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So. 27,752 


Saturday December 30 1978 f§ " c^^Gr* 1 -^ £i 1 ^ 


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NEWS SUMMARY 



BY OUR FOREIGN AND ECONOMICS STAFF 


1 


THE European Monetary System cribori as a “major political President Giscard will use the from the office of M. Raymond French officials were also as Monetary Compensatory j 

will not start on the planned error." Guadeloupe meeting— to be Barre, the Prime Minister, only playing down the importance of Amounts which allow national l 

date of January 1. This became The decision is seen as sur- attended by President Jimmy hours before the central pari- the exact starting date. Presi- farm prices to differ while main- 

almost certain yestreday after P r ' s * n £ in Bonn, in view of Carter and Mr. James Callaghan ties were to be fixed between dent Giscard would obviously taming Community prices, 

confirmation that France would . desire to — t0 seek US. cooperation to the eight member countries, have liked the date to coincide These subsidies have propped • 

nor aiinui tho „h nn m establish the EMS as Paris takes help support the new currency The French decision followed with the start of the French up a high national price level in 

^ “ e scneme 10 over the Presidency of the EEC . stabilisation scheme. mounting 1 confusion yesterday Presidency of the Council. Germany while keeping down. 


not allow the scheme to begin over the Presidency of the EEC stabilisation scheme. 

Until nntctnn/linr/ nrnMAmc nf rAimnil - - — — 1 


> J . • 


up §4 


until outstanding problems of Council from West Germany on 

agricultural prices were January 1. 

resolved. Bonn and EEC Commission 


mounting- confusion yesterday Presidency 


Zt was being suggested in between central banks. 


Council. 


Brussels that the French deci- 


Other political factors stand in French and British farm prices. 


yesterday's the Vay principally the fanners' Th( , rrenI;ll demand 


Bonn and EEC Commission sion stemmed less from dissatis- trading was the last moment at lobby in the election to the in f 3; srnVntiin * T»ffhp 

officials in Brussels hope that faction over the Common which rates could be fired for European Parliament and 


Bank of Fran®? official.! «m UU1L1 * ,S hyus&bis nope mac tacnon over me uommon wnrcn rates uuuiu oe area ror European i^arjjamenT ann f 

S start President Giscard d’Estyag of Agricultural Policy— the osten- the system to start on schedule, attacks from GanllisLs and Com- „ ^ a f y ■ l ? n i v k It 

weekend agreement to start France and chancellor Helmut sibla cause of disputr— ' h “ * request is only that 


the system on Mondav wacvTnl rri,nc . e ana ^nanceuar neimut sibie cause of dispute — man The French move made little munlsts over the President's 

tualiv out nf The aiierticn on Schmidt of West Germany — the from growing doubts over the impact on foreign exchange prn-EEC stance.' 

technical prnuriris T «t two main authors of EMS— will viability of the EMS and markets .yesterday, wherp The French s 

■SfSS work for a compromise, at the France’s ability to remain with- trading was quiet- ... 


• w- f v. • • EQUITIES finished the Jong 

T * v - • * • " Christmas Account wHh.' 2.0 

Vn..Tm.;,. i..— ■>' fall to 470 J9 in the FT ordinary 
Jusso ana. Mobil. : tanker -drivers ■ ■ m,. u , c 

ichon r «h. mn i< . index The period wasmacKea 


• - . ; v -f ; Esso and : Mbbiltahker -drivers' 
1 i.-'VC.: I shop stewards - recommended 
• - . "j-.f j . their members 7 , rto : continue 
working normally next week, 
‘‘ V { while new pay offers are con- 
;■ ".{ sidered. - , '• 

• The. ^new -peace moves bring 
i fUrthbr. hope" that .a national 
*" ‘ '.' tanker drivers’ strike: ibreat- 
> •- h- ened from "Wednesday will be 
avoided: ^■' i ^ 

The Esso drivers were advised 
. to . . tlefpi* v their action until 

' Jarmary 10 to allow time for a 
ballot on i bew ;offer from the 
-:.T' ahjipajSy- A delegate Conference 
? , ;■ . of Mobil .shop stewards accepted 

■&: . a: pay ^package and -will recom- 
■ \,1 V-j. mepd..1tiD.a ballot this week- 
- end: Batik- Page > 


, D d°L d d^“^ edelay Guadeloupe summit on January fnTti 


; F.T. IndosUM: 
Ordinary Indd 


would be days or weeks. 5" and 6 

Senior officials in the West At p 
German Government were abroad, 
strongly critical of the French EEC 


The French authorities yes- 


and 6. In particular, this follows the terday made efforts to take the 2. 0t been settled so t he 

At present, both leaders are renewed weakness of the dollar, edge off any conflict by making comntions for launching ems 
road. Confirmation that France was it clear that the decision did not “ ad not been met - 

EEC Commission officials fulfilling its threat to delay jeopardise France's commit- The dispute is about the 


announcement which they des- were suggesting last night that EMS beyond January 1 came ment to the principle of EMS. system of farm subsidies known 


r,r f r A“iiTSL MCA system but the current 

requesi is only that any new 
nrn EEC JL?* Presidenf3 subsidies, created by currency 
pr -EEC stance. movements after the in trod uc- 

The French statement said tion of EMS, should be 
that the farm payments question eliminated at the end of each 
had not been settled so the year. 

conditions for launching EMS Thus, if the D-Mark rose Ger- 
had not been met. man farmers' prices would drop 

The dispute is about the at the end of the year, 
system of farm subsidies known Details and reaction Page 2 


ALL-TIME HK 
HH - 
UPUVZ7 


4Q g|DECEMBER 197B iTrl 
18 19 20 21 22 27.28* 29 


Scanlon becomes j — : — — — . JJ' 

■ 1 — » Ma-Daav by a sharp downturn in bosmess, 

with official markings. 

• Tfr * cSn g fi " ftjahlmr . recently away to an average of ,3402. 


Shah calls on opposition man 
to form civilian cabinet 

BY SIMON HENDERSON 

THE SHAH of Iran will today form a government, but the country’s embattled leader, weeks ago by the Shah to try 
appoint Dr. Shapur Baktiar. a observers felt that his chances js that a sew administration and form a cabinet, said her 
lawyer and member of the oppo- were slim since much of his should be coupled with the father had withdrawn from the 


Airlift of oilmen 
from Iran 
may start today 


'HHaPSH c . iviJian government to replace opposed to the Shah staying in This new attempt by the Shah " The need for a political solu- 

gaiH 5 in ail seciorH aw* uic present militarv reeimH_ a overall control. The nartv made .« ~ t?nr» is nnw amt* Petrol otatinne 


, I a don National Front to head a own National Front remains temporary absence of the Shah political race completely. 

marginal 1 ,-7vili flu onvpmmnt tn Tuning onnnu.il tn tho Shah etnwmo In rm.:. « 1 .L. m u TVio nmul fnp 1 


BY SUE CAMERON 


.. t,oaay. .otner new Life Peers (vn, mm 

Urton ITInumrir fKa Closed. 0.03 up at 68.69. . 


: T -include/Sir Brian Flowers, the c,u&eu vw up " “ ^ v 
. f physicisL-* 0 STERLING rose 1} cents to 

j Back Page and Page 17 . : $2.0415 and its trade-weigbted 

' index improved to ■ 64.0 CffS-8). 

Spanish elections The dollar's depredation 
' . The Govecmient of . ^ widened I.M per 
• ,. v ; Minist'er Adolfo Suarez has O GOLD rose $43 to $22&| in 

. : .r- 1 - decided to dissolve the Spanish London. In New York the 
. / Parlia m en t and ^all new general Comes January settlement was 
electipi»' for the early spring. $227.00 ($223J0). £ 

• , • WALL STREET elose^^O.95 

3 ; Notices run out dmmat M50L # 

- -Yesterday. w ihe last . day at • JAPAN has tightene^ con- 
■ work at-tiie- ^ihjes and Sunday trols on commercial hanks 
1 • V ' Tnnefl J fprs6w»’«flO staff, many making medium- and Jon«erm 
: of sbeni s&xctznes and tele-ad dollar loans- to. fpreigner^next 

• trill 21 -<^5 • 

-•K • fes. JUSTICE Department* 


the present military regime, a 
Royal Palace spokesman said in 
Tehran last nighL 


overall control. The party 'made t 0 patch up a political com- tion is now acute. Petrol stations THE EVACUATION of more Ahwaz airport Earlier yester- 

Jt clear during the day that Mr. promise with his opponents remain closed and Tehran radio than 500 expatriate oilmen from day, there were fears that they 

Baktiar's actions were those of came on a day when the Western announced tiipt bread shortages the city of Ahwaz in southern would not be allowed in or out 


Dr. Baktiar, said the spokes- a n individual acting without oil consortium started evacuat- were likely. 


man, has already drawn up a 
cabinet list. His government 
will take over from that of 


party support. 

It is clear that the Shah had 


ing almost all its employees and 


Iran will 
from tomorrow. 


or of Ahwaz. but by late afternoon, 
the consortium seemed confident 


their families. In spite of official Washington: President Carter But the oilmen and their there would be no difficulty 


to take drastic steps to restore claims that all oil production ^® s not deployment families — most of them British 


L vuiw rtuw CL »voii cLLLutiv yeiiciu-uy . mfmt but -u... uiey are m ue uulcii 

The Shah is under increasing The daughter and unofficial contingency plans for such an Greece or another 


the crippling strike in the coun- The Shah is under increasing The daughter and unofficial t 1UI . 

try's vital oilfields. pressure to step down, and one spokesman of Dr. Gholam operation iek being adviced. Mediterranean country jottat «»”1?ent fron IOP tnejnber. 

Mr. Baktiar said yesterday option being mooted, which Hossem Sadiqi. the veteran poll- indications here that American they can return to Iran imme- — BP, for example, has between 

that the Shah had asked him to would clearly be unattractive to tician who was asked three Mr. Hodding Carter, the State diately if the political situation 50 and 60 staff seconded to 

Department spokesman, repeat- there starts to improve. OSCO. The total number of 


British about flying expatriates out of 
to be the city. 

erstood About 550 expatriates alto- 
ther to gether are employed by OSCO 
nearby in Iran. Many of them are on 


Department spokesman, repeat- there starts to improve. OSCO. The total number of 

edly refused to deny that such The decision to start pulling people to be evacuated, indud- 
actlon, the subject of persistent out Western oil experts followed ing families, will be about 2,000. 
rumour here in the last 34 meetings of members of the The decision to send the 


^be p^^^^ipric dt. fbfe'Ma 


“Sv'^StaiS! 1 worried by the concentration of 
. .Tj * •. • - us. industry through many : r blg 

' - : Cairn wiiirfv ‘ , mergers 'in recent years, is pre- 

£2 The List 12 months have reinforced the 

•v -i &cnnty mea^Tes are bemg . mergers dramatic progress we made in our financial 

| pepped- up m Cairo to forestaD assets or sales of $2bn or more. £ ^77 have se eo it reflected in 

;;t:- : 7^ ence ^ demonstrations BaoL Pige • the performance of the real economy. We 

himeas^ intro- ■: goODYEAR of' the U.S., the achieved single-figure inflation in January— 
' ^^2 by GovernmenL W0 rid?” largest tyre manu- sood deal earlier than I had predicted-ond 

- :®!P, ■, ’ facturer has uijeofed £18.33m - have maintained it throughout the year. The 

• ^Kceiiif Vlffim incr cash into its ailing British sub- pound’s effective exchange rate has remained 

-V j cceyii wanung aidiary - Goodyear GB. to . stable and the current account is roughly m 

' J:-'.'] Violence coald spread to other reduce' the subsidiary's debt balance. Moreover, we have this year repaid 

' % parts of Turkey despite impDri- burden and provide working $2bo of debt to the International Monetary 

j tioitaf martial law in most maih canital Back I*age Fund ahead, of time. 

;; Prime Minister. Bulent . ’ * This improvement in our finances has 

warned. • NINE CHpYSLER directors enabled us to make solid progress in output, 

; have resigned from Chrysl er UK ^investment and productivity. It looks as if 

JQk>X > find ■■■' in preparatfon for the restruo- our domestic product has been rising at an 
: Q -turing of the Board which will . 'annual rate a little above the 3 per cent we 

’ J <rh ^ take plac^' when Peugeot PSA forecast earlier. Investment has been growing 

formally ‘ takes control of fast; in private manufacturing it looks like 

: Chryslert European operations repeating the rise - of 13 per cent which it 

on^uaryl. Page 3 achieved in 1977. and a further rise is foreran 


Chancellor’s New Year Message 

Good promise for future 


rumour here in the last 34 meetings of members of the 
hours, was being considered. Iranian Oil Participants con- 
At present the U.S. has a sortiura in London yesterday, 
small, seven ship unit operating The leading member of IOP 


The decision to send the 
people to the Mediterranean re- 
flects the confidence of most big 


3 


‘SFackbox* find 


•- inrthe ■ sea off Palermo, Sicily, 
: killing 108 people last Saturday. 


emeigency • landing;. , ■ 


feist; in private manufacturing it looks like 
tepeating the rise of 13 per cent which it 
achieved in 1977, and a further rise is forecast 
■ ■for next year. 

Contrary to the expectation of nearly all 
.economists unemployment has fallen by well 
-'Over 100,000 in the last 12 months. And there 
is no reason to believe that this gradual fall 


iv . Airline* pcfta n** * Contrary to the expectation of nearly all 

. ' . . . rise from January 1, with pos- • econo mis ts unemplojnnent has fallen by well 

At" least 473 passengers- and sible repercussions on ..over 100.000 in the last 12 months. And there 

'survived what a United papers’ cover- prices. Reed and jg no reas0 n to believe that this gradual fall 
Airlines DC-S. hTasheff ’ into Bowater, the leading UK paper - will not continue. 

' - unoccupied houses fn Portland, manufacturers, have said thaT . The- .improvement in our performance 
Oregon, - while attempting an subject to a 1 successful applies- relative to that of our partners in the European 

. emergency: landing;. ! * ._ tion to the Price Commission j. Community is equally striking. Of the nine 

;•/. newsprint prices will nse 8-5 '-jmjnibers of the Community, only Ireland has 

s’.-. nruskflV'-' - per cenL PageS -significantlv higher growth this year than 


^ - ' per MnL ^ 3 

President Gisi^cd d’Estaing. will LABOUR 
visit ^dmwnCJESrom 1 January .18 ' ™ -c 

■to- 20: • PROVIDENT Fin an a aT 

v ’• L' •- _. . ■ Group, the Bradford-based con- 

Aosti^ scored mforfour nd ijnn S. credit company, is 

— ™ rt threatening to dismiss all its 
Test ln MeltJOprn^. - . managers in a pay dis- 

Spain’s jdr traffic -oOntoxUers pute. The managers have been 
worked" jb.'fule for 24 hours, to operating sanctions in support 
press employers iiito meeting a . df a pay claim since November? 
wage -demand put forward for 24 and the . company -has said 


next year. Paige 2 •. .. that- If. they do not return to 

Algerian ’-President- ; - Houari normal working by Jann^y 2 
-Boumediennc" was. buried, in his they will be sacked. Page 3 
conntiy's Martyrs’ /Cemetery e WEST GERMAN steel 

. employers and metal workers 
Aretie conditions gripped Nor- unions will : begin talks again 
way. pushing temperatures to a todaj' to" try. to settle "West 
December record of — 43°C Germany's monthlong steel 

- ' . ■■■■■ ■ ■ ■■ ■ strike. About 80,000 men are 

. : affected by the strike. Page 2 


December record of — 43°C 

v JV'. 

. our readers v/ 
a Happy 
New Year 


newsprint prices will nse sj '-members of the Community, only Ireland has 
per cent. Page 3 r - significantly higher growth this year than 

. __ n _ ^ Britain. . Italy, Belgium, Ireland and Denmark 

LABOUR • -have higher unemployment rates. France. 

• PROVIDENT Financial 5^*. *** Denmark have higher rates of 

SSt ^JLg?" °co d mtSv C °S - ma Th* Process has been possible in Britain 
+W^nin?^n dismiM^all its because the Government has treated the 
In^a^nav dis- control of inflation as the indispensible condi- 

nirte 0 The maMgers haV^ b^a *^ k,tl for hi e her growth and lower un employ- 
pute.'i ne managers nave oera menL We have maintained firm control of 

operating smiqtiqns in support put,^ expenditure and of the money supply. 

' The reason why we have been able not 

thprTSreSnrio L - on & 10 haJve our inflation rate but also to 
that-ff they do not return to ; achieve a significant fall in unemployment is 

- that we have coupled our fiscal and monetary 
they will be sacked. Page 8 v. -policy ^nth an effective policy for pay. Only 

• .'WEST GERMAN steei •' Germany among our European partners has 
employers and metal workers "been able to achieve simultaneous progress in 
unions will begin talks again both these fields. 

today to trv to settle West Nevertheless, since average earnings went 

Germany’s monthlong steel - up.by 14 per cent over /the last pay round our 
strike. About 80,000 men are unit wage costs have been rising farter than 
affected by the strike. Page 2" . those of our major competitors. We there- 
fore need a much lower increase m earnings 
f# hi pa U | co - in the current pay round if we are to compete 

W*nmiw - effectively at home and abroad so that the 

B.JOHN W ADDINGTON reports- increase in domestic demand produces jobs 


i PUBLISHER’S NOTICE . 

! The Financial Times will -not 
j be published on Monday, 
. j ; Jainmiy "l, - : > . -' - 


COMPANIES 

•.JOHN W ADDINGTON reports 
pre-tax profit for the 28 weeks, 
to October 15 of f 1.65m against 
£2.32m on turnover of £25ni 
<£23.13m). Page 18 

• GEC has agreed to buy 
BoDiiton Electronics of New 
Jersey for. £4.65iu cash, in a 
further move to expand its . 
activities in - tiie U.S. Page XS .• | 


in Britain. If we can control the increase in 
unit wage costs next year we shall be able to 
repeat this year's improvement in our 
economic performance. 

The pay guidelines we have set to achieve 
this have been followed in the vast majority 
of settlements so far. This provides a solid 
foundation for our efforts in bqth the public 
and private sectors in the coming year." 

The Government has made it clear that 
it regards the stability of sterling as an 
important objective not only as a buttress fpr 
our counter-inflation policy but also as a spur 
to better industrial management. Recent 
surveys suggest that this view is now increas- 
ingly shared by British industry. 

We have decided not to join the new 
exchange rate arrangements in the European 
Community at present because we are not 
satisfied they will contribute effectively cither 
to our counter-inflation policies or to our 
policies for growth. But we shall work hard 
with our Community partners to develop a 
European Monetary System as originally 
envisaged at Bremen and will support action 
to produce stability in the world as a whole. 
There are signs that conditions are now more 
favourable for a new international initiative 
in this area than they have been for some 
years. 

If however we are to extend the gains of 
the last two years the key will lie as always 
in an improvement in our industrial per- 
formance. After some initial doubts, both 
employers and trade unions are now convinced 
that the industrial strategy launched by NEDC 
three years age provides an essential frame- 
work for this improvement.- 

For its part the Government has already 
acted on most of the recommendations made 
by the Tripartite Working Parties which are 
stud>ing the problems of the most important, 
sectors in manufacturing. We accept that this 
is not simply a question of macro-economic 
policy or indeed of micro-economic policy, 
narrowly conceived. Every department of 
Government is now reconsidering its policies 
so that the needs of industry may be given a 
higher priority. 

In ihe long run only patient .and 
unremitting work by all concerned at every 
level from the shop-floor to the sales office 
and Board room will guarantee the improve- 
ment in performance which we heed. The 
Government will do its best to provide the 
necessary environment and to maintain the 
stability required. Our progress in the last 
two years gives good promise for the future. 


small, seven ship unit operating The leading member of IOP oil companies that the produc- 
in the Arabian Sea as a division j s British Petroleum which has tion of crude in Iran will 
of its Seventh Fleet. But the a 40 per cent share in the con- quickly return to normal. It is 
composition of this force is such sortium. Shell has a 14 per cent felt that any Iranian" govern* 
that it could not be expected to share Exxon. Golf. Texaco, meat will have to give priority 
carry out a big evacuation of chevron and Mobil each have to starting up the oilfields again 
American personnel from Iran a 7 j>p r cent share. because exports of crude play- 

should the situation demand: Total has a 6 per cent share such a vital part in the coun- 

There were reports here that and incon — a group of smaller, try's economy, 
the USS Constellation had been independent U.S. oil companies The Western oil majors also 
ordered to leave its base in the — .h as a 5 per cent share. The emphasise that the men they are 
Philippines as a preparatory operator in Iran for the con- evacuating cannot easily be 
move. sortium is OSCO. replaced. It is thought the 


move. 

Were a larger task force to be 
assembled, it would probably be 
drawn from the Seventh Fleet, 
which operates in the Pacific, 
rather than the Mediterranean- 
based Sixth Fleet. Its purpose 


would presumably be to conduct j 0 keep the consortium in touch 
an evacuation in extremis but with the events and to organise 
also _ to bolster recent U.S. a sa f e and speedy start-up of oil 
warnings that it would not production once t his becomes 
brook interference in Iran from feasible 
Continued on Back Page 

Sbah’s options narrow Page 2 


• The consortium has decided Iranians would have consider- 
to leave a skeleton staff in Iran able difficulty running ,tbe oil- 
although last night it would not fields without expatriate help, 
say exactly hnw many people 

were to remain. The task of 

those who stay behind will be £ ^ New Tork 


spot |52.040a0440[92.0335-OZ6a 
1 month , 0 . 20 - 0.16 <jib 0.10-0.06 din 


The evacuation will he carried 3 months|o.46-a.4o din o.’39-o!34 ciib 
out by charter aircraft from 12 monthals.oo-i.sodi* i.75-i.6Boia 



ARBUTHNOT HIGH YIELD FI ND 

HIGH SECURE INflTAL YIELD WITH GROWTH OF INCOME PROSPECTS 


Forecasts for 1979— World economic outlook Page 14; UK and U.S: 
outlook Page 15; Views of industrialists Pages 16 and 17 

CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


[(Prices In pence unless otherwise Indicated) 

• : (Prices in penee'aaiess ’ 

i otherwise Indicated) - Barclays l 
RISES Dixon (D. 

• Brasean fellf +' f . RiLF. ... 

Extel 134 +? 4 Edbro .... 

, ' Farm Feed. 74 + 8 - Electrocoi 

Hoffnung 68 + 4.. Lidstone -; 

Horizon Midlands »V127 + .4> Lucas Ind 

• Kennedy Smale‘,s.« 47, +' 3. ■ McKecbni 

‘ c . Pleasarama - +‘ -6 Midland I 

>• Saga Holidays W + ‘ 5 Racal EJei 

!' Samuel (Ely “A" *..188 +-6 "' Reckittar 

. VectisvStime ......u. ' 45+4 Waddingti 


/ \- * Anglo .'American- ... 802 + 7 
^ ,. t Ccuisft Gjfid Field** SB2-+ 4 
/ :r ; De.Beers Defd. ™ .S 9 I - + » 

■ ' ■ 


FAILS 

Barclays Bank . 380 — 5 

Dixon (D.) 10S “ *j. 

E.iLF. 12fi - 3 

Edbro 187-5 

- ElectrocomponentB . 323 — 10 

Lidstone^ 150 — 20 

Lucas Inds 298 -- 

McKecbnie Bros. 90-4 

Midland Bank 350 -5 

Racal Electronics ... 340 - 5 
iReddttand Colman.452 - S 
WaddingtM, (J.) 190-6. 

Yarrow 3® 5 

BP . j 906 — 10 

Sieberis (OK) . — 242 .- 7 ". 14 


Overseas news 2 

Home news— general 3 

—labour ..... 3 

Arts page - 12 


The 1979 economic outlook 

for the World. 

Difficult scenario for elec- 
tion year 15 


Leader page 14 

UK Companies .... — .,13,19 

Mining 4 

Inti. Companies 21 


FEATURES 

Protecting valuables from 

thieves 8 

Houses in the Garden 
County 8 


"World Markets r...4,20 

Foreign Exchanges 23 

Farming raw materials 21 

UK Stock Market 24 


A bumper year for cars 9 

The New Tear quiz 11 

FT-Sothcby review of the 
art market 13 


Four dividends a year paid quarterly in April, 
July, October and January 1979. Unirs 
purchased before 28th February are entitled to 
the April dividend. 

Growth of income. In each successive year 
since the trust was launched the income has 
steadily increased. 

Growth of capital. Investore in both income 
units and in accumulation units have seen their 
capital steadily increase. 

Designed for high income. Designed to give as 
highanincorac as possible while maintaining 


Filed (.rice offer nuil spin Jmurv uL iy> at jb-p n! p«r unt 
Tor Inrame mun and 74 .jp zd prr aoM (araecamalUiM «Bli» (ar ihr daflr 
prletf If laser 1 . 

1 _. The iiciusn rwftritif n*#TT *ndr« nihnir mil tib» m< naiioltaa 

AjfHlewrw ociyw»k (c»J. mJ una nTLMaiei will br i.juaJ a^iKm 

f JauLTMotlerpru- mJu'lrtin mliulcharrtol?"^ rh* jnmolitoern -• 

" AT. Poor iflU -(*“■" '*»> iw- *rrr.ra ivi rJc l« i.' ruJe.-n til) Arm, 

J-lhJidj. ISOt CU. ■hmral J .lh JuuuiT fnf tfu* : rrcilcrt J -iiaili hrtoiijrj . 


stabiliiy and minimising risk. Current portfolio 
6c>"„ Equities and 40 " 0 Preference Shares. 

This portfolio shouid enable the rrust to 
consistently increase income over the years. 

Highly Successful. Fund already exceeds £12 
million with over S,ooo investors. 

The managers believe that inieteM rates are near 
a peak and believe that now i? the time to invest. 
The price of the units and the income from them 
may go dow n as well as up. 

Your investment should be regarded as long term. 


jl'lMas, ’j'l.'.uipN rd -a^h ‘ .■i^-nhrr rrT-t -ri*- £ lr \hc- I' cL-«e of d» nflrr 
u.ni'rj- 1 *: ^c'l-’ii :i^”-a=lirjjoai;. uniis cn iko hr 

•I'kl K;.'. Pi inrt KilllirrDjdr:iiJjfii.«y»"f iwifC of vc«ir certificate duly 

:n«iDird. llu rr». and nUonTtwIfi id<‘« lejhJbr itrafimpai.A 
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mmidal Tiroes Salttft? 


OVERSEAS NEWS 







I BY JONATHAN CARA 


BONN— The West German 
Government is clearly 
astonished by and strongly 
critical of yesterday's French 
announcement which seems 
bound to mean delay in intro- 
duction of the European 
Monetary System (EMS). 

The decision by Paris to insist 
on solution of outstanding 
agricultural issues before the 
EMS con begin operation, is 
described by high officials 
here as “ a major political 
error." 

It is considered surprising in 
view of France's known desire 
to see tiie EMS come into 
being as Paris took over the 
Presidency of the European 
Community Council from 
West Germany on January l. 

It is also felt to be a regrettable 
signal to the United States of 
Western European incapacity 
to meet a deadline on a key 
initiative — even when this had 
been agreed at the highest 
level. 

It is stressed that this wider 
political point remains valid 
■—even though it is expected 

; that President Valery Giscard 
d’Estaing and Chancellor 
Helmut Schmidt, the two main 
authors of the EMS. will be 
ahle to point the way to a 
compromise when they meet 
f at the Guadeloupe summit on 
{■■ January 5 and 6. 

I The immediate reason for the 
J delay on EMS lies in a field 
p. which has bedevilled Franco- 
£ West German relations before. 
jF r ‘ namely operation of the 
fc- Common Agriculture Policy 
p <CAP). 

f When the Heads of State and 
k government agreed on the 
f: EMS at the European Council 
p in Brussels on December 5. 

they also urged a step to 
H* reform operation of the CAP. 

They proposed progressive re- 
k: auction in existing monetary 
£:■ compensatory amounts (MCA1 
% — the system which allows 
p national farm prices to differ 
while Community prices are 
maintained— and said that no 


Et 


tv. 


r 


be created. 

! Through the operation of the 
i MCA system, West German 
farmers have been able to 
gain much higher prices for 
their produce than have their 
counterparts in neighbouring 
countries— notably France. 

Progressive reduction of MCA's 
thus gives the West German 
farm Minister Herr Josef 
Ertl, a domestic problem and 
could mean strains within the 
Bonn coalition Government. 
Not least for that reason, no 
time scale was suggested by 
the European Council, for 
dismantling the operation. 

The French had quite another 
domestic problem — to ensure 
that West German farmers 
did not gain an additional and 
long-lasting bonus because of 
■the monetary preparations 
needed to bring the EMS into 
being. 

Tliis would nave happened if. 
as was widely though likely, 
the Deutsche Mark were 
revalued upwards as part of 
parity alignments before the 
January 1 deadline. 

Tbe French can point to a part 
of the Council commr.-iiqn 
which appears to • ,p<r 
their case. They demanded 
that any new MCA benefit 
gained by the West Germans 
through the start of the 
EMS would be phased out 
within a year. But Bonn 
baulked at the time scale and 
tlie matter is supposed to be 
thrashed out by agriculture 
Ministers on January 15. 
Without accord on this issue, 
France maintains reserve on 
other regulations involving 
establishment of the EMS. 

This is not the first time that 
France aod West Germany 
have been in disagreement on 
technical aspects of the EMS. 
But repeatedly when difficul- 
ties. have- arisen at official or 
Ministerial level in the past. 
Herr .Schmidt and the French 
President have agreed on 
guidelines which allowed 
quick resolution. 


on Namibia 


UNITED NATIONS— Inten- 
sive consultations on the 
Namibia question continued 
here yesterday among African 
members and senior UN 
officials. The official response 
to South Africa's latest propo- 
sals is to be delivered next 
week. 

A UN spokesman said Dr. 
Kurt Waldheim, the Secretary- 
General, who is on holiday in 
Florida, invited his special rep- 
resentative for Namibia, Mr. 
Martti Ahtisaari, to join him 
there on Monday to discuss the 
reply. 


The Shah’s 



options narrow 


BY PATRICK COCKBURN 



THE WITHDRAWAL of ex- Shah has been the continued 


patriate oil workers from Iran loyalty of the army. There have e4-nxr in Poric 

and the possible move of units been sporadic incidents of JV1IOIII6IIII 0XpCCt8Q. TO STaj HI iTaTlS 


imminent. In present condi- National Front leaders are 
tions such predictions are likely, .elderly, and few have engaged 
to be self-fulfilling. There are in active politics since the early 


of the . U.S. .Seventh Fleet 
towards the Gulf inevitably 
leads to speculation that the 
Iranian crisis is reaching a final 
crescendo. All efforts by the 
Shah to restore order in the 


soldiers shooting their officers 
or displaying sympathy with 
demonstrators, but no large 
scale mutinies. 

The care which the Shah has 
shown over the past 20 years, in 


streets and to end the strikes personally vetting military pro- 
have failed dismally, if bloodily, motions and ensuring that 
The options now open to him soldiers have the best equip- 
are limited. ment and living conditions, has 

The opposition have shown so far paid dividends. Just how 
that they have' massive support long the loyalty of the 413.000 
to cripple almost every sector men in the armed forces will 


of the economy. From exile 
iu Paris Ayatollah Khomeini, 
the focus and most effective 
leader of the movement against 
the Shah, last month called for 
a strike of oil workers and the 
call was answered. No oil is 


continue to bear the strain is 
uncertain. 

The support of the officer 
corps is now keeping the Shah 
in power, but it has failed to 
re impose his authority on the 
streets or in the economy. It 


AYATOLLAH KHOMEINI, 
the Iranian Shi’ite leader, is 
now expected to be granted 
an extension to his stay in 
France, David White reports 
from Paris. This is despite 
a scries of earlier warnings 
from the Government about 
his anti Shah campaign. 

The Ayatollah is awaiting 
a formal reply as to whether 
he can i«mi n *ain his exile base 
in France after next week. 
An application to have his 
tourist permit extended was 
submitted this week. 


Previously exiled in Iraq, 
he arrived in France on 
October 6, with a group of 
supporters and was granted a 
visa for three months, until 
January 5. 

The Foreign Ministry said 
that no decision had been 
taken but that the request 
would go through normal 
examination procedures. For- 
mal responsibility lay with the 
Interior Ministry, but the 
decision would be taken “at 
the very highest level.** 


those, however, who will be up- 
able to disassociate themselves 
from Imperial rule, who feel 
that the Shah's departure -will 
be followed by their own. This 


offer 
to Chile 




-V 



Antonio Cardinal Samore, the 
Papal envoy trying to; prevent 
war between Argentina and 
Chile over the Beagle Channel . 
boundary dispute, took with 


the peace, 
writes from 


Buenos 


. made too late. It is difficult to the National Front wanted to 

now being exported from Iran, has not prevented the past year believe that yesterday's invita- enter such a government it is 


On December 10 and 11 more being a catalogue of disasters 
than lm people, out of Tehran’s for the Pahlavi dynasty. Every 


population of 4.5m, demon- 
strated against the Government 
Despite daily shootings by troops 
riots sweep through city after 
city. If the apposition have 
not taken over they have suc- 
cessfully precipitated a collapse 
of government authority. 

Over the last year almost the 
only optimistic note for the 


move the Shah has made to try 
to defuse the crisis by either 
repression or conciliation has 
utterly failed. 

The very speed at which 
events have unfolded has left 
him struggling to impose 
policies which might have suc- 
ceeded a few months before. 
Every concession has been 


tion from the Shah to S ha pour 
Baktiar to form a civilian 
government will diverge from 
the previous pattern. - 
Opposition leaders know that 
the Shah's offer is an expression 
of weakness. The military gov- 
ernment of General Gbolam 
Reza Azhari has simply failed 
to end the strikes or impose 
order. Even if the more 
moderate opposition leaders of 


doubtful if they would carry 
the crowds in the streets with 
them. Ayatollah Khomeini, 
whose portrait waves above by 


-1950s. This has left the large 
hut inchoate opposition move- 
ment dominated by Ayatollah 
Khomeini,. 

Abroad the Shah has received 
probably includes some senior sympathy from, the West , and 

army officers Savak members . vocal, if sometimes hesitant sup- rhnrsdav 

and others closely linked topre-. port from President Carter.-, But him to Santiago ™ T orsttay 
vious governments. ' there is little in practice such. Argentina si JJJwt 

For the elite a further diffl- allies can do to support him, t “ n,ntT The Deace ' Rotwrt 
culty is that the totally centra-- The possible,, movement, of 
lised nature of the Shah's rule American naval vessels towards 

the Gulf is -more likely .to 
increase - the danger- to 
Americans within Iran ■ — 
originally numbering, some 

_ ^ 45,000— than to stabilise the 

The forthright declaration by situation. 

General Azhari, after he had :■ The dispatch of such a naval ---- — — -- - — . . 

formed a military government task force will not redress .the access to. Usbuaia, Hie capital 
in November, that “I am political damage done te the of ; Argentinian. Tiqrra del 
responsible— not the Shah,” was Government by the imminent Fuego, without, sailing .through 
probably largely an effort to departure of expatriate Oiileani wators, . Argentina also 

direct animosities away from employees of the western oil demands sovereignty over islets 
the throne itself. It did not consortium. Such an evacuation to the south of.Lennox, Picton 


has left them without indepen- 
dent leaders. A cruciaTquestian 
in future will be how far the 
unity of the armed forces is 
dependent on the monarchy. 


keeping 
Lindley 
Aires. • 

Argentina is willing to relin- 
quish its claim to the three 
islands in dispute at the tip of 
South America— Lennox, Picton 
and Nueva— in exchange for 
Chilean concessions, which 
would allow Argenti n ian ships 




that the only acceptable conces- 
sion by the Shah is his depar- 
ture. 

The Shah's ability to 
manoeuvre is further con- 
tricted by the general belief 
among Iranians that his fall is 


of ultimate 


in the source 
authority. 

The Shah's very success in 
removing all legal opposition to 
his rule over the past 15 years 
has ensured that he has no 
moderate leaders to talk to. The 


government. Iranians tend to 
over-estimate the political influ- 
ence of the consortium, -preceiv- 
ing it as an important ally to 
the Government The with- 
drawal will therefore be seen 
-as- yet a further blow 


Venezuela oil profits fall 35% 


BY JOSEPH HAHN 


CARACAS— Venezuela’s state- 
owned oil company has dis- 
closed that its 1978 profits 
totalled $1.19bn, down by 35 per 
cent from last year, on export 
sales of $9bn. ' 

The announcement yesterday 
came as a surprise, since Vene- 
zuela's oil exports this year are 
virtually unchanged from 1977, 
and since the company, Petro- 
leos : de Venezuela (Petroven) 
has the reputation of being the 
most efficiently run of the coun- 
try's state companies. 

Gen. Rafael Alfonzo Ravard, 
the president of Petroven, attri- 
buted the drop in profits to tire 
fact that exports this year con- 
tained a higher percentage of 
heavy crude oils and heavy re- 
fined products, such as fuel oil. 
Theses exports, in contrast to 
lighter products like petrol, 
fetch lower prices in inter- 
national markets. 

In addition, the state oil con- 
cern's investment and operating 
costs doubled to $2.16bn in 1978, 
while sales fell to S0bn from 
$9.2bn. 


Petroven, which runs a com- 
plex of oil companies national- 
ised in 1976, is Latin America's 
largest oil concern. The major 
units now under its control 
were formerly owned by foreign 
companies such as Exxon. Royal 
Dutch Shell, Gulf and Mobil. 

While the Government 
receives most of its income from 
taxes and royalties levied on 
Petroven. the fall in 1978 
income is not expected to 
present serious problems to the 
administration of President 
Carlos Andres Perez. The 
Government has borrowed 
heavily abroad this year to 
finance some ambitious projects 
involving steel, aluminium, 
hydroelectric power and trans- 
portation. 

It was able thus to offset a 
potential decrease in income 
through new credits. In future, 
however, the Government will 
be obliged to restrain its 
hitherto uncontrolled spending 
and rely less on oil industry 
income. The President-elect 
Sr. Luis Herrera Campins £ who 


upset on December 3 the power- 
ful Government party, based 
much of his campaign on the 
fact that the current Govern- 
ment despite wild spending, had 
been unable to resolve the 
nation's fundamental social and 
economic problems. 

Petroven, which up to now has 
remained free of political inter- 
ference, will need to spend 
heavily on its own programmes 
over the next few years. The 
company, which began offshore 
exploration this year, estimates 
that it must spend more than 
$35bn over the next decade to 
keep the Venezuelan oil industry 
profitable and competitive. 

Petroven figures show that the 
Government this year earned 
S5.65bn from the industry in 
taxes and royalties, against $8bn 
in 1977. Venezuela's petroleum 
income has been declining 
steadily since its 1974 peak of 
nearly $lQbn. The company's 
operating budget this year was 
82.16bn. About $93ftm was spent 
on new investment, while the 
rest went towards operating 
expenses. 


Portugal refinery plan criticised 


BY OUR OWN CORRESPONDENT 


LISBON — Heavy seas have 
for the third time this year 
severely damaged the port of 
Portugal's $1.5bn petrochemical 
“white elephant" complex at 
Sines. Meanwhile political 
attacks continue to erode the 
Government's determination to 
maintain the complex. 

Professor Manuel Jacinto 
Nunes, the Deputy Prime 
Minister responsible for 
economic affairs and the 
minister of finance and plan- 
ning. has followed the line of 
Portugals' nine previous post- 
revolutionary governments and 
declared that the Sines project 
cannot now be stopped at any 
price. 

The latest attack has come 
from a senior engineer, Sr. Luis 
Coimbra, a technical advisor on 
environment for several former 
Portuguese governments. 


In an interview with the 
weekly O Tempo ho claimed 
that the running of Sines would 
result in a loss of the equi- 
valent of £2 2m a month from 
1980 and would involve 25 per 
cent of the GNP. 

In the present economic 
climate Portugal’s petrochemical 
needs will be met by the two 
other refineries, possibly by one 
alone, he argued. If Sines should 
close there would be no 
other reliniers. possibly by one 
alone, be argued. If Sines 
should close there would be no 
repercussions for the country's 
economy. 

Sr. Coimbra said there had 
never been a detailed cost 
analysis and urged the Govern- 
ment to compare the costs of 
dosing Sines and of running it 
at half capacity. 

If the complex was to be 


kept open then he suggested 
the Government should invite 
an oil-producing country to 
share in the costs of running 
it. The Government should also 
consider the possibility of an 
outright sale of the complex to 
a foreign country, he suggested. 

Sr. Coimbra suspected that it 
would be more economic to 
close Sines and to continue to 
pay the salaries of the perma- 
nent staff. Europe was flooded 
with refineries and many of 
them have closed, he said. 

The argument that the build- 
ing of Sines provided valuable 
contracts fer Portuguese com- 
panies in the metal construction 
and civil engineering fields was 
not really valid. It would have 
been better to have provided 
the companies, he argued, with 
state subsidies to build up their 
exports. 


Ecevit 

meets 

generals 


By Metirv Munir 


ANKARA — Turkish Prime 
Minister Mr. Bulent Ecevit 
yesterday met with military 
leaders here to discuss security 
measures amid growing concern 
that political violence may shift 
out of the 13 provinces under 
martial law. 

Four murders, believed to 
have been politically motivated, 
were committed in four different 
provinces, all of them outside 
the grip of martial law. 

“There is a possibility that 
terrorists may shift their 
activities outside martial law 
areas," said Mr. Ecevit. To be 
ready for this possibility, troops 
in the 54 non-martial law pro- 
vinces would be reinforced. 

Mr. Ecevit was forced to call 
in the army last Tuesday when 
more than 100 people lost their 
lives in sectarian rioting in the 
eastern town of Maras, 600 miles 
east of here. The Maras deaths 
raised the toll of those killed 
in political violence in Turkey 
this year to over 800. 

But very few of the wide 
powers given to a martial law 
commander have so far been 
implemented and the army is 
trying to maintain a very low 
profile. 

No terrorist incidents were 
reported from the martial law 
provinces by yesterday evening. 
A meeting took place, yesterday 
between Mr. Demirel, the 
opposition leader, and Mr. 
Turkes. leader of the ultra 
Right-wing Nationalist Action 
Party.' The two said that Mr. 
Ecevit should not interfere in 
the army’s handling of martial 
law. 

Mr. Ecevit also appealed for 
friendship and solidarity from 
the United States and other 
allies in the difficult time 
Turkey is going through. “Our 
allies should be closely con- 
cerned with Turkey's economic 
difficulties, and I hope that the 
U.S. will show solidarity and 
friendship in this time of diffi- 
culty.” he said, answering a 
question after his routine 
weekly confrontation with Presi- 
dent Koruturk. 


Cairo security tightened 
after price increases 


BY ROGER MATTHEWS 


CAIRO — Security Is being diately to avoid profiteering or 
tightened in Cairo, to forestall hoarding. -• , ' ; ... . , ■. - 

possible violence or demonstra- . The Government emphasises 
tions caused by price increases 4hat only non-essential', luxury 

introduced by the Government. Spanish WOlt to Hlk 


sheep farmers— because Argen- 
tina considers these to be in its 
gateway: tothe. Antarctic. . 

A. high military officer here 
said that if Gen. Augusto 
Pinochet the Chilean President, 
did not accept this offer, there 
would certainly be war. 

Cardinal Samore arrived in 
Santiago en Thursday, and was 
received by President Pinochet. 
The Cardinal : emphasised the 
urgency of his mission when he 
left Buenos Airek, saying that 
he is pressed to use efficiently 
the time at his disposal. He 
said : that ah understanding 
between, the- -two countries 
would." not be ;feasy-** 


-Lfatf ilC* 


The Middle East News 
Agency said yesterday the in 
tructions had been issued by 
Mr. Anwar Sadat, Egypt’s 
President The official reason 


aims to maintain and improve 
living standards for. lower- 
income groups. 

- President Sadat said ' on 


for the intensified security was -Wednesday he las looking for 
11 to prevent noise and traffic -substantial foreign aid. and 
confusion.” . investment over the next five 

years. Egyptian newspapers 


Mr. 

tenor 


Nabawi 

Minister. 


had 


the In- 
told the 


Ismail, me -m- ^ ^ wan ted S15bn, not 


E£15bn f$21bn) as Had been 


police to implement the law Sported in some accounts of his 
Extra officers would twa. 


Spanish air controllers started 
a : . nationwide* work-to-rule 
yesterday, AP reports from 
Madrid. . - Departures will be 
allowed at RHninute intervals 
at all Spanish airports, instead 
of the normal three minutes, -to 
conform with what tire strikers 
said were: International- flying 
regulations. ■ The work-to-rule, 
in support of . a p^' claim, is. to 
last indefinitely. 


rjSSiVt’ 


"firmly. ij^xra omcers woum .i^peecb to the. National Demo- 

be drafted to such areas as mar- p arty ..... .. ... , # i . 

kets. cinemas and bus stations. Fares adds from Damas- U^TaiWan ini^Oli 


The first of what is expected:' cos: The disagreement between 
to be a series of price increases • Palestinian guerrilla groups j 
in the 1979 budget came into-'- over their dialogue with Jordan 
effect yesterday morning. Iks near a solution, according. to 
Locally produced cigarettes and t Palestinians here. The dialogue 1 
petrol have gone up by between started after the Arab summit 
17 and 50 per cent, although fmeeting on Baghdad, and aims at 
The measures still have to be£“foliag the -Camp David 
approved formally by a com-* accords.” Opponents of the dia- 
raittee of the majority National .Hogue allege it may aflow Jordan 
Democratic Party. The in- i •participate in represen- other relations with MtCtaiang 
creases were imposed imme- '*tanqa of " the ; Palestinian Ching-Kuo, .Taiwan’s /President, 

and other officials', Taiwan 


The UJ5: mission met by 30,000 
angry demonstrators three days 
| ago left Taipei without incident 
yesterday, after talks on rela- 
tions between Taiwan and the 
U.S./ Reuter - reports from Tai- 
wan. Mr. Warren. Christopher, 
j -the U.S. - Deputy Secretary of 
State, .who led. the mission, said 
he discussed cultural/ trade and 


Indochina fighting flares 


BANGKOK— Cambodia and 
Vietnam yesterday said more 
heavy fighting had taken place 
on their border. 

Radio Phnom Penh said Cam- 
bodia had beaten back two 
Vietnamese invasion attempts 
this week in northeastern and 
eastern Cambodia. Over 1,000 
Vietnamese had been killed or 
wounded. 

The Vietnam News Agency 
and Radio Hanoi both reported 
that a Vietnamese-backed Cam- 
bodian insurgent movement had 
claimed to have killed or 
wounded 180 Cambodian 
Government troops in the 
border province of Kratie 
between December 23 and 26. 

Commenting on tbe Radio 
Phnom Penh reports of dashes 
in northern Ratanakiri and 


wants relations with the U.S. 
tobe maintained on a govern- 
ment-to-government basis, and 
is demanding specific security 
guarantees. ...... 


attempted intrusion was along - 
National Route 19 in Ratanakfri^ 
and the other was along Route 

seven m , Kompong. xham’s vitibaiik prime rate lip 

. which, juts' Citibank is raising its floating 


Fishhook 
into Vietnam. 

Both roads 'are vital for con- 
trol of north-east Cambodia. 

Western diplomats said earlier 
this month -that Vietnamese 

froops were advancing slowly [ Vietnamese refugees 

frnm nni'lnvos in rhfl Plshhnnlr. I . . . "6 

About 2.700 Vietnamese 
refugees . on- • a ! Taiwanese 


prime rate to 11 J per cent from 
Hi per cent, / effective 
immediately, Reuter- reports 
from New York. 


AMOCO-CADIZ INSURANCE 


A test case for 



industry 


BY MARK WEBSTER 


MME. ANNIE LEROY, who 
runs a small guesthouse in 
Brittany, has not forgotten the 
Amoco-Cadiz oil spill. “ Are you 
from the insurance? ” she asked 
caustically, stabbing at the ait 
with her forefinger. “ Oh, you're 
journalist. Well, you ought to 
write in your paper that we are 
fed up with waiting. We want 
compensation for a ruined 
summer — and we want *t now." 

Mme. Leroy's bitter lament is 
echoed right along the 60 miles 
of picturesque Brittany coast- 
line where 220.000 tonnes of 
crude oil belched out of the 
supertanker Amoco-Cadiz and 
came ashore last March. The 
French Government and the 
people of the area have shown 
their bitterness by filing claims 
for damages in the U.S. courts 
of more than $1.35bn. 

But -the hoteliers, restau- 
ranters, fishermen, shopkeepers, 
nature conservation societies 
and assorted local authorities 
who are suing for damages may 
have a very long wait, accord- 
ing to legal experts, for a 
major legal battle has already 
started over the claims. 

If tbe claimants wan their 
case in the U.S. it could mean a 
major upheaval for the whole 
system of tanker and pollution 
insurance. But the oil industry 
remains fairly sanguine about 
the outcome, trusting that it 
will be thrown out of the U.S. 
courts and brought back to 
France for judgment 

The expert in pollution law 
who decided to take the case to 
the U.S. for the local people 
was Maitre Christian Hugh). 
The Paris-based lawyer said 



The gaunt prow of the Amoco-Cadiz rises high from the sea 
off the Brittany coast 


that the system of punitive 
damages which the pollution- 
conscious American legislation 
allows would make any settle- 
ment substantially higher than 
that awarded in a European 
court. 

At present the case has been 
transferred from the New York 
federal court to the Chicago 
federal court where the parent 
company which owns the 
Amoco-Cadiz is based. The 
French are suing Amoco. 
Amoco International, and Stan- 
dard Oil Of Indiana. Maitre 
Huglo said that a fourth suit 
would soon be filed against the 
owners of the cargo. Shell Oil. 

However, the U.S. court must 


decide first whether or not the 
matter is bound by the Civil 
Liabilities Convention of 1969 
which was set up through the 
International Maritime Consul- 
tative Organisation (LMCOi to 
deal with such spills. The Con- 
vention, which has been ratified 
by France, makes it clear that 
the case can only be heard by 
the French courts, according to 
legal experts for the oil 
companies. 

The French argue that since 
the U.S. is not a signatory, the 
Convention docs not apply. Nor, 
therefore, does its limit on 
liability for oil pollution of 
S50m. If the CLC can be side- 
stepped, the French Govern- 


ment can press ahead with its 
claim for $300m. the local 
tradespeople for their S750m 
and the local communities for 
their 5300m. 

The CLC is gradually taking 
over from the existing voluntary 
insurance agreements, Tovalop 
(set up by the tanker owners) 
and Cristal (set up by the oil 
companies) to deal promptly 
with claims for damages and to 
limit the companies' liability. 
The existing agreement had 
always been considered adequate 
since the highest pay-out to date 
had been $7.5m after the Torrey 
Canyon oil spill 11 years ago. 

Maitre Huglo said he would 
not be dismayed if the ease 
were rejected by the U.S. courts. 
If he can prove " personal fault 
or privity'' on the part of the 
tanker owners then the $50m 
ceiling on damages could still 
be waived. 

Insurance experts are quick 
to point out that the fault must 
be on the. part of the ship 
owner and not on the part of 
the master of the ship. If, for 
instance, the tanker owners had 
instructed the captain to take a 
short cut which they knew to be 
dangerous, then there would be 
a clear cut case of fault, they 
say. 

In the case of the Amoco- 
Cadiz much will hinge on the 
conversation which took place 
between the master of the ship. 
Captain Pasquale Bardari, and 
his head office in Chicago. 
Reports of what happened say 
that Jt was a matter of hours 
before the terms of contract 
were agreed between the 
stricken Amoco-Cadiz and the 
salvage tug which came to its 
rescue. 


eastern Kompong Cham 
provinces, a western diplomat 
said he thought fighting had in- 
creased in those areas, and 
might be continuing. 

The Radio Phnom Penh 
broadcast reported that one 


from enclaves 7 in the Fishhook, 
but appeared to have stopped 
about - 40 kilometres .from the; 
Mekong River port of; Kratie. 

Tbe Vietnam ■ News Agency 
and Radio Hanoi -yesterday 
broadcast a report by Sapora.- 
mean Kampuchea CSPK) r lie ■ 
Cam bo (flan insurgents' : news 
agency, claiming successes 
against Government troops in 
two areas of Kratie province 
north of the Fishhook. 

It said Cambodian insurgents 
in the Swai Che a and Preki tea 
areas had intercepted Govern- 
ment troops in wbat it des- 
cribed as “ the liberated zone.** 
Reuter 


freighter expect, to be allowed 
to ‘land - in Hong Kong. AP 
reports- from Hong Kong. 
Nguyen Wai Hon, a refugee, 
$afd in a; Radio-telephone inter- 
spew that the.. Hong Kong 
Government is reconsidering its 
derision against allowing them 
entry. Nguyen Wai Hon said the 
refugees had telephoned relief 
organisations In tbe UL5. and 
had' been promised ' that repre- 
sentations would, be made to the 
Government on their behalf 



Boumedieime buried 
near national heroes 


BY FRANCIS <SHHiS IN ALGIERS 


ALGERLVS second President 
since independence, Houari 
Bourn edienne, was buried 
yesterday afternoon at El Alia 
cemetery, outside Algiers. His 
tomb is near those of his fellow- 
fighters of the war of indepen- 
dence and close to that of the 
man who, for all Algerians 
symbolises their bitter resis- 
tance against the French 
conquerors in the 1840s, the 
F.mir Abd El Kadr. 

Hundreds of thousands of 
Algerians lined the streets as 
the procession left the Great 
Mosque, Daema El Kebir, in the 
old city by the port, and moved 
slowly through the European 
part of the city, built during 130 
years of French colonial rule. 
The crowds were well-behaved, 
with many people chanting: 
“We are with you, Boumediene.'* 

Before being taken to the 
Great Mosque, his body had 
lain in state for 36 hours in the 
Palais du Peuple, in the hills 
o.ver which Algiers is built. 
Thousands of Algerians, and 
many foreign dignitaries who 


CaHiorOASmeeting 

Costa Hie* has called for an 
emergency - meeting of the 
Fqreigii Ministers:' of members 
of the Organisation- of American 
States' - (OAS) .. to. avert the 
threat o£ armed conflict with 
N icaragua, Reuter reports from 
. Washington.* Gen. - Anastasio 
Somaza, Nicaragua's President, 
threatened -to retaliate against 
Co5ta JBica‘ if it; continues to 
harbour guerrillas.- Costa Rica 
deities: it is providing a haven 
for guerrillas, and has accused 


[ .. 
i'*- 


the stature of the late President 
and no Algerian has forgotten 
the internecine warfare which . 
racked the National liberation. 

Front (FLN) during the war o^ Nicaragua’s . National Guard of 
independence against the French - ; repeatedly raiding Costa Rican 
and in the immediate;... post! [/territory, 
independence period- THe- late" 

trade surplus 

Among the heads of state sit Canada’s:; ..trade ' surplus rose 
the funeral w is, the : -SyriarL ■' sharply in. November to $335 m 
President, Hafez El Assat^ tite from $153m in October, the Gov- 
Presidents of. Niger, ■Matted' emment-said yesterday.. Renter 
Benin as well as Mme..Wassila- reports from % Ottawa. The 
Bourguiba, the ; jme .improvement was Attributed to 

Tunisian Pr^riflent . Tbs increased * trade ■ with the U S 

ssns, M»?5?SE= 

Ipadnr Mr Yasser Arafat. Who a rocora $3.39bn in 

leader, .xasseT AiWr.wno No ^ emberf whn ^ frQm 

the U.S. rose by only 3.5 per 
cent from the previous month. 
Exports tor other countries rose 
by 14 per ceqt, with more than 
two-thirds of this coining from - 
increased exports to Japan: 
Imports from Japan fell for.the 
second successive month, hut 

imports., from developing 
countries and oil purchases want 
RP. ; '< 






J* 






Mz 


stepped off th& same : plane as 
the Syrian leader.. ; 

By far the most edflctic dele- 
gation came frbiff /the US. It 
was led by Mr. Michael Blumen- 
thal, the. Treasury Secretary 
and its star teeinber was uit 
doubtedly Mohammad. ALi, the 
boxer. The delegation also in- 
cluded ‘ Chip Carter -the Prest- 






• ‘ ’ !. ’iy 


dentY /Jon, Mr. Clark Clifford, 

the. ex-Secretary for Defence, 

are "here for the” funeral had wbo - i ? aJso lobbyist in j 

filed past the body. Washington^ for the Algerian oil Indonesia nric* rlcpc : v'. 

A ** *. . ** £ £*-* SSISwBi-- 

senior White House advisers on 
the Middle East, and a respected 
scholar of modem North African 
history, i , • 

The EEC countries sent their 
__ Foreign Ministers. The UK was 

respect for the man who will go represented by Dr. David Owen. . ... 

down in his country's history as Political, relations between the ^ 00i - copra, 'freisfcs&i 

having forged a nation where two' countries have never been “ ce briui» AF -© ■■ 
quarrelling factions had ruled, ciosei bnt Dr. Owen’s policies in •**«*■. ■•'. : 

and apprehension at what wfll Southern Africa— in particular t ~ . V*. 

follow. « where Namibia is concerned— smaSi 1 ' 

_ No r m ?? ba S of , a e ruling have. been, followed with ■ great fSSBSSSiSSSS-^" 

Council of the Revolution has interest ifL-Alffiers- -wr anoaw. ' 

N *«[ York, 


'•* - 




-Sj! 


usually noisy city since the 
announcement of the President's 
death. Throughout yesterday 
verses of the Koran were broad- 
cast from mosques: the people 
are subdued and dignified; 
serious faces, reflecting both 


modi ties will rise.jjy • 

6 and 66 per ceiffr in tfib .fist 
quarter of ne*£ ysa^ the; 
Indonesian . * Department;^- . of. 
Trede announced./. ' ys^da?- - 
The cwntaoditiestriSiiSude.:. 
rubber, print' ; 




-f*- *■ 




"*iv 











; 









o 




LABOUR NEWS 



r z"V 






CBI starts review 
of industrial policy 


- -ii . 

‘^irv’v 


,-. <5pOtD4tii3, KOTOR INDUSTRY CORRESPQNt>B4T 


■••Ti: :-»u • 


.NfiSE ittirect^ 

• rfromVcfiryfitf^OK: teprepara^ 

: AmM -nest r wrafc*s: rratnictur- 

■ iflg •; ..- 

.-' 'o-'Ae-'^^m^ap. ’:' spas \ to .be 
r expected afterth^ aeQtuation of 
CJi^teJ^JEft^ropean operations 
by Beogedt- -PSA °of r‘ France, 
-Which" ; 4afeesT. fn rn>a1 "effect on 
: January X; : - ■ / "_ „• •/ i 

Betailsnf-the^wBoariwi31 

••': meeting <to ;,i W«toesd^ after- 
; '•. 
>-: ^Some^-' these ; directors - who 
-liaye-reagnedwiHprobably' be- 
: included - - as ^ well as Peugeot . 
-nominees, and, -possibly, people 

- not previously connected -with . 
' eitJzer ^Chrysler --or ^-Peugeot." 

ItVseems unUkfly that a two- 
tier structure will be introduced, 
as -r happened? with ' Chrysler 

- France earlier this week. There 
-will lie one Board m the tradi- 
tional British-Styl* - ■ 

The directors who have re- 
xigned include Mr. Gcorge Lacy, 

• managing., director, : who ■ has 
denied rumours . that be plans to 

..leave the ®roup. 

•Hie others* are Mr. Joe Daly, 
finance direct of for Chrysler’s 
European.' operations; Mr. John 
; Day T who- is to be transferred 
from his present post as presi- . 

- dent of Chrysler- France to a 


job with the parent corporation 
to; tito.UjS.; Mr. Ed^'JDoyle, 
comptroller of ChrysteiV-S.; 
Mr. Peter. Griffiths, -" - deputy 
managing director; Hr.. 'Gordon 
Kennedy, director of purchasing; 
Mr. Don- Lander, presidaat of 
Chrysler International; and Mr. 
Christopher Parsws, a solicitor. 
"One of ihe two UK Govern- 
ment nominees on the bo&rd, Mr. 
Gaud Birch, retired earlier this 

- month -for health reasons.; ' 

. The UK Government will 
continue to exercise its-right to 
nominate -two board members. 

- The other present Govern- 

- meat nominee, Mr. fto&Gran- 

.tbam, has remained a- member 
of the “ caretaker- board, with 
Mr. Gilbert -. Hunt, chairman; 
Mr; -Angus Murray; theidndus- 
trialist and board member of 
the Prudential Assurance Co.; 
Lord Roll of Ipsden, a director 
of S. G. Warburg, the merchant 
bank; M. Georges Hereff, former 
president -of Chrysler France 
and Mr. Louis B. Warren, a 
member of the' U;S. Chrysfer 
hoard. 15. 

Chrysler UK said last night 
that the changes were' a' logical 
development in the relationship 
between Chrysler and ^Peugeot 
PSA. “Before you. cari^; create 
a hew structure you dismantle 
the old one.” 


■ • ‘ ,.t • 

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• ■■ V;t • •' ■' 
m ' r <.? 

- 

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^ 1.1 . 


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^ 

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. ?J *•- 

f Vx iw> TT? .- ' 

■* ^ m '^/ : 

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mjir^ rr^ ; > 


Thatcher forecast^ 
massive Tory win f 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

TEE ' CONFEDERATION of of Cadbu 
British Industry is likely to Until : 
adopt a more critical approach have beei 
to the value of the Government's other Cot 
industrial strategy exercise which he 
after a review it is about to bave no 
begin of its industrial policies, co-ordina 
Leading industrialists are the strai 
concerned that companies are ments, tt 
hot getting sufficient benefit out Board, ai 
of the strategy and its sector trial aid 
working parties, which take up The ne 
a considerable amount of will cove: 
management time. well as co 

While there is no question policies, 
of companies wanting to pull special s 
out of the working parties for coming G 
that reason, the Confederation industrial 
is to assess whether it ought to political 
press for changes in the coming • Its firs' 
ye 2£. . . review oi 

This will influence the pro* to compa 
posals to be put forward by the the indui 
Confederation at the February working 
meeting of the National by the Pi 
Economic Development Council, vclopmen 
which will be considering the The re 
future of the strategy. national i 

The work will be carried out of the w 
by the Confederation 's new ties. Foi 
industrial policy committee, to consid 
whose chairman, it was an- ask the ' 
nounced yesterday, is to be Sir bute me 
Campbell Fraser, chairman of through i 
Dunlop Holdings. spending 

This is one of two com- the work 
mittees being created by the Departmc 
Confederation. The other is an matters s 
economic and financial com- training, 
mittee whose chairman is to be It is ais 
Sir Adrian Cadbury, chairman usefulnes, 


of Cadbury Schweppes. 

Until now. industrial issues 
have been dealt with by various 
other Confederation committees, 
which has meant that policies 
bave not always been fully 
co-ordinated on matters such as 
the strategy, planning agree- 
ments, the National Enterprise 
Board, and Government indus- 
trial aid schemes. 

The new industrial committee 
will cover all these subjects as 
well as competition and regional 
policies. Its views will be of 
special significance When the 
coming General Election makes 
industrial policies a major 
political issue. 

- Its first task is likely to be a 
review of the costs and benefits 
to companies of taking part in 
the industrial strategy’s sector 
working parties which are run 
by the National Economic De- 
velopment Office. 

The review will range over 
national issues as well as details 
of the working parties' activi- 
ties. For example, it is likely 
to consider whether it should 
ask the Government to contri- 
bute more to the strategy 
through its taxation and public 
spending policies and through 
the work of various Government 
Departments responsible for 
matters such as education and 
training. 

It is also likely to examine the 
usefulness of import targets 



Sir Campbell Fraser 

which have been set for some 
industries by the working par- 
ties. It will ask whether their 
implementation is compatible 
with the Confederation's deter- 
mination to leave companies 
free to make their own business 
decisions. 

Sir Campbell Fraser, who will 
be in charge of this work, was 
chairman of the Confederation's 
economic situation committee 
until last year. 


BY RICHARD EVANS, LOBBY EDITOR 


[• A CONFIDENT -Mrs. Margaret 
.Thatcher ' told. Conservative 
. Party workers in- a New Year 
. message : yesterday that the 
- Tories? would be returned to 
power next year by a mas- 
sive” General Ejection victory. 

' /She', based 'her prediction on 
.a distinct ' change, she had 
noticed in the electorate in her 
recem. visit^ up- and .tiown the 
Muoliy. . j • ;-v 

“ t can best describe it by 
saying thatmere frustration and 
, exasperation are giving way to 
hope, to a'-realiSation that the 
kind of- mess we are to can be 
ended by ’bbld- personal enter- 
prSse,” _sbe said. • -.-■■■ 

• ^Geiie^^^El^tibh .next ypdr: 
wonfif eBdrtfie terrible -feeling* 
of Uncertainty about the nation's 
future by which almost every- 
body was afflicted and bring the 
Tories back to ' power - 
People were heartily sick of 
being confined and -tripped up 
at every point by. : Stafte regula- 
. tions. They had cottoned on to 
the 'truth that ft was ..these 
regulations which, were produc- 
ing . the veiry troubles, such as 
-poverty, and unemployment that 
they, were supposed to remedy. 

: Ordinary, men and women in . 




business, on the factory floor 
and in the professions? were 
clamouring for the right to start 
working out their own destinies 
and to free themselves from the 
apron-strings of the “ governess 
state.” 

That was exactly why Labour 
was desperately trying to 
frighten the electorate with 
such phrases as a “free.tor all.” 
But the public was fully; aware 
that freedom and responsibility 
were dependent upon , each 
other. ' . iv 

“The choice, not dbly in 
economics, but. over the. whole 
range of home affairs was not 
between liberty and order," but 
between state .despotism .and 
freedom under the-Iaw.^. >, 

Mrs; Thatcher castigated the 
Government’s “terrible record of 
failure” involving massive Un- 
employment the paralysing of. 
production, the rising crime 
figures; and the crisis in the 
health and educational services. 

** It would be a benign sort of 
miracle indeed if a party with 
all this to its discredit were to 
be given another term of office.’' 

Mr. Callaghan toid Mr. David 
Steel, Liberal leader, will issue 
New Year messages to their 
^supporters at tfie weekend. 


increase 


Bridge 

plan 

revived 

By Lynton McLain 

TEN- YEAR-OLD plans for a 
new bridge across the Thames 
will be revived early in the new 
year as the Greater London 
Council and the City of London 
Corporation study a river cross- 
ing 1 downstream of Tower 
Bridge. 

The plans drawn up in the 
late 1960s, were to ease conges- 
tion as a 2S-toas laden, weight 
limit was applied to the bridge. 

From the end of next month, 
the limit will be five tons un- 
laden; Most heavier vehicles 
will have to use other London, 
abridges or Blcckwall or Dartford 
Tunnels: 

The GLC is to reconvene a ! 
working party disbanded three 
years ago, to study crossings. I 


Liberal MPs argue 
over Ulster policy 


BY OUR LOBBY EDITOR 

A BITTER argument raged 
among Liberal MPs yesterday 
over the issue of the phased 
withdrawal of British troops 
from Northern Ireland. 

Mr. Cyril Smith, MP for Roch- 
dale, first claimed in a radio 
interview that a growing num- 
ber of the party’s 13 MPs were 
in favour of withdrawal, and he 
predicted a change of policy 
would be agreed by the party 
next month. 

But Mr. Clement Freud, MP 
for the Isle of Ely and the 
party's Ulster spokesman, issued 
an immediate strongly worded 
denial and claimed that Mr. 
Smith s comments . had been 
“ exceedingly unhelpful ” both 
to the Liberal Party and the 
people of Northern Ireland. 

"It would simply encourage 


the men of violence.” he de- 
clared. “We have made our 
stand very clear and that is that 
we back the line taken by Mr. 
Roy Mason, Northern Ireland 
Secretary.” Mr. Freud's views 
are known to be in accord with 
those of Mr. David Steel, the 
party leader. 

Mr. Freud described Mr. 
Smith's advocacy of withdrawal 
as a populist measure and 
argued that if the IRA went 
to Rochdale, Mr. Smith would 
be the first to go to Parliament 
and beg for troops to be sent. 

Mr. Smith said yesterday that 
there was likely to be a 
majority of Liberals in favour 
of withdrawal when the next 
party meeting was held at West- 
minster next month. 


Further 

house 

price 

rises 

predicted 

By John Brennan, 

Property Correspondent 

HOUSE PRICES are soaring in 
spite of higher interest rates 
and a scarcity of mortgages, 
according to the Incorporated 
Society of Valuers ■ and 
Auctioneers. And the Society 
believes that this “inexorable 
upward trend” in prices looks 
like accelerating next year. 

Its quarterly state of the 
housing market report, pub- 
lished yesterday, says that in. 
the last three months, “there 
have been few signs of any real 
easing up in the rate of increase 
in house prices despite the 
slowing down in building 
society lending and. the higher 
interest rates." 

The society, which represents 
nearly 8,000 estate agents 
throughout Britain, estimates 
that house prices rose by an 
average of 5 per cent in the 
three months to the end of last 
month. 

Supply 

In that period, houses costing 
less than £12.500 rose in price 
by an average of 4.5 per cent. 
Medium priced houses, between 
£12,500 and £20,000, showed the 
greatest increases, rising by 6.4 
per cent, and the pricefc of 
houses in the ranges up to, and 
over £35,000, rose by 5.5 per 
cent and 4.7 per cent respect- 
j ively. 

The report suggests that it is 
the scarcity of property on the 
market that continues to fuel 
price rises. 

New standards 
for offshore 
support ships 

By Lynton McLain 
NEW SAFETY standards for 
vessels used to support and 
supply offshore installations 
come into effect on January 1. 

The new Department of Trade 
requirements affect standby 
safety vessels, which by . law 
must .be no more than five miles 
from the offshore platform, and 
which are designed to accom- 
modate all its workers if the 
platform is evacuated. 

Each ship will have to provide 
first aid and act as a reserve 
radio station. 

Offshore operators and the 
[ Energy Department have agTeed 
i to employ only vessels comply- 
| ing with the new requirements. 


.x on 



on 




. BY JOHN LLOYD. 

• PRiCES for -newsprint from 
British manufacturers will rise 
from Monday, . with possible 
repercussions bn cover prices 
of newspapers.- 

Reed and Bowater bave told 
their * custo rubers, that, subject 
to a successful application to 
the Price Commission, news- 
print prices will go up by 8.5 
per on . aD grades from 
JanuaryM. / 

The?- two companies supply 
about 20- per cent of the UK 
market ’ 

• T, be Swedish, Norwegian and 

Finnish newsprint industries 
said . earlier this year that they . 
would raise prices by the same 
margin from the beginning of 
next year. . • - ^ 

These industries supply 


about 40 per cent of UK news-, 
print needs. The Canadian 
industry, which supplies most 
of the remaining market, will 
also follow suit 
The, increases notified to 
customers are: 45 gramme news- 
print, up from £254.50 per tonne 
to £276.50 per tonne; 4S.8 
gramme newsprint, up from 
£235.50 per tonne to £255.50 per 1 
tonne; 50 gramme newsprint- 
up from £229.36 per tonne to 
£248.88 per tonne. . 

_ Regional newspapers, which, 
toe generally profitable, may be; 
able fo absorb a rise of this= 
kind, but national newspapers, 
whieh work on slim profit 
margins — where they are not 
making losses — are likely to be 
forced to pass on the price 
increase sooner or later. * 


j... - 


Government puts £13.5m 
into improving schools ; 


' LOCAL . ‘education : : authorities 
; throughout, the , UK have been 
allocated ' an additional £13.5m 
to 1979-80 for . replacing and 
. improving olfTK* 00 ^ • 

.. -It. brings to £125.4in. the sum 
that authorities may borrow for 
school -improvements ixr 1979-80. 

; TSje-ilS^m 1$ the first part of ' 
£75m over the next three years 
aitoounced b£ ' firs. ' Shirley 
Williams, Secretary bf State for 
Education ' and .Science, this 
year;' Details of 'the hew alloca- 
tions were given to local autho- 
rittesy^jterdaJ’.-J 7 ‘ - - 

New "tolocalibhs ' for ‘ M8&-81 - 
and 1981-82 — about £25m. to 
each. . year— will be announced 
to the new year. 

In distributing the money the 
^department has . considered the 
school population to each 
authority’s area, the number oi 
places to unmodefnised pre- 
I98S totonary schopls MKl un- 
• modernised secondary . schools 
.wlth pre-1919 . classrooms, and 
4he nmnbersHjf pupils in sub- 
s^dard schools -and who live 
to areas': of educational- and 
disadvantage.. 


In London. Bexley, Newham 
and Haringey have had their- 
allocations substantially in- 
creased while the West Mid- 1 
lands’ allocation has been in- 
■ creased from £B.2m to £7 An J 


BY THE end of store trading 
tonight, Britain’s retailers will 
have had to cope during this 
year with a record number of 
shoplifting cases. With stores 
throughout the country packed 
for today’s bargain sales, thieves 
are expected to take advantage 
of the crowds and end the year 
on yet another shoplifting spree. 

Accurate figures for shoplift- 
ing cases reported will not be 
available until early next year, 
btit most retailers expect that 
the increase this year will be 
much more than last year's rise 
of a fifth. Last year, 217,276 
shoplifting offences were re- 
ported to the police— yet many 
shoplifters are not caught, and 
many more cases go unreported. 

Conservative estimates put 
the overall losses to retailers 
at about £700m, including thefts 
:by employees, and the true 
figure might be twice that Re- 
tailers declare that the losses 
represent a Great Train Rob- 
bery every 3S hours. 

• Put another way, a 2 to 3 per 
cent-” theft tax" — as much as 
most 'supermarkets earn in net 
profit margins — is paid by 
honest customers in higher 
prices. 

Paradoxically, although shop- 
lifting is on the increase, some 
retailers have had their best 
Christmas in preventing thefts. 
The 2,000 : extra police officers 
drafted into London's West End 
as part of the " Operation 
Santa” campaign against 
bombers, with tighter security 
in the, stores themselves, is 
understood to have Jed to a 
sharp fall in shoplifting in the 
week before Christmas. 

Greater co-operation among 
retailers' in guarding against 
groups of professional shop- 
lifters, -and "blitzes" in certain 
areas where police and security 
staff mount extensive campaigns 
against theft, have achieved 
significant success to some areas, 


albeit a small part of the 
country. 

Last night Lady Phillips, 
director of the Association for 
the Prevention of Theft in 
Shops, said that because of the 
success of the retailers’ anti- 
theft campaigns, further action 
was being planned for next year. 

The association was set up in 
1077 by the hig multiples and 
department store groups, in- 
cluding House of Fraser, British 
Home Stores, Marks and Spen- 
cer, W. H. Smith and Boots, as 


whelmed by the temptations 
offered by self-service selec- 
tions. Crowded stores also 
enable other thieves to. take 
advantage of confusion. 

The association's other chief 
role is to organise retailers, to 
co-operate more with ohe 
another and to keep them 
informed of new anti-theft, 
devices. 

The association's task, how- 
ever, is fraught with contradic- 
tions. Although retailers pay 
lip service to the idea of 


NEWS ANALYSIS 
Shoplifting 

BY DAVID CHURCHILL 


a pressure group to educate 
retailers and the public about 
the rapid rise in shoplifting. 

It seeks to convince people 
tbat shoplifting is merely a 
euphemism for theft and that 
people who steal are committing 
an anti-social crime against the 
community, out of greed. 

Lady Phillips says: “ Our 

objectives will have been 

achieved when and if it is 
acknowledged in a changed cli- 
mate of opinion that theft by 
either customers or staff is 
wrong on moral and economic 
grounds.”' 

To achieve that change in 
opinion, the association is 

lobbying educationalists, youth 
groups, trades unions, the 

churches, media and social ser- 
vices. It is also co-operating 
with embassies, High Commis- 
sions and tourist boards to 
ensure that overseas visitors 
are made aware of the British 
retailing system and the penal- 
ties for theft 

Tourists, a high proportion of 
shoplifters to summer, often 
claim to be confused and over- 


Profits up 12,5% this month 


DECEMBER , is usually an 
exceptionally, quiet mont h foe 
annual reports and accounts 
from industrial companies • 
tond only 31- have been- 

received. , 

However, this month s 
• renorts marked a return to • 
pre-tax profits growth after - 
month’s fall of 5.7 per 
cent. Compared with the com- 
parable year-ago figures* ■ 

profits rose by 12J>‘per cent, 
which/ was . the . largest 
increase ■ stoee September's 
15.9 per cent 

This month's upturn was 
helped by good, results from 
British Sugar,' which reported 
a profits rise of 25.7 -per cent 


Average profit rises over 
the four quarters of this year 
, were: lanuaxy-Mareh, 15.9 per 
cent; AprO-June, 8.4 per emit; 
Jnly-September, 13J3 per 
cent: and Oetober-December, 

<L 5 per eeht 

" Profits In reports received * 
-during the whole of this year 
-showed an increase of 1L6 
per cent over last year's 
■ reports. 

Overall dividend costs in 
this mouth’s reports showed a 
gain of 17J,' per cent on last 
year’s comparable figure. This 
brought &e average increase . 
to 15 J per . emit for tfae final 
' quarter and to 3.9.3 per cent 
for toe year. 


i PRE-TAX 
757. i PROFITS 

hr 


* V 

DIVIDENDS’ 


.1975 1976 1977 1978 


preventing theft, little doubt 
exists that the growth of self- 
sen-ice methods and other 
marketing techniques make 
shoplifting easier. 

Putting umbrellas next to the 
door on a rainy day because 
that is where they sell best is 
good sales practice but poor 
security. Yet theft losses have to 
be 1 quite high to persuade the 
retailer to move the display to 
a more secure place. 

Tlie growth in size of stores 
groups and multiples has 
enabled shoplifters to 
rationalise their crime by con- 
sidering the theft as being 
against a large, impersonal com- 
pany rather than an individual 

Many retailers, moreover, 
have been reluctant to prose- 
cute in every case of theft 
because of the amount of man- 
agement time that can be lost 
to attending .a court case, . or 
because of. the bad publicity 
attached to prosecuting 
children or old age pensioners. 
But theft by children and young 
people is the fastest growing 
crime area for retailers. 

A Home Office report on shop- 
lifting notes that few shop- 
lifters will bother with devices 
sirh as concealed pockets and 
false-bottomed shopping bags, 
which hit the headlines. 

Most rely on working quickly, 
using a momenfs inattention by 
staff to allow them to slip an 
article into a pocket or open 
bag. 

According to Mr. Gordon 
Philips, deputy managing direc- 
tor of the Group Four security 
organisation, about one In every 
50 people going into a super- 
market will strai, on average, 
£1.80 every time. In a depart- 
ment store, one to 100 wll I steal 
£4. on average. 

Since retailers are most un- 
likely to forsake modem market- 
ing techniques to the interests 
of security, a balance has to be 
struck between allowing honest 
customers- to buy goods as 
cheaply and conveniently as 


possible, and avoiding encourag- 
ing crime. 

The biggest deterrent to shop- 
lifting is simply being seen. 
Shop whose staff are alert to the 
practice is the sort that shop- 
lifters tend to avoid. Staff train- 
ing is thus an important part of 
the measures that, can be take* 
— as is total management com- 
' mitmem to reducing shoplifting. 

Technical devices such as 
television monitors and convex 
mirrors can also make a big 
contribution to cutting down 
tbefts, as several stores have 
proved. 

Lady Phillips's . association 
believes that all shop thefts 
should be prosecuted and that 
the police throughout the UK 
should vigorously undertake 
their prosecution. 

The association said in 
evidence to the Royal Commis- 
sion on Criminal Procedure 
that although most police forces 
outside London undertake 
criminal prosecutions for shop 
theft or staff dishonesty, in 
London the police have 
encouraged large retailers to 
carry out their own prosecu- 
tions. 

Large multiple chains such as 
Marks and Spencer operate a 
firm policy of pressing for a 
prosecution in all cases. Marks, 
as policy, also dismisses and 
prosecutes any staff member 
caught stealing. 

Extensive staff training on 
such subjects as correct stock 
aod till control, as well as its 
traditional good facilities and 
fringe benefits, has minimised 
pilfering by staff. ■ 

Although the actual number 
of thefts by staff reported to the 
police rose by only 7.3 per cent 
in 1977, to 31,656 — compared 
with 217,000 shoplifting cases 
reported— 4he amounts lost by 
staff pilfering are proportion- 
ately much higher. 

Home Office figures suggest 
that for every £1 “lost” by. a 
retailer, about 30p genuine 
wastage, 30p is through shop- 
lifting, and the rest through 
staff theft. 

The favourite target for dis- 
honest staff, according to the 
Home Office, is the cash 
register, with under-ringing 
probably the most frequently 
used technique. 

Although some prominent 
retailers adopt a tough line on 
all forms of theft, others are 
reluctant to act firmly for fear 
of upsetting the buik of staff, 
who are honest 

Such consideration, however, 
is fast disappearing in the face 
of the rising losses from theft 
in all forms. Retailers are 
begining to realise that- greater 
steps to control pilfering by 
staff and shoplifting by cus- 
tomers can provide a welcome 
boost to profits when High 
Street trading is competitive. 


Financial group 
managers defy 
dismissal threat 


BY PAUUNE CLARK. LABOUR STAFF 


PROVIDENT Financial Group, 
the Bradford-based consumer 
credit concern, is threatening 
what could be the biggest mass 
dismissal of management staff 
to Britain because of a pay dis- 
pute affecting about 1,400 
managers. 

The managers, over 90 per 
cent of whom are represented by 
the Association of Scientific, 
Technical and Managerial Staffs, 
have been operating sanctions 
over a substantial pay claim 
since November 24. 

This week they were told that 
if they did not return to normal 
working by next Tuesday, they 
would be dismissed; 

They have rejected an offer of 
a 12 to 13 per cent increase 
with productivity from January 
and in spite of the dismissal 
warning . they have derided to 
continue industrial action in 
what appears to be a battle in 
the traditional style of free col- 
lective bargaining. 

Mr. Edward Davies, joint man- 
aging director, said yesterday 
tbat the company bad not been 
directly influenced by Govern- 
ment pay policy but by normal, 
commercial restraints in making 
the final offer. 

He was “mystified” by the 
response. “It is out oE character 
with the good relations we bave 
had with both union and staff in 
the past sud the action certainly 
cannot be justified on the pay 
issue.” 


Under last year’s 10 per cent 
Government pay policy, the 
company weathered difficulties 
with the Treasury after award- 
ing an li± per cent increase to 
its managers.. This year also its 
offer is said to take into account 
such factors as pay comparisons 
with competing companies. ' 

The union said yesterday that 
it was holding out for a “sub- 
stantial ” increase which the 
company claimed amounted to 
full consolidation of an average 
31 per cent increase with 
bonuses last year plus another 

15 per cent on basic pay. 

The offer of an 8 per cent 
basic increase, however, was 
described by Mr. Russell Miller, 
national officer in the A STMS, 
as ” nothing like enough in the 
present climate.” In other com- 
panies. he said, the union was 
achieving increases of between 

16 and 22 per cent. 

Militancy among the man- 
agers bas led to such sanctions 
as withholding all records of 
weekly cash returns. 

The action has been sustained 
although the managers are 
separated in twos and threes 
among about - 4S0 Provident 
branches throughout the 
country. Each branch co- 
ordinates the activities of about 
11.000 agents. 

With the new offer, branch 
officers would receive between. 
£4,500 to £8.000 a year. 


Scots lorry 
poised for s 

BY OUR LABOUR STAFF 


ROAD HAULAGE employers in 
Scotland saw little hope yester 
day of averting a threatened 
all-out strike by their 5.000 
lorry drivers from Wednesday. 

How far lorry drivers else- 
where in Britain will folow the 
Scottish lead is uncertain. A 
national strike has been 
threatened, but negotiations are 
continuing in many regions and 
any early acts of militancy are 
expected to be scattered and 
short-lived. 

Scotland has taken- the lead 
this year in the annual wage 
round for Britain's lorry drivers 
aud. like the West Midlands last 
yeari-'ha's finally made an offer 
in breach of the Government's 
pay policy. 

- At' a meeting on Thursday 
night. Transport and General 


Workers Union leaders rejected 
a 13 per cent offer on basic rates 
with another 2 per cent in 
fringe benefits. This was revised 
from a previous 5 per cent offer 
in line with pay policy. 

The drivers, who are said to 
receive a basic top rate of £53 
for a 45-hour guaranteed week 
and earn a minimum of £62.94 
a week, are demanding a 22 per 
cent rise. The present offer 
would raise their pay to £71.25 
a week. 

The Scottish Road Haulage 
Association, representing about 
1,000 employers, said that it 
was “very disappointed" with 
the response. Recalling the 
damaging strike by the Scottish 
drivers in 1SF4. the association 
said that it was “appalled" at 
the prospect of a strike. 


First 600 staff quit 
Times Newspapers 

BY CHRISTIAN TYLER, LABOUR EDITOR 


YESTERDAY was the last day 
at . work at The Times and The 
Sunday Times for about 600 
staff, many of them secretaries 
and tele-ad girls. Their notices 
run out on Tuesday, when the 
suspension of the two news- 
papers on November 30 will 
begin to affect the staff. 

From now on. 100 staff will 
be put not of work each week. 
Length of notice ranges from 
two weeks to three months for 
most of. the 4,300 employees. 

Mr. Duke Hussey, managing 
director, said last night that 

the company was extremely 
sorry to be. losing many “ highly 
valued" staff, many of whom 
had wanted their union officials 
to sign agreements with the 
company. 

Their dismissal was “ one of 
the consequences of our deter- 
mination- to get our operations 
on to a more rational basis, 
free from wildcat stoppages.” 

Times Newspapers is under- 
stood to be preparing a new 
letter to its staff for next week. 
It will probably set out what 
the management sees as the 
intransigence of the main craft 
union, the National Graphical 
Association, in refusing to 
negotiate except on its own 
terms. . 

The company is trying to step 
up the rate at which internal 
union agreements pledging 
industrial discipline and co- 
operation to new technology are 
signed. So far, only IS groups 
out of 54 have agreed. 

Unless the NGA changes its 
stance — there is no sign of The 
Times management’s changing 
its own— the stoppage, which 


has become a lock-out for many 
employees, might drag on for 
weeks. 

The longer it does, the harder 
it might be for The Times to 
avoid closing entirely. 


MOTOR OARS 


FOR 5ALE. MERCEDES 3SO SE 1976. 
26.000 miles. Metallic Milan Brown. 
Brown check upholstery, electric sun- 
roof. electric tinted windows, radio! 
cassette player, lour speakers. one 
■man dir. i owner. In excellent con- 
dition. £12.750. Tel »VJ07i 256612736. 

WANTED ROLLS-ROYCE COR NIC HE. 
Very low mileage and delivery mileagu 
Ralls- Rovce Silver Shadow. Substantial 
premium oKered. Phone DEI 332 2634 
(oliicej. 061 794 1651 (home i . 


H3UDAY ACCSIiUBDATIQH 


BRITTANY VILLAS — CHILDREN TRAVEL 
FREE JUNE AND SEPTEMBER. Conraci 
Brittany Villas. I03a Hljah Sired. Uck- 
held, Sucscc. Telephone Uckheld 27 41. '3. 

TENBY A PEMBROKESHIRE COAST. Sell 
catering sea Irani flats, coastal cartages, 
quiet villages rmany. prrva-.ciy owned p. 
Brochure! Map i!«p stamps i. Charles 
Bin FRICS. Tenby. Tel. (08341 220416. 


EDUCATHONAL 


INTERNATIONAL AGENCY 

Take your vocation ip the most' 
economic wayl Exchange ol apart- 
ment or house during the vacation. 
Etchange ol pupils and student* 
during the vacation to team a 
loreign language or to improve it. 
Rsquesr our prospoctus 

6900 Heidelberg. Posllach 107668. 
Woei Germany 


NOT 6 CES 

THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION LIMITED 
14% Debenture Stock, 1993 


Arbitration 

offered 


AN OFFER of eouciliation to the 
national pay strike by 
provincial newspaper journa- 
lists, now in its fourth week, 
was made yesterday by the Ad- 
visory, Conciliation and Arbitra- 
tion Service. 

ACAS' informal approach was 
welcomed by the National 
Union of Journalists, which 
called on the employers’ body, 
the Newspaper Society, to re- 
consider its refusal to resume 
negotiations while the strike 
continued. 


Notice is hereby given that the 
HEGISTEP.S c» the CO.'i-ORai ION'S 
above mentioned Debenture Stock 
will be CL05ED lor TRANSFER and 
FF GISTS AT! ON Horn the 18ih la. 
31st January, 1979. both days 
inclusivo. 

By Order til The Board. 

H. J. McTURK. 

Secretary. 

£8 Palmerston Place, 

Edinburgh EH12 1RR. 

2D:h December, 1973. 


HORSES KOMMUNALBANK 

tiyyie.ooo.oDo sy*; 20 year 

EXTERNAL LOAN OF 1BG4 

Bondholders ol the anbve Loan are 
advised that the annual Redemption, 
due T5th January. 1973, ,.e. 

U55S9S.DM Nominal has 'ben effected 
by purchase. The ftutttandmg balance 
after this Redemption is usu.1Z3.aoo. 

HAMBROS BANK LIMITED 
30th December. i97S. 




^ -f>w NL . 









'4 


financial Times' Saturday December 


THE WEEK IN THE MARKETS 







elsewhere 


Gilt-edged stocks have had a 
dismal year. The Government 
Securities index has fallen 12.6 
per cent from the high point 
which was struck on January 3, 
the veer s first trading day: Ions 
yield® have risen by two points 
or more and short yields by be- 
tween three and four points. 

Money rates have been under 
constant upward pressure frnm 
rising New York rates and the 
market has never really re- 
covered from the £S.sbn target 
set in the April budget for the 
Public Sector Borrowing 


in the autumn when MLR was 
put up to 121 per cent a level 
from which the next move was 
intended to be downwards. As 
the year draws to u close U.S. 
interest rates are still rising 
and there is no immediate 
prospect of cheaper money in 
London. 


Company profits 


ONLOOKER 




Requirement, which it was felt 
could not be financed without 
higher interest rates if monetary 
policy was to hold. The Chan- 
cellor's anticipator:*' raising of 
Minimum Landing Rate by one 
point to 71 per cent on Budget 
djv turned out to be hopelessly 
insufficient. 

After an uncomfortable May 
in which fund managers found 
themselves accused of sabotag- 
ing the officio] finances by fail- 
ini to buy gilts, MLR was duly 
raised to 10 per cent on .June 8. 
the corset was brought back 
and tlie Government Broker 
caught up on bis funding. There 
was another orgy of gilt sales 


The bleak winter checked 
corporate profits growth in the 
UK during the opening months 
of the year, and although the 
figures subsequently picked up, 
tlie performance has been 
pretty sluggish— at least in 
historic cost terms. An analysis 
by brokers Phillips and Drew 
suggests th?t profits of the top 
150 companies have only risen 
by 10 per cent over the year. 

But the picture has been 
extremely patchy. Aided by a 
big jump in real incomes and 
the accompanying increase in 
consumer spending, the con- 
sumer durable sector has had a 
very good time — and so have 
many of the retailers. But 
some of the large engineering 
companies have bad a dismal 
year, and there has not been 
much joy in the textile sector 
either. Shipping has been a 
disaster area. 

Io real terms, however, the 
corporate sector’s performance 
during the year looks much 
more healthy. Tbis is because 
stock appreciation has had 


much less of an inflationary 
impact on the numbers than it 
did during 1977. The latest 
official figures show that during 
the first nine months of the 
year company profits net of 
stock appreciation rose by over 
a fifth. And whatever the stock 
market may think, businessmen 
generally seem to be surprising- 
ly confident about the outlook 
for 1979. 


New issue revival 


If the new issue market has 
proved anything this year it is 
that there is still scope for small 
growth companies to come to 
the market and that the stags 
are far from dead. Putting aside 
Hunting, where the company 
fioated off its oil and gas 
interests in a separately quoted 
vehicle, there have been seven 
offers for sale, all of which have 
been highly successful. 

The retail sector dominated 
the new issue front, but the 
award for bravery must go to 
Saga Holidays and County Bank. 
The holiday company, specialis- 
ing in tours for the elderly, was 
the first to test the water with 
an offer raising a modest £2 .2m. 
The issue attracted £26.8m — 
smiles all round, but as events 
showed later this was only a 
taste of things to come. 

High technology electronics, 
in the shape of Eurotherm, was 
next on the lisL The company 
had that touch of glamour that 
caught the market’s (and the 


fBMBITO 
MT 


Ora 1971 


Index % cha^c 1973 

y’ day on year Hijh Low 

Index % change 1978 

y'day on year High Low 

U.K. 

INDICES 

Industrial Ord. 

470.9 

- 3.C 

535.5 

433.4 

Tobaccos 

235.10 

- 3^ 

26630 

21438 


Dec. 

Dec. 

Dec 

Government Secs. 

68.6? 

- 12.0 

78.53 

67.92 

Toys and Games 

91.46 

- 93 

12531 

90.12 

week to 

29 

22 

15 

Goid Mines 

141.5 

4- 6.2 

206.6 

124.1 

Chemicals 

27536 

+ 53 

31538 

238.69 





Building Mats. 

203.37 

4- 6h 

226.68 

16630 

Pi'sa mweeuti cals 

242.72 

- 73 

291.13 

228.41 

FINANCIAL TIMES 



Contracting 

357.94 

+ 5 2 

419.51 

28935 

Office Equipment 

128.71 

+ 43 

150.75 

117.48 

Govt. Secs. 

-68.67 

6837 

68.80 

Electricals 

536.74 

+ 17.7 

583.72 

404.47 

Shipping 

40630 

-13.5 

483.01 

393.90 

Fixed Interest 

7032 

7034 

70.16 

Eng'ing Cone. 

352.47 

+ 10.4 

384.53 

270.95 

INDUSTRIAL GRP. 

21631 

-(- 3.6 

241.43 

1863)2 

Indust. Ord. 

474.0 

4773 

4833 

Mech. Eng'ing 

181.29 

+ 13.1 

204.75 

14937 

Oils 

50539 

+ 53 

533 36 

417.98 

Gold Mines 

142.4 

139.1 

1343 

Metals 

159.35 

- OjS 

182.91 

154.22 

500 SHARE 

24030 

3.9 

265.03 

205.42 

Do (Ex. S pm) 

993 

99.9 

97.9 

Electronics 

261.91 

^ 12.7 

230.21 

209.01 

Banks 

19531 

- 03 

20436 

17138 

Dealings mkd. 

2,225 

3,011 

4,07] 

Household Goods 

166.34 

- 0.9 

190.17 

160.54 

Discounts * 

212.93 

- 53 

22833 

185.20 





Motors and Dist. 

119.57 

- IX 

135.65 

104.68 

Hire Purchase 

163.63 

- 1.5 

17035 

13639 




Breweries 

231.47 

03 

24137 

204.04 

Insurance (Life) 

133.13 

- 5.1 

15739 

124.97 

Capital Gds. 

23234 

233.94 

237.91 

Wines and Spirits 

282.48 

-11.4 

301.24 

229.35 

Insurance (Comp.) 

12231 

-10.9 

143.46 

115.15 

Consumer 

(Durable) 

208.97 



EnU Catering 

267^5 

+ 2.4 

281.53 

219.62 

Insurance (Broken) 

309 33 

- 7.6 

37237 

30130 

my.u jtn.vi 

Food Manfg. 

199.66 

- 0.7 

223.85 

17537 

Merchant Banks 

77.40 

- 6.0 

87.48 

71J10 

Cons. ( Non- 
Durable) 

207.79 

20841 

21132 

Food Retailing 

227.62 

+ 5X 

237.92 

17633 

Property 

267.42 

+ 93 

27033 

210.03 


News, Publishing 

367^8 

+ 6.2 

421.75 

269.59 

Investment Trusts 

20230 

- 2.4 

14332 

176.48 

500-Share 

241 JB2 

243.03 

246.04 

Packaging, Paper 

TJ0.73 

+ 0.6 

155.65 

119.11 

Mining finance 

101.26 

+ 143 

TIf.20 

8539 

Financial Gp. 

169.06 

169.07 

16932 

Stores 

189.76 

- 2.1 

218.54 

165.17 

Overseas Traders 

292^8 

- 43 

337.68 

26236 

All-Share 

22136 

22Z51 

225.17 

Textiles 

178J9 

+ 4-3 

191.90 

160.85 

ALL-SHARE 

22032 

+ 2.7 

2H230 

19LI5 

Red. Debs. 

5431 

5532 

55.10 


stag's) imagination. A stagger- 
ing £245m was put up for the 
tiny £2.8m issue— the largest 
response to an issue in the year. 
From then on came the 
retailers, Cartiers Superfoods, 
Ernest Jones Jewellers. Kitchen 
Queen, Harris Queensway and 
Milletts-Leisure Stores. 

All can claim to have been 
highly successful on application 
day with only Kitchen-Queen 
having disappointed investors 
in terms of price once dealings 
started. Kitchen. Queen's rating 
in terms of p/e and. yield 
looked reasonable against other 
new issues from the stores 
sector, but the company's profits 
are based oh furniture' manu- 
facturing rather than retailing 
and though the £2m- issue was 
30 times oversubscribed the 
market price has hardly budged 
from the actual offer level. This 
is the only issue where the 
stags have caught a chill if not 
a cold. 

The rights issue market may 
have started with a bang rather 
than a whimper as it did the 
year before but if could not sus- 
tain the pace. Boosted by a £96m 
cash call from Midland Bank 
the January rights issue total 
amounted to over £102m against 
a mere £lm. in the first month 
of 1977. But, apart from August 
it was the only month to pro- 
duce more cash calls on share- 
holders than 1977. As the book 
closed on 1978 a total of £523m 
had been raised by rights issues 
compared with £774m the year 
before. 

The other feature of note in 
1978 was the death of the 
preference scrip. .Early in the 


year an increasing number of 
preference scrip issues were 
coining through as a way round 
dividend restraint It was an 
obvious way of boosting share- 
holders' income but Campari's 
attempt in October to swing a 
preference scrip with a 500 per 
cent coupon was too much for 
the men at the Treasury who 
quickly boarded up the loop- 
hole catching out not only 
Campari but a few others with 
scrips in the pipeline. 


Takeover activity 


Takeover activity rose in 
1978 for the third year running. 
In the first three quarters of 
the year 413 companies were 
acquired for £S47m, compared 
with 357 firms and £60Sm in 
the same period of 1977. 

The great majority of these 
were relatively small deals, but 
there were 15 takeovers worth 
over £10m in the first nine 
months and the rhythm has 
been more than maintained 
over the final quarter of the 
year. Five UK bids have been 
worth more than £50m. 

Of these it was probably the 
Allied Breweries offer for J. 
Lyons that attracted the most 
attention. Allied managed to 
push the deal through after 
quelling initial criticism from a 
powerful faction of its own 
institutional shareholders. The 
institutions were more success- 
ful in preventing S. Pearson 
from buying out minority hold- 
ings in Pearson Longman. 

'Hie year's biggest bid was 
Harrison and Crosfield’s £95m 
raising of its stake in Harrisons 
Malaysian Estates to 80 per 
cent, followed by GEC’s still 
outstanding £83m offer for 
Averys. Lloyds and Scottish 
sold its British Relay television 
rental assets to Electronic 
Rentals for £61m, roughly the 
value of the AJUed/Lyons bid. 
and Coral Leisure paid £53ra for 
Pontins. 

GEC’s offer for Avery's came 
within days of its agreed bid 
for the U.S. office equipment 
company A. B. Dick. Another 
determinedly acquisitive com- 
pany, Hawker Siddeiey, paid 
£23m for a majority stake in 
Carlton Industries and has a 
£40m bid outstanding for 
Westinghouse Brake and Signal. 



trip 


ON MOST measurements Wall 
Streets stock markets are end- 
ing 197S pretty much where 
they began it. But any sug- 
gestion that it has been an un- 
eventful- year can quickly, be - 
dismissed, for. investors have 
enjoyed, or suffered, a roller- 
coaster ride in the course of 
whieh big profits have been 
made as welt as heavy losses 
incurred. 

The Dow Jones Industrial 
Average, for example, has swung 
between a trough of 742.12 in 
February and a peak of 907.74 
in September. It is closing the 
year around the 800 mark, not 
far below the 831.17 level at 
which it opened in 1978. 

The broader Standard and 
Poors 500 index has been as low 
as 86.9 and as high as 106.9 
during the year, and looks like 
ending 1978 almost exactly 
between the two extremes, little 
changed from the 95.10 mark 
which was where it opened at 
the beginning of the year. 

On "Wall Street as investors 
survey the events of the year 
there is no concensus about 
whether the stock market has 
taken a step nearer what some 
observers are describing as a 
“ black hole," which will see the 
Dow Jones average plunging to 
under 700, and perhaps as low 
as 600. or whether instead it 
bas taken a pace in the direc- 
tion of salvation. 

Not altogether surprisingly 
the salvation thesis has the 
broadest following in the invest- 
ment banking aod stackbroking 
bouses, even though many, of 
these firms are busy diversify- 
ing their own businesses into 
insurance, real estate or com- 
modity trading just in case. 

Thus while there is a wide- 
spread feeling that the stock 
market will suffer a grim start 
to 1979, with adverse news sufch 
as rising interest rates, rapid 
inflation and the Iranian 
troubles to contend with, there 
is a growing conviction — some 


would say a desperate hope— 
that by 1980 a brighter picture 
will be emerging. 

The supporting arguments are 
■well, worn of course. Share, 
priees. it is said,, are low in 
relation to asset values, selling 
at perhaps a fifth more than 
book value, and perhaps. 40 per 
cent or more below the replace- 
ment cost of assets. The shares 
in the Standard and Poors #10 
list of majdr'; companies are 
yielding just, under 5.5 per cent 
in dividends, and selling on 
multiples of ’ just over - eight 
times earnings. 

The optimists are also employ- 
ing- broader arguments to. sap- 


importance of encouraging - jjro-- 
duetivity. and investment, - 


It was also the-jwar..$|E»;- 


NEW YORK 

*. STEWART FLEMING. 


SOME U.S, LAGGARDS AND 
- LEADERS 

(Percentage gain or loss) ' ; . 
to December 27 

Boqing + 161.8%' 

Polaroid +97.0% 

Teledyne .:... ,_+.74;0% 

Eastxpan Kodak . +19,330. 
Internationa! ' . 

Business Machines +10%. 

General Motors —12-7% 

Monsanto — : 17.6%; 

Colgate Palmolive ... —22^,% 

Sears Roebuck —28.0% 

U.s;’.SteeI — 313% 

Source: Interactive Data Carp. 
LEADING AND . LAGGING 
INDUSTRIAL SECTORS IN 
STANDARD AND POORS 500 
.-'■.Year to December 20 L . \ 

Aerospace-—* +47.0% 

Hotel/Motel +40.0,%; 

Toys +35.0% 

Machine Tools + 35-0% 

Airfreight - +35.0% 

Department Stores -. — 19.0% 
General Merchandise ■— 2K5% 

Tniqkers 1 — 26.7% 

Coal 'Bituminous ... —30.0%. 

. Sou rce: Gotdma n Sachs. 

port their case. Beating inflation 
they say is now a political 
priority and so is. defending the. 
dollar. 

■ Other political trends favour- 
able to business and the inves- 
tot. are also cited. Washington," 
it. -.is said, is now". showing 
greater responsiveness to’ the 
needs of business and to the 


for the first time la decadfe.;. 
the, private . investor bougit. . 
more .ordinary shares than, he 
sold. These straws in the wind, ■ 
it is argued, suggest that per-, 
haps the tide which drowned, 
the "cult of the equity-’’ : ija- 
the -1970s is beginning, to ,1?«: - 
The problem, of course, is that 
they are still only straws in the 
wind. . The cynics retort, that- 
getting inflation down from I0_ ‘ - 
per .cent to 6" per cent is nor a- 
victory, - and wonder. how long 
these -priorities will survive in : 
the face of rising unemployment 
and’ a presidential election. - 
As Goldman Sachs pointed 
out in a recent :circular while 
the private investor may have 
been a net purchaser of ordinary 
shares in 1978, the. dominant 
institutional- group, the pension 
funds, are still reducing the 
proportion of their portfolios 
committed to equities and 
increas ing , their ..commitments 
to bonds and. cash. . 

■ In - 1950 debt- securities 
accounted for .75 per cent of 
pension funds investments. - By . 
1972 -■ ---the - proportion - had . 
.slumped to 22 per cent while 
egUitir holdings had -ballooned 
10 -74 per .cent - Today that 
equity proportion Is probably 
. back down-fo around 50 per cent 
as • nefisloti funds Hike other 
institutional investor) have 
funnelled new funds into fixed 
interest investments: : \. 

. WiH the institutions continue 
to reduce the.ptnhortieh.pf the 
portfolios In equities? Or will 
th«*v begin to shovel the mouo- 
tafn nT cash' hare accumu- . 
'lated >ntn ordinary shares? 

‘ - . Wall Street brnkera**’' houses 
saw. - record tredine. volume ^ in 
the" curing rally, when; fnreian 
investors ..bevin.. biivjng^ -up- 
•shares -as wen. as . U.S: hreal 
estate and ■orope'rtyi Some 66m 
sha^s -traded on one- day. and 
fnE;th“ y**ar as a whole on the 
NeW York Stock E-icta ah ee -an 
. tmnrece dented . Tbn shares 
"changed - hands. '' 



CLOSING INDICES ‘ ... 
Monday. -dosed 

Tuesday 81631 +734 

.Wednesday 80836 ' -7.45: ~ 

Thursday . *05.96 V “230 

Friday ' 805.01 -035 ' 



Britannia Financial Services provides investment management services through two companies, 
Britannia Fund Managers Limited and Britannia Trust Management Limited, to 230,000 
investors who have over £220 million under management. 

Britannia Fund Managers Limited is responsible for the provision of investment management 
services to institutional and private clients in the U.K. and overseas on a discretionary basis for 
portfolios of £10,000 or more. These portfolios are kept under the constant supervision of a 
director who, by reason of the very close personal service rendered, is always in touch with clients’ 

individual investment and tax requirements. 

Britannia Trust Management Limited manages the widest range of authorised unit trusts of any 
unit trust management group. These meet investors’ requirements with growth, income, 

specialist and overseas funds. 

The advantages of unit trusts include the ability to obtain a wide spread of investments 
which meet personal requirements for a minimum sum of £500. 

Also, where appropriate, unit trusts investing in shares of overseas companies negotiate loans to 

minimise the effect of the dollar premium. 

For full details of our investment management services, please contact: Stuart Goldsmith, Director, 
Britannia Financial Services Limited, 3 London Wall Buildings, London Wall, London EC2M 5QL. 

Tel; 01-5SS 2777 ... or send coupon below. 


Jferrien.- R- TIon. G. Rtjrp/vi I) C. 3TP IChalnr^.l K.TiiiiSivn: EC-1 IVuumilS A-i/wlsm':/! &/1. K. K IjclioB. Rcgd-Offia: 3,-i Lonim Rui^ngi. LanJm VHifl Lmfai ECSit SQL . S*& L Nfr. L 


To: 


i 


Stuart Goldsmith, Director, 

Britannia 

Fi nancial Services Ltd. 


Please send me full details of the Britannia Unit Trusts □ 

Britannia Portfolio Management Services Q Tick as appropriate | 


BLOCK CAPITALS PLEASE 
NAME 


l 


| 3 London Wall Buildings, 

London Wall, London EC2M 5QL. 


ADDRESS. 






BY MR. MURRAY HCFMEYR, LORD ERROLL OF HALf, SIR MARK TURNER AND MR. JOHN DU CANt 


AS WE again approach a new 
year, the last of this decade, the 
world mining industry is strug- 
gling with more problems than 
it has probably ever had to face, 
writes Kenneth Marston. Mining 
Editor. 

Rising costs, low prices for 
base-metals, problems of financ- 
ing far more expensive projects 
without any real guarantee of 
security for the capital involved 
and the demands of the environ- 
mentalists. all present fonnid- . 
able hurdles. 

But the taking of risks and 
the overcoming of problems arc 
the facts of life which mining 
men have l ing accepted. Once 


fully be brought into the main- 
stream of world economic 
expansion, the prospects on all 
sides will make the 1980s an 
exciting time for all of us. 

Lord Erroll of Hale, chair-' 
man of Consolidated Gold . 
Fields, says: For the past 
three years the prices .of 
precious metals, particularly 
gold, have bounded ahead .while : 
the value of base metals, other 
than tin, has remained de- 
pressed. 

Economic uncertainty has 
checked industrial production 
and hence metal consumption; 
af the same time it has encour- 
aged the search for hedge- 


have emerged. • This better 
balance, caused partly by pro- 
.dhetion cuts aiid partly by con- 
tinuing political problems, seems ' 
Bmlikply to be reversed. • ■■ ■* 

'^Perhaps our.- chief- concern is 
.thfe U.S. economy .where- r the 
very wglcqmejngasures takerTto' 
counter inflation, will, inevitably, 
cause ^.slowdown; -I -- believe- 
that remarkable country - 
achieve both- positive growth., 
and significantly lower inflation-, . 
however,, and that the dollar.; 
will- be strengthened;' which" Is . 
important ter the metal business^ 
which finahpes. its activities in. 
that current. ; - 

The probfeh^remains of en- 


of ’ ah approaching' shortage in 
aluminium, and o_tber metals are 
showing an upward price trend 
although there -is no. convincing 
evidence yet that this trend s 
[based 'oh potential economic 


recovery. , ... . 

' , What merits the deepest, con- 


tneirtt* and slowinfih^owii of ex- 
ploratiohv in the- - depression 
period are' |mshifig new,projeet^“ 
farther ihfcKthe fiitute-and^ntq 
a V n6w ; area of unprecedbntiy 
high- -catMtar costs. .: :VT~ 

^To .attract new and necessary 
deveropmeht-inthe future, metal 
prices at a level in real terms, 
and I emphasise “real terms,” 




SpkVM- 

•V?;' 'iwei'? .1’, ■: ■ 


:■&<!!£&# ■ 


Sfet&fcarhBSinfc. 





again, I am handing uver the 
end-year mining vnlumn fur the 
views of the mining outlook as 
seen by the chairmen of the 
four leading UK-registered min- 
ing houses. 

We beam with Charter Con- 
solldatcd’s Mr. Murray Hc-fmejr 
who writes : in tho mining 
industry a perind ::s brief as 
a year is not an easy one for 
which to assess prospects. So 
it is something nf a relief that 
1979 is not only a new year 
but the tail-end of a dying 
decade and. as it were, the eve 
of the 19S0s. 


Nothing is likely to happen 
in 1979 ro alter the dominant 
pattern of the 1970; as a period 
of adjustment after ilie 
dramatic economic cvenis 
which followed the Yum luppur 
war. The 1950s and the ISfius. 
overall, were a period cf rapid 
economic growth for The indus- 
trialised world, and the mining 
industry's fortunes followaQ the 
pattern. 

The 1970s have seen Mie 
coming of entirely new relation- 
ships between the industrialised 
countries and the developing 
world, with the mining industry, 
like everyone else, adjusting 
painfully to the much harsher 
economic climate and slower 
growth. 

The period nF adjustment is 
not over and the evolution of 
a basis by which the dcvelopini 
and industrialised worlds can 
be better integrated economic- 
ally. for the good of both parts.- 
is proving to be a slow process. 

The problems of Uiis iraiiai- 
tional phase, not least the writ- 
ing or new mles for the inter- 
national mining indtiFiiy. are 
very great But oney the de- 
veloping nations can success- 


investments. As always, in sucb 
circumstances, gold has come 
into the limelight. 

Current views on future pros- 
pects for the free world span 
the spectrum for a renewal of 
economic growth with attenda-nt 
stability, through to inflation or 
depression. 

The faltering improvement in 
recent months, if maintained, 
should prompt a recovery in 
the market for industrial 
metals and minerals. In this 
event, investor interest in gold 
may dwindle, but consumption 
for jewellery and industrial pur- 
poses would increase. 

In recent years, falling gold 
mine production has meant that, 
under these circumstances, re- 
leases of bullion from monetary 
stocks have been required 
simply to moderate the rise in 
the gold price. 

It also seems likely that a 
return to more stable condi- 
tions would be followed by a 
reduction in monetary gold 
sales and the gold price, after 
allowing for inflation, should 
therefore settle down at around 
present levels. 

The existing pool of dollars 
overshadows this prospect. I 
lake the view that, despite 
official attitudes in some quar- 
ters. gold shows every sign of 
maintaining its role as an - in- 
surance investment in the face 
of political and economic up- 
heavals. 

Rio Tinto-Zinc Corporation’s 
Sir Mark Turner comments: Last 
year I cautiously hoped that 
metal prices would recover 
somewhat, with a significant 
improvement in the spring. 
While this timing was wrong, 
some improvement has - occurred, 
small though il may be in real 
terras. 

The market outlook is now 
diatinclly more promising: 
excess stocks have been reduced, 
end m some cases eliminated, 
and notable shortages- of 
many concentrates, secondary 
materials and, in the case of 
copper, high grade cathodes, 


sitring increased metal supplies 
to meet growing world demand; 
Jong lead times, and. massive 
capital cost increases mean that 
higher prices ere needed - to. 
stimulate investment if short- 
ages are not - to. develop, ■' with 
generally .undesirable price 
instability. ' ' • • ' ' .... /. 

Thankfully this problem is 
now more widely acknowledged 
io some official circles, including 
parts of the UN, -where foreign 
skills and capital axe recognised 
as essential to the. emergence of 
developing countries. 

Mr. John Du Cane, chairman 
of Selection. .Tnist comments: 
Although there has been a recent 
slight improvement in market 
prices, the prolonged depression 
in the . base metal mining 
industry has implications for the 
future which I thi'nk need to' he 
most seriously studied by pro-, 
ducers, consumers. and indeed,., 
governmental - authorities. 


We - are all well aware of the' 
constraints 'Imposed by •-•the' 
depression on the development 
of new capacity, and. -wfr are 
aware that a period., of . uafler?. 
supply, could result, when a 
soundly-bascdThcovery in world 
economic conditions begins ^to 
show itself. *. - ■ 

There are. already indications 


previously uncontemplated .will 
be needed; not only- to justify 
-the extremely large capital ex- 
lieDdinire but .also.. to meet the 
. on-going costs arising from the 
servicing of. the inevitable high 
. level of debt financing. 

This means' that world-wide 
thinking must prepare to face 
.up to .a high-cast, high-price era 
in the- base metals industry; It 
must condition itself to -the 
basics- of this* situation. For 
instance, it needs to accept that, 
today the . price .of copper. ; in . 
rfal terms should be; approach- 
ing 51 a pound, almost 50 per. 
cent higher than current levels, 
to put it on a par with, the price 
same four years a'go when mosf 
copper mines were last making 
acceptable profits. s. .. 

Even : this .figure -is low aslt 
does not allow for the fact that' 
costs of plant, equipment- "and 
construction have escalated con* 

■ siderably more than the usu^Ily- 
. .quoted ..inflationary.- indices. 

The underlying danger for the 
future is Ahat unless !the effect 

of the: influences of the past 
two. or -three 'years and the 
present, 'portents are not well - 
refogtijsed.' accepted and taken 
- into - -account when - - . plans ate/ 
form ulated; the further coh-V. 
straints -in production will only- - 
exacerbate the situation, ■ 


. 



!• O* ~K 
@3 si i *i 


Pre 




• . ,■ .. 

*C£ 
•--“.Tr i; 

:: :r 3 - 




Try.V'" 0 

-u„. 


&i*r 

Hf>. * if 


.r 

.'r-' -r -= <s\- t 


— IV 


UNIT TRUST OFFERS 




Arbuthnot Securities limited 
Barclays Unicorn Gronp 
Britannia' Financial Services 
Chieftain Trust managers Limited 











. . - . ..i .- . • IW W.l, -.-7 ■Ji-J 

^ . «_• * ■ */• +-rvv- 

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1 7* *■ '- ■ 

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* 2> iS ! * VL I .* 

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*'- r . j 

r ■ \l*» »t. 

^:^W- 

*• -■'ASa- ■■: 

- ^ Vv*: 

• <;l •■ 

ysp- 

?; .■ 


3m^ company unit trusts have again performed 


, .WeB;^year. : Teny Qgg reviews their performance 
; d^cusses prospects for 1979. 






’ ■ -■ {’-“ir p . :J T .; 

" AW 1 - .iNCRJ&W .W-^akeover • 

activity, plus *- finther favmrr-' 

" aMer'reassessBjto^'.nfi TsmaQer 
listed companies: hy> Investors 
axe factemrbefifed 

the'. strOngr , peEfanpahce by 
speciafc . unit 
trusts dm£nr-'l^BL:-;:>.;.': i . . 

WhHe : ^.fte^CpCTcentage ' per-; 
fonnaricfc g^^xmpressive, it 
f afis- vre^'^hity of the levels 
achievedwaurmg .I 977 'vdien the 
“ small 'fif'beaiij&lv l^ffwagtin 

hegan ^^a^^ imjmenb^ * 

-The isaifflshii 1 thing -about 
the 1978 performance is that it 
- flies : in. the .face of a rough unit - 
trust rale of . ..thumb ■: which ' 
suggests . that leaders one year 
are laggards , the next As a 
recent, survey hy. the magazine 
"Planned payings *' shows, all 
the special si tuation /recovery/ 
small company funds finished 
among the top -40 of the 350 
unit trusts analysed. • . 

’ Last yeart - top performing 
trait 4rust, the M ‘ and G 
Recovery' fund, was only Just 
outside the top 20 <m 1978 with 
a very creditable 25.2 per cent 
gain in-Vafrie. The best per- 
former -in the sector, the 14- 
ihontJU'oW ScMesinger special 
situation fund edged its way 
into; the top ten - with an 
estimated -gain -of 37-2 per cent 
. STr. Peter". .(Baker, of 
SeMesiager.v"-' attributed . the 
ftmdfc success to . good stock 


gain 


selection, taking an aggressive 
stance and concentrating. -the 
portfolio on a small mnufe of 
-companies. 

“We have been .trying to 
educate people for some-./time 
that it is difficult to beii^the 
'market ’ if : the 'investment- is 
entirely in. large capitali&tion 
stocks. But it is also impost e 

to ^etstrongp erformance. with- 
out ' increasing the ieyjU of 
volatility and Tide," he* said. 

“In a sped id situation 1 ; fund 
there is higher than average 
volatility. So far we tiav&tieen 
fortunate that it has been'more 
volatile on .the upside. Bo$ we 
do - Caution investors - tospLit 
their funds between, special 
situation trusts, recovery, trusts, 
small company trusts and major 
market capitalisation trusts.” 

- Among the situations the 
trusts were able to profitably 
exploit during the year j were 
the Allied Breweries’ bid -for J. 
Lyons, the Dawson bid forfJohn 
Haggas and . the Imperial 
Group’s bid for J.B. Eastwood. 
As well there were new issues, 
such as the Cartier flodt^that 
provided good returns;:- for 
aggressive traders. U : 

But it was not just one-off 
situations that gave the trusts 
a performance edge over, col- 
leagues operating in ; . other 
sectors. The level of takeover 
activity increased during- 1978 
mid the incidence of successful 


1978 Performance 
- - - (estimated) 


1977 Performance 


---AG V--. V;“ 

... A --<i .• 

.. 'V • 
ip 

■ , - a . t|- — 

jC; 1 ’ 


en 


Schlesingefi* Spec. Sits. 

Key' Small Cos. ......... 

London Wall Spec. Sits. ... 
A-Hambro 2nd Smaller Cos. 

U & G Recovery ....... 

M & G SmallerCos. (a) ... 
A-Hambro Smaller Cos. . 
Launched November. 1977 
Source: Planned- Savings 


% gam 

% gain 

(position) 

87.2 

• 

>:.* 

31.7 

72.4 

(ifc) 

28.6 

71.2 

( 20 ) 

26.6 

84.8 


25:2 

.117.3 

CD 

20.6 

73-8 

' (17) 

19.9 

111.0 

( 2 ) 


(a) formerly MAG Special 


3c cue 




‘ i . 

