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News 'summary 



Appeal Court will 

e *am»n J'" ai ft . • ~ 

B /Allied a/»f 

Jiss#r: setb^ test legality 

.nmh for eilts: » 

equities’ of pay sanctions 


rpL. *_ *•* _ * .. « _«•_;_ 

3£&- : , - flowHUii8 BY CHR,ST,A ~ TVLER>LABOUR ED,TOR • 

h *ed«M n . The legality of the Government’s sanctions for enforcing its pay policy, 

Ksr® oa ? 4WUU • CULTS ^ered vr^rther set- already the subject of political controversy, will be raised in the Court of 

ag A hack Jn foe face A>tetsoxtomic Appeal OH Monday. 

to iiav t . begn . f oraid and ma rket u ncertaipties. The Although the case does not lion, the Central Electricity tant labour law implications, 

original arcu^ ; hy security FT Got erunieut^aeoirines in* directly involve the Government, Generating Board and other The company will argue that 

j Sbarphr/lw^ 1t0 S®th*x 'with a large dex feU tJ2.,to-748S._•••: tbe court will be asked to express public sector bodies. About three-the EPTXi is committing a civil 

ih W h :, e . aeft of. ammnnftloii for the ; A '"--: 1 3 view * The Department aE quarters of its installation work wrong by inducing its members 

r ' a ^ tvisional IRA’s latest weapon. • EQUEHES held; relatively Employment said last night it was on State contracts. to' break their contracts of 

inThN? rjr ^i TJA*madei ltt-60 machine^ steadyinirtew of the ppor per- was briefing counsel for the Yesterday it went to the Court employment 
k~* t- . hearing. oE Appeal after the refusal of Mr. It claims that there is no trade 

flls high nst-~ . ~ ... ; = . ' — — -!— A, on « of the narties dispute between the company 

•atjon. “wven complete bombs were 480r- -y - believe to/SL is Enlikclv to I“I and tbe union—the company 

to offer ha a . te^^e sarage. 11 be dec d^ in? The Government in an un- says it wanU , t0 pay ^ 

rted sn -c ^^diary devices, a quantity Of . Y ni'iliniiin fnifirr reference fn Ministers' authoriiv precedenled move is to intro* money—hut between tbe union 
vuS Ztl'! ors, •plosives, petrol and 475 L OnBOarf WBX - for^hrea*■» sp«i,l legislation in the and the Government. 

Ptaocp a5j; e d ^s? W t^ ff beitK^nf I NOURtVJWWEMESB Government contracts from com- coming Finance Bill to restore Therefore it argues the 

10 per r^rr D tac,,m v^^ , “ s %% 

«bei ns v,- :r J"^-o »We»°nju,rd dnty 470 W "f,.!?™ Dnm F “" S,or> - tlon. Act of;1974, successor o£ 

At least one of the parties 

believes the case is unlikely to rtnvprnment in an un- "“7 ■V'!. vu^auj. 

be decided without some . . sa ^ s ’*• ^ an ts to pay the extra 

reference to Ministers' authority precedenled move is to intro- money—hut between tbe union 
for threatening withdrawal or duce special legislation in the and the Government. 

Government contracts from com- coming Finance Bill to restore Therefore, it argues, the 
panies in breach of its 10 per seir-employed Income tax sutus E n,0 . D I s - . nnt P p o l * c ted by the 
cent eatings guideline. Nortb Sen DUere. Full Story, ^Act n? Si lessor ol 

** ^ _ %r* 

will re-apply for an injunction ..... . .couniel for t'h/* ramnanv l old 

and tbe union—the company 
says it wants to pay the extra 

: ^ owxcuSE 

a being tw«- lP d J wo sowlers on • guard duty 
sb.. instit»rii.n a * 5ide Belfasts Crumlia Road 
m Bar’- r ' ® werc W'ouddfid in the legs 
r ,- gunman opened fire on 

on Trn3^»rom a passing car. Shortjy 
ortunity »o s!j , vmuns a bomb exploded on a 
ila n in havi? y^W btijawite the jaiL 

ithers if 0n Jl#oinl>exploded in a restaur- 

L accept ; n ,. a Central - Belfast's High 

a insisted The restooraxit had beep 


l wee.%i-nc 4hareiniif • . 

^ men f' ;i! Nfetnam envoy r - 
S-s^/'S^?pe»'ed;'by-.o A -;: 

460 — 1.T '~ ~ T\ _J, * 0 involve the bulk of the coni- The Appeal Court adjourned 10 Iai ' c 11 court. 

oany’s *’000 electricians tbe bearing asking the company ^ 4* e ^ourt ordered the cooi- 

- V-»S*, 1- P «: ,WU eiectricrans. tn invite the Emnlovment Denari- P aQ y ,0 na >- l fae company would 

a -J i company under threat of mc nt an d ESu t^ be renri ^ delighted to do so. But tf 

455 la Si 4 z V sanctions, has obeyed Employ- Smed on Monriav 1 ° P iL P a,d voluntarily, the Employ- 

1 - ^ z at to°sssst houw 111115056 

{omBuce .t gilte. i T^.FT *9- ***' sS WsTrUo^s ^itoS ^ . ««> ™m«. bart on the 

Closed •«. 4SS.7, ™~ nteoi M the threat -jdto be oright attend the ^cSSS-SSSSK 

. . . . is unlawful, and that it now faces ln * court yesterday. Lord day 10 those who. he said might 

ing hu!d£ . u * s * °hdered the expuMon UUW4, .A-°- V ' is unlawful, and that it now faces court yesterday Lord da J' 10 ,h 9 se be said n^Bbt 

Jofivvr: ,• .•ne--*|V* e tosto , s ambassador to Hie fmmrTtur i.wwf &1S1JW15. a s ^ ri ^ e ^ Its electricans justice Ormond" commented that 5.® considering taking Uie 
- :*::: l 1 - A diplomnUc note delivered It also claims that it. along KSions aid trade ooSns Government to coort. to consider 

iems ' .u'.. ' r : f the Vietnamese» mission in V™™** with two others, has been made “ an explosive mixture.” He *** , “ pac f. that could have an 

tp> * n York asked MnDinh ,Ba. weighted .Index-fefl .to 66.4 unfairly selected by the union hoped the delav might reduce the wa ,? e mflatlon ,- . ^ 

•.A Lit* who had been named earlier (6C.ZJ.- .. Dollars, trade-weiglited for industrial action. temneraturp was replying to Conserva- 

had been named e.ariter (6G-ZJ. -Dollar’s trade-weighted I for industrial action. 

tteri ?'*. Et.w week in an espionage case, depreciation narrowed to 4L39 
*• r«y * 3 v. . ia :leave promptlyV^^-. LaterEOje (4.S0)-per cent 'A-'-A A 

ir 5 :c*v^-fttT'iDan»c» inis«on rejected the ,'' v: 'V ;’-. : .Uv 

.. . elntinn .Us, ,k n _ __■ .__ , 


The company said that it did Apart from any judicial pro- 

He was replying to Conserva¬ 
tive attacks on the “ blacklist" 

• ♦jin '" 7 s es > r - •tolteg that the ambassa- « GQU) W 2Sc. Jfo^im75. 1 

,.JT K ’ • ’ v *’ ouW wrvy °°- pil * e m 

dof ^ccerfan jailed S,2t^ LL 

- . .. : OU: cement rfwnt. the 

“!.r * growth of the money supply 

U* rear m : 7 tbe: ■ » •■..•.S--7 ; ' - .-■ • i\ •. * •: \C ■; -. - ^... 

«n.Vi: .r. ^ m ilk CIVEMPLQYMK 2 VT ; ■ feff 

lie 1 TL. „_ v * * u>uc. uw oiMVtWi 

~ m ‘. , * **r would cany on, Page in 

os doi^ccef Janjailed 
0 3 nn^r/ypo^r tferfefeyearsY-,' 

C’ae rear 'ii :•?«»: ■ » ^ ^Prj. :■ .•' 

npifieVii •" »r& • :i7A '; CNEHM^YMEVTAfeir| T- m 

ffCabmet posts 

♦rthi ;o .ir.Ahf: i£«taed-«totenoeo^ , &^ ,foai *** Wl v. ./ ■ . v . 

Mr :he f has ’f * JONATHAN CARR BONN, Feb. 3: 

to**-' h; n that ih theTJgcoalstrike. A CABINET reshuffle. Involving Herr Volker Hauff. until now 

1MMP* . | ic'.«.t n ey on drinltinstSS.of their ehanees at the top of five Herr Matthoefer's Parliamentary 

w !c pr--—.- r-'-i ^lilies sbouB'ha^^'Mieir ears EfftfIpn^nt Ministries including Defence State Secretary, takes over the 

- -vj.., •:! J^ 1 ^ ree -5? a settlenietlt - and Finance, was announced by Ministry', and at 37 becomes the 

.. •• .vna,.' •._•.■ Page 10 .■ -? . 1 Chancellor Helmut Schmidt to-youngest member - of the 

nie >''>vV 3'^^ chahigofAt'.' ' # PUBUC SPJElVDLNG'S relativeUay. CabineL 

work for the Property Services nouncement on Government and on V’ e threat of left,a actJ0Q 
Agency, the British Steel Corpora- sanctions, the case has impor- Continued on Back Page 

— --— “ - — _ . _ — — 

Schmidt reshu£Bes five 
Cabmet posts 

SSiSToirtlpS Mlnisfries including Defence Stale Secretary, takes over the 
ators will a^reo pp a settlement. announced by Ministry, and at 37 becomes the 

rage . 0 . .• y . J Chancellor Helmut Schmidt lo- youngest member - of the 

• PUBLIC SPE&DLNG'S relative I day. CabineL 

icc. ri- 
ie res- 

- Pii i3ry^ontrelledvO»eatBr;Lpndoh. 
guncil.r-Saidj/J&tl nightafter 
• • notmciiig7-that--;Bir r 'Kenneth 

m talks fafl 

^ntmiPPriilCF ; in controversial bugging activi- Offergeld. until now Parliaxnen- 

J “6*"V. V *Mig ties by the Military Counter- tary State Secretary at the „. NC AW1?l 

jT.. Intelligence Service, which Finance Ministry. nc-KK stA«a Arlib 

«V fdlkc fail comes under his responsibility, a surprising appointment in- Neto Defence Minister 

?*J . . w r Jva Herr Schmidt has used the volves the replacement of the 

ENGINEERING industry pay occasion to make a dean sweep Education Minister, Herr Helmut election in Lower Saxony in 
iks have failed to reach a elsewhere, bringing in some new, Rohde, by Herr Juergen June. All Ministers are to be 

■; Newca^a 



l.Oi, IVC.aUimLOr urwveu UUCl -,uc «•*«- . ...nin-Ul nloMlnm; ~7, --— v wcat appears 

WSB4vftnded:Iihood and conditions k f n P the mam chaiiees Herr pol,cy ,n the Bundes> to b«ald any notable alteration- 

»TimS;;.yeste^ wia be determined entirely by j, 1 ® u ^ ™ aiu 45 CDa °|®®' J stag. in German policy. They do. how- 

Hfest Germany, plain-level rather than national “ a “f f nearlv Herr Kar . 1 Kavcns - Building ever, signal a change of balance 

rfeU'Mh after bargaining. Back Page ' f Q S wars ^owke over Herr , MjDis,er .- W, H be replaced by uithin the Government coalition, 

wowmfed with 7 - * Herr Dieter Haack, his Parlia- AH the alterations involve mem- 

TBF'T? Y ,irii ting'■ a»- ^ 'drpnge^poififfnfed with ' - T^h n r ; = 7r,h nerr uieier naacn, ms rarua- ah me alterations involve mem- 

WWtoflW ;|^r^i3te=bn^::>aarities # FAIR TIUDING- Office has ^e will be succeeded by Herr raentary State Secretary. hers of the Social Democrat 

5T f v- -been given^drtails ^ 60 pri«. H^g Maitboefer, 52. until now It had long been known that Party * senior coalibon 

2b ml 1 J ' . fixing agreetnents operated by f or Research and Tech- Herr Ravens would go ibis spring partner. 

tfa good' - chance of becoming law 
' - by summer. Page U 

" (hpde^^ieath '. \ # john . lewis . is giving 4 

> supKers of unnac. Back Page | nolC|g y 

(^d^t^^f^otY' Egypt • 'pMVA'rai Member's 
rived IpTVYa^ofi^bp,t?r talks aimed at -preventing abuses by. 

garter,, 'on ■ the estate agents in the purchase on. 

.dd]e- ; F^^g^ee l 7 iegotiations. s^ e 0 f jwsidential property has 

at the latest, to fight the State 



Bank of France fails 
to halt franc fail 

PARIS. Feb. S. 

I n odesfa^leath 1 • john-lewis is giving 4 j-/A holt TfOII^ TQ11 

. XW lldll lialit AMM. 

[- thp: district of asm. to staff this year. Page il 

'•ilBer^mhdftaa whU© paying m LLOYD’S underwriters fap0'4 by DAVID CURRY PARIS. Feb. S. 

ffi 6 ? Jfl]jouwrSi it. testin 2 : tim p—with some syndi- _ _ , . . . . ,, 

fcs, Atatqdiln :,SalJsbury. Build- ^run into losses THE BANK of France to-day (pension*i) for medium term 

S. of SSm“d unS- forced up domestic interert rates paper and Treasury bills. 

• “ • 4 - writing—according to Mr. Robert | n response to the continued The ■ bank’s acb on and a state- 

I die in AlpS . KiinT! Lloyd’s committee mem- heav y selling pressure an the m ent from M. Raymond Barre, 

bir Lck Sle ^ French franc. But the franc lost t he Prime Minister that there was 

P-leas t jeo; petfple. were killed e ■ .*** a further average of 1 per cent no economic justification for the 

pen - strwjg /^vuius ■ cauMQ ^ VTCKEL BONE found by against other leading currencies, attack on the franc failed to stem 

Id aSfjuS?l^sSSaiiSS j” Aattrfia in IMS It fell 2 per cent yesterday fl, e selling. 

w Is to ’ be dosed because of the Qn the foreign exchange M. Barre blamed tbe attack on 

Stepping stone. Page 10 



du ll * fTt lam 

Wc» UwvdEiiMjMt 

|-3fe raj=^ -i 

9 **m-. 

|_ w SS3B«SE.l 

uncertainty in 

general election 

"The situation 
k economy is 


5fe3D“- |L '’ ■ -r|_i V • STOCK _exchan«*k, c^er - an<J have sold a of the French economy is 

ccn . srie ™rv- . • SPSS'S iTa&eT ?20m ' in later business : te&W, our-commercial balance speculation, forced toe market to 

jl fl-' J Iai? f_vj, Mh Dfl72Q IwOyiL6WlS f a IoraiBr aMmiqI iMimnra ru«»r\r« at tas fn fl/TittfcRiumn iTWl /lUi* J*tir- ...f. iu «. MMk 

j quality; 

f help J 

?cn convicted'o£ theft ’ to toe American fltoclc On the day-to-day market, exchange rates and psychological Asncole, which fixed one 

ir. Robert MaxwelL‘thepub- SSkets Back Page : Bank of Franco intervention {motors, are of great importance month’s money at 10 per cent, 

shor and Labour MP poshed up the money rate from What is happening now is the and 12 monlhs money at 21 per 

amoaS 64 Se^SSng to AIIM .. U , CC - • ' ■ 83 per cent, to 91 per cent. More consequence of political uncer- cent 

■.eomc prorSSivc^ Labaup COMPANIES . ^iificantly the. hanC suspended unity." Interest now centres on the 

srrliamentarvfor „„ r nnnvrtxvr until further notice its facility of The banks moves, which extent lo which restrictions will 

«L5»«eL,H X 'J22^S SSkTU three end sis reflect, the serious view the be modified on Monday, when 

■ Unm etterin™-Nnrth4.ittK-whpre Sir ^ ' ", offerine one, three ana six rettect toe serious view me oe moamea on iwonaay, wi 

If heiP eoffJS C de^t2ffe,to resign month repurchase agreements authorities are taking of the Continued on Back Page 

the «««®-; ■ -S«St!-5SySiSSe «m ■ _ - ■ 

-• r p pr ,d £“■' *c/ur Edition, .a" leading Grand by.mining and petroleum pnmtiL a^*^*^***^^^— 


«rsOl^/ 1 |ijS^®^£S , JS.^S53» to newspaper *r Overseas news.» Ifatom a---» Ift"..—. 

^' 'in i'fi- mrnmmmmmmmmmmmmmm Arts page -.. 9 International companies 17 UJL stock market. 


; .i tpPrices to *' 1S6 ^ g. . Snags in airport plans for Fact and fancy about polar Threat to Rhodesia from 

W h *iS's;5?’ II. jSS; r . EScpmponents ... S23 - *:. toe South-East.. 12 ice ... 13 Nkomos secret army ...... 

013 ai — it 4 s ta,,M -•— ; srufssfc ss s?i. a ?.ss! i 

103! 0‘-- . r }lA'-oyed after toUfng-tothe sasw waBuingw 
Witn&r.j k»; To^ay’s^EatSog; Page 16 $20m. Fage lO 

toe South-East.. 13 

Leader page .12 

U.K. companies ...14 & 15 

Mining .. 2 

International companies ... 17 

Fact and fancy about polar 

Wall Street.. 16 

Foreign Exchanges .19 

Fanning, raw materials ... 17 
UJL stock market.20 

Threat lo Rhodesia from 
Nkomo's secret army ...... 10 

a* EJCMm>ds 17B J U; 

*i fl Sf ,-;««»ster (D. M.) — 6^ 

m ^ V*ir Cm v- f 11J + « 

a 5?• - r ‘ ‘ i ^ko-Wallsend :.. 440 *1*10 

,rN€-' r ‘.^-.V-' ; ;.V ’■ FALLS. 

«?•:*•*. treasury Sipe'-WBuiM.^ i . 
c'"‘* ' • 'kKJJwquor lOipc 1095 -- - • 

... (S30TXL) M . 

Norfolk Cap,.- 40. - 4 

Sainabury W-) —. J ^ 5 ^' 5 

Savoy A ' .~ f. 

Stock" Convardon 242 ,6 

RP• ■.......... 760 ~ 16 

•Williamson Tea ...... 338 - * A . 

Cons. Gold Fields ... 1*6 ~ * • 
Rurtenbnrg plat. W 

Anpalnimcnla IT Canieiilofl u ... w .... fc Shan; InformailoB... 22-2S 

BeMsc _—. 4 Coif .. 5 SE Weak’s Dcaliow UW* 

«*« -.— * 10 spMd u - l tv 1 inidis 2 

■ CoUoctlrtfl .- • Insurance .- 4 Unit Trnstf . 21 

O-OJawrd Pmala U Letters — . .- ^ Wcathor . 2* 

XrawmUc .Dlaw .3J U* •■-•■■■■■7 -••■■•- J* Your Sivtas* & Inv. 3 

Edflatfw 4 Mao rf tin Week ww as 

. Emcrtatomcst Guide 5. Hetnrlna ...•■«.■■-■ 5 OFFERS FOR SALE 

Ftance A FtonDy... « Properw’ ... 1 Grashui LB* Bwds 15 

FT-Acunria Indie** 20 Racing .................. U Lumsm Commodity 15 

For latest Share index ‘phone 01-346 9026 

Legal and General 
M. end G. America 

Piccadilly . 

Property Growth 
(Comment Page 14) 

Base Lending Rates 
Building Sec. Rales 
Local Authy. Bonds 
U.K. Csowtlblafi... 

to answer 

By Rupert Cam well 

GOVEB3IENT Ministers can no 
longer refuse questions about 
the secret blacklist of com¬ 
panies which have breached 
pay policy, Mr. George Thomas, 
Speaker of the Commons, ruled 

The ruling Is a tactical 
victory for the Conservatives 
and it came after a protest by 
Mr. Kenneth Clarke, Comerra* 
live MP for Rnshetiffe. It is 
certain to prompt a flood of 
questions asking for the names 
of companies blacklisted. 

The pressure will probably 
be resisted by the Government 
as long as possible. Ministers 
are still confident of success 
in a debate on Tuesday in 
spite of tbe threat of a Left- 
wing revolt. 

Tbe blacklist is said to con¬ 
tain the names of 19 com¬ 
panies, not counting tbe Sun- 
Alliance Group, which is under 
threat of being forced lo cat 

However, the Government 
Said last night that it would 
base its defence against Tues¬ 
day's Conservatit e offensive 
on the need to protect Us anti- 
inflation strategy. 


The main speaker in the 
speeial Commons debate on 
Tuesday, will be Mr. Roy Hat- 
tersley, the Prices Secretary. 
Mr. Hattersley said at Oxford 
last night Lhat the Govern¬ 
ment would continue to penal¬ 
ise companies which settled 
outside the guidelines. 

He rebutted the main argu¬ 
ment used by the Tories to 
embarrass the Prime Minister, 
that in applying arbitrary sanc¬ 
tions against individual em¬ 
ployers, the Government was 
seriously abasing its powers 
by acting without Parliamen¬ 
tary authority. 

He told the University 
Labour Club that Ihere could 
be no question or Ministers 
acting outside the law’ to 
farther their policies. "But 
within the law we shall con¬ 
tinue to use our influence in 
what is clearly the- national 

He accused the Conserva¬ 
tives of applying double 
standards In supporting specific 
wage claims while arguing 
that wages in general must be 
held down. 

The debate would be about 
how to conquer rising prices, 
at a time when it was certain 
that single-figure inflation 
would be achieved this spring, 
sooner than scheduled. 

Last night Mr. Michael 
Latham, Tory MP for Mellon, 
advised companies to refuse to 
give details of pay settlements. 

Leyland plans 
sales boost 


A THREE-MONTH sales cam¬ 
paign is to be launched to¬ 
morrow by British Leyland in 
an attempt to boost its sagging 
share of the U.K. volume car 

The company has been build¬ 
ing up stocks steadily during a 
period of uninterrupted produc¬ 
tion. particularly at Cowley, 
Oxford, and now has about ten 
weeks' supply. 

The move comes after a week 
in which Mr. Michael Edw&rdes, 
new chairman of British Ley- 
land. has employed barnstorm¬ 
ing tactics to sell his 
reorganisation plan for Leyland 

Yesterday, he received his 
second standing ovation—the 
first w-as from union and em¬ 
ployee representatives on Wed¬ 
nesday—at a meeting of more 
than -.000 distributors and 
dealers at the Wembley Confer¬ 
ence Centre, north London. 


He told them that Leyland 
had at times let them down, but 
it was determined to do better. 
This means that toe dealer net¬ 
work must also do better. 

"If you don’t sell the cars, 
the company will be in much 
greater pain than any self- 
inflicted wound could cause." 

Besides increasing the pres¬ 
sure on dealers to fight for 
extra sales—recent!}' they have 
been accused of looking for 
maximum profit rather than 
maximum volume because of 
fears over lack of supply—Mr. 
Edwarde also announced three 
senior appointments. 

Mr. John Hirscb. assistant man¬ 
aging director of Lex Service 
Group—a Leyland dealer—is to 
be director of cars marketing 

This will provide the promised 
central liaison lo balance the 
interests and direction of the 
separate Austin/Morris and 
Jaguar/Rover/Triumph fran¬ 
chises in tbe »je*v set up—a role 
Teir to be impertaat by dealers. 

Other senior appointments 
announced ■ yesterday were of 
Mr. David Simpson as managing 
director designate or Pressed 
Steel Fisher, and Mr. Harold 
Musgrove as manufacturing 
director of Austin Morris. 

Mr. Simpson. 44-year-old manu¬ 
facturing director of Leyland 
Cars, is being entrusted with the 
job of re-establishing the former 
Pressed Steel Fisher body manu¬ 
facturing operation as a separate 
profit centre within the new 
British Leyland Components 

Pressed Steel Fisher will serve 
the two new car manufacturing 
divisions and be encouraged to 
look elsewhere for work. 

Mr. Musgrovc, aged 47, is tak¬ 
ing one one of the key roles in 
the new structure as the man 
responsible for ensuring im¬ 

proved output in the troubled 
Austin Morris group. 

He was previously 
manager of the medium-light divi¬ 
sion of Leyland Truck ami Bus, 
based at Bathgate in Scotland, 
and bis experience includes a 
long spell with BMC at the Long- 
bridge plant. 

The reaction to yesterday> 
speeches, comoiitmeots and 
appointments was euphoria. A. 
distributor from Grangemouth 
said that ten days ago. be had 
been approached by Datsun with 
the offer of a franchise. "Now 
Pm going home to tell them I’m 
sticking with Leyland.” 

Another said: "The thing that 
has come over most strongly rn 
us to-day is that Leyland has at 
last found itself a boss." 

Although Leyland has already 
built up large stocks of cars— 
embarrassingly large if the sales 
campaign docs not produce 
results—there arc plans to 
further increase some model 

The Maxi, for instance, is due 
to rise from a previous maxi¬ 
mum of 950 to 1,100 a week for 
six months. 

It is hoped that this will allow 
the spring offensive, once again 
entitled Superdeal, to last longer 
than the previous campaign of 
the same name in October 197fi 
when, after two successful 
months, Leyland was unable tr» 
fulfil continuing demand because 
of industrial disputes. 

The campaign will not go 
unopposed. Other big manufac¬ 
turers are gearing up io an 
attempt to capture sales 


The industry is already revis¬ 
ing its estimates of total sales 
for the year upwards from 1.4m. 
to 3.5m. cars. 

Reports from Leyland fac¬ 
tories indicated shop steward 
support for the "broad prin¬ 
ciples" of the proposals an¬ 
nounced by Mr. Edwardos this 
week, Mr. Eddie Me Garry, vice- 
chairman of the company’s com¬ 
bined shop stewards committee, 
said yesterday. 

The committee, meeting in 
Birmingham, had given a quali¬ 
fied welcome to Mr. Edwardes’s 
plans, but shop stewards 
remained opposed to compulsory 
redundancies or factory closures. 
•A request to the Transport and 
General YVorkes’ Union for 
nfficial backing lo the month-long 
strike over new’ productivity and 
work schedules which has entt 
Ford £41m. worth of production 
at its Halcwood plant on Mersey¬ 
side. has been made to Mr. Jack 
Jones, general secretary. 

I In New York 


February 5 Pi-er loo* ’ 

Sr-a i 

Sl.941S.y4M 1 <1.^4'«uStwi& 

1 iniiiilh | 


? in. oil It- 

' (.0C-* '.071 f.'ii i ,O.''5*0.o 

12 inoiilli- 

'.'.i.'-i'. 10-lis O. sii-o.t-l|.if hi 



The US stock market, in stark contrast to that al the 
UK, has performed rSsappajrfsjgly over the last year, 1 
with the Dow Jones approaching a 3-year taw on 
January 27th. Although share prices m America could 
deefitte further; share values are today more attractive 
than they have been for many years, whether measured 
m terms ol earnings, yield or assets. When the antici¬ 
pated recovery takes plats, H is likely to be both 
-sudden and strong. Current levels on Wafi Street could 
provide a rare opportunity lor anyone wishing lo take a 
stake in the world’s dominant economy. 

TheM&G Americana General Fund is designed lo in- 
vest in a wide range ot American secunties. wilh max¬ 
imum long-lerm growl h as Ihe mam obiertive Invecl- 
menl is partially through back-to-hack loan taerfrhes rn 
order to reduce Ihe ellecls of Ihe dollar premium. The 
estimated gross current yield lor Income unite is O 96% 
at the buying price of 404pxd on 1st February. 1978. 

UnitTnicfsare a long-lerm mvestmen! and no! sort- 
able tor money that you may need at short notice. 

7he priced urnlsand ihe income hornThem may go 
down as well as up. 

Prices and yields appear in Ihe FT daily An tniiial 
charge of 3«-% is included in the price; an annual 
charge of 4% plus VAT is deducted tram ihe Funds 
gross income Distributions for Income units are 
made on 20tti September and 20th March net ot basic 
rate lax and are reinvested for Accumulation unils to 
increase Ihe value of the units The next distribution 
dale tor new investors mil be ?Qth September, 1978 You 
can buy or sell units on any business day. Contracts 
for purchases or sales will be due lor settlement 2 or 3 
weeks lafer 12% commission is payable lo accredited 
agents Trustee. Lloyds Bank Limited The Fund is a 

wider-range security and is authorised by Ihe Secrelajry 
of State iorTrade. 

M&G is a member of the Unit Trust Association. 


As an aUemative, or in addition lo investing a capital 
sum, you an start a Regular Monthly Saving Ptan 
through a Be assurance policy for as fttk as CIO a 

. Zm American fund is the place to be if 

££ you want to see -aUy 

The big potential growth sector remains 

I tlie AnwriG&n 

1 TELEPHONE 01626 4588 This sect ion to be com pleted by all appfleants E 

■ - , ¥i mTmTiw »«mi i-.i ‘ ' o 

- HO-U.h/ m-- u.h- 1 _._g 

6 S URNAME __ 

P foi I) ADDRESS “ 

U - B 

I POSTCODE j *70 0 • AG 530218 j 

-Tf J T I -T-V rfjViTit Comptele Bits section to make a Capital □ 

■ j_j H 11 “t tWV'T'l'.l.-J Investment {tmnnnucn £5001. Do not send B 

■ any money. iA mm rod note will be wii ro you swing cudiy how rmi'.li you owe a 
M'tUit&fWeraenl i&Jt\ War c.vJflKVUi- will Mlo* inortlyi 



current rate of £17 for each E100 paid. . 

On a'£10 Plan, lax relief at present rales can bring 
down your net monthly cost io only £S 30, with which 
•you buy mils usually worth considerably more. Reg¬ 
ular investment ol this type also means that you can 
take advantage of the inevitable fluctuations in the 
price Of units through Pound Cost Averaging, which 
gives you 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 oi al least 180 times your monthly payment' 
throughout the period if your age at entry is 54 or 
under-twomen 58). and rather less up to 75- 

it you cash in or slop your payments during the first 
four years there is a penalty, and the tan authorities 
require us to make a deduction, so you should not con¬ 
sider the Plan lor less than five years. 81% to 94% 
{depending on yout starting age) is invested, except in. 
the first two years when an additional 20 per cent is 
retained to meet setting-up expenses. 

M&G is a member oftheLife Offices' Association. 

Thw olta is not ara&rifeio resident* or the Rniutriic tJ li-damf. 

(delete as applicable or Accumulation units will be issued) ot the MSG 
| American & General fund al the price ruling on receipt ol this 

( application. 

j Sedate wmi I am wl f-suVnt «*- W«f Uni fart KniiyWi. the Cit.iileuf I- Gird::. 
ihi. 1 imp or Mjh t-r Cibialm .«iM r dm i»n| dCquirin|> ihr unu-. .is lliu nomim-c l<| any 

1 ju.if.ijii d-Mricni uulr.idv ihhcI mffwws ill <ouarc unjhV to nwKCtft'5 

(Ivcuidliuil yiil ShiluM Upply a M(li> u! Mu', hbroker 1 


B P r T*7'3TT1 Complete this section if you wish to nuke a Regular L'J Monthly Saving (minmmrtl DO a month). 

I. udicu m cun; fr-1 ^cb monlb in Jhe M&G American & 

I WISH lu5J«fc[t_-j General fund. 

■ f enclose my cheque far the first monthly paymenL-made payable lo 

I M&G Trust (Assurance) Limited. 

I understand tnaUMs wymfnl rr. dntypravi'JGWland lhat KH-comoary mfl not 

I aswime risk until Itntnil notilualioftot acceptance has been risued. 



* NAME ANDADPRESSOFUStiALDUCrORdowliom reference nay be made) 

I __ nrcyoujnwiaOneAMiCPtoflbaMtT?* ^ No 

II vnu Cannot ‘jmn Pan I ol Ito 1 Dedaislwn bd<n>. ddire rl and '.fn Pan u 
Dedataani PART 11 diXlw lhat to ihe Desl al my hotel. I am «i gma hunh .wl 

II nelican disease, teal I Have 1101 had any serious illness or trojO' oporaiton. tear I 
' do nw tmjjdcc in any na.*didous. spons or pursuits. Ihxt l dc> "ot engage |n avwimn 

I c icepi« a fdfe-pdvinf. passenger on ro: ugniscd route*, and lhat no proposal on 
| my rile has cv« town adversely ireaied 

PAST n I ap.tLt; I rill ant dee buna* mad.- by me ,u :oiw’x non *>lh 

II hi:, propucjl '.lull toe Ihe basis ol the cuuliac* berween irv.- ar.n MgG Trust 

‘ (Assurance) Lid. and itul 1 wll atcepl lheir ciniomiiv Imm ol potn-y I agree la 
| provide any lunhrr mlprinalionine company iruy ruqune. 

I (A spermen ol the polity loim it availaNe on reque'-t) 


lerfd m England No. 1040359 Reg OHict as above . 

Financial Tiines Saturday FeBrnary"4 T97S. 

age claims hit market 


THE GROWING list of pending 
«va«e daims in the public sector 
which fail outside the Govern¬ 
ment's guidelines weighed 
heavily on the market this week 
and equities recorded wide¬ 
spread falls. The Financial 
Times Industrial Ordinary Index 
dropped nearly 19 points to its 
lowest level since November 24, 

The account kicked off on a 
rory depressed note. The pos¬ 
sible threat to petrol supplies 
coming on top of the concern 
over pay claims left the index 
71 points lower. Sentiment was 
further knocked following the 
rather bearish CBI survey on 
industry and with the railmen 
and ga«5workers putting forward 
hefty pay claims there was little 
chance of any recovery. 

By the end of the week gilts 
were buckling amid all the un¬ 
certainty and a fall in sterling. 
Equities naturally followed suit. 

probably serve orfly a year or 
two if chosen in preference to 
a younger alternative, who 
might be a leading Judge. 

Securities Council 

The City now seems to have 
inched its way near to the final 
stages in its preparations for 
the long-expected new super¬ 
visory body. 

"Within rhe next few days a 
document sketching the proposal 
for a wide-ranging, high-level 
Council for the Securities Indus¬ 
try will go out from Mr. Gordon 
Richardson. Governor of the 
Bank of England, to the various 
City associations. Given a fair 
wind, the project should be 
launched next mouth, a fortun¬ 
ate coincidence of timing since 
That is the stage by which Sir 
Harold Wilson's committee- on- 
tinancial institutions will be 
turning its attention to regula¬ 
tion of the securities markets. 

It is clear that by then the 
City wants to have demonstrated 
anew ir.s determination to keep 
its house in order over the area 
ni'i covered by law before 
Wilson considers other evidence, 
sr.nie nf which may call for 
curbs on market deals, similar 
in those imposed by the U.S. 
Securities and Exchange Com¬ 

The new Council seems likely 
to include some outside 
lay members, to avoid its 
looking like an exclusive 
self-protective City body, 
and to have both a rule¬ 
making arm with a wider ambit- 
titan bid affairs, and a discip¬ 
linary arm in the shape of a 
developed version of the Take¬ 
over Panel. 

Matters of financing remain to 
be finally sorted out, as does 
the question of the Council’s 
chairmanship. A very possible 
choice is Lord Shawcross, who 
ins made the Panel’s writ run 
effectively for nine years. But 
Lord Shawcross celebrates his 
76th birthday to-day and would 

Barer os triumph 

Harrisons and Crosfield seems 
to be winning the war to de¬ 
fend its empire against the 
Rothschild raiders. 

Tliis week H and C has de¬ 
clared unconditional its bids for 
MalayaJam Plantations and Har- 
eros Investment Trust The 
battle for Malayalam was won 
at a high cost since the price 
of 30p per share was well above 
market expectations and 
McLeod Russel, which stirred 
up the bid. came away with a 
£1.3m. profit. 

But the Harcros triumph was 
more emphatic. A Rothschild 
consortium tried to thwart 
H and C’s offer by standing in 
the market offering 90p for 
Harcros shares. Bat H and C, 
advised by Barings, kept its 
nerve and did not raise the 
share offer whicb towards the 
end was worth only Sip (the 
cash alternative was 82p). 
H and C, was greatly helped 
by the unwavering loyalty of 
colonels and retired planters in 
Bournemouth, who apparently 
constitute a significant number 
of the shareholders. It thus ob¬ 
tained in other key H and C 
companies the important stakes 
held by Harcros at little above 
the stockmarket value. 

The only remaining battle be¬ 
ing waged is the Rothschild 
consortium £17|m. Jbid for Lon¬ 
don S u matra— an other company 
in the H and C empire. But 
the active markets in options 
in yet other H and C satellites 
reflects speculation that further 
bids are on the way. 



.v ••••* • : :•••> • a :* v ... iTi-.*:. *1. • . 


' v -> i-v ; ” 

* -< .. : 





BAT’s views 

Full-year profits from BAT 
Industries, showing an 11 per 
cent, rise to £416m. pre-tax, 
may have been a shade below 
market expectations but the 
shares held steady over the 
week. However, the group's 


■ % Change 
Metals and Metal Forming 4- Q.l 

Toys and Games — 0.7 

Tobaccos — U 

Mining Finance — 1.1 

Textiles —• 1.4 

Mechanical Engineering — 3.6 


comments about its food retail¬ 
ing subsidiary — International 
Stores—fuelled .the weakness in 
retailing share prices. 

Mr. Laurence HiU, chairman 
of International, predicted that 
the price war could cut £90m. 
off the profits of the 20 largest 
supermarket groups this year. 
On his figures, that would drop 
the profits of these 20 com¬ 
panies from £I70m. to £80m. 

But analysts are highly scep¬ 
tical about Mr. Hill’s forecasts. 
True, the price war is hurting 
margins, but the likes of Asda. 
Tesco and Sainsbury are 
expected at least to maintain 
profits, and these three aione 
could make over £80m. That 
would leave precious little for 
the other 17 -in Mr. Hill’s 

International itself may well 
be having a tough time of it 
Taking on extra Green Shield 
Stamp franchises at a time when 
it is trying to compete on price 
must hit margins. Tesco’s Mr. 
Ian MacLaurin this week agreed 
that there might be some 
casualties in the' price war, 
but claimed that Tesco 
anyway was making higher 

The International view seems 
far too pessimistic. 

The news is a cause for 
rejoicing to anyone invested in 
Scottish and Continental, and 
the behaviour of the share price 
reflected the fact For at a time 
when, under the influence of (in 
particular) takeovers and hopes 
of takeovers, the average 
discount within the investment 
trust sector has shrunk from 
almost 40 to around 25 per cent, 
that on Scottish and Continental 
shares has hovered obstinately 
around the former figure. 

The reason, according to 
director Mr. J. R. Johnstone, is 
that Continental shares are out 
of favour; because the trust is 
so specialised (65 per cent, 
invested in continental Europe), 
that accentuates the normal, dis¬ 
count Directors ,_of the com¬ 
pany, incidentally, consider the 
prejudice ill-founded, and are 
hoping for unitisation so that 
the trust can continue in busi¬ 
ness for shareholders who agree. 

Continental blues 

AH-Share Index 

- 73 

Insurance Brokers 
Discount Houses 

insurance (Composite). 
Food Retailing 

- 93 

— 9.9 

Last week Murray Johnstone, 
which runs one of Scotland's 
biggest stables of investment 
trusts, gave tangible form to its 
conviction that the day of the 
specialist investment trust is 
over. For directors of one of 
Murray Johnstone’s trusts— 
Scottish and Continental— 
announced to the world that 
they were seeking same way of 
bringing the share price more 
into line with the value of the 
underlying assets; and that if 
they failed to find it, they would 
ask for liquidation. 

Hidden figures 

Plessev this week gave an 
indication of how. companies 
with a large slice of business 
overseas can come to terras with 
a strong pound. The statement 
accompanying its third quarter 
results this week pointed out 
that profits of £323m. for the 
nine-month period to December 
31 were 15 per cent, ahead on 
the comparable period. Currency 
adjustments were listed as a 
separate item ** for ease of com¬ 
parison ” in the figures;- But the 
currency adjustment—a minus 
figure of £816,000 for tbfc three 
months to December, and 
£809,000 for the nine months—is 
significant and should be taken 
into account. So pre-tax profits 
for the nine months come out 
at £31.4m.—a fifth of the stated 
improvement now lopped off. 
The professional analysts can 
cope with the presentation but 
can the lay investor? 





Change on 





Ind. Ord. Index 





Pay and economic worries 

Exch. 10ipc 1595 (£30 pd.) 


- 2} 



Too many uncertainties 

Assoc. Fisheries 





Results/profits warning 

Assoc. P. Cement 





Chart sell recommendation 






Reflects pharmaceutical trend 



+ 13 



Good interim figures 

Cons. Gold Fields 





Fading bid hopes 

Durban Deep 





Continental buying 






General market trend 






Broker’s adverse circular 

Harcros Inv. 





Harrisons & Cros. gains control 






Palling profit margins 

(Cwik Save 





Profit margin fears 






Contrasting tax/accounting views 






Uranium find in N. Australia 

need Inti- 





Comment on third-quarter figs. 

Royal Insurance 





Rights Issue rumours 

Scot. & Continental Inv. 


+ 16* 



Unitisation/liquidation plans 

Sun Alliance 





Pay guideline row with Govt. 

Young Austen & Young 





Trafalgar House bid approach 

week to 

Feb. Jan. Jan. 
3 . 27 20 


Govt- Secs. 75.61 76.60 77.16 

Fixed interest 79.14 8039 8030 

Indust. Ord. 4653 4813 479.0 

Gold Mines 152.8 156^4 145.1 

Dealings mkd. 6,028 5,787 5,610 


Capital Gds. 20X12 210.95 20835 



186.04 19237 19133 

Cons. (Non- 

19134 199.19 19830 

Ind. Group 199.06 206.48 20533 


219.18 226.98 226.02 

Financial Gp. 16X94 17236 17332 


203.09 211.08 21036 

Red. Debs. 6233 6334 6333 

Good and bad news 


NEW YORK, Feb. 3. 

ON TUESDAY the U.S Steel 
Corporation announced that its 
profits had fallen 89 per cent, 
in the fourth quarter and that 
it would be cutting its divi¬ 
dend from 55 to 40 cents a 
share. On the same day the 
New York Stock Exchange re¬ 
vealed that investors in the 
common stock of its listed com¬ 
panies had been in receipt of 
the highest cash dividend in 
history. They shared a record 
pay-out of $36.27bn. which re¬ 
presented the largest percent¬ 
age increase in cash dividends 
in 27 years and the largest dol¬ 
lar increase on record. 

. On the surface U.S. Steel and 
the NYSE appear to be the 
sources of good and bad news. 
U.S. Steel stopped a mild re¬ 
covery of the Dow Jozies Indus¬ 
trial Average in its tracks 
while the implications of the 
NYSE revelation is that inves¬ 
tors were scooping in excellent 
dividends at the same time dur¬ 
ing which the averages were 
plummeting. But in reality last 
year’s dividend details reveal 
why private investors looking 
for steady income regard the 
market with suspicion and why 
pension funds have reduced the 
equity proportion of their port¬ 
folios from 72 per cent to 60 
per cent, in just five years. The 

key line in "NYSE announce¬ 
ments said that “4he median 
yield on all dividends paying 
stocks in 1977 was 4 J5 per cent, 
as compared to 4 per cent, in 

The market’s performance 
last year is a dear judgment 
that an overall dividend 
increase of the magnitude of 
18.5 per cent is still not. good 
enough when the median yield 
Is 2.3 per cent lower than file 
annual rate of inflation. Since 
the inflationary expectation, for 
1978 is only marginally lower 
and since company profits may 
well fail to match last year's 
expected 10 per cent increase 
it is somewhat difficult to see 
investors rushing back. and 
helping the market to hitch up 
its trousers and stage a real 
recovery this year. 

None of this argument denies 
the fact there are many good 
investments to be made on the 
basis of current yields and 
probable dividend growth but 
in a bid to attract . more 
investors some brokers, are 
increasingly lining their shop 
windows with a few companies 
which might be considered ripe 
for take-over and whose inves¬ 
tors could be able to enjoy a 
substantial capital gain wind¬ 
fall. Corporate mergers, are 






1877 1978 

running at an historically hi g h 
rate and it is not just arbitra¬ 
geurs who are keen to ride a 
horse about to be taken into a 
new stable. An analysis pub¬ 
lished this week by Merrill 
Lynch Pierce Fenner and Smith 
concluded that on the evidence 
of most of last year’s take-overs, 
assets are not being purchased 
cheaply and that *' relative 
market strength of the seller 
improved dramatically within 
four weeks prior to the 
announcement of the acquisi¬ 

Seven* mergers are in tfae 
air at Abe moment and in most 
cases a buyer's interest has per¬ 
formed wonders for a com¬ 
pany’s share price. Marshall 
Fdebd for example winch -is 
being sought by Carter Hawley 
Hale was trading at a little over 

$22 when Canter Hawk 
interest was first bruited, in 
cations on tfaestockthis mo 
ing were $3+36£-34 in the wa 
of Carter Hawley’s formal j 
a share bid in cash and sto- 
MarflKa ffl Field is resisting \ 
may in the- end.' topple or 
forced like Airco Inc., B( 
International target to « 
another suitor whack as Kb 
as not will yield an even be® 
price for the investor. : Sife 
latum in these situations fe e 
tsrindy providing more attorn 
thm for some investors & 
watching the apparently 
walk to tiie sea eurrentiy bar 
staged by the Stock' Market 














The new champion 


SUCH is tiie -irony of fate that 
hard on the heels of this week’s 
news of a major new uranium 
find in Australia's Northern 
Territory has come the 
decision to close down the 
Windarra nickel mine in 
Western Australia which 
was discovered by Poseidon, that 
ill-fated star of the wild ex¬ 
ploration rush of the late 1960s. 

In those heady days the 
shares of Poseidon rocketed 
from a few shillings to £124 at 
one time, capitalising the ex¬ 
ploration set-up at £3l7m. The 
company was placed in receiver¬ 
ship in October 1976 and it is 
doubtful whether the shares 
now have any value other than 
as a collector’s item. 

During the receivership 
Poseidon’s share of the mine 

was sold to Shell Australia 
while Western Mining con¬ 
tinued to hold the rest Western 
Mining now announces that, 
because of the depressed 
market for nickel, open-cut 
production from the South 
Windarra section will be 
suspended this month and that 
underground operations will 
end by about mid-year. 

A major find 

This, however, is not the end 
of the Windarra story because 
the operation, which produces 
about 13,000 tonnes of nickel a 
year, is to be started up again 
when nickel marekts improve to 
the extent that production be¬ 
comes economic. 

Meanwhile, uranium has 
taken the exploration glamour 
that once surrounded nickel. 
The latest find has been made 
in the Alligator Rivers area of 
the Northern Territory by the 

partnership of Peko?Wtilsend 
and EZ Industries. It is not far 
from the partners* big Ranger 
deposit and the Jabiluka find of 
Pancontinenlal-Getty. But a snag 
is that it is in part of a proposed 
national park with the inevitable 
political complications that this 

The new discovery looks to 
be a big one. The companies 
describe it as '‘significant” 
while Government sources in 
Canberra have been reported as 
saying that it could be five to 
ten times larger than Ranger 
which is estimated to bold 
100.000 tonnes of uranium 
oxide. If this is the case, the 
newcomer could be the world's 
biggest discovery of uranium. 

So far, however, only eight 
boreholes have hit the uranium 
whicb grades up to a rich 17 
lbs. uranium oxide per tonne. 
Sensibly Australia's Minister for 
Trade and Resources, Mr.-Doug 
Anthony, has emphasised that it 
will take some time to assess the 
discovery although he takes the 
view that “the overall resources 
of the region could be consider¬ 
ably larger than the resources 
previously identified.” 

Already the other discoveries 
in Australia are reckoned to 
equal some 20 per cent of the 
western world's readily access¬ 
ible uranium reserves. Ironic¬ 
ally, the mining and export of 
this material, for whicb there is 
an eager market still cannot 
start until the required environ¬ 
mental and political safeguards 
demanded by tbe Australian 
Government have been met and 
the current trade union opposi¬ 
tion has been overcome. 

While Australia sits and con¬ 
templates her huge reserves of 
uranium, the Canadian and 
South African mines are making 
the most of the market Preston 
Mines, of the Bio Tinto-Zine 
group, and Denison Hines have 
uranium oxide supply contracts 
of, respectively, 72m. lbs and 
126m. lbs, with Ontario Hydro, 
a Crown agency. 

The province’s new energy 
minister, Mr. Reuben Baetz, is 
reported to have refuted critics’ 
suggestions that the two con¬ 
tracts would yield windfall 
profits to the two mining com¬ 
panies. But be has said that if 
such profits are made, “the 
Government can, and will, 
collect windfall taxes.” 

He said that Ontario Hydro of metal rather than sbaif 
had considered buying its own the South African produce! 
uranium mine but bad con- continues to attract the bi 
eluded that this “ held risks and Tbe latest monthly auctn 
implications whicb were not gold by ’ the 1 Interest 
fair for Hydro users to assume.” Monetary Fund has achieve 
Bnt is it fair to let the mining record price of $175 per 
companies assume unacceptable this. week while tbe Freni; 
risks and then levy windfall fearful of a left-wing victory; 
taxes ? the conntry’s election in fl. 

- middle of next month, have b» 
Gold rush buying up gold coins and ingo 

hand over fist 

However. Mr. Baetz added South African gold share 
that: “ Without- some profits, however. fail to make much pr 
money remains in investors’ ^ the London matki 

pockets, minerals stay in the j n them continues to glam 
ground and the unemployed nervously over its shoulder ft 
walk the streets.” He might also any -weakening in the inves 
have pointed out that shortages ment dollar premium that ai 
of these vital raw materials counts for some 33 per cent o 
would lead-to soaring'increases the sterling prices, 
in living costs throughout the Such is the impact of politics 
world and lower living standards, uncertainties that the Grit 
a threat which looms larger with jjines index is only 151.6 wifi 
each'passing month until some.bullion standing at $174J-pe 
form of guarantee ..can be -0UBCBi The latter . price J. 
devised for - the security of slightly above that obtaining o 
mining capital in both developed j^y 22, 1975, when the inde. 
and developing countries. reached its all-time peak C 

On the gold front it is a case 442.3. 


- Same 

AmaL of Nigeria (tin) . 181 

AmaL of Nigeria (eohrmblte) ._ 

Aokam ..«... ‘ ’113 

Ayer Hltam . 157 

Berjuntai ....1... 438 

Bisidti Jantar (tin) .- 

Bisichi Jantar fednmbite) 

CRM Sri Trimab . 

Ex Lands Nigeria .. H . 

GeevorJ ... 

Gold and Base (tin) . 

Gold and Base (eolumblte) 

C openg ... 

Idris -..I.. 

Kamnnting 43 

Kent (FMS) .- 1 

KilHnghaU . 47 

Kinta Keilas. .... 1. 

Kuala Kampar ..—... ,18 

Lower Perak .. 25 

Malayan _. 187 

Pahang . 147 

Pengkalen ....9} 

Petaling .-. 88} 

Rahman . 77 

SL Pfran—Par East- 21 

SL Piran—4J JC.. (South Croft?) . 168 

Southern Kinta _...- 342 

Southern Malayan.. 137 

Sungei Besi . 167 

Tanjong ...' 18 

T ongh&h Harbour .33 

Tronoh ....—:. 211 

Utd. Tbi of Nigeria (tin) ...:.- . 1 

Wheal Janet ... 87} 

* Four -weeks. t-Hn metal content, 
material. $ Five weeks, f Not yet available, 
metric, tonnes of tin concentrates. 



to date 







Tonnes Tonnes 



• 181 















- J57 












330} (10) 




335} (10) 



591} (5) 



354 . 

339* (12) 









335 (12) 


l . 


8 (13) 

■ ■ 1, 






21 . 


301} (12) 


44 370 (9) 



102} <U) 

























• 853 

W w 




1.046 ! 

235} (12) 

258 (6) 

2346 (12) 

12 (9) 

426} (6) , 

X Figures fndode low-grad 
Outputs are shown li. 

: 21 


( 2 ) 




< 9 >. 

( 6 ) 













Scoreboard. 5.45-530 Northern 
Ireland News. 12.15 am. News and 
Weather for Northern Ireland. 

BBC 2 

BBC 1 

t Indicates programme in 
black and white. 

8.55 a.m. Teddy Edward. 935 
Canoe. 9.30 Multi-coloured Swap 
Shop. 12.18 p.m. Weather. 

1220 Grandstand: Football Focus 
Racing from Wetherby 
0-.5U, 1.25, 1.55); Ski-ing 

tl.lllj World Alpine Cham¬ 
pionships; It Remains To Be 
Seen! (1.401 Rugby Union 
Preview of the England v. 

Wales match: Rugby Union 
England v. Wales, and 
at 4.00 Scotland v. France 
ihighlights); 4.40 Final Score. 

5.10 The New Adventures of 

5- 15 News. 

5.45 Sport/Regional News. 

5.30 Jim’II FLe It 

6— 5 Dr. Who. 

5.50 Saturday Night at the 
Movies: “Twilight For The 
Gods." starring Rock 
Hudson and Cyd Charisse. 

5.45 The Les Dawson Show. 

9.15 Starsfcy and Hutch. 

30.05 News. 

10.15 Match of the Day. 

U.ia Parkinson. 

All Regions as BBC 1 except at 
tire following times:— 

Wales—8.40-9.05 a.m. Tel Iff ant. 
32.15 tun. News and Weather for 

Scotland—2.2ft p.m. Rugby 
Unioij: Scotland v. France. 4.06- 
4.40 Rugby: England v. Wales 
thigh lights). 4.55-5.10 and 5.45- 
5-50 Scoreboard. 10.15 Sportscene. 
TO .45-11.15 Songs of Scotland. 12 J 5 
a.m. News and Weather for 

Northern Ireland—5.00-5.10 p.m. 

3.15 pjn. Saturday Cinema: 
“ Hostile Guns," starring 
George Montgomery. 

4.45 Play Away. 

5.15 Horizon. 

6J>5 Open Door. 

620 Sight and Sound in Concert 
feautring Be-Bop Deluxe. 
Jenny Darren (simultaneous 
with Radio 1 stereo). 

720 News and Sport. 

745 The Book Programme: 
J. C. Ballard talks to Dr. 
Christopher Evans. 

8.15 China on 2: Preview from 

825 Joris Ivons’ China. 


1125 News on 2. 

1L30 Midnight Movie: “Die 
Boston Strangler/’ starring 
Tony Curtis and Henry 

Soccer Round-up; 4.00 
Wrestling from Preston; 4i»Q 
Results Service. 

5.05 News. 

5.15 Happy Days. 

545 Logan’s Run. 

645 Celebrity Squares. 

720 Enemy at tbe Door. 

8J0 Sale of the Century, 

9.00 Within These Walls. 

lo.oo News. 

10-15 Tbe South Bank Show with 
Melvyn Bragg -and David 

11.15 Tbe Adult Movie: 
*' Revenge,” starring James 
Booth and Kenneth Griffith. 

12-50 ajn. Close: Headings by 
Geoffrey Binsliffe from 
Peter de Rosa’s ” A Bible 
Prayerbook for To-day.” 

All 1BA Regions as London 
except at the following tiines:— 


9.00 ajn. Scene on Saturday Including 
Birthday Greetings and Skinny. 4JO Tree 
Ton Tales. M5 The Woody Woodpecker 
Shmr. 1BJ5 tt'onbfoda. 10.45 Cartoon 
Time, mo The Lon Islands. UJ0 The 
Secret Lives or Waldo Kitty. LLM Cap¬ 
tain Scarlet and tbe Mysterons. SJ5 MB. 
Logan's Run followed by area weather 
forecast. Highland League and shinty 

results. 6-15 Havoc. 6-45 Sale of tho 
Century. 7-15 Enemy at Ule Door, 8.15 
Bionic Woman. 11.15 Reflections. ]L20 
Sun Television Awards, 

Service except: 545 p-m. Cartrmatnne. 
&40-&J9 Sion A Sian. 1U5-12J0 sum. 
Tbe Shoot 


9.08 ajn. Horses In our Blood. 9J0 
Tlswas ilnclndtna Winning Wtih WUUe 
and Batman). U5 P-m. Logan's Run. 
U5 Havoc. 645 Sals of tbe Century. 
705 Enemy at du Door. 805 Feature 
Film: **I Love A Mystery," starring 
Ida Lupino. 1105 Late Call. SOS Sun 
TV Awards.' 


10O9 a.m. The Herbs. UL2B Tree Ton 
Tales. 1035 Beachcombers. 1UB Survival. 
1130 Sesame Street 540 p.m. Sports 
Results. 505 Lacan's Ron. 6J5 : Havoc- 
6.45 Sale of die Century. 705 Enemy at 
tbe Door. 005 Best Sellers—Bins Crosby, 
Frank Sinatra and Grace KeHy In “ High 
Society." 11 OB The Sun TV Awards. 


930 a.m. Tiswas Indndme 1030 Dyno- 
mua,. the Dog Wonder. 1135 Solo One. 
5J5 p.m. Lncan's Run. 405 Havoc. 
645 Sale or the Ceniury. 7.15 Enemy at 
tbe Door. 8.15 Bui Sellers: Terence 
Stamp in "The Hind of Mr. Snaroes.'* 
1105 Second City Revue. 1L45 Bouse of 
Horrors: Bene Darts in “ Scream Pretty 


8J9 a.m. Weekend followed by Regional 
Weather Forecast 9.00 Our Show Inciud- 
InR Sesame Street. 1LD0 Taman and 2L55 
Happr Days. 1238 a.m. Weekend. 50$ 
pjn. Celebrity Squares. 6.00 Six MIHidO 
Dollar Man. 7.06 Sale of the Century. 
130 " Matt Hebn." stamen Tony 

Franciosa. 1105 Wilbin These Walls. 
1205 ajn. Southern News. 


Ml ml Tbe Beanes. 935 . Tbe Lost 
Islands. 930 Feature.F3mt "The King's 
Pirate," starring Doug McClure. 1130 
Gus Honeybao’s Birthdays. 1135 Space 
lm. 505 pjn. Lagan's Run. 605 Happy 
Days. 930 Police Woman. 1105 Appoint¬ 
ment with Feen " Fright,” starring Honor 
Blackman and Susan George. 1235 aan. 
Faith toe Lite. 

Tunes f5>. 805. Johnny Pearson at tbe Island Discs. 630 stop the week'uH 
piano tSl." .830 Take Tour Partners in- Robert RoWnson. 730 Tbese~ jot Thv 
the Radio 2 Baflroam (S). 930 Saturday .loved fSV 838. Sanurday-nlghr Ttes® 
Night With The BBC Radio Orchestra 4S). (S). 9-5* Weather. .1038 News, l&l 

1132 Sports DeSc. - XLU Alan Defl -wUh Saudi at tbe .day: “Tho Navy Lark.-.' 

Tbe Saturday Late Show. tnctaUng 2238 28-45 A pari at the Greek scene. -2U 
News. 123U233 ajn. News Summaryl Lighten our darkness. ■ 2105 Aen 

RADIO 3 464HLStereo&YHF BBC Radio London 

13S am. wautar. 838 News, ifl* ~ 266 m and 949 VH 

Anbade. 8X8 News. 9X5 Record Review ton - orwnrtito 

including EufldlnB a Library IS). 1005 SJOlKIL" 

Stereo Rdsaae of music by uedtner, m#* £255, rarSt* ' 

Beethoven tS). IMS BSC ' Scottish aS 

Symphony Orchestra: Roused. BerbO*. 2* SotEST 
Chausson (SV 1232 p. m, Ja mes Calway vineem iStwdar Show* 2X0 wnTsfl on records- <S). tLSS pS"? £ 

News. UO Heritage. 105 Mozart Piano SJ 

CuMettwc 638-GIose: As Radio J. " 



8^0 aon. Fun Food Factory. &55 
Junior Police 5. 9.00 Sesame 

Street 10.00 Our Show. 11.00 
Saturday Cinema: “ Three Men In 
A Boat” starring Laurence 
Harvey, Jimmy Edwards and 
David Tomlinson.. 

12.30 p.m. World or Sport: 12.35 
On the Bail; 1.00 International 
Sports Special: I—Motor 

Racing: The Brazilian Grand 
Prix from Rio de Janeiro; 
1.10 News from ITN: 1J0 The 
I TV Seven—1 JO. 2.00,2 JO and 
3.00 from Sand own; 1.4a, £05 
and 2,45 from Stratford; 3.10 
Internationa] Sports Special: 
2—Surfing: Women's Masters 
Championship from Hawaii, 
plus Tobogganing — Inter¬ 
national Championship from 
SL Moritz; 3.50 Half-time 


9.M 8.ra. Animal Alphabet Parade. 
9JO Cartoon Time. 930 Ti&nas. 2038 
Sirfdennan. 10.45 Tlsvras. 1LS Valter 
of tbe DiUBUDK. ZU5 Tinraft SOS 
p.m. celebrity Somrea. mb code R. 
7-08 Sale of tbe Century, 830 TV Movie: 
' She Cried Murder." starring TeTly 
Savalaa. 1138 Within These Wans. 1235 
ajn. AC.the End of the Day. 


9.85 a_m, Master Gnlf. 93d Tlswas. 935 SurvlvaL WJ8 Hooalong Cassidy. 
1A35 Batman. 10.C Tlswas < continued). 1130 Play Soccer with Jack Charlton. 
1135 Beachcombers. 1LS5 Tlswas (can- 1138 Space 1999. 535 pjn. Logan's Run. 
tinued). 535 pjn. Celebrity Squares: 635 Havoc. 635 Sale of tbe Century. 
630 Loon's Run. 930 Streets at San 735 Enemy at the Door. 835 Bionic 
Francisco, 1135 Moynlhan . Woman. 1135 The Practice. 2135 The 

HTV Cymru/Wale*—As HTV General Family. 1238 a-m. Epilogue. 

TV ratings, week ended January 29 


935 Rjn. The Rolf Harris Show. 930 
Ti&was including Dynomvtt the Dog Won¬ 
der and Tho Lose Ranger- 535 pjn. St! 
Million Dollar Man- 635 Havoc. 930 
Tbe Streets of San Francixo U35 The 
Saturday Suspense movie: " Trilogy of 
Terror." starling Karen Block. 


930 a.m. Tiswas, including Dysomott 
The Dag Wonder and WooMndi dwlnnl 
Doctor. 535 p.m. Logan's Ron. 635 
Havoc. 6 j 6 Sale of the Century 735 
Enemy at the Door. Bionic Woman. 
V35 Second City Review- 1U5 Tudana. 


1238 pjiu Puffin's Birthday Greeting*. 
535 Lagan's Ron. 635 Happy Dan 938 
Police Woman. 1135 Anointment With 
Fean nFnghL? 

IUC. TOP 20: Vlemre (m.) 

L Tills Is Yaor Ufa (Ttmnias). 

2. Corunation SL (Wed.) (Granada) 
3* CoroDation SL (Mon.) (Granada) 
4. Miss Jones and Son (Thames) 

4. Mind Your Langoago (Ldn. WE) 

6. Crossroads (Wed.) (ATV). 

7. Crossroads (Tues.) (ATV) . 

8. Mike Varwood Jn Ptmms (BBC) 

9. Moggie and Her (Ldn. WE) . 

19. Crossroads (Thur.) (ATV) . 

11. George and Mildred (Thames),., 

li Haren (Thames).. 

12. Crassroads (Fri.) (ATV)... 

14. Duvo Allen (AW) ... 

15. Tho Professionals (Ldn. WE) ... 

16- Rising Damp (Yorkshire) .. 

17. OpscrtaBy Ksocks (Thomas) _. 

13. Stanley and Hutch. (BBC) __ 

19. General Rosplta] (ATV) 

2a. Jim’II Fix It (BBC)... 

20l Sale of the Cem&ry (Anglia) 

17. SO 



Britain for the Joint Industrial Committee 
for Television Advertising Research 

Flgwea compiled by Audit ot Great 

ILS. TOP TEN (Nellson Ratten) 
Week ending January 23. 

L Happy Days (Comedy) (ABC) . 323 

2. Lave me and Shirley (Comedy) 

(ABO .-. 32.4 

3. CUartto’s Angels (Drama) (ABO 30.2 
«. Love Bant (Canady) (ABC) 27.1 
5. Uttlc House on -the Prairie 

(Drama) (NBO .. M3 

6> Tbe Dark Secret of Harvest 

Home (Drama) (NSC) .. 263 

Fantasy Island (Drama) (ABO 29.1 

8. The Dark Secret of Harvest 
Home. Part 1 (Drama) (NEC)... S.9 

9. Bnraahy Jones (Dihii) (CBS) . 2S.4 
SO. Tkreo k Enoagh (remedy) (ABC) 253 

Slanky K HutdL (Drama) (ABC) 253 

Qrtaqr (Drama) (NBO . 2S.I 

A Netlson Katins is not ■ numerical 


93d ajn. Tho Rolf Harris Show. 935 
Saturday Scene Action Adventure—" Run 
Wild. Ron Free.” starring John Mifla, 
sylria syms. Gordon Jackson and Bernard 
Miles. 1L0D Valley of the Dinosaurs. 
U30 Happy Days. 12JJ0 Cal e ndar Kids. 
535 p.m. Lagan's Rim. 635 Havoc. 635 
Sale of tbe Century. 735 Enemy at the 
Door. 835 Blonde Woman.. 1135 roe 
Mary Tyler Moore Show. UjG The Out 

RADIO 1 247m and VHF 

640 aJU. As Radio 5, 836 Ed SiBvrart 
with Junior Choice (S). UN km Jensen. 
1239 Paul GambacduL 132 PJn. Rode On 
(S). 238 Alan Freeman (S). 5J2 Alexis 
Kenner's Blues and Soul Show (S). 630 
Sight and Sound in Concert (S) featuring 
Be-Bop Defeat and Jenny Darren (simul¬ 
taneous with BBC-2 televirion). 73U233 
■•jn. As Radio 2. 

l^OOm and VHF 


630 ajn. News Summary. 6JB Tom 
Edwards wllh Tbe Early Show (Si lnclud- 
Ide 833 Rad rig Bulletin. 836 As Radio 1. 
1032 Wally Wfayion (S> on tho SnnoysMe 
of Saturday (Si: 1232 pan. Two's Bust 
<S). 132 The News Ruddlinea. 130435 
Sport Do 2: Football League Special (130, 
2.16. S3S. 3.43); Rugby Spedal (13ft, LIB, 
235, 333); Ena laud t. Wales and Scotland 
v. France: Raring From Sandown (130, 
2.00, S35): Cricket (IJO. 338, 530) 
England V..-Canterbury, Ni; report and 
iutemews: 5.00. Sports Report: riassllled 
football checks at 5.60 and S3» rugby 
round-up 333. 633 Europo 73. 732 The 
Peier Goodwrlaht Shorn 738 Radio 2 Top 


LOO Heritage. 

Concertos (Si. 235 Man of Aetioa Sir 
Dm* HJtCtxl] chooses rrmds (3). 335 

Music af the Masters (Si. S30 Jarz London RpnadPflSttnfT 
Record Rfiaowte (S). 535 Critics' Ponun. DruaUCahUUg. . . 

635 Collectors' Corner. 730 Concert From•- ’ - .. 26lm BUB 97^ v»i 

Halifax, pan. 1: Tchaikovsky, - Racth “-W 'aJn. . Monring. Music. 730 A-N^ 
mamnov (Si.'.235 Personal "View: reflec- /wecK-end news, .reviews. foitnres. BjW^ 
tion^ on' current- affairs by Sir lenan 1630 Jelly bone. ’ LOO a.m. Sated* 

Mod dock. LB Concert Pram Halifax. Sport. 630 After 6. 630 Decision Malta* 1 - 
part 2: S travt m ky (S.). 93B TDTdHi T30 Qoet Mala!—music. Informatio n 1M^ -. 
and Melvyn Tan: Violin and piano radial views, in Bind oaten. 830 Sa today 
(S). 1030 Sounds toteresttog (S).' 1L2S 930 Nighfllns. 

iLJo^ Anfl TM^'s saubeit Capital .Radio - V'... s 

o inwi a • lMinand>iWVBl 

KADIU 4 _. UP Art. Kny’Jtjifb SruUia 8W| 

484m, 330n,285m asdYHF Prior Yonug^ oim«dowh-®-fi 

t Modtam Ware onfar■ > . . D38 Jonathan^lOng*s Canversatfims^r 

530 ia.Nsvs, 632.Faming Today, (Ksamf. gverea) (S). 230 j»j b. iW j; 

630 TUB'- Patta MBy. 1635 Weztter. rwote-Dunean . Jrim«« 

DrograrSa news (VHF) Eegftmal N<^ *Rm»BaI*ll** (S). MBJW 
730 News. 730 On. Your Finn. -1M -g 8 ?” » P^no o (S). iM Crag^EflimjW .. 
Todars Papers. 74S Yours FahhfnBy. <«>■ 

730 it's a Bargain. SB Weaffiar. ora- Mmamy'g Chan (Si. H30_ AMglg« ■ 
Erarnma news I VHP) BagHnal Newa. ~ 

SJM NewS. UO.'Sport on 4. 835 Today's ■*» «■ FW«r Youngs MgEt Ptett 
Papers. 830' Yesterday In Parliament — - r 

9.00 Nmvi, 930 Writ of tho week from CHESS SOLUTIONS . 

BBC Radio. and Tetevisfon . (Si. 1038 Solution (O PoSltion NC. 2U1 
News. 183? .From 'obp own "co fretpott'. "y - • • oLba 

dcaL UJQ - Daily Servie*. 1035.Between.- i T XVJ?®* A:* rSSn 1 zESZ - - 
the linos. "UJ0 News 2132 Tbe week m 2 N-Q4 though Black still St 
Westminster.- -1130 - Srience Now 1230 better) BxNPl 8 PxB fifalW"- 
News. 1232 pjn- Janws Galway (S) (as pi, p*.TH .'4 p*R- fWR (4ilj- :i Qp ‘ 
Radio 31/81235Weather, programme taxes f?"» .*.«», (|xa CD.), . 

VHF (except London, and SE> Reskmal. Winning a pawn. ‘ ^ 

Neva. 138 News. LlSAny QUBStionsr 230 •- Solntion tO Frohlem Nflu'ZVl: - ’ 
Frank Mtdr Goes-Into . . - Tbe Post \ 1 lULRO-'Yriimit 9 N-W4 raatfiJr 
Office. 230 TOrtMilMte Tterite. 530 9 SUSP' 3^1^15 - 

News. 33T Doe* He Take Sttgnrt _3JS viXre, ■■■2 KhJBd, KXa» •> - 

— - - - mate,. . v : Jl . ■ 



Musk of the masters (&v (m Radio 9). 

S30 JCdridoseope Hoeorer 538 Week _ . — : - 

ending. . . . 4555 Venaux, png ea p rn t ^mlSu: 

news VHF (oww* Loadoa._*nd_^ ffi) £F£&&8P£§§bd 

Iteilonri JfetWta;.*BB.4T8«L *J5 Decen ,-SeMBd 




(_\f^J ''cj B 'J^s£^ | 

limit oo-t^.saiae oC the 
Ses&eSj^frai 1 : week: wfieii States; to be ac^cired.) 

’ * v v v "'-Boue came up Any sucit epiM^sioiis are in- 

ion document* witaffly. ijpbitig/ttf alter condi- 

_,_^ iangiMe' fraft.'^ons for.. existing ^shareholders. 

.^tUfeiab-Iiab vf&aix. It ^ere^iewV^fipea .are to be 
Hbe sutf- at oqchtbat it for exoi^Bye^s. it will 

jnd^Mncipie of Using auule their ijitwests; where tax 
prbp<^tiaiE; of' profits Ti? pro- concussions ;acre available it will 

J5?W &&&&$ >#ployees that ^? l ^ i ^ a t^ istort 

—«ca ■ it’s, simply tiiemarket. If:tb^xesnlt of such 

sest wa- n the litr^atoi extent of .the ^ ’ cxteBSlQti-'fl^pWDBrtMp- is, 
>ns Gn +u 1 Mr coi^esstau? with which jmcfc however, g^ter^productivity 
Were t rofit:sbarijjjB.should be spiced. - 'p r Q fi tabHjty» ;-th en existing 

. shareholders azeqoite as likely 

«anp«^S>ievr wneti 

? r ^ 01 3 in ■ ' jr The^ budget, is ^ ^ej^ o^tof the deaL 

1 Field JX2? e But. tha^ assumes 

the end ^ *»*• si^stan- ^ employe»’^ant‘to benefit 

9d lita taJal ineAmftj.4ajc . HU>*»«tane~- -_* «._.._ ., 

n»sto^i ^ £“ 

her «uhr. la ^?.< 

n> 'rfnrt a SS 

m in 4 }* t>u ! <l . provlde savings tied up-ihthe fortunes 

ly pro^ri,' \vlth capiUI gams tax con- 0 f the ^same ’ company? in- a 

r for snm Bs . la ’ ! :^ 1QriSr ^pugh imposlng ,. once cam&uiyvrftb.,& had record of 
cibw *5 e on tabour. : reiatidiis: and produc- 

C'to Jhi 36 a ^ ) P2SllJ, ti ^‘ S r Sf posai '^tivitK the ajiswer to an invita- 
sea Clyr ,*ured is a scfaeroe under wincb tiffin to. invest -would all but 
_ °y “ie s trj rtv. :m * , ^ yee ® >wilri themselves^inevitably be no thanks. 

--^5nd the .money for 'purtbase ,of- -1 Comments should be sent to 
[um uch shares, ‘ though buying : ihe r Tn!ah&Rwefttie, : Room 46, 
/WJ 2 hem on favourable.terms., Oh- Ne» -Wng.' Somerset House. 

auto case .tBto schemes would- London,- WC2, os soon as pos- 
77 fii rave to be.' open to" all UK stole, and in,a 

** »» su<& schemes. Bren In the 

c ongh restricting their ability hest of omimanies there a«» 

t f»?' rt2^ Teasons ^c’tSey "anight not: 

yield TZ w ^;**m&*-* 




V j*l]2 rave to be." open to all UK stole, and in any went not later 

employees, and there would beifccw March 23 K 19?8. 









* . 




< . 








S . 

A mortgage scheme 

1NE ADVANTAGE of repay- ;endowment contract meets two 
og your mortgage by means of necessary ' conditions : Sot the 
;netal rather ta- n em towmebt assurance is that modern Repayment .'contract It 
South Afri’.n^ - nntjMyerto undergo die enables investorstp extend their 

dnues *o a ^' ^^?aaies of“ de<nsron descrdbed mortgage repayment r. periods; 
' latest Tnonft” ** our :m &* .aiticJe to-day. wbeiti new mortgage is effected 
j" by" '.'^en mortgage rates faMj tihe often, the rej«^neht /.date is 
■tetar-c f-.^h -^.^■epaymeat .tenti stSSl stays: tfae PUsh&d.fnrther into the future. 
3 rd crice nf r X* 5 mne and you skaply^psy- -And it also provides an oppor- 

•' vL : - , 'interest each monttu > W -- fnniiy; to repay the mortgage 
• wa tK ■•'--•• . early "Without taking-out a new 

rfnl o ; a ieft-v^j ^ r J^®^ b ® wa ” sr ^one—say. if Unde Albert should 
cmmir;.-, * W#.taSTrft you his- Georgian 

Idle of rei-f ni^nefcod. especially .jf you are. mansion. 

ms ur. -Id t y** * posieon to combine^repay- ^Tbe : addition . of -decreasing 
« °^- r 2 ='- °ent with:general «yings. But : tempijrajy; assurance.! provides 
iou«h African th ese a^utag» are. often necessary cover should you 
wrer, fa.*: ^ Jffset by tt e infleabillty pT the have an argument Wift a London 

sss and ;ie Ljcik Det4Kld when it cpmes^^ fiff®ct' transport bus the moment you 
them i-onlis’jtt a new or aii ;additional have bought the hoase, while 
,Wdi)y over ;u jK nor *S®fie. So the tnethod tends the options to take-.-out further 
? *veakemr^ n is - 0 get paitaside infavourof plansare intended-for use when 
ht dollar -rj^atanigtfit rapaynmat .an many you move from-the-city terraced 
int-s for ion* ^Jases. i ... “ • ‘T ’ ,. ■ house to the suhurbandetaphed 
i sterUa .3 paces. Recently, htwerov *«Mn- :'n®.^•*large garden.'- . 

Such i« th- ixpaaiianLes have been -consdderihg -- These features put ,together 
certain ::ci that tneans. whereby aim-.mbthod loan ^make- toe scheme suitable even 
aes iiiAtt i? oalrDe adapted • A time, lM>m^ buyer 

lliuu star.dins •,• -and’ 'fl u gwfnce- fraiflifai 1 ’?™***'-:hag .eve^y intention : of 

ace. TV.: h’.w: more ajtteaxdaee - 1 — after all years ' 

ithtly 2 ‘':ve ust otenorfgage repayment is a major It- haa.flexibility and s on a 

iy 22. '573. Vasa Source cxf business.:. Tiris wcefc ^ 

* alV^raw the latest endeavoux in this ca “ be i . tf - a J ? ter date 

when additional savings are 

* y , ScotlIsh required. The only dis- 

Equiitable. .. ^ . . : advantage, .wfcieh no plan yet 

The scheme, -like most assur-'idevised has been able to over- 
ance linked pfans, simply con- come, is that it is still more 
Tot2 j sists of putting together twa expensive than repayment dur- 
j, f basic contracts. .'In..this case SE lag the first few years of the 
imunihsl has put a new.-flexible. .endow- contract/" The life companies 
iimae« ment policy {issaecT jbist year) . are going to have to start think- 
13 S t 0 2 et her •; wjltfaj ’ a" j decreasing ing rahdiit contracts under which 
temporaiy assurance, and added ^tlic initial premium is low and 
y‘U |f] to this mixture options to take, increases steadily over the tean. 
2.235 fs) out further contracts without :B.ut such an approach will- need 
£ 0 } U» evidence of tfealUL *.• a change in attitude from the 

sss* (if; .............. 

SSI! U> 

sss* n-’i 
TST if 

37S (!-*' 

S 1121 

■ (JJ 
-7(1 (91 


. Nor.. 

?- 1S77 
£.-'. 14l» 

! *W 

The flenbie, .with profits^Inland Revenue. 






2 -i 

















2 ! 


2 iJ 

ort airwaves 

1 « 2 ! (in THE LAST DECADE' has, seen 


“Si 2 


2 t> 


a radical-change in the; general ^ 
lit attitudes - o f -fradftidbai life coin- ^ 
parnes towards - advertising. 

£ Where once they regarded it 

'\i J;i with lofty disdain, now they Vex- : 5 
(ji tensivety paiftictpatei .Nb; doubt 
ia«j: if) the massive use; of advertising U 

V 57 d] by the umtrltoked'ficpmpames 
J, has had mueb' to do^ ^«th' this 
h metamDrphoffls. Th.etfr -are' P^* 

,f 1 cedents for:a-life,'company-run- .ISj 
( jp ning a proipudbnal'i^mpaign on £j] 
in TV; and Uffiw the:possftiBtie& of -rzi 









lawl Plm 

2 *’i 6 ('•! rafiio adyerti^hg are being ,ex- 
17 plored byv liondbn' ilfe;, the Si 
42*- second oldest inutual' company 0 

:„l^W.the world. -; '.“Don’t delay, • consult 

London^ T ? 4 fe ‘js-‘ttitake one- London life ri^bt away.. . n 
, minute; spots on" London Broad- 
casting Corporation’s “AM” j few weeks ago, it does not 

**r: news ; ^ew- programme be- pay commissiou, but unlike;that 

mi ^ . A.s.r j*s tween. 7’and ^S-30 in. the morn- company it is not adopting a 
nis«i ^ -j/ y-; r l -x ,: l ^S* lit®; assurance with your particularly aggressive selling 
4 $ a r^' ^ breakfast cerealV. ' The initial approach—its new business ex- 

campaign will I ast ,one month, .pans! cm last year was average. 

’ ' “ - • - - — r, it does intend to sell 

the public and tiie 
campaign will list its pro- 
, emphasising in the pro-- 
that all the benefits-go to 
policyholders—there art no 
companies.. So.the company had -shareholders and no commission 
Lo seek fresh sources xs paid.' 


...ijr£ instead of put^hg''their biisi- cess thi 
’aJ"- vis $ ness throu^i ia panel. of life policyh< 
3 =«iS y 1 'v' ■ ,y- compani^..So.t±ie company had -share] 

*'■jd to seek fresh sources of;busi- is pai 
■ ’ Rrpad f3 v ness - Like^EQiiitable Life, whose: ■ 

potion v j 6 i«!r? problems were considered here' 

WP aJrt „ 


jS A 

910 -5 >’ 


f> \ m ' m 

-'W : 


Patterns in gold 

THE ACCEPTED wisdom on 
gold is that its recent strength 
has been a. reBectibn of the 
dollar’s weakness. But RiChard 
Lake, the zesidenk . chartist at 
Grieveson Grant,. ■: says' /after 
avamining the dollar^ move¬ 
ment against; all the leading 
currencies and' comparing: thdr 
performance-, -against that-: of 
gold, that “ there is no "regular 
counter move : against the 
American corrency* ' JEoyrever 
there is 11 very definitely” one 
against. Wall; Ste^; i,?V ?•'- 
Since September' 2S7o,/ the 
Dow Jones;Indu^t£ial Index has 
been in-a downtrend* aid over 
the same" perkMi goItf has shown 
a Steady rise. ,aftfr;;cbcelation 

seems pretty good for the last 
three years, which is the period 
over which Richard Lake has 
compared them. But he warns 
: against assuming it wMl always 
hold ui the future. “ These cor- 
relations can work five times in 
a row and then let you down, on 
the- flhrffr when you absolutely 
believe in them.’* he says. It is 
better to use the charts separa¬ 
tely, and ’ then compare the 
correlations for .confirmation. 

Nevertheless,, he is currently 

bullish; of gold and bearish of 
Wall ^Street, which he expects 
to fall to 700. • ■ 


age should be synonymous with 
the happy mean. An end to the 
problems of the earty years — 
financing house purchase and 
school fees — is in sight The 
problems of the later years — 
stretching income and/or dis¬ 
persing capital — are still suffi¬ 
ciently remote to permit a 
leisured and intelligent 
approach. We start, on that 
approach ' below with some 
thoughts on investment for the 
longer term, and on estate plan¬ 
ning. But first to the matter at 
hand; toe fact that the budget, 
like the waistband, may be 
bigger, but it still feels rather 

MOST PEOPLE in process of 
buying their homes by way of a 
repayment mortgage will have 
had a letter from their building 
society within the past week 
offering them a choice between 
cutting their mortgage pay¬ 
ments or the period of the debt. 
Now the proper reaction to that 
is going to vary with individual 
circumstances. But there are 
some general guidelines. 

If you really need the extra 
cash, then that is an overriding' 
consideration. But you should 
bear in mind that there is no 
guarantee that toe mortgage 
rate will stay down; and if you 
are that desperate then the 
probability is that you are over¬ 
geared anyway. 

Those who have a real choice 
are likely to be torn between a 
strong desire to get rid of the 
mortgage .as soon as possible, 
and a suspicion that the extra 
to be paid if they maintain 
their mortgage payments at the 
present level could be put io 

This is the fifth part in our series, The Seven Financial Ages of Man. 
The series is written by Adrienne Gleeson, Eric Short and Helen Whitford. 

And then the justice ... 

more profitable use elsewhere. 
The first tiling to be said is that 
that extra will not qualify for 
tax relief. It goes to pay off 
capital, not income, and there¬ 
fore is not eligible. However, 
it might not have qualified for 
much tax relief anyway—not if 
the mortgage had been running 
for some years, and the capital 
element is an appreciable part 
of each instalment In any 
case, there are none too many 
alternative investments which 
would qualify for tax relief 

But if those are arguments 
for continuing to pay instal¬ 
ments at the present rate, and 
running down the capital debt, 
there are also arguments for 
doing the contrary. In particu¬ 
lar, anyone buying on a mort¬ 
gage should bear in mind that 
he is borrowing over the long 
term at what is still a negative 
real cost. 

Maintaining tbe present level 
of mortgage payments could be 
a convenient form of saving for 
anyone planning to move again 
and likely to need a higher 
deposit when they do so. But if 
you reckon that you will be stay¬ 
ing in the bouse you now occupy 
for the foreseeable future, or 
that, if you move, it will be to 
somewhere smaller and less 
expensive, then you would prob¬ 
ably do much better to cut your 
payments and let your mortgage 

run its course, courtesy of the 
negative real return on other 
people's savings. 

AT THIS STAGE of the pro¬ 
ceedings you may, yourself, be 
reaping some oF the benefits of 
savings of your own—if, for 
example. liEe policies taken out 
on matrimony are now about to 
mature. However badly deple¬ 
ted by tbe ravages of inflation, 
the capital sum accruing is 
likely to come very welcome. 
You ought, however, to look at 
it, not only in the context of 
years past, but also that of years 
to come. 

In all probability you will be 
retiring on a pension equal to 
two thirds of your final salary, 
with an option to commute part 
of that into a lump sura. Now 
it may not look like it at the 
moment, but the probability is 
that with your commitments out 
of the way you will be able to 
live quite comfortably on that 
two thirds—but not quite com¬ 

fortably on very much less. 

So if you do want a lump sum 
on retirement—whether it’s for 
a world cruise (that takes capi¬ 
tal. these days), a cottage in 
the South of France, or simply 
as a potential supplement to 
your pension in future years— 
you had better start planning 
for it now. Assuming that you 
have accumulated no capital as 
yet .the best way of doing it is 
by way of life assurance. 

MENT, however, you have to be 
prepared to make decisions of 
your own—not really a feasible 
proposition with a life assur¬ 
ance contract, because front- 
end loading and the possibility 
of a claw-back of your tax relief 
make this a long-term form of 
investment. Anyone with a 
lump sum to invest can opt out 
by putting it Into a single pre¬ 
mium bond: but for those who 
would rather do it themselves 
we have sorted out (see the 


_ For U.K. general/blue chip coverage _ 

M & G General at IMp or National Westminster Portfolio Inv. at 70p 
For American coverage 

M & G American & General at 41p or Framlington Inc. Growth Bind 

._ at 98p _ 

For commodity shares 

Arbuthnot Commodity at 55p or Britannia Commodity Shares Trust 

at 73p. 

& jedr round ixfly zJiA 

gaud capdnhnih, 

WiA tyo stomouSbeard'of jonad cut. 
Hill of wix sous and modem insumca: 

dud so L» plays bis part. 

table below) a possible port¬ 

We have worked on the 
assumption that, at this stage 
of the proceedings, it’s capital 
growth that you are interested 
in, rather than income—income 
would only be taxed at your 
marginal rate plus, quite pos¬ 
sibly. the investment income 
surcharge. The portfolio 
assumes investment in unit 
trusts, so that a three-way 
spread should probably be ade¬ 

We’ve chosen some of the 
UJL trusts which specialise in 
blue chips, on the grounds that 
the second-liners have had their 
run and that the blue chips are 
now looking cheap; we have 
chosen some of the American 
funds on the argument that, 
while things may get worse be¬ 
fore they get. better, this is a 
good place to be for the long 
term; and we have chosen some 
commodity funds on the 
grounds that this is the next 
of tbe speciality sectors to see 
a substantial rise. They want 
watching, though: you can't put 
money into such a specialised 
area and amply forget it 

ALTHOUGH IN theory it is 
possible for anyone to write 
their own will, and forms can 

be bought for toe purpose, it js 
nut such an easy job as it 
sounds. Any ambiguities might 
be subject to judicial interpre¬ 
tation other than that intended. 
And there are pitfalls to be 
avoided. You should, for in¬ 
stance, remember that any mar¬ 
riage invalidates all previous 
wills by toe parties to & 

Planning for CTT -is a com¬ 
plex business into which we 
shall 30 more fully next week. 
Bui — as a matter of urgency 
— don’t, don't make gifts 
left, right and centre, with no 
provision for lax. in the belief 
that the residue will be quite 
ample for your surviving 
spouse. For that residue will 
bear tax for toe estate, and if 
rates are high it could be 
wiped out. It is best to give 
your spouse a specific gift 

FINALLY. SINCE property and 
litigation go hand in hand, you 
might be interested in a new 
insurance scheme to cover legal 
expenses — a boon for those jn 
the middle income bracket, who 
cannot afford to pay them¬ 
selves. but do not qualify for 
legal aid. 

The cover is provided by 
DAS Insurance and through 
Lloyd’s by Strover and Com 
pany. Having taken out a 
policy (at £12.50 per family), 
do not, however, assume that 
you can take your neighbour 
to Court on any pretext, or defy 
him to do the same to you. The 
insurers do have a right to 
scrutinise your case, and 
decide whether it has a rea¬ 
sonable chance of succeeding 
before they fund your costs. 


Specifically devised for 
toe larger private investor. 

Schksingers Personal Investment 
Management Service 

*PIMS' is an advanced concept in investment 
1 planning. It offers private investors of £2^00 and over toa 
combined merits of a specialist range of unit trust 
investments together with a level of personal service and 
anvoWement usually associated only with large private 

Working closely with clients’ professional advisers* 
Scblesingers offer PI MS investors regular portfolio 
valuations and reports on the trusts in which they are 
invested covering portfolio strategy, changes and 
performance, as well as invitations to meetings with the 
investment managers. 

Our Client Liaison Department and our Professional 
Services Team offer the experience and capability to 
advise on... 

Investment Planning. Our investment managers are 
constantly reviewing and updating the Schlesinger 
Recommended Portfolio to advise on the appropriate 
investment levels jn U.K., U.S.A., fixed interest and 
other sectors. 

Tax P l anning. Specialist trusts enableus to help investors 
maximise returns from their investments utilising schemes 
such as toe ‘Nil Yield’ fund to provide a tax efficient net 
return to higherra te taxpayers. 

Income Planning. Our range of income funds is designed 
to provideinvestment bpport uni ties in highyiel ding equities, 
preference Shares and gilts usingcarefully selected payment 
dates for eight or more evenly spaced distributions yearly. 

A range of 14 Trusts 

PIMS utilises a range of efficiently managed 
specialist trusts, each designed to exploit fully opportunities 
4 in specifically defined market sectors. There are:— 

Three IncraneTrusts 

KxtraJOncomc Trust Currently 
yielding 9.7 %, this is an all-equity 
fund well spread over 
110 high yielding 
stocks offering 
excellent growth pros - 1 
pects. Over £7m has 
been invested in this 
successful trust si nee 
, launch in May 1977. 

Income Fund. Currently yielding 9.17'’', this fund aims to 
offer a high and growing income with defensive 
characteristics, through a managed portfolio of U.K. 
equities, income shares of dual capital investment trusts, 
preference shares arid convertibles. 

Preference and Gilt Trust. Currently yielding 11-5%. this 
trust benefits from the very high yields currently available 
from preference shares and gilts, and may invest totally in 
gilts if and when legislation changes to allow this to be 
r ax-efficient. 

Three Growth 
& Income trusts 

Investment Trust Units. An 

_actively managed fund offering 

our specialist investment management capability in Lhc 
selection of shares of investment trusts, aimed at growth of 
capital and income. 

Market Leaders Fund. This trust remains fully invested, 
substantially in the components of the FT All-share Index. . 
It is suitablelor those who wish to “take a view” of the 
market as-a whole, or who require a lax-efficient “core” io 
their UJC. portfolio. 

U.K. Growth Fund, A broadly spread and actively 
managed portfolio of U.K. equities aiming at capital 
growth; for the investor who wishes to leave all 
management decisions to the Investment Managers. 

Two Overseas 

American Growth Food. 

Invested in leading U.S. companies, 

th/sfnnd aims tocapitafise efficiently andxapidly on 

growth in U.S. share values. 

International Growth Fund. A well-diversified fund 
aiming primarily at capital growth through selective 
investment in major world economies which currently 
include the U.S.A.* U.K., Japan and Australia. 

Three Specialist 

‘Nil Yield’Fund. 

Aims to improve net _ 

returns for H igher Rate Taxpayers and provide more 
reliable capital growth with less risk, through a 
conservatively structured portfolio of fixed-interest, 
overseas and U.K. growth stocks. 

Property Shares Trust. Aims at capital growth through 
investment in property companies and propcri y-relatcd 
asset situations. Backed by Schlesinger> substantial 
experience in property investment and management. 

Special Situations Trust, investing in a portfolio of 
second line or undervalued stocks, this trust has an above- 
average degree of risk. It seeks to invest in those stocks with , 
good prospects of recovery or re-rating. 


Scblesingers also manage three trusts designed for 
pension funds and charities - American Exempt and 
Exempt Market Leaders, index type funds invested in . 
leading U.$.and U.K. companies, and Exempt High Yield, 7 
invested in smaller and medium-sized companies and 
currently yielding $.25 

Selecting the right funds 

To obtain a choice of investments suitable for you. 
PIMS investment planning offers three courses of action: 
Through your professional adviser. Ask your adviser to 1 
contact Schlesingers’ Professional Services Team, who 
work inclose conjunction with our investors’ advisers to 
provide the optimum investment plan. 

Schlesinger Client Liaison Department, J f you wish to 
contact us direct, this department will be pleased to review 
your requirements in depth and advise you on PIMS 
investment in relation to your existingportfofio. 

Investors of £20,000 and over can utilise Schlesinger; 
“PIMS Advisory Service'’ providing the fullest possible, 
planning service - once again in conjunction with your * 
professional adviser v henever required* 

j Private Investors 

To: Richard Bagge, Client Liaison Manager. 

Schlesinger Trust Managers Ltd., 140 South Street, Dorking. Surrey. 
Weekend and Evening Ansaphone Tel. Dorking (0306) 8644L 
I would/woffid not like to be contacted to discuss 
investment planning. 

Professional Advisers 

To: Schlesinger Ixust Managers Ltd, 19 Hanover Square, 
London WJ# 

I woul d ] ike to be contacted by toe Professional Services Manager 
responsible for my area, Q 

Please send me details of; Income Fends □ Growth and Income Funds □ Overseas Funds Q Specialist and Tax Planning Fnnds Q 
ExemptFnndsQ Share Exchange n PIMS Advisory Service □ 

Settlement and, school fees 


My wife's father created a 
settlement In 1967 in favour of 
our three children. After a 
few years, payments began to 
be made by the trustees directly 
to the schools at which they 
were pupils. Do these payments 
count as Income for the 
children and do they affect the 
children's allowance which 1 
am allowed in my own income 
tax? My company’s tax 
department thought not. 

It is not possible to be certain 
of the position on the basis of 
the bare facts given, but we 
wonder whether your company’s 
tax staff took into account the 
dicta in Mapp v Oram 
I45TC672). It may be that you 
consulted them before publica¬ 
tion of the full report of the 
judgment in the House of Lords, 
overturning the decision oF the 
Court of Appeal—which itself 
reversed the decision of the 
High Court, affirming the deci¬ 
sion of the Commissioners 
(against the Inland Revenue). 
In relation to ■p^yaients made 
after‘April 5,1973, section 17(1) 
of the Finance Act 1973 must be 
taken into account, but you do 
not say whether this section 

Briefly, therefore, our answer 
to your question is almost cer¬ 
tainly yes. 

Licensee as a 

I let my furnished house to a 
firm for the use of one of 
their directors. When he left 
the company, the lease terms 
came to an end but he asked 
me if he conld stay on, 
pending a licence to occupy 
it for a period for a fee whereby 
I hoped to prevent the creation, 
of a protected tenancy. 

Before this document could 
be signed, he went on holiday 
and on his return refused 
to sign unless I substituted the 
words “let" for “licence" 
and “ rent' for fee. I have 
accepted the fee. Do you 
think a protected tenancy has 
been created? What do you 
advise me to do? 

It is certainly arguable that 
you have created an oral 
tenancy, but you will need to 
counter that argument by say¬ 
ing that the occupiers were 
allowed to remain in occupation 
on terms which constituted a 

licence only and the very fart 
that they are now seeking to 
vary the wording of the licence 
agreement shows that they did 
understand and intend that a 
licence only would be granted. 
You must now terminate the 
licence by reasonable notice— 
that is, not less than one month 
—and reclaim possession. You 
should refuse any payment 
offered in respect of any period 
beyond the date of expiry of 
your notice. You can then seek 
to recover possession in the 
County Court, bearing in mind 
the risk that you would fail if 
it be held that there is a true 

Landlord of a 

I own a vacant shop property 
and before letting it for three 
years to a prospective tenant, 
would like to create an interest 
in it for my sou. He might 
be ready to start a business in 
it three years time and I 
would like to make him 
landlord for the purpose of 
Ihe Landlord am* Tenants Act 
1954 so as to enable him to 
oppose a renewal of the lease, 
but without conveying the 
freehold. Have you any 

You might consider granting 
the lease for three years and 
then granting an overriding 
lease to your so a, thus making 
him the landlord of the tenant. 
IF the overriding lease is at 
least la months longer than the 
lease to the occupying tenant 
your son will be the competent 



I have some 5i per cent. 
Preference shares on which, 
prior to 1974. half-yearly gross 
dividend of 2* per cent, was 
paid. Since 1974 the net 
dividend is the same every 
half year, no matter what the 
tax, so that the net plus tax 
does not necessarily equal 
2} per cent. Can you tell 
me the reason for this? 

The law was changed by para¬ 
graph 18(1) of schedule 23 to 
the Finance Act, 1972, with 
effect from April 6,1973. From 
that day onwards, it was 
intended that Preference divi¬ 

dends would be unchanged (in 
actual cash receivable by the 
shareholder) from year to year, 
regardless of changes in the 
rates of income-tax and tax 
credit Instead of 5i per cent 
less tax, therefore, you became 
entitled to 3.85 per cent (with¬ 
out deduction of income-tax but 
with the benefit of an imputed 
tax credit). For 1973-74 you 
noticed no difference, because 
3.85 per cent plus 3/7ths tax 
credit equals 51 per cent, but 
the change became apparent 
when the rates of tax credit for 
subsequent years fluctuated 
between 33/67ths, 7/13ths and 
(currently) 17/33rds. 

We said above that “ it was 
Intended . . because in fact, 
during the passage of the 1975 
Finance (No. 2) Bill, the High 
Court held that the wording in 
the 1972 Act did not produce 
the result which had been in¬ 
tended by the Government in 
1972. No amendment was in¬ 
serted into the 1975 Bill, but 
the original 1972 intention was 
ultimately put into effect retro¬ 
spectively by section 46 of the 
Finance Act, 1976. 

Liability for gale 

My car was in a school car 
park, where it was on legitimate 
business and as a result of a 
gale blowing at the time, it was 
damaged by the branch of a 
tree which fell on it. The 
school bursar disclaims 
responsibility, saying that the 
school's insurance policy docs 
not cover damage to cars 
parked in the school grounds. 
Have I a case against the 
school, because no sign 
appeared that vehicles were 
parked at their owners risk, or 
on the ground that the 
insurance policy should have 
included damage to ears? 

The school will not be liable for 
the damage done by the falling 
branch unless there was some 
negligence on their part in 
allowing the branch to become 
dangerous. If the tree was 
dead, or the branch was 
obviously rotten, and the school 
failed to do anything about it, 
you may have a claim against 
them. Otherwise a court would 
probably find in favour of the 

The absence of warning signs 
is irrelevant unless the school 
knew that there was something 

No legal responsibility am be 
accepted by the Financial Times 
for the answers given fn these 
columns. All Inquiries will be 
answered by post at toon as 

wrong with the tree against 
which visitors should be 
warned- The School’s failure to 
write the risk into the policy is 
also irrelevant, there being no; 
duty in law for them to do so. | 

A car ( on the 
road ’ 

A car salesman handed my wife 1 
a brochure of the (new) car 
she was inquiring about He 
wrote on It “ On the road, 
£4,300 ” and added his 
signature. When the detailed 
bill was made out the road , 
fund licence of £50 was added. 
She has paid the bill under 
protest. What do you advise? 
We think that your wife has a 
strong case for claiming the -£50 
road tax from the seller of the 
car. The issue turns on the con¬ 
struction of “ on the road,” and 
it cannot be predicted with cer- 1 
tainty what a court might 
decide was meant by those 
words in the particular context 
However it is difficult to see 
what was the purpose of the 
statement “on the road” iE it 
did not mean ready to drive on 
the public highway—it must be 
assumed that a car salesman 
sells a new car as being fit to 
be driven—and the phrase “on 
the road *’ must go beyond 
describing the condition of the 
car. Your wife may wish to con¬ 
sider making a claim in the 
County Court under the “small 
claims ” procedure. 

