & Res. (Bda.) Ltd. 

P.0. Box 670, Hamilton, Bermuda 

FldeBiy Am. Avs_ — I SUffi-99 | ... J — 

ra&wd -g = 

FMenyWridFd 1 JUS2J97 |-001f — 

Fidelity Mgmt. Research (Jersey) Ltd^ 
Waterloo Hu. Don SL, Sl Heller, Jersey. 0534' 

Series A (IntriJ 1D32 

Series B t Pacific) — If9.D8 
Series 0 (AmAss.)— &4.59 
First VWng Commodity Trusts 
10-12. SL Cearye (Sc. Deuglas I.O.M. 0624 :5015 

Tfo-cc. o" D*- 71 oriiiro Ja-tniFy a. 

Rothschild Asset MgL i Bermuda) 

P.O. Box t»l Gr. el e-Ti.jj tii Bermuda. 
Reser.e A;*-: FciSu'.>-;J »B6i.. ( — 
Pri» bo De: 1ft Nvrt drafir-S P*c. 27. 

Royal Trust (C.l.) Fd. MgL Ltd. 

P.O Bfft l«i. Real Tv. H * . Jrrtey. Of 34 77441 

R.T. im'l. Fd 'sa;«09 9 Ml ...[ 3A0 

R.T. Inti. :j;>.*Fc...|E0t- Snllj ....J 3-71 
Puces X Cec. 17 Ucjs dfilmj Pec. 27. 

Save & Prosper International 
Dealing to- 

37. ftriud S l. St. Heller. Jersey. 

U3. DoHai de no m mated Fund*. 


Dlr.Fxd In: ■**- 
Internal Gr. - ;-... .. 

Far Eastern - ; . .... 

North American*; — . . 

S+prot 11-1.95 

Sterbng-dfnan.-uted Fun 

Channel Capiialt " 

Channel _ . 


St. Deposits ^ 

SL sprier-, or tVr i'8 "PK TO' •'■Dei.'lA 
IVVeeH* Dealings. +u’ailr Dealing;. 

Schleslnger Intamationa! Mngt Ltd. 

41. la Mane Sl. St. Helier. Jer.ffy. 0534 73583 

-A.LL... .™|74 

_ A C.L- . 

Girt Fd 

«£• +0J| 
lift 4 



0 24 
12 JO 




rjc- 67 o,«| : 

i-irt Fd BL: 21J . 

Inti. Fd. Jersey... . ..;J4 _,13Q. 

Imnl Fd.LimJHJ 1!0 47 1144 . 

•Far East Fund 1)00 lGt , . 

’Sen UL. dii December U. 

Schroder Life Group 

Entcrpri'-e Hcx.e. Portsmouth. 0705 27733 

International Funox _ 

£ Equity - 10« J 

SEouity .1137 4 

£Fuec Interest . [139.0 

SFned I meres 1 I-3T.4 

fManaged 1.12 

SManagen |l5. j 

J. Henry Schrader W sgg & Co. Ltd. 

120. Chfaa?lde EC7. 01-5684000 


130 0 
127 oj 

-DJ)2| — 







FiLVk.Dbl.Op.Tst~ — 57.3 ."j - 

Fleming Japan Fund SA. 

37. we Notre- Dame, Luxembourg 

Fleming Dec. 20 1 5US6L91 1 4 — 

Fret World Fond Ltd. 

BmtrrfWd Bldg- Hamilton. Benr -la. 

NAV No*. 30 1 SUS1893B | . — l — 

G.T. Mbrutgement Ud. 


C9.41 9.47 




SHOD 13 1050 

U3^5 14.67 





S ItI Aral rata FdS ’ 

.T. Bead Fund— 

Cert mere Invest. Ltd. Ldn. Agts. 

2. SL ttvy Ate. London, EC3. 01-283 3531 
Gkitmore Fuiri MmL (C.I.) LW. (»MhJ 

4L Broad SL, 5L Hefler Jersey 05.K- 73741 

Gk F ifiVfUersey) — J9S.00 1008) ... I 1225 

MOM Fund MagLJFar East) Ltd. faMb) 
1503 Hjdtrisea Hke, M Hwtaurt RjLH.Mn, 

HKSP1LU.TB B.7i5„ * 

Japan Fd BlQiSl 19-« 

N. American T*L SlSiaS 10 » 

-Inti. Bead Fund puSULSS! 

eartesnfovHtMrf Mngt IM. (ej 
P.O. Box 32. Dante. loM. 

Eartmore IntL Inc — Bl.l 22! 

Gartmfirt Inti- GrthRLz 65.< 



. .1 2.60 

Hambro Pacific Fund Mgmt. Ud. 

2110, Cenought Centre. Heng King 

Far East Dec. 13 [WOtJI 15141 ..-J — 

Japan Fund |SUS95». U)07|-0J9| - 

Hambrw.Bank (Guentsey) LtdJ 
Hambros Fd. Mgrs. (C.l.) Ud. 

P.O. Bra B6, Guernsey. 

MnLtart SO'^ioWt _ 

isre w slftr 1 

im. sS. -a' suap2 ^ i 

Pnces an Dec. 2D. Next dealing 

Henderson Baring Fund Mgrs. Ud. 

605. Gammon Haute, Hong Kong. 

Japan Fg. Dec20— - 

Cheap S Pvt. 20 .— • 11.1 

TralalMr \ov 30 ... . SUS123.16 

A-.i» Fd fee. 1 1 . — Kl sl’CQ 14 51, 

Darling Fd. Dec Id.... 5**1 K 7 04] 

Japan Fd. Dec. 14 .... 5U3S« «.£M, 

Sentry Assurance InlernaliORCl Ltd. 

P 0. Bo' 526. Haeiltinn 5. BermmU . 

Managed Fund- IS-JC1*»U 7 1565[ J — 

Singer & Friedhmt fer Ldn. Agents. 

20. Cannon Sl, cC4. 01-24B %46 

Dekalrads ...IDLIbl; 77.801 — | 6.12 

Tokyo Trt. Nov. 21-.] 60540.00 1 I 

Stronghold Management Limited 

PO Bor 335. 5l Hcl<tr. Jersey. 05'4-77roO 

CommcidityTit-M leo.99 91 j7| | — 

Surinvest (Jersey) Ltd. (s) 

Queens Hte., Oar Ri.. 3: Helier. Jry. 0534 27349 
American Ind.Tsi Dt .7 311+OOji — 

CoTP+r Ffui! <£JL£9 37 id ■* C 0?( — 

Jap. Index TsL k!0 64 11 07|-0 07| — 

TSB Unit Trust Managers (C.l.) Ltd. 
Bagatelle Rd , St. Sa.lour. Jertcj. 0534 73-194 

Jertey Fund MB 7 50 71 . -I 4.73 

Cstiorrtie* Fund ...-*•?£ T 50. 7) . 

Priff. on Cfct. 20. Nt-t '+4ib. d)y Oec. 2.-. 

TSB Gilt Fund Mancgcrs (C.l.) Ltd. 

Baqairlle Pd. SL Sftvirur. Jertey. 0531 73494 

Gill Fund .199.0 1?? 0) -1 01 12J0 

Gill Fund ij-r.5 fo9 0 102 31 + 1 0{1L10 

Price- 0-1 Dr:. 7,. Jlert toP 4a; Del. -i. 

Tokyo Pacific Holding: !t.V. 

Intimls Managcnieni Co N. - .'. ftrxu. 

NAV per ‘.Uis Dei. 11. SUSM.84. 