' - . - pp 

••-•=.«* - 

• v — 


• - -;--c 

• %' V.. 


FINANCE FOR INDUSTRY TERM DEPOSITS 
Deposits. .of £1,000£25.000 accepted for fixed terms of' 3=10 
years. 1 ' Interest paid:' gross, half-yearly. Bates for deports 
received' not later than 5.1.79. 

Terms (years) 3 - 4 5 6 7 8 3 ib' 

Interest^ • v 12 } 12 f 12 * 12 * ^ ! 2 » 12 * . 12 * 

Ratesrfnr larger amounts on request, Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited, . 91 ; Waterloo Road, London SE1 SXP (01-928 7SJ2, 
Ext. 277)1 Cheques payable to “Bank of England, a/c FFL”; 
. is- the, iholding company .for 1CFC and FCTL . . ... _ : 


bids was higher among the 
smaller companies. 

Also the dramatic gains 
earned during the first phase of 
the “small is beautiful” cam- 
paign focussed attention on the 
smaller company sector and the 
opening months of 1978 saw an 
increase of interest from insti- 
tutions and private investors. 

The reassessment of small 
company prospects was helped 
by some good profits and one or 
two better than average divi- 
dend increases under the 
amended control regulations. 

As a result the sector as a 
whole (usually defined to 
! include companies with market 
capitalisations up to £ 20 m) per- 
formed better than the market 
. Looking ahead to 1979 the out- 
look for the special situation/ 
small company funds is mixed. 
The general feeling is that per- 
formance growth rates will not 
match 1977 or 1978 but that the 
sector is worth watching. 

Managers closely involved 
with small company funds natur- 
ally are optimistic about pros- 
pects. But the “ small is beauti- 
ful” movement in the United 
States came to an end in Octo- 
ber when share prices of second 
line stocks slipped alarmingly. 

U.S. letdown 

THE BIG disappointment of the 
year has been the U.S. market 
At the start of 1978, investment 
managers were full of hope 
about the prospects for 
U.S. equities. The U.S. 
economy was about to take off, 
shares were considered to be ! 
grossly undervalued and the I 
Dow Jones average was 
expected to “ zoom ” through 
the 1,000 barrier, with no 
bother: Sales of U.S. oriented 
unit trusts soared, investors 
were bullish of the investment 
trust sector and some tradi- 
tional life companies .invested 
heavily in U.S. equities on 
behalf of policyholders. 

But in the event the U.S. 
trusts languish at the bottom 
of the performance tables, 
investment trusts still suffer 
from wide discounts and only 
with-profit policyholders have 
been cushioned from the mis- 
guided optimism of their invest- 
ment managers. This is not the 
first time that the U.S. market 
has looked cheap, but failed to 
respohd. *’ 


Good year for 
life bonuses 


WE ARE now entering the 
period when life companies de- 
clare their bonus rates for 
with-profit contracts and the 
omens Look good for investors 
holding such policies. The 
season opened yesterday with 
the Commercial Union declaring 
a 20 p per cent higher rate at 
£4.80 per cent per annum for 
the three years ending Decem- 
ber 31, 1078. 

There is still a certain mystique 
surrounding the declaration 
of a with-profit bonus. But 
the ultimate rate declared 
by the life company actuary de- 
pends on three main factors— 
the investment performance of 
the fund, the basis used to 
value tiie life fund liabilities 
and the competitive position of 
other life company rates. 

The investment income on 
life funds should be bouyant 
this year. The heavy investment 
made by companies over the 
past three years in high yield- 
ing gilts should really pay off 
this year. And investment 
managers have been able to get, 
on average, about 12 per cent 
gross on long-dated gilts wben 
investing new money. Equity 
dividends this year bave, on 
average, risen by 15 per cent, 
according to leading stock- 
brokers, Phillips and Drew. 
And the Hiilier Parker In- 
vestors' Chronicle index of com- 
mercial rents shows an annual 
rise on all property returns of 



LIFE 

ASSURANCE 

ERIC SHORT 


15.4 per cent, with shops up 
24 per cent, offices 12 per cent, 
and industrial 9* per cent: 

Although no two traditional 
life companies have the s^me 
portfolio mix, all life funds 
should show investment income 
at least 15 per cent higher. 

Life company actuaries, in 
general, already value the 
liabilities on a very conserva- 
tive basis and are unlikely to 
make many changes this time 
round. So the amount of profit 
released should be about the 
same proportion as last year. 

Finally, the need to maintain 
a strong competitive position in 
the market for with-profit busi- 
ness wUI probably be the final 
clinching factor for actuaries 
lifting reversionary bonus rates 
by between lOp and 25p per 
cent. This picture is in contrast 


A UNIT TRUST FROM HENDERSON 
PRIMARILY FOR FIXED INTEREST INVESTORS 




1 -Vi' 
- ‘ J> 





,;At: present kmg-termTirterest rates are 
xdativcly Ingh. ‘This'Tinfians that bath 
.i preference . shares ; and Government 
■ -securities are. attractive investments for 
. twoTnoportant reasons. • - 

. *. 7 Firstly they offer a high immediate 

income. Secondly they offer scope for 
capital g r o w t h since the strengthening of 
sterling «id continued economic recovery 
shonld reduce the general level of interest 
rates over the coming months. 

'• Cabot Preference & Gilt Trust is 
designed to provide a. high income from a 
’wide selection of preference shares and 
British Government securities. In order 
to obtain, consistently high incom e most 
of the portfolio is invested in preference 
• shares but the. proportions be tween these 
holdings arid Government securities will 
be varied^ at .the : Man a ge r s* discretion.. 
, Thepres^tEstiibiitibn. of investment .is 
. 95 % m preference shares and 5% an 
'g&'ed^^ecurfciesi. -• . ■ 

The Gasefor a Preference 

an^Gilt Trust ' 

Ihcference. .shares provide the oppor- 
tunity of. high incpipe as they have prior 
claim on, both .income and capital before 
payment to ordinary-, ritandioldets. They 
also offer greater stability and protection 
which enables the -Managers- to offer a 
cnrwntfgnrly high inenme In Ifflit holders. 

. ■ , Government securities also pr ovide 
. HgTi TTTrhrn p- b 17 *' mTer efit received fbOEQ 
this source is subject to corporation tax at 
. .a disadvantageous .rate to unitholders 
v ghgn rmnp ared with direct investment in 


0 % 


PER ANNUM 

Estimated c urr ent gross yield 

PAID QUARTERLY 

achieved by coapling an investment in the 
hew trust with Cabot Extra Income Unit 
Trust which is whollymvested in ozdmaiy 
shares and exactly the same distri- 
bution dares. For- fhrther information 
consult your investment adviser or tele- 
phone Peter Pearson Lund at Henderson 
IhmTjmrAfaaagemibirLttL 01-588 3623 . 


To Buy Units 

Please remember that any wot trust invest- 
meat should be regarded as long term. 

The price of units and the income 
from them can go down as well as up. 

To invest m Cabot Preference & 
Gilt Trust or the current offer price of 
ji.SP xd simply return the application farm 
below with your remittance either direct or 
through your professional adviser. This 
effer closes on January 5 th or earlier if the 
offer price varies by more than 2 ^%. 


Iviser or tele- ADDITIONAL INFORMATION 

at Henderson X7aitswni be avaihUe after the offer doses at tbeaor* 
LQI-jS 8362 Z. mat daily price. 

Unit Prices and Yield axe published, daily in leading 
rpmpnt aramww. 

_ - . j " _ Commisjian oT ll% will be paid to recognised agents. 

Investments XU Gabot Preference Sc An imdal Charge of 5 ®J» is included in the offer price. 

GUI Trnst are mamgrf by lfcmkrKin 
Administration, an-investment manage- HIUKTC tW&i 

TTiprit r-wm rwny gg *xiIiTtshi«ri fn tht* fBt y fiw CoanarfmHeswill be issued oodooit certificates vrillba 

have developed a WWC range Of contacts the Alanapcxs. P- y mwtT vrfU normally be made within 
with Stockbrokers and other financial sevmwao^dBys. 

institutions over this long period. / TrwtM^ffBibms&Glya’s^iiki^^cd. 

Hend^ AiMiiisnation rar- 

rectify manage fends hi excess of f^yxsii gaghaai off<y).Res.Na. 85 ^ 3 - 
j - To:HendersoaUiritTrixrtManagBmMitLtd,DealiisgDcpt^ SHARE EXCHANGE ^ 

I 5 RayldghRri, Hutton, Bren tvrood. Esse* CMx3lAA.0I-5SS3d23 SCHEME | 

— ■ : * Our Share Exchange | 

I 1/We wish to boy— — — units in Cabot Preference St Gflt Trust Scheme _ provides a | 

A TWimir fa r mim ii m 711WtSLUlCQr 


aprrmtw Hf je. 'j>r»ywYiTngly smalL 

: The. Managers have discretion to 


S and w* gr |lfr jftffi'nn*. PlStribotimiS 

w 31 ,tiierefore s be made once a qoartsran 
Pdttuary 1st* A^y ?st August 1st, 
November Bt The first ffisiribution. cat 

‘ Pnxy e y^ i p - 4 ig wl ymripr tblR offer will be 

' - rgmire greafeg 

PBB^cts of. capital gi»wti3!» titis can. he 


J . g wai'ig'Mi- nt the daHvomted once. 

I S'rn-nmmiMEJMtS./Miss 
I wwr (•flfp-iMMIMII '■ 

| Orrktfcm ar Hct Name{s> 

f AriAeas • ' ■ 


JfWed eda 
andrimtli 
KaHeutoB 


tick bos or telephone ■ 
Malcolm Coen our I 

Share Exchange . S 

Manaiteron 1 

01758 S 3622 , I I | 

Am ember of the Unit J 
Trust Association. I 

JJa offer is not anaffebk I 
10 reddens of ike Republic I 
of Inland. I 


SigrartareCs) 

OfttuxejBejaxrtJ 


iniimtiiigni 


Henderson 

Uhitlrast Management 


FTso/ia 


CU f s high rise bonus 

; with that being painted at the 
begi nnin g of the year. Then 
some actuaries were expecting 
■ interest rates to continue falling 
steadily and were at least hint- 
ing at cuts in bonus rates. 

But when investors are check- 
ing out whether their with-profit 
holdings are up to expectations 
they -must bear in mind one 
important feature — how fre- 
quently their particular com- 
pany declares reversionary 
bonus rates. 

Many companies declare 
bonuses annually, most of the 
others once every three years, 
with -a few’ declaring every two- 
years. Where .the declaration is 
less frequent than once a year, 
interim bonuses are declared. 
But actuaries are very reluctant 
to increase the interim bonus 
rate during the period between 
declaration since it tends to tie 
their -hands at the next declar- 
ation.' So if your life company is 
between declarations, no change 
is likely, but a bigger increase is i 
possible next time. 

The outlook for terminal 
bonuses, paid on death or 
maturity claims is a different 
one altogether. These bonuses 
are paid out of capital profits, 
usually unrealised. This year the 
equity and gilt markets have 
been dull and only property 
values have moved ahead 
steadily. So expect little or no 
change in terminal bonus rates. 
The . CU does not provide a 
guide here, since it is one of the 
few life companies that does not 
pay terminal bonuses. 

Anejjkient 
savings plan 

LIFE ASSURANCE contracts as 
savings media for children will 
be even more attractive from 
next April when the changeover 
to paying premiums net of tax 
takes place. For If the contract 
i is written correctly, the policy 
should attract tax relief.- 
A life contract is a useful 
method of accumulating a .cash 
sum at a specific date which 
can be'passed on free of Capital 
Transfer Tax' If! the policy ‘is 
written under a suitable trust 
for the benefit of the child, then 
the annual premiums are 
doomed to be gifts made, and 
ran be offset 'against annflai;CTT 
exemptions, le aving the maturity’ 
value free of CTT. 

If the investor can claim tax 
relief on those premiums, then 


CHILD POLICIES 

ERIC SHORT 


it is a double tax boon. And 
under the new rules the policy 
will qualify if it is on the life 
of the child and it provides full 
death cover. Thus the parent 
or grandparent gifts the pre- 
mium to tiie child, offsetting the 
CTT liability against exemp- 
tions and the child pays a net 
premium. 

Under the old system, the 
premium attracted relief only if 
the child’s income was sufficient 
to pay tax This could be 
avoided by writing the policy 
on the life of the parent in trust 
for the child. The parent then 
could claim tax relief, but the 
policy was aggregated with his 
other life contracts in deter- 
mining the one-sixth of income 
for tax relief. 

Up to now, life companies 
have been waiy of issuing poli- 
cies on the lives of children, pri- 
marily because the child, on 
reaching age IS, could repudiate 
the contract and seek a return 
of premiums. But recently some 
life companies have been more 
adventurous in this field offering 
contracts on children, with full 
death cover, from age 12 . 

One life company in a 
favoured situation is Friends' 
Provident Under the Friends' 
Provident Life Office Act 1975 
it is empowered to enter into 
life contracts with children that 
cannot be repudiated— a privi- 
lege originally conferred by 
statute in 1915.. The company 
issued policies with full death 
cover from age nine, but is con- 
sidering lowering this age to 
three. PoticUk' have to run for 
10 years at least in order to 
qualify for tax relief, so if 
parents or grandparents wish to 
provide a cash sum at 21 , they 
most start at the 7a rest when 
the child is aged 10 . 

The signs are that there will 
be an upsurge In this type of 
business from next April, when 
life policies will have a tax re- 
lief advantage over other savings 
plans for children. 


Monev 

* 

Mojiiito r 


Annuity 

attractions 

WITH INTEREST RATES at 
their highest for two years, now 
is the time to consider an 
annuity. Many insurance com- 
panies bave recently raised 
their rates to reflect the better 
yields now available on Govern- 
ment Securities following the 
shock 2 per cent increase in 
the Bank of England minimum 
lending rate last month. 

Scottish Equitable, one well- 
established insurance company 
which makes a point of keeping 
its annuity rates near -the top 
of the league tables, made an 
increase three weeks ago. Its 
figures are now the best it has 
offered since the winter of 
1976/77. As the table shows, 
its rates are particularly com- 
petitive for women. Another 
company which consistently 
does well and is yell repre- 
sented in the latest comparisons 
is Life Association of Scotland. 

BEST ANNUITY RATES 

The gross annual income you can 
buy with an investment of £10,000. 
MAN AGED 70 £ 

Life Association of Scotland 1,946 
RNPFN* 2,941 

Sentinel 1,875 

NEL 1,867 

Royal Insurance 1,867 

WOMAN AGED 70 
RNPFN* ' 1,730 

Life Association of Scotland 1,721 
Scottish Equitable 1,693 

MGM Assurance 1,678 

Sentinel 1,663 

MAN AGED 65 

RNPFN 11 1,712 

Life Association of Scotland 1,706 
NEL 1,677 

Sentinel 1,675 

English Insurance 1,665 

WOMAN AGED 65 
RNPFN* 1,562 

Life Association of Scotland 15ST 
Sentinel 1,527 

MGM Assurance 1,526 

Scottish Equitable 1,523 

* Royal National Pension Fond for 
Nurses, which caters only for 
nurses. 

Figures supplied by 

Money Management 


' The table shows rates ‘for 
baric annuities, where you for- 
feit most of your money if you 
die soon after entering the con- 
tract Many people prefer 
‘‘guaranteed" annuities which 
commit the company to paying 
out for a set minimum period, 
usually five years, whether or 
not you live that long. If you 
die in the meantime, your 
estate will get a lump sum pay- 
ment of the balance of pay- 
ments to the end of the period. 

The rates for guaranteed an- 
nuities are only slightly lower 
than for n on-guaranteed: at 
Scottish Equitable, for instance, 
the difference for a 65-year-old 
man is just £36 a year if he 
chooses a five-year guarantee 
period. 

Part of each year's payment 
is treated for tax purposes as 
a return of your capital and is 
therefore not subject to tax. The 
proportion the Inland Revenue 
considers capital depends on 
your age and sex: On Scottish 
Equitable’s figures, about 42 per 
cent of the payments will be 
treated as capital in the case of 
a 65-year-old man. 


Bonus to 
stay 


THOSE SELF - EMPLOYED 
investors who hold personal 
pension contracts with the lead- 
ing life company Norwich 
Union are being offered a 
bonus if they stay With the com- 
pany when they come to retire. 
And they have the Chancellor 
of the Exchequer to thank for 
this latest windfall. 

Prior to this year’s Finance 
Act, the investor taking out a 
self-employed pension contract 
with a life company (the most 
tax-efficient means of providing 
for a pension) was tied to that 
company when the time came to 
retire and take a pension. But 
Section 26 of that Act changed 
all this. 

Now life companies can give 
investors the option at the time 
of retirement to' take the cash 
accumulated on their contract 
and buy an annuity with 
another life company-— tiie so- 
called open market option. The 
self-employed investor will now 
be able to search tbe market 
for the best annuity rates. 

This is all very nice for the 
investor, but it will involve the 


life company at present holding 
the contract in a changed invest- 
ment policy and considerable 
additional expenses. Under the 
old system the investor was in 
the pension fund until he or 
she died — building on the fund 
to retirement and drawing on 
it afterwards. Now life com- . 
p anies will have to arrange .■ 
their investment policy so that 
the cash sum is available on 
retirement Since this can take - 
place anytime between the 60th 
and 75th birthdays, the fund 
has to hold a greater degree of 
liquidity. 

Now, Norwich Union has ! 
announced that it will be paying , 
its self-employed policyholders 
5 per cent more to stay with 
them when it comes to taking 
tbe pension, compared with 
what they will pay another 
investor wbo comes to them 
from another life company. 
Thus for an NU investor retiring 
now at age 65, each £10.000 . 
cash will buy an annual pension - 
of £1,66L90 payable in monthly 
instalments and guaranteed for 
five years minimum payments. , 
For an investor from another 
life company, the same cash 
sum would only buy a pension 
of £1,582.60. 

The company regards this 
enhanced annuity rate as provid- 
ing an additional terminal bonus 
to investors who stay with them. 

So the introduction of an open- 
market option has been an im- 
portant factor in making at ’ 
least one life company think ■ 
again about payments to policy- I- 
holders. Cither life companies 
may well follow the lead of NU | 
with the effect that when the l 
self-employed come to retire, _ 
-they need look no further than 
their existing life company for 
the : rfst pension. 

• Investors are reminded that 
from next week, the interest 
rate paid on the National 
Savings Bank Investment 
Account rises by 2£ points to 
.32 per cent — the highest ever 
rate paid. It would be well 
worth investigating the attrac- 
tions of the NSB for depositing 
spare rash. 

In particular, for the smaller, 
elderly investor paying little or 1 
no tax, the return on NSB - 
deposits is way ahead of the 
return on the index-linked 
retirement certificates. These 
“ Granny Bonds " at present are 
providing a tax-free return 
slightly in excess of 8 per cent. .. 





SAVE 


£12 


A MONTH 


AND LET YOUR MONEY 
MAKE MORE MONEY FOR A CHANGE 


Regular Investment Plans with He assurance provide 
one of the most cosi-effective methodsyet devised of 
accumulating a few thousand pounds. For every £ you 
save through Hie IMG Regular Investment Plan you w9 
be able to claim 15ip in tax relief, provided you pay tax 
at least at Bie basic rate and not more ttan one-sixth of 
your income is used for Efe assurance premiums. 

This offer enables you to start a Plan through a life 
assurance policy with benefits Bnfced to whichever 
M&G Fund you choose. On a £20 Plan, tax relief at 
present rates ran bring down your net monthly cost to' 
only £16 70, in most cases appreciably less than the 
nioidHy purchase of units on your behalf by M&G 'bust 
(Assurance) Lid. Anyone over the age of 18 can join the 
Plan and there is no maximum age limiLThe minimum 
is £12 per month. 

The future value of your Plan will depend on the 
investment performance over the years of the Fund you 
choose. A man of 35, (or example, who started paying 
£20 a month info a- Plan finked fa MSG Reaiwery 
in April 1971 (when the Plan was first used in con- 
junction- with this Fund), would have secured units 
of £4,416 by the end ot November 1978 lor a net outlay 
ol El.538.This exceptional performance may well not be 
repeated, but it does demonstrate how effective the Plan 
can be as a way of building up capital. 


| To: M&G GROUP LTD. THREE QUAYS, I lew than 
1 TOWER HILL. LONDON EC3R 6BQ. ■ vear . 


Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at short 
nolice.and should remember that the price of units may 
go down as well as up. 

Regular investment of this type means that you can 
take advantage of the inevitable fluctuations in the price 
of units through Pound Cost Averaging: which givesyou 
a positive arithmetical advantage, because your regular 
investment buys more units when the price is low and 
fewer when it is high .You also get life cover of at least 
180 times your monthly payment throughout the period 
if your age at entry is 54 or under. An element of life 
cover is also provided for higher ages, up 1o 74. 

ft you cash in or stop your payments during the first 
four years there is a penalty, and the tax authorities 
require us to make a deduction, so you should not con- 
sider the Plan lor less than five years. 81% fo 94% of 
each premium (depending on your starling age) is in- 
vested, except m tne first two years when an additional 
20 per cent is retained lo meet setting-up expenses. 
Alter two years,' lherelore, the amount invested will, 
in most cases,, represent more than 100 % of the net 
amount you pay afler tax. relief is taken into account 
When you terminate your policy you will receive a cash 
sum. 

* ... and the outstanding management 
W group was (wait for it) M&G. which bad “• ^ 
w two in the top IO and no * 

five in the lop 25 (rusts last I 

SUNDAY TELEGRAPH 1 l 7* ^ 


I endose my cheque lor the find monthly pay mere, payable to M8G tvst (ftssurance) 

Lid. I understand that this payment is only provisional and (hat (he company will 
not assume nsk until formal n obi i cation ot acceptance has been issued. 

ii tin' isnee ' ” — — ■ 

O? || t tt WHMWiSI Man . 

S.IIH NAME 

M HaUWE'-S 

1 FosrcoPE 8 90 HFS 53 12)8 

PCCUPATlOtt : IMUFPF BIRTH 

' NAME AND ADDRESS OF USUAL DOCTOR l to whom r el ere nee may be made) 


Pluic oictc Ihe 
hurt xctaclrd. 

(II nu Fund n. Veiled 
youf policy will 
auluouliuPv Bp 
linked lo Ihc MXC 
Managed Bond Fund.) 

MANAGED BONO 
DTOTDEND 
GENERAL 
, RECOVERY 

1 AMERICAN 

J AUSTRALASIAN 

EAR EASTERN 
PROPERTY BONO 


Arc you an existing M&G Plan hinder" Yes- No 

It you cannot sign Pan I iM the Declaration beumdeWeitand sign Pan II. 

Declaration Pan 1 1 declare Itiar.lo the best of my hrteL I am in goud hnallh and lice tram dheat^ lh«l I luve nnl had any vmire 
■fliNm or major operation, dial I do not ei^aee in any hazardous sports or pursuits, Ihat I do not engage in aviation evccpl a ■ a lorn, 
paving passenger on leccjpnsed routes, and that no proposal on my Ule has ever been adversely Healed. (You must disclose jII lards 
which are hfcefy to mniience Ihe assessment ot (Ins proposal. II you arc in doubt as lo the lefevam ol any particular information, you 
should d&d-ce it. as l adore lo do so may ailed Uie benefits payable ) 

hot II r declare that (he premiums will be paid by inysefl ur my spouse, and llie pavi-r nf 
the premiums will be icstdenl in the U.K. I agree lhal anv declaration made by me m conned ion wild Member cl the 

this proposal shall be Ihe basts ollheconliad between me and M&G Irusl (Assurance) Lid., and lhal I ile PUic es' Asso ciation. 

I wdl accept their rusl weary Ians ol policy I agree to provide any h.iiher intornwlion Ihe company BMP fQ 

may require. (A specimen ol tne pokey lorm ks. available on icquesl j 


SIGNATURE DATF 

Readier ed In England No. I0483UL Reg. Qffica as above. tins oiler is rul avaartia id resident or Cur 


•uT 


If you require information cm any of the following 
M&G investment services, please tick the 
appropriate box and we will send you full details, 

INDEX LINKER BONDS 

A lump sum investment to provide £20 a . 

mouth for the National Savings SAVE Index- J I 
Linked Savings Contract- L— I 

SCHOOL FEE BONDS 

A capital investment to provide for school fees. I T 

SHARE EXCHANGE 

SCHEME A method of exchanging |“| 

shares for any M&G UnitTnist or Bond Fund. I I 

GUARANTEED 
PROTECTION PLAN 

A plan which provides Ihe basic fife cover you I j 

jieed at ; the lovvest possible cost with inflation j | 

protection. 


IWHfiHu *■ 

nniatilsli* mutants d tug . ™ ■ 

DlviD^NDFU ND - “ 1“ ~] j 

I hir>e in-rriim; o hich and steadily increasing i— i _ ■ 
income with prospects vt capital giyY.ih as velL I { I ■ 

PERSONAL PENSION 1 1 

P| A JUj Anyone whr.iisH'lt eoipl'iji-diirr'tta I ■ 
rLMI^I inembenrf;, company Kheme conjoin the * || 
.MJiiT Person.}! Pen Skin Plan and "will obtain j— i 1 I 
complete lax exemption. ( I '■ * 

To: M&G Group, Three Quays, Tower Hill, | I 

London EC3R GBQ.Telephone: 01-626 458S. | | 
Mms^I'N'T'ALS |R 

SURNAME | f 

ADDRESS I E 


POSTCODE 


jAIAj 531218 | 
Xd eppOcaklm Eae. 


-Member ohhe 
Lile i iHrre-.' AicrwuMn. 


* 

li 


i-f l| 

‘ L* 


THE M&G GROUP 








Fmandali Tinies Ss 


AND THE FAMILY 





on a picture 


BY OUR LEGAL STAFF 


About 20 years ago a picture 
was given to me by my father, 
which 1 have now discovered 
may be of considerable value. 

I am planning to sell it and to 
share the proceeds with 
members of my family. Shall 
I be liable to capital gains tax 
and, if so, to what extent? 

In so far as the painting sells 
for more than £2,000 you will be 
liable to capital gains tax. This 
liability will fall on you and not 
on any of those to whom you 
may distribute a share of the 
proceeds. The normal way of 
calculating your gain is by time 
apportionment from value cn 
the date of acquisition to April 
6, 1965 (free), and from then 
to date of sale (taxable) but you 
can opt for a retrospective 
valuation of the picture as at 
April 6, 1965. and this would 
mean your gain would be the 
difference between the 
estimated value on that date 
and the sale price. This would 
appear to be to your advantage. 


(b) The sum due to him 
under the deed mentioned in 
subparagraph 3 of your letter 
will be assessable to income tar 
as investment income, under 
case IQ of Schedule D. 

That being so, in agreeing to 
waive part of his accrued rights, 
your father may well find him* 
self with a formidable income 
tax hill (in addition to any CTT 
liability). The provisions to be 
looked at include section 496 of 
the Income and Corporation 
Taxes Act 1970, but this is not 
likely to bite on the transactions 
you have in mind. 

The path through the tax 
minefield can only be plotted 
with knowledge of the full farts 
and the precise wording of the 
documents. The best — indeed, 
perhaps the only— guides must 
he the solicitors who acted for 
you all in setting up the current 
position. 


the garden” In your issue of 
October 28 your contributor 
says “ cover is provided for 
walls, fences, and gates.” My 
Insurers, the Commercial 
Union, told me that my 
householder’s comprehensive 
policy did not covet damage 
of this description. Are they 
exceptional? 

Fences are covered but cover Is 
limited. Under most buildings 
policies, fences are covered 
against specified perils, other 
than storm or flood: thus they 
are insured against fire, rot, 
civil commotion, impact Policy 
wordings vary and the precise 
policy terms must be carefully 
read in each case. 


advance on the usual quarter 
days. 


These terms will mean that 
In this particular tax year 1 
will receive three-quarters of a 
year’s rent but will only pay 
half a year’s interest on the 
mortgage. 


Rent and 


mortgage interest 


As the rent is paid in advance 
will it be in order forme to 
state in my tax return next 
year that I only received half 
a year’s rent for this year ? 

No; even if the tenant were 12 
or more days late in paying the 
Lady Day rent you would still 
be assessable on three quarters’ 
rent for. 1978-79. Paragraph 2 
of schedule A says that '“tax 
under this schedule shall be 
charged by reference to the 
rents or receipts to which a 
person becomes entitled in the 
chargeable period.” 


Path through 
tax minefield 


Insurance for 
fences and gates 


My father advanced half the 
purchase price of the leasehold 
flat in which 1 live as aa 
Interest-free loan early in 1978. 
Under the deed he is entitled 
to half the increase lu the 
market value when 1 wish to 
buy him out, but. the market 
value already having risen by 
about £5.000. he has agreed 
to forgo bis gain. In return 
he would be willing to accept 
the building society interest 
he has lost meantime. 

Could you advise me as to how 
to minimise the tax in 
connection with these 
arrangements? 

Presumably you all took the 
precaution of seeking tax guid- 
ance from the solicitors who 
prepared - the documents for 
you, so that your father realises 
the CIT 2 nd income tax 
(Schedule D case nil implica- 
tions of the Joan arrangements. 
In particular, we take it that 
your father's solicitor has 
advised him that the effect of 
the wording of the documents is 
that: — 

(a) His interest in the lease 
Is only by way of security, and 
not as a joint beneficial owner; 


Under an article on insurance 
under the heading “ Think of 


Last September I purchased 
a freehold financed by a 
mortgage in an investment 
property. The terms of the 
mortgage are that interest is to 
be paid six-monthly in arrears. 
The terms of the lease are that 
rent is to be paid quarterly in 


You will find ; general 
guidance in two free booklets 
which are obtainable from most 
tax inspectors’ offices: IRI1 
(Tax treatment of interest 
paid) and XR27 (Taxation of 
income from real property;. 
The point you have in mind is 
covered in paragraph 26 of 
ER27, on page 6. 


Resident in France and the UK 


I am a British subject (no dual 
nationality) married to a 
Frenchman and domiciled In 
Franee, 1 own a house in 
England which I occupy for a 
a tew months each year. I have 
no earned income but I hold 
a small quantity of shares (on 
which I am described as a UK 
resident) held by my bank 
in England. 

Certain shares. e.g- Deutsche 
Bank, have been subjected to 
“ Double Taxation." Can I 
claim the German tax back from 
Germany? 

At the moment my bank is 
automatically deducting 30 per 
cent for UK tax. Yet this is 
my only income In the UK and 
certainly comes far below the 
ceiling for the “ Tax Free 
Unearned Incomes Allowance.” 

I would prefer my Income to 
be taxed separately in England, 
if this is possible, but for the 
moment 1 am not registered 
with any tax authority there. 


What, please, is my tax 
position? 

You are clearly resident in the 
UK for the purposes of UK tax, 
and presumably you are 
regarded as resident in France 
for the purposes of French tax. 
If that is so, it seems likely that 
article 3 (2) of the France-UK 
double taxation convention of 
May 22. 1968. will deem you to 
be resident in France only, for 
the purposes of giving relief 
from double taxation. Provided 
that your worldwide income is 
subject to French tax. regard- 
less of whether it is remitted to 
France (as your letter appears 
to Imply), then the effect of the 
1968 double taxation convention 
(as amended in 1971 and 1973) 
should be follows: i i ) Income 
arising from sources outside the 
ends) should be exempt from 
UK (e.g. your German divid- 
UK tax, by virtue of article 22 
of the France-UK convention: 
(ii) Dividends on shares in UK 


companies should be eligible 
for a payment of tax credit 
equal (for 1978-79) to lS/67ths 
of the actual dividends, by 
virtue of article 9 (1 aod 
2) -of the France-UK con- 
vention: (tii) German dividends 
should be eligible for a refund 
of German tax. insofar as it 
exceeds 15 f>er cent, by virtue 
of article 9 (2) of the France- 
Germany double taxation con- 
vention of July 21, 1959, as 
amended in 1969 (or article 
VI (1) of the UK-Germany con- 
vention of November 26, 1964, as 
amended in 1970). 


If we are wrong in assuming 
that you are folly subject to 
French tax on your worldwide 
income, the UK tax position may 
be more complex. 


As a first step, you could 
write to the Double Taxation 
Section of the Inland Revenue 
Foreign Dividends Office. Lyn- 
wood -Road, Thames Ditton, 


mim 


mtm 






Save & Prosper Income Units aims to provide investors 
with the highest possible immediate income from ordinary 
shares and preference shares, consistent with reasonable 
prospects of income growth. At 20th December 1978 
the estimated gross starting yield was 9.61%, making 
the fund Save & JProsper’s highest yielding unit trust. 





Bowthefai£idisin?ested 


The fund is invested in British 
companies through a judicious 
balance of high-yielding ordinary 
shares and high quality preference 
shares. In recent months the yield has 
been raised by increasing the 
proportion ofpreferer.ee shares 
(currently 27% of the fund) thus 
providing investors with an attractive 
opportunity to take advantage of the 
current high level of interest rates. 


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

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



^ PA 
SSSSssssss^vs few 


Prospects forincomcandcapital 


PastparfcrmaaiKt 


Income Units was launched in 
1960 and has an impressive record of 
high and increasing income. Even 
over the last 10 years when dividend 
restraint has applied ;uu?h of the time, 
the annual net income per unit has 
increased each year from a high 
starting level of l.!5p to 2.4Sp, an 
increase of 116%. 




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

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

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


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

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


Howto invest 


Bntaink largest nnittnistgroi^ 


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


To make a lump-sum investment 
please complete and return the 
coupon below, together with your 
cheque. 

You will be allocated units to the 
full value of your remittance at the 
offer price ruling on reifceipt of your 
application. The minimum initial 
purchase is £250. 

On 20th December 197S the unit 
offer price was 45.Sp, giving an 
estimated gross starting yield of 
9.61% p.a. 

If you require further information 
please consult your usual adviser or 
Customer Services at the address 
below. 

Units may also be acquired on a 
regular monthly basis. For further 
details please complete and return 
the coupon below, ticking the 
appropriate box. 


GENERAL INFORMATION 

Dealing In units. Units may normally lie bought and 
sold on any working day. However, in exceptional 
cucametances tbc Managers reserve the right to suspend 
prica quotations pending their recalculation. Prices and 
the yield, ora quoted in the leading newspapers. Unit 
certificates will aarznaJJy he forwarded within 14 days. 
Selling units- 'The Managers will normally buy hack 
• nriim from registered hoidurs, free of comminglon. ac 
not less than tho bid price calculated on the - day 
instructions are received, in accordance with a formula 
a p prov ed by the Deportment of Trade. They may be sold 
back through an authorised agent who is entitled to 
charge commission. Payment is qy ma lly mode within 
seven doy.i of our receiving renounced certificates. 
Safeguards. The trust U authorised by rho Secretary of 
State for Trade, srd u a "wUnr-raac* ravuBiaeot under 
the Trustee Investments Act 1961. The Trustee is Bank of 
Scotland who hold the title to the trust's investments on 
behalf of tbo unitholders. 

Charges. The offer pric* eurrtr.tly indudes an initial 
service charge not ectewding 0%. and a rounding 
adjustment not c*c*»sdin£ Liie lower ofT'.n orL3$p. Out of 
thie, ecmnrijuioa cf iplut* VAT where applicable) 
Will be paid to banks, stockbrokers, solicitors, 
piwu mtinti and qualified insurance brokers on 


^Application fora lump-sum purchase of 

i INCOMEUNITS 


AGENTS STAMP 


To: Save & Prosper Securities limited 

4 Great St- Helens, London EC3P3EP. Tefep hone: Of -554 6899. 
Registered In England No. 788728. Registered office as above. 


? wish to invest 


(minimum £250, or £50 for existing 
unitholders) in Save & Prosper Income Units. 
I enclose a choqua for this flmounr made 
payabietoSave&Prosper Securities Limited. 


(Mt/Mts/Mta) 

First Namefs) 

BLOCK LETTERS PLEASE 


I declare dut I am aver 1 8 and am not resident outside 
the U K or other Schcd tiled T errttories and that I am rot 
acquiring the abovo units as tha nominee at any person 
resident outskie these Territories, 
it you oia unable to make 'his residential declaration it 
should be deleted and the tom lodged through your 
UK bankjsocLbroJter or solicitor. This oiler is no: 
ovaifabta to regents of the Republic of Ireland. 


assets. The charge is currently 18. i up, per *IW oh whicn 
jj% VAT Is payable, maldnc a Local deduction of SQJZSp 
per £100. 

Inco me. Distributions of net income axe mode on 
Mat March and 30th September each year. Tfiew can bo 

reinvested in fdrthar tatits if you. wish. 

Managers. Save & Prosper Securities limited (a 
memb er of the Unit Trust Association). 4 Greet fit, 
Helene, London EC3P 3EP 


II you would like 
dtmrtbuttora af Income to 
be re-invested in lunhei 
units plane tick hate. 

U yau would daails 
of our Share Exchango 
Pbn please tick hora. 


II you would Bke details 
of our ivgulor cavings 
Plans Ptoew tick below. 


WHnniaassuBruM Q 
[ | WMiourilfomsuianee [~~| 





— - - i V ^ 


No legal responsibility con be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries mill be 
answered by post as soon as 
possible. 


Uc , ..... 


• .«A* 

'* :.;i tv ,-y 
r-,.V 


A tenancy 
superseded 


My father, who lived in a farm 
cottage, signed a termination of 
tenancy agreement should the 
farmer himself wish to take 
possession of the property. 
When he died, an oral agree- 
ment was made by my mother 
with the landlord that she 
should become the legal tenant 
Now the farm has changed 
hands and the' new landlord 
wants the cottage. What, please, 
is now the legal portion? 

If there was an oral agreement 
with your mother for a new 
tenancy that would have super- 
seded your father's tenancy. In 
that event the landlord must 
now give you notice (28 days) 
and establish a case under the 
Rent Act 1977 to obtain posses- 
sion. If he does not provide 
alternative accommodation he 
will have to rely on the Court’s 
exercising its discretion in his 
favour under Case 8 as he can- 
not f ulfil Case 9 or Case 16. 


MOST OF US have a number 
of small portable personal 
possessions which we would 
hate to lose— particularly, but* 
not only jewellery watches and 
similar valuables. Most of us,. 
I guess, would have a nasty - 
shock were we to go along this 
weekend to seek to replace at. 
current retail prices those 
items we prize the most No,- 
this is not a homily oh the 
perils of under-insurance, but I 
should not lose the opportunity 
of saying to All Risks policy- 
holders— see "when your policy 
is due for renewal, see when 
you last had your property 
valued and make a diary note 
to revise the various sums 
. insured to take account of 
intervening inflation or better 
still get new valuations if your 
last ones are more than two 
years old. 


deadlocks to the doors', screws 
ta the windows and bolts all 
over the place (which be 
a d m itted could be effective 
against the. petty thief intent on. 
.it quick In and out) nevertheless 
when one leayes ones home for 
weekend or. a longer time, the 
thief has some hours , in 'Which 
to effect his entry, go through 
the house and then 'Silently “get 


away. . 

• afy answer to George was thaf 
all these extra physhnl'-prcd^ 
lions are well worth while-, and 
when set, against the price.'one 
puts on one’s household posses- 
sions of aH.- kinds, inexpensive. 
Something 7 over 60 per cent 
of all household thefts - ' are 
reckoned to be committed by 
.small-time criminals intent on 
the pickings to b^ ; gained from 
quick entry and exit . Against 


merciaT and private polKy-v 
holders on technical crime pre- 
vention equipment • • j 

’Where insurers require ’ae, ' 

. policyholder, . because .'.of;, the -V 
nature and quality . of. • his 
property, to buy a safe^ or to - 
install an alarm; or both, - - 
almost invariably send along a’' 
surveyor who will itemise what 
aeeds_.tb be done as a-pn£;.' 
requisite of cover being granted 
or. continued. ■ Usually he will 
not-- recommend: a particular ; 
safe or alarm,- hut give 1 the , 
policyholder a . . short list, of ! 
approved equipment appropriate 
forihe job to be done and leave ' 
the policyholder to make his 
own.choice and then to make his 
own contract for purchase and 
' accordingly. . . : 




service 


Surrey, Great Britain KT7 0DP. 
You should give them full 
details of the periods which you 
(and your husband) have spent 
in the UK in recent years, and 
it may save time if you give 
them the address and reference 
number of the French tax office 
to which you and your husband 
submit your returns. 

If by chance the facts produce 
the result that you are 
regarded as resident in the UK 
but your husband is regarded 
as not resident here, and the 
forxnifih in article 3 (2) of the 
France- UK convention deems 
you not to be resident in France, 
then you will in effect be taxed 
as a feme sole under UK law. 
The probable effect would be as 
follows: (0 UK income tax 
deducted would be refunded in 
full: (ii) Dividends on shares in 
UK companies would be eligible 
for a payment of tax credit equal 
(for 1978-79 ) to 33/67ths of the 
actual dividends; (iii) German 
dividends would be elegible for 
a refund of German tax, insofar 
as it exceeds 15 per cent by 
virtue o# article VI (1) of the 
i UK-Germany double taxation 
convention of November . 26, 
1964. as amended in 1970. 


Jewellery, other valuables, 
and small portable items are 
usually what the average thief 1 
looks for in the average house 
and in the nature of things 
when we leave our homes 
unoccupied for a few hours 
most of us, even those that live 
in high crime areas, take little 
special care to prevent loss. 
Indeed, is there very much, that 
any of us do when we go away 
for weekends or holidays, other 
than taking our most prized 
possessions along to the bank, 
and leaving them there for safe 
keeping? 


INSURANCE 


JOHN PHUP 


Noises off 


This problem of protecting 
the home was given a fair work- . 
out on the train to town on 
Wednesday morning. _ George, 
given the task of looking after ; 
his neighbour's house, green- ^ 
house and cat, over the holiday - 
weekend, and wakeful in the '< 
small hours of Sunday morning, ■ 
had heard untoward noises next J 
door: aided by the family dog -: 
he had surprised a couple of ^ 
thieves intent on taking rather r 
than giving Christmas presents, ' 
but alas without capture and he -. 
had spent an hour or more 
thereafter reporting to the ■ 
police before getting back tq. ; 
bed. Fortunately from the, 
crime viewpoint lie rest: of : 
the weekend past uneventfully:- 

Having told us his tale George^ 
argued that there was very little • 
that any of us could do to proh^i 
tect our homes at such times: 
because there are far too manjf • 
points of access. Doors can be- 
forced, windows can be broken, 1 ;- 
He went on to say that even If 
one fixed multi-lever mortise 


these, extra physical protections 
buy time for ihe absent bWuse- 
holder and act as a positive 
^deterrent— and this is true even 
When the house: is unoccupied 
fhr days rather than hours, be- 
, clause such longer unoccupan^r- 
:?an be partly . concealed* r for 
-example, with the help of neigh- 
bours who may be prevail ed 
ripon to draw curtains and* so on 
^and with ' the 1 aid. of : time 
switches to . put lights on in the 
■ evenings. • 


Sceptical 


Although the police 'recotn- 
‘ mend potential absentees ~to toll, 
-them of their intentions, I am 
Galways sceptical, for arguably 
Jthere is nothing ' so signally 
.obvious as a police car parked 
butside a house and a policeman 
waikiag aroand the garden.. \ 

From external physical pro- 
, tect ions, the conversation . tinned 
-to burglar alarms. gild safes. 

1 Even in our small .commuting 
circle we could locally' count 
half a-dozen close friends and 
neighbours with one or- other: 
what expert advice, I wondered 
.had each had on his particular 
purchase and" instillation, -either 
from the .local police' mme 
prevention officer or. hetetr still 
from the . insurance surveyor 
s pecificaHy employed time 1 
in -giving advice both to £Om- 


’ ButT the policpholder With ' Is 
vblonitorily considering install- 
ing a safe or Wafcarm can enjoy 
the- same sendee if he tells his 
insurers-his .thoughts . and- .asks . 
-their advice: often he can bene-, 
fit because they may well sug- 
. gest different. -'-and better ; pre- 
cautions; true: these may some- - 
times rChst inore but they should 
‘ give greater security and induce 
greater peace of mind. > • 

Of ebursd, there are' a host of 
Individual - domestic circum- 
stances, but "-L. am "no great 
-believer . 4h She wide - Use r -of 
burglaralani& nuhe- ordinary 
'home, because "there: are too 
many chances of false alarms 
Securing -through 'Inadvertence 
- during nonnal.occupancy for the 
.. equipment to Jbe a worthwhile 
proteriaon: occasional -long 

absence^ Butia' burglart alarm 
geared to - a particuiar part of 
the ,-hbhaeV . containing say a 
small -v securely . - fixed safe, 

^dequate for its likely contents. 
Can bq, a v£r£ different proposi- 
tion and is probably well worth 
thel cort - la . installation and 
maintenance. .' j 
.' I emphasise a securely fixed 
safe, whether this is or is not 
protected by an alarm, for there 
is just no. point in getting a 
safe which can be taken away, 
opened - at leisure and then 
dumped: - many ; . so ; - - called 
domestic safes are just of this 
kind and unless they are fixed 
they are utteriy-.unsafe. 

As with lesser physical pre- 
cautions^ safes and Alarms buy 
time, for thie absent:, householder 
— ^the longer: it will take the 
thief to get his looti the more 
bej-ia; likely. «in ’ mdse- on l else- 
where. - ij '.ntr-iN.:-.: • 


-•HESS 



They’ve merged. Or been taken over. At 
advantage to them, to their shareholders and to 
investors in Unicom ‘500’ Trust. . 


FiirfieXy^ 

government^ a pledge 

also made by fibiiielarge cornpanies, 
Itatiies^ctors mgetto 
Unicorn *$ 00 * Trust has a promiang portfolw^ 
Remember that thepriceof units and the 


Even though the Trust aims at above 
average income, its capital growth since 1966 has 
been much greater than that of the Financial 
Times AH Share Index, 1 76% as opposed 10105 % . 

This has been achieved through a 
policy of investing in a large number of smaller 
companies, together with a few blue chip 
holdings. 


The smaller companies have been carefully 
selected for their income potential or for the 
possibility that they may merge or be taken 
over - as has happened with over 300 of them 
since the fund was launched. 


You should regard yourinvestment as long 
term. 

; 

You caninyestiri Unicom ‘ 500 ’ Trust with a , 
lump sum of £250 or more. Or, if you wishto . 


The larger companies are there to help offset 
any dealing or marketability problems with the 
smaller ones. 


As the figures show, it’s a formula that works. 
Income on £ 1 000 invested at the start has grown 
from£57inthefirstfullyearto£i58now, before 
tax. And we're expecting an equally impressive 

performance in the future. 

In an economic dimate where quite a few 
experts -including the National Institute of 
Economic and Social Research— are predicting 
an upturn in the economy, shares are likely to 
show a livelier performance. 


make a monthly cohtribotiahof £10.30 or more* 
which also provides life assurance cover. Please 
fill inthe subscription form below. 

Theofier price, which can change daily was . 
82.8p perunit on 29thDecember5 1978 withah 
estimatedgrpssyieldof6.c$%; 


Prices and irield appear daily mtheKimndal Timesand 
other national newspapers. Income is distributed half-yearly 
oni5thOctoberandi5th^rDlnetofbaricratetax.Thfipffer 


I i%isjwidteatoliOTised agents, but not in respect of. * 

Bardaycard purchases. YotLcan seQbackttniis azUny - / 

biismess day attiwbid price iTiHi^wiienyptirinstructjaiis 
atrire.Fkyreentvrillrionindb'be^ . 

icoeiptof theiesiqniu^icdrtific^^ ' ... 

' MaoagcrsrBardays Unictim Limited, Mcaiberoffhe 

UmtTrratAssodanon. Trustee: Royal Exdhangp Assurance. 


To: Barclays Unicom Limited, 253 Romford Road, I^mdonE 79 JB. 


Surname (Mr., Mis. or Miss) 

(BLOCK CAPITALS PLEASE) 


Lump Sum lu vestment 


I/We wish to invest | r 
(Mhmatmt £z$o) 


towni»ofUnipim , ^t» > Tri«ai^eiK^ * • ^ 

XChequa f br tTiI k nmrumr ’_.v 


If you ruish top urchasc these units through your Bardaycard account please fiB m 
your Bardaycard number here. - 


If you wanlymcr net income auromatxcalfy re-irtocstcd please tick here j | 





raonber of units purchased an'fl be sent toyou. Certificates wiU beposiedmt hainxv stxks. I/Wededare that 
this declaration, ic should bedtUzcdand theform l 

applications allmut sign.This offer is not available to resideraaf the of Ireland. <™uwts*tdep oa £< a y. Jnfa 


?sVATNcL 


Regular investment with Life Assarance andTarReKeC - 

For derails of the Barclays Life Assured Savings PJbq 

(minimum conrribunonjCio.gOpermOintii) please tidcheic. 




Registered Office: 



- ■ *, • /•- - 








^ V J&eceiEtber -.30; 1978. 



' j . v-’ ; j-; ;. 


:- ;’■ ;; 


1 -’■ t 

:- ■'•2 rXtt 

„ " '.’• i ■*>> ^ j' 

/-- . - -<- ; ■?. •'•• 
- L - , «-sjMK- 

.-.v M : 

»-> .’v*. 
‘ ‘ - :• " ^£v 

s ; fite.5 

"7 s'.'JhT 

-•*-— *Jj. *-■ 
... ~ W ¥( ::. 


i ; 

; -Th7 


- - J si V 



some relief 




IT ' is a ' truism ■thatji&ifcli 
Companies 4r&: .lesst profitable 
than they ffabuHF b& ' and ;/£hat 
corporation tax .Is; thsrjs&ire-not 
the : substantial revenue . pro- 
daeer that .-.once . -it: «as ; - -Bat 
co^anies-aie-aotthewhbieof- 
commerce #jbd; todjjstjjr, :jl . . „ 
' individuate asd partnerships 
pay income .tax.T* at frec than cor- 
poration business is-bad; 

i. they 'pay- 3St&e of itf and if it 
gets 7 stiU: jwot ^ they heed to : 
coB^der“J»w; to ;«et>tai relief " 
“for their • ■ losses. ■ ", .. 
TfceTeHefe available for trad- 
ing: losses are.Burpnfdngly com- 
plex.' A tyxrt head is needed if 
one is to fludese's way through - 
the maze; whicb - perhaps ex- 
pIamsa<»OTnitants'preaUections 
ei-tfierfox tearing th eirli air out, 
or Unwrapping wet towels round 
their heads, -or both. 

Tbe. -amount of a trading loss 
i is calculated in a similar fash- 
/ ion. to a profit. ’ The" year’s ■ 
f result 1 shown, in the business's 
accounts.. is. adjusted by' adding, 
back various: items which do hot 
qualify for relief — depreciation, 
general doubtful debt provisions 
and t 1 business" entertaining are 
examples..' 

Stuck -appreciation relief end 
capital allowances can be added 
to -the loss, or can be used to 
turn what would otherwise be a 
profit into a loss. But before we 
move onto these, items, it is 
worth pausing to ask what are 
the broad implications, of the 
trading loss .itself. . 


•It Is weH known fhat.Vfbe 
Reyenue’.wiH not give relief for 
spurious losses. Th& Saw makes 
3t de ar that the trader must be 
carrying- on business on ar'-com- 
mercial rhasis a nd _ "with. - & vifew 
■ to; profit ' this last-phrase, being 
given the gloss .that a reasonable 
expectation -of profit is accept- 
able^ The Jian.avanfthUity.j.of 

reliefs 1 for hobby- farming fc-an 
extension of this principle. 0h.ee 
-five years^ losses have been sus- 
tained.. the- Revenue is directed 
to. treat this as demonstrating 
imcommerriality, this of itself 
preventing relief for a sixth- or 
suhsequen t loss. ' • \ T, m 

■ But losses have another im- 
portant qualify in tax law.-^Ebey 
are quantified “actually;"" — 

recognising them as losses for 
the period in which theyvare 
sustained, add not deling 

them . to have arT«w »n in some 

other year. Ibis becomes clearer 
in JUus (ration. . . 

■A man 1 who has beenrin 
business for some y.ear& jand 
whose“accouhts .'Are driraft. to 
December 31, wih be assessed to 
tax ior. 1978-79 -on the basis of 
his 1977 profit. The tax payable 
is .1878-79 tax, and it ia dge ..in. 
equal instalment^ on January 1 
and July 1, 1979, but it is quan- 
tified by deeming that the pro- 
fits of the accounting year /end- 
ing in .1977-78 are the taxable 
profits of 1978-79. • ,*•> 

If this man suffers a loss in 
his 1978 accounts, file law treats 
this as a 1978-79 loss, not-a&one 


for 1979-80. The Revenue say 
that they, should, in strictness, 
treat one quarter of it as a loss 
for .1977-78, and three quarters 
as falling into 1978-79. In 
practice they usually insist on 
apportioning it only at the com- 
mencement of a business, and 
on cessation or death. 

The man who traded profit- 
ably in 1977, but who lost in 


“A cool head is 
needed if one is to 
find a way through 
the maze” 


1978, will therefore normally 
bring into his overall tax cal- 
culation for 1078-79:— 

(a) trading profits based on 
1977 accounts, less: 

(b) relief for stock apprecia- 
tion during 1977. and less: 

(c) capital allowances based 
on expenditure during 
1977 and assets in use at 
the end of that year, but 
adding: 

(d) any other income of 
1978-79, Jess: 

'(e) mortgage interest and 
personal deductions for 
1978-79, and Jess: 

(f) trading Joss based on 1978 
accounts, but: 

(g) relief can also be 


obtained, in normal cir- 
cumstances. for further 
capital allowances and 
stock appreciation. 

The foregoing is the most 
straightforward method of set- 
ting off the loss against income 
in order to achieve tax relief for 
it. If one is quick enough, relief 
can be achieved by paying only 
a reduced amount of tax for 
1978-79. But since the first 
instalment of that tax is due on 
January 1, -1979, and the loss 
for the year ending on the pre- 
vious day is unlikely to be 
agreed overnight it is more 
usual to find oneself paying the 
first or even both instalments in 
full. In the latter case, tax 
relief comes by repayment. 

The table makes it clear that 
assessing profits on a previous 
year basis, and relieving losses 
as they actually occur, will 
normally result in two years’ 
trading results falling to be 
dealt with in the same fiscal 
year. As also indicated, the 
Revenue follow this concept 
through to its logical con- 
clusion. Capital allowances 
based on expenditure in 1978 
and on assets in use at the end 
of that year, and also stock 
appreciation, relief for 1978, can 
at the claimant's option be 
added to the 1978 loss. 

The Revenue has designed 
some excessively complex pro- 
visions to prevent what they 
regard as possible double count- 


'll 




- -- si 


CHESS 

LEONARD BARDEN 


SOVIET CHESS prestige has 
taken a triple blow in 1978 with 
file unexpectedly narrow world 
- title victory for Karpov preceded 
by . England’s success in the 
world youth championship and 
softly, fallowed by the loss of 
fii'e senior. world team title at 
file Buenos. Adres chess Olympics. 

. Only the Soviet, or rather the 
. _ • Georgian women, now led by the 

... 7 l7-yeoi>old - world .; . champion 
7 -'•£ \ Chjtourdanidze, stxU show the 
begemDDX oyer the rest of the 
i- world that the Russian men had 
• to fire fifties and Sixties. 

. It is . bard .for a non-Russian to 
-appreciate bow proprietorial the 
Soviet .attitude 4s to chess. 
Decades of -success, had made 
them think: of . the world, indi- 
vidual' and: team titles as thefts 
by right. The Russian general 
public does : not teem -to see 
world chess, events. -as harshly 
fought competitions, but rather 
as part of general Soviet culture. 

. An analogy may be useful for • 
-those of the older generation 
who can remember the British 
attitude to soccer in the 1930s 
and 1940s* Moscow. Dynamo were 
~ ridiculed at first in their 1945 
,tW. !. visit, and even later it took the 
humiliation by- the -Hungarians 
at . Wembley stadium' to drive 
home to the British pubfic that 
our -supremacy was an episode of 
the past. ■■■,.' 

■ It is appropriate then that the 
' shock in the; Buenos. Aires chess 
Olympics should come at the 
hands- of the-Hongarians, who 
hqve a fine record in these events , 
starting with the gold medals at 
the first two chess Olympics in 
London 1927 and The Hague 1928. 

Some of the bitter feeling on 
the Soviet side came out in -the 
postHmateh Press conference in 


. . . .. 






Moscow when the normally 
restrained Karpov admitte^ that 
he 1 had a feeling of hate; for 
Korchnoi as a person whir-bad 
abandoned the USSR aod'irer- 
sisted with provocative declara- 
tions. Karpov denied that a 
player at fire hoard could be 
affected by . such means as those 
attributed to Dr. Zukhar, who be 
described as a respected psychol- 
ogist he bad needed to help^him 
relax. TMs, of cour se, is hardly 
the point; as the ex-FTDE Presi- 
dent Dr. Euwe put it: “All that 
stuff about parasychology *ras 
stupid, but if Korchnoi believes 
in it, it was hot stupid ih!that 
context.” • 

Some of Karpov’s other com- 
ments: “Korchnoi is a strong 
player, and the match against 
him was no easy matter. How- 
ever, he does not command-res- 
pect as a personality. One gets 
the impression that all - .-the 
declarations and protests Koteh- 
noi made were winked : out. in 
advance as a fixed policy. I 
am . always friendly .to those 
whose attitude is sensibly but 
I cannot get along with fiiose 
who rub me up the vrrpng way ” 

• Karpov said that he was * too 
tired by the three months- long 
match to play at Buenos Aires, 
and would probably not play 
.again until. -the spring. Soviet 
journalists reporting the Olym- 
pics could thus not reveal that 
Korchnoi, 20 years older than 
his rival did play there, and 
srored 9/11 for his adopted 
country Switzerland-^ and this 
after an exhausting; series of 
.flights round the wqrld with' no 
break after Baguio/ 

The question nod is whether 
the Soviet chess authorities can 
maintain: their boycott on events 
where Kozchnoi,plays, now that 
he is no longer-stateless. Korch- 
noi himself foresees a split in 
FIDE betweab. the Soviet bloc 
and the rest; such a split has 
been forecast many times in the 
past 30. years but has never 
materialised. Meanwhile this 


week’s game is his interesting 
win at Buenos Aires against 
Tony Miles. 

White: V. Korchnoi (Switzer- 
land). Black: A. J. Miles 
(England). Opening: King's 
Indian (Buenos Aires 1978). 

1 P-Q4, N-KB3: 2 P-QB4, 
P-KN3; 3 P-B3 (outmoded but 
recently revived), P-B4; 4 P-Q5, 
B-N2 (P-Q3! stops the N develop- 
ing at KR3-KB2); 5 P-K4, 0-0; 
6 N-KR3, P-Q3; 7 N-B2. P-K3; 
8 N-B8, N-R3: 9 B-K2, N-B2; 10 
(Ml, P-QR3; 11 B-N5, P-R3; 12 
B-K3, PxP: 13 BPrP, P-QN4; 14 
Q-Q2, K-R2; 15 P-K5! (this typi- 


cal break-through gains force as 
the KN reaches K4 after PxP 

16 BxBP), P-N5: 16 PxN, PxN; 

17 PxP. QxP; IS QR-Bl, Q-Ql; 
19 P-N4. R-Kl; 20 N-Ql i regroup- 
ing for the final attack), R-QIST1; 
21 R-KB2, B-Q2; 22 B-KB4, 0-B3; 
23 P-B4. R-N3; 24 B-Q3. R(K1)- 
QN1; 25 K-N2, N-Kl: 26 R-K2, 
R-R5: 27 P-N5! Q-Ql; 28 PxP, 
B-KB3; 29 B-B2, BxB; 30 RxB, 
Q-Q2: 31 N-B2! (the 1ST heads 
backtoKR3 with decisive effect), 
B-Q5: 32 B-K3. Bxfi; 33 QxB, 
N-B3; 34 N-R3, R-Kl; 35 N-N5 eta, 
K-Nl; 36 Q-B3, Resigns (RxR ch 
37 RxR, Q-Ql; 3S QxN!). 


POSITION No. 248 
BLACKdl men) 


PROBLEM No. 248 
BLACK (8 men) 



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WHITE(11 men) 

Bron stein v. Vasyukov. Moscow 
team championship 1978. Black 
(to move) has a strong attack; 
what should he play next? 


White mates in two moves, 
against any defence (by E. 
Visserman. 1st prize Probleem 
blad 1954). 

Solutions Page 12 


BRIDGE 


E. P. C. COTTER 


DON’T MISS THE 


iV 


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■LOtttEbspBilhTJMCal* 



»zs 77 IB 


'T 


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’fielexe gains tar and expenses., figures as at December 13, 1978. 

- ‘ -At-lhe beginning of every year the IC News Letter selects a 
number of shares, (generally six) for capita) gain over the following 
twelve :month5rr7 its Star Nap Selections. . .. 

The chart above shows the cumulative 12-month performance m 
each year's Nap Selections. oyer, the last 22 years, including that of 
the 1978 selections; If you^ ^had invested £1,000 in the 1957 Nap 
Selections and reinvested the proceeds at the end of each year in the 
new annual selections, -your initiate lDOO would now be worth 
£225,297 (before ®ins tax and expenses) against a mere £2,18Z if 
you had invested in the FT index and £4,381 if you had managed to 
keep' pace with -inflation. 

In addition to its traditional Nap Selections, the. IC News tetter 

, gives regular weekly-recommendations. The.overall .record show® mat 

.its recommendations have beaten the index tv a wide percentage 
margin averaging into double figures on an annual basis. The News . 
Letter-also has an impressive track record with its general market ana 
Selling advice over the years, as supported by the many appreciative 
letters received from Subscribers, and it has extended this to otner 
important investment areas! . M 

The 1C News-Letter,' published every Wednesday, is^vailabie on 
postal subscriptiofldbly. Use the coupon, be tow to order yoyr 
subsriiptton now, starting.wlth.’the 1979 Nap ^elections, _ 

Ntany ragutor subscribers describe it as their best investment ever. 



F.T.8. 


Pfease enter nt» name M-a subscribin' will) the 4 Januanr 19» Nv Seteclion tewa. 
I enclose: 

Q '.Ptaasemvoicelnr £36X10 

. fwylhta taTlirtlCOTOrton PtitaUcaironsUd.)- -. 


Iririre n 

MBPS. 


Postmda. 




TO ROUND off the Old Year, 
I. would like to discuss with you 
a' -most interesting hand. It 
appeared some time ago _ in 
Bridge de France, and gives 
an Insight into the workings of 
the- expert's mind, as he draws 
logical deductions from bidding, 
lead, plays, and discards of the 
opponents in order to fulfil a 
difficult contract. 

It is the bands which are 
overbid that demand the most 
skill, and this one is no 
exception: 


. 4 

r ; o 

. + 

. w. 
-MJS5 
<?.K 
<> Q J 6 
+ K 10 7 6 5 
S. 

* Q 7 


N. 

K 8 4 
A 9 2 
K 7 3 
9 8 4 3 


E. 

10 9 2 
J 7 5 3 
10 9 8 4 
Q 2 


South started to do his home 
work. The club discard placed 
West with an original holding of 
five cards in the suit— otherwise 
in view of dummy’s four clubs, 
such a discard would have been 
dangerous. Furthermore, the 
diamond lead suggested that 
West did not hold King and 
Queen of clubs. Again, West’s 
spade discard implied a holding 
of four cards in that suit — 
otherwise the declarer could 
make two spade tricks if his left 
hand opponent was reduced to 
the Ace and another, by playin; 
to the King and ducking the 
return. The picture South had 
built up of West's hand was 
four spades, one heart, three 
diamonds, and five clubs. 

The declarer cashed his 
trump Queen, drawing East’s 
Knave and forcing a third dis- 
card from West. To put off the 
evil day. West threw the 
diamond Knave, and South led 
a diamond to the King, return- 
ing the club three and finessing 
his Knave. West won, and con- 
tinued with a club to the Queen 
and Ace. The three of spades 
was Jed, allowing dummy to 
score the King, and this four- 
card ending was reached: 


7 3 


Q 10 8 6 4 
O A 5 2 
* A J 


With neither side vulnerable 
•West dealt and opened the bid- 
ding with one club. When this 
was followed by two passes, 
■ South re-opened with one heart, 
and North raised to two hearts. 
South now said three hearts — 
.this is normally pre-emptive, 
but on this occasion clearly a 
Try for game— 'North raised to 
four hearts, and all passed. 
r. Against this optimistic con- 
tract Wdst started off with the 
diamond Queen, on which East 
signalled with the ten, and 
Bouth won In hand with the 
Ace. With, losers staring him 
in the face, the declarer needed 
the breaks, and he enjoyed an 
immediate stroke of good for- 
tune when a low heart from 
hand found West with the 
singleton King. He won with 
dummy’s Ace, ran. the nine, and 
fallowed with the two, finessing 
his ten. On -the second and 
third hearts West threw the 
five of dubs and the five of 
spades. 


W. 

♦ A J 
V — 

0 — 

* 10 7 


, N. 
♦ 8 4 


-0 — 

*98 


E. 

* 10 9 
v? — 

0 9 8 

* — 


S. 


♦ Q 1 
O S 
o 5 

* — 


The nine of clubs was led 
from the table, on which the 
declarer discarded his five of 
diamonds — a loser-on-loser 
play. West had to win with 
the ten, and was securely end- 
played; He bad no more 
diamonds — South’s perfect card 
reading had foreseen this posi- 
tion — and was now faced with 
the choice between leading a 
club to allow dummy to make 
the eight, or cashing his spade 
Ace and setting up the declarer's 
Queen for his tenth trick. 

A lovely example of dummy 
play at its best 


□ LIBERTY LIFE BONDS 


15Z 


/ equivalent gross , 

f yioW.to 33% basic 
q rate taxpayers 


10.05% net pa FOR 3 YEARS. 
ALSO SUITABLE FOR- 
HIGHER RATE TAXPAYERS 


For deteH5 and application 
please return this coupon lo 
Uwrty Lrt e-Assurance Company Lt± 

, Kingmaker House, Station Road, 

| .Ne« Barnet. Herts. fiN&1 PH. 

| .Telephone- 01-WD 91 J 1 rT30[SS 1 

m l lUIMUUJIlHjB g T 7 



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• 



ing of allowances and stock 
relief. Wet towels are essential 
to the proper understanding of 
these clauses, and they remain 
equally necessary for the next 
part of the process. This is the 
question whether to offset the 
losses, reliefs and allowances in 
the “ normal ” way already 
illustrated, or whether to take 
the relief in some other way. 

There is now a confusion of 
other possibilities. Rather than 
set the 197S loss against 
income of 1978/79. one can 
claim to set it against the 
income of 1979/80. It is a 
requirement that the claimant 
should still he carrying on the 
same trade in that year. But the 
table illustrates the general 
point that to tiie extent the 
loss exceeds the trading income, 
it is offset against other income. 

In such a case, tbe loss has 
first to be set against earned 
income of the claimant, and 
only thereafter against invest- 
ment income. If there is still a 
balance to be relieved it will be 
set against the earned and then 
the unearned income of the 
claimant's wife or husband — 
this latter set-off being an 
optional one. 

But if the taxpayer has little 
income outside his business, it 
may be disadvantageous to 
claim the loss against it Doing 
so could reduce that income to 
the point at which he loses the 
benefit of his personal allow- 
ances. So the third possible 
method of obtaining relief for 
the loss is by setting it only 
against trading income in subse- 
quent years. 

And the remaining two per- 
missible off-sets are those for 
the opening and dosing years of 
a business. In the closing years, 
“terminal loss" arrangements 
have for many years allowed the 
final twelve months' loss to be 
set against trading profits in 
the last three full fiscal years 
before the end. For new busi- 
nesses, the 1978 Finance Act 
now permits a carry back for 
three years, and against any in- 
come of those three years, for 
losses sustained in any of the 
first four fiscal years of opera- 
tions. 

The possibly permutations 
should not be described as an 
embarrassment, bur they are 
daunting. Most traders prefer to 
sidestep the problems— by stay- 
ing profitable. 


U.K. trust- 


Schlesinger Special Situations ScUesingers’recommendation 


Trust-up 335 £this year 

This trust is the top performing UJL 
invested unit trust this year. (Source: ' 
Planned Savings), showing a rise of 33.5% 
compared with a rise of 4.1% inthe F.T. 
Actuaries All-Share Index. Since the 
launch in November 1977 the unit pricer 
has risen 40.4% and the All-Share Index. 
7-9% 

Grcwthopportunity 

“Special Situations” can often offer excellent 
investment opportunities, particularly in a rising 
stockmarkeL The trust invests in the different 
types of “Special Situations.” listed 
bclcnv, many of them smaller com- 
panies, and is aggressively managed 
for capital gain. The portfolio is 

currently invested in 29 stocks 
including: 

Recovery stocks - Companies 

whose stockmarket rating has over- 
reacted to d ^appointing results or a 
difficult background. 

High, yield stocks —including ~ 
situations where there is the potential 
for are-rating. 

Asset situations— where asset 
values arc not properly .reflected in 
share prices. 

Bid situations - particularly stocks 
which for various reasons stand at a dis- 
count to the bid price. 

The investments arc carefully 
selected after drawing ou Schlesingers* 
own research and on the specialist 
research, knowledge of many London 
and Regional stockbrokers. 

J To: Schlesinger Tnist Managers Ltd, 

I 140 South Street, Dorking, Surrey. 

- Weekend and Evening Amaphime Tei.'jJorking Cojoti) &644T 

I I wish to invest 
I (minimum £ 500 ) 

I inthe ScUeunRer Special Situations Trust at the price 
5 ruling on receipt of my cheque. 



Whilst this concentrated fund offers 
scope for superior capital performance, it i£ 
likely to be more volatile than the market. 
Investors should bear this in mind when 
deciding what proportion of their portfolio 
to invest in the trust. 

Distributions will be made on iSth Nay and 
1 Sth November and the estimated gross yield on 
the current offer price of 35.IP is c.i 1 %. Any 
investment should be regarded as long-term. 

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

PIMS-a unique service 

Mi ni mum investment in the fund is £500. 

^ Investors of £2.500 or more 
receive Schlesingers’ Personal 
Invesmienr .Management Service 
(PI MS), including portfolio 
reports, invitations to meetings, 
and investrru.nt'finunciiilplaming 
advice if required. 

Schlesingcrs manage over £100 
million of private, institutional, 
and pension funds. 


Smallercompanies 
and recovery stocks 
often offer the 
best prospects 
forcapital growth. 


General Information 

To invest, use the form provided. Contract 
7K>tu> wilt be sent by return anj ctrnHv arcs issued 
within ti m'oJls .The Unit Price and yield are 
puMibbed iLiilv in leodini'neuKptipi.rs.ToSell units. 
s>impl>' return 2 our rertihuaie ^pproprialul; i-nJutved 
on the hack - payment is nnmulh midi 1 inchin 7 
Uais of our rtceivincr tbc renounevd certiliutc. 
Charges :.\niniu:-l chariot 5",. i^inrludL-iiin the 
Cuter pna\ A charge at an annual rate of (plus 

VAT) ot' the value at' the l and is dcducicJ fmm 
proas income towards administrative apmws. 
Commission of 1 ; will be paid to rcco(rm *cJ 
nqenu. Trustees; Midland Hank Trust Company 
Ltd. Auditors: Peat. Mmivivk. Mitchell tk Company. 
Managers: Sehlea. m:er Trust Managers Lid.. _ ' 
Kepsterud Office, n Hanover Square, London W.i. 
KrcisTcned in Ln.-iand No. osss-ts- Members of 
iho Unit T rust Association, 'lliis oiler is not 
available to rejidemsol the Republic of Ireland. 


ikiLiK ihii I jni 'scmJciu uu> -idc 1 Ir J d J- ikd 'IV mtonct and ihac 

4 d 1 luring ihuuxiri -a. a ji- [vt-r-ii .T-iJdn ouundc the 

TmH i mn. ill ••virruiul’lf I'Hi-A-i'is -Ip >i ili W |J hedriilfid md 

iHum phcwiiun lurn fhxiU itn l-c h-lird iln-^ii • nsi L V..iunL,<«trtAc 

oriulujiovk Munit Aunt iforfuvrcd, Iail »^auua JaiiOaiatMtiulKC unuli 

irillbc Bcurrud. 


Su rnam e. 


(MBfMRs/MLKJ 

First names 


-(BLOCK I UTTEBS PLEASE.) 


-(In full) 


3 wish to know more about the ScUreinger 

Special Situations Trust and see the la iclC 

PIMS report. 


□ 


Address. 


-Date 


A cheque is enclosed, made payable to Midland Bank 


Signature. 



.¥.v 


Chieftain Far EasternTrust 

AN OPPORTUNITY TO INVEST N THE 
FLOURISHING ECONOMES OF THE FAR EAST 
THROUGH A NEW UNIT TRUST 


R>CED PRICE OFFER CLOSES ON5TH JANUARY J 979 


Any serious investor should consider putting some of his 
capital into die Far East. For Japan, Hong Kong, Singapore and 
the Philippines are economies with some of the highest current 
growth rates in die world. 

Successful companies in these countries are growing and 
flourishing, and their shares have proved to be extremely profit- 
able long-tenon investments? A new unit trust. Chieftain Far 
Eastern Trust, has been launched so that ordinary investors can 
take advantage of these opportunities. It offers skilled, fiill-time 
investment management, which is particularly necessary in 
volatile markets such as those in the Far East, and it takes care of 
?JH the adminirtrative problems involved in managing a portfolio 
of overseas shares. 


Selected Markets 

The brief analysis that follows indicates why each of the 
countries represented in the Trust’s initial portfolio has been 
selected by the Manager!. 

Japan. Although renowned for its export achievements, 
Japan owes its industrial success mainly to a large and buoyant 
domestic market. 

With inflation under control, a disciplined and responsible 
work- force and a remarkable record of industrial adaptability, 
the economy has resumed its strong upward long-term trend 
qllter the setbacks of the 1973 oil crisis. 

The stockmarket, the world's second largest, covers a 
diverse range of both large and small companies whose profit- 
ability should continue to benefit from low interest rates and a 
positive attitude towards the creation of wealth, giving Japanese 
shares excellent long-term growth prospects. 

Hong Kong. This sensitive and extremely active market is 
characterised by well-established trading, financial service and 
property companies, together with fast expanding manufacturers, 
particularly of textiles and electrical equipment. With China's 
new regime advocating industrial growth the prospects of Hong 
Kong, the outlet to free trade markets, maintaining its burgeoning 
output -and growth record of the last years look good. 

Singapore and Malaysia. Malaysia's growing political 


in rubber, tin and other raw materials. With Singapore well 
established as a major international port and financial centre, 
the choice of shares is wide and appealing. However, share prices, 

. uniBually dependent on world trade levels, can be volatile making 
this very much a market for the professional investor. 

PbiEppmes. Akhough the economy still depends heavily 
on commodity exports, current oil exploration activity could, if 
successfut greatly improve the outlook for stocks and shares. 


Portfolio Balance 

Chieftain Far Eastern is a new trust, launched on 7th 
November this year. 

In the sast two months the Japanese market has remained 
firm and the Managers have bought selected stocks. However, 
the Hang Kong and Singapore markets have reacted after their 
previous gains. The Managers therefore waited for the right 
time to buy, and still have considerable funds poised for invest- 
ment to take advantage of the expected market upturn. This 
may come at any time now. 

‘ The Trust's funds will normally be invested in about forty 
different companies, and the Managers will shift the balance from 
area to area in the future as financial conditions change. We 
would, however, like to emphasise that Chieftain Far Eastern t 
Trust should not be regarded as a short-term speculative invest- 
ment-The prices of stocks and shares rise and fall, and the price of 
Chieftain Far Eastern Units will fluctuate accordingly. 


Share Exchange Scheme 

If you wish to realise a part of your portfolio and invest in 
Chieftain Far Eastern Trust, the Managers can arrange to sell 
your shares for you, and will absorb all the usual costs of the 
transaction. This can give you a worth while saving. The rninlimHn 
purchase through the Share Exchange Flan is £500.Tick the box 
in the coupon for lull details. 

>buR Reassurance 

Chieftain Trust Managers Ltd was established in September 
1976. Its six units, dealing in overseas as well as U.K. markets, 
have already attracted funds worth El I million. This exceptional 
rate of growth has ov.cd much to the considerable support 
Chieftain has received from stockbrokers and investment 
advisers. 

The Trustee of Chieftain Far Eastern Trust is Midland Bank 
Trust Company. 

General Information 

Until 5th January units will be available at n fixed price of 
25. 4p each to give an estimated current gross yield of 0.9$% p.a. 
The offer will close if the underlying price of units should dmer 
from the fixed price by more than 2 1 %. Your application will 
not be acknowledged, but you will receive a certificate by 
1 6th February 1979. After 5th January units will be available at 
the price and yield calculated each morning. 

You can sell your units on any normal working day at the 
prevailing bid price, and should normally receive payment within 
seven working days of receipt of your renounced certificate. 
Unit trust investors enjoy a privileged tax position which should 
mean you will have no Capital Gains tax to pay unless you realise 
profits of over £3,000 in any year. There is an initial management 
charge of 5% included in the price of units.There is also an annual 
charge of (plus VAT) which has been allowed for in the 
quoted yield. 

Distributions and a report on the fund arc made yearly on 
30th September. Income is paid net of income tax, but this can be 
reclaimed by non -taxpayers. This offer is 
not applicable to Eire. 

The Managers of the Trust arc 

Chieftain Trust Manager Ltd, 

Chieftain House, 1 1 New Street, ^TJfOCT A T k T 
London EC2M 4TP. ViHC T irlii H 

Telephone: 01-283 2632. j»uit m >i.<i.h> milLll 

r Application Form j 

i 
l 
1 
i 
f 
i 
I 



Min die coupon end send it now to: Qridvain Trust Muggers linitetL ^ Chieftain 
House. 1 1 New Street. EC2M 4TP 

lAfewtuU I*- ■■ ■ Uw tTiirfeiin Var Pmiih 1 Wrt in tV valnr ntT 

ar25.4p eacMMmnuri mud hnldi£ £ 2 W >. 

1/Wc endow a rantow. payable to Gwftain Irtst Manager; UaiteA 

Tickbox: E2 If yon want nanmum jyowthby autnnatic te-invESUnmtcf net tame: 
I I If i.«j Mrs m know bow io btrv Chidbn Far Eastern Uniu on a icsuhf 

I 1 It'vnd would hLe detaik cf pur Sian: Eichai^c FW. 

declare that l am 'we arc o'er IS mi ire reiJem.oui'Aile rhetiiC w Scheduled 
Tent'Jftt and that 1 am/w? are not iwparmg if* mo ■* !*wmer>>) of any pcrymi'-.l 
reddent the UIL <r Scheduled Twr* «ir. I M’juu are unable tusign d» declaranm 

it slnuld be detteiand '.our typteatiw lodged through an ainhensai dqxeCtsy. j 

fi 

SURNAME ■ 


FIRST NAME'S t IN RILL 


ADDRESS. 


\ 

SIGNATURBS)- — I 

^ 0 , nusiM«.T oruOrtB -r-.uu-iiiaiMfaiKI.Nirwifj J 


: -• 


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8 


r~- aw- . ..v.i: 


■: gfnanriaV Times Saturday JDect 


PROPERTY /TRAVEL 






An oast house goes with Hethe Place, near Cowden, 
Kent, a handsome old house of Tudor character 
with tum-of-th e-century additions. There are 6 


bedrooms and 3 bathrooms, plus a heated swimming- 
pool in 2 acres. Savills, 20 Grosvenor Hill, Berkeley 
Square, W.l. . 


During Queen Elizabeth Fs 
time, Kent had such a bad name 
for highway robbery that the 
word signified a nest of thieves: 

.Some boofccs are arrogant 
and impudent; 

So are most thieves in 
Christendoms and Kent 
wrote Taylor in the Water Poet. 
1630. By Charles Dickens’s day 
things had improved consider- 
ably: " But, sir, everybody 
knows Kent — apples, cherries, 
hops and women," he wrote in 
Pichwick Papers. 

Pretty villages, a great deal of 
unspoilt countryside which has 
been preserved by the National 
Trust, and buildings in the 
attractive and desirable Kentish 
ragstone quarried around the 
Weald, all add up to the current 
appeal of Kent. 

Farmland has been fetching 
high prices, Knight Frank and 
Rutley in conjunction with 
Hobbs Parker selling about 258 
acres earlier this year near Sit- 
ting bourne, at an average price 
of £1,400 to £1,800 an acre, and 
Bernard Thorpe getting about 
£1,550 an acre for Great Hayes- 
den Farm at Tonbridge. 

Ian Stewart of Savills, reports 
a shortage of character property 
in Kent particularly in the 
£80-£90,000 price range. Their 
current " family house of 
character” on offer is Hetbe 
Place, near Cowden. a much 
sought-after Kentish village. 



near 


the Old Vicarage, Boughton Mondielsea, 
Maidstone, Kent, in 2} acres, has unspoilt views 
over The Weald. There are 8 bedrooms, 3 bath- 


rooms, oil central heating, and the outbuildings 
include stables. Price in the region of £80,000 
through C. G. S. Calcutt, Strutt and Parker, 29 St 
Margaret’s Street, Canterbury:- : - 


Hethe Place is an interesting 
old house of Tudor character 
with later additions mainly 
dating from the turn-of-the- 
century. Tucked away down a 
long drive with views over the 
surrounding countryside, it has 
six bedrooms and three bath- 
rooms as well as a heated 
swimming-pool in the two-acre 
grounds. A bonus is the oast 
house which is used as changing- 
rooms and playroom, although it 
would convert to a “granny 
unit” subject to p lanning con- 
sent Offers are being invited 
in excess of £90,000 through 
Savills, 20 Grosvenor Hill, 
Berkeley Square, London W.l. 

In the pleasant village of 
Boughton Monchelsea,.the centre 


of Kentish ragstone quarrying, 
with a Norman church, the Old 
Vicarage, now handsome 
country house with five bed- 
rooms and three bathrooms, is 
for sale around £80,000. Believed 
to have been built in the second 
half of the 19th centry, it is in 
2-hacres with a li-acre paddock, 
hard tennis court and stables. 
You ran bunt with the Ashford 
Valley, West Kent or Ticks m 
Hunts, and there is golf at 
Benstead. - * 

The heating is by oil, and 
Marden and Maidstone are both 


SL Margaret’s Street, Canter- 
bury. 

You also need some £90,000 to 
buy Treetops. in Wrotham. an 
attractive village with a 13th- 
15th-century church. The hopse 
is in a commanding position 
some 700 ft above sea level, just 
under the crest of ' the North 
Downs Escarpment, with breath- 
taking views over National Trust 
down and farmland and much of 
Kent. There are six bedrooms, 
two bathrooms, and workshop, 
plus nine acres with a tennis/ 
croquet lawn and an -area of 


TRAVEL 


Over 300 Villas and Appts. 24 Glorious 
resorts. That*s the 1979 choice from 
Solemar. 

Because our programme is exclusively France, we have to do it well. 
Properties are personally inspected . . . some small, some large . . . 
some expensive, some real bargains. Some in the fashionable resorts 
of the South, some in little known villages m Brittany. With 
advantageous travel rates on selected routes, we're sure we can 
arrange a holiday for you. Write or phone for our free 48 page 
brochure today: 

Solemar Holidays Ltd„ Dept. FT30/12, 62 Shirley Road, Croydon, 
CR0 7EP. Tel: 01-656 2929 (24-hour brochure service) 


THE ITALIAN 
CITIES 


In addition to Roms, Florence and 
Venice our booklet includes many 
of the smaller Italian towns: Siena. 
Lucca. Assisi and Verona to men- 
tion only a tew. 

Prices range Irom C195 for a week 
in Florence to CHS for a vary 
luxurious fortnight divided between 
Rome. Florence and Venice. Other 
suggestions for wo and three 
centre holidays couple the cities 
with the lakes and seaside resorts. 
Only the scheduled flights are used 
and our suggestions con be 
amended to fit your exact require* 
ments. May we send you details? 


HAYES & JARVIS 

6 Harriet Street. Belgravia 
London. SW1 
Tel: Ot-r^j *67.1 or 4060 


★ «5 * GENEVA ★ £45 * 
SUPER SATURDAY 
JANUARY BARGAINS 
WITH CPT 


On 13th, 20th and 27th January wb 
aro offering flights to Genera (or only 


£46 inclusive ol return flight lor any 
it CPT'a dally 


period uo to 28 nights on 
year-round service. 

BOOK YOUR SKI FLIC-HT5 NOW! 
We still have plenty ol seats available 
throughout the season to all the ma,or 
ski airports Incluolitg. — 

Lyons — £65 Munkh — £63 

Treviso — £65 Jilce — £75 

Milan — £59 Turin — £65 
Berne — £59 Zurich — £55 

Basle — 559 and. of course. Geneva! 
Departures, depending on destination, 
are available Irom Gal wick. Heathrow. 
Southend. Manchester. Glasgow and 
Birmingham. 

For hill detail* and ABTA security 
contact: — 

CPT LTD. 

260a Fulham Road. London SWtO BEL 
24-hour Brochureione Sennoe: 
01-352 77E3 

Reservations: 01-391 2191 rB lines) 
ABTA ATOL 3 EBB 


FRANCE: Cote D'Azur. A large selection 

of luxury villas available (or rent In 

Hits exclusive area. Prices from £350 
D.w. Brochure from Montpelier Villas 
& Yachts Ltd.. 17. Montnelier Street, 
London. S.W.7. Tel.: 01-SB9 3400. 


HOTELS 


BURNS HOTEL 

Barkston Gardens 
London SW5 OEN 
NEAR WEST LONDON 
AIR TERMINAL 
100 rooms, private bath / 
shower, radio. . television, 
English breakfast, restaurant, 
bar — fully licensed. 2 lifts 
Special terms to companies 
Details and illustrated 
brochure cm request 
Telex: 27SS5 
Tel: 01-373 3151 or 79S1 


EXECUTIVE BUTTES OF MAYFAIR 
Visiting London on business or 
pleasure? Whv not stay with us at 
our quiet, exclusive, bed or.d break- 
fast hotel at 19 Charlas Street, 
Mayfair, or at one oF our tastefully 
furnished service apartments in 
nearbv Fork Street, consisting of 2 
bedrooms, lounge, kitchen and 
bathroom, colour TV etc., within 
walkir.q distance of Fork Lane. 
Piccadilly. Bond Street. and 
Grosvenor Square. 

For further details end b'oo hnns 
Telephone us on 0i-(99 7741 or 
Teles 293529 


FOREIGN HOTELS 


AR05A — Hotel Eden****. Phone- 01041 
81(31 18 77. Central and quiet site. 
Near to ski lilt and skating-rink. French 
kitchen, bar-dancing. 

AROSA — Hotel Bctlairtsta****. Phone 

0TC4181J31 24 21. tndoor Swimming 
pool 2B* (17 x Bm). Excellent kitchen. 
Quiet Site. Transfer to ski-lift tree of 
charge. 



Experts in Vehicle Leasing 


* Any make of car or light van, available 'm U.K., 
supplied - many for immediate delivery. 

* Choice of Leasing Agreement options. 

For further information about our Leasing Services 

TELEPHONE 44122 (STD Code 0783 ) 



C0WIE LEASE LIMITED. MILLHELD HOUSE. HYLTON ROAD. 
SUNDERLAND, SR47BA- TELEPHONE 44122. TELEX 537065. 


noi’ians 


PP.'CE INC?.EAiE IAN. 1st 
BUY FROM OUR STOCK 
OF SALOONS & SAFARI 
ESTATES AT CURRENT 
PRICES 

Choice ol colours 


Phone for DsrsiU end 
LEtS'Hn TERMS 

91-75 FULHAM ROAD 
LONDON 5W3 ARD 
Tel: 01-584 8441 


Cutlass 


We do not claim to be magician*. We 
do try harder to Bad soad 1*"?*“ 
for good prouortlns. H vou wish to 
let a flat or house In London. Pteaie 
telephone u* to dttcuM.your jw»re- 
meira. W# have lona-estahlished con- 
tacts w«h many banks, companies and 
embassies and wc need good proper- 
ties for responsible apoHcarrts. 

Cutlass A Co- 01-589 5247. 


RUTLAND CATE. FREEHOLD. OFFERS 
INVITED- 6 Floor* 14 vacant! with the 
proposed addition af a penthouse. Em- 
bassy or res«eij*al Su 

conversion lim 7 tergeFlfb. WtetnH" 
Prescott. 35 Elder Street. London El. 
Tel. 347 T3S6. 


75 PH U-B EACH GARDENS. 5WS. FREE- 
HOLD. OFFERS INVITED. Over! poking 
gardens. Planning permission has been 
granted for B -wo reams, K 5 b. 2 
three rooms, k & b: end one hedger- 
WtKtmHI Prescott. 56 Elder Street. 
London El. “el. 247 75S6. 


12 LINDF1ELD GARDENS. HAMPSTEAD 
NW3. FREEHOLD. 0.39 of an acre at 
b density Of 140 to the acre would 
allow 49 haoRafale rooms. There are 
8 Hats consisting of 20 habitable room* 
which have been sold. Offers Invited. 
Whltmltl Prescott. 36 Elder Street. Lon- 
don 61. Tel. 247 73S6. 


OFFERS INVITED FOR 14 RUTLAND 
MEWS SOUTH. FP EE HOLD WITH 
VACANT POSSESSION. 4 bedrooms. 
2 bathrooms. 2 receptions, including 
large sun lounge. 2 patios, rool garden 
ana garage Whitmlll Prescott. 36 Elder 
Street. London El. Tel. 247 7356. 


SHOOTS & FISHING 


VOS 50- A few rods available July RicsU 
and August. Also rods In Alaska. 
Labrador and Hebrides. Inclusive 
arrangements through British Airways 
Wa-ld Arts ana Adventure Club. Write: 
Field Sports Servnes. Carlton Cottage. 
Maitfwail. Northerns. 


FOR SALE 

GOOD VALUE 
STAMP COLLECTIONS 
FOR PLEASURE AND 
INVESTMENT 

CANADA 1BBU to 1BBB. A special- 
ists' collection, Q.V. Largo Types. 
(Cat. El .600) E475 

CANADA 1870-1SP7 Smaii Queens 
issues (Cat. £860) £225 

BERMUDA 1865 to 1936. (Cat. 

£900) £350 

SWITZERLAND 1850-1930 Issues 
250 values CSX) 

SWEDEN Extensive collection. 
Earnest to Modem issues. Hroh 
Catalogue £1.525 

CAPE OF GOOD HOPE 1853-ISM. 
250 values incl. 42 Triangles, etc. 
l Cat £4.900) £396 

1948 SILVER WEDDING Complete in 
special album £320 

GREAT BRITAIN XVTH POSTAL 
CONGRESS. Vienna 1964 pre- 
sentation booklet. Complete £200 
Further details on request 
J. M. BANIN 
Established 1938 

Manfield House. 376-79 Strand, 
London WC2 CLR. 
Telephone: 01-240 1682 
Callers by appointment 



Wednesday, 3 January, i I a. in. 

ORIENTAL CERAMICS & WORKS OF 
ART, Cat. 37p. 

Friday, 5 January, 1 1 a.m. 

ENGLISH & FOREIGN SILVER & OLD 
SHEFFIELD PLATE. Cat. 37p. 

Monday, 8 January, II a.m. 

ANTIQUE DECORATIVE FURNITURE, 
WORKS OF ART, CARPETS. Cat 37p. 

Monday, 8 January, 1 1 a,m. 
WATERCOLOURS. Cat. 37p. 


Monday. 8 January, 2 p.m. 
PRINTS. Cat. 37 p. 


Tuesday, 9 January, II a.m. 
ENGLISH & CONTINENTAL 
FURNITURE. WORKS OF ART, 
CARPETS. Cat. 37p. 


PHILLIPS MARYLEBONE 
Wednesday, 3 January, <2 noon 
POTLIDS, WARE, FAIRINGS, GOSS 
& COMMEMORATIVE CHINA 


Tuesday, 9 January, 130 p.m. 

ANTIQUE & MODERN JEWELLERY. 
Cat. 37p. 


Viev Tuesday, 9.430 p.m. and morning 
of sale to 1 1 a.m. Cat. 37p. 


PHILLIPS WEST 2 
Thursday. 4 January. 10 a.m. 
FURNITURE & OBJECTS. 

View Wednesday 9-7 p.m. Cat. 37p. 


lfcsiLUlSileinRdL 

IstfnWiMNj 

IrtOISil.vSfi 


HeiUM.IUnPl 

liwLnMMifcA 

lunranu 


JrifelOUIbtfi' 


ItiubtAL* j \ttuvlv 


htli, ILwtUta 
K iKwli W fr lr . l 

UU&MIM9 


iaint ■ Wi' inri at 
Tdoa^jrwi- 


Friday. 5 January, 10 a.m. 

FURNITURE & OBJECTS 
View T uesday, 9-430 p.m. and morning 
Cat. prices include postage 


: 629 6802. 


Gfaae nSTMrtMh.il*. 

tiL vjo i i2-lXj 

TciivansivM 


*ki m ftiSn 1 .W-taiun, 

MiMml. CTteja.0n4»d. 
NsrWi'A.’&’W’n 



Britain’s 





about fouT miles away, with, woodland which the vendors 
Cannon Street Charing Cross assure one has a carpet of blue- 
and Victoria just under an bells in the spring. Inquiries 
hour’s journey. Details C. G. S. Knight. Trank and Kutley. 20 
Calcutt, Strutt and Parker, 29 Hanover Square, London Wl. 


THOSE OF us who are less 
wedded to sea-and-sand' as 
essential ingredients of a 
bcfllday are really very 
fortunate. We are left with the 
choice of some of the most 
varied topography in the world, 
contained within remarkably 
small confines. How varied can 
be gleaned from the excellent 
free publications of our national 
tourist boards: “ England 
Holidays ’79.” “Enjoy .Scot- 
land 1979* and * Wales.” These 
direct you for further details 
not only to the addresses of 
regional tourist boards and 
local tourist information offices 
all over the country, hut also 
to a host of organisations cater- 
ing for an enormous range of 
activities. Qther publications 
are also listed which, at small 
cost, provide the answers on 
most special interests, particu-' 
larly -those concerned with the 
great outdoors. 

If you feel a call to the wider 
and lonelier places, you will 
find plenty of clues here. 

Ideas of what is wild -and 
lonely, of course, vary a great 
deaL For some it is contained 
under the huge expanses of the 
East Anglian sky. In- the windy 
Batlands of the Ouse Washes, 
for example, where anglers and 
bird watchers are the only 


people tikeiy to trip over each 
other, or in the dappled quiet of 
Thetford Forest, straddling two 
very ancient ways — Peddar’s 
and Icknield— near which, in 
dim prehistory, our Neolithic 
ancestors chipped away in. the 
remarkable flint ■ mines of 


TRAVEL 


. served -and; of.rCOurse,. beiiig; Path and 
very much larger; 5 can< : absorb.- combine a good 
quite a lot of humanity .without fine scenery with- much r 
' : it showing much; I. found them , tone interest. ... . v - >^:v 

' quite aston ishiiTg^^ 'be^uliful. and- lbn«te| 6 «a^ 

when Iflrstgot lost Amongtbem;,' fry ia the rule rather than/the 
; a few. years' . ago,-- hot ^least: jescsotioiL in ScotIand,.the main 
because ofth.e- contrast between ; Mjarenient is- to avoid i few 
the wild, heathCTy ni^ahds.and ' n{K*ete that draw the criwds, 
gorgeous : tittle . — (hifjwMik.j>iiB. 





SYLVIE NlOtaS' 


Grimes’ Graves. An attractive 
way of exploring this rather 
overlooked part of England is 
by horse-drawn caravan.. Walk- 
ing and cycling tours are among 
other possibilities. 

Over on England's far side, 
the West Country is certainly 
not overlooked though, inland, 
whole chunks get scant' atten- 
tion. JBodmin Moor in Corn- 
wall, less known- than its Dart- 
moor neighbour in Deyoh/ is' 
hauntingly beautiful. Pre- 
history has made many marks 
on these lonely heights, too, 
and strange happenings - have 
bequeathed their ghosts. . not 
least th$t of King Arthur. 

From the point of view of 
activity arrangements, the 
North York Moors are better 


day packages ^ .term, 

.include ^elsoutbeast- <rf. the 

-.and bird: watching. Valley lau* 

. -i- Apart.&qm tte IdteStOTeg.. Weight of traffic of Speyade' in 
— whkhtesmn in and 'aisOr-giyes access. 

i. oan stiflohe .wild, "and' lenely'^td.. ifihe. wiDcmg’ ; country on 
toougii ff you are prepared to; T.nchwag B.r in Eahnoral Forest 

— - — - - aBAMin - MuB t}nn _• A. . *. _ <_ 4L r ' Omul UNvIl 



VUVIUgU AJL jwii w*v pBHfrmv* JUUWf IIWlgll.L Ui UWWHiw 

. ©xert sane - energy-— the Phi- •. to the-south.' ' Glen Cova, well 
■nines offer, the 'most extensive 'narth'of Dundee, has: a magoi- 
^spanse of wild' and remote ficent valley head with no out- 
cduntry'lfl "IhjgIandT ; tfie^ wild- let, an : infallible discoorage- 
ijess and remoteness incxeas fe ig ment to through traffic. The 
ss you progress hortib. Despite . applies further west to 
-the presence :^.Britaii£sT r ihQst-./tiie^vall^s-of Loch Rannoch 
; famous- lonijf distance; footirftfi;; LyPn- ; " ■ ... 

$nd ^ today that 

■ stalwarts ,wnd there- at» : iltlcfeds: of yr&ys by 

stagger along jU. , tlie ^ which severq! arp^ c#n be : com- 

splitude enough- to; louDfl,. ? fcwi’ v KwfegH f&fl’s^Kailrovers 
especially aatiund. ptn^ Mrth- andMtoabdnt Seasohs-Sive free- 

-,arra n ge activity . *f^ ¥r^ .;-- IS ! r ?imr~ dUrafiOT^- ’t*it6osr- 'areas of 
adults . or i ^®“?^^^^^r%aryfj^s&^§h'tionars summer 
various parts of serve 2,991 

Among the severeLo^i^.Jnl^^^ feities, i? ?owii§ -and villages In 
tong of scope 

Cleveland - for inJtividi^T'toniuiig!.' .Several 

>-■ - - ’ •' . y.tr -: ; H : hcdel^giMUfis -and .«msortia. offer 

^packages: 1 wiffi' 'either 
p jH^booked; :iK^E3nio<i.aJiwi or 
; '^b-as-you-plea^ ivdacbeisi " -with 
; ^onward - bpa&ngr flrpm any 
. * :1 hotel - to tfae-^oup td the next 
fl^eae "ccSdd .Also. be-' combined 
nnn: of ' setfierid-: themes for 
) - ,which : the . National Tourist 
^ Boards have prepared attractive 
L - -gni des . at 'La imall cost: * Norman 
■ -.ojf 3^a^^eritage ; l Trails in 
r - F.rtg imidi- . t ur le^ampte': -.or the 
-V Burnr \Bterita|:e Trail or Vic- 
tbrian ^Scotland 'north of the 
•- bordot-.- 



. _ jV 

;BYiS 

•> - ,«.* 







bcort 


i+ 




Blansr biept of pur wild 

pjares' ere '. happily 'protected, 
ani^ydty information on 

- hvattabiei from . their 

v. guar^ans, such- as the. Country- 
gjfflfc': Commission, National 
Forestry. Commission and 
-j, considerable body of local 
naturalist . trusts. ., 


•' Addremss: ** Btfltairf — ' 

*7Sr> HaDdbn 'Road, • Sont*«fWrtd_ SR9 
.. 9XZC Scottish TourSt Board. » R«wl- 
TorraeB. EdSoburoh. EH4 3HJ, 
^ Wales Tburist -Board. P:0- Box 161. 
7_WO0^: Cardiff CPS 1XS; Coantryslcte 
--'Commission. John . Dower House. 

Crescent Place; Cheltenham. Gloa. Gt50 
• 3FCA; -National. Trust, 42 Queen Aimes 
-Gate. London £W1H 9AS; . Forestry 
Commission. /. Alice Holt Ladgs. 
- Wre^XdesJwm. Nt- Famham, Surrey. 


' ‘Your, week-end £:’ Austria 26.50. 
' Belflium. as oo, France 8A1, Italy 1.830. 
. GnwcB BLS. Spam; 144.50, Swineriand 
' 3JS. U.S. ZQ3. Source: Thomas: Cook. 


WINTER SPORTS 


ARTHUR SANDLES 


sMs. tfansitionai compacts, high 
performance compacts, freestyle 
skis, mid-length skis and regular 
skis it is no wonder that the 
average skier simply sighs and 
leaves the task of choice to 
his ski shop. 


SUDDENLY the pendulum 
seems to be swinging back to 
longer skis. It was only a couple 
of years ago that everyone was 
being told that long skis (ISO- 
225 ems) were foolishly ex- 
travagant for the average skier 
and that 165s were about as 
much as the normal Briton 
could handle. Now all that has 
gone overboard again. The ski 
instructors are saying that we 
went too far and that we must 
return to the mid-ski which, for 
most of us means something a 
few finger widths taller than our 
own head height 
The whole question of ski 
lengths and styles has become 
ludicrously complicated. Equip- 
ment manufacturers eagerly 
pursue their replacement 
philosophy with new lengths, 
new designs, and even new 
colours in order to convince the 
skier that he or she will travel 
faster, turn more easily and fall 
less often than ever before. 
Faced today with a range which 
includes racing skis, compact 


I am sure that if the ski 
industry had its way most skiers 
would set off for the slopes with 
ski bags full of a range of equip- 
ment ready for any type of 
terrain. “ Mm mm . . we would 
say, turning to our guides. “A 
few icy moguls here, Hans. I 
think I'll take the 165 high 
performance compacts. Oh, and 
get the 205 soft-tips ready for 
the deep stuff as we hit the 
trees over there. . ." 


TT 7 C ; ‘ u J Wl 

short length, .regular -cm*' 
stniction akii onto a buyer ^who . 
really ought to .be buying .com- • 
pact skis -actually rbuflt. for the, 
job. An. over-short. ski is pound 
to oe -wrong for the skiers 
weight and often too narrow for.: 
stability.:-. .- -V- .. V- 
In oenTbroad terms, retqem 1 ‘ 
ber a longer ski will give you .' 
more stability ’at speed and;'* , 
shorter ski greater ease -in tiirit..; 
ing. A .ioff ski is good for 
lighter- weights, easy, turning ; 
and soft snow;: but can be very " 
difficult to , handle on ice. ~ Skis 


do HDtMve ■ papaUel sides; they 
: are roughly, hour-glass in shape. 
The .. narrower* : the waist • the 
earier the ski will be to- .turn. 
Fast skis have straighter sides. 
. ; -The overall -tread in recent 
years has been to shorter skis 
with ? soft -noses and harder 
heels, the aim being to help the 
ikte initiate; the turn but re- 
tftinnig the ability to control the 
carve thereafter. 

■ - All this means that buying a 
ski is ?ho: simple matter.- Don’t 
exaggerate • or. under-estimate 
your ability, when buying skis. 


r 't 


SNOW REPORTS 


The joke is, of course, that 
most British skiers rent their 
equipment anyway, usually tak- 
ing whatever the shop has to 
offer and, that quite often, is 
wbat it has bought as a job lot 
Skiers who have their own 
equipment must surely use it 
fn; several seasons, regardless 
of the views of the fashion 
pundits. 

Anyone buying skis for the 
first time should beware of one 
major pitfall, and that is the 
danger of confusing length and 
type. It is not unknown for 
inexperienced or over- 
enthusiastic salesmen to push 


EUROPE . 

Courmayeur OL) ..;^.«M60cms Wind blown. new snow 
SL Anton <Aus.)' 2£J0.<aq> - -South facing slopes bare 

Seefeld (Aus.> . 19-10 ems Pistes worn and wet 
Anzere (Sw.) .... .. 20-65 cxns - Ail pistes open, some rocky 

Cnms-Mootana (Sw.)... KS0 ems Snow generally good 
Verbler (Sw.) . ’lO-BO ems Lower runs very worn 
Flalne (Ft.) ^0-105 ems Good snow high 

Val dTsere (Fr:) S2-DB> cans &re^lent high . • • 

Source pi European reports. Ski. Club oj Great Britain, 
THE UA . . V •« 

Sugartrash XVL) 12-30 ins AIT 70 runs open : 

Stowe (Vl): — 30 lns._. 28 of 29 runs open 

Hunter (N.Y.) 1545 ins 

Park City (Utah) l....." 40-57 ms 

Aspen (Coi:) ;j. 21-48 ins 

Squaw Valley ( Calif.) . 26r45 ins 


:r 

.. , 


' -L* 
it 
j : 




31 of 35 :runs .open 
All 65 runs open 
All runs open. . 
All runs open 


Figures for both Europe (ems) and 'the U:S. (inches) indicate 
the basic show depth, first oh 1 , the lower runs and then: at the 
top station. / - ; . • - ; - 


Seasonal 


tales 


GARDENERS cursed- 1978, as 
the year developed from an 
ultra wet spring in much of 
England to an exceptionally dry 
autumn with little that could 
be identified as summer in 
between. In the north and west 
the weather pattern was 
different, the dry period start- 
ing much earlier, so that by 
June some gardens I visited in 
the Dumfries and Galloway 
Region were suffering from 
acute drought and even Inver- 
ewe. in the extreme north west, 
appeared to be much drier than 
usual. 


cable proposition. I well under- 
stand those commercial growers 
who are turning to trees that 
can be managed entirely from 
ground level with no use of 
ladders or steps and are willing 
to replace them every 15 to 20 
years to keep them within this 
readily manageable size. 

Clearly this is the right policy 
for most gardens, too, especially 
those that are small and in time 
the extreme dwarf trees, 
cordons, spindle bushes, bori- 


GARDENING 

ARTHUR HBJLYER 


A bad year for gardens, you 
might conclude. Well that was 
not my experience, either in 
my own garden in Sussex or in 
most of the many other gardens 
that I visited in many parts of 
Britain. The weather may have 
seemed inclement to gardeners 
but a great many plants enjoyed 
it and some were also still 
benefiting from the good ripen- 
ing they received in 1977. That 
was certainly true of the fruit 
trees which, in my orchard and 
ail those I saw throughout Kent, 
blossomed as seldom before, 
following up that heart-warming 
display with a crop that brnke 
branches off the trees, so heavy- 
laden were they with fruit. 

The only drawback was that, 
with so many apples and so little 
rain after June to keep them 
swelling, few attained anything 
like their full size. Where it was 
possible to thin drastically that 
particular difficulty could bo 
avoided but most of my own 
trees have grown too large with 
age to make thinning a practi- 


7o ota 1 and fan trained, .mast 
take over completely. Besides 
being easily cared for, they 
produce the best quality fruit 
and, except for spindle bushes 
which I find a trifle ungainly, 
are the most decorative forms 
in which to grow fruit trees. 

Strawberries and raspberries 
were equally successful, my best 
varieties being Cento and Glen 
Clnva respectively. Mailing 
Admiral produced some very 
large raspberries, but is Tate 
ripening, whereas Glen Clova. 
spreads its crop over many 
weeks. This is what most private 
gardeners want. Strawberry 
Gento is also a long season 
variety and I was still picking 
freely from it in early November 
when, at last, it was stopped by 
cold weather. 


But it was not just the utili- 
tarian fruits that were good this 
year. Ornamentals were just as 
pleased with the weather and 
some, the firethorns . and a few 
Cotoneasters among them; are 
still laden with berries. As I 


have remarked before, Cotorir. 
caster xonspicua is by far the 
best at. retaining, its berries 
which, • despite their, bright 
scarlet colour, appear to be 
totally unattractive to birds. 

Flowering ' trees and .shrubs 
were also excellent and .it is at 
least 20 years isince I had any- 
thing like such a .good display 
from my - remaining Japanese 
cherries. Htrtvever, this un- 
expected bohtis was due as.much 
to the ' birds.Tts to the weather 
since the trees .were not stripped 
of bads in February and March 
as they usuallyf-are. - : ; 

I patched impair, of-.: bufl- 
finchea systematically at work 
in. January and ■presumed! that 
soon they aM -their mates would 
make their ushil clean .sweep 
but-miraculously It did not hap- 
pen. and so my cherry trees, 
which .were* being . gradually 
felled as useless, flowered mar- 
vellously and have been granted 
a reprieve. I wait; with interest . 
to. see what happens this win- 
ter. - 

Vegetables were surprisingly 
satisfactory, potatoes" particu- 
larly so though I have no doubt 
that- where drought conditions 
arrived earlier it was ^ different, 
tale.. We are still pi<3dng good 
brussds . /sprouts from Beer 
Gynt, ostensibly ., an . early 
variety; and. Corona Express 
calabrese was stiU ■ cropping in 
November, thoughnow repeated 
frosts have brought it to. a 
standstill and presumably will 
soon kill It outright. I am let- ; 
ting it stand awhile to see what 
does happen.- 

Leeks are excellent but pais-;, 
nips, although; they, grew fairly- 
well, . are mow 1 considerably 
cankered* partly;-. no dbtffit, ’ a 
result at ami- pests.-- Forithese* 
1 miss.aldrin, ajib^ectieidVtHat 
gave . me.-.'alnwst -cbmpletfe 
immunity fre^r these foes fora 
few years 'ufrtiMt was with- 


drawn as unsafe for general 
use. So far I have not dis- 
covered anything equally effec- 
tive.. ’ . 


- -»ui 

vvlj 


Herbaceous plants seemed to 
enjoy the weather and many 
annuals and -bedding -plants 
were superb. : The . trial of 
French and African marigolds 
at Wisley was the best I have 
seen in this country and re- 
minded me of the marigolds in 
the- -vast ;■ seed -.farms ' in Cali- 
fornia .though, there Was "nothing 
in the- least Californian about 
the- summer: Violas were -excel- 
lent until the. .drought bit them, 
bub dahlias thought nothing of 
it, growing on and on and start- 
ing to flower quite early despite 
the lack of warnrth. It is only a; 
few weeks ago that I had to dig 
them up, not because they- had 
stopped -flowering but because 
wind, rain -and fight frosts bad 
: made. them so bedraggled. 


■ t»} 
V 


' T2. 


•- -fa. 


• cr 


. Roses grew and flowered 'weET. 
. and • In -mg " garden were”, 
scarcely sprayed at all as "there : 
was . little sign of . either-rpests 
.or diseases.. At the rRJJJtS. 

" garden at SL Albans : it Wai. 1 
different .■matter, ' Son- tfjougb 
.everything went • ^snemminstf. 
until August there 1 V«b Ifceir a 
sudden and.- devastating out- 1 
1 -break of black spot-whack matte 
it necessary to cot many plants 
back severely. J^ost recovered 
.and were growing wli; again in 
. a few weeks. There is a Jesson 
here r for- aid- nise-tov^s-bat to 
r be reasonably sarfl. ; of^etQngf 
this' strong fette .-jrqwSi - after 
- . summer > pmn3&*{$£iie r . 

buSies.^ 

■ riefr tiT. ^ 

. . ’ too ( 

. wHo6 • • thrive 

'-rreMwaT.ti 

.-ensure- 

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1 978 ; h3sbe«5a»yt&r which $awthe tSO.OGfcpIus production carfn the form of the Rolls-Royce Camc-rguc 

{aboW).’,Bat. mostmetoring -attention "remained foewedort a rather different end of the market— 
.■•^rt.%r : w'sbi^toiity-hatda»acte virtrah? proliferate in makers, lines and on the roads of the world. Below 
^(top i«f£J-H .t?W C*r. of thsYear. the. Chrysler Horizon, witii.tfie Citroen Visa (top right), the Volkswagen 
'.'■v-v ' '£■. ->-P' ‘ ‘ : f <5 ©If (bottom left) and MitsubishrCo It (bottom right). 




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, ^iV . BY STUART MARSHALL 




:t *' ! . 


':v;:-^R: v 
. ; . s - 

; 


^ ~ FOI^ ' MOTOBING, it has been 

■ a year to remember. A year in 
•■ • whiidi .Britons bought more ears 
than ever, before. -the record- 
- breaking- 1S73 only excepted. A- 
■■ year that saw the Spectre of the 
£1 gallon: come nearer; and in 
which -a car: was price-listed at 
over £50,000 for the first time.. 
-- Which car ? '• The Rolls-Royce 
..... T : "Ciibargu^'-it costs £50,450 and 
:= V -you will be exceptionally lucky 
- .. > - jf. you can find one on offer 

without ' a huge .premium. . 

■.. / The ’Car of -the Year contest 

• was won by the Chrysler 
Horizon, which surprised me 
not at- all: ■ I was hot alone in 
tipiping it Tas a likely -winner 

• after drivmglt in Morocco last 
March. ' But the Hat Ritmo, 
which. -camera close second, 
could have won just as easily. : 

.' In come -ways it is ■ a more in<- 
. . novative car than- the -Horizon, 

: which is 50' per cent Siinca 1100 
■ . i_c.. -and Chrysler Alpine' parts;- any- : 
. “."ii^v.^way.- : ■ 

-. t; .- What seems* .to have Jn- 

-. : '■ .. • fluenced .the - judges was the 

. - ^ * Hbrinon's. optional extra pack of 

- - ala» < ifi n in “ o-i^aflfrff With an 






-1 

■ - six; ■ 

■ ’ * ‘-iiv-- 




f-S- ' 


•0RTS 


electronic ' gadgetry with an 
instant read-Oiit ofyonr average 
.. speed, fuel consumption. and so 
oil. No, if & not available yet in 
Britain but may be in 1979.. 

- Some American cars have It 
already and 'the idea win 
spread as fast as the pocket - 
calculator. ... ; 

• Two other cars that, would 
have deserved to score 'highly 
in the Gar of the Year contest 
had they appeared in time were 
■fti e . . GtroSn - - Visa and the 
Mitsubishi Colt L4. These small 
hatchbacks were just too late 

■ to be considered and 12 months 
hence. Will probably be thought 
a bit old hat by the 1979 judges. 
Which shows how Important it is 
for a manufacturer to time * 
.product ' launch properly when 
going pot hunting. 

— My owij car of toe year? With- 
out doubt toe. Volkswagen Golf 
diesel, .uew only in the sense 
that it went belatedly on sme 

- in- Brittain in the spring. This 

• five-door.family hatch, rides and 

- handles admirably and: gave me 
. 53.2 'mpff over 2,250 miles of 

absolutely, normal town and 
, country ., driving. The 15,000 

milee a .year family . man .who. 
buys a Golf diesel now will be 

- laughing, all the way to toe bank 

• in five yeare-time. Already, the 

- price disadvantage .of Dery 
against petrol is melting away. 

pleasant surprises this year? 
.The .Volyo M&. with manual. 

- gearbox. . It . is twice the car. it 
used to be when it came with a 
belt driven automatic transmis- 
sion without the option- — and it’s 

. cheaper, too. Another was the 
Saab Turbo, a real Q-car, with 
an exhaust driven turbo-super- 
charger that, pours on seemingly 
unlimited top gear acceleration 
'-when yim want it without rais- 
’ trig • thg engine’s voice above a 
hum, / . .. 

• ; There were more ; pleasant 
moments. Like finding toat the 
Jaguar XJ*s ride is still among 
toe world’s best; that the new 
Opel sixes really could hold up 
their heads vastly • more 
expensive company; and that the 
conservative^ k looking Subaru 
4x4 estate car' drove like a Saab 
-95 1 on. -the-Xroad : and like ; a 
Scorpion tank- across - country. 


And - disappointments?: One 
was-jny first, drive in ah.Ameri-. 
can 4x4 recreational vehicle. It. 
was all very nicely tricked up 
inside and had endlessrpower, 
but. was unnecessarily big, rode 
badly and handled sloppily. 
These super-colossal RVs are no 
substitute for toe Rangfe-Rover 
-which remains the best . Light 
cross-country vehicle .-tin tbe 
world. What happens after 
March, 1979, when a Daimler- 
Benz rival appears " on the 
scene, we shall luve to \i^it and 
see. And -others? W^H, Alfa 
Romeo’s fall from grace over 
gearshifts in both" Alfetta and 
Guilietta . . . and the^Jack of- 
. official encouragement iirBritain 
for the energy saving diesel car. 

I hope the Rt Hon. Anthony 
Wedgwood Benn (or whoever 
succeeds him as- Energy Minis? 
ter) will set a- good' example- 
by using a diesel Princess as 
his" official car. It is due to be 
on the market by next summer. 

. Forecasts for 1979? More 
turbo -supercharged /cars, ■ -both 
.petrol and diesel. •“ The Colt 
Sapporo coupd,' fitted in Britain 
with a turbocharger, and ex- 
hibited at the Performance Car 
Show in London?' before Christ- 
mas, -points the Way- There will 
be . others, incKiding executive- 
type saloons from Germany. A 

- turbo-charged^ Mercedes diesel 
has been seeing well in toe U.S. 
and BMW .have a blown diesel 
in the pipeline. 

Some -attractive new cars 
from Japan will reach Britain, 
the rotary engined Mazda RX-7 
sports car and the Mazda Mont- 
rose tit looks tike an oriental 
cousin of the VauxhaJl Carlton) 
among them. Will toe Rover 
-3500 estate that'. Michael 

■ Edwardes sometimes drives go; 
Into production next year? 

Ultra low profile tyres like;: 
the Michelin TRX, PireUi .Pfi 
and Goodyear’s NCT will pro- 
liferate on up-market cars. They 
improve handling, roadholdmg 
and -ride comfort One tar that 
■will soon get- TRX as standard 
equipment is toe five-speed 
Peugeot 604TI. Together, they 
. make -a superb comfort/ 
performance combination at .a 
.realistic price. And there wiM 

• be a TRX option on toe Rover 

3500, too. ' ' _ 

Finally, two New Year reso-' 
lutions, if. not for readers-of 
this column then for those they 

• may fed- able to influence. 

- Always comply with the law 
that demands dipped 'head- 
lamps, not parking lights, 
when heavy rain, falling snow 
and fog diminishes daytime 
visibility, ilsnt it high time 
that some of toe no-lights or 

■ parking lights only brigade 
were pinched for careless driv- 
ing on foggy motorways?) And 
don’t let tyres wear down until 
toe shoulders are bare even:# 
there is more' than 1 mm 
pattern left in the middle. They 
may still be legal in Britain—, 
though they are not anywhere 
else in Europe — but they are 

- potentially lethal. . 

- Happy motoring in 1979 for. 
-these who still enjoy it; and at- 

- least ' a year of troublerfree 
driving for those who use /a 

' car only because they have ta. % 



The Surprise of the year—th* Volvo ML 


Tom Watson sure to win two of the 
big titles in the coming year 


DUSTING OFF the old crystal 
ball 'for a hi early-eyed gaze into 
golfs immediate future is an 
annual exercise that gives me, 
at least, a great deal of pleasure. 
Early signs are that 1979 may 
well even exceed the excellent 
vintage of the outgoing year. 

Professionals on both sides of 
the Atlantic and elsewhere will 
play for much more money. 
And. as Jack Nieklaus still 
further cuts his playing 
schedule in his 40th year, it will 
be fascinating to see if Tom 
Watson can continue his rise as 
the obvious young pretender to 
toe crown. 

The 1078 season was a bitter- 
sweet one for this admirably 
honest character. For Watson 
is realistic enough to know that 
few will remember his five vic- 
tories at Tucson, Pebble Beach 
in the Crosby, Dallas in his 
mentor Byron Nelson's Classic. 
Pinehurst in the Colgate, and at 
Silverado in the Anheuser- 
Busch Tournament 

These helped him to an all- 
time record haul of S362.429 to 
top toe money-list by only $4,970 
short of $100,000 from his 
nearest rival, the anonymous 
optometrist. Dr. Gil Morgan — 
possibly the most mind-boggling 
statistic of the year. 