Dividing line 
between semis 

Can you please confirm my 
belief that the down pipe 
running between two “ semis ” 
represents the dividing line ? 
There is no such rule as you 
describe. The dividing line 
would normally be the centre of 
the party wall, but the boundary 
in front of the house is not 
necessarily a projection of that 
centre line. In the absence of 
other indications and if the con¬ 
veyancing documents show a 
straight boundary between the 
two properties, a projection for¬ 
wards of the centre wall divid¬ 
ing line is likely to be accepted 
by the Court as the true boun¬ 
dary. We should emphasise that, 
each property has to be con= 
sidered on its own particular 
facts in the light of its building 
and conveyancing history. 

AGE IS one of the factors In* 
sure re have to take into account 
in deciding whether to offer 
cover and if so, what premium 
to charge, what conditions and 
exclusions to apply. For 
example the age of the proposer 
is a factor very important to 
motor insurers—-is he or she 
young, say under 21 or under 
25, or old, over 70? 

But probably age Is of the 
greatest importance to the life 
assurance company, first m fix¬ 
ing its tables of rates for the 
various kinds of policies it sells, 
and secondly in assessing each 
individual proposal, when age 
has to be considered in relation 
to the proposer’s physical con¬ 
dition and the amount of cover 
he wants to btzy. With most 
insurers, the older the preposer, 
the lower their non-medical 
acceptance Hunts, perhaps also 
the lower the maximum sum 
assured they are prepared to 

By the way. when Insurers 
speak of non-medical accept¬ 
ance limits they do not mean 
that they do not want informa¬ 
tion about the proposer’s health 
—he will still have to answer 
questions about his age and 
health on the proposal form, 
hut if insurers find those 
answers satisfactory then he 
does not have to submit to 
medical examination: on the 
other hand if the proposer dis¬ 
closes say a history of heart or 
respiratory complaints, then he 
may well- have to undergo 
medical examination, even 
though his proposed sum 


assured ftwa within in5ar ft » , '^65, £7,45/ or £flX98.- The 
non-medical limit. !. choice of the atttdinU of monthly 

It is probably true to«y that S 8 *™** 
many people, as they get older, nm. 

are reluctant to seek life aisur- n« 

ance, perhaps because they fear 
that insurers will rate them up. * 

for their known health defects, Premium ism J**P^*1» 
perhaps because they are afraid for granted 
that medical examination will out ihe proposed m&jae bm 
discover some adverse arid as 

yet unknown feature. .What- tarns £3,000 worth of hfe usn* 
ever the reason, for anyone over 831 

age 50 but not age 72, and besir £ death by accident 

tant about.stepping forward to as _ distinct from dsam oy 
buy, the advertisements re- natural causes* 
centiy placed fn several national But If he goes into the mar 9 
newspapers .by life Assurance ket he will find a number of 
Services might well have offices ready to provide £3,000 
appeared at tracti v e , since they worth of life assurance, against 
declared n whatever your state premiums payable throughout 
of health yon can take out a .life, for between £70 and £75 a 
secure life assurance policy'year, provided he is fit enough 
to-day—no medical—no health to pass insurers’ medical in¬ 
questions. .quisition. So at age 50 tins 

Such completely non-medical scheme's loading for the elim- 
life assurance is not new, ination of medical evidence is 
though this particular method over 80 per cent—far in ex- 
o£ marketing is, at least in this o® 83 of the premium lo a di n gs 
country. What the advertisers mos t offices will apply for all 
do not say, but what should be but the most serious of health 
made abundantly dear to any defects. 

would-be purchase r, is that Most people View the possJfc&e 
such cover must inevitably be financia l consequences of retire- 
expensive, because of insurers’ ment with apprehension, par- 
inability to select which pro- ticulariy if they ore not am o n g 
posers they will insure. the privileged few with index- 

These particular advertise- linked pensions: but even those 
xnents encourage the proposer fortnnates most probably will 
to make a monthly payment of not want to contemplate the 

have exposed some very 
threatening flaws. Schools 
council staff at least for 
instance, know that the academic 
examination system operates so 
. jff ^»as to sift to the top youngsters 

M J? # if If /I T predominantly from middle-class 

& y, 8a, a homes and with introvert per- 

*/ sonalities or, in rougher terms, 
potential identikit bureaucrats. 

, jy *_ Nevertheless, the staff might 

deserve some blame for their 
lwl r f I'l/lJ If'lf'f tendency to present such awful 

discoveries in statistical forms 
ASKED to define a camel, few far beyond the numerate under¬ 
readers would hesitate before st and i n g of most teachers, let 
answering “ a horse designed by alone the lay public, 
a committee.’’ All would doubt- Nor do I mean to belittle the 
less be stumped for an answer, many people not on the paid 
however, if asked for a parallel staff who have slaved and 
definition of the Schools Coun- chuntered in committees, doing 
cil set up in 1964 to supervise their best to put some of the 
the development of curricula nonsenses right An example is 
and examinations for schools in those who have tried to work out 
England and Wales. ways of adjuring the General 

The best reply, I suppose. Certificate of Education system 
might well be: “a watchdog of examinations so that it ho 
designed by a committee of longer strongly encourages 
camels,” although I suspect that children to follow Knes of study 
it risks suggesting a consider- which lead them effectively to 
ably more efficient creature learn less and less about more 
than the Schools Council has and more. Nevertheless again, 
turned out to be. the committees might deserve 

In thus questioning the some blame for often confining 
council's attainments, I mean no their membership to people who 
disrespect to its 140 or so paid have spent all of their lives in 
staff, especially those who have education, 
carried out careful research into The main blockage has been 
the results of prevailing educa- the ridiculously unwieldy 
tional practices. These studies governing body which, before 

the Oscar again, though with a 
narrower margin than previously, 
The other question is: who is 
third? Following Karpov and 
Korchnoi, no player stands out, 
From the British viewpoint, 
the great interest in the Oscar 
is international expert evalua¬ 
tion of Tony Mries’s results. H 
the Oscar was decided on tourna¬ 
ments from June. 1977, onwards. 
Miles might even be favourite 
to finish third; but his results 
from January to May were dis¬ 
mal. And will some voters be 

exercising Its power to recom¬ 
mend educational developments 
to the Secretary for Education 
and Science, has first to agree 
on what the developments 
should be. 

This governing council at 
present has 77 designated mem¬ 
bers, and a detailed list of who 
precisely appoints them would 
fall into the rare category of 
things which axe at the same 
time unpleasant and uninterest¬ 
ing. Suffice it to say, however, 
that its ability to recognise the 
changing needs of society can 
hardly be great when the lay 
representation in the governing 
body effectively amounts to one 
member each from, the Con¬ 
federation of British Industry, 
the Trades Union Congress, and 
the network of parent-teacher 
associations. By contrast, 96 
seats are held by the various 
educational unions. 

In the circumstances, what 
the governing body .has been 
.able to recommend has been 
determined^ not . by the, needs 
of the- customer, but by, the. 
need to engineer majority 
support among the plethora of 
vested interests represented. I 
doubt whether even a genius 
could deliberately design a 
better process for producing 
dogs’ breakfasts. 

So the same body’s decision 
this week-to give up its govern- 

purchase of life assurance wh< . 
premiums have to' be A 
continuously after retireme^. 
The sensible thing to do if c‘ _ 
wants whole of life assurer 
is to buy this with pranrfa. 
payable for only a limit 
period; preferably ' preoat 
should' not be payable e£> 
retirement, bat It may be net 
sary to arrange for the premh 
paying period to extend ii 
retirement to satisfy t 
statutory 10-year qualify! 
policy roles so as to get t 
■benefit of income tax relief 
premiums.- But here again i 
fit 50-yearold can go out ir 
the market and get £3,000-woi 
of whole life cover w 
premium payments limited 
10 years, for less .than t 
£13140 premium that L 
Assurance Services want: wt 
the less fit 50-year-old will p 
depends on his partied 
circumstances and the vt 
individual offices take of It' 
Term or temporary assuran 
is the cheapest way of irayi - 
life cover at any age; s£aq; 
because insurers pay only if t 
life assured dies within t 
period of Insurance. Ags 
looking at our fit 50-year-^ 
a 20-year. terms assurance - 
£3,000 wiU cost less than. £ 
a year and moreover Ion tej 
assurance the adverse bed 
loading may be in percents 
terms much less than for 
similar whole of life an 
assured, particularly if insure 
reckon that the particoi 
health defect wfll affe 
longevity only outside fi 
proposer’s chosen term. 

Ing power and turn itself Into 
mere 56-member convocatk 
may well be the most poski 
thing it could ever have accw 
plashed. But although the (2 
and the TUC wiH have two sea 
each in this sandier “ taikii 
shop,” Z doubt whether tt 
Schools Council's new strodtaj 
—to be approved finally ] 

March—wifi do anything j 
make the council more sensitb 
to the needs of the outsit) 

The power will effective! 
pass to a finance and priority 
committee with 12 memfoez 
appointed by schoolteacher 
unions, and two sets of eigh 

appointed respectively by th- 

local education authority assc ...... 

dations, and by the Departmeu, - -. 
of Education and Science. Fnm_ r ..... 

hmribledum, control of ^ 
bureaucracy. .. . 

Sir Alex Snath,, the 
chairman, has' defended 
transfer of major control ;t ■ 

combination of local and cenfix^ ;V '* 
goveromeut officials . , onr r‘‘.’ 

grounds that tfiey-proride : th4;- 
znoney ^jr^educateon- But the£v.\ •'* 
don’t They. merely djstriirotr* 3 * - Jl> j 
it Tiie money is earned Iff 
wealth-creating industry anc" - - 
collected from, the taxpayers “ 
who in future will be.deprived 
of even the token power thes ; - 
had before. 


SINGE FISCHER abandoned 
chess, the annual award for the 
chess Oscar has gone each year to 
Karpov by overwhelming 
margins. The Oscar its decided by 
the votes of international chess 
journalists, members of the Asso¬ 
ciation Internationale Presse 
Echiquienoe, and this year is ex¬ 
pected to involve over 100 writers 
from some 40 countries. 

Only results in competitions 
finished between January to 
December 1977 are allowable, and 
the emphasis is on major tourna¬ 
ments and matches. 

The counting for the Oscar 
takes place in Barcelona on Tues¬ 
day evening, The Oscar vote is 
the nearest chess gets to an 
annual world championship and 
its prestige is heightened by the 
fact that each year the trophy has 
gone to a single outstanding 
winner. The roll of bonour reads 
1967 Larsen, 1968-69 Spassky, 
1970-2 Fischer, 3973-6 Karpov. 

Two questions dominate this 
year's vote. How will the jour¬ 
nalists assess the comparative 
merit of Karpov’s tournament 
triumphs at Bad Lauterberg, Las 
Palmas, Tilburg, Moscow and in 
the BBC Master Game against 
Korchnoi’s match victories? 

Though the decision is form¬ 
ally on the basis of past achieve¬ 
ment, the voters may also be 
swayed by their views on the 
outcome of this summer’s world 
title match. Karpov should win 

BLACK(11 men) 


WHITE (11 men) 

Hasan (India) v. Chi Obing- 
Hsuan (China), Asian team 
championship, Auckland 1677. 
Chi Ching-Hsuan, the first player 
clearly of master strength from 
China, set a trap as Black (to 
move). When his opponent fell 
for it. Black secured an ulti¬ 
mately winning advantage. How 
did the game continue? 

influenced by the British grand¬ 
master^ magnificent fight against 
Karpov in the Master Game final, 
where he lost only in a hftitz 
finish after two hard draws? The 
final was not screened until 
January, 1978, but was played 
within .toe Oscar qualifying 

For the benefit of any floating Barcelona, this week's 
game is one of the draws in 
the BBC Master Game final. 

-White: Tony Miles (England). 

PROBLEM No. 201 
BLACK <9 men) 



I ”-sl 

WHITE (8 men) 

White mates in three moves 
at latest, against any defence (by 
F. Giegold). Many declared this 
unsoluabteon an earlier publica¬ 
tion; for practical purposes there 
is only a single line of play, -bat 
to find It is a stiff test of chess 

Solutions page 2 

Black: Anatoly Karpov (USSSI^r^v. 

Opening: English (BBC 

Game 1977-8). "*£**£»£ 

1 P-QB4, N-KB3: 2 N-QBS 

F-K3; 3 P-K4, P-QB4; 4 -- 

N-Nl; 5 N-B3, N-QR3; 6 P-Q4 
PsP; 7 NxP, NxP; 8 N4-N5, P-B3; .. 

9 B-K3, P-QR3 (P4)N3; 10 P-B4 ‘ . “ 
N-B3; 11 P-KB5, Miles-Flescb 
Biel 1977, is good for White); lC-i 
N-Q6 ch. BxN; 11 QxB, N-K2; ti 
B-N6, N-B4; 13 BxQ, NxQ; .ti 
B-B7, K-K2; 15 P-B5, N-Kl; If 
B-N6, P-Q3; 17 PxP ch, NxP; If 
O-O-O. B-Q2? (-by the time of tht 
Tilburg tournament in Septem¬ 
ber this game was known on the 
grandmaster circuit and Miles 
Hubner continued 18 . . . N4-B5I 
19 BxN, NxB; 20 B-B5 ch K-B£ . 
when Black is out of trouble and- 
still has Jiis extra pawn); 

19 B-iB5, N4-B2; 20 N-Ei, • - 

QR-B1; 21 K-Nl, R-B3 (Kaipw -- 
is- caught in a prepared' 
line, ana is half a a hour dows- 
on the clock in a 30 moves pef 
hour game-but defends coolly); 

22 B-K2, P-K4; 23 B-R3, RB4;.24 
B-Q3, H-Ql; 25 NxN, BxB ch; 28 
RxB, NxN; 27 KR-Q1, K-K3; 2S 
P-B3, P-KN4; 29 P-KN4, R-Q2; 3fl " ’ 
R-Q5, P-N3; 31 B-N4, P-OK4; 32 
B-B3. R-Ql; 33 R1-Q3, B-QZ 
(mutual impasse; Black can only 
shuffle, h is, rook. White caiuurt 
take advantage of the knight 
pin); 34 P-N3, R-Ql; 35 K-Rl, 

R-Q2; 36 R-Ql, R-Ql; 37 R1-Q3, 

R-Q2; 38 K-Nl, R-Ql; 39 P-N4. 

PxP; 40 BxP. R.-Q2; 41 P-QB3i v 
R-Ql; 42 K-R2, R-Q2; 43 K-N3, 

R-Ql; 44.R-Ql, R-Q2; drawn. 


1 1 WAS declarer in two most 
interesting spade contracts in 
recent sessions of rubber 
bridge. Sitting South, I dealt 
this hand at game all: 


♦ K Q 

A 9 8 4 
6 Q 5 

* Q 10 9 6 2 

W. E. 

* S 4 2 4 6 

QQS7532 V J 
0 J 8 4 OAK 10 962 

44 4AKS73 


4 AJ 10 9753 
O K 10 
v 7 3 

_ * J 5 _ 

I opened the bidding with one 
sfpade—dont turn up your nose 
at this nine-point opening?—my 
partner said two dubs, and East 
bid a modest two diamonds,, 
which i* hardly the best course 
of action. I rebid two spades— 
yes, I did—North raised 

correctly to four spades; Bast 
doubled, and all passed. 

West led the diamond Knave, 
and East cashed Ace and King, 
switching to the dub King. On 
this I dropped the Knave, and 
East, taking this for a true 
card, now led the Knave of 
hearts. East, as 1 well know, is 
not a guileful player, so I 
placed West with the Queen. 
This meant that I could win 
with the King, run the ten, and 
then discard my dub loser on 
the Ace. But owing to the heart 
block and the lack of any side- 
suit entry to the table, I could 
not first draw trumps; At trick 
five I ran the heart ten. East 
ruffed, and now I went two 

Unlucky? No, badly played. 
I preach safely plays from the 
house-tops, and here I was, 
failing to take out an insurance 
policy. I could have afforded 
one round oE trumps by playing 
my Ace, and that would have 
been enough to save the con¬ 
tract and the rubber. The 
opponents, need I say, went out 
on the next hand. 

Who would, have thought feat 
East would hold two singletons? 

And echo, answered, " Ugh I" 
The second hand was much 
mote complicated: 

1 K. - ' . 

.4 8 6 5 2 •. 

OA5 - 
.0 7.4 

4AKQ9 8 


4 30 

*5 J 10 9 4 2 
0 K 10 -S' S - 
* J 10 3. 

4 K J' 7.3 
O Q 9 8 2 

6 4,.. 

... & : 

4 A Q 9 4 - 
C> Q 7 S'. 

O A J 6 
* 752 ' 

At a love .score- Norths my 
partner, dealt and bid one club, 
I replied wth offe spade, and 
went four spades after a single 
raise from the-opener. . 

West led fhe Knave of Hearts, 
and 1 had. plenty; of. homework, 
to do. It\loqks right to play 
low from dummy : tn make, sure 
of establishing the 'Queen, but 
there is a. serious objection to 
this. InevitaWy a. dmownd will 
be fired and . In order to 

be sun o i dtsf^rding 

remaining, diamond, .X should ; 
have to cash the heart Ace and,. 
cross to hand with a trump . 
the Ace,, and this surrender-of 
trump control was hot what -I 

It seemed better .to win.Jb* - 
opening lead in d ummy - -awL 
retum the. low heart East woh. - ■ 
with the King—so far, so • 
—and, as-expected the two of . 
diamonds was returned. the Aca . 
won, and.dinmny’s diamond w** 1 
thrown on the heart Queen.' 

At.this point th&right plait 
in case there are.'four irons* IV 
with East; is the spade . 
West won with, the ten,, aid.' -. 
returned a dub. to dumBty'* 7 . 
Ace; which was ummagiff^iv 0 * . 
He should have led a diamond, 
which makes things far. more - 
difficult, though _ the conduct 

can still be made.'As • 

a trump was.led from' the tajbittr^ 
and the nine finessed in hand- 
When this held the tjick.-it.was; 
all ' over, v Duhteiiy; ;wiis - re: • ; 
entered'with a diamond ruffi # 
tromp return picked-up EasWr. ;. 
two remaining .trumps, and if 
tricks were mad^ ; • ^..'V 

■■■■ E. P.C. COTTER •; 

SecurityY)U caritputa price on it 

There are some things ia life too 
Important to set atdsk. family life depends 
on a measure of security. ..the Abbey Habit 
can help you be confident ofit 
Come on in. 

' Share Accounts pay 5-50/c px — 8.33?b* 

* When b&ic income tnuspsidst 


and get some teal security behindyou 


W*£- r : 

Peugeot 604 

Peugeot 504 

* ^ ,Mvwr«<ru- V flwu ■« wo* a ;-r 

• iess «» tST****! ^idling through, fast: -; i' 

•pend.« j.d hoYmerpotefitiits-aceeteni- 

Etoahslan* 11 ff theVs^t" :inaKes ; >your 

aj^j Jck^^.aft^ iOO u^WOT you ‘ 

0ffices &k n>t bear thei J^fr-Twoperty, 

.7r~ , w terQwjen it is nuusejothe really';' 
coeapej* mflea^ nuus:': - : - ‘ V - "l; 

toiSTgL. 31 3 n?‘LjBy toese standards,; two cars i i‘. 
k^Lr* SBrer s par at approach' thei ideal must beX 
rto3^ d Peugeot 604 and": 504TI 11'..; 

45JL ° f ins uw ted in’turn: last month. Tiifc .’’V,. •.••.- 

« our ^4, which-ia 

ea ? terms . tb® to Britain a little over two ' •■ - ••:;• - ‘ ‘, . • 
g” ^ C 0 ?r jgfars ago.^t-has-a2.7 ■titre,V6 : v;Us - - . 

j ™ 1 ,aB d niore^Eine Calso used in the Rehault- steeVbdtOd x&diaJs make run- the steering has Just the right 
^^ DCe ^ afrfj® 1111(1 ^vo 264j-'ahdjc0miis ;,oyerA.hnAen 'surfaces or amount of power assistance; the 
“wag may ij 0 J®bnpJete .with power steering; crashing into potholes from ail-disc brakes are fully up to 
«* much operation for tfiewin-both^^ It is the performance. On a cross- 

Wh 0 ] e (r .7 ws nnd sunroof - and a ^en-valXV.due ' to good suspension country journey by minor roads 
s ^* d » Particular!* blised locking system, While desiga.and .a,lot-of “fine tun- th? 604 is as nimble as a much 
**2® that ^whpeting with top executive ing^-Wlneh kills vibrations and smaller car. The fully inde- 
defect the larger Mercedes noises at. source;- The motor pendent suspension gives a truly 

levity only BMWs, if .is considerably industry.. uses Peugeot (and excellent ride. It is soft enough 
oposer’s J? njea . per at £7 - i5ff for.; the aqto- jaguar) ak- standards against to treat ill-maintained roads 
--gftBtii? ^6,685 for. the manual wfcicTi-to jtidge road noise sup- with disdain but anti-roll 

“"■^arbox.xnodeL *. • : ’i standards; r 3tt: is easy stabilisers front and back, and 

grower ann t- Mechanically^ .the "604 ' is .to.see why. Peugeot’s own make of spring 

cto 55-i^p?!' * a ^ ai0St 35 quiet as *” American The 604 is a big: car with room dampers, exclude any tendency 
ay we n , ^ ner MS gu 2 zler” with an engine for five full-sized. 1 people to to wallow on corners, 
nig it coum * ** ^L ce ^ &n hear .stretch their legs in. It has Peugeot do not go in for fre- 

tfteL B--? y 6 when accelerating hard, ynte doors for dignified entry quen t model changes. The under 

^!l- when the speedpmeter is and exit;, which nmst .be one three-yearold 604 is only at the 
§i in r-TV " 1 ha^icatmg /0-75^mph on the reason for its choice as the start of its production life and 
I do.,^ ^ French Government's minis- future variations on the theme 

•Wu r„. ■?.* ^ autobahn) there is hardly terial car: The seats are well include a fuel-injected higher 

^ 5 5wJre than asigh of wmdaround shaped and plnmplyupbolstered. perfornra^ceveSon due for 
spprcvt d £ screenwipersto- disturb tiie Though Tnnoeent i>f.-so much announcement later this year. 
ur^Wtiity inside. . ■ as a square centimetre of wood The ^ has been on for 

ine potircj cars with quiet engines veneer; .the inferior looks as 

needs cf be let down by road induced luxurious^as it feels. Oothtrim i s Nearly" on lie stocks ^Re- 
™ ise. Peugeot, more than any la standard: leather: a £336 from y^ce suggest it 

ifie M’Afr v-p iipr malrpf nf vnfnmiA.TirnrlnfN>il nntinnal Artrs ‘ _■•, <__. j.i__ __,_ 

nine years and a replacement 

PO’*eT \\-ji rfher maker of volume-produced, optional extra. 

will have much the same body 

J *® a 3 r.i]rs, have always gone, to great ■ Quite apart from': Its near shell ^ 604 and be powered 

aunutce v.-.q 12 ogths to suppress tyre noise, silence, the 604 is 1 a ; t 

. . . - . . -r. - ... tiioroughly by the “co-operative’’ Peugeot/ 

pointed ay ;cr l0 : £ > car near its price brackets— satisfying yef undempding car R ena iiIt/Volvo two-litre four- 
uons. and r«vo in cept the 504—rivals,the way to drive. The automatic trans- cylinder engine that impressed 
pointed rsspecth-^e 604 keeps the noises that mtssion. is smoothly: effective; me so nJUcil ifl the Renault SOTS 

educatija sailx-“- : - - - 

mans. « a I- Se-iwoTOR CARS 

pduoit: n ir.i Stiz 
ithbledvja, cr-ntrol 1 
Sir Alex SrJi. 

siianan. has c?i 
Btsfer ct n:-;or 

sobinatinn ~ •?«] 

jeremerr: oSo-als 
jb pos t02i . 

wey fc-r c-d'ira.-*. 
Wt Ti'.w a;wvlT i 1 
The r..7.i 
to. in 

"even 1 r. 
a *Vr.:. 




•. ;_Sb»Bb - *a first «w car Inm Cad&c Ita SeuBa Is Just m of fih ■s c ln i h s 

!£ - L irilh Ennpen stySag. J m dMfas s and iweaTtf mUttes sqvM W’Uadnn ad 

* ^mdKngu is mw araflaHc tthh right hand Hartman. Sate anlborisedtfK- DdiSwtm 
;f irivn. Eg«pp«d ■s cna )t ne t»n«we!y asfag- fnr Gamrai Nbtnr Amencan evs - CaiSac 
- r? «zBd CadOacs. it is Aaosga i m n sa him. Back, IBd»«aHn. Pou^c and Ounratet. 

■elm fad fliving tn» unniing MOOttny. Hams and export taxfitm sales arrangad, 

foctfHsrfassirfvflfacfc. •; c^aslodaytnra 


ack: At 


me 19TT-5:. 

1 P-QB4. N-K3oi., : 
S3; 3 I’-A'l. r ; 

LEnoRusn & HnF«Tmnn 

122/124 King Street. London W.6 Telepnone: 01-743.0821 



Although the styling is begin¬ 
ning to look a little dated, the 
504 has much to offer the motor¬ 
ist who assesses a car carefully 
before he buys and is not over 
impressed by superficialities. 
Like all Peugeofs, the 504 is an 
honest car, designed to provide 
the civilised personal transport 
on which the French motorist so 
sensibly insists. 

• It comes with all kinds of 
pqwer units from a 55 horse¬ 
power diesel to, in the case of 
theVn version I drove, a 106 
horsepower petrol injection en¬ 
gine. Quite apart from being 
the fastest 504—-Peugeot claim 
a 108 mph maximum—the TI is 
the best equipped. It has power 
steering, a sunroof and electric 
front windows as standard and 
aotomaitic transmission available 
as an option. 

mg the talented 


the 18th 

viously bound tor the top. In 
fact only the fiery tempered 
Craig Stadler, who won $42,949 
in 1977 has looked a trifle dis¬ 
appointing, in that he tends to 
beat himself. 

Against this the much touted 

Lincolnshire lad Mark James 

ONE OBVIOUSLY bear* littie 
of the hundreds of apparently 
talented golfers who fail to 
make the grade on the U.S-. 
professional golf tour. But the 
incredible conveyorbelt load of 
talent that is carefully pm> 

cessed through junior and col- stones. And when he came to $32,000 for 77th place on the grandstand behind ___ ___ 

lege golf there continues to the crucial 202 yards 16th hole money list He was joint green when the youngster, 280 brilliant "season in 

disgorge young champions on at which I was stationed he 5th in the U.S. Open at yards away after his drive at 1975 winning Henry Cotton’s 
to the tour with almost mono- took a two-iron to the five used tricky Southern Hills. Tulsa, this 501 yards par 5, took out a Rookie of the Year " award 

tonous, and to a British ob- by joint runner-up Andy Bean. Oklahama, and for those who his three wood to go for the aDl j i £ 10,310 for 15th place in 

server so downcast at the lade I should add that the good- believe In horses for courses, carry across the lake instead the Order of Merit last ypar 

of will and ability on the natured giant Bean, who 8th in San Diego. This year of laying up short This he slumped to 25th and won 

domestic scene, depressing astonished millions of TV he had made the cut in his glorious, courageous stroke £ 9 , 239 . 49 p. But because of our 
regularity. viewers v.hen we were rained three previous starts. successfully left him with tragic paucity of talent be was 

Thus it was virtually lnevit- °! lt in Phoenix two weeks pre- Haas stamped his authority another 12-foot putt, and Haas pressed into sendee as a Ryder 
able that 24 years old Jay Haas, yiohsly by chewing a golf ball on last week's event by coming duly holed it for the eagle three Cup player at the age of 23. 

the easv winner of last week’s in haIf in frorT the camera home in 30 shots on the easier that was to give him back a He and another Cup newcomer 

Andy Williams San Diego Open f® 1 u £ in Jhe locker room, might 6.667 yards North course on lead he never looked likely to Ken Brown—the latter missed 

at Torrey Pines, would eventu- “ th . e strongest man on The Friday for a 64. by two shots concede on Sunday. the cut again last week in San 

ally emerge triumphant, so blue- American tour! But on this ihe best round of the touraa- It is interesting to reflect on Diego—lost a bad-tempered 
blooded in the golfing sense is °^ slon the good little one was ment. Goalby made his gloomy how t j, e other asentbers of both fourbal! match to the vastly ex- 
his pedigree. Haas has only one enough to hold off the forecast in the knowledge that 1975 g^gh and American penenced Hale Irwin and Lou 
handicap which is often fatal ^ ellow al1 ^ other the final two rounds were to be Wa^er Cap teams hare fared as Graham at tbe last hole, 
in the American arena—his pursuers. played on the South course, and professionals. Of the Americans Neither of the Americans is 

frail physique. “ aas teamed everything he when Haas reached the turn on j erry p ate has already won the likely to forgive either of the 

His distinguished uncle, 1968 knows about golf from Goalby. Saturday in 39 shots to lose u.S. and Canadian Opens in Britons for their behaviour 

U.S. Masters champion Bob f® 1116 W3S ^ick to acknow- his lead—the first of his pro- 1976 ^ phoenix and Southern which, on hearing the details 

Goalby who failed to make the 1 _ ge. A graduate of that most fessional career—to the local Opens last year despite missing from my friend Irwin I found 
cut in San Diego and withdrew distinguished golfing academy veteran Gene Littler, the cynics 20 tournaments through injury 'difficult to believe until the 
to Palm Springs to watch the Wake Forest University, whose nodded their heads as know- between those victories. Gary lapses were confirmed to me by 
last two rounds on television, greatest product was Arnold in?ly as ever. Koch won. the Florida Citrus equally astonished onlookers, 

stated publicly on Saturday that Ka? - S played with But th.e youngster held him- Open last year and finished 52nd The final indictment of cur- 

_ _ _ _ ... ____ _Spaniards 

inch as long as its 7,047 yards went on that year to win the putt for a birdie at the danger- $102,026 last year for 25th are invited to play in the U.S. 
after the recent downpours that covded^ National Collegiate ous 425-yard 17th hole. It was place. Curtis Strange has also Master* tournament while 
did much to alleviate the Call- title, 
fornian drought 
Haas, who stands 

inches tall, weighs little over 11 tour last season made over gasp came up from the packed outside America and is oto- doesn’t turn over in his grave. 



r»v ■>— y 

n irinsh 

c/isu iJ & jjl^ iv^OO.lNiTERr4AT|O^Al.'S{AMFfcXH!1 11ON 

• :i 

I OWE on apology to the Post tbe left of th*_- stamp, survives miniature sheet priced at 53ip 
Office for my recent remarks as a roufJess nave. — the face value of the stamps 

taking them to task for neglect- The lip depict-- Caernarfon plus lQp which will go to a fund 
ing our architectural heritage, Castle, w here in 12S~, following being set up to finance the 
for at the time I wrote in this the birth of his son there. International Stamp Exhibition 
vein they had a magnificent set Edward I established the to be held ;p. London in 1980. 
of four architectural gems in present line of Princes of Wales. This is the first time that Britain 
the pipeline. The 900th anniver- On the left of the stamp is the has ever issued e miniature 
sary of the Tower of London is 13th century Eagle Tower; the sheet ana only the second 
being celebrated later this year Queen's Tower is on the right occasion on which stamps have 

and this has been taken as the and behind the castle is a view been sold with a premium, 

opportunity for a series with of Anglesey across the Menai International stamp exhibitions 
the theme of royal palaces and Strait Caernarfon was featured have been held in London at 
castles. The stamps will be on the halfcrown stamp of the ten-yearly intervals since 1890. 
issued on March 1 in denomina- “Casrles” definitives from *955 The first one, known as the 
tions of 9p, lOlp. lip and 13p. to 1969, and three of its salient London Philatelic Exhibition, 
Pride of place on the Inland features — the King’s Gate, the had an unusual souvenir in the 

letter rate stamp goes, of course, Eagle Tower and Queen form of remaindered postage 


.o»k i th&t w s-vt •;.«* sn t > t 

. - J aiU^Mi ■'A*'.'/- .V. .. jh .. . . : : - .. 



to the Tower itself. One of the Eleanor’s Gate — were shown stamps of Mauritius overprinted lectable items in the way of 10 franc stamp in honour oi a 

most famous fortresses in the on stamps in the series ct-le- LPE 1S90. Subsequent exhihi- labels, souvenir sheets and philatelic exhibition. The fol- 

world, the Tower’s 90-foot high brating the Investiture of the tions bad specially printed special postmarks, but it was lowing year Belgium produced 
battlements and 15-foot thick Prince of Wales in 1969. labels ar.d pictorial postmarks. r °t till “ Philympia ” in 1970 a miniature sheet containing a 

walls guard the priceless Crown The Great Gatehouse of The exhibition scheduled for that the Post Office participated block of four 5 franc stamps 

Jewels. Early kings and queens Hampton Court Palace can be May 1940 to coincide with the with a set of three stamps^ and in 1925 France had a simi- 

of England lodged there on seen on the 13p stamp. The centenary of the world’s first reproducing important issues of lar block of four 5 franc stomps 

their coronation eve and famous Palace was originally the home postage stomps, was drastically the Victorian era. Hitherto the in a miniature sheet for an 

figures of history were held of Thomas Wolsey. Cardinal curtailed because of the war, but financing of national and inter- international philatelic exhibi- 
captive within its walls: The Archbishop of York, the is remembered today by a national exhibitions in this tion. Thereafter, miniature 
stamp depicts the White Tower, butcher’s son from Ipswich who plethora of handsome labels «>«ntiy has been done by col- sheets proliferated to such an 
the oldest part of the Tower became King Henry Vni’s engraved by Perkins Bacon, lectors and dealers with a extent that Stanley Gibbons boy- 
of London. So far as I am aware, richest and most powerful sub- producers of the original Penny limited amount of support from cotted them and refused to list 
this is the first time that the ject He made Henry s present Black and Twopence Blue. The the Post Office and other official them in their catalogues. In 
Tower has been featured on a of the palace and the Kin? re- Post Office issued a set of six bodies, but now the Post Office m0 re recent years, however, 
stamp, though it appeared in built the Great Hall and greatly stamps and these may be found bas adopted a policy which has Gibbons has bowed to the in¬ 
full dolour on a pictorial air enlarged the building. on First Bay Covers with the existed in many countries for evitable and re-admitted them 

letter in 1963. The stamps were designed by special cancellation of tbe Bed more “ an a century. to full catalogue status and they 

The I0*p stomp features the Ronald Maddox who was also Cross stamp exhibition. The miniature sheet itself are a well-established facet of 

Abbey and Palace of Holyrood- responsible for the design of Both the international exhibi- first saw the light of day in 1923 the philatelic scene, 
house, Edinburgh. As its name the British architectural village tions of 1950 and 1960 produced when Luxembourg issued a ■■■■c-© nrf.rr/AV 

implies, this was originally a churches issue of 1972. The 3 considerable number of col- small sheet containing a single JAMES SviACsv*. >■ 

monastic establishment but it stamps have been printed ini 


was converted into a royal multicolour photogravure 
palace by James V (1513-42) Harrison and Sons, 
who built the four-storey north- In addition to the \ normal \ 
west tower seen in the stamp, sheet format, these stamps are 
The Abbey church, which is on being made available in a 


jm4* GUIDE 

SiT' 11 P-K£?, j* 1 - 1 ' 
si.3977* :^-«i 

Qh fh. E; : C —These theatres accept certain er*dR 

•*6. vc-:. ‘ 

37, K h- ; 

is ,nW by telephone, or box o*tc». 

(burr r. 


t tan *--i- 

Bv.V. ' 

ifia B.w- 

d E: = 

;-Bl; .'i i---' 

HJSBUM Cn&x . carte - .01 -3*0 S2SB. 
— fics4rystMi»i;ot.4as^Me4.-' - 
i; «**WTt and . Frt Vb^bi- Z30 . Waotanw 
- - ■ ■«* «d TTiors nmd. 7JKt Carmen: Wwl 

--S ’.OO Duka : efiMbean**-' CutlHBtml 
’ .CbhxM new prodn. ? 104 bBtconv S«Bts 

.• .'Iiimt . mall: 

I wart aval labia <tey_ at -oertormaoco. 
.■ti low booktofl 1 bt> hURb-perts. 



- 3VEWT CARDEN. CC. 240 106*. 

GanMndMtw erwfle «art» »a6-«903J.v 
-•*. .Z -■■■"•*■» ap*B; Moo^wxl -nor . 7J30om--U 

_ __ - , --- - Jay .Were. A. Month ■ la tern COtuOrY, Elitr 

e, »£*.— ■ _ . Vi r-yncopatlons., TowotW and -Ma± ,7 JOpnr 

f'.r.-.i — Tw Dream. Monotocm.' ThB -: .Fotjr 

. 1 . £*::&. • .-.-'SeMoni..: 

iir g’.ir.:-- .*- “• ^-S r -the royal ohr^ 

SS-KJ. ' 'cr'ues and Fn ,7JOom Arlaooe auf nuh. 

Airmhl-. Miu fer 111 »m, oa iale 
j-tg lv\‘ i; rre«m loam on ,d*v■ ot. Dart- ' 

B, a.\N; - S'Z'lKi :—:--- 

lL a E K" V-- - ADLER'S . WEEKS' THEATRE.' 'RwboV 

' A- t;.\i ; A«e«ue. E.C.1, S37 1672.- Until-Feb. IB 
35 . F-^ '- " DXIYLV CABt* OPEKA^COs 

13 " S-Q’- aibort ud SulH»«i: Ew.;7:30i J*ais- 

,* >. .. .-:r ‘imt. and Weds. 2.30. . :UnWl-Wed. heat 
UTU2* - •* • V i.-HMi, PfMAFORE. mpra- fetj. B to .15 

y'-.i :'»■.• " ..rHB oonqoLicrs. ^ 

W “ d .’'-VrV -- 

l j; - ,' -/r. <■ •.:... 

32: ‘D y .; ■■ ' -■ - 0 -*.^.^- 

jo. "s S-.’-- ■ THEATRES 

- , —..;» X-l;. 

P- J C’ ! 

r ':.r'j«lw«. «g. Man.- j8mri._a^J. -SsL. 4.0. 
• trA 1 . «" LDN«H1«- BT -- 

OttfHI TH8ATR& - CC. 01-606 T«11. 

londows aer man- out. 


St '«««*■ 


AM3 RACY CQMCOY," t Faopt*. 


r; BOOKINGS ON 01-S36 7611. 

CCS> 4 ;- 5 .. 

rSs ’.»> 

I ■; 

■r <,%«• 

i <T _ " " 

;*B'snS : , j 

p. IV- 


- *-? C ^B36 1071. fncepi SH.I-MOIL-FH. 7AS. 
• "TOurs. mats. 4.30... Sats.- 4.30 and 8. 


■ ■ :v LlONEL BASrT5 _ 



- ROY HUOO^ Wlendld • berlwmwo." 
TeL “ Talented JOAN TURNER." Dly. 
•• Mali. Capital lua . ttu snow Ja a 
, '(teitattfoTrel: . "OLIVER RETURNS 
Atrium fhantly . .-.gonsioer 

- ____ YOUR- 

AGAIN" Dty. Mtrar. • 




•a T - 



v? :r 

jJJVfYCH. BW 6404. WL' 836 5332. 

■ Jb: ftpertolre.. •_ 


aKo » 
l and at 

i rw*gi«i7 -*■—■ - 


'ICvsi. BMi 'MW. TUw. 3.D0- Sata. 5.00. 

- sioshan -McKenna 

- «<«.*,»» ZS?Bi:h?r- 


s**- •* 

' LPOLLO- 01-437. 2t6J. ErjL- B5B. 
'. . Mata. Thurs. 3.00. Sat- 5Jp and B OO. 
'■ nrtua.IT} K1MOEH 

3 ' ?*?»* 

CActor of Tbe Year. ■ E- Staiwami 
“ WICKEDLY FUNNY.**’ Time*. 

Utn THEATRE. . . l01-836 .^32. 



- -Wla tfc w .’. •- Mb it" SBBdMTTlWfc 

- r 1 


ASTORIA THEATRE. Otaring Cross Road. 
01-734 4291. Nearest Tube: Tottenham. 
. .Cl Rd. Mon.-Thur-i. 8.0 B.m. Fri. & SaL 
B.tKJ and BAS. 



Ticket* £1 -50JE5.SO. Ear m our tulht 
licensed Restaurant or Bullet Bar lunch- 

tune. and be tore and after snow—book 

able in. advance.'. Combined Dinner and 
too-price ticket £8.50. 

.- ’ ELVIS 

Infectious.- appealing. foot-StamMOB wrt 

hcart-thumf>!ng.": Ohv-rier. 

“ I WM.absohrtelv caught up In It. carried 
aksoa tnr it. rtinvigorated bv the sheer, 
venre and spectacle of it." Sun. Tel. 

’ ’ ELVIS 

’ ' ■ ;,~S<*vO*rlnalY etTerttue.** Time*. . 

. M Performed/wlth ■ verve rare In British 
mushAfs.- .The show literally had- the 
audience dancing In the aisles. This 
■ EMs ' tf-rnarvellont." S. Espress. 

.hr. Aefora Show any available tap-eneo 

- ■. . . tickets £2.50. 

r Mofj.-Thuri. and Prl. 6.0 pert. only. 


HER MAJESTY'S CC 01.940 «60«. 
Openlns March 28 

In Leslie Bncusse and Ancnonv NewJey i 
previews Irom March 16. 

Mon. to TXvrt. 9.0. Fri.. bar. 7.10. 9.30. 

CAMBRIDGE. CC- 01-836 6506. Mon. to 
■nwrai-B.OO. fri.. Sat. SAB. 3-30. . 

IP$ TOMB! ■■ 


Seat prices t,2.oo « 
Dinner and top-price seat £6.25 me. 

Evenings S. Sats. S.30. HJo. TInwc. J^OO 
Impeccable • • ■ a maste r.' Sun. Tlrpe*. 

• la SEXTET ■••. 


DRURY LANE. 01-836 5108- Every 
night 8.00 sharp. Mabnce Wed. and 
Sat. 3-oo. 



DUCHESS. 836 8243. Mod. to TjOTL 
Evas. 8-00. FrI M Sat. 6.15 and 8^X1. 


" The Notfttv is sninnifiB," D. TetanRh. 

DUKA OF YORK'S, „ 01-B36 5122. 
Erst. 8.00. Mat. Wed- 3.00. 

Tickets £2-50 inc. Sl«s or viltte. 

" Thla ts without doubt lire most «tn in 
ordinary - entertainment m 1 ondon. 

. Evening News. ■ - 

- Limited Season ends 25th Feb. -. 

FORTUNE. B36 2238. EVRF. 8. Thors. 3. 
Sal. 5.00 and a.00. - 

Morlei.Pavlow as MISS MARPLES. la 
Third Croat-Year. 

GARRICK THEATRE._01-83^4601. 

Eva. 8 . 0 . wed. Mat. XD.'5aL SAS. B30 

.■ ' brilhantT-iusical -■ 

r GO TWICE." Morlcr. WlKU. 

"GO -THREE TIMES." S. Barnes. NYT. 

. - • b^mSAH.J rayn ■ 

Ttie Best Comedy ot the Year. _- 
last S weeks, fate Feonarv 18. 

..Evss. 7.30.'MIL Sats. 2.30 THE IDEAL 
_ HUSBAND by Oscar Wilde. ” webootarf 
an entertaining evening." O- Tci 

HaYMARKET: 01-930 9832. E*W-. 8-g- 
Mat. . Weds. 2.30, Sats. S.OO MdI 8.1S. 
Times ot Sat- pertormances Irom Feft, T3 
4.50 and BJtO. 





"■ Ingrid Bergnwn -makes ffe .50« 
radiate—onasuliable chargma- D, MalL 
'■Wendy Hiller IS superb. S. Tdkror. 


‘•ftATTICAN ^EvIA ^. HIS £t«rrERY.“ 

“GLYNIS JOH^PWm'nnnWBtly/f D.T. 

Evga. 7JO. Mats. Wed. and Sats. 2.4$. 

TAINMENT." En. News. 

- Good Seats available now at Theatre St 
Agents {Also at Doors except Sat-J- 

LONDON PALLADIUM. 01-437 7373. 

and Special Guest Star 

BOOK NOW—Seats £2-£S. 

LONDON PALLADIUM. CC. 01*437 7373. 
FROM MAY 2S to AUG. 19. 

LYRIC THEATRE. 01-437 3686. Evs. 8.0. 
Mats. Thurs. 3.0. Sats. 5 0 and 6.30. 

•bv Edlurdo de Flllleuo. 

, ‘TOTAL TRIUMPH." Ev. News. "AN 
YEARS,Sunday Times._ 

MAY FAIR. CC. _ 629 3036. 

Prtvs. evgfi. at 8.0. Opens Tuw_ Feb. 7 

. at 7JO. Sub. evns. Mon. TO Fri. ac 6.0. 

- Sat. S-30 and BAS 

bv Stew J. Spear*. 

“OrtraaeouiN funny . ■ - Tratoamh 
moving.'' Variety. 

MERMAID. 246 76SS. Rest. 248 2835. 
Mon-Sat. 8.1 S. Mat Wed. and Sat. S.30 

"A winner." D. Mirror. 

Stall ticket* £t.2S-£3.SO. Combined 
dinner-theatre ticket £5.95. 



OLIVIER (open SU9«); Today 2.4S and 
7.30. Mon. 7.30 uad. price brevs.l THE 

CHERRY ORCHARD By Chekhov trans 

bv Michael. Frayn. . „ , 

LYTTELTON 'proscenium stage): Today 3 


by Feydeau traps bv John Mortimer. Mon 

7.43. Bed 


PRINCE OF WALES. CC. 01-930 8681. 
Monday to Friday at 8 p.m. 

SaL 5.30 and SAS. Mat. Thun. 3.0. 


Daily Telegraph 


OF LAUGHS." News of the World. 
BOOKINGS ON 01-930 0846. 

QUEEN'S THEATRE. 01-734 1166. 

Evtu. 8.0. SaL 5.0 8-30. Mat. W«d. 34). 
A New Ploy bv ALAN BENNETT. 
pray* and Players London orWcs award. 
"One of the moat notable theatrical 
events In the country for ■ good many 
" B, Levin. Sunday Timas. 

At 7 p.m.. g pm.. 11 pjn. (opens Sun.). 
PAUL RAYMOND presents 

drink and smoke In the auditorium. 

ROYAL COURT. 730 174S. 

Evening 8. Sat. 5 and B.30. 
World Premiere at 
bv Peter Barnes. 

See also Theatre Upstair*. 

ROYALTY. CC. 01-405 0004. 

Monday-Thursday Evenings 8.00. Friday 
S-30 and 8.45. Saturday 3.00 and 8.00. 
London critics vote 
Best musical of 1977. 

Tel. bkg*. accepted. Major credit cards. 

SAVOY. CC. 01-836 BBSS. Evening* 6.0. 
Mats. Thurs. 3.00. SaL 5.00. 8.30. 

JAMES COSSINS In Bernard Shaw's 
MAN AND SUPERMAN. Directed bv 
cloud of Joy Irom beginning to end." 
S. Times. RSC also M ATdwvch and 
Piccadilly Theatres. Credit Card bookings 
accepted. Last 2 wee k s. Season ends 

SHAW. _ _ 01-388 1394. 

Mao. Toes.. Then., Fri. 2.30. Evs. 7-30 
•iNo performance Mon.1 
by P. B. Priestley 
- Highly entera/niAS." D. TeL 

STRAND. 01-836 2660. Etfenlnte 8.00. 
M»L Thurs. 3.00. Saturdays 5.30 & 8 JO. 




Evgs. 8.00. Mat. Thurs. 3.0. Sat. 5 and 3 
Tickets £l-£0 to £4.Q0- 

England'* Greatest Musical Aoventerc. 
“Eacitlna *• Fin. Times 'Men, Mc-rrv 
Refrains " E. News. "Souncing Vigour." 
E. Standard. 

WHITEHALL. 01-930 6692-776S. Opens 
Mon, Feb, 13. Ergs. 8.30. Sar. 6.45 jnd 
9.0. The* Sensational Sc* Rovuo ul the 


Now Live on stage. Bock now. Ltmitm 
Season, 12-week season pnor to World 

Twice NfphtJy at 0.00 and 10.oo. 
OPEN SUNDAYS 6.00 and B.OO. 
PAUL RAYMOND presents 


•Take* to unprecedented limits wnat is 
permissible on Our stages.” Svg. News. 
You may drink and smoke in the 

WYNDHAM-S. 836 3026. Credit Cara 
booking 856 1071. ■«». 5a: > Mor. 

Thurs. 6. Fri. and Sat. S.1S and 6.50. 
VERY FUNNY." Evening News 
Mary O'Malley's uroui-hit Comedy 

YOUNG VIC I near Old Vitl ?25 6361. 
today at 3 and 7.45 THE REAL INSPEC¬ 
■ -eats 9 Cip«. 


Donnie Abse's GONE IN JANUARY. 
Tonight at 6. 


8864. Sep. p«m. ALL SEATS BKBLE. 
1: THE CHOIRBOYS (X>. Shut Down lUi. 
Wk. and Sun. 1.15, 4.30. 7.SO. Late 
Show Tonlgnt 11-15. 

2i THE GAUNTLET (XI. Wk. ar.d Sin* 
2.00. S.OO. 6.O0. Late show Toight 11.00. 

Le^al&-General Unit Assurance have Of course, the larger the contribution, 

a new Executive Investment Retirement the greater the benefits. And the size of 

CAMDEN PLAZA opp. Camcttn Town 
Tube 485 2443 Taviams PADRE 

PADRONE (X) Grand Prim Cannes 
"4th MONTH!" 1.50. 4.05. 6 25. 8.50. 

corrEa 0?TsmaIf^»W itorl u»): Todwa 
and 8 Mon 8 HALF-LIFE by Julian Mil- 


Many erteHent cheap «•**» 3,1 3 t !* a SS 
day ot pert, car park. Restaurant S28 
3033. C&dlt card bkgs 928 3052 


OLD VIC. Spring season Jan. 16-Mar. 25. 

la lepertorv: HAMLET tonight 7-30. 

«.L FOR LOVE today 2.JO. 

SAINT JOAN ooens Feb. 7 

" * CLEOP, 


PATRA opens F00.2T. 


Sunday. Feb. 12. at 7.30: 

with Judl Dench. Michael Wdllama. 

OPEN SPACE. 387 6969. Tors.-Sun. 8.0, 
A DAY FOREVER bv Michael Sharp._ 

PALACE 01-43 7 6834. 

Moa.-Thur. B.OO. Fri.. Sat. 6-00 St 8.40. 


01-836 8611 . 
Owning March 1. 

7w Leslie Brtcusse Musical 
Directed by Mel Shapiro. 

Reduced Price previews from Feb. 17. 

PICCADILLY. 437 4S0S. CMWJt rard Okga. 
836 1071. Eve. 8. SaL 445 and 8.13. 
fWed. nm at 71 
Ev. Std. Award and SWET Award 
Rural Stokeiooot* Company M 
• ' bv Peter Nichols 

ST. MARTIN'S. CC 835 1443. Em. 8.00 
Mac Tues. 2-45. Sat Jt Good Fri. S A 0. 

26th YEAR 

S.Q0 Dining. Dancing. 9.: 

„ 7S4 5051. 
So per Revue 

and at 11 km. 


7JO. La* perl. Crucible Theatre, SbeBMd. 


by Hon KutcMKon. 

Trtt «*nc* the Hostage' have 1 atm 
en Hlsfa plav that has given me euoi 
untfluted pleasure." Gdrv. 

VAUDEVILLE. • 836 9988. Evgs. at B. 

Mats. Tues. 2-4S. Sats. 5 and 8. 
Dinah Sheridan. Dnfcle Gray. 

Eleanor Summerteld. James Grout 
'■ Re-enter Agatha with another who¬ 
dunnit ML Agatha Christie Is stalking 
the West End vet again with another of 
her fiendishly ingenious murder mys¬ 
teries Fella Barker. Ev. Nows. 

WAREHOUSE, Donmar Theatre. 836 6808- 
Royal Shakespeare Company. To n't 8.00. 
Charles WoocTs_ DINGO '' Brilliantly im 

dv. Bkgs. Aldwveh 

pressiomsTk." Guardian. AU seats £1.50- 


“Sheer spafitllna cpectada.'’ O. Tel. 
Mon. to Fri. 745. Mats. Wfd„ Thcrs. 
at 5. Sets, at 2 . 00 . ud 8.00. 
Children and Senior Cits, half-price except 

CLASSIC 1. 2, 3. d. Oxford St. lOpp. 
Tottenham Court Rd. Tiidec 6T6 0310. 
1: ONE ON ONE |A>. Progs. 1.45. J.SS. 
6.05. B.15. Lsie Show 10.45 p.m. 

2! THE HIDING PLACE iAi. Sea. Peril. 
2.00. 5.00. fl 00. Late show 11 p.m 

5; THE 0UELL15T5 'A). 1.20. 3-55. 6.30. 
9.05. 11.4S. ROMANCE WITH A 
DOUBLE BASS OH- 3.05. 5.40. 8.15. 

4: WIZARDS iAi. Prg*. 1.00. 3.00. 5.00. 

7.00. 9.00. Late Shew every night 11 pm 

CURZON. Carson Street. W.l. 499 3737. 
6Ub-btiesJ “A sparkling New French 
Comedy. Directed with finesse bv Yves 
Robert." Sunday Express. Pr^s. at 2.00 
mot Sun.t. 4.0S, B.15 and 6-30. 

STAR WARS LUI. SCO. progs. Dl>. 2-OC. 
5.15. 8.35. Late Sfc-w Fri. and Sat. 
1125 b.m. Seats bkble. for 5 15 ane 
8.35 proos. wks. and all mo?'. Sat, and 

THE DEEP fA*. Sep. prt» 9 S. every dav. 
Scats maw be booked. Doors nnen at 1.20 
4 30. 7.45. Late Shows Fri. and SHs. 
Doors 11.15. 

ODCON MARBLE ARCH. <723 7011-2). 
AUDREY ROSE IA4i. Sea. =r<m. WfcS. 
2.30 5.30. 8.30. Sun. 4 30. 5 15. 

Late Show Fri. and Sal. 1 2 OO pm. 

PRINCE - CHARLES. Leu. So. 437 8181. 
SALON KITTY 7X1. Sen. Perfs. DIv. /Inc. 
Snn.i 2.4S. B.15, 9.00 lt'c snow Fri. 
and Sai. 11.55. Seats Skble. Lie d Bar. 

SCENE 1 A 2. Leie. Sq. (Wardour St.i. 
439 4470. 

Progs. 12.50. 4-10. 7.40. Late snow 
F.fJ- ana SaL 11.DO. 

AGAIN (UJ. Sun.-Thur. 3.30 S 35. 9-35. 
Fri. alto sat. 12.40. 4.45. BAS. 12.45. 

(U». $uh.-Thur. 3.25, 7JO, Fri. and Sat. 

ZJ55. 6A0. 10AO. 

Plan tor senior executives and directors 
which am help fight die effects of 
inflation and taxation.immediately. 

The Plan will give you a tax-free cash 
sum of up to I Yi times your final salary' 
when you retire plus an annual inmmp 
taxed as earned income. 

The company can. pay all the costs* 

All contributions can be made by the 
company and rate for full corporation 
tax relief. 

Aman,45,earning £12,OOOp.a. today 
could receive a tax free lump sum of 
£1 S,G00 and an income of £6,000p.a. 
whenlieietiresat65.If his earnings 
increase,die company can adjust me 
contributions in order to increase the 

the contributions can vary year by yean 
Independent Advice* 

Legal General Unit Assurance has 
been set up solely to fight the effects of 
inflation, and taxation. It s bached by all 
the expertise and experience of the 
£2/jOO million Legal <ScGeneral Group, 
one of Britain’s largest insurance 

But rather than send us any money, 
wed prefer if you speak to your 
insurance broker first 
Ifyoure interested, send the coupon, 

Don’t delay,because there is some¬ 
thing you and your company can do to 
fight inflation and taxation. 


Unit Assurance 

Im interested in the Legal ^.General Unit 

AssuranceEmrutivelnvestmentRetireriientPlan. S 

any obligation. 








Ta-GraharnTfer, SahsMmag^Logal&^Gensrai p 
UnitAssuranc^ 52 RU MaE y London SWl 15LEL s 

i r*--’’'". 

- c. 

Ilft^WlllilPftWg g 


- ifiT-'- v -.; 

• ✓•■■>•• •-■«■•-*fC 

of Yugoslavia 


IT WAS quite by chance that 
we attended that September 
afternoon with Mass at the 
monastery of Gracanica. Only 
a handful of nuns reside there 
now and most are well past 
their youth: but it does not 
take many pure, if untrained, 
voices to make an impact in 
candlelight flickering on fres* 
coes whose solemn, saintly 
faces gaze down as they have 
done for around 600 years. One 
of the nuns saw my tape 
recorder and asked if she could 
hear it played back. So we 
stood out in the early evening 
sunlight, and she smiled as she 
listened to her own clear voice 
coming out of the little box in 
my hand. In many places I 
know, they would have asked 
for money. Here they offered 
me free wine and a key ring as 
a souvenir. 

Gracanica is six miles from 
Pristina in one of the lesser 
known parts of Yugoslavia, 
where nature is beautiful but 
tough, and history has been 
even tougher. The region is 
Kosovo: a small autonomous 
povince tucked into the moun¬ 
tainous corrugations of south 
Serbia, between Montenegro and 


' 3rrii -^.tv 

Bay of Kotor, Montenegro 

Quite a few organised tours 
pass through here on a run¬ 
around of the whole country: a 
few specialists in medieval art 
and architecture slay longer. 
But now better roads have 
brought it closer to the* main¬ 
stream of Yugoslav tourism: 
locally they know that what they 
have is special for here as much 
as anywhere is a microcosm of 
the whole fascinating, confus¬ 
ing. multi-culrural aspects of 
Yugoslavia. New hotels are 
opening and sports amenities, 
especially for ski-ine and hunt¬ 
ing. are heing developed In- 
on thus last ic local tourist 
authorities. Unusually for this 

Your «ieck*Gnd E: Austria, 36.80. 
Belgium 62.25. France 9J4. Italy 1,135. 
Crvecr 75.CO. 5pe>n 157.75. Switzerland 
3.77. U.3. 1.9553. Source: TOdimos Cook. 

part of the world, wild life 
tourism seems to be getting a 
fair share cf attention. Both 
the flora and fauna are rich. My 
main plea to them would be to 
remember that first-class hotels 
need first-class service: the two 
do not always go together in 
this otherwise splendid region. 

Only a few miles from 
Gracanica are the- fields of 
Kosovo. It was here in 1389 
that the Serbs made a last-ditch 
stand against rhe spreading 
Ottoman Empire. And it was 
here they lost, ar.d so the fate 
of much of Europe v.-as moulded 
for up to 5 1)0 years. To-day at 
Kosovo a monument stands on 
a hill and. From it. you lonk out 
over cornfields to th • hiiinwing 
smoke of a power .-iction. It is 
in spring that you -.•■•e the red 
splashes of wild i;y. said to 
have Moomcd fr-.:n the spilt 
blord iif Serbijr. heroes. 

Culturally yosovo is fascinat¬ 
ing. Nearly thr^c-nuarters of 
the population st> Albanian, 
mn't nf :li-: ;r.. i.lo'l<?riy. and 
th.-re is also s .-iirJI Turkish 
minority. So. in tic.* villages and 
the older dtitrivts uf the towns, 
the spoken hniea'v and shop 
sign.? arc a? forei-'i n the local 
Slavs as They to you. 

Just as disin-.-tit »• arc .Tiber 
sights and sounds. Much of the 
Inrval tratlh 1 is -till buret- 
drav. n. ar.i.1 \he c 1 r. ■ c•„r <«f v- heels 

on cobbles and the jangle of 
brake-bells are an integral part 
of every back street scene. Each 
market yields a rich, strange 
medley of noise which has 
much more in it of east than 
of west Tiny shops devote 
themselves to pots and pails, to 
the ubiquitous white skull cap, 
to leatherware, to silver fili¬ 
gree, to the bright materials 
from which the womenfolk 
make their flowing trousers; 
and from innumerable work¬ 
shops come the clang of the 
Mackrmiih. the rasp of the saw. 
the tight of saddler or tailor 
assiduously stitching. 

Of the monasteries built by 
Slav nobles and kings before 
the Bartel of Kosovo, most of 
the oldest and finest are in 
Macedonia and there are many 
many later ones in Serbia. But, 
in addition to Gracanica, 
Kosovo has Decani near Pec. 
and the massive Patriarchate 
complex that crouches be¬ 
neath the stern crags at the 
entrance tu Rugovo Gorge on 
the outskirts of Pec itself. Here 
indeed was the cultural and 
religious heart of old Serbia 
before and long after the Turks 
came. Ancient mosques, 
Turkish tombs and Moslem 
man* ions are oiher great 
features of architectural 

The three main towns of the 
rez'-'-n are Pristina. Prizrcr. and 

Pee. In Prizren, the old 
picturesque untidiness has been 
least diluted by the 20th cen¬ 
tury, but as yet it hasn't much 
in the way of accommodation, 
except for a modem motel 
some miles out on'the road to 

Pristina has mushroomed In 
a very few years and is now a 
university and industrial town, 
with a high proportion of 
students. It has lo^t some of 
its dishevelled charm in the 
process, hut has a number of 
fine Turkish monuments and 
Kosovo's, very first A-categoiy 
hotel is just about to open here. 
Pec is a complete hotch-potch 
of old and new with some 
beautiful old houses tucked 
away behind high courtyard 
walls in narrow streets and a 
lovely mosque of 16 th-century 
vintage. The newly rebuilt 
Metohija hotel is B-plus cate¬ 
gory or the old-fashioned Korzo 
is B. "Korzo” is the name of 
th evening stroll in which the 
entire population seems to 
participate, and affords good, 
free entertainment 

Most visitors will combine 
their visit to Kosovo with 
Macedonia and/or Montenegro, 
of which mare an another 
occasion. The main roads south 
to Macedonia are excellent, 
following broad valleys of 
maize, sunflower and tobacco 
fields or dramatic ravines linked 
fay gentle passes. Westwards, an 
excellent new road from Pec 
follows a beautiful but fairly 
devious route into Montenegro 
via Rozaje and Ivangrad. 

There is a shorter route over 
Cakor Pass which is truly 
spectacular, but be warned that 
a few years ago it took me T7 
hours by bus to cover the ion 
miles to Titograd this way and. 
from ail accounts, the road has 
not changed much since then 
But this included a late-April 
snow-storm of impressive pro¬ 
portions; under good weather 
conditions, I would tackle it 
again any day. Further informa¬ 
tion: Yugoslav National Tourist 
Office, 143 Regent Street. 
London, W.I. 


t: ./a 

fe; ftf'Sfif: : f • 

Buyer’s guide to 
how to wear it 


• A lovely, loose caramel hopsack coatdress, which can also ‘ 
be worn in summer on its own, is.shown here worn over a 
finely pleated tiered skirt in a pretty pink flowered print; 
and matching blouse. The coat, which also comes in a. stone ■: 
colour, is by Mr. Reginald and costs £39.95. The skirt and 
matching blouse are made of cotton. Also by Mr, Reginald, - 
they cost £34.95 together. 


A ftev thp 

6v vv a & a &<£✓ Ly i 

arm damage 

SNOWSTORMS have leit u trail 
of damage in gardens niainiy to 
evergreens and must ot all to 
the narrowly columnar com fen 
which otake such effective focal 
poims for garden nsta». They 
arc beautiful sn long as they 
remain spire-like and un¬ 
blemished but once they become 
scarred and ragged they are as 
unwelcome as they were previ¬ 
ously desirable. 

The many erect forms of 
Lawson cypress art- among liie 
worst sufferers for most have 
acquired their narrow habit, 
not by producing shorter side 
branches hut hy holding them 
nearly upright cl rue packed 
around the main trunk. When 
snmv fails it l.ilives in these 
upward pointing branches 
dragging them .town and china 
the whole tree a terribly 
tousled appearance. Sometimes 
branches are pulled right off. 
more often they are left stick¬ 
ing out at ungainly angles and 
the sad thing is they never 
recover of their own accord. 

One of the most vulnerable is 
that old favourite Cfinmnc- 
epporis laicsoniana erectn nt 
used to be rallpd "erecta riririV 
because if its light green colour* 
but botanists have declared 
“ viridir,” redundant). I have 
a 40-year-old specimen that gels 
to look more battered every 
winter despite all the care I 
lavish on it and sometimes I 
think that it would be best to 
fell it but am deterred by 
thought of the gap that this 
would create in the garden. By 
contrast one of the most 
resistant to damage, which has 
been with me for fully 30 years 
and has never sliown any trace 
of injury, is C. lairsoniana 
columnaris a dark green cypress 
that gets its narrow habit by 

producing wry si’irt. sturdy 
frido branches. 

Another that i nnd s,ood is 
the Arrau nr. vyp}***. Cupres.vts 
:: la bin in u to be called 
C. r><-::oiitm and 1 regret the 
change >. a frpire-iike evergreen 
with delishifu* .tad' green 
leaves winch arc greyer in 
spring when they are young. 
This is noi short branched and 
1 think it resists damage 
beraiifrC- of 1 1 f rather thin 
tracery of loliage which offers 
less catchiv.:;:;i for siu-v than 
the densely pa«v.ed i-rowMi of 
many columnar c infers. 1 like 
it very nun h and. dc spite its 
Arizonan origin, it appears to be 
perfectly hardy. 

So what can he cone about 
the now that it has 
occurred? All broken and badly 
damaged branches must go. 
lopped off close to the main 
trunk unless there are some 
live b-aves or side shoots below 
the point of injury that give 
promise of renewed growth, in 
which case the branch can be 
cut hack w them. But I find, 
too often, tii’ii when a branch 
is merely shortened In hare 
wood, this remains dormant and 
slowly dies so that the .Jamace 
is compounded rather than 

Some other branches, not 
actually broken, may spring 
back into place if modestly 
shortened and so relieved of 
some of their weight. But in 
general branches that have bean 
pulled out of place will have to 
be forcibly held in for a while 
with encircling ties of twine or 
plastic covered wire. An alter¬ 
native is to wrap a girdle of 
netting, green plastic for prefer¬ 
ence. around the tree. This will 
look unsightly for a v. ii'le but 
wiil gradually become enveloped 

in new growth which will con¬ 
ceal it completely. Such sup¬ 
ports are more costly than 
simple encircling ties spaced a 
foot or so apart, and it takes 
time to fit them neatly, but they 
will control the tree with corset¬ 
like precision aad will last a 
long time. Eventually they will 
become too tight and will have 
to be removed and that, too, 
can be a tricky, time-consuming 

With trees of more 
horizontally branching habit it 
is large scale breakages rather 
than distortion that one has to 
fear. The damage has been 
greatly increased rhis year by 
gales, some of which have been 
so fierce that many trees have 
been blown right ouL More 
have toppled in my own garden 
than I can recollect in any pre¬ 
vious winter. Many of the trees 
that have fallen or are now 
leaning at ominous angles have 
poor root systems, some clearly 
infected by honey fungus, others 
by diseases not so readily identi¬ 
fiable. but most would have con¬ 
tinued to stand for many more 
years had it not been for the 
storms. I suspect that the dry 
years of the mid-1970s, cul¬ 
minating in the uniquely pro¬ 
longed drought of the 1976 
summer, have also played their 
part. It is roots that have 
already been weakened by other 
causes that most readily 
succumb to honey fungus just 
as it is the ancient trees, 
already failing, that receive 
their final death blow from the 
stranglehold of ivy. 

But whatever the cause, the 
devastation remains to be 
cleared up. Broken branches 
must be sawn off cleanly where 
they join the main trunk or a 
live, undamaged side branch 

that will continue to draw sap 
through them. When lopping 
large limbs always start by 
cutting a foot or mure beyond 
the point at which you intend 
to make the final amputation. A 
small undercut below the 
branch before you start to saw 
from above wiil also help. In 
this way bark tearing will be 
reduced to a minimum, the final 
cut, with only a short .piece of 
branch pulling it open, can be 
made easily and cleanly and. if! 
the wound is then painted with 
Arbrex or some other eood tree 
wound dressing, healing will 
take place with minimum delay 
and danger. 

The trees that have fallen' 
over or have broken so badly, 
that they must be grubbed 
present a different problem. 
They should be removed with 
as much of their roots as pos¬ 
sible and as large an area of 
90il as practicable, where they 
have been growing, should be 
broken up with spade or folk 
to a depth of at least 18 inches. 
Honey fungus hates disturbance 
and most of it dies when well 
chopped up in thds way. Of 
course re-iMectdon can take 
place rapidly from surroundly 
ground but this can be pre¬ 
vented,, or at least delayed for; 
a long dime, by burying a “wall" 
of polythene film right around 
the site and to a depth of at 
least 18 inches. With this pro¬ 
tection one can replant at once, 
with reasonable safety. I prefer 
this mechanical method to soil 
treatments with chemicals which 
may actually depress the 
fertility of the soil for a con¬ 
siderable tune and so delay the 
establishment of new trees and, 


photographs show the clothes 
on beautiful, slim young girls 
there is a common belief that 
the clothes tilth, shown are only 
suitable for the said beautiful, 
slim young girls. Almost every 
fashion writer gels bagfuls of 
letters from de.>pairing v.umen 
over 30 who seem to feel that 
all the really nice, new clothes 
are not for them. 

In fact, this is far from the 
Truth. Never before has 
fashion offered such a variety 
of styles, shapes, fabrics and 
colours all of which can be 
adapted by any age and shape 
to suit themselves. There are 
so many different streams that 
make up fashion to-day that 
somewhere out there is some¬ 
thing to suit everybody. 

I do admit that it isn’t easy. 
Precisely because there are so 
many different ways of putting 
the same outfit together, of 
wearing a shawl or a scarf, 
decisions have tu he taken by 
the wearer aii along the Rne. 

To show what I mean I asked 
Jennifer Bate who is -The dress 
buyer for Peter Robinson at 
Oxford Cirrus, to select the sort 
of clothes that she would and 
does wear. As you can see 
from the photographs. Jennifer 
is tali and slim, which certainly 
helps the look of clothes at any 
age. but she is not a teenager 
fshe is 30 years old) and the 
style of dressing she achieves is 
sophisticated and elegant 
rather than kooky or jeune fiile. 

Everything that Jennifer 
chose could be worn by women 
of any age and ail the clothes 
offer considerable possibilities 
in that they can be put together 

in several different ways. . 

Jennifer has a fairly demand¬ 
ing life: she'is married and lives 
in Bracknell which means she 
has to leave her home at 7.15 in 
the morning and doesn't get 
home until about 7.15 in the 
evening. This means she has to 
be organised about everything, 
and about her clotbes in 

She is, of course, greatly 
helped by her job because she 
sees all the fashion shows, both 
here and iu Paris, so she is 
continually seeing how the top 
models put together the various 
bits and pieces that make up a 
look She always sticks to a 
range of colours that suit her 
magnificent red hair. This 
means she loves all the colours 
from dark brown, through 
caramel and onto pale apricots. 

She tends to have a baying 
sphirge at the beginning of 
each season. She looks through 
her wardrobe, decides what she 
wants to keep and what she 
wants to throw out and this 
then guides her in her new 
buys. She has found that 
unless frhe buys in an organised 
way it's terribly tempting tn go 
through the year on impulse 
buys and then find you've got 
nothing that really goes with 
anything else. 

She thinks it Is important for 
the ordinary shopper to get her 
eye in- by looking' through 
magazines, before'even settins 
foot in a shop. She should then 
decide which of the current 
shapes suit her ffor instance 
at rhe moment there are a lot 
of smock shapes about which 
Jennifer says she can’t wear so 


• For evenings Jennifer prefers the shorter length and this^ 
tiered skirt and matching quilted waistcoat (there is also a 
shawl with the outfit) has seen her through many happy . 
occasions. £25.95. By Monet, it is made of 109 per cent _ 

.* .viscose in an apricot/green 'floral print (it also comes in a.,. 
beige/brown print). She wears it here with an apricot silky;.; 
feel acetate shirt. £IL95. which comes in many other colours. 

The cotton lace-trimmcd petticoat is £7.50. 
she avoids them t>ut goes for well are Earlybird, Clobber,- 
the equal! v fashionable biousen Betty Barclay and Mr. Reginald, 
shape instead). The looks that “ Hr. Reginald does a very 
are certainly going to go on French iook and as his domes 
and on are the blousnn and the are always a little ahead of, 
smock (Che silhouette is big at their time it makes them a good 
the top and then siender from-buy because then they go on. 
the-hips down). She sees the being fashionable longer. For 
backing jacket going on for instance, this caramel hopsack 
some time, and thinks that a coatdress (photogcapihed above: 
good make in a good neutral left) is based on a Japanese, 
colour could be the foundation Kendo jacket For now I will 
of any wardrobe. wear >st over other iChings Hike 

The lavered look is still very the* stout and blouse (jfcoto- 
important and clothes do need graphed under the coatdress),. 
a certain amount vt dressing bitt in the spring and summerl ' 
•up. By ‘ using layers you. can- will wear both Chose outfits oe. _ 
avoid the hard, severe . lines their own.. ' 

which are quite out of fashion ** For eveniHg at the moment I 
at the moment. ' Petticoats, almost ' always wear short 
whether separate dr attached, • <j re s S es. Long ones seem to have - 
will go oh being important. gone out of fashion. I’m . 
Footwear is terribly important qu j te happy to wear this little 
to give the right line to any hy Monet (photographed 
garment and Jennifer feels that a j Jovej right) or the creamy, 
high, stnappy shoes look best telge ’ floral print dress • by 
with the frilly petticoats. Earlybird (photographed below, 

The spring clothes just going right)". . . 
into Peter Robinson now show Ail lie clothes (exicE** the 
that there will be. Jots of 'dusky randierorick blouson) photo- 
pastels about with virtually no graphed on Jennifer are avail- 
navy (unheard of in a! British’ able either now or in the next 
summer) and very few primary couple of weeks from Peter 
colours. Robinson but if you aren't near 

Accessories, too, are vital and Oxford Circus ask for thfl . 
the big, chunky bags that go. clothes by name in your nearest 
with the loose, layered look good dress shop, 
will stiH be about Lots of tiny, Peter Robinson, Oxford dr- 
narrow belts will be needed for cus, London, W1 would ba 
clasping round hlousons, shirts happy to send by post any oil 
or smocks. the clothes featured, but you 

Jennifer’s own favourite would need to write to thesn. 
labels, which she buys not only first for details of the cost iff 
For the shop but for herself as postage and. packing. 


*.w •• .^*»v^pve < *v *’* v v* • •< 


In addition to Rome, Florence 
£ md Venice our booklet indudes 
nany of the smaller Italian 

■ .-owns, Siena. Lucca. Assisi. 
Arezzo and Verona to mention 
only a few. 

There are also suggestions for 
wo and three cencre holidays 
zoupling the cities with the 

■ lakes and seaside resorts. 

j /V« use the scheduled flights and 
>ur suggestions can be amended 
:o fir your exact requirements. 
| 'lay we send you details ! 


6, Harriet Street, Belgravia, 
London, S.W.7. 

T*h 01.235 <060 or 6675 

1-1 be ,>nd wosdJand Hohdavi lor S. 4 
an3 Z. Reilly ccmlomM*. warm, 
bcautilully furnisher! can-orsian in 
litied Ge-ar-g-in statics .‘•■"'J erttaq*. 
L:-0 frci. t male mills Pcstehil and 
natural setting lar a qu.ct holiday. 
Lantern Gro'ie. Hooo End. Ledbury. 
Hrrcfordslnro. LMburv 3£13. 



1st class. Indoor swimm-nfl o^I. Offers 
the security lor sk'hia LusH the end ot 
April. TWcx 74?32. 

WALL STREET CRASH of 1923—n-erc 
you. your tamilv or closv iriends 
affected » Do you or l|i*r possess 
documents or private papers relating to 
this cynnt ? Would vou te willing to aid 
Author In serious research 7 Plesie r*rply 
In irorffdcnee to Bov A.624B. Financial 
Times. IQ. Cannon Street. EC-tp 4BY. 



"The Total Approach ”to French 


on tho French “Riviera 

Next available 4-week immersion coarse starts February 27, March 28 m4 
all year. All age. All levels. Lodging Md 2 neab ladnded 
INSTITUT DE FRANCMS — F1W. 23 An. Cfn. lACjei^ 

08230 YBhfrandie-enr-Mec - Tch (B) 80 , 8*.*1 — 



1973 S!*D AMO SS2D POTATO d«- I 
cnpTiva citaleguo now avMiaaio sent I 
on riMiint. Pottage 71>. -P. v. ROGE’ . 
LTD.. The Nuneri«- PickerJnc. Norm • 
Yarfcshiro YOIB 7HG. i 

English - owned farmhouse 
established 10 years. Offers 
exceptional comfort in three 
acres of garden with lake. 
Cuisine best in the district. 
Recommended. From 800 Frs. 
p.w. Beml-pension. per person. 

St. Jean d'Ataux 
24190 Neuvic, France. 


©ID Buian Hotel 

* a Confortmce Secretary n 
Tel: HAHflOGATE 604051 
1M ffMBS IZflpb + 1 w Mara Swtw 
Plenary CmIbwci 3M 4r 4 Plivita Ruvai * 75 
Banqnst Biniiq 300 ie Batjit 

2 Hullui anti + 11 i.hL M11 Ml. 

«aOn<r at Britain's PRESTIGE HOTELS W 

ACNEW GALLERY. 43. Old Bond St.. W.I. 
01-329 8175. ,105th ANNUAL WATER. 
Mon.-Frt. 930-5.30. Thun, until 7. 


EVE. 1B9 Regent Street. 734 S67S. A ta 
Caric or All-in Menu. Three Sjwctacular 
Floor Shows 10.45. 1Z.4S and 1j45 and 
music ot Johnny Hnwkswarth and Friends. 



We am market leaden in our 
apceiiUMd Held of equipment rental 
with a proven growth rate and un¬ 
limited further potential tor further 
particulars ED principal* only wish 
available capital in excess of £230.000. 
Write Box T.4B17. flnewcJoi Time*. 

10, Cannon Street. BC4P 4BY. 

:? • K 




Bills amounting to EZ.OOO 000 were 
inued on 1 ?«pruary 1370 tor maturity 
err 3 May *197® at a rate ot 5L%. 

Asvnatfons totalled BiKs 
eutstmdlM total £4.000^00. 

• For week-ends and casual wear Jennifer Is normally to 
be found In trousers. At the moment her favourite is. a 
pair of caramel-coloured cord straight-legged trousers which 
she wears either with a checked blouse with matching shawl, 
or, as here, with her favonrltc caramel-coloured candlewick 
blouson—an impulse buy tn Paris recently. The trousers 
cost £14.95. Her shoulder bag, in natural-coloured eanvai 
trimmed with tan leather, is £20.95. 

• A soft dress, the sdrt-bf useful standby for; day^ or evoK 
lug. that eVery wardrobe'should have, -Made Iroan. MH> "per 
cent, viscose, if is in- a pretty .soft .flowered^of.beiges, 

• creams^-greens and plnfe. % Earlybird, the: dress, with 

attached pettieoat irill, costs £2100. .It is; wora wfth * 
narrow hessian belt which costa £2J5.' 

trimmed" Mi th tan leather, fa OMBL- -- f Phpt^r^ toy T revor Humphries / 

The cane table (£22.95) and bar stool (£174*5) are from a selection bf atne-furniture at Marroda 'Way-In Idsmg Department ■ 

f'l -:■« *r:1i 


ii'OW to 

* S{ 

1 1 11II 1 ) II ■■ 1 w 


d i 

t ili bv Chrisline Burton 

?i -••' 

* ■ ' 


’“' '*t£v Si-' ,: 

-. cv.^CSiMVvv 5? ; .•';?••«**.- *.> >V:. . 

JAN EXHBgTIQy JJto be held • 2 ft- $iaa. (id£dh x 84cm), and 
§>t tiie Grafts Advfeorsr Commit- ;cpste<X3SD.J There is * smaller 
;ee, I2, '-W^?£ei^ Pllace, LoB- on^ at £70.;Lfke many in the 
tott/ S^L.-JErom"February "S - eS&ajtfiifaBL- -St'. as;.coloured in 
G^Apr^ -I 'is ‘entitled ?*-T&e. pastel '^shades 4>f Mue, brown 
t .ofHoward R^ybould." ;a»d gxfey* : "- 

leaving . - ait/;- oWlege/J^^nite^Kctis created by using 
owaM ; ^ ;yrorked; in bis <»b«ira -dissolved in metby- 

ropmaMng- and' for .an .arehi-.teted- s£fcit3,or pigment mixed 

5s applied 

en "set up' hSsqton, woricahop.- v gen*8y. aiiff then /Tabbed out 
le GAC ^dSsdtrvsred woof so as not 

ng rockii^)&'^ toegram. It is then 

Jim to eoucfenirate on : his sfealtfl?-nnd firfched with bees- 
aatdress. whiti,mirror fratnes .for tbte .exb^- whole-effect is such 

nown here Motion. . J:v... ;. * . as to aHow. ttafc hand-carved 

pink aouew Tfae results. are weH worth a itesfciire of tiro wood, ‘to show 
cb also conies in aHoward Rayboirid and.I thank" it is very 

i £39.95. The Judders that a - frame successful. :j. - w V 

. Also bv .Mr B^teflecfs the fashion of ite time.;- Other exhibits ihdude a bath- 
the vast gilt frames of Ver-: room mirror framed by the 
allies, theintricate carving of. carved, opening - flaps of a 
: jrinlins Gdbbon&~so bls'beanti- circus-big Jopwto a little 

* ssnrt-r >-:*n^h jw'ully carved and composed pro- drawer underneath; , and a <ihfrp ^ jjucls echo the -slightly pop" mirror set into a carvedwooden 
;r <hrL'eeJing ofto-dayVcraft revival. rag, with tassefled fringe at 
rcaJc wi u'o ^ This ' frame, carved" ^fx^m 'each en^ frames 

t5iit ft: ai-o d^juebec pine, showstwo trees are. for sale, or^ repeat orders 
i*re «■!£ jpricnJ«tht th«r branches entwined, may,be lal^; graces .start at 
•s in ir.iiiv, oiner ok ind graffiti carved on their £40, indading ftbe-marrors, of 
s n.Ssi. xunks. It measures 3ft 5ins. x coarsen * 

:3V! ■;■ era, $ • J j ;.-. : J 

':3V?- h 
ste:; .• 
..' ^ 

:b V.':,* 



;. i-2- 


XCt > ' *' ■ 

;. is b--': 

iw J.:: 
:'k •;r 

S.-v, 7". " V 

’lud jr-- 
•i. :•■-■. i " 
'.rt>£r !- 
•JV ”.. 

"r-r crv-rM 
& a:.-- 

;<?b. L 

r Z 'rS 


i a-ti/ 51 YOtr the Oifhrd area, 
! may like to be'.reminded of 

--.•VJ^^he Oxford Gallery at,23^ High 
•n./n -jj.JJtreet, Oxford There is always 
large, collection of r contampo-: 
. -r^Miy-A ry prints;' - buf'"an ■ ^addition 
•.•.•'-.-inhere is a monthly, exhibitiou 

- - n 2 bf paintings and scnlptdrel 'The: 
r j: Dwairrent exhibition is - called 

••Jue'Michaei Chase’s^ CaJoieesTr-a 
-..-r-uif. gathering tagethesf of. oils/ land- 
: '^capes, collages, charcoal draw^ 

- JJ/^ngs and etchings, all; selected 
"« J>y one man.:. : - J 

Apart, from f raming , which 
nost galleries offer. tho ^llery 
_' ^ViB ah56 ; ,anangB J |pr;i>iljs to'"jb©.. 
” ’'R estored, and .for glass and slat© 

be engraved.. Thete is a 
:i --tortfolio of .artists, who; will 
Plaint portants customers' can 

select^^ the artist ino& Jfkels to 
produce what they .want 

If you are about to change 
your decorationa or you are 
not sure how long .you could 
live with a particular print, you 
will be pleased to fooow that the operates a ’ print loan 
service and will mippljr details. 
Ay-well as seUing interesting 
things like the materials needed 
f<MT brass rubbing-.i^e : gallery 
also has a good :.selectlon of 
jewellery, reramics add . glass. 
Among.the jewellers exhibiting 
at'.-' the moment are. Wendy 
JRamshaw, Jacqueline JEna jtnd 
Cathejino - Honey, and. . tbe 
gallery is happy to . take; coni: 
inissiohs for. jewellery: 

It. is .open 8^0 (a 5, Monday 
to. Saturday. • J/ 

'* ,Sr THE- CURRENT 'vogue, for. .-'At the /moment a 31 
'* . nostalgia is the idea beblnd a inda X .4jr inch photograph 

> J’ '■ ^uccessful venture called Studio of one pa^on. costs £2.95 and 

;t*v .v' ■■•■' 1900. Customers, can go along of a? cougfe,- £3.95. I feel that 

•••• J.^mddress^^upin"Victorian^clothes, this is-Jbther a small size to 
gitr-c" r - *- J ~.o have their phpto^aphs taken frame^-ff you wanted to try to 
i e :-- 2 igainst a.period-backdropi- In-.con^your friends that these 

n:v.;j - . . ess than ten minirtes a sepia .peopfe are actually your 


IT WAS' one of the stated aims of Lyndon 
Baines Johnson to raise the American stan¬ 
dard of living so that every family could have 
a picture on the wail. Let us hope that anyone 
reading this page has already reached this 
happy position and concentrate on where to 
buy, and how to frame, said picture. 

Supposing this picture is an Old Master 
in a tatty frame, a good thing to do would be 
to go to see Paul Levi of Upbrook Studios, 
London, W-2. Mr. Levi is a craftsman who 
believes that many paintings are encased in 
frames which simply do not do them justice 
—and he points this out sometimes to those 
directors of galleries and museums among his 
customers. Occasionally a recommendation 
takes effect and a-commission to reframe a 
masterpiece is the result 

For instance, one of our national galleries 
had two magnificent Titians whose cheap and 
nasty frames were no match for the paint- 
ius». j? - or one thing they were only 3 inches 
wide whereas they should have been at least 

8 irrrhpq. 

Eventually money was found to reframe 
them—it had taken five years for the gallery 
to raise enough money, despite Government 
spending cuts, to justify expenditure on pic¬ 
tures which are in any case only on loan. 

Of work at present being completed at 
the studios, one important commission is for 
work on panel paintings by Hugo van der 
Goes, owned by the Queen and on loan to the 
same gallery. Dated 1480, the pictures form 
the double-sided wings of an altar piece which 
the Ministry of Works had put into glass boxes 
in the 1930s. The two sides should have been 
far apart—as they would have appeared had 
they been on an altar—but the previous fram¬ 
ing had juxtaposed them so that figures which 
should have been facing were in fact looking 
away from each other. 

The sets of paintings are now being 
mounted in perspex frames which cannot be 
detected on the stand, and connected to metal 
poles which swivel to enable all the sides to 
be seen. The final framed version—with a 
length of wall in between—will be mounted 
on a black basalt stone table and the gallery 
staff is working on getting the lighting just 

Built into the panel is a mechanism which 
is triggered by any change in bumidity. The 
perspex box will act as a buffer to the changes 
which invariably take place in the atmosphere 
of any building. 

All the work for this mammoth task— 
right down to the special metal pins—was 
carried out by the ten people in Mr. Levi’s 
workshop in London, while the actual works 
of art stayed at the gallery. Unfortunately, 

it proved impossible to restore the paintings 
at the same time! 

Another commission some while back was 
to frame the paintings for Elizabeth Taylor’s 
yacht, Kalizma. Among others, there was a 
Van Gogh and a Picasso in the dining room 
and a large Monet in the drawing room. 
Because of the excessive humidity caused by 
the yacht sailing in the Mediterranean, great 
care had to be taken to avoid condensation. 
When the ship went through turbulent waters 
it was imperative that the pictures were not 
shaken or knocked off the walls. However, 
they had to be easily dismantled because 
whenever Kalizma came into port, or when 
Elizabeth Taylor was in residence elsewhere, 
then the paintings were freighted to be with 
her, or were put into safe keeping. 

For this particular job perspex which had 
been treated with an ultra-violet filter to pro¬ 
tect the paper in differing light conditions was 
used. In fact, perspex is used more than 
glass, but there is still a need for someone 
to make a low-reflecting, ultra-violet absorb¬ 
ing, perspex. The low-reflecting glass is 
specially imported from Germany. 

Very often Mr. Levj recommends that his 
customers on a budget should cut down on 
the frame, and spend more on the glass. He 
will also give an opinion as to whether a 
painting should be relined (that is, backed by 
a new canvas) and restored. This is especially 
the case with North European 37th-centiuy 

It is the generally accepted view that a 
painting should be framed in the way it would 
have been at the time it was painted. Mr. 
Levi does not therefore make “ fakes "—which 
he defines as something made with the inten¬ 
tion to deceive—but “ copies ” which are made 
so that they dD not worry' an expert of the 

The wood used for Old Masters is very 
often walnut, oak or lime, but a frame made 
recently at the studios for a modern (1978) 
painting was from boxwood and ebony. (This 
cost about £ 100 .) 

Although in the workrooms you can boy 
a frame from ready-made moulding for as little 
as £S or £9, a specially commissioned carved 
anil gilt frame could well be £600 to £700. 

Paul Levi would be delighted to visit n. 
customer and see his projected task in situ, 
so that he can take its surroundings into 
account when making his recommendations. 

If you have an Old Master, or even a 
David Hockney, about which you would like 
some advice, you would be sure of a welcome 
at the workshop. Upbrook Studios, 20. Brook 
Mews North, London. W.2, is open from 8 a.m. 
to 5.30 pan., Monday to Saturday. It is pro¬ 
bably better, however, to make an appointment 
by ringing 01-723 1948. 

1 — v"-j -'^.j ..v 

This etching and aquatint was Issued by Christies in 
conjunction with the National Trust in an edition of 250. 
Lavenham Guildhall by Valerie Tbonton, at £35, has In fact 
sold out but is reproduced as an example of her work and 
that of Christie's Contemporary Art. 

;V : J 
- j * % 

» L . r n-, tif-.r.. or^ase of; a womsixijtiife.dress, or^ inches X 14 inches) will be 
Lr-V.'*‘1 w£ ?ostume is simply shpped OTer ' a:v ^?^® : - , l . . ■. 

' . - - __ , - -'j a- Tho-- rrtintnSTflnh is 

'T*"' J : - 

• V-y-.-v.j 

:* .7 m* “ier normal clothes andfastenedJ sepia photograph _is 

,. y ^i 'with ties at the back. --If ^he^has presented in a brown and gold 

?long bair it^^d prefeiSjly be PO^tiutt coveT. 

; vs -pinned b^V^dth- .a; large .hat .> Studio 1900 is at the London 
-• perched- on; T top. Don’t forget 1 Experience; Coventry Street, 
that Viotoriahlafliiw'didtfthave.’jLondon, W.L; and at 110 Bromp- 
—^access to tfiicfcvan: adornment r as\toh Road,,; London, S.W.3; 

nail varm^ ^^^ w^^ they ; Another stoidio is scheduled to 
bave approved of ot£ ;~; y“ ”• J open at 6 East Street, Brighton, 

A man 1 keep-s on his everyday _ b* - the middle of February, 
trousers . (unless ’ he's^ wearing Eet W turn now from the 
jeans, presumably) ’and puto on ridiculous to the sublime. Early 

• a top -coat and a fancy waistcoat, photography is a very fashion- 
If he has a beardnr a mmistache able subject at the moment and 
so much the better. Tiut in-any..beoole such as Wfliiam Henry 
case he will h>ok. more authentic Fqx Talbot and Julia Margaret graphs from rare original 

if he can be persuaded to part Cameron have become houses mounted them on a plain beige 
x hishaif intheceirtre.-OrhecanLhoId words. Now on, until board and framed them In a 

A hide himself under a top May 7 at the Victoria and Albert simple gold-painted frame. They 

* t other suitablb titftr.' : .- > . Museum is an exhibition entitled make interesting, attractive 

\ Sitters in the firdtieariy pboto- Treasures of the Print Room pictures. 

- W £ra p te “h^nnlDby^ ^S A selection of Sun Picteres is MEAT MEANS beef to tbe met. and stewing cuts are holding 

^ 1 'in- expenpnce, so mo f P h ^ 0 ^phy. _ 1 d- available from Liberty’s of ln ra ufe. and home-produced more steady—and, since warra- 

^tshotod today’s sitters Took, as if eluded among these are Koger R egeilt street, London, W.l. beef is fine quahty at this time lng and aromatic casseroles are 

• .they are enjoying.tiifin&^vesl.-^^Fenton, D. o. am, xwoerr.rj^Q vary so do tbe of year. Regrettably, tbe price ideal foods to stoke up 00 during 

A river landscape with a lime kiln and fishing boat by Jan van Goyen (dated 
1646) which is for sale at Richard Green, Dover Street, London, WJL It is 
mounted ln a 3-inch-wide carved ebony frame made by Paul Levi. 

■iuVit c 

Anita Page by Frank Martin 
—limited edition of 50 etch¬ 
ings from Casa Pupo Art 
Gallery. Print alone costs 

I THINK I would prefer to col¬ 
lect pictures for my home than 
any other decorative accessory. 
I really enjoy going to galleries 
and visualising the sort of room 
or people that a particular pic¬ 
ture would suit. And I also get 
a certain satisfaction from 
thinking “I can't bear that” 
However, 1 rarely feel like 
that when I look at the cata¬ 
logue from Christie’s Contem¬ 
porary Art which regularly 
plops through my letterbox. 

Christie’s Contemporary Art 
is ruo by Myles Cooke and 
David Case. Though trained as 
a chartered accountant and a 
chemist, respectively, they had 
worked together and were both 
interested in collecting prints. 
Five years ago they got together 
with Christie's, which owns just 
over 50 per cent of the shares, 
to get the company off the 
ground. The first three years 
were quite a struggle* but now 
success is assured and a good 
50 per cent, of their sales are 
exported, mostly to the States 
and to the growing market of 
the Middle East. 

They publish limited editions, 
usually of 100 or 150, of litho¬ 
graphs, mezzotints, etchings and 

Myles Cooke and David Case 
say that popular opinion has 
swung away from the hard-line 
abstracts of the early 1960s and 
moved more towards figurative 
work. A large proportion of 
their prints bave always been 
landscapes, and these remain 
popular, but in a recent survey 
conducted among their custo¬ 
mers, people, wildlife, seascapes 
and still life were also asked 

When the venture started 
Myles Cooke and David Case 
made a part that they would 
only buy from an artist if they 
were both in agreement about 

AS FAR as I am concerned, the 
only reason for buying a print 
is that you like it—the possi¬ 
bility of it being an investment 
should not really rear its ugly 
head. But if anything should 
increase in value it is more 
likely to be an original one-off 
painting—and sometimes these 
can be picked up quite cheaply. 
Even in my bleary state each 
morning. I still appreciate the 
large and beautiful watercolour, 
hanging opposite my bed, which 
I bought for £15 at an exhibition 
of the work of local artists at 
my local town hall. 

A gallery where you can see 
a large selection of prints and 
a small selection of original 
watercolours or oils is the Casa 
Pupo Art Gallery. Opened only 
four months ago, it is to be 

his work. Of course, they quite 
often agree that some things 
would sell, but they are not up 
to the standard on which they 
have built their reputation. 

In any one week, an average 
of three artists will come in on 
spec hoping that their work 
will meet with approval It can 
happen that someone's work 
will be bought immediately 
and he will be asked to go 
away and prepare 150 prints. 
But more aften ; new artists are 
found through personal recom¬ 
mendation from other artists 
and art school teachers. Some¬ 
times artists are asked to return 
with a further selection—and 
this process has been known to 
go on for three years until the 
artist's work is in tune with the 
partners’ thinking. 

When they decide to include 
an edition in the mail order 
catalogue they can always gauge 
how popular it is going to be. 
For instance a print issued last 
year of two eggs in egg-cups 
has so far sold slowly but they 
know that it will have sold out 
in a year. On the other hand 
they know that some prints will 
he so sought after that they will 
sell out within three weeks of 
the catalogue appearing. Some¬ 
times they will even buy back 

at a later date prints which 
were originally bought from 

About 35 per cent, of sales 
are by individuals, but the 
majority goes to art galleries 
scattered around the world. 

Apart from the mail order 
service, the gallery at S Dover 
Street, London, W.l, always has 
a large selection of one-offs. In 
fact there are usually many 
originals by Henry Moore in the 
gallery although they bave put* 
lished only two editions. 

It is impossible to name all 
their artists but Glynn Thomas 
is one whose unusual style has 
proved popular. He paints land¬ 
scapes but he produces them “ in 
the round"; be sees the view 
from behind and above at the 
same time. Among the more 
conventional landscape artists 
are Kathleen Caddick, Phil 
Greenwood and Chris Penny; 
Graham Clarke produces 
amazin gly cluttered and intricate 
works which are nevertheless 

If you think you may well 
make a purchase and would like 
to be included on their mailing 
list, write to Christie’s Contem¬ 
porary Art at S Dover Street, 
London Wl. Better still, go 
along to tbe gallery and browse. 

A soon to be issued edition of 200 lithographs by George 
Guest entitled “ White boat” The sky and the water is very 
pale (blue and grey) and the land is very dark in contrast, 
, £40, Christie’s Contemporary Art- 

found on the first floor of the 
Casa Pupo shop at 56 Pimlico 
Road, London, S.W.L Most of 
their editions run to 75 or 100 
and the prices go from £30 for 
a framed print to about £100 
for an original watercolour; 
although, when I went to the 
opening I saw a very tiny 
framed watercolour for £15. 

Many of the artists whose 
prints appear at Casa Pupo also 
do work for Christie’s Contem¬ 
porary Art and indeed some of 
the Christie’s prints are on sale 
there. Sarah Ensor, who runs 
the gallery, tells me that the 
best-selling artists are Richard 
Beer, Valerie Daniel, Phil 
Greenwood, Anne Marie le 
Quesne, Prank Martin, Julia 
Matcham, Winifred Pickard, Roy 
Small man and Martin Ware. 

Frank Martin draws Holly¬ 

wood stars from toe twenties 
(one is illustrated above) and 
his work is very popular with 
film buffs. Geoffrey T^imih does 
oil sketches—reasonable at £27 
for one 9 inches square, and 
£50 for 13 inches square. 

At the moment there Is an 
exhibition of watercolours by 
Paul Breaks. He Mves in Dorset, 
and depicts its flowers and wild 
life in bis watercolours and pen 
and ink drawings. An exqui¬ 
site painting of a mouse with 
fir cones end primroses was just 
too delicate to reproduce here. 
The framed size of 10 inches by 
14 inches cost £29 but- this one 
has been sold. 

Go along to the gallery—if 
you like the work of the artists 
mentioned above you are almost 
bound to find something to 


Bully for beef 

As you can see .the back- ^n^rT 
«, .'ground: is suitably traditional tamero 

Readers outside London may I 

SStfS-TSlSSp' rgther Su» PiS«s W Itehd™* Lane. St Alba*, 

thaft a paat -f- ’ made authentically toned photo- Herts. (St, Albans 64504). 

s ?r f . 

*m !»'. ■ 1 ... 

> *5(t*al »■ 

r *\ ■ >( s 

Modem-day Vldxiriatt EentiMaaa 

Entitled - " Portrait of Isabel,” this early 1860s 
photograph-Is attributed to O. G. Rejlander. 
There was much discussion in this office as 
to the spedes of the animal with Isabel—most 
plumped .'for... a monkey. It is In fact a 
Pomeranian dog. 

of roasting joints and grilling this spell of wintry weather, 
cuts of beef have gone up quite these cheaper cuts of beef seem 
a bit recently—which rules them star buys just now. It's impor- 
out for everyday eating. But, taut of course to buy from a 
fortunately, the prices of braising reliable butcher who chooses and 

(serves 8) 

I use a large hut fairly shallow ,_ 

casserole for this so there is * 

plenty of surface area for the . 

mustard-coated slices of bread ■ -v '$ 

which are added towards the end 

3 lb stewing steak, 34 table- ■JB§» jdFljffe' 

spoons beef dripping, 3 large 

garlic doves, 1 lb onions, 1 

tablespoon sugar, 4 tablespoons 

flour, 1 pint Guinness, 3 table- - 

spoons wine qr tarragon SW E .u-iraiiirr 

vinegar, 2-3 fl oz good beef Y>"'' ^ 

stock, salt, pepper, a scraping 
of nutmeg and a good pinch of rSfcgajS 
doves, a French loaf and 
_ French mustard. 