Tokyo Pacific Hldqs. (Sdafiosrtf) N.V. 
Inumu f.tona-jemrn; Co. N.V.. Cur.vjp 

KAJ u-r irtare Dec. U. SU £47.25. 

Tyndall Group 

P 0. Box 125n Hamliim 5 Bermuda, 2-7760 
Q'sezs Dec. 70- . .. .(SUil :i 

l Ac Cum l!nil%' -S:5:.21 

3-Way In*- Pec 14|W.'Si73 


600 . 

TOFSLPec.Jl. .. 

(Aceiir.i. Sharexl 

American Dee 21 . . . 

t Accum shares' 

Far East Dec. 71 

(Accum. share-.' . — 
Jcriey Fo Dec 70 .. . 
I Non -J. Arc tit;. 1 — 
Gill Fund D<-; 2C — 
(Accum. Sliam 

£7 10 




<‘7 0 




f -l r 

34 5 

9’ (W 

20 1 2 


193 a 

31d ad 

’.03 4 

ior- 4 

143 fl 

0534 3733L'3 

2 00 . 

— SU52Z7fc 23.741 .... J — 

-r SU wS0.697 IxJoJ — 

„ Oec-20. 

Bwri Fd. Dec. 21.. 

•Exchntve of any ririb"- Charge:. 
HM-Samdel & Co. (Guernsey) Ltd. 

8 leFebvre SL, SL Peter Pori. Guernsey. C.l. 

Guernsey Tsi 1149.7 lfi02w| I 3.69 

Hill Samutl Invet. Mgmt. IntnL 

P.0. 8m 63. Jersey. 0534 27381 

HS Channel Is. F. — R2L2 129 B . .J 3J2 

Box 262Z Bern, Smtorrbnd. Telw 33475 

IntarnatiBnal Pacific Inv. Mgmt. Ltd. 

P.O. So* R237. 56. Pitt Sl, Sydney, Ansi. 

Jarelta Equity Tsi |SA2J2 2.*4|-0ftl| — 

J.E.T. Managers (Jersey) Ud. 

P.O. Box 98. Channel Home, Jersey. 0534 73t>73 
Jersey Ertrnl. Tst p5«J) 168« ......| - 

As at Nov. 30. Ned sub. day Dec. 31. 

Victory House, DougUv lib cl Von. 0624 24111. 
Managed Dec 14 ..|U84 145 S| | — 

Unilife Assurance (Ovcrssis) Ltd. 

P C-. Bo. 138F Hapiilion 5-31. BrrriuiJa 
fnterrtf. Knrjs Fd . - I ... I — 

UnioR-Inveiiment-Gesellschaft mbH 
Ponlaih 157b7. D 60SO FianKurt 16. 

Atlanlicfonci [11.00 11 oOj 

EivotuioR]: .175 25 2fibO 

L'nilsrdi... JJ’ 'll 72 7Di 

lln^enla 136 40 ?9o0| 

Untspeciai 1 (5945 

31W — 
*3.X ~ 
f0.1fi — 

+0.4fl| — 

Jardlne Fleming & Ca. Ltd. 

46th Floor, Conmught Centre. Ho*m Kong 
Jardlne Esto. Tst .. — 1 

JtrtBne J'pn. Fd. w 


Jardioe Flem.lnt 

ind Pat.Secs ltrvc_i — ! 

Do. IAcenm.1 

NAV Dec. 14. 

o2 5Cj- 

Utd. Intnl. Mngtnnt iC.t.J Ltd. 

34 Alulcastrr Stree! St H-.licr jersey 

U.I.E. Fund . ...Il'.-imJl 103 53| J 7J0 

United States Tst. InU. Adr. Co. 

14. Pur Aldnnger. Lju-mSourj. 

U.S. Tk. Inv. Fno — 4 — J 4 0.96 

Net sm-ii JO- 

S. C. YJdrburs & Co. Ud. 

•30. Gcesnam Street, EC2. 01-600 4555 

Cm lm Dec 71 | SL'5-"47 1-001 — 

Eng Im. D-.+. 21. .. SOil.lri 'O.’.O — 

Gr SLSFd. Nov 30. 5U1-7J50 „ — 

Merc Ehd. Dec. 20 . Wi’DIS 1047 . ...02462 
MertM/MlIDec 18.. JiW 20 10 21 .... — 

Warburg Invest. Mngt. Jrsy. Ltd. 

1 CtU'.nq Lroi'- Sr. Hcl-r*. J.r.Cl 0534 73741 

Equwalem SUS83J2 



CMF Ltd Nov. 30 . 
CMTLta Nov. 50 .. 
Metal? Tst Nov. 16 
FAST Dec 14. ... 
TOUT Ltd Dec. 14 . 

|Jllii35* 13.90' 

SJsialw idoS 

£10 73 10SS 

Next sub. day DKenOer 79. 

World Wide Growth Managements 

10a. Baulrv.l’d, Lu-'-ftiOurg 
VifBrldvtlde Glh Fd| $1514 06 |-0JD3] — 


Prices da not Induce S premhon, e.ceot -here Indicated * and are in rente jn'ev: mierAise InrflcUetL 
YiefdJ «6 (srtdwn (n last column allow for aU buying eixjr^ef a OHtrm pnci : radoj* all e*penrei. 
b Today's Prices, c Yield based on oltcr pnee. d trc-matet g Today s h Dltrnbmmii free 
afUKtoxes. ■ Periodic premium insurance plans *. 5ir^ircreraumi»w*an«e x piforropno^ , .*iuoesail 

SanemSVttfSi hhRhmIwa y Oflerrrt price. i«to*; aft eepenj* .! bte>M tor«:5rt manager,. 

JpSSSus day s price, f Net df uu <m realised capital gain' unle - indiut+d by ft. 9 Gjemsey gross. 

gsSgMV Yield Vlore Jew ux. t Ex-suodi.iucn. U Only Mdapt to oanaole Domes. 


Managers of 
Commercial Property 


«2 Hung.'ZAAss 

65 lielarw Wyt flV88 
80 lr«l»17itfc'81-C. 
7V 4 Do9’4Pt^l-%. 


197B 1 

Ugh Low ' 

pan4pc 10A« 355ai) 

4*/ ib.C 

- m 

7‘ 2 I3J 

- 135 

67 Do 60c "83-88 ... 

140 PeniA«.Jpc 

75p [S.G.I.6*2Pcl980 

6I1 8 1 

$44*rfTurrn9pFl«l .. «4i 2 ...... 9 95 

OMSl TunnbJ^J'jW;. DM91 6*2 34 

15 jUfuguay 3I3K ... 95 — 3*2 4.fl 

U.S. 5 & DM priL*3 exclude inv. $ premium 


* wj Hf. 

- j Srou ! 

Five to Fifteen Years 

+h I 6 80 i 1P.47 

irrasur- hh;dc iv- 

E«ch. 12 k 



Chase M’Mn.S125 

Firestone Tire II 
First Chicago.... 
Fluor Core. . 

Ford Motor $2.. 

- IZ7 
*5 171 

H iw 

59 300 




IMbovk Um. IQp 
l?ro». Financial. 


it 1 



t3-23 53| 2 

T 1 ! 


Blue Circle £1 

12.55] 12.74 


98»pul.5Upc -77-«J... W+al 5.02 1131 

88*4 SIN Do.5*2iK-ai^2...._ S2N 6J7 12.61 

«6*j 12 11.2. ope ’76-60 951* 6.43 1206 

87*4 16*4 Do. 7* 2 i>c ’ 33-8* 77*d 9.75 12.30 

95*2 89 SUi. «(nu °*2fK "79-81 _ 89* 10.73 1430 

70 50 Sin. Rhad.SJjc to-70 52 - _ . 