The bitter aspect for Watson 
was his failure to win a major 
title, after be had set up a clear- 
cut opportunity to take three 


out of four. Only in toe U.S. 
Open at Cherry Hills, Denver, 
did he make no real show, 
finishing strongly for a six-way 
tie ibr. sixth place, four shots 
behind winner Andy North, 
Tom's best friend on the tour. 

The galling truth is that 
Watson made a horrible hash of 
the 72nd hole to rule himself 
out rA a play-off in the Masters’ 
Tournament at Augusta when 
defending his title in the spring. 
Tied, for the lead with Peter 
Oosterhui5 at St Andrews 
after three rounds of toe Open 
Championship in July, Watson 
played toe third worst round 
recorded on the final day — a 
76 to slump into a tie for 14th 
place. 

His most spectacular failure 
was reserved for- the U.S. PGA 
Championship at Oakmont, 
Pittsburgh, in August Leading 
by five shots at the start of his 
final round and by four with 
nine holes to play, Watson's 
collapse therefore was hardly 
complete because he scored 73. 
But his defeat in the first three- 
man sudden death play-off for 
a major championship at the 
hands of John Mahaffey was a 
galling blow to his considerable 
pride. 

It is my confident prediction 
that Watson will prepare him- 
self much more carefully for 
the big events in 1979 and win 
at least two of toe four major 


titles. Nothing would surprise 
me less if he were to win three, 
or even get into position to pull 
off toe Grand Slam. 

Another golfer I expect to 
enjoy a spectacular year is Bale 
Irwin, if only because, he is by 
far the most consistently ele- 
gant player and easily tbe 
fiercest competitor in toe world. 
While on the subject of ele- 
gance, Tom Weiskopf has told 
me in all seriousness that he 
will retire at the end of 1979. 
having first played the most 


GOLF 

BEN WRIGHT 


exhausting schedule he has ever 
attempted — some 30 odd tourna- 
ments. 

I will believe it when I see 
it. but. if premature retirement 
is on the cards, I hope the big 
fellow— my favourite of all to 
watch in action — adds to his 
miserably inadequate total of 
just one major championship 
victory. How marvellous it 
would be if that came about at 
Augusta,' where tall Tom has 
suffered his worst frustrations. 

Of the less well-known 
players in America, I am most 
impressed by little Phil Han- 


cock, whom I confidently expect 
to see improve on his promising 
44th placing in toe 1978 money- 
table. Having broken through 
to win the inaugural European 
Open, Bobby Wadkius may have 
a great season if he is not pre- 
viously lynched by the caddies 
he paid so inadequately in 1978. 

Spain's Sewy Ballesteros will 
play at Doral, Miami, which 
complex he represents as play- 
ing professional, in toe Doral- 
Eastem Airlines Open, in the 
$409,000 plus Tournament 
Players' Championship in 
Jacksonville, and defend his 
Greater Greensboro Open title 
en route for Augusta before 
starting his European campaign, 
which will be much restricted 

by a hoped-for eight further 
appearances in American 
events. 

So there is a live hope that 
a British player will once 
again head toe Order of Merit 
here if the men in question are 
not scared half to death by the 
hectic scramble for Ryder Cup 
points. 

Alas, my confidence in our 
leading lights is so minimal that 
I can easily see the likes of Dale 
Hayes, Greg Norman, Bob 
Charles, and a few more 
foreigners free of such con- 
siderations cleaning up as our 
youngsters apply the pressure 
to themselves in each successive 


tournament, as the struggle for 
a place in our team becomes 
ever more desperate. 

But how one would love to see 
Nick Faldo, Ken Brown, and 
Howard Clark consolidate after 
their marvellous performance 
in 397S. Peter Townsend to 
prove he is a late, and Sandy 
Lyle an early developer. 

In tbe amateur game: we will 
win back the Walker Cup at 
Muirfield, thanks to the inspira- 
tion of Peter McEvoy, who will 
then go on to contest a historic 
Amateur Championship Final at 
Hills ide, Southport, against toe 
American prodigy, Bobby dam- 
pen, who will be just 19 years 
of age at the time. 

McEvoy, awarded the Golf 

Writers' Trophy this month for 

his secoDd successive Amateur 
Championship victory, will make 
it a hat-trick, and retain tbe 
scribes’ pot. 

I fervently hope the new 
British women's professional 
tour will get off the ground and 
be a resounding success. Good- 
ness knows, the female area of 
the game in thesejslands is in 
sore need of revitalisation. 

Lastly, on the other side of 
the Atlantic, the delightful 
Nancy Lopez will win only 
about 20 tournaments, become 
the first woman ever to win 
$250,000 in a season, and get 
married. 



Do you know that most smaU-to-medium 
size companies are wasting 10 to 15 per cent of all 
the fuel they use for heating, power and lighting? 

Over 12 months that can cost a tidy sum. 

It could be the difference between malting a profit 
and just breaking even. 

And, even if you’ve already started to tackle 
the problem, you’ve a lot to gain by finding out 

how much energy you may still be losing. 

Pin-pointing the wastage isn’t that difficult 
Especially if you take advantage of the Energy 
Survey Scheme. 


All you have to do is fill in the coupon and 
we’ll send you details of the scheme and a list of 
independent professional consultants. 

When you’ve chosen a consultant, he’ll 
spend a day at your premises studying your 
company’s energy use. He’ll send you his report 
recommending simple modifications which could 
lead to substantial savings. 

And the Department of Energy will pay 
up to £75 which is most of the cost of the survey 

So, fifl in the coupon and find out how to 

reduce your company’s fuel bill. 




To: Department of Energy Free Publications (ESS), P.O. Box 702, London SW208SZ. 
ENERGY SURVEY SCHEME. Please send me leaflets and a list of consultants. 


Name. 


ibLU'.K t MTftLS PLEASE) 


Company: 


Address, 



DeparbiientofEnei^ 


r 1 ; 


Xr - 




y V . : • - 


V, , 


i 







G The best book I have read 
this year is Two Rothschilds 
and The Land of Israel, by 
Simon Scbama ( Collins, £7.00). 
Schama who is iu his early 30s, 
!s someone this country ought to 
be proud of. He has woo high 
professional esteem for his 
historical scholarship, and also 
for his judgment. In addition, 
he has the percipience, and the 
projective power, of a high-class 
novelist He demonstrated this 
in his first major book, Patriots 
and Liberators, and now again. 

David Cook, whose Walter 
(Seeker and Warburg/Alison 
Press. £L5U) was the most 
impressive novel 1 read during 
the year, is about the same age 
as Schama and In a different 
fashion just about as talented. 
The contrast, however, is 
dramatic. Where Schama is 
expansive and confident, and in 
much of his book occupies 
territory which would once have 
been a novelist’s. Cook concen- 
trates on a single poor victim 
of fate, a pathetic creature, 
mentally deficient He does it 
with beautiful sympathy. The 
book is a delicate triumph of a 
work of art The difference 
between these two books, 
though, may be a- pointer to 
where our various forms of 
literature are tending. 

C. P. SNOW 


tensity of D. H. Lawrence with 
the feeling for nature of Thomas 
Hardy. 

RACHEL BILUNGTON 


a One of the reasons why" 
Graham Greene lends himself' 
to parody is that so many of 
his novels are set In exotic, 
even improbable places. It is 
as though the vultures, the 
stench, the leprosy, the corrup- 
tion and the Teutons Macoutes 
were essential to tell the story. 
In fact, the external atmos- 
phere matters very -little and 
may even detract from the 
theme. Corruption begins at 
home, and Graham Greene 
writes about the English- 
That is why the best of his 
novels so far is The End of the 
Affair, set in London, and first 
published in 1951. One had 
begun to despair of his doing 
it again, yet The Homan Factor 
(Bodley Head, £4.50) is a pretty 
good attempt All the familiar 
themes and all the familiar 
tricks are there, but they are 



y v , 

through with self-doubt, . and - 1 
Svohld like him’ to feel reassured 
that this is fh-faunded, and to 
express the ‘-hope that ;we may- 
.continue * tip “ ._ enjoy his 
remimscencesfor toapy years to. 

come. ; V" - . T . 

;- " : \ - SANDY WILSON 


viable alternatives 


unit, and how to melwiw dut fiad; .7^ 
take' the overview.* It tc ^ 


deliciously funny- In tw ysster*^: 

...... _ F .t. . -r- ' T'. • 


as a pastiche of the Mrs. Dale's.; ^ 
Diary type of minutely detailed 
biography, and a satire outim - 
jives of trendy Galifornians--; . * * 
CHRiSDUNKLEY^. 



Our reviewers choose the books published this year they 

have most enjoyed reading. 


0 The books which still stir 
warm feelings at the end of the 
year are those which led me to 
other books. This is not such 
a back-handed compliment as 
it appears. After all, any 
biographer of a writer who 
thinks he is in competition 
with his subject's books would 
be either foolish or very con- 
ceited. 

1 used to enjoy the poems of 
Edward Thomas but until Jan 
?Jar;h wrote her sympathetic 
biography Edward Thomas: A 
Pool for his Country lElek. 
£7.95) they had passed from my 
life. Her analysis of his 
development and preoccupations 
and her generous use of quota- 
tions from his work sent me 
with new enthusiasm to the 
Faber paperback. 

In the same way, I was re- 
minded of my childish delight 
in Mar;’ "Webb's novels, Precious 
Ctiite and Gone to Earth by 
Gladys Mary Coles’ biography. 
The Flower or Light (Duck- 
worth £7.95i. I had first read 
the novels (now reissued by 
Duckworth > without knowing 
anything about their author and 
suffered from a guilty suspicion 
that all that romantic passion 
couldn't be literature. In fact 

1 remember disguising the 
hooks inside the cover of the 
definitely respectable. The 
7 lot-bit. When Miss Coles’ ex- 
cellent biography made them 
legitimate. I discovered they 
were as compulsive as ever but 
better written and with a 
greater sense of humour than I 
had remembered. The best 
parts combine the violent in- 



amounts to a -finely worked 
eulogy of that “spiritual, 
Platonic old England " that 
Coleridge praised. The book is 
scrupulous throughout, too, in 
its acknowledgement of. far- 
ranging debts to European 
literature, as if devoutly con- 
cerned with honest dealing. I 
especially liked Robert Smith- 
well’s declaration of 1591, both' 
for its aptness and for itself: 
“Passions I allow, .and loves I 
approve: only I would wish that 
men would alter their object 
and better their intent.” These 
are poems to re-road and 
memorise: more mind-stretch- 
ing than all but the rarest of 
new novels, and far more so 
than the latest batch of bisexual 
memoirs from the era of our 
grandparents, to tax us too late 
with what we have missed. 

GEORGE WATSON 


of tributes (1964) from, six well- 
known writers from India and 
Pakistan. That book jueant 
much to him. Furbank. makes 
no mention of it This, in no 
way diminishes his achievement, 
which will stand the -test of 
time. 

In her deeply -moving, A 
Captive of Time: My Tears with 
Pasternak, Olga Iranskaya 
(Collins/Harvill Press, £7.50) 
captures .the overwhelming 
poetic strength, passion and 
tragedy - of her intimacy with 
the great Russian poet. I found 
her courageous memoirs unput- 
downable. 


K. NATWAR-SINGH 


and Issues, in Vietnam, Haiti, 
Argentina. His mastery of the 
traditional novel of manners Is 
also outstanding, and his work 
is marked by Increasingly con- 
fident comic treatments. . 

Greene’s novel centres on a 
projected deal, for defence 
reasons, between America, 
Britain and South Africa, and 
its hero is a quiet English spy 
for the Russians, with a black 
wife and child. It is a spy 
story: it is a masterly observa- 
tion of English life: it is 
hilariously funny, and on 
anguished story of gratitude. 
Joss and failure. 1 believe it is 
also a great novel. 


which her relationship With 
Solzhenitsyn broke down in 
bitterness), and that by pub- 
lishing his works in the West 
at all she was responsible for 
his enforced exile from the 
USSR. Read together, what- 
ever the rights and wrongs, an' 
instructive insight into literary 
politics and the finances of 
dissent 

REX WINSBURY 


My choice Daniei' Yergih's. 
- Shattered Peace: the Origins of 
the Cold War and tine National : 
Security State (Ai>dr6 -Denf^eh, 
£7.95) is a young man’s book. 
It is energetic, Hvflpr-.' and 
jjrovocatrve though based ■«& a: 
wide reading of the.- 'primary , 
and secondary mteriab-Jfpr. 
"Yergin is Inclined' :to impose 
. too-Tational and jieat a>pattem: 
on .tos complicated .events p£ 
the 1945 t 4B period, .he'. .doeS' 
present old dehates ia-'a-new, 


IS OB EL MURRAY 


Geoffrey Hill 


the more telling without the 
exotica. Take, for example, the 
knocking over of one of Mrs. 
Daintry’s glass owls in her 
Kensington fiat It is a far 
more devasting, and far more 
human, incident than anything 
that could be threatened by a 
vulture. 

At the same time, there has 
bean no loss of topicality. “ Fll 
fight beside you in Africa. 
Boris.” says the British agent 
ostensibly employed by the 
Foreign Office, “not in Europe." 
It is also a love story, end very 
funny. Graham Greene has 
almost stopped running away. 

MALCOLM RUTHERFORD 


© la my choice, North of Sooth: 
an African journey, by Shiva 
Naipaul (Andr£ Deutsch £6.90) 
the faults are obvious, ton 
personal a view, too much bare 
dialogue, a stress 00 small and 
universal discomforts which 
reveal more about the author 
than about Kenya or Tanzania. 
But there are also the passages 
of great power, sympathetic 
and deeply sad. The warmest 
writing goes to the fate of 
•• Asians " in Africa, a group 
whose chilling insecurity is 
seldom so much as acknow- 
ledged in Europe. But the 
strongest scenes are still to be 
found in the individual 
encounters, in the frightful gap 
between acquired language and 
reality and the unreai ambitions 
and self-deception of Airicans 
themselves. Their continent 
has been pulverized, hy our 
civilization I have seldom been 
so sad dene I by a factual book. 

ROBIN LANE FOX 


9 The best I have read was 
Geoffrey Hill's Tenebrae 
(Andr£ Deutsch. £2.50), a 
collection of poems you can 
read in an hour, and hardly 
forget in a lifetime. They are 
terse, formal and intellectually 
bold, especially in their 
religious sonnets, and I only 
hope Hill can learn to abandon 
the Georgian mannerism of 
leaving some poems pointlessly 
unpunctuated. Points compen- 
sate for toe loss of voice. The 
whole book, slim as it is, 


© In choosing P. N. Furbank 
to write his life. E. Forster 
struck gold. Volume EL of P. N. 
Fur bank's E. W- Forster: A Life 
(Seeker and Warburg. £7.50) :s 
a masterpiece. He has. with 
subtle and sympathetic candour, 
surmounted the perils of dis- 
cussing Forster's homosexuality 
in a sane and level-headed 
manner, without resort to tact- 
ful omissions. I have only one 
complaint: Furbank neglects the 
post Masud-Dewas generation of 
Forster's Indian friends. Morgan 
Forster is the only English 
writer to have inspired a book 


9 Because I read fiction solely 
on aeroplanes, I tend to see only 
paperbacks of year-old novels, 
and of these my favourite of 
the year was E. L. Doctor ows 
The Book of DanieL But as it 
happens, I did read Graham 
Greene's The Human Factor 
(Bodley Head £4.50) . as soon 
as it came out, and if I were 
going to choose a novel this 
would be the one. 

However, I am not, I am going 
to choose a theatrical biograph)', 
this being what I am most 
addicted to. and the choice is 
not easy. Not because there 
were su many, but because 
there were two outstanding 
examples, John Lahr's Prick T Jp 
Tour Ears (Allen .Lane, £5.95). 
a life of Joe Orton, and Irving 
Wardie's The Theatres of 
George Devine (Cape £8.50). 
Irving Wardle wins by a short 
head, for his subject has been 
one of the most influential 
figures in the theatre in the 
last half-century, and Mr. 
Wardle has followed up every 
thread, so providing not only 
an account of Devine's life but 
a fascinating -survey that 
important fraction of the 
theatre that came under his 
influence. 


© I nominate A Captive of 
Time: My Tears With 

Pasternak by Olga Ivinskaya 
(Collins/Harvill £7.50) and 
Solzhenitsyn and the Secret 



Shiva Naipaul 


9 My treat of the year is Mark 
Girouard’s Life in the English 
Country House (Yale Univer- 
sity Press, £10.00) a splendid 
book that appeals about equally 
to the mind and. tbe spirit. The 
subject is enormously attrac- . 
live, to start with: upstairs and 
downstairs, indoors and out and 
across the centuries, it is full 
of historical, social and cultural 
interest, and the author turns 
up all kinds of oddities of infor- 
mation intuitive thoughts, that 
give his book a very personal 
air. As .his earlier works on the 
Victorian country house and 
the Queen Anne revival have 
shown. Professor Girouard Is a 
marvellous guide to ideas 
through a mass of detailed, 
well-arranged evidence; ' at 
once scholarly and accessible, 
able to shape his material and 
to throw unexpected light on 
this or that; and so bis book is 
full of insights, stretching the 
imagination, setting architec- 
ture within the rituals of social 
life and showing its reasons, for 
being what it was, and for 
evolving as it did. # 

ISABEL QUIGLY 



Daniel Yergin 


framework which forces the 
reader to think again About 
these contentious years. ^ 
For Dr. Yergin. the Cold War- 
is -an historical , event; 'hlsj 
account is refreshingly free' Of:', 
both the cold warrior and:, 
revisionist emotional commit 
meat. Among a great . many, 
studies in a weU-pImighpdfield?: 
this'. ’ book . held my... attention 
with the freshness of' its: 
approach. The sch olarly appara*^ 
tus ls reserved for the bade. of- 
the; .book so that both ' the 
genital reader and the profes- 
sional can read it with; pleasure 
and 'profit.- . •. 

ZARASTSNGV-. 


9 The two books I have 
enjoyed in 1978 are Sir Robert^’. 
Marks’ In The Office of €tuK>?' 
stable (Collins. £6*5) ;and.:£] 
Michael Hard’s The Ordeal^f-:^ 
'Ivor Gurney (Oxford University 
• Press, £5.95). Sir RobertVbook *F 
feVa. shining example of a man ... 
who preserved his • humanity ... * 
-while holding one of the .most 
. difficult and ugly jobs thrown 
iUp by our imedifying age. 
a- T 1 .wasi heartened .again and 
.again : by: the . :way in which . 
-simple’ humaneness leads .to 

- simple ; good sense; ■ here; is . a 
‘non-political -/man who . '.has 
lessons tt pass on to; politicians. 

-I found the book in one sense - 

depressing shalL -we see Sir 
■Robert's l&e again? : I doubt it; : 
but lhope so. ’ - , 

Ivor Gurney has been until 
recently the most neglected of . 

- all- the iwefe of -the - 1914-18' War. . 

:^ ejq^Mces _in-it pn)ved too 
much, for ;hin}< and be spent the 

; ^..' ^ his. jlife. ln a .mental -. : 
hrisprfSl "where' he: died in the 
late.lS30s.He was a gifted song - 
wrfter^but ah even more gifted ' 
poet' His miny poems — by 
no means all of which have yet ' vV 
been published — are; seldom : . 
;poherent, .-but when they are 
toey'-have quite as much power. >. 
as- those of Owen or Rosenberg. . 
Michael-/ Hurdr thanks to the 
setikibre^Iicjr of hia publishers, 
has provided . what, is I hope T . 
only, the first of many accounts 
of -4hls Unhappy, passionately 
' English poet It is an excellent a; ! 
-stork;' ' ■ .. = ■ T- ; 

- . MARTIN SEYMOUft-SMJTH •• 


-I-’ 




B. A. YOUNG 


© Graham Greene’s The Human 
Factor 1 Bodley Head, £4.50) is 
the latest achievement rof a 
writer who is addins a new 
dimension to the English novel. 

The English novel has charac- 
teristically succeeded most in 
the domestic sphere, or as novel 
of manners. Greene began with 
spy stories, and religious prob- 
lems, and made fine books of 
them. Since 1950 his fiction has 
embraced international themes 


Circle by Olga Carlisle (Rout- 
ledge £4.95). Here are two 
Olgas who paid dearly for 
devoting themselves to Russia’s 
two most famous dissident 
authors, one by imprisonment 
at the hands of the KGB, the 
other by being banned from 
the USSR, her father’s native 
country and her own career 
specialism. Both books are 
defences against literary rather 
than legal .charges brought 
against them — against 
Ivinskaya, that she persuaded 
Pasternak, her lover, to sign 
his famous recantation (which 
she admits she did, but pleads 
extenuating circumstances) 
against Carlisle, that as 
Solzhenitsyn's first and secret 
agent in the West she let him 
down by less-toan-perfect 
translations (the issue over 


9 Being in the Theatre, I 
gravitate towards books on that 
subject, and of several I read 
this year by far the best was 
Irving Wardie's The Theatres of 
George Devine (Cape, £8.50). I 
find Mr. Wardle as a theatre 
critic often both Irritating and 
impenetrable, but as a theatre 
historian he has done a 
splendidly articulate job on a 
subject whose principal 
character was something of an 
enigma. I was fortunate enough 
to have been at the Old Vic 
School, so that episode 
intrigued me particularly: but 
the whole book is continuously 
interesting. I also enjoyed, as. 
usual, Cecil Beaton's latest ' 
volume of Diaries 1968-74: Tbe 
Parting Years (Weidenfeld. 
£5.95). though my joy was 
tinged with sadness. His diaries 
for this period seem shot 


Q.;Tbe Serial (Picador,. £2.50) 
is ah odd-looking volume bound:, 
with: a metal spiral- like .a'*; 
reporter’s notebook-' : ■ and : 
arranged in 52 . ’twor-page;. 
chapters each with a half -page-: 
sketch by Tom Cervenak. . It' 
doesn’t actually need- any of 
the&e gimmicks, apt though- they 
are, since author : Cy&-:' 
McFadden has managed the raze 
deed of writing a completely'., 
original book. She describes .a 
year . in the lives of .Kate and 
Harvey and their friends of 
Marin County, California, which 
is^where most things, seem, to 
cohie front nowadays— jogging.' 
Ib-'speed bikes, and primal' 
screaming for instance. ; There is 
a-ebapter called “Joan. Joins 
Tim Koonies " and ' another : 
called “Meaningful Interaction: 
Wi. A Commune,- - and ;tber 1 
characters are izttb macrame. 


<9 I read The Sea. The Sea by 'f 
Iris . Murdoch. /(Chatto . and 
Windos, £5.50),- the- winner of 
this year’s Booker Prize for > 
Fiction, :on the Isle of Mull' last * 
summer, and X' choose it how 
-as the book I ehjoyfcd most this . 
year. -Mull, .was ..the perfect ] 

. setting, in. Which to give oneself j 
: to such, a hovel.' I did not J 
meet /anyone' put of my - past . 1 
life wnle oh -tbe island a£ some- 
times: happens on' holiday, hiit 
people Wholiave played a signi- 
ficant role in ihy life do have 
a way -;of- bobbing up from the 
oceanic swell of the .mjsd the ■ 
whole time, even though I may 
not have seen them for decades. 
This . Is .what I take the novel 
to .ije "about: -the appalling 
tyranny which may be exercised 
by what has happened prevent- 
ing cm e -from perceiving what ■ 
-Is happening nowi - Being able 
to observe this tyranny enslav- 
ing someone .else who had been 
a- great success in worldly 
terms, I felt blessedly released 
from 4t in myself: at least while 
I was reading the book, : • 

r ANTHONY CURTIS 


SI 




Poets speak with differe 







SY MARTIN SEYMOUR-SMITH 


Basil Bunting's Collected 
Poems appeared ten years ago 
under the imprint of a “little”’ 
press. Fulcrum. A new edition 
t Oxford University Press, £3.75, 
152 pages) adds four poems and 
incorporates important correc- 
tions. Bunting, who was born in 
1900 in Northumberland, was 
ignored in England until the 
early part of the 1960s. Those 
who knew his name associated 
him with Ezra Pound because 
Pound liked his poems and, 
enthologised some of them in 
Active Anthology in the early 
1930s; also Bunting much 
admires Pound, whereas he 
appears to have no time for any 
English poet of this century (he 
dislikes Eliot, too. for what he 
considers to be his bad tech- 
nique). 

Yet Bunting a fine minor 
poet, is exceedingly English. 
What he learned from Pound 
was. not to resemble him — 
which he does not— but to be 
what he is: a Northumberland 
minor poeL He writes to be 
hoard rather than read, r»nd his 
noems reflect the meticulous 
land often surprisingly 
romnntie) way in which he 
speaks and feels. He prefers 
honesty to cleverness, and his 
poems are honest and never 
clever. 

It is a great achievement, 
which includes two books of 
odes — many of them exquisitely 
moving — and a long poem, 
“ Brig^flatts.” the most lucid, 
musical and passionate poetry 
ho has written. Those who did 
not read Burning ton years ago 
should do so now. 


interesting and (now) almost 
neglected poete of_his time. 

Charles Tomlinson’s Selected 
Poems 1951-1974 (Oxford 
University Press, £2.75 paper- 
back, 149 pages) draws on all 
his collections; The Shaft 
(Oxford University Press, £2.50, 
54 pages) is a new book. 
Tomlinson is a highly intelli- 
gent and meticulous poet who 
lives precariously between 
extreme conventionality and 
a somewhat mechanical 
raodernism-for-its-own sake. A 
frustrated painter, be wants to 
be a poet more than he is 
impelled to be one. If you like 
renderings of landscape into 
poetry — and there is no reason 
why you should not — then you 
will like Tomlinson. 


Painter’s pain 


Barker neglected 


George Barker's Villa Stellar 
(Faber Paperback, £2.50, 71 
pages) is a sequence of fifty- 
eight poems which contains the 
usual Barker mixture of the 
preposterous, the feeble, the 
prosy and the suddenly and 
overwhelmingly poetic. As 
Always. Barker balances his 
canniness and cvnicism against 
his romantic extremism and 
then trusts to luck and to his 
considerable lyric gift. It is 
curious that so many English 
readers of poetry should have 
been surprised into admiration 
by the so-called “ confessional ” 
poetry of Lowell and. in parti- 
cular. Berryman (who lrilled 
himself). The confessional 
rj?»nnf*r is supposed to have 
originated with William 
Snodgrass, another American 
poet — and so Lowell may 
honestly have believed when he 
acknowledged this. But Earker 
was writing in this way in the 
early 1930s, and he influenced 
the American Delmore 
Schwartz, and Schwartz. ... It 
is Literestlng to compare this 
volume with the young Barker's 
Cninmilcrror: he has bad the 
courage hardly to change at all, 
\ and he remains one of the most 
\ 

K 

\ 


At his best he is writing 
about tiie pain of not being able 
to paint. At his less good he 
is trying too hard to say some- 
thing significant, as in the over- 
ambitious “Charlotte Corday.” 
which is impressive, but -only 
in a rhetorical way — since it is 
clear that the author does not 
care about Charlotte Corday, 
but it more interested in being 
impressive. But in matters of 
taste and tact Tomlinson is 
beyond reproach: his own very 
high standards lead us to judge 
him by similarly high stan- 
dards. 

Geoffrey Grigson started 
again, so to say, after he had 
published his Collected Poems. 
The Fiesta (Seeker & Warburg, 
£3.50, 91 pages) is his seventh 
book of poems since the Col- 
lected Poems, and I have en- 
joyed it more than any of his 
other books and more than any- 
thing I have read this year. 

Almost every poem 'in tills 

volume carries its weight The 
real theme Is decency: how to 
endure a world whose' affairs 
are mostly disgusting with the 
fullest grace and acknowledg- 
ment of what is good. He can be 
successful In the shortest com- 
pass, a sure test: 


the perversity of the human 
race, and he illustrates it by a 
series of poems on the theme of 
the Fall. These are tragi-comic 
as are the other poems included: 
they are also bitter. 

The overall impression is of 
a wise, mistrustful and very 
well educated man trying to 
ward off despair by laughing at 
it There is not yet the serene 
acceptance of it we find in 
Grigson (a development that 
will surprise some): but it is 
obvious from the technical skill 
and the feelings tactfully dis- 
played that Enright has much 
more to say. and that he will say 
it Like all true poets, he is 
driven by life to be honest and 
unpretentious. 

Geoffrey Hill is highly thought 
of, and rightly. He is an 
elegant, metaphysical, bookish 
poet who is dissatisfied with 
himself and who does not b:-thcr 
to hide this. In Teucbra? 
(Andrt Deutsch, £2.50, 4S page ) 
a thin book of finely v.THJghi, 
subtle, loaded poems, a- .bench 
he is reticent. Hill has authority 
because he is anxious uot to 
impress but to achieve perfec- 
tion. He comes near to tb:s in 
such poems as “Florentines' " — 


Horses, black-lidded mouths 
peeled back 

to white: well-groomed these 

warriors ride, 

their feuds forgotten. 

remembered, forgotten . . . 
A cavalcade passing, night 
not far off: 

the stricken faces damnable 
and serene. 


tipcnce” (Tlex *3.00, 

55 pages) is a c.'ii.estl-jn — an 
interim one — by Y&ny fcsrvison. 
who has given £'«:r. cl .-s ju:-.- to 
theatregoers ‘.viLh h:* skilful 
translations from Iiiolierc and 
others. The poems, demotic and 
literary at the same time, are 
beautifully realised and deepiv 
felt. 

in The Cost of Seriousness 
(Oxford University Pre^s. £2.50 
paperback, 53 pages; Peter 
Porter strives, with great suc- 
cess. to reflect the- preoccupa- 
tions of literati: in th's volume 
he speaks often in the voice of 
Auden, although he lacks 
Auden's ear. 

Gome may find his allusions 
to Italian art and Gorman 
thought painful cnc! se!f-ron- 
scious: others appreciate 
his sincerity and the hard work 
he puts in on bis poems. The 
Onion. Memory (Cr. 'onl Urtiver- 
p r <>£c;_ £2.25. 72 pages) is 
Craig B nine's debut >11 volume 
form. IT? is satirical clever and. 
a*. l:i-3 b^st. d 'sconce “tine. D. M. 
Thomas's The Hon^ynioon 
^’oyag? (Seeker and Warburg. 
£2 PA 64 page?) is versatile and 
v.cJI accomplished. 

Tile author ce!ob~atcs myths 
less successfully than dreams, 
but is always interesting and 


readable; a poem about Jung 
and Freud is very funny as well 
as being uncannily at home in 
its subject 

Burning Ike Ivy (Cape, £1.95 
paperback, 48 pages) is Ted 
Welker's fifth book: it will 
disappoint his admirers. ■ The 
poems are carefully enough 
mode, and readable: but they 
tend here to be banal and even 
embarrassing (“Rip into me" 
he asks a Zoo eagle). 


The Watchman's Flnte (Car- 
canet, £2 paperback 61 pages) 
contains pleasant occasional 
poems by John Heath-Stubbs, 
whose status in English poetry 
is almost that of an elder states- 
man; it is good to find here a 
graceful elegy for the poet 
Brian Higgins, who died at 
thirty-five, thirteen years ago. 


New frequencies 


K. S. Thomas’s admirers, at 
a perhaps higher level, will be 
equally unhappy with his 
Frequencies ( Macmillan, £2.95, 
52 paws). The poems are of 
course well argued and lucid, 
but the language lacks poetic 
urgent:?'. The impression is of 
having read a volume of good 
prose. 

Peter Levi's Five Ages (Anvil 
Press with Rex Callings. £3.25, 
54 pages) reflects a busy time 
in his life (as he says): the 
poems are somewhat tired and 
diffuse. Peter Levi makes his 
points by means of the way he 
says things rather than by what 
he says: in this collection he is 
trying to be more direct, but 
not concisely enough. 


Alas, although Portuguese 
pnatry is interesting, Heider 
Machedo’s and E. M. ,de Melo de 
Castro's Contemporary Portu- 
guese Poetry (Car canet, £3.25. 
182 pages) is almost a model of 
how not to do it So few of tho 1 
translators show even a nodding 
acquaintance with the language 
(even if they have it): all the 
poems tend to look the same. 
And such lines (and there are 
too many of them) as " It beg- 
gars me, this futile certainty 'of 
mine/that my being is ephem- 
eral ” won't do in Portuguese or 
any other language. 


The Arts Council’s New 
Poetry (Hutchinson, £4.50, _i91 
pages), edited by Fleur Adcock 
and Anthony Thwaite is con- 
scientious but rather banal: 
“ pain,” as on of the contribu- 
tors (Peter Porter) writes, 
“ feels the same from Kidder- 
minster to Kano." 







JD. }. Enright: bade to Paraefise. 



xford quintet 



by d. f. McWilliams 


Who croaks Decay for all? 
Who offers the Dove? 

In the cliff -egg life spins. 
And does not toll. 


Grigson conveys a sharp sense 
of what Is absurd (as in his 
appraisal of a fake “ modern ” 
sculptor), but also a sharp sense 
of what he enjoys and is grate- 
ful for. There are many lovely 
poems— and some that will last 
as long as English literature. 

In Paradise Illustrated 
fChatto & Windus, £2^0. 64 
pages) D. J. Enright—a good 
poet from his first collection, 
Season Ticket, published 30 
years ago— contents himself 
with being witty and satirical 
about the disgusting aspects of 
life; but he is often poignant 
and disturbing. His theme is 


His dislike of the demotic and 
of explicitness has driven him 
to adopt a seventeenth-century 
style, fruitfully crabbed and 
packed; every now and again 
he achieves a superbly powerful 
line. But, admirable as he is. he 
does frustrate the reader by his 
failure to express himself 
directly — to expres himself 
not in the mould of some con- 
ventionalised form. But he 
remains the best of those 
English poets row nearing 
fifty. 

And now for eleven books 
which must, regrettably, be 
dealt with in shorter compass. 
Peter Ackroyd's Country Life 
(Ferry Press. 177 Green Lane, 
S.E.9, £1.50, 33 pages) consists 
of poems notably scrupulous 
about the use of words. If any- 
one is making a new poetry (as 
distinct from somethin? else) 
out of what here and now will 
have to be called linguistics 
then it is Ackroyd: I urge 
readers to trv him out and to 
follow what he is trying to do 
without being prejudiced 
because at first sight his poems 
seem difficult or without sense. 
In fact they make very good 
sense, although of a sort that is 
refreshingly unfamiliar. 

From “The School of Eio- 


Tbe Madonna of the Astrolabe 
by J. I. M. Stewart. Methuen 
Paperback £1.25. 504 pages 


With publication last July of 
Fail Tuna (Gollancz, £4.95), 
Mr. J. I. M. Stewart completed 
.4 Staircase in Surrey, bis series 
of five Oxford novels, which 
started in 1975 with The Gaudy, 
and continued with Young 
Pat Ml to. A Memo rial Service 
and The Madonna of the Astro- 
labe. now- issued in paperback. 

Patullo, the narrator in the 
series, is an ex-playwright who 
is offered an English fellowship 
at his old college when he 
returns there for a Gaudy (a 
lavish sort of old boys’ reunion). 
In successive novels we are 
offered suicide, rape, theft, 
homosexuality, unhappy love 
affairs Patullo’s undergraduate 
days and Scottish upbringing, 
negotiations for a large sum of 
money, a college tower on the 
verge of collapse, the discovery 
of a priceless art treasure and 
the rescue of two nuclear 
physicists from behind the Iron 
Curtain. 

This all sounds quite breath- 
taking and the cleverly engin- 
eered plots are a constant 
reminder that toe author is also 
a first-rate detective - novelist 
although he allows them to be 
acted out at a pace in keeping 
with Oxford. 


Mr. Stewart’s style sometimes 
appears deliberately donnish 
with the impression being 
heightened by apposite literary 
references. Most situations and 
places deserve the carefully 
chosen phrases but paintings 
and buildings which merit such 
close attention sbow off the 
writing in its best light. Oppor- 
tunities for art description 
abound. because Patullo’s 
father who appears In countless 
flashbacks to the narrator’s 
youth is a distinguished painter, 
and a major plot in the fourth 
novel. The Madonna of the 
Astrolabe concerns the dis- 
covery and disappearance of a 
work by Piero della Francesca. 

Most fun for the reader with 
any connection with Oxford at 
all is to identify familiar faces 
and places. A number are easily 
recognisable. For example, toe 
Chancellor of the University, 
an ex-Prime Minister whose sus- 
piciously simulated decrepi 
tude hides a stUJ-alert intelli- 
gence, is described with acute 
perception. Patuilo’s college 
appears to bear a certain resem- 
blance to Mr. Stewart’s own. 

One of the themes embedded 
in the book is the contrast 
between Patullo’s Scottish back- 
ground and Oxford. The strong 
Scottish educational traditions 
provided excellent training for 
toe academic side of Oxford. 



Detroit); university -■ Iffe is ' by 
no inmiS^as^dOtmiiat^ hy . col- 
fege^pofi&s. hachelor dtHis or 
TeiSureJy;.' ^walks' torougir *the 
parks- or tfia -meadows as the 
casual reader of any of these 
novels might assume. . V 
Oxford .has now changed con- 
siderably: froth its cosy IStir 
. century existence. !. Women 
have . flow not only their own. ' 
colleges but have made, great 
inroads 1 into . the '.fonnmr. ,: mRle ' 
preserves. As economies of sole 
have - _encotzra ged -organisation^ 
on : a university baste; coHefe!- 
affairs have been relegated-, to- - 
relatively minor position and- 
greater, issues have tended to tie- jv 
...discussed at the level; of cqngre-'- ro- 
gation or- toe facoity- Boards. 



HiX 'I-. 


■'.riffsggSB 

Outside Balliok a 


The harsh Presbyterian climate 
of Edinburgh, on toe other 
hand, made the more frivolous 
aspects of Oxford life both 
tempting and disconcerting. 

PatuJlo's Scottish relations 
would have fared well’ in the 
Oxford league for eccentricity 
Yet, despite these atypical 
characters the Edinburgh up- 
bringing has a strong air of 
authenticity, neatly marked by 
toe subtle changes in vocabu- 


p re-war procession 


lary associated' - with crossing 
the border. Barristers become 
advocates, Anglicans Episco- 
pal eans or M piskies. ,, 

With Oxford a, less typical 
picture emerges. The part of 
Oxford life which is portrayed 
in the novels does? exist, : but- 
there are many other facets. 
Even ignoring the' noh-Univeiv 
sity part of toe town (although 
I have heard an American .des- 
cribe Oxford.- - as . “Britain’s' 



been to the pace tS lif&. : ~-W- ■ 

Stewart’s dons do jaot iro&6ar to. 
have much to do, altoimghJeariy 5 
.in Full Term .he renEgferthat ' 
appearing not to .» 

affectation typical .options. : ij- A* ^ 
most- dons of • myv experieiass- • • • 

article .deadlines* tesearchT-cbto- \ v^;- . 
mitmfinte.and *. *■ 

competitive approat2f-? } '-to 
academic life V • X4 , * >- 

much tighter schedules/m - . 7^ .. 7S * 
their : . pre “ v, 
have tolerated, — 

can toe extra activityfemP^ '^W 
'iNpnyQxtord' readers " 



readable as 
•not aillike ’this.' 


‘S 







11 


December: 3fr 1578 ■ 




by Lucia van der Post 


c-^m 

-Cl.'. “«I ■ 

iff $&■.■,■■ 

■; ••".•:<&•• ' 


^ Cjtl S *r : ourijow traditional 

botiday-tiine * qatc^- ‘Anaaoug .- readers have 
been writing, jm f or the past lew weeks to 
make swe tbat ?wkadu*t- forgotten, that 
•fey l^ere-iaqktag forward Co the Quiz itself 
and - tor; the ; opportunity «f winning - the. 
eqaafly ^trartltjonaK -wdas—a. magnum of 
champagne.' • fe>; ;■ - • • • • • ' •. •;■ - 

: ; This. ‘yea^st q^z bas largely . been «om- 
p3ed for' usbyUs.P. C, Cotter, whom many . 
of you wiffalready know as our: bridge 

■;• correspondent and«jinpller of some of oof 

: crosswords- yEacfr year we try to vary the 


® n ^ *■ greater tost of numeracy, others of 
-5 ?K : : general ‘knowledge-rad yetothers still may 

“ A-;. - v - havfeTporeofa leaning towards the dassital 
' : V:- ' jot the literary- TUs .yeajfs has less depen- 
“ d«JCB Off nmaeracy which I know wfll please 
’=> ft- . i. - . our less Udhflgtfi ttl^miiided readers and 


V.. 

: ‘ -:u *," 




~~ /*ii 


fefefe 
' "fe- 

:r ^4. 

. - ■< - 
■ w 


atnuchr greater dependence on general 

knowledge. 

Wefcave again left sufficient space for all 
answers to be filled In on the page itself. 
Do make sun© you use a pen that writes 
neatly: sad clearly as that makes onr job 
of checking the answers very orach easier. 

.- We w}U award three prizes of a magnum 
. of champagne each to the first three fully 
correction ection of answers that are opened 
in this offico on Monday, - January 8. . 

... . Mark'jall your entries "Quiz** and send 
the completed page to: “How to Spend It 
Page,”; fin and al Times, 10, Cannon Street, 
, .loudohr. EC4. The three winners and the 
■-answer^Will all be published in the issue 
of Jamjar? 13 and In the meantime I hope 
you aJThave great fan doing the quiz and 
I wiskyon a happy New Year. 





n i f ■ a > 





it w j 


Magic Square }?■ Who or what 


What are these pictures of? 

FU1 in the names under the photographs 







• Lj.Zi Arrange the numbers^ to 9 ■ a 

■^l^ioI££S?^!L££Z 80 horizontally, . vertically, IS IH* WSS ? 
following characters rad diagonally the columns add 

appear . . up to the same amount. a. An Indian runner. 


a. Caliban 


b? Sir Pierce of Erton 


& c. Imogen • . 


d. -Osrie 


e.. Jessica •./, 



- In What Shakespeare plays do 
. the following quotations 
appear?-: - . ■ 

r . - f. Let not my .cold words here 

I, - accuse- my ; zeaL- 


!; g. Give me my robe, put on 
1 my “crown: . T .have immortal 
Y longings Jn me. 


How numerate ; 
are you ? 

-a. I asked my wife ttrfiiiy me 
one pound's worth of . Up. 7p, 
and 3p stamps. I said I needed 
14 stamps, with moreYat 9p 
than 7p. What did shejhring 
me? ’ ?' 


h. Mane eyes are made the 
fools .o' the other senses. 


- i. O then began the tempest 
of my' soul. ... . .• . 


1- This -.was... the most . un- 
kindest cut Of all. •' * . 




Historical 


1 — p.' . In what year; did the follow* 

: ing .ereats take place? ; . 

H ? 7 '- a. Signing of the Magna Carta 

fei-- ■'- , ‘- r A ; 

’^-►7 1 : ..... • .. * ■ 

' K V b. Battle of Agin court ; ’ 

I-.-,';..- •‘•■■ii v" ■"•. " 

-:-VVv v L.-.'. . 

^ . L c, .The G^Oral Strike 

r; 

. *$i m - 4. Slicing of the Iiiisitenia 


b. Our golf club decided to 

go to the south coast for the 
day. The eoach we hired cost 
£35.56. A special rate per^head 
was fixed as there were over 50 
in the party. How manjr were 
there? .}• 

•s . 

c. Uncle Sam decided to buy 
some ball-point pens for his 
nephews and . nieces:; as 
Christmas presents. The^um- 
ber he bought was equaUto the 
number, of new pence be’ gave 
for each. There was a cheaper 
variety costing 4p less. ;If he 
had bought the cheaper ones, 
he could have bought five more 
pens. How many did he actually 

. buy? 


Canine 


mat do you know of these 
dogs? _ 


a. Flush 




i-- 


e. Bottle irf Marathon - 


Crime 


- What sleuths do you connect 
y; with? . 

-V ! a. Dorothy: L. Sayers 
>V S' -K. G* KiCKhsterton 
: | "c- ‘’Georges SImenoh V 


dT-H. Austih Freeman 


. ' / 

•r b. Argos . / 

'• ‘ / 

c. Cerberus . 

d. Boatswain 

{. 

• e. Mick the Miller 


Equine 

' What do you know of these 
horses? 

; a. Pegasus 


.. - b.-Incitatus 


-c.. Copenhagen 


. d. Bucephalus 


--••Vl-i 

>*• 


e i l . SSL'.Sj Van Dine 


e. Buriq : 


PENING 



-■Jm&iJhm*"-** K0*d^W»l«^EClA7DB. 
T^pboo, 0 Vt2*3 656JJ. 

. Um-lhn 9'*’’-^ wflifn * Soi wn-JP»V 
Pari** Newt* Opm n«* rear’s Dar 


b. The Flanders mare. 


c. Dutch courage. 


d. An Irish bull. 


e. Bombay duck. 



.5 V ■ 





World of Sport 

mat sports or games are b. Dribbling up to the circle, d. She netted twice 
referred to here ? he scored a goal 


a. The dedans 


e. Carried the right-hand 
c. The backward finesse trap. 


Identify, by writing the name and letter under the appropriate photograph, these people, who In 

1978 in sport . . . 




Topical 

All these places have been 
In the news in 1978, but where 
is: 

a. Silicon valley? 


b. Beryl? 


c. Windhoek? 


d. Narita? 


e. Jonestown? 




MZA 



People 


Supply the missing names 
a. Publius Virgilius 


b. Percy Shelley 

c. William Gilbert 

d. Wolfgang Mozart 

e. Charles Dodgson 


Showbiz 


a. Failed and they put the 
boot in. 

b. Succeeded in ciassic 
style, and again, and again. 

c. Became a centre of 
attraction. 

d. Was the only one from 
Britain to find gold in Eastern 
Europe. 

e. Came out tops in spite 
of his amateur view of things. 

f. Kept Britain in the 
Commonwealth swim. 






Current 

Affairs 


Also In 1978 . . . 

a. Where was Princess Mar- 
garet caught in a heavy shower? 


b. Why did Menachim Begin 
go to Oslo? 


c. Why did the Shah go to 
Tabas? 


d. Who did Mohammed Ibra- 
him Kamel cross a moat to 
meet? 


Who In the world of Show 
Business - . . 

a. Plans to set them dancing 
on the rooftops of Kensington? 

b. Reached 50 without his 
voice breaking? 

c. Will face 1979 without 
being able to look to Mecca? 

Classical 

Give the Roman equivalent 
of: 

a. Pallas Athene 

b. Aphrodite 


c.' Hermes 


d. Demeter 


e. Zeus 


Gastronomic 

The palate and the kitchen 

a. Anthracnose. chlorosis and 
phylloxera vastatrlx — are alL 
dangers that can affect what? 


b. Quark, crescenza. rollot— - 1 
all have a flavour of their own, 
but what are they? 


c. If 325 is 163, what is 400? ; 


d. On holiday he sticks to: 
bacaliaros, naseilo or berlam, 
and chips. What does he eat, 
and which countries does he 
visit? 


'fffl 




& 
i. A ".r 

iSf#** 


STATUS] 

MARKS' 


A hundred years ago ihr best 
people ate their tood with table 
silver. Thoir table silvei (over a _ 
hundred years old) brougni back 't 
—io mint condition by 1 craitamen 
silversmiths ran be yours to eat 
with at much less cost than 
naw li will give you beauty, _ 
status and a lasting investment. •, 
C.oJhtctfld matching services are 
available lot your selection. . 
Send ' lor a list o*- phone 
’ Kettering '81792 fdaytimej or 
Thrtpeton 2105 (evening). 

W. ». EVANS, Old Bakehouse. 
Dcnfbrd, Kettering, Northants. 




SALE NOW ON 

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DIRECT FROM MANUFACTURER 

Tho alegaiit Captain'^ Chair ia now available nt 
only E225 inc. VAT— at least £100 below Store 
price. Upholstered in lull grain anlique fmish 
leather with hand polished solid mahogany 
oallery and legs. Swivel and tilt afction. Swivels 
through 380* tilts back 30". 2lt. depth/ 2lt. 
width, height 2l£- 6m. • 3li- Available in antique 
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CAFTAIW'S. 
CHAIR IN HIDE 


BRITISH POST OFFICE GUTTER PAIRS 

It Is not possible for anyone to guarantee the future, and, as everyone knows, the value of an Investment can go down 
as well as up. It is 'also known (hat past experience is not necessarily a guide lo the future. The following is the 
opinion .of Gustamps, one of the leading mail order stamp dealers in the United Kingdom, and we hope you take our 
advice as others have done in the past. 

Prized internationally by discerning stamp collectors, and investors, 1 British Post Office Gntter Pairs are Tast becoming 
the most popular of all modern British postage stamps. These gems of the Philatelic world are virtually recognised as 
international “philatelic currency ” and their investment potential is constantly enhanced, as stamp dealers are 
regularly seeking to replenish their dwindling stocks to sale the insatiable appetite of collectors throughout the world 
for British Post Office Gutter Pairs. 

British Post Office Gutter Pairs arc scarce by their very nature as there are only ten Gutter Pairs In every sheet or 
100 stamps issued hy the British Post Office. Thus only a small percentage of any commemorative postage stamp set 
Issued by the British Post Office is issued in Gutter Pairs. 

The first commemorative Gutter Pairs issued by the British Post Office appeared in 1972 to commemorate H.M. The 
Queen's Silver Wedding, but many collectors did not start lo collect these until as late as 1975, when the earlier sets 
of 1972 to 1974 had already become elusive to obtain. By late 1977 the majority of collectors, dealers and investors 
throughout the world, but especially in Great Britain and the. United Stales of America, realised almost loo laic that 
the earlier Gutter Pair Sets had indeed became very scaree. It was soon discovered that many of the earlier British 
Gutter Pair sets bad been destroyed by Post Office counter clerks by folding aod tearing sheets of stamps, and so 
rendering them uucollectabie. By this time it was fully realised that only a small percentage of those Goiter Pairs which 
were thought to exist, actually did, and these few valuable Gntter Pairs were mainly in the hands of private collectors. 
We recommended our cnslomers to M buy ” the complete collection of British Post Office Gutter Pairs in 1975, and those 
who were fortunate enough to take our advice now have the opportunity to re-sell these same collections and lake a 
staggering 500 per cent profit (Ves 500%; in a period of barelj- three years. 

We now repeat history by recommending the complete British Post Office Commemorative Gutter Pair Collection again, 
this time forearmed with the knowledge of the past three years. We recommend you buy this collection now, which 
we believe is more underpriced than at any lime since first recommended in 1975, due to the overwhelming public 
demand for these scarce collections which have become virtually unreplaceable. 


DID YOU MISS THE BOAT. . . 

.. . . with the Great Britain “ Britons " Gntter Pair Set, which 
we recommended, and sold for £3.25 back in 1976? Did yon 
know that this now sells for £56? 

. . . with the Great Britain Royal Wedding Gutter Pair Ret, 
which we recommended, and sold for £4-50 back in 1976? 
Did you know that we are now trying to buy these back 
for £52? Will you miss the boat with what we are now 
recommending, as what will probably turn ont lo be one 
of the “best bays of the year"? 

We strongly and wholeheartedly recommend the complete 
unmounted mint collection of Great Britain Gntter Pairs 
which now spans six years from the 1972 Silver Wedding 
issue of Her Majesty Queen Elizabeth 21. to the Cycling 
Stamps issue of 1978. 

SPECIAL OFFER 

The complete collection, which Includes every commemora- 
tive Queen Elizabeth II Gutter Pair issued by the British 
PosL Office, from 1972 Silver Wedding lo 1978 Cycling. 

A total of 244 stamps in complete Gutter Pair sets. 
We regret that due to tbe very great difficulty in obtaining 
some of the early. Great Britain Gutter Pair Sets of 1973 
and 1974, which arc absolutely vital lo the M complete 
collection.'' this “Special Offer" must be limited to 
Maxi mom One Collection Per Customer. 


PRIORITY ORDER COUPON 


YOUR REMITTANCE SHOULD BE MADE PAYABLE TO 
" GUSTAMPS READERS ACCOUNT " AND SHALL REMAIN 
YOUR MONEY UNTIL YOUR GOODS HAVE BEEN DES- 
PATCHED TO YOU AT THE ADDRESS SPECIFIED. 

YOUR GUTTER PAIR COLLECTION WILL BE DESPATCHED 
WITHIN SEVEN DAYS BY REGISTERED. INSURED P05T 
ON RECEIPT OF YOUR PREPAID ORDER. 

CREDIT CARD TELEPHONE ORDERS ACCEPTED. 

iBRlflSH’pOST oTfIcE*""! 

I GUTTER PAIRS SPECIAL OFFER i 

S ' MAXIMUM ONE COLLECTION PEff CUSTOMER n 


ORDER FORM 


PLEASE PRINT IN BLOCK CAPITALS gj 

TO GUSTAMPS: PLEASE SEND ME THE COMPLETE ® 
G.B. COMMEMORATIVE GUTTER PAIR COLLECTION 0 
UNFOLDED UNMOUNTED MINT 1972-1078 |2A4 D 

STAMPS) ■ I ENCLOSE FULL PAYMENT OF E2A8. g 

I enclose cheque/P.Q. value £ n 



PRICE PER 
COLLECTION 

£248 


Address 


IWfc S JL555LJ MAXIMUM ONE COLLECTION 

BRITISH POST OFFICE GUTTER PAIRS PER CUSTOMER . - 
ARE AVAILABLE ELSEWHERE ON THE 

INTERNATIONAL PHILATELIC MARKET. OR Ufill - ' 

DIRECT FROM GUSTAMPS; 

'■ " = ORDER 

ONLY 

24 LISLE STREET, 

AlIATJIftADC LEICESTER SQUARE, 

huh I AMr a LONDON WC2H 7BA. 

MWVnifM Telephone 01-734 9341. 


..Post Code eg 

fSjL GUSTAMPS PBSFH n 

1 ACCfiSSJ BY ACCESS/BARCLAYCARD ffi— — g 
VISA 9 

8 

Card No K 

Signature S 

Post campleted coupon and remittance to: g 

POSTAL SALES DEPT., B 

Reg No. 20396)9 .GUSTAMPSj g 

24 LISLE STREET, LEICESTER SQ. LONDON WC2H 7BA 1 

© GUSTAMPS 1978 H 




- ?i J r J-** - .V • 






Financial Times ^ saturaa^ 


jL/CVCUim 


ARTS 


Safe and sound 








Christmas week is uo . lime 
for experiment. It is a time for 
the re-bearing of plays, per- 
formers and shows one knows 
and likes. It is a time for Pinero 
and Dodie Smith, for Stoppard 
and Lloyd Webber, for Tauber 
and Beachcomber. It is a time 
when the popular unashamedly 
ousts the rarefied. It is a time 
when a proper appreciation of 
radio's delights waits upon the 
digestion. And so it proved: 
RosL’iicraiitz and Guiidt’nsfcm 
Are Dead. Dear Octopus. The 
Magistrate. Joseph and the 
Am a r.ng Technicolor Dream- 
coat were, all gratefully received 
in a state of eupeptic content- 
ment with the mind doubly 
occupied decoding the signals 
coming from the loudspeakers 
on the one side, and on the 
other those on the newly 
acquired computerised Chess 
Challenger which has dominated 
Christmas this year in our 
family. Under such conditions 
critical reactions do not have 
their wanted purity and must 
perforce be a little suspect. 

Let me say. however, that t 
felt The Magistrate (Radio 4. 
UK. Christmas Day) to he un- 
commonly well done in .John 
Tydem«»n's production. This 
cleverly constructed farce 


ANTHONY CURTIS 


reminds us that our Victorian 
forefathers possessed a talent 
for sheer tomfoolery in ail 
respects as great as their passion 
for piety and solemnity. To put 
such u pillar of the Victorian 
establishment as a Eow Street 
beak in the compromising cir- 
cumstance of having to appear 
on a charge in his own court 
(among dozens of other compli- 
cations » was a stroke oF genius 
on Pinero's part. In Nigel 

Stock's performance this toppled 
figure of authority positively 
oozed discomfiture. And the 
wailing tones of Jill Bennett 
were dead right for the part of 
his spouse who subtracts years 
from her age. thereby requiring 
her big son Cis (Anthony 
Daniels) to pretend he is only 
fourteen. 1 happeued to see 
ihis play when I was not much 
older than Cis. with Harold 
Lang in that role and Denys 
Blakelok as Poskett. and I pay 
the radio production no mean 
compliment when I say that l 
laughed ns much this lime 
round as I did then. 


I was around Cis's pretended 
age when Dear Octopus was first 
performed in 1938 but somehow, 
alas, I failed to get to it. and 
know the work only from 
nostalgic- revivals. It had every- 
chance to prove its staying 
power in David H. Godfrey’s pro- 
duction (Radio 4 UK, December 
23) with such talents as those of 
Gwen Frangcon-Davis and j 
Robert Harris as the married ; 
couple about to celebrate their : 
golden wedding and Lisa Harrow 
as the wife's desirable com- 
panion. Here was middle-class 
England with its strong dynastic 
sense just before the barrage 
balloons went up. minutely 
observed right down to the last 
place-settirg. Surely the struc- 
lure of ir influenced Eliot's 
The Family Reunum which came 
on the following year? - 

Both Kosenrran/z and Josqjfi 
are too recent to require re- 
appraisal. Suffice to say that both 
took to the air gracefully enough 
but not entirely without diffi- 
culty. In spite of some re- 
writing and tailoring by the 
author you do really need to 
see both Rosencrantz and 
Guildenstern for the switch From 
Shakespeare to Stoppard to 
work effectively; as for Joseph 
with Paul Jones in the title role 
it was fine — all tlvee times — but 
I felt the narration by children 
and the interminable sung 
credits to lie a mistake. 

As this is my l?st radio review 
or the year I suppose I really 
ought in find some trends. Radio 
is so continuous, so ubiouitous 
a medium now that this is diffi- 
cult. Clearly local radio, both 
BBC and ILR, will become more 
and more a feature of our listen- 
ing lives. In network the recent 
wavelength changes seem to 
have significantly increased the 
audience within the UK for the 
excellent World Service news 
and information .programmes. 
On the entertainment side in 
3 and. 4 the output is colossal 
but the aim often haphazard. 
At the receiving end I have a 
sense of constant opportunism 
rather than any serious long- 
term programme-fashioning, of , 
too many ideas chasing loo few j 
studios. Chat shows proliferate ; 
like wood-ash but the one-time j 
neglected radio feature ton any- 
thing from hypnosis to Harley | 
Granville Barker) has proved j 
itself to be a glorious bloom 
flowering constantly in the 
most unexpected locations. As 
for the broadcaster of the year, i 
if such an award were to he j 
made. I would give it un- 
hesitatingly to Sir John Gielgud ] 
for bis brilliant series of ofF-the- 
cuff recollections, A» Actor In 
His Time. 



t Indicates programme in 
black and while 


BBC 1 

9.30 am Multi-Coloured Swap 
Shop. 12.13 piu Weather. 

12.13 Grandstand: Football 

Focus i I2.20i: Racing 
from Newbury (12.50, 
1.20. 1.50. 2.20); Inter- 
national Ski-Jumping 
1.10. 1.40. 2.40) Four Hills 
Championship; Rugby 
League (2.50) Leigh v. 
Hull 'Kingston Rovers: 
Basketball (3.30. .4.05) 
The Philips International 
Tournament (semi-finals); 
Cricket; Third Test (3.50 ) 
Australia v. England 
I highlights). 4.40 Final 
Score. 

3.10 The Basil Brush Show. 

5.40 News. 

5.50 Sport/Regional News. 

5.53 Jim'll Fix It. 

W.."0 Dr. Who 

6.35 ” Oliver: " starring Ron 
Moody. Oliver Reed. Harry 
Soeombc and Shani Wal- 
lace. 

9.13 Starsky and Hutch. 

10.05 News. 

J0.I5 Match oT the Day. 

JLI5 Andre Previn's Christmas 
Music Night. 

11.55 Weather and Close. 

All Regions as BBC-1 except 
at (he following times: 

Wa!e‘ — 9.10-9.30 am Bohol 
Bach. 5.50-5.55 pm Sport/News 
for Wales. 12.15 am News and 
Weather for Wales. 

Scotland — 1.55-5.10 pm Score- 
hoard. 5.50-0.55 Scorehnard. 
10.15-11.15 Spurtscene from New 


ENTERTAINMENT 

GUIDE 

OPERA & BALLET 


COLI5EUM. Credit card! 01-240 SJSfl. 

01-336 3(61. 

ENGLISH NATIONAL OPERA 
V/lnnci 1978 SW6T Award. 
Outstaiiti.'ig Achievement •" opera. 
TnniBht 7 OO Der Poienkaval.cr. Tuc 
and Tbur. ncx< 7.30 The Adventure* Ot 
Mi. Brnucea Wed. n*»t 7.00 Jonathan 
Miller's ored The Marriage •« 

"Irnmcr vil. sucrciiiol and enjovabio 
Gdn. Fn neat T.30 Towa. 104 B»'«>nv 
eats avail, 'or ail Boris, from IQ DO 
on aav of doi 


COVENT GARDEN. CC MO 1068. 
iGardcncnanu Cffd't CjMs 8 S 6 G903.I 
THE ROYAL BALLET 
Todav 2.00 The Sleeping Beauty Tltur*. 
7. JO La Fille mal gardco. 

THE ROYAL OPERA 

Toni 7.30 and Mon 7.00 Die Fledcrmau;. 
Tuns, Jnd Fri 8 00 Salam:. Wed 3 Un 
balls in maicner.-i iKennr replaces 
Burrowrs. Sardlncio replaces WucHl. 
65 Amok! seals a**,!. all perl*, from 
1 0 am dav oi uorf 

THE TWO FIDDLERS 
Childrens Op vf hr Peter Mavwcll Davies. 
Family Eniei'iainninnt Jeannetta Cochrane 
Tneatro Dull , 2 30 .-nd 5 W". Ticket; 
Cl. 50 irom Rsval Opera House or 11 im- 
6 JO pm tt j.-annena Cochrane Theatre 
















Geoffrey Chanj, Gregory Dempsey and Lorna Haywood 


The Adventures of Mr. 


Janacek's The Adventures of 
Mr. Brouceh. brought at last to 
an English premiere by the 
Engiish National Opera at the 
Coliseum on Thursday, is an 
absurd opera full of wonderful, 
surprising music, entertaining 
and touching in spite of drama- 
turgic?, t peculiarities. It might 
be described as two absurd 
operas, connected by musically 
strong if dramatically slender 
threads. Janacek used for the 
basis of a libretto cuoketl up 
l«y several hands two satirical 
novels by Svatopluk CeCh about 
drcam-cxcurEions suffered by a 
prosperous petit bourgeois of 
Prague at the end of the last 
century who gets drunk tas 
usual) at his favourite pub and 
is transported in his fuddled 
imagination first to the Moon, 
then to medieval Prague, at the 
time of the Hussite Wars. 

The Moon act (the “excur- 
sions ” of the original title have 
become “adventures” -in The 
late Norman Tuckers English 
translation! gave Janacek 'and 
his several librettists much 
trouble. The Prague act on the 
other hand went easily and 
nuii'My. Yet the curious thing 
ix that thp former has more of 
the intense!-/ individual kind of 
writing we know from the nost- 
Rri.iiif.vfc oneras — terse, lapidary, 
pungent, initially disconcerting. 
Both acts are filled with sudden 
musical delights which must be 


snatched quickly:' nutty phrases 
blossoming .into lyrical ones, 
touches of colour which in other 
hands might he banal Inn in 
Janacek's sound new and right 
— harps, solo violin, and in 
Kunka's lament for her slain 
father an organ. 

With masterly mu f 1 cal direc- 
tion by Charles Mackerras and 
a production by Colin Graham 


OPERA 


RONALD CRICHTON 


that avoids most of the work's 
pitfalls, the ENO makes a strong 
case for Broucefe — Thursday’s 
audience was conspicuously 
friendly and happy. Not every- 
thing comes out right. Some of 
the Moon act and the preceding 
prologue outside the inn suffer 
from an excess of gesture, 
movement and arm-waving that 
justified Mr. Broueek’s tetchy 
epithet “angry bluebottles." 

The producer is not entirely 
to blame here. No staging of 
this opera could entirely dis- 
guise the fact that the satire 
backfires. Broucek himself, an 
obnoxious Little Man, bowler- 
hatted and carrying an English- 
looking umbrella, sums up 
everything most dislikable 
about materialistic, unimagina- 


York plus a look back over the 
year. 12.15 am News and Wea- 
ther for Scotland 

Northern Ireland— 5.00-5.10 pm 
Scoreboard. 5.15-5.35 Northern 
Ireland News. 12.13 am News 
and Weather (or Northern Ire- 
land. 

BBC 2 


Leonard Bernstein at Har- 
vard. 

pra New Year Matinee: 
" How the West Was 
Won." 

i Play Away, 

Chaplin Double Bill: 
'* The Kid v and at t5.50 
“ The Idle Class." 

Cricket: Third Test. Aus- 
tralia v. England (high- 
lights). 

News and Sport. 

ELO at Wembley: Concert 
.performance by the Elec- 
tric Light Orchestra. 

The Dawson Patrol. 

Itzhak Perlman Plajs 
Brahms' Violin Concerto 
in D. 

Jack Lemmon in “The 
Apartment “ 

Pick of the Year: High- 
lights from the last series 
of The Old Grey Whistle 
Test. • 

LONDON 


Stadium. Ipswich (high- 
lights from Stock Car 
Racing's Home Tune 
Internationals). 3.30 
Half-time Soccer Round- 
Up. 4.00 Wrestling. 4.30 
Results Service: 

5.05 News. 

5.15 Puff the Magic Dragon. 

5.43 Happy Days. 

0.13 Emu's Christmas Adven- 
ture. 

7.15 Mind Your Language (re- 
peal). 

7.43 The Incredible Hulk. 

9.30 News. 

9.45 “The Magic Flute "—The 
Glyndebourne Festival 
production of Mozart's 
opera. 

12.45 am Close: An event in 
the early life of Christ 
read by Nanthi Gardner. 

All IBA Regions as London 
except at the following times: 

ANGLIA 


Birthday Greetings and Cuir Car. 0.30 
lassie. 10.00 Sesame Street. 11 00 
The Beech combers. 11.3) Joe 90. 12.00 


The Monkeas 5.15 pm Happy Da»o 
followed by Area Weather Forecast. 
Hiahland League and Shinty Result's. 

5.45 All Sior Winner Tales AH 6 15 
The Incredible Hulk 7.15 “ The Un- 
delaated," starring John Wayne and 
Rock Hudson. 12.45 am Reflections. 

GRANADA 

9.05 am Make It Count. 9.30 Sesame 
Street. 10.30 Saturday Matinee: " Ivan- 
hoe." starring Robot Taylor and Eltea- 
beih Taylor 5.15 pm Happy Days. 

5.45 All Star Winner Takas All. 6.15 
Tho Incredible Hull. 7.15 "The Un- 
defeated." starring John Wayne. 

HTV 

9.00 am The Fimistones. 9.30 Ten 
on Saturday. 9.45 Lassie. 10.15 Bat- 
man (part 1). 10.30 Tiswas. 11.15 
Batman (part 2) 11.30 Poo Spot. 

11.35 Ten on Saturday. 11X0. Tiswas 
(continued). 12.10 pm Popeye. 12.20 
Ten on Saturday 5.45 All Star Winner 
Takas All. 6.15 The Incredible Hulk. 

7.15 " The Undefeated. " starring John 
Wayne and Rock Hudson. 

HTV Gymni/ Wales— As HTV Genera! 
Service except: 5.45-6.15 pm Yr Wjth- 
nos "73. 


YORKSHIRE 

9.00 am The Amazing Chan and rho 
Chan Clan. 3.20 Space Ghost and 
Dino Boy. 11.00 You Can Make It. 

11.30 Sis Million Dollar Man. 5.15 pm 
Happy Days. 5.45 All Star Winner 
Tates All. 6.15 The Incredible Hulk. 

7.15 "The Undefeated." starring John 
Wayne and Rock Hudson. 


9 05 am Cartoon Time. 9.20 The 
Secret Lives of W-iltfo Kilty 11.00 
The Pnn:ess ol Tomhoso. 5.15 pm 
Happy Day'. 5.45 All Star Winner 
Tates All. 6.15 Th» Incredible Hulk. 
7.15 "The Undefeated starring John 
Weyno and Hock Hudson 12.45 am 
At ti e End ol the Day. 


SCOTTISH 


9.00 am Tarzan 11.00 Lavnrne and 
Shirley. 11.30 Sue Million Dollar Man. 

5.15 pm The Vary Tyler Moore Show. 

5.45 All S’ar Winner Takoc All. 6.15 
The incredible Hull 7.15 Feature Film: 
"The Undefeated . 1 stcrnnrj Roct Hud- 
son and John Wayne 12l«5 am Laic 
Call 


RADIO 1 

(S) Stereophonic broadcast 
t Medium Wave only 
5.00 am As Radio 2. B.06 Ed Stewart 
with Junior Choice fSl. 10.00 Peter 
Powell. 1.00 pm Adrien Justo (S) 
2.00 The USA Top 40 ol 1978 (S) 
4.31 Mike Read (a). 6.31 In Concert 
(S) 7.30-2.02 am As Radio 2. 

RADIO 2 


8.50 am The Saturday Banana 
wilh Bill Oddie. pjrt 1. 9.00 

Sesame Street. 9-45 The Satur- 
day Banana, part 2. 11.00 The. 
Mnnkees. 11.30 Tarzan. 

12.30 pm World of Spnrl- 12.35 
Headline. 1.15 News from 
ITN. 1.20 Eritish Kendo 
Championships. 1.35 1TV 
. Six — horseracing froui 
Leicester and greyhound 
racing from Harringcy. 
3.10 International Sports 
Special from Foxhail 


9.10 ?nr Play Gu.'ar II 9.35 Male 
li Couni. 10.05 The Lost Islands 

10.30 T>s«vas. 5 15 pm The Incredible 
Hub 6.15 All Star Winner Takes All. 

6.45 Saturday Cinema 1 Battle ol the 
Bulge.” starring Hemv Fonda. Robert 
Shaw and Robert Ryan. 

BORDER 


SOUTHERN 


8.50 am Thu Saturday Banana. 9.00 
Sesrme Street 11.00 The Monkees 

5.15 pm (.Qian's Run 6.10 The L-fe 
and Times ol Grizzly Adams. 7.05 Film: 
" Cool Hand Luke " 

CHANNEL 

12.18 pm Puffins PlafOcc. 5.45 All 
Star Winner Takes All. 6.15 The 
Incredible Hulk. 7.15 Feature Film: 
” The Undefeated '' 

GRAMPIAN 

9.00 am Scene on Saturday including 


9.00 am Tarzan. 11.00 The Mnnl.cca 

11 30 Mork and MmiJy. 12.27 pm 
Regional Weather Forecast. 5.15 
Happy Days. 5.45 All Star Winner 
Takes All 6.15 The Ircradible Hulk. 
7 15 Robin s Nest 7 45 Colombo. 

12.45 am Southern Mews 

TYNE TEES 

3.00 am Tartan. 9.50 Ca-ioon Time. 

10.00 Clapperboard. 10.25 Saturday 

Morning Film: “ jtoppefm " starring 
Michael York and Elte Sommer. 

5.15 pm Happy Days. 5.45 All Star 
Winner Takes All 6.15 The Incredible 
Hulk. 7.15 " The Undolcated,” starring 
John Wavne end Rock Hudson. 

12.45 am Epilogue. 

ULSTER 

10.05 am The Saturday Morning 


5.00 am News Summary 5.02 Tom 
Edward; (Si includin'! 7.32 CricVof 
Third Test (report) 8.03 Racing Bulle- 
tin. 8.06 As Rddin 1. 10.02 Kevin 
Morrison (Gf. 12.02 pm Frnnkio 
Vaunl-an with records (Si. 1 02 My 
Sainted Aunt. 1.30-6.00 Sport on 2: 
Football League Spocial (.1.30. 2.10. 

2 40. 3 45. 4.421; Racinq'lrom Newbury 
(1 30. 1.55. 2.25 plus results and clas- 
sified check 5.45t: Cricket: Third Test 
(1.30. 2.10. 2.40. 5 00) Australia v. 
England (reports and interviews): 5.00 
Sports Resort. Classified Football 
checks 5 00. 5.45; Rugby Round-up 

5.25. 6.03 Hits ol Europe 78. 7.02 
Beat the Record. 7 JO A Review ol (he 
Year's Radio 2 Tod Tunes (5). 8.30 
Srd Lawrence Orchestra (5), 9.30 

Saturday Ninht wilh the BBC Radio 
Orchestra (S). 11.02 Sports Desk. 

11.10 Roy Moore with The Late Show 
(SI. including 12.00 News. 2.00- 
2.02 am News Summary. 


ALBERT. From fl tU am. S^F J378. CC. 
Ek-14. 836 ian-J. Part* rutw 
E»nj. 7 US 7fi u r and Sit. < 30 and 6 00. 
A THCU5AND TIMES WELCOME IS 
LIONEL BART'S 

"MIRACULOUS MUSICAL. ' Fin. Timn. 
OLIVER 

w.th ROY HUDD 

GILLIAN BURNS. MARGARET BURTON 
Extra DCrfi. Tucs.. Wed. and J an. 9 at 
4.33 5- B.QO. 


ALDVYYCH. 636 6<0«. fei 0 . 6IS SJS2 
ROYAL SHAKESPEARE COMPANY in 
rwertolrc. Tcdiy 2. 00 & 7.00. M:n. 7.10 
Mfedfeion A RonIcv'S THE CHANGELING 
” Sea the Pui-.es tklBOmq." Tne Tim«s 

Wilh- Bronsdn HdMard'i SARATOGA 

t neat perl- Jan. 21. RSC also al THE 

WAREHOUSE urc under W /. 


; CRITERION. From 8.30 am. 930 321b. 
I CC bigs 9 36 1071 Engs. Mon. to Thur. 
I 8 . Frl. and Sat S.45 and B.30. "THE 
I MOST HILARIOUS PLAY FOR YEARS." 
' Flnanc.al Times. 

GLOO JOO 
bv Michael Hastings 

I ""Comic aeiir.um as stroke alter stroke 
| 01 cnuHoa demousnes British Omen Worn. 

1 BIlsslull« funny." Wardfe. Times. 

< DRURY LANE. CC. 01-836 81 OB. Mon. 
- to Sat. 8 00 Mats. Wed and Sat. 3.00. 
I A CHORUS LINE 

"A rare, de-astatiug, io*Oi.s, astonishing 
stunner. " S Times. 3rd GREAT YEAR. 


HER MAJESTY'S. CC 01-920 6606. 

E»gs. 7.30. Mats. W«-s and $a:s. 3.00. 
THE NEW MUSICAL 

8 ARMITZVAH (TOY 

" This stunning Drpduci.on uniquely 
emuvabic." F>n. Times " The funniest 
musical arauna bar none '- S Mirror. 

SEASO N ENDS JAN._ 6 T_H_ 

KING'S ROAD THEATRE. 01-SS2 'V4BB. 
From Dec. IS Da,i, Mon. 10 Tnurs. 
9.00. Fn. jr.O Sat. 7 3a ard 9 30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT SEE IT 


PALLADIUM. CC. 01-437 7373. Twice 
dally 2 45 and 7.30. 

OANNY LA RUE 
as Merry ' Widow Twankie In 

ALADDIN 

ALFRED MARKS as ABANAZAR 
Dilvs WATL 1 NG Brian MARSHALL 
and W 6 YNE SLEEP. "One of (he best 
dressed and runniest pantos to be staged 
at the Palladium for years" D. Mlrrnr. 
" The bcl-f feugns enme almas' non-stca." 
S. People 


DUCHESS. B36 024 3. Man. to Tnurs. 
Evenings 8.00 Fn.. Sat. S.1S and 9.00. 
OH! CALCUTTA' 


ROYAL FESTIVAL HALL. 9ZB 3191. 
D.'ii» 3 and 7.30 till 6 - Ja" 8 to 13 

Evgs. 7 7.0 Mat. Sat 3 

LONDON FESTIVAL BALLET 
In THC NUTCRACKER 
Today Mat- Lb-ber. Jolley. Hayworth. 
Tanlghf Ascnsio *an Cauwenbergh. 
Havwor'h. 


AMBASSADORS. CC. 01-836 1171. 
Evs. B.00. Tnes. 2.45. Sal. 5.00. fl.OO. 
JAMES BO LAM 
"A tuaerb acrlormance." F.T. 

GeralO flood 

m a NEW THRILLER 
WHO KILLED 

AGATHA_CHRISYI£ j . 

APOLLO. _ CC. 01-437 2663. E»s. b" 00 . 
Mils. Thurs. S. 00 . Sat. S .00 and 8 00. 
PAUL OANEMAN. LANA MORRIS 
DENNIS RAMSQEN 
CARMEL MtSHARRY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
*■ 2nd WICKEDLY FUNNY YEAR. Very 
very tunny, great entertainment." NoW. 

ARTS THEATRE. 'ofeaiiT 21 3Zl 

TOM STOPPARD'S 
DIRTY LINEN 

*' Hilarloui . . . see 11 ." Sunday Times 
Monday Id Thursday 6.30. Friday and 
Saturdays 7.00 and 9. IS. 


OH! CALCUTTA' 

9th Seniafcnai Year 
The nudity is stunning." Daily Mail 


: DUKE OF YORK'S. CC. 01-630 5122. 
i Eiemr.u 6 pm- Fn. and Sat. S.33. 0.30. 

' TDM FELICITY 

! COURTENAY KENDALL 


CLOUDS 
LIBS." Ob 


MICHAEL FRATM'S FUNNIEST PLAY.” 
Dally Telegraph. 


LYRIC THEATRE. CC 91-437 36E6. 
£v r 8 00 Tnurs 3.00. Sal. S 3*5 8 30. 
JOAN . FRA ns: 

PLOWRIGHT FINLAY 

FILUMENA 

b* Eduardo de F.iibso 
Directed b> FRANCO ZEFFIRELLI 
5acety ol West End Theatre Awards 
ACTRESS OF THE Y EAR 
COMEDY OF THE YEAR 
" TOTAL TRIUMPH." E Mem. " AN 
EVENT TO TREASURE' D. Mir. "MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times 


PICCADILLY. From B.3Q am. 437 -1S06 
Cr tin card bF.gs. 836 1071 
Mon.- Frl. a! SCO Sat. 5 15 and 0.15 

A NIGHT WITH 

DAME EDNA 
and a handful of cobbers 
Slurring the Increasingly ronlilar 
BARRY HUMPHRIES 
BOOK NOW 12-WEEK SEASON 


PICCADILLY From 8.30 am, a 37 8303 
836 3962 Credit card bfcng. 036 1071. 


Richard Goolden Un Talbot In 
TOAD OF TOAD HALL 


TOAD OF TOAD HALL 
□ally 2 pm. Today and Mor_ 11 am and 
2 nm. An morning nerfj. seats Li .BO. 


I FORTUNE. S36 2236. Era. 8 . Thurs. J. 
Saturday 6 00 and 8 00 
Muriel Patlow as MISS MARPLE, 

I MURDER AT THE VICARAGE 

I FOURTH GREAT YEAR. 


, MAY FAIR THEATRE. 01-493 2031. 
Until Jan. E Dally 10.30 2.00. 4.00. 
SOOTY’S CHRISTMAS SHOW 


SAOLER’5 WEILS THEATRE. Bosesmy 
Ave £C 1 ?;7 1*73 Tifl Feb. 24. 

D OYLY -APTE in 
GILBERT AND SULLIVAN 
Funs 7.30 Mats Sats. tr.d Jjn. 3 ’.30 
T.-nrgm THE PIRATES OF PEN7ANCE. 
Tj„>. ne-l la Jan. 6 THE MIKADO 


THEATRES 

ADELPHT THEATRE. CC 01-836 7611. 
Erciings at 7.30 

Mata ThursdAfSOO Saturdays < 00. 

An Enchanting New Musical 
BEYOND 
THE RAINBOW 

"HERE IS A HAPPY FAMILY SHOW," 
The Times. 

*■ BOUND TO R'JN FOR EVER. 
Evening News. 

"SUNNY. TUNEFUL AND 
SPEC T AC U LAP." 

D.iife Tnicgraoh. 

Creii! Card bookings 01-836 7611. 


ASTORIA THEATRE. CC. Charing Cress 
Rgad. 734 4291-439 6031 Man.-Thurs, 
8 pm Fri. and Sit. 6.00 and B.45 
ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 
Group bookings 01-437 3056. 
CAMBRIDGE' CC~ “01-836 6056. 

Evgs. fl.OO. Mats. Thun, and Sat. 3.00. 
TROU 8 ADOR 
A new musical starring 
KIM BRADEN. JOHN WATTS 
’’The Bast British Production ol a musical 
since ‘ CJmeiaC." Brenda Marshall. 
Capital Radio 

CREDITCARD5 WELCOME 
COLLEGIATE. CC. 01 -B25 6C56. 

Intern hen a I stirs n» hr»»| l>m|l< khow. 

THE MAGIC CIRCLE SHOW 
Jan. 1-6 3 Oq and 7 30 Book Now 


GARRICK. CC. 01-836 4601. Evgi. B.QO. 
ijharui. Wed. 3.0D. Sat. 5-30 and B.30. 
DENIS QU 1 LLEY in IRA LEVIN'S 
New Thriller 
DEATH TRAP 

"THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." S Tel. 
"VERY INGENIOUS. VERY FUNNY. 
VERY EXCITING" E.n. Times 


j MAY FAIR, 629 3036 -Green Pv Tube), 
i E»i. 8.00. Wed. Mai. 3.03. Fr. . Sat. 6 15. 

I 6 45. welsh national co. m 

UNDER MILK WOOD 

j Dylan Thomas's Com'c ■nisterniece. 

I Season must end Dec. 30 


PRINCE EDWARD. CC. 01-437 6877. 
Evenings 6.00.* Mats. Thuri.. Sat. 3 00. 
EVfTA 

by Tim Rice and Andrew Liovd-Wcbber. 
Directed by Herald Prince. 




tuii 


l-v 


} We Wigraore-Han is’ desig; . .Christmas cantata 
|. .rating its : .£52? . 


Christmas concerts 


turosa. 


life aTy 


presenting a Baroqaevselecti6n‘ 'recitatives and arias* the -Kst- 
vrith soprano'^iditii N^sozi. The bein^ -tile ; pastorale, ia wfeich y?* 
-nieces chosen lhdoded .{Qmdst the shepherds are sunuiioned ft.-. . • • ' 
the. full, repertory of tiiqse Iflt- ' _ pay Ijomage to the inf any raps.-- “•••* 
nip nflStOToIe^ movemenfS: that’ (fifigrettably only an aigtisp . • 
priwhtcticatadlv echo tfae.nifferi .‘translation of the text was snp- : 

VA_1*. ‘ ‘ ' ' - •■hA'iiaAlfiMilyi tir^ldn it 


P [ nativity was first . aaaoulicetL 1 . .-prodifced-: -■ tones, previously - 
Kfj'C&relli's concerts grosso' ,r fatto h^rd by jneronly on record, ! 
ME la none di natale"; (znore werefimmediately engaging and 1 .. 


aria was .• 

I f en& wi th such. a jpovement; ife ■ Intelligently ' caaght. but the ■ 

H.l " - - i CMlinn.iir 'm.mWiltn umritr-iwiiTil-limia hiwh .nrfllaNoil 


I'majar Key Stealing in; magiially wards:cquld:hirve been projected 
- -at the final cadence vf. a- sjj’ricy more , pointedly.' -• Greater eye- 
— - — 7 ^ r- contact with the audience and 


tivc Philistines, yet he is not 
much worse than the preten- 
tious aesthetes on the Moon and 
wins some sympathy even in his 
inglorious cowardice during the 
battle for Prague. . 

Gregory Dempsey makes 

Eroucefc determinedly uasty but 
crafty and impudent as well — 
a Schweik — figure with a gift for 
self-preservation. There is not 
room in Broucek’s music for 
much lyricism, and Mr. Demp- 
sey was rightly concerned before 
everything to get his words 
across (difficult in Janacek how- 
ever good the translation be- 
cause the vocal lines are geared 
to very different sounds and 
intonations). Lyricism however 
comes in plenty from Lorna 
Haywood as the girl in various 
guises lEroucefc's neighbours 
and cronies at the inn recur in 
his dreams) and from Henry 
Howell as her young man. Miss 
Haywood’s excellence as a singer 
of Janacek is well known. The 
young tenor Henry Howell has 
been coming on for some time 
— in Broucek he makes a leap 
forward, sending out phrase 
after phrase of tone excitingly 
firm and well-rounded. 


across Janacek's disruptive 
orchestra. The only important 
character apart from .the 


- - =:• . . ' > '• . •- ' J eiss with 8 ie score would have 

; . ItifiKUn - helped; 

V;' o:.;- v i -■ The "res t of -the • programme «• 

■ . KrrunwV uirki ' - - ' c6fi^tised/2C>^ute chunk of : 

fr ANTHONY tuuyp . -. excerpts . .‘from,; would ‘ you ■ 

■ y ‘ ' • . " % r , • ? helievel Jfeiaft; : the overture. * ' 

■§■■■■■■■■ IPastoral^Symphony (of ' course) 1 
ajjjotte firth A ; ri'Tna jAr'.~..and . three! arias '.in whidi Miss J. ' 

- Concerto from' Handel^ op.ftsfet Nelson" seemed ; .even .less 
which concluded the . eoneeitt involved. Admittedly; none of ■ . * 
special qualities of. -fee;, the arias were quite what, one * ’• 
■English Concert we» most .normally hears— *hey_ Wert i the v 
apparent. They use “authentic 'soprano- transposition of “But ; „ 

instruments," but there is: ixoitA- may. abide,”, the^ shorter • 

lag' of the mannered leanness 1^8 versions of "Rejoice 
of>; some comparable . groups/.; greatly " . aqd ; '!*tbe _ all-soprano 


ch aracter apa rt from . tue impressed most was their - "He shall feed - ,! -but the dif- 

protagomst “ ■ “"sj® .sheer sonority and ;t hr fiery ■ ferehces were too trivial to 


incarnation is Cech himself, the 
author of the Brouceh. novels, 


Sheer sonority and .the: fiery ■ ferences were too trivial to 
edwgy of their playing. Slow,. Justify this further reminder of 
■ dotied-rhYthm introductions-had isp -well-flqgged a wqrk._.Howevgr.; 


whose improbable appearance d^tb^^e a^nsT of s^d^had: 

one of 'the ritin^ onty Janacek hriliiant fast mowments. bf'.flre" yanished byt^tim^the^oar- 
one Ot ine uni) janaien nhfswflf fTip. mirmpt finalu 


Mjichinbon sang him finely. "Was the power ovei>apj>Iled ? off.the proceeding^ justiy ieav- 

The designs of Peter Ddcherty a s hade, I think.' Slow tog: the- abounding vitality of Mr. 

(excellently lit by Nick Chelton) movements were pressed rather -rPianock’s group as the:doaiinant 
are on the whole a success, hard and there was a reluctance : memory of thp- evening. ., 

notably in the inn set and the m -' -play a true , pfqmssimo- -ii_ — ■ 1 - 

handsome projections for the (though once, or twice the group.:’ -.1.;' COTESS^SOLUTIONS ;■ 


handsome projections for the (thongh once.or twice the gfoup';’ . CHESS^SoitiTl^NS " ' 

Prague act. The Jhoou, presum- showed themselves no ite capable . Strintlon to ^PosjQon No. '248' f ; 

ably seen through the unclear 0 f=- doing so). Slightly more 1 ',. . T NxP!-ah(i^W)iite' resigned, i 
and unreceptive eyes of Mr. rt j BVO w spe eda would also have If 2 QxN, or 2 NsN, QxP .] 

Broucek, is muddly, but even welcome j n the. Allegros, mate; er -3 N-&4. ;.-Qs3L . Half ' 

here Mr. Docherty contrives to ofTHandel’s organ concerto in B. credit * _ .:R(-1)-B6' which • 

make the art-object paraded for lop 4 no 2 ) hi which Mr. is also' very-strong. -- - . : 1 " 

PMioik was both director' add / Soluticn to Problem No. 248 
Hambowbrush (Arts Council s(Ji6iirt . in a ^ the many - 1 KW If 1 i V K^QS; 2.N-Pf7. • V 

bursar, no doubt) and of conree ^ run s the odd note escaped or if K-QSj.S NriP, or if K-B3: 2 

rejected by him, rather pretty. eVeT1 his vo i ant digits. ; N-QT,} if K-B5; 2 Q-B7: ^Not. : 

The real reason for going, .The first vocal item was ; 1 K-N7? - 

though, is not. the spectacle, Aiessendro Scarlatti’s delightful' ,1‘K-Q?? K-B3i n0flK-B7. K-B5. - 

however diverting, certainly not B lir^ei/ 

the dramatic content, but the ' THEATRES MEXT W£EK 

“lTbv Ton due to r 1 ^ ^orchestra! ''Science fiction again at the ^ ? ut p : - 

The quiet end of the first act, IGA with Ken Campbell** The: Theatre . CMb ^ in a one- 


Others playing multiple roles 
are Geoffrey Chard, Bryan 
Drake, Marilyn Hill Smith, Jean 
SlacPfaail, Niall Munny. Ashton 
Smith. Stuart Kale. Most of 
these were at least partly suc- 
cessful in getting their words 


1 lie UiUCl C!IU U1 mu IU.OL m-L, UIUI * Itv- - I - . ^ 

after Broucek has been dis- Wrir7> Course of Events, opening .£ 


— ? f X re ‘ he ra Pra ^ 

SESSHU from to MoSnmrS ^etoted press night 0^5 pthe^r star^ Wetorada^ On 


and the city is still except for Oxford Playhouse. Christinas Thursday at "the Pound House 
the off-stage voices of the lovers, revue Cily Delights, whose - Downstairs, I*> Nothing Serious 
completely enchanted the audi- innumerable contributors ‘ in- is nothing serious, just . another 
once. <dnde John Cleese and Alah/'revue. " ■ . i' 


Movie- " The Ghost and Mr. Chickon." 
11J0 Sesame Street. 5.00 pm Sports 
Results. 5.15 PuH the Magic Oregon. 
5.45 All Starr Winner Takes All. 5.15 
The incredible Hulk. 7.15 feature Film: 
" The Undefeated." starring Rock Hud- 
son and John Wayne 


WESTWARD 

9.05 am Tjrcan 9.50 Untamed 
World. 10.20 Saturday Morning Picture 
Show: " Countdown." tuning Jamas 
Cajn 11.55 Look end See. 12.00 
The Woody Woodpecker Show. 
12.25 pm Gus Honeybun's Birthdays. 
5.45 All Star Winner Takes All. 6.15 
The Incredible Hulk. 7.15 Feature Film: 
" The Undefeated." srerrinq John 
Wayne. 12.45 am Penh lor Life. 


RADIO 3 

(4.55-7.05 am Cricket: Third Test 
Australia v. England. 7.05 Aubad* (S). 

7.55 Weather. 8.00 News. 8.06 Aubade 
(SJ. 9.00 News. 9.05 Record Review 
(SJ. 10.25 Franz Lachner concert (SI. 

11 .00 Aeolian String Quartet (5). 12.00 
BBC Concert Orchestra in Portugal (S): 

1.00 pm News. 1.05 Schubortieadu IS). 

2.00 Mar. of Action- John Cnlder 
chooses records (S). 3.15 BBC Sym- 


phony Orchostra (SJ. 4.G0 Contem- 
porary Christmas fS). -5.00 Jazz 
Record Heauests (S). 5.45 Critics' 

Forum. 6.45 Violin end Piano Recital 
IS). 7.30 " La Bahama," opera . in 
four acta bv Puccini (S). 9.35 Sug- 
llanon or Making the Worst ol Both 


Worlds (lecture by Professor James 
Meade. Fellow ol Christ's College). 
10.25 Great Conductors at Hehesranl 
fSl. 11.05 Sounds Interesting (SI. 

11.50 News. 11 .55-12.00 Tonight's 
Schubert Song (S). 

R4DIO 4 

6.25 am Shipping forecast. 6 JO 
News. 6.32 Farming Today. 6.50 
Yours Foithlully. 6.55 Weather; pro- 
gramme news. 7.00 News. 7.10 On 
Your Farm. 7.40 Today's Papers. 7.45 
Yours Faithluliy. 7.50 It's a Bargain. 

7.55 Waether: programme news. 8.00 
News. 8.10 Sport on 4. 8.45 Today's 
Papers. 8.50 At the Turn ol the Year. 

9.00 News. 9.05 International Assign- 
ment. 9.30 Talking Politics. 9.55 News 
■Stand. 10.15 Daily Service. 10.30 
Pick of the Your (S). 11.20 Time lor 
Versa. 11.30 Wildlife 11.55 Spiegl On 
Saturday. 12.00 News. 12.02 pm Away 
Frnm It All. 12.27 You've Got to be 
Joking says Cardew Robinson (S) 

12.55 Weather; programme news. -1.00 

News. 1.10 Any Questions? 1.55 
Shipping lorecaat. 2.00 Bookshelf. 2.30 
Saturday- Afternoon Theatre. 3.30 Does 
He Take Sugnr7 . 4.00 Something 
Appealing. Somethlnq Appalling. 4.45 
Enquire Within. 5.00 A Penny Plain 
and Twopence Coloured . 5.25 

. . . And Yet Another Partridge in a 
Pear Tree (S). 5.50 Shipping forecast. 

5.55 Weathon programme news. 8.00 
New9. 6.15 Desert Island Discs— 
Norman Parkinson chooses records. 

6.50 ' Post Mortem " (ploy by Stuart 

Jackman). 7.30 Baker's Dozen (S). 
8.30 Saturday-Night Theatre- " Mr. 
Perrin and Mr. Traill." by Huoh Wal- 
pole (S) 9.58 Weather. 10.00 Nows. 

10.15 Wilh Great Pleasure: Sir Hugh 
Casson chooses poetry and prose. 

11.00 Lighten Our Darkness. 11.15 
Singer’s Choice (Tito Gobbi). 11.45 
Just Belore Midnight. 12.00 News. 


WEEKEND CHOICE 

: in Winter ! and. My -Fair Lady 
, tomorrow- ITV offers Ivanhoe 
- tomorrow- morning, then two - 
and ‘a-half hours of life Goes 
to : the .Movies, : which at least 
proznise& spme new .material, 
t and Tfie Diamond Mercenaries 

• in; the evening- -a • : 

Added to all the. usual old 

• :New Year’s Evfe rdbbidi . little 
time- is left for anything new , 
add noteworthy^ However, 
three programmes • featuring 
violinist { Itzhak - Perlman on . 

‘ successive evenings start on 
Itzhak Perlman *' BBC2 toni|ht: ITV shows the 
1 ■ Glyndel>burae ": Magie - . Flute 

Televirion’s' New Year week- tomorrow evening ; . ami. for 
end is'- packed .- with.; cinema viewere wha became hocked on 


ITH 


material: the: BBC shows II old John , Percival’s .series about a 
movies (counting the double' hill, modern grouj>. living in iron-age 


of Chaplin shorts thlk afternoon conditions last spring, there is 
but not Sunday mornings Stick a postscript telling of _ their 
Rogers) including: How^ ihe return to sotiety rn Living in 


West Was Won, (Miverl and The the Past on - BBC2 . tomorrow 
Apartment todajrand The Lion evening-—-C.D. 


TV RATINGS 


UK. TOP 20 (boms* vlwailng "») 
WMk Andlng Oocsmtor 17 ' 


1 Coronation St. (Mon) (Gran) 18.25 

2 Robin's ftost (Tltamss) ... 18.05 

3 Some Mothers 'Do 'Av* 'Em 

(BSC) 18.25 

4 Larry Grayson (BBC) 16-15 


5 Wednesday ut GghL (Thames) '18,00: 
G Coronation St (Wed) (Gran) 15.40 


7 All Creatures' (BBC) 1&40 

8 Thte la Your Life. (Thame*) ..; 14.90 

9 Crossroads (Mon). (ATV) ...... 14.35 

10 Bemfe (Thamioa ).-_.: 14.30 


19 Top of. the Peps (BSC) 13J55 

20 VarWy Club Tribute (ATV) .... ,13.50 

20 Liver Birds (BBC) ■ 13.50 

Figures -pontpUed by Audits ot Great 
Britain- lor the Joint Industry ".Council, 
for Television Advertising:-;. Research 
.fJicTAR). _• - 

■■ UJ). TOP TEN" (Neilssn 7Ra«rto»j 

.' Weeft ondtag 1 December 'if-' 

■ T-taveme and Shirley (ABC) 30.3 
2 Happy Cfeys (ABC) 2813 


AY 


Z Happy Days ( 

3 MASH (CBS) 


I th 


11 Crossroads (ThurV (ATV) 

12 Georgs sod Mildred (Thames) 


12 Gaorgs and Mildred (Thames) 14.05 

13 Disco Championships (Thins.) 43.95 

14 Moppet Show (ATV) . J _~. 13B5 

15 Crassrosds /(Wed) (ATV) ... 13.8a: 

16 Edward and Mrs. Simmon 

(Thames) 13.70 


(Dramas) 13.70 

17 Lillie (LWT) 13.65 

18 Mastermind (BBC); 13.60 


4 0 nathy at a Thne (CBS) ... 29.1 

' 5' Mode end Mindy (ABC) 25.3 

G Cfaarira Brown's- Christmas 

(CBS) 24:4 

7. Might ' Before Christmas (CBS) 24.4 

5 WbafS Happening (ABC) ,-24.3 

9 Barney Miller (ABC) 23.S 

10 Fantasy tel and (ABC) 2313 

A Aaifaeo ■ rating ts not .8 •: numerical 

unal.' - . • - - 


ROYALTY. CC. Ol-SOS 000* 

Monday-Tnursd^v evonlnoi a. 00. Friday 

5.30 ane B.45. - 5at<- 3-00 and 8.00. 
BUBBLING BROWN SUGAR 
Best Musical of 1977. 

Book bv rslepbons for the entire family. 
Easy parking. 


WESTMINSTER THEATOC.CC. 83* (KBS. 

3.00 and 8 . 00 . - Set?. 2.30- and- SJ3C.- 


3.00 and 8.00. " Srtj 2.30 and 5.3C 
- JOSEPH AND THE AMAZING . 
TECHNICOLOR DREAMCPAT ■» 
by Tim Rice and Andrew- Lioyd-Wcbbef 


BOOK N OW^ ^rrnp RUN. 
WHITEHALL. CC. 01-930 £602-7765. 
Monday tojTbdra.^ Marina .fri. om 


SAVOY THEATRE. 01-8*6 BBSS. 

Credit C-rds 01-734 4772 
TOM CONTI 
ACTOR OF THE YEAR 
West End Theatre Award in 
PLAY OF THE YEAR 
WHOSE LIFE IS IT ANYWAY 
Br Briar Clark. " A momcmsiii play. I 


Exdtwg Bteefc ^aSSuh Musical. " • 

■■ A pulsating Musical. . £ Nem. 

Seat: Prices Ez.so-ta £Sj>o. 

..FriURTH GREAT... YEAR ' 

ChrisMfts sBow WKMB.qf oz. .pajhr 

2 .15 S i r. Sat- 11 a m' amd. 2.15 - pro--- ■ 
WINDMILL' THEATRE. JX. -0>*3r 0*t2i 
Twice NighUv B4W-- and '10-00; 

■ See. 6.00 andV«J»o.' ' 

Paul raymONS proifUs .. 

■ ' ' RIP OTP — • ' ■ • 

THE EROTIC EXPERIENCE ©F THE 


GLOBE THEATRE. CC. 01-437 1592. 

1 Evgs. 8 . IS. Wed. 3-00- Sat. 6 - 00 . 8.40. 
PAUL EDDINGTON. JULIA MACKENZIE.. 


BENJAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

"This uni! Be the naooicM laughur 
maker in London." □ Te:. "An irrcsotlbW 
enjoyable cron mg. 1 ' Sunday Times. 


NATIONAL THEATRE. 920 2262. 

OLIVER roD*-n Tcday 2.45 and 

7. 30. Men 7 30 MACBETH. 

LYTTELTON iD-osccmum s.: a pel: Today : 
2 and 7.4S. Monday 7.45 PLUNDER by 
B^n Trawrs. 

TOTTESLOE Ismail auditcriunn* Tomohl 
and Mon. 8 THE WORLD TURNED UP- 
5IOE DOWN By Keith DnwhurS* Irom 
Chris-sshpr Hill i beet loemsps net sail- 
anir lor children*. 

Many welfent cenan snais ail J thiwtrec 
d>r wtrf. Csr Pork. Restaurant 
328 2033. Credit card bcaVInnj 928 
3052. 


PRINCE OF WALES. 01-930 8881. Crcdli 
cord bcok-ngs 930 OQda. Mon. to Thur. 
B 00. Fr . and Sat. 6 00 and 8 45. 
ALAN AYCKBOURN'S smash-hit comedy 
BEDROOM FARCE 

•• »f tou *ton't lai/on. sue me." O. Esp. 
A Nailaral TliUIrit production. 


urue vnu to sw it " Gdn Ereninos 8.00. 
Mars Wed. 3 00- Sars 6.45 and S.45. ' 

SHAFTESBURY. CC. 836 ~6S9wT 

836 42 55. Until Jan. 15. 

JANE ASHER. NIGEL PATRICK in 
PETER PAN 

□ally 2 and 6.45. Prices £5. £4. £3. £2. 
Reduced ericas tonight. Jan. 8 . 9. 10 . 
11 and 12. 

STRAND. 01-836 2660. t«cnlnqs 8.00.. 
Mat. Tlrars 3.00. Sats. 5 30 and 8.30. 
NO SEX PLEASE — 

WE'RE BRITISH 

LONDON'S BIGGEST LAUGH . 

_ OVER 3.000 P ERFO RMANCES 
ST MARTIN'S. " CC. 01-836 1443.' 
Evgs. 8.00. Matinees Tim. 2. 45. Sats. 
5. DO and 8 . 00 . 

AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S. I INGEST EVER RUN 
27lh YEAR. 


CLASSIC 1. 2. Si 4 .Oxlorri street (m 
Tottenham Court Rd< Tube!.' -036 0310. 
U and A ptdb*. Children UR-orfee. 

I: Richard ' Adam's. WATER5HIP.DOWN 
(U). JYow with stereaeKontc sound.' Progs.. 
.1 AS. 4.00. 6 . 1 S. 3.35. Late ThoW TEXAS 
-CHAINSAW .MASSACRE tX-GLCJ tl pm 
2: Clint Eastwood - iEVERY WHICH WAY 
HUT LOOSt. (AA). -PrqM.-1.20. J.35. 
5 l 50: B«5. -Late 1 show >11 J)®- om. 

3:> NlcJt NOfte DOG SOLDIERS <XJ.' Proas- 
i .io;- j-SSj-B-oa • b js.-Lna- show -» i- pm.- 
4; H mtR- A CAREER . r AJ .-J*roct. 1.45. 
4.4s .mvUP JBKIW. *- 


.MODERN ERA 
"Takes to unprecedented- limns what .!» 
ncmS 1*11 hie on qur -ttaOM." . ..W*y«. 
. THIRD GREAT YEAR. 


WYNDHAM-S.- Prom BJ50 am. Cl -8 36 

3026 . Credit card biros. SSfi- 1071. Mon. 
to Tbore-'EJUi Fn.- A SatS.15 t B.30. 
- ENORMOUSLY - RICH. 


Mary O Manev^. smash-bit comedy 
VERY FUNNY." Evening- News, 

- ■ ONCE . A CATHOLIC 
' Sure.Are comedy on sex *nd religion." 
DT. , “ MAXES.^YOIJ SHAKE WITH. 
. LAUGHTER. Gdn. 


TALK OT THE TOWN. CC 01 -734~S(ftr. 
Alr-eondimxiM. Fram^B.CO. DTnins. 


CUEEN'S. Credit cards. 01.734 1166. 
Evs. 8.00. Wed. 3.00. Sal. 5.00. 8.30. 
GEORGE CHAK IHIS. ROY DOTRICE. 
RICHARD VERNON. JAMES VILLIERS 
THE PASSION OF DRACULA 
'• OAKLING." E. 5fe. "MOST SCENIC- 
ALLY SPECTACULAR SMOW IN TOWN." 
Punch. ■' THEATRE AT - IT5 MOST 
MAGICAL." Times. Lit. SUP. 


GREENWICH THEATRE- 01-850 7755. 
E»5. BOO Hu. Jan. li. Matt. Sats. S . 00 


SEE HOW THEY RUN.' A farce bv 'Philip 
King. "An e'Mlrg o! unadulterated 


laughter." F T. EXTRA FOR KIDS. Toni 
Arthur tPlayiwavi. Genffrey HavesiGeoit 
al Rambowi in CHRISTMAS PLAYTIME. 
Until Jan. fi. 2-13 and 4.30. Saturdays 

11.00 and 2.1S 


OLD VIC. CC. 0’-92B 7616. B-cu again \ 
for- a (IKIll ChriStm*: anj?-n | 

Unt -1 Jan-Mry 13 MATS ONLY. 

Dl« it 2 .PO E»rr* Berts Tsrt * js«i S J 
6 . 13 « 5.01. alsn '-.n 1 ’ at tn.ao am, • 
THE GINGERBREAD MAN l 

"A triumph . . *vr»h f'.i>e:iing miles • 
le see.*' BBC 8adu>- 1 


PHOENIX THEATRE. CC. Q1-B36 2234. 
Evs. 8 00 Wed. 3 00 . Sat. £.00 .ins 8.30 
DIANA RIGG. JOHN THAW 
NIGHT AND DAY 
A New Play by TOM STOPPARD 
□■rested bv peter WOOD 


COMEDY. 01-930 2571- 

Evgs- 8.00. Tnurs 5 00 and B 00 . Sit*. 
5.1 S and 5 ig. 

The Delectable BRITT ECKLAND 
JULIAN HOLLOWAY 
m a wnli ns new comedy 
MATE! 


HAYMARKET- 01 1 9J0 , 9 ?3 2 I li 3 

Evgs. B.00 Wed. :.*0 Sat. 4.30. fl.CO- 
PENELOPE KEITH 
NIGEL CHARLES 

HAWTHORNE KAY 

ANGNARD REES 
and IAN OSlLVY -n 
THE MILLIONAIRESS 
By BERNARD SHAW. 


OPEN SPACE. Tur -Sun 6 S07 6509 

BRECHT'S RESPECTABLE WEDDING 
•'Sheer dclioht " Gdr •• Fattliwrg and 
Uio-sugnl) enKrtainme " FT, r«c Peri 
Tomorrow. 

PALACE- CC. O l -4X7 ~6tY*. 

Men.-Thur* £. F" led St 6.00 S40 
JESUS CHRIST SUPERSTAR 
by Tim Rise antf Andre** Llavd-VVrtber. 


RAYMOND REVUEBAR. CC- 01-734 1593 
At 7 00 9.00. 11.00 Dm Ot»n Sun. 
PAUL RAYMOND nrcrentY 
THE FESTIVAL OC EROTICA 
Fully atr-roudtiiannd 
2ls: SENSATIONAL YEAR 


ROYAL COurY. “30 ires. 

L>« enr*. Tfin't B. 
WHEELCHAIR WILLIE 
AlUrt Brown. " Q qf ihr* most 
rt*;«!iii7 4nfl firlO'flil nm* pl*Y$ j'vp ywn 
Oi* From jan. E. MARY 
BARNES BY Dnv.d Edsar. 


Dancing 9.30. SUpFR REVUE 
RAZZLE DAZZLE 
at _11 FRANKIE VAUGHAN 
THEXThE upstairs. _ 730~ assfi. From 
0 Jan 7.30. CFI Theatre Co. In 
ANCHO RMAN bv RonHdKWniM. 
VAUDEVILLE. CC. _ bUUC 9988. 
Eva. B.PO. Wed. mat. 2-45. Sit 5.00 8.00 
PATRICK GARLAND'S anantation ol 
TH9MA* HARDY'S 

UNDER THE 
GREENWOOD TREE 

" NOT SINCE WHO OATS HAS A PRO- 
DUCTION BRIMMED WITH «D MUCH 
GAIETY AND GOOD HUMOUR." Sun- 
Time?. " DELIGHTFULLY RICH ANQ 
REWARDING '• 0 Mir. vAflettlonile 
and _ tunny. Gdn. 

VICTORIA PALACE.' "CC. 01.82a~4735.fi. 

01-834 131?. ■ • 

E*5. 7. 3D. Wed. and Sat. 2.4S. 

STRATFORD JOHNS- 
SHEILA HANCOCK 
ANNIE 

" V OC.K BUSTING — 
SMASH-HIT MUSICAL '.' D. Mill. . 


WEMBLEY ARENA. ^ * 01.302 1234. 

-HOLIDAY ON ICS 
The Big Christmas Show fer ell the 
family. Until fAfi. S: Mon. tn Cri miIpa 


mio S»i|| uurouim jnww igr ||| Tnq 

family. Unrir Je& 5; Mon, to Frl. WHee 
dally. 3.00 A 1 S.D0. Sats. 2.00, 5,00 S 
a.00. .From- Jaa. 7: Suns, at XOO & 

BOO., jigji W, Fri. 74s. Mtt. Wed. * 


» vvl jwi w t hul Wed. A 

Thur. SSe .sail. 2.00. S« 4 J,IID 
Oilldnm jnd" Senior Cits. ij‘ price roost 

Efi. JSB i £U. d f 5 ?' Anw,e MrWBB - 

YOUNG vrt' saB'erseSTSiV >-*s. sat. 
Mil. 3. Phil Woods' adaptation a# 
CANTERBURY TALES. TctUV 11. Sub? 
p.iry. 3 HIAWATHA lor 6-12 re^fev 


YOU.'IG VIC STUDIO. MB"' 9363. Dalif 
11 4 2 JiO. THE QRCUS 
- a ptuMi. May fer 4-6 .year olds. 


WaAEMOU'E. D"nmar Tnnatri.. Cavern 
Gvden. Hsu ntflcc R34 S80S Royal 
Sh»kespn*re Co. Ton'L B.00 Mary 
O'Malley ; LOOK OUT „ . , HERE 

COMES ’’■ROUBLE All Mal; E1.B0. 
Adv. bkgs- AJdwvch. 


CINEMAS _■ 

IBS. ihattetbuiy Jkve. 83* B861. 
Sop. Peril. ALL. SEATS BKBLe. • w 
1 SUPERMAN 1 A 1 • ^ 

Wk. and Son. 2 . w. 5 . 00 . fi.io. u'w 

-shew Tonight tl.io • • 

2 -DEATH OM THE NILE lAI 
J^k. and Sun. 2.00. 5.00. ■ 8-QD. • •* . 











\ ' • • v -. • : - . ■:■ ■ ■ - >■- - • ■. ••• .-, - - : 



‘ :r ; • . - ’t*- 5 j*- 



13 






_ r .. '%?$£■ 


*.r-: •;■%■,;»?«• 
:r :.- ;. 


>■ 

ti pj 




* 



BY iftNET MARSH 


'f 


' ANDREW BLOCK ls‘_the’-61 d e st . 

working hDokseJlerYland : show's .5; v ',:' '£’-*£ iffl 7 
every :sjgir Bfretainin?;the title ; . •-*■ 
*for : ’a -1 m g. .time' yet He ■ keep's sS&wfv ‘roSt*''. 
his birth Certificate handy" in • 
his pocket;- -JSeqitise ^nobody 
believes. fcfm . when:: he. ; tells.: 
them rfie .-will be- 87 riext hlrxh- 
-day. Ht looks like a.manofSO 
:«r in, .and. is f a Jood/. deal 
bounder than most people half 
that age.- He ia te .his. Shop in - ; 

Barter- Street, near 4he^‘ British ' rM 
jr Jtuseum.fllldayand every week- 
* day. '. and . rarely relaxes, 
even •'for his. 'Joncb which he 
•eats as he works. If .there is a 
. book fair, on a Saturday or Sun*- - 
.day. you -can h* certain 'he Is 
Ltbcre .before anyone *lsc. He , 

T.'did once take a holiday/ a couple- ' 

[,af year? ago, but spent it buying 
; bneks’in. the West Country and 
-Wales.:- ■•■■.'. 


His' -shop is like no other, 
fatominaied; -by a mo on tain of 
Mirowtr paper- folder? - • which 
Fbouse (fee pays) a million items 
of ephemeral printing, all 
: meticulously classified. • From 
time 'tor. time, the mountain 
: threatens to turn into an 
: Zfz aval an Che; requiring one of Mr. 

Block’s popular feats of strength 
-.hfcntf agility to avoid- it lest 
^Technical and Trades A-D" 
became confused with “Theatre 
L-M” or "Circus-Oversize.” 





Andrew Block 


Hugh Roultcdgc 


The .ragged brown paper 
mountain might look a jumble 
v . *r lo the -nninitiated,. but Mr. 

; .. ' -.J HocKs boast is that if "he's' got 
;•{ ah Item he can find it in two 
•• ’i minuths 'flat. When found, the 
' It* desired 7 ! portrait of Maud Allen 

' ~ « 4 •. or .Israel ■ ZangwiJl . . a. . designer's 
’ .reference-" for a 3925 motor car 

. -• pr a scene from a 1910 musical 

'. iwll probably cost you 50p 

- hr £1. fin. the old days, it would 
3iave been threepence, of 

Wtelf - ' -' 

** ? Mr. Block has, been providing ' ® aI ? er 
- : .; ? T0iis incompara6le 'service for “ I’ve always been an omoi- 
, wilJectors aiid designer^/or well vorpus reader. Read evervthingr' 
cver fiO years; and traded in He has also been an indefati- 
. ephemera before anyone even 

. • . ^thought, of the -word. Interest — 

- ! r.&fcid his- trade— have been greatly 
f; boosted in recent years, notably 
«nce !the' fonhatiop of the 
(.jEpfaMneira Society, of which he 


antique shop in Wardour Street 
on August 2, 1892. He started 
out as a journalist, worked for 
a publisher and during the First 
World War was in film distribu- 
tion: -.but already in 1911 he had 
his first ish op in- West End Labe, 
Hampstead: “I sold/ penny 
comics for a halfpenny them.” 
By 1920 ho was - in Dean Street 
— “ a tiny little shop, not 10 feet 
square. Bought a library of 6,00ft 
books once — got ’em in there 
somehow." Around 1930 he went 
to Bloomsbury Court: and in the 
1950s moved round the corner 
to his present premises, the 
ground floor and basement of 
an eighteenth" century shop In 
Street, W.C.X. 5 . 


gable bibliographer. In 1926. ie 
published! - the four-vnluflje 

Ananyhid' and Pseudonym p 

(“only a pocket book really 
and followed it with seven more 
bibliographies, of which 7Vre 


Jts a founder , member. (Tufor- EhgluiTz Word 1740-18&) 
hmtnin. ■ about the Ephemera remains a standard work. 
'Society can bfr had from its sec- Slack’s Book Collector's Vtide 
^ ar ^ at 12 Ktzroy Square, Mecum. published in 1932, is 
^WIP'SHQ.V - . ..itse^'^^llectors 1 , iteru now, . 

ntertaihinent looms large: 



He was bom nverft & 


he has always had the biggest 
stock of playbills in London for 
Instance. “I've had l»ts of 
Garrick bills— had him with Peg 
Woffington. You have in be 
careful with Garricks though: a 
lot of them were reprinted in 
the early ninclernih century, l 
can always tell the difference. 
Have you any Paganini bUis in 
sell me?. I'll give you a good 
price for anything with him on." 

He is a member of the Magic 
Circle. “Knew all the great 
magicians — Chung Ling Sno (his 
name was Robinson: his son's 
still a friend of mine) .. . . 
Houdini. Houdinj wanted me to 
he librarian of a Magicians' 
Club ho had the intention of 
forming." 

Mr. Block's maternal uncle 
was the impresario Archie de 
Bear, and his father was a 
director of .the old Metropolitan 
Music Hail, Edgwarc Road. “So 
I met 'em ail there: Marie Lloyd. 
Harry Lauder^-1 liked Will 
Fyffe better as an artist — Harry 
Tate, all of them." George Robey 
used to call him ‘The Pro- 
fessor.’ 

From thp legitimate- stage. 
Gordon Craig was a customer 
and Friend; so js Craig's son. 


"Ah, yes, young Teddy.” He 
only once saw Irving act. “in 
Bcckci; and my opinion isn't 
worth anything. I was- very 
young at the tune. I once asked 
a fellow who had seen him often 
about Irving, and he said: 'Oh. 
he was all right: hut I didn't like 
Mu* lighting.' Didn't like the 
lighting — and it wa* done by 
Gordon Craig ! ” 

Nowadays he goes more than 
ever to the theatre and cinema. 
“I'm off to £n(a tonight. Taken 
me all this time to get a ticket 
— and then it cost six pounds. 
It'd better be good at ihat price.'* 

Entertainment ephemera is a 
prominent part of Mr. Blocks 
stock-in-trade; but by nn means 
the only 0 ne. You can find post- 
age stamps and Japanese prints 
— “ used tn import them direct 
from Japan in the 'twenties, a 
bob apiece." 

He likes his customers and is 
untiringly helpful— so Jung as 
they know what they want. With 
every hook on every <3\lf pre- 
cisely located and catalogued, 
the Block system has no. place 
for browsers. “We turn a lot 
more people out than we serve." 
he says; but that doesn't apply 
to .serious inquirers. 


■ \ . 



■ Bll 


r- £. 


SIX HOURS OF EXCITING 
PROGRAMMES FROM 
SOUTHERN ^TELEVISION 
GROWING FAST IN ITV. 


GS 


j.j, 










FAMOUS 

FIVE 


5,-w’ 



rt 

When an “American dynasty” goes into the up-market art repro- 
duction business the fur might seem bound to fly— and it has. 


A Rockefeller art storm 


BY CAROLE KORZENJOWSKY 


Atf~this'i5i^ adiJitida to*a compreherisiyercgional service of-moie than eleven hours of programmes 


A CARTOON in a recent edition 
of The Neir Yorker depicts a 
married couple of apparent 
means . showing their Jiving 
room to guests as the -hostess 
crows: “ We’ve redone the 
entire room in Nelson Rocke- 
feller." This allusion to Nelson 
Rockefellers new art repro- 
duction business is gentle com- 
pared with most of the response 
that has come from the art com- 
munity this winter. Hilton 

Kramer, the Nor York Times 

critic, has assailed it on ihe 
first page nf the Times art sec- 
tion as introducing “-a new era 
of hype and shamelessness in 
the selling of what can only be 
called liaut Schlock." 

The Nelson Rockefeller Col- 
lection Inc. is selling 
unlimited reproductions of 108 
objects oui of a collection of 
over 16.000 artworks that 
Rockefeller and his family have 
amassed over the past half 
century, sometimes for pennies, 
wherever Standard Oil business 
has taken them. It has opened 
the first of what is hoped to be 
a chain of 'tores on 57th street 
in New York City. Crowds of the 
curious peer through the 
windows and fill the showrooms, 
ogling a Rodin rast priced at 
87.500, a Tiuasso reproduction 
for $650, and fondling copies of 
Meissen dinnerwarp which is 
selling at S875 for a-single place 
setting. 

On a recent afternoon reac- 
tions varied. One well dressed 
gentleman turned away from 
the window with a muttered 
epithet and the remark that " he 
could at least have washed the 
windows." Two or three people 
demanded luiidly. and some- 
times threateningly, to know 
when Mr. Rockefeller was arriv- 
ing (the Rockefeller staff was 
always courteous and low-kej’, 
but the customary strong man 
was also very mud) in evidence, 
despite his tailored suit). 

One woman was disappointed 
to find i»ut it was nnl the 
Norman Rockwell collection as 
she had understood. Several 
people pulled out charge cards 
and one Brazilian businessman 
pulled out a roll of dollar bills 
to buy one of the " beautiful 
things." 