Cut the meat into 11-2 inch POOR MAN’S STROGANOFF 
cubes and brown all over (serves 6) 

in the dripping. Remove with a Using fillet steak and a saute 
slotted spoon. Add the sugar, pan makes a quick but expensive 
chopped onions and crushed stroganoff. This version, using a 
garlic. When soft and brown, cheaper cut and slower cooking 
blend In the flour, pour on the method, is just as good I think 
liquids and bring to simmering and repladng sour cream with 
point Return the. meat to the yoghurt means it is not w fatteo- 
casserole, pushing it well down ing. Buttered noodles make an 
into the sauce, and add the excellent accompaniment but the 
seasonings. Cover tightly and calorie conscious may prefer to 
cook at 3Q0 9 F gas mark 2 for opt for steamed spinach, 
about 2} hours. li lb. chuck steak, lib. mnsh- 

Slice the bread, spread it rooms, 1 lb. onions, 2 table- 
thickly with mustard and use to spoons clarified butter, 

hangs bis meat well; and, to any¬ 
one living in central London, I 
thoroughly recommend the 
newly opened J. and J. Dali! at 
78 Brewer Street. Soho, London 
Wl—an excellent and reasonably 
priced butcher, conveniently 
situated in the most interesting 
food shopping area of London. 


cover the surface of the casserole, tablespoons floor, $ pint plain 
allowing the slices to soak up tbe yoghurt, salt, freshly ground 
sauce. Return to the oven, with- black pepper and chopped 
,out a lid, for 15-20 minutes. parsley. 

Slice the mushrooms and saute 
them in hot butter. Remove with 
a slotted spoon. Add the beef, 
cut into narrow strips, to the pan 
and brown all over. Remove, re¬ 
duce heat and add a little extra 
butter if necessary. Add the 
thinly sliced onions, cover and 
sweat for, about 10 minutes. 
Blend in the flour, pour on the 
yoghurt and bring to simmering 
point Away from the heat, re¬ 
turn tbe beef and mushrooms to 
the casserole, pushing them well 
down into the sauce. Season very 
generously indeed with salt and 
pepper, cover tightly and cook 
at 3U0°F gas mark 2' for 2-2) 
hours. Stir in plenty of chopped 
paisley just before serving. 

Three days aren't really neces¬ 
sary: you can marinate the meat 
in the morning, cook it in the 
evening and chill it overnight 
Then scrape off surface fat and 
complete cooking next day. A Le 
Creuset doufeu or daubiere is 
tailor-made for this dish. If you 
don't have one, replace the lid 
of any heavy casserole with a 
neatly fitting soup plate filled 
with water (remember to re¬ 
plenish as it evaporates); it will 
encourage steam inside the pot 
to condense and drip back onto 
the meat. 

31b. rump, ebuek or blade, 1 
pig's trotter, 6 oz piece of 
smoked streaky bacon, Z large 
onion, 4 tomatoes, l orange, 2 
garlic doves, a bouquet garni, 
2-3 tablespoons olive oil, 2 tea¬ 
spoons sugar and a good 
seasoning of black pepper. 

For the marinade: 6 fl. oz. 
red wine, 1 small onion, 4 
doves, 1 garlic dove, the 
grated rest of half an orange, 
a few black peppercorns, a 
bayleaf, sprig of thyme and a 
few parsley stalks. 

For toe Provencal? sauce: 

6 anchovy fillets, 1 tablespoon 
capers, 1 large garlic dove, 2 
tablespoons dropped parsley, I 
tablespoon olive oti and a 
handful of black olives. 

On the first day prepare the 
marinade. Feel and quarter the 
onion, stud it with cloves and 
place on a piece of buttermusl'm. 
Add the sliced garlic and remain¬ 
ing marinade flavourings and tie 
up loosely. Put it into a bowl, 
add the beef cut into 11 in.-2 in. 
cubes, pour on the wine, cover 
and leave overnight in a cold 

Next day drain the beef, re¬ 
serving the wine and discard the 
bag of flavourings. ThornoghJy 
dry the beef, cut the bacon into 
large dice and chop the onion. 
Brown them all over in the olive 
oil. Add to the daubiere the 
rinsed and dried trotter, the 
skinned, seeded and chopped 
tomatoes, the crushed garlic, the 
orange zest, bouquet garni, sugar 
and pepper—no salt at this stage. 

Bring the wine to a fast boil 
and pour it into the daubiere. 
Push top beef well down into 
the liquid, cover and cook at the 
gentlest possible simmer (250- 
275°F or gas mark 5-1) for 3i-4 
hours. Remove the trotter, 
discard bones, cut up tbe meat 
and return it to the easserote. 
Cover again and leave in a'cold 
larder overnight 

On the third day. scrape off 
solid surface fat then reheat tbe 
daube slowly and gently. Mean¬ 
while pound tbe anchovies and 
capers until smooth, then blend 
in the crushed garlic, parsley and 
olive oil. Stir tbe sauce into the 
daube together with the olives 
about half an hour before 
serving. Check for seasoning 
after 15 minutes, adding salt or 
straining off and reducing the 
sauce to concentrate flavour a 
little if necessary. 


Lucia van der Post 
is on holiday 

1 . 


Financial Times Saturday February *4 1978 


The design that is most favoured (left) and the one most disliked. 

What the people want 


built ou a hilly site and that a 
stone cottage would look out of 
place in a suburban setting, but 
the originality of the design and 
the appearance of the house still 
has great appeal. 

IT IS to be presumed that 
builders do not, out of sheer 
perversity, put up houses that 
they know will not sell: the 
kind Of house that will stick 
not because of a Jack of 
customers or because of gener¬ 
ally unfavourable economic 
circumstances but because the 
design is so horrible that no 
one - in his right mind would 
think of buying one. But may¬ 
be they do. After all anyone 
who goes into the housebuilding 
game must be slightly dotty in 
the first place. They must 
realise that the odds on going 
bust are considerably greater 
than for almost any other 
business in the country. So, 
perhaps having realised they 
have entered a lunatic business 
they decide to put up the most 
hideous structures possible and 
spend the time falling about 
laughing at the lack of 
customers until they are 
dragged off to the debtors' 

Should they decide to mend 
their ways and aim to make 
profit for a change they might 
be helped by a report on house 
design published to-day. It 
would be nice to think that a 
report called “ Designing 
Higher Income Housing That 
Sells” would be regarded by the 
builders as trying to teach 
grannies to suck eggs. But if 
the comments of the people 
interviewed about houses 
already built then it would seem 
that some builders are in the 
state I suggested earlier. 

At the moment, the survey 
says, very few houses meet the 
exact needs of the higher 
income purchaser. The survey, 
carried out in November/ 

December 1977, shows how 
higher income buyers hare 
strong preferences on design 
and features, and sets out how 
best to sell to this group. The 
report is based on interviews 
with 60 upper income home¬ 
owners across Britain and a 
national quantified sample of 
794 respondents. It is primarily 
intended for building companies 
offering houses at between 
£13.000 and £40.000 to middle 
class buyers. Regional varia¬ 
tions are reported in full. 

The report shows clearly the 
five styles of bouse design 
which appeal most to upper 
income buyers. It gives guide¬ 
lines on the type of estate lay¬ 
out of most appeal. Twelve 
styles of house design are 
assessed in considerable detail 
and ranked in order of prefer¬ 
ence by the national sample 
with variations by social class, 
age. area and size of household. 
Energy saving features are dis¬ 
cussed and ranked for prefer¬ 
ences. Research Associates 
reports strong preferences on 
the type of heating system, with 
regional biases. 

The survey gives buyers re¬ 
quirements in terms of size and 
position of all rooms and areas, 
and the fittings which should 
be provided. Distinctions are 
made between fittings which are 
essential and those which are 
not Buyers’ views on separate 
dining rooms, kitchen design 
and the provision of appliances 
and utility rooms are covered 
closely. Respondents have defin¬ 
ite views on the number and 
size of bedrooms, fitted ward¬ 
robes, en suite bathrooms, 
sanitaryware and tiling. The 
main house features are ranked 

in order of preference on a 
national sample. Finally 
Research Associates sets out 
bow best to sell . houses to 
higher income buyers, covering 
a design specification of maxi¬ 
mum appeal, the image and 
status considerations which 
should be borne in mind, and a 
strategy for marketing and ad¬ 
vertising the house. 

On tbe whole respondents 
prefer the designs which break 
away from the basic box shape 
without the house being domin¬ 
ated by the garage. An interest¬ 
ing roof is important as are 
large windows, although these 
must not be so large they 
reduce privacy. 

Tbe following is a resume of 
the reasons why the “ winning 
design — see drawing — was 
choice of a large minority. This 
design was the most popular in 
the discussions groups. Twenty- 
two respondents like it most and 
only one liked it least Several 
reasons were given for the 
choice. Firstly it has an original 
shape which has broken out of 
the basic box shape disliked by 
respondents. Second it has a 
traditional look of a cottage 
which is liked. The split level 
design is liked not just for itself 
but because it shows that care 
has been taken to design a house 
that makes the best use of the 
site. The garage is also unob¬ 
trusive. The stonework is also 
liked as it is a natural, tradi¬ 
tional material requiring tittle 
or no maintenance. Finally some 
respondents prefer bungalows 
to houses, mainly on the 
grounds of convenience. 
Respondents recognise that a 
design of this type can only be 

The drawing , on the right 
shows the most disliked design. 
This was strongly criticised. No 
respondents tike it most and 16 
liked it least The house was 
criticised for looking like a box. 
One group said •’There are so 
many of these they must be 
cheap to build.'* The garage was 
also criticised. It not only domin¬ 
ates the front of the house but 
respondents also think it would 
cut the light off from the front 


Once inside the house the fol¬ 
lowing preferences and pre¬ 
judices come to tight Double 
glaring is thought to be more 
important than cavity foam in¬ 
sulation. Gas central heating is 
preferred, with a regional pre¬ 
ference in the north for an open 
fire in tbe lounge as well. There 
is considerable interest in the 
possibilities of solar heating but 
these buyers do not think, it is a 
viable alternative at present 

Buyers had a dear picture of 
the type of rooms and house lay¬ 
out required. The hall should be 
large enough to receive guests 
comfortably. It should contain a 
cloakroom or at the very least a 
built-in cupboard for storage. 
A minimum of two living rooms 
shouM be provided, a large 
lounge and a medium-sized 
dining room which should be 
next to the kitchen. Open plan 
living areas are not liked. 
Several respondents require a 
third jiving room the same size 
as the dnnfog room. Although 
the kitchen is regarded pri¬ 
marily as a work-place, it should. 
Oe large enough for routine 
family meals. It' should be at 
the back of the house with the 
beck door either directly oat of 
the kitchen or through, a utility 

Four bedrooms are required 
by most respondents. Each 
should be a full sized room 
large enough for furniture other 

than a bed. Fitted wardrobes 
are. best offered as an option 
since there- is a disagreement 
about their desirability and sit¬ 
ing.- Two toilets at least should 
be provided, one downstairs and 
one upstairs separate from the 
bathroom. Each toilet should 
have its own washbasin. An en- 
suite bathroom, like the fourth 
bedroom, is seen by many re¬ 
spondents as a sign of a better 
class house. It would be accept¬ 
able to have just a shower-ami 
wash basin en suite with the 
family bathroom having a basin 
and bath and possibly a second 
shower. Wash basins in ell bed¬ 
rooms might be offered as an 
Kira but this Idea is not popu¬ 
lar with all respondents. 

Restraint and good taste 
should be used in tbe design 
and marketing of tbe bouse. Res¬ 
pondents do not wish others .to 
think they- are throwing money 
around but that they are people 
of substance wife fee taste , to . 
provide a spacious home for the 
family in .a better than average 
suburban bouse. Advertising 
should concentrate on the fea¬ 
tures offered which make'' the 
honse something a little differ¬ 
ent, and emphasise the invest¬ 
ment value. Obvious status con¬ 
siderations should be played: 


.. —• 77- 

Designing Higher. Income 
Housing that Sells Research 
Associates, Tbe Redfords/Stone, 
Staffordshire, Price £140. 

Sane people prefer to ignore the Mm d M w m aito of 
bonders and advisors and do their own thing when 
d esigning their houses. As is obvious with the one drawn : 
above, which was built In fee 1930's. "Fortuns,” 
Aldington, nr. Ashford, Rad, is rather unusual in its 
architectural styie, looting-se tt does as though, it ought to 
he standing on fee shores of the Mediterranean when in ’ 
fact it occupies a magnificent site about 250 ft above 
sea-level overlooking fee Romney Marshes to the Entffrti ’ 
Channel. It is about a mile from Port Lympne which waia 
. opened a eonple of years ago by John Aspinafl as Ms 
second Zoo Park in Kent. Accommodation includes: 
entrance hall, two riknkromns, lounge with study area, ^ 
dining room, kitchen, south-facing sun loggia, four be& 
rooms, two bathrooms, oil-fired central heating, two •/ - 
. garages, garden and grounds of about three acres; pries 
£60,000 freehold. Agents: Borrows and-Day, -Bank 
Ashford, Kent. 

- v *7s 

Comic vision of English life 

EVELYN WAUGH thought he 
was the greatest English 
novelist of his generation. 
Anthony Powell, who knew him 
at school found him to be “a 
gifted witty companion, refresh¬ 
ing in many of the ways he 
looked at life." John Updike 
says he discovered how to write 
from reading his books. Alain 
Robbe-Grillet admitted he was 
one of the few modern English 
novelists to have influenced 
him. Who was he? He was Henry 
Green, alias Henry Yorfce, who 
died in 1973 at the age of 6S. 
and who delighted readers of 
fiction before and during fee 
war with his novels, three of 
which, Lortnp, Living and Party 
Going . have just been re-printed 
in paperback as one volume by 
Picador at £1.75- 

The Henry Green renaissance 
burgeoned last year with the 
re-issue of his first novel Blind¬ 
ness ( Hogarth, £3.95), which he 
began to write when he was still 
a schoolboy at Eton and which 
showed precociously mature 



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Only £2.00 per line (minimum three lines) 

Return this coupon with details of your property 

together with your cheque and publication will take 
place next Saturday. 

or telephone 01-248 8000, ext. 390 

gifts. The new paperback should 
bring him the wider audience 
feat was denied him during his 
lifetime. He belongs to fee comic 
tradition of the English novel 
but you cannot say feat his 
work derives from any previous 
master or mistress of that 
tradition. He depicted enclosed 
worlds, groups of people in a 
country bouse or factory, whose 
behaviour provided norms and 
patterns for each other, but be 
wrote about them in a way feat 
was unique. 

His books glow like paintings 
by Matisse or Bonnard, 
exquisitely well visualised in 
their particularities. In Lomng 
the butler Raunce is observed 
by the housemaid Edith appro¬ 
priating some notebooks, giving 
details of tips received by his 
predecessor, just deceased : “He 
seemed to appraise the dark 
eyes she sported which were 
warm and yet caught fee light 
like plums dipped in cold 

Loving contains Images as 
vivid as this on every page. In 
later hooks written in the 1950s, 
Nothing and Doting, Green was 
more sparing of this painterly 
way of writing. He concentrated 
upon his other great strength as 
a novelist his ear for rhythms 
and expressions of ordinary 
conversation. He discovered a 

rich figurative poetry in fee 
cliches of table talk. The last 
books are comedies of manners 
distilled from tbe generation 
gap and .fee affluent society of 
the 1950s that make even Pinter 
seem crude by comparison. 

But in the books in this 
volume Green was still experi¬ 
menting wife descriptive 
writing which may at first 
appear mannered. “I can't stand 
novelists who write like the 
Times,” be was fond of saying. 
Here he gave us descriptions .of 
fee milieu of a Midlands factory 
worker based on his own 
experience a2s fee managing 
director of such a factory, 
making machines used in the 
catering industry and 
descriptions of a fog-bound rail¬ 
way terminal where a parly of 
bright young things and not-so- 
young things await the start of 
their interrupted journey. 

Green applies fee same ironic 
penetration to the well-to-do as 
he does to fee working-man. 
Like Proust whom needless to. 
say be greatly admired, he was' 
able to work at either^end of 
the social spectrum and to 
bring both together in his comic 
vision of English life. The book 
in which he did this -most 
happily was Loving set in a 
house in Ireland during the war 
where the novelist shifts from 

below to above stairs and man* 
ages to sustain at both levels 
a tension about sex feat 
suddenly snaps when, fee maid 
discovers the yoang mistress in 
bed wife her lover. 

Engli sh fiction is peculiarly 
rich in butlers from Dickens to 
Wodehouse but for my money 
the greatest of them all - is 
Raunce who takes over at fee 
.beginning of this story. Anyone 
who has not yet made his 
acquaintance has a treat in 

in - the business mask; to 
enjoyed talking about novels b 
which he was a voracious reade 
and about his own novels tr 
anyone who had read them. Hi 
hated personal publicity —.to 
refused to be photographed-4- 
but he welcomed criticism. Hi 
was gratified when the T& 
devoted an erudite “middle" tb 
his novel Concluding, anonyxnom 
but' written in fact' bj 
J. Maclaren-Ross .(as Green 
knew), another admirer of his. 

Green's small but brilliant 
output must serve as an argu¬ 
ment for a creative writer 
taking alternative employment 
and only needing to write the 
books he wants to write. It was 
a deliberate choke on his part 
He left Oxford without a degree 
(having represented fee Uni¬ 
versity at billiards), went into 
fee family business, and stayed 
in it apart from war service in 
fee Loudon Auxiliary Fire Ser¬ 
vice about which he wrote a 
novel Caught, until he retired. 
He wore his businessman’s'face 
as it were in public but when 
he travelled by bus. as he liked 
to do, his novelist’s ears would 
be pricked to eavesdrop an the 
conversations going on around 

I remember as a callow 
student asking Green if I could 
interview him for an article 
about his work. We met in a 
pub near, his house in Trevor 
Street and he miked 
fascinatingly wife me for about 
an hour. At fee end of it bb 
asked where fee piece I pro¬ 
posed to write would appear. X 
mentioned < an undergraduate 
magazine. “Why don’t you send 
it to . . he asked, naming i- 
highly influential literary jour¬ 
nal. I said I thought this was 
a bit beyond my sights. “I don’t 
know,” he said, “fee editor is 
mad about a Greek poet Just 
compare my work to his some¬ 
where in fee article and I'm 
sure it will be accepted.” J 
wish, now I had taken his advice 

Nor was he wholly imprisoned 


- ; - 
I :/ 

Delights of the Highlands 

WHEN Queen Victoria first saw 
Balmoral she wrote: “It was so 
calm, and so solitary, it did one 
good as one gazed around; and 
the pure mountain air was most 
refreshing. All seemed to 
breathe freedom and peace end 
to make one forget the world 
and its sad turmoils.” The affec¬ 
tion that fee Queen and Prince 
Albert had for Balmoral—“my 
dearest Albert’s own creation 
. .. and his great taste and fee 
impress of his dear hand . . 
put Scotland on fee map. 
Tartans, “pebble” jewellery. Sir 
Walter Scott and Robert Burns- 
inspired souvenirs were all in 

Donald Winters gill sums up 
the appeal splendidly in his 
evocative new book Scottish 
Antiques (Johnston and Bacon, 
£7.25). It is the first book to 
set out what is available for 
the collector, giving fee back¬ 
ground to such curiosities as 
tappit hens (elegant flagon-type 
containers which hold a Scottish 
pint, the equivalent of three 
Imperial pints), and those near 
relatives to a quaich (from fee 
Gaelic ciutch, meaning cup) such 
as bickers (shaped rather tike 
buckets, the larger variety called 
cogs or coggies), and luggies, 
wooden vessels wife one Jug or 
handle, and keelers, large, oval 
shallow pans for cooling milk. 

An enormous help in track¬ 
ing down your Highland delights 
is fee second edition of fee ex¬ 
cellent Guide to the Antique 
Trade in Scotland (£1.95 post 
free from Bernard Holbrook, 
the Aberdeen Advertiser, 123, 
Crown Street, Aberdeen). There 
is a completely new section on 
museums and art galleries in 
Scotland, a table of Scottish sti¬ 
ver marks, a dictionary of terms 
used in fee trade, and a lengthy 
directory o€ special services for 
fee trade, ranging over watch 
repairers to pine strippers and 
picture restorers. In addition 
there are special articles on 
art nouveau, with a list of de¬ 
signers and artists of the period 
plus the names and addresses 
of dealers from Aberdeen to 
Upper Largo. 

Demand for Scottish souvenir 
wood ware was met partly by 
pieces made in MaucMine, Ayr¬ 
shire, a small town which even¬ 
tually gave its name to numer¬ 
ous small objects made of 
varnished sycamore decorated 
wife /transfers taken from en¬ 
graved plates. The transfers 
were of Scottish and English 
views— I hasa one of Worthing 

ii:'. . -ft-* 

. ■ •- • ■-'.■•-.J • \r- '' T*.-. 

\ . 

. __ «>«r; m 

(S'* ; 


ill })•! 

* *»L. 

• • . ,r- 

"W : : - 

:. T 

M&s®;? f a ' 

it • 


• ' 'V” jAf* 

| A ' 


Victorian Scottish pebble broodies at Melville Kemp, 8^91 Derby (Road, Nottingham, 

« .<*#71 : 

, "-T. 

pier .on a seal box—and fee 
Smith family of Sauchline were 
one of fee leading producers, 
well documented in Edward H. 
and Eva R. Pinto's Tunbridge 
and Scottish Souvenir Wood- 
ware, (Bell, 1970). The variety 
of Mauchline objects for col¬ 
lectors is enormous—egg cups, 
letter-rads, paper knives, spec¬ 
tacle and needle cases, book 
covens, photograph frames, 
brushes, money, stamp,, stud 
and pin boxes, wool holders, 
napkin rings, thread winders, 
darning eggs et of—all items 
which can be bought relatively 
inexpensively in markets and 
bric-a-brac 'shops. 

Jewellery wife Scottish 
themes was popular from fee 
1840’s—brooches set wife cairn¬ 
gorms, grouse claws mounted 
in silver, miniature shields, 
dirks and claymores Ornamented 
with “Scottish pebbles” or 
agates. A woman's magazine of 
1878 referred to fee rich 'colours 
of the clan-tartan being “en¬ 
hanced by a multitude of en¬ 
graved silver buttons, shoulder 
brooches, embossed buckles, 
etc." Pebbled jewellery goes 
back at least to 1749, when 
John Fairweafeer, lapidary, at 
Clockmiil. Edinburgh, adver¬ 
tised in fee Caledonian Mercury 
as cutting “all kinds of Soots 

pebbles . . wife .his new’ in¬ 

vented machinery... he being 
the only. Scotsman hitherto that 
has made any, notwithstanding 
other pretenders." 

If you want to start up a col¬ 
lection of ■ Scottish pebble 
jewellery, Melvtile Kemp, 89-91 
Derby Road,~ Notting ham, 
specialises In various, styles of 
brooches, at prices between £25 
and £7S, _and very, attractive 
they look: . - 

The heart or Luckenbooth 
brooch ^exchanged by lovers, 
derives its. name .from, fee 
luckenboqtbs or locked, booths, 
(tiny silversmiths’ workshops 
clustered round St . Giles 
Cathedral), in mediaeval . Edin-' 
burgh. Lttckenbooths were also 
considered’ to have magical 
qualities,: and the story goes, 
feat nurring mothere yore them 
to ward off fee evil' eye and 
stop witches stealing their milk 
or harming their babies*. Ji- - ' 

Craftsmen still. fashion. tradi¬ 
tional Scottish jewellery which 
is well worth collecting,'and 
“heart-uponheart" Luckenbooth 
love pendants are being pro¬ 
duced by. the Jennifer John 
Studio, 1. Beaxsden, Glasgow, to 
celebrate' St -Valentine's Day. 
Based on a 17fe century design* 
fee pretty .pendant is in; hand- 

polished solid pewter on a chain*'- 
in a. presentation case wife the. 
Luckenbooth story, £l 95 poSt^ 
free. - 

Luckenbooth brooches are 
also sold by. Scotland Direct,who 
market other delightful small 
jewellery from workshops 7 
spread over the Sbetlands to. 
Fife’s East Neufc. Designs are 
based on fee Celtic or Nordic 
inheritance of the Scots.such.a* . 
fee Ortak Viking erras, and fee: 
Hunterston brooch, a reproduc- - 
tion of a. .Celtic woik. of 
datingfrean- 70& AD, iaSasg; 
namecirom fee rpfece 
was- found by a.' sfieplieril oii i 
Ayrshire hillside . in 1828# -■ 
Arthur J.- A. Bell, managhUt * 
director, Scotland Direct, Thr 
Counting House, Nesr Lanark, 
will send an illustrated leaflet- 
on various ancient crafts. , 

• -For those'who-want to W&* : 

' a serious study of fee origins of - 
Celtic art, Constable have just-- 
reprinted George Biun’s admir-*-: 

: aide Celtic*Art—37vc Methods of .. 
Construction (£3:95), ayeritable 
grammar of ornament cbveriitf V 
.fee., .entire .’chrdriblogy of sym?.' 
bol% embradng spirals through 
chevronsrStep patterns and key» : 
to knot-work interfacings and 





1 Art I 

*e business ^ 
«d talking abo Ulr ; 

ce or two at the last lxodrl 
idst great excitement and some 
rimony, others are slipping' 
ay all the time, a Bellini here, 
other Stubbs, there. 
r Jeorge Stubbs was one of our 

Nude by Watson 


a century and more, and finally 
Goldsmiths’ drawings of the Man¬ 
nerist period, the later sixteenth 

The photographs are the first 
to be shown under the new 
dispensation, by which tbe 
collection has been transferred 
from the Museum Library into 
the care of the Department of 
Prints and Drawings. They in¬ 
clude some 0 / tbe earliest 
prints the Museum ever 
acquired, Roger Fenton’s 
Crimean pictures, for example, 
an Indian Army colonel by 
Bourne and Shepherd, and the 
Bennington leather works in 
Southwark, Tbe earliest image 
dates from 1845, the Beauty of 
Newhaven in the Hill and 
Adamson album, the latest 
from 1967, Tony Ray Jones' 
Glyude bourne picnickers; and | 
between them the work of just, 
a few of the great figures of the 
medium: Brassai. Brandt, 

Kertesz, Strand, Weston, Muy¬ 
bridge. Atget, Julia Margaret 
Cameron. We are promised a 
gallery in some three year's 
time to house these fine things, 
which will be a great treat. 

But the V and A has been hav¬ 
ing a bad time lately, and pro¬ 
mises -are only promises. In it 
we possess one of tbe world’s 
great treasure houses, on inter¬ 
national centre for primary 
research of all kinds, an extra¬ 
ordinary Aladdin's cave to 
delight any visitor. And yet, to 
our shame, our Government's 
priorities are such as to force 
it. through the inflexible agency 
of the Department of Education 
and Science (a grandly ironic 
title), so to reduce its staff that 
it must shot up shop altogether 
once a week, must threaten a 

Too little joy 



J Call It Joy was the title of 
a threfc-quarters of an hour radio 
programme about C. S. Lewis 
(Radio 4, January 29). I would 
call it rather disappointing. We 
were told In Radio Times that 
the programme would draw 
together “the many strands of 
Lewis's life and thought,” but 
this is just what it did not do: 
it concentrated upon Lewis the 
Christian apologist and gave 
very short shrift to other aspects 
of the man. I suppose you could 
argue that everything said or 
written by Lewis was a kind of 
apologia for Christian faith hut 
this would be simplistic and do 
a disservice to a man whose 

r ang e as a critic was remarkable. 

■Nowadays we bear a lot about 
comparative literature as a uni¬ 
versity discipline, students are 
encouraged to contrast realistic 
novelists in English with the 


most part quotations from Sur¬ 
prised by Joy, his autobiography, 
were read by an actor who 
sounded unreal beside the broad, 
deliberate drawl of the original. 
As Tynan has said. Lewis spoke 
as he wrote, in italics. I would 
be happy to listen to a serendip- 
lious hour simply made up from 
his own surviving broadcasts 
without any other voices at alL 
When you go back to tbe 18th 
century we have very little idea 
how anyone sounded and actors 
can interpret the words of the 
luminaries of that age quite 
happily. Hugh Burden at his 
most mordant found just the 
right tone for Junius, that 
vitriolic scribe, whose contribu¬ 
tions to the Public Advertiser 
were for three years the terror 
of ministers of the crown and 
even the monarch. In the case 
of Junius, we do not know for 
sure who he was. There have 
been 62 candidates put forward 
by scholars for the honour, we 

8 King Street, 

Stjzmes's § U ^ » 
London j [w g) 



Td: (01)8399060 
Tdcx $16429 



ae.wno .nad readittionai Heritage, whatever that close to visionary Palmer as they fies ail explanation. Who is the bition services, 
i personal puMi^Tand, now that we have indeed are to tie pre-Raphaeli tes with impassive horseman: what has Our Trusiee Museums have 
ed to be I>hoto£ns wed them back to our collec- whom weusually see them: the happened, or is about to happen their problems, and their com- 
te welcomed bosom, it is unthinkable-that comparison is easy and direct, to the pretty girl: whose heart para rive independence certainly 1 
wfatjfip.; '.L Cnc ?he. Haymakers ,”- and “The. Stubbs, apart, the most important has she hroken? Bucolic passion 'irritates rbe more (interfering 
an or,.** Papers” should be anywhere works shown • are by Gains- runs high. amongst our legislators—which 

, r e j but in the Tate,' That they borough. Cm early Suffolk land- The v and 4 too has lately Perhaps explains tbe smallness 

jvei LORC'adiRo.aie there, however, just as with scape, and - , two rather more opened a S how 'drawn from its their purchase grants: but at 
written i a ^-mingbam’s Bellini or. ; the unfamiliar, paintiagsb? Turner 0WQ collections, which is hardly least ti»ejr able to carry on 
ABClaren-Ross (« tional’s Brouais/ . due from the years just before 1810, an unusual occurrence: but tbeir work, even to lake on 
another si^L.^rely to a - fortuhate; coin- one a most curious figure compo- the collections are so rich that €Xtr3L staff. fteir galleries effec- 
~ ence of private generosity and sition. the Interior of a barn, the any special display is fascinating tiv^y policed and open, as they 

t his ivodr “‘raffle a motor carvor run a evidently close la both handling s i sts 0 f f 0ur distinct elements rumbles on, and there are those 

E abola, whenever a picture that and,Spirit to the-work he. did in put tosetber as much to enjov who wish to keep things as they 

« a ihould acquire, and which any the open air at that time, up and their mutual incongruity as to are: but. set against ffie actual 

Si "JiG se f-civilired government, .would doym the Thames Valley. ..' show off their own material. The effects of direct administration 

H 8 tin;;y with msirke sure It has. become avail-. But it remains Stubbs' show visitor must expect his sens- by Government department, the 
tear. A: »> eadse? . . . The two paintings demonstrate bility to twang a little as it case for putting the Victoria and 

d where i:* p^^bese two • magnificent paint- H u fcic auaiitlan tHn mw, tmich stretches to encomDass the Albert Museum under a hoard of 

sed-government, .would dovm the Thames Valley...' show off their own material. The effects of direct administration! 

e it has, becomes avail-. But it remains StubbV show. visitor must expect his sens- by Government department, the 
rThp two paintings demonstrate bility to twang a little as it case for putting the Victoria and 
two magnificent paint- qualities, the sttre touch stretches to encompass tbe Albert Museum under a hoard of 

< . . .:e li-ceu, cdscapes, chosen by Mrs. Judy, even casual lair; and this under- and the other artists of Der Gihson and Lord Goodman should 

;iy inf-uintlil litiserton,-.of the..Gallery's staff, lying deliberation is „ given Brucke. master photography of be supported. 

I $aii J ±o jcu £**» w ork already in the historic further emphasis by their odd 

1 b»vo»*d m > collection.- Aftutr ol.-ths theatricality.- Who the ‘people, ■ - .. . . '. ■ . .. 

i.’V#’ ‘.^“-htings are old favourites; but -are -is not known; though.these 

. J ~ virtue of a show tike this is would seBm to be their exact — =-= . i 

■ BDOU ' - “ . rtake them out of their usual. portraits; and the drpma they P-: 

pare T-7 vors: W -itext, so that we might see enact on those shallow, realistic \ 
re sreier .j ^ 

> it acMK ' 5 / - - - 

3 2 oa ! liken25_, 

French counterparts or our epic 
poems -with those in Italian. 
Lewis was ic himself a whole 
department of comparative 
literature. A friend of mine who 
went to see him in hospital when 
be was seriously ill asked him 
bow be was. Lewis smiled and 
6 aid: “ Oh. not too bad you know; 
I’ve managed to get through the 
whole of Ariosto again.” 

But it was not merely that he 
had read so much: it was that, 
like Dr. Johnson, he bad immedi¬ 
ate quotable access to anything 
he -had ever read from Homer 
to Henry James. It was all there 
in living form waiting in the 
wings to be summoned back. To 
reduce him to the level or his 
most famous works. The Screic- 
tape Letters. .Were Christianity 
and the Narnia books, as this 
programme tended to do. gave 
the listener a restricted view of 
bis mind. We heard the impres¬ 
sions of two of his former pupils. 
Austen Kark now head of the 
BBC’s Overseas Service and John 
Wain now Professor of Poetry 
at Oxford. The latter was per¬ 
ceptive about Lewis's limitations 
as well as bis strengths: his 
distaste for literature of the 
emotions. I should have been 
glad of more Trora ex-pupils. 
Could not either Kenneth Tynan 
or John Betjeman be persuoded 
to come to the microphone? 
Perhaps the Poet Laureate would 
at this distance of time have 
given us his candid view of 
Lewis seen through his eyes as 
an undergraduate. 

Lewis's own voice was heard 
once or twice during the pro¬ 
gramme on the grand divorce 
between heaven and belt and 
on the virtues of Charles 
Williams's novels, two of his 
favourite themes, but for the 

Thomas Rcnclandson: The Coachman's Boots, 

5 in. by 8 in. 

Christie's sale of English Watercolours on Tuesday, 
February 14th affords a rare opportunity to examine tbe 
taste of a discerning collector of limited means. The late 
Walter C. Hetherington acquired this fine collection of 
watercolours mostly in the 19-0's and 1930's, concentrating 
on English artists painting between 1770 and 1850. The 
earlier period is represented by four fine Gainsborough 
drawings and-his interest in topographers of the late ISth 
century is illustrated by watercolours by Thomas Girtin, 
John “ Warwick" Smith, Thomas Hearae and Francis 
Towne. In this group Towne’s watercolour of Llyn 
CweLiyn in Wales ranks as a masterpiece among his draw¬ 
ings of British subjects. Tbe collection contains many fine 
drawings by Thomas RowJaodson. Tbe example illustrated 
here. The Coachmhn's Boots, is a rich example of 
Rowlandson's wit: while the huntsman strains to pull on 
his riding boot, aided by a woman and an elderly retainer, 
the coachman exultantly leaps into a pair of enormous 
bools. The early 19th century is represented by water¬ 
colours by John Sell Cotman, David Cox, Peter de Wiot 
and John Varlcy. For further information on this sale, 
please contact Anthony Browne at the above address. 

C. S. Lewis 

were told by Professor John 
Can nan in The Quest Jot Junius 
(Radio 3. February li. a lucid, 
well-structured balf-hour of 
popular history. Prof. Cannan 
is preparing a new edition of the 
Junius Letters, and be gave us 
a fair sample of them—they 
were not quite 3 s scurrilous as 
1 bad been led to expect—before 
dealing with the more serious 
claimants, finally putting out his 
own choice. Philip Francis, a 
senior civil servant and adminis¬ 
trator. The Professor was care¬ 
ful to hedge his bet a little at 
the end under threat of the 
appearance of a new book by 
"his rival in this speculative field. 
Tn similar fashion, I can imagine 
the historians of the 22 nd cen¬ 
tury vying with each other to 
uninask posthumously the 
identity of one “ Bernard Levin.” 


For fully descriptive brochure 
write to:— 


9. Christmas Steps, 
Telephone: 0272 20442. 


SI.. W.1. Modern paintings, sculpture 
■nd graphics by Interesting. International 
artists. WUi range ol prices. Tues.-Frt. 
. 70 00-5.30. Sets. 7000-7.00. 

|chancellors col 

Antiques — Silver — Porcelain 
— Pain rings, etc. 
Viewing Today (4 Feb.) 

IQ a.m.—S p.m. 

Sale 6th—7th—8th Feb„ 7978 
Catalogues 30p 
Details: 31 High SL, Alert 
(0990) 20101 


Early Victorian dresser, £225. Georgian 
circular cble. £B0, ditto 5fc. * 
21c. 6in.. £120. Edwardian chesc of 
drawers. £38. also cradle, corner cup¬ 
board. tables, chain, etc. Seragaale 
Antiques, Swallow field Farm, Bricht- 
ling. P.obcrrsbridge, Ease Sussex. Tel: 
Brichtling 225. 

anthony ^Theatres this week 

A LPWYCH— The- .Wo?/ of the Nice dialog^/ ii 
““ vrld. Outstanding.RSC prddno play about * ffest 


JkLDWYCH— The- Wttj/ of The Nice dialogue in undramatic 
vrld. Outstanding RSC produr- play about * deserted husband, 
n of. Congreve’B, comedy; with Reviewed Wednesday/Thursday, 
a playing/ by. Judi- Dench^ - - •■/' 

fry! Reid'iind fiaideed-: all the OPEN/SPACE—A Day Far- 
hpany.-Reviewed .Monday: ■ euer. DulL domestic comedy of 

' 1 TV 1 * riv- Vriiiarvc— sex - ^ day of the funeral. 
Th? - Timreday/Friday. 

■ i^REENWICH—A n Ideal Hits- 
handsome but not very 
'• ^' C ^r ,J V 1 - Wittily' gpokep production of 
-WUde> 'J classic: Reviewed 

R 8 h«®:‘*Sd*y- . . . 

ortan^pl^^m:'.'prvvAT' TrynTANGF Man- 
a blind^55e&ram"7MWier to - EaGHANG h, Mah- 

hidebQiitt'd iamiiy.rReviewa chesier — The Dybbuk Too 


decorous - a presentation of this 
great ipl-ay^ of demonic posses- 

inJaimaTy. , slon. Rtrviewed .Friday. 

_C«nd ; tne l fpUowing Sun-/ Dodd.-. \ yyednesday, welcome 

a .rehearsed.>e3idir^"of'the i^ the RSC of Prioafes 

ve iu»fi^ings.^..'.FaTnd£.- .Thursday, Saint 

stai^RSQ: cdnipahy.^TB^day; Jo&l Vctb Eileen Atkins, revived 



eapoi tops record 

WORLD RECORD- price ter.a 
ipot—any teapot—was paid in- 
u 3 W York oir* Thursday at the 

Heid- N0 """ theby ..Parte Berofist mpnfing 
„. 0 id afternoon sSes of Asneri- 
. j i’". na 'Ria. crJvpr nnf hv PAter vnn 

- 7,000 f£2<040> ,ti> s: J; shrub- 

v-^- le, of Ltnrddn ahd Kew York. 
..^iTie previous .high .price for a 

according to. the house, 
<*■’" .V,. - J^7,000, also'id-New--York, 

l ' ! *" »r?is J!'MSB- • 

jt’f; '.j i-Tbe two "sessddns. ' Totalled. 

J ?'. ; 90^50 CT199,7B9). ,A- rare 

, j last •'-^:“:-hinese export: Porcelain figure 

wfv-ijS - ■ l 7.- 
krt.t’i' '.’^ ^’-5 

ale room 

'■ a Dutch lady with a fredded 
cb made $15,500 .(£7,928) and 

i : *.;; 5 ^;»ld diaoer ; plates sold for 
., < 9.000 (£9,718) to a New York 
.■■'»aler and a. Thomas Jefferson 
■ tr- :,r :: : r. ^orge HI silver.soup-ladle went 

pm to the lfttc President's home 

, «r’. ^.i'.wn ranseura in. Monticello. ya n 

V* ■- ^ir - V a price of S6.1O0 (£3J20>. 

. r'^^'.v Also in New York on Thursday 

* ’ ! • '‘’V '- bristle’s was dealing tn English 
id.. Continental; tnrniture, 
pestries, ■ . eastern . rugs and 
,r>v." ? '; - r.-'y.'irpets to the tune of £446,741- 
c'r-t ?225,62e>. A , Ftenash : 16* 

'- vT- ;nturyrl7th...-'century, apfzhai 

tapestry went to Blau, New Yoris,- 
for $17,600 f£S,SSS) and the same 
price was paid by Kagan, New 
York, for an earlier similar 
MiUefleurs. tapestry. A George II 
mahogany library writing table 
also fetched $17,600. /Objects 
offered by the executors of the 
late J. Paul Getty made a total of 
$136,929 U&L1G5). ' 

Back in' London yesterday 
Christie’s sale of fine Victorian 
pictures amounted to £312.040. A 
pair by' Abraham Solomon was 
acquired-by Jay’s Fine Art. 
Liverpool, for 19,500 and an 
Edward Pritchett went to 
Mclnnes, London, for £9,ooo. 

Clocks, scientific instruments 
.and watches sold- by Sotheby's in 
Loo don made £124,560. Banhara’s 
won _a rare, calendar mantel 
clock of. around 1 S 20 for £&500. 
The same bouse was selling 
English furniture and other 
items to .a sum of £37,430 with, 
a ' Tabriz carpet going. . to- 
Zamboni for .£2,500. The final 
for Sotheby’s three-day sale 
of 'works on travel and topo¬ 
graphy was £58,939 with Schuster 
paying £510 for the Naval 
Chronicle. • ■ 

The most valuable lot In 
Stanley. Gibbon’s sale yesterday 
was an .unused 1927 dc Pinedo 

60 pent stamp— M probably the 
finest 'known example of Its 
kind”—which fetched £10,500. 
The Stamps were prepared , for 
mafl to be carried by the 
Italian airman of that name.^on 
hSs flight from Newfoundland to 
Italy,- The .two-day sale realised 
£88,700, ... ■> 

Sperialists in the Sale byAuciionof Coin-sand Medals 

7BkahrimStreet,KewBondStnet,WIY9U) Tyeptooe 01-4332445 

.Wednesday, 15 th February, at 10 ajn. 

In gold, silver and copper 
including fine specimen sets: also commemorative 
medals etc. 

(Catalogues — Price 40p) 

Wednesday, 1st March, at 1 p.m. 
in gold, silver and bronze 
(Illustrated Catalogue (3 Plates) — Price 50p) 

Wednesday, 15th March, at 10.30 an, 
in gold, silver and bronze 
(Illustrated Catalogue (3 Plates) — Price 50p) 

Wednesday, 5th April,' at I P-m- 
in gold and silver 

(Catalogue now in course of preparation) 

Wednesday, 10th April, at I pun. 

(Catalogue now in course of preparation) 

Catalogues for further Sales of Corns and Medals to be 
held m the Spring are now in course of preparation. 
Collectors desirous of selling should contact Glendtntng 
and Co. promptly. 

Commission to Vendors—10% 

NO PREMIUM is charged to buyers 

Collect Stamps 
A Superb Souvenir 

2nd Junel978 is the 
25th ANNIVERSARYofthe ( 



This great Royal Occasion is being 
commemorated, with special postage 
stamps, by Great Britain herself and a 
number of other Commonwealth countries. 

Over the years we have built up a line 
reputation fof which we feel justly 
proud) for supplying sets of stamps, 
issued to mark important events, in 
very special, individually numbered. 
Presentation Packs—in themselves 
treasured collectors’ items. In every 
case these packs have proved to be 
6 uperb souvenirs of great Royal 

To mark the 25th Anniversary of the 
Coronation we are preparing three 
special Presentation Packs which we 
have every reason to expect wiH prove 
to be the best of alt. 

^presentation Pack B 

fj jLi j . 1 T£ CaHjdrafs Issue, 

Four territories (The Grenadines 
of St.Vincent, Montserrat, St. Vincent 
and Tuvalu) are each issuing a set of 4 
stamps and a Souvenir Sheet based on 


1 • ’Jut" 


^Presentation Pack A A beautifully designed Pack containing the uniqu 
series of stamps (in sheetlets) to be issued by tbe Crown Agents on behalf of 
' the following territories for wbom they act: 

Ascension Island Fiji St. Helena 

Barbados Gambia Solomon Islands 

Belize . _ Gilbert Islands South Georgia 

B. Antarctic Territory ' Mauritius _ Swaziland 

B. Virgin Islands New Hebrides _ Tristan Da Cunha 

Cayman Islands Ncruvelles Hebrides Western. Samoa 

Christmas Island St. Christopber-Nevis- 

Faikland Islands Anguilla 

(Other Crown Accents territories may decide to Join in but this seams unlikely) 

St. Helena 
Solomon Islands 
South Georgia 
Tristan Da Cunha 
Western Samoa 

The Post Offices of each of these territories are issuing two strips of 3 stamps 
printed in special commemorative sheetlets. In each case the centre stamps depict 
a charming portrait of Her Majesty, while those at the left show one of tne 
Queen’s heraldic beasts and those at the right a creature indigenous to the 
territory concerned. Between the strips is an illustrated ‘gutter’ which includes 
details of the designs depicted. 

Our price for each of these packs will be based on face value plus 25% - probably 
between £40 and £45. (We cannot at this stage be more precise in view of 
fluctuating exchange rates and the possibility of other territories joining up). 

involved depicts, most beautifully, a 
different Cathedral of the British Isles. 
We have had a separate very special 
Presentation Pack designed to house 
these magnificent stamps and 
Souvenir Sheets, and our price will be 
between £12 and £15 (dependent upon 
prevailing exchange rates). 

I t !?33 bi 

A Financial Times Report 
Date: Saturday 23rd March 

For further details and advertising rates, please 
contact Richard Jones, 01-248 8000 (ext. 323) or 
writes to: The Financial Times, Classified Adver¬ 
tisement Department, Bracken House, 10, Cannon 
Street, London, EC4P 4BY. 



- The content and publicadoQ dates of Surveys published in the 
rumuwtal 2Snes *n Hbjea to change at fiu discretion of ft# Edtar. 

&.THE DE-LUXE PACK This Pack will contain all the items included 
l^ FPCPntfltinn pjifllf p in Packs ‘A’ and ‘B’ PLUS all other British 
m ah Commonwealth issues. It seems likdy that the 

■£.’ Common wealth following additional territories may participate: 


i j > * \ *i 4 - -T* 



Great Britain. 



Isle of Man 











Cook Islands 





Hong Kong 


New Zealand 


Norfolk Islands 
P&pna New Guinea 
Penrhyn Island 
Ti tcailn TclanH 
St. Lucia 
Sierra Leone 

Turks & Caicos 

but our price^mll be based on face valued cost plus 25%. 

I Presentation Pack C 

(All British Commonwealth) — Packs. 

I I understand that yon wall advise me 
when the pack(s) are ready for despatch 
' ’ to remit to yon the amount 

Judging by past experience it seems 
inevitable that several of these 
stamps will be printed in insufficient 
quantity to satisfy postal and 
collector demand - consequently 
complete sets will quickly command 
a premium and be much sought 

For this reason it is of great 
importance that we should know 
urgently how many sets to order 
from each territory. 

In the event of our being unable to 
obtain sufficient quantities of any 
of tiie stamps we shall supply packs 
containing as many as possible - at 
proportionately lower prices. 

All orders will be dealt with on a 
‘First Come - First Setved’ basis. 

To avoid possible disappointment 
yon are advised to plaice your order 
without a day’s delay. 

addressed envelope enclosed. 
Name •iHMIlllHIIIIIMIHmHinrM * 1 










Carter intervenes to break 
deadlock in miners’ strike 


NEW YORK. Feb. '3. 

under INCREASING pressure failed again and the Labour supplying electricity to the line 
to try and bring to an end the Secretary asked Mr. Miller to Is reaching a critical point in 
U.S. coal strike. President Car- postpone the meeting, to give its coal stocks, 
tec to-day intervened in the dls- negotiators more time. At present there Is no danger 

pute which is now the longest The Administration’s jnterven- of widespread power losses 
strike in the United Mine Wor- tion in this way is seen pn- across the Eastern half of the 
kcrs SS-year history. marily as cosmetic — an attempt nation but rather a serious 

Labour Department officials to demonstrate to the power threat to supplies in certain 
confirmed that the Labour Sec- companies concerned about districts. 

ret ary. Mr. Ray Marshall, called dwindling coat slocks that the Even if a settlement is agreed 
the union president. Arnold Mil- administration is aware of their at the negotiating table this 
ler. this morning asking him at anxieties Power company week-end—and some observers 
the request of the White House, executives are reportedly asking say that the gulf between the 
m postpone a meeting of the Congressional representatives union an d management is wider 
union's bargaining council until from o,ear areas to let the Gov- that ). sports earlier this week 
Tuesday. ernment know that the situation implied—the union's bargaining 

The bargaining council, com- ^ hecomin" increasineJv serious council fea< > 10 approve the agree- 

ksk 2EEBK2 r^syB'SsKS 

iFr?M for rat “ 

K-fSiSted -htah brtn*_ 

iween the negotiating teams. It commuters into New York from the settlement sd it will be late 
was hoped that this''would pro- the Connecticut area has said j n the month before the miners 
vide the basis for ending the 60- that there is u growing danger _j n the UMW—who account fop 
dav strike. of interruptions to services about half the nation's coal pro- 

Bui oegoliatiaos last night because the power station duction will be back at work. 

Bridget Bloom analyses the'bufld-up of a pb£ential}^pbw«fiil izew fdrce uf 

mum weakness 

That process would take 
least ten days even assuming 
that the membership approves 

liast^s (5m d nrf t0 ii‘i Given his experience then, and 

allNkS 3 ’ tbC main CDJ L duit fnr suggestions that Mr. Nkomo Against the background of the foreign currency by Zambia;.gJ^esSans te ^!a£*?toS? 

mSt agree to participate in fte P^OtunejS, MI ^ it is tiiOUght ****£ SHr-JU. off A 

Five-power group to recommend 
Africa troop cuts in Namibia 


LUSAKA. Feb. 3. 

PROPOSALS TO resolve the Western powers anticipate that one week after the results have 
Namibian dispute, to be put for- both parties will raise objections, been certified by the UN. there 
ward by the five Western mem- sources here hope that Western would be total South AEricanwith- 
her* of the UN Security Council, pressure on South Africa aDd drawal and closure of SWAPO 
(.-all Tor the reduction of South the influence of African states on bases. Under this timetable 
.Africa's estimated 12,000 to SWAPO might lead to com- independence is envisaged by 
l' 0,000 troops to 1.500 and their promise. December 31, and the newly- 

restnetiun to one or two bases The sequence of events, assum- elected assembly would work out 
in northern Namibia, and for Die ing agreement by ihe parties, the constitution, 
re-grouping into special camps of would begin with the appoint- p r j ur l0 campaigning, the 
the guerilla Forces of tbe South raent of the UN representative, administrator-general would 
West African's People's Organisa- dispatch of a UN contingency repeal all discriminatory lega¬ 
tion iSWAFOi. according to well- planning group to Namibia, foi- lation. All Namibian political 
informed sources here. This lowed by a cease-fire. The pro- prisoners held by South Africa 
would be done before a four- cess of reducing the South would he released, us would all 
month election campaign super- African forces and putting Namibians detained elsewhere, 
vised by a UN force headed by SWAPO guerillas into special But -the proposals apparently 
a UN special representative. caoips would then begin, to be allow for the possibility that 
The proposals are currently be- completed within three months, some detainees “may not opr to 
ing discussed by the SWAPO A UN military force, probably return." 

executive meeting in Lusaka, 3,000 to 4.000 in strength (though o U.N, Secretary-General Kurt 
prior to the so-called “ proximity this is not specified in the pro- Waldheim will meet the Foreign 
talks" in New York next week posalsi, would monitor the cease- Ministers of Britain. Canada, 
involving SWAPO. South .African fire and prevent border infiitra- France, the U.S. and West Ger- 
Government Ministers and the tion—a measure in which the many at the conclusion of their 
group of five Western countries, cooperation of the front line talks in New York on February 
II is thought that the proposals black states will be sought. ll and 12 on the future of 
will be made public after the The election campaign would Namibia (South West Africa), a 
New York meeting. Although Ihe open in tbe thirteenth week and, UN spokesman said td*da.v. 

Gaddafy joins anti-Sadat talks 

ALGIERS. Feb. 3. 

LIBYAN leader Muammar Gad- day's session was George Habasli, President Carter said earlier 
dafv joined hard-line .Arab leader of the radical Popular this week that he had understood 
leaders here to-dav for the Front for the Liberation of from talks with Mr. Begin and 
ivcond dav of summit talks on Palestine (PFLPl. . the Foreign Minister that Israel 

new plans for frustrating the At the Tripoli summit he sat would authorise no new settle 
Egyptian peace initiative. beside Mr. Arafat for the first ments in the occupied territories. 

Conference officials refused to time in public since a major Mr. Moshc Dayan, the Foreign 

explain why Colonel Gaddafy Policy dispute led him to set up Minister, told the Knesset this 
failed to arrive in time for the a Palestinian rejection front week that he had informed 
opening session yesterday. several years ago. President Carter that while 

The Libyan leader, who was Reuter peace negotiations were in pro¬ 

host to a summit in Tripoli at David Lennon reports from gress. Israel would only build 
which the five-member resistance Tel Ayiv: Israel never undertook new settlements within the 
front was set up, was earlier to stop establishing Jewish framework of army camps, 
reported to have been suffering settlements in the occupied some of the dozen Jewish 

from a stomach complaint. territories, the Prime Minister’s settlements established on the 
Informed sources said the office announced to-day. in West Bank in the pasi few 
nther members of the alliance response to White House critic- months were located on sites 
meeting in a luxury hotel here ism of continued Jewish settle- that could ho described us 
had telephoned Colonel Gaddafy raent on the West Bank and in military camps only in the 
several times yesterday, urging Northern Sinai. loosest sense of the term, 

him to alfend the conference. Ar the same time, a senior The lnosl seD j 0r army officer 
Apart From the Libyans, the official was reprimanded Tor say- j n charge of Jewish settlements, 
front groups Algeria, Syria, ing this morning that settlement Brig. Gen. Uri Baron, said this 
South Yemen and the Palestine was more important than peace morning that “settlement is 
Liberation Organisation (PLO). negotiations. _ more important than peace 

President Sadat of Egypt The statement on the Prime negotiations." He was later 
arrives in Washington to-day on Minister's behalf declared that criticised by Mr. Ariel Sharon, 
the second ley of an eight-nation neither he. the Foreign Minister, Minister responsible for settle- 
inur to canvas support for his nor any other Government figure meat. Mr. Sharon said there is 
stand on n comprehensive Middle had told the U.S. administration no room for a comparison 
East settlement. that Israel would stop settlement between peace talks and settle- 

Another fresh arrival at to- programmes. ment activity. 

to Mr. Joshua NkomoL “joint thebuild-up, which appears both as'against 2.600 from Zanla,. ' ren .{reporters were recently . 

leader of the Rhodesian Patriotic more rapid and larger than bad One suggested reason lot .the taken to a ZAPU camp in 

Front, that it may now out- been thought, has very serious non-deployment is that Mr. Zambia said to contain some Zambian armyjma agjwul 

number the Rhodesian regular implications for the whole Nkomo is building up an/array 4,00(1 children), it is understood- 55822m «2X- against an 

forces. Rhodesia issue. which eould u]tbnately;"fona =016' least half of-the-weeMy 

High level sources In neigh- On the one hand, Mr. Joshua peacetime army of an indepen- total have been/ would-be , .«• 

bouring countries—whlch admit- ^ kom ? s ,to u S^ stand on both dent Zimbabwe. It is said that fighters. 

tediy may have reasons to the AnS^A^nean proposals policemen are also being'trained ^An. HS 748- aeroplane with a ■ 

encourage the belieF in a large wd the internal settlement talks f or ^ parpose . . carwi^capacity of 50 is under- 

force of nationalistsJ-claim that 01111 be .? 10 F e ® aslly ““ftJTJJJJ. Another suggestion, however, Sood^to be on permanent?*™?'? 13 n^d Mozambique wantl 
the ZAPU array of Mr. Nkomo. the Ssactapounit ofa lajve . Js that the army is being held charter to carry the refugees; sources reeoenil 

ss&w.£ ■“*Sf£ a SS”S LffSrtJS* Se.” ceBtIy from; ssae 2, 

The. ZAPU 

that the Zipra forces could vet 

period of maxi- Poreiffll backeTS ' 
hfc entered ftm-new. « top the curreot goenUa months ago was operated-mtt “ g Seht fake Zh£ toS- 

rR r ^ rainiD r sn -sests that sonie cu ^nt talks In Salisbun', now ship between the ZAPU and ZAPUi presumably with funds piaiuJed fOrtiie endofthe ?aS 
iave ned R b°desia in or j n the future, as “daydream- ZANU wings of 'the Patriotic:from foredgn backers. The Vis- ^ eover is reachlS 

.. . . -- ur in use iuuuc, — — -iron* toreagn nacsers.. seasoD-^-grass cover is reachfii 

the last year, many of them to j n „- Front, a more cynical suggestion count was apparently switefied;?{?: ttithriSht* 4,„ t 

JQ w?, lpr , a - ^ ^ j is made. Mr. Nkomo, it is saiiL afewmou^ago with ~the l £ cei ™£ noS^nStioii.^ 

P sour S®s in Zambia Guarded secrets is holding his army back until hS' 74S when, itwas discovered Sincidenttate^lSt' v« 

Cuban 1 forces # ii2 e Pas i ye ? r Botb the Precise size of Mr. Mr. Mugabe’s less welltiralned thatthe former, on charterfrom during which the Rhodesrar 

have been resnSShiP f« A "’f h Nkomo's force and. just as forew have been fitily stretched, ^ South African-based Protea ’apparently captured 13 «S 

Of. Zipra’s traioS.1 Vbo^are 2L.S? JRSS'-SLSSS “ '*** fto m :_,anT unprotected jgi 

said tn be several training nc will ultimately be put, are secrets greater military strength vwould ^ SaJXsburj’. -i forward camp, "does not sugg^i 

just across the Zambian® border c,ose, y S^rded both by ZAPU 0n a rrival iD Zambia the re- either - great readioess .or*^ 

in Angola and by its Zarubian hosts. emits are rapidly. tranaEerred to ciency; There were-also acconht 

Althouah Zambia does not One key and so far unanswered before or after fuU independ- camps Md njany of them denied by - ZAPU," of division 

ls W by Zl ppa appears en f-. .. p 7Apn mffihsrir a™, then “escorted”■ lo_ the within the Zipra leadership.- 

permit Cuban forces to be based question 

in Zambia, in a distinct chan-e 1,01 t0 ^ deployed at present. Although the ZAPU_ n tilita iy Cuban-run training camps in However. Zambian 'so™ 
of policy President Kaunda now Sources dose to ZAPU suggest some time^_evidence ofAngola. . . . . talk darkly of detailed . Zifr 

allows Cuban units to “escort" ^ hat it is primarily the regular comes ^firstOne reason given for the fact preparations, which, include tb 

•d IHifiS V^uoan units in 6SC0rt fc||ni P 1 : VUC l^aawi kuv 1 UUUUC to? 

Zipra forces to their camps inside force which is not deployed. They which almough omcially neutaal that Zipra is being principally building of arms and amman;v’f!][ L 
Zambia. 1 claim that most of the guerillas re the Rhodesian conflict has trained as a regular army fs its tion . supplies inside. Rhodesi^ - ^ 

There is no suggestion t??af bow fighting Inside Rhodesia are long given sanctuary to Rhode--.close relationship with Zambia This; together . with- Zipitf 

the new ZAPU army can vet »n fact from ZAPU and not from siao refugees. .- V. - •' and its regular army... It is con- military involvement :with th*. tpT 

match in either training or Mr. Mugabe's ZANU army. Recent 1 statistics suggest that tended that the Weakness of both' Cabans, could just $s-well mear** 
efficiency the Rhodesian regular known as Zanla. for much of the past year, 600 the Mozambique army and the that the present " fighting-*5 ' 

forces, which, including con- However, a military spokesman such “refugees” have been Zanla. guerilla forces which are Rhodesia is but the .loii 

scripts, are listed by tbe Institute in Salisbury last month told me flown from Botswana to Zambia based there has allowed Rhodesia the storm. . _ m ,- ,r f)ik k 

Doubt over 
Dr. Owen’s 


B/ Martin Dickson 


BONN, Feb. 3.;; 

- v - 

Star goes 
to Time Inc. 

By Our Own Correspondent 

TIME INC. is lo buy the 
Washington Star, the capital's 
afternoon newspaper. For S20m. 
from Mr. Joe L. Allbritton. the 
Texan millionaire who has effec¬ 
tively controlled the dailv since 

Mr. Allbritton will remain as 
publisher for at least another five 
years and will retain control of 
Washington Star Communica¬ 
tions. the parent company which 
iilso has extensive broadcasting 

Time's purchase of the Star, 
still subject to the approval of 
both Boards, means that both 
this city's newspapers will be 
linked to the two major 
American news magazines— 
Newsweek is a subsidiary of the 
Washington Post 

Mr. Allbritton, w ho . 0W1S 
several race horses, in Britain, 
is generally given much credit 
for"having kept the ailing Star 
alive over the past four years. 
Although over that period it has 
made quarterly profits only 
twice—in the second and last 
quarters’ of last year 1 —its 
immense losses were substanti¬ 
ally trimmed. 

At the same time, it is 
reckoned to be one of the most 
improved newspapers in the 
country, achieved under the 
direction pf its former Editor, 
Mr. James Bellows. Mr. Bellows, 
however, whose relations with 
Mr. Allbritton were never 
smooth',- resigned late last year 
tu become Editor of a Los 
Angelea newspaper amid 
rumours of large staff cutbacks 
and possible closure or sale. 

Founded in 1852. the Star was 
family-owned for the next 120 
years and was, for much of that 
time, the dominant newspaper in 
Washington before being over¬ 
taken in the past 20 years by the 
revived Post. 

U.S. unemployment rate 
falls to 6.3% in January 



THE U.S. unemployment rate fell in unemployment in the course of 
slightly to 6.3 per cent, in the yean according lo the CEA, 
January, 0.1 per cent, below the a 4j-5 per cent, real growth m the 
December rate. A total of 6.2m. economy (contingent on passage 
people, seasonally adjusted, were of the tax cut proposals) should 
out of work last month, virtually increase employment during 1978 
the same as in the previous by nearly 3 per cent. But this 
month, while an extra 272.000 would be offset by a projected 21- 
werc in employment jo January. I per cent rise in the labour 

Some Administration officials, force, thus leaving unemployment 
Including Mr. Charles Schultze, by the fourth quarter still above 
chairman of the Council of 6 per cent, (the official projection 
Economic Advisers, bad warned in tbe budget is 622 per cent), 
that unemployment might inch However, the Administration 
up a little following tbe sharp is carefully pointing out that past 
fall recorded at the end of last projections of the growth of the 
year: in December the jobless labour force have been un¬ 
rate dropped to 6.4 percent, from reliable: last year's expansion of 
the 6.9 per.cent, of November. 3.1 per cent. was. for example. 

The Administration does not substantially above official fore- 
anticipate much further decline casts of 12 months ago. 

U.S. expels Hanoi diplomat 


IN THE firsL such action ever The U.S. sought the amhassa- 
taken by the United States dor's expulsion under-the terms 
against the chief United Nations of the UN Headquarters Agree* 
representative of another mem- ment which, in section 13(B). 
ber country, an expulsion order bars delegates from abusing tbe 
was served to-day on Mr. Dinh privilege of residence in 
Ba Thi, tbe ambassador of America. 

Vl Hp fl3 D n rnmotlv rejected the bid The Vietnamese statement said 

to ^remove 1 Mm 75m? astat£ {£ ^ 

mpnt issued, hv thB VistnameM? **** were fabricated dnd 

UN 1 ‘rntata Appealed teT“ *“»••** “*™" J"* 

If* ?L 0 bUtenMlte C lr;«ipn isfcouJtrr For 

of tee U.S. Government and lend “°n!? w?**duUK 'as^Vte-' 
strong support to the correct „» nti h 35 V 6t 
stand of Vietnam in this ques- njmese representative. 

It was not known to-night what 


Mr. Dinh-Ba Thi was named further pressures the U.S. might 
this week by the U.S. as .an un- try to exert to remove the 
indicted co-conspirator in an ambassador, who appears certain 
ulleged espionage case involving lo receive the support of the 
a U.S. information, services Communist delegations and 
employee and Vietnamese many of those from the Third 
officials. World. 

Owen, tbe Foreign Secretary, 
in tbe House of Commons this 
week have left a question 
mark over whether Ihe BrlUsh 
Government’s attitude towards 
any “ internal ” Rhodesian set¬ 
tlement is beginning to shift. 
Tbe Foreign Office appears en¬ 
able to clarify the position. 

In the House ol Commons 
on Thursday, Mr. Jeremy 
Thorpe, the former Liberal 
leader, put it to Dr. Owen 
that; “if we were faced with 
(be brutal choice between 
those who wauled a solution 
through force and those who 
wanted a solution by peaceful 
means we would have no alter¬ 
native but tv side with the 

Dr. Owen replied that on 
this point he agreed. He added: 
“Although we should pursue 
peace up tv the last moment, 
I envisage a situation in wirrli 
we must consider recognising 
a government that had as¬ 
sumed power while there was 
still conflict. This is a reality.” 

CHANCELLOR Helmut Schmidt's Hamburg citizen, Herr Schmidt, in a distinctly uneasy atmosphere —and is seen as Left of Ceim^ 
cabinet reshuffle, announced to- for displaying a Hanseatic sense at : lhe Ministry- - in the Social Democrat Party, 

day. brings to the Defence of duty, toughness and common Herr Leber's last two years pr- He-has gained A reputation^ m 
Ministry a man who once said sense. so of office have been charac- forthrightness—not-least in shp 

he would never take the job and Aged 45 he has considerable terised by a series of eontrover- port of two of his particular 
to ihe finance Ministry one who international experience behind siaJ affairs, the latest of. them causes, the situation of Spanish 
hardly expected the post to him—as a social democratic involving espionage add elec-'workers under General Franco 
come his way. member of tbe European Parlia- ^onic eavesdropping. The latter ,and the plight df the developing 

Herr Hans Apel, who leaves ment as oarliamentarv State in particular, remains a matter world, 
ihe Finance Ministry to go to secretary at the Bonn Fore ton for parliamentary inquiry. And But his outspokeness has also 
Defence, has by his own admis- office and since 1974 as Flnanch the very nu taber of. problems brought him probjems wlth:coL 
sion never had contact with Minister IF he ran currepct at which afflicted Herr Leber have leagues. Last summer he made 
military circles and would much his new lob he will strenethen raised" questions about how known that he expected.rutiiig 
have preferred to leave that side his reputation as likelv aicp&xor loyally he was served by his staff, party congresses to decide on * 
of affairs to others. to KfgKrat'TSK' Herr Apels.ritccessor.Herr 

“I would certainly refuse to became Chancellor via the Hans Matthoefer. faces major strongCriticism frS 

become Defence Minister/’ he Defence and Finance posts. problems at the Finance Herr Schmidt who felt—correctlv 
» v *.il a ^ ente riaining volume Rut Herr Apel faces big prob? ^?tiu s try too—including tiie. con- jj transpired—that such decision* 
* .^bought a Horse Trod on lems. His predecessor. Herr Georg!hf were ^ 00 means inevitable. - 
Me published in 15L5. The Leber, leaves behind him well E? 1 *?** ,2* *7® Herr Matthoefer comes to the 

til e suggests there have been trained and supplied West Ger- Western economic niminit in Firanee Ministry from Research- 
n % 01 . a Jew occasions when Herr man armed forces and -a- high Technology, ".which fie" has 

Apel has had a nasty surprise reputation in the NATO alliance.- llke, y to .need quite some time hea a e d since 1974. The Finance 

| and the latest appointment must But Herr Apet will* also have to 10 wo ^ }nto a new and Ministry is rimuHanebusiv losing 

j surely be ranged among them, work himself quickly into a complex field. a bright star in State Secretary 

[This does not mean that’he will series of tricky" problems (not Herr Matthoefer. aged 32, Rainer Offergeld, aged 40, who 

i do a poor job. Herr Apel is the least off them the German began bis carer, with the. metal- Is becoming new Minister for 
renowned as much as his fellow attitude to the neutron bomb) workers’ trade union,. IG Met ill Development- Aid.. 

China-EEC trade 

to-aight initiated a framework 
trade agreement aimed at 
increasing their trade Over llie 
next five, years. The agree¬ 
ment, the first that Ihe Euro¬ 
pean Community has made 
with a slate trading country, 
is expected lo be formerly 
signed in Brussels «l Ihe end 
of March. David Buchan writes 
from Brussels. 

Sir Roy Denman, EEC 
External Affairs director- 
general, who led the negotia¬ 
tions with the Chinese delega¬ 
tion headed by Mr. Sun .sti¬ 
t-hang a top Chinese trade offi¬ 
cial, to-night underlined ihe 
political Importance uf the 
agreement with China, which 
established diplomatic relations 
with the Comm uni iy in 1B75. 
But he could not say what Lhe 
political effect of lo-nighl's 
accord would be on negotia¬ 
tions with the Comircon count¬ 
ries, due lo start sometime 
tills spring. 

The EEC lias agreed to 
liberalise its import (tuutas on 
Chinese goods, and to give 
Peking most favoured nation 
treatment. This insi means, 
that China, not a member of 
GATT, will get the benefit of 
whatever tariff cuts the EEC. 
agrees to in the current multi¬ 
lateral trade talks. In return. 
China has agreed to “ give 
favourable consideration M lo 
EEC imports. 

Suarez assurance on economy 


MADRID. Feb. 3. 

SR. ADOLFO SUAREZ, the commission was tbe first since decline in the popularity'polls. 
Prime Minister, has given assur- last July. Nevertheless, Sr. On the other hand, the 

Iran-lndia talks 
IRAN IS to make massive 
investments in a number of 

projects in India which will 
help to meet Iranian steel, 
alumina and foodgnain needs. 
Indian firms are also to be 
given contraris for rail and oil 
projects in Iran. The total 
value of investments will he 
known after further talks- 
between officials of the two 
countries but it is certain lo be 
many millions of dollars. K. K. 
Shanna writes from New Delhi. 

Broad agreement un such 
hi-lateral co-ypn ration was 
reached in talks between dele¬ 
gations led by the Shah of Iran, 
on a four-day visit here, and 
Prime Minister Morarji Ucsai. 
The earliest work is expected 
to be on an alumina project, a 
paper mill and the develop¬ 
ment of a caual in lhe Rajslhan 
Desert, all of which will be 
financed hy Iran. In Iran, 
Indian railways will take part 
In the electrification of the 
railway system. Co-operation 
is also envisaged In new 
sources of energy, including 
solar and nuclear power. 

But progress on the .Shah of 
Iran’s proposal for an Asiuu 
common market has apparently 
not been made. Ah official 
spokesman said the concept 
was not discussed as such 

Italy may have an interim 
government till December 


ROME, Feb.3. 

ances tu his Ministers tbat the Suarez will still find it hard to economy is now going tfirough a 
improvement and restructuring give full attention to the crucial phase in which it could 
of lhe economy remains the economy because he has ideo- deviate sharply from the coarse 
Government's top priority. This logical problems within his party laid down In the package of 
assurance was reportedy given to resolve. In addition he is now measures agreed last October be- 
yesterday during a session oF the showing concern over■ bolstering tween the Government and tbe 
Commission for Economic his image which has suffered a main opposition parties. - - 
Affairs, an imer-Ministerial body 
that monitors economic per¬ 

In lhe past two weeks several 
oF the technical Ministries have 
become concerned at what they 
regarded as a major shift in 
Sr. Suarez's attention away from 
economic issues. A senior 
official said in an interview that ITALY’S PRIME MINISTER- benchers in Parliament has re- 
Sr. Suarez appeared obsessed Designate, Slg. Giulio Andreotti, jected totally the prospeet of 
with assuring the safe passage is understood to-night to have allowing PCI members directly 
of lhe constitution—in a form proposed the establishment into the Cabinet for the -first 
acceptable in his UCD parly— under his leadership o£. an time in some 80. years, a de- 
to the detriment of other issues, interim government until next mand which the Commdnists 
Since the elections last June the December which would concen- claim is-"justified In order to 
economy has been considered as trate essentially on four major tackle Italy's developing econo-’ 
the top priority. policy areas—economic recovery, mic recession.and the escalation 

As evidence of Government tougher law and order measures, of politically motivated violence 
neglect of economic issues, a crash programme-to reduce in Italian cities and towns in 
officials cited tiie unhurried re- unemployment and the main- recent months. 
sponse nf Sr. Suarez lo the energy tenance of the country’s tradi- The Communists, publicly ar 
plan, the dragging of heels over tional ties with the West. least, are stii]. insisting on their 

the admission of foreign banks The proposal, outlined to a own formula for the creation of 

and a virtual refusal to face up special meeting of the leadership an emergency government, to 
to the problems in the sbipbuild- of Italys long-ruling Christian include .the PCI, a prospect 
ing industry and tbe steel sec- Democrat (DC) Party, which was which tbie Carter Administration 
tor. Against this background Sr. continuing here late to-night is in Washington made plain last 
Suarez's commitment is signifi- Sig Andreotti’s response to a month would not be in the best 
cant demand by the powerful Com- interests: either of .the U.S. or of 

As proof of Sr. Suarez's con- munist Party (PCI) for direct Western Europe as a whole, 
cern to emphasise the importance and immediate participation in However, senior PCI members 
of tackling economic issues, his a new administration. have indicated privately tbat'tbe 

staff have been careful to point The DC leadership reinforced party would settle for much lesg 

out tbat his attendance at the by a significant body of the back- than its ."original demand. 

W. German 
top 1.2m. 

Ransom demand by Chad rebels 


PARIS, Feb,. 3. 

THE LIBYAN-BACKED Chad Lake Chad on January IS. and pate directly in operations in 
rebel organisation. FROL1NAT, have been accused by the rebels areas not militarily controlied-by 
which has launched a major of espionage . Tbe French the Chad Government ■ 
Offensive against Chad govern-student's parents, however. The officials nevertheless eon- 
ment troops in the north of the maintain that their son was on firmed that the military aifuaS 
country, has demanded the a hitch-hiking tour through in ChaS^WasSJoSS 
[.withdrawal of all French mill- Northern and Central Africa- reports%ad beeb^receiYed of 

^ arj l*r« P f r ^ 0Dn ^ „ from FROLINAT representatives in j* 68 *? fighting in the ^region of 

country and a lar^e ransom in Paris .claim that .some .1,000 Faya-Laigeau. There has so far 
return for the release of two guerillas, armed by the Libyans, been no ’.official J comment, on 
hostages have launched an offensive in reports that" President MaUoora 

This is the second time within Northern.Chad and captured the °f Chad bais asked for.additional 
the past few years that France, region's main airport at Faya- French military aid ’to combat 
which maintains some 300 mili- Largeau". They say that about FROLINAT:, 
tary advisers in Chad under a 100 Chad Government troops Apart from demanding the with- 
co-operation agreement with its have been killed over the past draff ™hatit 
former cniooy. has been faced Few days and that in addition to “tb French 
with such demands by the capturing the two hostages, the from Chad?jSoEn?AT*Ss?55L 
rebels - rebeI torces hfl fi shot down a for a raSSn-n 

After long and often dramatic Chad Government, transport nnD 
negotiations, the rebels finally plane last Sunday. Three French mmtar^iaulDmCTt i^returo 
released in January last year a air force men. they say, WB re forffiihSSSfSfhaS, 

French oncologist. Mme. killed in the crash. The?LveS?TdMdSna 

Itadheld for 33 months to-day that, under the military of the Front’are due iii Geneva 

Tbe hostages now in the hands co-operation agreement signed by next' week' to discfl&s with inter: 
of FRO LIN AT, a young French France and Chad in 1976, French SnaiM SoSlsthe 
student and a Swiss electncian. military -and technical advisers fate of prisoners beta bv the 
were captured in lhe region of were not authorised to partiei- rebels, . • 

-By Adrian Dicks .* 

BONN. Feb. £ ; . 
Germany rose by 122,800 dnriajr 
January to- reach 1.21 izl, while 
tbe unemployment .rate rdse to 
5.4 per cent from 4.8 per cent. ■ 
during December. 

Ad increase had been expected 
for normal seasonal reasons, and - 
cold weather in many parts ot 
the country last mouth, added:to : 
problems in. those industries:. 
where work is predominantly: 
done outdoors. . - .... " _.J - i. 

-Nonetheless, the January;, 
figures come as a disappointment - 
The" Government’s published 
estimate - of average monthly un- 
employment .this year, is-4J> per- .’ 
cent,, and although January wri’ ; 
expected te be well above this;’ 
the increase fir jobless people- - 
since December was sharp- 
enough to cause worried btnh>- 
ments to-day 7 from all. political * 
parties. . . 

As a slight -consolation, the-. 
number of people on short, time' 
declined by some 6,000 In Janu¬ 
ary, though at 251,000 the total 
remained uncomfortably high-;'• 

The total of jobs- available 
creased by 18,800 to 204.700, : 
underlining the degree "to -which 
,tbe West German unemploymebtr 1 : 
problem i^' connected "to " tbtT'. 
structure:of'the labour market." '-’ 

U.K. lowest 


By Guy Hawtm. , 

FRANKFURT, Feb. 3.-;’ - ; 
BRITISH petrol .prices aria-the" 
cheapest in. Europe, according to;-, <' ' 
a report - publish^ - Herey-this, ' " 

week. .The"UX motorist, torifrx " Jr ‘ ! 

stance; pays a -full 5ftS per.cenL iy.* 
less for “super ” .qualilyT'fheL vs 
tfian his -I rallan counterpart; .wfeo* 
has to swaUow' the highest petrol' ? 
costs te ■Europe*';' *. v- • 

" TTie survey was'.produced; ^ bit' 
Aral, The 7 a rge West German 53J-- 
ing statidn’ operatar r axid covers , 
ten European countries. r It shoys-L 
that, the British ' motorist" pa^? ; ". 
only 66.8 pfennig]';a lltfe. fo^,' ‘ 
norms) petrol and (K.l pfennig a ." - 
litre Tor super. Britain is not afl . 
easy Comparison with the. test of 
Europe becau^ nowhere efee in 
the EEC is "such a wide range df; . . 
petrol on saie. 

•However, lo, ; .comparison" the »*•.• 
next cheapest country foe "tbe~ ■ s ;n 
motorist, 1 Luxembourg, .charges?:'^ ** 
75-5. pfennig a litre for normaT;'"' 
petrol and.77^ .pfennig for super.:; - ; 
Exchange rates -have .been .based*;;. . ' 
.. West Geriimny;'otie of tiieurastf, ' 
expensive- countries.-In Europe fa ; ; 
Terms ^average Jiving ri^odards,- * . 
ts the ihlrd for , 

the?nwto 5 ist,>; 


over Thatcher 

aSWtteSS k .. v;j? y A'S JUS?? 

iMSs immiiwoiir i 

o ariny S^b 
f strong 2i 
HJ attach a S 

■*4t Wo»,. 


*y *&P£rt ia*Nwkjh 

EEK.fcid, th,^riprorsy. ™*r. claunei t werefeKbwately mak- Rees deserib us as ‘bashers’ of ganda we have seen to date,” and 
..qiuekjy iiiC\^.^^ s ,, T ^»fe'On_T-ory tnx jmmigraoo& a^ey jssije m ethnic minorities. of pandering to the worst 

^ - P 0 ^ -A***#?! ,tbe u C«npaigB. aild^ere doing -That is a falsehood. It al- instincts or white Britons. 

‘iandSfoeJg ivast.&ightas-senjor Gomneat so by excrfing^axpfirtatjons that ways 22 as been and always will • Mr. WhJtelaw stood in the 
®biq^mx^er^ jacjhdlng tteCfemceF ; Owy wei*unUksiy-SVen to begin be a falsehoodj aDd Mr: Rees rain last night to try to calm 
?»««*» ImSS* ; ^ H ow ^- ^cx eury, toJulfiL;. ■__ J;. ■■- ^ himself knows perfectly well angry immigrants. He was met 

**. .Uiai to** ifcSSjSPt ■-■£*■th&:Hbmfe Office pub-that i t ^ « by a crowd of Asians, many 

.large 2 JJ *j»U8« ontte -OPP^onJ^^.-hshed -p^tminaiy -tares show- He conderaed 1he carrying placards, when be 

b JJ* tile samg mgji.dsdtny.iH ; -tmffl^reg<m iast actjyj^» and * ev Q props- arrived at Loughborough, 

‘ 00 7 * ..CUmsWfral&ev■tew.-wmtM hy_ those Banda n nf *2th ,£1 National Leicestershire, to talk to irami- 

■00 y e . Cotassri&tJreV-BMritje^ by those „“ d i u .fV hSh tC Nittaui 

dty as u 2amh5^&irs- spokesman ■ and" ifcpttiy arriytag’here.for; jfce:-*rst time ^hTs^JEft Work?™ 
« 2tn« i* aiHib e * der ’ spotef quttOTtiy todispeTand. those already ,in the UJv. Front aDd ^ Soc ™ M Workers, 
e bii£,«r.. ■? r( *s ^onfusion over were allowed-'to become - 

nacr ih an ^'einne afreP.-.MrR.-'.Thamherifl'raeate-'hprinanpnr McfKank.'-' *«■__ tt_.. 

if nipioi. .■ v ws far. — Z * > *r- ^ ** JT'v j»vl^ niivuvif' iv wwwwjue 

■*Tinn! r , Uls !i v*tiom aaer.Mrs,- l^teher’s'-aare-'pernianent rest danis.'',. . 
-'rnin!?P ,b k irrc^nt : -^ew CommonWeafth and Paki. 

v! 11 ‘*1* Ti^ublic mtist bfrdff^ad'Che Tiros- stan citizens accepted "for settle' 

r~ 3 room. Wiect of a rlwiPMitPfA.iMmfon. w,*n* An . . . r.a irAll-: in ocnnn 

ront and the Socialist Workers, grant leaders. 

Mr. Whitelaw shook hands with 

- ' v many protesters and stressed that 

More Home News any new legislation would not 

. just apply to coloured immi- 

Page 18 grants. He said: “The total 

_ Z. _ commitment of the Conservative 

_ . ...... . __. Party is that a British citizen is 

Labours objections to this e q Ua i—no matter wbat race, 

1 ,:,1{ e a!? 1 “lie W»- itan-BtizeiB a»ejt«i;ite xtile< Page 18 grants. He said: “The total 

SL.* ; re 3marT- ect ^ a clear 5 ^mptb ommigra- ment, on jixr&d- fell; to 28.000 __®_ commitment of the Conservative 

nfr.« .*h • '.y'*-; ■■ ■ •'• ~i • last’ j82r,''£r<te'38iS)0 in 1976 Party is that a British citizen is 

?fn?^ ve *2 ?$-W : , Labour’s objections to this equa^l—no matter wbat race, 

n ior tne W'pt -of Mrs. Thatchers “-cold- The total of those in the course were an attempt to ob- co j our or cree d." 

_ srass cover i.’*v 00ded j j - c ^* at l°? t * n Btlrring up conn&y-permitted '. .*« stay scurc the root cause of urban • Last ,. eaT aD estimated 70.000 

I" 1 height ji'the nuxddy .waters _of^racial pre- dropped .to jC^JW^lastyear from problems-^the failure of its immigrants of all nationalities 

-r 00 tonfiprn,® *‘*0 spread-fear and 36,700-and 42,000 .In 1976 and social and economic policies, were accepted for settlement in 

.incident laulrj i> among-peacetul^conunum- 197S respectively^ A Torj- government would the UJC. compared with 80,800 

! which ihp Jf „ „ - - : He nwised Mr. Rees of dls- attack vandalism and violence, m 1976 and 82,400 in 1975. The 

caniurprt Mr " Mer '^ ,^ ee s. Home Seere- honesty.4tr.joining.the “band of especially among the young, by figures for 1974 and 1973 were 

an un->rr ... 13 ? ry \ accused her in a speech In .myfhmaRers” . spreading the bringing back Jobs into inner bs. 900 and 55J200, Mr. Rees 

- iS»cai *iv. ji T . m»m«6U4i.*u. snirsuvca' •. > ivci.cs. ■*, - >auiuui uul auy tuna Ul 

'■ There u ort .- nie<Ua sucb Vague terms Mrty.' -. : v • ■■' scheme to break up heavy im 

3 •by Z \pr al: °>5, at * no on . e , could exactly .. “ I.: you Id regret;” be told migrant concentration. 

1 the Zipra ■ t “A t wa £_being-.proposed. . -'. Tory students at Loughborough. Mr. Ron Hayward, general sec 

at Loughborough, 

r* an J^ •••... -. 

supplies tasiS 1 ! ...- 

£Ei&!?»High rega 
S-^^for lawyer 

h currency 

heme to break up heavy im- Last year, Mr. Rees disclosed, 
isrant concentration. 36.000 immigrants were accepted 

Mr. Ron Hayward, general sec- on entry, and 34.000 already in 
tary of the Labour Party, tho U.K. were allowed to settle, 
:cused her of “doing more last- including visitors, financees. 
s harm to good race relations students and those on conditional I 

Price Commission lets Courage 
increase beer prices 


-1 Ayy k ONTACTS -WITH Mr. Judah THE PRICE Commission has The 3p a pint increases on 

JLmCB I Al jbnstock, a London- Solicitor, gives the‘godhead for? another some draught beers will be “in 

4 t emn ^ B y dew* ia : 'nte Par major brewing gxpiwi'io lih its a very few managed houses where 

t;n\-v 1 elsewhere; ^ T ^were prices; However, Courage has extensive and costly improve- 

*i»\fesOTbed by Me. Lews Altman, become the second.concern to meats have been carried out 

d 1 * Sfc.-n 2 ? up. .. ead e stnc ? c * )ro * ; i I1 fi-fi™'. 0 f give an.assurance that there will during the past six months." 
he Sce.J . . ? - r «P u V :e ® l “ n S5 be no further increases in beer Some of these improvements 

jus cui.*i*2 3 r^w-? ain « l blm » J° r brea<*^ of prices' until October --at- the cost as much as £40,000-£50.000. 

regulations at-GaildhaR ^Uesf ) Courage’s move, which takes 

«f V.IL- -r hi. Most Courage beew Will go up effect next Monday follows price 

P Altman and Roberts Carnes, ms increases bv Allied Breweries. 

6,... r ' '.•vi-ras (;U0D6 ID 01 a jarge obb.:v i-ucse w i]i QO t be far behirnL 

!ie<. Lsil <Ju;^er s Binstock and; ^6-other busi' lincloses refiectthe consjWerable A1J thls jg bad news for Mr. 

• r Vinkln - n, _ IT - ' •“ VIU««« OU IDVSStlgatlOa VI ,-UUCU 

?ua:h^ly »i«»s?™l_Pu^neramam impepal Group, is; also, adding Breweries’ proposals but was 
■ h ^‘.■'" "-- r ' lp a ™«asure to wine and spirit forced to allow the group 2p a 

' ft prices.m its managed pubs, and pint on most beers under the 

;!*' i 1 V e his .transactions. %£?£. raising. , . .accommortation /■ • and- ** safeguard *’ arrangements in- 

; v-’”"--: ^^“S-cbarges-by up.<to-iO pcr*corporated in the Dew prices 

SF&SStfSEZmZ •>. V . *-»• experience 

!. business to tbe Far East,".he ^—;--- 

U- V.-'' -' r-J/.lid, “ I regarded him highly - ' - _.-.f \ _ _ 

R • ■■ ■ , o |.iunur ’TTs^ncU' umnl K■ ^_I __LV _ " _ 

suggests that all the other 
brewers’ applications would have 
had to be permitted under the 
“safeguard" terras. 

Whitbread has also lodged an 
application with the Price Com¬ 
mission in the last few days for 
an increase in beer prices. How¬ 
ever. they are not thought to be 
as wide-ranging as the Courage 
increases. The company is 
expected to make an announce¬ 
ment next week. 

Bass Charrington is still con¬ 
sidering its pricing policy. No 
application has been made to the 
Price Commission, but the com¬ 
pany said yesterday it would 
make a statement “as soon as 

• Labour MPs yesterday de¬ 
manded immediate action by tbe 
Prices Secretary, Mr. Roy Hat- 
terslcy, to plug the legal loop- 
hope which, they claim, enables 
brewers to put 2p on a pint of 
beer “with impunity.” A group 
of MPs will meet Mr. Hattersley 
next week. 






By John Hunt, Parliamentary 

A PRIVATE Member’s Bit! 
aimed al preventing abuses by 
estate agents in the sale or 
purchase of residential pro¬ 
perty was given an unopposed 
Second Reading in the Com¬ 
mons yesterday, and now 
stands a good chance of getting 
on to the Statute Book by 

Commending the Bill, Mr. 
John Fraser. Minister of State 
for Prices and Consumer Pro¬ 
tection, announced that be 
hoped to sci up an estate 
agency advisory council to 
advise the Prires Secretary 011 
the type or rules (o be adopted 
under the Bill if it became 

Represented on ihe council 
would be members of the large 
estate agency professional 
bodies, the unattached estate 
agents, and consumer organ¬ 

The legislation, introduced bv 
Mr. Bryan Davies (Enfield 1, fol¬ 
lows 11 previous unsuccessful 
attempts io get similar Bills 
passed. The present measure, 
however, differs from the pre¬ 
vious ones in that ft does not 
provide for a specific licens¬ 
ing system for estate agents. 


It has wide backing from 
MPs of Lhe three major parties 
and by professional bodies 
inehiding the Incorporated 
Society of Valuers and 
Auctioneers. the National 
Association of Estate Agents, 
and the Royal Institution of 
Chartered Surveyors. 

The Bill only deals with 
residential property trans¬ 
actions. In its present form, 
it empowers ihe Director- 
General or Fair Trading to pro¬ 
hibit estate agents from 
practising their profession »f 
he considers they arc unfit to 
do so. 

Some MPs protested yester¬ 
day that this particular pro¬ 
posal was far too tough and Mr. 
Fraser agreed that It should 
be re-examined on the com¬ 
mittee stage or tbe BilL He 
thought the particular clause 
might be modified and that 
some *‘halfway house" com¬ 
promise could be adopted. 

Bonus for John Shore 
Lewis staff ma P s out 
at record level “ on ‘ EEC 



(THE JOHN LEWIS Partnership; 
! which introduced its unique form 
{of profit-sharing among its staff 
! almost 50 years ago. is paying 
its bighest-ever partnership 
bonus this year. A distribution 
of £8.Sm. is being made among 
the 23.500 workers at the rate 
of IS per eeoL of each partner's 

Last year £6.5m. was dis¬ 
tributed at a rate of 15 per ceDt. 

The Partnership, which 
operates 17 department stores 
3nd 64 Waitress supermarkets, 
increased its cash sales by 18 
per cent, to an estimated £437m. 
in the year to January 28. Given 
the rate of inflation last year, 
this implies a volume gain of 
2 or 3 per cent. 

This was achieved during a 
period when the level of all 
I retail sales wus down on the 
previous year in terms of 

Despile having to trade on 
lower gross margins because of 
competition, the Partnership in¬ 
creased il-s net margins. Net 
profit after interest. Preference 
dividends and pensions contribu- 
Itions rose 27 per cent, to £24m. 

Mr. Peter Lewis, tbe chairman. 

said this improvement was a 
“direct consequence of increas¬ 
ing trade, holding numbers and 
absorbing costs.” This was' the 
“perfect recipe for a genuine 
attack on inflation,” he added. . 

Since 1929, all the equity capi¬ 
tal of the John Lewis group has 
been held in trust for the benefit 
of the workers. All the profits 
remaining after tax, Preference 
dividends, pensions and reten¬ 
tions are distributed among the 
workers. As usual, this year’s 
rate of bonus has been decided 
just before the end of the year 
on tbe basis of estimated results. 

Latesi weekly sales figures 
from the Partnership suggest 
that the improvement in retail 
sales in December has been at 
least partially maintained. In 
the week ending January 28 the 
Partnership’s total sales were 
1S.1 per cent up on the same 
week a year ago. 

The department stores pushed. 
up their sales by 20 per cent.— i 
well ahead of estimate—while ! 
the supermarkets showed an I 
increase of 15.5 per cent For 
last year as a whole, it was the 
supermarket business which 
showed the biggest gains. 

Chemicals trade deficit 
with Europe widens 


| DESPITE a record export per¬ 
formance, the U.K- chemical in¬ 
dustry's trade deficit with the 
rest of Europe widened from 
£120m. in 1976 to nearly £149m. 
iD 1977. 

According to fipires from 
European Chemical-News, chemi¬ 
cal industry exports (including 
synthetic fibres and synthetic 
rubber) to the continent were up 
nearly £312m. to £1.5bn„ while 
imports rose by £3S2m. to £1.6bn. 

Much of the industry's export 
growth last year was outside 
Europe. Nigeria emerged as the 
seventh largest single market 
with a value of 1144m. and 
chemical exports to the USSR 
climbed significantly from £50m. 
in 1976 to £126in. last year. 

UJv. exports to the Middle 
East also climbed sharply. Iran 
took nearly £60ra. worth of 
chemicals last year—compared 
with £42m. in 1976—and Saudi 
Arabia imported chemicals 
worth £46m. and Kuwait. £22m. 

In -individual product sectors, 
the U.K.’s trade deficit in plas¬ 
tics with the rest of the EEC 
countries widened. This area of 
the industry was singled out for 
special attention by tbe petro¬ 
chemicals sector working party 
as part of the Government's in¬ 
dustrial strategy. 

Tbe aim is to make greater use 
of North Sea feedstocks to ex¬ 
pand tbe petrochemicals industry 
and bring U.K. trade with other 
EEC countries in plastics 
materials—such as PVC. poly¬ 
ethylene and polpropylene—into 
balance by 1990. 

But last year, the industry's 
trade deficit in this field rose 
from £132m. in 1976 to £ 155.6m. 
Exports were up to £257m; but 
imports rose to £413m. Overall, 
U.K. exports to the rest of the 
world showed a positive trade 
balance of about £S5m^ with ex¬ 
ports of plastics and resins ris¬ 
ing to £642m. 

American bank will appeal 


a lawyer. He-nsed several 
tber brokers' aa .well; as my. 

_Bi nstock appeared^ to control 

tany companies, and sat m at 
^ leir Board meetings, although 
/ fl Qpntot a director. When L. Altman 
• v_?CI lliflanned - a' -StdclrV\ .Exchange 
. lerger with Sandelson in .1974- 

Boards agree on design Insurers against tax ruling 

outline for the AGRs , blg „ : _ 8YMICHAEt BLANDEN 


Binstodc.., discussed; 1 the A ;-:STANDARD design of Company for tbe two new 
111V i£fe|iivJ'e r S er w ttb bpn v .Alttnan said, advanced gas-cooled reactor, stations. 

-t Vpproach to duke; I-.-: d .EStt $,2SS2 Th * CEGB believes that, given 

013 A -HI. It was suggested, that , the by the Electricity supply industry in** Tanua™ rhev 

A .uke of St, Albans'should ** ^' the^two ACT staUoS 2£fiK m SIS 

I Ariror Dicks ome chairman, of . the joint authorised by the . Government In n? isrSSt* ^ P ^ 

iiONX Fxoup if the merger took plaqe. last month. winter load of 1888 ^ 57 - 

.. , .... r\j Altman-said: the Dtike ot .St ; ThU' has . been agreed at a The main design changes 

L’n- 1 ”i-^.'b^s, with Sir Ralph MUiray. meetfog between the Central foreseen at present are lo in- 
' ..-,"^ 2 . former Ambassador, wSs,;on Electricity.Generating Board .and crease the diameter of tbe cotv- 
y ‘ t: - r ' !; ne Board of BIC-Eurdsecarlti^, the South of Scotland Electricity Crete vessel, in order lo allow 

3 v« • .i"" ■ " J ;;, Altman -checked vwith Stock up' a jbmt design team for‘the carbon dioxide coolant gas, in 

c-.-u"^xebange^ sources'add found th*tj.-reacror. They are apparently place of the single-speed 
> s { 0 r-- ,r '. ?: .^I c ^'never been;,on .the list hopingto.plaoe a common design blowers of tbe existing AGB 

v. clientdefan Iters. Jt bad also contract with the Nuclear Power designs. 

;! r .,-!ri. -:ad 'certain speciaTpermissions,._.. .. . * 

. .. r.e ;rom the.-Bank-of England-for . .. 11 - — 

^ :: f-<-r'ome of : iT& dealings. - - - 

r ‘~.V ; .--.s Mr. Mxcbael Horsley, prdlsecti- - ^ 1 T71 1 

, ’ ' V r -:? ^Tng, accepted rtfiat. tbis'-was-so. ’ I/' V 7 "pilQ VI O' A 

^ ... \-?:r ?;.ut disagreed .thatTtljese special ■ M-J A.V'IItft-JLlfiiV/ 

V- 0 '- . .J".-j: J^ermisisons-applied to .transact 

r '.“T. : ■ 1-- , . lons in; the ; case, before; the ...... m s . . a 

’ Tnl i- 2 °AJ&7ian ! said that Vtr Kobn, ;' ’ft A3 fl. 1012011 CD 

; another BIG director.:had been AIV»U 

urh ’■ - - ?l ..-,;i:.ssoriated with.the stqckbrokihg owAwr-iAi timcc rfporttii 
T o-j... ir m of Mitton,. .BuUer;' Priest - FINANCIAL TIMES Rt porter 

.. 3150 a licensed dealer ta A CHAUFFEUR once failed to Fell, Slock Exchange chief exe- 

c ',-r'wqrmes. _. \-'.r. pick up his passenger—the chairr cutive, and another guest home 

-i-e: : ' i •• “r tbpUgM Sfr.^instock .vas man 0 f ^e Stock Exchange— from Cardiff last September. 

l‘ifrom a Buckingham Palace recep- Mr. Mole added: - Mr. Beadle 

tiorL Re was sacked .® drove in such an erratic manner 

J“erratic^'' drive back fromTVales W bich suggested he was being 

.,-c. ?°I? g b^ ? Ke^s, - A* j after which 43-year-old Mr. deliberately bloody-minded. The 

T ~ ; ._-.s Mr. Michael Worsley, prijhecn- ' 1 TTI 1 

, ’ ; r :? ^"Ing, accepted that. tMS'-was-So, ' I/' V 7 "P||Q VI O' A 

?'ut disagreed .tbat tljese spemaT : XliAvilitllLlV/ 

.t jiii.ermisisons applied to .transact 

-’ions In^ tl»; case. befofd v tbe ^ ■ m s g* j A ^ 

w! “- hnon ‘TArcrnlrpn 7 

Nicholas Goodison, the chairman, ot ily explanation he gave was 
:r.c said 118(1 feIt < l ui,e uns ^{ e ' , that he might have been feeling 

A London industrial tnbunal a little tired. “He had driven 

« -W4. yesterday that Mr. |,rfSu y capably Mon.- 
>vbso consulted oini freqocmiy.on "RnKin Ppadlp whn was senior 

'l^'uch matters fn' eonnectLon wfltt /. 7 y D »<rya»t- St/iefc Exchanss ■ ^ r - Charles Batchelor, respon- 

t rtfifP He was Oifficuit ana unco^pera-- 

P” L ™ - V- V- tive, said Mr. David Mole, for the on the drive from Carom. 

Ji l* r Plpq fur IautaY Council of the Stock Exchange. The tribunal was told that 
_ 1 Ica -iyi,4Un' l Bl - Mr - B eadle • ^ Enfield, north Mr. Goodison had to take a taxi 

* G “ r . f ov kroptnfc London, claims unfair dismissal, the time Mr. Beadle failed to 

V. iHX DlaCKulS. Mr. Mole said Mr. Beadle was collect him from the Palace. 

-’"i ncome TAX: rates sBonld start sacked for tbe way in which he The tribunal was adjourned until 
’■ y .<>.;.it 15 per cent, and finish at 50 dijove Mr. Goodison, Mr. Robert .March 15. 

- X'oer cent, the Association.- of ■ ' - —_ ___!- 

“ ' - r ' -ndependent Businesses <ay3-in 

Paddle-steamer venture 

- ■'•*., The association - urges about - ^ 

,.£5bn. to be taken off dirwt taxes: p e0D ]e llvln ,T in London and port Commission in 1948. She was 

- '■ •- n‘.- ,_.Lift fmm lndirAnt . “ ^ ,__/.An, DAnrliu in IDTI 

The case con^nues^n Monday, j H g was difficult and unco-opera- 

about Mr. Beadle's erratic speed 

Plea for lower 
tax brackets 

, Tvni ; 

^ V-Ji- 

*?i * '• ' , 

- sr 
\ :J : -‘ • 
Wf’ L: ; 

^ ? V,V 

r’ ; -VAT should have a single-rate. 