9b 75 Do. fcjoc 78-81 88 - — 


Public Board and Ind. 

64i 2 55 lAuric. ML 5pc ’59-89 
°0*2 50 lAhan ;0>3Pc -89-94.. 



Guinness Peal 





Isle:: Editorial 886341/2, 353397. Advertisements: 883033. Telegramj; Finantimo, London PS4. 

Telephone: 01-243 3000. 

For Share index and Business News Summary In London, Birmingham, 

Liverpool and Mandtesisr. Tel: 246 8026 

, ?5 
inr 79 
J 141 103 
» 185 lUS 


Amsterdam: P.O. Bci 12 °ij Airsterdam-C. 

Tele* 12171 Tel- 240 555 
Birmingham- George House. George Road. 

Tele* 338650 Tel: 021-454 0O22 
Bonn: P-e&sftau? 11,'IW Heussaliee 2-10. 

Telec 636-542 Tel. 21C039 
Brussels 3° Rue Ducale. 

Tele 1 232S3 Tel. 51E-90J7 
Cairo P.0 Bor 2040. 

Tel: 035510 

Dublin: 8 FitcwiHiam Square. 

Tele* 5414 Tel: "85321 
Edinburgh 37 Gewge Street. 

Teles: 7243* Tel. 031-22s 4120 
Frankfurt; Franhcnaliee 71-81 6000 
Frankfurt 4m Main 1. 

Tele*: 41b052 Tel: 759S 234 
JehamesSutg: p.0. Box 2128 
Tele. 8-52=7 Tel: 838-7545 
Lisbon. Prasa de Alegrta 58-10, Lsbfln 2. 

Tele. 12533 Tel; 3b2 503 
Madrid: E'.proneeda 32, Madrid 3. 

Tel. 441 6772 


Birmingham. George Mouse. George Road. 
Tele* 538550 Tel: 021-454 0922 

Manchester Queen’s House. Queen Street. 

Tele. 6*6813 Tel- 061-834 <*331 
Moscow: Sadovo-Samete;Hna«a 12-24. Art. 15. 

Tele*: 7900 Tel: 200 2743 
New York: 75 Rockefeller Plaza. N Y. 1QC19L 
Tefe* 6*310 Tel: (212* 541 4625 
Par's: 36 Rue du Sentier. 73002. 

Telex 220044 Tel: 2je.57.43 
Ri? de Janeiro: Avoniifci Pres. Vjrgis CIS- 13. 

Tei- 253 4846 

Romo: Via d»fia Mercede 55. 

Telex 610032 Tel 673 ?3U 
Stsjkhclin: c o Svcnska Dagblodc*. Rja'amssvagcr. 

Tele* 17603 Tel- 50 bO S8 
Tehran- PO Bor 11-1879. 

Telex 213950 Tel- *82693 
Tokyo- 8*h Floor. Nihon heiral Shlnfiun 
Building, l-C-5 Oiemachi, Chr/oda-nx 
Teler J 27104 Tel: 241 2920 
Washington- 2nd Foot. 1325 E. Street, 

N.W., Washington DC. 20004 
Tele* 440340 Tel. 1202) 347 8676 


(Ladies Pride 
LM Comer 

Bmngftm. Afint. 
BTam PaMlOp 



6.7 27. 

U » 
2U 23 
202 ?3 

n «5 

. 140 

135 -1 
166 *1 
82 -1 
30 .. 

2®*j .. 

37 . .. 


76 *1 


68 . 

52 -1 


*119 OJ 

Walker (Jas.) 


6 . 


71 i 




6.5| 82 
45t 3.S] 7.1 

22 8J !H) 
27 6 2 9.0 

1.8 7 0(117 
63 33 7.0 

23 tpj 
19 7.ffll05 
16 8.mi03 

3.8 4/n 8 4 
LA7 3.« 82 
22 5^10.0 

2.9 6°l 7.4 

34 47 

IS 94| 9.0 
55 Lffl 99 
25 1971 56 
62 331 74 
3 0 53 82 
L6 83 95 

Philips Fm. 
Philips Lp F 10 . 

Alanchester: Queen's House. Queen Street. 
Tele. 666815 Tel: 0*1-854 9551 
Edinburgh: 37 George Street. he-» York: 75 Rockefeller Plara. N.Y. 10019 

T.;ler 7^434 Tel- 031-226 4139 Tele* 238409 Tel- (212) 48« 6300 

FranWun: Frankenalic-e *6-72 *000 Pans: 36 Rue do Sentier 75002. 

Frankfurt am Main L Tele* 220044 Tel 23636 01 

Tef-.-. 416195 Td; 7598 221 T=k%c: Kasahara Budding. 1-6-10 OJukanJa 

U*d;: Permanent House, The Headrow. Chivnu-ku. Tete< J 27104 Tel: 295 4050 

Tel: 0532 454%9 

Overseas advertisement representatives In 
Central and South America. Africa, the Middle East, Asia and the Fa.- East. 

For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 4BY 


Copies obtainable from newsagents and Swksails worldwide q r on regular subsaiptithi from 
Subscnptinn Department, Financial Times. London 


£lli*j600 AKZO 975 

375 220 Alginate l«fc . . 365 
146 £4 Alfcl! Pack lOp. 145 

90 61 Alfd Collaid lOp . 72 

79 60 Anchor Chem. .. 72 

£57 £4Clj Bayer AG. DM30* £51 
275 122 SlagdenKcakK . 2«2 
■218 134 Brent Owns lOp 13S 
19 Brit. Eenctrt lOp. 35*. 
*66 45 Bri:.TjrPrd.lOp. 55c 

I- 3 * 8 4 Burrell 5 c „ . . 11 

41 27 Carles CapellCu 30w! 

49 51 CAUlm 45 

£95 £87 C'taG’wT^Sb,. £931- 
£99 £33 £50 

L98l z k83 %GWwX8. £90 
El 64 Coalile Chern,... Med 
79 59 Coatss Bno. — 76 

78 57 Do. 'A' NV 72 

27 17 Cor/ 'Horace) 5 e 17 






Oe.Vere Hrrtas 













65 401- Crwalnl_l(jp.. 52*; 

34 39 Cr«ts inLDefd. 32 

■ -40 lb CrwtataWbo ... 31*. 

Ill*; 69 Ellis & E’.-erard. 97 

65 42 EroJon Flartna. 

75 36 Farm Feed 62 

394 3M nwnȣl.,_^ 305 

; 29 [1^4 HaliW34{J.)10P 29 j 

U 5.8 10 5 
21 i 91 
3.2 5j 13 J 
24 8.7 55 

1.4 24 228 
L9 7.513 4 
6.0 2516.1 
6b 25 68 
26 5.711.9 


19102 7.9 
6 gO - 
4 19.1 — 

ll 6.6 49 

3.5 4.6 86 
3.8 4 9 82 
53 6.H 4.5 
51 631 63 

♦" Tb 7 

10 73 19.6 
0.5 8.7 57.1 

ji a f .7 

S3 4.1 6.8 

112 75.0 - 
?7 33 lib 
1.5 72 fc 

IU 1 49/ 7.S 42 


Arana Group 

Amal. Power.... 
tuHka. S’clyde.. 