Those who want to mull the 
matter before purchasing can 
buy a catalogue for $2.50. With 
a design by Pablo Picasso nn 
its regal purple and gold cover, 
replete with colour photos of 
the sales items as well as views 
of the originals in their natural 
settings at four of Rockefeller’s 
residences, it is an. obvious 
appeal tn snobbism. A letter 
from Rockefeller proclaims, "As 
life-long collectors of art our- 
selves, Happy and I decided to 
share with others our joy of 
living with these beautiful ob- 
jects and the thrills we have 
experienced collecting them: wp 
have personally selected for re : . 
production the objects shown in\ 
this, our first Catalog." Rocke- 
feller has also chosen to frame 
all the flat work. Raising their 


costs substantially, rather than 
risk the quirks of individual 
framing- tastes. 

There are other motives 
involved besides aJtniitni, . 
Rockefeller is convinced there 
is an a* yet vast untapped, 
market for. reproductions and 
lie wants to get .in at the top. 
capturing those customers who 
can afford the' .expensive. On. 
the one hand he has. to convince 
pebple to buy copies instead of 


interesting, complex business.” 

Rockefeller is no newcomer 
to the field of mass merchandis- 
ing and doesn't seem to see any 
distinction between . super- 
markets and art “I opened 
supermarkets in Milan 25 years 
ago — I had an international 
development company — and 
Milan had a Communist mayor 
and a Communist council. They 
fought it tooth and nail. Well, 
we finally opened after a great 



Nelson Rockefeller 


Leonaid Bui t 


real art. and on the other hand 
he has to beat potential eom- 
petitors such as museums, or 
the Tuppenvare company which 
has just added art to its product 
line. 

To date he has invested about. 
$3.5m in production and market- 
ing. Through an ^arrangement 
with Neiman-Marcus. pioneer in 
sky-high pricetags on exclusive 
items, ho has sent his catalogue 
to 35(1,000 of its customers, and 
is showing his wares in four of 
its shops. 150,000 additional 
names have been bought from a 
marketing company. 

This is only the beginning, 
according to Rockefeller: "We're 
going wholesale as of January 1. 
At the Atlantic City Fair 
porcelain and specialty dealers 
come from all over the world 
and then buyers come from 
department stores. I think the- 
china will do especially well.' 
People want to see china before 
they buy it. 

“After this range of experi- 
ences, let's sav come February 
or March, we'U have a pretty- 
good idea nf what kind of things 
the public's interested in, and 
what is the best way. of reaching 
them. As yet we have not* 
explored oil of the methods. 
Modern merchandising is a very 


deal of trouble. And we reduced 
food prices "20 per cent in Milan. 
Then we went in and we made 
pasta and we sold ice-cream and 
they said that was crazy. But 
we did a very good job. and it 
worked. It’s the turnover." 


Nor is this the first lime Mr. 
Rockefeller has applied mer- 
chandising ideas in the art 
world As tnistec, then treasurer 
and then president in the 3930$. 
and *40s of the Museum of 
Modern Art in New York City, 
which his mother co-founded, 
lie pioneered a policy of charg- 
ing admission, having a member- 
ship fee. publishing books and 
catalogues and selling reproduc- 
tions. Peter Collier, and David 
Horowitz point out in The Rocke- 
fellers: an American Dynasty, 
after Nelson. David was the next 
Rockefeller to take over the 
presidency • of the museum, 
followed by ,TDR3's wife. Blan-' 
chctte. The family was in an. 
excellent position to shape the 
development of modern art in 
America, helpina make the 
careers of artists they patronised 
and collected. whiJe also estab- 
lishing aesthetic trends. 

This particular trend is 
horrifying to many contem- 
porary artists who. unsupported 
by the vast media machine 


Rockefeller has set into motion 
to reacb tbc public, must com- 
pete with the Rockefeller 
endorsement of sure fire 
“beauty.” While it is easy to 
distinguish between a real 
painting with its varied textures 
and a photo reproduction, 
sculpture is a bit trickier. 
Rockefeller has concentrated on 
sculpture but has had little co- 
operation from living artists. 
Martin Bressler of the Visual 
Artists and Galleries Association 
reports that in more than half 
the cases where Rockefeller 
approached artists or estates to 
reproduce pieces of ihcir art he 
has been turned down. The 
group has included Henry 
Moore. David Smith. Marisol 
and Robert Motherwell. 

One leading young American 
sculptor. Carl Andre, asked for 
his reaction, charged, “the fak- 
ing of works of art is a criminal 
act. A work of art is a work 
of imagination and can't he 
duplicated. This is an attempt 
to take over in the last area 
of our culture unaffected by 
mass production. All ! can wish 
to Nelson Rockefeller is that., 
he fail." 

Rockefeller has taken the 
unusual step — for a reproduc- 
tions outfit — of offering a 5 per 
cent commission on sales to 
cither the artist or the estate of 
the artist, as well as accepting 
quality control on the reproduc- 
tions. He has signed contracts 
with organisations representing 
artists in America and Europe. 
But for the most part he has 
leaned heavily on reproductions 
of objects from Africa, the Far 
East. Latin America and colonial 
America, in which cases the 
artists are anonymous. 

He contends that “ I can do 
more for contemporary artists 
by developing a new merchan- 
dising method and. having 
established the method with 
established art then work them 
into the system, than I can by 
starting out with their work 
which I don’t think would fly 
on its own." 

An area of somewhat less 
controversy is Mr. Rockefeller’s 
recent plunge into the publish- 
ing world. Also based on his 
ubiquitous art collection. Master- 
pieces of Primitive Art is the 
first of a series of five volumes 
being published by Alfred A. 
Knopf. Mr. Rockefeller receives 
an advance of 525.000 per book 
and 8 per cent royalties on sales. 

If this were not enough, he 
has started his own company, 
the Nelson Rockefeller Publish- 
ing Co. Inc., which will first 
publish books for children about 
— you guessed it— art. They are 
'targeted In Blacks and 
Hispanics. Asked about the 
philosophy behind the decisions 
he and his associates arp making. 
Rockefeller replied: “We want 
to have fun, we want to deal 
with art which we love, and wc 
want to be a financial success. 
If it isn't fun. we don’t do it. If 
it isn't beautiful, we won't touch 
it. And if it won't fly we won’t 
touch it." 


A look at modern potters 


BY IAN BENNETT 


BY COINCIDENCE, two mono- 
graphs have just appeared on 
aspects of modern- British 
pottery*. The first. Malcolm 
Haslam's study of the Martin 
Brothers, is, in art historical 
terras, the mare significant of 
the two, although The Art nj 
Bernard h each, edited by Carol 
Hngben. is. surprisingly, the 
first study of Leacb's ceramics 
and ideas -to have appeared in 
English, with the exception uf 
the volumes by the potter 
himself. 

Boih were published in con- 
nection with exhibitions, 
Ha$lam'<; for the large selling 
show of Martinware organised 
by Richard Dennis last Septem- 
ber, the Leach book as a .result 
of the 90ih birthday retrospec- 
tive afforded the potter by the 
Victoria and Albert Museum in 
April 3977. Malcolm Haslam is 
well-known to collectors of 10th 
and 20th century art pottery and 
studio ceramics as perhaps the 
leading expert in the world in 
these fields and he has produced 
a book worthy of his reputation. 
He has done much r^jginai 
research and has placed the 
work of these weird Victorian 
eccentrics firmly in the context 
nf their limes. Not only has Mr. 
Haslam produced a book which 
will certainly make it difficult 
for future historians of Euro- 
pean ceramics to ignore their 
work, hut he has also written a 
monograph which it is 
impossible tn imagine ever 
being superceded. - 

The Martin Brothers them- 
selve.% Robert Wallace, Waftcr 
Fraser. Edwin Bruce and 
Charles Douglas, the first three 
the potters and the last the sales 
manager, may be described as 
the first studio potter* in 
England; indeed, only one other 
Victorian ceramist the aristo- 
cratic amateur Sir Edward 
Elton, can be described 
accurately as a studio potter. 

In the 20th century, the 
concept of -the studio potter has 
been fully described by Bernard 
Leach himself in his famous A 
potter’s Book; essentially he is 
characterised by his . ability tn 
control all the processes of 
manufacture, from the building 


of the kiln, the digging of the 
clay, and other materials for 
the manufacture of glazes, and 
tiie gathering of fuel, through 
throwing, decorating, glazing, 
firing, and even retailing. One 
uf the main guiding forces 
behind the rational of the 
studio potter would appear to 
he his total independence of 
commercialism — whether it he 
ihe influence of commercially 
viable tiiste nr the industrial 
processes of manufacture. 

It has to be said that these 
are ideas which are being chal- 
lenged with increasing force by 


FT/SOTHEBY 


REVIEW OF THE 
ART MARKET 


a younger generation of potters, 
and in the teaching of many 
leading art spools, principal 
among which is the ceramics 
department of the. Royal 
College of Art. The automatic 
rejection of industrial processes 
has came to be seen as an 
unnecessary anachronism, and 
by nn-one more influentially 
than Lord Queensberry- • head 
of the ceramics department nf 
the Royal . College, 'who has 
made an eloquent case for the 
young potter, whatever his 
future ambitions, learning 
thoroughly the craft of the 
ceramics industry. It is areuable 
that for many studio -potters of 
the Leach school, the processes 
of manufacture have become 
more important than the results 
of those processes, the pots 
themselves. 


Malcolm Haslam's study of 
the Martin Brothers can be 
read and enjoyed on many 
different levels. Although aimed 
at the specialist, it is neverthe- 
less, a fascinating and amusing 
biography of • four very odd 
people. Haslam writes well in 
nn economic style and for the 
specialist, it is unquestionably 


the most important and detailed 
accoimt of any aspects of studio 
pottery yet published and. in 
its depth of scholarship, must 
serve as ?. model for all 
prospective writers of such 
books: it is also lavishly illus- 
trated. an essential requirement 
for any art hook, although one 
which, presumably in the 
interests of economy, is often 
ignored by publishers. 

In the pottery of the Martin 
Brothers may been seen all the 
myriad ideas and styles which 
enriched late 191 h century 
Victorian art. Robert Wallace, 
the eldest brother and founder 
of the pottery, had worked as a 
sculptor's assistant on (he new 
Housps of Parliament. Through- 
out his life, the principal 
stylistic influence behind his 
work was the Gothic revival, 
although in his many grotesque 
animals and birds, creatures for 
which pottery is now most 
widely known, there can also be 
detected a strong element of 
bizarre whimsy probably derived 
from Edward Lear and Lewis 
Carroll. Early in their careers, 
the Martins were also influenced 
by the* teachings of Christopher 
Dresser, who expounded the 
theory’ of natural geometry, 
although his influence soon gave 
way .to the arabesque fantasies 
of the Italian Renaissance style, 
the rustic naturalism of the 
French • Renaissance Palissy 
style and the new. and then 
strange; asymmetry of Japanese 
decorative art. 

Tn the last major phase of 
the Martin Brothers' career, 
during the first decade of the 
20 th century, the youngest 
brother, Edwin Bruce Martin, 
perfected a style the fonn and 
decorative features of which 
were based upon natural objects 
—gourds, marrows, sea-urchins, 
etc— but so abstracted as to 
form a natural link between 
Victorian revivalism .and the 
"pure ".ceramics of early 2Mb 
century potters, who took as 
their main inspiration the work 
of Chinese potters of the T’anq 
and Sung dynasties. These often 
very tiny "gourd” vases of 
Edwin aie for many people, 
myself included, among the 


most noteworthy and satis- 1 
factory examples of Martinware 
and, at their best, worthy nf 
comparison with the best 
French studio ceramics of the 
late 19th century. 


The Art of Bernard Lraeh . 
is. in contrast, something of an 
anti-climax. Although, again, 
profusely illustrated, alt the 
pots shown are selected from 
the 3977 retrospective which 
was curiously disappointing. It 
purported to be a representative 
sampling of Leach's very best 
work but was certainly not up 
lo the pieces shown in the I 
British Council exhibition nf { 
1961. which was selected, by the- 
potter himself. Indeed, since the 
Victoria and Albert show. I 
have seen at least 20 pieces at 
auction at Sotheby's and 
Christie’s (not to mention the 
splendid group which appeared 
in the Maufe sale in the country 
in February. 1977. before the 
opening of the retrospective but 
nevertheless too late for 
inclusion) which I would have 
thought essential to any major 
showing of Leach's work: many 
were examples of pots not 
represented at all in the V & A. 
while others were far superior 
examples to those on show. 

The problem with the many 
articles which have appeared on 
Leach’s ceramics, and a prob- 
lem shared by this book, is that 
few writers on the subject seem 
to know very much about either 
the history of studio pottery in 
Europe or about the specifically 
British context of Leach's work 
(not to mention an even vaguer 
concept of what 20th century 
Japanese ceramics are all 
about). They lend to treat 
Leach as the “Great Master,” 
the “Guru,” pontificating from 
Mount Olympus in splendid 
isolation. The present book has a 
long, and predictably adulatory, 
introduction, the rest of the text 
being made up of snippets of 
Leach's own writings. 


* Malcolm Haslam: The Martin 
Brothers, Poftrn. Rirluzrd 
Dennis, Loudon. £30 ed Carol 
Ho.qben: Tin? Art of Bernard 
Leach. Faber and Faber , 
London, £20. 


•'Vs - 




i 


t. , 


in 

a- 

T 






Saturday December 30 197S 




OVER 100 years ago Matthew 
Arnold poked fun St the Liberal 
Reformers of his time for their 
passion to allow a man to marry 
his deceased wife's sister, The 
matter had been one of con- 
troversy anions English lawyers 
since the Reformation, but an 
An ol JS35 had come dnwn 
definitely against. Thereafter 
there were almost annual 
attempts at reform in Parlia- 
ment until the question was 
finally settled in 1907. 


Mothers-in-law 


In 197R iF Baroness Woof ton 
—no l-;ss — has her way, British 
liberty will he further extended 
by ari Act allowing a man to 
marry his mother-in-law. While 
one might fee! sorry for the 
man who wishes to do any such 
thing, and even sorrier when he 
finds" that he is prohibited by 
law. one must admit that 
Matthew Arnold had a point. It 
is hardly the stuff of groat 
social nr liberal reform. Nor is 
it immediately dear which side, 
ir any. a Liberal should be on. 

There are other ways in 
which Arnold - ? remarkably 
political series of essays, sub- 
sequently entitled Culture and 
.A uirdi!i. «ro just as relevant 
today, the lS6Us during which 
he wrote were a period of some 
turbulence. There were troubles 
with the trades unionists, not 
to «peak of the Irish. Gladstone 
failed with his Reform Bill only 
to find that he was overtaken 
by Disraeli “dishing the 
Whigs “ with 3n Act far more 
radical a mere six months later. 
Who now could fail to envisage 
at least the possibility of Mr. 
Callaghan somehow dishing the 


British. The distaste for theory, 
and in practice for thinking, 
was supported by The Times. 
"Art is long,” said an editorial 
of the day. “ and life is short; 
for the most part we settle 
things first and understand 
them afterwards." The obsession 
with detail came out in the 
arguments fpace today's debate 
about industrial democracy ) 
about the numbers of members 
of official committees, how 
many should constitute a 
quorum and how often they 
should meet, rather than about 
what the committees were sup- 
posed to do. 


Broad analysis 


Arnold was wrong in several 
ways. He thought that the ab- 
surdity of the then situation was 
becoming so obvious that within 
20 years or so it would he 
changed for the better, even 
though he acknowledged that 
the last bastion of resistance 
would be the House of Com- 
mons. Sooner or later, people 
would begin to think before act- 
ing. It did not happen. He was 
also spectacularly wrong on the 
remedy for rioters. “As for riot- 
ing." he quotes his father. 
Thomas, with approval. “ the old 

Roman way of dealing with that 
is always the right one: flog the 
rank and file, and fling the ring- 
leaders from the Tarpeian 
Rock! ” Surely they. too. could 
have been encouraged to think. 


f ories in the general election 
f 1979 — perhaps the one really 


bf 1979 — perhaps the one really 
certain event on the British 
political calendar next year? 


Yet, despite such an occa- 
sional gross aberration, the 
broad analysis is right and re- 
mains pertinent to this day. 
There is too little thinking and 
too much action, and the poli- 
ticians and those who serve 
them are among the main per- 
petrators of the crime. 


Comfort 


Temperament 


Yet the points that Arnold 
made were not about this or 
that political party. They were 
about them all. as well as about 
1h« natural British tempera- 
ment. There was a preference, 
lie noted, for doing rather than 
thinking, for detail rather than 
design. As early as the 1860s it 
had apparently been advanced 
that when politicians talk non- 
sense. they are really using " a 
sort of conventional language " 
—oi- what Arnold says, we call 
“clap-trap" — “which is essen- 
tial to the working of repre- 
sentative institutions.” In other 
words, it is necessary to use 
unreason to appeal to the 
unreasoning. But. as Arnold 
asks with Figaro: “ Qui est-ce 
qu'on trompc ici ?" 

There was also, though Arnold 
did not put it this way. a touch 
of xenophobia, a feeling that the 
British way of doing things was 
best merely because it was 


The fact that we are now 
governed, however, by what 
Arnold would have called a 
mixture of the Philistines and 
the Populace should not distract 
attention from the need to con- 
centrate on the best that has 
been thought and said in the 
world. We might even draw 
some comfort from the follow- 
ing remarks: “We have not 
won our political battles, we 
hav- not carried our main 
points, we have not stopped our 
adversaries’ advance, we have 
not inarched victoriously with 
ihe modern world: hut we have 
told silently on the mood of the 
country, we have prepared cur- 
rents of feeling which sap our 
adversaries’ position when it 
seems gained, we have kept our 
own communications with the 
future.” 


Arnold was speaking about 
Oxford. Looking to 1979, it is 
just possible that something of 
what he said is beginning to 
apply to Britain. 


Letters to the Editor 


Sermon 


Frum Mr. A. Hughes 

Sir. — I am sony to rend in 
Mr. Samuel Brit lan's short Her- 
man for humanists (December 
27) that he found the content 
of Dr. Edward Norman’s Keith 
Lectures so “ bleak.” 

I am sure that Dr. Norman 
was not advocating “ a then- 
logical quietism based on the 
hopelessness oT man surely 
hi.? concern was lhal the main 
Churches anpear to be too freely 
equating their basic Christian 
belicF with politico - socialist 
doctrines. 

The first great Commandment 
for Christians (and for some 
others, of course) is not that 
they should he “ doing good ” 
but that they should love God 
and in consequence the second 
related Commandment regard- 
ing ihe love of one’s neighbour 
would develop naturally. Belief, 
as St. Paul so succinctly puts it. 
is not a matter of talk but o* 
power: nothing to do with 
political power or even mass 
coercion but a something in- 
herent in pich one or us as 
individuals, to accept or reject 
at will. 


Managers 


.Anthony Hughes. 

Bee. 

Windermere. Co n> brio. 


Railwaymen 


From Mr. A. Scott 

Sir. — I think much of the 
trouble among railwaymen has 
to do with their ego. Senior 
drivers do not have the same 
social status as those driving 
aeroplanes, and senior signal- 
men do not find themselves on 
a par with air traffic controllers. 
He who is in charge of a train 
i> doing a responsible job. 

I agree that there should he 
two unions, but senior members 
or a number of grades should 
become salaried, be suitably 
addressed by their subordinates, 
and all belong to the salarfcd 
union. It is not true that every- 
one wants lo be on a par with 
everyone else regardless of his 
or her achievements. . 

I would hasten io add that 
this is not an argument about 


From the Executin' Secretary. 
Association oi Management and 
Professional Staffs 

Sir, — Mr. -T. S. Davison, the 
assistant general secretary of 
the Association of Scientific 
Technical and Managerial Staffs, 
commented December 22 on the 
fact that the president of the 
Institution of Chemical 
Engineers had recommended 
members of the institution to 
join the appropriate trade 
union. Surprisingly he com- 
mented that the unions recom- 
mended by the Institution were 
“ organisations without recog- 
nition." Tiie Association of 
Management and Professional 
Staffs was one of the unions 
recommended by the institu- 
tion and 1 think it is. therefore, 
desirable to rectify this implica- 
tion. 

Managers and professional 

staff in industry are increas- 
ingly becoming aware that their 
conditions of employment can 
only be improved by collective 
bargaining. This leads them to 
consider which is the appro- 
priate union to act upon their 
behalf and to reach the con- 
clusion that they need an 
organisation whose membership 
is limited to managers and pro- 
fessional staff in order to pre- 
serve the decree of independ- 
ence which they desire. At the 
same time they recognise that 
their union will need to nego- 
tiate a recognition agreement 
with their employers if it is to 
be effective in -negotiating their 
salaries and conditions of 
employment. Tt is these con- 
siderations which have led 
managers and professional staff 
to join AMPS, which even in 
the most advene circumstances 
has been successful in obtaining 
the necessary' recognition agree- 
ment from their employers. 

Apart from “ in-house ’’ 
management associations which 
have registered as trade unions, 
to the best of my knowledge 







*Y 


ez Vt . • 

•• «£;*>£'•' 


■fc~ 


-V ■ I 




■ "re#. 


air and rail salaries, but it is 
about self-respect. 

A. H. Scott. 
it/2. Beeches Rood. 

Chelmsford, Essex. 


Unions 


From the General Secretary. 
The Institution of Chemical 
Engineers 

Sir. — Stan Davison i December 
22 ) commented on the advice 
given by the Institution of 
Chemical Engineers to its mem- 
bers concerning appropriate 
trade unions. Perhaps I can 
clarify the position. In preparing 
our advice the institution 
developed a list of some dozen 
criteria ' against which the 
suitability of any recommended 
trade union had to be judged. 
On tile basis of this we con- 
cluded that the most appropriate 
unions were, within the chemical 
and process sector — Association 
nf Management and Professional 
Staffs and within the engineer 
ins industry — EMA. 

The purpose of the check list, 
however, was primarily to enable 
any member to make his own 
assessment of the situation that 
applies in his individual circum- 
stances and within his particular 
employment situation. The final 
decision must of course be for 
the individual. 

On the general question of 
appropriate trade unions it is 
most important to remember 
that the professional engineer, 
who is bound by a strict code 
of discipline and ethical con- 
duct may well find that the most 
appropriate union is one which 
fully understands this situation 
and which seeks to avoid any 
conflict of interest and obliga- 
tion. Any recommended union 
is therefore likely to have its 
membership drawn from the 
same common interest group of 
professional people. We believe 
it is important that appropriate 
unions for chemical engineers 
du not have direct political affili- 





BY ANTHONY HARRIS 


E VER since the great OPEC 
oil price increase of 1973, 
an event which was con- 
! tained in no statistical forecast 
i whatever, it has seemed wise to 
; read conventional economic 
; forecasts as a sort of pipe dream 
— how the economy would de- 
velop in a world which was, in 
1 a non-ecunomie sense, event- 
free. 

There was an interval when 
the statistics themselves went 
wrong. Private saving, accord- 
ing to past experience, should 
have fallen; instead, it rose 
everywhere to unprecedented 
heights. Then new definitions 
of normality were fed into the 
computers, and forecasts be- 
I came reasonably reliable again. 
This year, however, we seem to 
be getting back to the world of 
fantasy. 

This thought is inspired by a 
quick reading of the OECD's 
version of the world economic 
outlook for 1979. It is clear, 
■ coherent, and yet seems to bear 
| only a distant resemblance lo 
i reality as we know and largely 
fear it It is as if the fore- 
casters in Paris had read ail the 
statistics in the world, but none 
of the news. The point is that 
disruptive or unusual events, 
while they may be impossible to 
forecast statistically, are hv no 
means impossible to foresee. 

For example, the increase of 
the oil price in 1973 had .in prin- 
ciple been foreseen by a number 
of people — not only the green- 
earthers, but a serious study 
Team from Japan which visited 
most of the countries concerned 
1 as early as 1969 and discussed 
I the coming of a shortage. The 
; imminent danger became visible 
to oil men when the Libyans 
got away with a sharp unilateral 
increase in 1971. The further 
danger of a new Middle East 
war. which would drive the 
quarrelsome Arabs together, 
was clear. A military planner 
no doubt had a contingency 
plan. Not the economists. 

When we start looking for- 
ward to 1979. oil i$ again a 
large question, if only because 
of the troubles in Iran. The 
forecasters in Paris, bless their 
hearts, assumed an oil price in- 
crease of 5 per cent, admittedly 
before the OPEC meeting. But 
Iran already was visibly and 
dangerously unstable. Even last 
week, in presenting the report, 
the OECD forecasters assumed 
that the new OPEC price would 
be the price at which oil would 
be traded: in fact, of course, it 
is at present trading well above 
official prices. 

No mere economist, of course; 
dare forecast how Iran will re- 
solve its internal problems; but 
it is not safe to ignore what you 
cannot forecast. The Shah, his 
generals and his opponents will 
have an important role, for good 
or ill, in the economic record of 
the coining year. 

This thought would certainly 
be fervently endorsed by inter- 
national bankers. Financial 
crises are another factor which 
it is apparently difficult to fit 
into a forecasting equation; but 
even before the Iranian troubles. 


the Eurodollar markets were be- 
ginning to experience a nasty 
combination of vertigo aud deja 
vu. The trouble, as Mary 
Campbell recently explained on 
these pages, is simple and 
familiar. 

As long as the market is 
flooded with liquidity, it is only 
too easy to get away with a good 
deal of sloppy lending; and the 
benign neglect of the dollar in 
recent years has provided that 
flood of liquidity. This year 
benign neglect may have had its 
come-uppance. and the U.S. 
authorities, in spite of their 
denials, may take some serious 
steps to check the flood and 
the consequent decline. (There 
is little in the OECD discussion, 
by the way, to suggest that a 
weak currency is essentially a 
monetary phenomenon, tike a 
weak balance of payments). 

One possible resuti is what 
happened in Britain in 1973. 
when determined action to 
check idiotic lending produced 
the worst banking crisis in 
working memory. (Such crises 
seldom recur as long as their 
survivors remain active in 
banking). It is not a certain re- 
sult. but possible; and th’ fear 
of the possibility is already 
making tenders much more cau- 
tious. The troubles of the 
authorities in Cleveland. Ohio — 
?sain raisins disquieting echoes 
from the recent r>ast — show that 
caution in lending i« another 
way to provoke a crisis. 


- a M >.:•& • ,s? : '• ■■ T a : T. 











..— a .«*!«».» "•’ , raven Huothpiies 

An almost empty autob ahn in early 1974 was a symptom of the world's dismay . at the massive rise in Oil- prices at that time: 

oil is once again" a large question •’ 






Non-existent 


margins 


If we are lucky, it will simply 
he an unprofitable year for the 
bankers involved, as they 
scramble for the business of any 
sound borrowers even at non- 
existent margins in an effort to 
improve the quality cT their 
hooks. Such a year is not a good 
year for trade growth, which 
usually rests on more confident 
lending: but it need not be 
disastrous. It is also comforting 
to remember that central 
bankers are rather more sol- 
dierly than forecasters. There 
are some contingency plans. 

A shakv Eurodollar market, 
a shaky throne in Tehran, and 
a higher oil price are all clearly 
bearish for the dollar: but 
there are compensations. One 
is the other side of .the tight- 
credit coin. A slowdown of 
lending in the U.S.. which was 
in any case inevitable because 
of the fact that the U.S. hank- 
ing system is becoming fully 
stretched, is likely to have quits 
a dramatic impact on the U.S. 
balance of payments. That is 
reflected in most forecasts, but 
could be understated, far two 
reasons. One is simply that 
most forecasts understate the 
importance of monetary 
influences. 

Another is one of the figures 
l n ft nut of the forecasts— Sir 
Freddie Laker. Sir Freddie, 
who might well be ihe Duke of 
Laker if the citizens of Seattle. 
Washington had the nomina- 
tion, last year showed the air- 
lines how to make money and 


tap a huge new market. The 
result is a vast boom in aircraft 
orders, which will raise U.S. 
sales by $5 bn this year, just for 
a start. This will help both 
activity and the balance of pay- 
ments. 

However, as the OECD never 
t;rcs of pointing out. a drop of 
net U.S. imports means a drop 
•if net exports from some other 
countries (though not 
necessarily OECD countries — 
since demand for oil does seem 
to be price-elastic, as is shown 
by the consumption boom while 
the real cost of oil was falling 
steeply last year). If activity 
elsewhere is to be maintained, 
it seems, we must rely on sharply 
rising demand in Japan and 
Germany. 

The logic of this seems as 
questionable as the forecast it- 
self. In real terms, for example, 
Japanese exports were falling 
and imports rising through 
much of last year. The large 
balance of payments surplus 
reflects the appreciation of the 
yen: thanks to this drastic 
change of the terms of trade, 
the surplus has not been at the 
expense of jobs outside Japan, 
but inside. In Jess dramatic 
terms, Germany is in a similar 
jam. Their reward is reduced 
inflation, not rising activity. 

If it were true, as is conven- 
tionally argued, that only infla- 
tion is preventing a recovery, 
and especially a revival of 
investment, then the conditions 
for boom in Japan and Germany 
would indeed be ideal; but some 
readers may still remember a 
time when falling prices (as in 
Japan) were associated with 
falling activity, and were con- 
sidered a curse. 

Unfortunately both these 
economies also suffer severe 
structural problems in present 
circumstances. Japan, with long 
experience of growth in double- 
digit percentages, is also 


accustomed to a very high, in- 
vestment ratio; an economy so 
balanced does not run smoothly 
at much reduced growth rates, 
but splutters, like a .large 
engine firing on only half its 
cylinders. Germany is geared"./ 
for less astronomic growth, but--; 
is a heavy exporter of capital 
equipment; it is structurally., 
suited to respond to world/ 
growth rather than to lead it.' 
Growth led by Japanese and 1 : 
German demand looks rather a 
myth; but the saddest consequ/ 
ences may weli be felt inside. 
Japan and Germany, not else- 
where. ._'v 


’blocked by the - “green” 
guerrillas. • -’ r " 

V This -. has been ..a • jnajor. 
rea.ion why . .....planned 

programmes of public invest 
merit have simply not been. 
• carried out, most obviously, in 
-Germany,, in recent years. With 
.a referendum stopping . a 


It is true that the end b£v 
inflation in Japan and its low ' 
level in Germany, not to ; 
mention the low interest rates., 
brought about by foreign 
exchange manoeuvres, do solve' 
one problem: it is easy toj 
finance investment with a slow-V 
pay-off. In countries still suffer-, 
ing from inflation, high interest:, 
rates inhibit any but quickly- 
paying investment; that is the-- 


penalty of the non-indexation of- 
capital markets. (Inflation and: 
astronomic interest rates did 
not prevent rapid growth and 
large Investment in Brazil, ,for 
example.) 


The ’green’ 
guerrillas 


•But what is this long-term 
investment to be? The clear 
answer appeared in France just 
before Christmas with the 
breakdown of the electricity 
system. Large investments are 
required in nuclear power. 
Unfortunately, however,, tliis 
is considered environmentally 
dangerous, apart from its 
terrorist possibilities: and in 
most countries nuclear pro- 
grammes are impeded or 


“nuclear plant in Austria, 
-resisters camping . on site in 
•Scotland, endless arguments 
'.■over non-proliferation, there 
seems no reason to suppose that 
c progress will get easier. \ •’ 
For the slightly longer term, 
“the lack' of investment in many 
^countries even in conventional, 
generating capacity is beginning 
-to look a serious threat to., 
':future growth. In the -0.5.- the 
; public utilities seem . hr. have 
missed out very largely on the 
growth period, and. ; some 
economists are talking = qf . a 
“brown out” within a couple 
of years or so. ■ 

In other countries (except. 

. perhaps France) the - situation '; 
is probably less critical, - but- it 
is still broadly true that ' the 
inflation set off by, oil -prices- 
has apparently done more ^ to 
check energy, investment than 
to jeheck the growth qjf energy 
demand, except in countries 
with, off resources. The energy 
Ranch of Ihe OECD might 
profitably turn its attention 
to investment finance in 
inflationary conditions. .. * 

If this, problem^ could be 
soived—and .. solutions V are 
known in theory and indeed in. 
practice-r-then of course-energy; 
investment is only -one {of the- 
potential outlets. . -The .;techrio£: 
logies which could laurtcb the- 
next long: cycle of growth are 
now beginning, to appear as 
serious commercial possibilities. 
In a sluggish world economy,, 
however, they appear as a 
threat rather thaii a promise. 

This is one of the reasons why 
the business planner must also : 
bear in mind one other import- 


ant factor r left' out J. of . the r\ 7 H* . 

equation^the /possibility of a ‘ ‘ w ' ' 
serious f worsening .of. labour 
relations- it; ' appears to be , 

' threatened— by . union leaders, ■ : " 

;at leasts— dor Ofliy-in Britain, but , - 
in Italy, the XJSj,. and even 
.Germany^ though the bark may 
welt be louder than the bite. 

One '.fhar is pf ^disruption; 
another,; strongly-felt by inter- 
. national -officials., is that Gov- 

- erimtenis will be tempted to buy 
off labour protests by creeping , 
protectionism: I would regard 
these long-standing threats as a - --' 
great deal less, pressing than - 
those already - listed: Middle . 

. East , turbulence, ‘ currency • .. . 

, instability, structural problems 
in the former high-growth . 
economies, • and - difficulties r • 
with investment finance and. ;; 
planning. 

*. This catalogue of ugly pos- . 
sibilities. r economic banana- ^ 11 1 

shins to slip on as it were — 
may appear . .both, flippant and 
.gloomy. ' It Js not intended to .. ; ** 

..be- either. The point that in. if: r ...- j 
: turbulent times, the abnormal "* . - 

may have a greater bearing on 
our future, thaii the- “ normal ” 

- (but- . - changing) patterns 

siumnecTup in forecasting equa- £ ■ 

tions is a serious one, which § 
businessmen seem to grasp more a 
readily than officials. 

They are also likely to have 
. a, larger influence than various 
recent -attempts ; by those in 
antbbrity to take control of the 
.future, whether through price- 
income objectives .or -through 
ihe European Mdnetaiy System, 

• which- may or- may not as I 
-write, open for business within 
.a few days. Not quite all the 
possibilities did /gloomy, and 
even disappointments may be ' 
bright for /someone. As a cur- 
rency dealer remarked to me 
of -the EMS -j- a whole alliance 
of central banks ready . to take _ • 
his bets : “ Happy days are here ~ 
again." It is a brave thought. : 


AMPS is the only union which 
has secured recognition agree- 
ments for senior management 
and professional staff in the 
private sector of industry, f 
should be pleased to modify this 
view if any claim for a recogni- 
tion agreement for bargaining 
for managers was confirmed by 
an employer. 

(Dr.) M. I. Gilhbrand. 

■AJff'.S. 1 7.7 .S'fmion /toad. 
Sicinton, Manchester. 


ation. nor should they support 
the concept nf the closed shop. 

On the question of why we 
have chosen this time tn give 
advice tn uur members, the 
president's letter tn all UK 
members and a;t accompanying 
general background article have 
been published as a result of 
specific requests from our 
members for guidance, l: is also 
fair In say that nur advice is 
based more on the realisation of 
the important part that trade 
unions play in contemporary 
suciety in such diverge matters 
as health and safety, pension 
arrangements and. potentially, 
industrial democracy, rather 
than the more basic issue of 
collective bargaining which Mr. 
Davison suggests. 

T. Evans. 

E. Dnvi -■ Eintditni. 

P»3-f7I Ft ail ir flu Terrace, 

Runbii. 


Frightening 


From Mr. R. \\'h:icl->rk 

Sir. — Consumer-! like myself, 
searching for renewable energy 
heating systems, have learned 
from Professor Mav.\ quoted in 
your Energy Review (December 
22 i. of an unexpected hazard. 

We have experienced the 
sensation before in a meta- 
phorical sense from, say, poli- 
ticians, hut to learn that “the 
consumer can literally he s-old 
down the river" is. indeed, 
frightening. 

Perhaps your correspondent. 
Pearl Marshall, can find out 
more details of this threatened 
return to slavery. 

R. K. Whitelock, 

22a Tmrn Street. 

Leeds 7. 


the funds involved for financing 
this council could be put to 
better use by the Institute of 
Exports. Dunehureh, and all the 
numerous regional export clubs 
around the country, and the 
Chamber of Commerce, etc. 

The recommendation of a per- 
manent resource centre designed 
to display in overseas visitors 
the skill, knowledge and experi- 
ence available in Britain would 
seem ideal. Hay we further sug- 
gest that apart from London a 
likewise centre should be estal)- 
lishcd in Birmingham at the 
National Exhibition Centre in 
order to capture the attention of 
overseas visitors attending 
trade fairs and to provide an 
advice centre for those perhaps 
contributing at exhibitions hut 
not already in the export field. 

Providing this support was 
avaitoble. both financially and 
spiritually, we would quite hap- 
pily look at the possibility of a 
council or committee designed 
to co-ordinate the activities of 
all concerned with exporting 
technology in education and 
training. We believe that with 
th-w* ideas in mind in-deplh riis- 
cir^tons should take place 
immedialelv and make ourselves 
available as participants. 

I. A. Younger. 

F.O Eor 1. 

Bourne. 

Lincolnshire. 


wing mirrors, or distributor on 
his car. If he flees indoors, no 
washing machines, no central 
heating, no food mixer. For 
the children no Dinky toys and 
Lone Star pistols. And so on, 
io an unending list. 

No, Mr. Dunkley, you got your j 
values mixed up. Choose gold, 
man. if a fairly imlueless metal 
in our lives. 


-rm 


- 


-‘ic 






v. * i-fii ( 


R. K. B. Lyne. 

Australian Mining and Smelting 
Europe, 

P.O. Box 237. 
i, Rcdclifje .Street. Bristol. 


ir./.- 

K y -’ 






Carafes 


Zinc 


Exports 


Fmm the Manager. The Inter- 
national Export. Arsoeia'iun 
Sir. — Wc. at the International 
Export Association, have read 
with interest Mr. K. M JW. Ross’s, 
Industrial Council fur Educa- 
tional Training and Technology, 
comments i December 21 1 on 
the proposal of establishing a 
British Educational Export 
Council. May we just say that 
wc wholeheartedly agree that 


From Mr. R. Lyne 

Sir. — Chris Dunkley’s percep- 
tive analysis of the “ Voyage of 
the Beagle ” (December 20) was 
only marred by his cynical refer- 
ence lo whether this fine TV 
production would win an award 
in the form of a “zinc stoat 
or two.” 

In trying to cet a bizarre 
description for these doubtiul 
show-biz accolades. Chris un- 
consciously got it right technic- 
ally, Tor if one wishes to cast 
a stoat in metal, it is only zinc 
alloy which will give the finest 
detailed reproduction of Lhc 
hairs of a stoat. 

Mr. Dunkley, however, would 
have had a rough Christmas 
without zinc — no car door 
handles, windscreen wipers, 


From Mr. B. Jamieson. 

Sir. — I was interested to read 
Brigadier Chesshyre’s letter 
(December 20) and concerned 
to learn that carafes of wine In 
sizes of J. £ and ] litre are be- 
coming rarer in this country. 

The Weights and Measures 
tSale of Wine) Order 1976 res- 
tricts the sizes of carafe 
measures to just the ones the 

Brigadier mentions and in addi- 
tion 10 fluid ounces (half a pint) 
nr 20 fluid ounces. A restaurant 
must tell you what measure is ; 
in use if asked. 

In fact a pint is rather over 
half a litre so the authorised 
amounts should be of just the 
right amount In fact there is a 
very reasonable steak restaurant 
in the NW district of London 
where the brigadier lives which 
advertises its carafe wines as 
litres and half-litres. 

It appears that the consumer 
must be more diligent and if 
more people insisted on knowing 
the amounts served - (and 
brought it to the notice of the 
appropriate authorities if not 
within the regulati.ons) then the 
brigadier's complaint should be- 
come a thing of the past 

I should like to add that I 
feel that restaurants should 
offer some of their better wines 
in this way. Plcnly of people 
like a chateau claret for ex- 
ample but do not want a whole 
bottle: and half bottles are 
becoming a rarity. 


ThepicttireontheiabelofThe 
Buchanan Blend is that of James Buchanan, - -.—3 " 
the man who &st pufit on. the market . ... 

in 1884. ■ I y a 

Todays Buchanan Blend follows • 

faithfully the tradition of aimost a ‘ 

centuiy, ' . AssA 

■ Itis a anooth and satfafyingbTend 

of fmewhiskies -which, is destined to 
win the affections of discerning "■ 

Scotch drinkets everywhere. ' 

You may have to look aibundfor '.---tHc'” ; 

it at first, but assoon.as you see Janies 
Buchanan's picture, you’ll know ■ ~ 

you’ve found the Scotch of a lifefimk JOt ^ 


The 




B. W. Jamieson, 
Vt, Ttustu’ick. 
Tunbridge Wells, 
Kent. 


the SCOTCH OF ALffiEHMS’ 


^ u s piu’6-*!^a 


- C .a if. ^ war *-T. r-.\ 





15 


* BeScmtjeb -30"i97S 


leORIOBfllC OUTLOOK: The Unit ed Kingdom 




♦ ►'M wa 'tw^WraSfe^S*®? 5 











". -.' . • Ip' *■ •**?*•- , - : , rt' - 


BY PROFESSOR JIM BALL 


*§1r 

- ? '^i 



E SIVATE .fDrecaster^ seem • 
broadly!! to SgreeThmt^in 
the/ last- quarter ofl978. 
— 0^^ 1 ^ontostic : /j>rof : 

■duet- wift -feB'.sgmetWpg'<jj the 
••; • " order 'of. .4. pef ctsni higher . 3n' 
:* : -.'■- ferns foJ/lff^'^.H^tant pricps 
' '/•'than" k 'Sett ; "reflecting 
' " j ' a.' -’faster ’T rate ;■* -ot ■ economic 
' - f growth-than be have' Seen since 
' storefiteVhflbm fl&j&KL ■ 

: /Ir lS A vyear. iiityhich to be. 

even jmore "careful/thair.' usual 
* with ribs - swfetici Thinks tp 
Nanh-Sei- Oil .thdinew -figures . 
•r basefi ^jtf yiSiS. priees can, art .a 
.; . stroke, jtiiie -t^/grewth rate 
. compared, with:- the old 1970 
: -figtires by- up per cent. 

- -;* iha «Ifl basis there 

-y l^sbihetBiitg:.t.o be thankful for 
. .with-.recent years. 

';• Thet is’ the good news. 

■ ; j ‘. Hbwevejv' there . seems to be 
equal agreemerit-that, with .*■ up- 
K^J . changed ;poUdes,' r lhe annual 
(i* rate. of iear growth will slow 
.‘down into 19J9 as the -stimulus- . 
to. thp growth of real incomes 
'-:f ; : arid, consumer ^spending given 
-’by. tar reductions wears off. The 
latest Offi cial published forecast 
!fiptn the. Treasury Ms .more 
'• gloomy in this respect than arc 
*' the- private- forecasters, which 
seems in -part to stem from its 
- assumption -that : the rise in 
: money ' earni ngs will be closer 
' to_ ffifcf pressed G overrun en t 
. target/ thah the more sceptical-. 
views.. of the outsiders. 

. The. : outside- forecasts of 


- higher earnings raise doubts as 
to whether, on presentiP.blieies 
.the .Government borrowing re- 
quirement .will- not . be/higher 
than -the Government expects, 
.that the iftflation' rate will not 
edge .up again, and. that the 
current account of the-balance 
of payments will be as .good as 
hoped for. In- some cases, the 
-private "forecasts show a’ small 
deficit for the year as i^-whole. 

On balance,., the scenarios 
presented by; the outsiders sug- 
gests some modes! pressure on. 
the exchange rate and -e-fall of 
perhaps 4 per cent or so in the 
trade weighted exchange rate 
index by the end of "toe year. 
But if the inflation rare/can be 
contained within singlef-.figures 
for 1979, the orerall.lfiok for 
the year is distinctly better than 
the experience of reeeni years, 
.even if on a number 'ol/counts 
it will not be as good- jap many 
would like. There wuL-be no 
. material reduction of 'the rate 
of unemployment, progress to- 
wards a persistent reduction of 
the rate of inflation is likely to 
be halted and, oh the ijpmpany 
front, profit growth is ‘likely to 
be reduced. 

There will be no scope for 
any expansionary fiscal:, policy. 
Indeed the stabilisation of the 
exchange rate is to be- £ central 
objective — whether as /part of 
the general fight against infla- 
tion or as part of a longer term 
attempt to become a full mem- 


ECONOMIC PROSPECTS TO END 19# 


; : v>; 

J — Eross Dprnestk Product 

1978 

1979 1980 

t* 

‘'fcomprotrilse " estimate 1975 prices) 

• 4.0% 

2.7% * 15% 

1 , * f \ \ 

: • >. ** f . 

-■ Consumers expenditure* (1975 prices) 

6-5% 

. 3J>% 7. 2.0% 

-1 ; 
,. % 

* ", Consumer prices (per cent change) 

8.0% 

95%^. 10.0% 


i Money, supply (sterling M3). 

13-5% 

. 14.0% V 15.0% 

!.?. 1 

' j- Effective exchange rate ( 1970 ~ 100) 

62.5 

60.0 . 5B.0 

1 •••».,_ 

* j" 'Borrowing requirement (£bn) 

8.0 

9.0 { 9.5 


Current account of the balance of 
payments (£m) 


— +250.0 -tSOO.O 


. * Nates 

(I) Percentage changes represent the increase of the final Quarter of the year 
over the Oral quarter of the previous year. The effective exchange rate is the 
forecast Index for the fltw quarter of the year. The borrowing requirement and 
the current account of the balance of payments are the forecast totals lor the 
calendar year. 

- fhj The forecasts given ere based on recent published estimates by the London 
Business School and the NIESR. They are not precise averages of the two sets of 
forecasts, the forecasts assume the continuation ol "existing policies."- 


ber of the EMS— European. 
Monetary System— the prospect 
is for a need further to reduce 
the borrowing requirement In 
order to bring fiscal and monet- 
ary poliey in line with exchange 
rate policy. A lighter fiscal 
policy may be needed both lo 
maintain exchange rale stability 
and as a prerequisite to reduc- 
ing interest rates from their 
currently high real levels. 

Taking into account likely de- 
velopments in the world outside, 
there would seem to be general 
agreement that, on both cur- 
rent domestic and international 
policies, the growth of real out- 
put in the UK is unlikely to re- 
sult in any material reduction 
of the rate of unemployment 
over the next five years. Tho 
extent of the problem is not 
agreed, and there arc different 
views why it will persist. Even 
if the reasons were agreed, the 
forecasting problem is not easy. 

The future course of unem- 
ployment depends inter aha on 
the prospective rate of growth 
of total demand, the underlying 
rate of growth of productivity 
and the behaviour of the labour 
force. For any given rate or in- 
crease of total demand, the sub- 
sequent effects on unemploy- 
ment are often calculated ly 
projecting the growth of the 
labour force and adding to that 
some ^^sumption about produc- 
tivity increase. 

Since 1973 the overall rate oT 
productivity increase has fallen 
sharply and it is much debated 
to what extent the fall is en- 
tirely due to cyclical factors or 
whether there has been a per- 
manent shift to a lower long- 
term productivity vrend not only 
in the UK but also in the other 
OECD countries. The problem is 
compounded by the advent of 
tlte "chip" and speculation os to 
its consequences for the IPSOs. 
The calculations as usually car- 
ried out are extremely sensitive 
to small changes in the assump- 
tions. As presented by the Cam- 
bridge Economic Policy Group 
and the National Institute, the 
most likely consequence would 
seem to be that unemployment 
on present policies could rise 
substantially into the 1980s. The 
National Institute recently con- 
cluded that, with "plausible 
assumptions,” the level of unem- 


ployment could reach 2m bv 
19S3. 

A key difficulty with such 
calculations, however, is that 
■ they effectively ignore the inter- 
actions between such variables 
as productivity growth and par- 
ticipation rales and the exist- 
ence of any market forces that 
might serve to mitigate the 
consequences of rising unem- 
ployment. and the feedback 
effects of unemployment on 
both. Five-year forecasts from 
the London Business School, 
while agreeing that unemploy- 
ment will continue to run at his- 
torically high levels and perhaps 
a little higher than at present, 
are relatively more optimistic. 

The unemployment problem 
highlights a debate that is at the 
centre of medium-term policy 
considerations: the - interaction 
between the rate of unemploy- 
ment and inflation. For much 
of the postwar period, there was 
a belief that, with lower unem- 
ployment, inflation would be 
faster and with higher unem- 
ployment it would be lower. In 
some sense there was :i '• trade- 
off " between ihe two. Inflation 
and employment represented 
alternatives. It was as if varia- 
tions in the rate of unemploy- 
ment '* caused " variations In the 
rate of inflation. 

Unemployment 

However, in recent years 
there have been shock changes 
in the terras of nude. Inflation 
has reduced company' profits and 
damaged balance-sheets. Infla- 
tion has raised ihe proportion 
□f disposable income saved 
thereby reducing real consumer 
spending as people have also 
tried to restore the real value 
of their savings. These in- 
fluences all point to the' oilier 
direction. Unanticipated shifts 
in the rate of inflation can affect 
unemployment as much, if not 
more, than the other way round. 
The higher the unanticipated 
rate uf inflation, the greater the 
impact on jobs in the short run 
is likely to be. In consequence, 
stabilising the inflation rate 
plays an important vole in 
stabilising both employment and 
real demand. 

Available medium-term fore- 






*C£- f - 

r, 

■Bvim 

rniiifa 



WMWi 


I;.'." , ...- -• 


9J 1 1 1 111 

1JJH 





casts seem to suggest that, on 
present policies, inflation is 
going to remain uncomfortably 
high over the next five years, 
probably at around 10 per cent. 
Over the same period guesses 
about inflation in the major in- 
dustrial countries seem to aver- 
age around 7 per cent On the 
basis of these figures, there 
Would seent in be scope fur fur- 
ther encouraging demand and 
employment by reducing the in- 
flationary pressures on export 
competitiveness -and corporate 
and personal real spending. 

With an inflation rule of 
about id per cent and a real 
output growth, of something of 
the order of 2.5 per cent over 
the ne:;i five years, the addi- 
tional benefits of North Sea Oil 
should enable the balance of 
payments to remain more or less 
m balance. The balance is, how- 
ever. an unstable one and con- 
ceals -i continued forecast 
deterioration of the non-oil com- 
ponent of the current account, 
improvement in that respect 
depends obviously un real fac- 
tors such as productivity" and 
non-price competitiveness and 
our ability to increase value 
added in manufacturing indus- 
try by increasing the techno- 
logical content of the industrial 
product range. But it also 
depends crucially on controlling 
and reducing the inflation race 
with important effects on both 
the current balance and on real 
output and employment. 

Thus the current debate nn 
inflation policy is not narrowly 
confined to the issue of inflation 
for its own sake — whatever its 
undesirable social side effects — 
but is central to any medium- 
term economic strategy. 

It is foolish to suppose that 
incomes policies are a substitute 
for effective fiscal and mone- 
tary policies in controlling the 
rate of inflation. The behaviour 
of average money incomes inter- 
acts with the behaviour of the 
monetary-- aggregates in deter- 
mining the exchange rate, the 
inflation rate, the balance of 
payments and jobs. More people 
now believe that control of the 
monetary aggregates has a 
major effect on the rale of 
inflation. The monetarists 
believe that this influence is 
exerted directly on prices. The 
international monetarists believe 
that monetary growth relative 
to that of other countries 
influences the rale of domestic 
inflation primarily through the 
exchange rate. In neither case 




\ .ft 




r j*. . . ■ '.. 




JR . . „■ * " . *. r ... - ■' ;. !: 

.. . " ^.V 'AS--JS 

i . ' 'f. - a -x* 

faBI'- > 





Good news from the North Sea. hut the Chancellor lares problems about economic growth 


is it believed that holding 
incomes down by statutory or 
voluntary means can contain 
inflation if monetary expansion 
is "excessive." This does not 
mean that there is no role for 
incomes policies to play. In 
times of crisis temporary in- 
comes policies may be necessary 
as part of Ihe process of break- 
ing a chain of inflationary 
expectations, in more settled 
times incomes p&hcies — in the 
form of persuasion concerning 
the size of claims for money 
incomes— may play a role in 
reducing tho degree of unem- 
ployment and reducing the 
impact on output and employ- 
ment associated with a given 
degree oF monetary restraint 
that may be necessary to 
.stabilise the rate of exchange 
and reduce price inflation. 

But the arithmetic must add 
up. The apparent failure of 
the 5 per cent limit and the 
common private sector forecasts 
of increases of average earnings 
of some 12 per cent stem in 
part from the fact that a 5 per 
cent limit on incomes is not 
consistent with the monetapr 
and fiscal stance already in 
operation, nor with the belief 
that, on current policies, there 
will be some downward move- 
ment in the exchange rate in 


1979. The present danger is 
one of backlash iu that anger 
at the 5 per cent limit may pro- 
duce settlements in excess of 
those that would have been 
freely negotiated within the 
Government’s present monetary 
and fiscal stance. Unless the 
consequences of excessive in- 
come claims within a given 
monetary target arc belter 
understood, ihe costs of con- 
trolling the inflation rate in 
terms of employment and out- 
put will be that much greater. 
To the extent that there is 
effective persuasion to reduce 
those costs — and this is called 
an incomes policy — it is sup- 
portable. To the extent that 
it embodies percentage norms 
and industrial sanctions as a 
substitute for effective fiscal and 
monetary policy, it is not. With- 
out such effective policy there 
is little hope of reducing infla- 
tion rates during the next five 
years much below the rates that 
are commonly forecast in most 
medium-term assessments. 

The Chancellor’s room for 
ruanouevre over the next 12 
months is dictated by both 
internal and external factors. 
The faster the outside world 
grows, the faster we can grow. 
On balance, the rate of growth 
of the OECD countries next year 


may he a little faster than most 
countries with a slowdown in 
The U.S. being onset by some 
faster growth in the rest i.i the 
OECD. But this is unlikely with 
present international policies to 
present any major increased 
opportunity for the UK to ex- 
pand any faster than the cur- 
rent forecasts. 

On the contrary- most nf the 
signs look the other way. There 
is a view that with present 
policies, the Government's bor- 
rowing requirement will be 
inconsistent with the avowed 
objective of sustaining a stable 
currency. 

If this is the case, budgetary 
policy will call Tor fiscal con- 
traction rather than expansion, 
which would reduce the rate of 
growth in the shorter term. 
The fight against inflation is 
moving into a new phase in 
which monetary and fiscal policy 
will become Uie chief weapons. 
An unlikely scenario for an 
election year, maybe, but none- 
theless a serious consideration 
if inflation is to continue to be 
seen as the major economic 
enemy and if the prospect of 
joining the EMS as a full 
member is to be a real one. 

Professor Ball' is Principal 
of ihe London Graduate School 
of Business Studies. 




/■ m i ■■ " 

/seen 



By PROFESSOR PAUL SAMUELSON 

MOST AMERICAN experts "now falls short of the' Methuselah- than most people inferred from 
'take the view that 1979 will be like quality, uf the Kennedy- newspaper headlines and from 
J a year of mild recession!. The Johnson 1960s expansion. • hearing Dr. Eckstein say on tele- 

i same analysts -doubt that the When yoir read some banker's vision that for the first time in 
; rest- of the world need follow editorial on the profligacy of hi ® Iif e he was predicting an 

-Vj the UJS. : 'in contraction. . Why 'American economic policy, rer. American recession. 

. I this recent change of opinion? fleet on how jnany millions of : Few doubt that the U.S. Gov- 
What uncertainties might upset women we have found jobs for,', eminent has the power to create 
.the projections of our consensus, how many >» legal and illegal a recession if it sets its mind 
- ' forecasters? How does one immigrants have been put. to to that task. Slow enough money 
■ make best guesses for 1980 and - work since" 1975, how far our-, growth, high enough accumpany- 
•4. the , Intermediate term outlook? production index has surpassed, ing interest rates, severe enough 
► Here is iny interpretation of the itx 1973 peak. Then glance at cut-backs in public spending 
.' conflicting .evidence bearing on hqw employment has actually Jevels: all of these can in time 
these hard questions. shrunk since 1973 in "West -'sap the vigour of even a buoyant 

VL This year lias, been a fairly- Germany.- Switzerland and.- natural expansion. As 1 read the 

good. one... True, U.S. real Japan, and how little their fourth quarter symptoms of the 

growth in the year itself did not production indices have gone \:.U.S. economy, there is still con- 
live!, up to. the official , Carter beyond their 1973 peaks. Then ; siderahle natural vigour in the 
* Administration .forecasts of 4 j- - ' - -- - ' j- - - - - - 

a 'n i • FORECASTS FROM DATA RESOURCES INC. 

casters o£ rthe type I quoted - 

a year ago in- these pages had fp«r_cent) 

- expeetfid: the third year of .our ■ < c | *F t "’ ’ * * 

poEt’I975 expansion to fall some- Reai GNP x«’*y 1 JJ S-f ?’$ H 

<riMa L urget t SSStUEXdT* ” : 7J 

-Where; most economists went (Ml)* 5.4 r- 4:9 5-1 7-2 

. wrong ; vj&£ not ! so. much in their p^g t growth* during .' 

production^- and employment previous four quarters 22 ' T H 

estimates;, as in' their estimates Unemployment rate M 6.8 7.0 

o£ inflation^ ' - Acceleration of Short-term interest rates 
: UJS^jtpflation. - to the brink, of (Fed. funds) ", ■ 70.64;: - 9.92 8.70 3.C6 

• annual percentage. Long-term Interest rates ot , 

rates, ^canght^.. most economists (new. corporate AA) - 2 jo. v.-i 

.- off- guard.. -‘Specia.l factors are * Annual rat** 

causing' foqd. prices to soar. ■ .'! 1 . 11 

; More ominous' is the seeming Bny j ur y not packed with private economy despite the 
tendency . for. money, wage rates bankers: which items on the fact that our recovery is com- 
to rise^ far 'outstripping the rate menu would you pick ? Those pleting its fourth year. Although 
of produ^vily. imprcrvem'ent. ^fti, . str ^ B g balances of pay- the consumer has been piling up 
and at rates, .unlikely to be menl's, soaring currencies, and debt at a rate many observers 
absorbed ont; of profits with minimal' inflation rates or Hie consider unmaintainable, auto 
prices unchangedi - actual U.S. configuration of real and department store sales still 

All this ocrurred. in 1978 even progress ? seem strong. House construction 

when ; the_rate of unemployment. _ prior to the . surprise pre$s remains high now that it is no 
was stiir in the neighbourhood conference of President Carter longer subject to cataclysmic 
of 6 per cent, and while overall , on November l only a minority credit rationing and despite the 
measures. : :bf -"--plant . capacity of - the consensus forecasters rises in mortgage interest rates 
utilisation stilt showed a com: were predicting an outright re r occasioned by restrictive 
fortable margin of. around 15. cession, in 1979. Most of them Federal Reserve policy, 
per", cent. The velocity with" were. like me, expecting that This means. I would guess, 
which oflr system Kas been eat- the U.S. would experience in that - the Federal Reserve 
. ing imo jitg slack may !have been .:g79 a growth recession,' a situ- authorities will find themselves 
a factor; malting, for '"'inflation ation' in which output would needing to turn the screw tighter 
. even .wMlfi that, slark- was Still grow more slowly than the ,3£ and tighter. The public expects 
. fairly considerable; '• I use the p er cent rate of our long-rua. a miracle from the voluntary 
tentative jArords -‘‘ riMy : have potential, but not one in which price and wage controls. . Des- 
been" 'because' some coiisertra- real output would actually pite .the histrionics of Mr. 
tlve economists have been offer- decline. Mr. Carter's decision "to Carter’s, price czar. Mr. Alfred 
" tog the alternative" hypothesis fight inflation and. defend the,. Kahn, even if that programme 
that the u . natural rate of un-. dollar ias tipped "the betting, does make a marginal contribu- 
empltiyinent . of the American odds toward an outright reces-, tion to -inflation abatement, the 
economy,”: "the critical, point at sion. So,, when and if the next public will be perceiving that it 
which .our ^ inflation tends ■' to recession comes, you will read 'has failed. Indeed, during the 
accelerate EToin. whatever high ' lettered on its bottom -Made Ini' early months of 1979 there will 
or low level. it has attained, '.is Washington." .-be a temporary worsening of 

. at a, "much" la*ger ; degree of over- professor . Otto Eckstein of‘ inflation in consequence o* . 
all. slack "than used to.be the Harvard University, thi founder, 'federal legislation already on 


f per cent) 

* i! 2 

3 

4 

2.0 * 

-0.6 

-0.6 

34 

7^ : 

7 J 

6.9 

6.7 

5.4 - r! ; 

4*.9 

S.1 

72 

22 " "’ 

1 


H 

6.2 

6.4 

6.8 

7.0 

70.64;:" 

9.93 

8.70 

8.S6 

W- 

9 JO 

922 

9.11 


productivity 


• Despite the end-of-year flaring 1 be thought the odds "were will the stepped-up minimum 
jtto o/tofltftfen I must empha- 45-10-55 in favour of a reces- wage rate. As inflation hysteria 
sise - whit a'- vigorous recovery • sion next vear. After Mr. Carter begins to permeate the public 
S‘'nS' ; K t SflWdSS had promised an austere fiscal opinion polls, and threatens to 

budget and joined with Mr. C. -puoh the floating dollar down- 
WUUam MiHir. ch.irn.au of the ward, who can doubt that the 
"performances of the German, . FederallReserve, in a crusade of Federal Reserve will feel forced 
'inpra court- tiaht credit and slower growth to limit growth in the monetary 
beM ofthe^money supply DRI tori tee and . countenauce torther 
•ftSbJS S-L expected the odds at 60-to40that at east increases, w ._ shorr-tem interest 


months-old when'the. expected the W5 “ na 

^ ^ S l^smuch as the principal 
Sl eS if n tfi l less of a dramatic shift nations abroad have not enjoyed 




in tenn£ of . longevity, even if ft 


recoveries at all compaiable to 
that of the U.S.. 1 see no good 
reason why they should lei them- 
selves follow us down the path 
into recession! Consequently, it 
seems plausible to hope for con- 
tinued improvsment of- the 
American international deficit 
on currem account. 

If the world economy remains 
reasonably strong by the end of 
1979 when all the politic?! forces 
here will he looking forward to 
the 1980 presidential election 
aud reacting to the increased 
unemployment and economic 
distress inseparable Crora even 
a minor recession, analysts ex- 
pect U.S. Government policy to 
shift from fighting inflation to 
fighting recession. This explains 
why most of them expect the 
next recession to be such a mild 
one. It also explains why they 
generally believe real growth in 
the 12 months prior to the 19R'J 
presidcniinl election will not fail 
below 3 per cent. 

What will such a weak reces- 
sion accomplish? Paradoxically, 
conservative economists such as 
Dr. William FeJlner and Dr. 
Herbert Stein, precisely the 
rr.aiysls whom you would think 
ihe recession would strive to 
please, are now saying that so 
weak a recession would accom- 
plish virtually nothing in 
seriously abating inflation. If 
markets can see beyond the 
valley to the hill on the other 
side." little change will take 
place in basic expectations. 

The most liberal Democratic 
economists are inclined to agree 
that the payoff in price modera- 
tion will be meagre relative to 
the hardships induced for the 
people in the lower half of the 
income distribution. What his- 
tory will never tell us is how 
much worse the U.S. inflation 
might have become if President 
Carter had never gone through 
his conversion into being an in- 
flation fighter. 

The table presenls a rather 
typical forecast, that of. DRJ. 
What are its likely implications 
for Wall Street? 

The projected recession is a 
well-advertised one. Common 
stock prices may now already 
have discounted its most un- 
pleasant aspects. That is why 
one should pay some attention 
to a fairly prevalent view, that 
equity prices may rise early in 
the period of outright recession 
and. not long afLer bond prices 
have started to expand. Com- 
pared with their replacement 
costs, the earning assets of 
American corporations are sell- 
ing at bargain prices. What 
could make this optimistic view 
turn out to be grossly mislead- 
ing would be the eventuality in 
which America experienced at 
the turn of the decade a much 
more serious inflation 1 and re- 
cession than is yet dreamed of 
in the computers of the consen- 
sus forecasters. 





A unit trust for investors 
demanding above-average capital growth. 
Its record speaks for itself. 


Framlington Capital Trust was launched on 30th January 
1969 at an offer price of 5op per unit. The investment 
objective was above-average capital growth. 

By 22nd December 197S the offer price was i 4 ^- 4 p. 
The rise since launch is therefore 185" „. During the 
same period the FT 30-Sharc Index has fallen 8" „ 
and the FT All-Share Index has risen 23",,. 

The Capital Trust has also outperformed most other 
unit trusts. On 1st December Planned Savings ranked 
its performance with income reinvested as follows : 

Over 7 years 2nd out of 207 f-- 216.0",,) 

Over 6 years 4th out of 234 ( — 127.5" .,) 

Over 5 years 4th out of 271 (— 172.7” „) 
Ovcr4years 1st out of 292 (-^469.5^. ,j 
Over 3 years 2nd out 0^312 ^167.0",,) 

Over 2 years 2nd out of 334 (-t 1 76.8" „) 

• Over 1 year 10th out of 354 (-r .36.7",,) 

Although the prime objective of the Capital Trust is 
capital growth, an investment of £1*000 at launch has 
in fact yielded total gross income of £544.62: 

1969 £27.00 . 1974 £ 54-63 

7970 £ 33 - 20 1975 £ 60-30 

1971 £34-00 1976 £67.38 

1972 £38.40 1977 £80.72 

1973 i' 44-57 J 97 S £104.42 

Intending investors will be reassured to know that the 
investment objective today is exactly the same as it was 
in 1969: to achieve above average capital growth 
combined with reasonable income by investing in a 
carefully selected portfolio of LUC. companies. 

Investors are reminded that the price of units and the 
income from them can go down as well as up. 

An investment in a unit trust should be regarded as 
long term. 

This- unit trust is not suitable for investors seeking a 
high immediate income only. Its proven purpose is 
above-average capital growth. The gross estimated 
yield on 22nd December at an Offer price of I42.4P was 

4-0 0 ,.- 

To invest in the Framlington Capital Trust, fill in the 
coupon and post it to us. Do not enclose any money 
now: we will prepare and send you a contract note 
stating the exact amount required. 

Units will be allocated at the price ruling on 5th January 
1979 or on the Friday following receipt of your 
application. 


You can invest a specific sum, in which case you will be 
allocated the closest whole number of units below that 
sum; or you can apply for a specific number of units. . 

You may find it helpful to note that at December 22nd’s 
offer price of 1424P, 200 units cost £284.80; 500 units 
cost £712; 1,000 units cost £1,424; and 5,600 units 
cost £7,120. 

Your application should be posted as soon as possible. 
GENERAL. INFORMATION 

Income, after deduction of basic ras mic, will be distributed to unlr- 
h olden un 15th May and 151b .November. The offer price include, an 
initial charge of 3! ' ■ - Commission 0/ 1 J is paid «<• recepnised apenis. 
There is a h.ilf-vcnrly charge ol" i".. — VAT. Unit: can be houeht and 
sold every Friday unless this is a public holiday. Prices and vields are 
featured in most leading' newspapers. The trust is an authorised unie 
trust cunsutuied by a Trust Deed dated ;nd January. tg6X. The trust ranks 
as a wider ranee investment under the Trustee Investment Act 19M. The 
Trustee is Lloyds Bank Limited. The Managers are Framlington Unie 
Management Limited, Framlincicm House. 5/ 7 Ireland Yard, London F C+ 
■ Reg. in London Sojaa:;. Member 1.1 the Unit Truit Association. 
This offer is not available to residents of the Republic of Ireland. 


NEW YEAR OFFER 

of units in Fmmlini^ton Capital Trust. 

To: Framlington Unit Management Limited, Framling- 
ton House, 5-7 Ireland Yard, London EC4V 5DH (or 
telephone 01-248 fip 7 > )• 

I. We ‘hereby apply for unitv tminjmum roo 

for new investors >■ ’wish to invest the sum ol £ - - 

1 minimum C300J in Framlington Capital Trust at the offer price 
ruling on 5th January? *979? or on the Friday foliotving receipt 
of this, application. l*Wc undertake to pay the amount due in. 
respect of this applica lion on receipt of contract note. 

'Del. 'it j, jppliijNe. 

1 We declare that I am. we are over iK and not resident outside 
the scheduled territories nor am I \vc arc acquiring the above 
mentioned securities as rhe aominecia of any pcrson<s» 
resident outside these territories. 1 If you arc unable tu make 
this declaration it should be deleted and the form lodged through 
your Bank, Stockbroker, or Solicitor in the United Kingdom.,) 

Joint applicants, all mat sign. Slaw Mr; Mrs: Miss or Tide, and 
Forenames 

Signatures; , . . — 

FulINamcw , .. — 

Addresses; 




*• L*V V '4. *■ * * 







...l.'.rSfr' HfV2 


. .... , .. Financial Times ‘Satuida^^senibe?: 






£3T'.1 


•_-v\ 


; ;• i 


: ,i . - 


1 1_.- ; 


'• •• •./ V- • 




group of people and- do' every-: not falling very much ia 
thing it can to ensure' that this; witfr those- 


WS-f V; F 



sanctions as an opportunity to rake the soft option. They recug- 
mse that it places upon them an .even greater responsibility to 
negotiate moderate seittemenU. It is equally important that 
the Government should accept this responsibility in the public 
sector. The outcome of these negotiations — and of those private 
sector negotiations which follow them— will rest on the deter- 
mination of the Government to stand firm and hold to its cash 
limits. If the Government fails in this task, it will be impossible 
to achieve the cuts in personal taxation in the spring Budget 
which we so badly need to give people improved incentives to 
work, to build new businesses, and to improve our international 
competitiveness. 


★ 


The Government's first priority in the New Year should he 
to tackle the reform «ff nur ramshackle and ■'inefficient pay 
bargaining system. The CBI has already put forward its pro? 
posals as one contribution to the debate. 


Need for reform 


THE ABANDONMENT of pay sanctions by the Government is 
welcome for many reasons but not least because it compels 
■-veryone concerned to face up to economic realities. The CBI 
has cmiMSlenliy supported the Government in its efforts to 
reduce inflauun. Bill the means by which the Government was 
seeking to achieve ihls end were unacceptable and would not 
have achieved success. 


One thing we must do is to raise the level of public under- 
standing of economic cause and effect. We must all understand 
lhat we cannot, as a nation, pay ourselves more than we -earn. 
Our desire in have more wealth must be preceded by a willing- 
ness to work to create that wealih. If we seek year . by year 
merely to pay ourselves more for doing the same amount of work 
as before, our money will depredate in value so that we have t»» 
pay mure and more for the essential raw materials and semi- 
manufactured goods, we buy overseas. But we shall not over- 
come inflation or increase efficiency if every working man and 
woman in this country gets the same pay increase, regardless 
of their productivity, their ability, their skill, and their willing- 
ness to work. We must encourage a system which fairly 
rewards success and which does not subsidise failure. Peopf; 
must be given real incentives to work hard and produce more 
tnrouyh both higher pay and lower taxes. 


The reality of the present siiuatum is that Government, 
unions and employers must ail accept a responsibiiily to nego- 
tiate realistic pay settlements which help reduce the rale of 
inflation. This means, as the Government has rightly pointed 
• tilt, that the majority i.f settlements need to be around 5 per 
cent if we are to avoid nuking our products ami services less 
competitive in world market*. 


The CBI does pot believe that- the abandonment of sanctions 
will came a pay explosion. The evidence so far suggests that Hie 
overall increase in earn inns during the current pay year should 
be very substantially less ihan la.il year. In spite of the excessive 
of the claims su far reported to the GBI’s pay Databank — 
many are over 3U per cent — there is. as yet, no indication that 
the going rate for settlements will rise substantially above 5 per 
cent. We have been notified of .settlements for nearly a million 
employees and. oF these, some HO per cent are covered by settle- 
ments within the Governments guidelines. 

Private sector employers will not regard the removal of 


The CBI believes that an important role in this educative 
process could he played by an economic forum where the 
economic choices could he puhlicly displayed and dcbated.._But 
a change in attitudes by itself would not be enough. We must 
change our bargaining structures, reduce fragmentation and. 
if possible, shorten the period over which pay bargaining 
takes place su. as to reduce •leapfrogging" settlements. 

Finally, 4k need to impruve the balance of power between 
trade unions and employers. At present there is near anarch v 
mi far ion many shop floor*, with the strike weapon being used 
regardless of agreements and dispute procedures. The conse- 
quences. both to our daily lives and our international competi- 
tiveness. are appalling. One way or aonther we must find .i 
more civilised, mure efficient and less costly way of settling 
our differences. 


SIR JOHN METHVEN 


Director General of the 
Confederation of British Industry 


r 


• 5 




Any rise in deliveries 
will be gradual and the 
buyer’s market will 
remain. 


By Sir Charles Vllllers, chair- 
man, British Steel Corporation 
FOR EUROPEAN STEEL 1978 
was the year of the dog, but 
worldwide it will probably 
prove to have been an all time 
high for deliveries. So there is 
still growth in the steel 
industry. 

Regrettably, in Europe there 
was over-production, slack 
demand and considerable non- 
observance of the Duvi-juun 
agreements, but the process of 
adjustment to the new situation 
was taken in hand: some com- 
panies moved closer to profit, 
others closer tu UieJr govern- 
ments. 

U.S. steel companies dis- 
covered profits behind the pm- 
lection of trigger-prices. 
Japanese companies mothballed 
their surplus capacity and had 
to cope with an ever-stronger 
yen. 

1979 will probably be much 


tiie same a*- the pai-t year. In 
Europe we shall have to go on 
ai lackin'* over-production and 
oiher problems with vigour. We 
hope this will be within the 
framework of a renewed, and 
mure effective. Daviynon plan. 

In Britain tie home market 
will gi\e little help, any rise in 
total steel deliveries will be 
gradual, and even (hen to 
level* way below the peaks of 
the early 1970s. 

-So the prospects for British 
si cel will depend on sice! pro- 
ducers coiitmuiiis: the fuuda- 
n lonla l adjustment already 
begun by ami'ng costs, getting 
new plant onstream. .taking old 
plant out. holding markeiV by 
getting good, cheap feedstock 
r»r their nulls and delivering 
high quality products on time 
tu ihrir customers, in what is 
undoubtedly a buyer's market, to 
which the' BSC is now rapidly 
adjusting itself. 


about Hie long-term position 
continue to ring— from sober 
analyses to less rational "dooms- 
day " predictions. Tile oil 
industry remains an aggressive 
seeker of new resources where* 
ever it is permitted to operate 
and there is evidence that morn 
countries, especially in the 
dei eloping world, are prepared 
to put aside political dogma in 
order to take advantage of the 


By Hi. S. Kellell, chairman. 
Tube Investments 


Demand for capital 
equipment is weak, with 
the emphasis on replace- 
ment rather than 
expansion. 


r 


L 


Stopping the strike 
habit is the industry’s 
most vital need. 


By Sir Barrie Heath, president. 
Society of Motor Manufacturers 
ami Traders 

THE END OF 197S nearly 
l.ihn cars will Im\c been sold 
in the UK. Tins represent* a 
1'u per cent increase on l:i.-t year 
and shows a healthy marker ami 
rising demand into 1979. 
Investment by the British muior 
industry is high and sales be 
the component and accessory 
producers 3 re strong. 

Against tins encouraging 
picture we have to note that a 
half of all car sales were 
i m pons, compared with under 
:9i per cent four vea is ago. 

I ii-n w-.- nave so much going 
for us. why is it Unit we are 
losing half of our home mark*-* 
in foreign ■ uni pc nr ion'.’ Thai 
the answer is well known ami 
catalogued does not make it any 
the less stark. Through inn- 
Mr- nt unofficial and unconstitu- 
tional disputes m our factories, 
the major British motor manu- 
facturers .ire unable in acbi'-w 
their production potential. Wr 
cannot vet enough cars off tiio 
line and into the show room. 

We are doing ourselves no 
favours. No one is benefiting 
but I he importer. We need 
long, uninterrupted production 


runs lhat will get the cars to the 
consumer in the numbers and 
ranye of choices to tempi him to 
buy. 1 have no doubt that 
British vehicles can compete 
mi ccc.-sf ully. if we can produce 
olio lemly with iiu stoppages. 

I have called for a period of 
industrial peace in nur factories. 
There arc hound to be disputes 
and disagreement*, l-ui we have 
agreed procedures in deal with 
i hem. Let u* use l hem. Part 
of our trouble is that we have 
cot into the -strike lu-bit. It 
becomes the first answer in an 
industrial problem. But the net 
result is a contraction of our 
industry, a loss of job* and an 
insecurity Thai makes future 
investment unai tractive. And so 
the wheel turn* ever faster in 
a down spiral. 

Wv can bleak out or this bv 
stopping the strike habit. If we 
can -set through January with- 
out a strike anywhere in the 
industry this would be a fine 
first step, ff wo rou Id continue 
with a hundred days of indus- 
trial peace we should he well on 
I he way. It is a simple formula 
that would cure lnorr of our 
economic problems — for every- 
one m the industry to work a 
full week, a full month, a full 
year in 1979. 


IT IS PERHAPS not surprising, 
though a trifle depressing. h-»w 
liitli.- change there ha* been in 
the prospect for the engineering 
industry and in its problems 
since this time last year. 

As .1 sa:U then, the industry 
necessarily operates in an inter- 
national market, nut only 
because of its high volume of 
exports but also because of the 
competition from imports in 
the home market. In the long 
run a higher parity for sterling 
will benefit us all. but so Ions' 
as inflation in the UK continues 
ai a higher level than in many 
other countries tho effect is to 
make it more difficult lo com- 
pete. 

Consumer spending in the UK 
ha* been relatively strung in 
IhTS but is m<w having ]■> be 
restrained because of the con- 
tinued high level «»t‘ public 
expenditure. Demand for capital 
equipment has been weak, with 
the cmphasi* -m replacemen; 
plant rather Ihan majt-r expan- 
sions. This see ills likejy t" con- 
tinue while there i* frill su 
muui t-xi.-une in vestment under- 
utilised and I he squeeze mi 
industrial profit* tighten- under 
the combination of high wage 
demands and political and com- 
mercial pressures against price 
increases. 


Individual companies deter- 
mined i«> avoid in m. ne the 
lailie du have tu learn to 
survive and even pro-per despite 
these -ooJiT.'ons Thr? point? 
strung !y away l rum simpler 

commodity product 4 and Toward- 
more sophist lea led and higher 


Chemicals 


Overcapacity and rising 
wage and raw materials 
costs are squeezing profit 
margins. 



Further progress in con- 
servation and energy effi- 
ciency is more important 
than ever. 


By Sir David Steel, chairman, 
British Pci r oleum 


THE YEAR 1978 has ended with 
tin- declared rntenluui bv MPEG 
to increase crude oil prices pro- 
gressively throughout 1979. It is 
luu early lu say exactly what 
l he effects "f iho'i* increases 
v:ill be. and for ini? reason, 
together with the situation in 
Iran. 1979 begins in an :nr iff 
uncertainty. Two ihings uro • <*r- 
tain: firstly iba; the industry 
will have no option 1ml in re- 
cover these higher price* in I he 
market, and secondly, that i’ur- 
Lut progress in eon<i*rvatiun 
and energy efficiency will re- 
sult. 

At home, there is rhe measur- 
able advantage >ff North Sea ml 
vvhieh is making such a suh- 
.••lar.tia! impaci on il’C UK 
economy. OF enurse. UPKC price 
vi*.»— : ndd Hv* win*' "f the 
L : K‘# energy holdings, including 


oil. In addition lo ihb oconosnic 
benefit, it is worth recording 
iitai Nur ill Sun oil i.s nuvv a 
major employer of manpower, 
with nearly 30.000 jobs on and 
offshore. BP. for example, 
employs atom 3.0UH people in 
eonneeiio nv/iih its UK offshore 

operations. 

Ahmad, the short term holds 
th«* reality of new suurrcs of 
supply such as Alaska, and the 
puienria! promise «>f new areas 
such' as Mexico and possibly 
China. These countries have an 
important rule in maintain” oil 
supply with eoncumilanl liene- 
tif : ; hi international energy inter- 
dependence. Bui. however im- 
piiriant Uiese areas may beemne 
locally. OPEC will still play a 
central role in the world cciinu- 
mic scene. 

Been us*- even OPEC rcsmirres 
will diminish in Ihe not too 
(iisl-irji future the alarm hells 


I!j Sir Raymond Peitnock, presi- 
dent. Chemical Industries Asso- 
ciation 

IT HAS lung been recognised 
that the chemical indusiry has 
made a signriicaut cunirlburtnn 

Lu e:;|ion> and 197$ is m* e.vcep- 

liuti, wilh a record f4bn plus 
eonlributme more Than -5 per 
cent of ihei total trade surpiu"s 
in manufactured guodv 

II is alsu in the nature uf Hie 
chemical industry worldwide 
that imports uf down*! ream pro- 
ducts. made from bade 
chemicals, deprive- the UK 
chemical industry of significant 
production. For example, every 
’imported car sold in Britain 
deprives our industry of shout 
£i!0l> sales uf piasTics. synthetic 
rubber, paint, synthetic textiles 
and other products. Likewise 
imported clothing — which 
includes seven out of 10 of the 
shins we wear — has a much 
lower propertum iff UK 
synthetic fibres in it than home- 
produced clothing. 

These are just two examples 
of how the fortune* of iho UK 
Chemical industry — niic iff 
Britain’s lusgest and must 
stif'vv:fi.il— ■ depend on *he level 
uf aclivilv of Ihe rest uf British 


industry, and in turn, nn its 
ability r<. ^ruw. t*; export and to 
light off imports. 

Reflecting Ihe overall 
•vuiiuMiy. chemicals output 

growth sin wed in 1977. reaching 
a trough in the fir.-i quarter of 
1978. In the second quarter pro- 
duction rvcuverefl :»u\ngly t but 
in the third quarter it .-lipped 
back as the UK " mini-hnom " 
receded. Chemicals output looks 
unlikely to increase by inure 
than 2 per cent in 1978 over the 
prt-viuus year. On the other 
hand exports have risen by over 
9 per cent ftn October) by 
value and by over 8.5 per ,-ent 
by volume, as foreign miirkris 
reflect a greater upturn in their 
respective economies. 

Investment in fixed plant in 
1978 in the UK is again a recurd 
and on target, at about £ibn. 
This massive jnvcsiment pro- 
gramme which in the light uf 
present Iradr conditions is a 
courageous one confirms our 
long-term faith in ihe future nf 
the UK cnintimy and of our 
industry’s ability tn secure a 
growing share of world markets. 

Problems will again face us 
in the year ahead. World-wide 



over-capacity is forcing prices 
down while wage and raw 
material costs rise relentlessly 
so that profits which are vital to 
finance our investment pro- 
gramme for the future are 
squeezed still further. 

The UK chemical industry has 



the benefit of 430,000 dedicated, , . . ,* . 

hard - working employees, shortcomings, red<^Rg.it$mra- American figures. 

Together we aim to keep very considerable '■ traism2 with,. perhaps, eurrem^.i 

Britain in the top league -of effort.. ■ "catering a newiphase of ih$t^ii.^ 

chemical producers and An area .where tn&.impact at Inflilion once agarn 

exporters, where, despite set- the microprocessor will jrext be ojthibiting early warning signs \ 
backs, we have remained for' felt is the Office, in theush,. - ^ rising and with ' competition 
many vears. still- the most. . lpdustuatly ^ export - markets becoming 

developed nation in the world, mQ ^ j Qterisej Wje w oi, nation- 

Low-cost imports must to aim -.of. ; 


By N. B. Smith, president, 
British Textile Confederation 


skills ami funds which oil com- 
panies can bring to the task of 
finding and developing new 
sources of energy and improv- 
ing the efficiency of its use. 

Perhaps the most vital mes- 
sage for 1979 to a consuming 
world is that made in concert b> 
OPEC producers, industrial 
nations and the industry: energy 
efficiency is more important 
now than ever before. 


added-vaiue pruducts. It puts a 
high premium on improved 
pruductiun efficiency and re- 
duced manufacturing costs and 
on product design, performance, 
quality and delivery. Pursuit of 
these objectives by individual 
companion necessary ror \ j.-m 
to remain competitive inter- 
nationally. points to continuing 
reduction in numbers employed. 
-This leaves unemployment as 
an unsolved national problem 
which will be relieved only 
when total demand expands 
significantly. Individual com- 
panies facing up to hard 
decisions and seemingly 
exacerbating the unemployment 
problem in the short term can 
a; least draw comfort front the 
knowledge lhat international 
■■runpciitivcnes* is a necessary 
objective also for national 
salvation. 

This time last year I con- 
cluded a< follows. "The priority 
the Government is giving to 
Controlling inflation is reassur- 
ing. The depressing feature of 
the i-urrcni industrial political 
situation is ihe continuing illu- 
sion Lhat somehow buMnt*ses 
can be uvulaicd from the judg- 
ment of the marketplace «>n the 
merits or their products. One uf 
The must urgent needs in the 
current wage round negotiations 
and in general public apprecia- 
tion of industrial issues, is a 
recognition thar market forces 
are uT prime import a nee and 
ultimately cannot be over- 
ridden." 

We have perhaps marie a 

little progress. Inn H is hard 
going. 


FOR THE British ’ textile 
industry, 197S has again been a 
challenging year. The first 
quarter was particularly difficult, 
and represented the deepest 
point' of the downturn in 
activity which had begun in the 
summer of 1977. Since then, 
however, the industry's produc- 
tion has steadily improved, iu 
response to a rise in UK con- 
sumer spending on clothing and 
household textiles. In the 
circumstances, most company- 
results have been highly credit- 
able. even if sometimes less 
good than had been hoped. 

While the textile and cloth- 
ing industries continue to be 
one of the UK's major exporting 
sectors, with overseas sales of 
textiles and clothing certain'this 
year to top £2 bn. we have been 
hit in 1978 hy poor conditions 
in many important markets, 
particularly in the EEC, where 
consumer spending on textiles 
has been stagnating. However, 
the fall of 7 per cent in export 
volume which has resulted must 
be seen against the background 
nf the remarkable volume 
increase of II per cent in the 
same period of last year. 
Although we axe disappointed 
not to have beaten last year's 
record level of exports, 1978 will 
at least be our second most 
successful year, and our most 
successful in terms uf value of 
export sales. 

On the home market, the 
benefits of the EEC's new 
arrangements for restraining the 
growth of textile and clothing 
imports from low wage countries 
have not yet been strongly felt. 
This is due, on the one hand, to 
ihe ‘urge headroom in most 
restraints over 1977 import 
levels and. on the other, to the 
failure of the self-regulation 
agreement with Mediterranean 
countries, whose exports to the 
UK have considerably exceeded 
the limits set. with particularly 
damaging effects in the cotton 
yarn sector. 

A further feature of the home 
market during the year has been 
increased competition from our 
EEC partners and other 
developed countries. In part, 
this- increase represents the 
trend to increased trading to he 
expected in any free trade area, 
and the inevitable concentration 
on the UK market by our com- 
petitors in Ih. face of poor enn- 


.. . t -lil- Yu „ liiru'tc labour-intensive sector .. or productivity . - by , 

be kept Within the limits industry ana commerce -with- advsintaee'of the low i 

set bv the EEC. capital investment m autom^- ^ automation systems - the. ) 

- .lion systems i tong microprocessorhas brought. The, «. 

one-tenth of that on the factory ‘‘Office” j s clearly just such an ., 
i i 'area- Unquestionably, the High 

WJiile the labourcosts^re.. street .store is -another.' : . 

rising a' a rate of between 6 . . ; 

is traditionally per 'cent and S per cent per - PWnisesV token less 

■I j T^iip annum the cost nf elect re rue '.than easyyear.siirvivalUirough 

smaU, and moves are automation has been falling at a Investment ^willTtax io the full 

way aimed at increasing the between 10 per cent to., the financial .Tesources of the , 

industry s ability to respond to ^ _ rf , n t. There is no' reason 'industry,, and- ih .this tfiiinkte to 

to OTopnse that the costs of autq^ .be gmaH- might;- perhaps hot 
malion systems in Britain:- are -so beautiful after aU- . ■ ' ' • 


diuons in their own countries. 
Part is, however, also due to 
fashion treads favouring pro- 
ducts, such as corduroy, where 
UK capacity is traditionally 


such trends. 

The prospects^for J979 are, at 
this stage, reasonably encourag- 
ing. In the CBI/NEDO' survey 
of opinion in the textile and 
clothing industries in November, 
52 per cent of firms replying 
expected their output bver the 
next four months to remain 
stable and 42 per cent antici-- 
pated it would rise. -The wool 
textile sector was. however, con- 
siderably more cautious than the 
average? 


Shipping 


.A dull ' market, but \ve * 
may be -in . sight less. t 
troubled waters. 


era- and partly . b^capse of the.. ' 
By R. O. S wayne, president, state of the bulk'dsarket.-AS:Qne . 
General Council' o£ British/ would- expect 1 in such drcum-. 1 
Shipping ! .'Staaces., the: order bOok is alfio. ; 

t?np thf shipping indusiry at ' «- 1ow poinL -Internationally : 

raKmued tn be a wotMolW. ■ 

surplus nf eWp, and, 1- 


The industry's performance in 
1979 will be significantly in- 
fluenced br factors outside its ------- v. ... m , p[r ., c ■ 

control. While there are cur- suit. -.depresrt Ita# , 

rently signs that overseas mar- However, jh. ' Secretariat; Mii^ - preparation' for i 

kets may be more buoyant 'J,!, d^^arkeS UNCTAD .V -in Manila /ip . May^ ; 

during the year, the recently d,*pendiin- whlrtS'r has also put forward ideas -which ; 

annouheed increase m ml prices ¥,n,cn ’ 1 

and the weakness 
are causing concern 

limiting factor remains the thin the'wantof' cohunoditles..; MWa- wdiikl Be < 

barriers to trade faced by our “ - ilS? be over But through artificial Stimuli and 1 

aviuirtc in ilinnct otpi-v irmrlrpt thetBCti.'IOtl C'HllCr be Oyer. J5 m .. j rl 1 . V, uritV tWn (mb antiw. 



exports in almost every market i, SiU «£einely- ^eddlihg with ^te! free lent*- ! 

outside the EEC and EFT A, in tnost opinion s stiU e y. BT - ea muj-tni mbAmimc Anri 


which respect the offers made 
by other countries in the GATT 
Multilateral Trade Negotiations 


mo *. npiu'uu win prise market- inectianisms. And 

cautious and the level of the Tnct i 

con.pbtao^uouUn^ W-Aug.dur ( 


Multilateral Trade Negotiations f} 1 P u "u; ku IJl owners with- ineneasing prob- I, 

have been extremely disappoint- }*** ^des performmice haa ^ ™.{ 

ing. If the domestic market ^ e ®? P att h>- .. „ , , 


remains fairly healthj'. we shall 
benefit: but if a high level of 
wage settlements results in a 
consumer boom and a return to 
past level? of inflation, everyone 
will be harmed in the long run. 

The industry will continue to 
meet the challenge of changing 
conditions. Since 1970. it has 
invested' over £2ba in new 
equipment and buildings, and 
its productivity record has been 


spillover from the difficulties ih' Fortunately,, world: trade Js ; ; 
the hulk trades and overtonnag- still growing, albeit -sfoWly^ and 1 
ing in containerised trades ;-is if the. momentum improves, and 
now, becoming evident. Passen- - most' importantly we have tio. 
ger. ships and- ferries. 'bn the' setbacks in • other- f areas.'_ Ihe ( 
other hand, have provided British shipping industry -may . 
bright spots in an otherwise dull be -iu'- sight of Mess 'troubled; 
market. .. ... waters. The tvvo critical factors. 

I. am aFraid we must expect for 1979 remain how fast wll^ 
1979 to be another difficult year, world trade grow and whether. 
There has already been a- heavy- faced with an. over-capacity - In 
drain on reserves and last year ; the' shipbuilding industry,, 
saw. a very serious shedding of political forces will lead to the. 
tonnage. This was partly of production of unnecessary and 


substantially better than the t wm _ 

average for manufacturing. ■f T g<jjti fjna i cargo liners- for ..unwanted ships, some; tp .be. ! 
industry. Its structure is the ^-j,i C h there remained.no usefpl - virtually .- given away on ' 
strongest in Europe, u it i four en jp| oyn , en t in .the container unrealistic terms. i 


of thf five largest EEC textile 
companies. By and large, its 
profitability, although not satis- 
factory. has been better than 
elsewhere in the EEC. These 
are strong positive factors which 
give ground for optimism. If 

aikm/ the" growth lowest By Sir Hexur Flumb. president,, .^fstjc-markrt 4han wotdd^be | 


AgpiouSture 


' “ A substantial reduction 
• in MCA subsidies is 
'.V .urgently, needed. . ■.'? 

; to obtain a larger share of our 

j JjmmSIbi 4-knn Kn 


possible, under normal competi- 
tive. conditions. Moreover, i 


imports is kept within the limits National Farmers' Union 
set by the EEC. the British AFTER THE record - cereal ^ i ' 
textile induscrj" can look for- harvest and ' the reports' -of 'cui^al Sports make it very 
ward with modest confidence to increased + culcurai .... y I 


1979. 


other sectors 


0Ut P l !i from mo xt difBcutt for^British, faxnters.to- J 
rs or tttc. maustry»Tn . A-viinri ”. other Gommimitv i 


Paper 

and board 


1978. it might be expected that markets . At present the beef 
farmers would be entering 1979 — a w.— 


develop ” other - Gonimunlty' i 
* beef • 
and pigroeat’ 7 ' -Sectors suffer t 


A somewhat stronger . . niIW .. 

market for paper should Slti Sd’it'b 

permit the recovery of • rise in production has not been, win cm* t hat neither 


permit the recovery 
cost increases. 


„ . pcaduction nas nor own. surprising that neither 

reflected in higher, farm r „e- .knur, .naiaitini, dnno 


By D. T. Wilkins, president. 
Paper and Board Industry 
Federation 


Nineteen-seventy-eight pro- 
vided a strange mixture for the 
industry. It began as 1977 had 
finished, with demand low : as 
fhv year progressed, the market 
strength-nee! and one can now 
see it as the mirror image of 
1977 — j weak start, but a 
healthier lim-sh. At the year end, 
ennsumptii_.il is likely tu turn 
nut abmir 5 per cent higher 
than in 1977 — but wilh a lot uf 
ihe market growth having been 
taken by imports : fur the first 
time the proportion of con- 
sumption being provided 
from overseas is likely in have 
reached 4S per cent or which 
a steadily growing proportion is 
from sources within EEG. UK 
product .on ai nearly 4.2m tonnes 
is higher than the last three 
years, but after that one has lo 
go hack Tu 19&3 fur a lower 
figure : with an overall capacity 
nf just under 5m fnniie<. th»* 
average capacity utilisation for 
the year still remains in the 
region of So per cent though nn 
an encouragingly rising trend 
m the second half. 

Demand levels aside, the 
dominant faclurs nf the year 
have been the price <ff wood- 
pulp and th»- value nf the 
American dollar. Held firm for 
too long through a recession, the 
pulp market suddenly collapsed 
in Ihe autumn iff 1977, and the 
strengthening pound (pulp i.s 
sold in dollars) helped even 
more in restore lit* 1 balance 

between pulp costs and paper 


prices to a more sensible level. 

The breathing space was, 
however, short-lived and with 
stocks brought under.control by 
the producers, the pulp market 
has been re-fortified with an 
alacrity that could prove diffi- 
cult for pulp buyers. The re- 
cent weakness of the dollar has, 
however, sufiened the effects on 
papermaking costs and it is ex- 
pected that in 1979 a somewhat 
stronger marker for paper will 
permit the recovery' uf cost in- 
creases which have been pain- 
fully absorbed .during two years 
of virtually static prices in most 
sectors. In no areas is relief 
more needed than packaging 
materials and newsprint where 
the darker aspect uf a strong 
pound — or a weak dollar — 
makes itself fell. In both sec-, 
lors there is a competitive link 
with imported products sold in 
dollars, and with their dollar 
prices static. UK producers 
have found themselves sub- 
jected to a highly uncomfort- 
able squeeze. 

Exports, however are up and 
even though they represent 
only about SJ per cent of pro- 
riuefion. their high added - value 
makes their contribution to the 
industry's well-being — and lo the 
balance of payments — an impor- 
tant one. And companies are. 
in genera) making at least 
modest profits, while many 
similar producers in Scandi- 
navia and “ old " EEC are still 
reporting losses. Nothing dra- 
matic i.s forecast for 1979, but 
the industry looks forward lo a 
further year of steady growth. • 


of them, shows any lasting signs 
of, a recovery to former produc- 
tion levels, let alone growth. 

. Only a green £ devaluation 
can -mitigate the harmful effects 
of large MGAs. -A : significant 
devaluation, by allowing British 


incomes. . 

Production in the arable and 
horticultural sectors has now 
fully recovered from • the' 
droughts of 1975 and 1978, and 
with ideal, weather, for solving. 

this autumn, .. the farraers t0 compete on more 

prospects for -next ; equal terms with their counter- 

harvest .are promising The ln the EEC, will Improve^ ■ 

production c wtlcmk In the ^ e prospects for; agriculture in 
livestock sector is much less . l97S f wthoilt such' * devalu^- 
reassurtng. . UK output of tton there will he no sustained 
P'gmeat during W(^has been - expansion of agricultural out- 
consist^tly below correspond* Community farmers will 

l nS i!u th continue to increase their' share 

rise this year m the production. of . tte UK market and the 

balance of payments will: suffer 


of beef and veal will not he 
sustained in 1979: the numbers 
of beef cows and dairy calves 
reared _ for beef have been 
falling since 1975. . 

Despite the rise in agricul- 
ture's gross output — -which 
incidentally, . has saved the 
balance of- payments food 
imports in excess of £350m this 
year — the industry is still not 
realising its . full, production 


accordingly. 

1 regret the fact .that the 
Government has decided against 
British membership of the Euro-' 
pean Monetary System.- The 
EMS-held out the - prospect of 
greater monetary stability in the 
Community. ' Such greater 
stability of Exchange rates could 
well . have made it easier for 
Governments to7 agree to' the . 


E ntl \? t! .K; t n, y^ ,e w there is gradual phasing dut of the green 
no doubt that the obstacle to currencr system -With’ ; green 
higher output iu -19. 9. and m. oxcha ji q e ratfe being brouiflit 
th ? longer-term, is . the intn line _- :i#sth ^ raa rk6t 
existence of a ver^- large sreefi exchange rate. - Now we shall 
P‘’!. md _ ea P (currentiy nearly 30 -continue to face' a ..future 
'' f 1 , ^ clouded . with exchange rate 

’ n ^ J compensatory amount uncertainties. ;■ Jlor -British far- 
(jvi^as>. .. mers.. the uncertainties can b& 

MCA’s effectively snsbidise all. eased only: bv the substantial 
UK imports of the maiti reductioh-of the MCA subsidies 
foodstuffs falling under tbe v ,ond a firm Government conimit- 
Cnminon -.Agricultural, Policy- ment to take the further action 
and thus provide, other EEC necessary tn allow the industry 
farmers 'with an unfair trading to compete bn fair terms within 
advantage and the- bpporrunity the Community. 



Electronics 


The impact of micro-pro- 
cessors will accelerate 
from now until the end 
of the century. 


Construction 


The general level of ; : . 
activity is depressed arid 
no significant rise is ■ 
expected. " - - v • 


By Sir Rohert Telford, 
managing director. (.'EC- 
Marconi Electronics 


1979 WILL SEE a quickening of 
th*’ technolngiral changes that 
have been wilh us fur the past 
several years. The impact nn 
our lives of microprocessors will 
accelerate from now until the 
i.-nd uf Iho i cntury and probably 
beyond, and much time and 
media space will be devoted 
during the year to arguing ways 
and means of faring up to the 
questions po»c.d by the microchip 
rovnlution. often described &< 
ihe second industrial revululimi. 


quicker growth — the shortage of 
skilled prnple of both sexes— 
not only remains but becomes 
more acute each year. It will 
not be eliminated until the 
education system recognises the 
need tn change its attitude and 
provides the motivation in the 
young to aspire to a useful life 
in industry. There are signs 


By Frank Gbsliinfi, president, ' , c ‘ 

National Federation of Building 5 ?ctor housing- starts. 

Trades' Employers ' snow no sign of rocov&ry -frora . : ." 

t hoi r nirrant 



significant ..rise mritotal; coif?*- - 
structioii output , in. 1979 . anff l " 
this is -a disappointing prospect ' 1 
after the revived - hop^;}^ - 


signs, however, arc that it will 
not. 

The private industrial and 
commercial and repair . and 





• itt. 



! Wv, 


C7» 


of such a change, but it must JJJUS? 118 ! 10 ° rbu *Ming -1378. 

he some time before the educa- t l0 3 Moreover, the- generaL-^evef'. . 

turn system can mako good the J? te IS? SSUS ?f. 


1 - ' " r . 

U 

, ' :il,‘ 


’ 1 
-'••A* -i 


However these arguments 
roMtlve thom ctdves, Ihe 
industry's main impediment l«i 


software fur computers?' The. j" parUcular. are expected Tn 
electronics industry will need “ e down on the 187& level. and. .press home both 
m iki* every means to contain — — .f.. — ' r - 

the demand nn this hard-pressed FORECASTS 1979 continued on next 3 Pa 0 ^v'-S| 


- J " nr, 

f'-i 

* 





-■ *. ■ . 










17 



i . 


.-■-^-SeSai . 1,0: Jack Brabham 

; 1; 7 - ^ ' . v; ;. (Knight) 


Frederick Atkinson 
v* flTCBj 


*,•, BUSuP^SSU^SClENCE, 7 - -t&CKartS,' «»»w dfmwr o t 

^ :.; . localguvsnjn^ SSL;? . *\ •‘n^SSSao carv^- 

.* i .»■■'• . legaF profession ? a&f. -the- Civii to ^ 

;■ ■>:-- : Service. -ktfVj^Miv^VrocogniCion D*J^fr^on*S&“4: ' 

•-• y ; - hi th& New ^Voar- Jfonootsr "-. ■ . - ai^EL^SL, N ■ SffiJS*" 
■ v • - StXiiiffr^p^ers aiTe'craated (alT ui ywi r o i Ne*fCj»y B a "p6n twj». 

BarabsirSM wtf J&*f, : Gpuncinars 

ORDER Of THE BATH 
JCCB 


Frederick Page 

(Knight) 


Derrick Holden-Brown 

fKltighi; 


Bernard Scott 
: (Knight) 


Grade Fields 
( DBE ) 


Sir Bernard Miles 
(Baron) 


Dennis Head 
( CBE ) 


Professor John Wood 
( Knight ) 


■evo 

Or. Manor Gian BlKhJa. Rhvsiciin 
to the Qi^sn. 

Vler- Admiral Sir Ronald Vernon Brock- 
Gemlcman UWier to the Qurrn. 

. *• CMliaara, Anpral SrcrcUrv. 

tne Querns Siliwr JubJIre Appeal. 

,••*• Co *’ *• *“ Co,e * Windsor Herald 
OI Arms. 

Baron Remnant, manaains d. racier. 
Touche Reainant and Csmosnv. 


ORDER OF THE BRITISH EMPIRE 
DBE 

Mrs. EJIubeth' Coker. chairman, raecu- 


fv 


■ r ">«. Central Arbitration ComminoC 

are 'Appointed and there are -.23 
Knights Badjeior V named i jn- 

• chiding two selected from , the - sir -la* Powell Bancroft, head of the wwc- 

o&eiwrfs;-Etor^'Ti«e-^Uo«S-*^-' to “ ■ t2mXT&.jBFS8B! c ~ nw 

selection. includes shine of the - - ^ '■ M, “ *'"** “ ^ — — 

peraoixal appointments madei-by- 
the. Queenin.the Boyai Victorian 
Order..: . . . 




V-. 


- . LIFE-VEERS 
BASONS ' 

. : Sir - i Brta 5 „ HBtoa .liFtowar*,. - Ractor. 

T*SSSU/i^ ,eB * a " Setenee ■ J®* 

' . S*ft ft*™** ^ MHa». -actor >ond " founder 
of Vim Mermaid Theatre . . 

-Admlrfi'. M mm nod Sir Peter John 
HOI- Morton, turner. Chit* of -tt* Defnnco 
o?NATO I,y ^ h * 1 r man - -minwr*. committee 
.- Sir ' WaUav " Latng btacdpaXd ftm, 
Vlcs-Ctnncolltr. • Opan -University. . 

L Sfr Jobir jtonww- fDefnrdsaa, ■ araMent. 
General Medical . Council.' 

Mr- Kcnh p«r sranhm, lately . mi- 
den t. A m Isa mated - Union of lEnalneenns 
WortpEra.- • •'* •» # 


Mr.. Frederick John A&cbuoiu. -chief 
economic adviser. -.Treasury- 

Mr. johnWlKrid Boerae, Clerk of the 
• Crown In Chancery.- and Permanent ^Secre- 
tary. CogrChanceJ tor's Office. - j: 

M»> Thpma* Chabners HothertMton. 
OJwoar a) PvbUc- Pntmunkms. ~ ' 

Mai o r sir . James Rennie MaddcJar. 
Keener & the Privy Parse and Toeesurer 
to The Queen. 

. ’ ... x— 

Home (Aict *'***"■ ^ 

Mr. A. G. Bern. Under Secretary. De> 
payment or Heabh and Social S.corl>. 

Mr. R,- E. Dearies • Doonry SocreUrv, 
Department at Industry. 

Mr. H. J. -Dunster. Deputy .Scerewrr. 
Health end Satetv Executive. / .V‘ 

Mr. M. D. M. Franfdla, Deputy -Stcre- 
«>ry. Cabinet Office. 

.^Mr. C F- Hedocr. Under Secretinr, 
Ministry oi OrlerKe. 


(Mrs. Alperovici), 
lor 


eouHcituoRs ... „„ , , . 

- Mr. Alfred Morris-,'- Member- of ParHa- •«< -rueeren. Osoemnenu or the 
. men*/ for ■ the' Wythmuiawe dtyisian el * 1 

-.Mandnestert - - : pari la mentarv - U oder- 
'Secretarr 'of ;State. Department- of Health 
and, . Social... . Security. nltfi eocclal 
rcsaoiulbiltnr for disabled oodple.- 
Mir. ThonfOs WUHam' Unrin., Member -of 
Perfianlont •• for - Houshton-le-Sprioo; 

.MmlSter. . of- Stem. Department- Of 
economic Affairs 1968-69: 'Minister of 
State. Local Government end Reeieoai 
PtJimtnB 18B9-70. • . 


Min Grade Helds 
entertainer. 

Mr*. Naomi Christine 
services to sal 1 1 no. 

SulharLand (Mrs. Bonynoe). 
too arS!^ ,U<She<j • lC " k * t» the atflamv 

KBE 

l«taM R cftH t M«!ce , ^ d - hM<1 " NorMwn 

CBE 

.. M. Anderson, lor services to 

ChotPlate and Cante^Jjndry 

FroKsser r. J. C. Aihlnson. lor ser- 
vices «| u: lisnirsi.v Grai.u coin... i.t .e. 
_ ™ r ; , c -. G - .Bennlo.i, |j;s.y s-ta.rir.kn. 
Bniish liibfed Sjuj Machinery. 

Mr. James Cameron. Journalist and 
author. 

Mr. K. CartMrlBht. dirretor. Aromii 
Enerov establishing:. uSl.d 

Kinodcm Atomic Er.crav Auihcrlty. 

Mr. E. G. Chandler, a run tact and otan- 


Mr. K. Hbldaatc,' director 3 *enml _ 

Eariron- nine officer, CcrpuraUcn'of toe - "cUy M ‘S 




> . I 


• KNIGHTS • : . 

Mr. Peter Caleman Boon, lately Chalr- 
man;. Hoover. For services to eaport: 

Mr. Lawrence Boyto. chief- eaecurive, 

- Strathclyde Re&fonei Council. 

sir. John - Kayworth. Bovcton. -ctihpf 
executive. Cheshire County Council. 

■ Mr. Johp Arthur Uacki Brabham, -for 
dWn&uiibed service to the sport of 
motor rectos. 

Mr.. ~ Derrick ... Holden-Brown, vice- 
chairman: Allied 'Breweries. .... 

Mr. Ensue Cross, for public service 
M Wifei. • 

Mr. Alastair 'Robert Corrib Professor 
.of ParltbtosY. University of Edlnbitnih. • 
V' Professor. VvHUntn Empson. Emeritus 
Professor, at En^lfb Literature, • ShaStoW 
University. for iarvic« to Vnafish 
IHvrst&ra. . ■_ . 

Mr, -Moses: I. Finley. Professor of 

- Ancient History. - UnVvertar of Gambr Vdoe. 

..Mr, Isaac Hai (Jadd = Jacob. Senior 
•Ma st er of. the . Supreme . Court - (Queen's 
Bench. OtWUoiO / and Qboon-s Revnem- 

Mr. Brian Smith' Kenan, chairman. Tube 
Investments.. ,-. 

Mr. ■ John . Leonard •. JCtos; chairman. - 
Babcock and: WMeaa. . far services - to 
egawrt- .■■■ 

Mr- Alan ‘Charfes MacLaniJn Mackerras, 
conductor, '-.giudcal-. director, Emilish 
National -OpatB.'- -• : . 

Mr: Brace Mac kin In far services as 
of Western 


of • 


| BKSldMR. ' Cpn»«fenrtfbn - . 




V 


... Professor 

GcaOtUs.' University 'of BirmtoBfram. 

Mr. Fredoricit -WitlHni Paflr. .chairman 
and Chief execotive. aircraft ■; group. British 
Aerospace. 

Mr. jowr Jecopir Jotlre Paw, chairman. 
National Ports. CouncB»- ' 

. Mr. William Drnmmand , MactfowM 
Pa ton. . Professor . - of ; Pharmacology. 


t;'v‘fc University of Ojehnd. 

B 




ment and Traneport. 

. .Mr - s. F. R. Martin, first JeaHlatiee 
draftsman. Northern Ireland. 

Mr. J. A. M. Mitchell. Secret* rv. 
^cattish Educuinn Department r 

Mr. J. H- Nelson. Dep«r Secretary. 
■MlntUry ot Detente. 

Mr. A. D. M. Chilton. Deputy Secretary. 
Lord Chancel l or's Office.. 

Mr. A. B. Paterson, director, veterinary 
laboratories. Ministry of AflTiOilture. 
Fisheries and Food. 

Mr. D. M. Payne, principal ifkector. 
Ministry cf Defence. r 

Miss Lois A. Pnom, lately Under Secre- 
tary. Department of Employment. 

Mr- W. S. Ryrle, Deputy Satretarv, 
Treasury. 

Mr. G, G. Stewart, Commissioner. 
Forestry Commission. 

Mr- J. W. Weston, principal assistant 
solicitor. Board of Inland Revenue.'. 

Mr. R. W. L wUiflitfl. Denaty Secre- 
tary. ChrH Servior Depart m ent : w 
Mr. S: D. WIThs. CWH Executive. TBrftUh 
Oversew Trade Board. Deoartmeat of 
Trade. ■ ■_ j . 

ORDER OF ST. BUCHAEL : ' 

AMD ST. GEORGE i 
KCMG - ;■ 

Sir David Scott.' UK Ambassador to 
South Africa. 

KCMG 

. Sir Charles Walter Michael Churl. 

Premier of Western Australia. 

CMG ’ 

Mr. -G. E. Myers. Under Secretary. 
Ministry Of Agriculture. Fisheries and 
FCOd. . 

Mr. R. G. Raw, UK director. European 

Investment Bank.. . - 

. Mr. R. J. W. Rees, head Of laboratory 
for leprosy and mycobacterial r— arch. 
National Institute for Medical Research. 

Mr. I. J. Shaw. Under Secretary. 
Ministry of Defence. -v 

ROYAL VICTORIAN ORDER- 
. - - GCVO ■ X- 

Ear! of Daihensle. Lord Chamberlain 
to the Queen Mother. 

• • KCVO . 

Rev. Canon James . Seymour Danis 
Matiset. Domestic Chaplain to the Queen. 

. Sfr -Peter Maiden Stood, director. 
Thomas De La Rue and Company-.'. - 


London. 

Mr. H. G. De wnie, executive vice 
chairman. SICC. 

_ Mr.. J. I. oislcv. vice-chairman. Sports 
council. 

Mr. O. C C. Dhion. lately deputy 
chairman. Cleveland Bridge and Englneer- 

RovaV Mtot J ' ° 0 '" Ua *' U " ,r d ' rWor - 
Mr. M. t*. Falcon, chairman. National 
Sead Deve/opment Orgarhutlon. 

' Mr- „B. H. F. Febr. for services to the 
Baltic Exchange. 

Mr. D. Fowler, member. British Rail- 
ways Board. 

Mr. H. W. Canon, senior partner. 
Sherwood and Company. Parliamentary 
Agents. 

Mr. W. G. N. Geddcs, senior partner. 
Babtte Shaw and Morton. 

Mr. J. T. Griffiths, chairman. Electronic 
Consumer Goods Sector Working Party. 
Mr. Frederick Grinko, violinist. 

law 1 r SodMr M M U “ ly preilde,n ' 

Law UDOOLT OT JM-Oflftfiq. 

Mr. D, A. Head, manaplno director, 
aero division. Rolls- Rovee. 

Mr. R. Hvrmon. director general. 
National Council of Building Material 
Producers. 

Mr. W. S. Holley, general manager. 
Washington Development Corooratlsn. 

Mr. A. H. Hounsell. managing director. 
Com pair international, for services to 
export. 

Mr. R. A. Husbisson. chairman. Hotels 
and Catering Economic Dnvclcomcnt 
Committee. 

Mr. M. . W. Jerram, chairman. United 
Kingdom Fool DiSlrlbutmn Division. 
Booker McConnell. 

Mr. A. J. Kennedy, director ot research. 
Delis Metal. 

Mr. T. G. Kent, group director. 
Dynamics Gro uo. British Aerospace, tor 
sendees to exoort. 

Mr. GL A. B. King, managing director. 
BP Tanker Company. 

Mr. E. R. Knapp, managing director. 
Timken Europe, for services to export. 

Mr. J. G. S- L lji a cr e. managing director. 
Yorkshire Post Newspapers, for services 
to Journalism. 

Mr. P. A. Long, managing director. 
Machine Toqls Division, the 600 Group. 
Igr services to exearL 

Mr. J. A. Lor I no, director. Spestics 
Society. 



Mr J. Bury, associate director (design), 
atlonal Theatre. 

"r. M. J. G. Cahalan. head Of Research 
irtment. Rio Tlnto-Zlnc Corporation. 

r. L. A. Clarke, president. Norttog- 


Hogh Scanlon 
(Baron) 


Miss Moura Lympanv. Pianist. 

Mr. E. A. Lyons, architect. 

Mr. N. C. McCIIntock, secretary, 
general. Order of St. John cl Jerusalem. 

Mr. A. I. McDonald, inveslmenu 
secretary. Church Comm I ssic, hers. 

Mr. W. D. McKee, lately president. 
Federation ol Building and C.v.l Engineer- 
ing Contractors i Northern Ireland). 

Ladv R. M. Marre, chairman. Louden 
Council of Social Service, for public 
service. 

Mr. C. E. Mills, lately member lor 
economic planning. British Gas Corpora, 
lion. 

Mr. G. J. Mortimer. Urriy croup chief 
executive. Consolidated Gold Fields. 

Mr. L. W. Orchard, chairman and cnlef 
executive. Berec Group. For services to 
export. 

Mr. B. HL Piper, director and formerly 
group chief executive. Llovds Bank. 

, Mr. J. D. Ring, chairman, organics 
division. Imperial Chemiod Industries. For 
services to export. 

_ Mr. o. Robinson, chairman. Social 
Science Research Council. 

Mr. J. Rorke, managing director. Off- 
Shore Engineering Group. Vickers. For 
semens ra export. 

Mr. G. <L Shephard. Board member for 
Industrial relations. National Coal Board. 


Mr. G- T. Shepherd, chairman. Midlands 
Electr>dtv Board. 

Mr. Donald Sinden, actor. 

Mr. C. N. Smith, coa.rman. Poilv- 
halders FrtMligg Board. 

Mr. RusLin Spear. an>sr. 

Mr. R. Sice:, secritarv-gsneral. Royal 
lostltuiion o* Chartered Surveyors. 

Mr. F- J. Wilkin, accountant. House of 
Commons. 

Mr. K. G. Wttkirrson, englnetri *g 
director ann member of the Board. 
British A.rways. • 

Mr. G. R. A. Wlniev. deoutv Chairman. 
Nadorur Biological Stondirdi Board 
Mr. A. h. Wright, chairman. Cnemlcal 
3rd Allied Products Industry Train, ng 
Board. 

QBE 

Mr. L. C AHcock, engineering mana- 
ger. Shell UK Exploration and Production. 

Mr. H. F. Andrews, general manager. 
Gallahcr. Northern Ireland. 

Mr. Eric Balnbrldge. director. British 
Ports Association. 

Mr. J. J. Beattie, head ot Science 
Division. Science Research Council. 

Mr. R, Beckham, managing director. 
SPD Dlstrioution. 

Mr. □. s. Binulc. general manager. 
London Midland Region. British Rail. 


Mr. W. P. Blair, member, executive 
council. Electrical Electronic Telecom- 
mou.-aiiana ana Plumbing Union. 

Mr, e, K- Bout chairman, jour Safety 
Administration Committee. Yorcshi-e 
Safetv Training Centre lor Che Construe- 
tior Irdustrv Leeds. 

Mr. Barry Eoydcn. For services to 
Rugby Football. 

Mr. E. L Bradley, chairpaan. Legal 
Com in i cere, Madstrases' Assocution. 

Mr. P. l C. Braxler. For scrvkes to 
toe Road Haulage Association In Kent. 

Mr J 
National 

Mr. M. 

Denari men 

Mr. _ 

hamshlro Area. National Union ot Mine- 
workers. 

Mr. W. P. coin, director of Quality 
Engineering. GEC-Marconl Electronics. 

Miss S. Cooper (Mrs. Barker), design 
director. Susie Cooper. 

Mrs. E. A. M. Coram. national chair- 
man. Natlooal Union of Townswomen's 
Gu'lds. 

Mr. G. W. C ra wford, chairman. National 
Federation at Fishermen's Organisations. 

Mr. T. M. Cronin, national secretary. 
Docks and Waterways Group. Transport 
and General Workers Union. 

Mr. W F. Cusworth. director-general. 
No :h West R t*iion. Central Electricity 
Gincra::r.g Board. 

Professor I. Dickson, musical director, 
the Nat onai Youth Orchestra of Great 
Britain. 

M.. G. H Dtx, secretary-general, the 
In.iUti o! Sankers. 

Mr. J. a Donaldson, editor, British 
Csi>:>l jouri>af. 

Mr. H. N. Ecc lesion, artist designer, 
of England 

Mr. C. Edwards. motoring cerre- 
SdPndcnt. Sunday Telegraph. 

Mr. J. M. F emersion, chief executive. 
Themes Meadows International 

Mr. J. S. Forbes, deputy warden and 
assay master, woisiupiul Company ot 
Goldsmiths oi London 

Mr. P. E. Garb art, chlel secretary. 
London Transport Executive. 

Mr. S. Gortvjy. chairman. Spark Plug 
Divdon. Smiths Industries. For services 
to export. 

Mr. J. Gratwtck. For services to the 
CloVncp Economic Development Council. 

Mr. Robertson Hare, actor. 

Mr. j. N. Harris, deputy chairman. 
I PC Business Press chairman. Agricul- 
tural Press. 

Mr. J. S. Heaton. For services lo the 
English Industrial Estates Corporation. 

Mr. Jams Hcrrfot. author. 

Mr. J. H. Holdan, chairman. Creative 
and Performing Arcs Board, Council for 
National Academic Awards. 

Mr. j L. Holt, director. Jack Holt. 
For services to export. 

Mr. K. Hughes, chairman. GEC Medical 
Equipment. 

Mr. W. F. Hant. bead of Seer personnel 
division, P & O Steam Navigation. 

Mr. J. C. Ireland, lately director of 
trade relations and protects. Plessev Tele- 
communications. For services to export. 

Mr. Cordon Jackson, actor. 