Fire research 
r •; approved 

\ FIRE research . centre, in 
. r^heshire has been _ granted 
; Department of Environment 
r ' . ipproval to carry out test^.-to 

-■ ; -nake homes, _ work and public 
' •' /buildings less of a fire hazard. .. 

; ' 1 ; > Warrington' Research Centre. 
. in independent fire testhtg and 
•' . -: ;7 ujnsultancy service, in "Warring- 
: :>on. wilT obtain fire test informa- 
Jon to satisfy -the seeds of.bitild< 
•! - jib regulation^ ■ .. . ..■* 

naaoje steamer in me woti«,.bouLu. v.ubjl 
W arerlev season. To_help meet operating 

The steamer was built In 1947 costs, the Society is to offer 
for the Clyde service , and was advertising space on the 
taken over by the British Trans- steamer. 

Exhibition profits fall 

National Exhibition Centre at 

Bir mingha m fell £!-5m- i® 5ust. 
over' £2m. for the 
financial year ending m maren. 

15m'company ia to ask for mi 
increased maximum overdraft ol. 
nearly flSm-.and a longer repay¬ 

ment period. Its present over¬ 
draft Is £7.5m.- 

Exhibition organisers have 
been assured that, after steep 
rises in rentals, of 54 per cent, in 
the first year U976-77) and 3S 
per cent, in the second year 
<1877-781. any -increases in 197S- 
79 will be tied to inflation. 

loss on rig 

London have almost 100 per cent, 
exposure on the loss risk of the 
jack-up oil rig Orion, which went 
around off Guernsey this week 
while on its way from Rotterdam 
to Brazil. 

U is owned by a Texas com¬ 
pany and has an insured value 
of nearly 817m. (£8.72m.). of 
which about $5.5ra.-S7.5m. is held 
at Lloyd's. 

Most of the rest of the cover 
on the 12-year-old rig. which was 
built on Clydeside, is held in the 
company market in Britain, 
though there may be a small 
proportion protected by U.S. 

But last year several compar¬ 
able losses occurred in other 
parts of the world, such as the 
£l0.7m. Norwegian rig Scan Sea, 
which capsized off Taiwan, and 
the £14.4ra. Panamanian-regis¬ 
tered Inter-Ocean One, which 
went aground off Japan. 

New bid by 
Ailsa to be 

land's largest independent ship-, 
yard, is to make a second 
approach to British Shipbuilders 
requesting nationalisation. 

The yard, at Troon in Ayrshire, 
is working on its last order, a| 
£3.5m_ buoy tender for Iran, and i 
heard last week that it is not to, 
share in the £ll5m. Polish ship¬ 
building order. 

Ailsa’s management, which | 
operates the yard on behalf of' 
a consortium of private interests 
including banks and insurance 
companies, made a similar re¬ 
quest last year, but was told by 
the government that no decision 
could be made until well into 

Mr. Tom McKenzie, the yard’s 
managing director, said that; 
Ailsa, like other shipyards, had 
cash flow problems although be 
stressed they Were not critical, j 

The AUEW’s Ayrshire district 
committee is to support the com¬ 
pany's campaign by asking MPs. 
its union headquarters and the 
STUC to put pressure on British 
Shipbuilders to make a bid fori 
the company’s share capitaL 

Mr. Bill Aitken, the union's 
West of Scotland organiser, said 
yesterday they were seriously 
worried about the future of the] 
yard, which is the main em¬ 
ployer in tbe district with a 
workforce of 400. 

Museum plan 

TELFORD Development Corpora¬ 
tion. Salop, is seeking Govern¬ 
ment approval to rehouse and 
expand the ironfounding musuem 
at Coalbrookdale, birthplace of 
the iron and steel industry. It is 
hoped the new museum will be 
, open by the middle of next year. 


A LONG-RUNNING tax dispute 
affecting a number of City-based 
international banks may be 
settled soon as a result of an 
appeal by the London subsidiary 
of Marine Midland Bank of New 

The issue involves tbe tax 
claimed on the notional profits 
arising from the increase in the 
sterling value of foreign cur¬ 
rency investments held by tbe 
banks in relation to their cur¬ 
rency loan capital, during re¬ 
cent years wben tbe pound has 
fallen shaTply. 

The banks affected include a 
number of tbe City consortium 

banking groups as well as mer¬ 
chant banks and subsidiaries of 
U.S. banks. The amounts of tax 
whicb could be claimed are sub¬ 
stantial. although some banks 
will have seen an offsetting loss 
as a result of the rise in ster¬ 
ling in the past year. 

All tbe banks concerned have 
been resisting the proposed 
assessments. But Marine Midland 
is believed to be the first wbich 
will come to appeal. Toe appeal 
to the Genera! Commissioners of 
the Inland Revenue follows a 
formal assessment, understood to 
involve a potential tax liability 
for several years of £1.25m. 

A date for hearing the appeal 
has been provisionally fixed for 
mid-May. and it is expected to 
be regarded as a test case affect¬ 
ing all the other banks con¬ 

The argument has been going 
on for several years since it was 
first raised in relation to one 
of the consortium banks. It bad 
been hoped that tbe CbancelJor 
of the Exchequer would include 
special measures to deal with 
the problem in last year's 
Budget. Bur the banks, which 
regard themselves as a special 
case, were disappointed. 

By Our Lobby Staff 

THE KEY io Britain's increas¬ 
ing her real wealth and revers¬ 
ing 20 years of historical de¬ 
cline lay less in success in wage 
bargaining at home than in 
securing a larger share of world 
trade, said Mr. Peter Shore, the 
Environment Secretary, last 

This was a central theme of 
his speech to Cardiff Fabian 
Society, which sought to diag¬ 
nose the nation’s condition, 
and seemed to stake out his 
claim for leadership of tbe 
anti-Common Market Centre- 
Left of the Labour Party. 

He set himself firmly against 
a statutory pay policy or un¬ 
fettered collective bargaining, 
and for a middle way of deliber¬ 
ate restraint by unions in lhe 
use of Jheir power. 

The Slate could not impose 
an incomes policy except in 
limes of manifest crisis, while 
union strength was such that a 
free-for-all would not work, 
“ short of 3m. unemployed, which 
would be a disaster." 

Self-restraint, while not easy, 
would be helped by abandoning 
the " absurdity ’• that those who 
declined excessive pay Increases 
made a sacrifice, rajher than 
benefiting hv lower inflation and 
higher employment, said Mr. 

Five principles 

Five requirements for tackling 
present problems to make fullest 
use of North Sea oil without 
“ frittering away the oppor¬ 
tunity it provided” were. 
Unambiguous commitment to 
full employment, and the will 
to take necessary measures; 
Steady increase in industrial in¬ 
vestment by close contact 
between Government and in¬ 
dustry. probably involving 
planning agreements: 
Successful counter - inflation 

Work incentives: 

An overall national plan. 

On industrial democracy. Mr. 
Shore said: “ If we can get it 
righL it could be the most im¬ 
portant development since the 
inception of the joint stock com¬ 

On possible EEC obstacles. Mr. 
Shore said: “It would be intoler- 
abel if our efforts to revive our 
fortunes were stifled, if we were 
forced to allow an unimpeded 
flow' of our new oil wealth, not 
into the revival of industni but 
across the Channel to assist our 
Eiimnean enmnetitnrs.” 

The countrv had gained 
little nr nothing from the 
EEC excepi a trade deficit of 
nver £2bn. a year, be claimed. 
With present trends, in 20 years 
“France and Germany, whose 
combined trade is to-day three 
rimes that of our own. would by 
then be six times as important” 
and “ the economic masters ot 
Western Europe.” 

Dolls’ house 
on display 

A DOLLS' house, said to be the 
most valuable in tbe world, worth 
£200,000 will be displayed at Mid¬ 
land Bank. King Street, Man¬ 
chester. frum Monday for a 

TUC tax rate plan 
‘would cost £1.9bn.’ 


THE LARGE proportion of any 
Budget cuts in income-tax which 
would be absorbed by tbe 
reintroduction of a lower rate 
tax band has been highlighted by 
new Treasury estimates- 

A rate of 25 per cent, on the 
first £1,000 of taxable income, as 
advocated by the TLfC in its 
Budget submission, would cost 
£1.9bn. io the current financial 
year. - 

This has been disclosed by Mr. 
Robert Sheldon. Financial Secre¬ 
tary to tbe Treasury, in a Com¬ 
mons written answer. 

A rate of 20 per cent on tbe 
first £1,000 would cost £3bn. and 
a sixnilai rate on tbe first £500 
would cost fl.flbn: 

Mr. Denis Healey, the Chan¬ 
cellor, has talked sympathetically 
about introducing a reduced 
rate band as part of his aim of 

particularly helping people at 
the bottom end of the sciHe in 
any income-tax cuts. 

Tbis would reduce the sharp 
marginal rale for those moving 
up into the tax bracket. 

Tbe large revenue cost of a 
reduced rate band might limit 
Mr. Healey’s scope to cut income 
tax in other ways—for example, 
by reducing the standard rate, 
increasing allowances and the 
thresholds for the higher rates 
—within an overall package of. 
for example, between £'l.5bn. 
and £2.5bn- 

• in another recent written 
answer, Mr. Sheldon said that 
raising the basic Value Added 
Tax from 8 to 10 per cent and 
abolishing ihe higher rate would 
increase (he retail price index by 
about 0.8 per pent 

Unit trust performance 
shows big changes 


THE FIRST month of 1978 has 
seen a big change in emphasis 
at the top of the unit trust per¬ 
formance tables. Whereas last 
year’s performance was consis¬ 
tently dominated by funds 
specialising- in small companies 
and recovery stocks, the top per¬ 
formers during January were 
Britannia Metals and Britannia 
Gold and General. 

Both funds, whose value in¬ 
creased during the month by 
12.1 ■ per cent, and 10 per cent 
respectively, benefited from the 
strength of gold shares and that 
in turn is attributed to the weak¬ 
ness of the dollar. Reflecting 
that weakness and the problems 
of Wall Stret, it Is the American 
funds wbich predominate at the 
bottom of the performance 

Against a fall of 3.5 per cent, 
in the FT Industrial Ordinary 

Index during the year, and one 
of 4.7 per cenL in the All-Share 
Index. 98 trusts closed the month 
with their units priced higher 
than they started. Despite the 
emergence of various specialist 
funds—Henderson Far Eastern 
holds eighth position in the 
tables which are produced by 
the magazine Planned Savings 
and M and G Japan, Lawson Raw 
Materials and Charterhouse Euro¬ 
pean also rank among the top 50 
—most of those’ are still funds 
with a strong bias towards smal¬ 
ler Brtish companies. 

On a longer view, trusts 
specialising in smaller companies 
and recovery stocks Still have 
been among tbe stronger per¬ 
formers—although the best 
performer over the past two 
years, M and G Recovery, 
achieved only 21st place in the 
opening month uf tbis year, with 
a gain of 4 per cenL 

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Telegrams: Fmantidio. London PS4. Telex: 8S6341/2, SS3397 
Telephone: 01-24S 8000 

Saturday February 4 197S 

Left in mid-air by 
the airports policy 

Financial Times Saturday February 4 1978 

■ .w?. 

0 * 3 m 

BY MICHAEL DONNE, Aerospace Correspondent 


BOTH EQUITIES and gilt-edged 
have had another poor week 
with three factors, in particular, 
• depressing investment confi¬ 
dence. First, the Government's 
efforts to keep down the average 
level of pay settlements and 
prevent the rate of inflation 
from beginning to rise at the end 
of this year are again being put 
to the test. The miners and 
power workers have this week 
rejected the initial offers made 
to them, there has been a re¬ 
newed outcry on the political 
front against the Government's 
threat to penalise firms which 
it chooses to regard as having 
offended seriously against its 
policy of restraint, and the 
matter is now up for legal 

.Secondly, following the firm 
action taken by the Bank of 
England at the end of last week 
to discourage another fall m 
Minimum Lending Rate, there 
have been some anxious discus¬ 
sions in the City about the scope 
for reconciling sizeable tax cuts 
in the coming Budget with 
adequate control of the money 
supply. It is being suggested 
that either the Chancellor 
should not reduce taxes by the 
full amount made possible by 
the likely shortfall in the puhlic 
borrowing requirement or that 
subsequent control of the money 
supply wilt involve rising 
interest rates and the rationing 
of credit. Third, the latest sur¬ 
vey of industrial trends carried 
out by the Confederation of 
British Industry is far from 


So far as general confidence 
in the business situation is con¬ 
cerned, admittedly, the sur¬ 
vey shows little change from the 
one taken three months ago. 
What it does show, apart from 
the general sluggishness of 
demand and output, is that ex¬ 
port prospects have become 
much less promising, with a 
sharp drop in export orders 
whieh itself seems to be closely 
connected with a weakening of 
ILK. price competitiveness in 
export markets. The only really 
cheerful aspect of the CBI sur¬ 
vey is the continued buoyancy 
of industry's investment inten¬ 
tions—and that itself, which is 
apt to change quickly, may well 
represent an intention to invest 
in labour-saving equipment 
lather than one to expand 

The latest CBI economic 
forecast is, if anything, more 
depressing than the survey on 
which it is partly based. It ex¬ 
pects rising consumer demand 
and capital investment to make 
for a higher growth of output in 
the first half of this year, though 
probably without causing any 
significant drop in unemploy¬ 

ment After that, however, 
growth might well fall sharply 
and unemployment begin to rise 
again. The balance of payments 
surplus might begin to drop in 
the course of the year for a 
variety of reasons, despite 
higher production of North Sea 
oil, and the rate of inflation 
would begin to rise unless pay 
settlements after mid-year were 
substantially lower than in the 
present negotiating year. All 
this, it must be stressed, is on 
the assumption of unchanged 
policies—in particular, of no tax 
cuts in tile coming Budget 


The pessimism of the CBI; 
forecast would be easier for the 
markets to shrug off were it not 
for a noticeably similar recent 
decline in official optimism 
about the outlook. This seems! 
to be principally due, so far as I 
the immediate future is con¬ 
cerned. to a trimming back of 
earlier expectations about the 
growth of world trade and the 
scope for increasing U.K. ex¬ 
ports. In the autumn it was 
believed that the economy 
would grow at a rate of 3J per 
cent, in 1978 and that tax cuts 
could push the rate somewhat 
higher: now there is a greater 
tendency to believe that tax 
cuts will be needed even to 
achieve the 34 per cent, figure. 

But it is the period beyond 
the immediate future about 
which unofficial and official fore¬ 
casters have recently become 
most worried. The Government 
may' seek through fiscal and 
monetary policy to keep the 
economy growing at an average 
annual rate of 31 per cent But 
a Treasury official admitted to 
a Commons committee this 
week that this could still leave 
unemployment over Im. in 1982 
unless there is a marked im¬ 
provement in industrial effi¬ 
ciency and that it could take 
the balance of payments quickly 
back into deficit The paper 
read to the National Economic 
Development Committee by the 
Chancellor this week had a 
similar moral. Here the average 
growth rate of 3] per cent, 
needed to bring about a gradual 
drop in unemployment was said 
to be conditional on an annual 
growth of world trade of around 
8 per cent, and a future level 
of pay settlements well into 
single figures—both of which 
are slightly optimistic assump¬ 

Anything more, however, 
would require not only these 
assumptions to be fulfilled but 
“a substantial improvement” in 
our industrial performance. It is 
this which the Government’s in- 
dustral strategy is meant to 
bring about. The behaviour of 
the stock markets suggests some 
doubt that it will be brought 
about quickly. 

T HE WHITE PAPER oriia a preliminary way, of .what 
Airports policy this week to do beyond that, 
was immediately greeted This is what the White Paper 
with mixed reactions—with does not do. Primarily, what it 
some welcoming it, especially it is intended to 

the plans further to reduce air- develop Heathrow to cope with 
* . . 38m. passengers a year, beyond 

craft noise, and others horrified thg ^ capadty ^ 

by the expansion proposed of developments will produce: to 
the existing airports in the take Gatwick from 16m. to 25m. 
London area—but deeper analy- passengers a year; to take Luton 
sis reveals same fundamental from 2m. to 5m; and Stansted 
flaws which could swiftly wreck thf present 300.000 to 4m. 
, .. . These developments will yield 

the entire new strategy. 

a capacity for the London area 

The first real criticism of the of about 72m. passengers a year, 
projected strategy. made This figure is itself only slightly 

by virtually everybody in civil f( J0V ® White Paper’s own 

. low forecast of a traffic 

aviation, ls e volume of 65.9m. passengers a 

Paper does not really go far y ear f 0r t|j e London area bv 

enough—in that it takes air- 1990 , and well below the “high” 

ports policy up to 2990, and forecast of 89.4m. On the White 
stops there. There are only Paper's own reasoning, tbere- 

some loosely-defined possible fore, even if all these develop- 

■options" for the period be- ca ™ ed throu f h ' ‘ here 

‘ ^ .. JL . ... wtil be possibly a marginal ex- 

yond that if air traffic should cess 0 f capac jty amounting to 
go on growing at anything like about 6 m. passengers a year by 
the rate predicted for the next 1990. but at the other end'of the 
ten to 15 years. scale a possible shortfall of over 


. Beyond that, the White Paper 

Jr orecastine dnes aot s°- ah 5t says 13 that 

** beyond 1990 there are certain 

arplirarv options—a further major expan- 

sion nf Stansted, to an undis- 
_. _„ closed level but perhaps 10 m. 

Jhe ■_ " * ' passengers a year: the develop- 

the,- is the difficulty o forecast- mem „ f snme umiisc , ose4 mili . 

ing with any degree of accuracy lary airfield as a civil airport, 
future air traffic. . Even the 0 r the construction of an en- 
forecasts up to 1990 are widely tirely new airport, 
spread—with a " low " of 86.1m. But the £ f jtish Airports 
passengers a year throughout Authority points out that to 
the whole of the country, and a take Stansted to 10m. will in- 
*• high ” of 117.4m. For the volve a “lead time” for all the 
London and South-Eastern necessary planning and consul- 

_. „ rha ration procedures of eight years: 

region alone. th * a period of ten years would be 

spread is between 63 . 9 m. and needed f or converting a mili- 
89.4m. by 1990. tary airfield to civil use and 12 

There is some justification for years for the development of 
this. Even the British Airports * new airport from scratch. 
Authority itself admits that its This means that in effect, the 
own projections of traffic Government ought to take a firm 
. ■ 10 -, 0 policy decision between now 

growth made J» »«- «*re shat' and 19S2 at the latest on what to 
tered by the oil crisis of 1973 d o beyond 1990—and the .earlier 
and the subsequent industrial j t takes such a decision, the 
recession of 1974, which has be- better. In fact, it has so far 
devilled air transport world- opted out of any such decision, 
wide ever since. But even allow- preferring instead to concen- 

lug for this sort of disturbance, "f™ ' h £ H p ’ e ““!?I-J"™*' 
the aviation Industry, both ou opment „f «..Un* airports. 

the operating and manufactur- Yj * j a j 

ing sides, believes that there K£SIu60tS 

will be continued further . 

growth beyond 1990. Even if 2ir££lllUCllt 

it is at a much lower annual laMpr Hn.-uim, ton u 

that it is unfair to expect Gal- 
wick to go from 16m. to 25m. 
when Stansted is only being 
asked to enpe with 4m. 

It is in this situation that the 
seeds of the possible destruction 
of the Government's strategy 
already have been sown. The 
White Paper suggests that 
Heathrow can go to 38m. if a 
fourth passenger terminal is 
built on the South-East side of 
the airport, but it then goes on 
to point out that this is subject 
to a Public Planning Inquiry, 
to meet the already strongly ex¬ 
pressed environmental objec¬ 
tions of the local communities 
around the airport. What the 
White Paper does not take into 
account in its strategic assump¬ 
tions is what will happen if 
those abjections are so strong 
that the Government is forced 
to say in a year or two. that 
there can be no fourth terminal 
at Heathrow. It has already 


1 20 fVSfac- 

Total A 



London Area! 

the operating and manufactur- Yj • j ± j 

ing sides, believes that there lv€SIu(?IltS 

will be continued further . 

growth beyond 1990. Even if 2ir££lllUCllt 

it is at a much lower annual ^ latter decisioDi t00 , is 
rale than that now fore- bound to cause considerable con- 
shadowed (about 8 per cent a troversy, because it appears to 
year), the number of passengers many to be ill-conceived in the 

will, of course-, be much greater. ' va >' in which ir spreads the 

burden of future air traffic 
Add lu ibis Ihe long lime development between the four 
that it now lakes to get even airports involved. Many who 
a minor new airport develop- live around Heathrow will 
meat through all the conceptual. «gue that it is unreasonable 
planning and envi™ta, * *$£ 

jections, and final Government highly developed, to cope with 
decision-taking procedures, and another 8m. passengers a year, 
it is argued that the U.K ought who could be transferred else- 
to be thinking not just of what where. Similarly, many residents 
to do up to 1990, hut, at least round Gatwick believe strongly 

I 1975*16 ’80 ’85 *90 f 

emphatically ruled out the pos¬ 
sibility of a fifth terminal. At 
a stroke, dropping the fourth 
would cut capacity of 8m. pas¬ 
sengers a year out of the pro¬ 
jected 72m. total—which as 
already seen could fall short of 
the Government's own highest 
prediction of traffic growth. 

The problem will be further 
complicated if, as seems likely, 
the residents around Gatwick 
fight a successful action against 
that airport being lifted from 
26m. to 25m. passengers a year 
—a development that would 
make Gatwick busier even than 
Heathrow is now. with all that 
means in terms of environ¬ 
mental pollution. For what must 
be remembered is that enlarg¬ 
ing airports to take more 
passengers involves far more 
than building work inside the 
airport boundary on new ter¬ 
minals, taxi-ways and aprons. It 
has a ‘Tipple effect,” going far 
beyond tbe airport boundary. 

For example, a fourth ter¬ 
minal at Heathrow, capable of 
handling 8m. passengers a year, 
will throw enormous strains on 
the road system for miles round 
the airport, and require a huge 
increase in heating, lighting. 

water supply, sewage disposal 
and other systems that will cost 
many millions of pounds to pro¬ 
vide, beyond the £50 kl. or so 
that the actual terminal will 
cost. Similarly, at Gatwick, to 
push the capacity from 16m. to 
25m. will impose immense and 
expensive burdens on the sur¬ 
rounding area that will utterly 
change the face and character of 
that part of the country. 

Where will all the additional 
passengers go, therefore, if 
they cannot use a fourth ter¬ 
minal at Heathrow, or expanded 
facitities at Gatwick. Most prob¬ 
ably the Government would 
have to look more closely, 
at the options so loosely, 
defined in the White Paper; 
and at a much earlier date 
than is currently expected. 
One of these is the further ex¬ 
pansion of Stansted to about 
10m. passengers a year, which 
could be achieved within the 
existing airport boundary. TSie 
reaction even to tbe latter 
proposal by the local residents, 
is predictably hostile. They can 
be expected to fight even mare 
bitterly against any bigger 

But success might well this 
time elude them, for. several 
reasons. One is that since their 
last successful fight, in the 
1960s. the entire aviation situa¬ 
tion has changed, and with it 
the attitudes of other communi¬ 
ties. Residents around Heathrow 
and Gatwick. who earlier did 
not fight with too much con¬ 
viction against what they re¬ 
garded as the despoliation of 
their own environment, are 
now much better organised; 
much more articulate, much bet¬ 
ter briefed legally, technologic¬ 
ally and politically, much more 
skilled at in-fighting, and no 
longer in any way intimidated 
by the big guns of Whitehall 
and Westminster. Moreover, 
they feel that they have right 
on their side, in that they be¬ 
lieve it is contrary to natural 
justice to allow further develop¬ 
ment at Heathrow and Gatwick 
whilst Stansted remains com¬ 
paratively unscathed in rural 

Two other 

**.. IIB 

m sl23mt30mEo3 

5CJ ^iaiSiSSBi 


F j 

Uadar *» | 
CttHiwte J 

CAPAC ITY (Passmgers per year) 
3 m Aetna! 

** ‘ UKVatFopeseen fay 1990 II 
mal llafil m White Paper H 



Clearly, the Stansted com¬ 
munities can be expected to be 
equally fiercely opposed to what 
they will feel to be an unneces- 
sa ry encroachment on their 
own environment, and to resist 
any attempts to push that air¬ 
port to 4m. let alone 10 m. pas¬ 
sengers a year. Whichever way 
it Is looked at. therefore, the 
Government's airports strategy- 
in so far as it concerns London 
and the South-East, will please 
very few, and Is in for a tremen¬ 
dous battering. It is unlikely to 
emerge unscathed. Something 
will have to give, whether it is 
the fourth terminal for Heath¬ 

row, the rise to 25m. passengers 
at Gatwick, or the further de¬ 
velopment at Stansted. This 
raises the question of what the 
Government can then do.. 4 The 
only possible answer is that it 
will have to study rather sooner 
than it expected the two other 
options it so loosely outlines in 
the White Paper for the period 
beyond 1990—the conversion of 
a military airfield, or even the 
development from scratch'of a 
new airport. 

The challenge is really in¬ 
escapable. It has been so 
since the cancellation of Maphn 
in 1974—which temporarily 
shelved the problem of what to 
do about London's airports, but 
did not solve them. That ex¬ 
plains why the Government has 
been obliged to go through one 
more exercise of producing a 
statement on policy. Even 
though the White Paper tries 
to shelve the problem again, 
until 1990. it is bound to obtrude 
itself, either directly as a result 
of traffic growing more quickly 
than expected or insidiously 
because of the progressive col¬ 
lapse of various bits and pieces, 
of the latest policy. 

The British Airports Authority 
has suggested one possibte way 
out. Mr, Norman Payne, the 
authority’s chairman, this week 
suggested the creation of a 
major new Airports Policy 
Advisory Group. It would take 
over all tbe thinking and plan¬ 
ning, and by creating a regu¬ 
larly-updated reservoir of study 
and analysis, would be able to 
short-circuit much of the cur¬ 
rent delay involved in disputes 
over ewyironmenrtal issues, and 
eliminate some of the agony of 

This- group, in the BAA's 
view, - would comprise the 
authority itself (whose task is 

miming airports commercially^ 
not settling the politics of where 1 
they, ought to be), the Civii^. 
Aviation Authority (w-hose ; 

licensing guidelines dictate: 

where airlines can fly), the local 
authorities, the many consumer- 
interests, .the .Govemment- 
departmenfcs, and various plait-„ 
nang bodies such as the Stand-; 
bog Conference on London and-; 
Southeast Regional Planning.. 

This group, without prejudice 
to ultimate decisions, could he 
thinking now 1 of what to. . I . 
either in the mid-198(js if 
current Government ‘ policy js " 
wrecked by the bitter disputed 
that many see lying ahead, or'L.p 
in . 1990 -if miraculously the 
current policy survives so tong. • ifc 
The group would in no way 
whatsoever circumvent norma] ■ 
planning procedures, but give W 
everyone a chance to air - their : ,v * 
views, and to reach a consensus 
Of what best should bo dona, 
before decisions are taken. 44 - 1 



It is one of the brighter and 
more constructive long-term 
planning suggestions to emerge 
In this field for a long time past 
If there is any. .objection, it is 
that it might place yet one more 
examining body between the 
problems and their solution, but 
the BAA thinks that this is not. 
so, and that it could, if handled 
properly, make for Faster and 
more coherent decision-taking 
than in the past That remains 
to be seen, but In view of the 
immense difficulties that already 
can be seen to lie ahead for 
the policy as enunciated, this 
week, it is .worth at least ^^ serious 
and early study. 

Letters to the Editor 

Selfishness .'T't 

from Mr. I Grant. 

Sir,—One of the most justi¬ 
fiable attacks on western society 
must he aimed at the selfish over 
exploitation of dwindling natural 
resources. It is often said that 
western man's consumption of 
many things from beef to steel 
j.s several limes that uf his 
counterparts in mast of the third 

Surely any revised tax system 
penalising excessive consump¬ 
tion would not only he Tairer to 
those within our society, but also 
more just and socially respon¬ 
sible in a world wide context. If 
our political leaders are truly 
concerned with the plight of the 
developing nations, is it not time 
to consider such apparently 
national problems as personal 
taxation in a more open minded 
manner? I would find our ego¬ 
centric society more defendable 
lF some pressure was brought to 
bear on the individual either to 
“pay through the nose for” or 
forego colour TV. hi-fi sets, 
clothes from Savile Row or 
Rolls-Royces From Jack Barclay. 
for reasons beyond Professor 
Meade's desire (January 261 to 
permit the lower paid to accumu¬ 
late savings along the tines of 
the rich. 

We have oFten been reminded 
that our economy cannot be 
separated from the state of the 
rest of the world; should we not 
regard nur tax system in a 
similar tight? 

X. S. Grant. 

The Coppice, 

Greeibv Hill. 

Ormsktrk, Lanes. 


From Mr. F. Law- 

Sir.—1 hope that David Curry’s 
article “ France’s way with state 
industry,” (January 26) will be 
read by every one of our 
Ministers as well as the mem here 
of the Opposition from bench. 

It is extraordinary how much 
better the French Government 
seems to deal with its state cor¬ 
porations. and the example of 
Air France, which Mr. Curry 
quotes, is one which should be 
studied in depth. If our system 

could be changed so that 
“ arrangements a la Francaise ” 
could be concluded, how happy 
thp chairmen and boards nr our 
public sector companies would 
be’ Of course, the French, 
realists that they are, know that, 
if for political reasons they must 
direct a state corporation to Fol¬ 
low a “non commercial course.” 
a clearly defined compensation 
would have to he paid. 

After many years serving as 
a part-time member on a state 
corporation board. T beg those 
responsible to spare tbe time and 
look what part of the French 
system could be adopted in the 
U.K. Not all is well in French 
state corporations, but so much 
of i t ls b etter. 

F S?Law. 

61, Cadogan Square, S.W.h 


From Nr. K. Wood 

Sir. — The comprehensive 
assessment of nuclear reactor 
surety is a complex inter-discip¬ 
linary activity involving several 

branches of engineering, 

physics, and metallurgy. The 

most extensive evaluation of 
accident risks yet made is the 
U.S. Nuclear Regulatory Com¬ 
mission's Reactor Safety Study 
of light-water reactors published 
in 1975 and known as tbe 
Rasmussen Report. 

Table 5-2 of the Rasmussen 
main report summarises results 
of the study for ' pressurised- 
water reactors (PWR). Six acci¬ 
dent categories are considered 
including reactor vessel rup¬ 
ture, and nine categories of 
radioactive release are listed 
for the worst predicted accident 
consequences following core 
melt The contribution nf re¬ 
actor vessel rupture to the nine 
release categories, summed for 
ail accidents, varies From 1 in 
400 to 1 in 80,000. These results 
are subject to considerable un¬ 
certainty but do indicate that 
a reactor vessel rupture is not 
the most important initiating 
event id possible PWR acci¬ 

Rasmussen assured that re¬ 
actor pressure vessels would be 
designed, manufactured- in¬ 
stalled, inspected and tested to 

the applicable codes nf the 
American Society of Mechanical 
Engineers. These codes have 
been Further developed since 
the study was carried wit. The 
Marshall Repon recommends 
that even higher quality 
standards should be employed 
in the U.K.. and a corresponding 
reduction in accident risk would 
be expected. 

Your report of January 11, 
that tbe Marshall Committee is 
to be reconvened, implies that 
further consideration will be 
given lo the achievement of 
higher quality standards. Al¬ 
though the debate on possible 
vessel rupture provides an 
emotional outlet for the PWR 
protagonists, now we have a 
conditional approval from the 
Government for a British PWR 
shouldn't we give mare atten¬ 
tion to plant failure modes 
which start in a less spectacular 
manner but which Rasmussen 
has shown to present a much 

greater risk? 

K. Wood. 

5ft Queensway, W.2. 


From. Sir Derek Ezra, 

European Trade Committee. 
British Overseas Trade Board. 

Sir,—1 was sorry to read the 
criticism of the Export Year 
conference held in Birmingham, 
io your diary column on January 
27. Most of those who attended 
it will agree with me that this 
was one of tbe most successful 
export presentations that they 
have seen, making very effective 
use of audio-visual techniques to 
analyse some major success 
stories in the export experience 
of British companies. 

It has been a feature of these 
conferences that a balance is 
struck between the time allotted 
to presentation, formal discus¬ 
sion and informal discussion. 
Informal discussion has always 
been regarded as a significant 
and useful opportunity far the 
conference participants to meet 
one another, and to exebanee 
their own export experiences. 
Furthermore a major speech was 
made during lunch by Mr. Joel 
Barnett. The criticism of the 
interludes between the Formal 
sessions was entirely un¬ 

warranted in my opinion as they 
were put to very good use. 

Export Year received support 
far exceeding original expecta¬ 
tions It was extended because 
many more functions had to be 
accommodated than was possible 
in a single year. The impetus It 
achieved has meant that plans 
are now being discussed for a 
further phase. The extension of 
the campaign to 19 months, far 
from being a sign of ineffective¬ 
ness, arose from its very success. 
Derek Ezra. 

1 Victoria Street, S.W.l. 


From Mr. J. Goodimtd. 

Sir,—Mr. Buckley (January 
28) misunderstands one of the 
several points I was making in 
my letter of January 12. 1 had 
suggested a “ tax (onj the non¬ 
premium uses of premium fuels 
.... say, natural gas for space 
heating . . as better than 
Professor Thring's general Fuel 

He complains that this would 
affect one quarter of industry's 
total energy needs and 13.5m. 
domestic gas customers, thereby 
apparently admitting that little 
of the gas is sold for premium 
use! Mr. Buckley is well aware 
that solid fuel, for instance, is 
just as efficient as gas if used 
in modern appliances. 

Tbe gas industry keeps on 
claiming that natural gas is re¬ 
served for premium and load- 
balancing uses, so it should not 
object to a tax on non-premium 
uses, commensurate with the 
2.5p/gallon duty on beating oils. 
John Goodland. 

Down Howe, 

PyLeigh, Taunton, Som. 

was a value that was placed upon scious, to distort the evidence, I 
such education. would be grateful if he would 

Nowadays university education let me know about it. • 
seems to have been prostituted Brian Jnglis. 
by the vasi increase in quantity 23* Lombolle Hood, N.WJ. 

of places, by the apparent lower- - : 

ing and decline of educational . 
and moral standards and by the ACCOUntS 
very uselessness of the prolifera- ,,, „ ur-u—. 

tion of Arts and Social Science Fr ^ m R - Wflfdrtm 
courses being taken. —Mr. D. Cairns (January 

l do hope that Mr. Dixon’s r? V til ? e t0 

suggestion for repayable loans is J™™P° rlin f 

taken up by some of our a , balail “ ***•* “S 

Parliamentarians who say that « p "!lJPlI 0 ® 5 ^ £ 

there is no room for cutting jf ur 8 en f tiiat studies on cash 
public spendinE 1 & flow accounts be pursued, 

ni Cr 6 ' Coupled with a statement of 

* i d ® rfe . e ‘ ..... AlfW . value and a statement of busi- 
St. Anthony s. 34. wideuell Road, ness needs (future cash flow) a 
Roborougn, Plynunith. far more useful format coaid 

- emerge, and a more rational tax 

_ base as well. 

Sharing The return to first principles 

in the field of taxation (see the 
From Mr. C. Benson. Meade Report) is no less urgent 

Sir,—Before we hear too much The conventional account has 
about profit sharing, ought not served us well all over the world 
the point to be made that tbe but that is not to say that it is 
advantages of profit sharing necessarily the ideal system. We 
carry with them the singular dis- should look again at what is 
advantages of loss bearing? If really true and fair, 
this is not realised by those who R. S. Waldron, 
seek some advantage from the United City Merchants, 
exercise, they will want it both UCJf House, 
ways—profit sharing but no loss 3/5 Swallow Place, 

bearing. Princes Street, W.l. 

C. E. H. Benson. - 

Hawkstone Lodge. 

Wcsion-unasr-Bedcaitle. \JttlueiMCS 

Nr. Shrewsbury. Fnm Mr. K. Smith. 

Sir.—It is a pity thai the 
AanMtir Department of Trade should 

seek to penalise the eminently 
Firm Mr. B. Inglis. respectable and responsible Sun 

Sir,—Describing me (January 52*“* J? reafein e 

26) as one of those people who 

have a longing to believe, P an ^ ■ that it will 

C. P. Snow adds “not only such a “g"* P™ 1 ™ £ offset *e 
longing, but a superlative eapa- 

citv He can hetieve nearlv sc “ eme DOH-COntnontory; which 

uythinlL" presumably means that Hie cost 

“aTc . ... will be met from Kristine 

0“ 6 ® m .® < i® y : 11 as revenue. How then could pre 

pened, the Daily Mails reviewer mium.reductions he justified? 
of Natural and Supernatural ex- 0 ne way out of the dilemnia 
pressed the opinion that my not w0uM be for y, e compan yt“ 
having taken up an attitude to resume taking pension contribu- 
the events described < was a tions from employees but credit- 
weakness in the book. Weak- j^g these to a separate “supple¬ 
ness or no. the Mail’s reviewer mentarv" pension fund to nro- 
was right. I was and am an un- vide enhancements to the esjst- 
repentant agnostic in connec- ing scheme Or these could be 
tion with all the phenomena des- repaid to employees net of tax 
crihed. My function, it seemed relief when circumstances ner- 
to me, was to give tbe evidence, mirted. 

If Lord Snow can point to any K. B. Smith. 

place where I have allowed con- 6. The Old Garden. CkipeteatL 

vlctions, conscious or uncon-. Nr. Sevenoaks , Kent. 


From Mr. D. Burke. 

Sir,—May 1 say how much l 
agree with Michael Dixon’s com¬ 
ments (January 19) that univer¬ 
sity students in the U.K. should 
have to re-pay all or part of the 
cost of their higher education. 

i was unable to go to univer¬ 
sity but acknowledged that such 
further education was of value to 
the individual and generally 
benefited society when it was 
completed. In other wards, there 



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*_ in WMi.k 0 ™ 18 14,6 Sec ° od WorW War, fired from a distance at which 

«^<as the idea for. - using . an would burrow for 14. inches 
l g Y-- a eb era a&an unsinfeahte launch, into pure ice. will penetrate 
'—' —in tiie Atlantic, either for only &5 inches.. 

iiti-U-bpat operatloiis..or^as *ir...Lord.'TtfduntbatieriJ himself 
airports cW rfield off north-west France in used to tell as ah .dfter-klinner 
itUms th& Dohi^r j PP ort of ^he Invasion.. fyke story how. he gained the.ear of 
ouqhr io \ je new his chief .well enough to Churchill. *'I went ; to Chequers 
ion a u ’ kick conspicuously into Vhis in iee the Prime-Minister and 
li A uthon:y »pori a quotation, front erne of was-told, he was in 'his bath. 

' *!*“ ,. Sidelines hesterton's Father Brown I said; ‘Go 6 d, r that’s; exactly 
vv . e . < c 3 n flyi.tories: “Father 1 Brown laid where'll want him to. be.’ I 
. “ e5 » the masy^own his cigar'and said care- niwed iqi the stairs^h^ ca h ed 
es * K * '-he totally , 1 It isn't that they can’t see out to him, 'l havi a"block or 
ttmenis, ^nd var^ic solution. It is that they can't a new material -which I would 
bodies su.-h 25 ^le the problem.’Lord lfount -1 ike topnt in jepr.bath.' It 
imlerence on L« atten » says Zuckerman,. has floated,', melting mqch more 
wEast R^iioaji ^een quoting iteversince. .. slowly than'pure ice.. Once 
group, vith 0a ’, ^ Geoffrey Pykb had been work- the dense reinforwanent of wood 
itnaate c> ers-oa*.. "'"" . ■ ' ... ... “ ... T J 

<itiS now of wj- 
‘t ia jr.Q mid-l9i 
?nt uoiernnieo; 

ked by the bluer. ......., . VJ . T ,. r ., ^ .. 

many see Yn? sv ■■“'■■ Y•••>•:■ - • -'•■ •. r. — ■■■ ■ 

Y “ Tanker ban threat 

'.soever c.r.-unsiv- ' •■ •.•■••.'•.-■ ' .j ■. ■ "y•■•■• i.- 

SSI to'^eppod; ;s| 

re decisions are uh BY PAULINE -‘CLARK, LABOUR STAFF ; ; ,y: 

fibres were ejfposed, they in¬ 
sulated ihe bulk o£ the 

Fykrete, as it had already 
been christened, effectively was 
a fibre-reinforced material of 
the same family as the high- 
duty carbon and glass-fibre re¬ 
inforced aircraft materials of 
today. Mcmnflbatten released a 
brilliant young •' Cambridge 
glaciologist called Max Perutz— 
later to win a Nobel Prize for 
his work on the structure of 
proteins—to confirm the re¬ 
markable properties apparently 
enjoyed by Pykrete. 

Pyke himself—”tbe kind of 
man who would never have 
rejected cut of hand an idea, 
say, of freezing the clouds to 
make platforms lor anti-aircraft 
guns.” Lord Zackci man writes 
drily—was already dreaming of 
heroic works in Pykrete. His 
55.000-word memorandum on 
Habhakuk envisa-^ed unsinkable 
aircraft carriers of icc nearly 
half-a-rmle long,' with hulls 
30 feet thick. The best torpedo 
of its day could punch into it at 
most a crater 3 ft deep and 20 ft 
across, it was estimated. The 
carrier could, it was asserted, 
launch any aircraft flying or oo 
the drawing o.’ard. Also 
envisaged were unsinkable 
freighters with the capacity of 
80 Liberty ships aod huge land¬ 
ing craft shap -d like gondolas. 

The Chestert'm quotation was 
the spark that caused Pyke's 
fantasies to flare into the full¬ 
blown Habbakuk project. Secret 
laboratories w^re set up in cold 
stores beneath Sinilhfield, the 
meat market in London. A 
1 . 000 -tun experimental “berg” 
ship took shane in Canada, 
sheathed in timber, pitch and , 
Vermiculite to insulate its hull 1 
of Pykrete from the sea. 

But not all the top wartime 
boffins shared Mount batten’s 



enthusiasm for the secret 
weapon. Neither Lord Cherwell, 
the Prime Minister's personal 
scientific adviser, nor Dr. flater 
Sir) Charles Good eve, a senior 
adviser at the Admiralty, 
believed that wen fortified ice 
was a credible construction 
material. “Goodevc’s dampening 
comments angered Mointbatten 
considerably," Zuckerman com¬ 
ments, making it plain that he. 
too, was pretty sceptical about 
the idea. Goodeve himself, a 
few years after the war. wrote 
sardonically in a scientific 
journal or the "berg carrier” 
project that "by leaving the ice 
out. and converting the refrig¬ 
eration tubing to ship's plates, 
the whole thing would have 
been able to go five times as 

Habbakuk, the world's most 
a mbitious idea yet for using com¬ 
posite materials, melted away 
sometime during the Quebec 
Conference in 1943 (although 
some highways in the USSR are 


Public spending likely 
to show slight rise 


U ’nriU WARNING .tiat fqod prices way'to go:before Wey run into: 
Unn 5uld rise a ;tbe .national over- trouble. : \. . i 

, me ban by petrol tanked:con= : .An^overali .picture-j>f -the 
cfiinr nues for appthep 'week was cumulative effects, of the-ban, 
.MUUi iven yesterday by-the Motor and whether any particular areas 
gents’ Association. ' are .affected more than others, 

u- or.*- Y the:r ?Thi8 . W After ; Si 1 ifmqar ^ 

fiessage from the Road Haujage; un ^ 0 l drivers in! 

:nmg >j,. ^sociation on ;the - Transport jmd General 

ii> dole £ . rrtives rise to fears that there workers’Unkm have show a little, 
here :.- -r.y Ursula come a porat— of- drgani#ig a national 
:» rr.izh: ’I'z.iW? ^ ood , lom ® 5 may - n °Ywork’ to. rule sDStegy in support 

ach shops and supermarkets—of.demands for wage settlements 
‘ a 'S‘~ .. I’.V'-.fV-r 1 ., PSfticurar those .carrying which, ein'pla^ers claim, are out- 
iiem->-: • •;?.r*--aily deliveries-of- fresh^^ goods 8ide . Government^^ guidelines. 
BAA iy*«w L'.iYuch as meat and-vegetables. shell -reported that drivers in 

and UiY :: But the bah by tanker drivers.sofne. are* were-insisting on a 

ieriy. make • ^ four of. Britaltfg l bis®est':oil second wan in the driver’s cabin 

tr- c.*}icr:-r.: ^r ^ -OTnpaDies Vseeins ..unlikely to aod .^bers .appeared t0 „ l)e 
Ij-ituild up to any- serious disrup- driving , more slowly. • I ' jSSCI 

■ •-! —V - j- __. I 'MKidLa- Thu unret nffci*e ramp 

jiiiuild up to any- serious disrup- driving , more , slowly. • lissoi 
nion of petrol supplies'nntfl:at 1 b^lihved - -.the worst effects camej 
T .«east the middle-of next week. from .drivers refusing journeys 

Y _--I r.-'.-ii---;, • ■>;—.-wbicb would involve overtime. . 

ni. This oil indiw- ■ Fears - of more determined' 

n: ;ii : ' an went mto lts ^ ,. disruption to . supplies could 

• *' Agaii^ prerimjs'.epq^tatfoiwfnfoiixit toward the end of next 

if a possible -40; pier:fieht pedni^-week,: -Union . leaders still are 
nation In ^uppjies'by^tbis stage^- iiqt- : re^>onding-. to reminders 
hell, Bp-land_estimated * Jro|n c individiial : companies that 
hprtfaU;' Over tbe r jrair~24 boa rs ^negotiating procedures have, not 
f nearer^p^T^Mti.^. v Witbout -been : exhausted. A national shop 
inder^tjnuifin^’ tbfL seriousness, stewards’: meeting to review the. 
if a eutY^a^thir^.m supplies” -effects of ttieban-is.not expected 
nto take plate until the third week 
s clears^bat Awe; ; .is no cause - 0 /- this month. 

; et fbr-^c^icibuyi^T’-. Y :- ^ : Shell^ pointed out yesterday 

'Althougfc'th^ifofer' cbmpa.nles, that* 1 its v drivers were coid- 
nriudi»E- Texacol^-operatelinoae shouldering an offer accepts' by 
ban two-tbifdYof the icouhtrj^s other staff in the company. From 
lllmg :ata^bns.''it' fs' poloted out- January1, Shell ■ white-collar 
hat otber^mainr snppfieES SUch workers have been paitl a 10-per 
is MobiLOTtlrOltrupuH' ftavb hot .cent basic . increase with \ a 
>een lut'^<jpe.Ja^~Mcariwhi3e: productivity rise of another 4per. 
ndustrial 1 -CKktplhero , )>idtb,large eent. if projected staff reductions 
anjes are^aipufihl4a : have -some, are achieved. 

I Slfip^aird lay-offs reach f 
J 20% in overtime dispute: 

/ A FURTHER 91 men were laid-- Df no confidence in Mr. Robert 
off yesterday at " Uie - six Butler, chief executive of the 
'nationalised diip .repair yards, on Tyne ship repairers group which 
the 'Tjme,-bringing'the total laid- controls the river’s sue natlona- 
off to 812—about tra^flftb :of the Used yards. 

workforce.' - y The men—most of them now 

ra .'U J Jfcig, : W ;Sg 

I by an unofficial ban on overtime ’rr u r“-^^ lt -ih.atinn on Mr 

&f!SrPSSK(Ty5 B*H«. Wfco arrived on tU Tame 
JuSm*® 0 . °r_ ^ Y 1 *?? last August tor lake eharse of the 

ciaun. newly liatumalised repair yards, 

i Management stressed yesterday jjr. Joe Grant, shop stewards' 
Ythat it was impossible for them convenor at Brigham and Cowan 
ito obtain Work\,fcir ltbe'. labflur ^ ^ ^ bad lost confidence 
Jforce while the ban continued. * n yg T ; Butler and felt he should 
jlTbe dispute is separate from the «<>.. j^ere had been a unanimous 
"problems at Swap Hunter involv- vo t e on this at a mass meeting, 
ing outfitters and., boilermakers ■ They -were asking the men in 

THE SHARE of public spending 
in the economy as a whole is 
expected to rise slightly io the 
next financial year after dropping 
sharply since 2979. 

The ratio of public expenditure 
to gross domestic product is 
likely to remain at about the 
recent lower levels until the 
early 19S0s with oo further 
significant decline. 

These figures have been dis¬ 
closed by Mr. Joel Barnett, the 
Chief Secretary to the Treasury, 
in a Commons written answer. 
This clarifies the question, left 
unclear in last month's expendi¬ 
ture White Paper. 

The Treasury then merely 
provided figures up to 197&-77 
and indicated that the public 
spending ratio would be lower 
in. later years than in 1976-77, 
though well above the level of 
the early 1970s. 

The new figures from 1977-78 
onward show the impact of the 
large recent underspending in 
the public sector. Thus the ratio 
of total public expenditure to 
gross domestic product at market 
prices is estimated to have 
declined from 441 to 42 per cent, 
in the current financial year. This 
compares with a peak figure of 
46 per cent in 1975-76. ■ 

If public spending is at the 
planned level in 2978-79. rather 
than below as recently, then the 
ratio to gross domestic product 
will rise from 42 to 43 per cent 

This, principally, reflects the 
deviation of actual spending 
from tbe planned level. The in¬ 
tention is still to contain the 
growth of public spending with¬ 
in the projected expansion of the 


Ratio to Gross Domestic Product 
at market prices % 

1971- 72 38 

1972- 73 39 

1973- 74 41 

1974- 75 45* 

1975- 76 46 

1976- 77 44J 

1977- 78 42'l 

1978- 79 43 

1979- 80 43 projections" 

1980- 81 42 

1981- 82 41. 

* Assuming government's expendi¬ 
ture plans, 3} per cent, annual 
growth in Gross Domestic Product 
from 1978-79 onwards. The esti¬ 
mates are in cost terms taking 
account of changes in relative prices. 
From 1979-80 onwards public sector 
prices are assumed to rise slightly j 
faster than other prices. 

Source: Treeiury. 

On the basis of a 31 per cent 
rise in real gross domestic pro¬ 
duct in the next few years the 
Treasury expects a very small 
fall in the share of the public 
sector, even though the volume 
of expenditure is projected to 
rise by only about 2 per cent. 
a year. 

Tbe explanation is that tbe 
estimates take account of 
changes in relative prices. 
Although public sector prices 
have recently risen less rapidly 
than prices generally, the 
Treasury’ assumes a return to 
the long-term trend of a faster 
growth of about i per cent- a 
year from 1D79S0. 

reported to have been made of 
Pykrete i. Mountbatten recalls 
that, of the two ideas taken 
seriously in Britain, that for 
a mid-Atlantic airfield from 
which to attack U-boats was 
pre-empted by a Portuguese 
Government decision to allow 
Britain to use the Azores; that 
for a floating fighter station to 
support the invasion was pre¬ 
empted by proriding fighters 
with extra fuel capacity. 

But icebergs retain their fas¬ 
cination for those who see them 
os something man must try to 
control. The iv-cd for control is 
mainly a consequence of man's 
fast-increasing commercial anti 
other interests in seas infested 
with icebergs. Wandering bergs, 
drifting unpredicinbly under the 
influences of winds and cur¬ 
rents. present an increasing 
hazard not only to shipping— 
which can lake evasive action— 
but lo permanent structures 
such as navigation buoys, drill¬ 
ing platforms, pipelines, sub- 

TO-DAY—Mrs. Margaret Thatcher 
addresses Conservative Party 
local government conference 
Springboard for Victory, Caxton 
Hail. S.W.J. 

MONDAY—Prime Minister in 
talks with CBI on Bullock Report 
and worker directors. Mr. Eric 
Varley, Industry Secretary, gives 
evidence on British Steei Corpora¬ 
tion to Select Committee on 
Nationalised Industries, House of 
Commons tin private). Mr. 
Gordon Richardson, Governor. 
iBank of England, and Mr. Roy 
Jenkins. President. European 
Commission, at Overseas Bankers 
Chib banquet. Guildhall. EC2. 
Statement by Sir Leslie Murphy, 
chairman. .National Enterprise 
Board, on NEB policy. Mr. 
Edmund Dell. Secretary for 
Trade, and Mr. (Edward Heath 
SfP, at China and Britain trade 

sea storage facilities aod 
military installations. 

An iceberg is not frozen sea¬ 
water but a lump of water which 
has broken off a glacier or ice- 
shelf. the purity of which makes 
tupwaler look like soup. As 
long ago as 125 years glacier 
ice, brought by ship from a lake 
in Alaska, was being sold in 
San Francisco. By the last 
decade of the 19th century small 
icebergs were being towed 
thousands of miles from Chile 
to Peru to provide fresh water. 

It is one thin? to know—as 
everyone does—that only one- 
seventh of a berg breaks the 
surface. But riie man who is 
wurried about it colliding with 
his marine installation is keenly 
interested in such things as the 
shape and stability of the un¬ 
seen portion. Pictures taken by 
the Centre for Cold Resources 
Engineering in Newfoundland, 
and published in Nature, show 
rather dramatically not only 
that we see only the “‘tip of the 

Jceberg’’ but how unstable bergs 
may be. The small berg became 
unstable enough to be rolled 
through 90 degrees by the wash 
from a small boat 

“Knowledge of an iceberg's 
draft is essential for assessing 
its risk to underwater installa¬ 
tions, in predicting its drift, 
and for estimating its total 
bulk,” began the report in 
Nature recently accompanying 
the pictures. The scientists 
described a radar technique 
they claimed “shows consider¬ 
able promise as a quick, safe 
and accurate means of sounding 

Last year, a company -.'ith an 
intimate interest in the accurate 
sounding of icebergs was set up 
by a Saudi Arabian prince. Ice¬ 
berg Transport International is 
the brainchild of Prince 
Mohammed Al-Faisal, the U.S.- 
educated businessman who was 
governor of Saudi Arabia's de¬ 
salination programme—a pro¬ 
gramme on which the Kingdom 
expects to spend £15bn. by 1981. 


Saudi Arabia, with an average 
rainfall of only four inches a 
year, is desperately short of 
fresh water to sustain its 
industrial and social develop¬ 
ment. Prince Faisal has been 
persuaded by a friend. Pro¬ 
fessor Abdo Husseiny, a 
nuclear engineer at Iowa State 
University, that the iceberg may 
be a more promising source 
of fresh water than massive 
stills for purifying seawater. At 
the first International Iceberg 
Conference held at tbe uni¬ 
versity last autumn he said his 
new company was negotiating a 
contract to tow a lOOra.-ton ice¬ 
berg from Antarctica to Saudi 

Economic Diary 

prospects conference. Royal Lan¬ 
caster Hoiel. W2. Mr. Ivor 
Richard. li.K. Permanent Repre¬ 
sentative at Ihe UN, speaks on 
Western Options in South Africa, 
Royal Commonwealth Society, 
WC2. Mr. Peier Parker, chairman. 
British Rail, guest speaker at 
Coal Industry Society luncheon. 
Hyde Park Hotel. SWl. Wholesale 
price index (Jan.-prov.l. Housing 
starts, completions and renova¬ 
tion grams (Dec.). Hire purchase 
and other instalment credit 
business (Dec.). 

TUESDAY—House of Commons 
debates Government industrial 
strategy—expected clash on pay 
code “ blacklist." Mrs. Margaret 
Thatcher. Conservative Leader, at 

Orion Bank luncheon, Plaisterers’ 
Hall. London Wall. EC2. LUC. 
banks’ eligible liabilities, reserve 
assets, reserve ratios and special 
deposits (mid-Jan.i. London clear¬ 
ing banks’ roonihly statement 
i mid-Jan. l. 

committee meets. Swan Hunter 
boilermakers “fair wages" hear¬ 
ing. Central Arbitration Com¬ 
mittee, Newcastle. Mr. Roy Mason, 
Northern Ireland Secretary, 
addresses CBI conference on In¬ 
vestment in Northern Ireland. 21 
Tothill Street. SWl. Health and 
Safety Executive statement on 
Employment Medical Advisory 
Service report. 

THURSDAY—President Anwar 

What at first sight seems tu be 
wildly unlikely turns out to hold 
some hope when one considers 
the efforts an arid country 
must undertake to provide itself 
with abundant fresh water. The 
thinking has come a long way 
from the days when inventors 
thought they had only to plant 
sails on an iceberg and steer it 
into port. Enthusiasts to-day 
talk of using earth resources 
satellites to spot suitable ice¬ 
bergs. probably as they break 
free of Antarctica's Ross Ice 
Shelf. They speak of using radar 
and sonar to estimate their size, 
shape and stability more pre¬ 
cisely: of super-tugs for towing, 
and perhaps add-on engines and 
propellors for steering: and nf 
wrap-around plastic coatings to 
prevent too much iceberg from 
melting en route. 

Prince Faisal himself has 
talked of mounting paddle- 
wheels on ao iceberg. He also 
believes that the presence of a 
huge icecube off the Saudi 
Arabian shore will have a pro-, 
found influence upon the local 
weather, making it cooler and 
damper—much more conducive 
to work. 

And the economies ? Two 
French groups, independently, 
are carrying out the first studies. 
But the enthusiasts already 
draw comfort from a 1973 Rand 
Corporation study in the U.S., 
which estimates that fresh 
water from icebergs might be 
obtainable for only one-quarter 
of the cost of desalination. Like 
Lord Mountbatten in Habba- 
kuk's day. Prince Faisal is 
parron of this unbelievable ice 
engineering project. This time, 
however, the problem—of pro¬ 
viding copious fresh water 
supplies for rich, arid regions— 
is unlikely to go away. 

•From Apes to Warlords, 
llamish Hamilton. £7.95. 

Sadat of Egypt, arrives in UJ\. 
for talks with Prime Minister. Mr. 
Denis Healey. Chancellor of the 
Exchequer, talks uith senior 
representatives of British Lnsti- 
lue of Management. NUM national 
executive meets. Confederation of 
Shipbuilding and Engineering 
Unions meets on pay. Water 
supply industry pay talks. Mr. 
Gordon Richardson gives Mats 
Lecture on Reflections on Con¬ 
duct of Monetary Policy, City 
University. ECl. Central Govern¬ 
ment financial transactions (in¬ 
cluding borrowing requirement) 
(Jan.). Provisional figures of 
vehicle production (Jan.». 
Finished steel consumption and 
stock changes f4!Jj qtr.-prov.). 

FRIDAY—Building Societies' re¬ 
ceipts and loans f.Ian.). Usable 
steel production (Jan.). 


Radical changes planned 
at London Transport 

Research carried out by 
the University of Columbia 
oa the effects of noise, 
discovered that a typist . 
"wastes 20% of all her j 
available energy simply Jj 
lighting fhe noise-an JR 
executive loses 50%y jgg 
That kind of hEm 

- y- vV: “ 

"S • 

■ • •.Y ‘ 5'.vS YYY'fSl 

no extra cost. It looks 
ffHraetfve. wont chip. 
flake or fade and needs 
i minimal maintenance. 
k Fourthly. Alpine 
|i are efficient. All 
Sa fe operational staff- 
HI wherever they are. 
Ill have instant access 




tadv >2 


'i .-'.t?:.'- Men at Brigham 'aii^ 'Cowah, of British Sitipbatiders, and local 
£ rc: ' s South Shields, have passed a vote~ MPs. 

3apS Vp: - V 
iWr? ;r 


NUBE chief takes up 
Channel Islands case 

THE Conservative-controlled 
Greater London Council plans 
“radical changes” to London 
Transport, Mr. Horace Cutler, 
GLC leader, said arter announc¬ 
ing that Mr. Kenneth Robinson, 
chairman of London Transport, 
would retire ten months early. 

He will be replaced by Mr. 
Ralph Bennett, tbe present 
depnty chairman, whose place 
will be taken by Mr. John* 
Stansby, a management consult¬ 
ant and former marketing 
manager with Sbell-Mex and BP. 

No previous London Transport 
chairman has been appointed by 
a Conservative-run GLC. “For 
the first time the Tories have the 
chairman they want,” Mr. Cutler, 

Mr. Cuder, who was a critic 
of London Transport even before 
his party won control of County 
Hall last May. refused to disclose 
his plans last night. But they 
are sure to involve staff redac¬ 
tions and changes in bus routes. 

. There be “new atti¬ 
tudes and results." he said. 
Above all, he wanted cost effec- 
jtlveness. The-GLC bad never 
known “precisely how its money 

to London Transport had been 

This year London Transport 
would have a capital spending 
programme of £65m. The system 
hud to be efficient, economical 
and reliable. 

There were major problems at 
the moment, including overstaff¬ 
ing. There were fewer train 
and bus drivers than five years 
ago. while the number of white- 
collar workers bad increased. 
This had to stop, he said. 

Other plans for implementing 
Conservative transport policy in 
London are outlined in a paper 
agreed in GLC's planning and 
communications committee. This 
will be presented lo the council 
next month. 

The issues were described by 
GLC officials last night as ** very 

ft London Transport has won a 
£750,000 contract from Kuwait to 
advise on bus operations. A 
team of LT experts will be in 
the country for 13 months giving 
guidance on training and sup¬ 
port services. The first group 
will leave next month. 

•••<;« Ci rrjk 


8 BW 

'tSa Jr --‘ 

lief MILLS, genend secre- 
tary of the' National • Um°n of 
.-**■ Bank Employees, is to-visit the. 
j Channel Islands next. week. to 
S press for separate pay,-negotia- 
tions for members in the islands'. 
.<;' clearing banks-. ' 

< • Hie union said yesterday that 

efforts to extract their members 
.there from the limitations■ of 
Y national negotiations may also be 
f extended, to the;Isle .of Man.-r. 
y Bank workers ra.both areas.are’ 
not subject. to the Goyemmenfs 

,■ pay policies* and it.-is .claimed. 

that with Industrial workers on 
the. islands having escaped, all 
.three phases of the current pay 
policy, Bank workers are fulling 
behind in. live community. 

. About 290,000 clearing banks, 
staff in Britain are due for their | 
next pay settlement in July. . 

•- The-union said lhat although 
there was - plenty of time-to'pre¬ 
pare negotiations a Phase 3 
settlement, ,il was hoped to..set 
.up. .separate^ machinery, ?for 
members 4n the Channel islands 
in time .for the- summer. 

State chiefs’ pay hint 


THE GOVERNMENT accepts year and 5 per cent, for those 
tha t it must begin to correct, as above that figure was the most 
soon as it can. the “serious equitable-under the present pay 
anomaly ” created by the pay of guidelines, 
the chairmen. and board mem- He hoped that tbe “topi 
bers of nationalised industries, people’s" pay review body 
Mr. Charles Morris. Minister for would be able to provide up- 
the Civil Service, told tbe Com- dated information on appropri- 
! mons- yesterday. ate pay rates in their next rc- 

I The Government believed port. The Government could 
that the 10 per cent increase then best deride how to begin to 
for board-members and chair-remedy this . “particularly 
men earning. under £13,000 a anomalous situation." 

handicap doesn't just 
lead to wasted energy, but 
Jhistration, and in turn, an 
almost certain decline in 

If those symptoms sound all too 
familiar, consider the advantages of 
1 noise insulation. 

An immediate reduction in 
distracting outside noise thus creating 
a better working^environmenu plus the 
considerable added benefit of savings 
in fuel bills through improved heat 

Just some of the advantages 
Alpines advanced noise insulation 
system brought to hundreds of 
companies last year. 

A high proportion were eligible 
under the 1975 Finance Act to claim 
tax allowance in respect of the whole 
cost of their double glazing in the first 

Why did they choose Alpine 
Double Glazing? 

Firstly for our experience and 
knowledge, Alpine were one of the 
first companies to introduce double 
glazing to this country. Over ihe past 
fifteen years we have accumulated a 
wealth of practical experience in all 
forms of double glazing. 

Secondly, Alpine employs some 
of the most highly trained specialised 
staff in the eountry.Their expertise is 
entirely at your disposal at all times. 

Thirdly, Alpine units have a 
special white finish - electrophoretic 
rally bonded to the aluminium base at 

order through a centrally 

And Fifthly. Alpine has 
a reputation for courtesy, speed and 
enthusiasm. And that's something no , 
one gets overnight. 

For further information on 
Alpine Double Glazing, contact 
Brian Tidd on 01-2042172 extensions 7, 
or send the coupon mo stamp 
required) to the address below. 

,; The ■ Biologic 1 1 Effects or Noise’ Issued 
b' - the Noise Abaiemeru Society. 

Please send me further information. 


Alpine Double g 

Industrial Division. 

1 ■ RE□ , OST. Alpine House. 

Muncy pul Jjino. 1.0 DON NWy 1 

Or ri ns 01 - 20-1 2172 e\r. 5 1 

-IT" - 

Farther losses by Hardys Furnishers 

to the vaiues of investments and 
to uninvested foreign currency. 

DESPITE LOWER finance charges -— — — - — to toe values of investments and 

transfer 1 from & the provision for DIVIDENDS ANNOUNCED 10 ““‘ s “ is “ CU ™ K) '- 

deferred profit and unearned Date Corre- Total Total 

charges of £ 2 . 43 m. compared with Current of sponding for last X — 

a transfer to the provision of payment payment div. year year j 

fZtiLOOO, and profits on property Blit Am. & General . 1 Apr. 19 0.85 1.65 1.4 

dwposaJs pf £292000 agamst a joss Colonial Securities . 5.6 Apr. 4 4.9 S.1 7 m ' 

of £41,000 Hardy and Co. Dewhurst Door . 1.IH Apr. 28 — 1.69 — IlirilS 111 

(Furnishers) incurred an in- Glasgow Stockholders ... 1.55 ■ Mar. 22 1.35 2.4 2.05 ‘-***“^ *** 

creased pre-tax deficit of £564.000 intL Inv. Trust Jersey ... 2.5 Mar. 31 2 4 3.5 AAA 

for the 2S weeks to October 15, Harris Lebus . 3.27 Apr. 4 2.93 327 2.93 T, XII L 1II 011 

M Th l !oss l3St was Longton 1.1 Mar. 31 I — 3.44 

£331,000. Turnover for the period Mme. Tussauds 2nd int 2.03+ Apr. 4 0 64 2.45 0.9S FURNITURE manufacturers 

fell from 120./3m. to f 15.99m. Scottish Did. In vs. . 1.35 Mar. 28 12 2 1.7 Harris Lebns reports taxa ble 

After a tax. credit Of £472,000 Second Alliance Tsl. 2.5 Apr. 5 1.65 — 5.65 profits for the year ended October 

flia-r.000) and minorities of Stoddard .mt. 0 ; 52 Apr. 7 0.32 — 1.31 2S. 1977, of £302,000 compared 

(same). The attributable Watsham's .int. 1.65 Mar. 31 1.5 — 3.61 with-£61,000 last time, with a 

loss was £401,000 against £256,000. Win trust .int. 1.03 Mar. 20 1.03 — 3.01 second half profit of £171,000 

evince £n a lh £jrf Dividends shown pence per share net except where otherwise stated, against a Joss of £64,000. Turn- 

Kri™which the Sv haftS * Equivalent after allowing for scrip issue, f On capital overfor the year was ahead from 
ro comnStet *SHT ^creased by rights and/or acquisition issues, fin lieu of final. agin. to n3.74m. 
t f onan diiSrot^^oiiidfS' Subject t0 new offer 00 behalf of S. Pearson and Son being declared The directors say that the 
SUS the mSalemWeS; unconditional, § To reduce disparity with final. _ a 


Date Corre- 
of sponding 











Apr. 19 





Apr. 4 





Apr. 28 




t it. 

1,55 1 

Mar. 22 




f ... 


Mar. 31 





Apr. 4 






Mar. 31 





2 . 00 + 

Apr. 4 





Mar. 28 





Apr. 5 






Apr. 7 




• inL 


Star. 31 






Mar. 20 




turns in 

FURNITURE manufacturers 
Harris Lebss reports taxable 
profits for the year ended October 
2S. 1977, of £302,000 compared 
with-£61,000 last time, with a 
second half profit of £171,000 

and develop sound operating 

In effecting the improvement, 
the group has adopted, tempor¬ 
arily. a restrictive credit policy 
irb/ch adversely affected turnover, 
although substantially strength¬ 
ened the balance sheet. 

The policy has provided a sound 
base, they Say, and this, coupled 
with new finance facilities, will 

Longton up 
so far but 


f 13 Hl e ^M eS ^ rC r eS 0f PRE-TAX profit of Longton Trans- 

depressed level leading to intense 
and—despite the recent relief price competition in the sector of 
given to steel margirys by EEC the market in which the company 
legislation against cheap imports operates. They add that this will. 
—profits from this division may Inevitably, be reflected in first 
be substantially down at the full half results 1 , 
year. "Meanwhile the road trans- With the anticipated increase in 
port and shipping division has disposable incomes the summer 
also operated in a difficult climate, should see the start of an im- 
reflectinp a generally stagnant provernent in the furniture 
level of industrial activity. Profits market, and they say the com- 
in this devision fell by 6 per cent. pany is in a good position to 

to be hnrne-wed for ■» roh m to ^ ~ *: . / * m u,u> uevB ™" uy v venu pany is in a good position 10 

profitability ^ f 7 L se 1° CM ° 00 _and were not helped £hare in the resulting benefits. 

reL n il7raZ’ctri S SartSd; ,t S e W3B? IKT. Groover 5 ffl^cSSSf Profit 

below expe« a tion!%fer7J!s ?n up „ by * Am ' t0 _ S.'S! therefore may per AprfJre sirl^Sjp against 

"... feascfel 


Plenty of choice 
for investors 

The unit trust advisory service 7 

launched by brokers Boa« Govett the aipment is certainly' 

encouraging increase in orders Suited earnings per 25p share only be £l.lm (gJio.1. TTie p/e i. 8p and the dividend is increased 
during January but. at this stage. «'•■•** i 775 ?' tbe half year ,^ ak > n / to 357p (2.93p) net, the maximum 

a return to profit this year is not a "d the interim dividendiaup « divga ,3 on a full permitted. 

Frrddlt- ManslleW 

Mr. Norman Castle, chairman of S. & W. Bertsford. Another 
satisfactory year is in prospect. 

for management in that tune: managers mu tmtt * is oetter to 
proof : enough that there are go m wo soon than too late. There . 
plenty of private investors -who are good grounds for the argu--. 
still blench at the plethora of ment—particularly for those who 
choice which the unit trust in-, intend to go in by the unit-linked - 
rim.i ry provides. .life assurance^ route ttPittiTruun 

Certainly there are plenty of investmeirt, £M a month), which 
alternatives for investors to commits them xorthe lojgeir terSJ : 
<3wose from this week. Most con- anyway, and will In addition pro. 
ventional of them, at least in vide the benefits of (pound cost 

terms-■ of recent investment averaging; - 

fashions, is Piccadilly's ■ Small .. interest in commodity shares.hi. 
Companies Fund. This was a contrast, seemsto be starting 
strong performer last year, and pick up alreada^-certaindy the . 
has made a good start to 1978. golds have given mvestore a good ' 
But small companies have had an run for Their money. And Lawson 
extremely good run, and it would has nothing to blush for tn the; 
be unwise to expect them .to con- performance of thfe fund, which 
tintte to outperform the-index on has increased 'in.-Tallin--by 53 pet' ' 
the'scale of recent months. The cent, in the .23 months since it 
minimu m investment in Piccadilly was launched:—a rise of more . 
is- 400 units—about £172 at xe- than twice that shown by the Ft - * 
cezit prices. index in. the same period. 

For alternatives there are two There is, - finally, one other 
funds invested in markets which opportunity available to Investors,- 
have yet to regain their popu- this time, too,-far investment in 
terity. SI & G in the United States, a market wh7ch has already felt ' 
with its American & General some of the benefits of returning ' 
Fund, and Lawson in the com- fashion: Property Growth’s 
modify sector with its Raw perty Fund. ; . -r 

Traditionals move on !?. 

expected slightly to l.lp dpi net—last charge) while the yield is 9.5 i^r 

Again there is no interim divi- year’s final was 2.44357p cent on a maximum dividend at 

dend. Last year a 0.2p net final After a .lower tax charge of «-P- 
uas paid. There was a pre-tax £®L 0 OO against £112.000 net profit 
profit of £1,000 for the year. emerged as £547,000 compared 

with £489,000. Comparative A l___ 

© comment SflfED IB? b* 6 " an,ended in Un e AOVSDCG Dy -. Romve<L - tLoss " . mgpuhHc and the tradhlooal ^ft^e^NoT tmi^~do^“ t^iTpr^ 

A 2p fail in Hardy’s share price The directors state that the ALANUFACTURERS OF Avrmnster, soil better than those achieved companies are entering the unit- Vlde benefits in a more flexable 

seems a rather generous reaction necessity to adhere to Govern- A rnmmpnt Wilton and bonded carpets Stod- by most other carpet companies. linked market in a big way. manner than through main com- 

to a set of interim figures show- ment guidelines on wages gave OLUKIMI uwiuhcih dard Holdings turned in a lower But with Stoddard haring to de- latest company to join is pany pension schemes, hut those 

ing a £3.18m. trading loss before rise to industrial relations prob- At a time when the furniture in- taxable profit of £410,000 for the pend on exports for any growth, Gresham Life, a member of the benefits can play the central part 

interest com pared with a trading lems in some subsidiaries which fr T • * x dustry in general has been under half year to November 30. 19//. the improvement in sterling is Rothschild merchant bank group, m an individual’s financial plan- 

surplus of £352.000 in the first half had an adverse effect on profit in | |lE|Pfj a great deal of strain the full year compared with £734,000, on sales of proving to be a limiting factor. Thic company dipped its toe in ning. The company, the largest 

of 1-976-77. Sales have fallen by the third quarter. *-!_!.tV/VI figures from Harris Lebus look rn 8 ftm . against £939m. Overseas margins are now down yj e water last March with a gilt in the group pensions market is 

-■/ P er cent - at L a , Ume when store These problems have been impressive. Sales are up by 47 per Tn, PPP v.,-. nn regional emoiov- t0 111036 obtainable at home, and fond bond and now is going in offering its Executive Investment 

closures probably amount to no resolved, they add. and improved AFTER management expenses cenL Q f which around 40 points ^„ nt e „ r Pm,i,m t hWtimL on, y b »S v ° hj me increases can muc fa further with its Investment Retirement Plan on a unit-linked 

more than a tenth of selling trading is now being experienced, and interest charges, pre-tax ^ volume growth and this takes provide any progress. There will Bond, a lump sum investment basis wftb a choice of five exempt 

space. It nas been a difficult time but it is unlikely that group pro- revenue of Scottish United Lebus' market share up from 4 to t^non of be benefits from more stable wool linked to five different funds— investment funds to choose from. 

for furniture retailers but Hardy’s fit for the full year will reach the Investors advanced from £2.Q3m. 6 per ceot . Profils have staged S ’ 1 ■JHSu prices, and a 5 per cent price —^----- 

figures seem dlstrous in compart- record £1.33m. for 1976/77. to 12.52m. for 19,,. quitc a recovery though they are a fKT«mK ihSL increase from the beginning of - - - - -- 

*on with ^nnjc others, that have After tax of £I.02m. (£0.Slm.) still a long way short of the £Jm. cicg nno in 73 ODD) January, but little more than 

been reported recently. To judge ©comment and preference dividends of recorded in 1973. However the «W,60a(£l7j,00D). doubled first half profits are likely DinQ AND DPAI ^ 

b >; t* 1 ? 3 tate IT 0nt - With n r £67JS00 (same), earnings are group sound a note of caution. Exports have continued to in- for the year, a fall of 31-per cent. dIUd AlUf UCALO . 

Thi a ^,m% n b R ee «,n S Hovt Qf S2Sw o^Sttae in shown to be ahead from 1.63p to The furniture market has deteri- crease and represented 40 (3al At 30p. the shares are a prosper • • - 

The group has run down credit arms &, jSJm to^-ork S.Wp per 25p share an d the divi. orated further in recent months P er cent of the turnover. The tive p/e of 6 .I while the yield is . 

s ” « in , °. r L der to ,P rese _ rv ® i?*": dend is lifted from 1.7n to 2 d net and though the group is confident directors say it « not possible to 7A per wnt . XT_ A.' 1_1^ 

Advance by 



TVmorur ... 

inti’reat ... 

Pre-Ux p-ollt ... 

Tax . 

N« profit . 

Enraordiaarjr credit __ 

Retained .. .. . 

W7K-77 mr,-7S 
ttHW moo 
13,742 9~( 

XI •*! 

Stoddard down £0.32m. 
to £0.41m. halftime 

. : Traditional life companies pride equity, property, gilt' cash and 
themselves on their investment international „,with Inespensiv* 

to ” us S'esfandarS^It 

records as proof. But by its very time before a track record is 
nature traditional with-profits established so investment nina t 
business does not pass on the full ^ on reputation, 
benefits immediately to the ^ contrast, Legal and General 
policy-holder in the .manner of a jj. pointing out to senior execu- 
linked contract. This .message is thres that the best way to save 
now getting across to the invest- jg through an -executive pension 

1 Rruoived. t Loss. 



Policy. The group h, implying generated by the vehicle distribu- It is also proposed to increase JJJj® can bc sustained in the light of 

thru it-has cleared the decks and tion and plant hire division which the authorised capital and to make “^ 2 K 2 the higher international value of 

n-iijn me uvi-it* uuu , ’ * —. - - - avsp munmtu „mnnn tVm fumiti,ro ‘ n e nigner international \aiue Ol 

the second half should make a Increased its profits by 32} per a one-for-four scrip issue. sterling, but they say “it is a 

uri-ifil thnimh nil, onnnoh ,n nnm. cent to £155.000 reflecting ---_, __ manufacturers. s»o interim profits 

challenge which will not be taken 

But if trading profits fail to vehicle and car aistnnuuon. Mee ne j available for Ordinary hnt it The level of activity in the 

materialist- us hoped there is not stockboldmg profits, however, fell h0 { ders amounted to £73 61m in f thL home market still remains some- 

a lot of padding left—after the from £259,000 to £248,000 as the 3 Ira . eau jvaient to 104n recove ,!? ^ ^ be ?? cpn ^ what subdued, thej- add. as has 

interim transfer of £2.4m. to tbe group maintained volume sales at !^re 1WP L b *1 S C ,°V, d be Capa 1 ^ le ? f been the case for the best part 

profit and loss account the re- the expense of divjsional margms (1 ^’ *** sh ^ ., . t holdmg the full year result. At f ^ It \ beli l eved that‘the 

serve stands at only £4.7m. The which fell from around 16 per Where applicable the Invest- 64p a P/e of a and yield of 8.2 nroml^d reduction in personal 
market capitalisation of just cert, to 14* per cent Since the ment currency premium of 32{ per cent, are discounting the trad- wiJ , stimulate sales of 

under £7m. at 30p looks to be interim the stockholding division per cwt jfe per cent) on mg pressures that the company is consumer durabJe5t such'* ^ 
short of hacking. has been affected by pay disputes December 31 1977 has been added now experiencing. carpets, and if this materialises, 

profit ’ levels could well be 

£0.62m. by 

New offer to break 
Graff resistance 

emen Dewhurst Dent 

In its attempt finally to .mop-tax . profits of £346,042 compared 
iup the remaining shares of with £371,648 in 1975 and £lni. in 
Graff Diamonds, .Sandstar the 1972. 
private company owned by Mr. 

Lawrence. Graff, has dipped GRAHAM WOOD’S 
deeper into its pocket. NEW ROLE 

™? s „ e ^ r ± a ! d Z s .ra?"',- Thera U - . .greyrins need for 

profit levels could well be turnover oi iMJB. ^ a blv resistant to the December -CC-ZZa CtariCm,,- 

ttt ' • • , • ' A M : restored. U not. though the For the previous period, profit ^ of 10p ^ g^e f e ffectiveiy S!? ■ SE?* fr?™ 

Vaux m a aosition to Dush ud sounding s ^“4, w of 

Vaux Breweries has increased The dividend total is raised initiated some 18 months ago is continued their downward trend whole of the 1976/77 year was Turner and Boldero and Dent share, which is equivalent to Top. in 

its capital expenditure programme from 7p to 8.1p net per 25p now beginning to bear fruit and with demand still slack. Il.lSm. Fownes. of which the former two P hj „u nW ,_ „. hn _„ priT «,H ,h« ♦inW’* piay W SUCn r uo 3 “ 

to £43m. over the next five years, deferred stock unit with a final they expect the current fuJl year s „ - Slated earnings per 25p share were acquired during the year. 10 f h ^|Sj ld JSch h wi onSi^y U They decided that a merger 

The figure which takes into of 5.6p. surplus to show a considerable i H IP Mil lH are down from 4.36p to 2.4p for As a result the company became zi®,, with 

account in estimated £20m. for The net asset value per stock increase over the previous year s V/UlCUdlU h .,r »« »•• conditional upon acceptances with BbCs stockholding activities 

new brew bouses in Sunderland unit is given as 328p (2SSp). £355.000. Mflf npAi 

and Edinburgh, compares with a Furthermore, the directors fore- AILIl pIUI 

rownes. or wnicn ine lormer two „. h . 

Slated earnings per 23n share were acquired during the sear. , n ®"fi! 1 *Sfu.S ,, t,.f'tJHf.'S! U0 * 

figure of £30ra. contained in the 
last annual accounts but which 
was for a four-year span. 

Mr. Paul Nicholson, the chair¬ 
man, said yesterday that the deci¬ 
sion to step up the capital expen¬ 
diture arose out of increased 
optimism about prospects and the 

Revenue rise 
at Glasgow 


Furthermore, the directors fore¬ 
see continued growth and profit¬ 
ability in 1978-79. 

First half profit is subject to 

not produced 
enough proxies 

net—last year's final was 

autuij- J„ it-.c-.f. LUVUCU )IIU.UL3 Q comment terrStL. “— the new offer succeeds in wooing m tne document, wr. wood Corn- 

First half profit is subject to 4tiemnt<; hv Chipftain Trust .l. . . . , . ue P5 rownes. ^ acceptances from 73 per cent. ot. ments: “ The continued depressed 

tax of £138.975 t£128,057i. The Mjmarers to inducl th? shS! ^ lth the the shareholder* holding 90 per state of the steel industry makes 

net interim divideud is maintained holders of Second Broadmount de ^P ^ ece . sslon - Goddardi Iim done surplus of £4o3.486 <£575.ab0). the cen t. of the shares. U acceptances it particularly difficult to formu- 
« !«W»P n»r 20 p nhar^-iw S Sy 5 SITL^falhr »tf“ Slf“oT^Dmu t ? 11 below , ev al. the impto- any meaningful profit fore- 

7 9 tth half vpar 8 f l ° 5 s a competing in’the upper price Fownes t Sales) and Spencer extr^ a iHit those who *ac^»t 

Net asset \alue at the half year unit trust under Cbieftams direc- ranges in the woven sector. Vol- Turner and due to the depressed AV jj| ^ iW - •. GLAXO COMPLETES 

Dent Fownes. 

optimism about prospects and tne .. __ .. . .. __ M j f- compeung in tne upper pnee Fownes c?»aies) ana spencer k,,* those who acceot 

belief that all but £ 3 ra. or so could G«ws revenue of Glasgow Net asset slue at the half year unit trust under Chieftain s direc- ranges in the woven sector. Vol- Turner and due to the depressed tvii ] let lbp. - . “ . GLAXO COMPLETES 

be funded out oF internal re- Stoc kholders Trust amounted to end is urtcha^ 0 Ld at I04p per tion came to a temporary halt ume overall is little changed, with demand for printed man-made ~ «. r ■_ . FOR fiM 

sources. £722^78 for 19n compared with share. yesterday. For the Board of only a small drop at home (60 per fibres, second-half profit would be Ef W v, fll oJ ^o f«r n»n HniiL 

He told shareholders at yester- £624.009 and pre-tax revenue rose Second Broadmount announced cen{ _ of sa]es , being offset by a substantially lower. fflW.SL.ft. 1 AJS£ l S tJUSSSS wjL« iJE«2S2T 

,i a .- 4 onn, 1 -ri m^Ptint. that- “Sales from £406.876 to £501.022. that the proxies sent round by near 5 ner e-nt increase in ex- As forecast at the interim offer) amounts to a premium Over JngS to acquire Meyer Laboratories 

since the year-end have heen very Tax took £187,185 (£152.389i lOOlvS fOT Jr hi ® flain wub a t0 requisi- ports. Trading margins, which al- stage, a final dividend of 1.044p tlfe for 

good although the picture is leaving a net profit of £313.83/ L-'J.Vl X lUUiij I.U1 tionmg an extra-urdmary meeting though almost two points lower net makes the total 1.694p per20p answw *Vtm > hirih' S i& S ner l pmL- 

slightly distorted as many of our against £254.48/ and The dividend .• ® . ^ consider their proposals fell due to intense competition, are share. £17^ 3m.). of which^SS per cmti. 

mmpetiinrx have been on strike" 's stepped up from 2.0-ip to 2.4p CiJFICTfIPrnrV shon of the 10 > >er cent required. complaint raised at tne time of has been paid m cash and the ; 

1 if thr- evoansion olans Mr n ct per 25p share absorbing SauMatlUI J In fact, for technical consider a- the 2Sp offer that Sandstar should balance will be paid to the former 

nf thn expansion plans, Mr. net per 25p share absorbing j j n [ acl< for lec hnical considera- 

Nichoison said that: "Our trade £280.812 (£242.004) with a final of • lions which neither the Board of 

is now pushing brewery facilities U5op. 1HCTC3SC Second Broadmount nor their 

m the lim't and we foresee sub- Stated earnings per shar are financial advisers Arbuthnot 

siantial growth in ihe next five 2.7p t 2 .l 6 p) Net asset value per , h annU al meeting of Latb ? m is , w [ ,,in S 10 specify, a 

years. share is given as 128 . 6 p ( 118 . 1 p) c ' Manuf-icturinc W and n « mber ° r shares among those 

"I believe th3l the next Tew with prior charges deducted at Trading Grotro chairman Wr N. N voled , fo ^ extra-ordinary 

years, when we shall be going par. and including 11 Ap i'J0J!p) Hickman tola sharefioldnrs' that' ““S* f ’ 3tf bt<,n feJeCied as 

Second half profit 
lifts GRA to £0.27m: 

«hrn.»,h , „ a ,i h i ..-.niri' n h,.» impctmpnt Mipranw nrpirtiiim " "'vmimiii imiu »««««•«» t»«i invalid A second-half profit of £340.000 The contingent liability relating] 

, “will ia P aua«Lfnl “ f Chatman Mr. Pa»r Poll, *14 t** V*X* *?. •»«. *«*«** •$*«* » 

"• suicesst “ 1 r- A ui &£ZS i !£ffZ2Sr ' to a*-** mm 

Considerable Ihc current years profits. just sufficiant forms of raquisilion 0 c L ober , 3 k,.S " ,th ? ^. nsl lg^ on 0f further 273000 OrdSryshares in a°iuired are valued at S3.7in. 

^uiwiULiauit s . nce his annua , stat emcnt for the meeting, but that several taxable proflu of I269.0Micom- to the 600 Group, the directors akd 1SwmtertoSnglS <n.9m.>: The met profits are 

r’/vSnininl UlCTP/lSP CDpn little had changed with regard to hundred thousand more shares Sl The mmaininc 6 vp arnwi nf total holding to l,748,lS4^sI^res SI- 681 m (£867,000). 

LOlOniSl llILlv<l5v ovvll the economic climate, except that had been voted in favour of the i 351 J 1 " 10 ’ : H ld a ,J 0Ss of £l.4om. Tpe remaining five acres of (251 o ner centl _ 

" *7 .vr. steel prices were firmer uhieb meeting, and that he would send fo ^, ^ STRONG & FISHER 

Securities »y 7 “trust S3^r l &Sira£SS? aMaaB STTto *^*5' , saysS5T2 S s fiS >< SSi ^SSes^SLSE clabke nichou-s a ^™ N Sn.^, D 

Revenue tor 1077 of Culuulat ah^"prefl!f from'’ C4MM re The Industrial son-ire. side MonJg ^^.^therSacgg affer fnTe,meSf°?n'came S fSEow proceeds of the oJned^nkeS^fre'SS/.Ti^? reonga’S." foP'aT^aCTte pS« 

fn™ fm T r .B&r z sssiAftr.'s directors sensissurus stuszr * chirges sm ,“astwb s n oU ot sn jb^«si 

£S56.3°0 after fiTi.Too com- of bankers Wiotnwt say that the than Uic same periori yesr. to> quantify that number yesier- During the yea r some £4.9m. of SecuritiS hi reduction of the proper^ compaSS. Last SSSS? S^a!S F^hare? f £lWMO 

pared with £loa373. policy of cuutrolied e.vpanston but melal proc.esM/ 1 * prices bad duy. the group’s borrowings was repaid 16i per cent. Loan, thus sub- Bremar acquired 55 per cent of worth of 11 per cent Unsecured 

while a further £l.54m. is held stantially diminishing the com- Buckoail Trust now Bremar Trust Loan Stock 19SI-83 and the pay- 
__ - , B A a on deposit pending clarification pany’s right to subscribe to its first subsidiary listed on the ment or £3WkOOO in cash 

BHAVT tSlAAir o f the capital gains tax position. Convertible Loan Notes in the London Stock Exchange. In the yeair ended December 

tfaSSSEiaB SL52> ^Uv IIVA& the directors state. Interest company. This amount together The stake in CJarke Nichoils"3i, 1976. the date of the last 

.... ,re-re a o ^ ..._._saved on these amounts, together with the repayment of some and Coombs is to be purchased audited -arcoiints. Mullinc made 

Next week s quiet company news profits from the paper and board film. (£a.Sm.), reflecting the re- results from major U.K engineer- with the lower rates prevailing £600.006 to National Westminster from Guinness Mahon which pur- profits before tax of £4 915 It is 

list includes preliminary results side following a fine first half cent fall in interest rates which mg companies at the end of last d ur j n g tiie year on the group's Bank out of the Reading sale will chased most of its stake, in J972. estimated that the "eomnany 

from the tobacco giant Imperial performance. has restated in an upturn m con- year, while the market is a tittle £».5m. variable rate borrowings, furlber reduce the interest pay- In 1976, CJarke Nicbolis made pro-, traded- at a loss durine' 1977 

Group and Trust Houses Forte, a Trust Houses Forte’s full year suraer HP debt since September; worried over the impact that reduced interest charges sub- able by the group, they add. .... . .oaring 

beneficiary of the foreign tourist figures are due on Wednesday and this should be particularly evident currency fluctuations may have stantially. they add. A further amount of £2545.000 Ty/^\y~1 1 £ A • 

boom. interest will also be analysts are currently forecasting on the important car financing had on overseas earnings. Pre-tax profit on a net disposals representing 6 p in the £ and Ijl II . (lOw /.*# * 7/1 

focused on interim statements pre-tax profits of around I35m.— side. In line with general trends, Deeca’s first half results are due came to £1.57m. (£0^4tn.) during making a cumulative total of 24p J 1 * 1, ' /V -VA A. Ail W 

from United Dominions Trust, a near 50 per cent, improvement however, the industrial side will out on Wednesday and the chair- gie year, including the sale of was paid or provided on »_ . 

Dowty Group and Decca. on the previous years' £2S.7m. he subdued. At the attributable man has already forecast that the group’s shareholdings in Coral January 31.1978, in respect of the C||Of*OC fPtlfJprAn 

complaint raised at the time' of has been paid in cash and the^ 
the 2Sp offer that Sandstar should balance will be paid to the former 
at least pay back to shareholders shareholders in Meyer, as to half 
lhe value of their original-staka on the first- anniversary of the 
It is known that some share- acquisition and the other 50 per; 
holdera who"were active in- rousing cent, on the second anniversary: 
opposition, to the earlier offers • These payments will be subject 
have now agreed to accept the to any claims in respect of any 
new offer- • •• indemnities given by the share- 

iT 4 U/crrvc n rmomr bolders about Meyer affairs. 

HAWKlIVS & XUPMjN Audited accounts of Meyer at 



Revenue for I'ji/ 
Securities Trust 
increaced from 
£256.500 after lax nf 
pared with £155^73. 

increase seen 
by Wintrust 

Announcing a small rise in tax 

* _ — — - - — -- - — — - , , _ - . ... - 1 .^- 1 _ uii uit ^.1 uup o wui w» vuvre ul llo oion? ui j. esuuiaiefl rfi»E th t* rnmo.1 

Imperial performance. has resulted in an upturn in con- year, \\hjle the market is a litue £».5m. variabie rare borrowings, furlber reduce the interest pay- In J976 f Darke Nicbolis znade pre- traded at a loss durine 1977 

i Forte, a Trust Houses Fortes full year sumer HP debt since September; worried over the impact that reduced interest charges sub- able by the group, they add. 

•n tourist figures arc due on Wednesday and this should be particularly evident currency fluctuations may have stantially. they add. A further amount of £2515.000 TY/^Vy^l 1_ _ fj i • 

also he analysts are currently forecasting on the important car financing had on overseas earnings. Pre-tax profit on a net disposals representing 6p in the £ and fil Fi || a.*F^vvi' 

tatements pre-tax profits of around £35m.— side. In line with general trends, DecCa’s first half results are due came to ri.57m_ rroAlm.l dnrinw makin? a cumulative total of 24o w ^ /v-VJ. A .VJtA V--v/ 

shares tendered 

imperial Groups iuii year generarea oy me groups i^onaon mreresi pajmems bi aooui u-m. just jMrs w.mii. i»c-uu e.ii stadium and realised a total of creditors winch at that date HOC fitfanuffinuifa rrc «»heL'if- _ _ 

figures due on Tuesday are es- hotels with the capital having a on preference capital provided by months. However, in the light of £6.84m. Since the end of the ranked at £4,893,795. In addition, diary BOC Financial Cbro Waltori ■ Artoc ' .Leonani 
peered to show profits only mar- record year for overseas visitors Eagle Star and Prudential (UDTs the company's past record of year the group completed the the Inland Revenue Preferential vesterdav cniH it had mirchaopd The, -w *„ v- . 

g’.naUy up on last year’s £i29.6m. while the group will have been two largest shareholders) as back- making conservative estimates, sale of 11 acres of land opposite Debt of some £343.000 baa been 29 percent, o r ijswl of the hv^th« a i^nin?m'/>rt' * 

Tubacco profits are likely to be able to reduce its discounts. The ing in the worst phase of the analysts are expecting about White City Stadium to Marks and finally discharged, tin* directors 6.198 562 -Aireo Inc; shares bf Mr John antf 

denres-sed with Ihe group having croup’s US. Travel Lodge interest secondary banking crisis, and this £5 9_m. and about £17.5m. Spencer for £lJm. say. ' . tendered in- response io its offer a director oftbe nuWir fanffiiig 

to nicer the extra cost of promat- Is also thought to have had a is unlikely to leave much for any (£la.89m.) for the year. 'Hie con-- ... for l.Sm, shares that expired on comoanv GJL WnlillPa« — • • 

Ing its new king-size brands—now good year, despite tbe fall in the Ordinary dividend payment sumor goods division continues to .• IT 1 January-23 - Th* -official nff«. rtnwmwiiK' 

that king-size cigareiies are dollar white Europe should also ^ . _ tl be disappointing while markets KYnpHnOTISl 03VP Aireo filed suit yesterday .in the fnmT TaiteT 

taking a greater sh^re of the UK. ha\e seen some growth although Some brokers have recently for records, tapes. TV, etc., UAvvpilU iiill wlliU IViIt t Federal *Court in wammgton, expected to be sent to share*' 

market as Britain has moved inio there might be a diSPPpointihg been writing down their estimates remain depressed but this has . # . * IT 1 Delaware, seeking to invalidate holders within the next fortnight/ 

line with EEC tobacco tax rales, performance in Spain. Industrial of Dowty’s interim profits due on been offset by steady growth in \ rmnill* IXttfn CTTlQll lACC the offer. The offer deoended unoff^aii .' 

The group's food interests are also catering is also thought to have Tuesday. Current forecasts are capital goods (navigator, radar, r\llUvlll TT ILJLi kjllldll Airco has said it believes-th& audited set errounra for 

thought to have suffered in the done well overseas. generally ranging between £lOm. survey and other electronics), _ 343 per share price is too low anff Warren and this should shortly 

second half as consumer spending A continuing recovery' for and J> 11.5m. compared with especially on the exports side. AFTER EXCEPTIONAL charges considered that it would be mis- in the asked that persons be completed. - 

slumped while profits from United Dominitins Trusi is ex- ££.57m. for the previous year’s Last year capital goods profits of £221,000 (nil) Armour Trust leading to incorporate these actl> who tendered their shares/ be • '. .- 

Courace are expected io have expected to be seen in first half first half. The reduced especta- represented about S4 per cent, of incurred a pre-tax deficit of vities into the-group accounts and allowed to take them back and LETRASET ' 
remained unexciting. Some ana- results due out on Wednesday, tions may reflect caution follow- the total and this is expected to £43.000 for the year to April 30, accordingly a separate statement sell themjn the future to another - Letraset International has ‘ 

lysts however are expecting good Analysts arc forecasting around Ing the string of disappointing increase in the current period/ 1977 compared with £728.000 for of assets and liabilities of these party for a higher price. ' " = bought Shdeear an TraHan naiiti- \ 

1975-76 which included associates’ companies will be annexed to the •' , - ” ' ■- facturar ‘ 

Aununnre- Dlridcnd W ' Aimoiucs- Dlvidcatf/jn* - ^io aCC0UntS - ferdiSriosed Sum. Along wfl* • 

Company mint Usiyear This jear company nwnt Laxtrear This year up traini-o-Km. io FuD provlsBon has been made in , The Middle East Interests which. Sodecor, Which employs-50 people 

^ due inL Final mi. due !«. Final im. A .t midway a profit of £240.000 ^ cona oUdated accounts for all have taken-a 29 per cent stake in. :Como. Xe4iser h^"reSiefl 

fwal OivtDCKOs tiecca -----Wednesday «.«34 against £159.000 was reported. terminal losses and the invest- in the TaJbesc Group, the small asreement wrtb RiTiotf#. rtf&Kton •••' 

Aamnson Bpob .. Thursday o.S5 1.51» #.H Dm-.-iy errup....Tuesday i.» “ - After a tax credit of £2 000 f 1 * 865 . mve«- ___ .®e i y eiI,e ?5 L Wral Gillette Of BOSipn . 

Meanders HoMHiwB .Mondny - Nil - ul HoMUcs...-.Thursday i.8i5 --S43 rc^i ruTm ^TinnritToc nr rl noft ment ,n The compaHies has been to ^rdressmg . support tne «jmpany?s Inerts- ; 

in.'luinurijn, rjinvmfinn 1 A I (UT , i, __ T/.nro/sv 7 1* #? CI34.UUU}, minOriU0S Ui ±4.UUU /liniMU, nmu. which la-- hjdriinp for Januc _* . 

icimcieu to- -xtrsfwnac -to u* oner a oirecior or tne public tanning 
for 1 . 8 m. shares that expired on company G.R. UoWliigs. 

January-23. ' Tito official offer dociiinehts : 

Airco filed suit yesterday .in the from Talbex for Warren are 
Federal rtCourt in wnmington, expected to be sent to share* f 
Delaware, seeking to invalidate, holders within , the next fortnight/. 
tne offer. The; offer depended upon' 1 ai* V 

Airco. has said it believes, the. audited set of accounts for 
S43 per share price is too low and Warren and this should shortly 



Dividend Ipl* 


1.3 st year 

This scar 






Aamnson Bros.. 




Ataandert Holdings . 




AsitiJu-Anierfcin Securities Corporation .. 





Claverhouw Investment Trust . 





English and New Yorlc Tnrat Company .. 





FiwJe nold/n^: .... 




0 .735 

/.lass and Mural Holdings .—. 



7 75 


Illrs: and Malllusm .. .... 



U 37 


Imperial Group .—. 



1 ^ 


irfdW Prldo Onlefweor .. 





ScotLsh Agricultural Industries - 



6 5 

r. ii 

T.i'.i' . 



' Nil 

Trilmpp Investment Trosr ... 





TPBl IIOU*;» FortC ... 




2 23 


As;,i:n InvcMrU'WIS ...... 




USepn Rrothurv .. 

TUurr-.! ly 


Brntir's Timp» ... ................ 