Anglo- Swiss 

Ash & Lacv 

Ass. British I2i^p 
Asmk. Tooling.. 
Astra lrnn. 160 

uy in (James) 

q? KW 

|*£StafcCi.BR. 23 

s ®“- ej5 '- n 

% Fisher (A.) 5a..-' 9L 
5? Fitch Lovell Sj.. H 
20 WesGhjverS 24 
56 Haziew'tf; P. 2fb 65 
165 Hillards lpp.T: 224 
59 Hinton (A.) xq- 87 

I:ST- TrT '"J i 

0,65 - 

t291 f 5 






















“**' g. 

fr = 

*S . b 


IT 2 



I rv—' 







Horst (Charles) 






tl2.8 1 L 
tti 2 J 
m2. 68 



V& 6.9 
na 73 
4.3 6.6 
6 . 



46 (29* 
83 62 

-•56*2 39 
77 I 55 









131 2 109 2 

y 1 ? 

1C5 49*; 
105 49 

*114 51 
35 24 

9* 2 










123 187 


66 { 46 
31 ‘4 I 26 





JM 1340 
213 172 
145 1 106 


^73 55 

IK S&fc 
250 E?. 
127 %*, 




157 102 
226 170 

92 59 

55 37 

103 70 

111 ’-; 7612 
19U; 130 
57 37 

3*2 34 
71 49 

■193 9&; 

357 120 
96 73 

190 1Z5 
ISO 97 
137 83 


114 84 

110 71 

105 67ia 
66 60*2 
80 56 

131*2 97 
70 55 

85 65 

113 90 

302 67 

7 IP; 56 
70 48 

89 69lz 
110 78 


W Jam 50?. 


Planning and 

Knight Frank & RuUey 

MINES — Continued 


ffijh IM 

! to fund ($) 

15 9 

140 64 

131 63 

KO 150 
336 148 

75 4s 
68 18 
158 81 

40 10 

223 125 
22 10 
40 10 

56 12 

14? 79 


50 ll 
178 315 
42 10 

70 30 

£15*2 725 
40 12 

570 310 
300 50 

264 84 

100 35 

0110c 1 1J1 113 
H557 58 5.4 

mTl -j 




5 | a»2 ir . 2 

45 163 70 

OU) 35 n 
— 82 61 
r- T 106 781 ; 

a gf»® 

« 61 51* 

63 47 

7J 137 99 

75 58 

28 23*2 

240 104 


69 iLdn. Sumatra 2 Op 

36 Maiakoff MS1..._ 
30*2 Muar River 10p._ 
55 |P&83ianHto?.l£tL. 






116 82-; 
128*21 94 



100 *; 


Ml 347 


■ A 122 
, ,. 8-g 197 


f-3 5.7 uo 

13 “ 105 
33U0J 27 





5.4 31 81 
31 53 92 
Z9 80 7 2 


Investment Trusts 

Bankers' lira I 56 

Berry Trust — | 70 





• 69 


3.05 LI 
3.25. 10 

cwiLor more dHterence it calculated on “mT Asbihulloa. Cams 
are based on "Munw" dtotributioB. Yields are based no mkhfle* 
■ prices, are cross, adjusted to ACT of 33 per cent, and Mam lot 
vatae of declared attributions and riobts. Secmfttes wttti 
rimminfions other than staflng ere quoted tadidn «t tte 
fc—ertm e u t dollar premium. 

Sri Lanka 

250 (123- (Lumvaa 1 227 1_|S5» | L5( 3.7 


BfBtns=i m=mu t 



I 285 1+1 


A Sterlin g dejOTbataJ seantfles vtkh Mh InoUHt tb8» 

pmnuMn. m 

-o “Tap” • • 

* Highs and Lows flatted (ks (an Seen uNtMtodtavilfiWdi 
toes lor cash. 

f Interim since .bowsed or resumed. 

$ Interim since reduced, passed or deferral 
tt Tax-free us mnwesidnici on spprtcaUos. • 

0 Figures or report awaited, 
ft Unlisted security. 

jf Price at time of vcpeosmu. . .. . 

9 Indicated (fiwdend alter pending -crip and/OC iWdslssaKCOBBP 
relates to previous dividends or forecasts. 

* Merger bid or reorganisation in progress. 

A . Kot comparable. ’ . _ 

1 Same interim: reduced final and/or redoced earrings I nnfcyffff 
i Forecast dhndeod; cover on earrings updated hr West latarla 


9 Cover all6ws for conversion ef shares oof flow nflkotgferiMdBtdf • 
or ranldcg only for restricted dividend. 

* Cover does not allow far shares which may also rartef or dMdtsrfai 
a (utive date. Ho P.'E ratio usuaity provided. 

V Excluding a final dividend declaration. * 

* Regional price. . . 

(i No par value. 

a Tax tree. 6 F7«ww based on prospecths nr other offlcJw 
esbnote. c Cents, d Dividend nuc pud or payable on part of 
ciwital; cover bawd on dividend on lull capital, e RrdanpUon yield. 

1 Rai ylekL g Assumed dividend and yield, h Assumed dividend and 1 
yield after scrip toe. j Payment from capital sources, k Kenya, 
m Interim Maher than prevkxis iota/, n Rights issue pending, 
q Earnings based on prellmimy figures, s Dividend and yield e*diuh> 
a special payment, t indicated dividend: cover re tales to previous 
dividend, P.’E ratio based on latest annual earnnos. u Forecast 
dividend: cover based on previous year's earnings, v Tar free up to ■ 
30pinlhe£.w Yield allows for currency clause, j Dividend and yWit 
based on merger terms, i Dividend and yield Include a special payment: 
Coverdoesnoi apply lo special payment A Vet tfividend and yield. B 
Preference dhtiend passed or delrered. C Canadian. E Issue price. F 
Dividend and yield based on prospectus or other official escalates for 
3979430. G Assumed dividend and yield after pereSng scrip andior 
rights issue. H £M»jdftnJjndyieM based on prospectus or other official 
estimates for 1978*79. K Figures based on prospectus or other 
official estimates for 1078. M Dividend 3tid yield based on prospectus: 
or otner official estimates for 1978. N Dividend and yield based on 
prospectus or other official estimates for 1979. P Fibres based on 
prpqtKtus or other offfcixf estimates for 1978-79. Q Gross. T Figures 
assumed. Z Dividend total to date, ff Yield based on assunqflfcB* 
Treasury Bill Rote stays unchanged until maturity of stock. 

AbbrnUtUoiv:: mJ ev dvidend; a ex scrip Isoe: srex rights; sa ex 
ex capital tflstribuilon. 

“ Recent Issaes " and “ Rights w Page 20 .. 

This service Is avaiable'to every Conquny dealt in on Stack 
Exchanges throughout the United Kingdom for a fee of £400 

■ p» anon for each security 


The following is a selection of London notations of shares pmfaffify 
listed only in regional markets. Prices or Irish Issues, most of Which am 

Finance, Land, etc 

W634 LB 
170 IB 
.93 * 

. 31 10 
t!51 It 



46 ( 27}; 

62 50 

« 36 

15*2 12 
2B 72 
ISO 100 

24 9*> 

34 23 

11*2 7*2 
85 25 

250 147 
22 18 
135 80 

49 2§ 

49 25 

95 44 

25 IB 

Dalgety £1 „ 

ErsVme House > 
£* Lands 10p_ 
Fashion & Gen. Sp. 
FiUroy Invest... 
Hambre Trust.,, 


Sbe«ieU Brick — ( 52 
Sheff. JlehshrtlJ 67 
SlwlaJI IWmJ J UB 

Conv.9'4’80/82J £90 

All, .tree Cos — 99 

AmoU 378*J 

Coiroll (PJ.J. 97 

Clondafllr lOZ 1 ; 

Concrete Prods 130 

Hetion (Htdgs.)~_ 50 

Ins. Core. — 168 

In* Ropes 105 

Jacob 50 

T.M.G 190 

Undue. . ...... 80 



Impaia PlaL20c_ 


210 *40 Falcon RhSOc — 

24 13 RhofTi Ccrp-lfe^ap. 