Mr. Clifford Jones For services to 
Ruchv Footoall in Wales. 

Mr. H. W. G. Kendall, director. British 
Priming industries Federation. 

Mr. j. w. R. Lamb, member, executive 
rourc'l. See rrish Federation of Meat 
Tracers' Associations. 

Mr. J. K. Lion, senior partner. Philipp 
and Uon. 

_ Mr. D S. Love, managing director, 
CMf-MEC. Far services to export 

Miss M. Limd. orneral secretary. 
Independent Television Companies Asso- 
ciation. 

Mr. T. R. M. Milne, chief executive. 
Taw Valley Housing Association. 

Mr. D. R- Moylan, managing director. 
Firth Cleveland sted Strip. For services 
to export. 

Miss Olivia Newtou-Joho. For services 
to Hie performing arts. 

Mr P. F. Nlnd. director. Foondatlon 
for Management Education. 

Mr. G. H. Orchard, shipyard manager. 
Scott*' shipbuilding Company. 

Mr. T. N. Pearce. For service* to 
sport and particularly lo cricket and to 
rugby football. 


Mr. L. V, Pike, chairman. Midland 
Elecrricity Consultative count. I, chairman. 
West Midland Tram port user*' Consulta- 
tive committee, 

Mr. F. D. J. Pinto, general manager. 
BR E -Metro. For services to export. 

Mr. R. W. Porter, director. Eastern 
Region. National Federation of 8viia>dg 
Trades Em pi overs. 

Mrs. Mary Potter, artist. 

Mr, J. L. Red path, managing director. 
Barr.e Knitwear. For services to exoort. 

Mr. E. C- Reed, director ol operations. 
Thames Water Authority. 

Mr. D. F. Rees, chairman. William F. 
Rees. 

Mr. A. Robertson, managing director. 
Hugh Smith (Glasgow). For services to 
export. 

Mr. D. ft. Ross, lately general manager, 
Parke Davis Company. 

Mr. A- I Scott, company secretary. 
British Nuclear Fuel:. 

Mr. Tommy Steele, entertainer and 
actor. 

Mr. F. Taylor, senior sports writer. 
Dally Mirror. 

Mr. F. G. S. Theoias. architect. For 
services to Liverpool Cathedral. 

Mr. J, L Want, chairman. English 
Vineyards Association. 

Mr. A. Webster, London Edltcr. United 
Newspapers. 

Mr. P. FI ronton- Williams, managing 
director. ASDA Skv« 

Mr. C. D. Wills, secretory, SL 
Duns tan s. 

Mr. JL E. WIKon. chairman. Trustee 
Savings Bark ol Northern Ireland. 

MBE 

Mr. r. F. Asplcby, manager. Manches- 
ter Ooera House. 

Mir. L.ly Atkins, secretary. Standing 
Conleroncc ol London Arts Councils. 

Mr. J. S. Barnes, partner. Abbey Horn 
Works. For services to exoort. 

Mr. R. Btythcn. lately director. Broad- 
cast Equipment Division. EMI Industrial 
Elecironi-s. 

M, H. Bradshaw, deputy Chiel execu- 
tive. British Electrical and Allied Manufac- 
turers' Association. 

Mbs Nora Broithwarle. For services to 
Medan Gymnastics. 

Mr. W. Brockhulxen. engineering man- 
ager. Training Simulators Group. Military 
Systems Division. Ferranti. For services to 
export. 

Mr. K. L. Brown, managing director. J. 
Common Sons and Webb. 

Mr. G. L. Bull, protect team leader 
(data processing). BP Oil 

Mr. R. J. Bull, district serre*'rv. North 
Wales Amalgamated union ol engineering 
Workers. 

Mr. Gregory Chappell. For contribution 
to cricket. 

Mr. Roger Clark, motor rally driver 

Canttln H. Connell. Master Mariner. 
For services in connoctlon with the rescue 
of Vietnamese refugees 

Mr. D. t, Dario*, district secretary. 
West Wales Transport and General Wor- 
kers Union. 

Mr J. o. Extern, h. managing director. 
Ear— Ohs. For sera, res to export. 

Mbs M. A. Englriieart. lately secretary. 
Canning House Economics Affairs Council. 
For services to export. 

Mr. T. M. S. Ferguson, deoil ty chief test 
allot. Warren Division. Aircraft Group. 
British Aerosparc. 

Mr. J A For be*, managing director, 
A. B. Chalmers (Inverness). 

Mr. C J. Foxlec, company secretary. 
Eatiem Counties Omnibus 

Mr. J. H. Giles. For services to snuash 
rackets. 

Mr. A. G Gordon, executive director, 
Im-nrred Meat Trade Association. 

Mr. A. R. Hambty. group export sales 
executive. Mantfort (Knitting Mills). Far 
services to evoort. 

Mr. W. Hamilton, works manager. John 
G. Kincaid and Co. 

Mr. L. C. Hannay, chlel operations 
manager (guided wessons contracts'. British 
Aerospace Dynamics Group. For services 
to export. 

Mr. R. A. Hayes, administrative man- 
ager. Mersey Mill. Bowaters United King- 
dom Paocr Company. 

Mr. D. Hew It* on, assistant works man- 
ager . D. Wickham and Co. For sendees 
to export- 


Mr. A. P Hewin. senior marketing 
manager, ftacai Taetiiom. rur services ■» 
export. 

Mr, U Hormbv. Duality tf*uel min. 
ager. engmeer.ng group, Micnell Bearings. 
Vickrrs 

Mr. John S. Hoskins. For services lo 
Mator Cycle Snecaway -Racing. 

Mr. I. Howells, mining engineer, British 
Rail. 

Mr, E. H. L Hufthe*. maiuper. new 
Projects British Aerospace. Riyadh. 

Mr. D. John, personnel manager Port 
Talbot Works. Brillsfl Steel Corporation. 

Mr. J. Judd, chairman. Hampshire and 
Isle of Wight Agricultural Wages Com- 
mltxoe. 

Mbs Margaret Kelly. For services to 
swimming. 

MIh J. K. Lamb, personnel and wel- 
fare officer. Brilisn Fish Canncrs tFratcr- 
burghi. For services to export. 

Mbs Sonia Lannamon. For services 10 
athletics, 

Mbs J. K. Laughton. For services us 
Paraplegic Sport. 

Mr. A. Leach, managing director. Bally- 
money Manufacturing. 

Mr. J. R. Leighton, lately works direc- 
tor (Kelghlcv Plant i, Hayward Tyler. Fur 
services to ex port. 

Mr. G. E. Leslie, divisional organiser 
■engineering section). Edinburgh and File, 
Amalgamated Union ol Engineering 
Workers 

Mr. B. W. Lewis, managing director. 
Drury Engineering. 

Mr. G. J. Lewis, chiel buyer and 
supplies manager, production division. 
Deer a Radar 

Mr. D. G. McMillan. «ch>cle qualify 
manager and chief enxincer. Marshall of 
Cairuridge (Engineering). 

Mr.D. O. Mag'gott. engineering services 
manager. Nuclear Power Company rv/hei- 
stonei 

Mr. H, G. Maklns. seminar co-ordmator. 
National Dun Rcaistcrv 

Mr. N. P, Mander, master organ 
builder. 

Mr. J. Marks, manager, wire and nail 
department. John Williams iWlshaw>. 

Mr. J. Martin, general secretary. 
National Union ol Lock and Metalworkers. 

Contain P. H. Mattocks, master. Esso 
Petroleum Company 

Mr. S. R- D. Power, chief mechanical 
and electrical engineer, Paddington, British 
Rail. 

Mr. T, O. Robson, lately works engineer- 
engineering group, Scots wood Works. 
Vickers. 

Mr. A. Owen, general manager. North 
West Region. Trustee Savings Bank. 

Mr. A. H. Peters, principal doorkeeper. 
House Ol Commons. 

Mr. R. Pollock, assistant managing 
director, William Bain and Company ' 

Structural'. For services to export. 

Mr. B. H. Scarlett, chief crime reporter, 
Press Association. 

Mr. A. C. Simoion, technical director. 
International Distillers and Vintner's 
Home Trade. For services to the wine and 
■bir’it trade 

Mr. R. Smallwoods, general manager. 
Welch Margetson and Co. 

. Mr. Ian Stewart. For so rv ices to aih- 
letits. 

Mba P. G. Stokoc, assistant company 
results manager. National Carriers. 

Mbs J. R. Straher, personnel services 
controller. North Eastern Co-operative 
Society. 

Mr. H. H, Swannkck. marketing direc- 
tor, Western British Rond Services. 

_ Mbs B. H. Taylor, director residential. 
British Property Federation. 

Mr. K. E. Thompson, group standards 
manager. Alcan Aluminium (UK). 

Mr. F. Tyson, ch.ef designer, Scottish 
division. Aircralt Group. British Aero- 
space 

- Mr d l ,A- Webb, tourist facilities 
manager. British Tourist Authority. 

Mr. P. Whitaker, products development 
manager. Francis Shaw and Co. 

Mr. A. J. Woodcock, county secretary, 
Northumberland National Farmers' Union. 

_ Mr. R. S. Wyatt, president. South West 
Export Association. For sendees to export. 

Mr- L. V. Yorke, superlntenocni. 
general services. Heathrow Airport. British 
Airports Authority. 

Mr. W. Young, district Secretary. Hanley. 
Transport and General Workers Union. 


-sftt? ■ ' 

■ H 

:.M 

‘ ■' t 

■ i. 

... 

: W: . 


Forecasts 1979 


THE VIEWS OF LEADING INDUSTRIALISTS 


Campaign will continue with 
that object in mind. On this 
issue, we shall have to await the 
outcome of the General Election 
which must be held in 1979. 

The civil engineering industry 
has during 1978 been in the 
forefront of the battle against 
Government sanctions and wel- 
comes the fact that we enter 


1979 with this threat to the role 
of law removed. We therefore 
enter 1979 in the hope that we 
shall be allowed to get on with 
the work which is so necessary 
to this country's pro spent)'— and 
which we have proved we can 
do overseas — unfettered by 
irrelevant Government interfer- 
ence. 




Continued from-previons Page 


; ; tions: to - the existing Govern- 
._:;i,ment’ 1'and subsequently to 
r . whichever government emerges 
after the election. 

; The fact is that our industry 
: . • - is operating .at far .too low a 
, cap^ity . to. meet fundamental 
: - demand -for housing, infrastrao- 
i' /vtowy- - social., building, .such as 
.... - schools :• t and" hospitals, 

; much-needed V industrial ' rc- 
' generation programmes. • 

*' ^ Quite apart from. . the 
?. ‘ problems that this low; level , of 
\ activity creates within our own 
/-industry in r terms of invest- 
- mwit planitrag: of manpower, 


in terms of living standards and 
general prosperity. 

Consequently the prospects 
for .the construction industry, 
and for the wider British 
economy are by ho means as 
encouraging as I would wish to 
see. ■ I hope that this trend will 
be_ reversed in the foreseeable 
future but 1 cannot see this 
happening to any extent in 
1979.- Nevertheless the long- 
term future must be good and 
the NFBTE will be encouraging 
Its members to maintain and to 
increase their investment in 





By D. R Hornby, president. 
Food Manufacturers’ Federation 

.THE ECONOMIC pundits 
claim to have detected in 1978 
a inini-boom In expenditure on 
consumer goods. Unfortunately 
little of this additional spending 
found its way into manufac- 

materials " availability' ’• and craft and numagemeut training- JJSe sector istil^root many 
futurerproductioc capacity, low One major deteffent to invest- ^ the CTirreT1t problems facing 
levels' ; ; of ; 'building ; aettvity. ment of any fond -fJ£F members, 5 of which the 

indicate a basirally depressed Party propose most serious is the continuing 


. economy, which keeps Britain, nationalise the industry— a pro- :ljJW j ev ^. of profitability. 

-- well ddwn *- the - tnteniatipnai posal which Z sincerely nope published results of 
league of industrialised' nations will be withdrawn during 1979 - ; food manufacturing companies 
: :: r .’ '^»ow no improvement in this 

. . . ' . . " " ^--respect In fact, some com- 

; ■ — — — 1 ■■■■ .. r . ' “ ' parties' profits have actually 

-■ ' . .[ declined in the last 12 months, 

through poor trading results. 


Civil 

Engineering 


The authorities • must ' Without profits from their over- 

armrAoiafp fhp difference se&s activities, many more com- 
appreciaie Uie outer cuvc ^fauies^ouid have suffered. This 

between Capital ana cur- depressing trend is not only bad 

fprif qnendinff * ^or food manufacturers and 

rent spenamg. tteir but ^ for 

Bv Derek Gauher^ dlreclor- ■ :- : Britain: the erosion of profit- 

^ general. Federation i' of, CM' Jvimort daily there arereport*:«^g ^er^ firt^sSf 
: Engmeermg Contractors . .. of sew ers. coUapsing, of ^Uierfteiei^of 

'.. ; so bad that one of the country’s most 

. . 1978 HAS:.not been a particu- for damages caused by. potholes industries, 

larly- happy year .for' civil for instance are cosung', . \v e ^ the FHF hope that 1979 

* * - J - * thousands ot • 


engineering.v ! ‘We ..baye seen . hundreds ot tnousanoa ui simal some improvement 

\only a slight;pick-up in activity,, pounds.. ..The Government*.^ pro ^ Only in this way can 
most of - the. e^tiu money the declared intention is to _we invest more, improve 

•. Goverrrment .gave to construe- down; public spending; one “ -efficiency and keep down the 

■ Uon aetualiyigoing to building;-, my, federations Prime aims m of food prices. However, 

a hard fight od pay. policy and : X979 will be: to try to get prospects depend upon 

' particularly ■ . sanctions; the' authorities to appreciaw many factors, like prices of raw 
. battle for^ freedom. fought under difference between -current . ana ; saaterikls 'and packaging, which 
the CABIN banner. capital, spending- As an i rnirn- ^ not directly within the con- 

■ The latest forecast -from the tration of. this, to allow money of individual companies. 
-Bidding -and Civil Engineering to be spent on gi ving_p«)p .Since raw materials are an 
EDCs. published on December cheap bus fares is of tittie use- f . 

12, . shows : - that* -output for when the rwds on which the 

buses run become dangerous •_ 
through, lade of maintenance. '■ ' 

This is a message I do not., 
believe has yet penetrated the 


The continuing low 
level of profitability is 
the industry’s most 
serious problem. 


important determinant in final 
selling prices of manufactured 
foods, the FMF is encouraged 
by the tough attitude taken by 
the Government towards the 
Common Agricultural Policy. 
There is an urgent need to 
reform the CAP and to reduce 
the huge agricultural surpluses 
in Europe. The FMF will be 
continuing in 1979 its vigorous 
campaign to cut back high EEC 
farm prices, which are primarily 
responsible for these surpluses. 

A stagnant home market for 
food has intensified the High 
Street price war among grocery 
retailers in 1978, When the 
Monopolies Commission reports 
its findings on discounts to 
retailers Its recommendations, 
if implemented, could have 
dramatic consequences for all 
parts of the distribution chain. 
In any case, the FMF looks 
forward to an end to the High 
Street War, so that manufac- 
turers and distributors can 
improve their trading position 
without detriment to the service 
their customers expert. 

A key element in the Govern- 
ment’s approach to unproved 
profitability in the food manu- 
facturing industry has been the 
industrial strategy. It has been 
publicly stated that the aim of 
the Strategy is to .improve the 
industry's return on capitaL 
The FMF expects that the Gov- 
ernment and all its agencies 
will take steps to create an 
environment within which the 
Federation’s member companies 
can grow and prosper in 1979. 


across the world. Western 
Europe remains disappointing 
although there are some signs 
that tijis important sales area 
will improve in the latter part 
of 1979. 

, I am confident that the 
machine tool industry will con- 
tinue its almost unbroken 
record of positive contributions 
to the balance of payments 
which is particularly note- 
worthy given the global surplus 
of machine tool manufacturing 
capacity Kith resultant intense 
competition and a price war 
Which in some cases is quite 
suspect commercially. 

Much attention has been 
directed in recent times to the 
increase in the value of imports 
of machine tools. It is impor- 
tant however, to understand 
that much of the increase is 
attributable to currency fluctu- 
ations and does not necessarily 
mean an increase in the number 
of machines purchased from 
abroad. 

I am heartened by the quiet 
atmosphere of confidence that 
is becoming more apparent in 
many of this industry's board- 
rooms which is reflected by con- 
tinuing effort and investment in 
overseas markets and a healthy 
rate, of re-equipment in our 
factories. ‘This positive attitude 
was recently rernforc°d by the 
conclusions of a forecasting 
seminar held in November last. 


sponsored by the Machine Tool 
Trades Association and con- 
ducted by the Henley Centre 
for Forecasting which indicated 
that we could expect an increase 
in orders over the next eighteen 
months. Another fact that is. 
generally welcomed is the 
apparent levelling off of the 
hitherto highly cyclical nature 
of the machine tool industry’s 
order input, these predictions 
will certainly stimulate manage- 
ment in plans for expansion. 

In the important area of 
manpower constant considera- 
tion is being given to the vital 
process of training and retrain- 
ing of the skilled workforce 
which is so necessary to the 
success of this craft section of 
engineering. It is a matter of 
considerable pride that despite 
adverse market pressures we 
have over the past year, with 
few exceptions, managed to 
maintain our manning levels as 
compared with competitors on 
the Continent ,• 

I fervently believe that this 
country needs a strong and 
independent machine tool in- 
dustry. We have both the 
brains and skills and this vital 
sector of our national economy 
will continue to serve our 
country both loyally and effec- 
tively for many years to come 
provided that industry is given 
the right economic working 
environment which is so im- 
portant to our trade. 


survive the world crisis, but to 
ensure that we retain a capable 
and versatile industry equipped 


to meet the calls which will 
certainly be made of It in a 
few years’ time. 



Shipbuilding 


1978 for the pubti&ndxr-'housmg 
sector,, which, contains the bulk 
of civil • engineering . work, is 
expectetf-to be down 2 per cent , believe nas y 
in- real terms compared with* official mind; 
1977; >. The. -forecasts for 1979 
and -1980-^re^ibr a nominal- 1 
per ceirt increase; -^his cleariy 
depicts an' indiistry which, bav- 


It is the threat of Government J 
control over our-industry. on a : : 
wider front which, led to the;. 
Building and Civil EngtneCTmg 



ing suffered a succession, of Industries setting JJP „ Sy'W.' JL Vaughan; president, 

cuts, is-oowweH and truly in the Campaign Against Machine Tool Trades 

■ a trough. :, - . . - Industo 

• The, -Jesuit/ is .that the civil the beginning of this ye^ine 

prunS lAAMHif la nivur Porttna i DU hfl£ h£ 6 A successful 



- vui>ATi '-Tt- i p c. Mid pariier this vear Natlonaii-' year.- The second Ml 

L foSsper. for it to be re- will continue over the f 
vices^te /rapidly deteriorating, moved from the agenda, and. the of .1979. Competition 


in order 
that this 
first half 
among 


The world surplus of 
machine tool manufac- 
turing capacity has led to 
fierce competition. 


manufacturers continues to be 
tough but the UK machine tool, 
components and associated 
equipment industries are in 
general, on normal working 
time. This arises from a 
moderate upturn in the home 
market and the continuing 
success of many of our manu- 
facturers in export markets 


By M. B. Casey, chief execotive 
ami deputy chair man. British 
Shipbuilders 

THE DIFFICULTIES facing 
both shipowners and ship- 
builders throughout the world 
are widely known, and Britain 
faces the same problems as 
many other nations. In essence, 
the trouble stems from the fact 
that orders for ships to be 
built world-wide have fallen to 
around one-third of the levels 
of recent years and there is 
currently a serious over-capacity 
in merchant shipbuilding. 

Some countries have an- 
nounced their intention to 
rednee levels of output by 
specific percentages. Within 
British Shipbuilders we have 
just finalised the industry's first 
corporate plan, and have taken 
a hard, realistic look at a range 
of factors to reach conclusions 
on the future shape of the 
industry. We have taken 
account of the current crisis 
and have also looked ahead to 
the 1980s when we expect the 
market to recover. Shipbuilding 
is a notoriously cyclical industry 
and it is important when plan- 
ning its future to have regard 


“ We are seeking to pre- 
serve the hard core of the 
industry.” 

to medium- and long-term pro- 
spects as well as short-term 
fluctuations in demand. We are 
seeking to preserve the hard 
core, of the industry and to 
sustain its essential infrastruc- 
ture. We aim to improve our 
overall performance and to 
emerge from the present reces- 
sion with a competitive and 
profitable business. In the mean- 
time it must be accepted that 
there will not be enough work 
for all our yards and a joint 
working party has been estab- 
lished with the trade unions to 
study ways of dealing with the 
social problems arising from 
the recession. 

A logical approach has been 
brought to the whole of the 
industry’s affairs in the 18 
months since nationalisation. 
We have been able to mourn 
an intensive marketing drive 
with considerable success. In- 
dustrial relations have improved, 
substantial economies have been 
achieved in purchasing and 
financial control, new ap- 
proaches to design and research 
have been introduced, and new 
monitoring arrangements are 
leading to closer adherence 
to production -and delivery 
schedules. British Shipbuilders 
is determined not only to 


By Joseph Godber HP, chairman 
of the Retail Consortium 

DURING 1978 there has been 
an increase in consumer spend- 
ing over the board in the UK. 
sparked off chiefly by the 
Chancellor of the Exchequer’s 
measures of tax rebates and 
increased allowances, resulting 
in increased earnings at a rate 
of about double the increase in 
inflation. But when the dust has 
settled it will amount to a 
volume increase of around 5 per 
cent, bringing retail sales 
volume back to 1973 figures. 
Hardly the boom conditions 
which some sectors would have 
us believe. 

The increased sales pattern, 
which began in March with the 
first tax rebate, has followed a 
predictable form. Durable goods, 
both brown and white, were the 
first to see a higher turnover 
after the slump during 1976 and 
1977. Clothing and footwear 
followed with added consumer 
confidence and lastly, but not 
until the latter part of the year, 
furniture sales began to pick up. 
Food sales, too, .have shown an 
increase but because of the 
intense competition hn food 
retailing, this could reflect a 
trading up rather than increased 
expenditure — a reversal of the 
1978-77 pattern. However, these 
increases must be weighed 
against the total increased con- 
sumer spending pattern which 


One of the most 
important issues te likely 
to be the effect of 
competition policy on 
retailers. 


includes such things as holidays, 
motor vehicle expenditure and 
other leisure activities to deter- 
mine the real increased expendi- 
ture in shops. 

What will happen in 19797 In 
the UK a general election will 
influence the timing and extent 
of monetary control with its 
ripple effects on unemployment 
and investment and retailing 
will Teact quickly. 

We expect consumer protec- 
tion will continue to occupy f*te 
atention of politicians. Further 
measures on price display, 
advertising and perhaps mini- 
mum offers will emerge. How- 
ever the most important subject 
we will have to consider in 1979 
is likely to be competition 
policy, including the question of 
whether some restrictions 
should be placed on the ability 
of larger retailers to purchase 
on favourable terms. 

British retailers not only 
preach the virtues of free com- 
petition — they practise it. The 
price war in the High Street is 
likely to continue longer than 
most people expected. The main 
beneficiary is the consumer. As 
a leading retailer said to us the 
other day “ we have done more 
to -reduce prices in the High 
Street by pursuing a competitive 
pricing policy than any govern- 
ment achieved through price 
control.” 


Aerospace 


By Lord Beswiek, chairman, 
British Aerospace 

WE START the New Year with 
a substantially increased order 
book— now approaching £3bn. 
The orders are spread across 
the range of BAe activities and 
the new civil projects to which 
we are now committed should 
help to secure a better balance 
in future as between military 
and civil orders. Well over 60 
per cent of current orders are 
for export. 

1979 should be a good year 
for British Aerospace but just 
how good will depend on a 
number of factors not entirely 
within our control. For 
example, we share with British 
industry generally a need for 
highly skilled people. Salary 
scales have hitherto been dis- 


New civil projects will 
help to secure a better 
balanced order book. 


torted to some extent by the 
exigencies of essential incomes 
policies, but even if 1979 sees 
some changes on this front they 
can only affect the disposition 
of the nation’s skilled labour 
force rather than the total 

supply- 

• Another feature, of course, 
will be the nation’s success in 
curbing inflation. In a year 
when everyone appears to 
agree in general that discipline 
is needed, in particular every- 
one seems able to prove that he 
or she is a special case. In 
such a situation the outlook for 
any organisation must to some 
extent be less than clear. 

British Aerospace will aim 
for improved productivity in 
1979; given that, the prospects 
are good for the fulfilment of 
commitments and maintaining 
our competitive position. 


•“-.t : . -i ': .- 

• < v V-' - ' . * : ■ ■ 











Notice of Redemption. 


Chevron Overseas Finance Company 

' 7 % Guaranteed Sluicing Fund Debenture* Due February I, 1980 


NOTICE IS "HEREBY GIVEN* that, pursuant to the provisions of tie Fiscal Agency Agreement 
dated as of February' 1, 1968 under which the above-described Debentures were issued, Citibank, 
NA* formerly First National City Bank, as Fiscal Agent, has selected for redemption on February 1, 
1979 (the “Redemption Date’ 1 ) at 300% of the principal amount thereof (the “Redemption Price 7 ') 
pius accrued interest to the Redemption Date, payable in US. dollars through the operation of the 
Sinking Fund provided for in. the said Agreement $3,500,000 principal amount of Debentures of the 
said issue of the following distinctive numbers; 

COUPON DEBEMTOBBS OP SMJOO FKWCIE'AIf AKOPHT OUTSTANDINO 

MI7 2613 3766 4941 5888 7052 8381 9600 1112B 12329 13621 14817 1B186 17589 18682 20440 23384 23544 
61 2614 3767 4942 5891 7070 8397 9601 11131 12334 13022 14830 18188 17590 18708 20442 22387 23550 


31S "724 37K+ 4990 5989 7098 84R8 9700 11182 12=98 13700 14883 16281 17841- 18785 20505 22416 23669 
136 =7=5 3785 4995 5990 7105 8477 9702 11186 12401 13723 34867 36283 17P44 18795 =0511 22417 23670 


2T.fl 2740 3811 5040 6010 TIM H53B 9717 31213 12437 13744 34392 16332 17654 38814 20540 22461 23679 

240 2741 SJna 5043 6013 7203 3542 9719 11215 12438 13752 14B93 16323 1 7660 18815 20542 22462 23687 

264 2746 381* 3047 6014 7254 HS57 P721 11216 12441 13759 14012 18325 17661 18837 20543 22483 29709 

278 2750 3816 S' WO 6015 7258 8559 9733 11243 12442 13763 14921 18328 1766-3 1B841 20547 224L4 23711 

277 2T68 3823 5050 6017 7280 9561 973G 11269 1 2444 13768 14922 1G33U 17664 18842 20551 22485 22717 

291 27S7 3826 5052 6018 7265 8569 9747 1127S 12447 13787 14926 16331 17672 18845 20553 22468 23 

293 2789 3638 5058 6021 72<*3 8571 9750 11284 12473 11770 14933 16332 17073 1RB48 20556 22470 23 

2P5 2T9U 3837 5059 6024 7294 R57S 9755 11288 12481 33772 14938 16334 17682 18849 20597 22471 33722 

5.04 2791 3839 5080 6028 7104 8813 9757 11290 11492 13T7R 14970 16337 17T09 18852 20593 22473 23723 

307 2801 .18+2 PD61 6029 7326 8614 9763 132P5 32493 33803 34976 16348 17710 38853 20600 22478 3372* 

311 2806 3643 5083 60.10 7327 8616 9783 11296 12494 13804 14977 1G3TI 17712 38«5* 20810 22479 23732 

327 2807 3845 5065 8047 7:144 8617 97«B 11297 12495 13805 14900 18373 17714 16355 20611 224H1 21:750 

335 2843 3848 SOBS 6052 7375 8618 9771 11239 125*71 138D6 34961 16375 17715 18858 20613 224B6 237K0 

337 28+4 3651 5070 6034 7382 8823 9773 11300 12534 13808 14983 16378 17719 18667 20616 22488 23781 


:S7 28+4 3651 5070 8034 7382 8829 91 


47 2663 3854 5073 6056 7397 8644 977+ 11307 1=M5 33813 13003 16379 17742 38870 20617 22489 23788 


357 2885 3877 5076 6057 7419 884 5 9776 11313 12543 13823 1 5004 10380 17743 18873 20820 22491 27790 

> 380 2902 3878 5092 6075 7421 8848 9777 11316 12543 13830 15005 16381 17749 3E875 21*829 "2494 2379= 

;-d 362 2912 3“18 5098 6076 7435 8647 -9793 11317 12570 33835 15006 16369 17754 18913 20653 22497 23794 

’J S6S 2914 3918 5114 6083 7+39 884B 9794 J1351 12572 33836 15H0* 1C393 17760 38925 2U659 22409 23708 

. 368 294 3 3935 5116 8094 7444 8649 98<H 31355 1 257R 33850 15U20 1KJ94 17762 18950 MfiSJ 22500 =371*8 

‘>'364 2945 3938 5117 6098 74R3 8650 9605 31356 12579 13860 15028 16395 17784 18951 20668 22515 2.1709 
-I- 373 2946 3948 5119 6107 7454 8556 9800 1138= 12583 33861 35036 36396 17805 18OT6 =0569 2251B 23B0B 

.< 367 2947 3947 5120 6112 7455 8661 9813 11364 32588 13862 15038 3 639B 17309 18998 20672 22S47 23307 

452 2*148 3952 5122 6114 7456 B867 W19 11366 1=616 13883 15042 1640= 17310 10007 20676 22549 =3808 


452 2*148 3952 51 


454 2951 3959 51=3 6129 7437 8670 M«20 11367 12617 13898 1 5044 16403 17811 19048 20682 


455 =962 3963 51=4 6135 7458 867= 9826 11368 1=620 13982 15047 16410' 17815 19154 20701 =258= =3321 
47B 2077 3087 5125 6137 7450 8875 9327 ll3f.'l 12621 33306 1 5048 18423 37823 19209 20715 2=564 =82+ 
41*2 =983 4»XU 512S 6IM 7480 8676 9KQ0 11370 1=624 13997 15057 16431 17831 J9372 20T17 22588 23R2B 
495 =;‘H4 4004 5127 6140 7463 KWO "KS1 11386 1=828 14059 13058 18432 17833 19375 ='1720 =2589 =3827 
497 3000 40(17 5134 6146 7464 SrtKU 0856 1 131*1 1=632 14U76 15059 26434 17835 19380 207=4 22570 23836 
502 : 100 s 40Tfl 5(XR 8147 7487 KG.K1 9860 11386 TJft+0 14127 1507S 16438 17S37 193*5 =0733 22574 23H37 
504 3IW» +'J1= 5140 6148 7483 Ki?*= ?H6l 11404 1 2846 14129 15031 J6448 17359 iy40S 2Q737 2=575 =3538 
509 3010 4013- S155 6149 747.1 W385 9R6& 11409 12847 14130 15U93 16450 17X63 194U8 20740 2=576 23045 
521 3011 4026 5156 6=61 7472 K70.1 Wills 1U.W 12680 14135 15094 16453 17KTO 1D4W 211744 22581 =3349 
5=3 301*1 4H27 5157 6274 747.1 8703 9867 1143*1 12881 14137 15U3 16489 17830 19410 2Q775 2=596 =3R10 


5=3 :mi*i 4027 5157 62 


5=8 30=1 4031 5159 7474 8709 9368 1144L 12ttf* 14138 151=4 1M76 17386 19411 =n7W> 


533 3028 40=3 5175 6=79 7475 8728 98R2 11443 1 

535 3(13*1 4052 5194 6=83 75== 8730 9803 11446 1 

547 31(1* 4053 5=00 6=f!4 75=5 87.3= 9898 11450 1 

549 3rt:;» 498= 5=m KiKU 75=7 8740 3899 1145= 1 

554 .1044 403K 5=27 8=9= 7.133 8743 9901 11454 1 

5.W 3048 4087 523= 6.32= 

*10 3050 +U90 5=3.3 63=5 


98R2 11443 1=7.35 141.3B 15143 1 64T7 176811 19412 20790 22600 2385G 


(R 14140 15173 16488 17X93 19433 20731 
i7 14141 15200 1 64*10 17S94 19452 20792 
8740 9899 1140= 1=T3K J4142 15=08 16431 17809 1P453 20738 22611 

8743 9901. 11454 1=740 14142. 15209 16518 17904 19484 =0819 =2512 

3745 9901 1 148*1 127S6 34156 15216 365=0 17308 19502 20823 22613 

KW 3050 4H90 5=33 6335 7326 8788 990= 11462 12T39 34153 15241 16521 17009 19507 208=4 2=414 

611 30M 4091 5=35 6.341 7527 8790 9**10 11464 1=776 14163 15=49 165:= 17910 19512 20827 22615 23883 

61f. 3065 409= 5=27 6342 7544 8732 9-716 11488 1277.3 14164 15253 16526 17912 19613 20828 22817 1B+R91 

68+ 3068 4(193 5241 6348 7545 879= PftlB 11487 12780 14165 15277 16532 17924 15*515 20830 =28=0 £3392 

688 300= 41197 5251 6=50 7572 3806 99.17 11468 1=782 14167 15284 185.17 3 7945 19517 20337 22629 23095 

679 21.(91 41110 5260 8351 7573 8817 39+U 114C9 U796 14177 15=92 16536 17948 19519 20842 =2630 =391» 

700 =0*12 415= 5=61 6=53 7575 8R1D 9945 1 1470 12800 34182 15294 3R541 17949 19524 =08+8 22649 23956 

714 .11.194 4153 5262 6357 7577 .18=2 Wl 11+71 32814 34196 15295 16553 17957 19526 20869 2=651 =183 

717 3095 415+ 5=8= 635K 7579 8R23 9963 1147.1 128= 14200 15213 3 6561 17959 19527 =0875 22659 =3965 

713 3096 4155 5292 6=74 7580 8K2fi 9965 11493 12829 34203 15314 36565 17961 19528 20880. 22863 23972 

73.1 31(03 4162 5=173 6376 7581 KK32 9075 1140R 12850 34205 3 5315 16667 17M2 19529 208*1 =2664 23973 

759 3101 4177 5295 K*= 7582 8833 9977 11499 1=36(1 14210 15317 16570 17964 19531 20885 22683 23909 

761 310= 4178 5296 «!>:0 11=14. 9962 11501 12891 14=16 1 5506 1 6571 17965 19533 20886 22672 =1901 

769 31fl+ 4188 5298 63X7 7607 8817 S9B+ 11503 12906 14218 15512 16579 17966 19534 20891 23873 =3933 

77(1 3105 4214 5=99 6395 7608 B84L ft.7X5 11505 12935 142=0 15515 16587 17*<68 19536 2Q896 22674 24001 

7*U 1106 4=18 MOO 6306 7609 HB42 S*OT» 11508 1=944 14=21 155*5 1660* 17961 19537 =0900 =675 1*4007 

795 3109 4224 5=05 6435 7010 *R45 *J9KT 11S11 12946 14227 15523 16(506 17982 19540 20969 22679 24017 

7*.‘H Kill 4==6 5307 6439 7622 8846 9939 11515 12948 1422* 155=8 18607 17984 1P548 20*173 =2680 24019 

3«:» 311.1 42=7 5309 6461 76=4 x:<47 999= 11518 12950 14232 13529 16612 17985 19547 20978 220W5 240+8 

RII5 3116 4231 5326 6463 7613 8852 9090 11520 12951 14234 15530 16619 I81K1G 195+9 =0979 22688 24049 

835 11=4 4=16 53=8 «M64 7u14 RRf.8 10021 116=2 329S2 14=15 1 5531 18849 18014 19555 2Q985 =689 24050 

F1K SI =7 4=39 6350 6469 7635 «*:>S HXi=4 11527 1=953 14=36 155.32 18655 1RQ17 19570 =0968 22690 =4099 

879 1131 4245 5.354 047+ 764*1 RV*02 1O02S 11543 1=956 142.37 1 5587 16685 18020 19.771 =1014 22691 24194 

581 3115 4240.5.367 6481 7841 *93* 1003= 11550 1=057 14343 15574 16671 1.3028 1PD80 =10=9 =2C?2 =41V>9 
891 31+1 4255 KIHR 8+«5 76*71 »M5 lOOttl 11352 129*5 14257 15575 1668*1 lli'CC! 19583 =1036 22694 2+202 

S9= 31+2 +259 5.172 6487 786'J 8'.'M9 10*178 215S6 1=376 14271 15579 16700 1SU72 19589 =1056 22708 24203 

90S 314+ 4260 5374 6496 7671 3941 10077 11557 1=977 14=85 15560 363=5 1FU75 19P91 21058 22710 =12*#? 

9K0 1157 4261 5178 6497 7672 8**4= 10080 11559 329S0 14294 155R2 36K30 IROflO 197.09 21060 =2733 24=09 

P07 318+ 4=62 5379 (6501 7071 BOSO 30124 11560 l=*>h5 14295 15586 3685= JW*.*! 19«*KI 21061 2=740 24=1 = 

9W 3 186 4=65 MR2 B504 7674 8951 10125 11564 1=986 34=96 13595 168S9 13141 1960= 21063 =741 24=15 

nil 1187 4=66 53KB 6509 7675 K956 101=7 11573 129H7 14295 15606 36873 131+4 19611 21085 2=886 =+=+ 

020 3169 4=67 M99 (+511 767B S975 10167 11579 ]=£*H9 34=99 15608 16884 18145 19615 21066 ==378 34=4= 

*m 3175 4272 5+US 651= 7677 *J005 10173 H707 12990 14300 1561S 16892 18151 19635 21071 228S5 24243 

919 .1177 4=74 5411 6515 7681 .90*18 10175 117J6 12995 14304 15619 36894 18152 19636 21072 =2889 24244 

P«R 3194 4=77 541= 6518 7888 P(>10 1(1176 11718 1=996 14336 156.19 16898 1HJ53 1*»«37 2107:1 22907 24252 

P6K 3395 4298 R4Ifi 6520 7697 PKll 10=2= 11719 13000 34141 356+1 18908 1R159 19«*9 =1076 2=911 24257 

P69 ::=lC 41=4 5441 6530 7899 9013 10=42 317=5 '13*127 143CR 15»H3 36909 1?16» 19640 =1077 =913 =4260 

971 3=04 43"5 .1454 6531 770= 9014 10=0(1 11737 1303= 34371 35645 16929 13184 19i'4B 21078 22*11+ 24=61 

P7.*> 3=*HJ 4388 546= 6522 7703 9041 10=62 11746 13016 14177 1365= 16932 18170 196+7 =Um 2=91* 2+268 

98= 3=09 4+ihi 54'V? 6533 7712 9W2 30276 11771 13037 3417:5 35653 36950 3H171 19653 21190 22916 24=90 

988 1=10 4402 5471 6535 7715 8*W= 10ML 1177= 33038 14387 15654 1695L 15172 19635 21193 229U 24291 

16 9060 1033B 11789 13039 34390 15660 16964 38207 19657 21104 2=927 24293 

17 90G1 31'046 11815 31044 14:il*3 156b= 172X9 3?.=nR .19680 21105 =2920 24295 

9074 10351 118] 6 HUSH 34398 15883 172=0 13=10 19684 21119 2=011 24236 

-•*.•. — —4- 9075 10352 11R60 13054 144'U 15665 37221 10=2 19688 =11=9 a'J'.iM 24=97 

3016 3231 4+45 5517 6561 7758 9076 10363 11KR5 13058 14405 15607 17222 18227 1!WU =1149 22947 24298 

1017 :«H.? 4+47 5527 6565 7754 71l«l 10363 3192= i:Wl 144=3 15685 172=5 18=3 1969= =1179 2=*M*» =+=13 

1026 Ml* 4450 55=8 6507 7.162 9080 103K5 119=4 13062 14424 156.-1R 17228 16£U 197*12 2I=*«S 2=950 =4329 

30=8 asort 4455 5548 657 1 7866 91=5 TWTl 11925 13(165 14425 13708 17231 18332 19725 21=07 22951 24 HI 

l"4fi 1.1=5 4456 5555 657.1 7868 9IU 10371 JIHO 13n6fi 144=9 15710 172+3 1S2M 19727 21=17 22952 243-16 

1*1+7 :<*.=K +40 L 5057 6594 786*> 91;(3 104=6 11931 3310C 14410 1 5711 17251 1823R 1*1728 =1 = 18 22954 24.r“ 

305.'! :Cl=9 446= 5558 659*1 7H70 9135 10457 lllMO 13114 1+418 15714 17354 15=56 197.il 21 = 19 22955 243 

1(156 315+ 4468 556+ 6601 ,_u ~* •"-* ’" JEr - ’•*>■= ’• *'*■• *«•’*• ’ E '"’ '*■'•“•■ ’•»-*“ *"*>■'*' - 

1 *815 3365 4468 5566 6617 


996 3211 4401 547= 6519 
3110= 3=24 4415 5485 654+ 

inns 32=s 4 + in sw.i «ws 

1007 3=67 4444 551= 0548 


1068 3379 +481 8571 6816 7H91 9147 10478 1102+ 13130 14471 15757 17268 ].'.=«!3 19 

im-) .1180 +48+ 558(1 6644 78^8 9148 3 043.1 HUM 211.17 34477 15759 37=72 38=6+ 39 

3'WS 3387 4+?5 5583 6651 7904 9153 10492 11958 33145 14479 J57RIJ 17=77 16283 1978 


115= 3444 4576 561K R6*M 7974 9177 10576 lind« 11158 1+51= 15608 17142 3832+ 190 


1=0 1+67 4590 56+6 *5748 8il=rt f»2"l 11(647 12043 1.1183 1451= 35868 1716.1 IS "51 1990+ 


1=63 3479 4(522 5655 67W+ Bill I 


=12=0 

23001 

=4384 


=300.1 

243S5 

21=1 

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2=U1S =4101 

21211 

=3(117 

=44'i= 

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=3033 

2+4=6 

=12+3 

2303+ 

=4427 

= !=++ 

=10+2 

=4420 

=1254 

2304+ 2+430 

=1260 

2304*1 

=4+31 

= 1=67 

23050 

=4464 

21323 

2:1057 24465 

21.1=5 

23U59 24463 

=1136 

2t(06L 

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217-J7 

23073 

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2307H 

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23073 

24505 

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23060 2+506 

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23063 

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£1500 

23030 

24516 

=151 5 

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=3033 

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2'(i(io 

=4.1+*» 


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2+flr.O 

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=45 + 1 

210;1K 

231=1 

=457= 


=311*6 

2+577 

2130= 

=3211 

2+537 

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=:.==9 

2+53.0 

= !!'+« 

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=+5«i5 


1415 MW 4710 5710 B7fl= MW 0392 10711 12092 1 12411 14MHI J50*vi 17415 1K18*» 20rr0= 22- 1 1 0 22-202 24597 

3451 =517 47=:: 5711 6715 Rift* *r.l«4 1071= 1=097 1:1=51 1+50*J 15991 17+13 IB'inO =UOi>+ 2210K i*:i=55 =464 + 

3+53 1521 +726 5713 6738 Bind !»::!•* 10717 l=ric.rt 11255 1+UOl 1509+ 17+28 13382 =8000 22 U» 23=63 =4640 

1458 33=1 -4 7711 67== 6737 551.15 9149 187 151 12093 13=38 14619 351*95 17431 1.1401 V'AWl 221=0 ”1"7|1 2465(1 

1461 1524 47M 57=8 6791 SL46 *.‘15= 107=2 1=103 11=6+ 14(514 35997 17412 1R415 20090 221=1 2=27.1 24654 

1462 35=6 4735 57=9 6792 8165 9151 107+7 1=10+ 11=67 1+1,35 3 5990 17434 1R41P =Uft*4 2=127 21275 =4656 

147+ 1530 4739 5710 6794 8189 9157 3 0757 1210R 11272 1 + 841 16002 17435 1B420 20100 2214 V 21=83 2+6=6 

3+75 353.1 47+11 5743 8795 Ml TO 9351 10750 1=1=7 13203 1+8+5 1 6007 1 7445 184=1 =0125 =2147 23208 =4663 


1+80 .1534 4748 574+ (WHO 1172 tOiGd 10761 1=1=8 11.403 14846 1K016 1T454 1W23 20116 =158 21.H1+ 24699 
149.8 3551 474+ 574S 6801 8174 £>361 10794 12134 13.104 14859 16019 17455 184=5 2014= 2=15+ SWIO 2+701 


3405 355= 4745 R75L 6803 8175 9366 10797 3=139 33.'114 14651 -16020 17460 18414 20145 2=156 2331+ 24703 
1510 3553 4746 575+ 8804 K177 9387 10793 32157 133=0 14C5C 36028 17481 38413 20179 2=102 =S315 24717 


1!*26 3566 4770 5780 8816 8181 9303 jrt842 12175 13.140 3483H 36053 17465 38406 2(1=17 22172 27327 27731 

3927 1571 4771 5705 6813 8187 919+ 3«*.4l 1=21+ 3 114+ 34690 16U56 37401 38436 20220 =2lT E =1.1=S 2+713 

3943 3574 4773 5770 6R21 3188 *1306 10S53 1=216 1M54 14fi!U 16060 17+89 18+KR =il=24 2=176 2?-'.=3 2+75= 

1*1+5 :i5TB 4781 5776 6F.23 Rlftl P+HH 1037a 12210 1X3(41 1+P05 16001 17473 1849= 2(V=;(4 2=18+ 2'!3+l 24'; 1 2 

1047 IMH 4737 5780 6K=N 919= H+Ufi KWEO 12=20 7MSI 146!« ]R0h3 17+CO 18494 2*l=+3 23|::5 =;U+= 24-717 

inSS 3591 4308 5781 6810 8=07 94IIK 1088+ 12=== 3MTU 14701 16UR4 17+81 11+95 =n=64 2=13;*. 2.3M3 24?m 

1965 3(>nn 4809 5781 61.IH 8209 94=9 KR+11 1=2=3' 7.X372 147‘rj ICOOS 17435 IH+iii =*(268 ==1!*4 2(344 24S=*» 

1966 'Ji'tOl 4 Ml 0 57.47 Gfl.W 8=28 '.MIS 109X5 1=22.1 31=71 U71C1 1 '^lOT 37+H1 US' d 2»=Bl ==l!*.". =>".+7 24*23 

1971 ions 4a:iR 57RR WOO 8230 "416 10‘M 1=225 11.17+ 147(15 16088 174**l 38501 202S2 2=05 2'<;.'5il =44.-2 1 

197+ 1U0LI 434H 57'«1 686= «=3L 9447 HKM3 l'==2B 11381 1+706 !(■*(»«• 17+95 1*503 202K6 2221'J =3S5l 24»-’.= 

1075 1rt=7 4849 5794 6KH3 SMS 94S] 30954 1=2:1 1 M'Kl 1+71+7 I6II73 3 7+09 IKftlO 20=87 =214 SMCil =4 -MX 

1985 1632 4851 5795 6K73 8237 9455 10957 122 32- 13395 14T1J JHOTrt 17301 l-ipld 20219 222T.*: a.V.Tn 2414+ 

J9M7 .78.77 485= 5115 8R32. S23R 945*5 3 0*175 1 22.13 1 34(14 14716 16077 17517 ] F510 2*3=92 2=2+7 214*U 2+8+'+ 


56S 372(1 4921 58 



12237 

11+10 

1+7=0 

16079 

IfiOMl 

17343 

13532 


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1=2+0 

13436 

1+7=6 

17544 

18S!:*. 

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11437 

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16062 

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22254 



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sails 



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1+762 

16090 

17562 

165**3 


save 



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12307 

33464 

1+770 

361=1 

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14.(1 

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1106+ 



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14775 

10140 

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2037ft 

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The Debentures specified above arc tn be redeemed for the said Sinking Fund at the option of 
the holder laj at the WCG- Corporate Bond Agency Services Department of Citibank, N.A., 
Fiscal Acent under the Agreement reierred to aLuvv. No. HI Wall Street, in ibe Borough o£ 
Manhattan,' City of New York, or ib) subject to any applicable Jaws and recuhiions, at ihe 
m.iin offices ot Citibank. XA. in Amsterdam. Frankiurl 'Maim. London (Citibank Milan 

or Paris, at Citibank (Belgium! SA. in Brussels, ur al (he nisin office ot Amsterdam- RolK-rdam Bank 
XV. in Amsterdam or at Kn-diclbank S.A. Luxcmh*iur=eoise in Lu.wmbourc. PaymcnL at the offices' 
rricrrcd to in lb) will be made by a United Stales dollar check drawn on a bank in New 
York City or by transfer to a United Stales dollar account maintained by the payee with a bank 
in New York City, on the Redemption Date, at the Redemption Price together with accrued interest 
to the date fixed for redemption. On and alter the Redemption Date, interest on the said Debentures 
isill cease to accrue. 

The Debentures specified above should he presented and surrendered at the offices set forth in 
the preceding paragraph on the said date together with all interest coupons maturing subsequent to 
the Redemption Data Coupons due February 1, 1979 should be detached and presented far payment 
in the usual manner. 

CHEVRON OVERSEAS FINANCE COMPANY 
By: CITIBANK, N.A. 

Fiscal Agent. 

December 29, 1978 


Companies and Markets 


Financial-Times • Saturday-December 

COMPANY NEWS BIDS and 




Waddington recovers to 
£1.7m in first 28 weeks 




by GEC 


AFTER suffering a setback from 
£ 1.25m to £409,000 in the second 
half last year, John Waddington 
reports profits of £1.65m for the 
28 weeks to October 15. 1978, 
compared with £2.32m in the 
same period last year. Turnover 
was £25m, compared .with. 
£23. 13m. 

The directors say the current 
year will not be a record one for 
profits “but recovery wili con- 
tinue.” The Videomaster acqui- 
sition is adversely affecting 
profits this year but the Board 
is confident the investment is 
sound. 

The cost of commissioning the 
new plastic container factory will 
also reduce profits but next year 
even after further initial costs, 
the Board expects a contribution 
to profits. 

The interim dividend is held 
at 5p — last year’s total was 

U. 31p from pre-tax profits of 
£2. 49m r£3.34m). In July. Mr. 

V. H. Watson, the chairman told 
shareholders in his annual report 
that expectations then were for 
much better results for the year 
ending March. 1979. 

There has been an improve- 
ment in the very poor trading 
conditions which affected certain 
i parts of the business in the 


second half of last year, the 
directors say. 

Problems still remain but 
plastic containers, greeting cards 
and printing are doing well and 
royalty income continues to be 
satisfactory. 

Waddington's Videomaster was 
acquired from the Receiver in 
July, too late for an adequate 
production programme to be 
mounted for this Christmas. 

First half 


medium term investment plans. 

• comment 


BY ANDREW TAYLOR 


1978 1977 

moo £000 

Sal 09 25.001 23.12B 

Profit 1,653 2.315 

Tat* 902 1.247 

Net profit 751 1,072 

Minorities 6 

Shareholders profit 757 1.083 

* Includes full provision lor deferred 

tBX 

The Board is continuing to in- 
vest in areas of new technology 
which offer the most promise. 
The major investment at present 
is the equipping of a new factory 
at Thornaby-on-Tees which will 
increase production capacity for 
p!:i5t!c containers. 

The Board is also investing in 
electronic and video games which 
are considered to offer good 
scope for growth. Since April 
twn unsecured bank loam each 
of £2ra have been raised. These 
will provide adequate funds for 


Waddington's acquisition Of 
Videomaster from its receiver 
earlier this year is restricting 
its recovery from the profits 
slump in the second half of last 
year. A typhoon in the 'Philip- 
pines filed its factory with four 
feet of silt, and production was 
held up for a month. Investment 
in stocks and debtors is about 
level with Waddington’s expec- 
tations but because of the 
month's delay, cash is riot 
coming in according to schedule. 
In other areas, specialised pack- 
aging had a good first half but 
traditional packaging, which sup- 
plies the food industry, .sagged 
a little. Playing cards are still 
being hit by foreign competition 
but board games are doing .better 
than the same period last year. 
Waddington is still assessing the 
impact of Christmas but earlier 
indications are very favourable. 
Full-year pre-tax - profits of 
around £2.9m are possible, giving 
the shares, which dropped 6p to 
190p yesterday; a prospective p/.e 
of S.5 and a yield (assuming 
dividend is maintained) of 
9.2 per cent. 


General Electric Company, in 

a further move to expand its 
activities in the -U.S., has. agreed 
to buy Boonton Electronics of 
New Jersey for JJ.S.$9.5m. cash; 
(£4.65m>. ... . 

just over' a month ago - the. 
British electrical, electronics and 
engineering conglomerate 

launched a U.S.$100m (£50m) 
agreed bid for the U.S. company 
A. B. Dick. 

Boonton. makes . ar range .of 
electronic measuring and testing 
- equipment similar to' products 


i Mount Holdings, have consoli- 
i dated their personal, sbarehokl- 
ings with Ihe :Dimhaiii stake; The 
. consolidated; holding amounts co 
: ■ 58i7:'Pflr cent of the equity of . 
~ Norwcst Holst which is cnrrehtiy 
the subject of a Department of 
- Trade inquiry* . 


manufactured by . GEO'S .sub- 
sidiary, Marconi Instruments. 


Crellon loss cut at midway 


Crellon Holdings, the electrical 
wholesale and electronics con- 
cern, rescued earlier this year by 
an Anglo-American consortium 
headed by Mr. Geoffrey Rose, 
yesterday announced a £109.000 
first half pre-tax loss. 

This compares with the £5.000 
profit earned in the same period 
last year but is a marked im- 
provement on the £918,000 loss 
incurred in the second half of 
1977-7S. 

Mr. Rose. Crellan's chairman, 
has said that he expects the 
group to make a profit in the 
second half of the current year. 

The group's problems have 
largely been attributable to 
fosses at its electrical wholesale 
division hut there has also been 
some difficulties with, overseas 
operations. 

Since Mr. Rose and his 
associates acquired a 20 per cent 
stake in Crellon the group has 
disposed of a number of its 
electrical wholesale branches 
and in November Mr. Rose «aid 
that losses at the electrical 
division had been halted. 

However, in the first half of 
the current year group sales were 


down from £7.6m to £5.1m and 
ihe first half pre-tax loss of 
£109.000 is after interest charges 
of £116,000. 

Mr. Rose said that a profitable 
trading pattern was now emerg- 
ing following a restructuring of 
management and resources. He 
said that the Crellon Micro- 
systems had experienced a signi- 
ficant upturn in its design and 
consultancy activities. 

The group is not to pay an 
interim dividend but says that 
consideration of a final dividend 
will he made when the full year 
results arc known. 


Cavenham 
£14.5m at 
32 weeks 


ON A LIKE Tor like basis, 
excluding the effect of exchange 
fluctuations Cavenham, the food 
group, held taxable profit steady 
in the 32 weeks to November 11, 
1978, compared with the corre- 
sponding period of last year, the 


directors state. 

However, profit at the Interim 
stage shows a decline from 
£16.9m to £14.5zn on sales main- 
tained at £1.08bn, against 
£1.02bn. These results are not 
comparable the directors say, 
because of the transfer of the 
group's French manufacturing 
subsidiaries to its parent com- 
pany Generale Occidentale, and 
the acquisition of Colonial Stores 
in August. 

Below the line the results were 
also effected by the increased 
preference dividend and its 
related ACT as well as the pay- 
ment of last year's special 
interim dividend. ■ * 

After tax of £3J2m (£2.4m) the 
net balance is shown at £11.3m, 
against £1 4.5m. With minorities 
taking £100,000 (£500.000) the 
attributable total emerged at 
£11 .2m i£14m). For the whole 
of 1977-78 profit fell from 
£3S.S5m to £32.61m. Then there 
had been a major change with 
the sale of former subsidiary. 
Generale Alim ent lire to the 
parent group and Sir James 
Goldsmith, the. chairman, viewed.: 
the performance as satisfactory 
in the context of a hard year for . 
the food industry overall.. 


sidiary. Marconi Instruments. 

A GEC spokesman said last 
night that -the deal woalcL.-prpvide 
Marconi products with., a- wider: 
distribution network in the IT.S. 
while "Boonton itself manufac- 
tures a promising range, of 
equipment" 

In the year to September 30,- 
1978. Boonton generated sales, of 
D.S.8S.2m (£4m) ‘ and after tax 
profits of U-S.$861,174 (£422,000).: 

The offer, however, is still suJ> 
ject to certain agreements being 
reached and final approval* of 
both Boards of directors.: 

.GEC is currently embarked on - 
a: programme to seek out poten- 
tial U.S^ acquisitions^ ' A year 
ago it appointed. Mr. - Geoffrey 
Gross — former, managing director 
of International. Computers— 46' 
head a new company, GEC Enter- 
prises Inc., to identify new busi- 
ness opportunities in the U.S. 

.The GEC spokesman said that 
Mr. Cross had been involved with; 
the negotiations with Boonton. 

Meanwhile in the UK. Avery s ( . ; 
the weighing machine company, 
is- currently investigating' an 
approach from GEC which jnay ; 
lead to an £83nx hid being made 
for Avery. .. 


Barrow sale 
to Tunnel 
completed 


Tunnel : Holdings yesterday 
paid- over £10Jm in cash to 
Barrow .Hepburn thereby com- 
pleting the sale nf Bartow's 
. Chemical diviaion to. Tnnnel. The 
-deal is riot to -be referred to the 
Monopolies Comm issioiL 
Earlier- Barrow’s shareholders 
had agreed both to the sale and 
to the proposal to repay Barrow’s 

loart-^tock at. par. ... 

. At the meeting shareholders 
were told that accountants 
Whinney Murray - were • still 
investigating, the irregularities at 
the - hide dealing subsidiary, 
Schrader Mitch el Jr and Weir. A 
. spokesman' for Barrow - said that 
he '-would be 14 disappointed, ff 
the report were riot completed 
in a. few .weeks." . \ - 


NO OFFER FOR: * 
XEDSTONE 
The Board of Lldstbnc,' . the 
small butchers chaizi . announced 
yesterday that the approach 
referred to in the announcement 
of November 2S has'not resulted 
m general offers being 'made fur 
the capital of. 'the company. 


Record new business from UKP 


ABM HOLDERS 
APPROVE SMITHS 

"PURCHASE 
. A meeting of shareholders of 
Associated Biscuit Manufacturers 
yesterday overwhelmingly 

approved the group's ' £16-4m 
takeover of the Smiths . crispiT " 
and snacks business' from~' 
General Foods of the U.S. 

; Dr. Keith Bright, ABM’s chief ‘ 
executive, said that arohrid 44i5rif • 
-voles were cast in favour of tbe- 
deal and only 75,000 votes, yretfe 
against.' •• 

He said that around 50 per.' 
cent of the eligible -votes were- 
cast at yesterday's meeting in 
Reading and that those voting in 
favour included ~R own tree 

Mackintosh which hold a -near 
15 per cent stake in the group. 

; Dr. Bright added- that- -it.., 
appeared that all of ABM’s insti- 
tutional shareholders had 'sup> 
ported the deal which had-, also, 
been well received , by the' retail 
trade:- ' -' V ; 


ARBUTHNQT LATHAM 

Arbut&not Da (ham Holdings 
has acquired' 10,871)' ordinary 
shares- in -Arbothnot Insurance 
Servicesr from Mundicner Ruck- 
versicherongsgesellschaft ■ for 
£543^50— satisfied by the issue 
©£380,385 new ordinary shares of 
fl.each' rn ALH. This' takes 
AEHV holding in A*S up ftom 
663 per. cent to 7f ' per cent. 
MR ’will continue to own a 12.8 
per cent hplding. in AIS and as 
a -result of the 'issue of the new 
ALH; shares 'will rnow: also .hold 
5.3 per cent of the enlarged. ALH 
ordinary capital. ' 


ov 


■ + 3 V 


: THOS. BORTHWICK 

Matthews Holdings, a wholly- 
owned .subsidiary pL.. Thomas 
Barth wick and Sons, has acquired 
the outstanding 10 per cent of 
the ordinary . capital- of Thwaites 
and Matthews not already owned. 
The price wa* £40,000, satisfied 
by 56.339 ordinary 50p shares of 
Borthwlck. . 


ii 5T-nT£?VI 


A HIGHLY successful tradin? 
year is reporied by United 
Kingdom Provident, a leading 
I mutiial life company, for this 
l year, with pensions business 
j being extremely buoyant New 
annual premiums on the pension 
i fund more lhan doubled to 
£S.S7m from £-U23m. The most 
successful pension contract this 
! year has been the executive pen- 
sion arrangements, where annual 
premiums rose from just over 
£2i)i to over £5m. The company 
reports a good increase in self- 
employed pension contracts with 
annual premiums about £2m for 
tbe year. 

Single premium income this 
year rose to £3.5m from £2.5m, 
a jump of 40 per cent, with self- 
employed pension contracts 
accounting for much of Ibis 


growth. 

Business on ordinary life 
business remained rirnna 
althoush grov.-ih v.as much less 
spectacular than for pension 
business. New annual premiums 
improved by 14 per cent to 
£3.72m from £3.26m. The com- 
pany experienced a demand for 
short term contracts ti> cover 
school fee plans and for con- 
tracts on the lives or both 
husband and wife for mortgage 
repayment plans. 

UKP also announces improved 
levels of interim reversionary 
bnnus for the seennd year of its 
triennium. On life and general 
annuity fund business ihe rate 
is lifted to £4.75 per cent per 
annum of the sum assured or 


cuaranteed annuity pins existing 
bonuses from £4.60 per cent pre- 
viously. On pension fund busi- 
ness the new rate is £5 JO per 
cent compound against £5.10 per 
ceni. 

The terminal bonus rate pay- 
able on death, maturity or vest- 
ing remains at the current level 
of 10 per cent of all attracting 
bonuses, including interim bonus, 
at the time. 

The company states that the 
substantial financial strength of 
the life funds have enabled it 
in finance both a higher than 
average new business growth and 
an impressive property develop- 
ment programme. Assets under 
management now exceed £350m. 
Most "of the property develop- 
ments are either producing 
income or are nearing comple- 
tion. The increased rates of 
interim hnnus reflect the success- 
ful investment strategy. The next 
triennial bnnus declaration will 
ri*l.n»» m ihe Three years to 
December 31. 19S0. 


Yesterday it annonneed the 
sale of one property for £580.000, 
which will provide net proceeds 
of £430,000 after the cost of re- 
moving plant and fittings. 

The money will be used to re- 
duce hank borrowings which at 
the last balance sheet date 
amounted to £lJ2m. 


NOR WEST HOLST 

Mr. R.*. Slater and Mr. A. J.: 
Lilley, the two executive direc- 
tors of Norwesf. Holst* wha 
control the company through 
their private vehicle Duriham 


NO PROBE 

Mr. Roy Hattersley. Secretary 
of State Ioj; Prices and Consumer 
Prote'ctiori; has ! decided not to 
refer the Sedgwick Forbes/Bland 
Payne Holdings merger to the 
Monopolies- Commission.. , . 


H. J. Heinz 
dips £168,000 
at six months 


Occupations offering 
early retirement 


Woodhouse & 
Hixson cuts 
borrowings 


TAXABLE profit of H. J. Heinz 
Company, the wholly-owned UK 
subsidiary of J=L J. Heinz of the 
U.S.. slipped £168.000 to 
£7.461,000 in the half year to 
October 28. 1978. Sales by the 
group, which manufactures, pro- 
cesses. grows and distributes 
food, were up at £1 10.2m against 
£107.3m. 

After tax of £3.927,000 
i £3.916.000) the net surplus was 
down from £3.713.000 to 
£3.534.000 for earnings per £1 
share of 16.7p (17.5p i. 


Now that it has run down its 
loss making flange operations. 
Woodhouse and Rixson. the East 
Midlands engineering group, has 
been able to dispose of surplus 
properly. 


DAVY EVTERNL. 

As from January 1. Head 
"Wrightson Process Engineering 
(Thornaby Division), together 
with Davy Ashmore Inter- 
national, and Davy Powergas 
<Non Ferrous Meials Division), 
will be formed into a new com- 
pany called Davy International 


Results due next week 


The holiday season seems 
loath to end For Tuesday can 
only muster one Board meeting. 
However, it could be an interest, 
ins one. Thos- TV. Ward, which 
has just had a tussle with 
Tunnel, is due to report full year 
figures. .Analysts are expecting 
pre-tax profits of around £I(tim 
to £Uni laaginst £7.6mj. follow- 
ing the chairman's interim 
statement that tbe closing six 
months should better the balf 
time profit of £4 7m. 

The figures aside, the market 
would be very interested to 
know what plans Ward has for 
its near 30 per ceni stake in 
Tunnci. Having been defeated in 
its aLiumpi to nop Tunnel taking 
over part of Barrow Hepburn, 
Ward mus the feeling some con- 
cern at its lack of abllily to in- 
fluence its associate. 

Wednesday remains quiet. 
Luton-based Camford Engineer- 
ing is due to report Us pre- 
liminary. results and Wilson 
Walton Engineering is expected 
to reveal its half time figures. 
The latter, which specialise. 1 ! in 
offshore and marine engineering, 
came to the market in 1976 with 
an offer raising f ]in. The issue, 
which was the equity market’s 

firsr for tvo-and-a-half years, was 
unsuccessful ami l*?lt two-lhirds 
of the shares with the under- 
writers. Profits progress since- 
then has been steady ihuugh the 
chairman has warned that delays 
in the commencement of a 
numher of contracts could cause 
a setback this year. 

Wednesday should also see 
half rime figures from Somportex 
the food distributor. Somportcx 


recently made headlines when 
mo significant errors were found 
in the recent figures. Deferred 
tax provisions were under- 
estimated and a major creditor's 
invoice om inert. Pre-tax profits 
were restated — down from 
£237,000 to £163.000 against 
£76,000 the year before. The 

half time report from Technology 
Investment Trust is expected. 

On Thursday full year figures 
are due from Bond Slreet Fabrics 

and Birmingham Pallet Group. 
Both companies have given some 

indication of the '■econd half. At 

Bond Street half time profits 
jumped from £151,000 to 
ilMS.OOO, however, because of the 
problems in double jersey knit, 
the directors warned that the 
full year may well be down on 
Uie previous twelve months’ 
£4412231. Birmingham Pallet’s 
directors have said that second 
balf profits should be similar tn 
the £121,000 of -the first balf. Last 
year the company made £142,000 
for the year. 

Half-time figures are expected 
from British Cinematograph 
Theatres — operator of a cinema 
in Golders Green and retailer of 
photographic equipment; Hollis 
Bros, and ESA— one of the smal- 
ler limber importers where pro- 
fils ljsr year dipped from £2.21m 
in £1 56m and engineer F. H. 
Tomkins. 

Also nn Thursday comes 
Fodcns. In the past full year 
Fndcns bear its forecast made 
when fending off (be Rolls-Royce 
bid and produced pre-tax profits 
of £2.84m rnmpared with £1.76m. 
But last July the chairman was 
making some cautious noises 
about i his year. U.K. activity 
was continuing buoyant, he said. 


but exports were slow -and there 
was a gap in deliveries of 
specialised vehicles. The first- 
half results next week will reflect 
these factors, though hopes were 
expressed for a good second balf. 
This time last year Fodens re- 
ported profits of £1.2Sm. 

Linfood will report its half- 
time profits on Thursday and the 
market is not looking for any- 
thing impressive. After financing 
‘costs, Wheatsbeaf is unlikely 
to make much of a contribution, 
if anything, and the price war 1 
will have hit its own retail out- 1 
lets and dented its wholesaling 
and cash-and-carry trade. Half- 
time profils could be £2m against 
£2.95m for Linfood alone. How- ! 
ever, the second half is expected 
to show a recovery with full-year 
profits around £7tm to £8rn. . 

Closing the week comes full 
year results from Kettering 
based J. F. Nash Securities, the 
industrial holding company 
headed by Mr. John Nash. At the 
half way stage profits were 
£166,000 against £141.000. Cloth- 
ing manufacturer Robert H. 
Lowe will also produce its full 
year results. 

The major result on Friday 
comes from the Howden Group. 
However the half time figures 
for Howden tend to be fairly 
meaningless as most of the 
prnCis are taken in the second 
hair. During the past five years 
interim profits have been be- 
tween £1.5m and £1.6m though 
the full 12 months have advanced 
by some £I|m. The market is not 
expecting interim profits to be 
very different this time round. 

Also on Friday Stead and 
Simpson and Stavcrt Zigomala 
are expected to product hair time 
results. 


FOR THOSE: wiriring to leave 
work before the normal retire-, 
ment ages, 'the latest .pensions* 
newsletter from Towry Law, the 
insurance broker and personal 
financial planner, lists some of 
the occupations. which -offers an 
early exit Moreover, this oppor- 
tunity has the approval of the 
Inland Revenue which approves 
unusual “* Normal Retirement 
Ages ” for . many types of 
employment. . 

Professional footballers .and 
rugby league players are con- 
sidered special cases and are 
allowed a normal retirement age 
of 35 years, while cricketers; are 
expected lo . last another five 
years. In the City, foreign ex- 
change-dealers are considered to 
have suffered long enough by 'the 
time they reach 55, while 
“Advertising Executives (Crea- 
tive)’’ are givkt the same 'mea- 
sure of sympathy and can also 
retire at that age. 

NormaL retirement ages, as 
defined for self-employed retire- 
ment annuities, also show some 
interesting variations. Jockeys, 
racing drivers; boxers, wrestlers, 
tennis players and footballers 
can collect at the age of 50. In 
the same age categories are pro- 
fessional croupiers, saturation 
and deep sea divers and ITV 
Newscasters. Air pilots, singers, 
distant trawler skippers. Inshore 
fishermen and .free swimming', 
divers have to go,- bn ahtil -they. 
reach 55. 

. Mr. Stanley Jackson, the man- . . 
aging director of. Towry * Law 
(Pension Services), also discusses 


the *question of deferring retire- 
ment in order to create the 
largest possible tax free ” bene- 
fit when- considering .Capital 
.Transfer Tax. . 


®?EAN CPI 


Staflex deficit 
put at £19m 


There is no chance of salvag- 
ing anything for shareholders of 
Staflex International, the col- 
lapsed fusible interlining 
specialist 

At yesterday's winding up 
meeting shareholders were told 
that the deficit on shareholders' 
funds was estimated at £19.4m, 
of which £15.4m was owed to 
unsecured creditors. / 

Mr. Jordan, of Cork Gully and 
Mr. Maclde of Whinney Murry 
were appointed joint liquidators. 
They have already begun to 
assemble- the viable assets into 
a - package for possible future 
sale. • • 


ALLIANCE ASSETS 
OVER £14BN 


The Alliance Building Society 
Is paying interest •- .totalling 
£41305541 to Its 610,031 Invest- 
ing members for the half-year to 
December 3I.T978L The number 
of -.-investing -members has 
increased ‘by over 45,000 since 
December, 1977. 

- The assets of the Alliance now 
exceed £1.4bn. 



THE YEAR OF THE LION ? 


J^ict 


It could he 'tn far -■quUiBs ore cppconiod. Pur view of W' stock 
jnorkot imt' Ntnp Nap. SalBctmns'for 1979 «r® ip- the latest issue of ERA 
Invaatnionr Ra port -— mailed to juhscijbars thi* weekend. 


Far details ot how.yao-can get two tnm copies phone: 0M55 2844 
or write fo: ‘ 


EQUITY RESEARCH ASSOCIATES ' ”. 

Wardrobe Chamber). 14£a Queen yiaorfa Street, London EC4V6HD- 


LOCAL AUTHORITY BOND TABLE 


i. ' > 


Authority ; 
f telephone number hi 
■ parentheses; 


Aiinnal Interest life; 

gross pay- 'Mirdnumi of : 
■interest 'able " ' sum 'bond 


Barnsley Metro. 10226 203232)’" 12 : . J-year' : m \ 

Barktng (01-592 4500) . ur l-year '’ l flAh; ^ ; - "X 

Barbing (01-592 4500) -12| j-year . 0^000; ^ 

Knowsley (051 548 6555) 12* 1 LOOftSWH) 

Manchester (061 236 3377) 12 i-vear "• ' 

Poole (02013.5151) „../ g|,,g£ 

Poole (02013 5151) 12* ' 1 

Poole. (02013 5151) A 

Redbridge (01-478 303)) 12 . - i-yeaf-:' 

Seftoo (051 922 4040) V X 

Wrekin (0952 505051) . , I2i ' yeariy ' ^lWK^n^' - A \ 

- • ' ~ _ 


^Fyear - . o'500. v i -.X '• 


' ■ . .* : ' 

■■■■■ - 


'.’..jr-'f c‘ 






''- 1 - -• .••- v..- r- . - -\ 

1 A > % K^'dr-% ■:;■■'■ ■' :• r • . ' . ■•.-•;• 1 

iM I “ Fay. ? u : v: -*«v7i 



Take-ovei; 


mergers 


I* * .1 ;*•,*» ' 

-f; - ^ V s 

- “*•' • s^. • <•-• ■■ 

,0 Os 

S 5 «»fi I 

¥i#i 
> - , ■ 


t . 1 ji.’. . 


, Is common -with : other areas- of the Stock Exchange, acQylty 
on. the Bids andl>eais front has remained at a low ebb. Nb'new 
bids have ^materialised, but dealings in the shares of loss-making 
. engineering ~'cbhMm ' Ahglo-Swiss Biol dings were suspendeu on 
sews tjtatjsa .offer.mighthe forthcoming. " ... 

• ?-M$jor deaji announced included the successful conclflilon. 
following th& : r eq ui s ite UK and' Canadian -consents, of the offer, 
worm afc^tt.jE^' o^by' Ultramar for Canadian Fuel Haiteter&a 
oih^d iaxy *of -Shell. Petroleum and, in an up-market expansion 
move, BSRi-tfifc World's.leacLing manufacturer of record turntables 
wrtfr ±ntEr^tB!jiteo'’.'in ’audio systems and : magnetic 'cartridges, is 

. paying f 4n^.'fprthe IL5.‘.audiq ^ncera, DBX. ■ . : 

- 'V Etalgety, international merchants, has sold- Its Australian wine 
and^ Spirilff diidsiim to-Seagiata (Australia) for ah:, undisclosed 
sumTreeStendd;tp;^p^tto - £7ta cash. -Seagram (Australia)"#' a 
subsidiary: of. Seagram. ;pf Canada, one of.lhe wo riff's. largest. pro- 
ducers ' and 1 JJtailfeteiS: :.of distilled -spirits and: wines. -. - > 

The Dawson international share 'and. cash offer for jfiihn 
Haggas attracted acceptance in respect of 93.3. per cent, remains 
open. and. js. cbnditiQi^.onIy on tha offer not ;being referral to 
the lfoOTpo^esXpojnmfj^iL^ ;•• : ... . , r." 

- insurance broker Brentnall Beard were 

tez^ina^; following the withdrawal of the unnamed snitor and 
Brentnali is to “ restructure its Canadian . interests which ifebn- 
trlbuted nearly 40 per -rant of group profits until this year when 
.profits dropped ' by 60 per . 'cent ' 


- j Value ol' ... Price Value F&ial 

Company . bid per Market before of hid . Actft’ce 

bid for - share 4 * - price* 4 bid £m’s** Bidder date 


Frlcw In pane* unfeu otterwia* fndlcatBd. 




■ . *' Iir 
. _ • ’ 


V' :i l ni V:U C C 


Alginate- ' ; ' 385* . 
Bambergers --. 78158 

Cedar Bldgs*. 26* ; 

C^y of. Aberdeen- 103L* 

. Laud. - 

C^^ofels J 19615 
kitftiish Property 37* 
Gibbons. (Stanley) 3035$ 
Haggas (John) 19855 
"Kean & Scott ' ' r r .10* ' ' 
Leisure Caravan .-'143* -.' 
Middleton Motels 300* 
Peerage of .... 
Birmingham - 6655 

-Plantadou Bldgs.- 64* 
Randalls -v -118555 
Sabah Timber 69)51 - 


- £ c- v : 

.. . • -- l - 

• ■ ■ - • ■ 11 ^ *V'_- ■ 


-• — • -: . — '1 V 


Tridant Group . 
Printers. •. 
Turner Curzon ; 
Wume Wright & 
Rowland^;-' 
Warwick -Eng. 


100 * 

S* 

"6458 
41*. V 


2;; % WestlrighseJBrake- 95t 


365 

24 
10 O 

183 

37* 

300 

193 

25tf 

138. 

295, 

67' 

65- 

108 

69 


100 

8 

64 

41- 

-89. 


309tt 21.01 Merck Inc. 

88 7.56 Inti. Timber 

19 •" 9.60 Uoyd & Scot.-L— 

87 - 0.93 Scot Western- 

Trust ■->- 
126tt 5.88 Comfort Inti. 

36* 2335 Wereldhave : — 

-228t.t 1858 Letraset — 
181 24.68 Dawson IntL 


12’ 

' J 0.04 

Unknown • _r— 

112itt 19.9 

Rank Org. ' 

215. 

4.41 

Ladbroke >— 
Ferguson Indnstl. 

54tt 

2^6 

Holdings \r- 

64 , 

12.89 

Multl-Pnrpose'r- 

9S 

3.02 

Whltecroft — 

34.. 

12.07 

Harrisons & r, 
Crosfield Z— 

84 

428 

Argus Press 29/11 


lli 1.74 S.W.Berlsford — 


53 

40 

62 


-638 

2.46 

40.5 


B. Priest — 
Mr. N. Gidney — 
Hwkr. Siddly. — 


Z * AiT:cash offer, f Cash. alternative, t Partial bid. 5 For capital 
not already held. J Combined market capitalisation. - 1| Date-on 
which - scheme Is expected to become operative. ** Based ;«n 
28/12/78. ' ft,' At suspension. ' t$ Es tima ted. . 5$ Shares and cash, 
fff Based bn 29/12/78. - .- : 




HijRBG- 




. . .- ; • 




■ ' . ■ av»\ 

■ -> ■ 

i . . . ’_v 

. — 

rl 


ottering | 

eni 




srjiicx dffe 

,,ui a( Q& 


4i .« 


PR£LIM1NARYRESULTS 

. .75" 

: Ymt- 7 Pretax profit Earnings 4 Dividends* 

Company. '''.'tor ' ■_ ... (£000) per share (p) 

Brmmer Inv..- » •• Nov. , . 676t (589) 4.1 
Reliant Motor v Sept 108 (229)t 0.1 
Vectis Stone ; - ; • SepV . 539 <404) 6.1 

(3.6) 4 (3.6)1 

(0.6) Nil (Nil) 
(5.4) 1.7 . (15) ; 

■ * - - /• 

riATEMENT 

* ‘ 

•' Half-year ; ; Pre-tiipinffit 
Company', . •' -to.---. • (£000) 

Interim'dlviden d if' 
per share (p) ; 

S<HoffiHin^ -Sept. . 880 (L520) 

L5 • (1.5) 

. . '::(rigures in parentheses are for corresponding period) 

4 .Adjusted for any intervening scrip issues, t Net j^venue. 
t For 7 months.. .. . 

Scrip Issue 


Yectte '-Stone: Dnp4«M)n&. 

#• 1 




EUROPEAN OPTIONS EXCHANGE 


Serfs* 


Jan. ' . 
VoU f Last 


ABM 


. 15. 

.0.60 



AKZ . 

. F.30 

5 

: 0.50 

— 

— . 

AKZ 

F.32.60 


■ — 

4 

1.20 

; ARB 

F. 73.90 

-4" 

3.10 

— 

— 

- £K 

; S60 

30 


— - 

. — ■ 

FMC 

B85 

-• fi 

"■ *• 


■ — 

HO 

F.32^0 

- — 

— 

1 

5 

HO - 

F.35 

S' 

* 1 

— 

— 

■HO 

F.37JC 

— 

•— 

2 

2.40 

HO 



—i 

8 

a40 

IBM .' ’ 

■ sado 

7 

27 

6 

52ie 

" IBM - 

" 3300 

' 1* 

10 

S 

' 19- 

KLM 

F.120 

"47 : 

2.20 

■ — 

' — .. 

KLM 

F.130 

10 

0.40 

■ 1 — 


- KLM;'.' 

.‘■-.“FllBO 

- . 

i ' 

2 

0.60 

-KLM - 

P. 260 

■ — ; 

— 

10 

0.50 

:hh . 

F«10B_SMJ 

■ 3 '' 

2.50 

— : 

1 — 

. NN . . 

F.1JO 

— - 

- — 

' ■ 6 

. 7 . 

. tpbi ;■ 

B22-50 

.55 

2 .. 

— 

. — 

’-■PHI'.-.' 


40 

0.40 

24 

U50 

PHI ' 

P.2X60 

' 

' — 

SO 

0.60 

PHI : 

p^O 



— 

17 

0.40 

•■■RD' '. 

p.jfiO 

23 

1.60 

— 

- • : — 

■, w>, ' 

F-130 

■ — 

— ■ 

— ■ 

' -i-- 

RD - 

• F. 140 

.' — 

— 

' ia ■ 

0.80 

- UM 

' F.UOl 

. 1 

11 

— ' 



' • Feb. 

-. May. - 

-BA 

380 

- ■_ 

. — 

2 

■to* 

SLB 

S90 

• 1 

8*8 

■ — 


SLB 

.8100 

1- 


; a 



Vol. 


Anr. 


Last 


Vol: 


July 


.R 


IG 

13 


Last 


3.40 


3i« 


:3.50 


S7 
11.50 


7.50 
• 3 


Stock 


F. 369. SO 
jF.ea.50 

f.74!bo 
3601* 
S33lj . 
F.34.BO 


August 

2 L .. 8 


630*ais 

F.lffl • 

I _ M 

M 

iF.llb.30 

F.rf.eo 

• tv 

F.119 

II. 

F.-lzbjUi 


S73i« 

P®41* 


TOTAL VOLUME W CONTRACTS 


420 


APPOINTMENTS 


director 
for Shell U.K. 


has been 
managing 
SHIPPING 


&r. T. W. Cain has been 
appointed personnel director for 
SHELL UK from January 1 In 
succession to Ur. P. $. Unhlaler, 
Mr. p. S. Linklater has resigned 
bis directorships iu Shell UK and 
Shell Research to devote more 
time to his Interests in the re- 
lationships between industry and 
education, in which area he will 
continue to act as a Shell consul- 
tant 

★ 

Mr. T. P. Noble 
appointed ^deputy 
director of * LYLE 
COMPANY. 

"k 

Mr. Wl. G. Jelley retires as 
deputy ebairmah of the L.R.C. 
INTERNATIONAL group of com- 
panies and Ms directorships of 
subsidiary companies. He re- 
mains a non-executive director 
of LRC International. 

* 

Sir John Hogg, deputy chair- 
man of GALLAHER, retires 
from that Board tomorrow and 
from the Board of Gallaher In- 
ternational. ■ He will remain on 
the Gallalier' Pens too 5 Board. 

★ 

Mr. D. H. S. Forsytb. having 
reached retirement age. has re- 
signed as . a director of 
SCHRODERS and J. HENRY 
SCHRODER WAGQ AND COM- 
PANY. 

+ 

Mr. Roy McLeod has been 
appointed a director of GRIND- 
LEY BRANDTS INSURANCE 
BROKERS with responsibility 
for UK industrial and commer- 
cial business. 

★ 

Mr. IV. F. C. Gibson has been 
appointed manaqer of BRITISH 
TRANSPORT SHIP MANAGE- 
MENT (SCOTLAND), the British 
Rail company which operates the 
Stranraer /Larne Scalink Scot- 
land shipping ro<e. He succeeds 
Mr. John F. Sanderson who 
recently took over as shipping 
services manager. Dover. 

★ 

Mr. Frank Yates is tr> be 
appointed financial director of 
SPEAR AND JACKSON in suc- 
cession to Mr. Derek Stoddard 
who resigns with effect from 
January 31. 1979. to take up a 
new appointment. 

+ 

Mr. Peter F. Steadman has 
been appointed chief executive 
of the enrincerirw: products divi- 
sion- of NEWMAN INDUSTRIES. 

Professor R. F. Curtis has been 
3opointed deputy chairman of 
t he FO ODS STANDARDS COM- 
MITTEE for Jwnuarv 1 to July 
31, 1979. and therefore as chair- 
man until December 31. 1981. 
Hp will sucreed Professor A. G. 
Ward, who will be retiring from 
the chairmanship in July 1P79. 
■* 

HILLARDS has appointed Mr. 
Keith Broad b tad es secretary 
from January' 1. Mr. David Flem- 


Mr. C. J. Wells and Mr. R. XL 
York. 

The Silhouette (Midwest) 
Board will comprise; Mr. T. 
Blumcnau (chairman), Mr. F. C. 
Belok (managing director), Mr. 
<3, Gi, ’liver (deputy managing 
director). Mr. G. H. Sigler, Mr. 
E. C. B. Alloa, Mr. P. D. Heron 
and Mr. M. G. Parry. 

★ 

Mr, Roy W. Haynes, managing 
director of the Garlaine sub 
sidlary. has been appointed _ 
director of SELINCOURT from 
January 2. At the sqme time Mi\ 
Dick Cole, formerly chairman of 
Courlaulds' Furzebrook Knitting 
subsidiary, takes up a full-time 
appointment as deputy manag- 
ing director. Air. Lewis Lurie 
retires from the board. 

* 

Professor John S. Marsh has 
been made a member of the 
POTATO MARKETING BOARD 
for three years from January 1. 
★ 

Mr. Ray Phillips is appointed 
sales director of UNITED 
LUBRICANTS (FUEL OIL) and 
Its subsidiary. U.B.H. (MECH- 
ANICAL SERVICES) on January 
1. 

* 

Mr. Frank Steele has been 
elected to the Board of CLUFF 
OIL from the beginning of next 
year. 

* 

Mr. John M. Schramck has 
been promoted to corporate vice- 
staff-president — financial plan- 
ning and analysis, for ROCK 
WELL INTERNATIONAL COR- 
PORATION, Pittsburgh, U.S. 

* 

Mr. S. J. Grimble has joined 
SEAMAL OIL as a senior Broker. 
He previously held a similar 
position in Lambert Bros. Oil. 

★ 

The Boards of directors of 
REPUBLIC NEW YORK COR- 
PORATION and Republic 
National Bank of New York 
elected Mr. John A. Waage as 
chairman of the Board of both 
The Corporation and the Bank. 
He succeeds Mr. Peter White. 
Mr. Waage had been vice-chair- 
man of the Boards of Manufao 
turers Hanover Corporation and 
Manufacturers Hanover Trust 
Company since 1976. 

*■ 

Pentos Retailing, a wholly- 
owned subsidiary of Pentos 
Publishing and Bookselling 
Group, has become a direct sub- 
sidiary cf Pentos and changed 
ilz name to PENTOS BOOK- 
SELLING GROUP. It will be an 
operating group in its own right 
responsible far the entire book- 
soiling activities of Pentos. Main 
subsidiary cumpunies of Pentos 
Bookselling Group will be 
Hudsons Bookshops, Dillons 
University Bookshops. Hodges 
Figgis, and the recently acquired 
Sisson and Parker and F. F. All 


^ cS°.rL S EtJ PP- The Board will consist of 
of financial director -and se.-re- 5ir T A H:iher (eharman), Mr. 
tarv_ will continue as financial *•.- «-> .j •. 


LiOS? . , 



.iriO »> 

¥ 


Stock Market Letter 


profit opportunities 

. - And we dp it ronaamtiy and accurately. Oim performance 
- ovdnhe past year is proof mthat- 

Jn Febroary we ieemnmended Snter.EJcccricaL It went from 
16p io 32p. KWfeHt janmedfrom 27p to 50p. Giltspar was 
psctMunenncd ar 48paai sold ar70p. Last month the Mid-weac 
knersda^JU3bttiyat4^,nowtii^^ 

_ Yo^flzmib^ find xecamteendatiemsHke these m the IR. 
-MM-wedc&odc Market Lenen The inftnmation is presented 


rrfmnc^tt^aiartce^to 

or January 3rd. 

-Subscribe iirnnedicrtely odd- 



,tary. will continue as financial 
director. 

'• * 

Sir Ian Morrow succeeds' Mr. 
G. C.' D'Arey Biss as chairman 
of UKO INTERNATIONAL on 
January 1. Mr. Ronald Hooker 
is' appointed deputy chairman. 
Mr. John Still continues as chief 
executive of the catering equip- 
ment group and Mr. Andrew 
Blakesley becomes chief execu- 
tive of the .optbalmic group. 
Mr. Brian Wood joins the Board 
as finance director. 

* 

- SILHOUETTE (SALOP), the 
principal operating subsidiary of 
Silhouette (London) has been 
reorganised. From January 2. 
production and contract work 
will become the responsibility 
of .Silhouette (Midwest), while 
Silhouette (Salop) continues to 
be "responsible for branded 
marketing. The Silhouette 
(Salop) Board will consist of: 
Mr. T. Blnmenau (chairman), 
Mr. F. C. Belok (managing 
director), Mr. G. H. Sigler 
(dbputy managing director), Mr. 
G.-J. Bardsley, Mr. G. J. Caine, 


W. P. Hornby (chief executive). 
Dir. C. C. Gregory, Mr. Df. K. L 
Burrisdl. Hr. J. B. Davey, Mr. 
P. R. Grey, Kr. J. Hudson, Mr. 
1. C. Miller, Mr. R. G. Paton and 
Mr. J. L. Scott 

Penios Publishing and Book- 
selling Group has" changed its 
name to PENTOS PUBLISHING 
GROUP and will be responsible 
for the publishing activities of 
Penios. Main subsidary com- 
panies w:i! be Ward Lock. Ward 
Luck Educational, Marshall 
Morgan and Scott. Hollen Street 
Press, World and Whitman, 
Ssudle Brothers and Cranford 
Distributors. The Board will 
consist nf Mr. T. A. Maher (chair- 
man ). Mr. ilL Raeburn (chief 
executive*. Mr. C. C. Gregory. 
Mr. Vf. C. Holland, Mr. P. G. 
Lock, Mr. D. M. Payne. Mr. R. B. 
EayreJ&r. P. T. IV. Smitii and 
Mr. M. M. Thomas. 

* 

Mr. Keith M. Burgess, pre- 
viously sales manager, has now 
been appointed the first sales 
director of CANDY DOMESTIC 
APPLIANCES of Guildford. 


Economic Diary 


MONDAY — Government sub- 
sidies to option mortgages cut 
from 34 to 33 per cent Rise in 
price of UK newsprint by 8.5 
per cent. British Overseas Trade 
Board increases charges for a 
range of its export services. In- 
troduction of new £75,000 
prem ium- bond prize. 

TUESDAY — Mr. Malcolm Fraser,. 
Australian Prime Minister, and 
Mr. Andrew Peacock, Foreign 
Minister, expected to meet Fresi- 
,dent Carter and Mr. Cyrus 
Vance, American Secretary of 
State, in Washington. 
WEDNESDAY — Treasury 
announces UK official reserves 
ior December. Bank of England 
figures no : capital issues and 
redemptions during December. 
Department of Industry statistics 
on investment intentions of the 
manufacturing, distributive and 
service industry (1979 and I960). 
Sig. Emilio Colombo, President 
if the European Parliament, 
begins official flve-day visit to 
China. 


THURSDAY — Access bank credit 
card interest rate increase. Mrs. 
Margaret Thatcher, Conservative 
Party Leader, officially opens 
International Boat Show, Earls 
Court. Department of Employ- 
ment Gazette will include un- 
employment. (November — final); 
employment in the production 
industries (October); overtime 
and short-time working in manu- 
facturing Industries. (October): 
and stoppages of work due to 
industrial disputes (November). 

FRIDAY — Mr. James Callaghan, 
UK Prime Minister, meets Presi- 
dent Valery Giscard d’Estaing of 
France, President Jimmy Carter, 
of the U.S., and Chancellor 
Helmut Schmidt, of West 
Germany, in two-day summit 
meeting on the French Caribbean 
island of Guadeloupe: discussions 
expected to cover the Strategic 
Arms Limitation Talks between 
the U.S. and Soviet Union, dis- 
armament, and the Middle East 
and European situations. 


ALLEN HARVEY & BOSS INVESTMENT MANAGEMENT LTD. 
45 Cornbill, London IC3V 3PB. TeL: 01-623 6314. 

Index Guide as at December 28, 1978 

Capital Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio *00.40 


CLIVE INVESTMENTS LIMITED 
i Roval Exchange Are., London EC3V 3LU. TeL: 01-283 1101. 
...Index Guide as at December 19, 1978 (Base 100 on 14.1.77) 

. % Clive Fixed Interest Capital .* 129-92 

Clive Fixed. Interest Income 114.50 


Electric Commission 
l Series “CJ” 

8£% Sinking Fund 
- Debentures due 1989 
SiF- redemption due 1.2.79 — ;$h,000,000 Bonds 
have been purchased on the market to 
- : satisfy this call. 



19 




; • ■* • 

. i ** , 3 


On Mpndaysaiid Fridays, 
Ifs nbn-stop. And oh Saturdays 
therek an additional non-stop 
flight to Cape Town. 

. . ; All of them will give you 
the kinshine treatment ail 
die way. . 

And all will connect with 
our exclusive route network 
■to 12 other destinations 
throughout South Africa. 


■ ' ‘ ’■ 
. • 



{f . : - . South African Airways 

fc;. Wliereno-or^s a stranger 

j'--'” FordenubcaiuncrvourlA'iAxcivdaacoi''* . . 

fc' Saith Ai>iiSi.i 251- 259 Eti-cent Sirtet. London 'K r Ut7.\I>. Phone 41 .*<• 

I^KTku* Strevi. Bir.i3 in^fcj tn. 021-0-! 5 9505. Hope Snccc. G iasguw. WI-22J f^ter Strccc. .\buich-.->li;K BftI-5 4 i 5^ 


... ; . 





The American Stock Market failed to 
consolidate its advance in 1 97S — because of the- 
excessive growth of the money supply, rising 
interest rates, the level of inflation and the 
weakness cf the dollar. However, these 
factors could well reverse in 1979 due to a 
slowing of the economy. 

The American economy is still the largest 
and one of the strongest in the free world. 
America is the world s leading advocate of 
private enterprise, so that the prevailing 
atmosphere for business is favourable. 

The diversity of the American economy 
means that some sectors will achieve a markedly 
higher rate of growth than the economy overall. 
This is especially true in the case of the smaller 
emerging companies which are well 
represented in the Gartmore American Trust. 

In addition, there is reason to believe there 
are large sums of institutional money, both in 
the U.S. and abroad, which could be available 
for investment in American securities. 

For these reasons Gartmore believes that 
equities in America, at present levels, offer the 
prospect of substantial gains over the medium 
to long term. You can take advantage of this 
opportunity by investing through this offer of 
units in Gartmore American Trust. 

The value of 

professional management 

With American investment professional 
management is all-important. Gartmore Fund 
Managers Ltd. is able to call on the resources of 
its parent company, Gartmore Investment 
Ltd., which is responsible for investing over 
£650 million of funds in UK and overseas 
securities for investment trusts, insurance 
companies and pension funds. Gartmore also 
benefits from having its own office in the U.S. 

Gartmore’s high reputation in the City of 
London is one of the reasons why more than 
two-thirds of Gartmore unit trust sales come, 
not direct from the public, but through 
stockbrokers, banks, solicitors and other 
professional advisers. 

First aim is capital growth 

Gartmore American Trust aims for maximum 
capital growth by investment in a portfolio of 
American shares. The portfolio is actively 
managed and a balance is maintained 
between leading stocks and those of smaller 
or emerging companies with outstanding 
growth prospects. 


The Trust was launched in January 1976 at 
an offer price of 25P per unit. 

On 28th December, 1 978 the offer price of 
units was 26.6p xd and the estimated gross 
yield 0.26% p-a- 

You should remember that the price of units 
and the income from them can go down as well 
as up. 

You should regard vour investment as a long- 
term one. 

The offer 

Units are offered at the price prevailing on the 
day of receipt of your application. • 

To apply, simply fill in the coupon and send 
it to Gartmore Fund Managers with your 
cheque. The minimum investment is £200. 


AH applications wffl be ackrimvledccJ 
and tiertifiuiUa iiiU be Inrujnictl hy 
the jManaperi within *tv weeks uf 
receipt ci vour application. 

You cm sell >\iur units hack to 
the lanaqen; at not le-v. than the 
minimum bid price on any de.Jinc; 
day. Yi »u will receive a cheque w iihht 
seven business days nt thc -\lcnj tiers 
Rxrivinft uiur renounced cvrnficutc. 

Gartmore American Trust i> 
crmsrimtwJ and administered 1« a 
Trust Deed dared iind December 
1975- 

J ncome wifl be rlistribure-d or 
22nd January and irnd July each 
year. 

Distriburirms are paid after de- 
duction ol incnoie uis at i)u- liasic rule. 

Income tax am he reclnimcd 
frorn the lnLmd Rei aiue if Vmi arc 
entitled to do mi. 

TTiere; is an inrtud marnqnrKiir 




charge nf 5" which is included in 
the price uf units, t hit ofrhLs the 
A l:uut>eni will pa' cOi inninsir n 1 nf 
1 to au thonged 

'flierc is;ui annual clmrcc of jths 
nf r"„ (plu.iX'A'J’infthcialucnf the 
hind which fs dt-ducTcd from roomie, 
and which is already ailintc-d.lnr in 
thcvsrimaied current < icJd. 

Tlie.Truqt-c is M idland Rink 
'l'rusr CotTipany l.imiud 

‘lire- M;m;iui-r- ■ if the- Tmst are 
(himunn- Kund \l.iruuc-re I.rd.. 
(Member tiff he L'nitTni-.t .Vsnc) 

2 > t . Sliiry A\e. Lonilmi KL'jASBP. 
'I'eb-pl Hind Ol -jS’ jtjyt I . 

Direcrur# - D R.D. I.'ii ksm 
fClu'nifeuil. \\ . C.onphcll Allan C..V.| 
A..M. Annujee. A.J.K L'olluu., 

S. Srt.1cn2.1nJ nr. l’’A., 

JA 'Uuimson L.A. 

'Ihisnfi'fr is nor ai ailiihk- to 
RT.iJiTii.-.iil’thc Kepublic uf Irel.inJ. 


Fill in the coupon and send it now. To: Gartmore Fund 
Managers Ltd. 2 Sl Mary Axe, London ECjA 8BP. 

f Rrtd .X'- 1 .- rr.-'J- lift'd. iiCijrf j 1 m .At-. . 

1 ;\V C should Lkc tol-uv t.jninoa- Anu-.-Riin I'nii- In the uili«*<f 5 . 

(• at tlw oiler pniv- riIiul-ih the iliy 

*' -j >ou aten c this applicjtii m. * 

I: We enclose a remittance, payshlc to Gxunorr Fund Managers Lid. 

•For your guidance the offer price of Gartmore Amcncan L mis ••■11 
stith December, 197S was 2ti.hp sd- 
TukBm: 

I 1 If rou n-jnemnximum growth by amxmtic re-imKoncnr id na in ainxc 

□ Ifyou would Iftcckuilsoliair Share .. . . 

Exchange Service. 

1 1 If you arena cshuds uniiholder. 

r\rrJedtmi!ietliM l maew)iirsJnd^iriirSKJiArealt<[ , rrtni.fmmtiH 3 i I/mt'nram** 
jn juroar rtnmiu 1 Jit mmuue 1 . 1 1-/ .w.i pm*. ir-jrwl aljr!, dr.'Miifaii.'lim.f.'R. 1 l/ wuati 

depetbry.! 

RtTlCXME rup. MRS. \|UK> ' 


F 1 R.HT NAMES 1 1 ?: r.Ii 


xtrAvmitErsr • - 


Hj am airf-xt *&&**>•#— &&****<&■***>— 


1-TjMiVT 








20 


Gcsjpanies and Markets 


Finandal Tiiae? Sad 


WORLD STOCK MARKETS 



. mixed in active 




INVESTMENT DOLLAR 
PREMIUM 

S2.60 10 £1-41]% (83%) 
Effective S2.0415 42’% (423%) 

CAUGHT IN the erossrcurrenls 
of year-end tax selling and 
.portfolio window-dressing. Wall 
Street stocks fluctuated within 
a narrow range yesterday 
before finishing on a mixed 
note after an active trade. 

The Dow Jones Industrial 
Average closed a magma! 0.95 
easier at S05.01 for a loss on the 
week of 3.46. The NYSE Ail 
Common Index shed 6 cents 
more to S53.62. leaving a decline 
on the week of 15 cents. Yester- 
day's gains, however, slightly 
ouiscored losses by SOI to 758, 
while trading volume expanded 
to 30.03m shares from Thursday’s 
total or 25.44m. 

Analysts said concern about 
unrest in Iran persisted but 
favourable news on Thursday 
regarding trade, the economy 
and the money supply was aiding 
sentiment 

On Thursday, the Commerce 
Department reported a narrow- 
ing of the November trade deficit 
and a fall in the November index 
of leading economic indicators. 
The market had been hoping for 
some sign ofa cooling of the 
economy to lake upward pressure 
oJT prices and interest rates. 

Another bullish factor was the 
minimal rise in the basic money 
stock, reported late the previous 
day by the Federal Reserve. 
Newton Zinder. of E. F- Hutton 
and Co., said the report suggests 


the Fed may have finally 
brought the money stock " under 
control and may not have to do 
much more tightening.” 

Among the actives. Eastern 
Air Lines were unchanged at S8&- 
•It has arranged part of the 
financing for and formalised its 
SSO-a-shore bid for National Air- 
lines, which climbed 1| to $371. 

Active Pan-American World 
Airways, which bad reached an 
agreement with National on a 
merger at.S4l per National share, 
slipped $ to Texas Inter- 
national, also seeking control of 
National, advanced lj to Sill- in 
active American SE trading. 

Ashland Oil put on 3 to $50$ . 
Johns-Manville reported the 
opening of preliminary talks on 
the possible purchase of some oil 
and gas .properties owned by an 
Ashland subsidiary. Johns- 
Manville were unchanged at $22}. 

B. F. Goodrich gained $| to 
S17J. The company has forecast 
higher 1978 profits despite an ex- 
pected S3 in to $ 4 m fourth-quarter 
write-off. 

IBM. strong of late, reacted 85} 
to S2981. while Boeing lost 81 J 
to $71? and Eastman Kodak $lj 
to S58J. 

THE AMERICAN SE Market 
Value Index regained 1.14 to 
150.50 on a heavy volume of 
6.42m shares (4.46m'). 

Imperial Oil “A" aded Si at 
$211. It is to begin a S60m pollu- 
tion control programme at its 
Nova Scotia refinery. 

CANADA — Widespread fresh 
gains occurred yesterday morning 
in moderate activity. The Toronto 


Composite Tndex improved 4.0 
more to 1,304.9 at noon, while 
Oils and Gas put on 6.6 to 1,840.3, 
Golds 3.8 to 1,432.6, Banks 2.73 to 
307.40 and Utilities 1.95 to 198.42. 

Commerce Capital, subject of 
a C$9 per share takeover bid, rose 
i to C$8 1. 

Alberta Gas “A" receded f to 
CS14| after stating that decisions 
by the Public Utilities Board will 
affect earnings and cash flow. 

PARIS — Shares picked up over 
a wide front In a thin business. 

Brokers $aid the firmer trend 
was due to technical factors as 
well as to the belief expressed 
by Yves Flornoy, president of the 

Stockbrokers' Association, that 

the Paris Bourse will experience 
another good year in 1979. 

Foods, Electricals and Metals 
were mixed and Otis easier, but 
other sectors pointed higher. 

Significantly firmer at the close 
were LocaTrance, crr-Alcatel, 
Price!, Cle du Nord, Hunun, BSN, 
Pari has, Peugeot-Citroen. L’Orcal, 
Rouygues, Richer, Poclaln, Borel. 
Nouvelles Gaieries, Chiers- 

Chatillon, Air Liqnide and BIC. 

JOHANNESBURG — Diamond 
leader De Beers finished 10 cents 
higher at RS.50, after reaching 
R8.55, on further London and 
New York overnight interest, 
making a rise over the shortened 
week of 45 cents. Dealers 
attributed the advance to an 
announcement expected around 
January 10 on Central Selling 
Organisation 1978 results. 

Gold shares tended to ease a 


shade on lack of interest ahead 
of the long weekend, but 
Collieries improved afresh on 
expectations of benefiting from 
Iranian and local petroleum 
supply troubles. Coppers put on 
a few cents, while Industrials 
were little changed in thin 
trading. 

HONG KON£ — With senti- 
ment still upset by the rise in 
local interest rates, announced 
on Thursday, and concern about 
the political tension in Iran, 
stocks tended to drift easier yes- 
terday in another quiet trade. 
The Hang Seng index shed 4.5S 
more to 495.51. 

Hong Kong Bank lost 10 cents 
to HK817BQ, as did Swire Pacific 
“A” to HKS7.45, while Jardine 
Matbeson shed 20 cents to 
HK811.60. 

China Light receded 20 cents 
to HKS20.30, New World lost 6 
cents to HKSl.90 and Sun Hung 
Kai Properties 10 cents to 

TTT/OC i)K 

AUSTRALIA — Markets re- 
mained firmer- inclined in light 
trading. 

Among Uraniums, Pancon- 
tinentals gained 20 cents to 
A89.S0, Kathleen Investments 10 
cents to A52.85 and Peko- 
Wallsend 6 cents to A85.66. 

Diamond stocks also met sup- 
port and mostly improved, but 
lUetana and CRA shed 2 cents 
apiece. Elsewhere in Minings, 
Renison Tin was a dull spot, 
receding 20 cents to ASS.SO. 

CSR put on 4 cents to AS3.34, 
while in Banks, CBA added 5 
cents at A$2.60. 


Indices 


KEW YO&K -DOW JONES 


' Df. : l'tv. I J*t»\ Ift-i*. ' Prv. i Dtv. 
2i ■ 28 ' 27 I » Si ; fl 


Ikfio p i ooe Com u 


Tin.lniy iol. 

OuCn ,2 


© £■*>-'< lii-li G 12.20 800.50 


] Hi^ti 

] Uiir 

| High 

| W 

1 

907.74 

742.12 

1051.70 

*1.22 

. l3/9i 

i2P/2i 

lllrL/73) 

iK'7/52) 

i 90.86 

64.84 1 

1 


t«'Ii 




! 261.48 

1*8.31 

278.80 

12.25 . 

- fie 3) 

(9.1) 

(7£/69) 

(8/7/32) 

110.88 . 

87.73 

163.32 

10.80 

! iSrli ! 
| ! 

(20/12) 

(20/4/69) 

(28/4/42) 

i - i 

— 

— 



In.l- ,hv. vteW % 


1 'w. 22 | Dec. 16 Dev. 8 | (Year an*' Ripm* 


6.00 


6.02 


6.9? 


S.64 


STANDARD AND POODS 


197i , 'SlxK-e CV'Di^iInt'n 


2.+’ 

CO 

27 ) 26 • 

Oi ; 21 S Hwii 1 

L..W j High | Liw 

: ln.Iu5iin.l- 107 21 

107.41 

107.85 108.59 

107.40 106.49- 118.71 . 

95.5/ ; 134.64 ! S.9S 


1 

• 

! ! 1 12*S. 

1 F.J 1 <U'l.'75ii30.-6;32i 

1 as . 11 

96.28 

96.66 97.52- 

96.31 . 94.71 : 106.98 , 

86.90 ! 125.85 i 4.40 

[* un.-|»>'li<- , , 



. . <12/8) | 

16 /ai /U/l/KSiH 1/0/32) 



, 27 

Up-. 20 - iJNfi-. IS 

; Year my. 

I 11 .I. •»!•-. \ i+l.i % 


j 5.10 

5.21 : 5.14 

4.90 

111.). P.‘K l/uli... 


; 8.74 

8.55 | 8.64 

• 9.13 


I*'il£ Inn, JU"flil VIC-I-I 


8.93 


8.95 i 8.84 


8.08 


K.Y.BJi. ALL COMMON 


Dee. 

29 

l 

Dee. I 

20 j 

Dee- I 
27 1 

Dec. | 

1978 

26 1 
1 

Bi/zb 

Law 

53.62* 55.6ft 1 

i 1 

5fi.S0| 

\ 

i“1 

60 J 6 | 
(11/9) | 

40.37 

(6/3) 


Hines and Falln 

l Dec. 29.' Dec. 28: Dec. 27 


lh*ue» Traded— —I 1,978 I 1,067 ! 1.943 

Hi«i ' 

Falls 

L'ndianyeil .... — 

New Hiuhs 

Now Lr.m«. | 


801 | 

46i : 

451 

758 1 

1,043 I 

1,037 

413 

453 [ 

455 

10 

+ 1 

7 

110 ! 

102 1 

78 


HOVTBEAL 





19 

73 


29 

2B 

27 

yft 

Hltfh 

Loir 

ladurtrial 

Combined 

217.63 

224.78 

217.77 

223.74 

216.32 

222.84 

216.34 

222.49 

222.14 (11/iOl 

226.61 il2.-Kh 

q 52.90 <16/ 2) 
170.62 fJO'li 

TOKOflTO Composite 

1510.0 

1300.1 

1296.8 

1298.3 

1352.7) 12 10< 

S33.2 <30.-1) 

JOHAJTHESBUBG 

Onto 

(U) 

264.^ 

250.9 

249.0 

272.0 (I4.P) 

196.0 120/41 

lndnf+ rtfil 

(UP 

268.7 

268.2 

270.9 

261.9 Mill) 

1a4.-rlJ.'3i 


Dec 


I fre- 

es , moue 


W/o. . Win 
Hi^h 1 Loir 


Dec.’j’Pre- Y 19lt ;'197e 
S3 I vu>us H'cli I L.iw 


AuBtraliartj 
Belgium i|> 1 
DenmarlH — i 
France ittJ 
GermasycD 
Holland (Ml 1 

Italy til) 
Japan (©]' 
Singapom*) 


542.05 

le) 

(v) 

7T.1 

CO 

eo.7 

436.51 

£8.S3 

1>-I 

349. IS 


642.41 
i 98.01 
68.96 
76.1 
S 17.20 
80.7 
500.09 
68.89 
440.56 
346:71 


666.79:411.13 

i rec/tn : (US) 

: 101.16 I 90.43 
(BjS) ■ <23i6> 

• 98.95 . 58.08 
: (14|&) ; |50/10j 
i 83.0 47.6 

I (4/10) I (30 
. 665.8 i 759.4 
. (19/10) (17/6) 
93.1 , 76X1 
t fll/9) i (4/4) 
707.70 383.4 
: 14/9) (13/4i 
! B2.2& : 56.45 
1 rtS6rti» • (lv/ilf 
45C.60 364.04 
Itt/L. 1 ) (4/10) 
414.60 £52.0 
mt 19/1} 


Spain i<0| 
Sweden «)j 
Swit;erld( 


8U-57 i 8 S-m 

i 

36L51 1361.15 
(<-•) I 283.2 


lio.is ti-ss 
il7.'3> 
/hJb .iW | 325.74 
t«.n (5/l> 

, 383.7 261.6 

LiH. 21 1 l»M) 

Dec. 1953. §§ Amsterdam Industrial 

1970. 11 Hang Sang Bank 21/7/64. 

Illl Banca Commerciale Italians 1972. 
a Tokyo New SE 4/1/tt. l> Straits 
Time* 1966. c Closed. A Madrid SE 
30/12/77. c Stockholm Industrial 1/1/58. 
/Swiss Bank Corporation, u Unavail- 
able. 


FRIDAY’S ACTIVE STOCKS 


Indices and base dates (all base 
values 100 e«copt NYSE All Common — 
50: Standards and Poors— 10; and 
Toronto 300—1.000; the last named 
based on 1975). t Excluding bands. 
; 400 Industrials. $400 Industrials. 40 
Utilities. 40 Finance and 20 Transport. 
1 Sydney All Ordinary. || Belgian SE 
31/12/63. ** Copenhagen SE 1/1/73. 

tf Paris Bourse 1961. ft Commerzbank 





Change 


Stocis 

Closing 

on 


traded 

prim 

day 

Ramada Inns 

325.800 

8 

+ >. 

Occ. Pei 

317.800 

15’. 

- 1 ! 

Chrysler 

316.400 

8’. 


Sears Roebuck 

308.500 

19’s 

23'i 

-s 


285.900 

-s 

R. L. Bums .. 

282.600 

, 2 : a 

4>. 

White Motor .. 

277.000 

lh 

+ \ 

Eastern Air L 

250.500 



Pan- Am. Awys 

239.900 

6»* 

-K, 

U.S. Steel 

214.100 

2I 1 -. 

-H 


NEW YORK 


Abbott Labs | 333* 


Addreasograph.J 
Aetna Life &Ca.J 
Airproducta 
Alcan Aluminium 1 
Alcoa 

Alleg. Ludlum 


Allegheny Powerj 


813 4 

383 4 

33Ss 

33T g 

473 4 

1458 

jaig 

281 S 

Z1S 4 


Allied Chemical 

Allied Stores. , -- 

Ai lie- Chalmers- za 

AMAX ! 4 

Amerada Hess.-! 28ij 
Amer. Airlines.-. 13M 
Amer. Brands.... boss 
Amer. Broad cst. 3S 

Amer. Can 551s 

Amer. Gysnamld 253 b 
A mer. DIsL Tel- 24i« 
Amer. Elect. Paw 211 e 
Amer. Express— 291s 
Amer.HomeProd 2Bi 8 
Amer. Medical - 3 Is# 
Amer. Motors..— 

Amer. Nat Rea.— 3S?g 
Amer. Standard.. 41ia 

Amer. Stores. 32ij 

Amer. TeL & Tel. 6058 

Ametek 30 u 

AMF - 15sg 

AMP 306a 

Amp ex 141* 

Anchor Hocking. 25Sg 
Anheuser Busch. 253$ 
Armco — 19 t b 

A. S.A. - 24l 8 

Asamera oil........ 1614 

Asarco 13 )b 

AsMand Oil SOsa 

Atl. Richfield B6 t b 

Auto Data Pro.... 29a* 

A VC 7t b 

Avco 227g 

Avon Products.... 503, 
Balt. Gas Elect... 2Asg 
Bangor Pun ta..... 81 
Bank America.... 25s, 
Bankers Tr. N.Y. 33 1, 

Barber Oil 86ig 

Baxter Travenol. 41 
Beatrice Food.... 883, 
Beet'n Dick'nsoni 3lL» 

Bell & Howell ! 153, 

Bendix | 36ia 

Benguet Cons' B', 3ia 
Bethlehem Steel 19&a 
Black & Decker..! 16sg 

Boeing j 713® 

Boise Cascade ...i 263 a 

Barden I 2Stg 

Borg Warner ' 88^ 

Branuff Int I 123, 

Brascan'A' I 163, 

Bristol Myers— —i 353, 

B. Pet A Drit R. ... lBij 
Brockway Glass.1 16i, 

Brunswick < Z2ss 

Bucyrus Erie 15ia 

Bulova Watch— 5sa 
Burlington Nthn. 3St2 

Burrough 73 

Campbell Soup... 34 
Canadian Pacific 21i; 
Cana. Randolph. 103, 

Carnation 26ig 

Carrier A Goner J Ilia 
Carter Hawley... . 153, 
Caterpillar Tract 

CBS 503, 

Colanese Corpn, 40b, 
Central & S.W.— 153s 

Certain to od_ 16 

Cessna Aircraft..! 1 Bi 3 
Champion Inter.! Sljg 
Ch'se Manhattan- 293* 
Chemical Bk. NY, 37as 
CheaebUDh Pond' 22i a 
Chesaie System-! 263, 
Chicago Bridge./ 47sg 

Chrysler j Bs, 

Cine, Milacron ... 33 

Citicorp - 83i- 

Cities Service 53 to 

City Investing ! 13in 

Cleveland Cliff - 1 26i. 

CocaCola I 43? a 

Colgate Palm 165g 

Collins AJkman—j 83s 


F.T. CROSSWORD PUZZLE No. 3,859 

A prize of £5 will be giren to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossicord in the top left-hand comer of 
the envelope, and addressed to the Financial Times, 10, Cannon 
Street, London. EC4P 4 BY. IViniiers and solution tcill be given 
next Saturday. 

Name 

-Address 


r~ 


2 I 




9 ” 

m 

as 

4 





& 

I 

T3~ 

T 

| 



RACING 


BY DOMINIC WIGAN 


Columbia Gas. ...< 25an 
Columbia Pict....| 22s a 
Com.lnsCa.ofAm I67 8 
Combustion Eng. | 32ag 
Combustion Eq.. 9 t b 
C m'wth Edison. 867„ 
Comm. Saterlite) 39^ 
ComputerScianci' 111, 

Conn Ufa Ins ! 35i, 

Conrac , l37 a 

Con. Edison NY..i a3l ( 

Consol Foods 83 l a 

Consol Nat Gas J 3B 
ConsumerPowor Z2l a 

Continental Grp.l 27 
Continental Oil... 2a i„ 

Continental Tele 14 1, 
Control Data ...... 34V, 

C°oper Indus ! 49j« 


34is 

am 

387g 

233, 

333* 

40 

I4sa 

1312 

29 

Z», 

292s 

47 7j 

281, 

13>4 

501b 

341j 

353, 

231 b 

243a 

2114 

297a 

2B 

52 

4Bg 

39 L, 
413b 
315b 
605b 
297 S 
I5Sfl 
31 
14ls 
25 la 
253a 
193, 
233, 
16 
135a 
50 
S6ig 
29 lz 
77 8 
23 
S23, 
24is 
803, 
863, 
334 
264 
4m 
221 - 

3H* 

153e 

36 

31g 

197g 

17 

734 

263a 

254, 

2B5b 

I27 a 

14l£ 

354 

183s 

163fl 

125, 

157a 

54 

3536 

734 

33Sb 

214 

93, 

254 

114 

154 

584 

504 

404 

154 

16 

183, 

203, 

89 

374 

224 

264 

475a 

B5* 

314 

234 

533, 

133, 

264 

433e 

166g 

84 

254 

224 

1670 

324 

94 

25fie 

394 

lor 8 

354 

14 

234 

234 

376s 

284 

264 

28 

144 

337 a 

493s 


Coming Glass. — i 
CPC Irrt'm'tlonat; 

Crane — j 

Crocker Natl — ! 
Crown ZeJlerb'h. 1 
Cummins Engine 
Curtiss Wright-.! 


□ana _[ 894 

Dart Industries— ; 397s 

Deere ! 34 sb 

Del Monte ' 

Deltona ; 

Dents ply Int. ! 154 

Detroit Ediaon—.f 134 
Diamond ShmfK 194 

Dictaphone 854 

Digital Equip-... 53&a 

Disney (Walt) ' *04 

Dover Corp'n * 414 

Dow Chemical.-! 854 

Dravo 284 

Dresser..-- — 1 37 

Dupont 127 

Eagle Pitcher..,. .{ 81 

East Airlines. 84 

Eastman Kodak. 563, 
Eaton ..—I 34i, 

E.G.AG 283, 

El Paso Nat. Gas.' 154 

Eltra^ 1 273, 

Emerson Electric' 3G5 s 
EmeryAi rFreight: 184 
Emhart i 367 B 

E. M.I t as* 

Engelhard j 28sg 

Esmark— • 24 

Ethyl — ' 214 

Exxon -! 494 

Fairchild Camera 1 284 
Fed.Dapt. Stores; 32 
Firestone Tire 124 

FsC Nat. Boston i 274 

Flexi Van- — ! 14sa 

Fllntkote 274 

Florida Power ... 307 S 
Fluor.. — ... — .-—I 331 b 

F. M.C ' 244 

Ford Motor i 48 

Foremost Mck.— i 184 

Foxboro — ! 383, 

Franklin Mint.— -I 55s 
Freepost Miners.] 324 

Frauhauf ; 264 

Fuqua Inds BSg 


534 i 534 
494 | 4SSg 



out-F. — ; 

Gannett. 

Gelco... : 

Gen. Amer. Inv... 1 . 

G.A.T.X. - 

Gen. Cable 

Gen. Dynamics,...; 
Gen. Electrics— 

Gen. Foods 

General Mills i 

General Motors... 