CiiriBttt-TySor -- 





Zlorvaa EdirsrdS 


Mmmi; snpplii-s 

Anno linea¬ 



Last rear 



























5. til 










( £34.000), minorities 

The loss per lOp share is given 

Monday M73 5.9i. The joss per lOp sbare is piven been mstItuteti them - of these arrangements Letrasef* ; ■ ' 

SWJSTSS == ?ssar IS SS »% P lS5 ! re : S& i , S55 ! S.gS5la-S-SSSWyS&TBuSS-5KS£?«srBff-ffSE : 

items. Again there Is no dividend afed company. Armour Edgworth, ment company, acting as a from £L ^ BL ^ ' 

interim figures OHLY —the last payment was 02p-net has been written off and provision nommee for BHridJe ' EasiBrn per ar,nUlTL ' - - ' - -. 

H,HE™ :; -EEEESr .mi ou, i 

unitm Dominions Trnst.... Wednesday group results show a trading pro- ijf the extraordinary charges, news of a fourth appointment purchased on hehalf - of Charter* 

• Dividends shown oc. ncnco per and -d,v*«d lor any ln W n,n R scrip 1 fiftnfeT/r yS* ' STn resect at tbe ElSSS S? a^vkera tO Cptal 

issu.? i includes special dividend or o.Mip. tsww mwiun in lieu of final. *‘1 nnm rue European Mr. Peter de^ffBvary, a director Leisure Group:- 250,000 -.Ordiaary i 

? im-Pny-i v.-conJ inienm of 0.7i3p. 8 latetijB of o.sp already paid. Second laienw As the European property com- property companies and the asso- of. Artoe. One of ’the earlier shares -m Pontius ht Sffu xd add- f- 
mw due. panxes have ceased trading, it is ciated company. appointment was lfaa» S. i f * 

I appointments was the- deputy -100,000 Ordinary, shares-at : 89p;*t-. 




.■ f v „ 

ake-wer bids and forgers 

Harrisons aaft Ci^rfpeliTtf rtirovetaiaj offer for iffareros In- 
JT.\ ?stmenl -TCcna' hasi7af and tte"Rothschild 

Jmsortium^^cli: Was^Qj|^|Mi^^h#\NiEer«' is-' noJouger prepared 

' » puTMtxeris '. jduuci^ SU^riswBtfp*Bi|4 ^Omfield 

he ar^Jd ^ ^ i£s subsidiaries Q’yroed lS.t ^e cenCor Haitifcs &efore the 
my-. 5 was annc>ance£i andi.housht;’ aflotlier 12.$ per cent Persons 

and > Siting in .concert" own aaotfcer 4.7 per- cent and- acceptances 

that it* r iv»oimt to"13.9 'per. beat sj iif*r .5he Total nf^S&^per cent, 
than ^Msx'.tbijk. Hamspns anff;€»sfield is oWiged- hy the .Takeover 

iSJJPS fo r ^nde to fleejaire the, 4?ffeft jacanffitipBal. / It .also.tirjrarts the 
WnlrK for icothschfld. conscirtiuni^ attempt io nentraliae.the.-lOi^Per .cent. 
?ahce in London Sumatra fief&Jby Harcros. JThe, ^ni^uncement 

it, £io , (^u^t.the'aan-iNdi^;itf:£^d^\&is>atrft'-tee&'-lnim I24p to, 
hem for iSWjBP* ^ compares wftfc tjae offer of 120p per LS share which is 
**4 will in ^>n the table-ftpntrthe-^onsortinin which basjt 27 Per cent, 

t^nefita of ^jV Idin 8 in thecompafly as against the 43 per cefltTfoterest now 
^ Nmtrolledby R.artCf -:. .•/. ; W;*!; 
see^^^T it Thomas T illing has emerged as the-bidder for letter Concrete 
. aiready-^.^vachinery. The htd. recontmwnJed -bif' Liner end sff^orted by 

Provincial laundries is holding talks with D. M. Lancaster 
with a view to making -a bid for Lancaster. The terms, already 
tentatively announced, are five Provincial shares for every nine 
Lancaster. No official bid has yet been made as Lancaster’s- 
directors are seeking independent financial advice before com¬ 
mitting the 40 per cent, of the shares which they and their 
associates control, and Provincial will not proceed until and 
unless it gets acceptance from them. 

Lucas Industries has consolidated its position as one of the 
two leading companies, Bosch being the other, in the European 
electrical parts market with the take-over of its French associate 
DnceUier. Lucas is paying $26m. to raise its slake in Ducellier, 
which it formerly owned jointly with DBA of France, from 49 
to 100 per cent The deal means that Lucas is now the prime 
supplier in France of a significant range of electrical and elec¬ 
tronic equipment for the motor industry. 

bid for 

Value of 

Price Value 


bid per Market before of bid AccTce 

share* 1 * price** bid flm’s)** Bidder date 


Prices in pence untfcc* •Oimrise Indicated. 

Lafarge Oru 

Leisure & General 

Le YaUooet Tsi. 
Liner Concrete 
Lond. Aust. In vs. 
London Pavilion 
London Sumatra 

bid for 

Value of Price Value 

bid per Market before of bid 
share** price** bid (JEm’s)** 

Bidder date 

Madame Tussauds 
Mills (A.J.) 
Newman Granger 
Pride & Clarke 
Sec. Broadmount 

Tyi ’side Inv. 
Updown Inv. 

Price* to pence ndets othenrin indicated. 

Warren | Jos.) 

WigTaU (H.) 



• Sweii uJ^eigMoa.. Industrial-Hvidtegs^iirWcb intends to j 
j£»°r.e y . 7^.* its shareholding 6L'2$.Sj>£reenL, takes the fotij-Of a 
Jgj of ^ lu * offer of four ; 'Ellmg'fof-every 13 Liner. ••• .. f - 

■ased^n^a! ^ Trafalgar Heitg& the property^, shipping ;ank publishing 
the 2S t^JJ-.^dup, has:bought a tnrther.block of *2.500shares Jn Young, 
ached— a rL ^ ^listen and Young, at a : price of fi7p a share, iibi&Linises the 
sh 0 .,vjJTrafalgar, stsike .marginally iabove the. 30 -pet. cTfinL^tavel and 
tae same Perl ^ Jiggers off-a full-bid on the same terms- underthe -terms of 

'tSrvSlS*' 1 ! e Ta *eoYer<Jode.;^ v « •• 

v too. for?,, 1 . 0 ! "> TMG Group-of treJand.the ironfouikixy :conipany' of which 
f which hi/ Michael Smurfit is the ; chairman,.Is piaJdiEfJ:a& agreedr-£3.3m. 
t °e bene fits for fellow iroofounders and engineers Hamnwnd-Moldings. 
B "opcrtj Gfo^erms of the: offer are one, TMG plus 145p of :i0-per cent. 

■ : bnvertihle Loan Stock 19^ t45jpi cash for eyeiy five 

ainmond shares. There Is-also i cash aitemative of 90n a share. 

ve on 

Allied Inv. 





Utd. Medical 
Enterprises — 

Balnbridge Eng. 





Winn bids. — 


Bhkey's (Matte- 

. 125f 




A. P. Cement — 

able- Castings) 




0.79 . 

Cenlrcwuy — 

Cropland (R. & CL) 



• 3B 

. 322 

Benjamin Priest— 

Dew (G.) 





Adriaan VoiJter— 

Do land (Geo.) 






(Maurice) — 

Ega Uldgs. : 





MK Eleel. — 

Evans (F. W.) 






Bros. — 

Federated Cbem. 





Dalgety — 

Graham Wood 





Brtt. Steel Cpn.— 






Harrisons & 
Crosfleld 6.2 

Harrison (James) 





Barratt Devs. — 

Hull Oneraas 





Mecca 10/2 

Young, Austen 
& Younij 

• All cash offer, 
not already held. 1 
scheme is exneciec 





Lafarge SA — 





Ladbroke 13/2 





Air Call — 





Thomas Tilling — 





Booker Corp. — 
Sir. V. Sandrsn. — 









McLeod Russel/ 
SrpefSA — 





S. Pearson 8/2 





Antony Gibbs 15.- 2 





Bnllongh 8/2 




Coral Leisure — 





Inch cape 22/2 





Chieftan — 





Carliol Inv, — 





& Co. 10/2 





Taibev — 






Radiovision — 



61 ; 


Trafalgar Hse. — 

: Cash 


t Partial bid. $ For capital 

Combined market Capitalisation. ] Date on which 

cf lo become 

operative. e * 

Based on 2/1/78. 

_ Company 

Pre-tax profit 
Year to (£(H)U) 

per share tp) 

per share (p) 

ACE Machinery 
Allied Textile 
A r co lee trie 
Assoc cLFisheries 
BAT Industries 
Beaumont Props. 
Hill & Smith 
Howard Macfinry. 
IDC Group 
Robert H. Lowe 

Sept. 30 321 |41i» 10.1 (14.1) 

Sept. 30 3,043 (2,1631 24.0 (17.81 

OCLS1 323 (199 | 2.4 ll.a) 

SepL 30 3,532 (1,907) 7.2 <5.2) 

SepL 30 416,000 (374.000) 57.6 (46.6) 

SepL 30 1,016 

Oct 2 

SepL 30 
Oct. 31 
Dec. 31 
Oct. 28 







(786) 4.6 

1113)L Nil 
tS32) 16.9 
(3,2581 2.4 

(L020) 7 R 







3J83 (3.029) 
6.485 (5.806) 
U.406 (0.400) 
3.0 (125) 

13.01 (10.725) 
3.466 (3.151) 
Nil (Nil) 
2.19 (1.901) 

2.2S3 (2.233) 
SJS (SJ361) 
5.5S5 (5.0) 

3.9 (3.492) 


— Company 



Pre-tax profit 

Interim dividends* 
per share (p) 

?§ Shares and cash. 

Rights Issues 

Beaumont Properties: One-for-four at "ftp each. 

Scrip Issues 



British Dredging 

J. & J. Dyson 
Ellis & Evcrard 
Finlay Holdings 
Wm. Jackson 
Leisure Caravan 
McKay Securities 
Plessey Company 
Wm. SommerviUe 
Steinberg Group 
Sterling Credit 

Wholesale Fllgs. 

Sept. 30 . 








June 30 




Sepl. 30 




Sept. 30 - 








Sept. 30 ■ 




Nov. 12 


( 1,010 >t 


Oct. 29 




Oct. 31 




Sept. 30 




Dec. 31 




Nov. 30 




Sept 24 








Sept. 30 








(Nil I 
( 1 . 0 ) 
( 0 . 66 ) 

Hill and Smith: One-for-ten. 

Sterling Credit: Two-for-five. 

West Bromwich Spring: One-for-four. 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, f For eight months 
throughout. fFor 28 weeks. $ Third quarter results, ff Second 
interim. L Loss. 

S. & W. Beiisford sees another good year Raymond Bloye leaves Thos. Borthwick 

F°**rty. jnj, 
tonal with i«? 

§ facilities Tp 

*2t anc * '* xt ® k 

ted sn ^«THBR ACQUISTTfONS . fir V As^ a': result of the £13J8m. over and profit in percentages 

sputation related to the nialh-stream.-righte issue, the : conversion of the shows: international food mer- 

jtrust lA^i ftivities of SL aiid. W.: Berfefbrd-balance of the convertible stock, chanting and commodity trading 
ihS our -o 3185 actively under: consideration, very eubstantial profit retentions 97.S per cenL and 88.6 per cent.; 

Q0 «4jit these-acquisitions together BharehoJders’ funds ira nearly per cent. Central finance and 
.rtian • *,. a a. of the fn- double from £36.83m- to £7L2Sm. administration absorbed 2.9 per 

>n* 5 irm Efl^rent growth : which ,_play«irMr-Casfle/*ays- w ‘ :, 'v7 /- . cent, of profits. 

___ ' t P 1es > ht-cb a major part-in the results --The 64- per ceoL -increase in Certain companies in the food 

ndh idir^ 1976-77, wlF, enable s “ ' * -- - 

wmijr 1976-77, wUI enable anotherturnover., to £1228bn w , reflecting merchanting and commodity 

1 s imuimiisfactory report' to be pre-.both higher prices generally and sedor carry out allied and 

ine company, tinted next year. Mr. Castle tefis increased atrtivity, has caused the ancillary processing and distribu- 
■srnup pe^.nns maembers that the company has level of stocks, debtors,.creditors t ivr activities, which contributed 
r.\eriuiw forcer been finandany. stronger, and -bank . borrowings.; to rise 1 g -S per xo profit 

iHr on a a»As reported on Jamiary^-fi prei ^sharply bat group-Uquidlty re- Certain studies have been 

ZL a f' ?e of ***# profit rose byM- fWr cent, mains , very heaUby. undertaken within the group of 

ent i-um, s to r bfla»om £73.56m. ^ to . a record - A V geographical, analysis of (he effect of inflation on the 

“--337m. for the' year to Septem- turnover and profit shows: U.K. reported profit The directors’ 
30. Net -dividends, covered - £70937m. 'and £12^m^<‘Europe initial consideration is that a cost 

arly seven times by avafiable fl08.53ro. -and , £2^3m^ North 0 f sa j es adjustment would not be 

mings, are increased by-25. per America . fl45.53nu and,.Jp-63m.; appropriate to the majority of 

nt. from 6.Sp to, 8^p a ^ and external trading,onjwhich g rou p com p a nies due to the 

--- are and following fhe nne-for. wrofiln agente to UJCv£29S:14m. general nature of their trading 

Sir rights issue lastjfay aone-and£7Ifim. Direct - exports activities. The group has. how- 
A rt lr r-one scrip issue fc nowtoalML: ever, material investments in 

oposed. . y, A dlmsional breakdown-of turn- D ] ant an ^ equipment, the current 

i’Sts £34ij.'iil c 
::: -vT-j 



Once each year oorafunaH farecastis niade available to active thtihbens . 
iUiU \\ itnryi of the investment community Ini coder to acquaint a gieatar a umber with 
A' iru r thB naturB & ourwork. lNVESTOflS BULLETIN isb weekly publication 
** KUl - t designed for the more active market participants. Although, from time t 

v is ■ i w we review individual companies with Uivesiment merit. 

n:kai:»st r. ‘.-e vs monitoring the price movements-of-bvef 50O1ndividuai shams, we do 
2 ^ ‘ not provide sharetips,fevourin9 j 8jTiinBflf3ied portfolio stratBgy.Our 

» tVu’ J.’ coverage of the U.K-. markat involves the-uim of over 60 individuai: - 

7. .a* ecoriomiciind satisticalindicaiws. Weavoid the use of ''absolutes-' Fn 


• * ■ E 


■. i: 

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3.6M- rvo 

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. -• -up 

r.i* _,ii. •• • v 

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^ ■ r \ *• 

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of ourlatest BO-page reporr/'OUTLOOK 1978", white stock^ lasL 

iNVESTORSBULLETINiTD.'Suite 491 ParkWyst, 
EdBwareRdadiL6ridortW22QX. ' £ 


• • •. •• Tr?."** 

IV C.a •- - __ 

- . • *• 
tfi-w* - jJj' 

.-.. *»; .: -*•* « <f! 

* - • ■ •• sjjS 


21. ' _ ' - 


The performance of the Piccadilly Small 
CompmueyyPiB^ ifanng ^977-placed it in 
the topt io of all trnit trusts according to. 
figures ^.provided - by 'Plazizied Savings 
xnfigannie U'^e; consider that the Fund 


i’Z-' ‘ ‘ 

■i.-.s-. -- 

h o: 




:»- r.i'j 

, The Fund aims for capitaTgrowth, with an above arvenigc income by 
investing rrriunly in smaJL-cfbcico t British companies which the ' 
Managers beKcve wifi expand, in !size of business and profits. Tim 
Managers wiM-- ncveribek<» Tetain invesrment flexibility and may- 
invest in a linu tod; number of huger corn panics. 

Share Facb i ng eHwi.)Ve consider that it is now the right time for 
holders of UK Shares to take advantage ol" the Piccadilly Share 
Exchange faoK des= topurchtoc units in tins trust "without incurring ' 
the ncemal isdling cpats: If j-ou. wish. to invest by way of share ex¬ 
change, please attach a-fist of the investments which you wish to 
exchange with the coupon, or ask for our brochure. 

Remember^ the priop/of upjfj and the income from thdo, may go 
down as well as up. 

Your in vestment: should be regarded as long term. 






AsvaUatMm cheqnes vill not Se admowledgfd, hot you will reoa'w *nr. 
ccrtilicatc Btw the number umts alloaU«d within Sourvredts ofaurrecopUif your 
appfication. L'nit wiU be usued at tlxofEet price inling: at die close of burinos oa th& 
day prctxiUzn; reedpe ofyour opphe^otu For infoematioo purpotea only, the oflw 
price of unib-at ihc ctose of brainco «*a j rt 1 'cbruuy 197# v ^ 3 * 4 J-lp- The esdmated ■ 
gnai a m matyirid-at riuU~ price wj»a.yi»%- 

Irieome ditttrabndanl The incunte, Mlrof US at the baric rale, ii payable annually 
(IQ 13 th ApciLTbe hocdblribubon-wDI be made oikisth April 1976 in re-peel of. 
applicauou rccovcvl by t^lh 

VkIousom. Tbe4uzuf ^B-wdueddaify and the current price and yiehi publubcd " 
daily ia the national pre#.' . . ... 

b. 1 m Tu If you are a haue rale taxpayer yon wiO generally incur no- 
».■» Lability wlien you selt your urns. K you am pa>-ing 3 higher rale ol iax at the 
lime of jelling jou \,2t be’ lwMe » CapicriGaius Tax. For the top talc taapJW 
(here it a maximum liability of only ta» r aS agwiut tiie oonul rale of 30 *.. 

How to Sdl Units, You may realise part or aft of yow nmimciu atatty time by - 
si going the back of tbeC brtjlka ttemJicatmg'tbe mtmber of units you wfch to seff 
and reluming it io ibe Managm. Ydu norLTl ‘nonnally receive your, cheque witbiu 
14 days. 7 :1 ’ . , - . 

Managers. PkcadQJy Unit Trust XJanapment Limited (Xfembets otlie Lmt-_ 
Trust AssoaatiMiJ. JseRtslewl In CngLndno. 356236--. '• ' ■ ' ; . . " 

Trartee. Bank ofSctwLuiiLTbc M o und , Ed inb tugn EHi f\*& . ., 



Tn- PicadillyL’nitTrud ManateimtliuL- '• 

Wardgate House, London Wilt London ECzM sUA-Td. 01-638 08or . 

-- VWe wmi* to rarest C fasHUBima 4oa unit,) In the PfccsdiUy Smnn ■ 

- 1 Companies Fund and endnse a. r e mlg*in-fl Bar the full mmudi payable to Pjccanuly 

}-I S' ’” ■ill'-"’! UaitTr** Ujiu pcmmi Ltd. , 

*-. ...e - Ti\Ve dedare that I am/we wv not rtrident outride the- Scheduled Trantorw^wtn 

that I miafve arc not acquiring the abi»B mentioned im its as the nmmcecW « any 

U^Slra^Snnm^lHi'tb^leclaratioa; It risen Id be left mM«ncd, and *h«riril» 
Jo^ddiiwigb abaoibraiiedtiepoBltwy (bonk, stockbroker or mlnji or in toe u*vj. 

n'K'W . „ r, • . , . 1 

^ ss r.'j: > i 

“ 4 :: ! C-'“- i ". - 
i-.v -f v 




- StunaOK (Mr. Mrs. Mbs). 
Addrera—- '. . 



FT/4/2I7S ^ 

All applfcams mortrign. This offer is norapidieablewthe JteyuMicnf Ireland- 

'' , s ri 

cost of which would be sub¬ 
stantially above original cost It 
has been calculated that the 
reduction in profit by applying a 
higher depreciation charge based 
upon current costs, after making 
allowance for a capital gearing 
adjustment, would amount to 
£590.000. - 

Mr. Castle reports that the 
sugar division again continued 
the progress of previous years, 
with both turnover and profits 
running at increased levels. 
Market share has been maintained 
despite intense competition from 
EEC sugars. . 

The home-grown beet crop is 
estimated to produce nearly lm. 
tons of sugar this year, which 
will lead to a very competitive 
market in the U.K. for both 
British reGned and imported EEC 
sugars. Nevertheless, the direc¬ 
tors look forward to a satisfactory 
outcome of the current year’s 

■ The food and drink division had 
a year of substantial growth and 
market penetration in all sections. 
The division has to carry large 
stocks and suffers when interest 
rates are high, but despite this, 
profits were a record. 

The results from the food 
manufacturing companies, British 
Pepper and Spice Company and 
Matthew Walker (Derby) were 
very gratifying, and while Haven 
Foods still faced production 
problems due to reconstruction of 
the factory, it's results again 
showed improvement. Both 
T. M. Duch6 and Sons (UJC) and 
S. and W. Berisford (Mark Lane) 

substantially Improved their per¬ 
formance, and the results from 
RDM Corporation of San 
Francisco were a record. In 
wines and spirits. Capita] Wine 
and Travers had a mast successful 

The commodities division again 
made good progress. Conditions 
were again active and this always 
helps profitability, says Mr. Castle. 
During the year cocoa prices 
reached record heights due to 
crop shortages, shipping delays 
and other difficulties. Prices 
affected consumption and there 
has been a further decline in 
market prices reflecting hopes of 
an Improvement in the supply 
situation. Crop shortages of 
coffee also forced prices to un¬ 
precedented levels but consumers 
actively forced the price down by 
restricting consumption. 

Despite very quiet conditions 
and fierce competition the year 
saw a rapid expansion of the divi¬ 
sion’s activities in the interna¬ 
tional sugar market The results 
achieved were well worth while 
and make the future look promis¬ 

Metal trading made further 
progress with gross income 
attaining record levels. Market 
conditions counld have been more 
active but this reflected the 
depressed state of the industry in 
general. In August 1977 Berisford 
Metals Corporation was formed in 
New York, and the directors are 
confident that in time this new 
venture will make a worthwhile 
contribution to the metal activi¬ 
ties. . 

The group is taking active steps 
to increase its share in the oils 
and oilseeds markets as well as 
tea. Trading in edible nuts con¬ 
tinued to make good progress. 

The wool division had the benefit 
of a full year’s contribution from 
the Edward Haigh (Wool) Group 
and consequently both sales and 
profits reached an all time high. 
It has been a difficult year in the 
UJC where demand has been 
slack for rather longer periods 
than is normal. Despite this, 
however, considerable efforts all 
in export markets have met with 
some success and go a long way 
to explaining the very satisfactory 
figures. The wool scouring com¬ 
panies also made progress both in 
material handled for the group's 
own companies and commission 
scouring for customers. 

Mr. Castle will hand over the 
chairmanship to Mr. E. S. Mar- 
gulies at the conclusion of the 
AGM on February 28. at the Tower 
Hotel. E.C„ at noon. 

Mr. Raymond Bloye, the 
millionaire and chairman of 
Crystal Palace Football Club, has 
left the Board of Thomas 
Borthwick and Sons, 1 he meat 
trading company. 

At life annual meeting of 
Borthwick yesterday. Mr. Bloye, 
who became a director when his 
own company. Matthews Holdings, 
was taken over live months ago, 
did not seek re-election. Dr. 
William Bullen. the chairman of 
Borthwick. said the Board had 
accepted Mr. Bloye's decision 
“with regret." 

After the meeting. Dr. Bullen 
commented - there is no question 
of a row, Mr. Bloye now wants 
to concentrate on his other 
interests." Mr. Bloye was not 
present at the meeting and was 
not available for comment. 

In the course of Dr. Bullen’s 
statement. he referred to 
“ problem areas" and " some 
interests which would not be 
completely suitable for integra¬ 
tion with us ” in the newly 
acquired Matthews business. He 
said that the former would be 
“ vigorously tackled ” and the 
latter would be sold. 

In fact the disposal of one of 
these interests was also an¬ 
nounced yesterday. Borthwick’s 
5722 per cent, stake in Dixor, a 
cosmetics company, has oeen sold 
at 25p per share or £179,000. The 
purchasers, a group of investors 
led by Mr. A. D. Stark and Mr. 
i\. H. Davis and advised by stock¬ 
brokers Laurie Milbank, will 
make an unconditional offer at the 
same price to the other Dixor 

However. Dr. Bullen went out 
of his uay to confirm his faith 
in the wisdom for Borthwick in 
purchasing Matthews Holdings. 
“The favourable implications for 
Borthwicks of this acquisition arc 
considerable and it is your 
Board's belief lhat we are at the 
beginning of a new era in the 
history of Borthwicks." he said. 

As for trading conditions for 
the group as a whole. Dr. Bullen 
commented: “We are off to a 
reasonable start." He said the 
U.K. domestic meal trade 
experienced a troubled year but 
there was now " a feeling of 
optimism in the international 
trade” and the price of manu¬ 

facturing beef in the U.S. hud 
risen to 7tfc a pound from 60c 
last October. 

Meanwhile, the slippage of ship¬ 
ments from Australia and New 
Zealand in the second half last 
year was benefiting profits this 
year. But industrial problems in 
New Zealand were still “ rumb¬ 
ling” and sevei storms had got 
the season there off to a late 

Sharp fall 
in Amax 

Amu, the diversified (J.S. mining 
house, has announced a sharp 
drop in net profits for 1977. Earn¬ 
ings were $6S.9m. (£S5.3m.) against 
9150m. in 1976. Earnings per 
share were Si.62 (S3p) compared 
with S4.34 the year before. 

The fall in net income was 
caused not by lower revenue from 
operations — this went up to 
S16925m. from S139.2m.—but from 
provisions for losses on African 
investments and from substantially 
higher interest payments. 

The group wrote down its in¬ 
terest in Botswana RST. the 
nickel and copper producer, and 
in Roan Consolidated Mines of 
Zambia by S125m. This was offset 
to some extent by a gain of S6L9m. 
on the sale of its potash invest¬ 
ments in Canada. 

These transactions took place in 
the last quarter, as already re¬ 
ported. leaving a net loss for the 
three months lo December of 
S2l_2m.. compared with a profit in 
the same period of 1976 of $40m. 

Interest expense over 1977 rose 
to 660.7m. from $20Bm. in 1976. 
but income tax credits fell to 
$2.8ra. from 86.4m. the year before. 

During last year Amax pushed 
up its revenue from molybdenum, 
iron ore, copper, oil and gas, but 
earnings were lower from coal Bnd 
zinc. Nickel losses increased and 
exploration expenditure was 
higher. The shares were £22} 

L IN 23 




When the fund was launched in March 1976 the aim was long term capital 
growth from a wide range of commodity shares ana an above average 
income', and when compared with the growth of the F.T. index of 24% over 
file same period the fund has obviously been asoundinvestment (Income 
units up 53% accumulation units up66%). Fewotherforms of investment 
will have performed as well when linked with the easy accessibil ity to your 




*The managers confidently expect further substantial growth and Income 
in the future, the yield is presently standing at 72%.However investors 
are reminded that file Income from units can go down as well as up, and 
any investment would be best regarded as medium to long term. Lawson 
, Securities advise that at least part of your capital be invested in the worlds' 
real wealth as a hedge against the continuous fail in the value of money 


Income Units 3&4p. Accumulation Units 41.6p. 


The Mmsgere resort* Ita fight to dote this Drier ri the true price rises, by more than 2 
A wider range trustee security authorised by the Department of Trad a A 5% initial 
charge is included in the price. An annual feeor*%piusVATisdeductedfrom gross 
income. Commission to agenia^Trustee: CtydesdaieBank Ltd. (Memberof Midland 
Bank Group) Auditors: Whinney Murrey & Co. [Chartered Accountants] Managers: 
Lawson Securities Ltd;. 63 George Street, Edinburgh EH22JG. Tel 031-2263911. 
Registered in Edinburgh 55135. During an offer, unftsmay be bought or sold daily- 
otherwise weekly on Mondays. Settlement for units sold follows within a few days. 


> IK irt Iftn vbnnn rrrniiittik 

To Lawson Securities Ltd FREEPOST, Edinburgh EH2 OUB (no stamp rewired) 
or Tel- 031-228 3911 (5 lines*24-hour Ansaphone Service) 

j snoose a remittance peysbfe re Lawson Secuntes LmrtM to ce Hwesud in units ol 
Lawum Raw Materials and Genera! Fund. Not applicable to Eire. 

■ . — -gi||i| For accumulation units mart ~X Q 

1 • fa5rr! For una-imked Savings Ptan please mark to 

i rmm ForaJwre extfiaiga pisass mart X d 

l.*we declare that I arawe are rrer resldert odslde the scheduled territories nor am l/we 
acqulrim these units as the nomineefs) ol any per son Is) resident outside the territories. 
(These m&fe w make ins decfciiaiion should apply through their Banker, Stoekbroten- 


(AU joint applicants must sign and .niach lull names and addresses) 
Namesinfull ^___:-1- 

(Mr’MrVMtas Title) 
Address - 



A new investment bond 
linked to five funds 

Gresham Life Investment Bonds 
are a new investment opportunity 
offered by Gresham Life, the 
130-year-old company now part of 
the Rothschild group. The bonds 
are single-premium life assurance 
policies Indeed with any of five 
unit funds, all of them managed by 
N- M. Rothschild Asset Management 
Limited. Investment is in multiples 
of ;£i,ooo and each bond is issued 
for this amount. 

Choice of jive funds 

TlirougJi these bonds you cut 
invest in either United Kingdom equity 
shires, international equities, gilt-edged 
securities, pro pern,' or cash — or hi all five. 
The specialised funds available are: 
Gresham Life Equity Fund 
Gresham Life International Fund 
Gresham Life Property Fund 
Gresham Life Gilt Fund 
Gresham Life Cash Fund 

A bond may be allocated co any 
one of chese funds, and if you have more . 
than one bond you can select a different 
fund for each one. However, it is not 
possible to split a single bond between 

Inexpensive switching 

How your bonds are allocated 
between the various funds is entirely a 
matter for yourself and your own 
professional advisers. Moreover, it is easy 
- and inexpensive— to switch a bond 
from one fund to another at short notice. 
In die case of the Property Fund die 
Investment Managers may, exceptionally, 
require six jnondis notice. The only cost 
is. for die first switch in any s ear, a charge 
of| per cent of die current encashment 
value of the bond being switched; and 
for any other switch in rhat year, £ per 
cent. There is no liability to capital gains 
rax on such switches. 

In the event that die outlook for 
die major sectors appears unattractive, 
the Cash Fund will provide a useful 
haven for your money. 

Rothschild Mamgement 

Gresham Life Investment Bonds 
enable smaller investors to benefit from 
theinvestmentskih and experience 
associated with the name of Rothsciiild. 
Tlie investment managers believe that 
with continuous and active supervision, 
reasonable long-term growth is possible 
in the major sectors covered, without 

luiduc risk. Income is re-invested to 
increase the value of your investment 
and co take every opportunity to achieve 
ci pi cal growtli. 

Life Assurance cover 

Each bond brings valuable life 
assurance cover, the value of w'hich 
depends on age at dc.uh. For example if a 
bond were worth f.Looo at the time of 
death of someone aged 40, the benefit 
would be .£2,000. Normally no medical 
examination )> necessary unless you are 
investing more dun .£ 10,000. 

■withdrawal plan. There may be a 
liability to higher-rate tax and 
investment income surcharge when your 
bond is finally cashed, but you could 
reduce or eliminate this by cashing it at a 
lime when your income is reduced. 

How to invest 

Fill in the coupon below and send, 
it with your cheque to Gresham Life. 
Investments must be in multiples of 
£ 1,000. Alternatively, consult your 
professional adviser as soon as possible. 

Each fund is valued weekly and bid 
and offer prices are published daily in the 
Financial Times. Units will be allotted to 
you at die otter price ruling on the 
valuation day next alter your cheque is 

You should remember that the 
price of units can fall as well as rise, and 

.1 _ * * „ _ _ ^ you should regard vour investment as a 

Augmenting your income L^enn one. ' 

You can wididraw > per cent of 

your original investment each year for 
up to 20 years to jugmenc your income 
wiihour any immediate liability to ra.v 
On quite modest assumptions of growth 
it is clearly possible to do this without 
reducing the value of your original 

Other details 

The tax position 

You have no liability to basic-rate 
tax or capital gains tax while your bond 
is in force, even if you operate the 


Charges. An micul durge of j per cent, included in the 
1 itfcT price, pays, for your life assurance •£> well as die 
•>,f n iu 1 «mnvi- cC'As. There is an annual management 
charge ol J per cent of the value of each fond. For the 
l iik Fluid the .mmul charge h J. per cent. 

Share Exchange. You may ewhangc^ portfolio af 
gilt-edged vcunocs. quoted tL\cd-m wrist aocki and 
ordinary shores \of a minimum value of j£. 10 * 0 ) for 
Ocduni Lite Invesnnmt Bondv This can mean a 
iMit-oderablc saving in dealing cost?. 
faxhtng your investment. Any bond nuv be caslied 
.11 any tune, without charge, at die bid price ruling on 
tlie valuation cL v next after vve receive your instructions. 
ILvccprionjHv in the cave of the Propern' Fund, 

. rep.iviin.iit may be deterred for up lo 6 months 

Proposal for a Gresham Life Investment Bond 


To: Gresham Life Assurance Society Limited, P.O. Box No. I, 

2-6 Prince ofWalcs Road, Bournemouth BH4 9HD. 

Repsiefni la LoBrioo No. 39 M 5 /C 

J wish toiiHist j. -......_in lie 

undermentioned GrcJum Life Funds and end* -*■ a 
d icquc for till -aim pav able to Grtdiain Life 
Amut-UKS Society Limited i mini mum .£l.oc. •>. 

• Ami'illll ‘11 

Am™ ni> 1.1 vviikHi s j-Ii 

W.miiMi.1 wiilJra-s il 

in ills' Find Is rn[l.irs\( 

Name of Fund ■ MniirpL' hi' /1,010 i«ih 1 

Equity Fund 
international Fund f ..... 
Property Fund 

GOt Fund 

Cash Fund 
Total Investment 

£ .... 


__ jT- .. 

t .... 

4 = 


Personal History ^ 

Are vou now in good h>>dilv jjiJ mental health and 
free iron) one phyMail impaim lent? YES'NO* 

Hue vou required any tncdiuladvice, trutmentor 
■Jirgic il actvnnon in the last 5 years': YES/NO 

I filie !> olt\ t> unable to undtTuriu.' thi> Propoul 
niiilOULdie bs.netit ».f a medical report would you 

K. will Dig iiiiui s' j incdiejl runnuOPi: ^’HS/NO 

. 11,. ‘ 'MiLlpn l.ir411 iiKvk..l.-^iiirurt>.ii:*Mi'«sdi 

*ll m SU' ptf.nstprlf det-nh •j'y.'r.iii/j'. 

*•11 • 1 X.S- •. up/tfy iil.ul> .fjhU,ircty. 

N.1111 e .uid jiklrcv oft our bixtor.... 

.......PoMoadc. . 

How bug h.i> he IsiK'itvn you:—.yture 

A Mrpjr.iie Bd ul will be iwued lor cadi £ 1 . 0 * B h o kJ ami 
ilk’ BiJliiI'.' 1 will he Inilswi todie Fundiajslh>wti 
*f Nl’ C 1 J 1 AV uhilraw ol Plan v. ill pn-rndr on inc.vic uf 
perainum JuJf-veariy; ul'ibcjiacnm diuitn at 

tljesecmd aJumn. 

Details of Life Assured (Blodc CqatibPiMir) 


|Mr M(- Ml-, 
lima limes..... 



Mjidcj} Nanw... 

Date.....Dav__Mi.niili ....Year 

t"\lltp.lUlNI.. .. . .... 

Note: b iilnrc :»>dt*li"e all inateiul leti could teadt m any 
P 1 J 10 bshtfioi ilieKisistu’ilihPropovil For^; voidable. 
Fun it ould br icprAd * nuu-rul uBLiy to influaicr the 
S L <kH. m ut^sOMiiait or j.'ccpiano’ol the- IVfOud. If the 
»igiMiuit o ui onv slnuU olxiut wFktlta aiuai taJsaic 
uiaicrul. diesc LsX« ihuuld he dLefoa-'d. 

Declaration I JaLictfut lu die bcaot niv knonledgcand 
KLcf ilk" ahoic't.iioiwitx kt at mv own 
kntJ'vncniji ur nuL are itul- and complete and I asfee that, 
nether wflh the -aarenMiti iil’jm) made to the bockty 'i 
Malical L'iininkT ami sgikd by me. they dull be ihe baas 
1 rf the pn'p.»cd o.«irro»T{-.) (,fa-.oirancc wish ibe Graham 
Life A-isunuireVkUiy Uiniud. 

1 coir'll u IO die SWHVv liuLmg enquiries ot’or seeking 
■ mcdicjl miixTiurv 01 tom onv doctor who has attended me 
■ n liun ■ any Lite A wanner unnifuny and I ainhoi>.a Lib. 
ginrijisH all* Midi nif.emon.>!i 
I ban read iIjC Hole abci’. c and undsTjund ir. 

Signal Lire.. 

Ic-lephoiiL No. Home...Omar. 



>*. ;'»• fO-orL .1 />r .* J. 

l gresham life invesimentbonds 







• . >- r f 

Financial jT imes Saturday. Fefinzaiy 4 1978 , L * 


Mixed on interest rate jitters 


Ibv.I Frem. at $2.60 to £—775% (77 
Effective rate (at L84151 32J% (325 



Feb. I Feb. 
3 t 2 


MIXED TREiVD developed on 
Wall Street lo-day. when interest 
rare jitters and concern over 
slumping car sales frustrated 
several rally attempts. 

The Dow Jones Industrial_Aver- 
age finished 4.50 down at • > O.SS. 
reducing its rise on the week to 
fi.76. while the NYSE All Common 
Index, at S49.72. shed 20 cents on 
the day but was still up 60 cents 
on the week. Gains led losses, 
however, by 677 to (Mfi. while the 
trading volume /ell 2.65m. shares 
to 19.4m. 

Investors were worried about 
another big jump in Weekly 
Money Supply, putting a squeeze 
on the Federal Reserve to tighten 
rredit further. The Fed said that 
Basic Money Supply Ml rose 
another STOOm. in the week ended 
January 25. while M2 jumped 

in the economic news, the 



Marahali l-'iold 







+ ; 

Hi I Equipment 



+ i 

I'.S Steel . 




Sambo's R'-wfs. 


+ )( 

S..hliLz <Jos> Bravns. 

200 .oon 


_ 4 

rrs-von . .... 




Sch^rois-Plouuh . . 

1 Sl.'ilO 


southern Cn. 

ns. ooo 

:s ■ 

— i 

Amvr. Tel-Tel 

! *11.7011 


-r i 

(.'unseal Stilus Gas . 

1X1 900 



January U.S. unemployment rate 
fell lo 6.3 per cent. <6.4 per cent.), 
i he lowest level since October 
19 75. 

Motors were hit hy weak sales 

during the last len days in 
January. General Motors shed Si 
to 5583 on a 7.0 per cent, drop in 
sales, Ford also lost Si to S4l; 
on " flat ” sales, while Chrysler 
dipped S3 to S12^. 

Texas Instruments dropped S4i 
to 369V—fourth quarter earnings 
were slightly higher but profit 
margins declined during the 

Marshall Field rose SI to $344 
on the Carter Hawley Hale bid. 

Value Index eased 0.02 to 122.78. 
reducing its rise on the week to 


Canada up again 

Canadian Stock Markets made 
furiher slight headway in 
moderate trading yesterday, with 
the Toronto composite index up 
0.9 to 1.007.5. 

The Metals and Minerals Index 
ro>e 2.5 to 820.4. Golds 3.4 to 
1,323.2. Utilities O.ol to 160.23 and 
Banks 0.88 to 231.05. But Oil and 
Gas lost 4.4 to 1.357.S and Papers 
eased 0221 to 95.19. 

PAR IS—Shares continued to 
ease in quiet trading. Market 
remained undermined by further 
weakness of franc and higher 
domestic Money Market rates. 

U.S. and German shares firmer, 
Dutch. Oil and Canadian issues 
maintained. Golds also main¬ 
tained. Conners irregular. 

AMSTERDAM—Prices eased on 

dollar weakness. Internationals 
led lower by Royal Dutch, which 
shed Fl.0.9. 

In Banks, ABN gained FLLSO 
and AMRO 20 cents. 

COPENHAGEN—Lower in very 
active dealings. Banks little 
changed. Communications, In¬ 
surances, Shippings and In¬ 
dustrials ah down. 

GERMANY—Prices continued 
firmer in quiet markets, with 
renewed nervousness on Foreign 
Exchange Markets having little 

MAN up DM320. led Engineer¬ 
ings higher. Motors put on up to 
DM3.5. Leading Chemicals steady. 

Electricals narrowly mixed, 
Banks higher. Stores barely main¬ 

Public Authority Bonds gained 
up to 20 pfennigs, with Regulating 
Authorities selling 
nominal of stock. Mark Foreign 
Loans steady. 

OSLO—Industrials. Insurances 
and Shippings quiet. Bankings 
slightly firmer. 

SWITZERLAND — Generally 
firmer, despite weaker dollar. 

There was strong buying in¬ 
terest in high yielding stocks. 
Other firmer spots in Financials 
included For bo and Usego. 

Leu markedly higher among 
leading Banks, despite its un¬ 
changed 1977 dividend. Oerlikon- 
Buebrle up Frs.10 to Frs2,465 on 
its dividend increase. 

Industrial sector witnessed 
Strong foreign buying. 

SPAIN—Virtually unchanged, 
although Utilities moved above 

NEW YORK, Feb. 3. 

VIENNA—Little changed. Steyr 
Daimler gained on its terms for 
capital increase. 

MILAN—Mixed to lower in thin 
dealings, reflecting continued 
uncertain political situation. 

Liquigas Group stocks Improved 
while Olivetti Privileged'•uiargin- 
ally higher in depressed Indus¬ 

Financials mixed. 

Bonds quietly steady. 

steadier towards dose following 
higher bullion indications. 

Financial Minings mixed in 
quiet trading, Other Metals and 
Minerals lower in slack dealings. 

Industrials quietly mixed. 

HONG KONG—Firmer on tech¬ 
nical buying. 

TOKYO—Mixed to slightly 
lower. Volume 330m. (same) 

Some Blue Chips and Export 
Orientated Electricals and 
Vehicles rose, while Steels, Tex¬ 
tiles and Chemicals fell on profit- 

AUSTRALIA — Selectively 

BHP held unchanged at SA5.26 
ahead of its interim results. 

. Bank of New South Wales rose 
4 cents to 5.14 and CBC gained 5 
cents to 1.67 on improved first 
half year results. Other Banks 
unsteady on cuts in interest rates. 

Properties firmed. Lend Lease 
up 2 cents to. 2.50 on slightly 
higher first-half year profits. 

Coals firmed, as did Uraniums 
on new discovery. Base Metals 
and Oils also slightly better. 

n Ho.-iimJ 



• l 

' Fell.' Feb. ; 

o ' 2 

Feb. ; -Ian. ] 

1 l il ! 

, IH'iiiid 


1 Huth \ 

42.70 43.41 

j | 

, b7.0/ ' 4^.06 

1 i _ . _ . 

l«77-icl iBiiiewmpilatiMn ■ j 

i I4/L.-77) ii27M-7<5i 

Rises and Fail® 

| Feb. 3 j Feb. 2 • FeN. t 

Iraut- irede.1 1.803 ! 1,826 ' 1.832 







.New Hiefik.. 

New Lnitf. 




872 I 





i l 




iD lustrial.J 770.B8 775.3B. 77434 769.92 772.44 764.12 

i i I 

H'meB'n.U*' 83.74! 89.72 69.97 69.82] 89.40 68.37] 

Iraospoii....! 212.99' 212.65- 210.31 208.961 208.71 208.71 

.' 106.91 106.49 105.24 104.771 104.9)' 104.64 

) 1 ! 

Trailin'- v.ji | i 

J>j', i j 19.400 23.090 22.240 19.870, 17.400. 17.600, 

3Sto.79 ' 793.54 1091.70, 41.22 

93.87 : 89.53 I — I - 
<7T9i ! 

246.64 I Ife.bO | 279.88 ! 13.23 
iloi5i i 126’I in 1 i7.’2rtifi'« 1 i£;7u2) 
118.67, 104.77 j 165.42 , 10.58 
i22>2l |i31< 1 >78 m 20/4/tvj» ,>23 i4i42i 

“ H 3 . 1 - »»» >wv» 

f>4liu~r< ■...»» !A 

.Ian. 27 

Jan. 20 

Jan. ta Ytftraauiap|<t»\.i 


5.92 : 

5.93 4.27 


: reb. 

Feb. • 

L+-nij»nar u 

Hiqb ' D-u i Uu>b [ Urt» 

A ■; 

v i 

1 : 51 i 

» i « 1 

lluiuMn%>f 98.66 


99.1Z 38.56. 

98.44 S7.blj 

118.92 ' 97.4/ i 154.04 j o32 
i3.1>Tii (Q'Uifci (IIiImo) <5('(e;32i 

JCon 1 , 0*1 re , 88-82j 


89.95 | 88.2ft! 

89.54 OB.ftBj 

137.00 ' 88.60 125.86 1 4.40 

.3,l,■ Fi. i2lM-78i’ rl 1/1,-73 1 ,11/6(32. 

| Tel.. 1 

\ Jan. 2b 

j Jan. 12 | Year opo lappiv'.i 

Ind. div. rield \ 

| 5.22 

! 5.22 

i 5.13 j 3.89 

Ind. I*,t Ustu> 


| 8.62 

d.74 | 11.09 

loiia (•••it. Eknid field 


i 8.20 

0.17 6.87 


I. i 


5 ! 3 1 

l | 

51 j 

Hich j 



I6S.S2 185.96: 
172.85, 171.67; 



161.85 106.4/ (17/i. | 

171.02. 1B7.85 1 19il/7/i j 

lftH.02 (25.1’ai 
IB.BO iZj'10) 

TORONTO Composite; 1007.5 100B.6 



1057.4 (1) tri) ! 

861.0 .3610i 


Gob’ ' 

| f 

1 215.8 - 217.1 ; 




218.7 (1,'2/71!) ! 

139.4 (24 01 

In.tuU na'* 

, 211.9 , 212.1 , 



214.4 .4,W7B) I 

IBr.1 .22-4) 

Pet-. 3 '■ Prev- Mii-ls Uii-i2 

3 - n.'ii? I UlKb i Dj" 

Feb. ! Pro- 
3 I *Vwh 

jl8/7-7fc Ult-t 

| High ' 1/+ 

,<siLhv ilhiij 
96.* 95453. *-!-• H..“i 
Ll/VM: l/A 
34.66 , 9qJ£ Mi.*. . 94.66 
; -• , fflitfi i3/2.'7oi 

47.6 4f.6. 3c.4 i 4j.;- 

I lii-liTJr 
German vi~) K4.8 799.9 sta.3 . UtJb 

Beiemiu ■ * 
France uti. 


Sweden w-3S7.E3 jb*.49i ainx*' mzx 

• -7^4f11) 

Switeri'di : 317.4 j 315.7) a Ir.f j dsu.: 

! ! !.iuo.! -vs. 

Holland 1941 . 60.1 - lso.3 

69.M . 69.49 
583.11 322L49 
367.63 366.26 

Hong aonp: 
Ilalv itii 
Japan to) 


iI'/'Hf tli*u»/ 

1 ta-i • ib.t 

i <4*1 IL-9/flj 

1 41&.1 i; * 3.44 
(11 bi ;ita,l/7t 
. 14.71 1 54 j*.' 

' {b.lflh&c.Vtt 
\ 490.93 36U.43 
■ '£y.91 'c-4.ll) 

! 368.0- 
1 »39fl» . (5,3i 

indices. and baat- dales (all ba*> values 
100 except NYSE All Commun — 50 
Standards and Poors —10 and Toronto 
100-1.000. the Iasi named based on l&Jji. 

♦ Excluding bonds. 1 400 Industrials 

# 490 Jnds.. 40 Utilities. 40 Finance and 
JO Transport. i?i Sydney All Ord. 

• •:» Belgian SE 31/12.-63. I**) Copenhagen 

SE 1/1/73. irt» Pans Bourse 15*51. 
(If Commerzbank Dec.. 1953. <j$i Amster¬ 
dam Industnal 1970. tSC> Hang Seng 
Bank 31.-7-84. ii]i|) Milan 2/1/73. (01 Tokyo 
New SE 4.168. «b> Strajts Times 1966 

(O C1«n*. id' Madrid SE 3002 ^-htuh 
and low for tors only r«M Stockholm 
Industrial M SB. «h Swiss Bank Core. 
>ui Unavailable. 


A prize of £5 mil be given to each ol the senders ut the first 
three correct solutions owned Solutions must be received by 
nest Thursday marked Cnww word tn rh«? »np lefMumrt comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London. EC4P 4BY. Winners and solution unit be given 
next Saturday. 




l Pul ny pan> lu a team l'J. 5 1 

5 Truuble given by the pair of 
them tu the Queen tfil 

!» Place m Irish cuunty luwards 
the commercial centre <S) 

10 Write off parody 14, 2) 

11 Garment worn by those In 
service (St 

12 Entrance Bill with rate f6l 

14 Turn up with fiery remains— 

no engineers to Umd? (4. 6) 

18 Discourage lectures on domes¬ 
tic waterproofing (4, 61 

22 Mad to go in French river 
they say (67 

23 Could be a pain or a persecu¬ 
tion complex iSi 

24 Urge to take pari in Kssex 
hortiruliural show (6) 

25 Dog capitalists in China cSi 

26 Engages in pari of lennis 
maich with buy (4. 2) 

27 Liberal writer or one of his 
nibs (5. 3) 


1 Unhappy over one way of 
becoming a tormentor (6) 

2 Approaching a fox with 
inner hostilities f6) 

3 Go to live in Yorkshire town 

4 Early birds we hear (4, 6) 

6 Superior players are dull (8) 

7 Avoid being cum milted to 
argument uti bushes by tbe 
way IS; 

8 Given another job as sales¬ 
man and so upset Edward 

13 We must admit that tenancies 
st3nd opposite {4. 4, 2) 

13 Nervous State of newsman 
meeting soldier by Scots loch 

16 Success on stage or 
Wimbiedon (5, 3) 

17 Dramatic plot on race 
confused (8) 

19 Small girl is on point 
acquiring a bag (6) 

20 Tired of biams tied (4. 2) 

21 Pub offers West-end welcome 
to navy <6i 

Solution lo Puzzle No. 3,584 

a m s □ n: q 

a h: m m a a e m 
nQa0in nra030E3C | 3 
E.. E E B - E F3- S 
aE0§EEE!3E2 .□ SEE 
Q S H !j 3 m 

r 4 □ e a b 3 □ 
AKiciHia . :angKH 
3 m b b 0 a a a 
aaragann asBEfias 
n a 3 a ci -q -a. w 

PUZZLE No. 3.579 

Following are the winners of 
iasi Saturdays prize puzzle: 

Mr. F. Blackwood. 82 
Maryville Park, Belfast BT9 

Miss S. A. Blair, Fiat 7, 29 
Thornseit Road, Nether Edge. 
Sheffield S7 1NB. 

Mrs. F. E. Brock. 20 
Buchanan Road. Rugby, War¬ 
wickshire CV22 6AZ. 




H - 

B Cl 

a a 
3 a 



Take a chance with 
True Wish to-day 

IT SEEMS significant that those 
astute judges, the Dickinsons, 
have opted for the Stone's 
Ginger Wine Trophy with the 
inexperienced True Wish, rather 
than going for the Stilly Isles 
Novices' Chase half an hour 
later. I intend taking a chance 
with their six-year-old. 

A highly impressive winner of 
a modest event at Catteriek on 
January 2. True Wish proved 
equally efficient in far stronger 
cuinpany ai Haydock a few days 
later. He ran on with great zest 
in the closing stages of the 
Gamekeeper Chase to put six 
lengths between himself and 
runner-up John Knapp, to whom 
he was conceding II Jbs. 

On the strength of that highly 
impressive Haydock run which 
stamped him as possibly tbe most 
promising young novice in Ihe 
north, many (myself included) 
backed him to beat The Dealer 
on level terms in that same 
course's Embassy Premier Chase 

Although running well in the 
Embassy. True Wish never really 
looked like troubling his older 
opponent and was beaten by 
three lengths. with the 
remainder, beaded by Another 
Dolly a long way back. 

In the belief that there are few 
2J-mile chasers of any age who 
would have troubled The Dealer 
on that afternoon, l have little 
hesitation in going for True Wish 
here, since he receives 12 lb and 
5 lb from Early Spring and 
Artifice, respectively. 

Two greater threats could well 
be Money Market's still inexperi¬ 
enced stable-companion. Discount 
Market and Wayward Scot, who 
may well have bean tackling too 

long a trip in recent races. 

With True Wish an absentee 
from tbe Scilly isles Novices' 
Chase, the race is probably best 
left to the Irish challenger. Mac's 
Chariot, a long-term hope for the 
Arkle Trophy. 

Mick OTuulc's short-backed 
Will Somers chesnui. the two- 
and-a-half lengths conqueror of 
French Hollow in Iasi season’s 
Lloyds' Bank Champion Novice 
Hurdle at the Festival meeting 
came right back lo his best in 
the Blackwater Novice Chase at 
Naas, early in January. 

He has since comfortably dis¬ 
posed of Brendan's Slave in 
Leopardstown's Dundrum Chase. 
I give him a confident vote over 
Space Project. 

In -spite of the strong claims 
of Beacon Light in the Otley 
Hurdle, my own hopes will rest 
with that remarkable character 
Sea Pigeon, who lias been work¬ 
ing with Tremendous zest In 
recent weeks. He. too. looks 
well worth an interest. 

Two high-class steeplechasers 
met their end in the Leisure 
Caravan Parks Chase at Sundown 
yesterday. Tony Dickinson's 
northern challenger Broncho II 
had to be destroyed after break¬ 
ing a leg at the 12th fence. 

Our Edition died after an 
apparent heart attack. He bad 
been well-backed for the Sun 
Grand National. 


3.30— Easter Eel 
100—Monty Python 

2.30— True Wish- 
3.00—Mac's Chariot**' 

3.30— Sea Pigeon* 1 - 


i-ebruary 3 Per «nL 

island .’ 105 

9anu0 Bilbao 265 

Banco Allan!Ico (1.000) 214 

Banco Central . 337 

Bprica Exterior. 270 

Banco General ..... 266 

Banco Granada 1 1.060) 156 

Bat,cn Hlspano ... 201 

Banco Tnd. Cat. 0.000) 174 

E. I. Aragonttas ....... S3 

Banco Popular .. 210 

Banco Santander I‘-SQ) 96 
Banco Urqudo 1 1,000) 22 S 

Banco Vizcaya . 207 

Banco Zaraconno ...... 303 

Banlramon . 141 

Bantu ADdaJuefa . 235 

Babcnclc Wilcrx . 31 

CIC . 1M 

Drajsados . 227 

E. I. Araconesas ..._ .. 53 

Espanola Zinc . 101 

e^pf. Rio Tin to .. U5J5 

Fecsa f 1.0(H) 1 . 66 

Fcnosa ( 1 . 000 ) . TO-SO 

Gal Prt-cudos . 100 

Sntpo Velazquez (400) 165 

4idTV)a ... 80 

r nm;dMnff . 126 

Ibi-rduero . 

01 am .... . 

Pa pole rax Tteunldu? 

Permit-ns . 

Samo Popolera . 

Sdl aw . 

Sosefisa . 

Telefonica .. 

Torrjs Kostendi . 

Tiibaoii . 

Union Elec. . 


Fob. 0 



+ 2 
- 1 

+ 1 
+ 1 

+ L75 


Utiuue Umxll BP..I 
Betoolllticlm OP 


Lijw Anier. V* 1 --! 
.Mione-iuan OP..| 

IVtftdM PF. . | 


Crux UP.... 
Vale HiviM e PI- 








8*J0 + MS 

73 -2 

62 + 0 JO 

138 _ 

18S - . 

66 - 140 

34 JO - 

125 - 

8925 + 025 

1L2 — - 

102 +1 

M + I 

«f- or~ Dir. 1 na. 
— [Crux I % 

Abbots Lol®- 1 

XildKsxogOLpb ...I 

Aeuat LUcitiM, 

, Air Pputlists._...( 


AlvsoA I umi niiun! 


. Allegheny Lurtl.J 
Allecheay Howeij 
I Allied CheinnaL. 

Aided btores._ 

, AUls Uhaiizim~J 
1 AlLAS-T 

Hub. . ] 

, Amer. Airline .~| 
.Araer. Bnadi — 
Amec. Broukasi.i 

Amer. Can—. 

Amer. UyuxvnM 
1 Amer. Elec-. Pdw 
A mer. Express-^ 
Amor. Horae Priri 1 
Amec. Mali cal—! 
Amer. Motors.—, 
i Amer. btxndanl. 
Amer. T«i. A Tel 
■crcmiek— — 


Au-iior ... 
.Anheuato tJuwb.l 

Anu.-o Swei.! 


V«Bien I'n. 


Asblxnil uu.-! 

AtL IliidiHeiH.| 

i>i| in Data Ptu—. 

A VC_-1 

Aviso.. 1 

Area Fruriik.-L£...| 
Belt Gxk Elecl..... 
Lieak AmencM — 
Bankers Tr. N.l. 

darber Oil-{ 

Baxter Ttmrenol-! 
Beatrice Foc*i —‘ 
Be .,1 oflXh d. -d I 
Bell A Howe)'. — 


Uenguet. Coaa’B'i 
Bethiebetu Steel .1 
Black A Lasker..; 

tVtf lDP ..-....* 

Bui>e Cm Mile—J 

1 ei 1 .——j 

<JOr -4 Wiuaer.J 

Jtvmo Inu. 1 

Beak ait ‘A*—. 1 

(nslt- Mvers—-i 
JrU. P n. AUK...I 
JrockxtV Ulew..; 


Joryma tine..j 

ouild- 1 

Bulora Watch .— 1 
Burliosit*-t> Ntho 


_'arnphel 1 aou 
.'anadlan Pacific! 
Can mi Itondcrtph-f 

4riaun) ..-■ 

Earner & General, 
darter Hawley ...| 
JaterpUter lixeu: 

CB 6 .. 

JetsaeN! Const... 
Jentrai a 3 .W .... 1 


,'emna Air -tan 
Jbaae Maulixtxaa! 
.'bemLxt Bk. Ml) 
.'heaeOr^b Kwl ;. 
,be*sie System... 
.-UU*i£> BiTtue..., 




. liw. Vliiauma... 


. ities aei rue— 
,'itv Investtnit —I 

.'oca Cota....' 

.'oqfaie Paini. 

.‘■nun* Amman..' 
.'utnmtax Gaj — 1 
Jolumbia Pun....I 


..ombnation bnp. 
L'omhiraioo bo-.' 

v'm'of'lb Bdiwe.' 

cVun'w rb Oil Kel, 
Conmi. Stteiite...; 


-no. tiJIvMI ; 

,-invo* locals—I 
.-mi-k/ Xat. l»a»..‘ 
.ousumei IViuerj 
wi'iitiDeutai bi|<4 
JnnunenUl Oil.. 
Jinitinemal T'eJe. 

.•euvi Data. 

-ulpei 1 Q'l na- 1 

143 c | 

24 ! 


2)4 la 





19 - | 

841- ! 

33ia [ 

245a ! 


45 7g 








4l 4 





11 <3 


cl <B 





10 is 
ai7 8 
AS 63 


22l a 
IS I* 
87l 4 
luia • 
J3is j 

146a 1 
283* 1 
13&a i 
19 I 
3278 I 
SU i 
63 lg 
o 2 i* I 
28ta I 
50 1 


e23a , 
317a : 

281* I 

39ie ! 

'a | 
lS-e I 
13>8 ! 

16 * I 
I9l a 
12 s* 
c 6) 3 


*77 8 
15 <4 
15 '2 

a u 

327 B 






313* j 
271* ( 

las* I 

*5U I 
4138 I 











247 S 
2$7 S 
18 >* 





9l 8 

14i 3 




IO .5 


45 U 
357 B 



147 5 

335 e 

22 >* 
29 U 
26' a 
10 ) S 
13 i a 
3 21* 
13 7 a 







101 ? 

28 >* 




46 7g 


las 8 

e 2 
-♦3 7g 

UU Is 
475 b 

loi 2 


32i a 






c. 3 

3iv a 


15 r, 

25b 3 



1 Feb. 
1 3 

Cuming Gian—i 
CIV Int'D’Mooxi 

Crane ..J 

Crocker Nat. _.| 

Crown Zeitert-rtSi 
uHiaunina Bipa. 


Unit Industnes..: 

Del Uooie_... 


UentBpir Inter, j 
Detroit Ecstoo —1 
Diamond Shamrkj 

Dictaphone _j 

DlaitaJ Equip— 
Dime? (Walt) . 
Dover Corpn— 
Dow Cbemicxl 


Da Pout_| 

Djiuo iDduatrW 
Eagle Picher—4 
Kart Airlines.— 
F *yam«n Kodak- 

E. C. k G_; 

El Pare Nat. 


bmersuo hiectrtd 
fc.nterj.Alr Ft'fiht; 

Lin tart.._...■< 



Lainnrv ___ 1 



caL UepL. 5t>.ira>) 
Firestone l tre_..; 
Fsl. Nat. tJonton.l 
Fteai Van .[ 

Flintkote __- 

Finn, la Power—.; 
Fluor ..1 

PJI.C_ ;■ 

Ford Motoi__..! 

F. jremoai Uck_ ' 


franklin Mint_! 

rieeport Mineral 


toque lndaatrte> 


Gannett.. 1 

..en.Amer./n— 1 

U.A.L.A_ 1 


(teu. Uj-namica...{ 
Gen. Blw-trk.-a—..| 
Omeiu FiXala—.) 
General Mills—., 
ueoean llou>ra._! 
Oeu. Fuli. Uli...i 

Geo. 3i^na<. 

Deu. let. bleet._ 

,>eu. Lyre-. 


Getty On...| 


Goodrich K.F., 

Goodyear Tire_J 


Grace W. It.., 

Gl Atran Pa.-lea; 
Gru Aorth lion...: 

(jrqyboun .1 —.{ 

Gull A Western.... 

Gun on^.! 

Ha:ibuitu>n —.1 
tlnnru* ILiaian— j 

Hsn la Cor&n.j 

Mein.t h. J . ! 


Hewlett Pb'.-iuuiil 

H-.'-iBay Ion*.j 



.. . 

Hirn{, I'orj* A met 
UmlstOli Xat.Cat 
Uutiiui 1 k.F. >..... 
1.. . lO'lilHI IW.. I 

IXA. [ 


laiau-l sieet- 

IdsIL-Ol..—— .| 

lotercuot Lnectoi 

lb VI__ 

(nD. Fla. ours— 
ioiL Harve»«ei... 
Inti. Mm ACbem 
Inti- VluliilcuH*. 

Incc —.. 

luu. Paper..—. 


Iol Km liter. 

Inu leu * Tel.... 

in vein... 

lo«r« bed—- 

ll : loienuu inoai. 
J in Weirer.. 




30 7g 




bt 2 

iai 8 

16X 2 
397 B 
397 S 










241 8 
26t g 
27 U 


2 &lg 


2 X 68 

31 is 





8 »* 






n 9u 

8 & 6 e 


41 7 8 

46 ta 
S3 >8 
19 G 
26 >8 


85 U 


3a i 8 

127 8 
li *8 
421 3 
10 <8 
&6l 6 










8 ** 















22 ? 8 
















27 . 
31i a 
38 *s 




201 8 
■, 6 ** 

36 >4 

211 * 










25 1 8 
113 * 
465 a 
28I b 
26 >e 
23 *a 
161l B 
23 1 * 

31i B 
127 b 
, 11 G 
417 8 

I 861 B 




23 fin 
36 lg 
C 6 t* 

' .'*2 
211 , 



28 La 






Jobna HanvUle—{ 

J . ihnam J nhn una 

Johnson Control. 

Jiy llunufart ri r*j. 

K. 'MxriCfirp_j 

hxiaet Imluuries! 


Kay...—. ! 

h ■Jlrtfc.' T T 

Kerr HcUee-^.-r- 
Eidile IVxit* 
Eimbertay Cbi k. 

Kra h_..— . 

Kroger Co._ 

Leri S remwa - 


Utton Inrtitst— 
Lockheed Alrcr'ft 
Lone Star Unit— 
Cons (stood LcdJ 
fsyriklxm IxnlJ 




Mery 1C H_ 

Mtys Hanover—.J 


.Uxrattion Oil_ 

Marine Mlrttaon. 
Marshall flehi... 

May UepuStoreel 



11.-Donueb Doun 
M.Oravr H1U— 
Memorex — 


Mem) 1 Lynrfi— 
Me«a Petroleum 


lllnn ULneAMtfJ 

M 0 W 1 Corp._-! 

Momas(o_.. „^...| 
.Marstn J. P. 


Murphy Oil J 


29 lg 28*4 
701s [ 70t* 

N sdcoChetn mi. J 

Not- Distillers... 
Nut. oemee had 

.Veplurtfc Imp. 

New bugioud Kl j 
tew hnytond Tei, 
.\ia*ptni Mohawk 
,Vlasers - 5 Litre.„ 
N. L Industries 
North Nat. Uu.. 
Mon btates Hnrrj 
Mlmw. Airlines, 
Nth west Uonooru 
Dcdiienrai Pet roll 
Dfiilvy Matbec— 
Ohio Wiliam 

Oversea* 6bip_^. 

Owens Illinois._ 

Pk-/ dc Uif__ _ 

Piutdie Llchtlna,. 
Poe. Pttr.iLU.. 
Pa nAii 1 Worui Al rj 

Parker Hanoi fin J 

Peel oil v l p i - J 

Hen. PwJi Lt-J 



Propies Drue_ 


Perkin Klmer— 



Plaslpt, Dolge_ r. 

fhiMoiplib hie. 
PbtUv Moirih.^.. 
Phillip PetroPn- 


Pitney Bowes- 


Piaoey Lwt A DU 

Polomsr »«c— 
PPG Industries... 
Procter Onhir.lfcJ 
PiilJ beryi«lS*ee* 4 


Quaver < la is. 

it* pw Amertniii.l 


Itepuhlih sieet....| 







71 * 

43 >4 
26 Ta 





18 S* 

I 8 I 9 





10 ^ 



227 8 


28 lg 











35 is 

487 B 
* 6 lg 










10 l 8 




H6i 8 








2 41* 
20 U 

■ big 
22 i B 

29) 0 
1 50 
«4i 8 











24i 8 







<s 6 


29 l S 
7X a 

23 J* 
221 e 


221 * 
13 « 8 
141 8 

25 1 * 

24 ! a 
17 >8 
801 a 
261 a 

217 8 

137 B 

40 ? a 
22 la 
a 51 * 
37 « 8 

261 a 






)S7 S 


es i a 









19 • 











J? 1 * 


■ B' 


KOTton--1 41 

Reymlda Uetsts.l 29l B 

_ton Metre! 1 .1 21&a 

Kbckwall1o«e...i f'-fa 
Uolun A Haos—i SO 3 * 

: i 

2 ■ 

Udvms Dutch_~.. 


Ryder Syvtem.... 
aaiemy- 8 tores_| 
sl Joe Minerals. 
6U Keffis Papcr.^l 
Santa Pfl Inrts™. 
bout Invest, 
ficblita Bietrinx., 

Scott Piper. 

dconj Mrx_._.J 

Sculp Duc>r Vesi 

dea CbnteJDets— 

Scarie lGJ3: 

Sears Roebuck—| 

Shell uii 


Simplicity Pei_ 1 


Smilfi KHae--j 

Soutliern itoi. K*1, 

Sauttiern C6... 

3thu. Nui. Res.. 
swuLbern Paciflc- 
Sonthr tn.Rsi iway 

wuibiaSiL -- 

S*w’t banuebares 
Sperry Hutch.— 

6perrytotad _ _ 


Standard brandp 
Sto. Oil Indiana. 
SuL Oil Olno.^.. 
Sraaff Chemical. 

S ter lino Drug -«J 


Sun Do- ...... 



t'evtiuiccdor.. _ 





TVsoro Petroleum; 



Xesas Inatin—.... 

Texas OI|-A Gae.J 
Texas Utilities—' 
lime Inc......—, 

1 'imea lltrror..... 


T rune.. 

1ran kui erica ..._| 


Trans Union.- 1 

Trans way Dit'rnl 
Trans World Air 

Travel I era... 

Tri HwntinMii.1. .1 


iOtti Centurv Fns 


CARGO. ... 




Unilever XV, 
Unlou Dauo.q-p.,* 
linuNQ -CarWde. 
Union Comntenxt. 
Untuo Oil Aiaiii.. 
Union IVpfic.^.. 


United; Uraudfl- - . 


US Uonrerp. 

US. Gypsum ..... 


US. Steel.. 

O. Tecbnologies.-l 

UV Industrie*_| 

Vtrviola Gleet.... 

AVale^xaj _ 



Western Uaucorj 1 ! 
Weateni A. Auer 1 
Western Union... 
Wesj tneb-u- Meet T 
W eats wnu. 


White Uni. liid.J 

William Co. 

WiEt-onMP Elect .1 - 

I 557b 
' UV 8 
U7 b 















2 . 





047 8 

25 ij 










9) a 





77 0 







1.130 . 
26 i 

OV • 



27 Is 





















. 05* 
151 a 

. 171* 
201 * 

13 . 
37 4 
477 8 
• 1*8 
SO ia 






247 a 




6 S >8 
46 U 
a 6 l* 

23 kt 

I 8 E 1 

23 V 
201 * 

J47 8 



















25i B 


24 u 
277 t 






ZenKfa Kartlo..„. 
O.S.Ttws % law! 
U.S. SO Dsiy bills.l 

.. 18 - 
... OS, 
J 445* 
1 165, 
1SJ 2 



6.49 fc 









AbUlbi Paper. { 1 

Aquico Eagle— 

Alu mlm ygi 2 

Algoora StecL..— 3 


u*nk ol Montreal 1 
tfoafc Moea-Scotia 1 
Deoio (teHarees- 
Bell Telephone— t 
Uovr Volley ludej 2 

dP Canada-. _ 1 

Hwn — r 1 

Brinco _______ f4 

LtoksMT Power_ : 

Catnfio Mines_ 3 

Uianda Wment.. 

Canada MV Lnnd 3 
CanlmpbnkUoRi 1 
Canada ln>luai„. t! 

Can, PBvitLi- J 

Can. Pad tit luv.. 1 3 
uu. ouberlDil.:-) 1 
Caning O'Keele..[ i 
Cuniar Aabexto^r 

etneomu ......... 

Cofflinco,. . 

Voos btthutoU... 
Consumer Gas.... 
Coaeku Xtesonroea' 

Cootaln Rub.._| 

Denison Mines- 

Donw iline*_« 

Dome PfitnOeum 
Dominion Bridge 
Dorn tar .ii, 
Ftolcoo'ce Nickel 
fo»d Motor Con..! 

Gnawer. ...| 

Giant l’elVtltie . 1 
Gu UOli Canada—, 
Uawkw Ski. Gan 

Hot linger__ 

Horoe.Dti 'A'._ 

UikisoD Uav....._ 
Uiulno Di ft Gee 

lud* _ 

lotand Aau Gas.. 
I us’ yAi Pipeline 
UAiaw Com. ‘B\ 
Jlc'utiii'u Uwedi 
Mawey Faxxusoa 



XonuHia Mloea... 
N ocean Snena -■ 
A t bn. Telecom-- 
NumacUli A Ga,l 
Oakwaiou PeLr’iul 
ttoertio tbppar U‘ 

Pacific Petroleum 
Pan. Can. Pet'ni 
Pauuo-J_ ... 

Ptwp'ca Ue^A. S.. 
P'sceGaeA ill'.. 
t\)wer CHimorul'u 


^uoUec ytoryoun 


Head a feme ; 
ItDVai 3k. of Cau. 



Sbeii CanaiUL.... 
SborrlLt G. Miner 
steel ot Canada.. 
steep ttock Iron. 
Tiaobiu Doiti JJk.j 
Irani Can Pipe Li 
Crans Mount Oil» 

Incflc. _—_ 

Union lin.....r_. 
Old. Slrou Mints) 
IV.ukti Uiraui.... 
Wen Crw«i Tnn 

BW. J Asfce^aa 
' New stock. ;jk y 



F*b. 3 

• Price* 1 + er I Dir. ’Tld. 
j Dm. j - I % . % 

ua. .-. • 

A ilia ox Vereicb...! 



Barer. 1 

Bayer. I ly]*o •.j 

Bayer. 1'ereinshl- 
C«uiu m*?r .-benk..... 

Ci-nl! fiiidiiui.■ 

L»*t i rn lor Brm_.‘ 


Drills^ .i 

DeuLSk'lie Bank.... 1 
Dres*1iiirr Bank. 
Myi-krt rn-ff Zemt.j 

linlf-ll' ffunnt;.... | 

H*n j; Lloyd. i 

U.ii| e-ier.I 

H'jerlist . —■ 



Kali uud Salt.' 


Kau rb-ii.............. 

Kltk-tuter Ddi 100.1 

KED . ; 



loaenbrau 100.. ...J 



.M uucfaviK-r Ruck.] 


I'reuf**" Uni 100.| 
lilirinV.' 1 -.t Klerl.l 



Sud Z<M.-ker.-) 

I bj s-ft-u A.U-.i 



Vrran*'V«si Bk.j 
Vwllrt auei i .~ 


...[ 20 

6 | 17 
11 16 



503 :+8 

225 . 

138. B *-0 
136.3. -i-0 
293 ; + 2 
317 <-rZ 
190 .. 

224.5 +0, 

8 .5 -O 

J1&.5 +3 
271.7 +1 

159.5 -0 

309.6 + I 

250.3 +0 
153 ,—2 
218 Ul. 

114 —1 
238 * 1 

126.5 +0 

43.5 . 

120.3 . 

160 -O, 

SOS i—O- 

88.5 . 

172 -0. 

96.6 -O, 

244 +3 


112.5 . 

205.7 + 5-2 
170.6, +1 
232 -5 
S5S | + 24 

116 >+ 0 .S 

117 >1 
207 i+ 2.6 i 16 
260.1 + 0.1 , 20 

296 ,.• lb 

252 .1 17 

121.4+0.9' 11 
176 +1.5. 14 

116.7+0.4; 12 
305 ' 20 

210.5 tO.S- 10 






: 12 

. .t9 
3< 16 
.J 4 
5; 9 
S 30 
5 20 

s! 12 
2 - 

._ 20 
...i 7 


' AM 

I - 

, 3.0 
■ 3.2 
1 4.4 
: 3.2 
: 4.0 
: 1.3 
: 2.7 

, 5.2 
I 3.8 
| 4.6 
I 3.0 
l 3.2 

1 .6 






I 1 ' 6 

j 6XJ 
| a.9 
I 3.4 
I 4.8 
I 5.2 
. 3.3 
' 2.4 






Feb. 3 



| ; Div. 

| + or ; Fra. 
— i Net 

, J.OI'O.lB 
■ + 0 . 01 , 0.12 



-0.05.fl. 10 


—0.0 ID.13 











Vul Cr.9n.rnj. Siiarca 79 . 0 m. 
S'/art'e Rm dc I iticir" HE. 


ftfiuun -ii viqhiku >ire jt»er 

NOTES; "verscas ance 4 exclude f 
vninbirfdmg >u 

4 DM50 denom. unlusk otni-nvue ■statro. V Ptas.iuu aennm. umesi orherwur 
-itated- 4* Kr.lOO deonm. mlvn mbenvise stJiefl + Prs.aOO denam. unless 
utherwise slated. )l Ven 50 ri-nom imhrat ntbermst: staled, i Price al ume nf 
suspension, n Florins, b ScbilUnss. «Cents d Dividend ader pendins riKtits 

and/or scrip issue, c Per sbaro. I Francs, o Grriss div. *«. h teamed dina+mt 
alter serin and/or Debts issue, n After local taxes, m tax Ireo. n Ft-ancs. 
racHadma Undac div. pNom. n Stare sptu. sOiv. and exditde apedal 

p?jn)coL r Indies ted div. u Unortni . 1 ndins. p Mlnonts bnlderv only a Mereer 

pendlos. * Asked, t Bid. S Traded, t Seller, s timed, sr Ex nufiis. xn Es 

divTdund. xc Ex scrip issue, so Ex all. « interim since increased. 

Arbed_i2,u60 i+15 

Uu- Brx. Lamb.-11.432 h-6 

Bekert "B"_il.726 !—5 

C.B.IC Cement ...jl.164 + 14 

Iteraerill.. 3bl r—5 

fcWtf.—-9.44D +30 

Glwtrubel.‘6.200 + 50 

Karbrique Nat.2.485 +4q 

G.B. luDu-Um ....:1 .)Aj5 —5 

Gevattt.;1J28 -8 

Uolwken. 2 . 60 o |—20 

laien.xtm .I.c40 ,—5 

Kte-1 ictLauk.6.16J i + 10 

La II'", nit Belse..m.240 20 

Iton H-tMlna.i2.4«j :. 

PetiftHna.3.915 i—25 

in tieu H«ui/uc.j2.800 ■. 

5r»- Geu Beiuirtue.l.o75 i—5 

-Vi-flna.;B.940 .. 


riaetluD Cl«^..... 2.540 ' + 90 

L'Cb..; 9aB U.,l0i .i 716 e-2 

V teilie Muuu^nc 1,364 I__ 







6 .b 


j _ 

j 60 
I 90 
I — 


i go 
160 I 5.B 
143 | 7.7 
|2b5 i 3.9 
1305 | 3.& 
. $2.25j 3.3 
18J 4.5 
,;139 6.0 
155 7.2 
.205 | 7.0 
JA20D1 b.O 
il62 j 6.4 

"I 60 J 8.4 
. 100 1 7.3 

Feb. 3 



+ ur| DIv.lTltL 

- h I' 


BBC *A‘.! 1.780 

Ciba GelgytFr.liJO 1,2*0 
Di. Pt. Celts...I 9B5 

Do. Iteg-.! 6^6 


UleutKroait.' 1.800 ] . 

Fro-GfrtGcor(»ei- i 70 . -10 
ButirmuPt. terra 92.0001+1.000, obOl 
Do. iMuai.)—19.225 i+125 an 

1 + 30 I 

2 ! 
25 i 










lurerht-i o.13.426 

feuuuitfPt .100+... 1,610 
Neai «■ il'r. JdUi—3 .d9S 

Do. IL“.12.35a 

Uenikon U.- F.J)U2.465 
Pirelli sJP(F.10Oi| 299 

+ 10 
+ 10 

dtmlof. iPr.-AO)..; 

Du. I tort iWs. 

buirer CHs iF.l'.O) 
bwisuir (F<3b0)-. 
awiraBanklF.hXlj - . 

(Uft.F.a60,..[3,050 i+25 | 40 
Union Bank.- — 13.450 i+15 i ZO 
Zurich'.. 40 






+ 5 


,+ 6 

.1 2U ! 
. 2 d I 

'I I 
■ (15 I 
.; is I 
.i 26 I 
I -36 I 

I » 



I 10 

















Rente... 4ft. 


AlrLIuu: .I 

Aquitain . j 


VtorewK. . • 

A»..V. Gei-vais....| 


c.G.t:. 1 


Cie Uauuulre- 1 

L iuti MeJlter. . ! 

t rx«lit Com FrV-e.j 

Creuw.t Dure.I 


Fr. Pvtrwk-*.i 

lien. Ucvkleabiie! 


Ja>+juer Bi tni . 

Lsionto .—... 



.UaiuQtti P&eau.. 

UwMla “B”_ 

M-iet He uneasy.. 




Pungent-C, t roen— 
Poplsio —.. 

Radio Tsrhnique. 


Kbona Poulenc.... 

-»t. (Votolo..... 

>ki* lloskionoi. 

^uer. ... 

reieroera Clique... . 
rbonrann Uiandi. 


218 ml 







+ or Div.|Yi«i. 
— | Fra-' * 

+ 4 

+ 3 






































—1 r 


-2 ' 


-6 ‘ 

i 4lgi U .6 
12 US! 7.3 
16.61 7.2 
24 I 8.0 
! 1.16 2.4 

|S 1.3&1 9.8 

I 3/. 8 11.8 
I 60 • 5.0 
! 27.6 11.1 
I 5'. 2 , 8.0 

; 12 | 3.4 

j 6.3 2.1 
: 11.1110.1 
I 12 -23.9 
:i 6 .(h 3.7 
[ d.2o: 4.6 

6.25 1U.6 

16.38 5.6 
51B5' 2.8 
59.9- 6.6 
|3L66' 3.3 

12. fr, 4.0 
3 I 2.4 

13. ®'15.0 
12 i 6.9 
15 I 6.1 

25 J 8.8 
24 I 3.1 
a I i8.o 



Ausc S 


17.81-0.3 I 

[o. iij ls'.c 


Fell. 3 







AG A Al> iKr^Oi.. 







‘ 3 


’ 90j 





+ 1 



Billerud .. 






Canto .—..... 


+ 5 





+ 3 


1 ' T -J p ’ -U ; jj *; i 



4 J2 

Erirnro ‘BVErbC 


+ 1 



Esaelie . 




3 4 




Granges (/reel. 


+ 1 

Handel s beaten.- 


+ 1 





+ 10 



Mo Uoli Dumsiu- 



■Xtojrik a.u _ 


+ 3 



5.K.F. ’b' Era.... 


+ 2 



7kand EuvLlkta... 




LdirMlft ‘U 1 Kra*. 





C-bleluJm ..... 


+ 1.5 


V'ulvu (Kr. DO).... 






Feb. 3 



+ or 





bunu'sirU'nfS ... 
DstraWe Ban Is... u 
Host Ashtic Oo— 
Pinoasbanken — 
For. BjytmcrinrJ 



Son! KabeL. 




sopb. BereziilaeaJ 


433 -2 


233t* ' 





136 >*!' 




-i 1 ® 




























Fen. 3 



+ or 

Div. Ytri. 
Ure- -S' 

Auk-.... .. 



Ail+MIB \*(V. 



12d 12. IS 

daatotn . 


I — 1 

- j _ 

Fan ... 



150] 7.8 

Do. Prlv. 



Ft lit liter .. 


+ 1 

- - 



+ 50 

200 ) IS 

11 * 1 shier. 






1.Z00 3.7 

Ai'.vuedltoti . 



Olivetti Priv__ 


+ 3 

_ _ 

Pirelli* Cn.. 



lioj 6.6 

Pfrelfl Sw-__ 



r?nl* Yiacunr.. 



80| 7.9 

ACM1L (2bcent)..! 

Acraw Australia.... 

Allied Mnt-Trd»t. Indus SI 

Ampot Kxplonuiou-- 

Vmpoi Petrolwira.— . 

•Vbsoc. Minerals..—, 

A.-auc. Puip Paper SI....] 

AimKk Cun. I ml us trios— 
Ausu Foumlaiiuu Invent... 
V Jf.t.. 

AlvliUDCO— .. 

Au^t. Oil A Oak.,.'.'.. 

Blue Metal ind.:...| 

Bougainville Copper.. 

Druken Hill Propriet»r>-.. 

BU south... 

ItortlilU Lolthd MrvvtrtT ...| 

C. J. Cores.-. 

USB (SL).. 

Cons. GoWfieid-* Aim-. 

Container (SI)__-— 

Coazlnc Riot into.. 

CoMnfn Aukualia- .. 

Dunlop Huitha- (SI)_I 


Bhler Smith.. 

HZ. Industries-—.I 

Gen. Propertj- Trust-- 



I.C.l. Australis.. 


•leiiumg), Industrie— 

doucs iDsvldt-..—..— 

Metals Hxploraiion..... 

MlMaototnuB ... 

Myer fclmpurium.. 

Ne»->.... .... 

Mciioiaa liueniatluMSi..... 
N»«th Btvkco H'dio-d* (tOc 

OakiiridAC.-. ' 

On ''tureh..-......... 

l*i,nicer Concrete ... 

l<«kiul Cotinau. 

H. 1.. -Sleigh.. 

■oul bland 3} ’runs;. . 

II b (5l«— ... 


MV-tcru Mining (DO cental. 





UJ 8 


+ 0^9 
tO .99 








. 10J7 
tl.t 8 
) 2_21 








Feb- 3 

Tl*. - I t l U ' 














+ 0.86 





+ 0.01 


+ 0-01 


+ 0.01 



1 + 0.02 


Feb. 5 

[•Prices I +.ot I Div. 
Van “ 

AnhlGliB„_... 320 

(-tonaa-_ 449 


Ctalnin. 395 
Dai Nippon Print 515 
Fuji Photo.—— 560 

Mils-111... 204 

Hunvla Macon.... 548 
Huu+e Food—.... 1.020 

c. dub....::-._ 231 

Iro-YokaiiO.-1 1.280 

Jara-s... .. —607 

■) Jt.L.....i2,7iA) 
Jt*ns ni b'ltxi, Pw.jZ.D50 
Kmiiimim.*-’..—~ 1 308 

Kulnra..a 282 

Kyoto L'araoiic....12.590 

11 itanWshiBank.. 
Uiisubfohl Heavy; 
Mltsui 1 Go—. 












1+20 t U 

1 + 2 
+ 1 
+ 1 




+ 1 
+ 19 
















Mppon Denx).— 
Sip/wt t fUapta J. 
Pioneer . 

benvo Elecfife™.-! - 

bokraui Prehfi—l 926 

bluseklo ___LOOO 

Buiiv.. 11^30 

lalsbo ilanoa,—J 255 
Takeda CbotoieaU- 314 


rtoki Marine;: . 

Tokyo Msuyi)...;.. 
lufcto -jlrHjaar*... 



Tnvuts Motor— H '-. 844 





-a is 
j+20 [ 30 
[-1 ! 10 
L-a } ii 
—10 -i 8 

1+2 ] 10 
♦ 6- 1 d. 

+ 14 

| 4.8 


4 JZ 

1 JO 
2 J2 



ftoum filkko Seetiiioea. Tokyo. 


A bold (FJJSU)..,„. 
lluotFl. aOi—.. 

Ann. i PI. 101. 

A mro Bonk(P) Ah 


ButotlFesF mlFIH) 
UuIhiu Teaenxle 
Elsevier iFi.20)... 
KtHnekeu (Fi^bi., 
HouKOvenk(FI2bi , i 
Hunter D.(F. KXflj 
I.H.C-. Holiamt...; 

K'LM fFi lOOi. 

lnt Muher (HXti. 
Nsanlea iFllO).. 
Sen CreilBk(F12t> 

Ore (FI.20)..I 

Iton OnuflffiW... 
PblUps iFUO).... 
Kubeoi (FI,6Cn..,_ 
RoJInco iPlAOi... 
Rot nf Dutch (FBOj 
Sin ven burg..., 
btevlnGrp (Pi J2Q) 
Uuiiever fPlJOi, 
West laui Pn. Bank 1 

101 HL2' 24 -- 

2L9—0.8 1 - j •-■ s- 
333.8!+1.8 (.V2Z.B 
Ba7i+0.5 As44{- 
. 67.61+0.2 J 22i* 
BO^i-OJ* 23 1 



a |— 0.5 70 
7.3 + 0.2 26 

129 1 + 0.5 


62 .( 94.6 







23 .;. 








41.1 —OJZ 

10. ( 

lOff ' + 0 j8 









46 | + 1.& 




63.5!. ■ 


166 ^-1 




- ' 



236 +0.& 


147 1. 



30 ] 




20 I 

401 j-2 



Feu. a 

n i-t 


ui ; Div^l 
- - * 


Peri axxifcer.j 

^ele-ta -;-i* 580 

ouniperlt ... 

Steyr Dnimler.^. 


F lu 


1 . 1 

! *8 


■ Us -1 

1 48 


■ — 


1 + 3 1 

1 * 7 


;+ 2 1 




. -o 



ISeqien Uanku^. 





' , 57.5 




Croil irVamlt- ■_ 


+2. . 




+ 10 



- 106*1 

NorakEydrckr. SC 










Feb. 3 

Atwlo Amer)can curnn. 
Charter Consoltdaiad 
East □rfelonietn 

Harmony ___ 

Kinross .. 

Kloar -iU...- 

Ruatenburs Platinum — 

St. Helena . . . . 


Cniq Fields S-V ... 

Union CarporsUoh . 

De Beers Deferred 

KlyvnoniliZlchi - _ 

Efttf Rani piy. 

Free state Ceduld 
PrwWent Rrand ;. 
PFesndem Stepp 

WeSum .. _ 

we« Dnefomelp 
western Roldlaga 
West era Deep 


ascr _____ 

Aogto-Amer. lnthretria] — 
Bartow Rand .. 

CNA Invfcjrmenis __ 

Currie Finance ...__ 

De Been Industrial ....... 

Edgars ’Consolidated lov. 
Sdgare store* 

SwResidF 9A __ 

Federate voMtsbeleiupnira . 

CwifninjB Sfore? ___ 

Guaniun ANuranee ISAi 

Hnletu, _........... 

L.TA- .. _ _ 

Ali-Tarrhy Rnrtway .. 

K«rtBank .... 

OK- Haraars . ___ 

Premier Mllllita- __ 

Preinrta Coment 

Prorca Hntdmcs __ _ 

Ratid Mines Prooerrles ... 
Bernbratodt Creep' 

Heron - 

Sage Holdings 

C. G. Smith Sugar, — lii. 

Sorfre ___ 

SA- B rewer i es __ 

Tistn- Oam and Nad- M1 b. ‘ 
Vnlsee ’ —... -: - 

12.50 ■ 




- 2 JO 

\ J& 

s ,n. 
; 1.S0 

- 2.08 






- J* 




Securities. Bimti Dfceoimt 76J* 



, ^ • £ r.'P^'.'C ■y~ A;-,;- v • . • .. . ...-. 

'*• #fpa»ent COMJGS&KW. FOR 
> &' 

finaociaj;director of Ocean Trans- 

^ pJac ^ ^ ^ ** sat' 

*. ®» S. tiaw»S>nfl& has -l)een newly crea 

^Aa InUnminir | « “*«*« 

&£»... SPraf JSS« ffi Egt*'"”"*'—' ”* -E^WJ-* HollMd or Tn'WuppenaCwest 

* .- v .J£aS>* ; Mr Hartvn *bi« • ma »*«rf« 1 a^r ^^ S! ? ! e *g ort £ * lhe six sion in the August budget to 

^ 'r. P; J. ae Sow and S&.Austrsh^ Ji^TiS-a .- appointed director of^ F^\^tuer Si 1 ?* ° f ““2 s - 38 countries, allow import parity for petro- 

v ^r^-' hlb be^n^ppolnted- dMstaraJ. dtrector''o^TpH£jPS AND CO has bMnaSted? —J5° k . e “ . ®J, U represented about 44 per cent of leura products from new fields, 

ffi® ^ .T^^MSC^C^JO’PUAIRZS in director of'thewSodEESrBuild ^S**®*? 1 to J5® I® 1 * 1 stee ,l sales, with the BHFs new Mackerel field, 

pUP. «■•■•- r v-: 1 'r.ihe U.K. JSe succeeds Mr. Geoffrey ing Group Mr Anthonv Swahv l . 6 November 30— Common Market taking about which came on stream in mid* 

,t _ ■ *■ • -:. r V ' * £\HwuSiott,-' wh<r'is;to tike up a formerly areeional manager has holding earmtigs growth to a 300,000 tonnes of the 1.47m. December, will lift production 

■£• A» Wilson ~ha&~ bean position wlth ^hilSps ln Canada. been made a director of H. Fair- JKfSrli?* 5,7 ^ t ’s.j l I £ >5P m tonnes of exports. in tile second half, and import 

Stic ed A vSTOTET- . BRO-- '--- -yK- ; r '•**%£- • - - - weather. fenciiV t0 $A38.73m. The company’s chief general parity of $A13 a barrel against 

■if™ 1 --.. E2SL ■ gen f t * J - Mr-’ C-' C DiX har been * (5U.S.«.lm.). manager, Mr. Brian Loton, said present Bass Strait oil prices of 

director' of S. W. Sir John B. RiddcU has been A breakdown of the group’s in Melbourne to-day that both an average SA2.96 a barrel in the 
y^J-i n• CLA5KE _.f6 oNYRACH)RS), a 5*5^31,5? the Board of CROSS- profit showed that the steel loss domestic and export markets for latest six month period, will 

**"»■.«\v>- ^that divisifl^hy^S^^^S JjgJj**'?*'**• C3aske Retain ties PR . 0DlJCTS 33 a was the only inhibiting factor, steel remained depressed, and provide a fillip for the group in 

'*wiS &. lg%Sira!nS '. non«aeeuUv e director. The two other major divisions, that he could see no immediate the period. Production at the 

is Bonrri-t -n ’r a a^ r Y 1 , m i n c Pm * ;; ^ r ._ mining and petroleum, both signs of an improvement. Mackerel field is running 

4 Drtwim’<Stt53S-\'3f!?!r^ii£ P fi^Ai®5^»t!S^& e 4S tarv n?'““SSSL 86 ?* - enjoyed sound profit growth. Increased activity both locally about 20,000 barrels. 

'* - : JSSonmI 5 Income a A fiS > th^t with petroleum profits benefiting and overseas was needed before In the minerals division, in- 

tr-Bidari b™^ ihairaamof AS^AJrcE^'•gSffiajS Spacibr ^ A. i? n « u K ^ r P ra increased prices allowed by a satisfactory return on funds creased contributions from Mt. 
u,r "te Child and: Beniay, a aob- annual Mt administration" director^ on *ihe the Australian Government. could be expected, he said. Newman iron ore, the Tbiess- 

of Arthur/Guinness, has'CL K. HueU wi9' succeed him Board. Tho steel division's renorted Loton would not comment Dampier-Mitsui coal consortium, 

be Boarddf A^O^tS- as ichST;.”^ * josTof SASoslrSmparerwiS 2° Government talks with the Telfer gold and the Robe River 

ttw‘C ;iJr <~ appointment was ■■ Mr ; M. j. w. Foley has been a Sv2l.^m deficit in thecorrS EEC co f UIltries on the restric- railway and port facilities, offset 

Wtr ' Twer /Walker 1 has^ been SffiO'nted a^director of GLEN- ponding period last vear and a u ? n -^°i u s . teel imports, but lower profit from Groote Eylandt 
^■"tain tv"* 3 s ™ I ^^2Lil? Uo y rinK ; a appointed managing .director of Fl 5 LJ3 4 . KENNEDY (VALVES) loss of SA 5‘ 1 3' > m in the past fuU adoutted this was causing BHP magnesium, shipments of which 
H w -' !n Mi’iii- °* Ws ***^0 io that the -dyeing -dWAfon -of. mCKING continues as secretary and tear Rut the effect of the steel serious concern. dropped 45 per cent, owing to a 

Ste?^ f**' 1: PENTECOST AND GQBS^ANY. Financial controller.££5 betSr high! The most encouraging news in downturn in world demandf The 

<> jnbn r«L, •- . •_ * v - , „ . * liohted bv the results before BHP re P ort came from the division lifted its contribution to 

c Jonn ,Feeney tws become Mr. Harold MurDbv haa been t The following i.«nieo uy iue k>uib u * ,uib —- - — —— -- —-■ 

aoaasmreoor pointed director, finance.' Mr. 

L pflrV G * previously the 

Farit company s general auditor, sue- 

Steel losses restrain 
BHP profitability 

Capacity cut plans 



DETAILS EMERGED tivday of ting of one of its two polyamide 
plans lo reduce capacity at two yam factories, 
troubled Dutch companies which But Enka denied a tradr* union 
could mean the loss of 2.200 jobs, claim that a decision has already 
SYDNEY, Feb. 3. VMFnStork, the largest Dutch been taken to shut either the 
-] engineering company, said that factory at Emmen in northern 

?*• **£&** 

this year bringing its workforce Germany, 
in Holland to about 13,500. The two factories each etnolov 

It hopes to avoid enforced lay- 700 and have annual capacitv of 
offs. VMF-Stork has not recruited 7,000 tonnes, 
uewf personnel for the past two Enka does not exDect to be 
years. It cut its workforce by able to put its proposals to the 
1,500 last year, including 250 unions for some months, 

in a company in which It reduced-- 

its holding and which it no yy^i i 

longer includes in the group HClaoa prom 

figures. TiESSISCHE Landesbank tlirn- 


^>u: n , —'K- Mr- Harold Uftirpiiy'haa been h i°I lowin ®, apr * 0 ^ tae °^|B^^aiHustment 4 for the effects P etro,eu 111 division, whose” con- profit from 

•VSti'S £»?S, ~ “ 


ibaXmwT'of Brian -fritoaougbue has wh ^ a ^* dtr“ector“ fir“£“a 
: AND TOOL m succession to been appointed managing director j Vh f rt ?-u’ d ®P ut y chairman; Mr. 

' iK '.Hr T* r AL/ n v A. Champness. a ioint manae- 

$A12.45ra. to 


J*»«rii'&£arflK3L-* fSSrWiaaSVSSSS^ «u^«SS5TA»taDSS:|» i»»*« «» ■*» period . u ^ . 

* ‘ i0 -'! * - ♦£rwr»rJ>kcn^i^■ of won:; Mr. s. R. tnnocentl becomes A10.47m., compared with The increase reflected higher _ _ _ _ . 

hezi'A: r. W. R. Klmber has been; Gr0up ’ a joint chairman and continues ($A 20 .Blm. previously, both poor price s rather than improved pro- CARIBBEAN CAPITAL MARKETS 

Two companies in VMF-Storfc's zentrale (Helaba.l, had a profit of 
light processing industry divi- around DMIOOm. (£24m.i in 1977. 
sion. Stork-Eepak and * Stork- after breaking even in 197(5, 
Velsen, and one company in its according to Board chairman 
energy division, Bronswerk KAB Heinz Sippel. Reuter reports 
will be most affected by the next from Frankfurt, 
round of cuts. Capacity at Brans- - Balance sheet assets rose S per 
werfc KAB will be reduced us cent to DM39.2bn. The profit 
part of a co-operation agreement will be used to stock reserves, 
with the energy divisions of ship- Dr. Sippel added, 
builder Rijn-Schelde-Verolme A DMldSm. financial buffer io 
ana construction group Hoi- cushion future risks, provided by 
landscbe Beton. the bank's joint guarantors. 

In Arnhem. Enka. the loss- should be raised to over DM200m. 
making fibres division of the he said. 

chemicals group Akzo, said a The guarantors are the stat** nf 
study is being carried out which Hesse and the Hesse Savings 
might eventually lead to tbe shut- Bank Association. 

n-m-.Tj”'.— l ....- , 

I""i*< r - Charles Wilson, a managing r ap 

,,lw .^ctor of Dawn ay Day and -Cb,'- At_ 

"' tbe Board of DEVtTV VICES, 

iircn., ^; ■;■••• .IGTON AND DAWNAY DAYi 

N I'.r'rLtT C 

UJC Champness, a joint tnanag 

v«-Zr/: ing director; and Mr. C D. 

Campbell, Mr. D. K. Benke, Mr. 
fl eom - R. A. Levy, Mr. C R. Mold 
and Mr. j. p. Spearing, directors. 

aj»JS^aaJKi»s SL¥*?il!aJaSP. “ v feiTH E 

are now directors. 


Recovery at CBC More active role by the City 

ppoiuted sales. .director: of the 



SYDNEY, Feb. 3. 


r nn . - u r c aAn „ H . t,A “‘ 93nj - FOLLOWING A recent visit to officials, the mission emphasised strictly sfieakinc, Trinidad :,nd 

Company of Sydney Ltd^ whose After takin, in future tax bene- Port of Spain by a mission from the many services tbe City of Tobago does not really need the 

finance subsidiary. Commercial fits of SA3.97ni and an extra- the City of London, it is likely London could provide to a de- extra resources. 

. _ • * - Mr. RJehmTi pacldittm has 

jjr. P. E. G. Baifour has been joined the Board nf LINKMAN 
;“ ted ® Kl£e chairman of the BUILDING as marketing fflrector. 

twaull I; ApnJ L . . "- Mr. K. A. Folkes has been ap- 

•Vvio:’--. * _ . . - * ■ ’ pointed .financial 

vi-Jrl a di3rertor ^ffiLVOKE*^^AND wSSSr. W a {ron S tea f 0 S r rOU l P he COn sffi f * d1r?Y I ^ VriodVye^rearlier 

“1J22iJS!* member of the-. Butterfield- CROUP. He Si hi residentin a»hn„ a h rarra r.m S 

^ *-**™«b been ap- i™ 8 ™ S **"06 . arm 's properly ■■ i “ c «<™.«w,uw _ i>utvuunm -inc mission learnt mat iae a nroper stock exchan -, v in 

of pointed group controller, planta- "SHU sales are running in line with finance to be raised next year p orl of Spain to rep lace* the 

1 E Utr -; Suited adirector of ELECTRIC SeyGnmp ^ ^ 

2 pFANY.. . Mr. Clive Dodson ha* 

a L w „ jrr *L • rp - Lr ^ '• ■ 'appolpted' mg t u glag director of Darby Holdings. 