80 52 Roan Cons. K4„. 

41 29 Vfcflkie Cof. Rh J 

17*2 10 ZaaCpr4E0iL24- 

A seleetka of DHlms traded is g men on the 
London Stack Exchange Report page 

v f 


Saturday December 2 3 1978 


l4ftphona[ STD 07222021 1: 



LATE ONE night in June, 1977. 
near Dounreay on the north 
. coast of Scotland where Rolls- 
Royce and Associates has built 

- and operates a pressurised 

• water reactor for the Navy, the 
. new chairman of this defence 
. company threw down a chal- 
; lenge. Mr. Ray Whitfield told 
Peter Goodwin, his managing 
director, he believed he could 
open a new market for Rolls- 
Royce in civil nuclear power, 
'based on nearly two decades of 
experience in leading a consor- 
tium building reactors for the 
Navy, He set himself a target 
of IS months to “do something 
about it." 

This week, to the consterna- 
tion of some parts of the 
nuclear industry— hotii at home 
and ahroad — Whitfield revealed 
what “Chat “something’' was to 
be. Rolls-Royce has joined 
forces with Combustion Engin- 
eering in the U.S. and Northern 

■ Engineering Industries in 
Britain to launch a new inter- 

. national nuclear reactor vendor. 
: His plan is to apply to CE’j. 
. design of PWR — popular with 
the U.S. electricity industry, but 
, which has never found a buyer 

■ abroad — the “ cradle-to-grave ” 
responsibility for nuclear plant 

. Rolls-Royce operates with evi- 
dent success for the Navy. 

Whitfield is no newcomer to 
nuclear technology. Now 49 — 
he looks younger — his back- 
ground combines physics and 

j mechanical engineering. He 
worked for the Admiralty at 
Harwell, then with Vickers, 
before joining Rolls-Royce in 
1960, becoming successively 
managing director of three of 
its divisions — -Rolls-Royce and 
Associates. Industrial and 
Marine, and Bristol Engine. 
Serious illness cost him a year 
of his career. But two years ago, 
fully recovered. Sir Kenneth 
iveiih. Rolls-Royce's chairman, 
offered him a new seat on the 
main Board from which to think 
about the company's longer-term 

Whitfield persuaded his chair- 
man that, above all. the com- 
pany should try to capitalise 
upon its long experience c-f 
] nuclear energy, dating from a 
Westinghouse licence negotiated 
by the Navy in The 1950s. Two 
problems loomed: first, how to 
persuade the Navy to relax the 
tight secrecy in which all 
activities of Rolls-Royce and 
Associates was shrouded. Sir 
Kenneth's personal efforts in 
Whitehall have been invaluable 
here this year. The second 
problem was how to find a niche 
in an international nuclear mar- 
ket depressed by the post-1973 
recession and its impact on 
electricity demand. 

Whitfield talked with the 
international PWR suppliers. 
With a single exception, he be- 
lieves. they see Britain simply 
as another long-term market to 
capture, not as a manufacturing 
base from which to supply over- 
seas markets. CE. however, has 
never licensed its reactor out- 
side of the U.S. It wanted a 
launchpad for a world market. 

The scheme they worked out 
was that Britain should became 
the manufacturing and project 
' management base- for CE's over- 
seas nuclear activities— even for 
the U.S. market Itself. Northern 
Engineering Industries, with, 
which CE had links on the 
fossil-fuel side, would provide a 
broad manufacturing base. 

Whitfield knows that unless 
the new venture RNC (Nuclear) 
— chairman Sir Kenneth Keith 
but no MD yet — wins the order 
for Britain’s 1,300 MW PWR 
demonstration, it will find “lift- 
off" much harder as an inter- 
national supplier. But be says 
it would have never come into 
existence if the long-sought 
restructuring of the National 
Nuclear Corporation had materi- 
alised. Ray Whitfield's first 
tasks for the New Year are to 
persuade the electricity indus- 
try to order CE's System 80 
reactor; and to persuade the 
Government that the nuclear 
industry should now be rcjstruc- 
, tured into two dedicated teams, 
! for gas-cooled reactors and 
water reactors, living har- 
moniously together, perhaps 
with cross-links forged by 

!• Government holdings. 


rees to poll 


WINDHOEK — The South 
African-sponsored Contituent 
Assembly in Namibia yesterday 
agreed in principle to plans for 
a United Nations supervised 
election in the territory, next 
year. But it set out a series of 
preconditions for acceptance of 
such a scheme. 

The move put forward by the 
Democratic Tumhalle Alliance 
( DTA 1 . the major party in the 
assembly keeps alive hopes of 
an internationally agreed settle- 
ment in Namibia following the 
controversial South African-run 
“ internal ” elections held this 

The DTA spelled out its posi- 
tion ^fter an appeal from Mr. P. 
W. Botha, the South African 
Prime Minister, that the Consti- 
Tuen* Assembly elected In 
Namibia this month should seek 
an internationally acceptable 

However, it is unclear whether 
The preconditions laid down will 
he acceptable to the United 
Nations, which is expecting a 
report from the South African 
Government before the end of 
the year on the question of U.N. 

The preconditions include a 
deadline of September 30 next 

year far the elections. Another 
deadline of January 2S for an 
answer on the issue from the 
UN Security Council, and a call 
for UN troops to monitor the 
guerrilla bases of the South 
West Africa People’s Organisa- 
tion (SWAPOj in Angola, as 
well as South African military 
bases inside Namibia. 

However, the resolution put 
forward by Mr. Drifc Mudge. the 
DTA chairman did not make 
the conditions binding on the 
South African government. 


The DTA proposals followed 
Wednesday's day-long meeting 
between members of the Con- 
stituent Assembly and Mr. P. W. 
Botha, as well as Mr. Pik Botha, 
the Foreign Minister. 

The cautious phrasing of the 
DTA resolution belies some of 
the strong words spoken since 
the election in the territory on 
preconditions for a further poll, 
suggesting that Mr. Botha pre- 
sented a threatening picture of 
the dangers of an internal solu- 
tion at the meeting on Wednes- 

As well as the deadlines the 
major provisos include that no 
South African troops should 

withdraw from the territory be- 
fore a “complete cessation of 
hostilities,” that the South Afri- 
can police force retain respon- 
sibility for the maintenance of 
law and order, and that admin- 
istrative and legislative power 
remain with the South African 
Administrator-General until 

Apart from the deadlines, these 
would not appear to cut across 
the Security Council resolution 
435 which sets out the UN elec- 
tion plan. 

The resolution says that UN 
recognition of SWAPO as the 
sole authentic representative of 
the inhabitants of Namibia is a 
“serious irregularity.” 

• The decision by the Consti- 
tuent Assembly coincided with 
the release from detention of 
Mr. Daniel Tjongarero, the 
deputy chairman and senior 
internal leader of SWAPO. Two 
other SWAPO internal leaders 
were also released. 

Mr. Tjangarero was detained 
with five other SWAPO execu- 
tive members on December 7 
after explosions in' Windhoek 
at the start of the South 
African-organised elections. 
Three executive members are 
still in detention. 