Gen. Pub Util : 

Gen- Signal \ 

Gen. Tel- Elect. ' 

Gen. Tire J 

Genesco 

Georgia Pacific-! 

Geo source .7 

Getty Oil ! 

Gillette i 

Goodrich B. F ! 

Goodyear Tlre....j 

Gould 

Grace W.R. 

Grt.AtlanPacTea 
Grt. North Iron—* 

Greyhound i 

Gulf A Western- 

Gulf Oil 

Halliburton 

Hanna Mining— 
Hamischfeger — | 

Harris Corpn. 

Heinz H. J 

Heubleln ; 

Hewlett Packard- 

Holiday Inns. | 

Homestake 1 

Honeywell 

Hoover > 

Hosp-Corp. Amor] 
Houston Nat-Gas! 
Hunt (Ph.A) Chm 

Hutton IE.F./ j 

I.C. Industries.—! 

INA ! 

Ingersoll Rand ■■■] 
Inland Steel . — 
Ineilco 


11 60 
403, 
28 
104 
24 
14 
794 
474 
324 
294 
544 

174 

267 S 

284 

247, 

370 

244 

2750 

374 

261 8 

1750 

164 

264 

25?b 

53, 

22 

114 

1*4 

837 S 

66 

305, 

15T b 

283, 

393, 

884 

897, 

165a 

294 

694 

114 

504 

224 

113# 

154 

244 

38 

484 

35 

114 


894 
! 397 3 
I 347 g 

! 434 

94 

164 

134 

194 

264 . 

635fl 

40 

-48 

254 

284 

373, 

1274 

aiV 

84 

604 

344 

277, 

154 

277b 

354 

187b 

36 

24 

28 5a 

234 

2134 

49 

285a 

314 

124 

274 

164 

28 

304 

334 

334 

415, 

185, 

325, 

5*0 

314 

864 

84 

113, 
4106 
28 
104 
237b 
14 
784 
47S0 
32 
295, 
545, 
175, 
27 . 
2836 
244 
37 b 
241g 
277g 
38 

294 

174 

164 

264 

26 

57 8 

884 

114 

14 

24- 

664 

304 

1570 

89 

394 

284 

894 

173a 

304 

704 

111 , 

31 

214 

ltta 

164 

84 

3B. 

484 

34&g 

115* 


John Manvllle^...! 
Johnson Johnson 
Johnson Control. 
Joy Mtumfaoturg 

K. MarCorp. 

Kaiser AiuminTm, 
Kaiser Industriesf 
KaissrSteef — .... 

Kay :..., 

Kennecott<— A 

Kerr MoGee— 
Kidde Walter....;. 
Klmbarley dark 
Koppere — ...—.I 
Kraft 

Kroger Co 


227a 

.734 

254 

274 

220b 

174 

8 

184 

114 

E04 

474 

287 S 

4018 

204 

445, 

3650 

3350 

347 b 

23T a 


Lease way Trana. 
Lend- Strauss 
Libby Ow. Ford..! 

Liggett Group.... 

Lilly (Ell) 

Litton Industries 
Lockh’ed AlrcrTt 
LoneSfarJnd'sfs 
Long IsJ'nd Ltd.. 
Louisiana Land 

Lubrixo. 

Lucky Stores..— 
Lykes Corpn — 
MacMillan—....:., 

Macy R.H 

Mttx. Hanover 

Mapoo i„| 

Marathon -Oil... 
Marine Midland: 
Marshall Field-' 


May Dept Stores) 2368 


MCA 

McDermott- 


McDonheKDougJ 
McGraw Hill-. 
Msmorex — _ . 

Merckx — J 674 

Merrill Lynch-^j 
Mesa Petroleum-. 

MGM l 

Minn Ming&Mtg) 63 t b 
M ool Gorp- — 6913 

Monsanto .[ 47 

Morgan J. P 4 45 

Motorola ...:j 39~b 

Murphy Oil J 443a 

Nabisco 253s 

Nalco ChemicaJsj 264 


414 

2130 

334 

243e 

29*8 


15*6 

383, 

414 


fSM ,298.12304 

Itnl. Flavour.—.i 235a 235 b 

InO. Harvester ... 364 35s, 

Inti. MinftChem! 354 SESg 

Inti. MuKifoods..' 18 18 

Inco 157 b 154 

Inti. Paper ; 364 364 

Inti. Rectifier 114 114 

Intl.Tel A Tel ! 274 274 

Iowa Beef... .—...I 424 404 

IU International.! 104 105a 

Jim Walter 1 264 264 


National Can . 

Nat. Distillers. — 1 
Nat. Sendee Ind J 
National Steal -L 

Notomas 

NCR. 

Neptune InC.. — 4. 
New England EJ 
New' England Ter 
Niagara Mohawfcf. 
Niagara Share.— j 
N. I_ Industries.. 
Norfolk & Wesfn 
North Nat. Gas.'- 
Nthn. States Pwr 
Nth west Airliner 
Nth w'st Bancorp 
Norton Simon— 
Occldent'l Patrol 
Ogilvy Mather.- 
Ohio Edison— 
Olln.. - 

Overseas Ship.„ 
Owens Corning./. 
Owens UllnoiB-— 

Pacific Gas 

Pacific Lightlng.l 
Pan Pwr. & Ltg;.j 
Pan Am World Am 
Parker Hannifin. 
Peabody 
Penn Pw.&L.....: 
Penney J. C— 

Pannzoll. 

Peoples Drug...—) 

Peoples Gu_ 

PepsicO 

Perkin Elmer.—.. 

Pfizer — 

Phelps Dodge 
Philadelphia Be. 
Philip Morris—:— 
Phillips Petro'm. 

Ptlsbury — . 

Pftney-Bowes..- 

Ptttston 

PI essay Ltd ADR. 

Polaroid ...I;. 

Potamac EIoca.. 
PPG Industries 
Procter Gamble 
Pub. Ter. Elect- 
Pullman....—..-. 
Purux 

Quaker Oats I 

Rapid American. 

Ratheon 

RCA 

Republic Steal... 
Sesorts mu 


187s 

164 

141* 

287a 

-4170 

604 

24 

..214 

34*4 

.14 

104 

204 

217b 

344 

.234 

2B4 

25 4 
.164 
15 4 
20 
1470 
184 

214 

264 

177 B 

224 

214 

194 

64 

244 

23 
194 
304 
SO*, 
10 *, 
335, 
£5S S 

274 

327a 

21 

154 

704 

315a 

37 

234 

174 

204 

51 

135a 

24 
887 b 
201 , 
354 
15 
224 
■14 i, 
464 
261s 

22 fi0 

2556 


225s 

744 

254 

273, 

224 

174 

2 

185b 

111 , 

194 

474 

285*. 
407* 
20 
447 B 
34 
- 31 
351» 
24 

36% 

477* 

197a 

194 

215* 

1760 

22 

484 

143, 

a 4 
10 
39*8 
324 
294 

a-- 

1670 

234- 

41lft 

21% 

327ft 

241 B 

294 

674 

15*8 

323, 

414 

6870 

684 

47 

454 

395* 

44 

26 

267. 

104 

184 

144 

294 

414 

61 

244 

814 

344 

14 
105* 

204 
22 ^ 
34 S* 
244 
276* 
264 
164 
164 
20 

15 . 
184 

221 * 

264 

17J* 

224 

214 

20 

63, 

244 

284 

194 

303, 

31 

104 

334 

264 

27 Ta 
33 

314 . 
164 
714 
311, 
364 . 
254 
174 
21 - 

617* 

153* 

234 

885* 

204' 

344 

154 

234 

137®- 

464 

264 

23 

254. 


Revton./.:. J 

Reynold* Metate^- 
ReynOldSfU... 

Rich ‘son Morrell. 
Rockwell Inter— 
Rohm A Haas^.J 

Rond Dutch..— • 

RTFS J 

Rose Togs....— 

Ryder System... .. 
Safeway Stofos-- 
SL Joe Minerals.] 

St Regis PaiMr.. 

Santa Fe Inds.— ( 

Saul Invest..— ; . 

Saxon Inds. — 

Sell I Itz Brewing- 
Schlumbecger,- 
SCM-..— . 

Scott Papers 

Scovll Mrg.... 
ScuddecDuol 

Sea Container^.. : 
Seagram-—'.- 
Seane (G.D.1 — 
Sears Roebuck— ' 
SEDCO,- , — ..-ll 
Shell Oil 
Shell Transport- 
Signal— ...... % ... 

Signed e Corp- — 
Simplicity Pat - . 

Bnger 

Smith Inter. 

^Smith Nine'.. — 

SoRtron. 

Southdown - -. 

South am Cat Ed. ■ 
Southern Co.—, 
Southern Nat Res: 
Southern Pacific 
Southern Railway 

South lam — 

S’w't Barisharee. 

S perry H Utah..;.-' 
Sperry Rand-. — 
Squibb 

Standard Brand - 
Std.on California 
Std. Oil Indiana- 

Std. Oil Ohio. ) 

Statu ff Chemical. 

Sturiing Drug 

StudoOaker... 

Sun Co— — 1 

Sundetrarid. 

Syntax.-—-:/- 

Technicolor.—— . 

Tektronix - 

Taledyne — ~. 

Telex: 

Teneco: — - — — 

Teso ro Patr'leum: 
Texaco 

Texaagulf. 

Texas Eastern.... 1 
Texas Inst'm. 
Texas.Oil A Gas,. 
Texas: Utilftioi 
Times Inds 

Times Mirror 

Timken / 

Trane 

Tran.- America... . 

Transco.— I 

Tran. Union ..... 

Tran- way Intm^J 
Tran World Air..-: 

Traveers 

Tri-Continental... 

Triton Oil ft Gas. 

TRW ...... 

20th CanturyFaxI 304 

U.A.L. -/ 

UARCO..-- 

UGi 

Unllewr 

Unilever NV.. J 

Union Bancorp- ■ 

Union Carbide.;.. 
union Commerce! 

Union OU. Calif;... 

Union facJ fic..— 1 

-Unlroyal .«. 
United Brands^... 

US Bancorp-..:..: 

US Gypsum 

US Shoe.:.— ..v..., 

US Steel ....... _ 

Utd Technologist 
UV industries-.- '. 
Virginia Eleot.,— 
Wagreen 

WaHaco-Murray . - 
Wamor-Commn 1 
.Warner- Lambert 
Waste- Man' ment -j 

Wells-Fargb j 1 . : 

Weston Banoort . 
Western NlAmer. i 
Western Union'..;!- : 
Wasting 'he -'Elac4 ' 

Wevertiaeuser.^ -i 

Whirlpool — . 

White Con. Ind... 
William Co. ....-> ! 
Wisconsin Eject-., ", 


,-54 
84 
274 
B 64 
, 81 4 _ 
’214 
3870 
23 i r 
134 
254 
19 
463, 
237, 
274' ' 
-274 
r'244’ 
233, 
16 - 
163,; 
25 

18V 

167ft 
;257, -; 


Wbolworth — 

Wyiy J 

Xerox 

Zapata — - 

Zenith Radios 
U.S.Treas. 4* 

USTreait4i£75/85l , 

U.S. 90-day biihLj 9.19% SjCEft 




IBft 

JV - ■; I-T 
BS%- » 1 * » e 



CANADA 

Abltlbi Paper-.. 

Aghieo Eagle- 
Alcan Aiuminlu 
Algoms Staol.— 

Asbestos. —.7 
Sank of Mon 
BankNovaScotia 
Basle Resouroi 
Bell Telephone..- 
Bow Valley Ind - 

BP Canada— I fOJ* 

Brinco/!. 17.00 117.25 

Galgarf Power...]. W 
Cam tlo Mines—] Io4 
Canada Cement jt 183, 
Canada NW. Lan. ll 
Can.lmp.Bk.ComJ 284 
Canada Ind u si.. ..jt 22 ' 1?20 5 4 

Can. PBdfld i 251 b 

Can. Padficlnv^l '246a 
Can. Super OIL...I 774 
Carling O'Keefe.] 4.80 
Corffilr Asbestom 

'Chieftain-...-—! 874 
LGomlhco.-.— -314 
Cons. Bathurst.... 144 
Consumer Gas... ■ 184 
Coseka Resource 5.50 

CostaJn — ; 1 11- 

Daon Devel — 14 ; 

DeniBon Mine — 74 

Dome Mine 984 

borne Petroleum 954 
Dominion. Bridge 1 314 

Domtar 244 

Dupont...:^.-- 154 - 

Falcon ’g e Nickel 323, 

Ford Motor Can -1. 714 


373, . 363, 
1«5ft kio . 


Kaiser Resource. 
Lourt Fin. Coro.. 
Jjobtsw Com. 5‘ 


Genatar 

GidntYairwknlfo 
GulfCHFdf Canada 
Hawker Sid; Can. 

HoUInger — 

Home OH ‘A 
Hudson Bay Mng. 

Hudson' Bay/. 

Hudson Oil ft Cas^ 

i.A.C...r. : — I 

Imasco — 

Imperial Oil—'.. .... 

inep'A'.- ..;.hiB4 

Inda 

Inland Nat. Gas- 
Inf p.v. Pipe Line] 164 

94 

4.50 

MoNfilETn Bloed l,; 217 a 
MasseyFergusoni 
McIntyre— ....-[ 

Moore Con; 

Mounta InStato R( 

Noranda Mine.-- 
Norcen Energy.. 

Nth. Telecom — I 
Numac'OilftGaa 
fOakwoodPetro! w 
Pacific Copper hfl 
Paeiflo Petrol 1 m 617, 
RanCanPetroTm . 38 4 
Patino...-...-.,.-.-. 204 
Peoples Dept- S- 6 s , 

Place Can- & Op, 2.23 
Placet Develop’d '2® 4 
Power C-’horafni .24- , 

Price mw. 

QuebecSturgedn : 430 
RahgeK 011-..-.'..- MS 
Reed Sten house- 104 
RloAIgom 344- 
Royal Bk- of Can- 384 
Royal Trust Co — 134 

Sceptre Re B'urce/ 84 

Seagram 33i, 

Shed Canada — -r 164 
She rr|tt <L. Mines! .^75, 
Siebena O.C... '384 

Simpson — 2.40 

Steel of Canada..! .284. .:27 t« 
Steep Rock Iron.:. .3.55 t 3.60 
Texaco Canada.. r 51' - 
Toronto DairuSK.;. 2B4 ! . 

Trpne Can PfpeLai 174 
Trans Mount . OpU . -.84' 
Triwc:...u.-...u.-l US . 
Union Gas.-.-.---),. 97*f 
DntdSDcoe Mnes,- . 94^ 
Walker Hfram.^-l 394 
WestCoastTranaj Ur fl 
Weston (Gab.}...'..] 227a 

"T.88C' it Asked. 9 Traded. 

/ u.; -- . t :||1 few fttpek. - 





Class should carry 
Dramatist throe 





I ■ 


“ 

1 


ZJ 


IC 

□ 

□ 

H 28 1 I 

ZL 



ACROSS 

I Driafc to part of combination 
1 7 1 

a The first two letters should 
produce reflection <7j 

9 Monlb on the Queen 

Elizabeth can be a bore (5) 

10 Intelligence to pursue 

reporter (9) 

11 Extinct even when quite flat 

(4. 5) 

12 Sculptor takes some stick at 
home (5) 

13 Cattle food beheaded stranger 
(51 

15 Drunken state or forecasts on 
one Scots Jocb (9) 

IS Old woman free to study 

when troubled in the mind 

(9) 

IS Furnish ns new? Do have a 
change (5) 

21 Cliff is kidding (5) 

23 Just tbe things wv* say in 
flattery (4, a) 

25 Allowable error in live and let 
live principle (9) 

26 Express love in wickedness 
t5i 

27 Unstable baby to note on rail- 
way (7) 

28 Simon's beginning to encour- 
age doctor (71 

DOWN 

1 Like this repeated by un- 
specified person 1 2-3-2 1 

2 Fiercely competitive pet to 
con mine another 13. 3. J) 

3 Girl going for a song (5) 

4 Tear about egg-sbaped until 


done up (9) 

5 Drag along the Spanish dryer 
(5) 

6 White rose developed 

differently t91 

7 Narcotic turns up with ring 
inside fruit <5> 

8 The ebb and flow of informa- 
tion (7) 

14 Strengthen check on power 
19) 

16 Writer on Northern Ireland is 
to a smaller extent broke (9) 

17 Drink made by church 
Official? (5, 4) 

18 Dress at home that's natural 
(7) 

20 Film the two of us on the 
hack (7) 

22 One in France allowed to be 
vacant (5) 

23 Imagine being decorated (5) 

24 Start tu give way on getting 
hand signal right (5) 

Solution to Puzzle No, 3,858 


0B3S3HHB : aQSGSS 

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gng3EE!ig seshos 

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SEES 

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E9E_EE 

□GB 


The solution of last Saturday's Christmas prize puzzle will he 
published with names of winners next Saturday. 


DRAMATIST, whose defeat by 
Night Nurse in Ascot's Killiney 
Novices Chase surprised many 
experienced racegoer^ who felt 
that a 13 lh advantage would 
give him the edge over the dual 
Champion hurdler, reappears 
this afternoon at Newbury. 

Fulke Walwyn’s charge, twice 
a winner over hurdles on the 
Berkshire course, makes his 
second appearance over fences 
in the opener, the Wantage 
Novices Chase. 

If. as seems certain. Drama- 
tist is all the better for that 
first public experience over 
fences, his class should carry 
him through. 

Three oppose him — Spider 
Man, Sweet September and 
Tonedale — and Tonedale, a 
lucky 66-1 second to Koiro 
Scott in Cheltenham's Bath 
Novices Chase, looks to be the 
one for forecast purposes. 

The absence of Grand Canyon 
and Prousto has taken some of 
the gilt off the well-endowed 
L’Oreal Hurdle, but the two- 
mile handicap should still prove 
worth watching. Last year's 
winner. Plnehow carries top 
weight of 11 st 7 lbs, and will 
be trying to concede between 
3 and 21 lbs to 11 opponents, 
including Western Rose, Rod- 
man and Accelerate. 

Pinchow. the eight-lengths 
conqueror of Prince Pope 12 
months ago, has 17 lb more to 


carry this time and I doubt if 
he will prove quite good enough 
to concede 19 lb to Nicky Hen- 
derson's Accelerate, who won 
his first race last season. 

Another high-dass performer 
bidding to repeat a success of a 
year ago is Tim Forster’s Master 
Spy. who, as with Pinchow. has 
gone up in the weights for his 
event, the Mandarin Chase. 

Master Spy. the seven-lengths 
conqueror of Arctic Heir in last 
year's race, in which he lost 
ground at severai fences 
through veering to the right, 
seems sure to go well without, 
perhaps, being good enough to 
give 10 ib to the year younger 
Tommy Joe. 

Tommy Joe. from Tony Dick- 
inson's in form stable at 
Gisburn. Lancs., proved far too 
good for Caldbcck over three 
miles, three furlongs at Ayr on 
his only previous appearance 
this season. 

I expect Tommy Joe's some- 
what erratic stable-mate. Santon 
Brig to provide the chief threat 
to Dyscole's narrow Ascot 
victim. Count Kinure, in the 
C»id Year Chase. 

NEW' CUR Y 
12.30 — Dramatist** 

1. 00— Willow Brook 

1.30— Accelerate*'** 

2.00 — Tommy Joe 

2.30— Count Kinure* 

3.00 — Doddington Park 


GERMANY ♦ 



I Price 

+ or: Div, 

Yld. 


Price 

Dec. 28 

! Dm. 

- ! % 

% 

Dec. 29 

Fra. 


PARIS 


SPAIN V 

DBCBdibor 39 Perccm 

Asland 

Banco Bilbao 

Banco Allan t ico (1,000) 

Banco Carm-dJ 

Banca EKtanor 

Banco General 

Banco Granada (1.000) 

Banco Hispano 

Banco Ind. Cat. (1.000) 

Banco Madrid 

B. Ind- Mediterraneo 

Banco Popular 

Banco Santander (259) 

Banco Urquijo (1.000) 

Banco Vizcaya 

Banco Zftragozano 

Benkuoion 

Bonus Andalucia 

Babcock Wilcox 

ClC 

Dragado3 

Inmobarif 

E. I. Amgonesas 

Ehpanola Zinc 

Expl. R/o Tinio 

Facsa (1.000) 82.50 

Fenosa (1.000) 57 ad 

Gal. Prodados 43 

Grupo Velazquez (4001 165 


12S +4 

286 — 

243 — 

286 — 

Z80 
237 
143 
231 
165 
213 
1B7 
262 
327 
Z58 

231 

232 
147 
167 

25 
105 
170 
73 
35 
99 

S1.50 + 0.5D 
+ 1.50 

+1 


+ 4 


xd 


+ 4 
+ 2 
+ 3 


+ 3 
+ 4 
+ 1.50 


Hidrola 

iberduero 

Oiarra 

Papoloras Roumdu: 

Petroliber 

Poiroleos 

Sarrio Pa pa lore . . 

Smace 

Soqefisa 

Telefomcfl .. 

Torres Hostonrli .. 

Tubace* 

Union Elec 


63 

66.50 

71 
40 

112 

149 

39 

48.50 
127 

72 
7S 
66 

65.15 


+ 1.50 
+ 2.50 
+ 1 
- 1 


+ 3 
+ 4 
- 4 
+ 2.50 


BRAZIL 

Dec. 88 


Acesita 

Bancodo Brazil.: 
Banco Itau PN.. 
BelgoMi'eiraOP 
Lolas Amer O.P.' 
Potrobras PP. . 

Pirelli OP 

Souza Craz OP..- 

UnipPE 

VaieRioDoce PP' 


"Price + or iC'niz'YId. 
Cruz , ■«- | Div.! ^ 




o.ai -o.oi 

1.73 +QjJlj • '9.24 
1.58-.... : 3723.41 
0.86 -O.Q5'O.Oa;9.SO 
3.15 t- Q.1Q '6.34 
1.88 ■* 0. 12'. ,. 6.91 
1.40 +0.D5' .: • 1 1.4! 

2.00 .J... 1 1 1.00 

5.60 +0.61 
i.04 


^4.46 

i ‘17.30 


Turnover Cr.95.2m Volume 55 5m- 
Source 1 Rio dc Janeiro SE. 


NOTES: Qvercsas prices exclude S premium. Belgian dividends are alter 
withholding is*. , — J 

ft DM50 donom. unless otherwise stated, ftp Ptas. 500 denom. unless other- 
wise srated. + Ki 100 denom- unless otherwiso staled. Fre. £X denom. unless 
otherwise stated. 1 Yen 50 denpm. unless otherwise stated. 3 Pneo at rime n) 
suspension, a Florin*, ft Schillings, r Cents il Dividend olie/ ponding rights 
and/or scrip issue, e Per share, j France, v Gross diw. '•«. >■ Assumed dividend 
after scrip ond/of rights issue. /- Alter local !a«os. m fiy hoe. a Francs, 
including Uniiec div. p Nam. 1 Share split, s Div and yield cudude special 
payment. I Indicated div. » Unofficial trading. i> Mmonlji iioldurs only, y Mergr.r 
ponding. * Asked- I Bid- 5 Traded. ♦ Seller, c Assumod. >r Er rights. *d Ejc 
dividend. *c Di senp issue- *a Ex all. * Interim since increased. 


AEG 

i 76.6-1.2 



_ 

Allianz Versich. 

499 |-4 

31. t 

3.1 

BMW 

223 -—2 

3cJ.11 

6.3 

BASF 

134.0, +0.5 

18/1 

7.0 


133.1-0.7 

IU./' 

7.1 

Bayer-Hypo 

299sr + 1 

38. i: 

4.7 

| Eayer-Ver’insbk 312.0 

28.12 

4.5 

I ClbalntNedwrta 147 ,+ l 

— 

— 

Commerzbank. 

223.0 + 1.8 85.56 

6.0 

Conti Gummi... 

! 64.5 +0.5 

— 

— 

Diamler Bonz... 

317.5 -3.0 !2h. 15 

4.4 


250 +3 

86.M 

5.3 

Demag 

169.0—1.6 

17.16 

10.1 

Deutsche Bank 

302.0-0.1 

28.12 

4.7 

Dresdner Bank. 

243.8. + 0.3 

28. IS 

5.8 

Dyckerhoflze't. 

181 

9.3ft 

2.6 

Gutehoffnung... 

231. 5sr 

18.26 

3.9 

Hapag Lloyd.... 

gg 1+3 

14.flt 

7.1 

Harpener 

15B.0J. 

13-b: 

5.1 

Hooch st 

132.7,+ 0.4 

ia.7t 

7.1 

Haesch 

49.0|+0.1 

— 

— 





Kali und Salz. 

137.5-6.5 

14.04 

6.1 

Karstadt 

323 -1 

<13. +. 

3.6 

Kaufhor 

243.0,+ 1.5 

18.7 

3.9 

KlocknerDM.lIH 

90.6j4-O.'i 


■- 

KHD 

193.5-1.0 

18.71 

4.9 

Krupp DM. 100- 

103 :+ 1 


— 

Linde 

287. 3. + 0.8 

23 

4.4 

1 Lo brau DM.100 1.675 1T 5 

23 

7.9 

Lufthansa 

99. 0| — 0.5 

8.3t| 4.7 

M.A.N 

228 +2 

lB.rti 4.2 

Mannesmann.... 

176.3 +0.3 

l/.L 

•*9 

Melanges 

251.0 

16.63 

3.1 

Munchener Rck 

675 +10 

an.11 

2.1 

Neckermann . .. 

166.5 + 1. a 

— 

_ 

Preuss gDm 100 

143.0 

— 

— 

RheinWestElect 

182.0 

23 

6.9 

Sobering 

259 +1 

6.4 

Siemens 

283.1 

43 i 

4.4 

Sud Zucker 

253 +3 

1/. e; 

3.5 

Thys3en AG 

118.5 + 1.5 , lr.lt] 

7J2 

Varta 

180 +6 

Lb. It 

4.8 

VEBA 

136.2 -0.8 


3.6 

VoroinsftWstBk 

296 

fts.li' 

tr 7 

Volkswagen 

237 —8 

as 1 

5.3 

BRUSSELS/LUXEMBOURG 





Div. 1 


Dec. 2B 

Price + or Frs. Yld. 


Frs. — 

Net ' 

% 

Arbed 

2.090 + 40 

_ . 



Berket “B" 

2.600 

Hr 

4.5 

C.B.R. Cement.. 

1.010 + 10 

1.0 j 

9.9 

CockerlH 

436 —3 ■ 

- 1 

— 


Rente 4i 719 +4 

Afrlque Occ'd't 397.9 +7.9 

Air Liqulde.^ ; 397 :+7.2 

Aquitaine ! 636 1 + 5 

BIO I B7S 1+13 

Bouygues • 894 !+25 

B. 5.N. Gervais...; 560 '*-17 

Carre four 1.B90 - 

C. G.E j 400 ■+ X 

C.I.T. Alcatel — [ 

Cle Boncalre-.. 
dub Medttar ... 
Cr'ditC'm.Fr'cal 
Creusot Loirs...., 

Dumez 

Fr. Petrolea 


EBES 2.370 —10 

Elcctrobell 6.650U +40 

Fabrlque Nat.... 3.060 

G.B. Inna 9m. ...8.615 .—5 

Gevaert 1.426 —4 

GBLiBruxL) 1.C40 

Hoboken 2.506 ■ 

Intercom 1.B60 

Kredletbank.. ..6.970 -60 
La Royalc Beige 6.160 ,+50 
Pan Holdings. .'2.730 

Patrofi na 3,235 !+5 

SocGcn Banaue '3.800 
So*. Gen, Bcigel2. 

Soli rt a 3. 

Solvay .3, 

Traction Elect. 2.' 

UCB 1 1.1 

Un Min. 1 1,10/...| 
ViellieM'ntagne 1.625 


10 


.030 +10 
.340 :+2D 
1.470 1+10 

760 I 

.222 +22 

702 

1+10 


I i I 

466 
. ,0 
,1jj 

; 8a 
. uj 

.. 170 
. 14a 
xtl 
UaiD 
9^ 

Id- 
a.4 
ii4^ 
4la 
A -.101 
17 j 

DU 


7.3 

6.3 
5.6 
6.0 
6.0 
0.4 
6.8 

7.5 

4.2 

5.3 

2.B 

5.6 

6.4 
6.9 
B.S 

8.5 

6.1 

7.1 


SWITZERLAND * 


Dec. 28 


Prloe l + or 
Fro. | - 


Aluminium. 1.145 

BBC 'A' 1,670 

ClbaGeigyFrlOO 1,130 
Do. Part Cert— B65. 

Do. Reg " 643 

Credit Suisse.... 2,195 

Electro watt 1,800 

FischorGeorge. 560 
Hoffman PtCe it. 67.2 0 
Do. I Small I-... 6,750 

(nterfood S 3.000 

Jeimoli lFr.100) 1.420 
Nestle iFr. 100i 5.120 

Do. Rag 2,295 

Oerlikon B-F250 2.560 
PirelliSIPiFlOO'. 275 
Sandoz (F.250i. 3.760 
Do. Part Certs 462 
Schind'rCtFlOO 287 
SuizerCt'F.lCO) 336 
Sw|isairiF.350i 79 S 
Swiss Bk''F.100l 344 
Swiss Rc.iF.250i 4.725 

Union Bank 3.035 

Zurich Ina 1 1.435 


b 

10 

-15 42 

,-S 4B 

'-3 • 24 

+ 15 lb 
—5 iu 
-5 

1—250! 1 1 .-I 
—25 tli^ 

+ 10 I BJ 
— 20 K,c. 
— 10 j'JD.I 


Div.'YId. 

i I % 


-5 

-1 

—40 

+ 7 

+ 25 

i+10 

--75 


3.5 

3.0 

2.0 

2.5 

3.6 
3.6 
2.8 

4.5 

1.6 
1.6 
2.B 

1.5 

2.8 

3.7 

1.6 

5.4 

1.7 
2.9 

4.2 

4.5 
4.4 

2.9 

2.1 

3.3 

1.9 


994 j+34 

496.5 -3.5 
496 +2 

127.6 

60 , + 0.1 

647 -1 
141.9 +0.9 
Gan- Occid ntlel 257.6—0.6 

I metal 54.46 — 0.5E 

Jacques Borel.. 115 ,+ 1.5 

Lafarge 259 +1.5 

L’Oreal 739 +14 

Legrand 1.905 '—4 

MaisonsPheonx 612 1+14 
Mlchclln "B".... 1,231 +13 

MoetHennessoy 563 1+5 

Moulinex 136 1+1.9 

Paribas. 212 +2.8 

Pechlney 73.6 + 1.6 

Pernod Rica rd .. 314.5—3.4 
PeugeotCItroan 489 , + 7 

Poclain . 206 : + 9 

RadfoTchnique 420 +6 

Rodoute .565 '+10 

Rhone Poulenc. 119.1 +1.3 

St. Gobaln 148.6 +0.9 

Skis Rossignoi... 1.913 ,+-13 

Suez 295 

Telemecanique 844 i+5 
Thom son Brandt 240 '+4 
Usinor 12.90 ' 


Fra. I % 



■6 

24.79 

6.2 

la. 

4.2 


4.9 

li.w 

2.5 

42 

4.7 

4UJ. 

7.2 

/ 

4.0 

al.t 

7.9 

/ujl 

7.0 

1 

8.4 

7.3 

1.5 


9.2 

— 

- 

13./- 

5.8 

14.) 

10.0 

0.25 

3,2 

3.7 

10.4 

— - 



ih n 

6.5 

16.88 

2.2 

io./; 

1.9 

ft'.B 

7.B 

37.6 

3.1 

12.6 

2.3 

A 

2J ! 

9.75 

4.7 

1 .* 

10.4 

7.5 

2.4 

l/.fe 

3.5 

— 

— 

27 

6.5 

3 

5.4 

• 9 

7.6 

14 A 

9.8 

3V 

2.0 

36.6 

8.6 

23-6 

3.0 

16 1- 

6.4 




1 

. r 


AUSTRAL!* , 

*# e ' 


' Dec. ^9' ' / 

A'ustT " 



STOCKHOLM 


Dec. 89 


| Price + or i Div. Ykl. 
'Kronor — ! Kr. % 


Aga AB (Kr. 40). 
Alfa Laval) Kr. 60 
ASEAIKr.50i .....I 
AtlasCo co Kr2S 

Bllterud I 

Bofors ! 


Elot'lux'B'(Kr60 

Erlcs'on'B(Kr50: 

Easalte “B" 

Fagerota. 

Oranges (Free).. 
Handelsbanken 

Marabou 

Mo Och Domsto 
Sandvik ‘B 1 Kra. 
9.K.F. 'B' Kra- 
Skand Enskiida.1 
Tandstlk B(Kr60| 

Unddeholm 

Volvo iKr 5Q)..„ 


+ 2 


+ 1 


+ 1 

-3 


203 

144 1 + 2 
77 
110 
42 
112 
173 
230 
109 
117 
287 :+ 1 
93 +3 

52 — 0. 
379 !+l 
136 +5 

62 ] 

266 ‘--4 
58.6-0. 
156 i 

62.5- 1, 
64 i-l 

74.5- 1. 


6 , 2.5 
S 3.5 

5 6.5 

6 5.5 

Fe 

3.75 3.3 
. 10 4.4 

,9.25 4.8 
I 5 5.3 


t^7B 


! 8 
4 

,5 — 

16 

! 8 

”• 3.75; 
SI 4.5 

5'i I 

ly— 

5| 6 


8.8 

4.3 

AZ 

5.9 

2.2 

7.7 

5.2 

8.0 

8.0 


COPENHAGEN 4 

I Price |+cFT Dh^lYId. 
Dec. 29 [ Kroner -lit 


AndelBbanken_.i 140 


Danske Bank... 
East Asiatic Co 
FlnanebanKon.. 

Bryggerier 

For Paplr 

Handejsbank .... 
G Nthn H-(KrSO) 


123 -J< 
132 !— Ilf 

1365,1 + 214 
324i,nli— 3 
76 j-llf 

136 | 

387 l + 1p 


NovoInd'strieeBf E17U 

+ 11, 

8 

ODefabrik 

120 

+ 3 

— 

Prlvatbank 

131 


U 

Previns bank 

139 

+ 2 ' 

11 

Soph.Berensen. 

3671} 

... .... 

12 

Superfes 

-164ift 

-U 

12 


11 i 7.9 

12 I 9.8 

12 | 9.0 

13 9.7 
12 3.7 

12 8.8 
12 3.6 
ie I 6.9 


8.2 

8.1 

3.2 

7.3 


MILAN 


Deo. 29 


Price + or i Div. Yld. 
Ure - Lire % 


ANIC 

Bastogi 

Rat 

Do. Prlv... - 

FInsider 

ItaJ cement!.. 

Italslder 

Mediobanco 
Montedison 
Olivetti Prlv. 
Pirelli ft Go.. 
Pirelli Spa— 
Snln Viscosa 


* 34 1 + 1 

1 '462 -8 _ . _ 

3,768 -52 l 1&0| 5.5 
2.155 - -44 j ISO 1 7.0 
134 l-aisf - i 
22.160-750! 2.7 

. 316 1+10 - | 

35.210 U240l 1.200. 3.6 
165.7S~-1.2S 


1.115 

1.830 

877 

608 


l-S 
+ 30 
-B 
-87 


ISO 

6L 


7.0 

9.1 


ACMIL (85 cents) „._j 

Ac row Australia'..^ 

AM ATI L *l:..j..,.-.i 

Ampol Expkjratian.. ....... 

Ampol Petroleum..^ 

Assoc. Minerals...,— — 
Assoc. Pulp. Paper 81.-.— I 
As8oc.con.lndustries~.. 
AusL Foundation Invest. 

A,N:l 

Audi m co — 

AusL Oil ft Gas 

Bamboo Creek Gold 

Blue Metal Ind...! 

Bougainville Copper — , 
Brambles. Ind’ rles 
Broken Hill Proprietary.. 

BH South — J 

Carlton United Brewery^ 

CSR (5D.. - — 

.Cockburn Cement. 

Coles IGJ.). 

Cons. Goldfields. Ausb.— I 

Container (SI). — 

Conzinc RJctinto . — f 

Costalh Australia 
Dunlop Rubber iSOcent}; 

ESCOR. — -! 

Elder-SmitlK/ : 

Endeavour Resources— 

EJL Industries 

Gen. Property Trust.— 

Hama relay 

Hooker ..... 

ICI Australia — 

Jnter Copper / 

Jennings industries 

Jones (David) : 

Lennard Oil — ~i..' 

Metals Exploration 

Metramar Minerals. 

MIM Hold Inga— -.j 

Myers Emporium 

Hews ,Z.. 

Nicholas International.. 

N. Broken H'dings (50ei.j 

Oakbrldgo 

Oil Search I 

Otter Exploration J 

Pioneer Concrete-. ; 

Rockitt ft Co) man L 

H.C. Sleigh I 

Southland Mining. 

Spargoi Exploration—..-' 

Tooths (8) .t 

Waltons / i 

Western Mining (BOe)-.J 
Wool worths — .-.—r, | 

AMSTERDAM 


+0JW 

-1UI2 


+0.01 


10.95 
12.06 

. '71.38- 
10.74 
11.30 , 
J1.7S 
tl.86. 

71.00- 

11.70 

10.65 
10.73. 

J0.18 

. 10.99 
.11.62 

11.65 

18.96 
;L40 
11.68 1+flJM 
t3JS4 1+11.04. 

ti.as I ...... 

tz.ia t+OAi 

‘ ;3.46 

12.70 
13.58- j-0.02 
11^8- HLOS 

■ 10.85.' '1+SJT 
10.90 


12.40 

10.24 

J2J9H 

11.70 


+0JI1 

+0i(B 


f2JJ3 t 
«LSZ 1-flJl 

12.30 -0.02 

«).30 

10.89' 1+0.01 
tl.31 1+0.01 
rtl.27 -OJI*. 

10.31 ...... 

tO.lft j .- 

12.47 +0.01 
11.73- H.01 
ta:«i 
t03» 

1L.«0 
tiBe 
tcrjD l 
iblsa 

TJ-62 
114/55 
W.67 
10.26 
10.28 
rl.74 
T0.70 
11.72 
11.53 


- 0.01 
1-041 1 

|+i»Ioi 


• • ; Price i + orT DiiAjYld- 
Dec. 29 • l Fjs. 1 — ' X'.I'.S 


AhoM IFL20) I 

Akzo (F1.20)...:>.i 
Alg'm BKIFI KK3r 
AMEV (R. 10)„... 
Amrob'klFLZO/.i 
Bljenkorf . — 
BokaWstmlFlZO ' 
Buhrm' Tettei' . 
Elsevier (FIZO).,.; 
Ennla N.V. B'rer- 

EurComTstfFIlft 
GIstalBr'cad (FI 
Helneken |FI3S) 

Hooe'l»{Ft.20)J 

HunterDJFI.loq 

K.L.M.(Fl,100y 

int. MunenFi.zq 

NaLNedlnePIlu: 

MedCr'dBkFI.W 

NedMTdBk(FI.7a 

Oce 

OGEM in.l0),._( 

van Oflimeren.J 
Pakhoed (0.30)1 
Philips (n.lO).,., • 
RJnSchVenFlKM: 
Robeca iF1.30)„; 
Rollnco (Fl.50).. 
Rorento (n.30i..| 

Roya (Dutch R 20; 

Slavenburq. ! 

Tokyo Pao HldaSl 
Unilever lR.20l( 

Viking Res. J 

WeftLUtr. Hypokj 


OSLO 


1 14.5—0.6 
28.3-0.1 
569.5:„— . 
894i-^0.3 
74-8—0.4 
: 85.5 — Ofi 
116.7-0.1 
-71.8 +0.4 
283 -3 
139.0— OJ 

70;4 

37.4+0.1 

94.8—0-8 


] ,UJ 
•A2W1-6.4 
‘ cJ ( 
-.12341 

f tr 

;»«U 

1 CO 
27.61 
iAsr 4 | 

A) 

I 14 


4.9 



• lU 


11 


J3.C 


ti».r 


5.6 

6.3 

6.1 

6.9 

7.2 

1.9 

5.4 
5.0 
5^ 

3.7 

5J 

8.1. 

4.3 
T.4 

5.5 
4.3 

7.7 


7.0 

7.8 

3^ 


u-^r.9.1 


AO 

Me. 

ID-. » 

•as 


8.4 

0.6 

7.1 

1-2 

3.9 


Dec. 29 


fj >rlc ®j T +'6r ; DivV 

*T 1 i 


.'YM.- 


Bergan Bank,.. 
Borreaaard-... 
Credltbank... . 
Kosmoe... 

Kredltkassen. 

Norak-HydroKi 

Storebrand.... 


106.61— Qj * g 
73 I + 2.75 — 

. 119 [ , il 

J 295 U o 20 

1I7.F + 1.6 -II 

178 j-2 . 12 

89.25 +0^ .7 


8.6 

R4 

‘618 

-9.4 

5.4 

;.7.8i 


TOKYO 1 




3d: f 
•i'j 


j 

<«■> 



[•Prices 

+ or 

Div. 

Yld. 

Doc.28 

.Yen 

— 

* 

* 

. AsaJii Glass/ 

358 


14 

3.0 

Canon.-, 

-4BS 

+4 

12 

1.2 

Casio.......'......-.™ 

898 

+ 12 

26 

1.4 

Chlnoo— .... — 

.359 


20 

2.8 

Dai h o Pon Print 

580 

+ 6 - 

18 

l.b 

Fuji Photo 

668 

+3 

16 

1.1 

Hitachi-....: 

26ft- 


12 

2.3 

Honda Motors,. 

480 

-1 

18 

1.9 

-House Food. i 

1,03a 


36 

1.7 

a.ltoh. 

242 

-2 

12 

2.5 

Jaccs...^. 

744 

+ 14 

13 

0.9 

J.A.L 

8.810 

+ 10 



Kansaj Elect- Pw 
Komatsu 

1.200 

+ 10 

10 

4.3 

37 4; 

+2 

18 

3.4 

Kubota 

293 

+ 3 

15 

3.6 


Kyoto-Coramlc.3.600 — lOOj 33 
Matsushita Ind. 783 +18 
Mitsubishi Bank.' 285 
Mitsubishi Ha\y. 130 +4 

Mitsubishi Oorrt 416 ; - 

Mitsui ft Co 891 +1 

Mitsukofthi..:.=J 565 —11 
Nippon. Denso— >1.460 —10 
Nippon Shlnpani 786 +7 

Nissan Motors-..; 705 +19 

Pioneer 11.770 + 10 

Teijin I 265 

Tokyo Marine-. . * 946 +3 
Tokyo Elect Row 1.180 + io 

Tokyo Sanyo 11.680 +10 

Toray -.,....1 341 - +1 ■ 

Toshiba Corp. J 526 . + 1 
Toyota Motor..;. (1.890 |— 10 


. 142 

1 + 2 

. 607 

1+2 

. 1,100 

1 + 20 

. 342 

. 185 1 

+ 3 

. 156 

+ 2 

. 881 ] 

-7 


20 

10 

12 

13 

14 
20 

15 
IS 
lb 
48 
12 
30 
20 
40 
11 
15 
30 
10 
11 

a 
12 
10 
10 I 


0.5 

1.4 

3.5 
+.6 

1.6 

8.4 
J 8 
1.2 
u.8 
1_1 

1.4 
2.3 
1 6 
0.8 
12 
2.3 
l 4 
0.8 

3.5 

1.1 

3.6 

1.8 

2.7 
3.2 
1.1 


Source Nlkfco Securities, Tokyo 


VIENNA 


Dec. 28 


* Price i+ or ; Div. (Yld 

. a j - I * >« 


.Creditanstalt,— 

Peri mooter 

Selects. 

Semperit 

Steyr Daimler...] 
Veit Magnesft - 


542. 

271 

570 

7B 

'200 

242 


-2; 

t'i" 


x \% 


2.9 

3.3 

8.4 

4.0 

4.1 


-0.1C 


.^o.a 



JOHANNESBURG ' 

Pf? ; \ Rend - ;+or— 

Anglo Amer.- Corpn...' 8.68 - ,+o OB 
ChoiW'. Con so 1 1 da tod tft.Op 

Esst-Driefontsin 15.35 

fisbutg. : : — ■ . .1.70 -o 03 

Harmony 6.40 -0.K 

Kinross 5.70 

S“»f _ 11.00 

nuaienburg platinum. 2.10 

St. ■ Helena ,J15.7S 

South Vaal - g.30 ■ 

Gold Fields SA :.. 125.50 

Union Corporation ,.. ' 5.70 
De Basra Oefeirsd 8.50 - 

Blyvooruitzicht 6,68 

East Rand Pty. 15.75 

Free Bute .GeduW ... t30.00 
PreaiAfli Brand ...i.. f17fi0 

President Steyn 13.90 

StiKomeln '. i.. $50 

Welfcom ; 

West. Driftfonrein tSO-OQ 

Wastern Holdings ... 35JS 
Western Deep tlB^O 

INDUSTRIAL^' 

AEC1 •. '3 35 

Anglo- Amo,, industrial ..11.90 
Bartow. Rand. . 4,75: 

CNA inueaunenta ti;70 • 

Currie Flnanctf ..Ji . 1036 
De Bears industrial ...\t13.C0 
Edflera Cpnsold, Inv.. -2. 85 
Edgars Stores • ’138.00 

fv". Jtaady S A. ......... . tl ^0 , ■ 

Fed. ^olksbetogginns.. 41.7G ■ —0.03., 

Gieawrmens Stores- A. *Z90- -+-IWn 1 

Hu lens 2 JO. +0.03 

LTA 12J3 '•« •'" 

McCanhv Rcdmy ... 0£S '■****■*!;■ ' 

Med be nit- 3:05-* ;*-r-O.CO ■ 

OK Barters’ -' tOJJ 2, 
Premier Milling _..w tS50 ~::. -• - 

•Pretoria ..Cement. 

Protea - Holdings tS2’ . +5 ^ - 

Rend Mines Props. -i..V r ^.85 . •' ' 

Rembrandt Group 1—./.' -3i86.; • ' 

Rerco ' - 

Sana Holdings ' .tr.Stf' _ . +0.0*. 

JAPPI 

9* G. Smith Sugar. , -.6^0...- "■ 

Brawuries ... u- li22- 

rioer Oats ft Nat. Mlgi ■ ; +®» 

Unlsec ... T4B.7. ; ■ 

Securities Rasd . 

(Kscwm^-4^5%) 



'+0.H 

-o.ir 

rO.01 

-0.1c 

-rO^C 

R-0.1C. 


.—O.OE 

M-O.OT 

-003 










c> gttaii;: , 3-.-AT‘v vi." iilii.'i . -•••- 

-t ^ y-+; /-?• ? *.• ■ *? ' ' ~‘; : . •. • 

f fe rt i Tita u Tjofieirtter 30 


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'r •r , T" 


and FINANCE 





- :£. 

•vr. 


for Babcock 



- - M-' 5, -*• • 


MADE© The .government 
■.has granted * lok^-ofPta 2J2bc 
:-($3L5m^-- 1<>r -TBabcock -Wilcox 
Espanola; Spec's— hugest pro- 
ducer of capital goods. -to give 
the company more, time to sort 
-feiOiit itS troub^ Sflaneial afiairs- 
_ De&flfi'of '42^403^,^0;' be paid 
FilMc {jv$r: t2 ; -3^ars ; ;at -10 per 
: rent Ator^'>.^;ipciMiAhed to 


-, r “ * A 1 '- 1 -, 


AAVii'Aj 

- "■ ‘ 'iC'-t.::' 


r . ^ ? - 


■•4 


■A 


•’T 


•^i 


jj-'- 

" * j* i ’••" * ;"• _. 




■ ■ *«■ ■> 




i'" ■-- 


<>...; ~ r 


w Spam's ^Offidal ■Gazette. Tbe 
• . eompasy' - branded,: > early •’ this 1 
1 v cehtni^ ■ as part r ofv an - mter- 
^natioual coo&ortiiini 1 to which. 

. toe British Babeodc.Wilcoxield 
£, -10 per cent o t toe.shares.'is n ow 
^-' wholly . Spamsh-bvmed. - It makes 
L- tubing,- Txiilers^ railway e^rip: 
l \ meet mideai^ components and 
. t^yy n3^hioeEX.-such !a$ cranes 
l" and . wom^ dmiag. the 1950s 
5 and^SfiO^bnt- was badly hit by 
i recession after the big oil price 
# ’_‘ rise in 1973. 

: By: 1S77 it -was losing $36m .a 
year and strikes -occurred after 
it failed to" pay wages. Its 5,200 
s employees -ore now working on 
:•'. half tube due to Jack of orders: 
The company made ' a court* 
application last. February for a 
l; moratorium on debts of $225m 
f Last Jude" the company agreed 

[ with ■ the government on a 
[ rescue package- involving injec- 
!.■. tibn of Pta 5bn'and a . reduction 
| of one-fifthln toe group work- 
Lrforce.' At -toe . time It was not 
J dear wheihei* ■ Babcock and 
■. . Wilcox UJK. would be takiAg 
t : part to the scheme.’ The U.K. 
j ; company wrote off toe 10 per 
[. cent 'sbarefaoldkig in Babcock 
j Espanola in its -accounts for 
i the last. published accounts. 

[ Agencies - . . _ 


l-i • 


v -: ; *- 
v- 


-• I 


CerfainTeed 


■y-t 

‘I . y - 


j- 


• -CERTAINTEED *. Corporation 
; : fourth; Quarter, results will in- 
•■}_- . elude a' provision for a net loss 
; ' from discontinued operations of 
about S3 .5m reports AP-DJ from 
Valley Forge. The company did 
- ’hot. say ''what its final . fourth 
quarter net would be. 


BRASCAN’S BRAZILIAN DEAL 



"' r M* :p ■ 

improves dividend outlook 


BY ROBHIT CJBBENS AND DIANA SMITH A, ■ i 


INVESTORS are taking a 
favourable view of tbe- terms 
under Vfhkb Brascani - . the 
Toronto twrfding cwnptoy has 
wdd its . Brazilian .pwypr sub- 
sidaazy to toe Brazilian’' govern- 
ment agency Blectrohtos for 
,$S80m. Brascan shares re- 
opened yesterday niontog at 
$19.5, up a £ult- thre ^"points 
from toe level before trading 
Was halted on Wednesday: pend- 
ing toe announcement H>f toe 
deal. \.-i} 

Some analysis had expected a 
re-opening, at' around $20 or 
more, bat most regarded toe 
gain of three points as i'kign of 
strong investor acceptance- Pro- 
ceeds of toe- sale are .equal to 
about C$17.20 per . : Brascan 
share and e si sting Canadian in- 
vestments Of Brascan Sre esti- 
mated worth about $10 a share. 

Some analysts also expressed 
surprise that Brascan bad been 
able to negotiate al most -tonne d- 


able to negotiate almost^ 

iate repatriation. It to<A nearly 
ten years to get one-toird’of toe 
proceeds oi Brascan’s 2906 sale 
of its Brazilian telQfixones 
utility back to Canada.- 
As for Brascan, it wQl say 
only that toe repatriation will 
give ft a. larger : dollar- equity 
base and more income available 
for dividends. There had been 
** increasing difficulties” in 


bringing back income from the 
power subsidiary to Canada. 

Brascan has effective control 
of the big John Labalt brewing 
group in Canada and interests 
in resources, particularly oil 
and gas. It is believed to have 
accepted a price below book 
value' for its Brazilian power 
subsidiary in return for the 
freedom to repatriate toe pro- 
ceeds fully and swiftly for re- 
investment in Canada or else- 
where. 

Brascan may increase its hold- 
ing in Labatt. but more signifi- 
cantly step up investment in 
resources, particularly oil and 
gas in Canada. “ This would be 
toe most likely outlet for toe 
cash in the near term.” said one 
Toronto analyst 

The concession held by the 
Brascan interests (Light- 
Servicos de Elect ricidadej 
covered Brazil's most heavily 
populated and industrialised 
areas, Sao Paulo and Rio de 
Janeiro, both centres of mush- 
room growth requiring massive 
investment in new electricity 
supplies. 

In his statement of motives 
for the Eletrobras purchase of 
Brascan’s 83 per cent share in 
Light Brazil's Energy Minister, 
Sr. Shigeaki Ueki. maintained 


that Light had recently been 
unable to invest the sums 
required. Thus the quality of 
its services had deteriorated 
markedly. 

Had this not been corrected, 
Sr. Ueki said, enormous prob- 
lems would have occurred in 
future, and such a situation 
justified Government interven- 
tion. 

Moreover, Sr. Ueki explained, 
the concession contract with 
Brascan required Light's con- 
cession to cease if services were 
not compatible with public 
need. But he insisted that the 
Government had not considered 
rescinding toe contract or 
seizing Light's concession with- 
out due payment. 

Light has been investing, but 
Brazilian electricity officials 
have claimed that this was more 
in routine maintenance than in 
new plant. 

Sr. Ueki’s statements to the 
Press during yesterday’s 
announcement of the purchase 
revealed motives going beyond 
a concern to improve electricity 
supplies in the south. 

The purchase, he said, fully 
reverses the situation of 30 
years ago, when virtually noue 
of the capital in the national 
electricity sector was Brazilian. 
Light, whose relationship with 


Brazil began SO years ago with 
the first power-driven trams in 
Sao Paulo, is the last remaining 
foreign concessionaire in the 
sector. 

According to Sr. Ueki, “ a 
fully national electricity sector 
represents a stockpile of capital 
larger than the gross foreign 
debt (S40bn).” 

The Bank of Brazil will fund 
Eletrobras' 5380m payment to 
Brascan. 

Sr. l-eki said that Brascan’s 
initial price had been $4 60m. 
He denied rumours that the 
purchase contract required 
Brascan to iovest part of the 
proceeds of the sale in Brazil. 

Otir financial staff write: The 
claims of the Brazilian Govern- 
ment that capital investment to' 
Brascan in Brazil had been in- 
sufficient in recent years con- 
trasts strikingly with the figure 
work unveiled to shareholders 
of the company at this year’s 
annual meeting in Toronoto. 

Cher the past ten years. 
Brascan claimed jo have 
ploughed some $1.5bn into 
Light. As a result, around 70 
per cent of the company's plant 
was less than ten years old. In 
1977, Light's capital programme 
had totalled $285m or almost a 
tenth up on toe outlay made in 
1976. 


French soft drink groups 
dissolve joint venture 


- : 


Air Canada 
to extend # 
Diners’ Club 
agreement 


MONTREAL — Air Canada 
said It W'Ul extend an agree- 
ment with -Diners' Club Inc, 
a unit of Continental Corpora- 
tion, in compliance with a 
temporary injunction * issued 
In New York District Court 


As previously reported. Air 
Canada had advised Diners* 
Club .that from January X It 
would cancel its contract with 
the credit card firm. 


Diners* Clnb. In a civil 
anti -trust action, is suing 
Government - owned Air 
Canada for trebled damages 
totalling US$3 Om. Hie Con- 
tinental Corporation unit 
alleges that Air Canada 
conspired to monopolise the 
Canadian credit card market 
and that it attempted to 
exclude Diners’ Club from 
participation. 


Hearings in the ease will 
resume on January 8, Air 
Canada said. 

AP-DJ 






The First Viking 




-v *i_ - ■■■ 


Commodity Irusts 




Commodity OFFER 36.9 
Trust V BID 35.0 




Doable ... OFFER 57.0 
Option Trust BID 55.0 



CapunpdilyA General 
Management Co Ltd 
it-TZStGeorge's Streep 
DouQlas Ids of Mae - 


BY DAVID WHITE * 

PARIS— Two of the^ biggest 
companies in the French soft 
drinks business are to'.'split up 
a $50jn-a-year joint venture and 
to market their fruit-based pro- 
ducts on their own. 

The move was announced by 
BSN-Gervais Danone, the wide- 
ranging glass and food concern,, 
whose Evian mineral water sub- 
sidiary now operates a joint 
fruit drink company^, with 
Source Perrier, another mineral 
water group. 

The company stated^-. baldly 
that *’ after common analysis 
the two groups concluded that 
further development could be 
fexpected from the implementa- 
tion of autonomous strategies.” 

As from January 2. the four 
products marketed by the joint 
venture will be divided between 
the two companies. --^Source 
Perrier will take oyer the: Gini 
and BaJi brands and the BSN 
subsidiary the trade ma^ks.Eva 
and Fruite. ' 


The joint venture was set up 
in 1965 at a time when the 
market was much smaller than 
it is now. the companies said. 
After launching several success- 
ful new products, the venture 
is now considered to have out- 
grown its purpose. 

The move also reflects Source 
Perrier’s strategy of consolidat- 
ing 'its position in the soft 
drinks field and shedding its 
ancillary activities such as 
dairy products and chocolate. 


More capital for 
Nordic Asia bank 


By Our Financial Staff 
NORDIC ASIA, toe Hong Kong 
subsidiary of the London-based 
consortium. Nordic Bank, has 
increased its issued and paid-up 
share capital to U.S.$4m. This 
is part of the Nordic Group’s 
plans to expand its Asia-Pacific 
activities. ' 


Goodrich earnings show 
sharp end-year increase 


AKRON— BF Goodrich, the 
U.S. tyre, chemicals and indus- 
trial products group, turned in 
sharply higher fourth quarter 
profits and an earnings gain for 
toe full year as a result of a 
stronger than expected per- 
formance right up to toe year- 
end. 

This contrasts with the com- 
pany’s earlier expectation that 
business would weaken before 
the year ended, making it hard 
to match the profit levels of 
1977. 


Goodrich is still awaiting a 
slowdown, however, said Mr. 
John D. Ong, the company’s 
president but this is not likely 
to come until the second quarter 
of 1979. 

Early indications are that 
fourth quarter profits exceeded 
the $16.6m. or $1 a share of 
the 197S third quarter. Mr. Ong 
said. That would be more than 
double the $5.Pm, or 37 cents a 
share, of the 1977 fourth 
quarter. 

His fourth quarter projection 


would indicate ner income for 
the. year of more than $4.18 a 
share, up from $3.97 a share, or 
a total of $60.1m, for 1977. 

As previously reported, net 
income for toe first nine months 
was $49.8m, or $ 3.18 a share, 
down from $54m. or $3.57 a 
share a year earlier. 

•'Business is excellent and 
continues to be very strong in 
practically all areas.” Mr. Ong 
said. ” Replacement tyre sales 
were excellent in October, 
November and toe early part of 
December before the normal 
seasonal dip.” 

The company has decided to 
end production of skid-control 
systems for highway trucks and 
to close a small plant in Canada 
that produced lightweight vinyl 
wall coverings for residential 
use, Mr. Ong said. 

The write-offs required in 
connection with those closings 


have not been precisely deter- 
11 be bi 


mined but will be between 
$3 Jim and $4.6m after taxes. 
AP-DJ 


Dutch Bank 
sees higher 
earnings ^ 


New guidelines 
dollar lending for 
Japanese banks i 


-jS 




• : ’A ■' 3 
* % 




BY RICHARD C. HANSON 


’ .1 


By Michael van Os 


AMSTERDAM — Neder- 
Iandsehe * Middenstandbank 
(NMB), one of the major 
Dutch banks, is to raise its 
interim dividend to FI A50 
per share from FI 4. It expects 
1978 profits to be up on the 
1977 figure of FI 98.2m. 

The board would not be 
more precise but said that 
“ an increase " In the final 
dividend could be expected. 

NMB, in which the Dutch - 
state has a stake of about 23 
per cent, lifted first-half 
profits by 16 per cent to 
FI 56.4m (S28.5m) and at the 
time profit growth in the - 
second half was expected to 
have top that 

The bank, in which the in- 
surance companies . AMEV 
and ENNIA have minor inter- 
ests, had a balance sheet 
total of nearly FI 27.3bn at 
the end of 1977. 


TOKYO — the Ministry of 
Finance (MOF) has laid down 
new guidelines for Japanese 
commercial bank participation 
in medium and long-term dollar 
loans to foreign borrowers next 
year. They appear to tighten 
the official controls substantially 
the Financial Times learned 
yesterday. 

From the new year, Japanese 
banks will have to match all 
outstanding medium and long- 
term dollar loans with a uniform 
60 per cent in medium-term 
funding. The banks also will he 
required to report their lend- 
ing, and funding positions on a 
monthly basis to MOF instead 
of every six months under the 
old rules. 

The new guidelines actually 
simplify toe present formula 
for setting funding requirements 
for overseas lending by indi- 
vidual banks. ‘ In some cases 
they will give banks whose cur- 
rent funding ratios are much 
higher than 60 per cent the 
opportunity of lessening tbeir 
funding burden. 

The official intention, how- 
ever. can be viewed as a con- 
tinuation of warnings early this 
autumn that banks must moder- 
ate the big expansion of foreign 
lending. This had caused both 
official and private bank 
criticism overseas and concern 
at home. 

The MOF. however, is will- 
ing to allow a grace period of 
two to three months or more 
for some banks in order to ful- 
fil toe new funding require- 
ments. 

MOF calculates the average 
funding ratio for Japanese com- 
mercial banks is now 62 to 63 
per cent The range is from 47 
per cent to about 80 per cent. 

A high-ranking Finance 
Ministry official, explaining the 
new guideline, told the Finan- 
cial Times: " Our position is 
very clear. We have no intention 
of interfering in the inter- 
national business of commercial 
banks, but we should watch the 
soundness of the position of 
Japanese banks.” 

“The evolution of the Euro- 
dollar market is not necessarily 
right. We don’t toink it is time 
to drop the guidelines," he said. 

The 60 per cent requirement. 


for funding will most seriously 
affect the Japanese hanks which 
are known to have funding to 
lending ratios below this level. 
It will prompt some scrambling 
for additional medium-term 
(more than one year) dollar 
deposits and the issue of cer- 
tificates of deposit. 

Under the present guidelines, 
which went into effect in July. 
Japanese banks are only 
required to match ]00 per cent 
of iietp medium-term credits 
beyond a level set in April with 
medium-term funds. 

The aggressive lending this 
year had put virtually all the 
banks beyond tbeir original 
limits. Banks had been asking 
the authorities to relax this 
limiT because the cost of overall 
funding for some banks was 
rising at a very rapid pace with 
additional new loans. 

Accurate estimates are not 
available but dolLar syndicated 
loans by Japanese banks are 
believed to have more than 
doubled cm an outstanding basis 
this year to nearly S19 to $20bn. 

It is pointed out that the new 
guidelines put Japanese banks 
at a disadvantage vis-a-vis com- 
peting American aud European 
banks. 

The tighter reporting require- 
ment on the banks, in addition, 
will give the MOF a stronger 
tool for issuing more frequent 
•■official guidance" if inter- 
national lending environment 
changes. 

Perhaps basic to the new 
approach is the perception that 
the present borrowers’ market 
worldwide will continue. 
Officials are very concerned that 
any future credit crunch could 
leave Japanese banks vulnerable 
as they were in 1974 after the 
HerstatT Bank failure. 

The MOF is also urging banks 
to match new loans with new 
funding simultaneously, rather 
than sign the loan agreement 
first and seek the funding after- 
wards. as has been the practice. 

Another sign of official caution 
on the part of the Bank of Japan 
and MOF is the lowering by 18.9 
per cent from the ceiling a year 
ago of the amounts to be 
allowed for new yen loans by 
the major commercial banks in 
the January-Marth quarter. 


I.G. Index- Limited 01-351 3466. Three months Alum ini tun 614-619 

29 Lamont Road, London SW10 OHS. 

L Tax-free trading on commodity futures. i 

2. The commodity futures market for toe smaller investor. 


“v 
7l : f" . 


i • 
,l-_ . 


COMMODITIES/Review of the year 

Outlook uncertain for 1979 




BY OUR COMMODITIES STAFF 




- . -> : ■ 


-.'i 


vy- . 


. 1 


COMMODITY MARKETS ended 
1978 With an air of uncertainty 
about the. -prospects for - New 
Year: TTie bigger thair expected 
nil price rise has heightened 
' fears that a downturn in. indus- 
trial-activity in 1979 will hit 
r -demand fbt raw- materials. 

■ In 1978 the rise in toe F.T. . 
Commodity Index from 234^ to 
257J 11952=100) . was roughly 
in line with inflation. • There 
'was a general uptrend in base 
metal 'prices, although the star. 
• performers '-.were gold and 

- platinum reflecting the fall in 
the value of the' dollar. 

Copper ■ prices were boosted 
by a steady fall in stocks, and 
Supply .disruptions in. Zaire and 
Zambia. These together, with 

- production: . cutbacks have 
.- created a Shortage 'erf concen- 

tra±es: iind good-quality- brands. • 
But" Overall supplies' remain 
plentiful and uncertainty about 
prospects for 1979 has -held back 
the. rise- in prices. 

- "Lead ahfli tin prices hit new 
all-time peaks.. Cash . lead 
readied a record £447. a tonne 


270t 


Congress failing to authorise 
releases of surplus stockpile tin. 
But. by the end -of the year 
-supply and demand appeared to 
have moved closer into balance, 
iff spite of the absence of stock- 
ffii* wee* followine a fire at - P^F' tin that, may finally be 

•- the t big •“> MetallgesellschaJt - ^ J^jSnuarV^ 

: refinery in West^ Germany congress resumes in January.-. 

which threatened -to aggravate 


The chief problem was bad 
, weather blit this was added to 
-.in Ghana— the world’s biggest 
producer— by industrial unrest, 
which culminated in the Govern- 
; ment taking emergency powers 
Trin November. 

An estimate published this 
week by the Commonwealth 
Secretariat puts the - 1978-79 
world cocoa crop surplus at 
20.000. tonnes and predicts that 
^prices *’ will remain firm." 

The coffee market has been 
'relatively featurless this year. 
-.A short-lived “frost scare” in 
Brazil lifted prices close to 
£2.000 a tohne in June. But sub- 
ri sequently they have come down 
• as a result of available supplies 
.'/ exceeding somewhat sluggish 
surplus stacks to boost prices demand. 

from very depressed levels. •;/ Continuing over-supply on 
Ttu was . in short supply; , the wdrJd sugar market kept 
throughout 1978 with toe U^. :. prices under pressure. Bigger 



220 


1978 


BASE METALS 


(341) lot* of 15 tonne*. 
Physical closing plica* 


COPPER— Moved narrowly on th* 
London Metal Exchange, where trading 
was confined to the morning. The 
market was quiet with forw ard metal 
held in a range of C7B6-C787. Trading 
was ieaiurelBSt and the dose on the 
Keib was E786.25. Turnover: 30.600 
tonnes. 


U.S. cent equivalents of the fixing 

level* ware: spot 602.1. down 0.7p; . - . 

three-month- 615.4c, down 1.3c: ware: Spot 5Sp (56^5): Febr- 

month 629.9c. down 1.4c: and 12-month (58.0): March 5B.25p (58.75). 
,659.1c. down 2.7c. The metal opened 
at 235.8-296.8p (0OOS-8O2c) and tloaed 
at 2S4.6-295.6p (601-60240). 


(buyer*)' 

i7'5T:J5p 


MEAT/VEGETABLES 


MEAT COMMISSION— Average lat 
stock prices el. representative markets 


SOYABEAN MEAL 


on December 29. 6B cable 7D-.58p per 
aheap I39.3p per kg. eat 


COPPER 


*.10. 

OOii-jal 


X 


p.m. 

Unofficial 


f £ j £ 
Wire bars ' 

Cash 772.S4f.b + .75; 

5 mouth*.' 786.5-7 + -5 
detfl'ui.ut 773.5 j+1 
Cathodes I 

Cash ) 756-9 ' + 5 

l monOis.l 773.54 + JB 
riertl'm.nr 759 -+B 
l!jJ. Smt..' — 


- I — -5 


•72.3 


SI LYE It [ 

Bullion j-|- nr 1 . 

LM.K. 1 


per 

fixing — ! 

<-lu*e | 


irvyn*. | 

prk f«e 1 ! 




j Yesterday | +or 

: ckw. , — 


Spot -296|> 

3 months .. 30.52p 
6 mmitht.i310.7p 
12 months! 527p 


■rO.06 297.0Sp +6.16 
:+9.66 304.1 Bp L#J 

r+fl-55 - 

i+O.SS, — 


'CpertooneJ 


Business 

Done 


- 1.5 


LME— Turnover 116 (118) lots of 

10.000 oza. Morning: Three months 304. 
Kerb: Three months 304. 03.8, 03.6. 


COCOA 


February — ! 114.00-24.7, -0.20'24.18-a.M 

April 1 182. 10-tt. 7,-0 JS&.J0-22.M 

June. |121MIB-21.0, — OJD 20.60 

August 1121.04-21.5, — 0.181 21.56-21 JO 

October |l21.6M«.B: pS-M 

December ....|12B-B0-25.6i — L5Q — 

February. ; l *0100-26. &J—0.50 

Sales: 38 (101) Iota of lOO ionnes. 


than anticipated crops have con- 
founded earlier forecasts that 
there would be a production 
deficit in the 1978/79 season. It 
is now expected that world 


the shortage Af supplies avail- 
able to the. market. Stocks 
at the 'lowest level since 1974 as 
:a result of .heavy -buying by the 
.Soviet Union and Japan. 

.Lead supplies were hit by pro- 
duction cutbacks of its sister, pects which boosted 
metal, ’ zinc, whose producers London futures prices 


•In comparison with recent 
years, “ soft " commodity prices 
were relatively inactive during 
197S. 

The main factor influencing 
the cocoa market was concern, 
over West African crop pros-. 

nearby 
to over 


took - drastic ' action tb reduce. £2, 200 a tonne in November. 


stocks'will have climbed to a 
record 32m tonnes by next 
August 

• Natural rubber prices rose 
steadily until November but 
then came back sharply -as 
baying interest dried up during 
the period when production was 
at. its seasonal peak. 

Negotiations for an Inter- 
national .Rubber Agreement in 
Geneva failed to reach a 
successful conclusion. But talks 
are to; tie resumed in March. 


Amalgamated Metal Trading reported 
that >n t he morning' caah wirebars 
traded at C773. 73.5. 73, three months 
C787, 86. 86.5. 87. 88. 86.5. 87. 87.5. 
87. 865. Cathodes, cash £758. three 
months £774. 73.5. Kerb: Wirebars. 
ihiee months C786.5. 

TIN — Lost ground after forward metal 
bad starred at C6.890 following the 
rise in the East overnight. There was 
soma profit-taking during the pre- 
market-and heavy hedge selling during 
the rings which pushed the price to 
re. 855. However, good demand for 
nearby and pricing purchases caused 
a rally before mw® selling emeroed. 
The close on the Kerb was C6.B40. 
Turnover: 620 tonnes. 


Initially steadier, the marker eased 
sharply during afternoon and closed 
at the Iowa ol the day. Gill and Duffua 
repo nod. 

•Yestenla.vV + nr | Bimnm 
COCOA. | Close — | Done 


SUGAR 


Dec 1 

Mint 1071.8-72.0 

Al»y 2M 2. 0-04.0 

Jiilr 2007.0-10.0 

Sepi 20)4.0-16.0 

Dec... 2010.0-11.0 

ilareb 2004.0-05.0 


1975.0- 194! 

— 19 J 2009.0-1807 
-24.5 2046.0-2002 
-21.75 2050.0 2000 
—2, .5 2060.0 2012 
-21.0 2040.0-2010 
-24.0 2032.0-2004 


TIN 


a. nr. 
Official 


ft. 1 


071 


Css 

3 aumt 
Settlem’t. 
Standard 

Cash I 


Grade £ j £ 
7000-10+1024 
6900- 10) +110) 
7010 +10G| 


6960-90+102* 
6860-5 
6990 


£ ruiuuna | 

Sett firm ’t. 

Straits. K. 13 181 1.5 
New Ynrio — 


+ 1U5| 
+20-5 


p.m. i+ nr 
iU numeral ! - 


£ 

+ « 
1+37.6 


Sales: 4.759 (3,741) lots ol 10 tonnes. 

International Cocoa Organisation 
(U.S. cants per pound); Daily price 
for Dec. 28. 180.68 (17B.90): Indicator 
price for Dec. 29: 15-day average 178.15 
(178.20): 22-day average 180.21 

(180.06). 


LONDON DAILY PRICE (raw sugar) 
£94 00 (same) a tonne of (or Nov.- 
Oec. shipment. White sugar daily price 
wes fixed at £93.00 (£94.00). ■ 

Confirmation that President Carter 
had signed a proclamation raising the 
import lee by 65 points produced an 
easier tone at the opening whan prices 
were about 50 points below kerb levels. 
Scattered selling in a thin . market 
caused further small fosses bur later 
higher New York quotation* caused all 
the losses la be recovered. Prices con- 
tinued to improve and final quotations 
were about 100 points above opening 
levels. C. Czamikow reported. 


COFFEE 


aujjxr 1 

I ‘ref. 1’exlerday'*: 

1 

frerion* 

Burineea . 

I'lMDIU. 1 k'llMC 

iron, j | 

L llMW 

Dune 


+40 

+ 10 


General trade interest end year-end 
book equOring made lor > fairly active 
day jn Robumas with rfie market 
recovering lata in the day after early 
declines. Fine! values ware C10-C20 
higher at the close. Drexet Burnham 
Lambert reported. 


1* per tonne 

March ... 106.25-03 .60 10J.S6-fll.6l 03.7602.36 

Mav iim.yM6.75 106.80-06 M OS .00-04.66 

Aur..... ! 109.5609.60 109.«M».BOBJiO-OL£0 

Oct. ..... ;1)2.85-12. B6 112-80- 12.86 12.7S-H.75 

I»ee. .....! 115.24- 15.40 1 16.50- 1 £lMJ 16.00 

March 1 19. 25-19.76 1 19.25-10.76 — 
May 1 121.25-23.001 2 l.M-2S_00| - 


Morning: Standard, cash £6,980, 96. 
three months fG.BSO. 76, 70. 60, 55. 60. 
65. Kerb: Standard, three months 
£6.860. 50. 

LEAD—Held steady at. and abova 
£412 lor forward macal with the market 
supported by mlluemial buying from 
two quarters. The close on the Kerb 
was £413.75 after an uneventful session. 
Turnover 2,150 tonnes. 


LEAD 


a. in. 
Official 


it: 


orf P- m - 
Unofficlal 


WEEKLY PRICE CHANGES 



; terrai i ■ 1 


I 1978 I 

- 9 J 

[ prices- Cb'gu I 
‘per tmroe( ire | 
L-uuleM. l«erk 1 

Year . 
ago 

[— — ; 

L Hi*fc j 

ioer 


.. -Staled, .j | 


l . 



"Wheat . . , 

-Vo. I fie# Spring; 
• Aej. -Hard . . 

tVfnter fieri.}! 


£*7.7 


£gt 


Kne; Milting (oeft «opj JES&6 


ITnv os 
Fepyer, 'white. 

Blade :. 

031b. 
C'owmuuPhillpT 
Groundnut 
linseed, Crate.,,.,-. 
Palm Malayan. ; 


£3,975 

8&B7S 

gl*87& 


.£33*- 
‘5815 ' 


+L2 


-075 


£90.6 


' '1 ’ 

£9L25 


+5.0 


+ 6.0 
M-6 


£*&0 

8S.Tf5 

sz^oo 


S662.6 

£687 

£S6& 

6605 


Cnpra(PhHfppltK*l 
soyabtaa* (UA^| 

Otiier i-\ . .1 

Cramnodities ‘ ; | 

Comh Shipment.’... .1 £2,082 ’ .1+30,0 

Vtsaddjieri i £1,971,5 l+3au 

Coffee FnturesMer* -£L319^ )+41£ j 
Cct+nn.lm££s,_?„._'r;78.46o 
Dea.’ Cncoout: . . .... _( -_£73& - 


SJgfi 

52£A 


£88^-! £85-5 


£9L86I ' £80.76 


£106 


£6.00d £3.900 


& 


S936- 

£770 

£386 

$646 


8313 


1978 



£89.6 


-S&615 
9U> 76 


853L5 
8687 ■ 
£258 
$493 . 


6372-5 

$234 


£3.264 
£U16.6]£3L213.5 


6taar!¥ft , 3l..-.4.-.':. ‘6515/20 

8u«sr (&»?»)_ ! - £94 j 

IapteceYo.1 .|.- r £174' 1 

Xm(qnd%)hHn._ 

' (plaUi) Idte... 
W«»4tope64« Warp. ZR)p 


+0£ f- 60-36O 

1+a.o • JC7B0 i 

® S® 
-lp> «7^l- 
1 £190 I 

sseofloj 
K c i.o : noa ( 
£1H> 
35211 . 
»p 


fiwn 

i 1.436.6 

£1.712-5^1.852^1 £1J»2 


80.7or. 


do. • - — !. 1521* ! i 

'arn.'mp’ Utni — ZTlp *»•« 


8 L6Sc. 

£806 
*437 
4Wp 
£177 . 

8617.8 
£81 
£172 
127 1» 

./.“BOB ' 

: znp W*" ’'283ykti o 

I O nqnoted. " Nta^naL 5 Madacascar, 


S5W 

64p 

£190 

S5fi6. 

£M» 

£180 

160ii 

93,. 


Suminium. >,1 £710 — t £680 , £710 «HJ 

Ftwl3arfcrtc.f.i„.^1.2CO/20 I- i 5860/20 81^10 I S9to 
Antimony (BB^U - £L925 ■ — i £ZJ£0 £1^26 I £1.625 

FreeJUark*(pe^$2,62e/7a.i;+25.0,S2.700-7a0 62,700 | $2.1+6 


3 rathe He. Jb,. 
Cash Cathode*——. 
3 month Du....— 
Sow per or- 
lead Ciah 4— — ( 

3 mootbs i 

yiekeJ 

VreeMarketc.LfJh. 


■ ; £773 -3.76 

£786.76 I-L0' 
£756.5 j+aa 
£773.75 M£5 
’ SSBB.37MLO 
.- £444.5 J+M.7 


:.£«13 


+&SS 


£SSC75 : £778^ ■ £6p^ 
£70L75 I £789.75 ■ £K4.75 
£875.6 I £77ib ■ S«E^ „ 
£59L25 ■ £793.5 * £614.755 
- 5162.225 S245.12& $186,122 
£364.6 I £447 , £Z76£ 

£37DJK £41E-5 1 £28025 


pjallnum per oc. . J 
Free -3iaikei par 


5 L63/76 -0.006) $1.73/2.0 S2.0 

- £162 -4.fi | £88A ■ 1 


£173.6 1+1.65 


Q met silver (76 ltd.); S15O/70 •+ 10^ 


SUrer perw 
3 iramtba peroi_ ^ 
Tin eash....,....,...^ 
3 mont fra.. — 
Tnn^steB Ind— 
Wrdlram (22J» lb.|.' 

Zina iraeh—— 4 

7 innoibe..; 

PiudmK- . . _ 


SL695 
£166 l £** 
£127.9 1 £86.45 


Grains . 

Barlej'-. 

florae Ptmires 

,31al7e ; 

French So j Yriftnri 
r^merieanjl 


-0.75 
!-0£a 
'+57J 

fftw.9 F. IJ7 fi l ffijSyji 
‘ SI4U6 '. — 

S134MC 1 
£340.75 :+4£ | 

£355.6 +AS5] 

$720 I ~ ) 


£95,7 

8125/30 l SS&4.5, I 5122^ 
252.4i, ' 31 l£p « 2s0p 
zealp 

£6^00 ; £8j»a ! JS.6W 
£7 £45 : £5,717£ 
81«5£6 ! 5134-24 
6160/76 J S 172.5 , 62M-& 
£289.7S ! £374 ; £256-» 
£26.75 i £3BL76 i £257.76 
$600 5720 : 6660 


I ..7. 


£ I £ 

Cash 444-5 '—Z 

3 months .412.5-13.6 + 1.2 
Sett 'c i end 445 —2 
VJS. Sfut.) — I 


£ 


£ : 

-. 1 - 2.6 
- ,j + - 25 

• 36.36 l 


COPFBE 

Veaterday'a 

arm, 

4- nr [ BmrfnMa 
— | Done 

| 

1 

£ per tonne 







31»r 

! 1236.1837: 

+ 12.0 1345-1213 

July 

Sepiemtor- 
Anveniher... 
January'. ....’.I 

1196-1198; +19.5 IZOO-nrS 
1167-11691+90.5 1169-1160 
1141-1148 +28.5 1145-1120 
1121-1130: +26.6 1120 


1,869 (2.467) Iota 
Lyle ex-refinery 


ol SO 


price for 
was 


Sales: 
tonnes. 

Tate and 

and £167.50. (seme) tor export. 

International Sugar Agreement (U.S. 
cents per pound) fob and stowed 
Caribbean port. Prices lor Dec. 28: 
Daily 7.64 (7.95): 15-day average 8.05 


.85 (same) e tonne for home trade 
£167.50. (seme) for export. 


Morning: Three months £413, 72. 11, 
11.5, 12. 12.5, 13. Kerb: Three months 
£413. 14. 

ZINC — Featureless with forward metal 
balding between £355 end £357 in quiet 
trading. The close on the Kerb was 
£356. Turnover: 3,100 tonnes. 


Sales: 4.234 (3,248) lots of 5tonnes. 

ICO Indicator, prices (or Dec. 28 (U.S. 
cents per pound): Colombian Mild 
Arabics* 172,75 . (same): unwashed 
Arabicas 143.00 (same): other Mifd 
Arabicas 130.67 (131.001: Robusras ICA 
1976 129.50 (same); Robustas ICA 1968 
130.50 (same). Daily average 130.09 
(130.25). •• • 


D««iy 
(8.07) 

WHrrE SUGAR— Close (in 'order 

buyer, seller, business, sales). Fab. 

91.25, 91.50. 91.25-90.55. 78; April 98.50. 
99 00. 96.25. 1; July 103.25. 103.50. 

102.25. 6: Sept. 109,65, 110 00. 110.25. 
12; Nov. 115.50. 116.00: Feb. 122.25. 
122.75; April 125.50. 1728.00. Saks: 97. 


kg. J.w.; UK . . 

d.c.w.; GB pigs 68.5p per kg. I w 
England and Wales: Cattle average 
price 70.58p: Sheep average price 
139.3p: Pigs average price 66.5p. No 
Scottish figures due to bank holiday 
and no England and Wales changes 
because of holiday marketings. 

COVENT GARDEN— Prices in sterling 
par package except where staled 
Imported produce: Lemons — Italian 
120s new crop 5.20-5.80: Cyprus: Trays 
4.00-5.00. Boxas 80/1 80s 4 50-6.50 

Californian: Cartons 90/165 6 00-8.00 
Oranges— Spank: Navel/Nsvelmes 3.00 
4.30: Egyptian: Baiadi 2.80-3.20; Greek 
Navels 20-kilos 3.60-3.80; Israeli: 4 SO 
5.05. Clementina e — Cyprus: 10-kilos 
320-3.00; Moroccan: 3.20-4.20. Sot 
Bumeo — Spania: Trays .1.80-2.60. Grape 
Irtiit— Texas: Red Blush 4 50-4. 60 

Florida 4.60:'. Cyprus: 2.20-3.6 0: Israeli 
Jaffa 40/75 3.40-3 60. Apples — French 
Stark Crimson 401b 138 /’163b 4.40-5.30, 
2Q(b 84s 1.70-2.00. 72s 2.20-2.40: Golden 
Delicious 20tb 72a 2.00-2.40, 84s 1.80- 
2.00. 401b 138/163/175e 3.50-4 00. 

jumble pack, per pound 0.07; Granny 
Smith 201b 72s 1.90-2.20. 84s 1.70-1 90 
large boxes 138/150/163 3.00-4.40. 

jumble pack 5S/60 311b per pound 
0.06-0.07. Bananas— Jamaican: Pei 
pound 0.13-0. 15 Grapes — Spanish 
A I men a 330-3.50. Negri 3.50^3.80. 
Californian: Rad Emperoi 20/231 b 8 DO 
Avocados — Israeli: 3 30-3.50. Melons — 
Spanish: Green 5.80-6.00. 15 kilo boxes 
8/1 2s 10.00. Onions— Spanish: 3.00 

4 . BO; Dutch': . 2 00-2.20. Tomato os- 

Spanish: 1.00-3.50; Canary: 3.30-4.20. 
Cucumber* — Canary: IP/IGs 3.20-0.60 
Capsic um s- Canary. 0JJ5. Dates— 
Algerian: Per glove box 0 38-0.43 
Californian: Tubs 0.30 Lettuces — 
French: 12s 2.00; Dutch: 24s 3.80-4.00 
Wetnuta — Californian: Pei pound 0.40: 
Chinese: 0.30-0.31. Brazils — Per pound 
LWM 0.42-0.44. Tocantins 0.36-0.37. 
Almonds — Spanish: Semi-soft per 

pound 0.42. hard shell 0.30. Chestnuts 
— Italian: 10 kilos 4.50-6.50; Spanish: 
5 kilos 2-50-4.00. 10 kilos 4.40-5 .BCh 
Portuguese: 5.00-5.50 Filberts — Italian: 
Per pound 0.30-0.31. -Pecan Nuts — 
Californian: Par pound 0.60. Potatoes — 
Italian; Boxes - 20lb 3.60. Peaches — 

5. African: 23/28s 2.00-2.30. Apricots 
S. African: Par pound 0.55-0.60. CefBry 
—Spanish: 15/30* 5.00-6.60: French: 
5.00-5.50. Cauliflowers— Jersey: 24 
6.50. 


GRAINS 


ZI3G 


S.DJ. 

Official 


ri-nrl „P-ul jf+or 

I — I Unuincleli — 


WHEAT 


BARLEY 


KONG KONG SUGAR— Futures market 
report for week-ending December 29 
(three business days only): Prices lost 
40 to 50 points on the week .in quiet 
trading. Friday's closing prices (cents 
per pound): March 7.99-8.85, May 8.20- 
9 00. July 8.50-9.15. Sept. 8.70-940. 
Qct- 8.80-9.55. Week’s high-low: Sept- 
9, 50-9.20. Oct. 9.00. Turnover: 8 lots. 


English produce: Potatoes — Per 25 
kilos 1.50-2.00. Lettuces — Per 12 round 
2.00. Mushrooms— Per pound 0.30-0.40. 
App l e s P er pound Bromley 0 06-0.12: 
Cox’s Orange Pippin 0.05-0.13; Woi 
coster Pear main 0.04-0.06: Russets 
0.05-0.09: Spartan 0.06-0.10. Pears — 
Per pound . Conference 0.10-0 16. 
Comin 0.14-0.1$. Cabbage*— Per 
crate 1.50. Celery— Cratea 14/ 18a 2 00- 
2.20. Cauliflowers — Per 12s Kent 4.00- 
4.50. Beetroot — Per 281b 0.80. Carrots 
—Per 2)fb 1.30-1.50. Capsicums— Per 
pound 0.20. Onions — Per bag 1 .80- 
2.20. Swedes— Per 28lb 0.70-0.30 
Turnips— Par 281 b 1.30. Parsnips — Per 
28Jb 1.40-1.®- Sprouts— Per pound 
0.10-0.14. 


Cash 

i mon th t J 
S’madt -—I 
Prim, vest! 


£ i £ 

346:6-7 -.5 
355.7 l +.2S| 
347 —.5 


jVerteniay'Bl + or :Yeatenlay>'+ 'T 
M'nllil dose i — i clew — 


i + 2-6 
J-1.7B 




•K.W.5 I 


55.5. 


Morning: Throe months £355, 

Kerb: Three months £366-5, 56. 

ALUMINIUM— Slightly sM'Nr. A small 
amount of extra interest was generated 
by the start of business in cash metal 
at £622. bur most trading was dona in 
forward metal whose price slipped from 
£618 to. a close on the Kerb of £616.5, 
on physical hedge selling related to 
the strength In. sterling. Turnover: 
300 tonnes. 


Jail 
Mar.., 
May ..j 
SepL j 
Xiir ‘ 


i+OJO. 


:^:voi 

j — 0-1Q I 


83.30 

85.70 
88.85 

63.70 
86.55 


+ 0.1D 


91.90 
93.85 
96. SB 
69.80 
92.65 

Business done — Wheat: Jen. 91.90- 
91.85. March 94.00-93.85. May 96.45- 
96.35. Sept, no trade, Nov. no trade. 
Salas: 123. Bartey: Jen. 83.30-83.25, 
March 85.80-85.75, May 88.2088-15, 
Sept, no -trade, Nov. no trade. Sales: 
128. 


WOOL FUTURES 

market was quiet. 


LONDON— The 
reported Bachs. 

(Pence per kilo) 


INDICES 


RUBBER 


AJumlb’fo 


a.m. 

Official 


|t+oi 


Unofficial — ■ 


Spot ! 

3 ran nibs.; 


681. 5- B I — 

617.5- 8' — ,7S; — 


EASlBt opening on the London 
physical market. Little interest- through- 
out the day, dosing on a dull note. 
Lewis and Peat reported the Malaysian 
go-down pries was 238 (23M|) cents a 
kifo (buyer, January). 


Australian or 

Greaay )Vop|| Ckat j — 

Burinraa 

Done 

i ' ! 

: 1 

Dreember..., — ; —— 

Mareb l8ia.B-a.B- 

■ 

ila> ..In2 4JLH.DI 



July l83U)-40.B| 

Uctober 1Z34J)-40.K ..._•. 

Dei-emt«v ..+839 JM2.0' 

Harcb ;256.D44 .b; -.... 

3!*r j23BJ.6i.fli - 

- 

— 


f. - 


£85.7 1-0.05 £7035 r CH.75 . £70.05 


£157 


1 £34 


£107 


JXa.5 


*CciiU per pound. ?JM per 
too prevjmo unoffl dal cfnee. 

Morning: Cash £622, 21.5. three 
months E618. Kerb; Threa months 
£518. 17-.5. 16.5. 


!— .75 Nr,. 1 

Yestpntev’s 

Prprlnua 1 

Bunnena 

J IUS.S. 

Clnra 

Close ' 

Jhjne 


SILVER 


Silver was fixed Q.65p a" ounea 
higher for spot delivery in Ihe London 
bullion market yesterday st 296.0P- 


Feb. 1 B8.6fl-SS.66 67 ^5-57.40 57.flO-66.SD 

31 ar. 57.J5-S7.4fl fiS.B0-5l.te; SS.OO-57JC 

Apr -Toe 68-7668.76' 59.50-5fl.B0 6S.6D 66.70 
Jv-Sept. : 60.96-81 .05 61.80-61:85- Gf.7M0.96 
Ott-DK-. Site -63.50 84.40-64.46; 63.40 63.50 
Jui-Uar: B6M8.BS St60.fiS.te 65.B5-66.M 
Apr- Joe 1 67.90-67.95 S8.B5-66.90 67 .90-67.90 
Jv-Sm.; 70^0-70.35 7f.lD-7f.J6 7030-69.35 
Uet-Der 72.55-72.66 73.66-73.40: 73.20-72.26 


Salas: 44 (11) lots of 5 tonnes. 722 


Sales: 0 (same) lots of 1,500 kg. 

SYDNEY GREASY— Close [in order 
buyer.' seller, business, sains). Micron 
Contract: March 352.5. 3S3.0. -352.5- 
352 0. 6: May 358.5. 360.0. 359.0-359.0. 

3; July 363.0, 363.5. 363.0^82.5, 4- . 
. Oct. 365.3. 365.8. 365.5-3E5J), 7; Dec?7 

368.5. 369.5. 369.0-388.0. 17; March 

371.5. 372.5. 372.0-372.0, 6: May 373.5. 

374.0. 374.0-374.0, 7. Total sties; 50. 

33— , 

New Zealand Crossbreda-Ctoae (in 
order buyer, seller, business, sal as). 
Dec. expired, 188.0-186.0, 3; March 
1B3.0, 185.0; May 184.0, 186.0; July 

136.0. 190.0: Oct 189A 193 0; Dec. 
.191,0, 197.0; March 192.0, 1B8.0; May 

183.0. 199.0. 


FINANCIAL TIMES 

Dec. 29 T DeivZB^Mnnth agu 

| Year ago 

867.69 257.511 263.03 

235.55 

1 tBase; July ], )95!= 

109J 

REUTERS 


Den. 29. Dec. 28-3Inmb ago 

Year agn 


(Base: September is. iwi=i»i 


DOW JONES 


'Dow | Dec. I Drr. IMnmlij Veer 
Junes £9 ■ 38 »£•• - 


tinea 384. 7 1 384. 4 7 397. 7 B 342 ,20 
Futures 883.58 388.67 395.57 552. 17 
lAverkBt 192i-25-38=lMi 


MOODY'S 



lh+--. IVi--. 

Sfnorfj-’a 

29 . [ 28 , 


fl|£ll * !!£■• 

S ple Co mnity B7B.4 977.4 983.4_8B6.9 
i December 31, 1931=100' 


Copper and 
sugar rally; 
coffee up 


NEW YORK. Dec 29 
PRECIOUS metals closed higher orf 
renewed speculative buying amid con- 
cern ol further turmoil in Iran. Copper 
and sugar rallied on trade aibitrage 
buying end speculntive short-covering. 
Coflee finished ihe year slightly higher 
on year-end bosk squaring. Bache 
reports- 

Cocoa — March 176.75 (174.90). May 

177.30 (176.10). July 177.20. Sept. 
177 10. Dec. 175 50. March 174.25. 
Seles: 1.076. 

Coffee — ' C ’’ Contract: March 

132.40-132 00 (132.40). May 130 00- 

130.50 (127 66). July 129.25-129.50. 

Sept. 12? 00. Dec. 129 00. March 128.50. 
May 128 00 Sales 585 
Copper— Jan. 68 CO (69.40). Ft-b. 

70.30 #70 151. March 71 05. May 72 50. 
July 73 BO. Sepi 74 60. Dec. 76 10. Jan. 
76.55. March 77 45. May 78.30. July 
79.15. Sepi 80 00. Soles 3.000. 

Cotton— No. 2- March 67.55-67.59 
167 55). May 69.63-69.70 (69 62). July 
71.25-71 30. Oct. 66.76. Dae. $a SB- 
64 65. March 65 40-65 50. May 06.20- 
G6 50. Sules: 1 550 
•Old— Jan 227 CO (223 10), Feb. 

239.00 1226.101. March 231.00. April 
233 10, June 237.70. Aug. 341.30. Oct. 
245.50. Dec. 2«9.». Feb. 254220. Aoril 

258.60. June 263 CO. Aug. 267 40. Ocl 
271 90. Sales: 25.000 Ins. 

ttMaiae — March 231*,. 2311, (232>-). 

M^y 240V240I. (241’, j. July 246V246*- 
/241**). Sept 2481 - 248^,. . Dec 252*.- 
252V March 261. 

tLard— Chicago loose not available. 
NY prune slaum 25.00 traded (25. CO 
nom I. 

SPletimim — Jan. 343.60-349.20 
(347.601, April 354.00-355.20 <352.801. 
July 356 00-356.50. Oct. 360.50-360.70. 
Jan. 363.50-363.70. April 366.30-366.50. 
July 369.00-369.20. Sales 1.539. 

lSihrer — Jan. 606.00 ( 603 40). Fob. 
60P.80 (607 201. March 613.70. May 
627.30. July 623.70. Sept 638.10. Dec. 
651 40. Jan 65G 00. March 665.50. May 
675.00. July 684. 60 Sepi. 694.30. Sales: 
20. COO lots Hand and Harmon rpot 
bullion 607 40 (604.40) 

Soyabeans — Jan. 676-677 ( 677M. 

March 690-691 |692‘i). May 700».-70i. 
July 707>706li Auu. 700. Sept 678. Nov. 
667-668. Jar,. 675 1 ;. 

USoyabean Meal— -Jan 1B9. 70-190 CD 
(189.90). March 189. 40- 189.20 (189.001. 
May 188.CC-183.EG. July 188.20-188.00. 
Aug. 18S 20-188.50. Sept. 187.00. Ocl. 
185 20. Dec. 785 30. Jjn. 185 50- 1S5 30. 

Soyabean Oil — Jan. 24.55-24.S0 
(24 651. March 24.75-24.70 124.81), 

Mnv 24.65-24.70 July 24.65-24.60. Aun. 

24.60. SePT. 24 01. Oct. 23.65-32.70. 
Dec 23.50. Jan. 23 40-23.50. March 
23.4023.45. 

Suqar — No. 11: Jan. 7.90-7 91 (un- 
quoted), March 8 41-8.44 (8.43), May 
S.G2-8.53, July 8 82-8 9?.. Sept. 9.06, 
Oct 9.17-919. Jan. 9.55 bid. March 
9.87.9.88 May 10.01-10.10. 

Tin — 6G5.000 nom. (660.00-662.09 
nom ] 

* ‘Wheat — March 343'., (3/4>,) t May 
3X1Y333’- (33C‘«1. Julv 321^. Sept. 
326V aifi?.. Dec. 33e>i:-338. 

WINNIPEG. Dec. 29. «>»¥«— Dm. 
91.90 bid [91.80 hid). May 97.80 
(97.70 bid), July 99.50 nom., Oct, 

102.00 nom 

Oats— Dnc. 88 00 asked (50.50), 
March 81 90 bid (81.90 bid). May 78.50. 
Julv 7P ?0 a -Led. n etl 73 .50. 

tfBarley— Dec. 74.10 ( 74.20 bid)', 
March 7600 (76.10 bid). Mav 76.50 bid, 
Julv 77.10 e<sked. Oct. 77.10 asked. 

Wlaxsood-Dcc. 273.^ bid ((272.00 
hid). May 294.60 (283.50 bid). July 
283.50. Ocr 2P2 .00 hid. 

Wheat— SC WR3 13.5 per cent nrn- 
te-n content cif St. Lawrence 187.55 
(187.05). 

All cents pet pound ex-warehouse 
unless otherwise stated. • Ss per troy 
ounce — 100-ounce lots, t Chicago loose 
Ss per 100 lbs— Dept, of Ag. prices 
previous day. Prime sieam fob NY bulk 
tank cars, f Cents per 56- lb bushel 
ex- warehouse. 5. 000-bushel lots. § Ss 
per troy ounce lor 50-et units of 99.9 
par cent purity delivered NY ? Cents 
per troy ounce ex-warehouse, ii New 
’ B ” contract in Ss a short Ion for 
bulk Iota ol 100 short tons delivered 
fob cars Chicago. Toledo, St, Louis and 
Alton, •* Cents per 59-lb bushel <n 
store. ft Cents per 24-lb bushel. 
ft Cents par 48-lb bushel ex-warehouse, 

§5 Cents per 56- to bushel cx- warehouse. 


.1 i ) 




**■ . - 
TT-'.P-Cl- 


s. .... 






22 


Fiaandal-.^ Saturday^ 6 



Sabena’s answer. 


Cfcv v 





^ • y 


: m b" ; 


; ' • *I:3h «£tf. ?=**£*: 


>r:i: 


vdjtAf- 



«€ 


to give 


service 


to 


With the advent uPa ide-hodied 
fers and lower airfare:', tivini! Im 
become mor: and mere aceesjiblc 
to more and niora people. Airports 
designed in theiorricjuna tilriL-s 
arc Icns able to cope comfortably 
\\ iiii the sheer numbers of 
passengers in the seventies. 

• And. I'fevur e it is r!jc rcjul-ir 
full-lure paying bu>inc-*i traveller 
v-h*' surtc-rs most “fall. Ycf.vh.iE 
can be done l»- help hint? 

This is where Njlxrnu comes in. 
JLiben.i is uniquely rb.ed. to give i 


better service for the business 
traveller, because ir is neither a 
large impersonal airline, nor an 
overstretched small one trying to 
cope with a high proportion of 
tourists. 

Sabcna. being Belgium's 
Tnrernational Airline serving the 
IiKC capital, carries a higher 
proportion of business travellers 
than any other airline. 

i.'.uiipL this experience with a 
network giving jn almost unrivalled 
coverage of Central Africa, and 


“Sabena has some of 
the fastest connections 


sonic of the fastest connections to 
the Middle and Far liist.ynd you. 
can begin to understand Just how 
babena can answer business 
traveller*' needs. 

’Jake Brussels^ \irpon for 
example. It is just a tilty-iive minute 
flight Jivm Heathrow, yet despite 
thepruxiinity, the contrast could 
hardly be more marked. The sheer 
calm, comfort and elticicncy of die 
compact single-terminal Brussels 


airport makes it one bt the most 
civilised in luitupe,\rith every 
facility- for the business traveller 
close at hand. 

Such as the Sabena Business 
Club, with its office, conference and 
lounge: Such as the rsc class lounge. 
Such as one of Europe's tinc&t 
duty-free shopping precincts. 

The convenience doesn't just 
stop at the airport. For I’russels- 
bouud iravelicrx there's the Sabena 


“The compact single-terminal 
Brussels Airport 
is one of the most civilised 
in Europe? 



£ir crus's first-dots menu tt /eighty natd. 


train, which u'hisb you from the 
statioabencath the airport to the 
very centre of Brussels (to Brussels 
Central Station to be precise.! in past 
x6 quiet and comfortable minutes. 

So you see just how Sabena is 
tackling the problem of business . 
travellers seriously, to make . 
business travel less of a business. ' ' 


F'\"n tlx ke-tn of she air pert le site hrart of Brussels in fust 16 mint i:es. 


The elegant jmbumet of theSt 
BusitKis Chib. 

TT(. 





Sabena to 


South-East 

Asia. 


Bangkok 
Kuala Lumpur 
Singapore 
Jakarta 
Manila 


Via Brussels to South-East Asia. Ask your travel agent] 
to check the Sabena schedules; you’ll be surprised to 
find how quickly youll get there . . . and back! 


Thursday. December 23 ... 

Wednesday. December 27 

Friday, December 22 ; 

Thursday, December '21 
Wednesday; . December . 20 
Tuesday, December T9 


2,445 

V874 

1,793* 

3^83 

3,080 

3,403 


Th« lisr below records all fast Thursdays marking and ajn i-*S® jjtsst 
mnttings during tbs previous two trading days of any aha m not -mam eq on-. 
Thursday.. The latter can be distinguished by .tin data (ui paiwtdwswl. ' 
. The namber of dealings marked on Thursday in each gMimMloiijt fl» 
-name of the section. .jUMees othorwiw denoted shares ore £1 and 

stock £100 fully, paid. Stock Exchange securities are quoted in. pounds and 
tractions of pounds or lb pence and fraction* of pence. 

The Ust below nlvet the prices at which bargains done by me mbers otTbo 
Stock Exchange hmre been recorded In The' Stack Exchange Daily Ofcuil. L«L 
Members ate net obUged to mark bargains, except In speefirf cases. wrd ifta Rst 
cannot, therefoie. be regarded as a complete record or prices at which business 
has been -done. Bargains are -taco rdad in the Official List up to 2.15 pm only, trot 
Tatar transactions can be mefodod to the following day's Official list. No indication 
1 * evailable as to whether a bargain- represartta a sale or purchase by member* 
of -the public. M a r ki n gs are not necessarily Hi order of execution, and onjg o» 
bargain in any one aecaritx •ek.amy one price- to recorded. - 

t Bargains at Special ■ Prices. .ABargelne done with or' between non -mein bare'. 
• Bargain* done previous day, £ Bargain* done' with members of e recognised 
Stock Exchange. + Bargains' done tor delayed .daUvery- or "no buying-in.'* - 
SArrSAusCralian; SB — SBahamian; SO-SCatwdlen: »K— JHong Kong: SJ— 
SJamaican; SMa—SMalayan; S Me— ? SMox ican; SMZ-rSXaw Zealand; SS—-SS in gapers; 
SU6— SUnited States; SWI— $W«t lljidiaii.. ' •. 


• BRITISH FUNDS (475) ? 

3oCBr irish Transport stfc. 1978-88 62>u* 
*bi >j =: °ie u ia ■ 

ZHk Cans, stfc 2*J«* *«%;■• 

XK. Cons. Ln. 30Uu it . . . 

Shoe conversion Ln. 50U 5 


3hoc Conversion Ln. 9»i> a . • 

iStjBC Exchequer Ln. 1996 101 W ' 2 ®. 
■In* 

W Excn equer sac. 19*1 8S7|« • 

3oC‘Exch«wer Stk. 1903 79>w Si *is 7is V 
Stfisc Exdieouer stfc. .1381 91 n a %. 
aids: cmwooor sue. lass B8i M a art 121 
Slate Exchequer atfc. 1982 BM <he at 
Wls 

9 1gK Exchequer Stic. 1981 93 is J» 

IOpc Exchequer axk. 1983 .sa-gt* « H 
»*.-4a - ’ - 

lOUpc tx chequer sue. 1995 81 1» 
tzrjii' 

lO'jcc Exclwnw at 1997 BfiX ' 

12oe Exchequer aik. 1 990 92^ - 

120c Eachequer Stic. 1999-2002 9QA<« St 

12pt Exchequer stfc. 2013-17 92trti-r*- ■■ 
I2l«k Etcheqoer. otk. 19B& 97Sis 
1ZWX Exchequer, stfc- 1892 sod* fe- . 
124JPC Exchequer Stic 1994 93UietA* 

- • 

12JWC Exchequer xtfc. .1981 nooVrsb 7 tt , 
13pc Exchequer stfc. 1900 101 -* 16 ® % 

SLrUC Fundtna Ln. 1970-90 W* >u >i h 
B^pr Funding Lo. .1987-91 64 H* ?ie J. 

fiper'Funqinfl- Ln. 1 993 61 VO W V- St . 
Fundmo to- '1986*87 76M> . “nr }hs 

3boc* funding sue 1999-2004 (Bee-)' 

3S>|* - >1 >1. 

5bPc FuikUuo Stic: 1902-B4- 81 iat8 eOH 
V* jl: 

6VOC Treasury Ln. 1995-90 BOLr >• 69Uu 

ffftL. j 

7 I 4 PC Treasury Lri. 1985-80 77H* “W 


I, - Uur b C 

-•-- Treasury Ln. 2012-13 615*0 h 


9vt>- *fieasun> Ln. 2002-08 66b* H 'i U : 
•cue. Treasury Ln. 19B7-90 7 TVS hi- 

Bine Treasury Ln. 1980-12. 90°nffl ’ia li 

Treasury Ln. 1984-86 83^8 % 

’JJ f 4i« 3>< 4U 

»?*pc Treasury Ln. 1997..7*>8« 5 
Ope. Treasury Ln. .1994 7611 7 61* ?i « 

9 oci Treasury Ln. 1992-96 77V 6* 


Treasury Ln. 1999 76b* H «s 
1 98 ■■* 


Treasury 

L<li B 


Ln. 1983 


B* 7% 


IZbBc Treasury Ln. 1993 96V. J« V . 
12upc Treasury Ln. 1992 97'* ■ •- \ 


Utuc Treasury Ln. 1995 96 *iii* h L 
1 S.Cpc Treasury Ln. 1997 $3heC 
s*tO lx 8 7 a 9 u 9 ‘ v 

mpe Treasury Ln. 1993 103V*. V«i* 
l«tpc Treasury Ln. 1994 111%* * .0. 
15.CPC Treasury Ln. 1996.1135s k i^i 
TSijpc Treasury Ln. 1996 f 17* %-•- 
2 hoc Treasury stfc. fReo-i on or- aerw 
1|4f75 20* 190is 20 T 

3oc Treasury stit. 23L* % 4 * " .•. 

*PC Treasury nh: 1973 95>u 4H S • 
SPC- Treasury stfc. 19B2 83% % J|s 
Slide Treasury stfc. 1977-80 

3i«c Treasury Stic q 979-61 OReg.) 89%* 
Jtfc* 8 » 9 8u» ' - - 

5 pc Treasury stfc. T98E-B9 CMen feSLd* 
All* SC % b 

5F>tttC- Treasury sdc . 2006-12 fflheg.1 07 C* 

■ %»* U ‘ • 

fiiapc Treasury Stic U9B2- B8>* *k 7<*T 
9Cpc Treasury Stic 1983 87 Ui* 8 T'»ix , . 
9 hoc Treaseury *fc- 1980. 97-t3«41»is*7. 
9%pc Treasury stfc. .1981 94**. “j*®. 

lOpc Treasury stfc 1992 85 U* *i C - 
10 4 pc Treasury Stic 1979-99 - - 

iff^c Treasury. Stic 1999 83C 
llljpc Treasury stfc. 1976 99.90* 99J1Z 
1 iT-oc Treasury Stic 1981 98Uu ** 
if Lee Treasury Rk. 1991 91% « k 
12pc Treasury atfc. 91% % 

12%PC. Treasury stfc. 2003-05 Mss. £*5pc,r 
£*5pe Pd.l 45 127/12) -• - • , 

13cc Treasury stfc. -1990 99>t*'%* V V'l 
14oc Treasury, stfc. 1082 103% *ba 

3 , -:r^ss? a w w ^ 

30 29'*t#- 

British Electttcky 3»sPC Gtrf. Stic 1976-79 


95U«* =5te*%.- 4%PC Gtti. tOt. 1974-79 


H l^^cSd. Stfc. 1990-95 44 u je* 


- Bmttsh Gas 

<9* V- 

»pc fiademptKn «fc T 306- 95 '44 L* %* % 


- .CORPORATIONS (14) 

fcSEtr Of= STAMP DOTY 
London .County 6ka«c- Coos. itte. 178 
(27:125. -Spc 9S»io. «%uc S3b*;*2 


OtrmfctBpain ' -Corpn. 


BriqMon Conn. 6*u>c 97% . 

Camden (London . tior-odsb on Var. Haiti 
. Red. Stfc. mVMPCPft 9»2S-64t»s« 12*3* 
-94% {221121- 

CartiBP City CoodcII ITpc Red- 90 (27F1B) 
Cardiff Cotpn. 7pc Bed. stfc- 83>s* 
-Greenwich (London Borough of) 11VPC 
H ad. Stfc 945# (Z7/T 2> 

Hertfordshire -County Count* ■ Staoc Red. 
91-t Skax Red. 75 -0227121 • 

IsHpsiop Cnron. 12%p« Red. stfc- -98* 
U iOT ecI - Coro, 9-‘*pc 88% 

MkMHiat CC 5 Cue 91V. j. ■ 
NewaMtto-wioa-Tyne . Coro, 9M5C S4 % . 


SaUford Corel S%pc 6H.J27I1 2* 
Sootlnre.rfc Corp. 


12%pc ■ S6% 


Surrey Conby -606 . 92 V t27H» 
WWsaB Core. 


6i4PC 97H- I2W2J • . 1 

Westminster kCltyl 13pc 99% 

SHORT-DATED BONDS’ 

- - FREE OF STAUfT DUTY 'V 

vu%stjn. <2w«»- 

11%PC Bds. Refl. 1817T79 99% 427M2> 
S\PC Bds. Res. 118779 90'i t u <Z27I2> 
9'*pc Bds. Iteo. 0W79 9»«M- -V - 
9*5! ML.Rh. 1&W79 98*.^CT#13* 
10>«5t BdL Reg. 300779 SB«B ■ 

11%pc «ds. Res. ■ W1 1 179- . BSMa* 


. PUBLIC BOARDS m 

•' PR8E OF STAMP. DUTY 
Agricultural: Mott. Core. 7%««Db. 1981-84 

Finance tor Industry ISpcln." IDShv* 
Northern Ireland eloctrleftr ^sac 76% 

COMMONWEALTH GOVTS. (4) 

REGISTERED AND INSCRIBED STOCKS 
AntWU 6pc - 87% : 

Australia iCotn.) 5<resReBr. ‘97%. S%pc 
.1981-82 62 (27,12) 

Jamaica 6oe 82 • - , • ' i. 

New Zealand ' si ax 70% (271 1 2 L 6 pc 95% 
< 22(121 • 

Southern Rhodesia 2(aPC S3. 3%PC 1980-85 
41. <27/121 . ' . 


COMM OI'fWEALTH CORPS. (~) 

smith Africa (Rep.i 9%pc 89% (22/12) 


• "FOREIGN STOCKS (1) 

COUPONS PAYABLE IN LONDON ~ 
Ehlfteie ' 4^pc- ■' Gold /Germ, ta.1 20 1 
<27/121. Sxfedd 1925 18 (27/12).- Jpc 
RBors. GohkLn.' 191(5 21 (27/12) . . 

Boots SAiBcBds. 1993 S3 
British -.Shtpfatrfldere 9pcBds. 1992 90% 
(271121 - 


RANKS (68) 

Alien Harvey and RoB 330 

20 . . 

ad Banfcfna Gram 


Allied Irish Banks (25p) 200 
Australia ana New Zeals 


(SAD 334 


Bank «r Montreal (*C2l 144* 
Bank of Scotland (Gower 


Su m mon 276 ' 


“ PENNY SHARES 


n 


■Monthly advice on low. priced 
shares, which to -bux end When 
to sell. For full details and a 1 FREE 
COPY write: . 


THERHWJY .'SHARE GUIDE 
' Tl*: Bloomfield Streef 
London EC2M 7AY 



At the moment you're probably relying on your telephone 


to 


stockroom, your salesmen, your whatever 

But you may be surprised taleam that &e 13-amp socket^ 
in your office could feed you with; infoimatidii far more, efficiently 
than your telephone. •' . 

Simply because, when you use your telephone, you’re at 
the mercy of the man at the other end •;/: -V.. 

Is he the right man? Has he got all the infonnation you want? 
How quickly can he give it to you? How reliable is it? And ean he 
give it to you in the form you need it? ... ' 

On the other hand, take IBMfe 5110 computer Ife no larger 
than an office desk, asks no more than a 13-amp socket to power it 
and once programmed, isn’t much more complicated to use than . . . 
a typewriter 

Yet; at the touch of a button or two, you could check which 
warehouse items are out of stock or root out yburimpaid accpurds. 

Even more remarkable is its-price: just over £13,000. And we 
may even be able to help you finance it - ' 

The 5110 should meet the needs of most small businesses*.- 
But if you have more sophisticated needs to.meet we’ve more 
sophisticated small computezs to meet them with. 


•? * 


ildix 


Each one can help sharpen your cash floi^ enhance your 
customer service, and improve the efficiency of your business. 


But obviously we 
can't start recommending 
the right computerfor the 
job until we’ve listened to 
you and understood your 
needs. 

May we suggest 
you slip the coupon into an 
envelope addressed tous. 

And hang a 

reserved notice on your 
13-amp socket 


I 


I’ve listened to you. Now convince me I need anBM 
small campnteE - 


i 


TiriP ’ 

- i 

Company - 

i 

Address 

i 

- r 


Chris Conway (GSD Marketing), S^SSL-.SSS "1 

IBM Dniied Kingdcjm Limited, • -Z2 SiiS ■ " 


28 The Qua drant; Richmond, 
Surrey TW9 IDW Tel: 01*040 9545 






L 




■ .'-t .”Sn*y-'7 “ 

















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>ss 




' *<J U '/-•■' V s ; , ' .-- : v .; •. -■ .-. /. 

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DT*dpimj’lZSti} 26 
«et_Tf«?. (ZSp) not 10 9 


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AB. tlectronk Prods. Go. aso) tfii ssj 
AD IntaraM- BpcLn. 70 Q2J1Z) • - ' 
-AGB_ R es e arc h (IOpMIS 07(12) -■>-'• ■ 

& iJi^fSr?* 7 t22n2J - in *®« 

A btrcom Jams. (80 Jil) S4S 
^row A <2501 Ol .C27JT2). Mnr A. 


.(2SPJ 




Adwest- Gp. C2 Spj ZBO®. lOtiocLo. 1040 
AJr»x industries -OOP) -«4iia 5^ 

AtoinotCt hndust. <2 So) 3BS® • ■. x 

aolfaor--a3P> 56. 5peJ»T. 

BOM CoHotdS : Gp; OOpi 710 2 ~ 

AjIJM Inii'tetora <25 p) ST 02112) 

: Allied Plmt .Gp, (lOp) zoiiO 1, . • • ■ 

Aided Polymer Go. lOoctn. 900 
Aj'lw TBKtJI* GSo) 144 127112) -. . 
Alpine Hides. «w .79. 

AMoe-Soft Drtafcn .(U)p) 140 07(12) 
TWO 15 

AnuUcroffited frasr Eas’d. C25 r) 136 
Am bar Day Hides. HOp) (27(12). 

New -nop) 49 07/12). - • , • 

Anderson .5tqU u *ri e .Q5n) J0< 3 . ■ 
Analo-Awertan Jndtat. Corpo. <R1) 535 
Aquascvtum A Opt 42 Hi - • 

AnnKaoe Stunhs Go; <25pj 71 ■ 

Annsrong mat. DOn) 66 
AsadaM BHorit Mfrs. OOp) TZ'att 2 . ' 
Aaadne*:i*tt>st» Ena's, aztpi 6«t 
. Associated Brttl»h Food* <sp> 66 127(12) 
Associated Cetmmwe/eeetofB corpa. A <Z5p) 

Associated' DsIrfai^Gpl C2Sp) 20dd 20 
200. New (25*il 204 3 ^ 

. Asoodoted -Ena'S. G~ ' 

Associated Fliheries 


^pJ M 3S 


-IT? 




Associated Ldun (5w 7p«i "1 


•!X.- 




^ vVr.. 


-fe v 


Assooatcd Newspapers ,-Gp. (2Sp) 168 
Astharv MSdelev (HJdaJ <ZOp) 78 i 7\t 
Astra iDtiusK Gp r CloS: S7’s B 02/12) 
AixfiotrcmJc Hides. (lOpi 17 
Ault Wlborv Gp. Q5p) 43 4> <27/12) 
Aurora HMgs. C2 Sd> 89 
Austin IF.) (Leyton) OOp) 13 02/12) 
Automated Security (HldasJ. nop) lOB 6 
Automotive Products . (25M 71W (27/12) 
.Arana Gp. <5p) 7B4> 7>aO »* 5 « b 
Avarys (25 p) 228' : 

BAT Inducts. (2Sp) 2850 7 5 6 2. DM. 
(2Se> 248 S3? 501 

BtCC i.50t» 131* 30« 230 0 6 9. 6pc1st 

PI. 4S«i 07^2), OiipcZmtM. 42 >a 

a7.m i ^ T. 

BL ^Ool ,11ft 17* 

BLMC^pcLn, 36Jj. TtupcLn. 474. Spot*. 

BOC 5ml.; CB6P) fiSJiB.' StpKOO. 72'* 
<27ft2i.- SpcDb. 1990 704 (27/12). 
m jousts. (SOp) '2470. .71*PcLn.. 143 

BSG 4 jnBdL ClOp % 371*. iajutcUi. 934 


Ijlmudr SginuwvaSoi . 50 


Sypesn lads; 





73 (22/12) 


65(s- <27/12) 


§xo hca Hill Proprietary (SA21 7200 
Brodk* Bofd T-teMv (25p) 48 «*. -TpeLB. 


»4 . . . . 

grown Bovari. Kent ttSpj 474 \ 
fcwro Bros. ODw-27 .■ ■■;• - 

gtasn q.):SSfi 70 67 

Bumoshs Mxldnea SixpcLa. 97 . • 
B St? 2) SOP> 185 CWM2I. 7pctlW^72h 

i :: 


C -J> 


-_4ij4 
6? J tO 7 01* 


CMbury . ... 

Casntord CnflinMrino ( .. 

Campari Inter. <20pi 197 . . 

Ctmatxu fsfcarwaod asp) 125 <27/121 

CpoaIh a&p > siM r i!c 

upe IndJ. (250)131 . ■ ,... 

Ce^Mr-Nelll (lOp) 71 U 02/121 Dal New 


Glynwed <25p) 101 H lQQi, 

Gemme Hides. (2£p) fie 
Gordon Oaten Hi dps. (2 Sr) 79 80 : 

Gough Cooper (20?) 72 
Grampian Hides. (2Sni 57 
Granada A <2fip) 127 8 
Grand MetropalKan (SOpI 115>iO 13 bO 
IK 13 J4b 14 13'-12. SPCPT 37(27/12). 
BboePf. 47 (27.12). BiineURsJ.il. 96b 
1271121. 10scUm.Ln. 7TCOfl2) 
Grattan Waranousas (2Sp) 89 91 
Great lUPiersal Stores tZSp) 310 9 

(27/12). A (25o) 308*0 4 6 8 9 5*. 