* ik C jyw ^ re : APV KBSTNER. He.joteed the 

* . :v. • ;.- i 4 SojwJp. Of Graphical company in 195«. 

> -‘*Hi j> Allied Trades, has- been . * 

5 ■? r-; . .-.r-T a member of tiiaf Mr.'John Greem 

z i • •• ' ." ™ 1 ’’ 111 .. ’~c no 

The mission learnt that tbe 0 f 

- . -- ___ . . _aance lo be raised next year 

, tbe budget, directors said, and Government in August this year was needed to support the urL ., pn 

VlI3 . ....Although CAGA remained they predict ir will trade profit- attracted participation from only Trinidad and Tobago Govern- exchan-e 

i\uaia Lumpur and will also ]om| heavily in _ the red during tiie a biy in the second half. The nv .° British banks, Barclays and ment ’ s involvement in the multi- „ - 



„ , ** S/oup executive Board. He period a rise in banking profits CBC’s shareholding in CAGA is Midland, and from one partly- Ziion doll-.r^ eneray-based MiS$ion «****» suggested 
J*{ SL?W!^ dtect0r from SA3.56m. to SA5.52m. {?'be Xerfrom 8149 te? o^d British bank. Ori 0 n P dJiSSpment™ f .«55! that a Trinidad and Tobuyo 

npr owned Bnmn Dana. unon. ri*.vi'lpinm^nt nrnrranimp already “ ,,al * a.iiiiuuu anu 

Phi By contrast, five United States SfSZm pMSf3 “ B aIread> financial group should 

, - 11 
* ■' -rr\ 

!* jcU-J 

- (U.„ ? 

r* i - « 

■i-vl si 



'.f - l*. 

ie FirstViking 
•mmodity Trusts 

’* i 

iMimMMfiiy HFHR 42.^01 

" e Tist B» 4flJ- 

j • • • ■ - 

;: •: v • JuWe , OFPES aft 

I ^ : ;>tion Trust BID;«7.0 

. ■ —j- j -i • •• 

Canunodity ^General 
MraaowMid C« Ud 
; 8. George's Street 
’Douglas Isfeof Man 
Tel: 89244482 . 

. „ ...... . lies in fund-raising for the kind 

to the a . wholly-owned or majority posi- of projec , s ^ ( Jar ernment is 

_ .Greenwood has __ „ _ _ w , 

the “Board of BRITISB' UNTIED iSNTHOVEN AND COMPANY a! Tn the latest period, the the Australian bank last October, manager. 

TORKBYS as a nooreieentive subsidiary of the Charterhouse[bank’s share of the finance The probfem area of CAGA's awarding ,w ^ . . industries as iron r*“ J VV't *■; 

director. He recently retired; as Group. group's loss was $A4.16m.. com- portfolio, loans on a non-accrual Budget address of the Prime ^ steel relJetisin^ aliiminiuin contemplating, the operations of 

pared-with SA7.51m. in the pre- basis, had risen from $AS7.7m. Mimster/Finance Minister Dr. the London Stock Exchange anti 


CAGA’s property portfolio 


Tbs monthly investor*nt bulletin gives our view of the 
likely future perforTnanoe of -the principal commodities. 
Send for your free copy now 

To: Cometf^Commotfideslirrutetl. Bridge House, 181 Queen 
. Vlctorfc Street, Lohdop;£G4A4AD I would fike to receive your 
I' monthiy investment bulletin ’The Outlook for Commodity Future" 

'^ryiiiii^Wiss^__ ’ - 

-Address ^_ 



The Commodity Brokers 

lared-witn SAl.aim. in ine pre- ua^is. uaa risen irom * « , iTi/.r- qmeltine nitrncennu*; fertiliser 

«ous. corresponding period, in June last year to a peak of fto the mlS^r SSSSw ° f ti,e un,t tn,st 

JIAGA’s property portfolio nearly SA95m. in October, but intends to O oto roe market tor refining telecomraunica- ®.' htem - 

problems were worse than anti- by tbe end of December stood at a Dirther OT500m. troughly ® refinfn" and fisheries The offcr h ** accepted In 
cipared during the six months, SA88.7m. . . SU^m J Some of this will “ogjjj S&b" nSfor P rinc * le since the Tri " idad and 

with the expected $A11.6ra. pro- Directors said that property be raised locally but the major "continuation of studies into Tobago Government is already 
vision becoming $A12.08m., sal® 8 amounted to about portion js wcpected to come from feasibility of plants inakine in the process of drafting legisia- 
ato?e te S already pr^ SAftd. a mopth in the latest half- 1 •'.»«, tlon for lhe Iuec.ionln% Z, » 

yidad iD tte paet full yeor. ^ ^ ^ ^.“^"iaslen. spouaored P~ fibre aud pe.r. «* 

CAGA’s traditional financing Victor Martin, said to-day that by the UX Committee on Invis- ^erauMls. Government sees the la ter as 

steps were also being taken to ible Exports, the British Over- Though the Government^coitid fnr soreadini share 

reduce the bank's costs by clos- seas Trade Board and the West almost certainly support the , widelv as nossihle 

ing down certain branchy, India Committee was led by Lord necessary expenditure through ownership as widely as possible, 

proving performance measuring Frederick Seebohm. former *ts own savings from surplus Mission members advised that 

systems and altering fee struc- chairman of Barclays Bank Inter- oil revenue, it feels that the the proposed stock exchange be 

tures. . national and now head of country - must - consolidate its as self-regulatory as possible. 

The bank is to pay an un- Finance for Industry. presence in the international with the Government's role 

changed interim dividend of 6.5 In talks with the Ministry of money market and that now is limited to laying down through 

cents a share. Finance and Central., Bank the best time to do so when. law. only the broad principles. 


at 31st janmrr 1978 £.9.49-£9-88 
F.O. Box 73 
St. Holier, Jerecr 
0534-20591 /3 
N«xt doalunp 20th February 1970 


■ h- .• 


I. E. .. 

IMMODITIES/Review of 'the week 
fin market stages rally 

i’V. , r . 


MU.. ••' 


:i ■ 

; ‘ it i 

,.!*» ■. ‘ 

:i J‘-. - 



r. »• 

: ;<■ ' 


.’,5" -• 
- »-• 

our commodities staff 

55*1 o PRICES rallied strongly this 
r-vjk, but pther. base metals were 
*:"tby another hurst "of seliingi 
copper falling to the lowest 
i-5 -.l for two years. J- ; 

T^r^r-ad and ziiic .were also under 
-wed pressure before^ rallying:. H 
i::-:;erday as a result'pf^the fall J 
--^:':.he value of sterling. ' ..■_•• 

Ji' . a proved denfgnd; and fears 
a. squeeze on immediately 
lable supplied boosted tin 
;3es strongly at the beginning 
:i -he week. : .'X r 

’’"he s t an d ard grade cash ^price 
led £3S7fi in two days before 
back slightly andictpsing 
i:' : night £3l2J5 up at £6,350.^. 


- -'• W7. 1978 


+4ANN£ 55URS 

stage, ended the week onlv £5 
higher,at £1,451.5 a tonne. 

London traders saw Monday's 
"rise mainly as a technical 
; reaction-against the earlier fall, 
but said it was also encouraged 
by shipment delays from West 
Africa,' largely due to port con¬ 
gestion in Nigeria. 

However manufacturer offtake, 
which had improved with-the fall 
in prices, quickly dried up as 
vidues- rose and the downward 
trend was resumed. 

The coffee market was quiet. 
The “spot” January position 
fell sharply on Monday morning 

. . , in response to an apparent 

rt ? "'*cr‘ ■«. j - '-'J.. ^~ ■ ■ ' r ea6lng <n the supply "squeeze,” 

• U”-: Qe C ~ 1 - -? 31 * 1 slightly yesterday to end slightly' but market sentiment turned 

^ Jrt*.- 5““^ mar 5? t up oh the week- round quickly and all futures 

- -j.: -t-bed boost,' tne._three months • , . values finished higher on the day. 

ilrfetationi by*'MM5 to £6^45. * ‘ Most of Monday? £30 rise wna 

■'evertheless 1 the m^r.ket -re; whittled away later in the week, 

-:. t ns nervous; awaiting.-news of 3S£55 «?SSSm however, and the May position 

proposed. U.S..jBiockpDe Te- 'dosed only £11 higher on balance 

. opper V t TW»«g.■.gJ’U 1 ^.SSS^oSS 1 ?, of’StelTtSi 

5i-iaking selling that reduced j?as 1 ®“ n l2 R ^ tiier r0UDd of dl& Russian and Chinese buying, 
cash wirebars pnee to a'two- though no positive confirmation 

r low of £828- a - |onhe'bn: eomttog m an effort to retain w Ivaifarile. 

-irsday, before rallying jester-: cusiomers. ^ • , other points of interest were 

- to £627.5 a tonne, anlyr£0^5 . Cocoa prices began on a higher the continued high level of EEC 
?f- m on the week.-: 'V.v -note with a.£40 rise on Monday export rebate allotments, an 

ore casts of another fa|l 'i n ~ ending - an unbroken 12-day /p.. O. Ltcht estimate of higher 
Y; . ehouse stocks,, and the.easier decline. But the underlying end-stocks for the 1977/7S season 
: i in sterling, helped halt the “bearish” trend was soon and a prediction that U.S. sugar 
•iv-^'lnie, i>ut market sentiment is re-established and most ot the imports would he lower this year. 

I depressed recovery, had been wiped out by naiffi 0 f that brought much 

ifter rallying - strongly, lead mst zughts close. response from traders and the 



7S.40. Sept. T9.26-79.00. Nov. S1.0M12S. Price S.E4 18.6S1. t-day average 
Jan. 84.I0-SI.1D. Sales: 60. i«^S<. 




SS&Jtt-AJS&S&X JEF**" 30x1 rcaturc,K5S - Bache 

asatiis - __ 

s smk sa-raasr awa-a HwSi ^ 

Coast. Kenya Grade 3 March £70 nnm. 

COPPER—Firmer _ 

Est-iaose wiih forward copper pubrd op „ 

by forecasts of a stocks decrease and the e * 11 *® at -a-.S-J53.8p f4901492cj. 
fail id sterling. Short covering helped 
tbe price to rise through lhe day from 
£635 10 £M1 at lhe dose oq the Kerb. 

The act fall on bbe week wag fractional 
Turnover: 10.900 tonnes. 




H- w 






Cash.; 624.5-5+9 

iiueUi..., 637 .5 ,+ 8.5 639.5-40j| 
■Swii'ai'm 6Z5 (+9 : — 

Cathodes I I •; 

.614.U+9.35, 6Z7-.5 

3 b a..; 637..5 +8.7B; 629-.5 
Snu’m'nt 615 J+9 j — 

U..-j. «*nn... — I ......' — 

Amalgamated Metal Trading reported 


S M “ Cl1 “ 7 ra *"**• «■"*.B85JJ-36.0 U 7-5, 

BBriey. uoQuotea. - - \j. r 9x9 il % n 1 

HG CA—Ex-farm spot prices, Feb. S. .— L. „ 

other milling wheat: Kent £9i.W. Feed 1+®-=° 

Wheat: Kent £77.60. Lancashire £78.25. tCSST- 

Feed barley; Kent M6.70, Lancashire gewemUw-Z40.M2.0 
£70,70. March S43.0-45.0 ! — 

EEC IMPORT LEV IES—Effective tonlay *'V.243.646.0 

fn order current levy plus March. April ..p4a.ll-45.0 , _ 

and May. prcvloos In bmckeis. in units sales: 0 ij> Ibis of 1,500 kilos, 

of account a tonne. Common when- SYDNEY CREASY »ln order buyer. 

LME—Turnover 126 (2U1 lots of 18.000 ’f?- ffi' 4 *', if 1 *' .S?’ °;V« business, sales i— Micron Contract: 

Mmnina- Thnw nwnfhe MtS. P Br,,n ’ Jf he * , ~ll 5 - 20 '. a ! - March 339.0. 339,1. 339A32B.0; May WJ.l. 

h^2 m iS5;.uI a 5S o 0 ^« <_*wn»» ; aw-IS.te. ml, n L nd rsame): M3 n. WA&&.1; July 350.6. 350A'3S0> 



Irnyoi. | 

pricing | 


+ QC 



+ or 


25 a.85 f. | 


-0.1B 1 

^ 2bSp 


6 nieorhs.. 

2B6.45j. ] 



+ 1.5 

3 nioDtiis., 

261.2m 1 



3 montii».,| 

371.5p |! 




Millet—77.79, nils isamet; Grain sorgho in 
Consumers remained defensive In £0?if*’ IS'lttr “flours” UmeM 

.. ie under heavy speculative TE& , Blay position, which London daily price ended the 
* >fl -ing again before: recovering reached £1,488 a tonne at one r week nndianged at £110 a tonne. 




a Is 

. nirumn..,....,— 
. Market —. 

. many C^- 3 ^- 

. . i Wire oars- 
r ‘. fas Do-Do.-.,...; 
i Catbodes. 
rath* Do. —...| 
i par 0*«« 

per tonne 
. Btated 


* oo 



’ i&l __...............i 

, 'Market'.LI.lfa. 
.inurn peros.— 
i Market per os. 

dunimr flBIb*.)] 
tar por Ok..—, 
Mntbi> |/oroz...| 


i octhB... ....... 

fram (23JHlh.i„| 

■ wl].. 

i on tbs..- 


fay EEC__ 

me Putnrea;- 

oehSoJ Yellov 




sans !-ojb 

£S*Q WJfi& 

MTJ» ‘-O-K 
&S8J& -Ui> 
£?1S -)+&-’ 
£518.75 j+jL6 

sud-v/af ■— 

cia.73 wti 

6J5(W«I I - 
252.351, 1-3.0 


- ago 


Wfr'73 - 



£2.160 f £2.176 

. Iraw 


iSUMS wawv 



; £897.6 
. SLs2J75l 

mia 6 

S9J9 j£U5^j 

: B23iJb 

SUSS, h 

S176J7W ShaaJi 




■Me 22J5 



£354 Jj 



£9 XJ5 

1 — 6.0 




^ 16^60 
371: (bp 


fi 170-78" 

r/tfa . 


! $175-185] 
‘ ase^>|i 



£30 Lb 


850.7|i . 

57 3b 


{£84 L5. 
1 SW0 




fpw twinei 



|Cb ue 



Ptltpa. White— 

Wheat . 

Ku. 1 Kell dpriBRi; *8*^5 
- Am. HaH . j 
.' WtaMP 
feu;. Milling UiewiTOp)£0&^ 


OilB , 

UoraaatlHbilipVcf 8670 [+20,0 

trKHlD<iaUt>3%.m<- Best Lm.0 

Utuee*. Cni.Ie..—. ' £266 4LO.O 

Male>sn-$517 1+84.0 


Ciiun (f'hillppif»«if .'S39SJ ,'+IA5 

Saraheao- fU-S-1 -.-I S2W-4 ‘+0.4 




Cn-m !»bifuMeni«-.i £L543 

l7tb Jin,' l«ei> 
GjffeefutuKwi Mar 

CmUHv* - 

ties rnnHUil--.- 
Jute-UABW Cgide 
Uubhcr kfly.-,-,— 
■sano Peart 
^ual No. a 

Thpfoca No. L. IWI 
Wool tops fMe Warp. 

£1.628 •' 





" IftAi 


+ b.O 
+ 1L0, 








' 1 






i • 





£3.1 CO 



















- £125 



£t a 







saa> ' 



|£ 1,440.3 









ihwo«wL •itemmaL f-MadiuiaMaa; 

that m the morning cash iriragara iradM ai>ilc.p»il..R or furiJrar -prodocer Mnbig. ^ 

ai 16243. threo months IB36.5, 7, 8. 7. report* Gill and Duffus. *7®J~"^- 136W lsa,ue) ' MEAT COMMISSION-Aruranc talStOCk 

7-5. 7. Cathodes, cash £614. S. three 
months IS!?. Kerb: Wirebars. three 
months 1887J, 7, 7J. Cathode*, three 
months £627. Afternoon: Wire bars, cash 

flour—U6.70 (samei. 

Wire bars, three months £0411. L 


dm rise on the wwk wag £262.5. Turnover: 
l.UD tonnes. 

CUCU.V | Clow 

+ or 

Bi mints* 

No. 5 C'ntr'ti. 










1-24.75 1495.D-6O.0 
—17.6 1470JL8JJ) 
—S2.0 1450-0-12.0 
L12.60 1420-1156 
-B. 50' 1400.0-1582. 
—17.B 1185.0-66.0 


prices represoDiadi-e uiarheis Feb. 2: 
CB cattle 63.34p nor kg. I.w. i+LS2i: 
U.K. sheep 151.1P per kg- esL d.o.w. 
t-rO.+t; GB pigs 39-Sp per ka. I.W. 1-9.31. 

STEADIER openinc on the London fcnaiand awl Watoa—Cattlo numbers down 
physical martel, inactive thnugbont the per cent., avera&e somp «+1.43*; 
day dosing on a oulet note. Lewis Sheep down 1L3 per cenL. average 1SLUD 
and Peat reported that the Malaysian »+n.5>: Pigs down 14,2 per ocni., overage 
god own price was 201* (20211 cents a Wlo SS.Bp (—8JM. Scotland—Cattle up 16 J 

ibuyer. March). 

j Jt-tn. 

TIN ( Official 




Hiffh Grads c 







+ 6 

i mi hi tli--. 6265-80 

+ B6 



■SeiilHiii'i.! 6400 

+ UU 





634a 60 

+ 5 

a in.mi hs..] 6260-5 



SenteniiJ 6400 

+ Bt< 


tornit* K.-ftSHDl 

+ 13 


Acs InrliJ — 



Monung: Standard 


h £6,580. 


Sales: 4.137 (3,142> lots of 6 tonnes. 
International Cocoa Oraanlsattafi (U.S. 

No. 1 1 




ILS.S. | 

dew ’ | 



15-day average 13LS1 (132.60); 
average 134.23 (134kMt. 



COFFEE Jan-Sir.I B2.IS-S2.Z0l 

Robustas firm as CoramtesJon Home S'StgB'S 

close about unchanged Irom Thursday 

,. ending «nn« week. Dealers said roaster 

j—a o Interest picked up, hot was wall matched 
by local dealer hedge selling. 

Pur cent., average 62.09p (+2.1H: Sheep 
down 15.7 per cent., average ISO^P. (no 
change i. 

COVENT GARDEN CPriws In fflcrliius 
Per package unless stated)—Imported 
produce: Oraaoes—Spania: Navels 336- 
3.50; Jaffa: 150-X95: Crpnot: Ovals 
approx.'1R kilos W/SOs 2AO-3.2t): Egyptian: 
Baladi 2.40-2^9; Moroccan: 3.00. Temples 

. _ ... Cypriot: 3.00- 

_ ____ 2 ftl. 

.J'SS' 5 ®* 16 English produce; Pota took— Per 36-lh. 
S5.i6-63.55I 55.TO Whncs/Rcds LDO-L40. Lettuce— Pur 12. 

Cabfaape—Per i-bae 
Beetroots—Per 2S-0> 0.70-0.50. 

_____ _ Carrots—Per bag 2s-lfa U.1M.00. Onions— 

Sales:. 196 I238i lots of 15 tonnes. f" 3Wh OAO^SO. Celery-Naked 10s 

Physical dosing prices i buy erst were s *fpbea-~Per bag. Devon 0.4M.i». 


Cocoa—March i:3.;fi .135.9m, M.iy 

125.35 (125.40>. July 121.30. S-.-pl. 11S.5U. 
Dec. 116.00, March 114-Uu, ,\lay H2.40. 
Sales: 1.100. 

Coffee—” C" Contract: March 
«I9I.i3i, May I7C.00 1171.25.. July I59.0.L 
159.10. Sept. 15i.50-lii.73. Dec. 140.0U- 
141.50. March ]+l^S now.. May unquoted, 
July unquoted. Sales: >4. 

Copper—Feb. 57 jo iS6..~-0i. March S7.M 
tofi.Mi. Apr. 56.10. May 58.50. July' 59.00. 
SepL 60.30. Dec. 61.S0, Jan. 62.30, March 
03 -0. May 64 to, July Sept. 66.00, 
Dec. 67.40. Sales: 1.300. 

Comm— No. 2: March So .' i*5.74». 
May 57.40-57.50 136.M1. July jh.25-5S.43, 
On. 5923. Ol-c. a9.55.59.GD, March en.-di. 
60.5). May ttl.75.GL40. July fil.i'O-dl.'.’ii. 
Sale*.: 4J5.000 bales. 

‘Gold—Ki-b. 1T4.70 i!74.flni. Marca 
175.SO < 175.00'. April 17K.D). J«]ic 179.14. 
Aug. 131.50. Oct. 164.1X1. Dec. ]Su.50, Fch. 
Is'S.OO, April 191.SO, June 1A4.71I, Aug. 
197.GO. Oci. 260.50. Dec. 203.50. ' Sales: 

t Lard—Chita so loose 20 71 • Sarnei, 
No iv York prinu- si cam 22.36 'raUcd 
1 same asked:. 

Apr-Jnn, 47,10-47.IS «.76-W.Mj 47.t6-47.00 -Amcncan^nrox lift 3“J) 
Jly4jep. 48.7&-4B.B0 48iM6.B^ 48 JO-4B.M Cn 

Oct-Dee S0.4S-6SJ41 50. ID-50. IS; UJ0SZ, 70 3l aj. 

J no-Mr. 52.lifiS.2D 61.BB-5l.7Si 62.60-50.16 EimIIsIi prndM 
Aprnine 63,BO-63.B5 53.56-63.55| 63.60 Whiles,’Reds 1 D( 

mCmh & ssjs g*«- 

ing, Drcxel Burnham reports. Values at °et-Deei 67.D6-o7.l6, 66.40-66.50 67.16-66.60 Pnmo 0.60. Beet 
Ainu ahwit nnMi.iMvui i,nm Thn-.^.. i Carrots—Per ban 


months £8«79. SO. 70. 60. 65. Kerb: 

Standard, Uiree monihs £02135. After¬ 

noon: Standard, three months £&266, 55. 

SO, 45. Kerb; Standard, three months - 

£6340. 50. «, 35, 30, 20. 15. - 

LEAD—Gained ground with forward March..— 

metal rising during the day from £317.5 May.. 

to £320 on short covering and week-end July.— 

book-squaring, helped by tibe fall in ster- tSejiember^. 
Una. The net cain on the wrefc was -November.- 

Elfi. Turnover: 4,0TB tonnes.. Januorj'- 

_ March-.-— 







OnofficiiJ I 

J.WenlAy*» 1 

Clue + or 

£ per ton 0# 

1790JL1784.0 +A.5 
lfi7(U»-lB94JI —01.6 

1B16JMS6O-0 —22.Q 

Spot M.Gp (4A25); March 47.7Sp (47J!3i 
AMU 4BP (47.5i, 




Clash_ 1 

J IHUDltll-. 


X A-dpoi-l 

5I2.7S-3 f+r.a2‘312.5-3.51 
[318.25-.5 +7fiSJ 318-5-9 
513 I +74 ■ — 

Safes: 72,041 lots of 10 tonnes. February—, 

ICO luilcaiar prices for February 2 Apnl— 

fU-S. ranis per pound): Colombian Mild June-^.;)M.W-D3.6 —U.05; 104.20-00.50 

17L to Arableas 203.00 (same): unwashed Au^um.104.20-D4.S ^ 1.20 105.50-M.40 

r™-" Arabicaa 214J10 (same.: other mild October.i1D4^0-06.0 +U.25 106.00 

Arablcas 201.00 C2J4.00 j: Robusas 170.00 December.... IDS .DODO 2 +0.50! 105.00 

(176.50'■ Dally average lfflJO tlS8.73i. Pehrirarv .....!106.M418.5 +1J5 — 

LONDON arabicas—D ull, hut on dose ~~T~, 7?;—~ ” _-- 

values surged upwards as trade buying sues: 106 I7ai Inis of 100 tonnes, 
fntcre.rt returaed Dre*el Burnham reports. SUGAR 

Applo*—Per lb, Coy's 0.1&0.31, Pramteys 
HU-fi.16. Spartans 0.12-0.14, Pear*—Pi-r 
lb. Conference 0.09-0.14. Cornice 
CflV A DfAIV ItfCAT Sprouts—Per lb 8.M-0.05. Parsnips—Per 

DUIAjSMJ’I ItlfcAL ss-lb (LSft, Turnips—Per SS-lb O.TfMlfiO. 

Marttw opened £1.3 up In line with demand 

Chicago's blase. Lack of physical activity . FISH—Supply sood, demand 

In Europe and end-ot-we«k book-smurlas. rd'otri 

drifted prices back » Thursday's levels s ^EK cod 'U,W>-tt^D. 

to owe, ctmdlUDna, SNW Commodiaes SS"’£3.^30,^'? SSSS 

large plaice £4.00. medium Ei.JJ-M, 
best small DJO-ajO: skinned dogfish 
larse IC.60. medium S.7D: roekfish C.70- 
£JJ»; reds £2.00-12.40: salthe Il.70-C.70. 



270.00-260.00. Mari* 3TO.(»-2Sfl.llO. 


Yesiori*yB| + or I 
Close — I 



£pem*une. | 

107.00-09.0 + 2^ ’106X0-07.00 
1D5.&IHH49 + OJS111t5.GO-fl4.DD 

2B0.00-27D.M. May ?0O.Oft-2;(l.M, June 
2CO.OV-2TO.OO, July 260.00-270.IH1. Aug. 200.10- 
270.00, SrpL 260.00-27n.00. OfL 200 00-270.00. 

COTTON, Liverpool— Spot and shipment 
#aL» amounted to >£10 tonnes, bringing the 
total lor the to 3.167 tonnes, againsi 
3.347 ttrauts. Further t-xtunstvv contracts 
, , were ftsed. mostly in Alricao and Turkish 

DAILY PRICE ftjr_raw_*nigB_r styles.. Mow-do interest developed m 

Morning; Cash £313, three months £317.5, 

18. 19. 18.5. IB. 1S-2S. Kerb: Cash £313. 
three months £318j. .18,25. Afternoon: „ 

Three monihs sSlSfi. 18.75, 19 . 18J. 18.71 Values around S3 higher oa balance. 

U.S. Kerb: Three omtbs £3 u 123. Fricc5 . tin order buyer, seller, change, 

— .w E€Tir a ™ B r,£3B rai 

market moved around £355. Some short. 13 fixed at £U8.M UHS-SO). aneraans reports, 

covering helped steady the prion which 5S«> na W -2£ 1 5' ,5, n. + w^' Cmtencr consider* flons stlmnlaied 

closed on die Kerb at £355. Hie net fa£ ESr: scanered slwrt-covering, so that opening 

pn dm week was I2L25. Turnover: L585 Saks: ® ^01) prices were some 50 pomu above kerb 





+ or 




l» ■ 







+ 4 

.4 i to.. 





mi-til . 



Prill- WiHI 



lots Of 27,250 Idlas. 


levris. Later easier New York advices 
caused On gains to be lusL C. Cxarnllunv 

—Extremely antet and after Initial losses Comm, 
of 50 palms on old crop wheat, strong Conn.' 
commercial buying forced values to dose 
10-20 higher despite steady hedge selling 
particularly in March option. Old crop 
barley not tradtas affair and Initial losses J**"* 1 
Monung: Cash £350.3, three monihs of ID pomu turned Into gains ot 10 points 11 ay — 
£355. 55.5. 5fi. 57, .56. Kerb: Three mgmhs by dose with few offers noted. New Aug—. 

CL64.S. Afternoon: Three monihK 1254. 5. crop well bxl and dosed between M-6S -tiot. 

5.5. a. Kerb: Three months £254. S. points higher on lack of sellers, reports Dec..™, 

Gents per pound, f cm previous Adi._ March ,1 

unofficial dose. 

1SM per. plcoL 


DUNDEE JUTE—Firm, hot quiet. 

Prices £370 fW-flWB, for BWC and £253 

itounce £7.», per 1M yards. Fob. 00.72,' 



Yederday'tl + or 




rkae J —. 



84.60 1+0.10 


+ O.ID 


88.75 I+O.20 




85^0 1+0.25 




66.10 ■ f+Q.saf 




88.40 I+OJG 




t per tonne 

113.00-18.1D 1 IB.10-18.1&119.C0-1B.O9 
1121 -55.41.86121,40-sl 122.Ea-21.46 
12A.9IW3.95lS3.8IUa.66 124.7a-2S.K 
127^0-icS.OOj127.86-128.Q 128.80-2B.D0 
154 JO-34.731184.0fl-M.75l 166 JS-66 J10 


Sates: 2.125 (3.457) tots of 2 tnun«>r 
TaLo and Lyle ea-reflnery price tor 
granulated basis wfthe sugar was £242.40 

(£176) far exnart. 

EEC IMPORT LEVIES—Effective to-day 
for denatured and Bon-demimed sugar to 
units of account per IOO kilos previous in 
- —_ «, Wh *“ ! ^ fsamw: Raw: 

64.75- 19.71 09.551. 

“i 4 - ®“'AW*' Sent. 53.65-83^), lotaraadou] suav Agreement-indjca- 
WJfo •£»•« tor the respective Otlnmot Nor. 08.0M5J0, Jan. 6S.I5-8S.I5. Sales:- 

PCEMU. Yam ana cloUi quiet. *■" — 1 — — — - - 

h .-- -—- v~.- «.m. wsMwo. for prices CU S. cents per pound fob sad 

Bar)or: March 73,25-73.GO, May 73.60- stowed Caribbean port) for Feb. 2: Dally 



rfeb, fi jilontb ajjo: 

1 Year «ko 


226.41] 233.13 1 


{Base: July 1. 1971= 



FVb, 3~fFoil. 2 ;Unnth Veor 

1399.4 (1397.6 l_ I«9.8 | 1616.4 
(Base: SciiliTnberl8.‘ 1931=100* 

tMalzc— March 224:--J2«; .May 

230>23O} 12311? i. JuJy 370-JJo;. Sept. 227«- 
2C7J. Dec. 526‘. March 23^:. 

SPIatlnum—April 2t».S0-2I9.30 i2lG.3Ui, 
July 231S0 (220.40 >. OeL 227.00. Jan. 
230.40-2iO.6U. ApnJ 234.RWOJ.Su. 

S Silver—Fob, 497.70 <4S6.60>. Mareh 
490.50 HM.. April moo, May 407.50. 
July 504.50, Sept. 511.7U. Dec. S22.SU, Jan. 
£6.40. March 5*7.00. May 541.40. Jii}/ 
549.00. Sept. 536.60, Dec. 564.00. Sole*;: 
10,000. Dandy and Harman 4S9 9D <4M^n.. 

Soyabeans—March 372j-572; »0711*. May 
5S01-5SI1 '379|(. July z-SHl-SSTl. AUR. 3^7. 
ScPL ii,", NOV. 573-576-, Jau. 5i2J. MJnti 

I/Soyabcan Meal —A7on-h 
(131.701, May 134.30-134.6U il^o-TOi, July 
4 a.. 90-156.00. AUK. 139.20-150.40. S./U. 
159.01}, Del. 13'.30-159.00. Due. lril.UU-lul.jii. 
Jan. Ui1.S0-]ri2.i)0. March 163.uo-lt>4 uu. 

Soyabean o'll— 20.90-20. , s:: f M.72-. 
May 29.05-20.61 120.341. July 2U.36-2U..'iO, 
AWL 20.30-20.40. Sept. lO.Si^B.OU. On. 
Ut.60. Dec. 19.43-19.55, Jau. 19.JV1P.4 m. 
March 19.55-19.40. 

Sugar—No. 11: March 9.24-9.25 i 9 22.. 
May 9.33-9.56 i9.3”i. July 9.7(1-9.73. Sept. 
9.M-9.S7. Oct. 9.95-9.97, Jan. 1(1.13. .Mitn-b 
10.4S-10fi3. May 10.70-10.75. July 10.SS- 
10.90. Sales: 4,2:5. 

Tin—535.00-365.09 asked (5j9.00-565.uQ 
asked t. 

**Wheal—March 267’,-26.-:. 126-.: •. May 
273i 12741', Jnbr :•&>■ Sent. 2S;«. Dec. 291 i. 
March 2991. 

WINNIPEG. Fvb. ttRyc—May jl 1.511 

Feb. I bid tlW.UU bid'. July 109.70 bid 1107.70 
April 1 asked). On. 10S..90 asked. \nv. 109.30 

ItOaLs— May 76.7(1 bid <77.20 tufli. July 
74.7<> bid <7f.i>a bid), Oct. 73j« tod. 

tBarley—May 77.69 I7J.71) fud>. July 
7B.0O 177.00 bid>. Oi l. 7(j.7() bid. 

SSFIaasocd— May 211.70 (211.79 bull. 

July 2(3.fin bid <213.30!. Utt. 217.611 arfd. 
Nov. 219.50 bid. 

' ‘'Wlrtat— SCWRS 1".S per cent, nml-in 
coment c.i.r. St. Lawrence 149.27. U47.S0-. 

All coins p>?r bound ex warehouse 
unless uibcnvisv siaiwL • >s p-.-r iroy 
ouuci.—J0fl (tunc.? fou. rCfticitoO loose 
9s per 190 lbs—Dept, ur As. prices pre¬ 
vious day. Prime Steam i.o.b. ny buix 
lank cam. t Cents per 56 lb bushel os- 
warehouse. 3,000 bushel 1u»sl ! Ss per 
my ounce for 3D ounce ujuis or 99.9 ner 
COOL nnrliy delivered NY. ' Cento per 
troy nonce cx-warchousi-. 1! New " I; " 
comraci to 6s a shun ion for bulk In'c 
of IOO short Kras delivered f.o.b. cars 
Chlcana, Toledo. St. Louis ami Allan. 

** f.cvig per as Ih bushel iff store. 

*T Ccutb per 24 lb bushel. >•. iVnis n»*r 
49 lb bushel u-warpbouie. wi.tenis Uvr 
56 1b bushel ex-warehouse, l.nuti bushel 
lots. M 8C per tonne. 

•I ones 


Feb. I iluuiiifYiaw 
2 i *pu 1 



‘348.56:34B.70'S87.20395 *1 
Fututwl53 8.66|3S I .B4ia37.68:a89.2a 
(Average wo«i26=joo» 



' F<?h. 

Fell, uainb 
2 li«M 

*ple 0wnmtT ; 696.6i900 .9.8B8.1 
CDecembcr 51, 1331=100) 




COTTON FUTURES, Hsns Kang— Frier» 

about maintained over week 111 brisker 
trading. +riday"'( cto&if rewnu fur 
puuntli: March 51.60-54.w. Mas jj.'Ju-5n.7.'>. 
July 5?.S2-e7.iJ. Del 56 1 >»-uhuuoj«J. Dee.- 
SS.SO-imqiiAted. \Ve«PV hieb-lmr: March 
55 40-54.30. July 57.S7-3U.s9. DcC. 59.1)0. 
Turnnver 331 »237» lots- 
SUGAR FUTURES. Hang Konp— Prices 
barely maintained aver week 1:1 touiitw? 
trading. Friday's close 'ranis per pound 1. 
March 9..-M-9.38. May 9.72 9.74, July v.7<- 
9.85. Sept. 10.1040.2U. UeL 10.J5-1U.2*. 
Waek'S high-low; March B.i’yJl-.M May 
9.9S-9.G5. SepL 10.17-10.13, OcL 10.2a. Tuny 
ovur 61 179) lots. 






Financed Times 3ataday^.Eebraafy 4 J^7S 


Z '7 DC Annuities ZX-';® 

3pc British Transport stk- 1973-88 65H® 
I.-9 B„.:o 5 AU 5b U <1 -b 4’a 

b Mil -it 

2 _pc C ins. *lfc. 231 la® 2-a 3 2 V 
-Inc Cons. Stk. 35 1 ■ it.O -» I. U t 
y ;ot Center si an un. 37i 'b« 

5pc Eichcouer Ln. 1976-78 99'; )'■ 5 i 

TBcfids- (13'11 "731 991 1 1 # (2*2) . 
7WMS. -3111178* 108.180 100-183 

7 {, f«BdS. <7 2 79' 99'S,® (2'2> 

12':DcBds. •»-3i79» 1(1,2 
9-aPCBds. 'SI9I791 100 

13'jBC Exchequer Ln. 1996 11 dig® it® 

Un '» 

■Joe Etcheaucr S(k 19B1 87 l, i«4 1* 2) sz 

Zvc ec.nequer sift. 1965 81':® -V® *' 1 * 1 ® 
: \ 2 I i V. 

E iPc Exchequer slk. 19B1 96® b® 5 s 5 
9 |jdc Exchequer stk. 1982 97b "is 
9'.PC EtthUuer MS 1931 99'*14® ‘j -S ■; 
'O'jk Exchequer slk. 1995 ifv. M.i 91 '« 

10'joc Erthcaucr stk. 1995 llss at 950C. 

£30 pd ■ 2at 8 ' 2 2) 
lO'i-DC Excheauer stk. 1997 93 v if>t® Z'i ’< 
1-. 2-', 1-. 3 

IZ'-pt Exchequer stk. 1992 104 b® 4® 

3 « u s. 

:;•;(>£ Exchequer sIV. 1994 104 m te E (chequer Stk 1981 108'',*® ‘is* 
11 :pc Exchequer stk. 1980 1Q8-3,64ths® 
7-55 64ths "i„ 

5 '.pc Funding Ln. 1978-30 94-t.ffl it '« hi 

5 .pc Funding Ln. 1987-91 72 b« Pi 1} 

\ 2 si.,! 

fine Funding Ln. 1993 69\® ! :S> >C SW# 
9*. 8 b 9 6 b 9'i*l 

6‘.pc Funding Ln. 19BS-87 £5® 4V® 5'* 
A; •; 5 4* 

3 :PC Funding iIk. 1992-2004 <Reg.t 40b 

in 40 

E'iPC Funding sih. 1962-84 66 » -i 7 6 b 
6'iPc Treasury Ln. 1995-9B 63'.-® b# b 
*n Ij '_■ ■'i 7't fl'» 

7'.PC Treasury Lit. 1985-68 87is® 7® 61s 

; 7-i S', . 

7‘.ac Treasury Ln. 2012-1S 72b® h 2 

floe Treasury Ln. 2002-06 77 b® 6-bi •* 
i'jpc Treasury Ln 1987-90 e*»'i® *» b 

•j 'i 6 'it '■ ’« 

8 'jpc Treasury Ln. 1980-82 96 iu '» -X J . H 
a ;iv; Treasury Ln. 1984-46 94-y 4 s» 
8 ,nc Treasury Lr, 1997 80'* : h b _ 

9pc Treasury Ln. 1994 86b® 7’ai® oH 
:• <; 7 6 L, i»-t 'i 

9 PC Troasurs Ln. 1992-96 S8S® 7-rfl) 

- I*® 7 I -: 7-> 6V 7'. :: "*iss *»: 6-'. 
5'*: 6". 

9 :nc Treasury Ln. 1999 87’.® 3’xl S-u 

- 7b V i. 7 6'. 

iZpc Treasury Ln. 1983 1J1); '« '?i 

1Q6'.: it:- 

I2';pc Treasury Ln. 1993 107® 5'» 6b 

-■.* ?s® 

12'iPC Treasury Ln. 1992 108'ly 
12‘.PC Treasury Ln. OSS I09S 
11'^; Treasury Ln. 1997 111 :<9 
IQ... I. **4 '» 

13',PC Treasury Ln 1993 I16-'s® ^u,® 

1 ,»£■ l;® ■).. 15-.J, u 
141.pc Treasury Ln. 1994 IIB'.O Iy® ';® 

t y - 

1S',k Treasury Ln. 1996 127'*® 8® 7-xO 

■|® >4 

ri’-oc Treasury Ln. 1998 13} r s® 2'a® 

Stfl.:® 32 1 ir.® 1 *. ly I- 
2':3£ Treasury sik. 'Reg.- ton or alter 
1 4,'7£- 22'y 

3PC Trnsury stV. Ma' 27-’rB 

3pc Treasury stL. 1979 95'i«® 4'« a 5 

S S*Z A't 

3pc Treasury stk, 1982 34'. 

S'. a:» 

Z rue Treasury pis. 1977-80 (Keg.’i 9 3-'« >y 
3 :oc Treasury stk. 1979-81 -.Rec.l 90 j» 

Eoc Treasury stk. 1986-E9 (Pe«.‘ 72'.® 

7', 2'. 2 I’j 2'i 

5‘:p: Treasury stk. 2006-12 'Reg.I 52'» 2 
8'4pc Treasury Stk. 1982 94-31'64ths® 

9nc Treasury stk. 197E 100.32 100.34 
100.33 tOO 30 

9-4pc Treasury s-.k. 1333 37 '«* %tO '« 
7 i, s. 6'y 

9- :oc Treasury stk. I960 101-7 N 
9'jpc Treasury stk. 1901 99'- »tit 
lOpc Treasury stk 1992 90\® 90 '* ’i 

'4 '• k 89'll« -■« ‘1 

10I.-PC Treasury stk. 1978 102',® 

10- .-oc Treasury stk. 1979 103';® S« 
10' ; pt Treasury Stk. 1999 I*y. pd I 93'.:® 

4® 3'it,® if., 2- 3 2'i* ■< 

10 -oc Treasury stk. (iss. ar E95PC L5S 
nd 1 55' I..® 3® -is® 2\® 

1 1 'j>C Treasury stk. 1979 1041; '* 

11 -cc Treasury sik. 1981 104"a® Li » (# 

11'ipe Treasury stk. 1991 102",® 

12 pc Treasury stk. 199S 102'.- 

i 3pc Treasury stk. 1990 111 ',® i ON k. 
14 pc Treasury srk 1982 112‘.® 6J'b4ttis® 
Eii64tns® -4® 

9pc Treasury Ccnv stk. 1980 IOO'j '» 


Variable Treasury stk. 19E1 96N iIOIli 
Variable Treasury srk. 1932 95"/. 

3':sc War Loan 36'in® S'-'w 6 'i u 

'. 5'- =« 61.; -4 Sl'in 

British Electricity 3-:PcCtd.stk. 1976-79 
94 J >;. 4'ypc Gtd. Stk. 1974-79 95'. 
'4 6>x Gas iDCGtd.StL. 1990-95 49'»® 

S® 4 *1 L '»> 

Gtd 4>-.pcBands N. Ireland Land Act t92S 
57 S 12 2' 

North of Scotland Hydra-Electric Board N. 
ot Sect. Elec apcGld.stk '973-73 93i> 
.2 2- 3 iPcGtd.stt. 1377-80 93 :® 

So; Redemption sfk. 1986-90 aB 1 . 6‘»L | 



Agricultural Mori. Cpn. -I'.'BcDb. 1977-82 
B3 13111 1. SpcOb. 19S9-B9 60 V®. Soc 
□b. 1979-83 77:.’®. 6itPcDb. 62 i31/l>. 
CVncDh. 72i 1 13011). 7*«KDfa. 19B1-84 
90® 7-'jpcDb- 1991-93 7«4> tl/ 2 ). gpc 
Oh. 96 1 . *30/11- *».*» «Jr. 9"PC 

Db. 1981-83 97J; 7„{31}1J- 9ijpeD®. 
19B3-86 94'« 12.21. 9-'iPCOb- 94.i30Hl, 
lO'.KOb. 91 i30i1). 14i j pc Ob. 1141.®. 

141-pcBtfc. 105.942 Z0S.9S2 IMI1) 
Cdnunonweatth Dovpt. Fin, 7'rPcDb. 81 Vi 

Finance for Industry 130ctins.Ln. 105 1 * 
*2/21. 14KUns.Ln. 110^ 

Manchester Mta- Cnn. 7W* 9T»31/T1 
Metropolitan Wtr. Brd. SpcBStk. 32 

Northern Ireland EJec. Sendee JkocGW. 
Stk. 85'- *30 1<- 7':PC B«t- >4 i5D'l' 

Tees Hartfepoqls Fart Authv. 3'tPcDb, 
46'-. il'Zi 

CWLTH (i\T- & PROV. (14) 

Australia (Cmmwith, oil 5':pc 197S-78 
1001:. 5':pc 1976-79 1011, ' 2 / 21 . S'jpc 
1977-80 94/;. 5';pc 1987-82 B7U* 

1 2:2'. 6dc 1977-80 92‘: '2.'2'. 6pc 

1981-83 84'. '2i2i. 7PC 911; tl:2t 
British Guiana iDemerara Ry.j I4pc 27 
ii:2». iDmersra R/.i Fwm. Anns. iPer 
£1 of Ann .1 6 J 4 012 . 

East Africa High Comm.sslQn 5'jpc 69 
Jamaica 4'aoc 100!; it;2'. GUpc 89 '1 
7 pc 9B*ll2i. 7'idCLB. 9Sli rSOlll. 8»4BC 

K^va^'aK 98'J (2/21. *'rfC 981; 991*0 


New Zealand 3':PC »1 ■1l2'- 4pc 97V 
5<4<>c 85 13 1'li. 6pc 92*. 7Upc 7JU 
131.11. 7 *;PC 86': 

N. Rhodes« Spe 92 '30;It 
Nyawland 5PC 92 '30.11 
Southern Rhodesia 2‘:oc 67® 5. 3oc 70 
66, 3';PC 1980-85 58 9. 4PC 79® 82 

(2/2r 4HPC 1977-fiZ Kt 2-a.l2^l- 
4i;pc 1987-92 59. SBC 85 (2|2i. 6oc 
1976-79 94 3'4 <1.'2i. GDC 1978-81 
31.* 4 ® Z CZ/2i 


Montreal 'C. o/i 3ncDb. 25 tSilli 


Chinese -I'tpcGolBs. 189B lEng. Ips.4 5':‘.® 


Ireland tRCD- Oil 7 'tP£ 87 (30/1). 

89 >4 l2-2i 

Japan 4pcStlg.Ln. 1310 5US405 <31:1 ■ 
GpcSHg.Ln. 19B3-B8 as 
Rio de Janeiro 7 DCSH 3 -Ln. 35® (2l2l 
British steel b%.ikss. 9' ’* *70/ 1 1 _ 
Fisdns lnl'l. Finance 6'aPC.Bs. 92 » 3 


Rio de Janeiro iC. oil 4'jpcSdg.Ln. 1912 

30® >2121 


Canadian Pacific 4pcDb. 36 L 6 *2/2' 


Chilian Nortncrn By. SMIsrDb. 80® '2 ; 2. 

BANKS & D1SCNTS (442) 

w '* 1 Alexanders Discount 248 

Allen Harvev and Ross 46s f2 21 

Allied Irish Banks '2531 1SS® 60 (Z/?l. 
lDpcLn. 128 

Arhulhnot Latham Hides. 160® 

Australia and Ncm Zealand Banklna Grp. 

ItAli 245 52 47 *2 2) 

Bank America Corp. SM. VJ521 "i,<2:2> 
Bank of Ireland 342® 2; 40. lOpeLn. 
148 il.Si 

Bank ol Montreal rSC21 10';® 

Bank of New South Wales (Lon. Rog.l 
(SAZi 390 

Bank of Nova Scotia 11 '* (2/2) 

Bank at Scotland /Governor) 285 B 3 
Bankers Trust New York Corn. tSUSlQ. 

Barclays Bank 310;® 12 IS 12". a’-oc 
Ln. 7S-V® <4 

Barclays Bank Inti. 7":DcLit. 74'< (31/1) 
Brown Shlplev Hldos. 200 j j® 

Can. Imperial Bank of Commerce <5C2' 
14<« (1121 
Cater Rvacr 275 

Chase Manhattan Corpn.Shs.rsuSZ.S0)Z0: 
Citicorp Sis. 1 iUSa 1 1 3 U9 12:2/ 

Clive Discount rlldus. I20p) 71 
Commercial Bank 01 Australia (Ldn. Reg.) 

HA1I 185. Ord. Shs (SAt 1 38 7 
Commercial Banking ot Sydney t5A1i )19 
Fraser Ansbacfier dOp' II 
Gerard Nad- Discount i25p) 169;® l4tO 
Gibbs 'Antony) Hlds-- <25p) 43 40 2 
■ 3T1) 

Gilletr Brrs. Discount 23D 

This week's SE dealings 

Friday, February 3 
Thursday, February 2 



Monday, January 30 
Friday, January 27 



. 4^61 I Wednesday, February 1 

... 6,122 I Tuesday, January 31 „ 

The list below records aO Yesterday's markinss am! a!» the latest Htefttess Bwrlaa U* week of ana ■« ta »»**»• The latter «aa be cBsttnUstad tor 
the date (In parentheses). . ^ - _ 

The number ot dcalioss martlet1 f« each seettea follows Un *ame of the ! »» *** ?a tbereterc. toj^W^a cnn^jBXirajr 

SBCiftw. Unless otherwise riainted shares are £1 fully paid and stock 009 fully 
paid. Slack Exchange «ecuriti« are Quoted in bo ranis add fraeUeas of ponds 

or in pence and ft-adiwu o f pence. . _ . _ 

■ The list below slues, the prices at which bargains dona by member* of 
The Stuck Exchange have bean recorded in The Stuck Exchange Dally 
Official List Members are not obliged to mark barsaias, except b special 

prices at wWrh bnsraem has been dram. Btrsafes nre roorrfgd In th e Mg 
List UP t» 2JS o-dl only, but later transaetloira can be tadudnl to the hHau!U 
day's Official List. Ho (ndkathn b available as to whether a. favsaln represete* 
a sale or pncbasB- by members of UK P»We. Markbva are aot oeceasarib 
In order of enenttea. nd mb ooa barsub to any on® ucurtty at av rae 
price is recorded. 

as? iBSJat iWM? irssffTEJS&attMaa 

Bftlaiayan; iKZr-SXcv ZoalaudJ 8S-SSwfiSJ»re; fUS-SDalted Sui«; IWl-«Wesr Indian. 

Irish Distillers Cre. 'ZSn* IZZtatf) 
Macdonald Martin Distilleries A tSOpJ SM 

Marsion Thompson Eywskod «*« 5S®. 
4'jpcDb. 52's 1 3lyi> 

M or land 414® Ul 4.1 ...» 

Scottish Ncwostfe Bre*s. t2Ppl_6»-_» 6® 

5'- 6 5 7f* St. 5';DCPt. 52 «31n). 

7‘iocpt. 75 *-fj »3KTy- gyisy 1 !' 0 ^ 

851, ,31-1). 7' j pci stMt.Db. 74 )j® 

Seagram £13ri»t 1 30/1 1 . 

South African Brews. 'RO j-Ot 60*a® 1 
fZfil. 7PcCnv.P1. «R1> i*/*.} 

Toma un Dist.Hera l2Spi 99 
Truman lO'iDcfib. B9- , 

Yaux Browenes 39315 5 <zf 2 t. • ocPn m 

eca uni 

Whitbread A f 25o) M 3|. 7Pcim. 
(31/1). 4'jucDb. 83® «a (2/2*. *‘iBCDb- 
47. 7'jpeDb. 721; (31.’1 >. 7'jixl-n. 

1986-91 ' 71 tZlZf. 7/jocLn 7995-9S 
64% 1212L 7-'iRCLn. 67 (2/2*. 10 'jpc 

wmifvrhampton^and Dudley Breweries I25j»i 

Young 1 and Sons Brewery A «500t 148 3 
(2/21. Non. V. (50p) 123 (30/1i 


Bristol Channel Ship Repairers HOpi 8'* 
Manchester SHIP Canal 210 /HZ' 

Mersey Docks and Narboor t9Sn Share 
of tflo. 18. 3'ipcDh. 1974-84 59':. 
3'.p:DO. 38': *2 Si. S^BcDb. 73': i2:2r. 

3NpcDb. 20 13IM ' 



A B.' H E'le^njnic 1 Products Group *26P> 103 

AGB Research n °°J_ 83 , J3 , ".V>. ,„._ r 

A P.V. Holdings cSOtf' 198 ilrfL 7 ':pc 
I stOb. 1986-91 71 - a _ , o^„ 

Aaron son Bros. .TOpi 59® 8-a® 8 7. 4.»5pc 

pi. S6 ! - 

Abbey *25pl 411V2■ 

Atjhcr Panels '25v> 41® , 

Abereom Inveslmenls fRO a0» 85 13W11 
Aberdeen Construction Group rest' 
Aberthaw Bristol Channel Pori. Cement 
i2Sb> 146 

AOwocd Mutbioh Tools fSpi 12 >:® 

Ac row '2Sbi 113 31 IV N-VtO. A «5p» 
79® 8. BpcPtlY Cnv.Ln. 1992-2002 ,S '« 

.31 1. 

AOdms Gibbon ‘25p» 6* 

Adda inLerrirjcnai HOP’ Jff'.* 9 
Ad west Group '25oi 244 3 
1993 142 . )• 2». 10'rpcLn. 1995-2000 

160 .39 1 1 

Aercmucical General Insiniments i»5p> 59 
■ 30 11 

Alrtic irdustries «20p' 4L® 7 '■ '2 2‘- 
Airflow Streamlines -ZSpi 7S 2) 

Albion 20pi 94 3 5 - 

Aibrignt Wilson iTSpi 94 3 5. SpcPf. 

41 1 -® 

Alcan Aluminium 1 U.K .1 9pcLn. 1989-94 

AlCan Eobth Industries SpcDb. 1981-86 
8214 ® =:® I2/2i 
A lexanders Headings iSn> 17 
A'lebone Sons -lOpi 17 <2 2i. 7 pcPH» 

Cnv.Ln. 1994-99 44® 

Alpfnate Indus fries iTSpi 292® *2 4> 

Alt da Packaging Group *10p» 91':® 

Alien -Edgarf Balfour '25 d' So i31,1i 
A llen «W. G-> Sons iTintoni 40 
Aifled Farm Foods SacDb. 1983-93 75 
. I-Z» 

Allied Insulators i2Sp> 62'- 2 

Ailed Investments >5p< 51 i7'2. ,- -- -- -_ 

Allied Plant Group -lOp. tS»« <2 2' . Biddle Hldgs. '2Sp 81 S (31'll 

AHied Polymer Group tOncLn. 1978-81 ■ Bifurcated Er.g g i25pi 50 iSI/1) 

Associated TV Coren. A (2Spi 106® 5 
Astra indust, Gp. tlOP) 21 
A ttwood Garages I23cr} 24 
Audio Fidelity /10p) 32 (30/1) 

Audiorranlc Hfdfls. ilOp) 32 
Ault Wlborg GP. (2 Sp) 31 >z 
Aurora HWfls. (25pi B8 
Austin iF.) iLeytom (IOp) 12® 

Austin (James) Steel Hldgs. (2Spi 92 
Automated Security f Hldgs J (IOp) 52 50. 
BocPf. 36 7‘j 7 

Automotive products ClSp) 90 <2 
Ayana Gp. I5pi 31 >4® ‘j® ty® 1 *2 
Aycrys <Z5p) 157® 7 6 
Avon Rubber 87. 7LpcDb 70 £2l2t 
Ayrshire Metal Proas. QSp) 51 I31;1> _ 
BAT ludntrlea 05pi 278 89 71$ B2 78 
B7 3. Did. l25pi 2271® 6® 31 5 7 8 41 
30 24 3. 

fifiA Group C25p) 56 

BICC (50P) 1D3« 3 4 5, 6 I 1 WDD. 81 
(1:2). 7peDb. 75*s 6 ij. TVncDb. 72'*® 
1 S» (212) 

BOC Intermit. /25o) SSt® 69 3 t S 5,. 
3.5pcZndPf. 44 12/21. BJ+peDb. 73k:®. 
9sCTonnaByDb. 1988 91 (30'1) 

6PB Industries (50p) 233. TVpcLn. 147 


BPM Hldas. A (2Sp1 48 (30/1). NV B 
■ 25pi 47® 

BSG internat. (10b) 39® fltj 9 8)4 >«■ 
12i;peLn. 105't 
BSR 1 IOp) 90 1 

BTR l25oJ 220® 1® 1 19 17 18 
Babcock Wilcox i25pi 112 14 13 11 
Ballev (Ben) Construcn. (IQp) 13 (5m> . 
Bailey iC. H.) lOlpi 7"s® '• B (2)2< 

Baird • William) 1 50® 7® SO 
Baker internat- Corpn. ISUS1) 29'« (31/1) 
Baker Perkins Hides. (50b) 92 3. 
Db. 77 

Saken Household Stores (Leeds) (IOp) 2b 
• 1 / 2 ) 

Bamoergcrs (25p) 48’ a 8 9 (31/1). 6.2SPC 
M. 51'S *1'2» 

Bamfords l20n) 44 r2’2) 

Bank Bridge Gp. <Sp> 2®. 8ocLn. 60: 
Banks (Sidney C.< i2Sp) 75 (2/2) 

Banro Ccmsut[dated industries (20nl 55 2)| 
3'« >31(1' 

Barket i25oi 32 ij® 4* 3 S i2/2) 

Barker Dobson ilOp) 134® 12)| 13. 12 bc 
L n. 87 12 2 1 

Barlow Rand (R0.10) 1B6 

Barra it Oerelonmts. OOP) 112 13 

Barrow Hepburn Gp. (25p) 49® 6 

Barton Sons (2Sp) 49 

Bassett 1 Geo.) Hldgs. (25m 147® 

Bath Portland Gp. <2Sp) 79® B 7 
Batlevs ol Yorkshire tIDp) 50®. IDpcPI. 
103® 2® 

Beatson Clark (2Soi 169 
Beattie ‘James' A (Rest. Vtfl.) I25pi 90® 
Bearer iIQdi ST <30111 
Beckman 'A.i it Op 1 70 >31/1 1 
Beecnam Group (25p 6211 ;® 18® 18 20 
17 21 5 2. 6pdJnsecd.Ln. S3® 2 )2/2i. 
SocDnsecd.Ln. 248 (1/2) 

Beechwood ConsUcn. /Hldgs 1 MOp' 24 

Beiam Group (IQpi 67)1® 5® 4® 2U® 
Hr® 3 

Beltair Cosmetics IIOpl 14 '31/1) 

Bcmrose Cpn. I25e> 68 7 
Bendl* ISUSS' 23S i31/1l 
Benheld Loxley (20pi 26 
Benn Bros. (25p) so 
Benson's Hosiery (Hldgs-) 11pcUnsecd-Ln. 
60 f30’ri 

Benraiis 'lOo' 31 (30/1) 

Ben lima Inds. (2 Sd\ 27 
Berger Johnson Nicholson SpcDb 
(1,2<- lOpcUnsecd.Ln. Bit. (t/2l 
Berislord (S. W.< <25o> 209® 

DAn... <1 aaim Mflnl 1 

76 «r 

Berner (Learn (IOp) 210 1212' 

Berwick Tim DO I25pi 51® (2/2) 

Best obeli (25 p1 ISO® 9 (212) 

Belt Bros. IZOpi 66 
Bevan (O. F.i <5p' 17 131/11 
Bibbv (J I 208® 9 (2/2i. 4’jocDb. 87':! 

I Crindiays Hldgs. >2 Sp) 116 

CORPN. X- COUNTY—U.K. (59) J c ;'5«g. p ^f.® CrD ' ' 2 ^ oi 20S ® 3 5 4: ' 

FRfcE Or STAMP DUTY , Hambrns Shs. 'Jt5o) 192. 7pcLn. 75': 

London County 3pt 25 Eoc 61 '4® ':® 
2® I '4 5 ^pc 1977-81 91'. :2 2). 

D J 1982-84 GO' 4 ® 80 Do. 1985-87 
7Z-; Z 1 2/2t. 6pc 1976-79 95': *2:2). 
6 '.PC 73' 4 ® 

Coro 01 London 6: DC 1975-73 99", 

•2/2). OS. 1930-82 86«4 '1/2J. 7- ; pc 

91 4 ill2i. 9 ':bc. 1984-85 97': (31/1) 
Do. 1976-80 I DO '4 «2I2). 13upc 111»«® 
Greater London 6'ioc 69 Li (1/2j. 7i«pc 
93 (1 2). 9 :DC 1930 98' 4 . Do. 1980- 

1982 97 6': Ij. 12':dC >1962) 105'.® 
1 .® 4’.. Do. 1983 103V 4U. 13'.PC 

»06 •'.• (22/ 

Bark mo Cpn. 7 -Vpc 100'w® 5-64ths®. 

14nc 111-', (3111) 

Bath (C'ty oil ll'ipc 101 '30,1 1 
Ballast City 6 *idc 91® 90V 
Bummgham Corn. 7 vac 91®. 9 Vpc 93® 
2 / 2 ) 

Birmingham Dist. Cncl 1 3 dc 110 i.1,2) 
Brighton Corn. 6 : :pc 97': il 2l 
Bristol (CityI 13'.PC 108'; (1/2) 

Bristol Coro 7\.ac 92 1 . >2;2i 

Buc'. Ingham shi re Variable Rale 99-64thS 

Camden Coro- 6';pc 98— (12/ 

Card.Il C,tv Council tlcc a 9’.® Cora 7pc 88 (51 1) 

Coventry Coir. 6pc 99';® '2.2) 

Croydon con. 6-Voc 89 '1.'2i 
Dunbarton CC 3'.PC 100; S';PC 99 

Edir-burci. Corp. 6 ; sc 97'• B 
Glasgow Carp. 9 ,cC 36',. Waterworks 
Anns 9® 7’-® l2;2» 

Gloucestershire C C 5'.oc 92. 9 : .dc 97': 

1 / 2 ) 

Gramoiln tO'.bc 99>. 9 <2J2). 10 .pc 

'£60 Bd.i 60‘, '1/2' 

Greenwich Corp 6Voe 99':® 

1 2l 

Hill Samuel Grp. (25 pi 91. Wrnts. S'. 

Hongkong Shanghai Bk9. Cpn. ‘SHK2.50) 
250® 50 5 4 6 7 
Jesse) To/nbce (25p) 72 4 HI,2) 

Keyser Ullmann Hldgs «2Sp) 42® 1-*.- 

KK5nwor*^Benscm P Lrmsdale (25 r) J04 
Lloyds Bk. 256® 7 1 8 5 60. TUPCLfl. 

an n 

Mercury Sect. ‘?So) 11B»:® 

asss ,'V", „. 

Nat. and Com. Banking Gp. (25p) 72':® 

Njt. 4 Bank of Australasia iSAI) 177 (2/2'. 
Ord. *SA1 • 46 

Nat West 262® 7 3 5 4 60 2 1 War. 
dV. 7BCPI. 64:® S';® V® 5 4':-. 

3 '.DC Ln. 94.'.® 5PC Ln. 82':® 1 V® 

2 3D : 

Royal Bank • / Canada ' 
Schroders 420® '2/2/. 

SC2> 15 In ll'2l 


Allied Retailers ‘IOdi 198'..® 8 
Allied Suppliers BSpeLn. 1992-2007 S4‘> 
Allied Tevtde Companies ‘25pi 13S 3 6 
A'r'ne Holdmgs <5p> 39 <2 2i 
Alpine Soil Drinks iIOpi 117'; «30'1* 
Amlgamitrd Indusinais '25pi 19 >1 2'< 
Amalgamated Metal Corp 27B®. 6ncPt. 
44 2.2 1 

Ama/gamaced Power «25p« 12) 

Amalgamated Stores 'Spi B':« 9 <2 2> 

Amii'l <<Ali Its ,1 2' 

Amber Day Holdings ‘IDpi 36 
Amber Industrial Hclihngs '10p‘ 17 30.1, 
Anchor Chemical >2So‘ 67 '31 1< 
Anderson gtrathclvde »25P‘ 4S'j 6 
Angi.a^ Television Group N-Vtg. A (25pi 

Anglo-American Asphalt .2Spi 64 <22i 
Anglo-Swlss Holdings '2Epf 3S <31.-1 ■ 
Abplevard Group or Companies ‘2Spi 84 
Aouascutum and Associated Cos I5P' 
36‘;®. A <®P' 36 S/ : 

Arcolecbric .Holdings. ‘-Spi ID (2 2>. A 
N-Vtfl. (Sp> 10 
Argus Press TocPf 43 ‘30/1' 

Ariel Industries .25o' 27 

AHir.gton Motor Holdings <25pi lie <31.'ID. 

New 05p. 117 (31/11 
Armstrong EouiPment ()Op> 58® 

Arm,rage shanks Group 1250-71': 1 
Ash Lacv i2Sp) 1 ioe> 14 
Ash 5pinnmn <2Sp> 42 *31/1) 

Associated Biscuit M»r*. >20pi 77® 7 4 
*2:2*. 3.65ncPt. 4SVI 6. SpcOb. 851; 

• 2/2). 6>;PCLn. 36 6 (1,2/ 

Associated Book Pubrt. <20of 166 

Blrmld Qualcast (25p, .68® 7V® 7<:pc 

Ur seed Ln. 69 '2/2i 

Birmingham Pallet Grp. (10p» 68® 9 8 70 
Bishop's Stores (25p> 165 (2/2) 

Black Edomgion (SOp, 11I Hr® 12® <212 1 
Black Arrow Grp. (50oi 28 
Black (P.I Hldgs. i25di 130 
Blackwood Hodac <2Sp> 77 S'. : 9pc 

Unsecd.Ln. 103 

Blackwood Morton <H/dgs.i (Zip' 2o 
Blagden Noakes /Hldgs., (25pt 229 fz/2, 
Blakev's I25P> 43 s® 

Bluebird Conlectionerv Hldps. <25 p> 150 
B'uemel Bros. /2Soi 63 h 4 (31 1, 
Biundell-Pcrmoglazc Hldgs- (25p' 62 1 *: 
■ 31M > 

Boardman iK. Ol Irtf. (SPI 12': (30/1i 

Bodvcote I nil. (25p) 67 

Bolton Te.jile Mill /5o> J1-V ().'2) 

Bond Sires Fabrics /10 d) 32 , .-® 2 
Bonser Engineering i20p» 221; (31.1) 
Booker McConnell (SOp) 210 
Booscy. Hawkcs (25pi 205 
Booth (Internal. Hldgs.) 1250* 61 
Boots (25o. 138® 9® 2000 196 9 7 4t 
a dh'-. 7'ipcLn. 7S „ 

Borthwlck (Thomas) i50p) 670 8 
Baulron /Will'am 1 (GrP.) MOpi fSV 
Bourne Hollngsworth (25pi 92 H|2» 
Bowater Corpn. 170J® 1 70 604 9 73. 
S':PcPrf. 49 ;® v:®. 7bdn. 79h® 7 <2121 

a'tPCrrr. /scun. iv.w r 

Bowthorpe Hldps. slOpI 56'; (31)1). Bpe 
Db. 74 *30-1 • 

Brahy Leslie (lOpt 83 
Brady Ind. A 69 C3I.II 
Braham M.llcr Grp. (IO 01 3S 
Sr»,d Gro. rspl 42> : * h „ 

Associated British Yng ; 9'. _ .T2':o"7'3 ‘H2> i irSSIv^.'lOo' 1 ^liizf t3al ’ 

n 59 ,cnJ^' I Cloud Hill Lime Works (25 p> 84 

7iiK?n' i 7 gfi-^oon ,<Oo^3) t Erent Chem.cali Internal. (1001 184 

2 50 3I ' ‘ ' Urenl V/alker (Sol 52 1 : 

7 ,,., 1994 -2QQ4 172® 

S <PcLn. ,s . | Ailqtia , M Dairies C25P1 214® 12® 13 12 

,c ft 'o a 

-. I A«vwlarnd Slrrtrlral Inn, Ao-n.,. BX I. 


Allied Breweries i25p) Bt® ''_2': 1. 7';nc 

100 '2/2) 

Kensington Chelsea llvpc 'X50 Pd.l 51V. 

Do. (£10 pd ) 12 iZ/Z) 

Kent 5 >:p: 99h. 9'4pc 98V 

Lanarkshire Si;oc 97V® (2/2) 

Leeds 3pc 23.';® iZ'Zl 

Lvcrosol 3';DcSLk. 29 B':- 9-Voc 99V 
i30 11 

Manchester Con. 4pc 31 130; 1) 

Middlesex SVPC 92V 2 >2 2) 
Newcastle-upon-Tyne 9Voc 97 
Nirthampton Epc 98i. ‘31lj 
Plymouth 3VDC 73'; ,101 ■ 

SI Helens 11 Ijpc 100‘,® 1® 
Souihc>-d-on-Soa 5 hoc 97'* 12 2) 
Stuihwark ll'iac tot <1 Zi 
5:irl n-3 7‘.oc 99V 
Strat*>cl/dv '01 ' Jl'll 
Sunderland Bcrauuhi 12 'jPC 104; 
S'lndirltMd Con. 5'-pZ 90 <2i2l 
Snrrc' dpc 93 '2.2i 
Swarsea 9 Vac 93'.® 

T.<ffl*lir.: 10 'jOC ‘I. OB 1 92 V®. Do. (L10 
nd. i 3'- 

Wril Bromwich SVOC 95 <2/2, 

W-st Herts Main Drainage Athv. 9’iPC 

Westminster 'Cit* 1 Dot 107i r (31,1) 
Tt :ocBds iS 378i 100-i>.® ), 

T1 ' ncBdS. >15.3 78/ 100'*i, (30)) 
9'jpcBdS. MO 5.781 ?00H|» (30/1/ 

9 -,rc9ds. 17 6 78) 1Q13-64thS rZ.2) 

lOotBds. (5 7 78' 101 i„ iSO/ll 
S', DC Bds. iZ3 3'7B) 101 l-64th (30'T) 

£ •■ocEds. '30.8.78' 100.968 100.97) 

-lO’l < 

3',ocBds. (6'9/78i lOfl) 1 !; (31 /I> 

12 .pr.B 4 *. .fig,76) 1021-r, 

7 vPcBds. (13 9 7B* I00 j,^ 

6 .pc Bds. 1 20 9,761 99 V 

S’.pcBds. <e.11>73i 99'i^® '-w '2 Zi 

QllpiUB. ■ XIHS-UJ * we — — 

1987-92 681;®. 6-VpcOb. 68. 7VpcDb. 
7Si, l; il/Zl. S-'jpcLi). 45. 7-upcLn. 68'; 

58': «30/U 

Bnckhou-.e Dudley HOoi 35®._ 

Bridgend Processes i5di 13® 13 1 13’; 

aridnn *?5PI It; 

Brigpcr:-Grundr> /Hlrt?S.> '20oi 36 1317Ja 
aright 'John. Gro. r 25P) 37>' 

Rrlnray Group (501 8'- 8 (3011 • 

Bristol Evrnmg Post -:2 Spi 1100 
British-American Tobacco SocPrl. 46V1® 
I;!®. 6ocPr(. 371. (2 21. 7pcLn. 8S<z 

Associated Newspapers Gp. «2 Sp) 153® i British 4mer,can Tobacco In*. TO'iPcLti- 
2® 50 1®. 6'4pcLn. 56® 12,2). 8-Vpc \ 92'-: 3V 2 V. 9'eocLn. 130: 2 

Ln. 73': >2 2> /British Benagi Carbonising mobi 20® 

Associated Paper industries (25o' 51® 50'; . Brit Bldg. Eng. Apos. /25p> 60 

2.’2l. 9'jpcLn. 100 i2.2) 

Associated Portland Cement Mfrs. 238® 2 
4 5 3. bVPcDb. 52'. 1 31 ill. 7ocDb. 
67V®. OpeDb. 790 Bl-_ (Z12 1 . tO'.pcOb. 
89. 6>4pcLn. 47 (2/2) 

Associated Sprayers (10pi 29';® 

Hrit. Car Auction Go. MOPi 42® Ifj® 1 

Bnt. Drdg. '25Pi 22'-® 20 

Brit. Elec Tract. BocP/d St l- (31 1). Did. 

<250< 102 1 TOO V SpcDb. 37 42/21 
Brit. Enkalon '25p> 13® 12 
Brit. Home Stores (25 d) 197® 1 90 69 

State survey for 

Amalgamated Distilled Products MOpt 36® 

Bass Charrington iZ5p) 138':® 6:® 5 7® 

8 9 7 6- J'/PCDb. 1977-79 924.:. 3VoC 
Db. 46'1 (2/2>. BUpCDb. 1977-79 99 4*. 

BVPcDb. 1987-92 7B>; (2 2). 4>:PCLn. 

46V® (212). 7 VpcLn. 70, 

Bass Charrington Brewers 7^ucLn. 66«* 

Be(haven Brewery GrauP '25pi 42® Z 
Bell • Arthur) i50p) 214® 10® 120 10 7 8 
Boddmgians 8reweries i25p) 133® (2 2> 

Brown 'Matthew' I25D' 107 <31/1) 

Buckler’s Brewery <25p) a* 

Bulmer iH.P.l Hldgs. '25o> 137 9 (2/21. 

O'-pcPt. 110® 

Burtonwpod Brewery 'Forshaws) '250' 


City Of London Brewery and Inn. Tst. Did. 

,2501 56®. 6pctStPt. 46® 

Clark ’Matthew) iHldg-.i '25 d' 156® 

<2 2 ) 

Courage 8pcDb. 74 (30 1'. tO';pcLu. 38'; 


Davenports' Brewery imMs) '25 d’ 94® 

3 iD 3 

Devcnish rj. A.» '25pl 153® 

°Az" e z iifzH' f?aic£i. 7 69':®'9 f.'.ia”:I MR. PETER SHORE. Secretary local authorities to ensure rede- 

10.5pcLn. *91V®' 2 ' ' * ' ' --* - c 

Greenaii Whitley '25nt 104®. 


. . __ VpcOb. 

72V ■ 1/2>■ 8'aPClrrd Uns Ln. 60U 
Greene King Sons <Z'5pi 218® 17>:®. 6Vpc 
Uns.Ln. 6D V HDD 

Guinness 'Arthur) Son <Z5pi ie2® 79® 
8®. 7VocLn. 65'; *30/1 ■. lODCUns.Ln. 

84 V '2/21 

Hardvs Hansons (25p) J4S 

Highland Distilleries i20e< 1580 5 6 3 

1 4 

Higsons Brwv. 6<;PcUns.Ln. SO '30'1j 
/nrergortfon Distillers iHldgs. 1 <25PI 91 


—is this a record? 

The following cable is a comprehensive norv-selective list of share 
recommendations made by the mysterious share tipster who operates 
under a pseudonym in the Private Investor's Lerter each month. 

Price when rale 

Price when Recommended % 

76 Sept. 






Fundinresz Capita/ 





Joseph Causton 


House of Fraser 

Hanson Finance 






















77 Jot. 

Ladbroke Warrants 

Coos. Plamadon Warn. 








Sc. Piran 




60 xd 





Wit Nisei 

' 14 




Capital & Counties 

Orme Dcvlts 

Town & City 

D* Veie 













Vikine Resources 





L*e Cooper 





Mf, Qurbtte 


















Oil Exploration 





Jas. Walker 

Berkeley Ham bro 







On the basis of this performance. Private Investor’s Letter is 
indisputably worth many times its modest annual subscription 
for its share recommendations alone. In fact it is far mare chan 
a list of share tips: it is a comprehensive, succinct, reliable guide 
for the serious (and would-be serious) private investor. For details 
of a FREE TRIAL offer, write or telephone now. 

of the Environment, has asked velopment of railway surplus 
nationalised industries and land. He adds that ER is already 
statutory organisations to make undertaking an immediate re- 
a speedy survey of vacant and view of its holdings of unosed 
under-used land holdings in land. 

areas of particular inner-city In a separate letter to-Mr. 
decay with a view to develop- Peter Parker, British Rail chair- 
menu man. he says that similar assess- 

He has asked the chairmen of ments by the other main 
these organisations for a pre- nationalised industries would be 
liminary list of sites for the a valuable basis from which to 
seven inner-city “ partnership ” develop greater co-operation 
areas in the next few weeks, and between the industries and local 
for an indication of whether in authorities, 
the short term they will be deve- The review will cover areas 
loped, disposed of or improved, jo Islington. Hackney. Lambeth, 
The bodies approached are: Liverpool, Manchester. Salford, 
the National Bus Company: Birmingham, Newcastle upon 
National Freight Corporation; Tyne, and Gateshead. Dock areas 
National Water Council: British to be covered are those of the 
Gas Corporation; Electricity Docklands Joint Committee. 
Council: National Coal Board: The White Paper on Policy for 
Post Office; Civil Aviation the Inner Cities, published Id 
A uthority: British Airports June, said the Government pro- 

Authority; British Airways; and posed to seek ways oE securing 
doeir and port authorities. more quickly release of surplus 

In his letters Mr. Shore points land in inner areas, or improv- 
to British Rail's initiative in mg appearance of land for 
making joint arrangements with future needs. 

92. 5’:PCDb. Wife BtsfcDb. B8a» CV2) 
BriL Lvrland (50b) 21® 9 2 30: 22J 8 

Bril'. 'uyTafiti'" Mato'r'"Cgb. BpcU. « 
UT'I). 74pCLn. 470. oKLn. 4? {2/2J. 

7 UbrLn £2 
BriL MotiaIf Spinners C25o) 30® ?»» ««) 
Brit Northrop (SOM 100 131/1), 


BriL Steanf C20p) 83 

BriL Sugar Coa. 450 0,2) 

BT'L SYpbgn ("«. (TOP) 61 

Brit. Vending InifeMOc) 30 

ssram's, 1.0®, M nB 

Bromsgrovr Casting *3 n/ZJ 

BwkSbS* Auraau’MaWalrfJOp) 61 

Brook Bond Urtig (25p) 45h S |- 5vpc 
ruh ta rao/IL 7.'<DClJn5e<-Ln. 65UO _ 

D * a: 7 fo £°& 7 8 


Brotherhood /Peter) <50o) ITS (31/» 
Brown Jackson (20 d) 25® 

Brown Tiwse (ZSci 94 (3111) 

Brown Bcneri ICebt ClSp* 46 J1/2) 
Brown Bros. Cx*. OOP) 21 Js 
Brown (John) 284® to 3® 78® 61 4 3. 
Brownlee i25o) SO 

B run ion 9 (Musselburgh) (25 b) 10S C2/2) 
Bryant Hides. (25rt 45VS _ 

Buigln (A. F.I £5bl 26. A Noo-Mfl. (5p> 

BullouBh (2Op) 130® 27® _ 

Bulmer Lumb (HUfOs.i <20p) 41>j GU2> 
Bunti Pulp Paper (25p) 105 tSIll) 

Burcu Dean (25p) SB 9 (30/1) 

Borndene Inv. (5pi 16 OB) 

Burnett Haiiamshlre Hldgs. A Non-rta. 
I25p> 166 

Burrell (5P» 14i« (2J2) . „ , 

Burroughs Machines 3It»cUnsec.Ln. 112 
Burton Gro. '50pl 127. ANon^rtg. (SOp) 
121 ® 19 17 16 15. 9L(PcU nsecJJt. 74 

B ^ 1 Masco iHldgs .1 (17'ro) 73® ( 2 J 2 ) 
Butilns 6 i-bc 1 stMt.Db. 74 (30/1) 
Butterfield Harvey C25p) 68 ® 7 


CGSB HMsc. (IOp) 22*: (30/1) 

CH rndstls. (IOp) 28 131/1) 

Csbleform Grp. <5 di 69'^9 B »2 71 69 >). 

Nm (So) 69® 70 12/2) 

Cadbory Schweppes (25pl 52<«® >1 3 2L 
3>2»c1stpr. 461- 130,-11. 9pcUit9ec.Cn. Bit* 

Cairo (Dundee) <25p) 14 <31 Ml 
Cak»br»ad Robey A (IOp) 23 (31/11 
Caledonian Assoc. Cinemas (25p) 360 
Calor Gas Hldgs. 7pcOb. 73h (1/2J 
C arm ord Eng. (IOp) SI 1; 

Campari C2 od) 129 1 / 2 ) 

Canadian Overseas Ftcang. Inds. SUS3.0C® 
Csoning Town Glass 12 pcDb. 93',® 
Canning <W.) (25 d) 61® 

Case Inds. (25p) 113 11 (2 2) 

Caplan Profile Gro. (IOp) 78® 
Capper-Nelll (IOP) 60>: 60 2 
Capteals (So) 46 u CV’2) 

Caravans tutnl (Zoo) 84 5 At- 6 4 9tz 
Csrldo Eng- Gro. r2SP> 65® 25,: 3S 
Carlesa Cape I and Leonard (lOo) 34 S 
Carlton Inds. (2So) 171 C1?2). lOpePf. 

BO'.; (30:i). 9':Kln. 7S (31 Ml 
Carpets Ininl. (SOp) 42M. BUpcLr. 64® 
Carr (John) (Doncsnter) i25o) 45® 
Carrington Vtyel/a <2SoJ 3 B»j if * 7»! 7. 
ei^cW. 56 5>j (1/2). A.2ptDb. 55 

<31.'1). 7pcOb. 731: (3171). 8-ApcOb. 

761; (2/21 

Czrrpf) iHidps.) (JSP) 57 12/2) 

Cave nh am 4i : pc1atPf. 29t®. 6'xpclstW. 
44 W. 7oc1stPf. 4BJ? M/2). 10pel St PI. 
96i« 9. 91«pcLn. 774*® 

Cawoods Hides. (2Sp) 129 C2f2) 
Cenwot-floadatom* Hfrfas. (25P) 120® 4 
( 2 / 2 ) 

Contra! and Sheerwood (5P) 44 
Centra^ Mntg. Tradrng Grp. ClOp) GTtj® 

Centre Hotels (Cranston) SUPcIstDb. 77gj 

Hi (2/2) 

Centreway (50o) 193® 4® 6. llpcPf. 


Chamberlain Grp. /25 dJ 51 (2-2) 
Chamberlain Phinps C10p» 40'r (2.'2) 
Change Wares MOpi aiij. IZocPId. 20®. 

lIpcNewWd. 21 ( 1 ( 2 ) 

Channel Tunnel Invsts. (So) 50 (t.’2) 
Chapman <sop> 77 8 rso/H 
Chlonde Go. I25p1 97'.-® 7® 7 6 8>j®. 
7!rocDb. 72*. (31.1 > 

Christies Intnt. MOo) 71 3 (2.- 2 ) 
Christie-Tvler (IOp) 74 # 50 4‘; ( 2 / 2 ) 
Chrysler 1 SUS 6 .ZS, 9 (31 Hi 
Chrysler U.K. S'.pcDb. 64 i2/2l 
Chubb Son < 2 Cpl 123. B'-pcnscd.Ln 781;® 
Church i25p> 194 (300 1 
Clarke /Clement HWflc.) (Z5pl 64 (3071 > 
Clarke Nkholls Coombs (25p» 86 7 
Clarke (T.) HOP) 27® 

Clay (Richard) r25pi 62',g® %® 

Clayton Son (Hldgs-) (SOp) 74 (2/2) 
Clifford 'Chartesi Indus. 66 
Clifford's Dairies (25p) 44ii (31/1). 

C2Sp, 36® 5 7 (2i2) 

Clutsom-Penn (ntemtl. 7'dxJndDb. 741;® 
CoaUte Chem. Prods. (2 Sc I 67 
Coates Bros. CSd] 71 aim 
Coats Patons (2Sp) 670 (, Bb 7. 4»roc 
Unscd-Ln. 39bL« 40te, 6bPcUnS0d-Ln. 
581; 6 b »31/11. 7bPCUnpcd.Ln. 67® (2JZ> 
Cole IR. H.) (25p) 117 (2/2) 

Collins (William) Sons iHings.i f25p) 132® 
S® (2/21 a (2So, 134 12/2} 

Cmyben Gp. (10PI 28. 7-'.pcUnscd.Ln. 64 

Combined English Stores Go. (121-P) 82®. 
7> 4P cPf. si i 

comet RaaioriiTon Services (So) 100 New 

CompAir (ZSpi 100 

Compton tj.i Sons Webb tHIdgs.) (20p) 
26 7 •2/2* 

Concentric i10p> 43® 

Continuous Stationery MOP* 37 
Cook j (Wi*tian , ‘ Sons 'She(field- (20 pi 29 

Cooper (Freoerickr iHIdgs.) IIOdi 16® 
Cooper Indus. MOpi )7 
Cope Allman Intemtl. tSpi S3,;®. 7i^c 
Untcd.Ln. 85'j (2>2> 

Cone Sportswear MOp' 80 »2’2a 
Copydex IIOpi 30 iS1/1) 

Corah <2So, 36 * a ® (2.2) 

Cora; Leisure Gp. (10 p» 119® 7. New 

Cornercroft (20o) 49 51 O/Z). 6bPcPf. 
J5Op 1 23 f1/2» 

Cory (Horace, &ijpcPf. 20b# (212) 

Cosalt ‘ 25 o, 71 

Costain (Richard' (25o) 258 B 60 
Countryside Proo*. '5pl 35 b 6 (2,2) 
Courtaulds iZSP) 116® 17 18 19 16b. 
7pcDb 77b 8*. 6 1. 7bPcDb. 75. 5buc 
Unscd-Ln. 51 SO: 6i z pcUnscri.Ln. 59® 
6t. 7'jpcUnscd.Ln. 65 U. 74jpcUnscd.Ln. 

Courtney Pope *Hldgs.) <20p) 64 (Z/2) 

Courts (Furnlsharsl A f25p) 93'a t30(1) 

Cowan de Groot MOp) 65 11121 

Cowie (T.i .5p) 39 (2/21 

Cray Electronics MOp) 30 (31.1 1 

Crellon Hldgs. (IOp) 29b 8 7 

Crest Nicholson MOP* 68 

“044 Pood Ingredients Gp. 6)«pcOb. 72b 

Croda inter nil. Moot 52® 4. tO^pcL/nscd. 
Ln. 74i30'1) 

Croda OlcDchemicals Gp. 7pcP!. 52'- t3i;i> 
Cronlte Go. »25p| 37 ,1.2) 

C ™PPW- aames' tZSpl 39 a 2). 9 pc 
U nsrd.Ln. 66 ': (2 2, 

Crosby House Gp. 7ncPf. 50 <30'1) 
Crosby Spring Interiors MOpi 20;# ij-;o 
Cross and (R A. G-, (5p, 37'.-:® 

Crossley Bldg. Prods. CZ5p* 69® (2/2) 

Ellis Goldstein C5nl IM <30/1} 
Elson ftobWns (25P) 76 
EtSwick-HODDOr (5P« ZOb# 20® 19 

umtassbu af°- 

___IBS 7 

Empress Services Hldas- MOp) 12k 
Emrav (5M 6 S*« C2J2J 
Soalou P/as rid «25p> M IJO)- 
Etrarov Services Elecs. <10» 1»i, 

EnuIKh Overseas Inti (IOp) 32b 
ErtgHsh Card Clothing (2Sp> 78_ 

English China Clays i25p) 76b 7 8. 7toc 

Euro. Ferries C25pi 105® 9® 4b 8 4 

eS*| 5^ QM 97* MB® S (2tZ) 

Ever Readv (Hldas.) CS5 p) 154 
Erode Hides. &Of>)73 (Jim 
Ewer (George) pop )1 21 OSO . 
Excalibur Jewel iarr C5o) 19 b® 
exchange Tries raoh tftidssj 102 

Expanded Metal Qfia) £2 

S^tSmalroan. Gro^CZW 22 b® »* 

fi i ssa, i ssss; s .«», «,< 

Fairvtew Estates (Ido) 101 
Fared! Electronics 120 pi 205C2T2> 
Fashion Gen. Invest. I5p) 167 012 ) 
Federated Chemical Hldgs. C25o) 72 0/2) 
Federated Land BuMdJra C&p) 36® b 
( 212 ) 

rrrfru fTOp) ZO 
Felixstowe Tank D e r c looinenta 7^pc1st 

(Hides> 146»«2> 

Ferguson Industc. Hldgs. l2Sp) 100 02) 
Ferranti S.BOpcPf. 50 b M/21 
Ferry Plctcerfng Gp. »10p> 67* 70 (ZJ2> 
Fertfranan <Bj sons czoo) 37 
Rdri/ey RatHo OOP) 76 031/I> 

Hoe Art Developments »P) 43® 2V® lb® 
RR/3S Hldgs. et>P> 107 CSO/1) 

Rnlay fjamta) SOpl 2BB 

Finlay Packaging &>) 20 Cl/2)_ 

First Castle Secs, ft On) S7 b 8 9 ntZ>- 
Ftrth fd. M.) fMetab) J10p5'33 fife 
Fteans 370 82 69 60 7 74. Gec2ndOb. 
67b® (212) 

Fteh L oval I CZOp) 60 59 61. 7L«PCLa. 

FHgiy RetiiMBug IwSigsO *2Bp) BB (212) 
Flu/drtve ffng. OOp) 63 b 031/1) 

Fodetrs ZSOO) 57 /31|1) 

Fogarty CE-> « 2 Sp / 112 10 <2/23. lObPC 
PI 106 7b 6 a/ 2 ) 

FoJkea (John) Hefo «o) 21 . NV (Bo) 
21 e 1 

Poutwear Industry Wiv. C 2 Sp) 65 C31/1) 

Ford intL Capital Corpn. BpcLn. 76*. 
7»«cLn. 91b 

Ford tMartiiy nOo) 32 01/1) 

Ford Motor (US21 SUS42b £29 

_ _ _ _£294 

FprmhKter HOP) 130®. IOpcM. 107b 



Foseco NHnsep ( 2 Sp) 141ti® 2 . 

52 ao/ij 

Foster Bros. Clothing C2Sj» B 2ta 3t 
Foster /John) son ( 2 Sd) 26b®. BpcLn. 
60*2 1 (30,11 

FotiiergtN Harvey <2Sp> 87® 7 012) 

Francis Parker (lOo) 124 12 11b 
Freemans 'Lond- S.W.9) (ZSp) 280® 78. 

7pcDb. 674® H C2/2) 

French Kler Hldas. (25p) 28b 9b' 
Fried [and Boggart Group (25p) 91® 


GEI lntl. CZOp) 72 4 
G.R. (Hldosj f50D) 426® 19 20 
Gal|aher 6ocUns-Ln. 85 (3111) 
GalUford Brindley <5p) 63® 1 
Gartord-LHIey Inds. <5p> IS 4 

‘ all 

Geera^&oss (IOp) 44 (2/2). New Cl Op) 

General Electric (SUS2.50) 30b (3011) 

General Electric (25p) 254® 62 ® 52® 
S0867S342. 4^cUnS.Ln. 884 b 

(31/1J. 6 pc Uns.Ln. 1976-81 B7 131/1)7 

wsfr t’Jzsj.So^sp-o, p&es 

Rate Uns.Cap.Notes 994® 100b 99 
General Engineering (Radcllffe) (IOp) 19® 
Geszetner Hide*. <Z5p> 1740. A OSpl 
172^5. TOocCnv.Uns.Ln. 117 16b 

Gibbons Dudley (ZSp) 65® 

Gibbons Stanley) Inti. U5p) 162® 4® 
Gfddlngs Lewis-Fraser . 44<peCnv.Uns.Ln. 
5Sb (31/1) 

Gieves Group C2Sp) 95 
Gitgate Hldgs. OOP) 9® 0)2) 

Gill Dirffus Group <25pJ 211. SpePf. 

Gland eld Lawrence 8PCCnv.Uns.l_n. 

G^Usgow Pavilion (50b) 145® (212) 

Glass Metal H/dgs. non) 64 

Group BtrDcUns-Ln. (SOD) 31 



A | Gtmco 'Hidta.'Vsdp) 5«® 60XB B7 60 
55 6. 7 4PtCnv.Uns.Ui. 119b 18 

Gleeson (M. JO (Controcurs) OOP). 4Sb 

Crouch Gp. i25pi 67b tH2i 
Crown House i25p> 49> a 8 »2/2) 

tJohl,> G 0 - <2Sp) 35 0(2). 5PC 

Pi. 34Q 

CroWher^CJohn Edward) (Hldgs.) SbscPf. 

£rr^*. lat £. «<*«■) (spi 2344 ® 2.*« 

Cullen's Stores A (SOpi 69 

C 2o® r Guard Brid9e QSp) 19 b® 

Cummins Engine 3V.pcUnsecd.Ln. 89 
Currys 1250)^198® 200® 199 
Customegic Mfg. (IOp) 20 

Dale Electric InL <10o) 143 40 
Danish Bacon 11B )2i’2) 

Danka Gowerton (ZSp) 73 0/2) 
Dartmouth (nvstS. ISO) 16L® 

Davies. Metcalle A (IOp) 27 
Davies. Newman jUdos. /2 Sp> 117 

Davis (Godlrer) /25p> Bib M/2) 

Oa«y Int. i25p) 2300 29 

D '31M) a5rt U2 ®' A 12505 111 

K awson Uames). Son <25n) 87 
e La Rue. /25p) 270 67 
f* Vere Hotels. Restaurants (2So) 165 

Debenhams r25n) 99® 101 b® 1 004® 98 
7 7bpcDb. 69 ,30/1). 6 'recLn. 65 b 

(IraV 7 vWSft 64® 

•I'2/‘ t1pcLn ' 1 ,B ® b® IS b 17 

Deeca (25p> 455 50 iZ/ 2 ). A ( 25 c) 440 
Orison (lOo) 20 ® 12/2) ' 

D V,“ ^2 tal '?So) 69. 4bPCffi. 371: bt. 

7 : ^ D0 - 75 «'=>■ lObpcDb. 94 b 

Oriibyware i25o) 81® 

Oew (G.) (25n) 1E6 (31/1) 
pewhurat (1. J. (HlngsJ flOp) 55 7 

GtenfleW Kennedy 5tedL». 79VJ 1 b 
Glossoo CW. and J.) (25P) 57 <31«) 
avowed (25p) _101 1*. KMrpcLn 90 

Gctihi) (^) tU Fowa 1 rd Sona 6p«»f. CSOp) 
18 *2/21 . • 
Gomme Hldgs. (25p) 73 
Gough Cooper (2Op) 73. 

Grampian Hldas. C25P) S4 
Granada Grp. A (25P) 92'MS 90 1 
Grand Metropol'tan -SOn) 96® b |b 5 
7 6 4b. Warants 12 G/2). Spepf. 
40. T'-pcP*. 83 (112). ,„ 81 a»«J-n. 98 
• 2/2). 9 'ipeLn. IDOL (2/21- ICocLn. 
Ill® S'»® 8 7>j 9 7 ft T! 

Grattan Warehouses rZapl 124® B • 
Great Universal Flares (25 p) 288 (212'. 
A fZSpi 277® «® 82® 75® 6 2 5 4 8. 

Greateroiaiis Stores A (RO.SO) 130 (31(1) 
Greermeid Ml Hetls flOni 42 ® 2 
Green's Ecrmomlser i25o) 76 

sarra/aftiS. M 

GuesL ><H K*w ,) Nerttriolds 2687® 70t 70 
3 1 Z 69. 6bocLn. 53b 
Guest Keen Nettlcfaids rU.KJ 6bncOh. 
1976-81 87 b. 6’iPcOb. 72 0/2). 

lObpoDb. 91 

HAT. Grasp <1W> S3 

H.T.V. Group N-V tq- <2 S p» 170*11 __ 

Habit Precision Enotneering CSp) 2Tb 

'carrier (25o) *1bO fO® 90 
■ John) MOo) 110® 11 

Han^nsuSring ’ 'moWtno®. *50p^_?Z®. 

7bpct-n. 1992-97 



0 ntoT?ib# ,rtno ’ t10B> 10l » A 

Victory in High Court 
for cassette company 

j To: The Private Investor’s Letter, Dept. 1PL, 

| 13, Golden Square, London, W.l. 

! Please send me by return post details of the FREE TRIAL offer, 
j for The Private Investor's Letter; 

Name .... 

Capitals Plum 


J Or phone 01-597 7337 ( 24 hour answering service)^_1 

THE world’s largest producers pictures of certain artists . in 
of recording tapes yesterday won their advertisements.- they had 
a Hipi) Court wrangle over the infringed copyright and bad now 
marketing of Wank cassettes, stopped this. But it denied other 
C laims by 24 record com- ^legations and said that the 
panies against Audio Magnetics in ® re sa 1 5,°f ta Pfs codd 

Inc. (UJ\.), of Reading, Berks— n0 * a ?? u . I1 t . to 1QCl ting the 
tie EnylUb eebsIdiaS- of u> P u |'’= « 

£3351 TOMS 2SS 

law, aod defamation, were struck ^oll?sdL^ c kmiu e ^. 
0U «.‘^ , ■ ... „ tions that Audio had incited the 

The c J5 ims ,55£. 1 oS m r P ub,ic to infringe copyright and 
reasonable cause of actioa, Mr. cer ta| n other claims. 

Justice Foster said. The remaining plaintiffs, 

He directed that -0 of the ^ and M Records Inc., its 
companies that had sued Audio Eng H sh subsidiary A and M 
Magnetics should no longer be Records. EMI Records and Poly- 
parhes to the aetion. dor, were entitled to temporary 

They had also alleged that injunctions, protecting their 
advertisements extolling Audio's copyright in photos and illustra- 
blank tapes, incorporating a pic- tions of artists, said the judges 
ture of artists in which four He left the wording of the 
record companies held copy- order? to the parties, 
right, bad infringed their rights. The record companies said an 
Audio conceded that, in using appeal would be considered. 

gHSJw (2ocr 22 !) f3i m 

[HeMnMn Robinson Groan i25o) 115® 

gfxT s . 5 p D rss rj 4 B S' c , ” 85 ^ 

bn] 3fl 40 

Dabson Park Intis. (IOp) 67 
S5 lan, L.‘Georg*) (IOp) 24 (30T) 

Dom Hldas- MOo) 66 (30'1) 

DouBta (R. M.) Holdings /25pj TOO (1/2) 
Dowd ng and Mills tSn) 23® 

Holdings (IOp) 33® (2/2) 
Dawning (G. H.i (SOat 221® (212) 
Surgical nop) 34 (31/1) 

□owtv Group (SOpV 161 59 6 7 B 
Drake and ScuU Holdings C2Spi 21® 
DuMfer (Spi 16 ® is t, ( 2 / 2 ) 

Steris (25 b) 122 (2I2i 
Dutay Bltumastlc (10u) 35 
Ounbeff-Comber.Mara non) 136 8 
Dundonlan (20p) 49 
□unblll (A.I MOpi 349 (31/1) 

f*P' 'IJ® S Zb 4b 2. 
5y° C H.' 52 1 !®- 4HpcDb. 63 (31/11. 
6-\pcDb. 72b (31/1). SccLn. 70i- (1/2) 
Dunlop Textiles SI (30/1) “ 

Du&e lrrterrutlmat (So) 140 i . 51 -® la 14 
Dupcrt (25o' 62b 3. SpcDb. 64b* 

Dura pipe international (25p) 122 
□utton-Forehaw Groonp (25p) 44 ® 31 - 

iBBfWS** 62 W2X NV A “ 


E.C. Cases OOp) 17 (112) 

EMI (50p> 176® 83® 77 B B BO. 4.0Z5PC 
Pf- SJij. 7t,peLn. 6 Sb 4b. BbpcLn. 
198! 1021 * 3 H- nwmfcn. 

ERF (Holding*) ( 2 Sp> 164® 5® 

East Midlands Allied Press A LV (25p) 

Eastern Produce (Holdlngsi (50p) 83:®. 

lObocLn. 75 4b (30M1 
Eastwood (J- B.) ISP) 96 4 
Econa nop) 67 (1/2) 

Emm (Holdlmn) (25 d) T35t 

Edwards ft. C-l Sans (Maodieseer) (Ho) 

Elbief (So) 14i- ( 3151 ) 

Eleco Moldings MOo) 40b# 

Elec. l«d. Secs. (25ok 44 
Electrocomponencs ilOol 330® 22 6® 4® 
Elec Machine (Mp) 19b:® 20^9 20 
( 2/21 

Elec. Rentals Gro. (IOp) 121b® b 2 ZD 

Elliott ,B.) (25p) 95® 2'b . 

Elliot t_gro . Peterboroug* (IQp) 18® 

EBB flWknDPd) £5P) 18 

fibpoPI. 51 (3011). 