Ward fails 


By Andrew Taylor 

Holdings yesterday approved 
the group’s £10. am purchase 
of Barrow Hepburn’s spe- 
cialist chemicals division, 
in spite of strong opposition 
from Thomas Ward, Tunnel's 
biggest shareholder. 

Ward controls a 29.9 per 
cent stake in Tnnnel. It voted 
against the deal but failed to 
gain enough support to block 
the acauisition. 

Shareholders controlling 
almost 2.5m shares voted in 
favour of the takeover, while 
more than 3.9m voles, largely 
representing the Ward stake 
were cast against 
'Hie issue had gone to a 
poll after a show of hands, in 
which Ward objected to the 

BP Mis 



Ward, the Sheffield iron 
and steel, heavy engineering 
and motor distribution con- 
cern. did not give, reasons for 
its objections at yesterday’s 
meeting. It is understood that 
the decision to \ j ote against 
the acquisition was taken at a 
Ward main board meeting on 
Thursday. ’ 

Previously Mr. Peter Frost, 
Ward’s chairman, iiad not 
joined his fellow Tunnel 
dirc<V>rs in recommending 
the deal. Ho said that he had 
abstained in order to give the 
Ward hoard time to consider 
the deal. 

Yesterday’s meeting of 
Tnnnel ordinary shareholders 
was well attended and 68 per 
cent of the eligible votes were 
cast in the poll. Ward, how- 
ever, was unable to persuade 
more than a handful of other 
shareholders to join its camp. 

A meeting of Tunnel will be 
asked to approve the deal and 
the early repayment of loan 
stock at a meeting in London 
next Friday. 

BONN — British Petroleum’s 
prospective DM SOOm t£216m) 
deal with Veba. West Germany’s 
largest oil and energy group, for 
a huge resructuring of the 
two groups’ interests m West 
Germany ran into a second 
serious objection yesterday. 

The Cologne-based Monono- 
j lies Commission recommended 
to Count Otto Lambsdorff, the 
Economics Minister, that he 
should limit the stake BP wants 
to take in Veba’s Ruhrgas sub- 
sidiary to 9 per cent, rather than 
the 25.05 per cent envisaged in 
BP’s provisional agreement with 
Veba last Jijne. 

Admitting that the Minister 
has no direct power to bring 
about this reduction, the com- 
mission argues that the German 
Government should make use . of 
its 44 per cent shareholding in 
Veba — an action that would be 
sharply at variance with Bonn's 
stated policy of non-interfer- 
ence in the affairs of industrial 
companies in which it is the 
controlling shareholder. 

The Monopolies Commission 
report, unlike the earlier objec- 
tion raised by the Federal Cartel 
Office to the deal, does not 
suggest its prohibition. 

It accepts the two companies' 




in U.S. 


argument that acquisition by BP 
of a holding in Ruhrgas would 
be a potential benefit if it added 
a new. source of natural gas 
supplies to those Ruhrgas al- 
ready has on a long-term con- 
tract basis. 

The commission argues that a ! 
9 per cent stake in Ruhrgas j 
would give BP a weight in the | 
company in line with that of the j 
other major international oil 
groups which have stakes in 
West Germany’s biggest natural 
gas concern. 

A 25.05 per cent stake, on the 
other hand, would give BP too 
much power. The commission j 
doc? not accept argi*nents by | 
both companies that the com- ; 
plex structure of intermediary 
holding companies would effec- 
tively limit BP's control. 

The report is in no sense bind- 
ing upon Count Lambsdorff 
when he comes t-j decide 
whether to let the deal go ahead 
or to accept the earlier objec- 
tions by the Cartel Office. 

However, the commission has 
a right to be consulted before 
the public hearings (expected 
to open in mid-January) at 
which all parties can state their 

WASHINGTON— The U.S. infla- 
tion rate, as measured by the 
consumer price index, rose by 
0.5 per cent in November, the 
first full month after the intro- 
duction of President Jimmy 
Carter's voluntary counter- 
inflation programme. The 
November rise is the smallest 
since July. 

This index Is the gauge which 
politicians and the electorate 
will tend to use to assess the 
success or failure of the. Carter 
pay and price restraint guide; 
lines. This one month's slow- 
down in the rate of price 
increases, however, may be just 
a hiccup in an otherwise strong 
inflation trend. 

Consumer prices over the past 
three months have risen at an 
annual compound rate of 8.6 per 
cent, and the Administration 
goal had been to bring the 1979 
rate down to 6-6.5 per cent. 

This week, Mr. Michael 
Blumenthal, the Treasury Secre- 
tary. admitted that prices next 
year would probably rise by 7 
per cent or more, because of the 
Organisation of Petroleum 
Exporting Countries' oil price 

The New Year will also see 
increases in payroll taxes and 
the minimum wage. 

Mr. Blumenthal has predicted 
strong growth in the .last three 
months of 1978. but this forecast 
is not entirely borne out by the 
0.9 per cent decline in manufac- 
turing orders in November, 
which the Commerce Depart- 
ment announced on Wednesday. 
It was the first decline in four 

Stewart Fleming adds from 
New York: Citibank, the second 
largest U.S. commercial bank 
said yesterday that it would not 
increase its prime lending rate 
in line vdth the rise to llj 
per cent set by one of its main 
New York competitors. 
Chemical Bank. 

The decision stems from the. 
arithmetic which the bank 
uses to establish its prime. 

Citibank adjusts its prime 
rate according to a formula 
tying movements to interest 
rates ia the commercial paper 
market over the previous three 
weeks. It said that this formula 
does not indicate a change this 

But Citibank has indicated 
that It is no longer sure that 
the current formula is appro- 
priate in today's money market 
conditions, and is examining 
possible alternatives. 

When Chemical Bank an- 
nounced the quarter point 
increase in its prime on Wed- 
nesday. it was widely expected 
that other banks would follow 



Peter was a strange, moody 
creature, a betwixt and between, 
neither one thing nor the other.: 
He was certainly no ordinary 
fund manager, though he looked . 
very like one.. He was often, to 
be found in the City of London, 
but although the other, fund 
managers were for ever looking, 
out to see what they could see,, 
for years they hardly ever caught’ 
even a glimpse of trim. 

This all changed one remark- 
able night when Peter came to 
visit them In their room at the 
Institute where they were all 
fast asleep under the care of 
their nurses, two large floppy 
ostriches which went under the 
strange names of Napf and Loa, 

Peter began to speak. The 
first of the fund managers to stir 
was called Prudence, and she 
awoke with amazement to see 
him dancing about the room. 
Buzzing about through the air 
near him was a bright little red 
light, which every now and then 
gave off puffs of smoke. 

One by one, the other fund 
managers woke up and rubbed 
their eyes. “ Ogee I was like 
you,” Peter told them, “ hut one 
day I heard, my trustees talking 
ahout what I should "have to do 
when I got bigger and it 
sounded horrid. So I ran away 
to Never-Never Land, where 
fund managers can. have gTeat 
adventures and no beneficiaries 
ever grow old enough to make 
claims against -the funds! " 

At that the red light stopped 
still and let off a shower of red. 
sparks. “ Don't be afraid of my 
fairy, Tinker Benn,” cried Peter. 
“He likes to get his hands on. 
other people's funds. But yoq 
won't come to any harm so long 
as I am nearby to protect you." - ', 

Index rose 1.1 to 4793 

were travelling past the second 

star to the right and flying: 
straight on till morning. . 