2579 49 1 JL 


.SbPcUnLLn. 37b 

ittiefoW* 

Sues*. Keen Netd rfo Ids (U.KJ 10'iPCCb. 


Guest. Keen Ne 
BbfiCUluJil. 77 
Q 

CZ2/12J 


H.T.V. <2505 122 
Haden Carrier (So) 112 
Waka llptfl. 1D99 
Hampton InduPB. (5e) 16b 
Hanson Tst. U25pi 135 7 
Hardy (Furnlstwaii -a ( 2 Spj 36 


HHVroaves Grp, IO L-peQd. B 1 b 

C*Pi 93 I27MBJ 




Cvilm&inrfMds UOalTl^sTn 

u^ftoa -J4j| 

Crobal a $iieerwoM (Sp) Mb, IOpcPT. 

Ctaznt-Mtnafta. 7MM.(ril»l 60 (22/12) 
Cbamberialn (25p> 4*V 07/12) , - . 

gtenoe WucCtfOM 13 

55 “» 


mi 


IntnL OOP) 159 

(20 b) 145. ebPsUiw-Ut. 6ft<a 




Cooihn Chemical Prods. (2sp) 83 (22712) 
- (2Sp) 74 07/12). - - 


Cntw Brea. 

70 (27(12) 

Coots Patens {25s 


A (25 p) 


Cemben Grout. .. 
Combi oed Emi(Tsh 




Comben Group ndp) 32T) 

- - - - Soros (I2bp> 105 


Cmgw^Rmhorislon 

Comfort Hotels Inc. <1 Gp) 25 
CompAft-aSpl 84 


Services uui 135 


Concentric rlO«i> J6'n* 

■ ■ “ (Sbcfflcn CZOo) 249 


67 b<* 8- • 7 <ik 


Cook (Wm.) Sous 

Copper. lads, flte 20 b.v 22 H 2 ) 

Couc Adman Intt. esp) — ' 
Uns.Lh.84St _ 

^.Tfe^-ss v s ow 106 7 ^ 

Costa(n t m^*^d) 4 (25p) 2200 20 
Coortaulds l2Sp) .116 IS 17 14. TPcDb. 

71. 7lfPCl/RS.Ln. 59 
Cowan de Groat dflp) 669 
Cowlr (T.) ISP) 45 

CrMton HJdas. dOp) T3b 13 (27/12). 
-lapcCmrPlJ/IS 
Cron I IT Group r25f» 36 (2702) 

Crown House <2Sn) 65 <26 (12) 


saaamnr: 


Cuamins Engine 3bpcCw.Uns.Lp;' T7U 
cS^asp, 169 . ;■•■■' 


Hole electric IntaL (10p) 160 7 

Davltu Newman Hldps. <25 d) 142 07/12) 
Doris (Godfrey) OSpI , 9 1 07/12) 

Davy Con. <25pl 737® 7 


DwrM^IntA.O^^ 


De La Rtre OSe) 

De vara Hotels Restmu rants (25p) 180 

Dt^tons 05M-82 S lb. 7WpeUM.Lh. 
56 (27JO 

'g2i£&oig-fx% ( i 5p3 403 7 

oM iffiT ftp. OSP) 117 

C^nkiJ 2 ^ C5o) 18 (27112) 

DiMwe PhotoortPhle (lop) 131 - 

Dobson Park Indost. HOoi 111b 10b 
Doncaster (Daniel) ll pcO b. 64 (Z7212) 
Dorada Hldas. (2SW 77 b ... 

Dowry Grp. <5Cp) 264 6 <27/1 2J - 
Drake Scull Hidst. 05?) 339 4b© 2b 
Di4>lller <5pJ 261* b 6 5'a 
Duisy BtamasHC «0p) S? 3 *." 


07/12). 


Ci\E?- 7 . K- 


B5R OOP) 649. 


-12SSU 343 ’ 

BWCOCk Wilcox <2M ISO S 46 
Bafley <B.> Comtnmtoa <10«> IS 
BBHey^.- HO^lOp) 9b b to ' 
Baker - Perkins HkJss. (SOp) 144 


-•■—n 


rr-N.YV SHffiS’.' 


r. 

rv. 




- ;a lj 




.... Jllace Arnold Tjt-A Noo-m. C5p) 
1 10 ■ 27V 12). Nuw A Mm-rtg. (2 3a) 109. 
New (25pl 70s 2 


Barrett DripoMrtfc 6bBCLo. 25-.34 07/12) 
te&ttt 


b - New G9p) 623 S 8. 6pcln: 76 07(12) ■ 
E. Mm Go. nop) so 




s ®^ t ' cP,9 -C^n’3 I <M,ro 


BcrJ fjords (25 p> 

II I25p> .140 7 -.? 



07/13) 


NOBWtS. (25n) 92 


B 

iS^wia. isop) SB <22/1 21 _ 
Blackman Conrad (MfiJOl (27/12) 

Bleclrfeys (20p) 709 W. ■ 


-Woe circle Industs. 2719 70. 5bpc2ndDl». 
_45J, J2T — 


Baardman; <IC. OJ thbil- (5p» 21 <« <22/12) 
Bodmne mtnl: OM 75 b t22/12) 

Botton TtseUle • Mill ,®p) 11b 

S , (jssf B aawff? TbpcLu. 

65b 07(12) 

Borthwkfc <T.) CSOpl 69 70 «*»1 - „ 
Boulton (W.l Gp. (TOP) 20 b (27712). 'New 

final iol 

Sowster 1759 4 5 3. 4Sb (22/12) 

Brady Indaats. A «25pi-49 <22(T2> 
Brammer <H.) OCM IK bs_ 

Breeden Cloud WHUme Works <2Sp> 105 
Br e nmeen (Hldss. (ICs* 13b» 14** 


Brant Cftem*aH Irrail. <I0b)191 
Brant Walker v5p* 


50 


BrlddioeM- Dudley flop). 50." 


BriMg «5P). 108* JL 


AHsnitnliKn »5S 1. . . • 

BriMy-Anwkan Tob«»>^ i ^?cPT. 


w f27n2). 7pcLn. BOb 02712) ■ 
British Benzol <1 DPI 34b 07/12) 
British Car Auction non) 51 *1 • 


43b 


Hi -cmemateprapi) Theetras 02'aP) 60 


Dutay 

DunbS-CofnbSjSarx (1 OeJ 89 06/127 

DnnhS'^HldS^'VsihJJ 66® 4 5. '.SbpcPf. 

44b (27112) ' " 

Duple IntnL ISO 23b (27(12) 

Dn sort USp) 67 8 . 

Dykes CJ.) . (Hldas.) (25p) 44* 


E— F ■ 

8*apcLe. 1991.95'* 


EMI <50P) 138 b 7. 

Early (Charies) Marriott (WKney) ClOp) 32 
CasSern ^Produce (HldasJ (SOp) 86 


■-^waOTSsaa 


Electrical 

■ (22.-12) 


OeSooie Machine Co. (25 p) 24J|_. ^ 
Electronic Mentals Grp. (lOo> 152 3 
Ol 169. 




HMs"on^,"Gdi'dsteln (Hidos.) (So) 16V 


El swfck- Hopper <5 p) 18b9 199 18 
Emray <5p) 9b (27112 ) . 

Enorpy Sendees and Electronics ; (1 Bp) 

Enaifcft and brarseas (10p) 28b (27/12) 
Eng II ah Card Cloth (no Co. (2Sp) ^95 
Enariih China days T2 Sp) B 3® 1 - b 


Ham* (PhWp) OHdfla^ 

Harris Qoemwugy&p. <i2So) 172 3 70 
Han-tattk 6 pm GSpl 60 
Harrisons Crosfieid C4b R7M2) 

Hartwdb Grp. 05 a) 107 06)11) 

Hawker swdakr Gro. OSm 2 W z 20 
Hawiey-Goodall Gro. 12ncLn. 5 am (27/12) 
“7/107 


HowWn tsp> IBB* b <27/10) 

sz&tesS! ir «« 510 7 t22/iz5 
"* T 13 

Hepworta CJ.) Son (10m 67 

Hcstalr (2Sg) 7Sb9 3 2 

Hmroed UAflloms Grp. «50e» 149b 02/12) 

Hirid Bros, (SB) 10 

HH lards (fOp) 2199 

Holt Lloyd UK. (10p) 156 7 

HooKrey (25p) 36 

Horizon Midlands f£p) 123 (22/12) 

House of Fraser C2S*» 151 4 
Howard. Wyodham IBncLn. 99b 
Howard Machinery 125&) 31 30 
Howard Teams Scnricw <25p) 28 (22/12) 
Hudson's Bay £12b t27ri2l 
Hymen (I., J.) (5p) 23 b 


1 — J— -K 


«L 433 

IMt (2SP) 54 
I £> stock Johnson (25p) 161 

Illingworth Morns A (20p) 27b (Z7<12) 
ICI 355 3 4 2 99: 61. 7bpCLn. 63b. 
BocLu. 65 b Si h. lObpcLn. 86b 

37/12) 

Imperial Op. <2Sp> OSb 4b A 4ocMv. 
86. KLSocLn. 80b. SpcLn, 72 [27f)2) 
Initial Services (2fip) 90b <27(1 2 >. 

BocLn. B6 

Mter n e t lmm Business Machine Coro. 

CUo-SS) U^529S 627712) 
let. Thomson Orp. 270 65. Cnv.Rd.Pf. 

Intl^TImbM- Coro. CSp) 1219 IB 22*. 
Now Ord. asp) 123 07/12) 

Inveresk Group (SOP) 62b 

JJ. HWos. OOP) 54 

Jamas (Maurice) I ndv (20p) 16b* 16 

Jenttou* Hides. (TSp) 2*b 

Johnson. Firth Brown (ZSo) 639 6 3. 

lOPCLn. B8. 1-IPCLn. 81 
Johnson Group C/eanera (25p> 104 b 
Johnson Matthey 480 
Johnson-Riphards (H.. RO Tiles C2So) 1079 

JOM* (A. A J. S Mo man (2Sp) 157 (27(12) 
Jourdan (Thomas) (TOO) 409 


ICateSSeo^CMW 82 S« «7/12i 
Kitchen Queen Group New Ord. 

noo) 

Kwlk-Flt (Tyres and Exhausts Hides) <10 p) 


(10pi 

(22/12) 


&k 


Sara DlKOUirt Group dOp) 64 


Ir-M 


LRC IniernatlonaJ <1 Dp 1 33b <27/12 » 


LWT Oridas.) C25P) 14 
LadProke Group OOP) 

90 h 2b 

LaJng JJohn) A (25p> 78 

Law «s»-e|gr 


175 9 7. WrtS. 


Lamont Hides 
Laporte Indio 


19 a7/12> 


imTatrieT (HWesj i50b) 105»l 
Laurence Scott <2Sp) _B4 3_(22<12/ 


Lawtex IMP) 81 79 BO l* Bi'l 2l 
Le Bos (Edward) 42 (27f12i _ 

as? m w 

tS^r r A a S?aiS‘ilJ 1 « qQ 

253? Vot.np Ord. 

Leteasa/* Inter. <10p) 126 
Levca (5n ) 18b <27/12) 

a ffAnVrasssgsi*?^" 

Lf *la S i^ T ^in'?and Wal*o^ms r (7S»> BD's 

TfooTkV'aw 

1) 137 (22112) 


Mulrheud C2So) IBS 
Mysao Grp. (IDp) S2 




N — O— P 
<sxnn. 


83 


SbpeLo. 60 


NCR 4«cLn. 

<25 p) 40 b 

S &9 HgBSJ'tfaV 87 

Newman Inds. (25p) 7®b B 07/127. New 
.OSp! 79 

NewfTwn-Tonks {25pl 679 b 
Nwcrtu (25p) 93b® 

North British Steel Gro. (Hides.) (2Sp) 44 
C22T12) 

North <M.F.) (lOpi 24 (22-.12) 

Northern Eng. Ind. (25p) 124 3 
Northern Foods (2Sp> R99 9 100 90 b. 
&J)&pcLfi. 117 

Wortaa tW. £.) (HhteO (Spl 27b 07/12) 
Norvlq Set flop) 179 
Norwest Ho hi <2 Spi 110 
NottlBBKsm Manuftrno. <25p) 139 
Nora (Jersey) Knit (20c; 39 
Nu-Swlft Ind. (Spl 29 
Ofrex Gp. (ZOpl 101 
Qventtono In*. (R0.12h7 15b 
Owen Owen (25pi 114 


P.M.A. (Hldps.1 (25g^65 


Parker Knoll (25pi 
909 


A Non-V. (25B) 


Paterson R. <25p) 39 (22/12) 

b.Zodiaah ciobi ibo ( 27/iZ) 


Paterson. 

Pauls A Whites (25ai 1 17b® 17 
P*wson (W.L.) (5fl) 62 
Pearson. (5.1 (2Sp) 212. 10bpc Cnv Ln. 
93b 

Pennine Com. Hldps. (IDp) BL 
Pentland Ind. (TOP) 24 
Pen to* MQpi 109 

Perry (Harold) Motors <25 pi 1109 10 
Peters Stores <1(W 45 U27 12) 

PhBlOt’ Limps HIM. (8.1 Oj p85T <22f12) 
PhoeiVt Timber QStfl 137 ,77/ia 
Ptfco Hides. A .TOPI 88 . . 

PtfJwrOTDO Bros. 295 300 397 
Plastic CPIWro. *10iA SB •'22. *1 2) 
PieMurams «5nl E5 (Z2MZ) 

Plroe* <S0PI 107 9 B 
M«su <T9 pj 197 
PoRv Pock .1 Op) BL <27/121 
Perwtr KZ5e> 9 
Powell Suffrvn c59o) 163 
Pratt IT 1 Enq. Coro. <2Sp> 74 
Prordv liA/i sons New •Z5o) 77 
Priest fB* Sons r25o) 77 
Proos. Hay's Wharf 141 >27ri2) 

Prov. Laundriei <Sp) 19 
PuBfnoi) fRJB -'Sfti 94 (23’12) 


Britamde A ssu r e n e e Ort'isr 

IS !e n, ^Sg SB> ,51 * « 8 7 

Etjufty Uw Ufc^gp^ 1B» BO 


Seen® American (5 On) 76b (22.12) 
- - — (27/12) 


Gen. Accident Fire Lite i 25 p) 2149 8 
6 8 6k 7LPCUM.LR. 6QH 
C Bare Ian Royal Praha nag (2So) 2189 209 

is 17 is. rS32n3jL sab eo 

Hambro Lite <230) 393 90 
HOwdun (Aha-) Grouo (tool 1340 1 
Legal General iEp) l&On 491 6 7 _ 
Matthew* Wripiitson Hldgs. (20P) 180 


a pc 


Ml net Hldas- l20p) 170 

Poari Assurance £p) 2M 127/12) 


PtHJenht Assurance 123 d J 2360 
Prudeotisi (5p> 142b 4 1 
Royal Insurance - (2Sp) 3569 6019 B8 
63 1 BO 


5tenhoiise Hides. (25a) idoo 97 
London 508 4 3. ' 


San AJUmc* 

Sun Ute (5pJ 104 (26/121 
Willis Faber (2SB) 232 r27riZ) 


EIjDCUb*. 


INVESTMENT TRUSTS (U6) 


Aberdeen T*t, i25pl 1309. 4pcPI. 31 
Ansa In*. 125 d i 110 <22.'12) 

Alliance Tat, t2Sp) 208 127/12S 
Al Blond Inc. sns. (SOPI IK 
American Tst, (25p) 40L 1. 6LocDob. 
19B2-B7 68 

Anplo Amaricao Sacs. <25 p) 95b 6b 
*27/12) 

Amt she. (25p) 153 


Anglp^ntnl, In*. 


Archimedes Caa.shs. (SSo) 35 
Ashdown .125 p) 1210 19 


Adamic Awn 05 p) 97. SncPf- 341 
Adas Electric Goo. J25pl 59b 60 


Australian Intel ($001 88 02712) 

Barry Pacific (Sterilngi Pi. Tip) 330 . 
BlihQO»*le <25p) 170 

Border Southern Stockholders (10p» 56b 
Bridsewater (lOp) 5b (22/12) 

British Assets Tst <25p) 69 70 69b (27/1 2) 
Oritijh Em olrc Secs. i5pi 11L9 
British In*. Tst- SbPcSeh. 89 LI 90 U) 

CL BP Warrant* sub. 16 127/12; 
CaledoniM (2Sp)_7SbO S 


Capital Natisnal Tst. Qspi 1199 
cariioi 1 i25p) lift 


Q — B — S 


Queen Moat Hse on s?., 

Quick IHJI Qrp. t'lOnl 42 |2L'121 
MD Gro. (Idol 61b 
Itacal Elec. (250 345 6 4 
Ratow Eoa. Inds. .lOpi 12H <27-r2i 
Ranrar Temies <5oi 12L >2^12) 

Rank Organisation (25o) 245. lObpeLn 
77b .. 


PankB^ Hovls^ McDau^aU QSpi_46 Bb 8b. 


'bpcLn. 70 122/1 2). 


jiass (25 p) 273 


6 bptt-n. 61 
BboeLn. 70 L 

Ransom (Wllm.) (10p) 302 (2S.’12) 
Ransome Hoffmann Pollard <25o) 63 
Ratners (Jewellers) (lOpi E8® 6 5b 
Readv Mixed Concrete (25p) 134 
Rocklrt Colman 1 50 pi 4SE 
Rcofearn National Gl. 

Redllfusion (2 So) 90 
Rrdland (250) 1650 
Roed Intel. 1569 40 7 3 2. 7bocLn. 2001 
57b <271121. lOpcLn. 64t 
P»?d, PiibWsMnB HldBS. 4’aPCLn. 34 
(27/12). 9ocln. 66 <27i'12> 

Rnnotd 125 1 2 

Resrmor Gro. *2Sp) 74 
Rmmiore (25p) 68 6 

Richard* WalHitpton Indus*. (IDp) 80. 
7UpcLn. 76 (27/12) 

Richard oon* Westharth (SOp) 44b (22(12) 
RiyinuttHi Reed 9i;pcPf, 1 
Robertson Foods <25p) 129 (27)12) 
Rockware (2 Sd 1 1*1 127/12) 

Rolls-Hoyce (25p) 96 
Rotaprint (20pl *0 
Rothmans Intnl. B -TZbB) 54 t; 

Rolorit OOP) 57 9 (27/12*. 9bpcPt. 102b 
(27(12) 

Rowan S oden <2Sp) 32 
Rowntree Mecktntosh (SOo> 390 
Royro i25s) 35b 
Ruberold >25 p) 45 i27/12) 

Rushy Portland Cement -25o) 74® S 4b 


Russell (Alexander) MOp) 
Ryan a.) <5 p) 13 


96- 


EWr .- - - 

uass^K 


Unfood Hldas. (25a) 123 
Llovd (F. H7> Hi 


dPS. (2Sp) 67. f 21(1 21 ^ 


103 1 


Locker (T.) (Hides.) A (gp) Mb 
London Midland Indus. (25p) 

London 2 Northern Group (25p) 35ii® 7- 6 

Lonp°Kambiv 8® I?- 8 

OSeWtSAA 


L5*eiT(Y'. J^ _(HhtaS.l (250) 115; 14 


Esperartza Trade and franspart <12 bp) 122 
(27)1 “ 


.27/12) 

essfrS&'a&'Hs.Vi jib 3 
zstzi .'(TsrsS) ftfwa 3 

EtahaiKK TAn« Co. OUdooJ 050) 130 
Becriec Clothes <2 Do) 42 


FMXL i25p) 729.5. 5ASocPf. S6 CZ2^|J 


*.9Jk. donsreta. Go- (250) 11 10 (27. 
FaH-asTrn Lava do (25 p) 67 ■ 
Falixlouah Coostctn. Gp. (25o) 66 
Falrvlew estates OOol 141 




r e*de x <1 On) 36 
r anner u.H. 


_ ...3 and Co. OtldgsJ (25o) 154 

Ferranti CSOpl 350® 5_ •' 

Fine Art nVtpts. C5o> 51b (27(121 

Finlay (James) <25p) 889 - - • 

Fbons 305® 2 3. 6pt2ndDb. 85b (27/121 
Fitch Lovell (2 Dpi 39. 


Flftht Refuel 11^ (250)187 <22tb21 


Rodens (50pl 3Sb (27J12) 

Foscco Mlnsep (25p) 157 (27/12) 
Foster CJoho) Son <25p) '49 b. Do. 
(25p) 4Coni 

Fotheralll Harvey <2 So) 119 <22/121 
Francis (G. 84 (10« 52: 19** M 
Freemans (Lond. SW91 (25 Pi 120. 

New (25p) 120 (22112) 

Prenck icier (23p>.32 


Do. 


G — H 


GffC-EMIott-Aatom*tioa 5 V pc DO. 63b. 


Jj-PCph. 19B1-B6 74b (22/12) 
G.R. (HldflS.) (25 P) 115 


_ _ (HldfiS-1 (25 P) 115 (27712) ■ 

Garnar ScottUir <2Sp) 96 (27(121 
Gates (Frank G4 12SP> 499 

*S-7 . e ^£l U 

G Ihh^S ^5 u) Mb (27*121 

imswr^OM^eib C22/121. 6bpcUns.Ln. 

as i«. 

B B 7 3. TbpcUnO- Ln. 109 8b 


Low Bonsr'GrouP (SOpl 172 

1M^^,«5B1.51 1 
Lucas Indost. 3019 300: 298. 301 
Lyles (S.) (20ol 63 p7’12) 

Lyon ana Lvon (25p) 78 
Lyons LJ.) BLPCLn. 64b 


Centres (lOpi 161 4 


MFI Furniture 
lll. 2 ^. 1 Electric Hldas. (UU 210 8 

Mannoll^ , ^roap , (Mouidlm») *<10pl 1259 
(25P1 63b 

Manor E NatSTnji^&du 2) 1 ° '" DCP! 

k2^ ia WSf t ft<S 2^ 1Z 02M2> 

M«riu and Spencer G5p) 83® 3 4 3b 
4b 5 

M m riOT (15ci 73 

Starling Indost*. '19rt 40b 1 g7/121 
MorahaR Cavendish (ioc> *% ■* 
Matthews (Bernard) (25) 172® 1 
Maynards (25w 124 
Mtars Bros. Hldps. (25p) Ifrb 

^ri/te <5 Dt»dis WWwoo CZ5pl S9‘ 
Msntmore , * m b- ( 5 p) _. 

Metal Bax 3009 »• 298 300 296. Ord. 
Shs. 53® 479 S2» 459 8 6 * 7 50 45. 
21 S 9 bom 

Mctalrex (Hldas.) f5o) 43b 4 
Mere? /hKmtauue L.) CSs) 859 5 

«. , . 

MttCfieM Cotts Grp. 12Sp) 36® 8 7 b. 
13piu. 90 02112) 

Mitchell. Swnera (1 dpi 441. 

'Mixed iterate CHIdasl (25p) 69 (27.121 
Mole <MJ <20p) »b 
Monk (A.) (25c) 75 
Monsanto SoCLn. 96 (27.121 
Montfort (Khltttnp MIHs) (25p) 68 <27*121 
More O' Ferral I <1C*» «o® 

Morpao Crucible <2S«) 115 14 
Morris. Blofcev C25o) 1Z9 C22.12I. A 

(25p> 95 (22121 . 

Morrison (VRilT Soper markets (lOp) 97® 
Moss (Robert i flop) 34 
Motttercare <10o) 147® 


5 and U Stores 25pcPf ri2bo) 21 b 2 
Saatchl Saetchi *1Dp) 137 127/12) 

Saga Holidays (2D?) 179 
Salnsburv (J.) <2Sp> 2=5 -2212) 

Samuel (W.l (25p) 163 
Sondeoun cGeo. G.) Sons <?So) 60 
Sanger (J. E.) MOp* 37 
Scottish Universal Invests. (25?) 125 
Scottish, English European Text He* iZOp) 

Scottish Trie A 10p) 67 

Sean Ena. PlipcDb. 72 u<3 

Sears Holdings <2&e) 36 b 7 

Sccurtcor 6 -r ncPi . 225 (27/121 

SeKncourt <5p) 25 L® U b 

Serck *.2 &p> 80b 60 

Sera I "D llocDb. 63 (27121 

ShafcesPtare (Joseph) iSp) 27 

Shaw Marr/n nO«) 19 

Shaw Carpets <10°' 72b 

Sheewji-idge Engineering t25c) 68b 

Sherman (Samuel) (10p) 13b (27/12) 

Sldiaw Industries <50p< 87 

Slebe Gorman Hldas. CZSp) 193 

Slroar <25p) 78 80. New L2SP) 78 

600 Group (2Spi 88 i x 

Sketch lev 12SP) 145 3 

Smart (J.) a Contractors! (tool 44'tt 

Smith Nephew Associated L10PI 66b 7b. 

BpcUns.Ln. 130 

Smith 1W. H.) Son rHIdgs. A (50Pl 142 4. 

Sboct/m.Ln. 34. 7 '-txilns.Ln. 62 

Smitns industries <50o) 218 
Smurtlt {Jefferson) 123?) 195 (2212) 
Sobranle (Hldas.) DOp) 34 (27/12) 
Sol/c/tors’ Law Stationery Soc. (20p) 52® 1 
5a the bY Parke Burnet (2Sp) 349® 5 7 8 3 
Sound Diffusion 'Sol 66 4b 7! 5b 
Southern Constrocllans rHIdgs.) <SP) 14b 
Spencer Clark Metal <20p) 31b 1 (27112) 
Spiders (25 p) 31b® 4b b 1 b 
Stakls (Reo.) Oro. <10pl 399 409 39b9 
Stanley (A.G.J Hldgs. (5pJ 177 (22/121 
Status Discount OOP) 195 4 6bt 5bS 
Suvriey ind. 270 
C2Spi 17: 


Steetlev (2Sp) 172® 1® 

Stewart Plastics USpi 164 (22/1 Zi 
itonehlll Hidgs. i25p> 124 

it one- Platt Ind. (2So» 112 IT 


tether: A Pitt 220 EX Rights (2 
treeters ol GodaUnlnB (lOp) 28 
treng & Fisher (Hldas.) (25 p) 70 


Strong _ 
Sturla Hides. 


HOB' 11 i27;12> 


0 ( 22 / 12 ) 


Summer (Franclsi (Hldgs-i (lOpi 160 16 
Supra Ca. (lOpi 54 (27/ * 

Swan Hunter Gp. 


Supra 


(10ji 54 (27/121 

150)0 2b 2 


T— U— V 


<10o) 

Otto In . 

Mpwlem OoOn) (2Sp) 


Talbex Gp (5p) 15b 15. tlijnc Cmr.L*. 
brau IMP) 155 4 

Tate & Lyle 184 6 6t . 5>tpc Db. 69b 
(271121 

Triefuslon C5p) 38 . 

Tesco Stores (HldgsJ (Sp> 53® 4b® 3b 3 


Charter Trust, and A^jracy, 05^^KL 


City 'ugjj^Cnil. Inv, 


Cap. _ 
City and 
C22/t2> 


4 

Foreign 


27b. 


Investment (25p) 70 


City BM (ntenatlMl Trust ^25^^96® B 


112 ) 


ClivertuMise In*. Tst. (SOpl 
Clydesdale Invest. <25o) ?2'i® 

Continental and Industrial Trust CzSp) 186 
CominoBUl Union Trust <25o) 109 (22/12) 
Cnexwt Japan Investment Trust (SOp) 
T7o 

Detmitture Coro. C25p) 63 
□rsyton Commercial Invest. (25p) 118. 
6bpcLn. 91b 

Drayton Como/idated Trust USp) 133. 
6'jpc A 104 b i: 

Drayton Premier,. InvtaL JrittS .(25p) 179® 


Cap. 207 10 122 H 2 


DM. 


Edinburgh Invest. Trust dbpc^SS (27112). 
I. 215 (27/12). 3oce6;22 (22.' 121 


English and Mew Yory Trust <250^72^ 


Enpllsta and Scottish Investors 4pd 
Equity Inc. Trust (50a) 204 

Invest. Trust (2Sp) 


79 


Estate Dutii 
(27/1 ZJ 

First Scottish American (25p) 86 (27/12). 

SpcLn. 85 (27.-1 2) 

Foreign and Colonial (2Sp> 1599 
Fund In vest Cap. <25p) 60® 

GT Japan (25p) 174l- 3 (22/12) 
General and Commercial (25p> 139 
General Funds Cnv. 142 (22J12) 

General Invest. Trustees t2Sp) 101 (27:12) 
Globe Invest. (25p» 1 12 b 4pcDb. SB 
(27M2I. 5bPCLn. 93S® H 
Govrlt European >25p> 61 
Great Northern (25p> 95b 
Guardian (2So) 7>b- 4pcDb. 1976-86 
62b 

Hill (Philip) <25o) 1 72® 

Hume Holdings A (25o) 74 (22112) 


Hume Holdings A (25W 74 (22112) 
Industrial ana General (25?) sib. 5bpc 
DO 46 

International Invest. <2Sp> 72b 
Investors Capital (25 bi 75b 
Jardino Japan <25P> 154b (27/12) 

Jersey General 218® 19® 

Klrinwort Bunion 4pcDb. 65b 
London Pro*. 1250) 105b 
London Merchant Secs. (2Sp> 66 7 
Lowland (26p) 54 b l ( 2212) 

M and G Din/ Cso. <lOo) 107 <27/129 
Mercantile (25e) 36b®. 4bpcDb. 73S® 
4 b 

Marc harts 4iracPf. 36b 
Midland 25o) 90 88 (22/12) 

Monks (2SM 4Sb 

New Tbrogmenon Inc. <25p) 19b 127,12). 

Da Ln. 130. Warrants 27 1 
Pantland (25a) 110 <27/12) 

Raebarn Invest. Trust <25p) 115b 
elver and Mercantile Trust (25 p> 166b® 
RoOeco > Reg. In Nat. Prov. Bank) iFlSi 
567 75 127.12) 

RdIIiko ikeg- In name or Nat. Prov. Bank) 
< FI5) 446p 

Romnev Trust (2Sp) B5b (27 12) 

Rothschild Invest. iSOp) 1989 

St. Andrew Trust '25P) 111 (27.12) 

Save Proseer Capital it Op) 55 'a 


ScottJth Eastern (25oi 132 

Scottish Invest. AbpcDo. 30 <Z2'1Z) 
Scottish Northern Invest. (25 b) 96 9. 

Ob. (1962> 22 
SootHsIl United (25?) 75 127:1 Z) 

Scottish Western (25p) go's 
Second Alliance Trass (25 pJ 1789 7 
sseurttlos TVunof Sow. USp) 177 07712) 
SlcrUng Tst. <2S«J 163 
Technology invest. Tst (2Spi 971- 


Thro^morran Secured Growth TsL Cap. Ln. 


Throgmonon Tst Q5s» 75b (27/12). Bloc 
Ob. 1982-87 67 
Trustees i2Sp] 137b 

Tjrnesktt Invest. Tst C25ol lOftij, 4bps 

United Slates Db. CZS01 B7 
WJtan hnrest (25pi 87 


UNIT TRUSTS (2) 


M and G Extra Yield FtL Inc Unite 87 
M and G High Inc Fd. Ipc. Unite 109.2 

M and G Recovery Fd. Inc Units 94 
U7/12J 


MINES 
Australian (4) 


M.I.M, Hides. <SA0<50t 196 (22.121 
Psringa Mining Explrli. <5n> 16b (22/12) 
Western Minina OAO.SO) 142 40 35S 


Miscellaneous (26) 

Ayer Hitem Tbi 324 
Burma Mines <17bB) fib 
Charter ConsJd. (RegJ QSpJ 
amc Id. Gold FleUt (JSW 1 


7: b - 


130 1 

78® 7 8 9 


Idris Hydraulic 1 . 

Kamontlita Tin (5M0.50) 64 
Malayan Tin (SMU 347 (23ti 2' 
Rio Tlnta-Zlnc (Reg.) (2Sp) 2280 
0 3. Opt. Wts. 20 (22/13) 

Saint Wren (25p) 78 (22/1Z) 


Selection Trust (25^ 440 6 


Sllvermines (2bp) 

Tanks Could, liras. (SOp) iao: 


Rhodesian (1) 


M.T.O. (Mnngola) (25?) 36 <22'1Z1 
Minerals Resources (SBDIAOi 168 
Wankit Colliery (50p) 30 (22/12» 


So nth African (33) 

American Coro S. Africa 0)0.10) 


*3^1° 

Anglo American (R1) pi 545 
8u«»ls»ontrin (R1) 0825 (27/12) 
Consol Ida tea Murchison <R0.1QI 170 


Coronation Syndicate. IR OJg 65 02/12) 


Deelkraai (R0.20) U/51 

Doornlontcm (Rl) SUS33S P242 4bt 
East Rand (10p) 17b 
Eisbnrg (Rl 1 SUS1.08® p79 81 
Frfr Stela God old (R0.5O) SUS19b® 

Gold FHHds South Africa <1I025> £11b® 
Grootviel Pry. (ROJ25> 105 JUS 1X8 

( 22 - 12 ) 

Hartebecatfonteln Gold (Rl) £11b (27/12) 
Impala Plat. (ROJOi 178 (27/IZ) 


Klnro*s_(R1) j 24|| } (|7J 1 Z) 


Leslie Gold 

Loral oe . Gold (Rli 


60 


1^(27/12) 

. D-sof ss 67 

New Wit. Gold (RO.M) 98 
Pres. Brand |R030> SUSIIbr 
Rand Mines Praps. 81 (22/12) 


L vdehburg Plat- J R0.1 2 bi " 
Messina (TyJ.) (R0-5O -- 


Randfonteid Ests. (£2i JUS41b® 


St. Helena _(RTV 5US_1 0 b^OZ/'li) 


Southvaal (RO.SOi SUSS 

SNItantrin Gold CRO.SO) 323 (22/12) 
Transvaal Consld. Land (Rl 1 11 
U.C. Invs. (Rl) 214 
Union Cpn. (Rosu) 250 
Ventenspost Gold iRI) 147 (27*12) 
WelLom Gold (R0S0> SU53.60 
West Drleniontein (Rl > SUS32L® be b 
Western Areas Gold (Rl) 132 (27/12) 
Western Deep <R2> SUSIObO 
Western (RO.SOI 15.60 (32/12) 


Diamond (4) 

De Beers Cons. iRO.OS) SU&5A2 p380 801 

OIL (106) 


BrfHsh-Bomra Petroleum (1 Dpi 156 
BP 926® 20 IB 14 28 12 10 101 121 
16 

Burmah 82 3b 1 3b; 3. 7bocLn. 64'i®. 

8'^jcLn. 61 b 
Century (1 Op) 62 (22/12) 

Chart mi all (5pi 23 
£sio 5bPcDb. 78b (27/12) 

Hunting <25p) .86 (22/12 1 
KCA Inter. (25pi 33 

London Scottish Marine >25 p> 137® 28. 

Oil prod, units (tOni 400 (27112) 
Premier (Sot 14 b 
Royal Dutch (FI-201 42.70 42bt 
Shell (25pl 5720 701® 809 70 65 8 73 


66 7 SO 2 71 63 4 4t. (Br.l C25p) 587® 
2; 79. 7PCPf. 62 (27/1 2 j 
Trkcmroi I25n> 152 6 
Ultramar (25s) 223® 2 1 4 3 19 20 


PROPERTY (68) 

ISpCPf. 97b 


Allied London CIOpj 56. 
(27/121 


AHnatt London «5 pj 230 (22/12) 
Bank Commercial MOD) 3 


Beltway (25o) 741® 5 4b 
Berkeley Hsmbro <25pi 148 


B I Iron Accum. sns. «5oi 183 (27/12) 
British Land (25pl 44b 4 5 
Brixron Estate «25n> ll9 H C22/12) 


65*pc 


Capital Counties i 2 Sdi 66 (22/12j. 

Db. 56b. SbpeLn. 71b (22/12) 
Centrovlndal Estates iZOp) 95 (22/12) - 

County District <5 Op) 129 
Daelao QSpi 10S (221121 
Dares Estates HOpl 19b (27/12) 

Dorringfon Inv. (IDp) to (27/12) 

English Proa Coro. (SOp) 35i® SJ* b 7b 9 
Estates Agency iZSpi 56 
Esute* Gen. In*. (2 Dp) 20b 
Groat Portland Estates (SOp) 228® 7 
Guildhall (25o) 93 

Hommcraen Prop. Invest Tst- A <25p) 633 
Haslemere Eats. MOp) 284 
Intefeuropeafl Pro. Hides, nap) 38 (27.H2) 

L A n &sS°120 (ZSM 126 5 a2j12) - O” 1 

Land Secs. Invest Tst. (50pl 245 40: 6 4. 

BSpcUnsec.Ln. 66b* 6 
London Pro*. Shop Centre* (H/dgsJ <1 Op) 
1AB (27/12) _ 

London Shop Prop. Tst gsp) 72 
Lveton Hides. (20p) 127 (22/12) 

MEPC (25p) 1520 50 
MOuntwew Est*. (5 p) 90 
Muddgw (A. J.J Group GL5o) 127 <27.1 2) 
Noil EStS. 0 Brest*. 6b<WlstMLD6. 82 
£27(12) 

Peachey Prop- Cpa. <2Sp) 92b® 1 

fjoperty Secnrity Invest- Tst OpcPf. 75 

Raelan Prop, rst <5p> 5b 

Rush T«Ttpkina Group <25p)101 

Samuel Props. (25c) 89 

Sloagh Ests. (25P) 123 20 

Slock Conv. . Invest. Tst, «2Spi 290 

T vo n i?b / Prm ‘ MOrt ,3 ' 1 ® 1a 141 1S ** 
Town Centra Sees. C5o) 74 (22.'12) 
Write Uosenh) »_&P) I9«, 20 (Z2/i2j 


Winston Est*. <2Sp) CO 


BUBBEB (4) 


^h*?2? ta fi d ro. p tsr ,0,, ‘ n0 -* 


tf22L*V“ or PI « r «lw>s HOP) 9S (22/12) 

Kuot* Lumpgr Kepeng Serhad (MSI) 70 
Muar River Rubber ()Op) eg 
Plantation Hides, (lop) 64 (22(12) 


UK RAILWAYS (1) 

Canadian Paclllc (CSlO) p61s (20/11) 


SHIPPING (17) 

^conwwowea.th Shlpp/ng (SOp) 296 

Common Bros. (Sop) 189 7 (27(121 

Furness. Withy 237 

Hunting Gibson 9B 

Isle ol htaii Steam Packet 194® 

London Oversea* Frnphtert (2Sp) JBb 
Ocean Transport. Trading I25 p.> 107 b 
PemnuiU. Orient Steam Nav. DIG 83 
b 4 b 


TEA (3) 

Assam Inna. 99 

Warren Plantations Hides. (25p> 110 
W (I team son Tea Hides. ISO 


CANALS AND DOCKS (3) 


Manchester Ship Cans! 269 
Mersey Dock* 33 b 
Milford Docks 124 


SPECIAL LIST 

Business done in securities 
quoted in the Monthly 
Supplement 


DECEMBER 28 (Nil) 


DECEITS ER 27 (2) 


DECEMBER 22 <Nil) 


23 

RULE 163 (1) (e) 

Bargains marked in securities 


lb 3: 28 


which are quoted or listed on an 

overseas Stock Rrrtiange. 

1)T-F b. /h kh.k 2S 
Anglo United 27a 
Australian taper 880 
Am pa! Pet 58® 

American Cyeanund £17bS 
Australian can- Mines 1 1 
atm invest New 45 7 
BoureanvtRa Copper 1 32 
Bridge 011 1071 
Coles Gj. 1710 
C online Rio Tin to 294 
Comaieo A 20B 
New Meni 44 ) 

Pacific Copper 56 
Roctwull UK £2Sb® 

Sterling Drug £1 lb 
WestfMd M morals 2S5® 

DECEMBER 27 (2) 

Aohtan Mining 70® 

Boral 1760 

Ccrm-al Pacific Mine 320 
Oil Search 4: 

Pan Continent* SUSl lb 
Santos 169 
Scotttoh Cables 500 
Unilever NV Ord. (20FD £4b» 

DE CEMB ER 22 

Dlgbal Equipment SUSSIb 
Hud mux Say Mining and Smelting. A 
5US15AO 

Heobleir Inc. £19b® 

North West Mining 23 
Otter Ex. 25© 


RULE 163 (2) (e) 
Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 
DECEMBER 28 


Bonier TV A NV Z5<: 

BuorTtos Ayres Locrose Tramwaqs SttO 
5 pc 1st mft DO. £30 
Cambridge Inst. 5b ■■ 3, 2, ’i 
CjfnQndOP Inst. 4 b 
Channel Hotels and Props. 23 
OH mace 25 1 
Dowswena 19 

GRA Tst line Sub. Uns. £7 „ 

Grendon Tst. lice Safa. Un*. £7 
Island Garages 19 
Jenmngs Bras. 84 
K el lode 48 

Krilock Cnv. Sub. Var. tltt series) 4B 
Kumck 21 

Manchester UU. New 425 375 50 37b 25 

Merry down Wine 31 

Mining In*. 67 

Morton Vi liters Triumph 2b 

Queen *Iana Mine* 227 2 

Queen Si. Ware nouse S 

Star OSsnore Services 102 100b 100 

Vildne Oil 104 

DECEMBER 27 

Exchem 97 

Gibson (William) 4bpcPr. 1 5 
Ipswich Port Authority 3bPC Mtg. Db*. 
£26 

Kei/ocft Hoc Red.Pf. 83 
Moddosk Zfi 

Mafldock 7J*0C Sub.Uns. £71 
Nationwide Leisure 8<i 
New Court Natural Resources 14>u 14 
Oldham Brewery 78 6 


DECEMBER 22 

Arsenal FC £151.50 
British Urallte a 7b 
BuTTouflh rjamesi 130 
Darting Fund linns 5A1 135 

Dart VaRev Light Railway 42 
Gibbs Mem 620 

Grendon Tust 1190 Sub. Uns.Ln. £7b 
Manchester and London >nv. Tst. 16 14 
New Court Natural Resources 14>i* 14 
NuthaNs ■'Caterers i 7pcNon-cuin. 37b 


RULE 163 ( 3 ) 
Bargains marked for approved 
companies engaged solely la 
mineral exploration. 
DECEMBER 28 

Cluff DU 375 
Siehens aim 25E 

DECEMBER 27 <N1!) 
DECEMBER 22 


■ Sa pctTnwsf'Tn ft Uic .leoris E-rcbamw 
CreiBrtli 


CURRENCIES, MONEY and GOLD 


UK MONEY MARKET 


EXCHANGES AND BULLION 


The Treasury MU rate fell by of corporation biUs, all direct 
0.0022 per cent at yesterday’s from the discount bouses. Total 
tender to 11.5635 per cent assistance -was termed as small, 
although the minimum accepted The market was faced with a 
bad was £97.06 against £97.08$ moderate net take-up of Treasury 
the previous week. Bids at that bills to finance and a small 


level were met as to about 13 
per cent and all bills offered 
were allotted, with the £300m 
on offer attracting bids of 
£649.015m against £712 55m. 
Next week a further £300m will 
be on offer, replacing a similar 
amount of maturities. 


Day to day credit was in 
slightly short supply in the 
money market yesterday, and the 
authorities gave assistance by 
baying a smaU amount of Trea- 
sury bills and a similar number 


THE POUND SPOT 


excess of revenue transfers to 
the Exchequer over Government 
disbursements. Money was also 
drained by customary end of 
month oil payments. 

On the other hand, banks 
brought forward balances a 
moderate amount above target 
and there was a fairly large 
decrease in the note circulation. 

In the interbank market, week- 
end money opened at 102-11 per 
cent and touched 11J-12 per cent 
in late afternoon, before dosing 
at 7-8 per cent 

Rates in the table below are 
nominal in some cases. 


Trading in yesterday’s foreign 
exchange market was predictably 
rather subdued ahead of the 
New Year holiday, with most 
financial centres closing early. 
The dollar showed a weaker 
tendency against most currencies 
in thin trading, which probably 
did not provoke much central 
bank intervention. The Swiss 
f^ane improved to SwFr L6205 
from SwFr 1.6297J on Thursday, 
while the D-mark was also 
stronger at DM 1.8200 compared 
with DM 1.8300. 


The French franc improved 
sharply, after France's decision 
not to join the EMS.on January 
2 had pushed up demand for the 
franc. Domestic money rates 
rose sharply, and against the 
dollar, the French unit rose to 
FFr 41700 from FFr 42075. 


Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade weighted average deprecia- 
tion widened to 9.S per cent from 
9.7 per cent. 

Sterling opened at S2.0280- 
2.0300 and rose to 52.0325 in 
early morning trading before im- 
proving to $2.0350 by lunch. In 
the afternoon it touched $2.0420- 
2.0440 before intervention by the 
Bank of England probably ruled 
out any further improvement, 
and it closed at $2.0405-2.0425, a 
rise of lie. On Bank of England 
figures, sterling's trade weighted 
index improved to 640 from 63.8, 
having stood at 63.8 at noon and 
in early dealings. 

Gold traded very quietly for 
most of the day, after a little 
interest up to 11 am. By the end 
of trading it showed a gain of 
$4} an ounce to $226-2262- 


it 


41 


Tea Abrasive* (lap) 53 (27.' 12) 

Text ui-4d Jersey <10 pi 451; (27/12) 
Thame* Plywood Manuttrs. (25p> 
(22112* 

“The Times" Veneer <Spj B 
Thermal Syndicate (25t» 97 (22/12) . 
Thomson Orsanuscion SJTStaTf. 64 *27112) 
Thorn electric jj (2St»l i&50 2 6 It 


Three Oats ofeartonal MMttna 630 

~ jjCoo) lasoi'j 2_?Oa 



BUILDING 

SOCIETY RATES 

• • ' 1 ^ • -.a - , . 

- Deposit Share 

Sub’pn 



rate 

accounts shares 

. • •Term Shares 



■ % 

■% 

‘ •% 


7.75 

8.00 

925 

9.00 3 yrs., 820 2 yrs. 


8^5 

8.75 

— 

— 


7.75 

8.00 

9.25 

9.00 34 yrs., 820 2 yrs., 825 1 yr. 

ApgUk Hastings and Thanet 

7^5 

8.00 

925 

9.00 34 yre., 8.50 2 yrs, 825 1 yr. 

Bradford "arid Biijgtey 

- 7.75 

8.00 

9.25 

9.00 3 'yrs., 8.50 2 yrs. 


■ 7.75 

8.00 

930 

9.10 2} yrs., 8.75 2 yrs. 


. 7.75 

. ' 8.00. 

0^5 

— 

Bristol Economic -a** — 

7.75 

8M 

925 

825 3 months' notice 


• 7.75 

8.00 

925 

9.00 3 yrs^ 8.50 2 yrs. 


j - 7.75 

8.00 

925 

9.00 '3- yrs., 8.50 2 yre. 

rwHfF ; 

Y-75 

8.56. 

9.50 

— ' ' 


V. 7-5Q 

'•850 

9.00 

— • •*.8.40 over £5,000 


• 7J5. 

8.00 

925 

8.75 TTimrmnTT! £500, 6 months' notice 

Cheltenham: and . Gloucester : 

_7.75 

&0Q 

9.25 ■ 

' 9.00 3 yrs, 850 2 yrs, £500-£15,000 


7.75 

8.30 

9^0 

9.55 3. years 


8.00 

•‘MO 

925 

925 3 yrs. increment share nrin. £500 


7.75 

84)0 

925 

"9.00 3 yrs. min., 8.50 3 mths.' notice 


-:-7.75' 

&00 

10.00 

925 3 yis^"8.75 2 yrs., 825 1 yr. 


7.75 

&00 

925 

820 tip to, 3 months' notice 


7.75 

: &00 

925 

9.00 3yrs., 85 2yrS-, min. £500-£15,000 


7.75- 

8^5 

■8.50 

825 .0,000 3 months' notice 

TTfllffii* " '- 

7.75 

8.00 

925 • 

9.00 3 yrs., 820 2 yrs. 


7.75 

8.00 

925 

9.00 3 yrs^ 850 3 months notice 

Hearts of Oak and' Enfield. 7. 

7.75 

-'835 

9.75 

925 34 yrs, 9.00 2 'yrs, 8.71 1 yr. 

.Hendon ; ...7. . 

8.00 

8.50 


9.00 S months, minimum £2,000 

- . Huddersfield and Bradford.. . 7 

7.75 

8.00 ' 

925 

9.00 3 yis., 8.50 2 yrs. 

Leamington Spa ' . 

7^5 

.8.10 

*10.97 

825 2 years. ■ 3 years 

Leeds Permanent — ... 

■ 7.75 - 

aoo 

925 

9.00 3 yrs., 850 2 yrs, min. £1,000 

Leicester 7 

7.75 

8.00 

.925 

950 3- yrs., &50 2 yrs.. 825 3 mths. 

• Liverpool ......7.:., ........v 

7.75 

8.00 

9.45 

9.10 3 yrs, 8.60 2 yrs., min. £1,000 

London . Goldhawk ............ 

7.75 

825 

9.50 

925 3 yrs., 9 2 yrs., 8.75 1 yr. 

Melton Mowfcray,: 

7.85 

aio 

925 

855 2 yrs., minimtim £2,000 

Sfidsteres - 

r 7.73 

8.00 • 

035 

9.00 3 yrs., 8-50 2 yxs^ 825 1 yr. 

MomJngton. . 

8J55 

,8.75 

. — • • 

— Rates effective from Jan. 1 

National 'CoimtiM 

8.00 

. 8^0 

9,30 

9.« 6 mths., S.75 3 mths^ min. £1,000 

Nationwide - 

7.75 

sioo 

925. 

950 34 yis^ 850 2 yis., min. £500 

Newcastle Permanent 

: 7.75 

‘^00 

920 

9lS 0 3 yri, 9.00 2 yrs. 

.NfiW ■~(^088 > 'l4aa4~«in;«'fiasiii4l«M«. - 

850 

. .w. . 

. . 

— -8 Jf&i 9-00 2 yis., 8.75 1 yr. 

Norffeni Rode — 

7.75 

s .00 

925 

9.00 3 yrs, 850 2 yis* min. £200 j 

Norwich . 

. 7.75 

• &00 i . 

9.50 - 

aoo 3 yrs, 8.75 2 yrs, min. £200 

P«*lu|in ~1. .......... 

-8J»- 

8.50>.’' 

• • 

— r 

Pnrtmanf 

7.75 

8.00 

925 

950 3 yis, 8.75 fyrly., 825 3 mths. 

Prioeipdity. - 

7.75' 

- 8.00 

925 

9.00 34 yis., 850 2 yrs, min. £500 

Progressive .i — 

8.00 

8.25 

925 

9.00 2 yrs* 8.75 3 months’ notice 

Property-Owners 

7.75 

• aso 

2.75 

950' 3 months notice 

. Pmirifii*fql' 

7,75 

8J00 

925 

950 34 yix, 8.50 3 yrs. j 

Skipttm 

7.75 

8.00 

925 

950 SynL, a50 2yrs, 825 3mths. not 

: ‘ Sussex Mutual 

7.75 

&35 

10.00 

920 3 yiS^ 9.00 2 yrs^ 8.75 1 yr. j 

Town -ind Country- 1 . 

■ 7J5- 

- S W +10.00 

9.00 3 yis, 850 2 yrs. + May. $25 0 

.Walthamstoiv » 

-7.75 

■ aio 

920 

9J5 3 yrs, 855 3 mths. not min. £500 

IWoolwich 

7.75 

8.00 

925 

950 3 yrs, 850 2 yis. 


line with changes ln ordinary share rates. [ J 

- An-thesft r^ea are after baac rate tax liability bas been semea on oenatr oi ine in«i». j j 


TlIKofl (Tticma*) 

Ttatal (25*a_44. 7l4PtiUl. 61 ’4 SOI 

Tozer K&malev MUMmxoti (HMgi) (2 Op) 51 

TrSalgar House OOP) 119® 1® 20 2'20ix 

1* 

Transparent Ppper (29p1 66>a 
Tranvrood Gp. l5pl 4li 
T|*»K Arm*) 125*1 1*74 


Dec- 29 


■BaTkl 
rate! 
+ I 


Day’s 

Spread 


Closa 


OTHER MARKETS 


GOLD 


U.S. 8 I 91 b I 1.0298.2.0440' 

Canadians] 10V 2.MG6-2.4180! 

Guilder I V* 

Belgian F 


Trident TetaviNon A C10 p> 53 
CSpi 


2S4 k«Sl. 


Trust Houses Forte 
7437Se>dji. 601; 

Tube inv. 3751® 4. 6'jPcLn. 69*1 <271121 
Tunnel Hktg*. B iSOpi 308 6 11: 

Turner Nevrail 1639 60 3 59 74 Si 5 


UBM Gro. (25p) 73b (27/1 2) 

was Gro. CSW 87 

Unicorn Ind*. i25p) 99 (27/121 

Unlgate <2Spi 74® 4 5 3 

Unilever <2 So) 53B® 2 4 30 6. 5hPCLn. 

42. 7-VpcLn. S3 
Union Inter. GpcPi. 43 (27/12) 


Unlroval_ 5PC i P(. 37 (27^1 


United Blsculca CZSpi .. . _ 

United Clrv Merchants nop) 48. 
United Gas Ind*. i 25 p> 659 
United Newspaper* USp) 327 (22J12) 
United Scientific (25pi 2630 i 
United Spring Steel (lOpi 2.B 
Unochrome inter. (10 p) ID -9 


Valor (2 Sp* S 3 (27/121 
Vaittoru (20 p) 130. Do. New 133 
Veetts Stone (lOpi 41 i22/12> 

Vickers 190 2 1. BpcPf. 550 
Victor Products lOpcPt. 100*i 127/12) 
Vmtan (20pi 148 
Vospcr (25p) 1919 90 


W— Y— Z 


| Starling 

Dee. 29 .Certificate 
1978 | on deposit 

i Local 

Interbank ', Authority 
< deposits 

Local Auth. 
negotiable 
bonds 

Finance 

House 

Deposits 

Discount 
Company market 
Deposits; deposit 

Treasury 
Bills 4> 

Eligible 
Bank 
BUIS * 

Overnight 1 — 

2 day* notice .1 — 

1 days or . — 

7 days notlce-i . — 

One month ! lS-llrft 

Two months—; IBA-lS'a 
Three months. 12ft IS* 
Six months ....[ IB&a-LB't 
Nine months.-! ISss-lSU 

One year i 18ft- 12 lj 

Two years. 1 — 

7-12 j - 

- im-1199 

11-11)6 lUs-llJs 
lift- 12 llJa-12 
12ft-12ft - 

ISij-isbbi lSfe-lSi* 
12ft-18^ 12 i 8 

1214-12)8 12-1214 

- | lSls-1246 

121442S* 
12i*-12i# 
12 14-123* 
1214-12)4 

12)8-12)4 

1214-224* 

13 

12)8 

12*8 

127a 

12)* 

12*8 

12is 

111< 

12)8 

IOI 4 -IHS 

111*12 
Ills 
11)* 
id*- ia 

1M414 

lift 

11*8-11* 

!??« 

12ft-121 4 


Wade Potteries flOo) 41 
Widhsm Stringer (IDPi 42 h 
Wagon Inds. (25 p 1 152 
Walker (A.) HOo) 21 Ja 07/121 
Wallis Fashion (tap) 77 
Wan Hldas. nop) 39V (27/12) 


warn nines, nw/ »■» _ 

Ward (Thos. W.) (25p) 77® 7 ■*. 7lraeL^. 

WwcfwhTte Vro. C25P) 99 <271121. 10'jpC 
Pf. 203 lj (22/12) 


Wordle (Bernard) (10p) 32'* (22/12) 
Waring GJHow (Hldgs.) GSo j 1 25 C2I 


Warner Hc*davs A tlQp) 34i. 
Wassail (J. W.J (5d 78 (22/12) 


7/12) 


Waterford Glass <5gMS7. 


WearweU (So) 34 
Wedgwood (25p1 


2) 


105 6 3 


Walk© Hldgs. (5o) 24 
Wratbrtek Prods. (250) 65* 4 
Westlnfliiouse Brake Signal (25p) 89 
Westland Aircraft (2Sp) 32'j Da I 
White Child Bouev C25P5 106 


WMteerott (25p) 113 

[Henry! 


Wigfall t HenryV (25P) 2S4* 

Wilkins Mitchell l25p) 38 
WHktnson Match 175® 3 5 
Williams (Jttenl Cart'6 <29rt 57 5 
Wllmot-Breeden (Hldat) (25p) 80 79 
Wilson Bros. (TOP) 42® r ,, M _ 

Wlntper ff* fl °2!L f2 ^nZ 7 4r 2 2 na 
Wire Plastk: Prods. (KM -41# 

Wlttrr r.Thoma*) *25ol 52 
WgntevKlI Foundry £i»o in. (10p). 39 
Wood Hall Trust (25oi 92 
Woodhead U.) and Sons <2Sp) M 5 
Wool worth iT- W.) and Co. (25®) 649 3 
2 h 


York Trailer Hides- (10 p> 51 (221121 


Zenith Carburetter Co! <5 Dp) 80® 
Zmers Group (5s) 54 


FINANCIAL TRUSTS (40) 

nour Trust MOp) 141*. lOUpeLn. 


64 


Danish K j 8 
D mark 9 
Port. Esc. i 18 
Span. Pea-l I 
Lira 

Nrwgn- 1C. 
French Fr. 
Swedish Kr 
Yen 

AustriaSchJ 
Swiss Fr. 


10*91 

9*s 

Mi 

-4i« 

1 


4JW4.04 
BB.M6B.8tJ 
1I.BS-1B.S9 
5.68i-5.7*4 
BS.BLM.Oe 
14S.70-14S.00' 
1,886-1,894 
1Q.17-10J4 
B. 48-8^2 
B.71-8.7B 
898-400 
27-1827 


JJM06-UI426 
2.4186-2.4 IBS 
C024.0S 
S1.7U8JE 
10.37.10.38 
5.71-8.72 
85.60-94.00 
142.90- I4ifl0 
1,687-1,689 
18.22. 18.24 
8.404-8-01* 
B.73-8.7S 
B964-8975 
27.1827.18 
5JD8J1 


Deo. 89 


Argentina Paeo... 
Australia Dollar... 
Brazil Cruzeiro— 
Fnland Markka— 
Greek Drachma.. 
Hong Kong Dollar 

Iran Mai-...- 

Kuwait Dinar (KD 
Luxembourg Frc. 
(Malaysia Dollar... 
Now Zealand Dir. 
Saudi Arab. RiyaL 
Singapore Dollar. 
8th. African Rand 


Belgium rate la for convertible 
francs. Financial franc 59.80-69.90. 


£ 

5 







42.05-43J13 

20. 59-2 i. OB 

Danmark 




9.7575-9.7876 





0.547-.0.557 

0.272S-0J7SS6I 

Netherlands 




1.9005-1.9165 

6.69-6.79 

4.3920-4.4120 

1.7521-1.77841 

0.9SBO-0.941Q 
3^100-3.3210 
2.1620- 2.1B30 
0.8582-0.871 X 

Spain - 

Switzerland—— 
United States— 
Yugoslavia 


£ 

Note Rates 


26VZ714 

59is-60ii 

10.30-10.40 

B.45-8.60 

3.65-3.75 


1,645-1,695 

597-402 


3-95^ J)5 
10.10-10^5 
93-99 
146-149 
3.25-5.56 
2.0400-2.0600 
41-44 



Dec. 2B 

Deo. 28 

Gold Bullion(efina 
ounce) 


S221J-222 

Opening - 

£2221-224 

S 225-2221 

Morning fixing 

S224.60 

S223-W 

Afternoon fixing— 

(£110.2 66) 
622B.D0 

(£109.100) 
f 220.05 

Gold Coins, 
domestically 

(£110.676) 

(£108J0S) 


Krugerrand !8M7l-2IBi i82S4*-2Hi 

|<£1 1 Br-1 17«)'(£ 1 16^-1 IB4) 


New Sovereigns... IS83J -Btj 
,(£51M2|) 

Old Sovoraigne.— 


Bate given for Argentina Is free rate. 


Gold Colne, 
Internationally 
Krugerrand 


'56W-65; 

!(£SU-S2i) 


IC2S1-2S5 


LONDON MONEY RATES 


New Sovereigns- 
Old Sovereigns.— 


Fine 

Trade 

Bills® 


820 Eagles 

610 Eagles- 

SI Eagles 


S594-61J 

i£29;-S0i) 

88«-66j 

(£5lj-S2i; 

S298-S80 

S 166-17 1 

S118-11S 


863^66* 

(£31i-62{) 

SG2J-64S 

(£61-62) 


S227J-229J 


(£1 15(-1 14))j(£112)-1 15() 


85B»-80* 

'(L'2Bj.28j) 

8823-642 

i£SI-52) 

5287-299 

6166-170 

C110-11S 


CURRENCY! MOVEMENTS 


I2«4 
12 Se 
12 5 b 

12|4 


December 29 


Bank of Morgan 
England Guaranty 
Index changes #•' 


Local authority and finance houses seven days* notice, others seven days* fixed. * Long-term local authority 
mortgage rates nominally three years 12V12H per cent: four yearn 12^-12* per cent; five years 1 21,-1 Z 7 , per cent. 
9 Bank bill rates in table ere buying rates (or prime paper. Buying rates lor four-month bank bills IZ^-IZ 1 , par cent; 

lour-month trade bills 12* 4 per cam. 

Approximate selling rates lor one-month Treasury bills 11 '» -II 3 * per cent: two-month ll'i, per cant; three-month 
1 1 V1 1 ”•»' !>«( cent. Approximate selling rate for one-month bank bills ID, per cent; two-month per cant: 

und three-months 12V per cenn one-month trade biffs 12\ per cant® two-month 12h per cant; and also three-month 
12^2 per cent- 

Finance House Bwe Rates (published by tha Finance Houses Association) 12*i per cent Irnm January 1. 1979. 
Clearing Bank Deposit Rates for small sums at seven days' notice 10 p er cent. Clearing Bank Base Rates lor lending 
124 per cent Treasury Bills: Average tender rates of discount 11.5657 par cent. 


Sterling 

B3.96 

-40.5 

U.S. dollar 

82.74 

- 9.8 

Canadian dollar ... 

78.90 

—184 

Austrian schilling ... 

147.82 

+19.8 

Belgian franc 

114.61 

+14.9 

Danish krone 

118.48 

+ 7.1 

Deutsche Mart 

161.10 

+42.4 

Swiss franc 

199.16 

+B5.B 

Guilder 

124.91 

+21.5 


100.66 

- 5.4 

Lira 

54.09 

—49.6 

Ten 

147.68 

+45.6 


Based on trado weighted changes from 

Washington agreement December, 1971 

(Bunk of England Index— 100). 


EURO-CURRENCY INTEREST RATES 


Deo. 29 

Starling 

U3. Dollar 

Canadian 

Dollar 

mm 



French Franc 

Italian Lira 

Asian S 

Japanese Yen 


llae-Ubs 

lUs-lUe 

12- 12 >i 

12*6-13 

lau-isis 

13- 131* 

lOifi.lO** 

IOIj-IDJ* 

1Q7 b- 11)8 
lift u« 

12<*-12>t 

1 Ub- 12 ig 

7lj-8ls 
7i a -8Jfi 
10ft- lOft 

Wfs-Ilft 
lOft-llft 
IO* -11 ia 

1014-1018 

lOU-lOie 

978-1018 

966-979 

9 4-9 38 
eis-a** 

ft-ft 

Tt 

iTi» 

JW-lg 

«8-l4 

*a- s * 

318-314 

3la-3it 

3ri-3ft 

3 

3ft-3ft 

7-30 

15-25 

lOie-105* 

9J«-10M 

BJa-lOie 

1014-101* 

10-15 

1 IV 13*4 
124-14 • 
1312-141* 

14 la- 151* 
14-16 

llfrlZ ft 
, I4.i-I4ri 
i ^rr li fr 

18iW2ft 

— 10Je — 8i* 

— 24— j« 

■£** 
n a -zu 
2.1-2 ft 


Hie fallowing nominal rates wars quoted for London dollar certificatea of deposit; ono month 10^0-10.90 pdf cent: three months 11.IS-11.45 per cent: six 
months 11.65-11.95 per cane one year J1.60-J1.7D per cant. 

Long-term Eurodollar deposits: two yeare 10V11 1 * per cent; throe years 101-10*- par cent: four years IDVIWi per cent five years 10-1W* per cenr; nominal 
dosing rates. Short-term rates art call loraterilng. U.S. dollars and Canadian dollars; two-day call for guilders and Swiss franc*. Asian rates are dosing 
rates in Singapore. ' 


UJL CONVERTIBLE STOCKS 28/12/Z8 


Statistics provided by 
- SetEstdcs provided by 


Pstv. end G«n. Jnvts. 51* 

ip) 65 

Britannia Arrow Hldn. (25o) <159 16 15 >1 
Challenge Cpn. 120 

Charterhouse Gronp C23p) 660 A . 

Dally Mall Gen. Tst. (SOp) 353 (26'12) 

□awnay Dav Group (25p) 37t' (27J12) 
Edinhurah GCT. Inv. (IDp) 28 30 (27:12) 
ItDobittvIi Indust- Hides. (12hp) 7 8 
(27 12) 

’rskine Hi 


‘iowse In*. (2Sp) 3G 


Wrote. S'*. SJjWL"- 40b 
IncJtfaOe 3009 235 2 
Ind. Comm Finance Cpn. 7ijScADb 1989- 
1992 61 (27/121 
Ltayft 5ottHh t2flD) 108 


Com.Pf. ! 96* 79'*© 8 


GAS (2) 


INSURANCE (67) 

RaSiUlSi&U^MiW 


Nome and description 

Size 

(£m) 

Current 

price 

Terms* 

Con- 

version 

dates 

Flat 

yield 

Red. 

yield 

Premium! 


Income 

Cheap( + ) 
Dear(— )0 

Current 

Ranges 

Equ.§ Conv.I Diff.9 

Current 

Associated Paper 0ipc Cv. 85-90 

1.40 

102.00 

200.0 

76-79 

9.3 

9.0 

1.0 

- 6 to 9 

5,3 

0.0 

- 52 

- 62 

Bank of Ireland lOpc Cv. 91-96 

mrm 

182.00 

47.6 

77-79 ■ 

5.6 

2.4 

- 5.6 

- 9 to-3 

6.7 

4.9 

- 1.0 

+ 4.7 

British Land 12pc Cv. 2002 

7.71 

16050 

333.3 

80-97 

7.6 

7.0 

6.7 

7 to 26 

0.0 

9L9 

61.3 

+54.6 

English Property 6$pc Cv. 98-03 

8.07 

87.00 

2340 

76-79 

7.6 

7.8 

- 3.4 

-11 10-1 

3.5. 

0.0 

- 3.9 

- 0.5 

English Property 12pc Cv. 0005 

1551- 


150.0 

76-84 

1S.9 

14J0 

52.4 

40 to 66 

26.2 

45.3 

381 

-19.2 

Hanson Trust . 6ipc Cv. KHJ3 

4.51 

7950 

57.1 

76-79 

8.4 

9.4 

- 0.5 

- 1 to 8 

0.0 

0.0 

0.0 

+ 0.5 

Hewden-Stuart 7pc Cv. 1995 

0.01 

380.00 

564^ 

75-79 

1.9 


8.6 

-10 to 9 

5-9 


S3 


Slough Estates lOpc Cv. 87-90 

550 

167.00 

125.0 

78-86 

6.0 

1.5 

9.5 

10 to 15 

33.1 

46.9 

HI 

ssEisisii 

Thom Electrical 5pc Cv. 90-94 


102.00 

29.1 

75-79 

4.9 

4.7 

- 4.7 

- 5 to 3 

5.1 

2.3 

- 2.6 

+ 22 


0.78 




8.9 

12.4 

K39 

3 to 21 

7.2 

3.9 

- 42 

-20-2 


1497 

L33 

0.5 

• 76-88 • 

8.1 ' 

6.4 

12.3 

9 to 15 

0.0 

61.9 

52.3 

+39.9 

Wilkinson Match lOpc Cv. 83-98 

11.10 

88.00 

40.0 

76-83 

11.4 

11.5 

23.6 

20 to 38 

28.2 

34 2 

8.4 

“15.2 


* Number of ordinary shares into which E100 nominal of convertibla stock is convertible, t The extra cost of invasDnern in convertible expressed as per cent nf the 
eoet of the equity in the convertible stock, j Throe-month range. 5 Income on number ol .ordinary shares into which £100 nominal of convertible stock Is convertible. 


This income, expressed in pence. Is summed from present time until income on ordinary shares is greater than income on £100 nominal of convertible or the final 
' rar is earlier. Income la assumed to grow at 10 per cent par annum and is present valued at 12 per cent per annum. 1 1ncome on £100 of 


conversion data whichever — — — — -- - - — — - ... . . — -- 

convertible- Income is summed until conversion and present valued at 12 per cent per annum. 17 This la income of *"■ .convertible less inconra of the underlying 
equity expressed as par cent of the value of the underlying equity. 0 The difference between the premium and income difference expressed as per cant pf the value 
at underlying equity. 4- is an indication of relative cheapness. — is an indication of relative dearness. 



































r vr w-s:*" 


jpaaies and Markets 


LONDON STOCK EXCHANGE 


Financial 

•X- 




2.0 lower at 
account 


Account Dealing Dales 
Option 

"First Declara- Last Account 
Dealings lions Dealings Day 
Dec.Il Dec. 28 Dec.2fl Jan- 9 
Jan. 2 Jan. 21 Jan. 12 Jan. 23 
Jan. 15 Jan. 25 Jan. 26 Fell. 6 

• " New time " dealings may take 
place from 9.30 am two business days 
earlier. 

The long Christinas trading 
account whieh many had fore- 
cast would herald some 
traditional good cheer for stock 
markets came wearily to its 
close yesterday in completely 
contrasting vein. As measured 
by the FT 30-share index, 
equities have lost 4t per cent 
over the three weeks but the 
most dispiriting feature of the 
period was the sharp downturn 
in business: during the account, 
official markings fell away to a 
daily average of 3,102 compared 
with 4.282 during the previous 
three weeks and with 3,715 in 
the run up to the end of 1977. 

As the final trading session of 
1978 petered out dealers were 
still awaiting some indication of 
the investment intentions of in- 
stitutional investors for the 
New Year. But the deteriorating 
situation in Iran and the threat 
to domestic oil supplies posed by 
the tanker drivers continued to 
inhibit buyers. 

Further small selling of in- 
dustrial leaders found the 
market extremely unwilling and. 
after displaying a slightly steady- 
ing tendency around 10 am. 
prices thus drifted easier for the 
rest of the day. Illustrating the 
movements, the FT 30-share was 
marginally harder at the first 
calculation, but finally a net 2.0 
d«wn at 470.9 for a Joss of 22.4 
on the account and one of 14.5 
nn the year during which it has 
ranged between 535.5 and 433.4. 

Contrasting mijveinents in 

British Govern mi?nt securities 
included marginal gains among 
most mediums and longs, usually 
reflecting financial end-year con- 
siderations and the addition of 
accrued interest for the long 
week-end. but fractional losses 
in the more marketable short- 
dated stocks. Speculative 
interest raised selected low- 
coupon issues, while demand 
also occurred for the two 
Variable coupon stocks. Funding 
5* per cent 1931784 continued to 
attract inquiries from surtax 
payers and, in a market short 
of supplies, rose to S1J before 
settling a net -i higher at Sl£. 

An uninspiring day in the 
investment currency market saw 
the premium move between 
extremes of 82; and 80J per cent 
before closing the day a net 1J 
lower on balance at SI 3 per cent. 
Yesterday's SE conversion factor 
was 0.7004 1 0.7000 J. 

Suspended on Wednesday at 


lower on 
and lack of 


not pending an announcement, 
deali 


lings were resumed yesterday 
in Brascan and the close was 


£ better at a 197S high of £112: 
following details of the Brazilian. 
Government's acquisition of the 
company's S3 per cent stake in 
Light Services de Eletricidade 
for £187m. 

Quiet conditions continued in 
the Traded Options market in 
which 223 contracts were com- 
pleted. This compares with the 
previous day's 232 and Wednes- 
day's 119, making the shortened 
week's daily average 191, the 
lowest since dealings began on 
April 21. 

Banks easier 

Banks drifted 
sporadic offerings 

rcls 

Midland, 350p, slipped 5 apiece 
while Nat West softened 3 to 
280p and Lloyds 2 to 2S0p. Bank 
of Scotland closed 5 off at 275p. 
Domestic and investment cur- 
rency premium influences 
brought reactions of 4 and 5 
respectively in ANZ, 333p, and 
Hong Kong and Shanghai, 255p. 

Insurances displayed no set 
trend following a small trade. 
Sun Alliance improved 4 to 50Sp 
but Royal gave up 3 to 357p. 
C. E. Heath declined 3 more to 
230p and Equity and Law 
cheapened 2 to 17Sp. 

Despite a broker's favourable 
circular. Brewery leaders closed 
showing small losses. 

Buildings passed an uninspir- 
ing session with the leaders 
mostly unmoved in the virtual 
absence of business. Elsewhere, 
Vectis Stone added 4 for a two- 
day gain of 6 to a high for the 
year of 45p in response to the 
increased annual profits and 
proposed 100 per cent scrip 
issue. Other movements of note 
included RMC which eased 3 to 
131p and James Latham which, 
in a thin market, firmed that 
much to a 197 peak of 138p. 
Recently dull A. Monk shed a 
penny more to 2p. for a loss of 
25 since the interim results and 
the chairman's pessimistic re- 
marks about the full-year out- 
come. 

Leading Chemicals sustained 
small losses following a quiet 
trade: I Cl eased 2 to 362p and 
Flsons, after initial modest pro- 
gress to 304p, finis hed a net 3 
cheaper at 300p. Elsewhere, 
Farm Feed responded to fresh 
speculative interest prompted by 
the appearance of a solitary 
buyer and. in a thin market, 
touched a 1978 peak of 7Sp be- 
fore settling 6 up on balance at 
74 p. Thinly traded William Ran- 
som added another 5 to a high 
for the year of 310p. News that 
Birmingham and Midland Coun- 
ties Trust has increased 'its stake 
to 17 per cent had no apparent 
impact on Bernard WardJe which 
held at 33p. 

H. Samuel wanted 

In an otherwise lethargic 
Stores sector, H. Samuel A stood 
out with a rise of 6 to 18Sp, after 


190p, on buying ahead of the In- 
terim results which are expected 
to be announced shortly. RosgjU 
added 2 at 34p, but Blackman 
and Conrad cheapened that much 
to 19p, after 18p. Of the leaders. 
Burton A gave up 3 at 167p, 
while Combined English, 104p. 
and UDS, 86p. lost 2 apiece. 
Among quietly dull Shoes, Foot- 
wear Investments shed 3 to 66p 
and Garnar Scotblair a like 
amount to 93p. 

GEC, down 3 more at 320p, 
encountered fresh scattered sell- 
ing in the Electrical leaders. 
Plessey shaded 2 to 106p, but 
EMI held at 13Sp. Electronic 
issues remained on offer, Decea 


following news that shareholders 
had approved the company’s re* 
structuring scheme. 

After a bout of small selling 
which tailed off soon after the 
opening, leading Foods went un- 
tested and closed with marginal 
falls. Occasional offerings 
clipped a penny from recently 
firm Avana at 77p. but Cans 
Milling, a good market since the 
announcement of the annual re- 
sults, added that much to a 1978 
peak of 71p. Lidstone dropped 
20 to 150p in a nominal market 
on the termination of bid dis- 
cussions. 

De VeTe Hotels, a good market 
of late on bid possibilities, held 



A. 395 p. and Eiectrocomponeuts, 
323p, fell 10 apiece, while Ratal 
eased 5 to 34©p. Elsewhere, 
Comet Radiovision gave up 3 to 
133p and Kode lost 2 at Hip. but 
the Board's encouraging state- 
ment on current trading which 
accompanied the annual results 
prompted a rise of a penny to 
14p in Crellon. 


Fresh small losses in the 
Engineering leaders mainly re- 
flected the absence of support 
Tubes gave up 4 more to 372p, 
while John Brown drifted off 2 
further to 364p. The majority of 
scattered movements in 
secondary issues were against 
holders. Edbro came on offer at 
187p. down 5. along with 
McKerhnie, 4 cheaper at 9Qp. 
Smaller-priced issues to give 
ground included ' Win. Cook 
Sheffield, 2'2p, and Westland, 31p. 
which eased 2 and a penny 
respectively. Against the trend, 
favourable Press mention 
stimulated a little buying in- 
terest in Richardsons Weslgarth, 
a penny firmer at 46p, after 47p. 
Among SlUpbuilders, Yarrow 
encountered further selling and 
gave uo 5 more to 303p, but 
Swan Hunter hardened 2 to 154p 


at 177p: the price in yesterday's 
issue was incorrect 

Interest in the miscellaneous 
Industrial leaders remained at 
a low ebb on the last trading 
day of the year and prices closed 
narrowly mixed. Reckitt and 
Colman, at 452p. were notable 
for an above-average fall of 8. 
while Beech am receded 3 to 
622p. A firm market of late on 
hopes that its Canadian sub- 
sidiary may soon be sold, Reed 
International encountered profit- 
taking and lost 3 to 152p. Still 
stimulated by the previous day’s 
disclosure that Racal Electronics 
has increased its shareholding 
in the group to over 8 per cent, 
Extel put on 4 more to 134p. 
Kennedy Smale found support at 
47p, up 3, while similar improve- 
ments were seen in Magnolia, 
130 p, and Third Mile Investment, 
25p. BTR shed 5 to 3 39p as did 
I CL, to 425 p, and Whatman 
Reeve Angel, to 255p. Far- 
Eastern influences prompted 
reactions of 6 and 5 respectively 
on Jardine Matbcson, 169p. and 
Swire Pacific, lOSp. 

Saga Holidays featured the 
Leisure sector with a rise of 5 to 
187p for a three-day gain of 14 
on Press comment highlighting 


increased demand for holiday 
bookings. For a similar reason. 
Horizon Midlands improved 4 
to a 1978 peak of 127p. Publicity 
given to a broker's circular left 
Black and Edglngton a penny 
up at fiSp, while occasional 
interest was shown ru 
Fleasurama which, in a thin 
market, put on 6 to 91p- 

Motors finished on a quiet note 
as dealers saw the account out 
awaiting clarification of the 
petrol situation. Among the 
Distributors, Arlington eased 2 
to 104p, but Heron firmed by that 
amount to 108p. EKF tended 
dull following a withdrawal of 
speculative support and reacted 
3 to 126p- Elsewhere Lucas 

closed 4 off at 298p. ' Wilmot 

Breeden, on the other band, 
added 1} to Sip still awaiting 
the results of the exploratory 
talks with Rockwell Inter- 

national. 

Adverse results from recently- 
acquired Videomaster left John 
Waddington’s first-half profits 

well short of market expectations 
and the shares reacted 6 to 190p. 
Mills and Alien ended 3 off at 
220p for a fall of 12 since the 
Christmas break as bid hopes 
faded. 

Properties ended the account 
on a quietly dull note. Losses of 
around 4 were marked against 
Stock Conversion, 286p. andL 
Great Portland Estates, 22 Op, 
but other leading issues rarely 
relinquished more than a penny. 
Regional, recently supported fol- 
lowing a £4L7m property sale to a 
pension fund, finished 4 cheaper 
ut 74p and occasional selling left 
Marler Estates 2 down at 33p. 

Oils react afresh 

With the rrisis in Iran still 
very much in 4be foreground, 
conditions in the Oil market 
remained unsetled. British 
Petroleum were again vulner- 
able and reacted afresh to close 
at the day's lowest of 906p, down 
10p. Shell shaded a few pence 
more to 563p and dollar pre- 
mium influences left Royal 
Dutch \ cheaper at £421. In 
secondary issues, Siebens (UK) 
weakened to close 14 lower at 
424p, while Oil Exploration, 
210p, and Ultramar, 214p, dipped 
6 apiece. Tricentrol gave up 4 at 
I48p. but favourable Press men- 
tion prompted an improvement 
of 2 to 15Sp in British Borneo. 

In Overseas Traders, second 
thoughts following Press com- 
ment oo the interim statement 
helped S. Hoffnuog, at 6Sp, 
te regain Thursday's fall of 4. 
Gill and Duff us fell 3 to record 
a two-day fall of 10 to 143p as 
vague hopes of a possible bid 
failed to materialise. 

Diminishing bid hopes con- 
tinued to affect David Dixon 
which lost 3 for a two-day fall of 
5 at lOSp following news that 
Birmingham and Midland Trust, 
which has a 22 per cent stake in' 


Dixon, has increased' its holding 
in vinyl and PVC manufacturers 
Bernard Wardle. 

Coos. Gold firm 

Consolidated Gold Fields stood 
out among London Financials 
with a gain of 4 to 182p and 
featured in the active stocks .list, 
for the second day running.' 
Small investment baying found, 
the market short of stock and 
the price rise was encouraged 
by the strength of the bullion 
price which closed $4.75 higher 
at 8226.375 an ounce. 

Other London Financials, how- 
ever, stayed close to their over- 
night levels but were slightly 
easier where changed. 

Among the South African 
Financials, De Beers were again 
strong in front of next month’s 
announcement of the 1978 sales 
figures for the Central Selling 
Organisation. Helped by UJ5. de- 
mand in late trading the shares 
moved 9 higher to 391 p. 

The strength of De Beers 
spread to Anglo American which 
finished 7 better at 302p, re- 
sponding to morning buying 
from Johannesburg and sup- 
ported Ey the firm bullion 
market. 

The further rise In the bullion 
price did not excite much in- 
terest in South African Golds. 
Very little stock was available 
and the market seemed content 
to mark tune although the under- 
tone was steady. 

But the investment dollar pre- 
mium was lower and this helped 
a slight decline in sterling prices, 
leaving, for example, Hartebeest 
and Vaal Reefs } lower at fill 
and £13 respectively. 

The Gold Mines Index was 
dawn L7 at 14L5 and the ex- 
premium index moved LI lower 
to 99.1. 

Far Eastern Tin shares re- 
mained steady, reflecting move- 
ments in domestic markets over- 
night, but UK shares turned 
easier. There was some liquida- 
tion of Geevor, Saint Hran and 
South Crafty in front of their 
ex-dividaad quotations. Geevor 
fell. 5 to 150p. Saint Piran 3 to 
77p and South Crofty 2 to 56p. 


FINANCIAL TIMES STOCKINDICEsf 


rjifaX. «;*! 


Government Sacn~. 

Fixed Interest— 

Industrial — 

Gold Mines 

Gold Mines(Ex4pm>j 
Ord. Dhr. Yield 
Earnings, Y'ld 2 (hill) 
P/E Ratio (net) f) — j 
Dealings marked — 

Equity turnover £m. 

Equity bargains fcotall 


DOC.' 

29 

Poc. 
28 • 

DSC. 1-DfluJ. 
27 • ; . 22 

DbCl 
21 ’ 

68.69 

66.66 

68.66 68.67 

66-55 

'70:26 

70.2Z 1 

70.2a 70.37 

70.-31 

470.9 

473.9 

--47BJ 479.3 

478-2! 

141.3 

145.2 

l41LSj - 14il 

159.2 

99.r 

100:2 

99.6r 99.8 

-. S9.2| 

6.131 

«;2o 

6,03k 6.02 

6.03 

16.98 

16.00 

,-UiM l»-7? 

16^3 

6.06 

&12 

8.21| ' B.23 

-8.21 

2^55 

2,445 

1,6741 1,793 

5,383 

' 

47.67 

16lBo| 27.28 

49.84 

■ — 

.10^2661 

6,0571 6,059! 

B.S97} 




88149! 


. . . 

.rasa . boor 


476. 2 :4«SS4 
141.4’ :«*8; 


1014 


14.4B 

608 

3,080 

6I.TO 

10,3BS| 


•Vi 


-100.7 


6.0 


16,74-: 

• ; si?T- 

'fiiea 


10 -am 473.2. It am 471.4. 

. -.2. pm 4703. 

■ latest index 

- * * Nil- 

Basis 100 .Govt. Sees. 15/10/26. 
‘1/7/35. Gold Minos 12/9/65.-' Ek-S 
Activity, July-Dee. 1942. 


Noan 471.1. J. pm 470.7, 

3. 'pm 47012. - - _ ' 

0 1-ZS8-4B28. -- -- . - • 

*7pB4. 

’Fixed Ini. 1328. Industrial Ord. 
pm. indsx started June 1972, ; 5E - 


HIGHS AND LOWS 


&E. ACTIVITY 


7*. - 

1978 

Since CompUat'n 

High 

Lew 

High 

Unv >. 

Govt Secs.- 

78.58 

6732 

137.4 

■49.18". 


(3/1) 

flO/lir 

(9/1/36) 

wifify . 


81 J21 

69.30 

150.4 



(8(1) 

(13/11) 

(28/11/47) 


bid. Ord. ~ 

63S.5 

433.4 

549.2 

49.4 


(14 fi) 

m 

(WfS/TO 

(26)8/411) 


806.6 

184.1 

448.3 

43.5- 


(M/8) 

(29/11) 

(22/5/75) (26/10/71) ■ 

.Gold Mines 

152-3 

90.3 

337.1 

-04;3-5 

(Ex S pm)- 

(14/2) 

(18(4) 

(3/4/74)' 1 

(2S/8/76) ' f 


—Dally 
GUT Edged _| 
industrials.. 
-BpecaiafitnkJ 
TotaJa.__ 



Dect. 

89 


TO. 

BO.l 

raja 


.-JB3.4 
B1.0 
20.3 
. a3_9i 


Deo. 1 
88 - 


208.-3 
BOA 
-18.3 
’ 65.7 


.9o.r; 
.84.3 
' 1&3: 
5B.S, 



v.-j ••• - 1 ' 


it*.-, f 

.-‘a . 

• • 

- ass 




fc . OPTIONS v- 

DEALING DATES Charter Cobs; BXZ, KCa, 

First Last Last . For Qiange Wateg Mills and- Alien, - 

mST : 

Decfl9 Jan. 8 Mar. 28 Apr. 3 Mtaofo ^ War- 

Jan. 9 Jan. 22 Apr. 5 Apr 18 rants, Talbex, Town .and SSty, 

Jan. 23 Felt 5 Apr. 19 May T Fraser Andiachfi^.and De Beers 

For rate tndictrtwms see end o/.DeferrecL Puts were, reported. 
■Share Information Service. ; in Racal and BPr Doubleoptidas 


Stocks to attract money -for were arranged in_UDT, Asso- 
ie call included English ciated Fish&rieS, FNFC9fc‘i 


the call included English date* Fisheries, fivfc ai- per . 
Property , John. Brown, Avana^ cent' 92/99, New Thregjmoitba-. '. 
Baker Perkins, Country and Warrants, Sir Joseph, Causton 
New Town Props^ Cons. Gold, and Cons; Gold. ..;r : v' l; 


NEW HIGHS AND ibWS F0R/I97S 


MONTHLY AVERAGES 
OF STOCK INDICES 


l Dec. I Her. ! Oct. J Sepu 


Financial Time** 
Gfiramni ^eo! 63-73) 
Fixed Intowij 70.10 

In-'o-’H.n ipi. 462.4) 

Gold Mines. 134a. 
Do. fKx-Spm) K7-7| 
Dealing* mlid.! 5,637) 

F-T. Actuaries 
Indira. Grp.... I 23036: 

600-Sttare ...... 

Fnumciel Gm, 
All-^h*nf <6501, -224. 
Hed-Dcbe | 66. 


C3.34 G933| 
69.79 7131 
47PJ 467^1 

132.6 160.1 

97.0 ll&.H 
4.344] 4.616] 


70.44 
7 LOB 
61&J* 
1B0JB 
126.0 
5^71 


The fallowing securities quoted by the 
Stare Information Service yesterday ' 

attained new HI ate and torts for 1R78. . - 

NEW HIGHS (18) 

CANADIANS CU ' 

BrMan BANKS (f). 

Fra “ r AnStot SffiLO«GS (33 

Beechwood Const. V cells Stone 

UtlMR! U.t atMMtcAL3 ta) 

firm Feed Ransom (WmJ- . 

STORES (f) 

Rojo ill ... 

ENGINEERING (1) 

MOD.lt, •. •• "-:••• 

Ctar-s Mlllhl j| |sur || |MU 

TkW Ml* ."ViSURECT, 

Horizon Saas Holidays 

f* eBSUMn “ PROPERTY Gt] . 
Amalgamated Stores Hartley led.. Trust 


. - . TEXTILES (2). . 

Foster a.) -- Textured Jcney. : 

. . V - . ^ NEW LGWS <141- 

. CANADIANS fj 5 
Can./Pec. 4 pc Dgb.- ■ ■ ■ 

■, BUILDINGS (T) 

Mordc (A.) - : 

- - CHEMICAIS m . . 

Wtarf M,n ElXCnUCALS OT . f '.. 

Lmurence Sc ^ <Mfl!EWM Q ‘ 

Brotherhood (P.) 


INDUSTRIALS « I 
tnfn«'i Newall 


Bestobetl 
Tumor A 

Woodkead 0 j 


-wr.RJboone 
MOTORS C2>: 


Aritngwn.Mdta^ - 

papes tn\ - - 

B running ^ ^ ^ 

Je^yGerc ^ ^ ^ ^ • 
Idris . •• 




RISES AND FALLS 


214.391 236J8I 233.41 
230^3 ZA9S& 266.70' 
162.17 164^3 172.08 
218.63 1 227. TO 234.73 
66.421 57. 10] 67.68 



Rl*h 

Low 

Induscrinl On) 
All-Shnre 

«33J (8th) 
228.08 (lhh) 

470J9 IZBth) 
2B0.22t28chj 


British Funds 

Corps, pom. A -Foreign- Bonds 

industrials 

Financial and Property 

Ofla - 

Plantations — 

Mines ....• 

Recent Issues ■ ; 


Yesterday 

tip' Anna' Same ' . 
33-12 33 .. 

2. 56. 

4T7 1^01 

129 355 

.15 ‘17 : 

5 25 .. 

63 ‘ 08 - 

B 24 . - 


3 

11G 

28 

.. 5 • 

2 

2J 

.2.'.. 


OB the week 

: -llp Oimur .Same •. 

- l« 4Z -v 2fi- ’ -W6. - - 
. 8. .12.0;-T6S: '• 

4S3 . '977 =3.114 : 

.183 -269 1.084 

9 37 

11 • .10 V - 75- e. 

,125 77 ZUt. 

• 8 21 ‘ «*•- " 


;'C VW 


total * 4 aw;- : - 


-L577- 


L- 


877 1.423. -W5L 


ACTIVE STOCKS 

yesterday- 

no. 


Stock' 

BP 

Shell .Transport.. 

ICI 

BATsDefd. 

Boots 


Lucas Inds 


aomina- 

of 

Closing 

Change 

197S 

1973 

tion marks 

Price (p) 

00 day 

hiqh 

low 

£1 

9 

906 

-10 

954 

720 

25p 

9 

563 

2 

602 

484 

£1 

7 

362 

— 2 

421 

328 

25p 

6 

255 



304 

227 

25p 

6 

165 

, — *» 

•- 

237 

184 

25p 

6 

320 

•- 3 

349 

233 

25p 

6 

S3 



94 

67 

50p 

6 

220 

•- 3 

235 

no 

20p 

6 

11S 

. n 

167 

111 

25p 

5 

82 

- 1 

94 

78 

25p 

5 

1S2 

+ 4 

204 

163 

25p 

5 

117 

+ 1 

131 

109 

50p 

5 

112 

— 1 

121 

87 

£1 

5 

298 

•- 4 

336 

240 

NU/pd. 

5 

48pm 

— 

70pm 

48p: 


ON THE WEEK- 


no. 


Deoomina- 

of 

Closing 

Change 

1978 

1978 

Stock 

lion marks 

price (p) 

on week 

bich 

)0W 

Shell Transport ... 

25p 

29 

563 

-15 

602 

484 

BP 

£1 

24 

906 

'-24 

954 

72 0 

Metal Box ** New " 

Nil/pd 

21 

4Spm 

- 6 

70 pm 

4Spm 

BATs Defd 

25p 

20 

255 

4- 1 

304 

227 

GEC 

25p 

20 

320 

- 9 

349 

233 

ICI 

£1 

19 

362 

' — 7 

421 

328 

Marks & Spencer 

25p 

17 

S3 

— 

94 

67* 

Allied Breweries 


15 

82 

— 1 

94 

78 

De Beers Defd ... 

P10.05 

15 

391 

+ 23 

488 

285 

Trafalgar House 

20p 

15 

11 s 

O 

167 

111 

Barmah Oil 

£1 

14 

82 

- 4 

89 

42 

Grand MeL 

50p 

14 

112 

— 2+ 

121 

87 

Lucas Inds 

£1 

14 

298 

- 5 ' 

336 

240 

Mills & Allen Inti. 

50p 

14 

220 

— 12 

235 

110 

Turner & Newall 

£1 

14 

157 

— 7 

209 

156 


The above list of active stocks Is based on the number of bargains recorded 
yesterday in the Official List and under Rule 163 (1) (e) and reproduced today 
in Stock Exchange dealings. 


A.B.N. Bank 

Allied Irish Banks Ltd. 

Amro Bank 

American Express Bk. 

A P Bank Ltd 

Henry Ansbacher 

Associates Cap. Carp.... 

Banco de Bilbao 

Bank of Credit & Cmee. 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd. ... 
Banque du Rhone et de 

la Tamise S.A 

Barclays Bank 

Barnett Christie Ltd.... 
Breraar Holdings Ltd. 
Brit Bank of Mid. East 


BASE LENDING RATES 

Eambros Bank 121% 

Hill Samuel 5121% 

C. Hoare & Cn fl2i% 

Julian S. Hodge 134% 

Hongkong & Shanghai 12j% 
Industrial Bk. of Scot 12i% 

Keyser Ullmann 121% 

Knowslev & Co. Ltd.... 141% 

Lloyds Bank 121% 

London Mercantile ... 121% 
Edward Manson & Co. 13}% 
Midland Bank 12}% 

Samuel Montagu 121% 


124% 

124 % 

12}% 

121 % 

12 }% 

121% 

12i% 

12 }% 

124 % 

12i% 

121 % 

12 }% 


13 % 
12 }% 
13}% 
13i% 
124% 


I Brown Shipley 124% 

Canada Perm’t Trust... 124% 

Cayzer Ltd 12}% 

Cedar Holdings 124% 


■ Charterhouse JapheL.. 12*% 

Choulartons 124% 

C. E. Coates 12}% 

Consolidated Credits... 12}% 

Co-operative Bank *124% 

Corinthian Securities 124% 

Credit Lyonnais 12>% 

Dujicod Lawrie 12}% 

The Cyprus Popular Bk. 12}% 

Eagil Trust 12}% 

English Transcont. ... 121% 
First Nat. Fin. Corp.-... 14 % 
First Nat. Secs. Ltd. ... 14 % 

■ Antony Gibbs 12}% 

Greyhound Guaranty... 12}% 
Grind! ays Bank 124% 

■ Guinness Mahon 


I Morgan Grenfell 

National Westminster 
Norwich General Trust 

'P. S. Refson & Co 

Rossminster 

Royal Bk. Canada Trust 
Schlesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 
Williams & Giya's ... 
Yorkshire Bank 


12 }% 
12 }% 
124% 
12 *% 
12'i% 
124% 
124% 
13}% 
134% 
14 % 
12-4% 
124% 
124% 
134% 
124% 
13 % 
124% 
12}% 


■ Members of the Accepting Houses 
Committee. 


124% 


7-dny dapnjiis iq%, i-month 
deposits 10V... 

7-dsy deposits on sums ©t £10,000 
end under 10% up to E2S.OQQ 
!0>*% and over £25,000 10 s ,".-,. 

Call deposits over £1,000 10*4. 
Demand deposits 10%. 


Option 

Ex'rcsa.ClosIng 
price 1 offer 

Voi. 

Closing 

ofrer 

— 

Voi. 

^Closing 
• orfer 

' Equity 
Voi. | close 

BP 

950 1 

5 

10 

32 

_ 


_ 

906p 

Com Union! 1+0 

9 


!2 

5 

! le 

— 

143p 


160 1 

£5 


52 

B 

1 34 

— 

180p 


180 1 

6 

lO 

15 


j 20 

— 

320p 

GEC 

B80 i 

41 


52 

8 


— 

GEC 

300 i 

20 

2 

34 

8 

1 50 

— 

•• 

GEC 

330 i 

6 

12 


10 

1 29 

— 

.. 

GEC 

360 ; 

1- 

31 

712 

9 

1 16 

— 

„ 


120 : 


— 

5 

20 

' 7 

— 

112p 

(Cl 

360 1 

11 



20 

2 

1 33 

— 

362p 

Marks & Sp 

70 

14 

— 

17 

5 

| 19 

4 

83 p 

Marks & Sp 

80 

5 

10 


-- 


— 



90 

li; 

5 

4lj 

— 

■ 8 

— 

n 

Totala 

! 


ao 


76 

1 

4 



February ] 


May 


| August 


Boots 

Boots 

Boots 

EMI 

EMI 

EMI 

EMI 

RTZ 

Totals 


ISO 

300 

220 

130 

140 

160 

iao 

220 


12 I 
3 , 


12 

6 

1 


5 

8 

5 

10 

15 

10 


16 


'■V — I 


5 

58 i 


21 ; 
10 i 

5i;i 
17 ; 

J 5ia! 

t«=: 
24 : 


25 

15 
8 

22 

16 
9 


— ; i85p 

— I ■■ 

— ! 13 'bp 


I - 


— 1 .. 

- 1 226p 


RECENT ISSUES 

EQU8TBES 


a ■ u i 

; = 3jS3 o: 1978 

Issue ! o 2 2|a,- 


Price iff a 0 ° : 

n- '<6- , QC HI 


Stock 


High l Low < 


if 3 ^ n ^isI.SsUfi 

„(4- or jioo = S'2£ olS 

-.5°- “5 i “ 


<. O' 


42i*;F.P.ie4illi 40 ■ 43 ,Amclitfe Hldga - A3 

AS0.50!f.P.| — *78 161 Ashton Mining BOe.... | 


AS12S| 

155 

29 

UO 


F.P. — 106 :iOO 'TTAust. Farming AS1. ;103 

F.P.i lOil |176 *171 HarrisQueensw'y £0p |17I 
F.P., 6/1 ' 51 : Z9 [Kitchen Queen iOp... l 29 
F.P.< — >135 ‘115 IMiU'ttsL's' reShps20p 131 


| 2.55! 2.4i 4.7' 

1+2 : 


6.9 


-1 ! r7.8i 3.ir6.8!7.i 

f 1.34' 5.41 6.91 4.8 

A:5.7- l.B| 6.5i12.6 


FIXED INTEREST STOCKS 


*> o i S: “Col 

50 l.=-. 2 sS 

se liaaiat 


1978 


<A|-*ib High! Low 1 


Stock 


i If K" 

1 US 


, 9p 

!F,P.:26;l '100 . 89^ Colno Valley Water 8^ Red Prf. 1335 :iai 

I lOOp; F.P. 28.I2 1 lOQic'p 99p Findlay 8^ Cnv. Cum. Red. Prf. . ; lOOp'-l 

D lOOpi Nil ' 5il I 6pm 2pm Hawlcy-Goodall 13?. Gmr. Uns. Ln. '0M8 4pm — 2 

t"I | F.P. 32/13 99p" 97p Newman Inds. 10^ : 0 Acc.. Pref. 97p ; 

■: |X10 — 131» 15 |Mid Kent Water 81, Pref. 1384 , 131 , 

Nil 11/1 'lipm' JjpmRivington Reed9ii%Cnv.Cuni.Red.PreMpm • 


I 


B7p ; F.P.' S/l - 9flp; 9ap.Seascope I0i«^ Pref. 


99p I 


“ RIGHTS ” OFFERS 



S60 j F.P. 
17 F.P. 
67 | F.P. 


305 

93 

45 

150 

310 

125 

260 

55 

IBS 

62 

22B j 


F.P. 

F.P. 

Nil 

F.P. 

Nil 

F.P. 

Nil 

Nil 

F.P, 

F.P, 

Nil 


« 8/1212/1 
■15/12 26/1 
■29/12 6/1 
'15/1212/1 
115/1212/1 
3/1 9/2 
I 8/13,12/1 
I 5/1 . 9/2 
16/12:12/1 
5(1 9.2 

5/1 !26/l 
llB/12 10/1 


:18/l2 15(1 
1 10/ 1 i 9/2 


| 645 
1 204 
' 77 
122 
116 

! i 5 4? m ! 
i 3Bpm 

I 161 i 
1 70pm; 
, 13pm; 
I 230 ! 
78 ‘ 


8pm! 


550 iBeecham 

19lsiBoulton tWm./ 

Capper-Neill 

Clifford (Chas.1 . 

Dixon tD.I - 

2pm!Foster iJohnj 

140 Hoskins & Horton- 

32pm.Lsp Group- — 

ISO M. L. Holdings 

48pm !Me Lai Box 

13pm|MHbury 

2 10 'Stothert A Pitt 

67 -Tam Consulate.... 
6pm-York Tine Woollen 


i 627 

I ibi e ; 

I 69 ~ 2 
122 ' ..... 
HO ' — 2 
Spmi 

\vF\~JL 

I Hr!:::::: 

! 69 I 

1 6pmi 


Renunciation date usually last day for dealing Irca of stamp duty, b Figures 
baaed on prospectus estimate. - Assumed dividend and yield, u Foiecuat divi- 
dend: covgr based on prcvicua •year s earnings, t Dividend and yield bawd on 
prospectus Q‘ otfier efficiaf ecumaies lor 1973. a Gross, t Figures assumed. 
1 Cover allows fnr conversion of shores not now ranking for dividand or ranking 
only lor restricted dividends. 5 Plocing price to public. v\ Punce unless other- 
wise indicated. 1 1ssued by tender, il Offered to holders ol ordinary shams as 
a ” rights." *• Issued by way of capitalisation. IS Reintroduced- Issued in 
connection with morrianisauon. merger or take-over. |]il introduction . H jsausd 
to former pretcrtnes holders. B Alloimenf letters (or fully-paid). 0 Provisional 
or partly-paid allotment fetters, it With warrants. 


FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilatfoD of the Financial Tines, the institute of Actuaner ani • w Facuftj of Actuaries 


,-i? ■ 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Flora In owOTfaws dim mmtrr it 
undo per wSl«. 

Fri 

, Dec. 29, 1978 

Thun- 

Dec. 

28 

Wed, 

Dec 

27 

Dec 

a 

Thws, 

Dec 

21 

Y ear 
ago 

(am/ 


-. !»fj LoWs index .7 

“l r * 

Index 

No. 

Dw'i 

Oapt 

% 



Est. 

P/E 

Ratio 

(Net) 

Index 

No. 

Index 

No. 

Index 

No. 


Index. 

No. 

r:1978 . " ■ ' 

Klgb J LSr 

- • Slnca' ^ 

• - CampSaSan ' . 

: -- -High,. - :J 1 

1 

CAPITAL GOODS (172) 

230.71 

EP 

1734 

5.63 

7.90 

232.08 

23432 

234.88 

234.41 

208.95 

25678 *(14/9) 

188.95 12/3) 

wmhR 

5871 03/12/70' 

2 

Building Materials (27) _ 

20337 


1835 

635 

7.41 

20435 

206.80 

206.89 

20639 

19190 

22658 tem 

16630 (3/3) 


4427 01/12/74) 

3 

Contracting, Cmtnxtin (28) 

357.94 

-02 

2130 

433 

6.81 

35838 

362.77 

363.42 

362.04 

34020 

41951 (14/9) 

28935 (6/3) 


7L48 CM2/74) 

4 

Electricals (15) . 

536.74 

-LO 

13.96 

■334 

9.86 

54L92 

549.94 

55001 

55004 

45021 

583J2 QO/IO) 

404.47 (2/3) 


84.71. (S/6/62) 

5 

Engineering Contractors (14) 

352.47 

Cl] 

18.49 

6.12 

735 

35431 

357.92 

358.93 

35851 

297.75 

38453 - 08/9) 

270.95- (60) 


6439 (2/1/75) 

b 

Mechanical Englra»fing(72)_ 

18L29 

eTI 

18.60 

639 

7.17 

18201 

183.81 

183.71 

18306 

160.92 

20435 a4ffl) 

349.87 . IZfJf 


45.43 (6/1/7 5> 

8 

Metals sd Metal FwmtagCLU_ 

15935 

bTi 

1735 

^97 

■ *’<) 

160.43 

162.06 

16L92 

16182 

160.70 

182.91- 08/91 

15422 . (27/2) 


4955 (6/1/75) 


4>1 LJIJ. 1 













-V - : 

. •, . j - 

31 

m Nreo'uirrij 

207.15 

EVI 


521 

7.84 

209.06 

213.71 

21057 

209.84 

19359 

22655 03/ 9) 

i73i3 am 


3839 00/751 

12 


261.91 

-L 2 

1423 

3.98 

936 

26531 

26734 

266.49 

26553 

23231 


209.01 (3/3) 

l-j, iVjfi.Mvri j 

,42.85 03/12/74) 

13 


16634 

-03 

1836 

6.86 

736 

166.85 

166.43 

166.76 

166J6 

182.64 

,19037 (M/9) 

.16054 (6/3) 

Wrlkysmi 'i.-'r/j ■ 

63.92 07/12/74) 

34 


11937 

BZj 

EifiZj 


5.7B 

12028 

12130 

12159 

12128 

11750 


104.68- 12/3] 

In *i 1 At- ft 

19.91 (6/1/75) 




■ 













21 

(N0N4MIRABLE) (170) 

206.66 

ELI 

1631 

6.17 


20734 

e m 

209.03 

20859 

203J9 

22823 04/95 

179.46 (2/31 


6141.(13/12/70 

22 


23L47 

- 0.8 

15.86 

6.49 

7.94 

23335 

234.04 



23032 

24157 (8/5) 




Z3 

Wines and Spirits (6) 

282.48 

-Q2 

16.45 

528 

8.93 

282.92 

286.96 

28551 

286.76 

253.18 

30L24 04/9) 

224.85 <2/31 


78.88 <1302/741. 

24 

Entertai/mnL Catering (17) . 

26735 

- 0.6 


638 


26939 

27236 

272.71 

27135 

26134 

2BL53 04/9) 

21952 i2f31 

tU Lit Wil Jin 

5453 (9/1/75) - - 

25 

Food Manufacturing (19) 

199.66 

-02 


5.64 

6.95 

20031 

3)L94 

20233 

202.02 

20100 

223.85 04/9) 

17537 (27/2* 

22385 04/9/7® 

5867 01/12/74) 

26 

Food Retailing (15) 

227.62 

-02 

14.63 

537 

933 

22830 

Z30J5 

229.00 

F33 

21524 

237.92 (14/9) 

.17653 (3/3) 

244.0 (270077) 

542501/12/74) 

32 

Newspapers, PubGsMng f 12J _ 

367.88 

- 0.6 

2L86 

6.60 

6.45 

369.95 

37235 

372.08 

369.B 

34650 

421.75 04/9) 

. 26959 12/31 

42L75 04/9/78) 

5558 . (6/3/75) 

33 

Packaging and Paper(15)_ 

130.73 

-03 

19.49 

8.05 

639 

131.43 

132.89 

132.96 

132.92 

129.97 

15555 04/9) 

U9H.05/Z). 

155.65 04/9/78) 

43.45 ttnmi 

34 

Stores (40) 

189.76 

BH 

12.49 

5.01 

1132 

190.80 

192.49 

19237 


193.92 

218.54 (13/9) 

16517 12/3) 

21854 03/9/78! 

52.63 (6/1/75) - 

35 

Textiles(23).™ ._ _ 

17839 

tiHjd 

kiTjI] 

839 

737 

17831 

179.98 

18008 


17136 

19L90 (12/5) 

160.85 <2/3) 

235.72 U7/1/67) 

6256 01/12/74) 

36 

Tobaccos (3) - 

23530 

B'FI 


7.98 



23637 

235.09 


226.95 

26650 (23/S) 

214.88- US/2)- 

33916 (2/8/72) 

9434 03/6/62) . 

37 

Toys and Games (6) 

91.46 

BIl 

24.13 

mJ'tk 

4.89 

92.28 

9218 

9254 

92L25 

180.79 

12521 04/9) 

9012 07/1 D 

135.72 06/1/70) 

20,92' (6/l/75)T 

41 

OTHER GROUPS (99) _ 

193.79 

-0.4 


6.42 


194.66 

19537 

19631 

195.49 

193.78 

.22324 04/9) 

17308 (3/3). 

22324 04/9/7© 

5853 (6/3/75) 

42 

Chemicals (19) 

275^6 

-03 

16.18 

6.87 

■TT 

276.77 

278.67 

280.03 

277.80 

26177 

31528 (14/9) 

238.69 (2/3) 

31528 04/9/78) 

7120 0/12/74) 

43 

Pharmaceutical Products (7). 

242.72 

-0.4 

1L43 

4.79 


243.76 

243.75 

244.93 

24358 

030 

29L13 (14/9) 

228.41 0/3). 

29113 0479/78) 

22841- (3f3fW 

44 

Office Equipment (6) 

128.71 

a 

18.88 



128.75 

12835 

12H.94 


32354 

150.75 03/9) 

117.48 (3/3) 

24656 Q/9/72) ‘ 

4534 . (2/D75F 

45 

Shipping (10) : 

40630 


14.89 

7.48 

832 


41137 

41102 


46177 

483.01 (6/D 

393.90 (20/ID 

r 53W8 08/5/77) 

90.80 (29/6/62) - 

46 

Miscellaneous (57) 


BH 




ESJ 

21132 

21148 


204.88 

.23656 04/9) 


25853 -(2S/72) 

5039 (6/7/75)-- . 

£9 

INDUSTRIAL GR0UP<494). 


BJd 

>'V.I 

Ei3 


MM 

E33B 


EH3! 


24L43 04/9) 


24L43 Q4/9f78) 

59.01 0302/74) 

5 1 

0 ns( 61 -. 

rwn\ 

sin 

•tJN 

EE3 1 

KZSI 


Eszni 

PW1 

FtTCII 

'.uhil 


417,98 (20) 

D- J .vL.M*L- | l!rul 

U25 Q/ffitOy 

F3 

■ -ii.u.i II. li .mm, 

EJ1 

CEO 


■53. 

BE il 


EEEIi 

EIETI 

KBR1I 

-Mi 




63.49 0302379 

61 

FINANCIAL GRQUPflOO) 

167.85 

ED 


5.88 

— 

'1LU 

17052 

170.44 

16935 


-.17139 (9W 



55MT13fl2JJ4i:\ 

62 

Banks(6) „ 

19531 

-L2 


6.03 

622 

19739 

19957 

19906 

19700 


20436 (23/D 

17158 (27/2) 

28832 (20/7/72) 

(ZMSEuatin r 

63 

■ Discount Houses (10) 

212.93 



831 

— . 

23293 

21Z93 

ao.45 

209.71 

■A It.y 

22833 (4/D 



€140 00/12/74) 

64 

Hire Purchase (5)- - 

163.63 

Eli 

1439 

521 

8.86 

165.09 

16637 

165.78 

165.78 

Jr. 4 1 '; 

37055 02/1) 



3853-01/1274): ' 

65 

Insurance (Ufe) (10) 

133 J3 

- 0.6 

— 

735 

— 

133.91 

135.77 

13630 

523 


15759 (W8) 


I «W//J | 

4458- . (2/1/75) . 

66 

insurance (Composite) <7)_ 

12231 

-03 

— 

736 

— 

12235 

124.74 

12532 

123.96 

13757 

143.46 (6/D 

. 11515 ■ <9/11) . 

VfVuA 

43.96 03/12/74) - 

67 

Insurance Brokers (10) 


-02 

15.45 

5.44 

.924 

MO J2 

314.48 

313.47 

31357 

334.88 

37227 (H/8) 

30120 (6/2) 


fiSM 06/12/74) , 

68 

Merchant Banks (14) 

77.40 

— 

— 

633 


7737 

7757 

77.71 

7T.49 

8237 

87.48. 05/9) 



3L21 (7/1/75) 

69 

Praoeriv (91) . 

267.42 

-03 

3.73 

3-07 

?Ejn 


270.20 

27033 

5A071 

9AIT1 

Wj V.c- > LI 


[lw | } . f j f t £ 


70 

Miscellaneous (71 

113.84 


7? 77 

7.47 


wn 

11426 

113.63 



IkdiUI 

- 99.61 (27/2) J 


3329 07/12/74) 


Investment Trusts (50) ._ 

20230 

S£J 

— 

5.19 

— 

20330 

204.04 

233.48 

203.21 

■MS 


1 

E3EnF3U7731i 



Mining Finance (4) ... . 

10126 

E Zj 

f.L.1 


6.63 

20086 

10L48 

10130 

1A1 44 

8857 


8539 (6/3) 




Overseas Traders (19) 

292.68 

mi 

16.63 

8.01 

735 

293.61 

29632 

295.45 

29539 

280.77 

»758 VtWl'.l 

26226 <2/3>- 

33758 imma' 


*1 

ALL-SHARE INElEX(673) J 

22022 

-03 j 

“ 

5.79 




m 

m 

21453 


lUoKil 

gggggj 









'*4 i,’ 








'-’ll: £-■*■ ^ Nrai, 


- n. - :■ 






it Vr 


FIXED INTEREST PRICE INDICES 


British Government 


lln*W5]» « , .. 

5-15 

0wl5yan___ 
irredwcsdihs — 
Ailstods 


Frl., 

Dec. 

29 


102.78 

120.90 

225.60 

222.04 

10927 


change 

% 


+0.07 

+0J3 

+0JK 

+0.29 

+0.08 


xd adj. 
Today 


an 


0.09 


adodL 
1978 
to date 


9.40 

2108 

2AJS 

14.48 

2174 


FIXED INTEREST 
YIELDS 

Br. GovL Av. fine Red. 


10 


Low 

fares 


5 years- 


25 

25 ygars^^x^., 


Coupons 


5 years 

15 yens. 


25 years. 


m 

Qocpcns 


5 yeaiL— . 
15 yean. 


25 y bwl.... 


IrredeentaMtS. 


Fri, 

Ok. 

29 


U4 

1136 

22J6 


32.74 

12.76 

12.76 


32.70 

3230 

1332 


1193 


Thuix, 

' .Deft!" 


9.71 

"U37 

2126 


3271 

1273 

2273 


1275 

1330 

2331 


1195 


Yw 

ago 

CappmJ 


7J3 

9J7 

9.81 


935 

1926 

18.43 


9l7S 

3123 

2235 


937 




1978 


Highs . 


.Low 




9.76 (20/22) 
1156 (24/11) 

3228 GOBI) 


lift (29/32) 
1276 (29/32) 
1276 (2912) 


1185 (VIZ) 
3330.(29/22) 
1343 (5/6) 




■ :■> v_ _ r 


7 * Bn> '- , . 'V> ; 


90? G/D 
904-73 Bh'/vi 




IS «r 


930: GftT .' 

ULlS rO/U, 

3834 <3fH - 






mj-'wm 

u&m 


->u» 

; lf - hi 






WE 

BUPH 

N h ! 7^- 




rgg 

mKm 




imM 


tSM 


1678 




Highs 


LOWS 


15 >20-yr. Red. Deb. & Loans (15) 

16 .investment Trust Pref*. (16) 

17 iComi. and indi. Profs. (20) 


61.17 is.re 


72,58 J 12-91 


64.81 


61.17 

72.58 


WJt 


61.17 

72-58 


64.85 

61.17 

72.52 


E4JJ 

61.17 

72.42 


56.16 S5.T5 166.18 I 62.48 | 
60.88 60.96 1 50.98 1 66.72 
78.74 72.42 / 72.42 1 76.72; 


68-87 mat 
57.71 nun - 
-78.80 (llil) 


Section or Croup 
Pharmaceutical Products 
Other Croups 
Overseas Traders 
Engineering Contractor* 
Mechanical Engineering 
Wines and Spirits 
Toys and Games 
Onto Equipment 
Industrial Group 


Base Data 
30/12/77 
31/12/74 
31/12/70 
31/12/71 
31/12/71 

16/1/70 

16/1/10 

16/1/70 

31/12/10 


Base Valoo 
261.77 
63.75 
100.00 
16X84 
15X80 
144.76 
135-72 
128J0 
12120 


Sactiaa or Cmp 

Base Date 


MfscellMeens FliuncEal 

3102/70 

12806 ' 

Food Manufacturing 

29/12/67 

11813 

Foed Retalihig 

»/12/fc7 

UU3 

Unmnce Broken 

29/12/57 

96.67 

Minins Finance 

29/12/67 

10US 

All Other 

34/4/62 

UQJSO 

t Redemption yield. 


natiabio from the PnbHstmw, Tbe 

Floaoctel Thnec ' 


64^1 (27/12) .113/4$ , 
50.77(20(7) i 11441 I 
69.50(20/7)1.1X4,86 hilD/O). 


;Snca- r-'-. sr* :-.- r, ‘rVc? i 

Compnitfotr '. v v^- 




Bradnm Keuso, Cum Streep. 

hy post 22 p. a fortnfghtjy record 
snbsectiun bnflcus. dMifend yields auji ' 
rince Htt, With qnomriy. Mi 
fudlces, h, ohtnlnahfc frotn .PT 




jap 

“ wm—n t. mm . »»t- Mw u wss : A WuI|n3J w«A;. -r 
JO. Salt Coun. L^dp. - ECy - at 

CONSTmiBdf ; C h a u e 


coNsinuarr cha nse^ 

rVexiifss) ;baa..,:: luan . 
Continuity] Gw^Aaseolvtion 




\ 





. T-rt.«s3t?S365S, 

^ '/.VJ 



































































































/U*ey Unit Tst Un^nl-LfLUif. 
-ISM, Gaetnee R 0 


3*®- psm 

M «--SBS3r 


ARM Kamtf»-fi»us¥^(a}^#> 


Sh®&5. K« sow*' n lwwwi IS"’ Fttai ****** “d. PreviiKial Lite Inv, Co. Lid-V 

-SnS™_r_ne tSES" Hit. fcuw »;.£».• ^ 01^23 1050 522LB.Mwsvif.EC2 01-347653; 

S — : p - y •. fJWI = l « iftl :::::! H . fiaK»=K -H 
{fttsSSr jB IS :::d |».;£&^^SX nL LW oijsotoj Pn " u - PDrtWi0 « n ^ umier 

fflwds' Pravttt Unit Tr. Mgra.? H6.4 «B|....| 3.» iJJjjjtefcECUiaijjj. „„ M-W59ffi 

Plrfaiii End, Darting. . 0306 5055 Jfthnstootf U.T. MgnLV (a) ??**& \12bS 134.5) -«) 4.84 


aiSSnPC=;B8 

Do. Atom-- 1183 


UtLV Save ft Prosper continued 

01-3476573 Seatbfts Securities LtdV 

dUH ffi SiSSi ~z=Ml 121:°: 

_td.V (aMbHcV iSafKrGLii* L.feMZ • ttlffl 7?" 

nijmflW) Sun. 5. Yld-".- — J173.B 19L24 -— 

•Prices at D«c. 27. Al«t sun Ay J38. 


01-4059222 
234.51—0^1 4.84 


fl03i -o; 
545 .. . 
63. 4x3 -03 


FrtM^Pro. Uts. —{43.7 4U} -0.7J jg-- ' HR H* street, GJaww. G2 2UH. 041-2215521 Quitter Management Co. Ltd.f 

0».MamL — — -IW.7 61.71 -0,5i 4*7 w ^toian.. J82.1 _ B7.4{ 1 337 T»54t.Exaw^ECrNlHP. T 


Sehlesinger Trust Mngra. 
140, South Street, Dorims. 