76 <30/^0 
Hal) (Matthew) (26p) 166 (31111 
Hritam Sleigh Cheston HOP 1 ' 20b?® 
HatIHe HoltPouS (SO«H 139 CK2) 

MVM (1 Oo) 601:® 59. __ 

Halstead (■jamesi m<- J d/mTSf rtOP) 16® 
Hamiiboroe n*bpi 37 (3l<1i 
Hampwm Industries ‘S®’ !«#.■ 

Hairimea Corooration /SA0.2S) 9S (2*2) 
Hanson Trust (250 129'»® 8® t 

Hardy (Furnishers' 17Stfl 32 lb 1. A 
•restricted voting) <25o» 31 
Hire reaves Group '20j) 59 <1S' 

Harris Sheldon Group (2Stf) 46«> 7 b Mi2* 
Harris (Philip! (HoWnqs, ITOpl 65'- -31(1) 
Harrison iT. C.) *25tf! 109 10 (SUll 

Harrisons Crosfaeid £3b ?a . . ___ 

Hartte Machinery International Q5 p) 22 b 

Hartwells Group <2 Sp> 86 C31'1) 

Harveys ot Bristol BbncDb. 1982-57 76 

H?wier Saddeler Group <2Ste 176® 8 6 S 
80 5i*scPf. 51b <30/11- 7bocDt). 
1957-92 73 b® 0*2>. BbPCOh. 1967-92 
84 m2) 

Hawkina and Tipson (25P) 69b b €30/19 
Havtiev Goodril Group «P» 11 
Hawthorn Baker (Z5p) 32® 

Hawlln >50) 9® '■ b 

Hay iWormtn) MOP) 41 40 • 

Haaell (Q.) 6bpcLn. 19BO-65 65_(S1I1) 
Hat tewoads (Proprtetsrvi rzoo> 58 (3oj1» 
HeacHam. Sims Cogptivs «S »]1 34b BW) 
Heiene Of London C10») 17 b® 16b# 17 
HeHcal Bar (2SW 2«® .... 

H-nderson (J. and WJ (HolcdnOSI <2Spl 142 

Henderson (P. C.) Group nOjB* 66 (30(1 * 
Henderson-Kenton /20p) 68® (2(2) 
Henlys (20o) 12l® 2® 20b 
Henrigues 1 Arthur) nopi 23 (30/1) 
Henshall (W.l (IOp) 16 *212) 

Hensher (Furniture Trades) HOP) 23 4 

Hepworth Ceramic Hldgs. (2Sp> 81b 80 
Hepwortn CJ.) OOel 60. lOocPt. 36 (1/2) 
Harman Smith MOo) 11b OH* 

Heron Motor Gp. (25pl 103b® 

Hestalr (25P* 116 . 

Hewden-Sturart Plant Cl OP) 52 
Hewitt J. (Sp) 22 (3111) 

Hoyvnxx) WllUams Gp. (SOp) 71 67 <30'D 
Hickson and Welch CHidssJ (50 p) 31 Ob 

Hleld Bros. (Sp) 11 
Higgs and Hill (25 p) 82 80 
Hlghams OSal SO (31/1) _ 

HlphUnd Electronics Op. <20p) 22% 

HI'I and Smith (25p) 41® 4qb® 

Hill (COariesi 6 pc Pt. 40b (31/T) 

Hill (H. and J.) Gp. OOP) 17 C31/1) 
Hillards <10pl 175® _ 2 ® 9® 70 
Hinton (Amos) (10p> 70® 69 (2/2) 

H/rst and Maffinson QOp) 39 (30/1) 
Hoectuit Fin. JOpc 117b 

' 58. 12pc Lr. 100® b® 

Honnung S. (25 P) 6 B. 1 2 pc Ln. 1 

Hold an (Arthur) (ZSp) 66 ® ( 212 ) 

Hoi Us Gp. C5p) 55 7 _ 

Hollis Bros. <25 p) 70 (212) 

Holt Lloyd Int- (IOp) 1Z4 „ 

home Cham (10 p> 119 (20) __ 

Home Counties Newspapers (25p) 5B (1f2) 
Horn fay <Z5 p> 54 (1/2a 
Hoover C25p) 342® 3S®. A Ord. (25p) 

Hormn Midlands (Sp) BB® 6 b 7 ( 2 / 2 ) 
Horne Bro, 7 bpe Ln. E4® (212) 

House of Fraser C25o) 137® 8 ® S® S 
30* 3 4 . BpcLn. 55 
House Crf Lerose (25P) 61® 60®„_ 
Horerlngham Grp. Restr. rat. (25 p) 60 

Howard and Wyndham ( 2 On) 22b (31/1). 
A (2Dp> 19 1 , 

Howard Machinery (2Sp) 34 
Howard Tonera Service « £25*) 24b 
Howden Gro. USp' _sa C3in> 

Hudson’s Bay Shs. £1Qlit 
Humphries Hldas. C25p) 13< 4 « (2 72) 

Hunt and Moscrop (Middleton) (5p) 28 

Hunting Associated Indus. ( 2 Sp) 216® 

Intttl. Timuer <25P» 127® 5® S 4b- lope 

InrereA 0 Gp. (SOp) 73 

JCEG (250) 25 (30/11 
(W.l (230) 24® 

Jacks (VO C25o) 
jacksoo ‘ 

4 ® 

> 28 n/ 2 r 

> (J. H.B.l (5P> 38 
Same* «.) GP. (23pi A*.™ 2 ], 

James IM.) inds. <Z(%>)10U <2m 
Jarvis cj.' (25p) 190 87 1 12/4 
Jcntlaug H>K 05j* 31 Jl..,, 

Jessups (Hl».) il Op) 40 <3 > 

Johnson Firth Brown 1=8 

n.MpcPf. iso aom. lOpcUu szb a 

(2/2). UccLn. 93# «£» . _ A ■ 

Johnson Gp. Oeanm (Mp) 7* 

JghiMOi) Matthey 463 <2fl) __ 

JotHison-Rlcnards CH. RJ TUes (SOo) 321 

Jews (Edward) (Contractors) OOn) 13 

Jona*.* Strand (HldBEA (ZSei SS. laxPt. 
107*t (31/1) 


K Shoes (2Sp) S3® 

Kent VseoTOn) BpcDb 63b®. 

Kern (irf W p!) (IOp) 37 (2JZ) 

1(5^^ (R^herH^ Taylor (IDpV 63® 

Knott Mih Hldgs. (lop) 14 0/2) 

Kotfa Intel. (29P\87® OO) 

Kraft Prods. <10P>, 12 (3W1) 

Kwik-rtt (Tyres and Extiauste) Hldgs, (IOp) 


Krrilc Save Discount Grp-. OOP) -173 5 

. (v;2) 

Press (will tens) (So) 27 6 
Prepiae (IOP) 720-1 
Prectioe I2£p) 156 
Pride -and Clarke SIS® . . 

Priest (Benlamini Sons (25o) 76 rat 
Pries® Mariana 80 1 
Primrose Industnal HKJ.IOI 36® 
Prince of Wales Hotels (2 sp> 100 (30/1 
Pritchard Sics. iSb) 30 b 30 
Props, of Hay's Wharf 143 2 . 9<-pi 

92 . ' - ' 

Prov. Laundries <5p) 8 b 
Puilmaii (R-.J.) isp) Be® i2;zi 
,Pve Hldgs. (JSp) 101® 100 
72(pc£)bJpye of Cambridge tbPCOti. 581< 9 



LCP WdBS> (25p) ®® 6 

LK. Industrial invests. OSB) 36 _ . 

LRC Intel. (IOp) 41b® b 2. N«*r_(10P) 
39 4flb 40 37/ui ht 
•74®. 1 0 becLn. Mb OOri) 

2 S 3 Warrants 

Lukin (John) 

(25P) 144® 3® 6 

Lahd GroTaSp) 77® 7. SpeLo. 82® 
Lake Sp Etiiot (ZSr.) 59 (2fl) 

Lament Hldas. (lOpTlfb® 

Lancaster (D. MJ fin) 6 ■ 

Laporte intiustries (SOo) 94® 4 

lSSSSc seSSmp) iV3M® w® 12 « 

Uwrance CSp) 102®. (|ft* 

Lead Industries (50P* 143b® 3 
Leadenhall SterHng^fZSpl 97® 

LMcterflush MOP' ID <2f2) 

LeboS-MOp) 53b® 3 2b (2/2) 

Lehur GLSpi 63 
Lee (25pr 7*7 
Lee (12bP> 23® Z (2/21 
Lee Cooper (2501 IDS 2 _ 

Leeds DtstirlCT Dyers t25p) 40 (212). 

LriglT Interests (5P« 148 SO 45b b 9 . . 

Leigh Mills (25p> 14b (MTU 

Lets ore Caravan Paries (IOp) 113 15 C30/1) 

Lennons ’IOp) 33® I 

Lesney (Sp) 62® b b 

Lutraset inter. OOp) 103 

Lerox (5 pi is® _ 

Lewis's Inv. BbpcDb. 69U 
Lex (25P) 72® 2 lb. Wrnt. 24 (30/1X 
SbpePf. 48 (31/11 
Leri and Paint OSpI 62 (31/1) 

Ley's (25p> 60 <2/2) 

Uberty 20 f3)/1> 

Llden (TOp) 20® 19 

LfflushaJI (IOp) 16b0, SpcPf 26 8 (31/1) 
Utley (29o) 76® 

(-industries (25p) 140* 35® (2/2) 

L/ner Concrete (IOp) 31b 
Unfood <2Sp) 144® b® 2® (212) 

Unread (25p> 35. BpCLn. 59 
Ljster t25p' 38 _5 


Lockwoods. Foow J25^I)_114. 

London Midland C250) 7 5 
London Northern *25p) 27® 6 
London Provincial Poster (SOo) 181 
London Brick 05P) 65® 5 4. IdpCU). 
136 (2/2) 

Lonston Transport Hldgs. (25p) 81 
Lonrho GSp) 73 4 5 2- BpcLn. 1980-85 
70 I30fn. 8PCLn- 1981-86 71® 66 • 
Lonsdale Universal (25p) 82® (2/2) 
Lookers <2Sp) 53 (1/2) 

Lovell (G. F.i (ZSp) 35 (30/1) 

Low Boner tSOo) 1697. 124-ixXo. .172® 

Low fWm.l (20p' IDS (1/2) 

Lucas Z50:® 49:® 50 1 48. 73(PCLa. 
76b (212). BbpcLn. 102b l2|2) 

Lyons <J.) 1040 3 5 4. BbccLn. 67b U 

MFI Funrfture Central <10p) 113 
M.K. Electric Hidss. 05p) 170 
M. Y. Dart ilOp) 56 
Macanle (London) MOp) 19 (30/1) 
Macarthys Pharmaceuticals (20p) 100 
McCleery L'Amle (25 p) lib 12 (31/1) 
McCorouodale 240 35 f31/1). 3bPCDb. 
Betj® 7®. BbPCLn.- 69 (2/2) 
Mactarlane (Clansmen) tZSp) 620 (212) 
McKechnle i25o) 90® 89b®. iopcLb. 
82b il/2) 

McNeill ,25pl 50 49 (212) 

Macsherson <D.) (25p) 56b 
Muonet Southerns (ZSp) 186® 90 55 
Makln (J. and J.) Paper Mills I25p> 82.3 


I5p) 45 

Mallinson-Denny (25p) 47b 
Management Agency Musk: (IOp) 72 
Manchester Garages (IOp) 270 (2/2). 

New Ord. (IOp) 6 
Minders /Hldgs.) <25p> 93® tb 
Manganese Brora* Hldgs. (25n) 87 b. 

BttocPf. 62 

Maple (Hldgs.) (IOp) IGki b 15b (212) 
Marcftwld Holdings (2Sp) 2380 .6 
Marks Spencer (25pl 145b® 39b® 91® 
9 SJ 1 7 5 6 

Marier (2Spi 870 3b® 3® 3 .1 6bpcPl. 
SO 130/1) 

Marling Indust. MOp/ 18 (1/2* 

Marshall Cavendish (IOp) 56® b 6 
Marshalls [Halifax] (ZSp) 97. (ZIZ) 
Marshall's Universal (ZSp) 142 4 2 (3 
Martin (Albert) Homings (20p) 76 
Martin-Blade f25|fl 55 
Martin The Newsagent (25p) 230. Bboc 
Cnv-Ln. 1983.400 (30/1) 

Martonalr interntL (2 op) 151 (2/2) ' 
Massey-Ferguson (Com.Shs. n.p.v.) pBZfl 

M T3fT'\ e (30l1) MW ® 5 ' 7l2tKLa - ,9B7 -8 Z 
Matthews (Bernard) (25p) 140® (212) . 
May Hassell (25p) 79® 

Maynards (25p> 1*1 

MtMTS Bros. Hldgs. (25p) ZOb 1® 

Meat TYade Suppliers (25p) 89 (30(11 
Melody Mills fZ5p) 66 B’a (1/2) 

ISo/jf’ ° on<1 * n 111,15 Whitson (2 

Meet more Manufacturing (5p) 12 
SJST'JH iHIOOfc) (25p) 298 (2!2) 

294 2 3 GocLn. 89b® (22). 
10‘iocLn. 92 »j (31J1» 

Metal Bdx Overseas 3.875pcPf. 45 (30/1) 
Metal Closures Group *25p) 81# 3 
Metalrax (Hldgs.) (5pl 36® (2,> 2 ) 

Metlov I25pl 390 9 ... 

Meyer (Montague L.i (25pi BTO 80b® 1. 
7'zocLn. 73b >2'2) 

Midland Educational (SOp) 84 3', (30/1) 
Midland Industries CSpi 39 8 

?f-). (Textiles) ClOp) 41® 1212) 

M in Marstera Group (50a) 150 4 (31/1) 
Mining Supplies nop) 68 (2i2t 
Mitchell Cotts Group f25p) 45® ij (242) 

BST'Sff <SS"Z.3" 57 W7 ’ 

Mol Ins I25p) 102® 

Monk (A.) (250) SO* 80 1 

"ssk; " c ”- **■ 

, 5 ^- *«■«« 
Montfort (Kn/tting Mills) 125p) 60 *a <31 fl) 
MonomeTO Serorttles OOP) 9b ij 
More O'ftndl (IOp) 86 (30i»t) 

Morgan ■ Crucible |2Sp) 121 

Morgan Edwards (lOo) 29® 31 (2/2) 
Morrbmn (WmJ supermarkets OOp) 173 
. ( 212 ) 

Moss Bros. (20p) 90 (31 ni 

Mo** eng. Grouo f2So) 70 (31/1) 

M^rttiereare (IOp) 168 ® 71® . 2® 70® 

Mojwt Charlotte invsts. (IOp) 76b 17 
Mgw(em (John) (25p) 122® 

1B4 1 'tz'Z) 250 ' 180 Ne * ° rd ' 1251,3 
My son Group (IOp) 64 5b 5 • 


NCR 4PCLn- 60 

NS5 N 

NSS^ Newsagent? <TOn)_11I fJi/r| 

Nash IJ. F.) Sees. (25p) 69 70 /son) 
N i a ?ScL || rtJOn ‘ SJn « ri 0P> 47 6. 

PfySu (IOp) 80 -- - 

PoHy Rock CWdSSj OOP) 6® . 

Polymeric. Ihml. (10p7 4Cb . 

Ppntin'S CKW) 38 6. 7gcLn. .1S0 QS ' 

Pork Farms <tOg> 393 7 

Portals - Hides. (25 p) 330. BpcLn,. ;■ 

(oljl) , j ' 

Porter Chadburn <20 b) 110 9 7 

Pprvmr aSo) 3 (31,1) 

PoweU Daftryn (5DW 176. 4bacP1. 1 

Prort tFJ l&too -Cpd. IZ5W 66 (l/2i- ' 
Preedy (Alfred) Sons (25p) 6/)®- 80. t 
I OSP) 81®. Do. New USP) 25 J 

Qtsceos Meat Nesses (So) 26b0 t 6 c 
Quick «H. JJ i5P> 44® 5® 4 3b 

R.C.F. Neff <25P) 39 (St/1) 

R.F.D. HOP) 60® 1212) 

R.K.T. Taxtlles -dOpI 69? 70 
Ratal Electronics (Z5p) 200® 5® 1® 

5 2 1992 203 4-200 b 1 . _ 

RatStfy Fashions Textiles <35 p) *6 
Rtim Etwtoetrinfl Inds (>Do) 14 

sssTt^Tw tso>T) •. 
M: Uf jr 

6 44. 5bPCPf. 57 6 (30/1), Spcziu 
70 (31(11. SbPCtJVM 130/1). Sue 

RenkS Z Horis 1 McS^'all (25pi 45 b 6 

SS"Mflsa'sss’ ,»> „ 

Ratcliffs (Grtat Bridsei 6ocisi«. 46b 

Runars Ucmlterei' HOpI 110 11 ' 

Ray Deck HOP) 67® '8b. 6 7 b. Wise 
suh. for Ord. 31 n. ,v 

Raadtcut Intoreti. tSpj 325,® 15*. R3 

Readv**" Mtiteti* Concrete (25P 1 120® - 
IBb 20 18. BbPCUnscd.Ln. 107t 
Redtitt Col man tSOpi 412® 10® J3 

12/2). 6WDS_- 

fl 10. 5ocM. 4) 

RkoTO RldBwaV <25p» BO (IW ' 
RedWarn Natl- Glass (23p> 305® 
Redtffution l25o) »a • 

Rediand (25p> 137® 5 6 3 2 4- 6bPt 

52d> • • 

Redman Heeoan intcrotl. ClOp) SSb®^^. 

Itera (Austin) Gp A (25« 78 (2'2) . 

Reed Executive ISO) 46 4 (31,1) 

Reed Intemtl.,1*85® 6 b 5 3 84. 7' 
Db. 1987-92 71b®. /2jZ). TOpeUte 
Ln. 7TbO v- 

Reed Pub- HldflS. BpcPf. 60J. SiaDtl ■ 
62b (20. -BbPCDb..-76U (W2i.- 4* 
UnsnLLn. 36b# (2/2L BpcUnxtf.Ln, .6 
St- C30/1* - ' ... 

Reed cwnuam) Soo» (25p» 74 «0rti .- 
Reliance Knitwear Gp. (20p) 39 31/1} 
Renold T79 30 28 12 / 2 ) '• 

RentokH Gp. ClOp) 52 3 (31111 . 

Ren wick Gp. (25pt 35 7. - lOpcPf. T 

Rostmor Go. (ZSpi 123- Z11) 

RevMtvx Che ms. (250) 83 <30/1) 
Rwnion) (25 p)\S7 

Reynolds (W. Jj Hldgs. *Sdi 25® 5 
Rhodesia Cement Z25P) 19 '3111 
Ricardo-Engineers •1927) (ZSpi 122. 
Richards Wallington Indus. <1Qp< .. 
7^ocUnSCd.Ln. 77 

Rix (Oliver) GP) 6 b 5b 6. 7bBCDb. \ . 

ROOMS Adlan)' (25ol 97 I30M1 
Robinson Foods (25P> 13S 6 4. 5d 
64 tsim . 

Robinson (Thomas) (25p) 64® 

Rockwarc Group (25 p' 127® “ 

Rolls-Royce Hldgs. USp) 65. BocUm 
Ln. 74b Gll/lt 

Ropner riidgs. A OSpi 39i; 40.b «.'»•- 
Rosg/n H/dfis. (5P) 13 (30M) 

Rotaorint CZOo) 45 (2'2) 

Rothmasw Intel- 6 *1240) 45b® 5 tr - 
Rotork (IOP) 119 tl'2) :i 

RomWdpe Kegan 'Paul (2Se) 151 
Rowllnson Construction Group HOP)-: 
(31/1) ■ 

Row/itree MacWntosh (SO 01 362 3 
Rovrton Hotels (2Sp) IBOt 4 3 0/2) 
Royal Worcester (2Sp) 124® 5® (2,2) 
Royco Grouu (25n) 3Tb 
Rubgy Portland Cement (2SP> 78b 9b 
PT2- (Noo-Vtg) (So) 49ij. 6ncUitsec-l - 

Russell Bros, (Patting(on) (25P) 808 Cfi 

S- Be U. -Stores n2bP) 160 <2/2} -- 
SGB Grouo (25 p) 145. 9>jccDb- 81®.I 
S.K.F. AkUebalaget 8 Shs. iKr.50) r- 
•31/1) c 

Sabah Timber t25o) 34 ' 7 ® 

Salisbury U.) < 2 So) 170® 65® . 6 ® S: 
70 67. 7 bpcl stMt.Db. 70 il* 2 )- 6 

Unsec-Ln- 63J. CSO 'D 
St. Kitts (London) Sugar Factory 17 
(30rl) . ’ 

Sale ■mray.OWJU* (?:Z) 

Samuel (Hj A c25d) 266 (2.-2) 
Sairiuelson Film Service (20o) 110® 03 
Sandeman |Geo. G.i «2Spi 60# 59 - ■ 
Sanderson Kayser (25n) 65® (2/2) 
Sanger O- E.) (IOp) 4S® B 
Sang era Group C5o) 78 
Seville Gordon (J.) Group (IOp) 20® (2/S 
Sawn- Hotel A rropl 72 70 1 
Scapa Group USp< 100® t2/2) 

-—umberger Shs. SUS46I* 

Icotcros t ^^ ,# 82 , ' > ‘ 25B) 

Scottish Agricultural Indnstnca 198 < 2 IZV 
Scottish and Universal Invests CZSoLBBti 

Scottish English and European Tcrifte 

IZOd> 55® lb • ' 

5 «* 

Naed^ra i25o) 32® 

Negrete. Zambra fZ5p) 85 

jSoencer Hldgs. (10P) 76 

N *£ U oT i hsp? , f t2SpJ 90 ® 85 

qAQj 1 ^ 

.- HI 

Newbold. Burton Hldgs. (25p) 3B« 0/2) 
njewey. Group 57® 

QSp) 135 C2T23 

Newman Granger inds. (7Op) 54b 
Newman Inds. I25 pi 70 
Newman-Tonta (25o) 71 (31/1) 

News lit. (25p) 265 
Nichols U. N.r(Virnto) 

Notit Lund a Op) 12 

«Sp» M'J ( 2 / 2 ). 7bPcLn. 83b 

Norfolk Cm:H al Group (Sp) 40b 1 
Normaod Electrical Hldas. r20p) 43 

"Si^ainy *'* n0D) 45 4.2pcPf. 

Enp. Inds. (25p) 59® 8*1 90 
89. SpcPf. 32® ( 2 / 2 ). SJS«P(. 96) 
^«5l«. F °1M < ? S * J ,T1 * 1 0 9 B. 

i?il?*15 r !L£S!? s ^ l4h es aim 

Norton, Wright Grp. HOpi 168 OJZ) 
Norton 6.) (Hidg5.1 (5p> 31® 30 1 
Norv/c Secs. HOP) 27tj (30/ tj. ~ ' 

Norarest Hd« C 2 So) 93® 90 . 

Nottingham Mlg. ,25 d) 106 
Nurdto Peacock non) 89 


13Q® 19®. a N -vtu. 

Nuntioigh Gro. (IOp) 108 (30fl> 

Horst (Ow/tfl (2SP> 860 
Hutch noon IOocPT. 64 00/1) 
Hyman (I. and J.) '5pt 23 ( 2/21 


O.K. Banars (1929). (ROJO) 300 2 a/ 2 ) 

Orme Dew. (IOp) 53 b- 9ocGfw4.n. M 

(SamueO C25p) 85. 8 pcPf. )3%4 

vnstone Z/irs. (RO.T 2 H) 25^ OH?) 
Owen Owen O5o> .78 m/ 1 ) 

£*tey FWntlng Gra. C25p) 54 _ 

Panto (P.) (10p) .34 
Parker Knoll (25p) 
jZSp) 120# 

Parker Timber Grp. t25b) 115 14. 13 15 
130/1) • 

Paterson Zoriienls DOp) 2130 16® 10 
(2t2\ ’A N.-vtp. HOP) 208 (31/1). TOpc 
Pi. 1031 7i- (2/2) _ 

Peuls WtHteS «25u) 1t« . . 

Pawson (L. L.) Son (Sp) 34b . 

Peak levs. (lOo) 9® 1 ®i'/19) 

Pearce tC. H.) Sons CZSn) 130 (27'11 
Pearson Longman /Z5p> I76fi®: lObpcDb. 
_89 (30(7) _ 

Pearson- (SJ Son UGp) 167® 4 ( 2 12 ) 
Pegler-Hottenloy (23 d) 1 S 2 ® 5® 2. 7oc 
Ln. 84® 3* ( 212 ) • - . 

Pennine Motor Gro. Hop) «» (1/2) 
Pentland -Inds; (Ufa) 23 7bKDK 
_78b (30/11 _ 

Panto* (1 Op) 76 ( 2 ( 2 ). 1 SPCLn.. 131 

Pei how KMgs. (IOP) 190 .01/1). ' 

41 V 

Philips mnance EVpcLn- S7b® (Z/Z) 

fflffi-SSS H , , H a Su tF V5S, 
’SWfflWi’"’ A - 

Pjf« Hldgs. - A- (20P) 106 am 
Pllklngton Bros 432® 3 26 32 1 SQ 
Plttert Grp. f2Sp) S4 (31 /t) 

«ost(e cwstrwttons (IOp) 68 9 (SOM) 
PJsxton's (Scertwrough) (ZBP) ItB 
PieHurama (So) 70® eg 70 

9T *® «’!• 9 90 TbPcOta 

120P» 55® 3b 
Scottish Heritable Trust (25p) 40® tZffl 
Scottish Homes Invest; (25 pi 15 (1/2) 
Scottish Television NV A HOPI- 61 59%; 
Sears Engineering 8bocDt>. 76 I2i2l . 
Se«r» Holdings (25p) 61 60b 1'-. I2l»i 
PP. 96« : ®. 7bpeLn. 62b 
Securleor Group A NV (25p« 58 (30/11 
Sellncourt <5 pi 25b® ';® 5 4b. 9',pcLv 
78b (31/)» 

Sena Sugar Estates I50 p> 7'> '2/2' 
senior Engineering Group <1 Oni 23\ (2)2) 
9.6pcLn. .79 (3011) 

Serck <2So> 92® 

Shakespeare (J.) (So* 38 (30/1) 

Shaun ware (20bi 78® B * 2 / 2 ) 

Sharpe and Fisher (25oi 42 i31/1) 

Shaw Carpets MOp) 22b (31/11 . 

Shaw IF.) (SOpi 29 (31/J) • 

Sheepbrldge Engineering (2Sp) 74 3b. ■ 
Sidlaw Indmtrm (SOp) 88. 7bPcLa 
59 (30/1) 

Slebe Gorman Holdings «25p) 180 (2 IZ> 
SUenteigtit Holdings (IOp) 83 (2/21 - 

Silhouette (London) A i20p) 4S® 
Sllkotene Lubricants DOpl 79 (212) 
STtYerthorne Group OOP) 20 (30/1) 
Simon Engineering (2 Sp) 200 
Sirdar (2Sp) 527® 

600 Group (25 p> 74*«o® b® 5® 5. AbP 

Sketchier i25p) 108 . 

Smaltehaw (R.) (Knitwear) OOp) 30 (3»l 
Smart (J.) (Contractors) (1 Dpi 42 ' 

Smith ana Nephew Assoc. MOo) 6lb®-< 
1. BncLn. 121® 20 19t (2/2) . ^ 
Smith (David S.i (Hldgs.’ 'SOol 901 „ 

smith (W. H.I (Hldgs.) A SOP' 1470 3; 

2 1 40 3. 4UpcDb. 75 /2'2i. >Pri>» 
76J* U. SbocLn. 33',* (zrz 
Smiths Ind. (50o) 155. 7VKLi 79b 
Smurfit rjeHersoni Gro. (25u, 182b .... 
Solicitors Law Siatlonerv Society (20u' 5 
Sommerv/lle. (Wm i rZ5n). 34 (31.U 
Somoortav Hldas (25P> 57 (2.2i 
Soihepy ParkeBarnet Co. iZSni sos ■ 
Sound Diffusion r5ni 41® b 1 (2'2* . 

Southern Constructions '5p» 7” nil) 
Soarrow (G. W., i20p» 115 l30T/ 

Snear, Jackion Internat. (25m 1131 . 
Soear (J. W.< rzsm 245 (Ji’tl 
Soencer Clark Metal Ind. ( 20 u) 37 (30*1 
So oncer Grars rHIdos-i (Sp) 32 .. , 

Splllers (25 pi 29 b Bb. 7pcDb. Epii. 
Sojrax-Sarro Engineering (2SP> 244 
Soooner Ind. (25oi 51®. 

Stud rid Horn H2I-D) 35® 

Staffordshire Potteries I Hldgs J (2&pi I^E, 
2 (212) ■ ■ ! 
Staflex Internat. (2Sp) TSb. 6‘uscLn. 4 

Stag Furniture Hldgs. f2Spi 1070 
Stalds (Reo.) Organisation (I0o» 350 4b 
Standard Fireworks (25O)'60® (2rtl 
Stanley (A. G-> Hldgs. (Spi 124 


Startrlie Engineering Gro. T20o> 67® (2^' ,'. _ 

Status D/scount (lOo) 1220 <2f2> -•! ! *T 

Stove lev Ind. 231 5 (2'2i . _ i \ 

Stead. Sintosan rasa I 78 (1/2). Do. A3 4*1 

Stead. Simpson /25P» 73 (1(2)* DO. A/S 
Steel Hldgs. (SOpi 354®. 9ocLn. 72\ 
Steetiev) (35 pi 19B® 6 (2«). 7i«> 

112 ij n«) 

Stelnherg Gro. HOpi 15® 14b 15., , , 
Sieofien /Alexander) and Son (25o)- * 
(30111 . . . 

Sterling Industries (2bPi 26.. ’ ■ 

Stocklalte Holdings <25p) 81# 

Stocks Uoseph) and Sons (Hldgs.) SS) 
.179 (30111 ' •„ ■ 

Stoddard Hfldgs.) A r25p) 300® (SU\ . 
StonehIH Holdings C25p) 95 (2'2) 
Siore-Platt Industries (2Sp' 107^ . 

StreMers ot Godaiming ilpo. 32^*4.- 
Strong and F'sher (Hides ) '25o )i 70 (**” 
sturia (George' (IOp, 13® >2'2 
Stylo Shoes ZSP)-52.(2,2) ■ .-J-.'. 

Sumner (F-ancIs) (Hldas.i rlOpi Jo®; » 
Svmrie Clothes f2De) 27 ’2/2, . : 

Supra Group (TOP) 36# . - • 

Sutsr Electrical (Sp- 9 (31/11, • ■ 


Talbax Group. (Sol _ 

Tarmac (30p> 1*1® 3_ 

7We add Lyte 2JT® S* 3 6 10 7. 

2 tSp) 21b b 


Ird-Dt). 55 t«W1). 4A.PCD6. 76b*1«t 
Tartar ^Woodrow C25P' 386 4. 

TaobVtt Grouo aop) 12b «1M» • ’ 

Tecatemlt (2Sp) 1M.7 «/ZI w 1. 
TeJefua/on T5xi SB®, 7b. A ffigl'S® ■ 
Telephone Rentals U5pf 1Z9 /2J2) 

Tnco Stores (Hldgs.) (5p) 38.ij® 9 b * 

Tex Abrasives (IOp) 61 (2/2) . 

Textured Jersey (10PJ 29b 
The'Time* Veneer iso) 9 <S0f1) 

The Times veneer isoi 9 jwii . 
Thermal Syndicate Q5gi 155 t . 

77, am son Oroan/sation <2Spi , 

21 7ncPf. (250) 63 W«. k *3*SS.- 

54J) (30/1). ^ SJSKPf. 77U® .»«■ 
SpcDb. SB 0)11), 

Thomson T-Line .Caravans C25o) 47 , 
,'wrt 4 

Thom Electrical - Industries C5 p' • 

4 2 11; 1 5pcLn- 1990-94,137 13™.. . . 
Thorpe IF. WJ note 55 <31 rt) . -/r'V ■ ■ 
prtirgar Birder £70 <m 1 2 . 

Tlimirv Contracting Group 24o® 

Tilling (Thomas, C2(XX b’ST; 

lb. 5JZSocPf. 6Sb ( 2 / 2 J. ■SbPcW 
ltf80-94 76 rt,2) 

Dme Products (I0o>-1)2 ■ _ ••. .• ' 

Tltaptnir Jute -Fartory -lO® <2/2) .-V. - 

Tomkins (F. H.i-iSp) 17b • Lm’.i’ ’ 
TamMmons fHoidmos) ’2Sf».88!*£««£- 
Taottl 1250! 45-b. SocPI 43b (1^21 

_Ln. 1989-94 69b 8i QS1' 

Towfa* (10W- 32, .ATI OB# 30 . . 

- T oye '2Soi 46 . -Mm 

Torer Kcrrtsier Mmbourn ftWtBiiB* 

I CL 245 4 

ITT BbPcOb. 75 (im 

Jbstsck Johnson 

146 8 0(2) 

Illingworth Morris UOp) ZB (3111). 
( 20 ol 28 b '.Z/Z) 

Imperial Chemical., lodvstrite 335® 


37 8 9 40 1 40b. SncPf. 47ij. 

Ln. 49® Bb. 96 •« ‘ 

Ln. 70b® «• b 70. SPCLn, 

2b 2 3b. 10'aPCLn. 90b 1 
Imperial Group (25 p) 75® b® 5 Gb 5b 

6 4b. 4PcLn. 841. SlfDCLn. 75. B.9oC 
Ln. 55® 9-(212). 7^PcLn. 64 12T2I. 
10.SPCLri. 90. BPCLn. 74b 

Imperial Metal Industries (2Sp) SB® 7b 

7 Bb. 5'tPCLn. 460 (2l2) 
loco Class A £10b 
Ingram ,H.) C10 p> 29® (21 2) 

Inltlai'Services (25p) 68b 12/21. 8*jpcPL 
87 (31/1) 

IBM (sys5) 180b® 

Intnl. P il int (25») 64 

mmi. Steeping Car Touibm (BFrsSOOi 

42 40 )2f2l ■ _. -wir' 

TndHSBr House C20rt 147b 6b®./® 

, 7lepcPt 60b b (3Qri). 7pd a-lJS 
SbPCLn. 2000-05 76 (3&T1L - low*" 

-06 .781,. oat 


Deposits of fl.00tfS2p.q00 accepted for fixed 'terms of 
years. Icrerest paid gross,, half-yearly. . wurtyfe-.far-deposits, 
received not later than, 17-2:78, ‘ - 

Terms (years) 3 
Interest-% .9} 

4, ••.5 

95 .105 

6 7 8 . ,. 9 W;' 

lOf -ioj. it :iij 

Rates for larger amounts on request. Deposits to and’further 
information from The "Chief Cashier, Finance' for lndosny; : 
Limited, .81 Waterloo Road, London SE1 101-^28 7832,^ 
Ext 177); cheques payable to “Dank of England, a/c 
FFI is the bolding- company for 1CFC and. FCS. - v 



40^8*,'. :: ; $SgB 
¥8^ J*i?, '#m. 
"T* <'■',■”■ isr&s^ 
,.,?■ iSafvffi 

-4 1978 

«*»>-■*• <* 2 >.® 0 Wer MHf 

.«•;«»;•» 4.-.awj«™s“ 

S °“ <2Sp> ' *** <*2>. Bower .*f jorihim Stldildrv. T(t (50n) r T nw.ftM. ti TYaet aM 151 am ‘ r^!^U prmrtiK S^tSm^A®*”*- 

gREfe ^ifisawrfsiLT* i«a a ss&. «*;.«. ». ^ BEhmKV& 

135® 5 

5DC Treat Union (25p) 07 OOil]- 

Trtutm Con. OSfl) iZS’i* Jfc 

7h« ..iijsn- 3Z£ 2 ® ,U /i 

a. Rush and Tomoklns Grp. (25 pi lOfl 1 : American T««, Teiepb. £59=1 

SaintKl Progenies (25 pi 87 <i® & (2.2i Angie Alpha cement 6Z 3 

SH>tti*Ji Metropolitan Pro Derr* (2Qpi 101 I Anglo Transvaal Collieries 365® 
5. 59. 9 pcL*i. 15BJ Argo Inv*. 112 9 


T««. Telepb. 139-in 

Second Clfv Presumes nooi 39'; 


African Product* *43 
Amalgam at ad Rubber 1® 
Beriuarrtal T'n 205 
Brasean Class C 6201 
Canadian Marconi 265 

I •Ireland (Emrtt) 1 
Jervn New Warerwc 

Jersev New Warerworti 6 i:PcMt.Db 1970- 
1900 £87 

MCCOr quod ale 7 tocCum.Pf. 47>: 

Queen Street Warehouse iHIdoO 2 
Romania i Republic) 7pcStlg.Bds. L2U £ 2 . 
_ -UcEvicnuiLn. 1922 £2U £2 

|&r go,, & * B ■ " wffihi *?■ ^ 

f&&ji«aflNS!E5 Rasas? 

gg*& #» S ’!s'* f 27S« ( 2 ,* Charter Ttt. Agency' CZS 

V^JtttMOAL- TRUSTS. jJUS) ' cS'S^tTST i«. 
?*** «■*&***- M ‘ **• . c^g^,®W 4 , 

Droaduone lav. Tst csooJ 137 9 (31 ft) united'<;»»*_ 
Bruner Irtv. Tst. U5P) 86 (212)- u ?iS? %% 

"flttBtew -**** 62110 7ti - ■ “ »■© SEP 

u^«XSS Tr «.2s., , u< , f , } - ££,-!& KU^LSIt%sjm 

rwwu TU cm. «S») t0pdA._165 , a (30/11 _ __ _ AuSlrilS 5pc »1S|*«L_SUM**- ? 

Clba Glegy 7 ',p<Coov. £02> 1 . SpcCOnv. Sfc Pencrai Housing Sot. Cnv.Ln. £10, 

8 I £96 i* 

Do. I Cln Hotels 440 

bgcLn. tia 
G Invs. 3 

C2£, * , ” D *’■ a ^\ c r mM Caw - * AU, ” ,,a N "" 390 tflt 'Denotes'M«lnp S temporaHW suspend-. 

1&&&wSSAMjm3r n lirUaL* ll?Z .,«. MM. FEBRUARY x 

I Endeavour Resources lO-W 

CWUXZSTnZc&i tBKwS:"'"" rrusl 3Dt " n ” iWWMora. Slui D Lw: fc£S- r-^Db*! 93 1 SUS97* F.leonbridge N.ek|l £10W® 

cardinal Ine. Tit USb» 95 13111). doc wTnwbottoin Trust «25n) 177 Jplted Kingdom Property i25s> ZOi 1 't: cioa Gelgv SUDCCrw. £970 >sO Geo Metals 2h® »»® 

U\. B&« 1212 , - • . -wifim lnvir(25p) 74* 3 2h 2. B Om. att■., B Warrants 32 (3011». B'zvCLn. coto US.J.)^ VL IStrfCDb. 1983 £47>s« Hn tocfcn n geewe^ bnufta 

£**** r * BW - 7*1. as«l 611 ^ • •• (25s) 70 - IhKH 291s. 41-sePf. Sth, Wk ts (SOHi I FldditY Csn Virginia 258 Hudsons Bay Oil I £261* 

Cw«o» L29M M® 100 (2/2). ■ 4«cl> 1. O501 aScOt/ra TzJzj. ffprabT 70 . Ufiixa Trnse (2501 270 ««> | hS^JoSs SUS0.77O 74,w £M % 

12 Yeoman Invat. Tics (2So) 1U (30’11 Wamev Estate Htdj*. r25pi 124 rbv Oil r.. rs t!. Mctramar '2 

t 4?SS'. T “- *&** GS<,, SO** 1 ■«» yStSSJ lSist T&t S(ZI» Wam^lmnKtngnts (2°p. 2H7 6 5 (2'Z) | mm“ Mn# M ^ 5J™ L elfi'r« 3 SUSi5»w ' 

4^cu nf . u „. 7^2 Voting Companies Jnvst, Tn«t 7S ^._ <h KuErtor^^SatU^akn 9 t?? ,, 1 Jardme Matneson 178 PeJa*0,^76^ SU515 u 

C J?J' .Cml. Inv. Trt. Iw. 58t (29o) 28. M.G. American, Gan. Fund income *0.30 WlMf®" Estates t25s' 3l'- 2'* Loehmaans 998 - - - - .*« 

Ca®-tal 5hs. 92 
City Foreign Inv. vUpl 49 *3 
cbvemouae hiv. Trt, (50pi 79* 

I Jardme Matneson 178 
I Loehmanns 998 _ 
H«net Metals 210 
' Mrtal Ex. 12_ 

O ‘ suScftf 291L ai'DCPf. SOW. 54 '< 1* (3011 1 I SShTlS virolnta25a" Hudson's Bay Oil £26's_ 

70 ilsZi. opcDtu 70* IM/ied Rea) Property Trent (25P< 270 (2/2/ Harry Jones'St/50.770 MsthWon Inv. 74rpc £90 *• 

Yeoman IrtVdti Trust (2BP) 1H (30,'l) Wamev Estate Hldgi. rlSpi 124 Hudson's Bav Oil (tt* C25' 1 ! MctraaiJT '2 

ToiUnreia Invest. Trait 6 (2)2) Warnford Investment (2Qpi 287 6 5 (2.'2) ._. n i u n n 2® Mount Lvelf 23 

Young Companies Invst. Tru« 73 Iv^sm 1 EaSls^S’J^'it? 7 . Jardm^M^tnean 178 pl6 Q JI e o l | E 75 3V SU515 u 

M.G. American, Gen. Fund Income 4&M WlwM" Estates U5o. 31 ■- 2i* Loehmanns 998 nt 

40^0 40.3. Actum. 4 O .8 00/1) RUBBER (27) Maon« Metals 21 ® lanJ^Kt* I?- 1 ?! 

UNIT TRUST'S (7) Abertgrle iBpj 5 . 31 . 1 ) BS'iS®. 7J.peDh- # l987 iua» yiT^V^ 

imm Fond Income 116.5* Anglo-ladonesien i25pl 90* Natl. Rv/Australasia .Aust. Reg.) New 44 Yukon Corns. 1.J 

n VWd Fund income 8«lv® .fioityV 7 *&*&££• 43* 

*ra. Trust F«d .ocome 1«U ‘VBm. VZ32g? W * Z *°* RULE 163 (2 

ID Income Fund income 10Z.1® <:& ^Warrant* 2<30 SO 70 Tri Cent.nemaf £13 SUSJ9 , , 

ouenr Fond income ao. 9 ® Bi.t® gggfaflL HM-g 5? wesimohuusr Eirc^ susi 7 ‘ | i. Applications granted 

1, GOAL & STEEL (20) ^S2? cenKJ ,a Hm^^i?op)* 9 r^ i 2 .' 2 i wooiwortn (f. w.j £iz%s susio'* I bargains in secnridei 

i2Sp>i7ci/2> _ C ff ir, 1 ?,i3. v ® JiLlS? ’A 18 - 3.92SpcP». rromrinYi an any Stock Exi 

RULE 163 (2) (a) 

I Blvtn Greene ana Jourdaln 195 
Cardiff and Provincial Prow. 45 
Ferranti 235 233 

1 A.) <HHdss.) 32 _ 

HariweJfs Grp. 6 « 1 Jns.Lii, iSDt £50 
Liieouard Assurance 28 £8 
Mrdcns Tst. 17^ 17's 
NMW Computers 90 


Home Brewery 225 224 223 220 
Style Barra it Shoes 7pcP<- 40 
Urooate Invs 81 
Wrrmttay Props. 335 


Applications grants for specific Djrt Vall#y LlBht RalIwav so 

bargains in secnntles not listed Grand Hotel. Manchester 7' 

Proprietary (SA2) 80S 15] mwHous'M alavsun ^"'to” 7 S:jO S 4k h 

^™^hs 7e7-V ■. V3*- 6B 131/1).-. Win 

?W?2!7 | !'a | r 11 . 4j2) 6hPCOw.LD.r- 
,(10o) rc 35 .r>4lever (25p) - SCHMs-, 
ftsihlm i$g-> < ■095 S06 1 •sv^ft 

U- L.) .VJ- 1,3:. ocDb. B7W. -6toe 

«« :«*■„ 

it»fe 1 Mrn^ r - & **«» *"tnl. 60 c Pt % 41 
i. SS'";"? a 9«:i 'Jtech flop) 91® 2 1 


fl^MOKmjr.n p r k3, tupi 49 lOpCLn. i 
v im Engineering Into 

*lsst J ifc? it, Siiftr 1 

-...•- 6 - Wl veiled Q 


on any Stock Exchange. 

pp) ssnm j.'. Kja-jag) bs ' E 2 l J h *‘i? h * w »*m‘ Auto o» bbij. MINES—Aq^nlian (7) saugw Krun 23 

f30,f, VKDeb - “•* *««■• » "r* t^oio'f , 87® gifiSTT*) 

;-.. - I. ^ _L Gresham Imr. t2Sp> -90 EIccttIc Gen. (25pl 620 It® 60/w North K&Imu-ii ui». lunrm B inn Fisher (25o' 1150 1 

rs. 050) 324®l .-■ Oriiwhwt MW.- ?L EnjUih New York (2Spi 68') IS1|1>. Spc e? b( ^3m 0> «* '?jb Furness Withy 323 

Writ*. (25 m. 278 .« Hirabro <Z5ol 30 rtJflJ. SocW. ^e® 7»#* _«.„44i, ■ Mining tkpiWTHdfl [SP> 12t* Hunt/ng fttwc 200 

StoelflOoi 24®' » '- 1212 ) . English Scottish nv. (25 b) S4 C2J71 'A __ - ___ I tie M»n Slrarn Par 

m (Sp) M SHIPPING (49) errata 

’iJ. VJPm** W*. Commonwraltn Snmping iSOpr 277 9 B gSS'!« l !i 
UAOJO) §7® Caledonia Inv. *25p) 240 64. *31.1 

■as a Fisher (25t» 11M .212. i 

Huttfeson wnampoa 51 30*1. Bo. 7 1 <pci j i, cedar Hidgs. 5 
13‘i Clartrnsce 35 32 

I AC iUSlSU® Clyde Petroleum 136 134 

Klmuerloy Clark* £2(HK> Crystal Palace F and AC 136 

Revlon \U541J» Doloswella Hidgs. 31 30 

Sid. Oil Ohio £44 1 » GRA prop. Tst, 12 Ji 12** 

stela* Mines 3 ° Gadek (Indonesia) 50 

Swire Pac. A NO 80 _ _ Granada Gn>. 94 93 

Wheelock Marde" A 31 ti 1. Da B 3 Grand Pier Bp^Pf, is IS 

Whim Creek 30® Hume Brewery 224 223 

High Income Tw. 14 pcCav.Uns.Ln. £45 
ERRATA ^ k Ipswich Town FC BO 

Bougainville Copper 64 should have been jersey New Waterworks 350 
64: *31 .'ll Johnson and Barnes 7‘aPcPf. 3 


j iHc_. , “ - vjroni»nt f 

> wsp> 1370 ; S . deer* 183 

, • -. ns.Ln. 89 

1 Hopnan i r - n ... iere ilna' 

=:&.!«IjaiC ,N - C rr , «- ^ jaBfv&S-*,; F'&fifffi**™ 

Trustees t25p) 93 

Scottish (28P) 781* I2J2) 
Stockholders t12to) 96 (31/1) 
Stockhotfleri' (2Se) B5 ' 

Idris (topi 90 
.Malayan .Tin ISMD 2B5 (30/11 
Nordurate esci) 25 s ( 31/11 

Assam 113 >: 11 i2>2i 
Camellia «10 o> 196 131 1) 

R i°. TJ^Or 2 *^ ,r «B.i '25pi 172® 1® 70 2 Lunuva 

e “ a ^^rtoSSfV 67 - *- 32s « jfsrw 
UI2t, P O , „ n, ^ 2 ?2 , 5p 5 ?3»0 6 9 SSS5 

Sllvermiites f2hPi 35 (2i21 TRJ 

Sauth CrotTV ti Qpl SB . . , 

Southern Klnta I1M0.50J 137 Anglo-. 

Tanlong rispi 97 i2«2l City Bi 

Tehltfr Cl Op) 45 (SOitl 

Empire (1pp. 20t *31.1). SucPf 43 (3111 1 pr'ce 6359 

Amcrean Dev. 28 
Asniand OH £19 *s 
BP Canada 916 
CienUkln Paper d2 
Carle in vs. 6'* 

Duoort £7tVB 

tiitei £16® 

“at .lioo) 145®. DO. PI. 110®. 
Gen nett £24>-J> 

Greenbushes Tin 150 
Hawker SI adder Canada 350® 
Highveig steel 74 
Jjrdine Sees. 79 
Mays Deol Stores £1S*<u 
Ocean Resources 130 

Lunuva 165® 5 2 i2 2i 
M cLeod Russel 230 l2i2i 
Warren i2Sp< 1 B9 

WllllMmtnn 138 


Anglo-Arqentme is 0 . 8; 

City Buenos A.res 23* 


Rembrandt Gro. 174S® 

Sabina lnd». 5U5D S4 
Southern Pac. Props. Tb 
To r gajf Grp 125® 

Unilever NV iFI.201 £36.40® 

Le Riches Stores SM M ,,, 

Millar and Beatty SpcCum.Pf. 190 
North Sea Assets 902 
Oldham Brewery 60 
Oldham Estates 104 
Queensland Mines SA1.75 
Queensland Mines New SAO.BS 
Rangers FC 700 _ 

South sea Clarence csotanede P«ei* 600 


Star onshore Services 11SU 115 
Trlcentrol Wrnts. 96*» 
urogate Imrs «s 
Weenbbc A 62 


All England Lawn Teenb £S0Dbs. £4.500 
Arbour Court In/s. B*x . 

Cambridge instrument *• _ 

Castletown Brewery 179 177 
Channel Hotels and Props. 19 
Devttone ■ Hidgs. 1 B 
Eidrldgo Pope A 175 .. . 

Grendoh Tit- ) 1 peSub-UhS-Ln. £46 
Imperial London Hotels 7.7SPCI StMfcDb. 

11 10 

Heavltree Brewery 380 
Leicester Racecourse £70 

RULE 165 

Bargains marked for approved 
companies engaged solely in 
mineral exploration. 


ciuit on m>j 

Gas and Oil Acixmc 92 

Slcbens Oil ana Gas tU.K.) 2t»S -G9 


CCP North Sea Associates £10 
Clirtt Oil £4.Vi £4»« SAH, 

Slebcns Oil and Gas (U.K.) 266 


duff Oil £4S» 

Gas and Oil Acreage 95 93 
Siemens Oil and Gas lU.k..} -72 


Sk®ens ^'oiPand Gas CU K.) 268 270 272 


dull Oil £4*i 

CCP North Sea Ampc/jim £J0*» 

Slcoers Oil and Gas lU.K.J 2.8 275 b 
775 272 270 26B 266 264 262 

RA<rA £ 7 Z ** .^E 24 * i_Cta-if. I iBv -permission ill Oif Sloch Ejrhonoa 

nkander Leases at 445 would nave !« BBd Ser,,lre l 1 

een to African Products *30.11 Aktlengesellscnatt PMia.O _ _ 

129 33'-T. 3.V,'.fc.-i 
in r,o. . - r 
* Go. -isi, if}’* 1 . 

->- dkin >5001 112 
, f<w Inousu.. Hlogg. >25ni 120® 

:.|kar Homer. i5pi. 13 i3i/U 
• • liter Staff Hidgs- *5 d) 21- upas 

was on. sinance uaiw -. 

Wes: of E-igLmd nsp) 37t* 
Western selection *200* 29 

GAS l») -. 

H. T Investments *25p) 94 (2/2) 
Hambrns >25 d) BX® 

Hnrcrw iIOpi 79 •• 
h.II .P.) (25P) 172® 1 3 1H 2'*. 4hPCDb. 

Hume HW«. A t*So> 75V- B *25p) 7j. 

Rhod. & K African (7) 

Fakon Mines I25pi 184 131 -1 1 

Falcon Mines i25ni 1B4 13 

Globe Phoenix Gold Mini 

*30 1 i 

MTO (Mangulai I25pl 401; 

.friesn fTI Bristol W-worst 4.9Dr limb. 7uc Max) 

1.Z,. 1 n Com. Ord. SlF 53=:® 1212). 3.5uf 

4 131 •!* tIrmly. 5oc* Ccny Prf. 5 th. 57 i2I2i 

Mining i12>jP' 65 Colne Valiev Water 4 9p.; Ilrallv. 7oc) 
Ofd StV. 52'; 12-2) 

« '.Vi-:,..;.;, whTK" fcJS P, ,sS. co^ ,■ I BmiwaH «*art tiopj 47 <31/1.1 

OJ"SCC.t r - 7 SOCW «^‘s® % 1^° » BrJtUPK (5p> 16® 131.-1). 

flren i S o ; j- , .l£i2 2l B^&.U^ L'n. ^ C«WWri3^Uoo t25p, 1 

•*-:ocud. ?a'*i 5 1 sin 1 __ Pt. iao«i 73 a> <2f2» 

"^MUnna! Invest- Triwt i2Sp) 89;, Om wankie Colllerv rSQpi 37 -212 
Investment, Trust Coro. I25p> 182®. Zambia Conner Invest. HBnn : 

i»>e W Irtspi j.«®'37*.; = 

3539 40.39 6 7 I tfJSSSk *f jMUl W, Jj 
. ='■ ■- I 5’iocPf. 46 

. 5ocLn. 91U i31/J) 
:5o) 65 4'i (2/2). 

tree M«k 

Jardme Japan t2Spl 103 .- ,30111 American Coa( iRO.50) 445 

Jersey External Ptu. Pf <1p) 106 t2l2) A ri te . Amerkan 3. Africa 1R0.10, 

■ 1i. Jersey General 236 i30I1> .*® 4 

• Jove Capital *2p) fio AnokJAmerican Gold Invest. (R1) 

PCPl. Keystone ISOPI 132 IS. *US22.tJ 

Kingside i25o) 49 *3011) Anglo-Transyaal Conslt. A (RL.50i__ 

Lake V.ew i25pl 79:.- 1 2/2) Soc2nPf. lR2i 72 3 *3011 1 

LaiKJSn/re London i25p) 42!a 3 BishOPsgate Plabnum iRO.10* 82 *2 2* 

Law Dnocntlire >2So1 9Slt® Slyvoorultzlcht Gold Mining (R0.2S1 

Le vatl.onct Inv. Tst. <2Sp) 30 <31-11 pS02s> (2)21 
1 59 London and Lomond Inv. Tst. (£Spj 64*j® Bracken Mines <RD.90* 7S;® 9® 

4 Buftcliionrr r Cold Mining iftfi V 

London and Provincial Tst. i25di 96®. Conslt. Murchison /R0.10* 26£ ! 

126® SpcDb. 64‘a <31 11 130 1* 

London Atlantic Inv. Tit. <250) 560 79 Coronation Syn. *R0.‘25i 7B 
15349. London-Australia Imr. ISAIj 107 Ouruan Roodepon Deep (R1) 353 

London Inv. Tst. «5P> 3*/ East Daggafontom Mines iftl • 20." 

Wankie Colllerv rSQpi 37<: -212 Essex 3 SrcPI 82 > 2-21 

vAtnblk Cogger Invess. *5800.24) 10* Folkestone Diet SecDb. 37 

South African (79) ^Southern s . SBe 35 ; , 30 4 . 2p< 

Anglo-American Coal iRO.SO) 445 ® Gateshead 4.2ptPf. 9s 

Ana to Amerlcn 5 . Africa IR0.10, 265:0 N fi£jf ^grrev -or 67. a 9 01 A 49. S.Soc 

40 4 j 3® la- a' —DCDO. -.S 

Rise in bill rate 

Anglo American Gold Inv^i. (Rt) 15 ® 1 . Rlekmansworth 4 sc Do 28 
IS SU522«iJ Suhdcrland and s, Sh»-los TpcDb. 710. 

Anglo-Transvaal Conslt. A (RL.50i 6800. Welt 3 So< 27 - ‘Ml) 


14 /8. So 
l) 125® 


: tl. SlSres 


:. ALi.t.'.:.l:.r 


5f* ■" 

ibnr# : z ; 

or 7 .- 


•Stli ... ;; 

"''eksAuoefatM Jirn^XM • '• Mattnew* Wrightson Hlds*. (200)-235W. London • Australia l**v. ISA! j 107 Ouruan Roodepon Deep (Rl) 353 

- tir Grhf 2 S^ Tlown 5 ??l. l <?Vy xj vs ySScXn. 80®-12-2) 77- "■ London Inv. Tst. «5a> 3*/ East Da D oafonte*n Mines iftl * 20 ; 

• ;Vfrs (25p* .1.1 p<$* J Ik®. 17 . 14 J 1 WlW r f 2 to*.rtS 2 ® l_*2-21_ a -i, London Merchant inuritin j25p* 78: : ® E ??L a Cj !;^i Bnt ' ,n 00,41 MnB ' tR 1» p61 

i:> --jilleo Hldos (Sol 25® ai, Sj, -' Moran "Christopher)'--2qP»' M 1 . 2/21 • <2 21 . Cap. i25p) 74-12 23 * , s -: 5 n; 40 ? _ 

liman Eng’g Cpt.*" tISpi 4S J u-’ Peart Assurance (SB) 242®-S®»- .^ • London Trust Old. *25oJ 1825 ’j: *i. | a d S an 2 Conslt. (10p) 24>i® 4 

■»r" BromwA sSflna f? 0 D< 5b® - • Phoenix Assurance ,25p] 244-.ML 50 . 6 pdLn. 101 E S? ec R „ a P£ Proprietary Mines IR11 3i 

: 4 :— stbrick Prods i25ei SO i2i2i ■ • Provident Life B (Reg) <25a)-129® M and G Dual-Trust'Can. nOol 100® .l 1 ^ 5 - 95 ® ,. 

■stern Board Mlllf^rtOp) $A®■ ■ • Prudential (5*1- 160® 54 8 -S':*; Mercantile Inv. T»i. r2Sp) 35. SpePf. 44® Bkjburg Gold Mining IR11 1395® 6 's 

..Ilrnghduse Brake SIWial (2Sn) 4 S». Refuge *5*1" 1400 36 12 ( 2 ) v : - _ 4UocDb. 31 *2i2i. 4*«cDb. 75':® Sij Ce0nW Mine * ,R0 

■ “21 >,gnal «»* -.? RavX (iKuruKe rasa*. 37tt®. 4®' AS® Meroftarts Trust (ISd 63'.-. 4'jOcPT. 39 , 

stland Aircraft f2Sp* 46 7 fit,'7If 76® 7 3 8 4! 6 67- m ' 8 >v ,30 1 ). 4pcDb. 29 (30/1/. 4peLn. 92 G . t 3T 1 a ' MlmU9 Fin. Cpn. «R2) 1US21 

. ^ :..V ? m | n« ,, Country Props, (2*5^ h* *$g*k Fortes flOrt-W* 1-* ^ ,„v. Tst. . 2 Bg. 43 .-' • ^'VetdaSA < R0 .25, VIS17.70 <.« 

3 ston-Gvans-Grp- t 20 oi 84 *5-?i' : '•' ••• Stenhcruso i25p> . 98- 101 100 «2i2) Montagu Boston inv. Tst. HOP) 51'j c ?^,, fle,ds Pr**errv <R0-02>d $US 1 . 
Stwood TV C (10pi -26® 'S ••. SUP Alliance-London'527#-.2W-J B 6 iSI.'l) . GiSSatand E.oln c, n ,unnci 1 -.e. 

: tern Bros. r25w 56® ^ jgvn.-.-- r- - j}. v '\ *. Moolova Investment 46 E ^ F 1 t,,0 ■ 0S, 1251 

. 1"; At^!*?*.«Spl d»;. . ■ sun Llte Assarinco { 2 MJ 9B. ■. b : Moorsme Trust_i25n) 91_ HarSoiv Gold .Ro sa, «jsi:.« n ® s « 

m and Lomond inv. Tst. tsspj 84<a® Bwimess done i n tecuril fc»^ wherethe bW was £98.51?. compared with 

lb •AoST - • ,25P ' 8 ®- 130 V* Mureh,son 58 60 in Iftc Monthly SupplcmenL Jve^7r 3 te of diSum ro^ by ? previously, and bids at 

« Atlantic Inv. Tst. 12 50) 560 7® Coronation Syn. iR0:25i 76 rrl >-,,. „ m ^ l „, n,*,’ ,,„ r JO cn-rc n« r that level Were met 8S tO about 

«• Australia inv. iSAlj 107 Ouruan Roodepon Deep (Rl) 353 FEBRUARY 3 (Nil) 0.1aS3 per cent. 10 O.J-O per t ATI hill*; oiTcred \\pre 

n inv. Tst. <50> 3*< • East Dagoa/ontom Mines tfti ■ 20 ; cent. Bank of England Ylinituum 3,4 Percent. All Dins oucrea were 

0 r'KT'fiSS. ‘tus 9 D 4 aT t ' ,n *“ Mn9 ‘ tRU p615: ® FEBRUARY 2 (I) Lending Rate was unchanced at sorted. Next week a further 

n C T%‘ , us , ,25 D P . , d.-25 2 P) 2, 1B2S t,: *, Corot,, (top) .24 1 ,® 4 ^ . IU pe r cent. Lack of demand for OWm. will be on offer, replacing 

Cast Rand Proprietary M|nc4 IRH 3B09 ^ ke 811,0,1 6Dtpl - W*: 


Elsburg Gold Mining iRI) 1395® 6 's FEBRUARY 

Fr** State Ccduld Mines IRO.SO) 

8-% ,30 1). 4PCOU. 29 (80(11. 4pcLn". 92 ° P 3 n ^ Mining Fin. Cpn. «R2) 5US21.20 
1 onLi > Inv. Tst. >25 pi 43n‘ * f’clds SA -R0.25) MJS17.70. *1/2) 

Atlings. (2Sp) 42. • : . ____ 

■featshcaf OistribuUon (25pi 132® 28 91 WlITis Faber-*i25p) 256® 6J ><r - 

^.^y-flSK"^ H5?T?^ U0 - : I m&fr; TRUSTS) (HB) 

. 'XS^iSFUU'i 7 * °' 2> 'jAtor^in 

MonLs Inv. Tst. *25pi *31- «* d Fields SA *R0.25) 1US17.70 *lr2j 

Montagu Boston |nr. Tit. HOP) Si's c fif,, fleWs PtAPerty iR0 02'^ SUS1.29® 

Mwiovi investment 46 ' l%u,n - F,n< tR0 ■ 0S, 1250 6 

Harmony Gold iRO.SO) SUSS.90® 5.62 
Nefllt Limited IL0P)JSS I son) Hartcbeestfonteln iRI) SUS16: 

New Throgmorton Tst. Inc. t2So) -19J*. Johannesburg Corud. Inv. ,R21 12'-® 
Cap. a6® >« 8 12/2■ - Kinross «R1J 5USS.05 325p <30(31 

New York and Gartmore Inv. T«. (2So» Klool iRI) 463 56: 

36'i *3111 . ' " - - 

ID . . Leslie fR 0 . 6 S) 49 (2/2) 

Twcntv.E/ght fnv. Tst. (2Sp1 ubanon iRI> 430 
lil* ‘ Loralne iRI) 12S ,1(2) 

lantic Secs.- (25P) 82 Hj ,31/1). Lvdcnburg Platinum iRO l2* r > 63® 60 
Ln. 97 , , Marlevale Cemsd. <RO-50I 85 (3111) 

American Trust <2Sp* 85ij 6'; 7 Messina (Transvaal) Devpt. fRO-50) 89 
New Wltswatersrund Expln. iRO.SO) 110 
Associated Invest. Trust <25 p* (31|1| 

President Brand IRO.SO* nS68 

Invest Trust ,25 p) 106*. Spc President Stevn IRO.501 5US9.90® 10'-® 
1*2 2). ■ • . . _ . Rand Mines Props. *R1) 118 28 9 i2|2l 

JANUARY 31 (Nil) 
JANUARY 30 (Nil) 

RULE m (1) (C) j 

Bargains marked in securities^ 
which arc quoted or listed on an! 
overseas Slock Exchange. 


Aetna Lite Casual SUS22 
Amaa iAO.So. Do. BDR 3A0.26 
Atiant.e Rich held £.2:-.;® 

Ampol Pei. Se 

8H Sou 111 68® 73 

Bk. Adelaide 137 

Beech a ms 3 toe 1986 1US97U > 

ffitfEgr 2 69 71 

Digital Eouipmcn, sUS4i‘| ft 
Dome Mines iUS67-:B 

Bank of England Minimum relieve any shortage earlier. This this week. A reasonable surplus 

Lpndin" Rale 6‘ oer cent. was reflected at the tender, where will therefore be carried-forward 

Lend in* Kate e, per cent. ^ ^ tendercd and by lhe bajlks until Monday. 

(since January »/»; allotted attracted bids of only Banks brought forward surplus 
The change of sentiment in the jesn sem.. compared with balances yesterday, and the 
London money market this week 1814.07m. for a similar number market was also helped by an 
was reflected ill yesterday's last week. The minimum accepted excess of Government disburse- 
Treasurv bill tender, where the &W was 198.51}, compared with merits over revenue payments to 
average" rate of discount rose by *93.53» previously, and bids at the Exchequer. On the other 
015S3" per cent to o9‘'75 per that level were met as to about hand there was a net market 

cent Bank of England Minimum S3 Per cent. ATI bills ottered were take-up of Treasury bills to 

Lending Rate was unchanged at allotted. Next week a further finance, and 3 rise jn the note 
ti'. per cent. Lack of demand for £iWJm. will be on offer, replacing circulation, 
bills has been reported during the maturities of £4o0m. Discount houses paid 5T-6 per 

week, and the discount houses Day-to-day credit was in a bun- cent, for secured call loans at the 
were very willing to sell bills to dant supply once again, but the start, but late balances were 
term'; ottered by the authorities discount houses declined the offer found at 3 per cent 
on Wednesday and Friday, but of Treasury bills from the Rates in the table below are 
were very willing to sell bills to authorities for the second time nominal in some cases. 

• MCT'iHS 
l'H*. 3 L'erMfi’V.t 

Iffi: id •lepMn" 




l<«a* Aulb 

Pi a* nee 

0 *(ni*nv 

Uet<c«tt 6 


Bill- *|- 



Bill- |. 

Kin* 'trade 
BUI, + 

L»\kl-U*t In .. — 

4 6 ): 









.-ilsT-n.'liiv.. — 


6 - 6 i? 

. - 







1 iix.T> i«- 

6 it 6 4 a 

6 U- 6 I 1 



6 U 

56,-6 1 * 


b, 6 ..; 


6 '«- 6 s-a 

63* 664 




6 iV.- 6 Ib 






6 », 


5- - 


66 , 

[lire*.- nnMiifii.' 6 \’ 6 S« 

6 ;- 65g 

6 <g 6 tg 

fiae- 66 * 

61? 664 




65* 66 , 

•-ix in--illIn... 6 -'.; 6 • 


663-6 hi 






6 ft 


7*-75 S 


' 76,-76* 





— ' 

*>i(? rnr.i 71; 7i? 

75;-7V B 





- - 



rnn t«xr>... — 









non f - 
35* ssi : 
sv.h H< 

tt<r Hi*.- 

w r-f “.. 

r» E-- ■ .■ • - 
>i m r 
96 r - .' 
K~i* 3". 

r>rp--- ; • ;. 

5 - »; 

•* Si-v ■ 


■- • 

Hx ':. 

1 * ■."»* . 

i-.-i A* •' - : 

irptr r ■ _ 

rw •• 

>m -f . - 

l«0bi ; .- 

Mv< J ' . - • ' 

a.-'b"::-. - - •' 
rc-'-r-. ' '• 

«i!*—. ■ 

m*--a ■■ ■ '■- 

pci* -. 


3 Gt.t -•'• 

r. 2.1 ; .. . 

-j'. !*••’* : ... 

a-: :: 

i-vi r.■•- ,, 

•• ? Pta«(c Rrodi. HOP) 30 i2lZ>.. - \ ""T, 

.'■ ■or mios.l <25 b) 39 (31(F) k73 2 

ielev-Hoghet (2SP) 185 • ■ • Blrmi* 

. itonholme Broorc Powders. (2Sp) -170 
.2) ... .• Bishop 

1 -<i H*ll Tst. (2Sp) 95'i® 3 . . . . l2-2i 

rtl *S. W.) Group 1200} 40 i S.shew 

73 2 J3T '1» -■ ' ■ € 

BlrminoMm and DisL. Inv. 4 Vpc Pt- 39':® 

■ r2.*2i . - . • Jr- 

.omnev Trust' «25p) 76*3® 7®. ' SpcPf. Vaal Reefs Exploration Mining 'RB.SOi qh Search S 
44® 4>iOCUns.Ln. 76 (2-2) 5US17“i«S® 17*»® 17"»S Pac. CroSer 37 

losadunond Invest Trust Cao. Shs. i2Spi Venterspost Gold (Rl) 2SS 1 Pac. Pr5. £23 U 

60 59 *30't* ' • , r „ ybMMtrti Gold (Rtf _ ( Phlll bs Pets £’C 

Save anfl- Proiper Linxea *«• >■**■ »*up« West Drlrlortem Gold tRIl SU526",® Selca-t "txplrn. 29® 

Scottish American*,(nv. >50ai 80® 740 7 wcl/ ^Ran^^onMjlIdJtod (Rli 1US2.1 S swi'rc R ^ac eP A r, 82°® n-® 4 

Srottlsh Continental Invest. *25p* 60f; -'v. western Areas Gold (Rl) 221:® 5 Tooih ,'jJ lrumpr, -‘ * US7 4..® 

Warrants Oti <2 2i - ,,,* Western Deep Levels (R2i 644 62 SUS9A<: Trans Canada Pioe Lire* 380: 

Scottish Eastern invest. Tst. I25P* 116® western Hqldiims (ROJO* 3yS23>4® u.S Steel SUS236 

18® 161; 15'; ■ ■ 0 Winkelhaak Mines (Rl> H>S9.8o:® '2:7> w CoaM Trans-mss-on tig-.-: 

Scottish-European Jnven 'AoPJ-JA'a «4 *• Wltwatersrand Nigel rR0.25T 620 60 1 Woods,de Pel. 63 
Scottish InviT -Tst. A25o* al« ^ <2 2). Zand0jn Gold *R1> SU52.90® (2/2l . ■■■ - ' - 

Scott^S^Morl. Tst. <25o) 98 »» 7. Soc West African (1) 

. Tc* ro>6,i -13D 11? 11/21 Amalgamated Tm Mines of Niatna (Hldgn r»v>l rt MaDKCT 



(telephone noniber in 
‘ parenlfieses ): 

. Annual 

■" Stoss" Inifirest Minimum Life.of 
r interest''payable . sum.'. • bond 


1>I*. a ILile- 

MiiiLU Ih'p. 

Scottish Continental Invest. *25p* 60f; >•. western Areas Gold mu 221:®. 5 Tooih i! 

Warrants O'v <2 2i . „„ Western Deco Levels IR21 644 62 SUS9Ai: yrans C 

Scottish Eastern invest. Tst. *-5 bi lib® western Holdings (ROJOi 3US23><® U.S. S*n 

:• . - r %. 

: ?arnsley Metro. (0228 203232) . . 3*.r *-year 
; 3 oole (02013 5131) .-.,..; fl'i = Vyear' 
-"»oole (02013 3 \$i :■■■ i-yesr 
leading (0734 5SE337f 10' - :' i-year 

'1 (edbridge (02-473.3020) ......... hf r J-year 

' (outhend (0702 4945l) ..^..™. : ; -i-year 

- S; . Thurrock (Oiffa-5122),9|. . 'i-year 

• -Thurrock (0375 31^2)-' 10 . i-year 

.A^rekin (9952 505051) --7} * J-year 

/Vrekin (0952 505051) ...-: 9J J-ycar 

: .Afrekin (0952 505051) .....t...... 9J •. yearly 

scott^S^Mnrtt 6 Tst. J «2So) 98 »» 7. sue West African (1) • 

Scottish ‘Sad.• Tsl. 125.) MO Iff* M-=) • T ' n M,ncS ° f N,WU ‘ tHl<t0i, 

Scottish. Ontarto Invst. (25o) 118'; 112) Diamond (12) . 

fcotiKh. W^ste»Ti^2&?) 74. Do. k, i25p» Anote-Arner^n Inv Tm. tR0;5Q' M^® 
}ai, -fSO't) De Beers Consd. Mines 40PCPt. fRca.' 

■Sswnd Alliance «5 p> 171 (2 21. 4*xpc (R51 9’« 12 2i. Dld.CRe0.1JR0.DS1 291^ 
; Db. 34 (2 21. 5>»cDt>. 651* (30.1). 5MPC 3® 1® 1 b. 8pcP(. (R1)-26i- 1^.21 

5^"*tf 73 Broadrne«!»t (Bo»' 34 (31 /I > 

OIL <210) 


:»ii.l tiulliun.l 
.xiini-'iumK-r I 

Um~ .;..*?I7(;i2.175ic S174U-175 

% Northern C25P) W*. Do. 8 BritUjh %£*** ,77*-* 7 »* 5 Lye . -*m*lT*h 

SeeSriHe^ 5 Tst. o* 'Scotiend (25 p> 1S7 

41 -PcPf. ■aaitih 
I Shires (SDp) 128 
{Sphere Invst. Thr 

s£it*ope"'Sen. "Tnvst^Mp) 0 *) 50! .« ~4 23 2.~’ 6ptistPf. 4S0 (2 23.' rtaOcPiT 
Sorting Tst. (25p) 153. 5ecLn. 78 (31»11 51U 13111). 7>PCLn. „8S«*® 5J (2.2*. 

Stockholders (25p) 02 ... 8>aPCLn. 59» *i 3y 60 

80t® 72:® SO 70® 0 7o: 5 4 70 3 y. llU 'r".-\^J4r £e 
68 76 b53. BpcIstPt. 74S®. 9pc2no. Murnins hx p'M75.25 
Pf. 854 L30.1i.. 5PCIStDt). 98^ 11,-2). .£90.473* 

sSSSS- ” «® 2® 1®5® 31® 3 5 3<; ^cn* U hs e Ft75 25 
4 « 2. epclapr. 45® (2 2). T’xDcPI. U.90.57Z; 

Stockholders C25p) 82 
Technology (2So) 80 . 

8>iPCLn. S9M 
Century Oils Go 

Pf. 45® (2 2). T'xKl 
UDAn. 6S>-® 5J 12; 
% 1* 60 

(10PI SO*] 49 (2.2* 





< HH.. 


Twwrte Bar (25 p) 174 (31/1). 6pw*L. cnartertiall (Spi fes S 6t S'i 31 " 

7S fST'1) , Conoco BpcUi. 72 <31l1» _ knifii-ir 

Throgmorton .Secured Growth, J JZ5 p) 244.® ^ 

• CAT Pin r«D Ln M 2 C&Ofl l KvA intnJ. IZbDi 30‘lQ <1 1 I2.ZI Vbw <h,y 

1 Trirt I25P) 5B *• LontfOn *n«i ScattifU Mam* Oil <2 Spj ^ 

i^S£ a ,i5 ” "g isib. isatsn&ffis jij 1= o-v« 

CaPttal.'25W 1P3® . — —| Oil Exploration (HIdgs.l MOp* 233® 17 

Loial auihuriUcs and antnet houses seven days' notice, others A-ven days axed. *Lonfier-rerm local authority tnongaffo 
rsno noniinall* ihr*;.- years b:-D; pit real.: Tour years inj-tO) per cent.: five years 10M01 p^r cent. oBank hill rates In table 
an- Iiii>ii, 2 ra'us lor prime paper. Buying rale (or four-month bank bills 61 per tx-ni.. four-momb trade bills 6.-6J per cept. 

ApprovuijiL- selling rare Tor pni^ninmh Treasury bills per oem.: rwo-manth 5i7jj per cent.: and tbrcc-monin 

.■*?-3»jr per Lent. Approsimaie selling rale (or orw-nmnib bank bills 6 per cent.; rwo-momh 6lit. per cool.: and three- 
mouih ij’-«S|h per eeni. *)ne-roonita trade bills O.d; p-.-r cent: iwo-momh a: per cent.: an>1 also three-month si-Sl per cent. 

Finance House Base Ratos mubirshed by lhe Finance Houses Association*; ; D*-r cent, from February 1. 197s. Clearing 
Bank Deposit Rates *for small sum* ai seven days' noticei 3 per o.-m. Clearing Sank Rates for lending 6! per cent. Treasury 
Bills: Aver JSC Holder rales or discount 3.72’, j per cent. 


The challenge lo the (intern- The French franc continued to j_ MniU lime 

ment's pay guidelines by tiie lose ground, dosing at Frs.4.91 in j>i.. 5 u^- l»jv\ 
miners and power workers (cd lo terms oF the dollar, compared : 'i ! *i"i , ".i ‘ | "- 4 

earlv^S-ad^n^Tn lhe foreign ex- with Frs4lS475 Previously. Us \T„ Gi^'i.asso.uwD 1.S4 10 . 1.9420 

t-hanc market yesterday." The trade-weigh ted depreciation, on JJ-“ SSJJf 0 !j!K’K 

pound opened at SI.9490-1.!)5D0. Morgan Guaraniy figures, widened .. sj?, fr.sff^s.cs fi 3 .al-M .40 

but fell 10 a low point of to 10.63 per cent, from 9.39 per * 1 * 1 * 1 .a ‘ li.06-u.i9 
S1.9320-I.933U fairly quickly. It c ^ nt Knnkinn... 5 WM.ll 4.083,-4.09*4 

after no *in l ° and^^Sosed 1 " t! at The do,,ar,s trade-weiehied mCw!” ^ iBfiisn-ibi.BO iB7i6o-i57.7B 
SI.9410-1.9420. a fall of ^points depreciation.-on a similar basis. )StnS ‘'SStliH* 

on the day. Sterling's trade narrowed to 4.39 per cent, from J-tn.. SI 3 9.42-s.w 9.61-9.52 

weighted index, as calculated by 4.50 per cent. nu«kh*"ni.. * 

lhe Bank_of England, fell to 68.4 Gold rose $i to S174i-175( in vv-mw!!!!.!! &4 23.102950 29.S0-29.40 

from f 1 G. 1 . after standing at 66.3 quiet trading. The krugerrand’s Zun. h. U: fi.ra-3.gfii fi. 8 it-s .824 

at noon, and ti6.6 in early trading, premium over its gold content . 

Forward sterling was also weak, narrowed to 6.50 per cent, from piSS t frM C e. 25 - 83 « w 
with the short periods finishing at 7.80 per cent, for domestic dell- “ c 

around par. and the longer very, and was unchanged at 

periods raaving to a discount 350 per cent, in the International other markets 

against the dollar. market . . v 

4.06-4.12 4.083,-4.0934 
77.b0-7i.70 73.20-78.U 
166.80-157.00 157.60-157.75 

I'tn*. 9i 3 9.42-9,52 9.51-9.52 

nur-khnim.. 9 8.98-9.09 8.04-5.06 

rukvv. 41< 4B5-477 465-472 

Vmiim. 6i a 25.10 2950 25.S0-22.40 

Ziin.h. Ii = fi.73-3.66fi fi.81fi-5.82fi 


i;... r.j.'Vg 1 ^ U EXCHANGE CROSS-RATES 

(Mi. S5: 
r)ro fc 



20 16 14 16 - 

Premier Cons. Ddfkclds ISp> 161- 16 

R SB^ D 3« h Petro, “T ‘ F ■ Z0, FI ' ,25 ' 9S ® GuM C**in---. 
Sdeii Transport. Truing (Bog.) C2501 483® ilmcnMtTly) 

<£9Sli-96l2i h£96-®7» 

SSS U-fi7 la .*551*-57i2 

i£28l2-29)r i£28>;29i2> 

s54-b6 S53( v -55iv 

i£27J4-Zai«* l£27lt-281i 

; riuukiuiii Nv* York 1 

wSuiS I UMUi .Aravi’.l'm | /.unuii 

lUOSEvbO 12.8&A5.C6 -.nob 460 4X8-09 I 9SA0-60 lUt.7^95 

| *0.42:48 i 5. 613 33 UA164(4otf 44.35-32 J U.78-B2 
».£84-^F - 14.974 003 ».M6A8o -lfiJSSk^S;.48^ 249.0 

»:.E®63 I 6-66*59 - i».15» 14.46-50 I lr-^681 

I ' - K.I03&-M |»2.8b-45.0& -.445 4« 

New t'*n!i..j 4i'.4W6 r 20.42:48 S. 61S35 

IKii,. :38.1b® 4.as4-^6 - 14.974 OW 

ri* uvhcI- ....[ l-.-fcl 2 I 6.6668 — 

l-'n.irei.| C.08J09i 1.9-1 94? I 9.6162 rjJu -40 

8t« 410 1® « 2 3 « 5 2t 7 Bo 8 1 Kiu-e.r»uj.. 5180-182 5179=4-1813, I \,. 1 «- 1 | H m.. ; K.i.,.®a U ! —Mi 32 ! 16 j 

«.»'!• Oo. (Br.i (25p) 490. 7pcPr». I ^ l<£923« 93*4* Iit92l4-93i«. l/^.rk-li.! ^.2?2-fi83i 1A»£s>7 j 39. 

! 16X175 12.. h.'*7>fl26: 4J625-7& 

Abbey Nations) £25% 5-50% 

-Alliance .5.25% 5^0% 

' 'Anglia 5.25% ' 5^0% 

Birmingham Incorporated;..^ 5.75% - 6.00% 
Bradford and Blhgiey--5.25%. 5J0% 

Bristol and Wesi i- 5.75% ■•'6.D0%- 

.•^Bristol Economic ,„.V- -5.75%. 6.00% 

... Britannia ' - 5J25% 5^0% 

"•■^."Burnley . ,.:.i'5555% S.50% 


Chelsea ................ . 5.75% •.fl r 00% 

■” Cheltenham and ; Gloucester fi25% 550% 

. Citizens Regency ... 5.75% .6,30% 

City ol Lbndoa',™-..-...v.. •; 5^0% 

Coventry Economic ........95 25% 6.50% 

-. : ‘. -Perbyshire 85^5% ' 5^0% 

5.25% • 

Share Sub'pn 
A cents. Shares 

“Gateway ... 

* Greenwich 

• Guardian. 

15 25% 

. Halifax f; SL2S%- 

.- Hastings and Thanet . 83.25% 

.Heart of-EogJand —.-—— 5^5%- 














. 6.75% 









; 6.75% 



. Hearts of Oak Erifieid .., 5525% 85.73%. 87^6% 
.1- 'Hendon ..—- .- 6^00% 630% ' — 

. ' ' Huddersfield & Bradford. i. .15J5_% ; 85-50% 8675% 

: r Leamington Spa . 555%. 5.60% 7.30% 

1 Leeds Permanent '5.75% : 6.-00% 775% 

Leicester .JSiffiS. 5.50%.. 6.(5% 

.'.Liverpool ... 

London Goldhawk 
: Melton Mowbray 

* Midshire .—..- 

■■ Momington . 

*.- National Counties —.—- 
. ■ Nationwide .. 

• Newcastle permanent. ..... 

: -New Cross.. 

. Northern Bock ......— 

. .Norwich ... 

!' • Paisley .. 

^/Peckham Mutual ..—- 

>Portman ... 

^•Progressive -..——■ 

Property Owners- 

' Provincial ( .,.>>4 44ll«lfMMMi 

Stapton .. 

Sussex Mutual .. 

Town and Country 
Woolwich .........:......i...... 

5.75% . 6.00% 7J25% 

85^5% " 5.50% .. 6.75% 
5.75% a00% 7.45% 

5.75% . 655%' :750% 
535% &1Q%. ?&% 

5.75%:,. fi.00%’ " f^5% 
5.70% 6 . 70 %; 

6.00%. 650% 7J0% 

5.25% 5^6% . 6.75% 

.5:75%. 660% 650% 

6.50% ■ 6.75% — 

35.25%'• 5.30%- 6.75% 
5 75% 6.00% 7J0%- 

5.75% .6.00% 6^0% 

6iJ0% 6.50% — - 

5.75% ' 6.00% 735% 

5.40% 5.65% 6.73% 

■5.75% 6-50% 7-75% 

535% 5.50% 6.75% 

5.75% 6.00% 7^5% 

605% 635% 635% 

535% -i50%-«030% 
8S35% '530% 6.75%- 

»Term Shares 
630% .3 yrs.. 6.00% 2 yrs. 

6.50% 3 yrs,' 6.00% 2 yrs, 5.75% t yr. 
6.50% 3 yrs, £00% : 2 yrs, 5.75% 1 yr. 
630% 2 yrs.. 635% 1 yr. 

6.50% 3 yrs, 6.00% 2 yrs, min. £500. J 

635%- 3 months’ notice • 

.630% 3 yrs, 6.00% 2 yrs.' 

630% -3 yrs., 6.00% 2 yrs. 

— - 645% over £5.000 

6.75% 6 months’-notice, minimum £500 
630% 3 yrs, 6.00% 2 yrs. (£500r£15,000) 
7.55% 3 yrs. over £5,000 . 

6.72% 3 .yrs, min. £500 . . 

6.50% : 8 yrs. Cap. - Shares 8.00% \ 

— up to 6% 3 months’ notice 
6.50% *3yrs, 6.00% 2yre, mla£500-fl5,000 
7.10% 2 yrs., fixed 1% over Share Accts. 
635% S mths’ notice.' minimum £1.000 
6.50% 8 yrs, 6.00% 2 yrs. 

6.50%3yrs, 6.00% If yrs, £250-£15.0Q0 
6.50% 8 yrs, 6.00% 2 yrs, mm. £500 
SB-75%,.3 yrs, 8630% 2 yrs, 8635% 1 yr. 

7.00% 16 months' notice, minimum £2.000 
8630%.^ yre.. 6.00% 2 yrs., £100-£15.QQO 
635% 2 yrs. 

E5fl%- Syrs, 6 . 00 % 2yrs, rahl.£10Q-£l5,000 
7.10% 3 yrs, 6.60% 2 yrs., rate. £1,000 
755^3 yrs., 6.75% l yr. 

6J85%72. years' 

7.0Q%/_3 yrs, 6.50% .2 yrs, min. £250 

6.50%. Sri yrs., min. £500. 6.00% 2 yrs. 
7.30% 3 yrs., 7.00% 2 yrs. • *i . 

630% ’3 yrs, 6.00% 2 yrs, min. £100 
• 7.06%- 2 yrs, minimum £SD0 
7.00% 3 yrs., 630% 2 yrs,.nua. £500 

7.00% 3 yrs, 630% 2 yrs, 635% 3 mths. 
6.85% 3yrs, 6.40% 2yrs, 605% 3 mth&UPL 
630% 3 mths. noL ■ 530% to Umitdl cos. 
6.50%; 3*4' yrs, 6.00%' lyre- 
7.00% 3 yrs, 630% 2yis. 


Texaco Fetroleum (SUS6.25* SUS2Ei« {2 2. ■' •bnre'Rim J^l«-B7la , 

Texaco Internet. Financial Coron. 59'; (J-2812-2952* it-28i|-ZW | ,i 

60 59 _ iJM N.-i t'™iib Is54-5b EaSij-SSi* 

Trlcentrol (25p) 147 h_B. 7pcLn. 154 ''lL‘27*i-2&>«' J *r275*-2ei8* 

Ultramar (2Soi 224 6. 7pcF‘d. 134'j® , a , 5 . 359 J 4 .262*^259><-262U 

PROPERTY (159)- 

Alliance Property Holdings 74u (Sill) 

Allloa London Prooenies HOP) 49® l2>2) n , 

aquis socuritiM iso) ib*i iso/1. _ CURRENCY RA 

Argyle Securttiu .12pcDb. B7U (K2) s/unncKv. ,rl 

Avenue Close (Zap) fr» apt _ .-I “ 

Bank and .Commercial Holdings (I0o) 3A« Special 

Beaumont Properties (25D) 94 ij® 0/2) 

Bd.way Holdings a5o) SOb® __ _ _ _ 

Berkeley Hambrp Prooertv (2Sp) 99 I2l2) Petiruprt 

BJlton (Percy)' TSSoi 177® 4 _ __ ' 

Bradford Proporiy Trost (25o) 224® 2 " ' n Ra c B ,i 

(2/2) NttillU—0.625O7I 

Brit 1 hi Lana l2Sp) 33<a 4 5 41 *. 1 BocDb. L'J». .iiAlar.,, 1.21281 

I CABttal and Counties. Property 


5o) 4B*t® I Auvlru* N-h.... 

•7h 7 6H 7*^. Warrants 1 O’a (2121 1 Helium rrenu. 393437 
cS»hSS « is 15,. ?4pcLn.70 U-l-bl6.94031 

22i* C31*T) - - Italian Ilia...., 

Cheserffeld PTWMTtlM. CMrt 305® (2121 Japanese yen 

CHavre Securities C25o) 104,® Norwav rrant 

caarehburv' Estates (25pl 2SS i , ,,, * f , 

City Offces !Z5p) 53 (1/2) - 

Core Dec Hidgs. (20vi 118 (30/D hwftllah fcront 

Control SecurlUe* (100) 2ffl» (31/11 -IwIm franr.... 

Com Excharoe ,/1 Dpi 162 (30/1) -- 

Cdufttry and New Town MOp) 24b 6 CZJZt — 

County Dltt. (10D* ,81^ 80 

Cnigtoa ComtH ntri Sea fltocD®. 66 »■rjr j* 

am IT K C 

Ok/ an Hidgs. (25(0 67*s® WOA. 

Dares Etts. (lOp) 14h <31J1) BpcUnacd. 

Ln. 49>i i30(i> 

Oorrington IhV. f10o> 54 
English Prop. Cpn.' (Mo) 38 9. 6 toe 
tinted.Ln. 85. IZDcUnxd.Ln. 92 (31*11 
Estate A9tTKT Hldas. *25pl 42. 3« a pe 

Estates Cent \m (209) 19 ( 1 / 2 )’ Ni 

Estates Proo, Inv. (Z5p) 83ij 4 — — ev. . .. 



Draw me 

Uau a . 



FeflrenrT 3 

Fei<ruer.\ i \ 


0.630541 > 


1.22260 1 






39.8628 c 




2.5 7308 


2.75342 B 

5.93064 . 

5.97600 9 




295.357 0 


6.26971 3 







/.nrh-li.! ->.i.g?2/gSi (AnAt. j7 j 39.777-888 l-.tiI784.261 aaOB-SE l' i.061194» - 

I’a > *ii 1 in ■ r.*», .> = 110.%88 Ltoadian .-ml-- 
L'Nik.ilinn S in New Vnrk—90 li£I iril-. U.-'. J id ill Ian £67.80^66^30. 

.-teriinu iu illiau 1683.00-1684X0. - 



U-.iUr (L.-. Uiiiail 

0 I 4 - 7 I 4 
bl*7i f 

v nvmlii'J 07572*1 6,0-71? 12 468 47JJ I I 2ft 2,;. w Y-n kjO.OM*i*i-O.D3i^»J0.04vpn,-.l»i-dia 

. 1 >**■* 1 2 *2* _ivs-_ 43,.® 1 1 3 tV 3,. 1 K’X 

Euro-Krench deposit rates: ivo-day 133-1SI per eenL; seven-day L3t-14fi per *y*|i'iibui*.j8 10 .*re dis 1,23-253 -lia 

I ] Ni-ier linie, 

An?eminr.;12&Z.i-1263.6 A*-euliuH .'1200-1300 

AusuaiU..i1.fi929-1.7110Ausirui.; 2?-30 

■<rH4i- .[ 51.32-31.b2 |.<vi)>iuin...| 68z-65j 

j-rn—!-7-r— fia-«ad....l 7.71-7.73 |i<ni.-ii.| 33-36 

Liusi .1 in | iuncti urey.-v.:B3.68i-71.S79 l 1 ' nn«.lH .. 2-164-2.17fi 

-LsHi-m I lut K. III-J ;8.b27=-8.96is; < Jeuma rk.. M.07-U.27 

K S . . s ' 5l) - 9 -55 

Jfi6«wn *■««-•- 0.6S3-0.5-J8 ft,Vr„KO.t-.. 4.0M.SD 

i Lnsymn-re BI.3MI.40 H.revw_ 74-79 

amxau «*■*•»'*« .. 4.5714-4.58 Sell ixlv. 1700-1600 

«-a7fi-38fi iN.Xeaum.l. 1.U8S5-1.90241Jx|an. 4B0-4BD 

- nai voxn! lWJ,l0Wa ■'" ,h 6.68-6.76 Neilii-nTi- 4SS-460 

1 .061)9491 - Dinaajativ. 4.50; -4.5Z; l\"rn av .... 9.90-10.10 

N , ti-Afrii-tu... 1.6716-1.68601 Pinlu^al_ 93-83 

57.aO-a6tiJ30. Ll-S . S 1"'|*.-. 

• Lnuarta. Nunr ian-i SdO-a9D 

— L'SI.. 'Li.s. 1.94-1.93 

U.ti. enta. 90.17-90.20 iVuurelaviai 37-39 

Rale given for ArseDOna Is a free raid. 

.-•IV in--Ml Li' .... 7ft,,-; 

Om- >ffi 8ft 




w. Lier Ulrtil 




5Z« 55b 

it, ^ 

27c 3 

15* 4T B 


27| i 

46s 47, 

s »-*s 

2ft *,: 5 

4 ! S 46, 




j One month 1 Tlirve itioallia 

Euro-Kroncb deposit rates: ivo-day 133-1SI per eenL; seven-day 135-I4fi per *‘-''|i'iili'^i.|8 10 .irp dis [23^-25) .ire • Iia 
11 .; one-month 15;-133 per ceni.: ihree-momh 1S-1S4 per cent.: stt-month 148-1-18 FrenMiiti ;l’j-9a pi. l-m pf. pm 

r cent.: one year 131-144 per cent. l4»bon.. . *85-110 1 -. >(i* M30-64O r. ilia 

Long-term Eurodollar deposits: two years 8-SJ per eenL: three years Sljg-SSifi 

■ cm.: iw r«r. p„ »v, „„ ^ mu. urn 

The following nominal rates were aooied for London dollar certificates of deposit: (Sri- . 1714-814 r. -Iis )ig;-BOi c. iim 

e-month 6.99-7.00 per cent.: three-monlb 7.13-7g0 per cent.: Aix-moniii 7.4S-7.35 .StoekhTm : 3-5 oro *lis 10i-12 4 .ire Mia 

r ceil.; one-year 7.T6-7.75 per cent. Vienna.....J2-12 «tu pm |5-27 i;m ilia 

* Rates are nominal caflins rates. Zurich .... .236-13fl m )7-6 

t ShOri-tenn rales are call for sierllne, UJ5. dollars and Canadian dollars: two Six-month forward dollar D.15-0.03C pm. 

days’ nniire Tor guilders and Swiss francs. 

12-innnih 0.40-0.30c pm. 


Statijtki provided by 
(into STREAM International 

Estates Genu in* OOP) is ti/2)' Name and description 

Estates Prop, Inv. (Z5p) 831; 4 —^ v . . - , , .— 

E^^«"L®Sa 1 oai'sS®'s^NeJ^cspi Alcan Aluminium Spc Cv. 8S-94 
7 Associated Paper 9jpc Cv. 85^0 

SSSSaS' , (5D® p V5 S,s nm Bank of Ireland lOpc Cv. 91-96 

H»fw f25d»-S7 (3CH1) -—---- 

“mSS*™ 0 * Pfop ''' ,nT ' ™' A 577 British Land 12pc Cv. 2002 


Size Current 




(£m.) price 









Hanget Equ.§ Conv.I Diffjd Current 

h uSS!lS is* ao ° l 234 2 1m 9hlpc Change Wares 12pe Nt-Cv.Pt 

House Prop. Uui»n i5Dpl fills CU21 — -—- ^ ~~~~— 

jmrr Proa. Htog*. «Sp i 295® English Property 6jpc Cv. 9S-C3 

| mer«roi>eM Prop. hum. MOp) 28^0 —-- --- 

Lana investors ! 25 o) i 2 B® English Property I2pc Cv. 00-05 

i^o^^rlfi^g *gi® 'vni. Grand Metropolitan lOpc Cv. 91-96 

7ttpcDb. 671 2 1112). B^OCLn. 734 ----- 

LiJfjsi ari? 159 *- 'Of* Hanson Trust 6jpc Cv. 8S-9S 

|L"iB L ufhn) Zt ^0pSb! 670 6HO am Hewoen-siuaTt v pc cv. iiraa 

Lartton 5hpp Prpo. (2Sfe) 664 ® BO 7 ------- 

tS .. Pentos lape Cv. 1985 

Slough Estates lOpc Cv. 87-90 

McKay 5 Secs. ( 2 op] las ( 1 / 2 ). Capital Tozer, Kemsley 8pc Cv. 1981 
raOp) TM.C1D.. . __ - ■■ ■ . - . ■ - 

Hewden-Stuart 7pc Cv. 199a 
Pentos 15pc Cv. 3985 

6.70% 3 months* notice, min. £500 - 
6.50%- 3 yrs, 6.00% 2 yre. +Max- £255 .- 
8.00% 2 yrs, 6 fi 0 % 3'yrs. ' 

Rates normally - variate to line withchangas In-ordinary tMoneymak^ Shires. 

{ Msuclmum ibd^id*Mid\ 4 MBC 0 uivtJE2AP0L.-. S Effective .from March X ^Effective from Februmy .L 

(20p) 105 (1 *2) _ . _- __ 

JJgggSJvJaS *1™ m ? - 31?1 J Wilkinson Match lOpc Cv. 83-98 11.10 98.00 40.0 76-83 1 Q^ iq, 3 28J 22 to 36 26.4 40.2 1S.1 -1QJ 

*aS)"* f *" JJ ’*** 120 15 ■ Number fit Ordinary shares tmo winch £108 nominal of conraUbto mods is convertible i The extra cost of Ujvesoneai in omvenible expressed as per cent, of the 

cost of the equity 111 (he convertible srods. t Three-month ransr 5 Income on number of Ordinary shares Uno which S100 nominal of convertible stock Is convertible. 
SL 1 liSL ,a ■ ™* Income, expressed In pence. Is summed from present time anti] income on Ordinary shares is greater than Income nn f|O 0 nominal of convenible or the final 

12/2> conversion date whichever re earlier Income is assumed to grow fit 19 per cent, per annum and is present valued at 12 per pent, per annum. 1 income on £100 of 

Property Hoi eft run (2Sp) 312 convertible, income ia summed mull conversion and present valued ai 12 nor cent, per annum, n This Is income ol Ihi- convertible less income of the underlying eoniO- 

Property PartnoreW ps (2 Sg) 70 00/1) espreped as per cent, of the value of die undertnna equity C The difference between lhe premium and income difference expressed as per cent, ol the value of 
| s * CB * rty lnweTt Tfi - £sow 13S ® imdeTlyins equity, -r is an indication of relative cheapness. — is an indication of relative dearness. 

I Ration Property TM. (5m an - . . ■ ■ ■— m — ■■■ — ' —... — ... . . d 

9.05 144.00 

1.40 100.00 
S.22 149.00 

15.31 90.00 

22.30 109.00 

4.51 80.00 

0.07 220.00 
3.06 134,00 

5j0 100.00 
7.33 89-00 

-10 to -a S.7 SS 

- 8 to -2 14.9 13.9 

12 to 39 0.0 9L4 

- 7 to 27 23.4 6L2 

-11 t o -0 31.6 G.2 

40 to 66 31.6 523 
-U to —2 4.7 0.0 

- 9 to 9 10.9 11.8' 

-15 to -5 14.6 6.4 

2 to 10 47.6 47.4 
4 to 16 37.5 55.4 

21 to 4] 13.0 1L1 

22 to 36 26.4 40.2 

Financial Times Satiriday February 41978 '/'U'l 


British Funds weak again and show falls to 11 points 

Shares steadier but index down 1.8 for week’s toss of 18.8 

financial times stock indices 

Jan. A year 
27 aao 

Oorommeit - 


Industrial Ordinary — j 4S8.7 

Account Dealing Dates 

*First Declara- Last Account 
Dealings Hons Dealings Day 
Ian. 16 Jan. 26 Ian. 27 Feb. 7 
Ian. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 

* " New tline " dealings may take place 
from 9J0 two business days earlier. 

Stock Markets were featured 
yesterday by further marked 
weakness In British Funds which 
fell by amounts ranging to lb Hie 
Government Securities index came 
back Q.S2 for a loss over the last 
five weeks of 326, or 42 per cent., 
to 74.83. This is fi.3 per cent off 
last September’s 65-month high. 

Weak recently because of the 
many current uncertainties, not 
the least of which is the string of 
pay claims now being negotiated, 
the market was further depressed 
by yesterday’s setback for sterling 
which was linked to the failure of 
the talks on power workers’ and 
miners’ pay. 