By dawn the strange .and 
exciting Never-Never Land, lay 
below them. As they approached 
Peter pointed out the camp of 
the Allegheny redskins* “You 
can tell by the way the smoke 
rises that they’re on the war- 
path," he told them: • “ That big 
wigwam belongs _■ to the 
legendary True Temper, the 
beautiful daughter b£ the /Big 
Chief. ’ : ■ • 

“Are there many’ pirates'"on 
the island?" ' asked;' Prudence. 
'Peter said he had never known 
so many, and. their leader was 
Captain Sword. At the name his 
face, grew dark and stemr- “He, 
has a steel sword instead of 
a hand. Which -he somehow cut 
off iir a shaving- accident while 
testing a new razor blade,” - 

: Now they were nearing Peter’s 
secret power-base, which every 1 
body was always searching .for 
-but never managed to find. Tut* 
ker Benn flew on ahead^for he 
knew where to find tne TundS 
but. much to hte frustration, be 
was unable to get them to. do 
what he .Wanted.- • 

When they arrived they found 
Peter had many friends already 
there. They were the Ipfct 1 insti- 
tutions who had. been -accused of 
going on an investment strike 
and had been cast out of their 
homes before being rescued by 
Peter. He argued that;they had 

seized her and roughly stroked 
her soft young face,; ’ 

Then something terrible hap- 
pened. Her - face .wins-, rnothidg 
more than a mask! It fell off I 
revealing that in reality. Tine 
Temper was a toothless -old 
squaw. " Ha, Ha! I have footed 
you,” she cackled- “You will 
never, get rid. of me. how!" 

. "Even worse was -to come. 
When the pirates rewed back 
they found that jthe redskins -had 
tricked them by- sneaking away 
from the battle *. and . occupied 
-their" "ship. 7 ■' LucfcOy . Peter- and 
ihe. institutions, arrived, and 
feeling , sony- for the pirates 
they offered 'to help. In a 
• ihrfiHmg fight ^ they mounted a 
; catrnter-attack. 

V " ^be ■ struggle was long and 
bitter and' the Allegheny red- 
fought hard. In the end 
vibe- two sides called a truce: the 
-••'pirates !• would get- -hack . the 
itfridge and the upper deck, but 
tiie redskins .would ' continue -to 
occupy the rest of the ship. And 
there was’ ho knowing, whether 
: the ~ redskins would one day 
begin another cunning attack at 
. ^wnjj^-rwfieh: J* as.- everybody 
knows, the "white man's courage 
is at its. lowest ebb. 

. Peter was happras he led the 
fund * managers back to their 
base. But MS new! friends were 
1 hot" Some were bleeding where 
they had been hiiit in the fight, 
all. were becoming very home- 


He looked around the room. 
“ Why don’t you come away 
with me? ” he invited. “AH of 
you except those who would run 
away instead of fighting a pro- 
per battle against the pirates ” 
He cast a scornful glance tp- f 
wards a group of Scottish fund 
managers skulking in a comer 
(some of them were still 

" But how will we get there?" 
asked Prudence. * Oh, Fll teach 
you to fly." Peter promised 
easily. "That's nothing." He 
went from one fund manager to 
another, rubbing something on 
their shoulders. “ Voting 
power," he explained. “ Now all 
you have to do is weaken your 
valuation basis and then— 
wheeee — away we go!" 

They snared up into the 
evening sky and -soon Tower 
Bridge, St. Paul's Cathedral and 
the Institute of Actuaries were 
swallowed up in the mist over 
London. Rising higher and 
higher. Peter and his friends 

not gone on strti£e, but had just 
all happened .to i 

. stop buying 
Government bonds at the same 
time. /. . - 

Soon the,' newcomers began 
.to explore Never-N.ever Land. 
Over the .water came the sound 
of the dreadful pirate song of 
Captain Sword and his men,, ; 

. “You ho lio, above, below, 
Acquiring upe. shall go. 

We'll bug, dilute arid Lose.', 

. Before anyone says no! ” 
Suddej * “ 

lenly there was a horrify- 
ing noise of shrieks and “howls", 
and the dash of steeL ..The 
pirates were attaching the 
Allegheny encampment Cap- 
tain Sword had a hideous gleam 
in his eye. “1 must capture 
that fair Indian maiden True 
Temper," he rasped. ** I'll give 
away , anything to have her^’ - 
Incredibly, the pirates won 
the battle with ease. The 
Indian melted away; it . was 
almost as though they had not., 
been fighting at all. ' Gloating, . 
the pirates carried^ . True 
Temper to their captain, who 

So the" fund managers per- 
suaded Peter to take them all 
the- way . home. As they flew 
back into their iown room at the 
Institute the ’ ' two floppy 
ostriches took -their heads oat 
of buckets of sand - for long 
enough -to give squawks of 
pleasure - at ihe. return of the 
..wanderers. - 

'“Woift.even you come With 
me. Prudence?" pleaded Pet«r. 

; “There .ate so; many mere excit- 
ing adventures .in store. We 
ha vetodef endourselves against 
1fie3Iack Baron of the Showers, 
who is brewing' trouble in his 
Den of Lions. And we must 
travel ‘ over Ae highest moun- 
tain pedes in Never-Never Land 
to .persuade Sir Harolde to make 
the rfghtjudgments iirhis Dorns- 

Prudence shook her head .and 
Peter sadly said boodbye as he 
floatpd off info the starry sky 
once again. But what the fund 
managers "cBd not notice was 
that the little red light of Tin- 
ker Benn^had sneaked into the 
idem with' them! . *.'•■ 

^ It sfeemed-as though he, too, 
.preferred fund: managers to be - 
quiet and sleepy and not full of 
courage anddaredevilry as they • 
were in Never-Never Land, so 
far away. 


*J3C rt 

candinavia in air pact 


Cruelty claims 

THE CAMPAIGN for Single 
Homeless People yesterday 
called upon the Prime Minister 
to intervene in the controversy 
over allegations of ill-treatment 
of homeless men at the Camber- 
well Reception Centre. 

STOCKHOLM — Britain signed 
need air services agreements 
yesterday with Denmark. Nor- 
way and Sweden, opening the 
way for new scheduled routes 
and cheaper fares. 

The agreement* also break 
new ground in civil aviation 
because they allow airlines to 
fly between any airport in the 
UK and any airport in the 
Scandinavian countries. 

The airlines have agreed to 
reduce the normal economy 
fares by 5 per cent from next 
summer. This reduction, allow- 
ing for inflation, represents a 
cut of up to 15 per cent in real 
terms, according to Mr. George 
Rogers. the chief British 

The new economy fares will 
he in addition to cheap 
advanced purchase Excursion 
(Apex) fares introduced on 
Scandinavian routes this winter. 

Some scheduled Scandinavian 
Eights to London will he 
switched from Heathrow to 

Gatwick Airport- Eath Scandi- 
navian Airliner Sy items iSAS) 
and British Airways will 
operate one flicht daily from 
Copenhagen to Gatwick from 
next April. Briti-h Airways 
will start daily services from 
Gatwick to Stockholm in 19S0. 
and SAS will open up an Oso- 
Gativick* route in 1981. 

The new agreements preserve 
the status quo for the charter 
companies. At one point, the 
British side had threatened to 
revoke the “Fifth Freednm" for 
Scandinavian charter airlines to 
Ilv to Britain from all three 
Scandinavian countries. 

Negotiations were success- 
fully concluded at the eleventh 
hour alter six rounds oF toush 
bargaining over several months. 
The Scandinavians had ended 
tiie existing r.grecments from 
the end or this .T.unth, arguing 
that . they offered too many 
advantages for British carriers. 