E.T. Unit Mangers Ltd.y 
V> Ftabory Oran, EC2M 7D0 


CRSterf 




Secs. Of Anerfea 
SnaSfr Co.’s F4 


(Mnass Earnings. 



t-M at 
i-o.^ is 

(ij|M 

I -€. tl 32A 


m m 

-03 532 



Peas. 
6.T. 1*1 
ELT-Four 


fi. ft A. Tract <a)(g) 

£ RayWgB Road, Brentwood . 10277)227300 

S-ftA. - &Lt> -34.81-021 529 

&aimom Fond Managers* (a)(g) = 

^NtorjAiD^EOA^ ^ CV283||1 


_ • • ■. Dealing toy Friitoy. thwdrartGen.Fd. |!051 IW.S 

Pl-feTffgTfli ' Mlttfi unit Trust Managers* (a)(n) - 4 u *Mta0hne___.|L'23* 136.4 

3 HO J^aUAve^ EC2R7BU. 01 -6064803. mnancf Unit MaK_ Llrf tB 

j£ '.firiMH * HJ:H Iff ETnJ £ Sw % 

aiS« gawfcjzM a? 

§8 tWloBt and Commercial .ftU-*7.W..-JlU. S3 

^ •"I *S> DJtntwsh-^ 031-556 9151 Bfdgefirid Management Ltd. 

.• : !*«*■ aSlZ: mi ml"”' til 28-W.K*m«*5L. Mandiester 

10277)227300 Capt-Pe+re 1 — lien T«iM Z" 416 &WheUeldlnLUT_.P3 Vh 

.9 -021 529 fAcaen. fy«) , i*qg ejJ -flHriefieM Income — 9tt 

S' fflS I &SSMR1 is 


01-6004177 Afn.£i«reK. -1223 


1 (a) (2) 
(0306)86441 


UD7u Ukt L 

^ PJ 

-031 5 A3 


■52K0WC: 

«■ Dcc - ■ 
- ^‘oa Dec. : 


TloliischHd Asset Management (g) 

.72-80, Cxetnise Rd.. Ariestuy. 07 

ro 137 tl -0.9 235 113.! -LI 

' 01-6066060.' Rothschild ft Lowndes MgmL fal 
70.11 -0.3 462 SL EwAhln Lora-, Lrin., EC4. 014 

' '? D -9 - S-fl 1^5 NewC'L Eretnpt.—. JQ24.0 131fl _... 

ot-iI Hn P™* M P*e. CTNe^t tfeatanq Jan. 


. M.C.SmDr Coys Fd— 1156.7 


JWmon- Unit Trisft hlmvers Ud. - -®! w,s UW»») tWt Tst Mgs. Ltd. (a) 

158, FeMSwnh St, EC3M 6AA. - 6239231 3 Frederic!* PL, Old Jemy, EC2 01 -588 411 j 

Anderson U-T—^ I5H5- .. .543*^4 5J0 "WffrigMg?,— BU «6«-0.1| MO 

AMbACJW Unit TMgmt. Cn*. Ltd. ' . 8^®®“® |« 

1, KaW* St. ECZV7JA. 01-6Z36376 ^ 

ht»te^rF««d~^ . 179 ----4 9.72 - (jahnly 

Arimtfenst Seoirifies Ltd. (a)(e) 77 London wsn.icz ' 

3 7, toeen SL, London, EC4R3BY. 01-2365281 ’ 'sTdr. toe. 15 (134.6 1 

•^wiYhW;^ — K7j saw ....>1 lLio B2%xK.mr::hM:4 i 

HMi Inc . f imh w?7 aa'3 -oa 889 Srfaveson Management Cc 


Deatoj Tues. TtWnL 
1 Govett (Jo tin hr 
.77 London Wall, EC2 * 


Tih lM l Ctiemu. FC2V6EU. 

ZiA ^ 

l Ltd. (a) RisDdal 
01-5884111 hKwm!!!!: 

«V"s : =_ 

! + W aw -NEL Tf^stftmggen Ltd.y Ui)(g) “ 

■2 . WfcwftTlirttaa Surrey. 5911 

01-588 5620 J StorHShfcZI®? IM 


g I 4 S» Am.Grartii 27.4 25 1 2.T9 

0 1 S'M Am. anal I w Cos. ,^.26.9 £83 ...... 044 

5 1 0 ' 1 ” Exempt Hign Vld 26 b 230 ... 7.94 

I.fmKMtft.LSre.„ 26.1 27 5d 441 

Extra Inc 29.7 3L^ ..... 937 

089222271 Income W* §.« 4).9n 937 

« 1 633 l"ClO**W*wl 302 328 m — 

a -oa Shi In*. Tsl Unas 256 269a .... 514 

tM3 5 A3 inti, trewih *L2 ,51b _... 3.Sb 

1 ^ UMrlLMdm 29J. 3l*l .. 4 74 

•’Nil Yiehf 2B.2 30 5 ... - 

Pref-iiidTruB 230 £4 7*J .... 12 48 

061-2368521 Proowly Shares 282 £9.7 ... 225 

| 28? Smlal Sit. Tsl 3S2 750 2.12 

I 990 Uh - C«fl Accum.22 5 ?42 .... 5.97 

1 7.7» U K <Wl Dia /] 1Q5 2L0| .. .. 597 

t (a) J- Henry Schroder Wagg & Co. Ltd.V 

0296 r >941 120, CheaprJee, E.C.2 01-240 3C34 

a_,» 351 Caoilal Dec. 27 P03.9 lC6w£«q I 2.9J 

hi T22 


] rj- cs 


Target TsL Mgrs. (Scotland! (a) (b) 

19, Athol Crescent, Ecfl-t. 3. 031-229 862112 

Targ« Amw.Ea9W24 J 26 M — J 1.76 

Target ThraUe Wfi.6 4\7f ] 606 

Extra loua* Fd |fcfl J fcfl.flj — 0j| 10. K 

Trades Union Unit Tst Masagersy 
1QQ. Wood Street, E_C2. . 01-628 8011 

TWU7D«.: (5 02 _ 533f .„.[ 5J4 

Transatlantic and Ben. Secs. Co.y 
9L-99 New London Rd CIvirb&iJ 0245 51651 

Barbican tot. 28 [?S4 Bfl.W ..... 56» 

iAcaalV Units.)... 317.0 124.0 ._... 534 

♦Barb Em*. Dee. 27.873 89.9 ._... 4.87 

Backhm, dSl28 80 0 833 53S 

fAccum. UnUs) y».7 104.S 533 

Cairo Dec. 29 12 a 2 1329 -0.9 622 

* 1M.0 -li ■ — 


178-3 -1. 

113.1 -L. 


(Aceurn. UnHsJ 1795 

General Dec 27 fcl 


- 7D2 -0 j 

w* 

3n.? -0_ 
-at 
65.1 —U 


Rowan Unit Trust MngL Ltd.y (a) 2a Sl Andrews So. Edmtaa 

C'ty GaieHse, Finsbury So, EC2. 01-6061066 Income Units 150.5 

American Dec. 28 ._. (65 A 6831 I L73 A«um. Uma J5BA 

Securities Dec. 28 {1753 1843 .... j 4.45 _ . Dealing day 1 

H.gfi VkL Dec.. 22 — (53 5 Tt3 -0J 8.9? Seban Unit Tst Man 


5911 H.#iVW.Dec.22_.-.©5 

528 (Accum. UrWi) (7B.1 

fiSsr fMrtln Dec. 27_ .1793 

(Acuxn. Umls)„ (97JS 


Next *rfng day An. 5. 
Grieveson Management Co. Lid. 


59 Gresham Street, EC2P2D5 016064433. f^ 1 2!^lL ,a ??. er 'J Jd * 


Norwich Ui^u imaranee Group (h)- jpiM umh . 

p.O. Bax 4, No.ich, NR1 3NG. 760322200 Royal Tst. Can. Fd. Mgrs. Lid. 
Croup Ta. Fa. — PM^I 379AI-L8I 533 54. Jwm™ Street. S.WJ. . 0: 


1 ■' f .. 

- 1;. 

- LA? - w;r< 

■ * - ‘ ?ti . 


SSl 

[«fcur5wf.DK.)-^ 


toBTingtMpec.27 


a +09 So 

..._, 2J8 

~CU ^ 


-.mm 

{ AfdiwarUnJt Tst Mgs. Ud.y (a)(c) 

- i-p. ;. ; * J 317, High HtAiont~WClV 7NL. . D16B16233 

!£:■ ■\***SrbsHNL£V]s& t3L 

- r*,7,- . . j Barclays Unicorn LU.9 (aKcHg) - 
rJv. 1 -Unicorn Ha. 2S2L Romtard ftL, E3. 01-5345544 

: *¥T-bi 

“ -:i **' j Do. AtgL In c. 17> 62 m -ff| ig 


Z52.MMiHolbr v wcW7EB. 01605B441 

m Pearl Growth Froj 9 25 71 -all 4.94 * C 

® Actum Units . — ' 28|3 5sl -0.11 4.94 c,™ * , 

SZ Pearl Inc. ” S7 S3 7.78 5ave & 1 

jja Pe«1 UnRTsL . . ffy 37 4M-03 5*0 4. Great S 

g p8 (Aceam. Units J_ “pJo «!S1^o3 S-« 68-73 0,*, 

|SJ. PeBcaa Unriswmin. Ltd. (g)Cx) ueairosp u 

06 - 81, Fountain SL Manchester 061-236 5635 Save ft I 
06 - Mtan -186.1 92£H -0.4(457 miematlon 

t Ltd. . Perpetual UrniTrust Mngmty (a) CMtai — 

mjwnimT «L Hart SL, Hem, M Thai** C49I268b8 

46.41 | 186 

,-qaj MO picouUTy Umtrnijt (a)(b) h^yiSj. 


54, Jrniwn Street, S.WJL 

Capital Fd. 167.0 70. 

Income Fd. bB 7 72 


Dec. . 

U»jgX._ 

t Dec. 27 

Aocnm. Units) _ 

GnanSu Royal Ex. Unit Mgrs. Ltd. ' Perpetual UtKiTrust Mngmt-V (a) 

53)gSSt^B" 95*1“^® Mb 1 p^^^'trlSTKb^ 1 

ILK. Finds _ 1 Extra Incxxnel — pen 3171-011 

Cabot Recovery 1.(475 SOffl -O li MO 1 Small Co's Fd |K0 ■ 4291 -c3 


Prices at DKOiber 15. Next tfeaJmg Drecinttr 

Save & Prosper Group 
4, Great SL Helens, London EC3P SEP 
68-73 Queen 3 l, EdWwrgh EH? 4MX 
Dealings to: 01-554 8899 or 031-226 7351 


■OViS FOR 


I. ,- 

i-*’ 


"1 Oo, iSra'Ir^e Z 

t Do. Ftandal ZZ--— 

i SSE: 


- ---j ■ 

f. 

. -Ufi: ' 


MM ! 

( ,*Oa Prf. A’bk TsL__fl4Aff ; 153.fi -03 .4 

sSfe| 7 ‘.“MSS \ 

| BTsUaFflJoc; * 

{faring Brothers ft Ccl, Ud.y (a)(x) 


Cap. Growth Ibc.__J 45.9 
Cap. Growth Aoc.Zr|4^f 
tncowe & Assets ..__|33.4 
Htab tacane Funds ■ 

HSi Income 162.9 

Cabot Extra Inc — ;_f56l3 
Cabot Pibf.&GHL. 1 48.9 

Sector Fbmfs 

■firenicw«rrnj IK.9 

•OU&NaLRes 127.8 

International 

Cabot- (9D.7 

Internalhawt fo.O 

Wld. Wide Dec 22 (745 

Sww Funds 

AattroUan, ...... (376 

European (47.4 

PL Am. 137.9 

Cabot Am. Sm. (46.6 

Exempt Funds 

Japan H8A 

N. Amer_ hlAl 


asscssErs 
ESfez :::Ii 

T«chnotow - -A* 


I -0 j 2.b0 

7.98 I TecImotowFoid.- i5® -06 4.50 

8.90 Far EastRL..- -f? 293 200 

[2.00 I American Fuad ■]_£ 23J| -ai 3.20 

•' 1 Practical Inert 10. LW.y (y)(c) 

Ml | 44, BtoofmbuiyS4.,VtiA2RA 016238fP3 

SJzdJSS 


MM -IS 


Save ft Prosper Securities Ltd.y 

International Funds 

CM Lai D7 2 39.W I 

i.t.u 64.7 »,g 

umv. Growth W-9 74.o| -OJJ 

Increasing Inuuae Fund 

High- Yield 1532 57J( -0. 

High Income Fnnds 

H,mi Return 167 0 7201 -0, 

Income ,_p!0 462j-rD. 

U K. Fimds 

UKEipJlty 145.0 48J| +0. 

Ovkvks Fndsii) 

Europe ... (895 96-24 - 0. 

Japan lOJJ ft2fl -0. 

sXAsJa 37A ' 40 4) -0. 

U.5 ._>..(d9J: 74.4( -0. 

Sector Funds 

Commodity ,_.|76A 823) -0. 

Energy^. (67.9 73.0l -0. 

Financial Secs- &9.0 - 74 1x4 -0. 

Kqb-JfiMwm Funds 


*» -BSSfiiazzW W III 

- <* 3-Si 

01-6264356 •SakExDh29 S£.9 275.1 +3A 3 89 

131JH _...J 3.98 *RecweryDecZ9 024 . 303 6 +1^1 4.85 

Jm. 15. ’For tax exempt funa cafe 

Scottish EqultaUe Fnd. Mgrs. Ltd.y 
y fa) 28 Sl Andrews £4. Edmfcvgb 031-5569101 

01-6061066 Income Units 150.5 53.71 1 549 

I L73 Utna (583 625| 1 5.44 

4.45 _ . Dealing day Wednesday. 

I -02 8.9? Sebag Unit Tst. Managers Ltd.y (a) 
l“ 0 - 3 3S P° Bo« 511, BcMbry. Hse., E.C.4. 01-236 5000 

= * JH^ii SIS 

I. Security Setection Ltd. 

01-629 B252 15-J4. Umrfn-I Im FWUfc. WC2. 01-6316936-9 

=?f *■ SSIiffiSSS 1 .:-!® U ::::j 

*K*™*r 29. Stewart Untt Tst. Managers Ltd. (a) 

45, Charlotte Sa , Edinburgh. 031-226 3271 
TStewart American Fund 

3Er Standard Units 159.4. 63.31 — [ 1.50 

VX Actum. Umn (*• fa bfl9| | 1.50 

•fa 7351 Withdrawal Units . — 147 8 SLOj _...J — 

, M "Stewart Britts* Gantt* M 

Standard 038.3 15231 -...J 4 M 

Accum. Units. J160.9 177 31 ....-J 4J» 

I 258 Iteatog tTurs. 6 Fri. -WnL 


7271-0.8 3.69. 
725I-1.H 7.7b 
img Draimr 29. 


B ccum. Units). 1: 5 8 

mb! Dec. 27 51 a 

(Accum, Units) _ ... 57 | 

film On. 19.. 52J 

(Aeoxn Units) *3.4 

Marlboro Dec. 27 5U 

(Accum. Units) 58.9 

V8fl.Gwh.DK.22_.49J < 

ePRKSfc---.0 

Vaflg, Tee DtC. 27 _ 440 

t flown Urats J 4JL6 

wicker Dec. 28 *62J2 

fAccum. Unfei. W.7 

WuJrDn.Oec.22 te7-9 

Do. Accum. (79.7 

Tjoftrif Managers LtdLy 
13. Canynge Road, Bristol. 
Income Dec. 29 
(Accum. Urns' 
hates! Dee. 2 
(Acatm Units).. 

Exempt Dec. A 
(Accum. Units).. 

InL Ear Dee. ?9 

(Acuxn. Units). 

S4. Castle St, Edmbarih, , 

Scot/nc. Dec. 29 WW 

Sfffl.Cap.Dee-29— UI7-3 

(Accum. Uitiul — |Zb*!2 

LandooWaflErntu 

Cjmital Growth — RD-7 

Do.Accan. 

Extra Inc. Growth — J 5-6 

Do. Accum.... 466 

Financial ivny 16 4 

Do. Accum. 283 

High Inc. Priority — M.7 

Imematiocal^ 27J 

Special Sits 353 


6SJI .._ 

JK ::::: 

49.1 

&5it 

79 J) .._. 


2JB Deabog tTurs. 6 Fri. -Writ 

s un AKance Fund Mngt. Ltd. 


TS8 Unit Trusts <y> 

21. CtBAtiy WXy, Aodoxer, Hants. 0264A2188 

Dealings to, 0264 63432-3 


/".UI-UJI C..1 Sun Alliance Hse.. Horsham. 0403 64141 

s?.*-** 7* lasagisExr m~tj\ 5:ss 

72 Oj II? Target Tst Mngrs. LW-ty u) (g> 

462, +02, 951 31 _ (^ejham 5 , v ECZ . Dealings; 0296 5941 


W 

4831+02) 5.11 

62at-0.ll 32 1 
tel! -031 3 45 


-Target Commodity _ 35.7 

Target Financial 633 

Target Equity. 373 

Target Ex. Dec 27— M85 

*D0. Acc Units 290-9 

Target GUI Fund 1185 


3834 +03 3.98 

68.7 +0.2 4 51 
40.7d -03 6 15 

39 5U .... 68? 


Internal 1248 6 

Income..—.. |53.b 


4.35 .KtMfiziH 

l-W Target Im 32.7 

3 39 t5!p+. Dec. 27 . 155.7 

Tgt. Inc 27.* 

Sr?? Tgt. Prof... 12-| 

7-67 . .TqL Special Sits.. — BOJ 


^8j » 

IS 

^ ao5 

-03 8.93 

-0.7 1260 
534 


t rSB General. — «5.4 

Do. Aram.. 5B* 

TS8 Income 595 

Da Aram—— 63.9 

i Scottish 83.0 

(bj Da. Acaxn. |®9.9 

Ulster B»ky (a) 
Waring Street, Belfast. 
(h)Ubter Growth 1362 

Unit Trust Account ft 

King WUfiam SL EC4R9AR 

Friars Hie. Fund (40.4 

WMer Gtrth. Fnd. 3) 9 

Do. Accum j 36.8 

Wieler Growth Fund 

King Wlinam St. EC4R OAR 

Income Units (30.9 - 

Accum. Units 136.8 


4GU ...... 4.08 

,6231.-. 458 

6143 -OJ 7.72 
608-0.1 7.72 

88-3-05 217 

9f7| -05 2.17 


023235231 
38.91-031 5.92. 

MgmL Ltd. 

n-*«™ 01-6234951 

m sarH »• 

1 36.8 3831 457 


01-623 4951 

I ::::: ! IS 


4031 

»i^’| 

50.S +03 ■'! 


INSURANCE AND PROPERTY BONDS 


J B8,LenJentsJlSt-,EC3. .01-5682830 

.a 

3 .. . Nea. sub. dty January la. 

, Bkhopsgate Pro gres sive MgmL Co.y 
| R.BMwngsU, ECZ." ' 01-5886280 

iK»B;.ad iu 


01-5682830 SnwHerCos.. 


— f 4J* H3( Samuel Unit Tst Mgrs-T (a) 

“■•I jcnwiici rns-nv m. 


, \ PaxtcPr* *D«a9 . -083.4 195.4J ._ 

t Aa3jk**Oec, 19-IS14 . 2te3 .... 

-• ; ! S'gKelnL Detl2 D6&9 IM — 

Ja ram.) Dec 12 (187.2 19951 .... 

. .'tela! day *jap. 3. -Jan. 9. 

*• 1 ’Bridge Fund Managers (a)(c) 

V flrgb Hse., King WOnamSt, EC4. 01-1 


.45 Beech Sl,EC2P2LX 

(h British Tnifl. H49I 

| M7 Trust B 53 

g Dollar Trust, 
b Capital Trust . 
b Financial Trust 
b Incame.Trtat^... 

fi Munir 


Abbey Life Anurarta Co. Ltd. 

239 1-3 SL Paul's Chnrehyarc EC4. 0 

656 Equity Furel IJt^ 3831 , 

Equity Att. U1 333 . 

' _ Property Fd B5:t IM. 1 ? . 


01-628 B011 Property Acc lb?-.. 

-OJ1 S55 SelecLiae Fwx)—. — 9) .'. 
-OS5 T17 Convertible Fund—— 134 1 

-Oja 2J5 tyMoney Fund 12S. 

-03 4.80 Jfrop .F d.Ser.4 — 131. 
-0.3 4« ¥ Man. Fd. Ser. 4— 135_ 


. American & Gm4 223 

htane f — ; »5 . 

Capital loct— 365 

DoAo-t as 

‘to£ffnicf^_i_z 

nn A ttL f- - -■ 17 J 


L (b) High Yield To, __ 

Inteffty fa)(g) 

01-6234951 15, CWstopber Street. E.dZ 
! -L71 150 Intel. Im. Fund (29.4 


•Equity Fd. Ser. 4 __»J 
•Corrv. Fri. Srr. 4__: 115 C 
•Money Fd. Ser.4„ U2 « 


■in rw- - Ufl Tl -1 - 

Prices at Dec It vaiinim normally Toe*. 


■ . 'After Snfa. Dmoon. 

Key Fund Managers Ltd. (a)(g) 


01-2477243 
315| +01| 750 


f : T : ' Sra^feriwai^iMS. PrteDoc'M/ZW^ 

' ', Britamria Trast Management ta)fg) i&* Fh*di«L Fa. 

S ! a > M,CWlFJ 


25, Milb SL. EC2V8JE. 
Key Energy Jo-FiL 
& Gen. 
mFd. 
.ncome Fund. 

Key Fixed I nL Fd. 


01-6067070 . 

1*1 B! 



Ueimuort Bensms Unit Manageny 


20, Fenchurth SL, E.C3. 61-6238000 

KB. Unit Fd. Inc. B73 94.61 -Lll 550 

ICB.UtdtFaAc llfi.4 1195 -U 5. 

K.B. Fd. lmr.Tsts.__ 553' tfl.1 - 4. 

K.8.FaJn.Trtjto„ 493 523 6. 

KBSir^Cowdlnc 493 523 6. 

KB5nLCoi.FdAcc_ 493 523 6 

High Ytd. Fd. liK___ 45.0 485n 9. 

High YId. Fd. Act. (45-9 «5| __ j 9. 

L ft C Unit Trust Management . LMLy 


Albany Life Assmanu Co. Ltd. 

31, Old fiurflnptnn SL, W.l. 01-4375962 

VEqutt'Fd.Acc [197.1 2075 1 - 

♦FIxerflnL Acc_. 

VGtri.MoneyFri.Ac. 
lnd.iyUn.FdAcm 
.FiLAcc 
I n*. Acc 
Pen. Fd Acc 

I.PtnAcc 

G'td.ManJ^snAcc— 

IntLMft-PnFcIAcc 
Prop.PmAcc 


I. Crown Life Assurance Co. Ltd.y 

01-248 91 n Crown Lilt Hit, Wofctog. G U21 LXW 04062 
I _ Maim'd Fund Acc . . . 103.2 10851-0.41 

Mang'il Fd. I non 101.2 J0fa.5 -OJ 

_ Mang-dFd.ln.L 1012 5dfa5 -0.4 

_ Equity fd. Acc 97.B lOZS -0.4 

Equity Fd. I non %.7 10L1 -OJ 

' — _ Eoulty Fd. Ittit 96 4 10L4 -OJ 

“ _ Properly Fd. Acc ..46.7 1017 — .. ■ 

* ' Properly fd.lncm.__ 96.7 101.7 ._.. 1 

__ Property Fd, Inh. 953 1001 +0J ■ 

__ lm?Tsi.Fd.Acc 100.2 105.4 -C 

_ Imr. TsL Fd. Inan._— 97.6 1027 -0^ 

Inv.Tu. Fd. lnlL___ 9J5 103 6 -OJ 

^ «• BElftSffiz 

fiSft&JsScnaK m =J 

Money Fd. Acc 98.4 1035 ..-.J- 


105.4I -6.; 

1027) -OJ 


Lloyds Life Assisonce 
20. CUfuxi SL, EC2A 4MX 
MWLCLHo».3q^„- 3380M _.... - 

0p5-A-Pr.D*c28~144:0 15L6 - 

Op5'A'Eqc Dec 28.. 134.4 1415 — 

«P.5-A , Hy. Dec2B._ 1562 1M5 — 

Op-5'A'Maa.Drc- 28.. 1535 16L7 — 

0pl5‘A'DpL Dec 28. 124.0 131-4 - -J - 

London Indemnity ft Gnl. Ins. Co. Ltd 

18-20,TheForbwy, Reading 583511. 


Money Fd. Inon.— 
Dlst. Fd. Inon. 


104.6 
114J .._ 
1143 .... 
1035 .._ 
10LD .... 
107.1 -0. 


01-554 8899 
-021 - 


Grown BrL Imr. 'A' 1 159-7 — 

Crusader Insurance Co. lid. 


Wlmlade Park, Exeter. 
Cw. Growth Fund — 
6+kx. Exempt Fd— .. 
«E»ngit Prop. Fd. 
•Expi. inv. Tsl Fd. 

Flexible Fund 

imr. Trust Fund. 


_ Crusader Insurance CO. L w. Property Fund i 

— . - ■ Vincula House. Tower PL, EC3. 01-626 8031 ■ ««.!>&»« 

— - Gth.Prop.Dec5 (74.4 - 842j — J - M ft G GronpG 


Three Quays. Tower Hin, EUR 6BQ. 01-626 4588. 
AmerieanFd.Bd.- — (495 _S24| I - 


-f,;-gfE=r 

'! - FhandalSeci__i_ 

■ — .. Gold & General ___ 

?£Bsss==: 

Inti Growth _______ 

y hhesLTsLSares— 
• -f Minerals ^ 

• I NaLHMilnc-__ 

y.ggg== 


.The Brifch Ufe tKfkz Ltdy (a) 


AMEV Life Assurance LU.y 


The 5locK Exchange, EC2N 1HP. 

UElSftspezK 1 JS 

Lawson Secs. LtiLy (a)(c) 
37, Owen’s SL. London EC4R1BY. 
Materials * 

u Units) 

Fund.-. 

Accum. Units), 
ilt and Warrant 
vriean Fd 
Accan Units 


j A'faS Ainu Hse, Aim AL-lMgate. 

J 913 AMEV Money FiL — 107.7 

__J 913 AMEV Equity Fd m.6 

IMfc AMEV Fixed InL __ 

It Ltlty AMEV Prop. Ft. 995 

01-5882800 AMEVMg>en51 W5 
-L6i 854 AMEV Mgd.Peo. B p65 

+0.71 Flexlplan _____ RfiH 

AMEV/FrewHngtan 

„ _ American [786. 

01-2365281 Income —93.0 

.... I 6.02 InL Growth — (86.9 


Eagle Star InsurfMMbRd Asiur. . mi 

X Threadneedie Sl, EC2. 01-5881212 Cfmy.Deposil* 1^2 

Eagle/Mid. Units (65.6 53.6| 6.19 BV 

Equity ft Law Life Ass. Soe. Ltd.y BUtw*— mt 

Amersftam Road, High Wycombe 049433377 }rt 7 ^ 

Eobit»F«L_. |us5 mz j — MSw.b^-:::ko2 


— . au oartnworiww I.L, n 

— Portfolio Fund -I 

— PoftfbRo Managed —42 

— P*fo«o. Fxd. InL H*7 


-U = 


For Arrow Ufa Assure ice -see 
Provtdenco Capitol Life Aimep 



Barclays Life Aswr. Co. Lti, 

252 Rnrafoid RU_ E.7. 

Baictaybonds* 

BSsu 

Property 

htienawmi-. 

Managed 


Man. 

Do. Ii— — 

GUt EdpPensJIcc 

Money Pens. 

Do. Initial-. 

‘Carreat adn saiK Dec 2 

Beehive Life Assay. Co. Ltd.y 
n, Lombard SLEC3. I 

Bh. Hone Jan. 2 — j 13229 ] 

Canada Ufe Assurance Co. 

2-b High Su, POUeraBv, Herts. 

EqtyGthFdDec 1 — I 61.7 t 

RetmL Fed. Dec6__j 1203 I 

Cannon Asuawice Ud.y 

7. Oiyripbi W>, WeeUry HA90rJB. 
Eipihy Uidts___— H7.75 

Q17o .1244IH 

Prop. BaatfExec Q|.« W./.vi 

BaLBd^KflWL-.3553 M3 

Equ^Acunn .. TT— IwP 
Property Accmd— — ELJ55 
Mngd.MXum._L_ — 0,675 


Equity Fn 1152 12121 — 

Rebate 40101 Property Fd. 115.2 jZig — 

. _ Fixed Interes F._ — 1M2 133 fj — 

_ Gld. Deposit Fd._^_ 3fI7 M7.fl- ; •— • 

_ Mixed Fd.__— ___|U3.a U9.f| — 

- ~ Geaeral Portfolio Life Ins. C. Ltd.y 

— 60 Bartholomew CL, Waltham Cross. WX31971 

— Portfoilo Fund -I _ 1445 J -0J| — 

, — Portfolio Managed— 425 44.J __.J — 

; — p*foflo. Fxd. InL _.._|475 505| — 

. _ Gresham Life Ass. Soc. Ltd. 

-6.il — ' 2 Pri«» of Wzd« Hd, B'moath. 020276765! 

-L« - G.L Cash Fund- WA, 104.61 - 

■ sESBK&zpB nil = 

sl. g:t%:a~tes aad= : 

Growth ft Sec. Life Ass. Sac Ud.y 
Weir BaA Bray-on-Thames, Berks. 0628-3428' 

“T 5 * 4 EaM C.-d...jMl-.l -J = 

jfl — LandbankSc. Acc._lll7.9_ IZLlj J — 

“ G.SS. Super Fd 1 £7,971 | J — 

+01 — . Guardian Royal Exchange 

-Si Reyal Exchange, E-C3. 01-283 7101 

_ _ Property Bonds (198.90 207-10) +2B| - 

•rr ~ Hambro Lite Assurance Linttaity 


— JaaanRe.ad.* 50.7 

— . Managed Bd — — D93 

Pen. Pension-** — 2421 


imj+Dj — 

tin — 
146.41 +D° — 
j -0.1 - 


Pen. Pension-** — 2421 j-O.J — 

Property Bd."* 169.9 1785] — 

Kecmety Fd. Bdg*._j7D5 7^^...!- 
Prurs M •Dec. £7, "Dec 28. ***0ec 22. 
Merchant Investors AssuianceV 
Lewi Hse, 233 High SL, Croydon. 01-686 92 71. 

Property - 1621 +011 - 

Proueny Pern IjZM +0.|1 — 

Eoulty Pens. 172.0 -26 - 

Money Market 1445 +0J — 

Money MkL Pens. — 3893 +M - - 

Deposit,- 13f< +05 — 

Deposit Pens 147-0 +0J — 

Managed- 1083 -0.7 — 

Manxged Pern 14J3 -LI — 


13471 _J _ 

126^-03 — 

11W Zol - 

94.2 . — 

116.J ^li — 


-• R2K5Jp«=: ffl 

Equity 59 

0202767.55 SSUgfe”: | 

-■■■ KB! pS-=:: 1 

Managed 108 

Managed Pern 143 

Ltd.y 

a***™ RMSsar™: m 

4 — Do. Pern 104 

— -j — NEL Pensions Ltd. 

j _ Mlhon Court, Dorking. Storey. 

• NelerEq.Cap. ffl6 

Nclet Eq. Accum. jlU 
Dl-283 7107 Hole* Money Cap,—.. 627 
*sS _ Nolo* Morr Acca.4 
NelerGBi Inc Cap — 49.8 
dw Nelex Gih Inc Acc — 521 


+0J — 
-0.7 - 


Royal Insurance Group 

New Hail Place. Liverpool. ' 051-227 4422 

Royal Shield fd |1455 153.9| | - 

Save & Prosper GroupV 

4, GLSLHflen's, Lndn.. EC3P3EP. 01-554 8899 

Bal. In*. Fd 1321 139 81 -0.21 — 

Property Fd.- 1627 17ZJJ . . . _ 

Gilt Fd.l 123.1 129fl -01 — 

DewMii Fdf .... 56.9 133.H ....„ — . 

Como. Pens. Fd.f 2104 2235} — 

EquIiyPem.Fd 1865 197.B -15 - 

Pwp.Pens.Fd •_ 237 8 251.0| — 

GIH Pens. F«L 955 100-S ..... — 

Depos.Pms.Fd.t. 103.2 108.7} — 

•Prices on December 20. 

♦Weekly deeJmss. 

Schroder Life Group? 

Enterprise House, Portsmouth. 070527733 

Emihyl 2331 - 

Equity 4 ... 2224 2345 — 

Fiudint.4 1385 J45.J ...... — 

Managed 4 135.0 1422 - ■ 

Money 4— 110 J 2165 — 

Overseas 4 — ... 845 895 — 

Property4 165J 173! ...._ — 

KASGori Secs. 4 _. 1216 1305 — 

B.S. Pen Cap. B 1253 1315 — 

B5. Pen. AdcB_..._ 138 4 1453 ...... — 

Mngri. Pen. Cap. B _ 210.7 22L9 — 

Mngd. Pen. Acc. 2545 2651 — 

F. TnL Pen. Cap. B 965 10 L] , — — 

F. Im. Pen. Acc E 985 1D3| — 

Money Pen. Cap. B_.. 97.9 1035 — 

Money Pen. Acc B__ M05 105 J — 

Prop. Pen. Cap. B- 1095 1155 — 

Prop. Pen. Acc 3._. Jill 6 1175] J — 

Scottish Widows’ Group 
P.O. Box 902, Edinburgh EH165BU. 

031-655 6000 

Inv.Ply.Srt.DecZl... 1075 M7.g — 

inv. F^b. Series 2 101.1 206u5 — 

Invest. Cash Dec. 21- 100.7 UMJ — 

Ex Ui. Acc Dec 20_. 140 1 146J — 

Ex UL Inc Dec 20— 1326 1383 — 

Mag. Pen. Dec 19 —12703 aOjj — 

Solar Lift Assurance Limited 

1002. Eh Place, London, EC1H 6TT. 01-242 2905 


MB - 

117J.._.l - 


m- 


7 Old Park Lane, London, W1 
Fixed InL Drp RM.4 

asssS—fflJ 

Overseas 124.4 

GIH Edged 1266 

American Acc 905 

Pen. F.l. Deo. Cap 13M 


nilam rmi Ns ' Mxd - M - ^ 
01-499 BUM UelMvd Fd Acc. 


01-623 1288 “b 

V* PenF.f.Dep.Cap 

— Pcn.FI.Dco.Acc . — 
Pm. Prop- Cap 


Pen. Prop. Acc ffllJ 

PSardnr* Pen. Man. Cao S25 

Pnar511Z2 _ Man. Aa 2781 

- J — Pen.GiHEdg.Cap 122-9 

— -I — Pen. Gill Edg. Acc— 1306 

Per. B.S. Cao 127.7 

Pen. B.S. Aa. 147.6 

Pen. D Ji.F. Cap 1 

01 *128876 Pen. D.A.F. Acc 11 


KelMxd.Fd.Acc._.|5l5 . 543.-4 — 

Next Son. *y Jware 25. 

NPI Pensions Management Ltd. 

' 48 Gracechixch St, EC3P 3HH. 01-6234200 
Managed Fix*! _____ 11593 165.91 +1-71 - 

Prices Jan. 2. Next dealing Feb. L 
New ZeBbnd Ins. Ce. (UK) lid.y 
Maitland House, Southend SSI 2JS 070262955 
Kiwi Key Imr. Pfen —J152.B 157^ _.... — 

Small Co's Fd ?6.7 Wffl-Oj - 

Technology Fd 104-3 109.8 -IX — 

Extra Inc Fd 43.3 — 

Extra Inc DIsl Fd..._ 98J 1K3J -0.4 — 

American Fd 925 97.4( -0.4 — 

Far East Fd. 109.6 - 

Gilt Edged Fd — 106.1 llLfl - 

Coil Deposri Fd fdo.O 1045) — 

Norwich Union Insurance Group? 

P.0 Box 4. Norwich N R13NG. 0603 22200 

-oil — 


Hearts of Oak Banaflt Society ESlmSS 1 " 6 

13-17, Tavbtock Place. WC1H9SM 03-387 5020 RSMSs' 
Hearts of J37.8 39.5! 1 - . Fixed Ire. Funt 


2nd Property. 
2nd Managed 



Hill Samuel Life Assnr. Ltd.y 
NLATwr.. Awtocombe Rd, Crey. f 
^Prnserty Units . — 1164 J 172.M 

Property aeries A 
Managed UnHs. 

Managed Series A 

Managed Series C 
Money Units . 


, ’ Deposit Fund 

■ Nor. Unit Dec. 15 

01-6864355 Pori Assurance (Unit Finds) LtdJ 


2nd Manages USB 

USE Srt=K 

2nd. American 799 

2nd Eq. Pens J Acc — 1M5 

2 ntr MOD. KWJSracc «WJ 

aid Gih PensfAcc 
2mLAm PensJAcc 82.E 

i la I 11 an. 

Cacrent value December . 

Pens. Proc Cap 

Ctudttofl House, Ctapdjlsh wron. 0902 2B531 Imperial Life Ass. Ca. of Candi 
SlS^ S LF«L_Z|- 102 15 I i — Imperial House, GuUdtortL . 

HBKaSira-- «7fti J i- MMinii . — m ^ — 

PeuLFiDec l^i^ -.- 

Ctartcrfiouse Magna Gp.V Managed FUnd 1^5 ftSj. — 

.gptoran Hse, Bn-ri centre. ^ 

eSS& Enerav 05.3 375f - A6I - Equity Find — =^!«-2 . 


Morrey Series A. 
Fised InL Ser. A 

PW. Managed Ac 
pits. G Teed. Cap. 
Pus. Gteefl. Aix~ 
Pens. Equity Cap 
pens. Equity Acc 
Pis.Fxd.lnt.Ca 
Pns.Fxd.lnL Acc 
Pens. Prao. Cap 
Pens. Prep. Acc 


13S5J +0i 
30531 +Oi 


Imperial House, GuUdfortL 

R3if6Z5s=Bf. 


Keynes. 

gffi.Wrd 

Eiuthse. Managed — . 
Ounce. Equity— — - 


fcrrSi iBjidr 

.Fd. 985 mg — 

t " .(995 1045] .—4 — 


252, High Hoftom, WCJV 7 EB, 03-405 8441 

Msnxgrd Food J21Jj — J — 

Equity Fund — | jl9.| 1265) .... J — 

Property Dhl. llif . J - 

Property Accum.. J126J> 133JJ . — J — 

Phoenix Assurance Co- Ltd. 

4-5 King William SL, EC4P 4HR. . 01-626 9876 

Wealth Ass. 11135,11951 — .1 — 

EbY.Ph.Ass. .— L_ ' J — J — 

Eb’r. PA.Eq.£. (77.J 0.51 —J — 

Prop. Equity ft Ufa Ass, Co-f 

119 Crawford Street, W1H 2AS. . 01-486 0857 

wsie=| M 1=1 = 

-Flex Money Bd -I IMA I . — -I — 

Property Growth Assw. Co. Lid.y 

Leon House, Croydon CR91LU. 01-680 0606 

SmS'=| = 

Agnc. Fund I AJ- 803-9 — 

Abbey HaL Fund I 3594 . . — — 


Solar Cash S W2.9 liWJj — 

Solar Inti. S_. 869 ,923 — 

Solar Managed P — 12BJ 13jj3 — 

Solar Property P 1115 5H3 — 

Solar EtpjSyP 170.9 179 J — 

Sglar Fxd. InL P jl|l 1^3 — 

Solar Cash P — 1025 108.91 — 

Solar imJ, P 86 8 9£g ... J — 

-Sun AI fiance Fund Mangmt. Ltd. 

Sui AKance House, Horsham. 040364141 

Sun Alliance United Life Ins. Ltd. 

Sun AUlance House, Horsham. 040364141 

Equity Fuad 1283 135.U -0.’ — 

FUedl nterest Fd 105.7 UlJfl — 

Property Fund. 116.6 ia.g ...... — 

loternauonai Fd *5.8 100.4 -05 — 

Deposit Fund 99 4 IM.fl ...... — 

Managed Find 2103 1162( -OJJ — 

Sun Life of Canada (UK) Ltd. 
2,3,«.C«*wSl,SWlY5BH 01-930 5400 

Maple U.Gith 205.0 — 

Maple U. Mangd 135.1 - 

WapleLEEaty U1.4 — 

Persrd. Pti7Fd..__-_. 208J — 

Target Life Assurance Co. Ltd. 

sac c “™“ ‘w.-ststism 

Fixed InL Fd. Inc lOU, 3Q6Q — 4 — 


OFFSHORE 

OVERSEAS 


Alexander Fund 

37, M NMit-Oanr. LiatembOurq. 

Alexander Fuad j SUS7C3 [..-....I ~ 

Net asiei ulur Dec. 12. 

Allen Harvey ft Ross Inv. MgL (C.l.) 

l,ClnnrgCrt« SLHei.er,J*y.,C.l. OS 34-73741 

AHR Gill Edg.Fd.._. (U023 1056J | 1L98 

Arblrthnot Securities (C.IJ Limited 

P.O. Box 284, Sl Heller. Jersey. 0534 72177 

Cap.Tst. Uerw*l.._J115 7191 i 4 20 

Next Ceaffno 6te Jano»9. , „„ 


Gou'lS«.&3bS" 1ZOO 

Eau GlnU.TsLjSll^iSs 9 vk ,-.4 3.67 
Next dealing *d» Jw»7 J L 


02723224) 
-051 900 
-OJ 9.® 
-*0.4 4.B3 

+Oi 4« 
403 839 
♦0.4 flj 

li 

I M S:S 

027232241 
-OJ) 6.60 
-O 3 660 
-0.5 10.29 

-O.ll 4.91 
-054 936 
-0.41 324 
-0.1 4.99 


Austral an Selectfen Fund NV 

Market Omnuidties, ejo Irish Young A Outhwaite, 
127, KeS Sl. SyMey 

USS1 Shares _| RJ53.M — 

Net asm vatu* N srember 24. 

flank of America International SJL 
35 Boulevani RC|«L LuM-mbourg C D. 

Wldhired Income lltnU-.f 730 

Pricer at Dec. 2L He*i rub. day Dec. 27. 

Sample Bruxelles _ Lambert 
2 Rue De la Regence B 1000 Brussels 
Rento Fund LF p,B80 1,938) -4| 807 

Batctays Unicom InL (Ch. Is.) Ltd 
1, Charing Cross, SL Heflcr, Jsy. 053473741 
Overseas Income „,(47J 49.61 +0.11 1220 

UnhMiar Tract Ituaejff 11JU 1 U 

Untoond Trtg ,...[MB1BJ) 202661 .1 8i0 


Barclays Unicorn InL (l.o.Man) 

1, ThAdBj Sl, DougUi, i.e.M. ( 

Unicorn AuiL Ext 1513 5501.. 

Do.AisLMln 32.6 351a .. 

Do. Grtr. Pacific 68 4 73a .. 

Do. inti. Income 37.7 40.6 .. 

Da. I. of Man Tsl. 47.6 515 .. 

Do. Manx Mutual .... 25.9 27. ‘ .. 


Key ser Ullmans Ltd. 

23. Milk Street, EC2V8JE. 01-6067070 

m H « 

CeriL Assets Cap (134.4? 139^0*1 - 

King ft Shaxson Mgrs. 

1 During C«D. SL Hriier. Jersey. ' (0534)73741 b 4 . 

Vslley Hse. Sl Paler Part. Gray 10481)24706 2,. 

J F hocus Street. Darglas. JAM. (06241 <856 

GIIL Fuad i Jersey) 19.06 9.0ffl J 122 ‘ 

Gih Trust M o M.i „ 11023 104 9l JUS 

Gill Fnd. Guernsey |9.13 U4] — | UL2S 

I ML GorL Secs. Tsl. *■ 

Finl Sterling.,^ (£17.81 17.83 J — ; 

Firtt iml _..[S39L69 191.8^ ■— -4 

Kleiiwort Sens on United 

20. Fenduron Sl , £ C 3. 01-623 8000 ' 

EurlmwL Lux. F. U17 I 333 

Guernsey Ire. iJ 5 fa? q« <2 7 

Do. Aram 797 84.4 427 

FarjrEajtFi- S0SU.fi? L58 ■■ 

KBlntl. Fund SUS1L45 LJ2 

K6 Japan Fund SUS3BJ3 — ... 0.64 

K.bTiTs. G wth. rd. _ 3US1219 5.78 

Signti Bermuda SUS4.91 183 

Imemil.Bd.FC SUS10038. — — , 


5US12 19 
SUS4.91 
SUS10038. 


01-623 8HjO 


0624 4056 
1 % 
'■Z a &o 

8 dO 

.... 1.40 


Usyds BIl (C.l.) U fT Mgrs. 

P.O. Box 195, Sl HelUee, Jersey. 0534 27561 

Llnyos Tsl O'was J55.1 58J4 J G97 

brtl Hearing due Juuanr J5. „ 

Usyds Trust Grit ... _f9 97 lO-teT .--1 
Neal dealing date January 10. 

Lloyds Bank IntematianaiL Geneva 

P.O. Box 438. 3211 Centre 11 (SwitatylamD 

Uords InL Growth _|Sf7B85l »830l J LC 

Udj* InL Income (54=286.0 29730) 4 538 

Management International Ltd. 

Bank of Bermuda Building, Berurda 


Bhhopsgate Commudity Ser. Ltd. 

P.0. Box 42. Douglas, l.o M. . 0624-23111 ' 

ARMAC'Dk. 4 ISUSN38 ^1741 , , I _ 

CANRHD"Dec.4 ”EL(»8 I to* ““l _ 
COUNT** Dec. 4. — jjb.627 3 78H....1 L88 

faginaily issued at *510 and **£L0b. 

Bridge Management Ltd. 

P.O. Ban 508. Grand Casnan. Cayman is. 

NTHsmtoc.1 1 Y17.B58 I-.../ — 

G.P.Q. Ben 610 Hong tana 

Ippwi Fd. Dee. i7„._|JUSa3« 21 42) J 0.77 

Britannia Tit. MngmL, (Cl) Ltd. 

30, Bath Sl.. Sl. Hefter, Jersy. 0534 73114 

Sterling Denominated Fdi. 

Growth Invest 364 2931 -0.41 2.00 

I ntnl. Fd. . BD g 87JH +1 a 1_00 

Jersey Energy Tu 119.6 1293^ -l5 130. 

UnivJ.STa.Stg L2.08 2J«+CUjq ljo 

High im.Stlfl.TsL. C0.S3 O'M | 1230 

U.S. Dollar DMioadnalwl Fdl. 

Unhsl.STsi BUS523. 53^+OJHI — 

InLHigh Im. Tst. ___|SU 50.9b O.M Z\ 930 
Value Dec. 29. Next dealing Jan Z 
Brown SUpley Tst. Co. (Jersey) Ltd. 

P.O. Box 583, SL HeUer. Jersey. 0534 74777 
SUng.8nd.Fd.ih) tflOA 10.03| ) 1100 

Butterfield Management Ca. Ltd. 

P.O. Box 195, Hamilton, Bermuda 

Bimreii Equity [SU5231 23« J 1.74 

Buttress Income _JSUS2.il 2 09) 1 8.01 

Prices il Dec. L Next sub. day Jan. 8. 

For Capdlrex SA see under Keyset U liman 
Ltd. 

Capital International SJL 
37 rue Netre-Dinw, Luxembourg 

Capital InL Fund | SUS17.b5 | ......| — 

For Central Assets MngL Ltd see under 
Keyter Ullmati Ltd. 

Charterhouse Japhet 
1 Paternoster Row, EC4 01-248 3999 

Arfiropa BU3CJ0 3L70) 4.83 

Ad verba DM4 M K-lffl 4 45 

Fondak DUTI.ia 33Jffl 4 48 

Fonfts nU7B8il ZLSO] 530 

Enweror Fund 53 J5 _ 3_30f — 

Htapano WS42J3 44J7) 2.74, 

Clive Investments (Jersey) Ltd. 

P.0. Box 320, SLHelier, Jersey 0534 37361 

Clive Gill Fd. (C.IJ [4.fcfa 9.671 J U 3B 

CUue Gih Fa. (jsy.l ._|9.b2 4.63| j U.42 

Comhtll Ins. (Guernsey) Ltd. 

P.O. Box 157, Sl Peter Port, Guenety 

lotnl.Mao.Fd (1635 178JH 4 — 

DWS Deutsche Ges. F. Wertpapiersp 
Grnnelwtgweg 113, 6000 Frankfurt 
Investa |DU37fl> 39JXft .... J — 

Delta Group 

P.O. Box 3012, Nassau, Bahamas 

Delia Inv. Dec. 26 jSUSL66 1.76) — 4 — 

Deutscher Investment-Trust 

PosHach 2685 Elebergasie 6-10 6000 Frankfurt 

Concern ra._ ipuaxft 2L7M — 

InL Renleirfonds (DHIAIO TLOO) \ — 

Dreyfus Intercos i tiuental Inv. Fd. 

P.O. Box N3712, Nassau Bahamas 

HAVtota9 |WStt« 16.471 — 4 — 

Emson ft Dudley TsL MgL Jrsy. Ltd. 

P.O. Box 73, SL Heller, Jersey. 0534 20591 

E. D.LC.T. (1238 13L8| 3M 

The Engflsh Association 

4 Fore Street, EC2 01-58870E1 

Eng. Ass. Ster1inq" _.|£5U?7 51.281 1 - 

Wanfgate Cm Fd"(tl0.93 1L3N — 
•Next dealing Jan. 3. “Next dealing Dec. 29. 
Eurobond Holdings N.V. 

Hanrielsfcxde 24, Willemstad, Curacao 
London Agents: Intel. 15 Christopher SL, EC2. 
T*L 01-24/ .7243. Telex: 8814403. . 
flIAV per share Dec. 29. SU52l.ia 

F. ft C. MgmL Ltd. Inv. Advisers 
1-2 Laurence Pountney Hill. EC4R OGA 
01-623 4680 

CetiLFd.Dec.20 ( 5US5J6 | | — . 

Fide Ely MgmL ft Res. (Bda.) Ltd. 

P.O. Box 670, Hamilton, Bermuda 


170 C'buy Dec 22 ISJS37J0 i | — 

860 M ft G Group 

Sri Three Ouayi, Tower Hill EC3R6BO. 01-6264588 

AiiamicDec.27 5US3J15 3131. — — 

AioLEx. Dee. 27 SUS2J6 2.45) . — — 

• GIiL&lAcc Dec. 27_ SUS9 7S lfl.96| — 

34U li-smilr: r!i._: i™ & lool) -oj n.w 
— I Accum Unlts>— 1882 2K.4| -D.4) 53.88 


Samuel Montagu Ldn. Agents 
.114, Old Broad Sl, E.C 2. 01-588 6464 

ApoHoF d. Dec. 20 .—ISF40.W 44J0] — J 425 

SS«jPm.15 .. __ 9BU61 3463 J 087 

117 Group Dec. 27 _JjUSlB.W 11 43 .... J 2.44 
117JerM7Dec.13_p.33 5.fiffl ... J 0.75 
JsyO's Dec. 20 (t9 67 ULliwl-0271 - 

Murray, JehnstotM (Inv. Adviser) 

7tt3. Hope Sl, Glasgow, C2. 041-221 5521 

•Hope SL Fd l U»402B I J - 

■MivayFund ] U5S1108 | 4 — 

WAV December 15. 

Negit SJL 

10a Boulevard Royal, Luxembourg 

NAV Dec. 15 | 5US12J8 ( 4 — 

Negit Ltd. 

Bat* ol Bermuda Bldgs., Hamilton, Brmda. 

NAV Dec. 15 | £6 10 — | — 4 — 

Phoenix International 

PO Bn\ 77, Si. Peier Port, Guernsey 

litter- Dollar Fund (51)5236 2_55J — 4 — 

Quest Fund MngmnL (Jersey) Ltd. 

PO Box 194, Sl Helier, Jersey. 0534 27441 

teaiSidBk oSBrdW 

Que« Inti. Ex) JsJ5fL<®9 0 46^ .._.] 9J» 

Price at toe 27. Me.-t dealing Jan. X 

Richmond Life Ass. Ltd. 

46 Arhol Street. Douglas. I.O.M. 0624 23914 
tx'The Silver Trust ..nil.' 334.41 +0^ - • 

Richmond Gu Bd. 117. B 124.1 -U — . 

to. Platinum Bd. lfal 6 1702 +12 — ■ 

Do. Diamond Bd — . 4o5 30Lh _ — ■ 

Do. Em I ncome Ed 1673 1763 -06 1X62- 

Carrillon C.G.l.Bd 95.0 10S0| — 

Rothschild Asset Management (C.I.) 

P.O. Bov 58. Sl Julians Cl, Guernsey. 0481 26331 


Q. C.Eq.Fr.Mev. 30 53 b 56 tt -13 3JW 

O.C.lnc.Fd. Dec. 1 152.1 lfaliri 7J8 

O.C.Inu.Fd.t 51.26 1^3 132 

C-rSnt Co Dec 29 1520 lfaLB + 124 X12 

O-CConwiodilV.... 145.0 154.2 +17 408 

O. C Dlr.Comdtyt... K8B0 30.6^ .0.65 

'Prices on Dec. 14. Nesl dealing Jan. 12 
fPritss HI Dec. 21. Next dealing January 31 

Rothschild Asset MgL (Bermuda) 

P. O. Box 6h4. Bk. of Bermuda Bid, Bermuda 
Reserve Asset! FdJSU59.M 9.86| .. ..J — 

Price on Dec. 25. Next dealing Jan. 2. 

Royal Trust (C.l.) Fd. MgL Ltd. 

P.O.B01 194, RcwaITu H«e., Jersey. OS342744 

R. T. iml. Fd ISUS420 9.BM J 3J» 

JLT. Int'l. > Jsy.' Fd. _JB3.0 89.0| J 31 


r.Inn.Fd ISUS420 9.BH J 3JM 

r. im'l. 1 Jsy.' Fd. JlU.O 89.0| j 321 

Prices at Dec. 27. Next dealog Jan 2. 


Save ft Prosper International 

Dealing to: 

37, Broad Sl, Sl HeUer, Jersey. 

U_5_ Dollar-denomlinfed Funds 
Dir. F«d. inL**t___)8 86 9.3?id 

IntemaL Gr.t |7_5B 8201 

Far Eastern** U7.65 5XSa 


Is 


II : 


FMefity MgmL Research (Jersey) Ltd., 
Waterloo hse, Don Sl, Sl Helier, Jersey. 0534 
27561 . 

Series A flninl.J IE3.60 F+OJIflj — 

Series B (Pacific) K9X9 ..... — 

Series D (AmlAss.I — |Q 554 1 — J — 

First Viking Commodity Trusts 

10-Ul $l George -sSL.Dougl«v 14 M. 0624 25015 

Ffl. VI k. Cm. 7?L ,__.p5.0 3* 2 J 3.00 

FsLYk.DW.Op.TU__[55.0 5?JS| _....] - 

Fleming Japan Fund 5J8. 

37, rue N IX re- Dame, Luxembourg 

Fleming Dec. 28 1 *UStfi20 1 J - 

Free WorU Fund Ltd. 

Butterfield Bldg., Hamilton, Bermuda. 

NAV Nov. 30 1 SUS1893S J ..l.J - 

G.T. Management Ltd. 

Park Hs*_ 16 Finsbury CHtis, London EC2 
Tel. 01-628 8131. TLX: B86f00 


. ^ 3.05f 2.06 

— Anchor GIH Edge.—. 19.43 ’ 9.«2-Q01 1338 

Anchor fnLFd. WS496 sM ..... 2C6 

Anchor In. jw.Tn__2BJ J05^ +03 1.07 

Berry PaeFtf SUS53.75 J ... . 0.S4 

Berry Pac Strig ____ 315.00 , 329 . 0.91 

G.T. Asia Fd_ SMCiLU 10-59) .._ . 1.B9 

G T. Asia Sterling . — El 4.04 1436I+0D5 2.70 

G.T. Australia F£ __ SUS9 71, , lO.lfl .... — 

6 .T. Bond Fund _____ SUS13.7S rOJW 534 

.T. Dollar Fd. SUS6.B4 ..1+011 l.« 

G.T. Dir. (Strig.) FdC869 9.IW ...... 

&.T. PaeWe Fd MlSi-M - J+0.12 0.93 

G. T. Philippine Fd.._|SUS9JS 10 491+0341 — 

Gartmore Invest. Ltd. Ldn. Agts. 

__) — 2, SL Mary Are, London. EC3. 01-283 3531 

-J — Bert mere Food MngL (C.l.) Ltd. (>NhJ 

-- 1 — 4L Broad Sl, St. HeGer. Jersey ... 0534-73741 

LM Gift FundUersey) — 19^.0 1010( J 1225 


,0296)5941 London Agents for: 

. — I — Anchor •Brinks ItUSl.Dl 

_..J — Anchor GIH Edge. — U9.43 • 


Dep.Fd. Jdc — . 

Ref. Ptm Ac. Pen 

ReLPlanCap.Pen. — 

Man.Pen.FdJ^cc 

Iflaa Pen. Fd.Cap.__ 

6lttPen.Fd.Ace. 

Gih Pen.Fd. Cap 

Prop.Peo.Fd.Atx. 
Prop. Pen.Fd .Cap. — 
Guar. Pen. FdJVcc. „ 
Guar. Pen. Fd. Cap. 

DJL Pm. FdJVcc 

D-APm.Fd.Cap. — 


M=- 


+11 — 


SSgSfcF ^ I3S 

Cfty of WBtartnifter Assur. CtL LW. 


Equity Fund |wi JM3, 

, Irish Ufe Assurance Co. Ltd. 

\ 11. Fliefaury Square. EC2. 

w 

UiG™^ — 3W gTg 
VroJuSd.^itec- 1 flli 205 J 


Ahtxy Nat. Furxl — _ 
.--J — AMcrNai. FiLtA). - 

— J — IflUestiRitt Furxl—— 

— J — Investment Fd.t A)— 

-— i — EonhyFund — 

EqnHyFurx) IA) 

Mcnry Fund 

0L628B253 Money-Fund (AJ—_— 

I SJOO Actuarial Fund.___ 


I „ Trarrsmtematltmal Life Ins. Cu. Ltd. . 

— - 2 Bream BWgs., EC4 INV. 01-4056497 

I — WTaRp Invest. Fd 1473 155.11 — 

d.ty WTufhJ Mhrwd. Fd U6.0 122fl - 

n fi fl f) IWU. WMan. BorxfFd 12L1 127.JB . — — 

ll-ttHOObUO Pcn _ Fd . cap. _ 123.7 !302 — 

— Man. Pen. Fd. Acc — 333.0 139.S — 

— — VMngd. Im. Fd. Im... W.9 304 - 

“ tyMngri. Im. Fd. Acc- 100.0 1052) — 

II-I1 — Trident Life Assurance Co. Ltd.* 

■■ — Renslade House, Gloucester. 045236541 

S - ssass.-==lii?j St zi - 


Sta&BSsr- 

♦Retire Annuity ~_— 
♦immed. Am'ty— . 
fmerttat tonal Fd — ~ 
Prap. Growth Prariot 
Air WTfter Ac- Utsj 

VAJiWKiUie--Cap._ 

B nv.Fd. ub..____ 
mlonFd.yui 


BrStead Hmse, 6 Wwefiw* ■ J Prop.Md.Dec-) Q95.| 2K.A — 

West Prop. Fund— 64.6 ,^91 - lSr.Md.GrtlLSer.il U02J 10A1( — J — 

ManeagfFund Z . King ft ShUXSOfl Ltd. 

Equtty^untf-: l* 2.6 KSlH _ 5ft CornWU, EC3. 03-6235*; 

- Sml Fd. Exempt — J10L52 lOEMI+BWJ - 

— - f - • Next dealmj date Jatuiy 3. 


bimmed. Am'ty — 
Bternat tonal Fd — _ 


Farrmand Fund — i_, S3 

Money Find i — 270 

Gilt Find 62.7 

PULA Fund,- 172.8 

Pens. Mngd. Cap.. — 123.7 
Pens. Mngd. Acc — £2)3 

Pens. Money Cap <o.4 

Pens. Money An — _ 510 
Pens. Equity Cap.—. 5^ 

Pens. Equity Acc. __ 55.0 

Food aneaftf dned user 
Perform Units ( 225,7 


City of WiStmiBStBr Asinr. Sue. Ltd. 

Telephone 01-684 .9664 _ 

ESiS“u5E±rli8’ 


+0 — 
+d3 — 


L»;jE 


Property Umts— I54.S 1 

Comoserciai Union Group 
SL Helen* 1, UnderJalL EC3. 
Vr.AiLAr-OK.3G_Z 5+.W 
Do. Annuity Uts 1 28.7® 


Langham Life Assurance Co. Ltd. 
LMshwi Use. Hrimbrock to-NWA. 01-20 
Harvest Maii.- 198.1 -103-3 — J 

• Lffltfain ‘A 1 Plan lot4 69^ J 

VPrity- Bffltd __[1471 154.0 . — J 

- Wsp-ISPi Man Fd (763 StL5) — 4 

. Legal ft Geseral (Urdt Asur.) Ltd. 

* Klngraood Haase, Wngjwqod, TMatnit ! 

*. (OaSiEU. BwghMeaifi; 

\ Cadi bridal 1** M 

« Do. Amur. (99 9, 

•; Equ% Jmflat 0245 331 3 -03) 

mm 


:::: uu 


Confederation Life Inwrance Co. ; 

50, Chancery lane, WC2A 1HL 01-2*2 l$B 

s^ss^zd&Lp ^ ? 

824 ~ 3 

•. - 82.4 -4 

IsLPerr. ,.®« - — ■ “r 

leeiBfedv' Bd4 

CornWD l Moran ce Co. Ltd. I 

32, Cornhflf. E3L3. r ! 

WE&SM 

Credit ft Commerca Insurance ^ 

3201, Re9WtSL, 01-439 7(K 

CACMogird.^— 11^3^ 2334 — f — 


iFired imtrtl 

> ijjo.Acomi — 

_ -_J'_ ___ Mini. Wt taL . 

03-28j7s00 go. Atqqn. 

I -a <21 i- Managed inrtial 

I J L- Do Accum 

1 - Property bridal 

V Do. Acora.- 

! Co. * Legal ft General «M 

01-242 0CS2 ftieiaptCasn Intt 

J" Dq Acaqa... 

4 " ^ Exerapl Rad IntL 

4 — j Do. Accum. ... 

3 2 E»«M Mngd. lott. 

5 3 Du.AMm.__— — 

4 _f Exempt Prop. ImL^. 

i J . Do-Amm 


KJH 21 - 


0-6235*33 PMU«Fil.UUi — 135.0 - 

.now Con*. Pens. Fd--—. 153.7 — 

Cnv. Pns. CJf l UL 336.4 - 

' Maa.Pens.Fd — __ JJ13 — 

id. Man. Pens. Cap. UL 133.9 — 

^HQMaug tto.liW 01-2035^1 ^ 

H:rj= fetlviJ B) d = 

MwSTFdTfiJ "I __ Providence Capitol Life Ass. Co. Ltd. 

lid. 30 Uxbridge Road,W12BPG. 01-7499111 

irth, Surrey IrtlMkt FdjiS.' 
leaifl 53456 Pension Eaui 

— Pension FflL 

— Deposit Ffl. Cap, .. 

a? = SSS&- 

:ti = fstfey 

...... — Fsd.liG.Act. 

— I ntal. Cap.. 

-fli — Intnl. Aft'—.,. 

-0^ — Mara9edFtf.Cap.__! 

Z - MSSedFAAct __ 

— « Property Fd. Cap- 

Property RL Am. — 

...J — Provincial Life Autmun Co. Ltd. 

1 “ 222 Bbhopsgate, EC2. 01-2476533 

1 " Pro*, Managed Fd IU9.9 12631+Ofl - 


i?6; J.31I _ 


RenslMe House, Gloucester. W 

SSS3.-=:=ij iai.- 

Prooertv 15*^ Jog.^ — 

Equlty/Amriican. 82-4 87 jl +03 — 

uT&ultyFimd_12L6 1383-03 - 

BSF=ffi |f = 

intentaihmaL 1M.S 106.S -H 

Fiscal 1285 J36B ... 

Growth Cap 126-4 133. J 

Growth Acc. — 132.1 33?-9( ... 

Pew. Ma?#. Cjp— 136-7 13.6) +J 

PeoL Mnrf.Acc 13.7 1310 +{ 

Pens.Gtd.Dep.Cap..— JOb-1 1JJ-S +j 

PeiK.Gia.DeaJEc._-. 1313 118.0 +( 

Pens. Psty. Cap 119.1 ' 1260+, 

Peii5.Pty.Aec 12t3 1353+- 

TrflL Band 36.9 38.9 ... 

■Trflt. G.I. Bond -I, ,J7j) | ... 

■Cash vatoe lor £100 prenhn. 

Tyndall AssdfaiKe/PeMion*V 

iS. Canyngr BmO, Bmtai. 0 

3-Way Dec.21 127 J 

Eoulty Dec. 21 1625 

3W.7 

Property De<. Zl. — U5 2 

Deposit Dee. 21.--..- 131 J 

3-WayPn.Dec.l4_._ 154JI 

ffseas Inv. Des. 21 74.6 
Mn.Pr3-WDec.l- 1774 

aaasa 1 .-. 5B 

Do. Prog. DeL 1— — 

Vanbrogh ttfe Assimnce 
41-43 Maddox St, Ldn. W1R9LA. 01- 


01-4994923 


1393 — 

1435 — 

3W.fi — 

108.1 — - 


222 Sbhoosoate. EC2. 

Pro*. Manned Fd im? 1263 

Prw.EBffSr, m.i 123| 

Gilt Fund 1160 122.5 

Property Fund IfflLJ lfc.9 

UH 

Piwdeatiaf Pensions Limited^ 

HolBoni Bars, EC1N 2IHB. 


S +0.7 
-03 
+ 0.1 
-02 
+02 


Legal ft General Prop. Fd. Mflrs. LW- »»Oaa to* EON 2HH . 

11, Quern WnorlaSL.EC4N4TP. 01-2«967fl fgfS ""1 _ 

Ken tmt m tBMBTJ J, Muhnl 

LHe Assw. Co. of Pwmsyhrante ?SSw"v^«- - 

39-12, New flood Sl, W7 ORB. 01r493 8395 i 223.4 

lacop Unrtr — —1986 VOS RgUisebUd Asset Wfcuwgei 

Lloyds TsL Mngrs. Ltd. SLSwittHm Lane, Ltodon EC4. 


01-4059222 


Refince Mutual 

Tunbridge Wells, Kent • . 0OT2 ZZ271 

ReLProp^Bds _.( 223.4 I + 13) — 

RsthscbUd Asset Management 
SLSvnKWm Lane, Undon EC4. 01-6264356 


7LL«nbarriSt,EC3. ’01-6231288 N.C, Prm (1271 1353i+70( - 

ftJT_L.----.iB3 1D1« 1 731 ^ ItoiTiaL iUy Oecmaber 


Managed Fd J1SM 158.fl - 

Equity Fd. MM 252-3 ~ 

'fiSSasKZZ®! = 

Vanbrugh Pensions Ignited 

41-43 hGSox 5L, Ldn. W1R 9LA 01-4994923 

Managed .... — 10L§ 106. J — ^ — 

RfinMizisB. :::::: - 

Property [lOLD 1064) — 

Guaranteed S« 'Im. Base Rues' taMe- 
WeHare insurance Co. Lid.ty 
Wintlade Part. E»«er. 0392-52155 

Moneymaker Fd.— ...I 104.9 J ; — 

For mber fiwU, ptesw refer la The LaadOB ft 
Mindhmirr Group. 

Windsor Life Assur. Co. LM. • 

Royal Albert Hse., Sheet Sl, Windsor 68144 

Ule In*. Plans —[722 _ 76JJI — 

Future Aud.HMa),.. 170 — — 

Furore Assd.Sttrib 1 _. «.* — 

ReLAwd.Pens.— £26JD . — 

Her. Inv. Growth— 1662 ISsSt — — 


Gartmare Fond MngL (Far East) Lid. (aHb) 

1503 HuKHm Hit, 10 Haraun M H.Kurffl 

HK ft Pac. U. TsL _L[3 715 3%S 2.00 

Japan Fd BUS)!J1 I9.bffl 0i+) 

N. Amerlron Tu. Eia03« 10.B| 1.S0 

Inti. Bond Furxf —JSU5UL3S 10.851 .....J S.bO 

Gaitmure inestnNat MngL Ltd. (a) . 

P.O. Bex 32 Douglas. lofSTT „ „ 0634 23^1 

Girtmorel rTuTTnT:. . (21. 1 23.S 11.30 

Gartmore Inti. Grthi6L2 65.1) ] 2M 

Harabre Pncfftc Fund Mgmt. Ltd. 

2110, Con naught Cenue. Hong Kong 

Far East Dec. 27 BHIG4J9 15.141 1 — 

Japan Fund [jUS9j9 10 07] ) — 

Hxrabrot Bank (Guernsey) LtdJ 
Hambrns Fd. Mgrs. (C.i.) Ltd. 

PO. Box 86, Guernsey. 0481-26521 

C.l. Fund- .1147.3 ‘lStg 3 70 

Intnl. Bond JUS 10919 jS5« *.5fl 

InL Equity SUSPJJS . 1L6H 2.10 

Irrt. Svgs. 'A" SUSU-06 IM - 

Int. Svgs, ‘B* SUSai5 1.19| — 

Prices on Dee. 27. Herf dealing Jm. 

Henderson Baring Fund Mgirs. Ltd. 

605, Gammon House, Hong hong. - 

JJnAoFd.0«.27__.|SJ2y5 2345) I - 

PacfficFd.* Dec .27 ._.pRl5i9ffl - 1 - 

Bond FiL Dec. 29 | SUS10.719 l+iHi| - 

•Exttosrre or any prelm. charges 

NfiLSamael ft Co. (GiRmsey) Ltd. 

B LeFrbwe SL, Sl Peter Port, Guernsey. C.L 

Guernsey Ta JMU 15951 -0-71 3 72 

Hill Samuel Invet. Mgmt. Intnl. 

P.0, Box 63. Jersey. 0534 27381 

HSChumells.F. — 1222 330.8 .... ( 3J2 

Box 2622, Bern, SmUerland. Telex ^4B 

I HJ. Overseas BUS18J5 If - 

C.S.F. Fd. (Acc.) SFISil 15.Sn-0.17 - 

Crossbow Fd. (Acc j- SF§S 3.7a -0 Of — 

ITF Fd.CAec.1 JUS127 838-0.04) — 

Intenutlonai Pacific Inv. MgmL Ltd. 
P.0. Bar R2J7, 56, PHI SL, Sydney, AusL 

Javelin EquHyTst |$A228 2.4 W|-Cl04| — - 

J^_T. Managers (Jersey) Ltd. 

P.0. Box 98, Charnel House, Jersey. 053473673 
Jersey Evtrnl. TsL- -(165.0 174.M +6.0( - 

As a Dec. 29. Next sub. day Jan. 3l_ 

Jardtnc Fleming A Co. Ud. 

46tn Floor, C Da naught Centre, Hong Kong 

Jartrine EsUlTo. HW29S.4J .... 2.40 

Jardlne J*Bi.Ftf .« HI341331 0.90 

JirtJme S-UL tU 

jartflne FleirulnL HKSH.80 — 

lirtl. Pac Sets. line.)... HKS13.64 — 

Do. (Accum.) HRDSn . - 

. NAV Dpt. 34. *E4uhaJMt 5USEL32 
Next sub- flay December 29. 


vxesL*=w ?a=d = 

SeproJ.-- _r_..15.n 36^1-...) — 

ChSS^Sf^jgg- 255.41 -131 2.46 
Ciunnel lsiandiR._ _ 151.5 159-51 -LI 527 

Com-nod.* 1323 139JJ .... - 

Sl. Deposit* 1022 102.« +0.1 0J4 

SL n^O—t 187.8 134-M.....J 12JB 

•Prloti on Dec 33 "Dec. 20. ***De& 28. 
JVJfrity Dealings. JDaily Dealngs. 

■ Sehlesinger intenutionai MngL Ltd. 

41 La M«ieSL,Si. Helier, Jeney. 0534 73588 
SJLi.l 75 80f 9JJ6 

Gilt £tf ZL. 217 ZlJ 1236 

imi.Fd Jersey 95 lOll .. .J] 3M 

Intnl. Fa.Lrmt’n 110? llfiOf D.OS — 

•Far East Fun) 98 I04| 1 238 

’Next sub day Jan. 3. 

Schroder Life Group 

Enterprise House. Portsmouth. _ 0705 27733 

intenutlonai Funds 

£ Equity. 1043 UO.3 — J — 

S Equity — _.__ 1334 14LJ .._J — 

£fi urf Interest 139.0 147.H ,_TJ — 

5 Fixed Interest 107.4 U4.2 ...._| — 

£ Managed 1222 130fl .....J — 

^Managed 1273 1Z7.?| ] — 

J. Henry Schroder Wagg ft Co. Lid. 

120. Cheapside. EC2. 01-588 4000 

Cheap S Dec. 27 U M l J 2.81 

TralaloarNov.,30 SUS123 Jb J J — 

Aslan Ftf. Dec. 27 BIS2B70 191J 2.87. 

DarHira Fa. Dec 29 _. SAL 95 2.0fl+Wq 5-40 
Japan Fd. Dec. 28 .— SUS8.43 9.044 ..—I 033 

Sentry Assurance International Ltd. 

P.O. Box 12 b. Hamilipn 5. Bermuda 
Managed Fund ]PJ5LWB 2.1563) i — 

Singer ft Friedbuidxr Ldn. Agents. 

20. Cannon Sl . EC4. 01-248 9646 

D-Lafomfc_ ION 2637 27801 1 6.12 

Tokyo Tst. Dec.27 | SUS4030 1 ) l3 

Stronghold Management Limited 
P.0. Box 315, Sl. Heller. Jersey. 0534-71460 
Commoxlity Trust (8750 91.891 — J — 

Surinvert (Jersey) Ltd. (x) 

Queers Hse.. Don Rd.. Sl Helier. Jsy. 0534 27349 

American lixLTs 117.18 733I-0JM] — 

Copper Trust -. £11.83 1 2 111 .-J — 

Jap. Index Ta I U 1.20 11 44) 1 083 _ 

TSB Untt Tnnt Managers (C.l.) Ltd. - 
Bagatelle Rd., Sl Saviour, Jersey. 0534 73494 

Jersey Fund VU h 5LH J 486 

Guenue- Fund .___J4S.V 5Jj| — .1 486 ' 

Prices on Dec. 23 Next wb. day Jan. 2. 

TSB GHt Fund Managers (C.I.) Ltd- '. 
Bagatelle BA. Sl Sarmur. Jersey. 0534 73494 

GHt Fond 199.0 1M.H ._..J 1230 

Gilt Fund (Jnr.1 W.O JL02.0f ±1210 

Prices bo Dec. 27. Ntrt sub. day Dec 27. 

Tokyo Pacific Holdings N.V. ' 

Irfurtr, Management Co. N.V.. Curacao. 

NAV per 1 bare Dec. 11. SUS6454. 

Tokyo Pacific Hidgs. (Seaboard) N.V. 

I mints Management Co. N.V., Curacao. 

NAV per share Dec. 11. SU547.25. 
Tyndall Group 

P.O. Box 1256 HanilHon 5. Bermuda, 2-2760 
O-mmsOm-H ISUS1J5 l4U ......j 600 

1 Accum. UnHil SUSUC 1.93+001 — 

3-Way InL Dec. 14 {U5273 2B7| J — 

2 New St. St Hefer, Jersey 05 34 3733 10 

TOFSL Dec. 29 £7.40, BM +0JH 200 

(Accum. Shares. _. £11 85 12.M +0JM — 

American Dec. 29 813 873+53 ZOO 

tActun shares). 825 883 -+5B[ — 

Far East Dec. 4 rt.O 933 +25 2J» 

(Accuri. shares) 87.0 933 +23] — _ • 

Jersey Fd. Dec. 29 ... 203.0 2153 +0 732 

■ (NoikJ. Act Uts ) 30L4 319.6 +23 — 

Gill Fund Dec. 29 1D3.6 105 6 +63 1136 

lAtrim. Shared [l4Lb 144^ +03| __ 


= 


Vktary Hum, Dangtxs, We of Mar 
Managed Dec. | lJg.4 145 


.0624 24111 

( i — . 


Unilife Assurance (Overseas) Ltd. 

P.O. Box 1386. Hamilton 5-31, Bermuda 

Intend. Mngd. Fd.._..|SUSQ 96 — I i — 

Union- invest ment-Geselhchaft mbH . 
Postiach Ib7t7 l D 6000 Frankfurt 16. 

Atlaminon* 10.95 11301 — 

Eurepafonfls 2510 26.401 ...... — 

Umfonds __. 17 65 18.601 — 

Umrerta 38 40 39 60 — 

Unispeciai ._ 58.45 6230| — — 

Utd. Intnl. Mngmnt (CJ.) LU. 

14, Mulcaster Slrort, Sl Hefier, >rwy 
U.I.B.Fuad (SOS107M 1Q8.70 (t3l17] 739 

United States Tst. IntL Adv. Ca. 

24, Pur A Wringer, Luxembourg- 

U.S.TsL Inv. Fnd 1SUL63 t - (-OOfl (L94 

Nei assets December 28. 

S. B. Warburg ft Co. Ltd. 

30. Gres ham Street. ECS. 01-600 4555 

Cnv.iri. Dec. 29 SU59.43 |-0M — 

Eng.lnLDec.2a SUS17.M 1-012 — 

Cf. EL Srd. Nov. 3D _ 5US73D — 

Mere. Ebd. Dec . 27 . _ RfJiff J3 104* <*-2452 

MercMyfituDec57-.tQ022 1DJ3 - 

Warburg Invest. Mngt Jrsy. Ltd. 

1, Charing CrKS. S*. Helier, Jty.Cl 0534 73741 

CMF Lid. Nov. 30 BUSUJfa 13.90) ..._J — 

ClflT Ud. Ncv.30__. £13.67 14.03 — 

Metals Ta, Nov. 16... £12 .73 13.»fl - 

TMTDee.14 lUSJflH 10.6N — 

T0MTUd.Dec.l4_.}(10.a 1053 — ; 

World Wide Growth Manage men to ■$ 

10a. Boulevard Ratal, Luxembourg 
WMdmde Gth Fn| SU51506 J-OJCI — , 


Prices do not Include S premium, except where radical rd 5. and ire iitp«i£f unless otherwise umated. 
r o^L-r. I Yields % (shown In las column allw» lor ell buying e«pm»s. a ORrrM pnees include all expenses. 

._„i lb Todays oricef- e Yield based on offer price, d Estimueo. g Today's opening price, h Dturibuiita fnw 

I I of UK taxes, p Periodic premium insurance plans, t Single pretmnm insurance, x Offered price includes all 









EDITORIAL OFFICES 

Amsterdam: P.O. Bo* 12%, Amsierdam-C. 

Tele* 12171 Tel: 240 555 
Birmingham: George House, George Road. 

Telex 33£bSO Tel: 021-454 0922 
Boon: Prussians 11/10« Heussalfee 2-10. 

Tetcx S869542 Tel: 21M39 
Brussels: 39 Rue Ducaie. 

Teles 23283 Tel: 512-4037 
Cairo: P.O. Bex 2040. 1 . 

Tel. 933510 . 

PuSm 3 FiCvnlliam Souare. 

TeJe* 5^14 Tel: 785321 
Edinburgh: 37 George Slreet. 

Teles: 72434 Tel: 031-226 4120 
Frankfurt: France rallee 71-81 bOOO 
Frankfurt am Main 1. 

Telex: 416052 Tel: 7598 234- 
Joftarresburg: P.O. Box 2128 
Telex S-fc257 Tel: 838-7545 
Lisbon: Prcca de Alegna 5 8- ID, Lisbon 2. 

TeJex 12533 Tel: 3k 2 503 
Madrid: Espronceda 32, Madrid 3. 

• Tel: 441 b/ » 2 


ADVERTISEMENT OFFICES 

'Sirmincum: George House. George Road. 

Telex 333650 Tel: 021-454 0922 
Edrrtnrgh' 37 Georoe Slreet. 

Telex 72484 Tel: 031-226 4139 
FranLfun: Frjnkinaifee 68-72 60C0 
Frankfurt am Main 1. 

Telex 416193 Tel: 7593 221 
Leeds: Permanent House, The Headrwr. 
Tel: 0532 454969 


Manchester: Queen's House, Queen Street 
Tele* 6»AS13 Tel: 061-834 9331 
New Yoric 75 Rockefeller Plan. N.Y. 10019 
Telex 238409 Tel: t212* 451 8300 
Paris: 36 Rue du Sentier, 75002. 

Telex 220044 Tel: 236.86 01 
Tokyo: Kadhara Bidding, 1-6-10 UchitanM. 
Chiyoda-fni. Telex J 27104 Tel: 295 4050 


Overseas advertisement representatives in 
Central and South America, Africa, the Middle East, Asia and the Far East. 
For further details, please contact: 

_ Overseas Advertisement Department, 

rinandal Times, Bracken House, 10, Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Copies Obtainable from newsagents and bookstalls worldwide or on regular subscription from 
Subscription Department, Financial Tines, London 




































































































































*»>L 

' * 

;^is« 

** s, 

■' S'-S, 


, Dwember 

'] &■■ INSURANCE— Continued 




--Li ft, 


4t 



i-1 E> IfrlHU. art. 

=|H= *3' 

US - 772 

9.1 - 2251; 

7.1 - 397 ' 

а. 9 _ « 

7.0 - 50 

3i 132 126 

7.1 * 43 

б. 0 1 - 250 

5.2 _ a* 

0.6 - 

7.6 — 

ISmj 


PROPERTY— Continued 

* ( stack i Pike ! + -.“l £ lev I 


0^lx±\£i 


INVESTMENT TRUSTS-Cont FINANCE, LAND— Continued 





m 


§ 


it 


Raglan Pf®a.5p 


Regional Prep 


Commercial Vehicles 



m 


m 


s> 


C.G.S.e. lDp 

Caffyns 50p_ 


39 IDutloa Fvsfaw 
44*2 [Gates (F.G.)_. 
29 iGbflfiefd Lawr. 
21 
92 














CainJ (Dundee 


8 


Miner (FJlOp. 45 
Montfbrt M 

40 
75k 




BIB | 

Kgh Lam | Stack ) Pria 

116 I OS' (Belt lnd.de Gen I 96 
140 Brit loves....... 159 


|+ m\ tti ' nil 

Price | — I Net - CV El's | PJE 


5 80 1 ill 


1+ art Drr I YM| 
1 - | Itt |CVt Brtl 




□wills. Inc. £1 




145 
165 
47% 

216 
66 
244 
73 
142 
250 
127 
07 
98 

S 1 

127 
157 
226 
92 
55 
303 

m% 

191% 

57 37 

39% 34 
71 1 49 


ml 


Mi 



Equity Inc. 50p. 
estate Duties... 
r.&C.EuresniH. 


icofundfS) 




THE SCOTCH 
OFAUFEHME 

The 

Budhanan 


MINES— Continued 
AUSTRALIAN 




30 

£26i, 

230 450 
22J 413 
7? R 144 
37.7 98 

25 JL 38 

MJ MO 

£10914 
415 
45 
228 
19 

OJ2 

620 
602 
69 
444 
£64 
190 
284 
161 
195 
195 
82 





■•I 


Set? 


(aA 

iiirnqnaii I 620 

alay Dredging SMI 1 365 

43 
60 

215ai 
77 
56 
180 
285 


13 17.4 
0.5 19.2 
_ . $ U.l 
ouoc In 10.7 
H557 58 5.6 


COPPER 

104 {54 {Messina ROJSO — { 56 [.-...{ - 

MISCELLANEOUS 


60 

7.4 20.0 
114 12J 


t2.76| 3-71 8.41 4.9 
f32h\ 3.9r 9M 4J> 



V-, 


i 


ma 


m 



terllngTst 


> i . i ■ i 1 1 - ■ i , i . , ■ i 


TRUSTS, FINANCE, UNO 

Investment Trusts 

60 1 49 (Aberdeen lnrt.,1 58 



_f^]28.7 J 12h.[9z tBr8.tov.5ea.5p-l Ws 



».ta 


NOTES 


Unless otherwise Indicated, prices and net tiMdeods are hi pent* 
and denonrinatkiBS are 25p. Erttaotaf pnee/eandng* ratios and 
coven are based nq latest mai reports and account* end, where 
saric.ac npdated an half-yearfy figures. P/E&areBriniated on 


Hr* 


cent or more tiffemce If cakuWed on “niP dMr B wBnn. Com 
are based on “marimom" dMtifeation. Yields ere based on oMdte 
prices, are grots, adjusted to ACT of 33 per cent, avd alow for 
value of declared dhl ri lwti oos and rights. Softies wth 
deEWsinattaas other ttaa stating are quoted tactadre at the 
investment doftar preadien. 

A Stating eftnominated securities whldk Inctatfe I w e Mailt dollar 
premium. 
o -Tap" Stock. 

♦ Highs and Low marked thus hue been adjusted to ate for rltfto 
Issues for cash. 

t interim since Increased or resented. 
t Interim since retberd, passed or deferred^ 

$4 Tax-free lo nofrresMnfe on dpUfluTluo. 

♦ Figures or report awaited. 

TT Unlisted security. 

j Price at time of snsoenstan. 

9 i reheated dividend after pending scrip ond far rights teuet caver 
relates to previous dradends or forecasts, 

4 Merger bid or letu^niratioa in progress. 

9. Nat comparable. 

♦ Same interim: reduced final and/or reduced earnings Mated. 

f Forecast riwderel; cower on earrings updated tv total tatertaj- 
statement 

t Cover allows for enwentan of shares not now rarddngfwdMdenfc 
or ranking only for restricted tfivfdend. ■ 
ft Cover tries net aHowfor shares whfch may aha rank (or ctiUdend at 
a future date. No P/E ratio usually provided. 
f Excluding a final (Undent declaration. 

5 Regional price. . 

II No par value. 

a Tax free, b Floats based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on part of 
capital; cover based on dividend on full capital, e Redemption yield, 
f Flat yield, g Assumed dividend aod yield, ft Assured dividend and 
yield after scrip Issue. J Payment from capital soirees, k Kenya, 
m Interim higher than previous total, n Rights issue peering, 
n Earrings based on reeBnunary flares. % Dividend and yield exclude 
a special payment, t Indicated dividend; cover relates to previous 
dividend, P/E rauo based on latest annual eanunss. o Forecast; 
dlwbnd: cover based an previous year's earnings, v Tax free up to 
30p In Lhe£.w Yield allows f or oe r e nqf datise. j Dividend and yield 
based on merger tenm. a Dividend and yield income a special payment: 
Cover does not apply to special payment. A Net dvtdend and yield. B 
Preference dWldevd passed or detuned. C Canadian. E Ksre price. F 
Dividend and yield based on prospechs or other official estimates ror 
19WBQ. G Assumed dividend and yield after pending scrip and/or 
rights Issue. H Dividend and yield based on prospectus or other oflldal 
estimates lor 1978-79. K Figures based on (raspectus or other 
official estimates for J 97B. H Dividend and yield hased on prospectus 
or other ofTWat estimate* lor 1978. N Dhrdend ant yWd based on 
prospectus or other official estimates for 1979. P Figures based on 
prospectus or other official estimates lor 1978-79. a Cross. T Figures 
assumed. Z Dividend total lo date, tf Yield based on assumption 
Treasury Bill Rate stays unchanged mall nativity of stock. 

Abbreviations: at ex dividend; m ex scrip k»e;xr ex rights; sex all; i2 
ex capital distribution. 


■ “ Recent Issues ” and 41 Rights ” Page 24 


Tbis service Is anteMe to every Company dealt In on Stack 
Exchanges thnmshant the United Kingdom for a fee of £400 
per amim for each security 


L 5 c 4 > 1 LL 6 


Finance. Land, etc 


T3 


f 


I 


0115c 
8.43 
9J4 
L07 

t045cl 2. 

eif 

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OPTIONS 

3-month Call Rates 


Industrials l£, 

A. Brew 6% "loyi" 

A,P.CeuwtL_ 1 1 I.C.L 

BS R.i 9 loveresfc 

Babcock 11 KCA 

Barclays Ba*_ 25 Ladbroke 

Bee Cham — 3$ Legal 6 Sen 

9ocis« 15 Lex Service 

Bowaters— 16 Lloyds Sank 

BAT. 24 'W 

Briefs* Oxygen 6 London firlck 

Brown (J.) 20 Lonriw,. 

Burtcu'A’. — 12 Lucas Inct 

Caflarys 5 LyomtJ.) 

Ccuriaalds ID "Mams" 

Debenhans^. — B Urlti. & Spw ... 
Distillers. — — IS Midland Bank__. 

Dtmtop 7 N.E.I 

Eagle Star 11 NaLWesLBank. 

E.M.I — 34 Do. Warrants. _ 

Sen. Asxideiit.... 17 PfiODfo 

Gm. Electric-..., 10 Plessej__..._ 

Glaxo 40 R.H.M. 

GrarriMet. 9 Rank (tog. 'A' 

S.U.S. ‘A* 29 Reed Irani 

Gu/nvfan IS Splllm— - 

G .K.N 22 7 men 

Hawker Sidd — 20 Ttwn 

House of Fraser- 12 Trust Homes 


DIAMOND AND PLATINUM 

£39 1+1 



2B Tube Invest 30 

6 Unilever 35 

20 Utd. Drapery — 7% 
8 Vickers iff 

3 IMrefltwilK- 5 

14 Propoty 

L BriLUad 3% 

? Cap. Counties — 0> 

f . E.P. 5 

f Intreurapeai 4 

* Land Secs U 

S ME PC 32 

“ Purify — ■ B 

(. Samuel Preps,™ 9 

“ Town i City .„Tj 1% 
| Oft. 

jjj BrtL Petroteum_ 45 

a Burmah Oil 5 

a Cnarwrtair 3 

5 Shell 28 

12 Ultramar 20 

j 2 Hines 

4 Charter Cam ™.| 12 | 

22 Cons. Gold 14 

35 RfoT.ZhK.J^IUi 


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Cruising means 





Saturdav December 30 197S 



Make friends with 

JflpPEPF 

sherries 


e for Teng the bold 




BY COLIN A MACDOUGALL 


CHIXA'S acerbic and diminutive 
Vice-Premier Tens Hsiao-ping 
(be is barely 5 ft tall) has 
brought Peking at last on to the 
world stage as a force to be 
reckoned with. After a year of 
rapidly growing diplomatic con- 
tacts and foreign tours by him- 
self and the party chairman, 
Hua Kuo-feng, his intervention 
in the last days of Sino-U.S. talks 

on the normalisation of relations 
finally achieved the historic 
agreement to exchange ambassa- 
dors. 

The Chinese made a key con- 
cession, to shelve the question 
of U.S. arms exports to Taiwan 
to match tbe American one to 
drop insistence on a public 
declaration by Peking never to 
try to take Taiwan by force. 
This could only have come from 
the very top. While there is no 
evidence that Teng alone was the 
prime mover, the impatience to 
get over this hurdle and .pass on 
to the fruitful acquisition of 
U.S. technology is characteristic 
of the style discernible in 
Peking since he reappeared in 
July ifl/7 after his humiliating 
dismissal the previous year. 

Officially. Teng is now second- 
in-command to Hua. but the 
speed of developments in the 
past IS months seems more 
characteristic of his impatience 
than of the cautious and stolid 
Hua. The ambitious programme 
of economic growth wich was 
announced last March looks 
more like the work of a man 
frustrated by years of time- 
wasting political campaigns 
anxious to see the foundations 
laid within his lifetime than of 


awar 


the compromise leader that Hua 
is thought to be. 

Nor is it easy to imagine a 
newcomer like Hua (until the 
cultural revolution he was a 
relatively obscure provincial 
official) discarding hallowed 
Maoist precepts with the 
abandon so noticeable in recent 
months. Only a man with the 
confidence bom of experience 
could attempt anything so bold 
and get away with it. 

Whatever Teng's relations 
with Hua and the other, survi- 
vors from the Mao era. he has 
built up support both within 
the hierarchy and, as posters 
show, on the streets. Trouble- 
makers have been ruthlessly 
eliminated and the country set 
on the road to modernisation. 
Strikingly, in the last few 
months, almost all his old col- 
leagues have been rehabilitated, 
and the few still alive given 
important jobs. 

The big disas f er of 197S for 
China — and presumably for 
Tpn'i — ha> keen the collapse of 
its relations with Vietnam. 
Always uneasv because of his- 
torical animosities, these broke 
out into open recriminations and 
sooradic border incidents as the 
Vietnamese made life progres- 
sively more difficult for their 
resident overseas Chinese. 

'Peking’s support for the 
unpopular regime in Cambodia, 
involved in a border war with 
USSR-supported Hanoi, polarised 
the situation further. Whether 
Teng’s abrupt and Impatient 
character helped to precipitate 
events is hard to know, but it is 
difficult to imagine that China's 


immensely diplomatic Premier 
Chou' En-lai (who died in 1976) 
would have allowed so crucial a 
relationship to deteriorate so far. 

While Teng pulled off a wel- 
come visit to Japan in the early 
autumn, his more difficult trip to 
South East Asia last month was 
a qualified success. 

Teng's career has been bumpy 
even for China, where the poli- 
tical upheavals of the past 20 
years have pushed officials up 
and down the ladder with discon- 
certing speed. In the early 1950s, 
he was one of the tight inner 
core of the Communist Party in 
an apparently unshnkeable posi- 
tion. Born in 1904 in Szechuan, 
he went to France as a young 
man and then to Moscow, where 
he joined the Chinese Communist 
Party. He returned to China in 
the mid-twenties, and a decade 
later took part in the epic Long 
March. 

After Mao's victory in 1949, he 
was well ensconced in the senior 
party and bureaucratic establish- 
ment despite a reputation for 
blunt manners, which the New 
China News Agencv has recently 
tried to improve by presenting 
him »s a jocular fellow. 

Then Chairman Mao's " cul- 
tural revolution ” in the mid- 
1960s apparently crushed him. 
After the disastrous Great Leap 
Forward which Mao had ordered 
to speed up production in the 
late 1950s. the Chairman found 
the majority of his old col- 
leagues ranged against him. 
They did not trust his volun- 
tarist methods and wanted to 
develop China through the con- 
ventional means used elsewhere. 

Mao managed to sack his 


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Teng Hsiao-ping: a bumpy ride to the top 


major critics tone was Peng 
Teh-huat, who was posthumously 
rehabilitated only last week- 
end), but he could not sack the 
whole party. Instead he planned 
a long-term campaign, the 
cultural revolution, to dispose 
of his opponents by whipping 
up support outside the tradi- 
tional centres of power. 

The former Head of State. 
Liu Shao-chi. and Teng Hsiao- 
ping were the chief targets, and 
Teng. after slipping down the 
hierarchy, finally disappeared 
altogether in 1967. 

For six years Ten? was com- 
pletely out of sight. He hes not 
dis-ulged how he spent the time, 
but other leaders — Feng Teh- 
huai for one — were physically 
maltreated, as well as’ humi- 
liated. In 1973 he reappeared 


under the aegis of Premier 
Cbou En-lai and rapidly re- 
gained his old posts. What Mao 
thought about this is not 
recorded. But Chou's death in 
1976 weakened Teng’s position 
so that Mao's radical sup- 
porters. the “Gang of Four/’ 
were able to get him dismissed 
a second time, and Hua Kuo- 
ten g took his place as heir- 
apparent to both Mao and Cbou. 

After Mao's death and the 
arrest of the Gang, it took 10 
months for Teng to get hack to 
the official positions he now 
holds. Party Vice-Chairman and 
Vice-Premier. 

The coming years will show 
whether his gamble on China's 
capacity to abandon strict 
Maoism and absorb technology 
from the West will work. 


of Marc 


raise 


BY ALAN PUCE, LABOUR CORRESPONDENT 


, By Richard Evans, Lobby Editor 

MR. HUGH SCANLON, recently 
retired president of the Araalga- 
: mated Union of Engineering 
Workers and one of the most 
controversial trade union leaders 
of the last decade, becomes a 
• life peer in the New Year 
Honours published today. 

’ In the early years of his 10- 
year leadership of the engineers, 
he was considered with Mr. Jack 
.Tones, former general secretary 
of the Transport and General 
Workers’ Union among the most 
militant negotiators. Both later 
developed into bulwarks of the 
Labour establishment, and 
helped draft the social contract 

Mr. Scanlon is a member of 
tbe National Enterprise Board, 
chairman of the Engineering 
Industry Training Board, and 
president of the Confederation 
of Shipbuilding and Engineering 
Unions. 

The Honours List again 
features businessmen and indus- 
trialists prominently. 

Among them are knighthoods 
to Mr. Peter Boon, former 
chairman of Hoover: Mr. John 
King, chairman of Babcock and 
Wilcox since 1972: and Mr. 
Bernard Scott, chairman of 
Lucas Industries. 

Apart from Mr. Scanlon, there 
are five new life peers: Sir 
Brian Flowers. Rector of Im- 
perial College of Science and 
Technology since 1973; Sir 
Bernard Miles, actor and co- 
founder of the Mermaid Theatre 
in the City of London: Admiral 
of the Fleet Sir Peter Hill- 
Norton, former Chief of the 
Defence Staff: Sir Walter Perry. 
Vice-Chancellor of the Open 
University' since 19fi9: and Sir 
John Richardson. President of 
the General Medical Council. 

Knights from industry include: 
Mr. Derrick Holden-Brown, vice- 
chairman of Allied Breweries: 
Mr. Brian Kellett, chairman 
of Tube Investments: Mr. 
Frederick Page, chairman and 
chief executive of the Aircraft 
Group of British Aerospace: and 
Professor John Wood, chairman 
of the Central Arbitration Com- 
mittee. 

The new Privy Councillors 
are: Mr. Alf Morris. Parliamen- 
tary Under-Secretary at Health 
and Social Security and the 
Minister responsible for the 
disabled; and Mr. Tom Urwin. 
a Minister of State from 1968-70 
and former chairman of the 
trade union group of Labour 
MPs. 

Sir Ian Bancroft, head of the 
Home Civil Service, receives the 
Knight Grand Cross of the Order 
of the Bath, while Mr. Frederick 
Atidnsnn, chief economic adviser 
to the Treasury, and Mr. Thomas 
Hctheringtou, Director of Public 
Prosecutions, become Knight 
Commanders of the same order. 

The arts are represented with 
knighthoods far Mr. Charles 
Mackerras, conductor and musi- 
cal director of the English 
National Opera Company, and 
Prof. William Empson for ser- 
vices to English literature. Miss 
Grade Fields, the singer, be- 
comes a Dame, and Miss Moura 
Lympauy. the pianist, and Mr. 
Donald Sinden. the actor, are 
awarded the CBE. 

Details, Page 17 


ESSO AND MOBIL tanker 
drivers’ shop stewards yester- 
day recommended their mem- 
bers to continue working 
normally next week while new 
pay offers arc considered. 

These fresh peace moves 
bring further hope that a 
national tanker drivers' strike 
threatened from Wednesday 
will be avoided. 

The Esso drivers, who were 
due to stage a total stoppage 
from Wednesday, were advised 
to defer the proposed action 
until January 10 to allow time 
for a ballot on a new offer from 
the company. Union officials are 
hopeful that the revised offer, 
from which unpopular produc- 
tivity clauses have been 
removed, will be accepted. 

A ballot of the 2.6*10 Esso 
drivers and related staff 
declared yesterday showed that 
the company's last offer — worth 


about 15 per cent hut contain- 
ing productivity conditions — 
had been rejected by a two-to- 
one majority. 

After the result had been 
declared at a shop stewards’ 
delegate conference in London, 
union officials immediately re- 
turned to the company and 
resumed negotiations. The 
revised offer which resulted, like 
others concluded on bchnlf of 
Shell and BP drivers on Thurs- 
day. slays at 15 per con* but 
has no productivity conditions. 

Mr. .Tack Ash well, national 
secretary of the Transport and 
General Workers' Union, said 
Esso drivers had been “bothered 
enormously ” by productivity 
strings in the last proposals. 
“ The new proposals remove the 
strings,” he said. 

Later, a delegate conference 
of Mobil shop stewards accepted 
a pay package from the com- 
pany. and agreed to recommend 


it in a ballot to take place this 
weekend. A statement said 
that a proposed overtime ban by 
Mobil workers due to start on 
Wednesday had meanwhile been 
withdrawn. 

Balloting on new offers to 
Shell and BP drivers began 
yesterday, and will continue 
during the weekend. Shop 
stewards will meet to consider 
the results on Tuesday, 

Previous offers to the tanker 
drivers have been rejected, and 
there will be no absolute 
guarantee that the strike threat 
has been removed until ail the 
votes have been cast. On the 
other hand, the reaction of the 
Esso and Mobil shop stewards to 
the latest offers gives consider- 
able cause for hope that the 
latest proposals will find accept- 
ance. 

Scottish lorry drivers poiscu for 
strike Page 3 


Goodyear injects £18m in U 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 


GOODYEAR, THE U.S. group 
with the world's biggest tyre 
output, has injected £IS.326m 
cash into its ailing British sub- 
sidiary. 

This has been achieved 
through a shares issue by the 
UK company to its parent 
group. The cash will reduce 
Goodyear (GB)'s debt burden 
and provide working capital. 

Earlier this month Mr. Westi 
Hansen, the new U.S. managing 
director, told the unions that 
Goodyear (GEi was heading for 
an £18m pre-tax loss in 1978. 
This would probably drop to 
£llm-£12m after tax allowances. 

He said more than 1.900 of 
tiie 5.000 jobs would have to go 
at the Wolverhampton head- 


quarters over the next 15 
months. "Similar manpower 
savings " would be made in 
other UK operations on top of 
the 650 jobs cut so far this year. 

Goodyear (GB) had a narrow- 
capital base and the last capital 
structure changes were back in 
tilt mid-1950s. 

Now the authorised share 
capital has been increased by 
2Sm £1 Ordinary to £51 -2m. And 
lS.326m Ordinary shares have 
been issued to the parent organ- 
isation. which owns the rest of 
the Ordinary capital, and paid 
for in full. The Bank of England 
has given approval. 

Without the equity injection. 
Goodyear I GBVs debts would 
have been twice the size of the 
equity base. Now the debt-to- 


cquity ratio has been reduced 
to a more acceptable cne Jo-one. 
At the .same time the interest 
payments will be reduced sub- 
stantially. 

The company lost £605.000 
before tax in 1977. against pro- 
fits of £611.000 the previous 
year, on a turnover up from 
£15S»m to £lS7m. 

Like the rest of the UK tyre 
manufacturing industry. Good- 
year (GB) is suffering because 
British tyre demand has fallen 
by about 4m over the past two 
or three years. 

Imports nf Foreign vehicles 
have increased: many tyres for 
the replacement market a.-e be- 
ing imported: end because of 
changes in technology some 
tyres are lasting twice as long. 


Attempt to toughen U.S. merger law 


BY STEWART FLEMING 

NEW YORK — Growing con- 
cern about the concentration of 
U.S. industry has led the U.S. 
Justice Department to begin 
preparing legislation allowing it 
to prohibit most mergers involv- 
ing aggregate assets or sales of 
$2bn or more. 

The concentration is the 
result of dozens of big mergers 
in recent years. 

The proposed legislation, if 
enacted, would represent an 
abrupt departure in U.S. anti- 
trust law, since it would take 
into fuller account tbe social, as 
welt as tbe economic implica- 
tions of the concentration of 
economic power. 

Current U.S. anti-trust laws 
focus on the impact of a merger 
on competitive forces in tbe 
market place. As a result of 
this focus, these laws have been 
difficult to apply te con- 
glomerate mergers involving 
companies in totally different 
Industries. 

The Justice Department— 
winch, with the Federal Trade 
Commission, is responsible for 
enforcing anti-trust law- — has 
been concerned about the effec- 
tiveness of the laws in dealing 
with such mergers ar.d in coping 
with shared monopolies, where 


a few big companies dominate 
an industry. 

Mr. John Shenfield, assistant 
attorney-general for anti-trust, 
said he hoped President Carter 
would approve the proposals by 
the end of January. They could 
then be introduced early into 
the next Congress. 

Continued from Page 1 

Shah’s call 

another power, specifically the 
Soviet Union. 

Mr. Carter, the Slate Depart- 
ment spokesman, reiterated that 
the U.S. did no tconsider that 
recent radio broadcasts beamed 
from the Soviet Union to Iran 
were contributing to the cause 
of stability in the country. He 
suggested that they went far 
beyond the normal bounds of 
legitimate propaganda. 

On Thursday the department 
had vigorously refuted an 
article in the Russian Com- 
munist Party daily newspaper, 
Pravda, alleging that the 115. 
was itself actively interfering in 
Iranian affairs by despatching 
senior diplomatic and military 
officials to assist the Shah. Yes- 
terday Mr. Carter said that 30 


It is still unclear how the 
Carter administration will react 
to the proposals and what the 
chances are of pushing such 
legislation through Congress. 

Senator Edward Kennedy is 
now drafting similar legislative 
proposals on conglomerate 
mergers. 


Defence Department officials 
were in Iran to protect "sensi- 
tive communications equip- 
ment," and he acknowledged 
that diplomatic personnel were 
“ gathering information ” in- 
cluding com e nations with oppo- 
nents of the Shah, but that this 
did not constitute the “ massive 
influx” alleged by Pravda. 

Mr. Carter also restated the 
official U.S. position of. support 
for the Shab and his efforts to 
restore internal stability. He 
added, perhaps as an affirmation 
of U.S. support, that no major 
evacuation of the estimated 
35,000 Americans in Iran was 
about to be announced. Con- 
tingency plans were being up- 
dated, he agreed, and ihe situ- 
ation in Iran was " difficult.” 




THE LEX COLUMN 





year 


; By David Gardner 

| BARCELONA— The govern- 
j ment of Prime Minister Adolfo 
I Suarez has decided to dissolve 
; Parliament and call now general 
i elections for the early spring, 
r Sr. Suarez was scheduled to 
appear on television last night 
i tc announce his decision to the 
. nation and fix March l as the 
date fnr new electiosn to the 
legislative with municipal elec- 
tions following on April 3. 

The Prime Minister made his 
i decision known after meetings 
1 with the Cabinet and the execu- 
tives of the ruling party — the 
Union of the Democratic Centre 
(UCDj. 

i Ke said he had decided to call 
I new elections to “avoid a period 
l of uncertainty” after approval 
by referendum of the new con- 
stitution on December 6. 

An aimer to the constitution 
gives Sr. Suarez a 30-day 
breathing space from the 
promulgation of the new consti- 
i tut ion — published this morning 
in the official State Bulletin — in 
which tu go either for a parlia- 
mentary vote of confidence nr 
call new elections. 

The Government of Sr. 
Suarez is in a minority position 
in Parliament The UCD won 
16S out of 350 seats in the key 
Inner house in the June 1977 
general elections — the first 
since before the 1936-39 civil 
war. 

This made the UCD the 
largest single party, but with no 
overall majority. The second 
largest parliamentary force was 
th? Socialist Party iPSOE) with 
1 IS seats. But the UCD lias been 
weakened by defections, while 
• the PS OE has strengthened its 
i parliamentary presence by 
| absorbing smaller socialist 
i groupings, both nationally and 
| :n Catalonia. 

| Wage ceiling 

j The Government has bene- 

I filed from the consensus 
reached by the major parties to 
ensure a trouble-free passage 
| of the constitution through 
j Parliament. 

But once Socialist leaders 
made It clear that the consensus 
would last only until the con- 
stitution was ratified, an early 
election seemed unavoidable. 
On contentious issues, the 
Government had frequently had 
to fall hack on support from the 
Communists and the minority 
Catalan nationalists. 

Today, for example, saw the 
formal approval by Basque and 
Catalan parliamentarians of 
draft autonomy statutes which 
were To have been laid before 
Parliament next week, hut will 
now have tu await the new 
Parliament. 

The budget for 1979 may also 
have to be postponed. Tho 
interim standing committee of 
the lower house today announ- 
ced. that it could not approve 
next year's budget without 
Pariiamcnlary consent. 

A third and equally urgent 
problem is posed by nearly 3.8m 
workers who are due to 
negotiate next year’s salary 
agreements. The unions have 
given notice they will not 
abide by the government's 11-34 
per cent wane coiling. Thi? was 
pushed through by decree 
earlier this week after long 
negotiations between unions, 
employers and the Government 
had collapsed. 


For the stock market 19f8_ is 
dribbling away in a miserable 
fashion. The international out- 
look is discouraging, with Iran 
in chaos. th«? dollar threatened 
acain, and U.S. interest rates 
still rising. At home the ques- 
tion mark over wages is growing 
larger and more menacing. 

The All-Share index has 
managed to rise 3 per cent over 
the year but the 30-Sbare index 
has fallen by the same amount. 
The yield on the All-Share has 
risen* to 5.79 per cent from 5.2S 
per cent but has nowhere near 
matched the rise in gilt-edged 
yields. Turnover has been poor 
for much of the year and 
dangerously low over the last 
account Some encouragement 
can be drawn from the technical 
position: liquidity available, to 
go into the market is a good 
deal higher than at the end of 
1977. when funds were opti- 
mistic and pretty fully invested; 
But if interest rates stay where 
they are much of this money is 
going to sit on the street 

The brokers who came to work 
this week were perhaps ex- 
pecting a little business from 
window-dressing by the big 
I funds. If so, they were disap- 
pointed — what window-dressing 
there was has gone on in the. 
discount market. Yesterday it 
looked as though someone had 
been bidding greedily for 
Treasury bills at nearer to £97.13 
per cent than to the mini muni 
rate of £97.06 at which some 
bills were allotted. It is hard 
to see why a discount house 
should be so keen to lend 
cheapf to the Government, 
except that a lower bill rate will 
add a cosmetic touch to the 
end-year books. Next week this 
influence will be absent and the 
Treasurv bill rate may be nearer 
11.8 per cent than yesterday’s 
11.56 per cent, which would he 
an unpromising start to the New 
Year. 

Mortgage competition 

The building societies are 
entering 19749 in a gloomy mood. 
Having lent a record £&5bn or 
so in 1973, their inflows have 
tailed off. their liquidity cushion 
has been run down, and the 
queue of would-be borrowers is 
growing ever longer. 'Indeed, 
it now looks as if they will not 
even be able to increase their 
lending by the officially per- 
mitted 10 per cent in the first 
quarter. 

House prices, which .bad been 
increasing by around 7- per cent 
per annum between 1975 and 
1977. shot up by around 25 per 
cent in 1978 and could easily rise 
by another 15 per cent in 1979. 
This means that the societies 
would have to increase their 
gross lending from ; £S.5bh to 
nearly £10bn just to keep pace 


mmwmm —*** masons why the bank' .«re.tf 

Index fell 2.0 to 470.9 pelins 8 with 1 building sbe 


[Rate 


V\ \ 

Bank 1 
Base ' 
Rate 

AveragB 



: 

-» -l--i — 

» » * 

-1— 1— LJI 

- 1975 

1976 

1977 1978 J 


with inflation. Barring a major 
increase in building society 
rates relative to other interest 
rates it now seems likely that 
the volume of hnilding society 
lending in real terms will fall 
next year. And there are in- 
triguing signs that some mem- 
bers of the banking community 
are seriously considering chal- 
lenging the building societies 
age old near - monopoly, of 
mortgage lending. 

Y 

American banks 

* At the moment the competi- 
tion is hardly visible. The large 
insurance companies which used 
to be fairly sizeable lenders 
have found more profitable out- 
lets for their funds and the big 
clearing banks have been 
requested not to frustrate the 
official curbs on building society 
lending, for the time being. 

/. However, a handful of Ameri- 
can banks have been making, a 
concerted effort to' break into 
.the more expensive end of the 
UK house mortgage market 
Some of them are just doing 
second mortgage business but 
one or two are now lending 20- 
year mcaev for house purchases 
costing between £10,000 and 
£ 100 , 000 , .... 

Traditionally, the banks have 
shied . away from long term 
mortgage .lending for .. two 
reasons. .. First, the policy of 
lending long and borrowing 
short might suit the building 
societies btrt it rdns contrary to 
conservative banking conven- 
tions. • Second, the ; building 
societies, . through - their more 
favourable tax treatment have 
a competitive edge of around 
one per cent gross on their 
deposit rates. Taken together 
these two factors give the build- 
ing societies a considerable 
advantage in terms of their 
cost of funds. 

Despite • these advantages, 
however, there are a number of 


peting with the building soc 
ties. It is well known that t 
banks have lost a sizeal 
amount of their stable 
money to the societies but it 
less . well known that t 
societies are now doing me 
new lending than the banks.- 

Over the last four years, J 
example. the ■ buildi 
societies have advanced dc 
to £16bn net. which compai 
with the banks’ sterling lendi 
to the private sector of arou 
£11.5bn. Over the same peri 
the building societies’ to 
published losses on hot. 
mortgages amounted to It 
than £Im— which proves ti 
building society mortgages : 
a far safer bet than the typi* 
hank loan. 

Mortgage queue 

The key question now for t 
banks is whether they can co 
pete effectively with the bui 
ing societies. At the momt 
the banks’ prime lending ra' 
are If percentage points abc 
mortgage rales. However, tl 
has not always been the c? 
and for much of the time O', 
the past four years the bar 
'could have made a healt 
turn on any money lent uut 
the mortgage rate. It woi 
have involved borrowing sh« 
and lending long but i 
average life of a buildi 
society loan is now only sev 
years which is closely co 
parable to the length of me 
of the banks' medium te 
loans to industry- Sooner 
later tbe big banks are goi 
to attack , the house mortga 
market even if it mes 
charging higher interest rat 
Faced with a long queue so 
borrowers would be prep a: 

. to pay tip, particularly in i 
over £20.000 bracket where 
famine is now threatened. 

The building societies i 
limited to allocating no mt 
than 10 per cent of advances . 
amounts over £20,000. In pr 
tice they rarely lend more tt 
6 per cent, and in the conditit 
of the early part of 1979 ti 
are unlikely to be n a posit 
to devote even this part of th 
resources to the top end of 
market. 

By a curious logic the bui 
ing societies charge more ■ 
large loans than they do : 
small ones, regardless 
whether they are particula 
well secured or not. There L* 
clear opportunity for. the bar 
here, because they can foil 
a more commercial policy 
offering keener rates on i 
loans fso long as they are w 
covered j. But a big obsta 
remains — the -limit of £25, C 
above which tax relief is x 
available. 


Weather 


UK TODAY 

SLEET or snow, sugny intervals 
in E and N. r. 

London. S, W Midlands 
Snow. Max. 3C {37F). 

SE England, E Anglia 
Sleet or snow. Max. 4C <39F). 

W. central S England. S Wales 
Snow in places. Max. 5C 
(41F). .j 

Channel Is. 

Rain or sleet Max. 4C (39F). 
N Wales, NW England. Lakes. 
Central Scotland. W Isles. 

N Ireland. E. NE England, 

N Midlands. §, E Scotland 
Sunny periods^ snow showers. 
Max 3C (37F). ;; 

Highlands. Orkpey, Shetland 
Sunny intervals, snow. Max. 
2C (36F). $ 

Outlook: VeEF cold, sunny 
intervals, snow^ frost. 


THOMSON’S 

EQUITY & LI HZ BROKERS 



BUSINESS CENTRES 

Vd ay j 

Middar I I 

•C “I 

Amsdm. C ID & < Modiid - S 
Bclnna. S 15 H Mncusr. C 


Bclnna. S 15 5S Mncinr. C 

Beirut C 17 6i|Milbng. F 

Belfast 3n 2 2l I Milan r 
B elgrade F 15 nlMortrl. C 
Berlin R —4 3 jMoscw. Sn 

B'hsm. C 4 Munich R 

Bristol C 9 «|Nw«lle 3n 

Brussels F IT K'N York S 

Budapest F 2 k| Oslo F 
B. Airca C 71 JZ P-vis R 
Cjiro S 20 fb Perth F 
Cardiff C 3 Jo | Prague F 
Chicago fi -1 S4. RuvkjvK f» 
Cologne R 10 *0' Rio J'o. C 
Coonhn Sn — 6 fi P.ome F 
Dublin K 4 £9.'jingpr. S 
Ednbnh. F 2 rej itekhm. S 
Fran left. R 10 }50 jStrasbm. R 
Geneva R O 1*8 Sydney p 
Glasgow F Q| 22 Tehran S 
Helsinki S -26f15lTnl Av:w S 


London C C2 Warsw Sn ■ 
Lunmbg. R 9* a s I Zu rich R 

holiday resorts 


Y'day 
Midday 
•C 'F 
12 £4 

3 27 
20 03 
A 29 

-a ib 
-27 — 17 
10 EC 
2 ?6 
-2 -28 
-14 7 

10 EO 

29 -84 
12 54 

-8 19 

.27 51 
18 01 

30 86 

-14 7 

'30 50 
23 

5 41 
IB 64 
10 50 

-9 lfl 

6 43 

-10 14 

8 45 


Most people either have little spare time to 
devote to their personal affairs uc have become 
bewildered by the multitude of investment aliema- 
tives available. Thomsons have been giving. advice 
in this field for almost 10 years. 

Increasing Net Income For the majority, the most 
important feature of their capital is the income it 
produces aftertax. The 5% p.a.;tax-&ee bond with- 
drawal can be used without eroding capital arid 
ultimate higher rate, tax- charges can he avoided. 
Guaranteed income or growth up, to 9/£f*a. can be 
achieved even after allowing for top fax rates. 

Tax Reliefs can 'claim relief 
on at least£1500fra, cf premiums. This significantly 
ino-easestijen^tteturn of capital invested; Schemes 
apply at mostagesandcan produced p,a. compound, 
over 4 years plus longer term options- •; . : : 

C.T.X PlattiungThe problem fpr^renis/gtiiild- 
parents isto ensiire that they rccainsuffieiepfecaphat • 

r .i - • . , tji, iT-l 


Ajoecio R 

Algiers F 
Biarritz F 
Blockol R 
Bordeaux R 
Boulogne F 
Cape T. C 
Cgilu 5 

Dbrvnk, F 
Far.i F 

Florence C 
Funchal S 
Gibrirr. R 
Guumsey C 
Innsbrfr. c 
Invrnss. 3 
I Man SI 
Isianfiul S 
C — Cloud | 


19 r 'i Jerney C 
19 *-i L Pirns. S 
If «•! Locarno R 
I 7 Maiorce F 
f -- Malaga F 
$ 0 Mails S 

* T Nairobi R 
y “J Nnp| C5 C 
J? 57 j Nite R 

1 . 23 1 Nicosia c 

J‘1 67 Oporio C 
jJ3 ££ Rhodoa F 

5,1 K* Salzbq F 

1 , ®0 Tenerife 3 
I 12 54 Tunis s 
!•> 30 i Valencia F 

[ 1 ? gi Vani « c 

P-rFoir, R — Rain, • 

— Sloor. Sn— snow. 


I worlds a&gifts can be made wfcilst retai mroj lhe tight ' 
lo ‘reclaim’ the benefits if circumstanceschaBge. ]\.:y 

- Our position as Brokers means that we- are' not/ . 
committed 10 one scheme or mvesuneat areaJSeas® ; 
writedr telephone for out^dspectris.' : ' 1; V! f C-! " ' 

Ta'MJtJ. C.T. DALTON Duvclor • . :.>*.& $ r 

THOMSONSH)UrTY AND UFEBROKE&SLTD. 

8SouthamptohPlace,-London WClA2DSTd;^W|S&61: 

Nam r _ " . /'• . [; ■ v V 

Addres s-.... • - >£y- * . 


s? FtoancUi Times ird., Bracken J4cuee, Camion Sow>iS9»4«< 
H ' • • ©The