The dispute began in October 
last year, when the Dauish 

authorities refused to allow 
British Midland Airways to 
open a service between Bir- 
mingham and Copenhagen. The 
British authorities retaliated bj' 
banning SAS flights to Man- 
chester and Glasgow. 

The first new services will 
start next year. SAS will fly 

between an airport in Jutland 
and London, and British Air- 
ways wsll open the Birmingham 
to Copenhagen route. British 
Midland is understood to have 
dropped its claim to ihis route 
under an arrangement with 
British Airways. 

Danairwill open now services 
between Edinburgh and Bergen 
and between Newcastle and Oslo 
in 19S0. The existing routes 
flown by Danair. British 
Caledonian and Air Anglia will 

SAS now has full reciprocal 
rights to enter any of these 
routes. It also gets the right in 
serve Dublin via any point in 

the UK. 

But SAS is not fully satisfied 
with the new agreements. "Even 
though they do not give us a 
l UO per cent satisfactory solu- 
tion. I think we should be ahle 
to live with the situation and 
serve our customers in a com- 
pletely satisfactory manner," 
Mr. Carl-Olov Munkherg, SAS’s 
managing director, said. 

He pointed out that SAS had 
failed to get the right to fly to 
Hong Kong. But Mr. Tore 
Boegh. the Norwegian chief 
negotiator, said it had been 
agreed that a joint proposal by 
SAS and British Airways for a 
Scandinavian-Hong Kong route 
would be favourably considered 
by the British Authorities. 

Mr. Rogers, the British 
negotiator, said the agreements 
represented a thorough over- 
haul of air services arrange- 
ments between the four coun- 
tries which should last the rest 
of the century. 


FOG clearing slowly. Rain 

London, S.E., S.. S.W., E. and 



Aihpn 1 ; 


Bella st 


“C *F 

63; Melon. 
41; Met. c. 
64, Milan 



■c m r 

3 37 
3 37 
30 66 
21 70 
5 41 

N-E. England, Channel Is., S- 

Fcg at fir*L Rain or sleet in 
many places. Max. SC f46F). 

E. Anglia, Midlands. N. lVales 
Fog thinning slowly. Cloudy. 
Max 6C 143FJ. 

N.W. England, I. oF Man, 
Scotland, X. Ireland 
Bright intervals. A little main 
in places. Max. 6C (43F>. 

Outlook: Rain in S. Some 
sleet or snow in N. 

Microchip plant for Bristol 


S —7 ig 


• J 

C —a 

25. Munich 

r — n — s 
C — 3 77 



Fq 1 

34 Newrstl. 

C 6 







30. N York 

S 5 





57; Istanbul 





S — 1 

30 Oslo 

Sn— 3 





64 jersey 





F 0 

32 Pans 

C 2 





48 L. Pirns. 




B. Aires 

S 26 

7S Penh 

C 23 





36 Locarno 





■S 22 

72 Prague 

F 2 





39 Mjrcrca 





C 1 


S —6 




35: Malaga 





5 2 

35. Rio J'o 

S 30 





37: Mata 





C t 

24 Rome 

T 10 


Capo 7. 



77 Nairobi 




S O 


ft ZS 





63 Naples 




f 4 

3? S.cfchin. 

C —4 





61 1 Nice 





C 5 

41 , Sirs to. 

C O 





55- Oporto 





C 1 

oi .Sydney 






57 Fftsdos 





C 1 

■ 34 'Tehran 

S 13 





6-’ ■ Sal::-. 




G la snow 

F 6 

41iTal Aurv 

F 19 





55 Tancjiir 




C —1 


C 8 





41 .Teneritg 




H Kong 

S 19 

6'3| Toronto 

C —1 





25 -Valence 





S 26 


C 1 










C 8 


F —7 


1. Man 





C 6 

4* 1 Zurich 

C 1-2 


$— Sunny. F — Fa 

it C— Cloud v. R—Rain. 


C —3 

27 i 

Sn— Snow. Fg— rog. T— Thundor, 

INftlOS. thr- company established 
by the National' Enterprise 
Board to manufacture micro- 
electronic chips, will she its 
research centre in Bristol after 

The NEB confirmed yesterday 
that an industrial development 
certificate bad been granted for 
the research centre in Bristol, 
the first of five Imnos plants. 
The four others will be manu- 
facturing centres. 

The board said that the con- 
sultancy company. PA Interna- 
tional. has been appointed lo 
make a countrywide survey of 
possible fires for the four manu- 
facturing centre v. 

Questionnaires will be sent 
to regional authorities next 
month. The report is not ex- 
pected until early summer. A 
decision on the production 
plants will thus be delayed for 
some months. 

It had been hoped that the 

first of the four plants could he 
announced by the spring. 

Prof. Iann JBarron, one of the 
three co-Founders of Inraos, and 
managing director of its UK 
operations, said that the Inmos 
board had a completely open 
mind on locations, though It 
recognised that development 
areas had special claims. 

South Wales, which has been 
canvassed in the industry as a 
possible location because of its 
proximity to Bristol and rela- 
tively poon road links to Heath- 
row. might be an attractive site, 
bo said. Bur it had not yet been 
clearly established that the pro- 
duction plant* would necessarily 
benefit trnni being near 'he 
research centre. 

No final decision has been 
made on the site of the uom- 
pi erii <fir ary but much larger 
research centre to be estab- 
lished in the U.S. 

Prof. Barron said that It was 
likely that the U.S. centre would 
be in "a pleasant city, like 

The Bristol centre will 
specialise in design of some 
types of microprocessors and in 
microcomputer systems. It is 
thought that much of the micro- 
processor design, and ail the 
design of memories, a key 
element of Inmos’ future pro- 
duction, will be in the U.S. 
Bristol will employ ahout 50 
people by the end uf 1979. 

The announcement by the 
NEB ends a period in which it 
appeared that its hand had been, 
forced by Inraos. 

Earlier this month advertise- 
ments inviting applications for 
jobs at Bristol were placed in 
newspapers. The NEB then 
issued a statement that while 
Inmos favoured Bristol the NEB 
had- not Ratified the decision. 

Ws trained, 
He’s blind. 

.» J- i" y‘- J i} 

i -i. 

You're lookincj.a t Mike Brnce - Age 26 u 
and a winner Judo -greenVeitfioi at skiing,- 
fencing, canoeing. football, ice-skating, life" : 
saying; A cross-country skiing contestant for 
Britain in the.1'976 Winter Olympics tor the 
Disabled. And blind since he was ten. 

How do you get to be that good when 
.you're blind? . 

• -Largely- it's your own drfve and . - - 
determination. And's training. Mike is 
the living proof that rehabifaioh. and" ; V 
training for the blind really - works. 

- Training the blind to live and work ‘like 
you and me’.is the lifework of the RNIB. 
Please help us to carry oh with it through, 
your legacies and donations.- 



- £ 1 0O.OOQ'are c xempi 'trcmCapfta! Transfer Ta^ 
.Registered in accordancaw 1 "- - - ^ 




; wjthttre National Assistance AS TB 48 ' ‘ l ATy| 

RjtfSstOTdjil Ojf PdK Printed by Si.- Orawnrs 

Jy Fulaflaal Roks LiiL, Bradtea.-Hotue, Cahtwu Stmt,' ‘ E ‘ 

* • ••-•• ; '©The 

. ... i.-.- *,*••. 

• ■ '/■ • r '7‘ - :V- y •- . J- :