Doubts persisted about money 
supply and the level of interest 
rates, while the current weak cli¬ 
mate in Gilts gave rise to talk 
about the possible difficulties the 
Government Broker may have to 
face in his efforts to fund official 

Leading equities held relatively 
steady in the face of the poor 
performance of the Funds, share 
prices moving within a narrow 
range as reflected in the FT 30- 
share index: down 2.1 at noon, 
at the day’s worst, the index 
closed a net l.S down off at 458.7. 
This is its lowest since November 
24 last (456.7), when the market 
weakened on indications of the 
following day's 3 per cent, hoist 
jn Minimum Lending Rate, and 
yesterday’s close is 90.5, or 161 
per cent., below last September’s 
peak since compilation. Move¬ 
ments in the index constituents 
yesterday were mixed and usually 
lurked to a couple of pence 
although BP gave up 16 more to 

The rises: falls ration in FT- 
quoted equities widened to 3:1, 
compared with Thursday's 9:4, 
and widespread losses in the FT- 
Actuaries indices ranged to about 
1 per cent, generally with the All¬ 
share easing to 199.86 for a week's 
loss of 4 per cent. Official mark¬ 
ings rose to 6.361 against the pre¬ 
vious day's 6,122 and the week-ago 

both ends of the market and the 
presence of a few sizeable orders, 
some thought to be on Contin¬ 
ental account, ensured the fail¬ 
ure of attempted rallies which 
were exclusively' confined to the 
shorter issues. The long tap 
Exchequer 101 per cent 1995 fell 
1| points to 26, or 4 points below 
the issue price. In £30-paid form, 
but this failed to tempt remedial 
action by the Government broker, 
while the high-coupon longs were 
a maximum of lower. Although 
one or two brokers were leaning 
favourably towards the shorts, 
their efforts were not enough to 
stem the tide and quotations lost 
J in places. Falls of a similar 
nature were sustained by Cor¬ 
porations and even the recently 
firm Southern Rhodesian section 
clouded over, the 2} per cent 
1965/70 bonds losing two points 
to £67. 1 

The combination of renewed 
small demand and the reticence 
of sellers produced higher rates 
again for investment currency, 
but the close of 77} per cent.* 
up } on the day, was below the 
best of 78J per cent. Yesterday's 
SE conversion factor was 0.7540 

demand, based on bid hopes, in a 
thin market helped Milbory put 
on 5 to lQOp, while Fairdough 
Construction hardened 3 to 89p. 
Newarthili lost 6 to 154p and John 
Laing A 4 to 143 d. while BMC 
shed 3 to 118p and Redtand a like 
amount to 133p. 

Talk of the success of a new 
Swiss drug rivalling its major 
pharmaceutical product. InisJ, 
unsettled Fisons which fell 15 to 
3G0p, after 35$p; the company 
claims that the Swiss drug is 
basically for hay-fever while its 
own treats asthma. Elsewhere In 
Chemicals. ICI edged forward to 
touch 342p before closing only a 
penny up on the flay at 339p. 

Hardy (Furnishers) 

Stores ended the week on a dull 
note. British Home, 192p. and 
Motbercare, 166p, declined 3 and 
4 more respectively, while UDS 

200p, and Petbow ISSp, while 
Telephone Rentals eased 3 to 129p 
and Forward Technology 2 to 

Leading Engineers rarely 
strayed from the overnight levels. 
Tubes and Vickers both closed 
without alteration at 3$6p and 
184 p respectively, while J. Brown 
settled a shade dearer at 2S4p- 
Elsewbere, speculative buyers 
again favoured Weir Group which 
rose to 118p before settling at 
I15p for a further net gain of 5, 
but Ransomes Sims were on offer 
at 133p, down 7, along with Whit- 
faouse, which gave up 4 at 86p. 
Charles Clifford also encountered 
selling and reacted 4 to S6p. while 
falls of 3 were sustained by Lake 
and Elliot, 57p, Mitchell Somers, 
56p, and Mining Supplies, 65p. 
Smaller-priced issues to give 
ground included W. E. Norton 2 
cheaper at 29p and Wheway Wat¬ 
son, a similar amount down at 

manufacturers had a couple of 
dull spots In Associated and 
United, both of which finished 4 
cheaper at 72p and .149p repect- 

Hotels and Caterers were note 
worthy only for light profit- 
taJriug in Savoy A, 70p, and 
Norfolk Capital, 40p. both 4 
easier. J. Borel were also on offer 
and lost 1 } points to £11}- 

after a fresh bout of selling. 
Stock Conversion gave up 6 at ! 
242p, while B. Smiley, 200p, and 
Great Portland. 30Sp, both fell 4. 
Still reflecting the proposed rights 
issue, Beaumont lost 3 j 
Sap. Falls of a similar nature* 
were sustained by Scottish Metro¬ 
politan, loop, Peachey, Tip, and ; 
Alina tt London. 215p. 

Gold Hitts*..--— ' tOt 

Otd. Dir. yield-— 6.6 
!kmingaridX(fail)(*). 17 -" J 
-Off Basto taefi) rtb— 7;6 

Otdiap marked——•»- 8,5( 
Bqufey turnover S m— ; - — 
Kqnity twunlm total. - — 


. 460-5 

76.19 6530.“} 
80.25 6S.5C 

477.6 403X r 

154.6 1 . 155.C 

Glaxo cheaper 

BP fall late 

1 # SUTL 4S0J. U-an. 4S9JL Noon £9.4.' 

2 tJO. 4SS.7: S pun. «9A 
■ Latest Bdex 81-246 802b. 
'Based on SS per ctft."Q«wadfflJ <«■ 
Buts 100 Govt.' Secs. 15/16/56. Fixed UK- U3- 
Mlaee 13/9/55. SE Activity Jabr-Dec. 4W2. 

SffQj 0.61 ■' 5.7* 
17.54| iaai 
. &17] 8.M . .7 XT. 

6.3001 6,104 9.261, 
64.96 83.09 82TX 
^2^68| 15.5BOqi9.7W 

1 pm, 4318. 

tND=T.8L . . . • 
tnd. Ori 1/7/35. Gok 

Composites down again 

Gilts deteriorate 

Too many uncertainties faced 
the market in British Funds and 
the tone deteriorated throuehout. 
to leave the longer maturities at 
the day’s worst with falls extend¬ 
ing to 1} points. Fears that the 
authorities may find short-term 
funding difficult if the present cir¬ 
cumstances continue, added to 
the gloom being felt this week 
over the current wage situation 
and the less promising outlook 
for the economy. Foreign holders 
joined with domestic sellers at 

Sentiment in Composite 
Insurances remained soured by 
Sun Alliance's current clash with 
the Government over the recent 
pay award coupled with persisting 
rumours of an impending rights 
issue from RoyaL Sun Alliance 
drifted down to 520p before 
closing a further 5 off at 524p and 
Royal ended 3 lower at 375p. after 
373p, making respective falls on 
the week of 31 and 25. Guardian 
Royal Exchange lost 4 to 222p 
and General Accident cheapened 
2 to 212p as did Eagle Star to 

Home Banks recorded small 
losses following a thin trade. 
Midland new nil-paid shares 
softened a penny more to Up 
premium, while the old were 2 
off at 33Sp. Overseas issues, on 
the other hand, improved 
throughout Commercial Bank of 
Australia rose S to 190p and 
National Bank of Australasia 6 
to 184p. Hong Kong and Shanghai 
advanced 9 to 256p; the pre¬ 
liminary results are due on 
February 28. Hambros relin¬ 
quished 3 to 290p among 
Merchant Banks where Wintrust 
nave up 2 to 62p despite the 
improved half-yearly earnings. In 
Hire Purchases, UDT hardened a 
penny to 42p; the interim results 
are due next Wednesday. 

Breweries were quiet and little 
changed. Allied typified these 
conditions and closed without 
alteration at 82p, after 81p. 
Distilleries, however, were in 
easier vein. A. Bell fell 4 to 20Sp 
and recent speculative favourite. 
Highland, eased 2 to 154p. 

Buildings passed a quiet session 
and closed mixed. Speculative 

cheapened 2 to S7p. Further con¬ 
sideration of the sale to Redif¬ 
fusion of its Television rental 
interests prompted a further 
reaction of a penny to 134p in 
House of Fraser. Hardy (Fur¬ 
nishers) Ordinary and NV lost 2 
to 31p and 30p respectively on the 
increased first-ha if loss. Else¬ 
where. Dixous Photographic 
declined 7 to 154p and Currys 
gave up 5 to 197p. Lee Cooper 
also fell the latter amount to 
103p in a thin market. 

Little of interest occurred in 
the Electrical leaders apart from 
GEC, which gave up 3 more at 
251p. EMI recouped an early loss 
of a few pence to close unaltered 
on balance at I78p, but Decca re¬ 
acted 10 to 455p and the A 15 to 
440p. Sporadic offerings left Elec¬ 
trocomponents 9 cheaper at 323p 
and Automated Security, a good 
market of late on investment com¬ 
ment, reacted 4 to 51p. Similar 
falls were recorded in Faroe!!, 

15p. In contrast, Hifl and Smith 
hardened a penny further to 4lp 
in response to the results and 
proposed one-for-ten scrip issue. 
Camford encountred support at 
82 p, up ljp. 

Food retailers failed once again to 
shrug off concern over their con¬ 
tracting profit margins. J. Sains- 
bnry reacted 5 to ■ 165p, while 
Wfaeatsbeaf Distribution. 136p. 
and Associated Dairies, 212p. lost 
2 and 3 respectively. Bishop's 
Stores A fell 5 to 325p, but 
Hilli&rds, at 17Bp, regained 11 of 
the recent sharp setback whicb 
followed the interim report 
and profits warning. Elsewhere. 
Robertson fell 5 to 132p and Pork 
Farms 7 to 393p. Associated 
Fisheries remained dull, losing a 
penny more to 54p for a two-day 
fall of 9 on the profits warning 
which accompanied the pre¬ 
liminary figures. Confectionery 
issues bad Bluebird another 7 
easier at I53p. while Biscuit 

Miscellaneous Industrial leaders 
lost further ground. Recently the 
subject of a broker’s unfavour¬ 
able circular, Glaxo eased 3 more 
to 555p, for a decline on the week 
of 40p. Reed International gave 
up 5 further to 12Sp, sentiment 
still affected by adverse comment 
on the third-quarter figures, 
while Rank Organisation -closed 4 
off at 238p. A lower trend also 
became evident among secondary 
issues as Norton and Wright shed 
10 to 183p, Holt Lloyd Inter¬ 
national receded 9 to 123p and 
Diploma Investments 6 to 141p. 
Celtic Haven lost almost a penny 
to 151 p after the poor interim 
results, while Harris Lebus were 
the turn cheaper at 64p follow¬ 
ing its half-yearly figures. 
Further consideration of Pro¬ 
vincial Laundries' proposed offer 
left D. ML Lancaster lj up at 6p; 
Pi. hardened a shade to Sip. 
Higher interim profits lifted 
Broken Bin Proprietary 10 to 410p 
and Watsfaams 2 to 208 p. 

Motors and Distributors had 
little to commend them and 
Dowty, which reports interim 
figures next Tuesday, declined 5 
to 156p. Rolls-Royce, &4)p, and 
Wilmot-Breeden. 60p, shed 1$ and 
2] respectively. Alexanders eased 
j to 17p in front of Monday’s pre¬ 
liminary figures, while AppJeyant, 
86p, and Adams and Gibbon. S7p, 
lost 2 apiece. Kwik-Flt, however, 
revived with a rise of 34 to 49p. 
Turner Manufacturing, a dull 
market of late on the chairman's 
profits warning, rallied 2 to Hop, 
while further consideration of Mr. 
Edward es survival plan lifted 
British Leyland a penny further 
to 26p, after 27ip. 

Thursdays dull' trend w-as 
repeated in Newspapers, with 
North Sea oil-orientated stocks 
again being the main casualties. 
Thomson were S off at 61Gp and 
Associated 4 lower at 150p. In 
Paper/Printines, DRG gave up 2 at 
114p and Mills and Allen Inter¬ 
national cheapened 3 to t35p. 
Delyn. however, were marked up 
a penny late to a 1977/78 high of 
22p in response to the sharply 
higher annual profits. 

A late rise of 7 to 92p in Clarke 
NickoBs on the announcement 
that Guinness Mahon had agreed 
to sell its 20-3 per cent bolding 
in CN to Bremar Holdings pro¬ 
vided the highlight in Properties. 
Otherwise leading issues regained 
early falls of a few pence to close 
unaltered, but secondary stocks 
showed little sign of recovering 

British Petroleum traded quietly 
around the 776p level before re¬ 
acting late on Wall Street advices 
to finish 16 down on the day at 
760p. Shell shaded a few pence 
to 4S4p, but Royal Dutch, up i 
more at £S8i, continued to benefit 
from dollar premium influences. 
Among secondary Issues, revived 
selling lowered Oil Exploration 14 
to 2i6p, while others to -give 
ground included Tricentre!, 6 
lower at 146p, and Siebens (UK.) 
4 cheaper at 264p. 

5. and W. Berlsford closed S 
off at 207p in Overseas Traders' 
following the chairman’s stale-' 
ment. while Thomas Borthwiek 
were a penny easier at 68p after 
the annual'meeting: Mr. Raymond 
Bio ye, a substantial shareholder, 
has unexpectedly retired from 
the latter’s Board. 

Investment Trusts continued to 
drift lower with Capital issues 
showing the way. Dualvest fell 

4 to I98p, while New Throg¬ 
morton, 83p, and Ambrose Invest¬ 
ment, 52p, shed 3 apiece. Rights 
and Issues eased 2 to 22p. Else¬ 
where, Alliance reacted 4 to 195p 
and London Trust Deferred 5 to 
lS3p. Financials had contrasting 
movements in Fashion and 
General Investments. 6 cheaper 
at 163p, and R. Kitchen Taylor. 

5 higher at 67p in a thin market 

Shippings held close to the 

overnight levels. P. and O. De¬ 
ferred finished a penny off at 107p, 
while British and Commonwealth, 
278p, and Furness Withy, 520p, 
shed 2 apiece. 

A string of modest falls in Tex¬ 
tiles included a reaction of a 
penny to 30p in Stoddard. A 
following the reduced earnings. 

In Tobaccos, Imps eased a 
penny to Top despite news that Its 
Courage subsidiary has been given 
the go-ahead for beer price 

South African Industrials were 
notable for an improvement of 8 
lo 88p in Gold Fields -Properties 
following Cape demand. 

Peko-Wallsend continued to bold 
the limelight in an otherwise dull 
mining section. Thursday’s 35 
rise, which followed news of the 
high grade uranium find about 
20 kilometres north-west of the 
Ranger deposit, brought a similar 
gain in overnight domestic mar¬ 
kets and prompted renewed bay¬ 
ing of the shares here which took 
the price up to 450p at one point 
before they eased a shade to dose 
10 higher on balance at 440p. 

EZ Industries, Peko-WaBsend’S 
partner in the prospect, were un- 


s.e. Acnvrrif 

Store L'otopiiBboc 

High j Xow 

Teb. Pehu 
3 E - 

Qovt-Seta-. 79.85 60.45' 127.4' 49.18 a-j 

(30/9)' Ml -0U1/36) ddflSi - indnftraat.... 

Fired Int_ 31.27 60.49 150.4 80.63 3pecntathre-j 

&im (4/1) ®/li/«7) .0/1/75) Totala 

Ind. Ord.,... 549.2 367.6 549.2 43.4 

<i«/87 .-'flair mtm 

228.2 217,8 

209.7 199,8 

' 49.7 43A 

144.8 139 J 

QolA Mined 174.6 95.1 442^ 45.6 I Specrdatlvp-J 

j (18/1® (1 fit (28/6/75j|tEfi/IQ/71) ] . 

214.8 202.9 
801.5 194^7 
-45.6 4^9 

137.4 131.7' 

altered at 165p. Among other Aus¬ 
tralians BougalnvfUe attracted 
support - and closed 4 firmer at 
73p reflecting the recent streng th 
of the bullion price. In contrast, 
news of the proposed closure of 
the Windarra nickel mine left 
Western Mining 2 easier at 85p. 

Golds suffered from lack of in¬ 
terest and prices tended to drift 
despite the steadiness of the bul¬ 
lion price, which was finally 25 
cents harder at $174,875 per ounce, 
although still $L50 easier over the 

Against the general trend, how¬ 
ever. the mar ginal Durban Deep 
put on 4 more to 363p, a week's 
g ain of 26p, as Continental buy¬ 
ing' found the market short of 
stock; on Tuesday Durban Deep 
announced that .heavy flooding at 
the mine had reduced production. 

Profit-taking left Platinums, 
showing falls of around 5 with 

Rustenberg that amount down. 

9Op and Bfcshopsgate 4 off at 7 ’ 

Lydenburg receded 2 at 80p. ,: 

• South -African. Financials w . .* 
subdued in line with Golds. Uni *: 
Corporation fare up 2 of the p 
vious days 12 p rise to close 
higher on the week at 262p. - ■ 

London-registered Financi..-. 
continued to reflect the weaktu ... 
of TJJC. equities. Rk» TlntOvaV ■' 
declined 3 more to 1977-78-i'-.. 
of 170p. while Gold Fields fells .. ■ 
186p bringing the loss on the we 
to 17. A firmer-tendency det; ; 
oped in Tins following the fuitt 
improvement inAhe premium sr ,. 
the metal price; -- r 

Among the Malaysian product 
rises -of 5 were common to Aj • 
Hitam, - 260p,. Berjuntav211 ; 
Malayan Tin, 290p and Sonihe : 
Malayan, 250p, while the Cornl s ' 
producer Geevor was <a simli 
amount higher at 460p: ' . - 


Yesterday On the wet 

BriUsb Funds ... 

Corpus. DamlnfoB and FMtaa BBods _ 

Industrials .——__— 

FlnMdal and Pnpcrtr___. 

on* _______ ... 

Plantations ___—-— 

Hinas ..... 

Recent Issues __ — 

■ Up Down Same Up Down Sit - 
B 71 3 70 2fff - 

2 33 3L 32 <M - 2 -. 

183 » «t Lr046 2,516 « 

« 294 U1 297 USC IA-- 

8 16 S M - 56 4 

7 3 23 26 39 S - 

23 52 37 157 198 » : 

3 U 37 ' 22 « -U- 

272 UM2 U59 

i4M <un A* 


The following securities quoted m ttm 
Share Information Service - y este rday 
attained new HJghs and lows lor 1977-78. 



Exch. 10>aPC *95 ' 

l£ 3Q pdi 


MM bury 


Centreway - Runeff (A.T 

HamMOorne Vln*™ . . 


Ennla U.K. One Cnv. 

WetaMers Publications 

PAPER (1) . 

D ** V * PROPERTY t1> 

Ctark * Nfck0n9 TRUSTS _ 
SbewtHi Kitchen Taylor 


■ r BUILDINGS (1) 


Borthwiek tThos-f _ 

MINES (11 





Stock tion 

BP. £1 

Shell Transport... 25p 

BATs Defd. 25p 

JCI. £1 

GEC . 25p 

Royal Insurance 25p 

Reed Inti. . £1 

Grand MeL . 50p 

GKN . £1 

Rank Org. 23p 

Beecham . 25p 

European Ferries 25p 
Marks Sc Spencer 23p 

GUS ’’A’’. 23p 

Midland Bank ... £1 

Closing Change 
price (p) on week 
760 *-36 



































Firet Last Last For 
Deal- Deal- Declara- Settle- 
ings logs tion ment 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 
Feb. 21 Mar. 6 May 25 Jun. 7 
For rate indications see end of 
Share Information Service 

Money was given for the call 
of Grand Metropolitan, Charter- 
ball, Consolidated Gold Fields. 
British Land, Grand Central In¬ 
vestment, Shell Transport, KCA 
Drilling, Fitch Lovell, Bridgend 
Processes, M. P. Kent, Bunn ah 

Oil. Town and City Properties, 
Lonrho, English Property, Inter- 
european Properties, BP, Mills 
and Allen, Royco, F. P. A. Con¬ 
struction. F. C. Finance. 
Britannia Arrow. Centreway, 
Furness Withy, Edin¬ 

burgh and General Investment 
and Orme Developments. Puts 
were taken out in J. Lyons, J. 
Brown, Tri centra I and 
Court?olds, while doubles were 
arranged in BjS.G. International, 
British Land, Britannia Arrow, 
BP, SL Plran. London Brick, 
KCA Drilling, Consolidated Gold 
Fields, Tricentroi and Lonrho. 


These indices sre the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 




Figatr* In pamtbnei wt>Ow 
number of Rock* per section. ■ 

Thurv. Wed. 
Feb. Fab. 
2 1 

30 Jtovm) 




C losing Change 1977-78 1977-78 


Stock tion 
Shell Transport... 25p 

BP .. £1 

BATs Defd.. 25p 

GEC . 25p 

P & 0 Defd. £3 

Racal Electronics 25p 

Unilever . 25p 

ICT. £1 

Webslers Pubs.... 5p 

Boots . 25p 

Burmah Oil . £1 

Fisons . £1 

Grand MeL . SOp 

Marks * Spencer 25p 
Rank Org. 25p 

marks price (p) on day 


" a 

Building Materials (27)^ 
Cootnrtnig, CautnretiaD 0Bl_ 


Engineering C<m&acUffi(l3), 
Mechanic*! Engineering (7?).: 
Hfttis and Metal Fmmng (171, 

(DURABLEH 52 ) _ 

li. Eleetronici, Radio TV (15). 
Household Goods (12)—. 
Metro and DimitauxsQO. 


22 Breweries 1 14)__ 

23 Wines and Spirits (6)_I_ 

24 Eatartainmat, Catering (18. 

25 Food Manufacturing(22) 

26 Food Retailing (16) __ 

32 Newspapers. PobiishingnS), 

33 Packaging and Paper (15)_ 

34 Stores (38i- 

35 Textiles (25)_ 

36 Tobaccos! 3) ____ 

37 Toys and Games (8) _ 

41 OTHER GROUPS (97)_ 

42 Chemicals (20).... 

43 PbannacenticaJ ProducKl7), 
Office Equipment!^— 

Shipping (10)- 

Miscellaneous <54 1 _ 


200.06 -Off 
18027 -0.7 
320.08 -0.6 
425.98 -L0 
285J6 -05 
157.67 -Off 
161.41 -05 

7.97 20158 
839 18153 
8.13 32199 
9.22 430.45 
655 286.61 
7.60 156.921 
6.79 16ZJ5 

Highs and Lows Index 

Index[Index Index 
No. j No. No. 

203.47 20555 
184.43 18759 
325.65 330.76 
436.01 44151 
287,85 28737 
36034 16L08( 139.65 
16135 16232 130.44 

22a03 0419177) 1 
214.72 (24/10/77) 
48359 (23/10/77) 
187.45 04/9/77) 
17752 -04/9/77) 

33533 (4/1/77) 
11231 (5/1/77) 
167.99 (4/3/77) 
168.98 (4/1/77) 
325.42 02/1/77) 
11355 (4/3/77) 

228.03 04/9/77) 50.71 
23354 05/72) 4427 
38933 09/5/72). '71.48 
48359 (21/10/77) 84.71 
332.22 03)9/77) 6439 
187.45 04/9/77) 45.43 
177.41 (27/4/72) 49.65 

183.99 -Off 18. 
220ff9 -LI 16.17! 
17L10 -0.4 18.51 
112.00 -03 22.18 

7.8S 18530 18730 18589 187.71 137.48 ZHJ5 (21/10/77) 11731(32/3/77) 

8.94 22327 22537 22420 226.75 15330 26L72 0/10/77) 12939 020/77)- 

739 17178 17269 17236 17329 148.72 19927 <27/10/77) (4/3/77) 

6.66 13258 13325 11237 12334 89.96 130.95 (15/9/77) 7727(2^3/77) 

227.78 (21/4/72) 
261.72 0/10/77), 
26322 (4/5/72) 
17039 05/1/69) | 


Z2L21 -Off 
97.76 -L4 
18269 -Off 
245.10 -03 
24273 -0J 
124.19 -Iff 2L33 
449.68 -Off 2L9Q 
193.47 -Off 16.33 

The above list of active stocks is based on tlie member of bargains 
recorded yesterday in the Official list and under Rule 163(1) (e) and 
reproduced to-day in stock Exchange dealings. 


A.B.N. Bank . 6*% 

Allied. Irish Banks Ltd. 6}% 
American Express Bk. 

Amro Bank . 6i% 

A P Bank Lid. 64% 

Henry Ansbacher . 64% 

Banco de Bilbao . 6'% 

C Hoare & Co.t 64% 

Julian S. Hodge . 74% 

Hongkong & Shanghai 6f% 
Industrial Bk. of Scot. 64% 

Keyser CUmann. 6J% 

Koowsley & Co. Ltd.... 9 % 
Lloyds Bank . 64% 

Bank of Credit & Cmce. 6i%" London & European ... Si% 
Bank of Cyprus. London Mercantile. 

Bank of N.S.W. 6L% 

Banque Beige Ltd. fi/% 

Baaque du Rhone . 7 % 

Barclays Bank . 64% 

Barnett Christie Ltd.... 8J% 
Bremar Holdings Ltd. 7\% 
Brit. Bank of Mid. East 64% 

Brown Shipley. 64% 

Canada Permanent API 61% 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd. 7 % 

Cedar Holdings . 8 % 

I Charterhouse Japhet... 6’% 

C. E. Coates . 71% 

Consolidated Credits... 61% 

Co-operative Bank.* 61% 

Corinthian Securities... 64% 

Credit Lyonnais . 61 % 

The Cyprus Popular Bk. 6* % 

Duncan Lawrie . I P l % 

Eagii Trust. 6J% 

English Transecnt....... 8 % 

First London Secs....... 61% 

Midland Bask. 64% 

SamueJ Montagu. 64% 

Morgan Grenfell. 8J% 

National Westminster 6J% 
Norwich General Trust 6|% 
P. S. Kelson & Co. ... 6*% 
Rossminster Accept’cs 61% 
Royal Bk. Canada Trust 61% 
Scbles/nger Limited ... 0j% 

E. 8- Schwab . 84% 

Security Trust Co. Ltd. 7f% 

Shen/ey Trast.. 9J% 

Standard Chartered ... 61% 

Trade Dev. Bank. 6$% 

Trusiee Savings Bank 61% 
Twentieth Century Bk. 7{% 
United Bank of Kuwait 61% 
Whfteaway Laid!aw ... 7 % 

Williams & Glyn’s. 65% 

Yorkshire Bank . 6i% 

McuihcRi or (be Accepting Hanses 

7-day deposits 3%. 1-month deposits •m.-.'v. t. n> A'uin.l'ii'l. 

lOlp 'M VurLshiiv 11% >.'uw. Pi«jC. 

gap'Cenm-ttiiy '.'mu. Pnrf—. 

bl<4;iiniDi|4Mn L'rs.K'S . 

Sttftljllocc. f 2 % Nwtn 1«54.-. 

5$6i t l Do. 9% TJcto. 1992--- 

Sl^iKcjionjtoai Chelaea Ils^ BN87_— 

99Tei • Do. Do. Variable '22—__ 

9912 Cieds \'anab!e 1982...-.. 

10012 Deicerter Variable 1982.....-___ 

lCuij MW KeiiC Water 7% ..... 

£90i 2 Rowutree Inti. 10i% 1988.. 

f96 3b«ll Inti. Kui- Nil. bi% Guar. Vi He* 1990. 

009 stair Furoitnru lOg Cum. Prt#... 

100A tamreide VartaWe l«i.—... 

0*4 Do locked —..' 

ICHpjWhitehouse (G.jllJ Com. Pref-- 

36 piu'i—21'j 
ICiSpI ...... 

.108 +1 
: 691e[—U 

Z13J3 (23/30/77) 
25645 (29/32/77) 
27222 01/30/77) 
214.63 (23/30/73) 
244.41 (27/10/77) 
36022 (6/1/78) 
144J21 (14/9/77) 
284.02 (27/10/77) 
18L4I (15/9/77) 
24326 (7/9/77) 

119.68 (Z7(Wm 
295:30 (14/9/77} 
262 .96 (6/V73I 
14125 (15/9/77) 

539.68 08/5/77) 


13679 (12/1/77) 
34323 04/2/77) 
15615 04/2/77) 
172:97 04/2/77) 
15024 (40/77) 
9024 (5/1/77) 
322.71 (50777) 
76J4 (4/2/77) 
20426 (12/3/77) 
242.73 (272/78) 
77.65 (4/1/77) 
40540 (14/1/77) 

226,00 06/8/72) 
28227 (28/12/72) 

257.40 (13/7/72) 
329.99 02/12/72) 
21423 (23/10/77) 

244.41 (27/10/77) 
36022 (6/1/78) 
14421 04/9/77) 
20439 06/8/72) 
235.72 07/1/67) 
33916 (2/8/72) 
13SJ2 06/1/70) 
233.70 04/9/77) 
29510 04/9/77) 
262.96 (6 film 
24606 (1/9/72) 
539.68 08/5/77) 
258.83 (2157721 

V 1 '.’53 V77\ VTri h 1 ■ V/II B-iliTTi kl 

7828 (13/J2w 
54.83 (9/1/75 
5927 0W2/7. 


5528 (6/105 1 .: 

43.46 (6/3/75 

52.63 (6/3/75 
62.66 (31/12/7 |, 

9434 (13/6/6! | j 
20.92 (6/1/75 

58.63 (fi/l#!?!^ 

7L20 (1/X2/7 1 ' 

'42.73 (2/375 
4534 (2/1/75. 

90.80 (2W62 
6 039 ■ <677/73 

5Za EEfBESgl 


Iwue | 3 

Pi <* 

First Nat. Fin. Corpn 81-% t deposits on sums or a».wo 

First NaL Secs. Ltd. ... 8 % 

J Antony Gibbs. - - - * „ 

Greyhound Guaranty... 6 \% f Can demmu, r - 

■Se S s Mahon:::::::: St? 1 k * ^ " 1 “ 

■ Hambros Bank . 6f% \\ T^ay deposits 36%. Rales for Term 

■ Hill Samuel .5 6i% Deposlm over nenuaus. 

and under 3”.i. up to £25.000 63% 
and over 05.000 4H». 

117 |Arllnj(tun Motor .. 

66 LatikKHTn..... 

38 Ctiristy Bn»---- 

63 Comm. Bant: nf Auatnlta- 

200 HI bar Induotrial--- 

125s Johnson * Barnes....- 

71 Kenaltu; M««r—. 

36 L.U.C. lnterrano»i»l._. 

! fitjpm Manchester Geragw... 

llpmiMullami Bank. 

43|im!3>alioiial Hank »f Atunxla«ia.. 
3lim|Xcill (Jn>.) -- - 

84 [}y ir-win It*. ... 

71 PraeJv iAUrcdi„.... 

BlU ILLS. ..... 

84 ltr<tinl Katgwav... . 

11 itnria iGou.i...— 

SZ7 Ut>i. S'fentifH.. 

_ 117 _ 

—. 69 _ 

... 45 

- 40 +2 

- 220 _ 

121" j_ 

... ai ...... 

... 59 —Ilf 

6ljpm ___ 


— 48pm +8 

— 3pm —2 

... 32 ..... 

81 _ 

39 _ 

88 .— 

14 __ 

—. 288 _ 

JSfiO-jr. Red. Seb. ft loans (25) 
l6lXnvestmenc Trust Prets. (16) — 
lTComl. and Indi. Profs. (20) - 

Ue o—BR tMRi date asnallx <am cat fur dealnut tree ot sump mar. a Kunres 
oxsed on prospectus estimate, o Assumed divides! and mu. a Korecaat divnend: 
cover based no Previous soar's enninss. ► Dhrtdend and yield based on praspeenia 
or other official ssOxdAHg for tin. o Gross, t Ktgnres assumed, t Cover anon 
for conversion at shares not now rattans tor dltfds&d or ranking only for restricted 
dividends. 5 Racing Brice to public, at Pence unless otherwise indicated. I issued 
by Trader. II Offered to holders at Ordinary shams as a M rfehUr." •■Rights 
by way of capitalisation. teMlBlmam lender price. $8 ReWroddCed. n Issued 
to with reorganisation muser'or Uke-arer. SIiareatwioa. Qissoed 

to femur PmtarencB bidders. ■ APocnent loners (or taBy^>aia)i • Pravtslinul 
or panly~p3!a allotmett Jettersi h With wanaua. 

Seeded or Group 
Pharmaeootit»l Prodncta 

Other Crwpf 
Overseas Traders 
E nglnearloa Contractors 
Meoualcal Englnenrins 
Wines aid Spirits 
Toys and Camas 
Office Eqtripnratt 
Industrial Group 

Kate Date' 
m ram 








Bax Value 

Seem ar Gmp . Ban Datr 
Mbccilanenus Plnnodal Sui2m 
Food M a n nfe a u rinfl 29/12/67 

Food RntaRfra 29/32/67 

Jnstmmce Brokers - 27/12/67 
Mhrtng FbuuKa ' 27/12/67 

AO other 10/4/62' 

rnadeapflMi yield. A new Use flte coditfttfHtt* 
to mllahto from tba Pnhtbtaro the Pfenadfll Vines, 



S.A ajl: -- :Kl3,11 Dd(m ’«rananUd fatf «. WaO, wteh«hlX»i;P«*bi^. 

, HOrELs 1,1 i ° nEC2t tsQL HsSSKES 

tJ CV1RSSA- TRAiratafjCSmrSI.. 5* Do. Accreted-{« 

. m&Iod. 

VlMEi;i, modify— 

3 Jlw? fzcuiiytfte, 

4- r^i,.wiT —. 


fc Growth ' i. 

Growth . 

J~al-. ■ ■■■_..- 
Righto 1 —.— 


so G3. Unit Haangers Ltd.? 

W* XJ5, FinsburyCtrcn«EC2M7IID (HB28813F 
Z-* G.X Op-Tar- . ..P7.1 CM-U 170 

22. do.acc -mi . Iw5j*4« 130 

c_T.toc. pa on _ J2 

TZL ' 


* A. Xrnat (a) GO :/ 

ASS S.'BMs M&t B ri . Biym wo od /(0277! 227300 

at a— -ta.8 . atm-03 om 

+17 nn 
, 408 
+U 150 
4-X 7JO 

Uoyd’s Life Unit Ttet Mngn. Ltd. 

72-80. GdftoatBA.Ayfato IBMSMt 
Bqnlty Accum._{1413 MU| J 431 

H&GGroup? (yXeX*) 

Thrne QbbjS. Tower HIH, EOS SBQ. 01820 4®3 

!fl£S££F±z:£J £3$; 

(Accum. T3 nitc) —— SJ 42i +0.4 

Commodity—-6X3 65L9n 

I f Accmn. Dniisi—. 66.0 _7XC ...... 

CompoundGRMU l M.4 JEL5 -07 

Conversion Quoth (7.1 516 +01 

, . Index Limited 91-3513466. 

L«J«: Joan ‘ jxmont Rood,'London SWUt OHS,. 


lAecum. Units) - VIS 

Australasian-.. ■ 39-5 

{Accmn. Unite)-3V B 


(Accum. Dnitsi-66.0 

Compound Growth. HA 
Conversion Growth 471 
Convene on Ine.— 56.6 

Dividend--— U0.1 

(Accmn. Unilsj - 20 A. 

European- *52 


Extra Yield___ B-7 

(Accmn. Unite)-106, 

Far Eastern——— 373 


' Royal Exchange London.EC3V SLU; Tel.: 01-283 1101 
I idcx Guide as at 24th January, 1578 (Base 100 at 14.1.77.) 

_ Clive-Fixed Interest Capital - 135.06 

1 Clive Fixed Interest Income ■■■■■■■.■—■■■.-■■■ 134.73 



t Property "Growth .-. 7»% 

Cannon Assurance ' ’■'M-... . 4?% 

t Vanbrugh Guaranteed . 6.6S% 

t Address- shown-soder Insurance ind Properly. Bond Table. 

(Accum. Unite)-JJ7 

Fnadaflnv-Tsta— 563 
^AccmOL Unite)- 

(ACcrateUidtel-i-ZtoJUi 1 

Hiph Inwnni' - - 96.7 

(Accmn. Uni bp .— 157.4 
Japan Income--120.4 

47.1 sat 401 

56.6 *63 . _ 

1102 U7.< -01 a 

2043 217* —1.4 & 

C2 40.0a -Ol 2. 

*5.7 409 -0-2 2: 

§3.7 87.0 -0 4 e. 

1063 1133 -0 4 

375 40.7 +03 

(Accmn. Unite)—t 

(Accmn. units)-n 

gc s _| 

Specialised Ftroda 


(Accmn. Units)- 

CTharQund Jan. 31 _ 


(Accmn. Units)-— 
Paw. Ex. Jan. 30. —. 

8X5m -a7 
165.9X9 —U 

-0.71 053 
-13 ASS 
— 1036 
ZZ 7M 

...... 7.M 

«... 5*9 






! * “ ‘ 

% The Fimmdal TixiieswlII .be publishing a number 
of Surveys, In 1978, relating to the motor industry, 

• 7 • culminating with the Motor Industry Survey on 
O ctober 16 which coincides with the 
IhteraatiOTial Motor Show at the NEC. 

Thefuinist of Snrveys and publication dates 
? are set ont helowi ’ 

TYRES March 10- 
? TRAILERS May 24 . 


00MMERC3AL VEHICLES September 25 

Detailed synopses are available prior to the 
■/ publication date and for further details on these 
'■ and advertising rates please contact Richard Willis 
Financial Times, Bracken House, 10, Cannon Street, 
LondonEC4P 4BY. Tel: 01-248 8000 ExL 7063. 
Telex: 885033 TTNTD4G. 

Vaw.EX.JBn.3a_ 13233 13001 —4 5*8 

Maimlife Managanent Ltd. 

St- GeorgteG Whj>, Stevcnaso. 043898101 

Growth Units-(47.9 58 j4(-L8( 483 

Mayflower Management Co. Ltd. 

HJ 18 Grtahmu St, ECZV 7AU. 0MSMBM0 

SSffi-fcrPiS 2 ^3:dIS 

Hert iry Fond Managers Ltd. 

•m,« ^T.«mKt . iaf5»p gBa. 01-6004555 

M*»tGen-Fob. 1_[U7.X I77JB1 - A3* 

A«LOJs.Ffcb.l__ a*7 228.* 4.7* 

M«tr. Int Feb. te+- 563 593 — 3.91 

Aton. UtoFute I — 503 6 *3 3LW 

MerteESxi. Jonas_ZU.9 220.78 — 4+5 

Aecnm-Ute.JBn.aB_ (252,9 263w4|- 445 

)wi <UoTid R«mlr Group 
Unit Trust M a nager s Ltd-V (a) 
Oomtwood House, Silver SUwrt- Bwd. 
SlwfUL-ld.ST.3RD. Uet 074279842 


Dp. Accmn. 62* *7* “02 6.00 

Growth-£3 3CS- 355 

SS^Accmn.- Wj 25^ rZ IS 

g£a gS=== gS 50^^03 

Do.A/caam. _05 . S73 -0* 6^ 

l S4JS AZ.2 +0-3 2.95 

Do. Accnm.-®L2 446 +03 2-W 

Htvh Ylel d , _S9i *2-5 -020 

Dd-Attm-—-—i Mb 649 —-4 8^ 

Equity Exempt*—W M*4-] 

.ten. AceanL*. M3.4 . J 09 ;}' ~=4 

Trlcea it Mb, UTHeit dsaUng Feb. 20 

Kbuster Fand Maau«en Ltd. 

MjBte-Hst.AtttateSteEil*. OlrSSMBp 

SSSSlfcg3 £l=j ts 

MLA Putt T rost M gqnnfc. Ltd. 

CHS Queen Street, SWlHSJiL 

MIA Unite-PU 3M| —4 461 

®mtel tJott Trust Managers? C*Kg) 

15.Copth«UAvfc.EC2R7BU. _ 014JW4OT 

KntuaJSetPlus—KW »S-JS 6» 

Ssait® 33II 

National and Commercial 

31, st Andrew SqoHv, Edtaborgh asi-Hfl B151 

kasstma Fotv L—JS3 ■— fS 

SSfSEfci^ ma_ j* 

(Aceam. Unite)—|l*tB 152jq ■— »3k 

NatjteVd Provident Inv. Mngra. Ud.? 
4&€racechurofaSb.EC3P3HH OME3«flO 
NJiGth-Ualtt—W.4 »-2 

(Accmn. UnitaJ*—g3 56a —I 5JS 

NH (yjaas.mat-ffiLJ SJ-3 

fi*w, P niM w_(1170 224,7! 320 

*• Prices oa Jan. 18. Ncrt dciuJyt Wh. 23. 
-PricesFelx L Next deoHagftb. 15. 

National Westminster?^ 

16h CSseapBitJa. Et2V 8EU1 W80. 
Capital (Accinni—S*5 603J*-ft5i 4« 

teSnrrrK? 453-3 1* 

J. Henry Schroder Wagg 3s Co. M? 

120.Cheapside,E.C2. . C1.&ID3W 

Capital J an. 31— 92J 963 .— 254 

(Accmn.)-1215 .1155- ZSt 

Income Jan-31—1744 180.7X — 7.00 

(Accmn.Unite]-_253.9 2633 .■—• 7.00 

-General Feb. 1_74.9 7 B.M — 3.42 

(Actum. Unite'- SjtS 96.1- 3.42 

Europe Jan. 26__, 27.0 28. - 139 

(Actum Unite!_295 31 3 JJW 

-Fn'ChyJan.34—166.2 1713 m-400 2212- 3.B9 

•Recovervjjn 11—[lE* . 18S.4| J 4*0 
-For to* exempt funds only 

ScotflBb Equitable FncL Mgrs. Ltd.? 

28SL Andrews Sq, Edinburgh 0014009101 

Income Unite-[481 5121 —J 5.40 

Arrnm.Uiute |5fl3_ . 57.71 —4 5+0 

Dealing day Wednesday. 

Sefaag Unit Tst Managers Ltd.? (a) 

POBox 51L’BcWhty. Hso^ECA CK385000 

SS&SSSiSS i9=8H S 

Security Selection Ltd. 

15-lS.Uncoln , 5EnHFlehUWC* 0-0103305 

UmAGthTMAee^CBJl M&l 1 SB 

UnviGlhTStlnc—2L6| —] US 

Stewart Cntt TsL Managers Ltd. (a) 
45, Charlotte So, Edlnbargh. 03KSB3S71 
Stand American Fend 

Standard Units-B3.9 5731 1 0.75 

Accmn. Units-^58.1 61*1 —...I — 

Withdrawal Units _H4.4 474 —4 — 

Stewart. British Capital Fond 

'Standard-11255 136.01 —| 3.75 

Accum. Units-ptai 1541, 1 — 

Son Alliance Fund MngL ltd. 

Son AlUnnco Hae^ Horsham. 0403S4J41 

Kin Til Tat- Jan. 2+ (£20130 2UJJC] .. .. | 436 
raeFfljnliyFd —fAA . 89.7|-0*| 3.93 

Target Tst, Mngrs. Ltd.V l*Kg) 

Destines: 0ES6 5941 

3401 . 451 

61* -0.9 458 
37-5 -05 6*9 

212.7- 6.07 


225.9 3*0 

29.9 -43 4.94 
240 +0J 2*2 

a* +OJ 2.22 
29* -0+ 3.44 

157.9c - 4 AS 

345 -03 9.03 

26.0 +03 10.92 

19*1+0*1 AM 
Target TsL Mgrs. (Scotland) (aXb) 
19.AthoaCrescant,Edln.a. (01-2238621/2 

3^§fedgS IS 

Extra SnewMFd.-E6e5 65*|-0*]U*4 

Trades Union Unit Tst. Managers? 
104Wood Street,ECS. m-essam 

TUUTFeb. 3-(449 52Jj-1 5*2 

Transatlantic and Gen. Secs. Co.? 

ntelmaford R24551K51 

'l=d = 

Tyndall Managss Ltd.? 


67* -18 
7U -19 

. i. ;:. - ' 

. J 

dK V-■.■<•■ i' 

, a ' . ' 

£»*• " .pw"*- - . 

**r*' r ". c '_- ■■ 

t . t- ’ 5-0. ■■ 

in. E-* .t. ' r 

. y --pw 

fii&ti' m #?•-' y 


The content and publication dates of surveys la tie 
.. Financial Hmes ate subject to ebaage at toe 

. discretion df the. Editor. .. 

NHL Trust Managers lid.? foXB) 

MUtcoiGxatDorinn&Sutrey, sm 

Sffissrsn-iSi S3 ^3 IS 

For N«w Court Frad Managers ua. 
see ftafltscMM AsseUiamgHwart 
Norwich Union Insurance Group (b) 

P.a Box 4, Nccwich, NH13NG. 0003239)0 
Gronp'fttlU— P»-« 34731-4.^ 5*2 

Pearl Trust Managers Ltd. (aXgMri 

252H!RhBoUx*rn.WCiV7EB 01-4058441 
Bead Growth BtL—ISJ. 23*1 6*8 

Accum Unite-13-3 27-3 ^2-3 4M 

PftfriTun ■ p i 7.05 

KiMs—i ; Is ts 

PeUcan Unita Admin, lid. (gHi) 
BlFonntnhiStjMnrte'hWtCP •“ OBl-asasaBS 

p®femUalto_p7A «W|-45i S*0 

London WaQJuL 

SjxxMStt* - 

TSB Unit Trusts C?) 

21 . Chantry Way, Andwer. Hants, 

ftl Do-A egimi_ 52-1 55i 

S I TSB Income_57.8 60.7 

i Do/Acc)miSal 6+9 

TSB Scottish-71* 76 c 

tb)Po. Acenm.., — 75* 80.71 

Ulster Banfc? (a) 

Wortns Street, BelCa&L 
(bjUhler Growth—[35.4 3B.5M 

Unit Trust Account & Mg* 

Fnnrt:E3e.Fund_.lM4 0 3520d 

Wider Grth. Fhd— 7 313] 

Do. Accum. —. . p3 J 35*1 

Wider Growth Fund 

Inroare Units ____B9.7 SIN 

Acmm.Unite.. .„pi* 35*1 

-05 192, 
-03 3.92 
-06 733 

-46 733; 
40 J 2*4 1 
+41 2*4 

0232 3SB1 
—45| 4JB3 
at Ltd. 

—I 4.47 
ZZ-\ 030 

— 330 


.J- 3^ 

JZi 330 

EquityRmd-g37 3S5j-— 

EqnliyAra:.^__ 234 29.9 - — 

teWrWFd._1SC.7 146.0_— 

ProperWAcc--1445 1K2 - _ 

SelecUve Fund_E25 86.9 — — 

CjmvertihleFard-^.9 134-7- 

fifcmev StanJ __—113.9 !»*—. — 

Fens. Frope.7ty~— 162* 170* - — 

Pens-Se-'eSec-777 Bl* - — 

Pens. Security—— 131.7 138.7 —... — 

S£gEK±=:ii5 aj = 

WropTFd.&er.<—. 119A 7M.9-— 

W-lan.FteScr.-5-1262 132.9 —... — 

VEcjmtyFd.Ser.4- 31.6 • ,333 - — 

VOoiw.Fd.Ser. 4— X093 1151 . — 

VMoncy Kd. Ser. 4- 107.4 113.1) ..--4 ~ 

Pr-.ces 31 Jan. SI- Valuations normally Toes. 

Albany Life Assurance Co. Ltd. 

31, Old Burlington St- W.i. 01-4375902 

♦’Equity FO. Acc_1174 0 lO. 

VFmeJ lot Acc..—.11381. 145 

VGtte«otie»'F'(LA<i.|3ia& 118 
91ntLSlan.Fd Acm. 964 
VPrc'pF J Accl—nOS* 


Equity Ppn.Fd-tcc. 20^3 214 

Phgal.PeiuAca—172.6 UU- 
G'td-Mon PwlAcc, .025* 

Intlil n-TUFttACC _ 1101.9 
Prop-Pvn-A cc—— 1190 
STpk-1 n-.-J+nJicc- [1922 

AMEV life Assurance Lt«L? 

AlntaHse-,AltnnEcURclgBta. HelfiBia 40101. 

SS:£SfcBSK Sl=l = 


AMEV I > tivj « «. » ■ ■ — 1 — i «i ■— | — 

iSH=l = 

Arrow Life Assurance 
30U.xhridscBoad.W12. OtTOBtoll 

Sc!3J2.Fd.Cp.T7nt.. 1615 ,65Jj —j 

Scljyt.FiSi.UiJl—(97,7 MJS_j — 

Bare by s Life Assur. Co. Ltd. 

252 RcndosU Rte, E.T. 01-5345844 

Barcin: twoiis*——[1163 122-31 ..—4 — 

Sanity __— DA5.0 Hit) -05 — 

Gut.cciM.-d_hlil uaal -2 5 ~ 

Properr. ——....-|77fl 103.C| . — 

Manured-hQ2.7 -03 — 

Mor.e*___|97i 102.3. — — 

Man.Pen.'Aecum.-if7.7 M2.9i — 

Tin ]m::-J- ..H6.7 1013) .... — 

CritEd/FVnsjMc._(f77 1029).— 

Do. Initial --1965 10141 . — 

Money F-?ns.Aoe._ 97.4 M2.6j- — 

Do.lniu;>l-—(963 3fll.4| — —* 

-Current unit value Feb. J. 

Beehive Life Assnr. Co, MV 

71. lorn hard St. EX8L 01-6231383 

Black H-irse Ed_| 32833 1 —4 — 

Canada Life Assurance Co. 

2-8 UJkIi St, Fatten Bar, Hats. P*ter SU23 

g&SiSnhal S& !=d = 

Cannon Assurance Ltd.? 

J.Olj-EneWr. Wembley HAOTffi Ol-KttSSW 
Equity Units.—— * “ ‘ 

Property Unite—_ 

Equity Bopdj Errr .. 

Prop. eond/Erae~ 


Lie posit Bond- 
Equity Acc am. 

Property Accum 
Mnttd. Accum. 

End Equity— 

2nd Property 

2nd M auaecri..- 

2nd Deposit 

2nd GUI- 

"nd Eq. FcosJ.Ace.. 

EadPrpFensi Acc. _ 

2nd M.rte Fsns/Ace, 

2nd Ef-’Pens', 

2nd GUt Fern/. 

LllsiSr^r. — 1 ?5 5 27*1 — 1 — 

Current value Fteix S. 

Capital life Assurance? .___ 

Conirlon lino*. Cfanpel Ash Wton 0802S651I 

Key lowest. Fd..-—1 202*3 I_1 — 

PmttilnnRJM 3*0*7 ( — 

Charteriwose Magna Cp-? 
lACbctilKfsSqw Uxbridge HB81NE 82181 

Chrth^c Energy_[S.0 36*1 .— — 

Chrth«. Money™ 29* so* .— — 

Cbrtl'^e- 3JanaB«l_ 33.8 40J — 


■Nafio-iBltLSoc.— 324.6 — 

Mafna Menaced— 153,4 .—4 — 

City of Westminster Assur. Soc. Ltd. 
Hiofiftead House. A WUtebora* Bacd. 
CrovdotbCMOJA. - 01-6849084. 

FiM Units-Q16.D 12LM —1 — 

Proper^ UoUs,—,1530 B*J—| — 

City of Westminster Ass. Co. Ltd. 

TUnrfiod House, 8, WtatohotM Road._ 

Croy*;an.CB02JA 01-6849864 

West Prop. Fund—157.0 MJj-— 

Man3C«Puod^, 166.6 175* — 

Eqnuy Fomd_545 57J -0,4 — 

Farraiancl KuxkL>_ B.9 a .72* — 

Money Fund-119* 335* — 

CUtlVnd- 643 67* -OJ — 

pyL-vFuad-[172.6 176*)- — 

Fund cmmdy dosed tfl nrw lmr a tiarltt 
F>7-fnrm.Tl r:i)i... | 191* [ | — 

Couxnerdal Union Group 
SL Helen's, l.UndesbBft.ECa. 01-2637500 

Variable AnAiUls-! 5LB7 (-L471 — 

Do- Anm ilg t'teZT( 17*6 ) —4 — 

Confed«iatMHi life insurance Co. 
50.Chmic*aylcae.WC2AlHE. OUMSOSSa 

VEpuhyPjind-1M63 J54fl — — 

wUansseti fund w 177.7 167* — 

PnnaadFen.Fdw 7Q* 70 — 

EquiryJ9aLKmid_ 214* ..... — 

Filed Im Pen. F4 199* — 

ManaKcdPon-Fd.- 378.4 — 

prcpcrWPeteFd.- 324* — 

9Protected In. FtiL 3614 ... j — 

Com hill Insurance Co. ltd. 

32. C-3nthiU.E-C*. 01-6265410 

Capital Jan. IS_J13JL5 — I_) — 

C.S Spec. Jan. 15_— I „... — 

MaCLa.Fd.Jim.28.IU5* 374*1 — 

Credit & Commerce Insurance 
la.RWWtSULWaJonWlfiSEB. 01-439988L 

CiOMmsAHi-*-.U2L0 iSJ.Of_4 - 

Crusader Insurance Co. lid. 

V incula House, Tower FL.ECSL 018031 

Glh.P^B.JM.3_[65.9 72,9) — 

Eagle Star Insor/BGidland Ass, 

1.Thzead needle Ste ECS. 01081213 

WW& Assf^w 

Amenham Bnad, High Ufyeomhe IH5C33317 

Equity Fd..[103.0 3*8*1 -0.61 — 

Property Fd... — 1C2JL 307.4 .^..J — 
Fisad interest F, „ 109.9 .115«-3.« — 
Gtte Deposit FU__ 97.6. 102,7] -«./ — 

SeimSwraoKo’iife S 

eoBarttuIomewOt, Waltham Cross. W331B71 
FortfoliaFVmJ——I 129.9 1 .^.1 — 

F»r£faIloCamti(_Kl5 43J? -u..) — 
Gresham Life Ass. Soc. Ltd. 

2 Pnncc of Wales Kd.. B'mouth- 0202 707859 

Bfi & G Group? 

Iteee Quays, Tower HOI B3R QQ. 01-8SS 4EG8 
Per*. Pension*"— |2£M2 — -5.9) — 

Coni. Pepof lt*_2261 222J _ •— 

Equity Bond**_-126* __ 332*_— 

Knmify 78-'.ji r i“_ 1523 - — 

FartulySl^S** - 166.0 — — 

Gilt Band**»„— 106.1 33X5 -0* — 

Xnteroatnl.EowF*. 83.4 .DJ — 

M»na*edEd*“—12X9 328* -1* — 

Property Ed**—— 1*7.9 3564 --— 

ExAieldFd.Bd.«^77.4 §X<-— 

RecoveryFte Ete* _ 60+ 63.7 — 

American FteBd.*. 42.0 442 .— — 

Scottish Witcws’ Group 

USB FO Bos902. Edinburgh EElfl5EF. (C1-055&309 

— to,*>ly. Senes 1_l%5 "6*1-031 — 

— Inv. Plf. Series 2 — VX2 9SJU -0.W — 

— Inv. Cash Feb. 3_96.4 10X3 _ .Tj — 

— ExUt.Tr.Feb.X_*. 13X6 33X3 -222 — 

— Mete Fen. Feb. 1_J2433 MW) +1^ — 

— Solar Safe Assurance limited 

Recovery Fte 2*1* -I 
AmerieaaFd. Ba.*.l 


J»P — 

’! 0 _ 

153.C - — 


260.4 __ — 

XM* — 

13*5 __— 

32B.0_ — 

Weir Bar teBrat’-on-Tlinnie-s. Berts. TeL34284 

Flexible Finance., j £1*83 I. .{ — 

Land bank Secs.—I 5658 — 

Jjimlhnnk Scs AccJllX 3 1172 — 

G. & S. Soper Fd.-J £8,067 | .«...) — 

Guardian Royal Exchange 

Koyai Exchange, E.C2. 02-283 710V 

TYoperty Bonda_[165 9 1728 —J — 

Hambn life Assurance 1 l imited ? 

7 Old Park La n e. Bond on. Wl 01^0031 

Fixed Int-Dep——P2X5 339.0) _„J — 

Equity—_p*14 172J1-j — 

Property———&54-S — 

ManaBedCap-£3X1 ~Z\ — 

(GJ It Edged 
IV n-FXJVp.CiiC 
Fen. Fro p. Cap- 
Fan. Prop. Acc. 

Fen. Man. Cap. 

Eta Man. Acc. 

Pen. Gilt Ed8. Cap. 

Fen. Gilt Ed g. Acc.. 

Peru B.S. Cap. 

Fen. K5. Arc. 

Pen.DA.F. Cap. 

Pten. DA.F. Acc_I1TO _ — r .f — 

Hearts ef Oak Benefit Society 
Euston Road.London. NWl 01-3875030 

Hearts of Oak-p55 375)+0.41 — 

Vaili Samuel Life Assur. Ltd, 
NL,\Tv.r, Add Lscombe FuL, Cre>'. 01 -680 43S5 

C>Property Unite_11450 152.3] +X71 — 

Propertv'Serieii A_ro7* 102.7 +X2 — 

Managed Units_152.9 1*0.9 +05 — 

Jtanijijd Stenea AufMJ V5J +0.2 — 

SSanoEted Senes C_|89X 44.0 +02 —: 

Money Units_11184 124.7 — 

Money Series A_ 

Flreq JOL Ser. A 




Pas. Gtd.Acte ~_MiM>i i_ — 

Imperial life Ass. Co. of Canada 
Imperial Homa, Gail dfortL 71255 

ssasi-ygi asag = 

Unit Linked Portfolio 
Managed Fond __I94 lS 995] -0*1 — 

+0j — 

-X7 - 

J«panFd.Bd.--_-.f?2* „ ^ 45JJ __.J -- 
Price* on *reb. 1, **Feh. S. ***Feb- & 

Merchant Investors Assurance? 

125. Hi ah Street, Croydon, 01-8869171 

Code. Hep. FU- 126.9 +0-1 — 

Money MrkLB. - 143.7 -1J — 

Her. Inv. Han. Fd 1018 • -L3 — 

Mer. Inv. Tty.Bd— 145 9 +3* — 

Equiti- Bond- 55.* -2.8 — 

Prop. Fens.150^ +35 — 

Men.Ftens.,^_— 2313 -X* — 

Equity Pc os.- 157.4 —7* —. 

Coav Dep. Pena- 136 7 +0 j —. 

Mon- Mite Pens. 134.4 -L7 — 

NEL Pensions Ltd. 

Milton Coort, Dorians. Surrey. 3911 

NelosEq-Cop.-tW)J> — 

NdcxKq.Accn.- 10533 110.7-1* — 

NelexManqyCap.- 62.7 65.9 — 

Kelcx Mon. Acc. 653. 68* —. — 

NelexGthlneAim. 7!5 SQ.O — 

Kelcx GthInc Cap- 475 Sffl.B_— 

Next out. day Feh. 25. 

New Court Prop ert y Fund Mngrs. lid. 
St SvttfailB LXDe.lODdotvEC-1. D1-62S43S6 

3a.CtFrJ.Dee.30_tlM.l 121.41 —j — 
Next sab. day Kerch 3X 

NPI Pensions Management Ltd. 

«!. Graccchnrth SX.EC3 P 3 EH. 01-6254200 

Managed Fond-Ufl63, 152.41 _ 

races Fab. L Next denims Mtetn 3. 

Norwich Union Insurance Group 

PO Box 4. Norwich NR13NG. 000322209 

Xfuaftw* Fund-ftOZ* 23331 — 

Equity Fund_ _ 316 0 332.61 -4.0 — 

Property Fend-120 7 127rt— — 

Fixed Int. Fund—156* 1M-S -X6 — 

Deporit Fond-10X9 157il _— — 

Nor. Unit. Jan. 15„ 2055 I — — 

Phoenix Assurance Co. Ltd. 

+S, Ki 11K WlUiani St, ECU' '1HIX 016289&78 

Wealth Am. -rioX3_ r 10731-I — 

Ebxiptii^x: J—Soj ' 7ft3 -3 — 
Prop. Equity & life Ass. Co.? 

llS.Cxwford Street,W1H2ASL ‘ 01<«360SS7 

R, Silk Prop. Bd.—] 1693 !—J — 

Do. Equity Bd727 I-1 — 

Da Fx. liny. Bd. Fte| 254.0 i—J — 

Property Growth Assur. Co. Ltd.? 

iarr Cbetpsidte, EdVePU, 
SolarlEnnaged S__!i335 
Solac Property S~ 1106 7 

3C.ff-0.71 — 

1067 112.4! .....J — 

VOZ lSn3 -o.«4 — 

137.9 I24J -0.91 — 

783 3C5.0| .._.j — 

12X3 129 3 -O.Tj — 

1065 212 2_— 

24X1 ' 155.3-0.9 — 

117 B 124W-X0 — 

M.7 .,| — 

Solar FxtelnLS 

Solar Property P. 

Sol« Equity P._ 


Sun Alliance Fund Kanrpnt. Ltd. 

Sun Alliiujce Rouse. Horshxci. Oi93«l-tl 

Fjp.Fd.lnl. JanJl-l£2594 165X1 __| — 

lnLB.+Jon.31_~ 230J5 I ._..J — 

Sun Alliance Linked Life 3ns. Ltd. 
Sun Alliance House. Horsham (.+3364141 

Eqclrt- Fund_ j9JJ 165.4] -03] — 

FCtedlnseresiFd_h5a6 iC5^ — J — - 
Property Fund— 53 0 _IX>-2| .....J — 

IntemBUone! Fte_[3* 9 29.4j +0.3! — 

Deposit Fund — J9S-3 2013 1 — 

Managed Fnad_(56.7 10XB| —1 — 

Rna Life Of fUJL) !*-■?. 

2.3, X Cocfapcr St, SW1 V 5BE 01-S29S4&3 

Maple U. Grth—_| 1597 ] — 

Maple Lf-Grth—_ 25 

Maple IiKanEte_l 12 

Maple Xf.Eqte-.__] 122.9 » 1 — 35a4 ;—/ — 

Target life Assurance Co. Ltd. 

Tairet House, Gal oho lira F.i, Aylesbury. _ 
Burts. Aylesbury t026S)£Kt 

ton. Fired lire_94.9 1C 3.4} .— — 

Man. Fund Acc_U2.4 21B.9 . — 

Prop. Fd. Ice.. 2CZ-U 7ZZ7 — 

Prop. rd. A-rc-126.0 .— — 

Prop.Fd.Inv- HO,,, — 

rixcd Jett. Fd. Inc. 239.2 XS5 4 - — 

Dep.Fd. Acc 7nc__f?7 2 132J|. — 

Bel. Plan Ac. Pen. 

KteXPlan*3apXten._w._ — 

BeUtanMnoAcc... 1123.6 *25-3 .—J — 

Jtct-HorixM=n-Cop_ IllO 7 117— J — 

Gill Fen. Acc._237 3 244 7] — 

GiitPtea.Cap_|i3X4 2 553{ —.] — 

Transl ntcrnstional Life Ins. Co. Ltd. 

2 Brenia Bldgr-, EC4 XW. 01+OS8497 

Tali p Invest. F.l_XZ.0 119.0}-[ — 

TuiipMantd. Fte_ 2C6X 111.6}_| — 

Men.Bond Fte_ICS* Ilteg. — J 

Man. Pen. Fd, Gap.. 121.4 . 127SJ — l 

Man. Sen. Fte Acc. *27.0 MSSJ—J — f 

Trident Life AssarcEce Co. Ltd.? 

HemXrae Hours. Glen easier (K5CK342 

Managed-[1297 ' 12i3j — 

Proporty_Uf53 151.8 ..... — 

EQuity/Araeriean „ [77 E EZ.4 ...... — 

UK EmjihJ Pund_r-0)-C 107.4 -0,6. — 

TiighVleld___143.6 1*3.9 — 

Gift Edged_225.0 132 4- — 

Voncj’__ — . —I2c.q 126 6 .—. —■ 

InternaXpnaJ... .... ?E7 972 ■—■ 

Fben!_ 2275 135 C_ — 

ilrmrUiiyn-pgr/) 174.5 — 

llrjwlh Acc.__(129.7 1273 . — 

Fens. toed. Cup._1112.5 125.4 _ — 

.. —. , . — 222 6 1 - ~ 

ItKSJl. — 

75 li -XI — 

6li] -0.9 — 

1.6 1255 - — 

17 ,._J — 

24471 ......I - 

92.01-05 — 

;«= = 

10X1 — 


FmedInt.Fd--j95B 100.01 _.l — 

Secure Cap. Fd-1951 lDOXl +0X| — 

Equity Fund— — [95.0 109.0! —-J — 

Irish Life Assurance Co. Ltd. 

21, Finsbury Square, ECU, OX62BS5Z53 

Blue Chip FflbJ-166 7/ 7021 —J 520 

ManaeedFund-lziX6 222« .—1 — 

Prop. Mod. Fob.1_[167.2 1760)- — 

Prtw.Uod.Glh.-(18X1 1905)_J — 

Sing & Shaxson Lid. 

S2.Cornhni.EC3. 01-8235433 

Bond Fte Exempt _.I1+32B 11471}_1 — t 

Next dealing dele Feb. IS. . 

Govt Sec Bd.-03X2 137X?_J, — 

Langtom life Assnraaee Co. Ltd. 

Langham H8,HolmbrookDr,ICV74. Ol-SOSSU 
tjinnttBT 5. l A , P f [^n [MB 67Jl ___) — 
VProp. Bond —— 113C.9 2463 — 

lYitp (SO Mid Fd (743 . 712} —j — 

Legal & General (Unit Assur.) Ltd. 
JCacmwl Bouse. Sbismnd, Tudworth, 

Surrey KT206EU. Smgb. Hoalb 53458 

Caahmnal-* - 

Xoon House, Croydon, CK91 XU O2-68OOS0S 

Property Fon d .. . 17X8 . —J — 

Property Fkmd£A»_ 170.6 .—4 — 

Acncultural Fhnd. 692.0. _—I — 

ARrie. Fund (AJ_ 687 2 1 — 

Abbey Nal. Fund_ 1492 —4 —■ 

Abbey Nat Fd. (A). 1491 -.-■} — 

Investment Fond— 65 3 -0.61 — 

Investment Fd-6U- 651 -0.6J — 

Equity Fund_ wl -05J — 

Equity Fuiil (A! 

Money Fund_ 

Money Blind i A)_. 

Actuarial Fund.—. I 1093 I —J — 

GilfcedCed Fund—j 125 S -C^ — 

GUt-Ecq^d FtelAJ_l 12 55 I -0.3l — 

♦Retire Annuity "* ” 

dimmed. AnnTty. 

Froja Growth Pensions i Annuities Ud. 
AllVlberAt Ut&l23X3 1332 — — 

«All Weather Cap.. V2S.4 132.0- — 

Wnv.FteUts——, 12S3 — 

En.-vnCnt'd-UO.— -— 

CMtv.PWK.Fd.- 140.9 — 

Cm-. Pns. Cap. Ut 129? — 

Man. Fens. Fte-__ 1455 —. — 

1233} __ — 

1553). — 

5S1.8 ..... — 

£2.4 . — 

107.4 -0,6. — 

13731 . — 

526] - SZ'.'. — 

39:W. _ — 

1C-951 _... — 

217« .— — 

Do. Accum. . 
Equity Initial 
Do. Accum. —. 

Feted Initial- 

Do. Accmn—- 

Do. Accum. 
Property liuzml 
Do. Accum — 

Exempt Fitsed Init 
Do. Accum 

Bur«h Heath S34W 

200 2 _— 

1M.9 ..Z] — 
1147 —17} — 
125.4 —X3j — 
3193 -tea — 
12QA -te2 — 

1173 -0.7 — 

itat _a« _. 
1002 ..._.| —- 
IflCl+oJ — 

Prop. Pena. rd.-1 MU -— 

FropiPtens.Cap.Uts. | 1303 I-— 

Bdtfg- Soc. Fen. UU 127.7 [-—. 

Bdf.Soo.Cbp.Tlt-!] HU ) -J — 

Provincial Life Assurance Co. Ltd. 
g23.WahopBgBta.E.CL2. ■ 01-2476SK 

Prov. Managed Fd-11143 1»^ —..4 — 

Tnr/.dshti. -jl03.7 lSS - 

Gilt Fund 20_(123.9 IMS] —4 — 

Prtuteutial Pensions Limited^ 


Fens. Slnyrf. Acc.—,—— —-- 
FennUldDcb-Cap-1109,7 !9»M .—| — 

Feas.Gid.&f>Aec..!l334 1M51 _... I — 
Fte-os. Ppiy. cGp. “ " 

Fens. Pt;-. Acc.... ,- . _ ., 

•mVBocd _[353 1 373]—,| — 

•Trdt. G.I. Band_| 2KJ.9 1 ..—4 — 

'Cast value lor £)Ki premium 

Tyndall Asssrsnce/Penfio&s? 

38, Canyncc Road. Bristol. 027722243* 

“ ' 1202 1 ...... — ’ 

axt. I JZi — 

1682 l_ —■ 

IBOh J - — 

125.2 1_— 

KM - - 

6X0 _ — 

)M6 „... — 

mm :z.i — 

8X3 I —J — 

S-WayJtm IS. 
EowtyJop. IS. 

Bead Jan. U>_ 

Property Jon. IS_1 

Deposit Jon. 33— 
(Fa cis lav. Jan. 13 _ 
MuPn3-W Fib.l_ 

Do. Equi^r Feb. 
So. Prop. Feb, i 

Lll — 

Equity Pol Fund _ 
FliCd Im. Fen. Fd 
-MonaRed Pen. Fd— 
^protected In. Pot 

Do. Accum. 

Exempt Prop.Init.. 

Dp. Arcma...- t»,f iwh—4 - , 

Legal & General PWpi Fd. Mgrs. lid 

l), Queen Victoria St- EC4N 4H* 01-2409678 

IiSsGITopJS-J*nl[99.7 lflteDl-1 — 

Nen Sub. Day Fob. £ 

Life Assur. Co. of Femugiranut 

33+2NwrBotjdSt,V7170RQ. 01-1338383 
XACOPUiritB_[1IB3 _ MBS} ,—| — 

Lloyds Bk. Unit TsL Mngrs. Ltd, 

71,lAmbardSt,FCS 01423133 

Exempt— - imi S09J}—1 1M. 

Uoytls life Assurance 
12tendonb*USt,EC3H7LS. 01-8=38821 

bite GUt-Jaafl- j _1300© 

OptSPrp.FeWl_,(l22S 139. 




OptS Men. FebA-JlfllO 
Opt5 DepXFcb. 7™(11W , — 

London Indemnity & GuL Ibs- Co. Ltd. 

38-20.The Fortuny, Beading 383C1X 

MooCTlSanaaer_130.0 33x11 —J — 

StM. Flexible— 

Fixed Intenat—_ 

The London & Manchester Ass. Gp,? 

The Leas.Fottesunte, Kent. 030357333 

cap, GiwtbPtad 

lap. cron 


?B*pt. Inv. Tft. Fd. 
1-1 exible Fund , 

Inv. Tract Rawd.*, 

Property Fuad 


-tel] — 

Holbom Bara.’ECU'," 2NH. 01-4050223 

EqilitFcL Jau.38_^K2313 23.W —— 

Fid.IntJua.lB_p944 19.7®- — 

Prop. F. Jan. 33_.^24115 24.77}-[ — 

Reliance Mutual 

Tunbridge Wells, Kent CSSS22271 

Bei.Frop.Bds._| 192-2 _ (-1 — 

Royal Insurance Group 

NewHollPlace,Urorpooi, ' . CS1OT4422: 

HcpsJ Shield FVL__JiaiLS 13&W —4 - 

Save & Prosper Group? 

4. GtStHclea'a.Iaidn.. EC5P SEP. 01-354 SS68 
Tfal.Tw>PM -- _pi77 XKli-tell — 

Gi^te 7 ^.*^ 12te2 iaS -3jj — 

Deposit Fdf___ 1212 127 Jj —.. 

1^1 m3-L4{ — 

Pro^tos-Fd.*_3144 — 

DcpovIVja-Ftet-I 1C12| — 

prices on * January 18. 
tWecldp dealings. 

Schroder life Group? 

EnMrpriao House, Portsmouth, 070S27733 

Equity Jan. 211.6 

Equity 3 Jjil31_—^, 282.9 213. 

Equity 3 JnaBI__ 110.7 116.' 

Fixed IntJateSl__ 1425 .. — 

Fixed InL 3 Jan3l_ 1530 16L« — 

3uX UT Jan. 31_15X1 11S.W —J — 

Y it Stilt Jan. 31 - —' * 

Money Jan. 31. 

Money 3 Jan. 31 

DepwatJefl.Sr, _ 

Property Jan.31__ 

Property 3 Jan. 31 

■BtrPn. Acc.Jan.31 


2004 J - — 

125.2 1_— 

win — - 

6X0 — 

3M6 „... — 

**f_A *7 l 

ISM — 

8X3 I —J — 

Vaubrcgc Life Assurance 

41-43 Maddra St., ldn.WlB.9XA. Ol-^-SSS 
KecagelFd_1138.9 X4ij]-te4| — 

Equity 7d __[213.1 2244] -16] — 

T rirtil . Biicd...._M 9 E* f +0.E — 

Fixed Intent F«L_ 17XB .ZW.9 -U — 

Rwenj'FcL.—.UW JOjb —. — 
Cast Fund-_116.1 122J_ — 

Yanbrcgh Pensions Limited 

41-4SM*d4«St 1 LdE.WlRaLA C1-S3-3CD 

at—fwl WS A 300.01 -1 — 

EqSy—__PSA 1»S_4 — 

Fixed Interest_[95-3 JWiS — 

Ptcperty-.ffoJI 108.01.-J — 

Guaranteed cee Ins. Ecso Rates' trtita . 

Welfare Insurance Cc. Lid? • 

The Leas. Folkestone, Seat 070357233 

MooeymabcrFd—1 U05 i —te7] ~ 

For other Iqpds, pTeasa refer to The l/mdau Si 
.Mflgclristor Group. 

CTirwra or Life Assur. Co. Ltd. 

3 Sigh Street, Windsor. Wi=dix*r 6&14rl 

Ufelnv-PlajK-KA4 ... 72.Cj-1 — 

FutnreAssteGtKa). 195 ! —4 — 

FimrreAs&teGtWbi. 47J) I — 

Ret Assd.Pens.£ 27 , 75 .. j —J — * 
Fleclsv.Crcvrih- 1X5.4™ J — 


Prices tiorns includes proroiure. eacept whore 
indicated t. tad nre in peru-te unless otherwise 
indicated. Yields 9- ishown in last column] 
nllowfornll buying ext>enses+ Mercdpnna 
Include all espensej. b Teduy's pritss. 
c Yield based an offer once, tl Estimatete. 
K TadS5*9 opening price, 'h Dianturioa treo 
of UJC taxes. i> fvrlod'.c prenuma Insuranca 
plans. s Single premium Insursnct. 
X QBetcd pnee- mriudes all errensec t-xt-r-pc 
a cent's eoaumssion. y uflered prise incitmw 
all espesses if bought through martS^crd. 
z Frenous day’s pTicte ?Net of its on 
realised capital gams unle&i indicated b-/ <>■ 
S^twRor/ svna- s Suspended. <>Yield 
betete Jersey tite TEa-subdirlricn, 

3 fully integrated banking service 

SW*-—j 82 

:tedjjc \ -q 
sfJ.Ufip_1 an 

i55?5Cn-l a 


ftaUtfoCp i 197 


?6 I n • 


41 • 





25 9. 

2.6 S3 

2.7 8.1] 6.8 

1.810.7 81 
*6 2.0llL5 
4.6 4.7 
4.4 4.7 
23 8 
3.9 3., 

5.0 3, 

19 1 
29 5. 

29 5 ! 















57 - 

W +7 
2712 -1 
160 -2 



Rectorial Prop 


ifs a! 

5.7 £ 


48 en 

<“ 39 
58 7 * 

i 2 

&s! u 2 
5J S* 



5 ! 


H ** 

S-l 95 
5 93 
!5 0 i« 
« 78 

4.1 cqb 
M9 775 * 

S4 53*2 
Is 134 


Id Fids. PS* | B8 


Ret Tmeform ASOrl 160 
SA Brews. 3>c_ 611; 



Hieid Bras. 5p 

Notts. Hantg. 



u a 

W 2 l 1 S 1 

M l S in 

_ 195 129 


8.5 92 
13.1 53 

6.6 4.4 
4.5 123 
8 .B (5.4) 


tL32l 6 . 

SPLIT Cap. Wp. 
Stanhope iJen_ 



Investment Trusts. 


8.7 46 
_ 44 
mil 52 



I 62 


56 1 391, 

& h 


BO 8 
61 41 

56 » _ _ 

91, 2J> iBWmpMjawPmp- 

2^2 22 

9 36 

711| 491 2 
102 74 

166 1231; 
146 102 
97 64 

76 4? 

2S0 187 
72 55- t 2 
70 52 



12 - 


64 Fa? 
17 Fin 
2ia pit 
•8 Gni 



5Z <6 
t5.B4 1 
T289 1. 

332 1. 

0.8 1 ' 
1287 1. 

0.7 5.6' 
hi U b2 

tL67 U 
0.96 LO 
t2.6 LO 

17 67 
t3.05 1. 
tL9B 1 
hl.28 L 
3.45 L 
2.54 L 
tU5 L 



L 2 
3.45 n 
2.84 U 
MO i 1.0 


11211 1.4 
73.99 L( 

10.99 6.0 
2.72 21i 

101 1.7' 

t0.49 5J 
14 49 1.31 
LO 1.9, 

1L64 U 

40.94 31 
uQ120c 3.0 

165 L3 

0.10 - 

0.7 10.91 


in.i 8 l I |t« I Ph. J |VH 

Hid] Lm Stack i Prua | — | Net CrtiCr* 


19 a 

555 345 

Jamaica Socar 

325 190 
145 72 

100 60 
10l 2 7 

85 30 

490 260 , 

410 217 {Malay fledging &M1 

17 7.9 


Q7cl * l 3.3 


Unlcot otherwise Indicated. prices ami Mt dhitdenda are In 
peace and deuemlnatiens are SSp. price/earning* 

ratios and ravers are based an latest annual reports and accounts 
and, where posidhlr. are updated on half-yearly DRures. P/12s *r*» 
calculated on the basis of net distribution; bracketed figure* 
imtieate io per mu. or more difference U calculated on ~ruT’ 
dlurfbulloa- Conn, are baaed on distribution. 

Yields are based on middle price*, are gross, adjusted to ACT of 
3 1 per cent- and allow for nine of declared dlBtJ-ibmJanc and 
rights. Securities with denmninations other than sterling are 
quoted Inclusive <t the Investment dollar premium. 

A Sterl mg denominated securities which include investment 
dollar premium. 

* “I*D" Stock. 

■ Highs and Lows marked thus have been adjusted to allow 
tor rights issues lor cash, 
t Interim since increased or resumed. 

* Interim since reduced, passed or deferred. 

U Tax-free to non-residents on application. 

* Figures or report awaited. 

Tf Unlisted security. 

* Price at time of suspension. 

3 Indicated dividend alter pending scrip and.or righto issues 

cover relates to previous dividend or forecast. I 

•* Free ol Stamp Duty. 1 

* Merger bid or reorganisation in progro.'!:. 1 

4 Not comparable. 1 

* Same interim: reduced final andior reduced earning* ’ 

i Forecast dividend; raver on earnings updated by latest 
interim succment- 

f Cover allows lor conversion of shares not now ranking lor 
dividends or ranking only for restricted dividend. 

X Cover does not allow for shares which may also rank be 
dividend at a future date. No P/E ratio usually provided. 

V Excluding a final dividend declaration. ) 

f Regional price. j 

n No par value. 

a Taa tree, b Figures based cm prospectus or other official 
estimate, e Cents, d Dividend rate paid or payable on pare 
of capital; cover based on dividend on full capital, 
e Redemption yield, f Flat yield, g .Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 

1 Payment from capital sources, k Kenya, m Interim higher 
than previous total- n Rights issue pending q Earnings 
based on preliminary figures, r Australian currency. 

& Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates la previous dividend. P/E ratio based 
on latest annual earnings, u Foreeast dividend: cover bused 
an previous year's earnings: r Tax free up to 30p in the £. 
w Yield allows for currency clause. » Dividend and yield 
based on merger terms, z Dividend and yield Include * 
special payment: Cover does not apply to special payment.. 
A NM dividend and yield. B Preference dividend passed or 
deferred, r Canadian. D Cover and P/E ratio exclude profile 
of t'.K. aerospace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1077-78. G Assumed dividend and yield after pending scrip 
and,'or rights issue. U Dividend and yield baaed on 
prospectus or other official estimates for lSTd-77. E Figures 
based on prospectus or outer official estimates for 1978. 

H Dividend and yield based on prospectus or other official 
estimates for 1378. N Dividend and yield based on prospectus 
or other official estimates for 1079. p Dividend and yield 
based on prospectus or other official estimates for 1977 
Q Gross. T Figures assumed- V No significant Corporation 
Tan payable. 1 Dividend total to dote. 4} Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
of stock. 

Abbreviations: m ex dividend: me* scrip issue; r ex rights: *1 ac 
all. rt ex capital distribution. 

“ Recent Issues " and “ Rights ” Page 30 

This service is available to every Company dealt in on 
|-2 Slock Exchanges throughout the United Kingdom lor a 
_ J, fee of £400 per annum for each security 

L0| 3.8 


Sr (j The following is a selection of London quotations of shares 
57 previously listed onty in regional^ markets Prices of Irish 





33 J z £19 .AnflkkATalJivpOtL. £30V fO«fle 13) 

90 47 Bifnop^fiPILlflC- 77 -4 Q5.1c $ 

11 188 De Beers Di. 5c.—, 291 _f035c If 

1H 2 850 to«pcK.RS—. £10 QfflOc. IB 1 

76 43 Lvdenbursiste— 60 -2 027c L0| 

99 60 .RoiPlaUOc_ 90 -5 Q^iC L4 17 




34 J Property 


2 i 


£ Relative Strength £ 

Relative Mraigtii is thedifiference between a good 
«nd a bad investment We supply rdative 
strength charts for Batata’s leading companies, 
ptas all the other price Monsatioa necessary for 
snccesrfal investment. 

Write or telephone for a free samjdc. 

IM-ltO Bfahopagartc, London, EC2M 4FE. 

Teh 01-283 447* 


Saturday February 4 1978 

Heed Offices HWi Street Saptoc 
B023 a»rTaT075645M^ 
t-ooden Office: Si High Hoflaotn / 
TetO 1-2428147 


Change of 
style in 


J.\" THE institutional hierarchy 
of the EEC, the Council of 
Foreign Ministers is theoretically 
the senior decision-making body. 
But mast agriculture ministers 
have no doubts that it is they 
who, in practice, exercise the 
real power. With clearly-defined 
responsibilities under tbe-Treaty 
of Rome, undisputed control over 
more than two-thirds of the com¬ 
munity budget (worth about 
£Sbn. this year) and solid poli¬ 
tical backing among the 
farmers at borne, they have long 
formed one of Europe's most ex¬ 
clusive and influential clubs. 

Or so it was until about IS 
months ago when the bulky 
figure of .robn Silkin hurst upon 
the Brussels scene, replacing the 
amiable Fred Peart as Britain's 
Minister nf Agriculture. An un¬ 
abashed anti-marketeer, Silkin 
exhibited a polite disdain from 
the outset towards the club’s 
elaborate rituals. He made no 
secret of his indifference towards 
winning popularity among other 
members, and his attitude to¬ 
wards the bouse rules was that 
if they didn't suit Britain’s in¬ 
terests, they should be changed. 
In short, he was about as much 
at home as an all-in wrestler in 
the reading room of the Athen- 

r" -y-- - 


An ability to remain outwardly 
calm when the going gets rough 

But Silkin has undeniably won 
the grudging respect of fellow 
EEC ministers as a heavyweight 
politician who gets results. 
Though bis chairmanship of the 
Agriculture Council in the first 
half of last year was bitterly 
criticised, it helped to secure one 
of the smallest EEC farm price 
rises in recent history. Even his 
adversaries concede that the in¬ 
terests of the producers are never 
again likely to command the 
overwhelming priority in future 
agricultural price reviews. 

One of Silkin's tactical 
strengths is his ability to remain 
outwardly calm when the going 
gets rough. His arguments, con¬ 
structed with the clarity of a 
well-written legal brief, are pre- 
senled in measured tones. Faced 
with opposition, he repeats them 
with the elaborate tolerance of a 
schoolteacher attempting to ex¬ 
plain a principle of elementary 
arithmetic to a class of particu¬ 
larly. uncomprehending pupils. 
Despite his bully-boy reputation, 
he is not given to browbeating. 
He is also keenly aware of the 
importance of maintaining good 
relations with the Brussels Press: 
unlike seme other British minis¬ 
ters, bis temper has rarely 
showed signs of fraying when 
events were running against him. 

But Silkin's imperturbability 
also clearly rankles with his 
critics, who detect in it a- pat¬ 
ronising touch. “There is no 
doubt tbat he is one of the 
cleverest Ministers around the 
table." says one regular observer 
oF his performance in Brussels. 
“But it may not be very poltitic 
to show quite so clearly that he 
knows it. He is so determined to 
prove that he is not a member of 
the club that he sometimes car¬ 
ries his intransigence to the 
point where there is no compro¬ 
mise possible, only confronta¬ 

Such criticism is unlikely to 
ruffle Silkin’s composure or lo 
alter his tactics much. He 
appears convinced that, in domes¬ 
tic political terms, the best 
approach is to present his 
achievements in Brussels as 
triumphs wrested from the reluc¬ 
tant hands ’of a hostile EEC. 
rather than agreements reached 
through skilful negotiation. 

So far, be could claim with 
some justification that his 
approach has paid off in terms 
of the results obtained. His stand 
on fisheries has won him the 
applause of British fishermen, 
and despite warnings that his un¬ 
compromising attitude will rub 
off adversely on Britain’s 
interests in other areas of the 
EEC, it bas yet to be demon¬ 
strated that any lasting damage 
has been done. 

Silkin bas not so far had to 
suffer the consequences of a 
serious setback: he was even 
able lo turn the Government's 
recent defeat over the sire of 
the green pound devaluation to 
short terra advantage. 

Perhaps the full measure of 
bis performance cannot he 
judged until it is possible to see 
how he would deal with the pros¬ 
pect of a serious-political-failure 


Tax victory for divers 


THE GOVERNMENT is to take 
the unprecedented step of 
changing the tax laws In favour 
of North Sea divers to safeguard 
the speedy development of 
Britain’s offshore oiL 

North Sea divers have cam¬ 
paigned for nearly a year to 
regain the self-employed status 
they lost in April. 

They had appeared to be fight¬ 
ing an uphill battle because the 
Inland Revenue maintained that 
under existing law all divers 
must be treated as employees 
and therefore liable to pay tax 
under pay-as-you-earn. 

But now the Government is to 
legislate for this one particular 
group of workers and transfer 
them from one tar schedule to 

Mr. Robert -Sheldon, Financial 
Secretary, said yesterday in a 
written Commons answer that 
Mr. Denis Healey, Chancellor, 
would introduce legislation in 
the coming Finance Bill to pro¬ 
vide tbat “earnings from diving 

operations in connection with 
exploration or exploitation acti¬ 
vities in the U.K. Continental 
shelf ” would be assessable 
under Schedule D rather than 
Schedule E. The change would 
take effect from 1978-79. 

Under existing law, divers had 
to be treated as employees. 
“Nevertheless, after a careful 
examination of their particular 
circumstances.. I recognise that 
there are certain distinctive fea¬ 
tures about their work, such as 
the danger it entails, their vul¬ 
nerability to long-term health 
hazards, the exceptional travel¬ 
ling difficulties and the shortness 
of their working life." 

It was on account of these 
and other factors that the law 
would be changed. 

It is known that the Energy 
Department has supported the 
divers’ case. It has pointed out 
that the safety of North Sea 
operations was being seriously 
jeopardised by the mass exodus 
of as many as 250 of the most 

experienced divers from a total 
workforce of only about 1,500. 

They have moved to other off¬ 
shore areas around the world, 
such as Brazil, where they could 
earn considerably more. In the 
North Sea they have been re¬ 
placed largely by trainees and 
foreign divers. 

New stability 

The Department also was 
concerned that the newly- 
established U.K. diving industry 
would disintegrate as companies 
moved their operations abroad. 

The Association of Offshore 
Diving Contractors said: “The 
decision could bring back senior 
British divers and the industry 
must now enjoy far greater sta¬ 
bility than it has for the last 
12 months.” 

Tbe North Sea Divers action 
group said that the Treasury 
move was a complete vindication 
of its campaign. 

It is dear that the Treasury 
has searched for alternatives so 
as not. to create a precedent 
with the divers. The Inland 
Revenue looked in vain for test 
cases to overcome the problem 
caused by Its previous ruling 
that the divers were liable to 
PAYE. No case had sufficient 
grounds for appeal. 

The implementation last April 
of PAYE for tbe 50 to 60 per 
cent of divers previously classi¬ 
fied as self-employed hit earn 
ingS hard. 

Some of the best divers earn 
as much as £20.000 a year gross 
although average earn in gs are 
nearer. £10.000 . 

Previously—and now again in 
April—they could claim for ex¬ 
penses such as travel, telephone 
and equipment and could era 
ploy their wives as secretaries 
so there was little outlay in tax. 

Many divers claimed that earn 
lugs fell by as much as 50 per 
cent because of the change of 
tax status. 

Engineering industry pay 
talks end in deadlock 


TALKS on a new national pay offer was “ still totally unac- as much as possible of the 10 
agreement in the engineering ceptable.” per cent permitted under the 

industry ended without a settle- The unions had done their pay guidelines should be 
meat yesterday, and with no best to conclude a new national retained for allocation at plant 
plans for further talks. agreement and it was “regret- level. 

Aithnnp'h negotiators on both table in the extreme” that this Failure of yesterday’s negotia- 
sides“SlfafSSSJS tfi they had proved impossible for the tions will be reported by Mr. 
would like a national agreement sake of £3 on rational . rates, Scanlon to the confederation 
tn continue toe failure of which would mean nothing in executive when it meets in York 

yesterday^ U discuss 1 ons \ncre ase s d^ect pay increases for many next week. 

.. — «._ - — —i ->• nnmnflft.trt, uiiwi-arc Union leaders 

the prospects of pay and condi- engineering workers. Union leaders have not 

tions in the industry now being The union side was beginning 
determined entirely by plant- to lose confidence in the value IPf^TnrSf 
level bargaining. of national negotiations. AUEWinational oommJttee 

The Engineering Employers Yesterday’s improved offer ^n^it If recalled ^tin the 
Federation, which previously from the employers would have ilt isLeaned wUu0 

offered to increase the minimum added about 425 per cent, to the Fn^ineerin'’ industry nav is 
weekly rate for craftsmen from national pay bill compared with n0 w "dSterained on a twtier 
£42 to £52. yesterday made an 5 per cenL if the union side’s ^rUetore !? there is no dS 
improved offer of £57. from Either side and the 

Confederation of Shipbuilding ^nL^ndS (he^oritinja national agreement disappears, 
and Engineering Unions negoti- P e / }rM cent under tbe ongujal not only will all pay bargaining 
ators. who were claiming a new ,lUIUm take place locally, but tbe 

skilled rate of £70. offered to Mr. Astiey Whittall. president industry will be deprived of a 
recommend their members to of the Engineering Employers common agreement on condi- 
settte if the employers would Federation, said that the em- tions of employment 
move to £60, but this was ployers’ offer was already The nationally agreed rates 
rejected. greater than most of the federa- form the industry’s minimum 

Mr. Hugh Scanlon, president tion’s members would bave wage and are used in the calcu- 
of the Amalgamated Union of wished. lation of overtime and shift pay. 

Engineering Workers and leader The employers have said and as a basis for incentive 
of the union side, said that the throughout the negotiations that schemes. 

‘face lean 

By Nicholas Colchester 

LLOYD’S underwriters face a 
lean time, with some syndi¬ 
cates likely to run into losses 
in the near future, a Lloyd's 
committee member forecast 

“A lot of unsound underwrit¬ 
ing is going on, and has been 
for the past 12 muiitbs.'' Mr. 
Robert Kilu. chairman of Kiln 
Agencies, (old a symposium on 
the City organised by Inter¬ 
national Computers. 

Behind the problem was the 
growth which bad lilted 
Lloyd’s premium income from 
£700m. in 1970 to around 
£2bn_ to-day. This growth, 
along with the fact that since 
the bad year of 1974 there had 
been a singular lack of major 
disasters, had engendered a 
false sense of “euphoria.” 

“The results are going 
against us in underwriting," 
he said, and claimed that 
1977-78 would “ test ” Lloyd’s 
profitability. International 
competition was intensifying 
and it would be “ interesting 
to see wha best survives the 
next three years.” 

An additional problem was 
an increasing tendency towards 
nationalism in the insurance 
market. A growing number of 
countries, particularly in the 
third world, felt that they 
should arrange their insurance 
Internally rather than paying 
premiums into the Inter¬ 
national insurance market 

Top Stock Exchange 
team to visit U.S. 


MR. ROBERT FELL, chief exeev- Exchange as chairman of the 
tive of the Stock Exchange, and large jobbers Akroyd and 
Mr. David LeRoy-Lewls, a former Smithers, as well 3s in its gov- 
deputy chairman of the Ex- ernmeut as a Council member, 
change, are to visit the U.S. Mr. Fell has been chief executive 
later this month to study regula- since 1975. 

lory procedures in the American Ano(hcr topk . of key iinport . 
stock markets. ante on the agenda of the two 

The trip is of particular in- men is a study of the system of 
terest in view of tbe expected commissions—and particularly of 
launch shortly of the City's new negotiated commissions in 
uide-ran^iug voluntary supervi- certain circumstances—nn share 
sion body, the Council for the deals in the U.S. markets. 
Securities Industry', and of fur¬ 

ther evidence to be given by tbe 'stock^Exchanfie system*of not,ce are: Tarmac Redstone 
Stock Exchange to the Wilson Holdings: Wolverhampton Scien- 

SlOCk Exchange l«J me miwu onmmittinn; tha AO;. n 

° n s “*“- 

The mission, which will go to its eventual consideration-** a 
the U.S. on February 20 for two festnctive trade agreemenj-by 
weeks or so, wiU look closely at 1116 Restrictive Practices Court, 
the system of supervising tbe Mr. Goodison confirmed in 
Chicago Board Options Exchange London yesterday that a new 
and other American traded Council for the Securities Indus- 
options markets. try was being planned under the 

This examination will be aegis of the Bank of England._ 

highly relevant to working out 

of tarmac 
60 pacts 

By Elinor Goodman, Consumer 
Affairs Correspondent 

MAJOR suppliers of tarmacadam 
have provided the Office of Fair 
Trading with details of 60 price¬ 
fixing agreements which they 
have been operating in apparent 
breach of the law. 

The agreements submitted so 
far are believed to he only the 
tip of the iceberg. The number 
of unregistered agreements is 
believed to far exceed any which 
have come to light in other 

The parties to the pacts could 
find themselves being sued for 
breach of contract by their 
customers of the agreements are 
found to breach the law—most 
notablv the local authorities 
which.* given their responsibility 
for public funds, may well be 
embarrassed by the revelation 
about the way tar companies 
apparently bave got together to 
fix prices. 

Under the restrictive practice 
legislation, it is unlawful for 
competitors to agree terms of 
trade among each other without 
first registering the agreements 
with the Office of Fair Trading. 
Failure to register means that 
th^ pacts automatically are void. 

The existence of tbe cartels 
among tar producers was 
brought to light last year when 
a man helping with an investiga¬ 
tion about the construction of a 
new motorway made a statement 
to the Office of Fair Trading 
alleging tbat at least half a 
dozen suppliers of blacktop were 
getting together to allocate con¬ 
tracts among themselves. 

So far. the companies have 
submitted details of 60 pacts, 
mainly relating lo the North 
East, but it is expected eventu¬ 
ally that the number of pacts on 
blacktop will dwarf tbe 133 pre¬ 
viously unregistered agreements 
so far uncovered in the concrete 

The companies served with a 

tific Roads (Northern). Shipley, 
Yorks; Tilling Construction Ser¬ 
vices. Knaresborough, Yorks 
Thomas W. Ward (Roadstone) 
Sheffield; Constable Hart, Rich¬ 
mond. Surrey; Clugston Asphalt, 
Scunthorpe, and three com 
panics, Steelphalt, Eccles Slag 
and J. G. Eccles. linked to Slag 
Reduction Holdings. London. 


! J* - ' 

Both tbe equity and gilt- - ’ ' ■ ■ . _ 

edged markets closed st their ^j | e U t O 458.7 

lowest levels of the year last K " t ' *■" 

night The F.T. 30-Share Index 
has lost 18.8 points in the last 
week and almost 29 points: in. a 

fortnight, during which it has 
declined on eight out of ten 
trading days. The F.T. Govern¬ 
ment Securities Index has lost 
nearly 2 per cent, on the week,, 
and has now shown net declines 
for five weeks in a row. 

Two factors have assumed 
importance in tbe depressed con¬ 
ditions of the past few days. For 
equities, tbe chartis ts ha ve at 
last been able to trumpet a 
united message, and it is 
bearish. In gilts, meanwhile, 
those dose to the market have 
become aware that some of tfie l 
foreigners who built up big 


November,: bat the tnoijjj 

bas dipped even-'below its. co. 
responding level* and is at 
lowest. .point, for almost 
months. " 

Technical' - analyst ' Daril' 
Fuller of Chart Analysis set 
oat a strongly bearish recon 
inendafidn; this week, Richar- 
Lake of . brokers Grieves© 
Grant sees confirmation of 
bearish phase stretching:dear ; 
to maybe 400 on tbe j 30-Shar 
Index, while, the". Coppo^ 
weighted moving average' ind 1 
cat-or,: as plotted by Ray- Kell 
of Capel-Cure Myers, this wee! 
threw up. a.seR signal, the firs 
since the indicator turned bul¬ 
lish last April, /. 

• There is no magic-about the* 
Interpretations, O wfalch -real! 



Secidative positions last year another long-dated partly paid only add np to saying that 
Sve now begun to take their tap stock four weeks ago.has market which t< 
profits on a forge scale. left gilt-edged prices hearily its highs tor Unffr o 

p under pressure ever since. That more is likely to be chan gin; 

Foreign sales in taxn has < * one no g00d ** 311 its trend - 1x1 fu^anwiiitalterms 


to an equity market which for the stock market has ahead; 

For many months the over : a time has been takmg its discounted the major improve 
hang of foreign held, gilts has lead from gilts- ments in the balance of-pay 

been a source of potential dan- pf ow ^ gilt-edged market ments,^^sterling, inflation and:ft 
ger. Overseas buyers bought faces next monetary hurdle, some ertept the upturn feriC 
heavily in the early part of 0n Wednesday morning the economic activity. Now it .irf 
1977 and again in the third 0 f England will publish peering further forward into i 

quarter, while prices were rae- the figures for eligible liahlH- period when interest rates mas 
ing up to the peak reached on ties which will give the first be rising .rather titan falling 
September 30. Although the ggg t0 the January money when there will be electoral 
Government Securities Index is supply (fuii statistics for which pressures on the Government 
now over 6 per cent below that f 0 ]iow on Thursday week). Poor to relax monetary’ policy,' and . 
high point most foreigners will figures will he doubly d amag in g when the- world trade baefc .. 

have bought at significantly £o sentiment, for- they will ground is decidedly nmrkj: ; .>!* 7C3:; 5 
lower prices, and in any case imply that the authorities will , At the start of the year it- r 

the potential for currency gains be under strong pressure to looked as though there might be'” 
was a major factor in their fagp price of the currently a breathing space before the- 
thinking. ■ - 'inactive long tap stock and be- normally, bearish impact of an 

Since September sterling has gin some aggressive selling. economic upturn began to affect 
- , 7 , npr aeaiost S the stock market. As usual, 

the dollar. °But it has run out Chart Watchers • events are developing more 

of steam since the New Year, of course, favourable figures sickly than most people had 

and this week’s newspaper W£HfW have quite the opposite ^ re a iL a ^ S ^. 

headlines about labour troubles City analysts are 

with the power workers and the unusoa u y uncertain about tire ^ ' 

miners seem to bave underiydng mcmetary tewid over 

enough to persuade some of toe ^ &mas/ New : Year Sre L Ster ^ V- r 

overseas investors to take part BpixKl But «ood fieures aan e e t s '- ^here is, alter an, -* v. C 

of their profits views S*’ le f£ X ridSS? weU^e^‘S 

d!LsSc EESSt tawever— ^ ^ aeries ronl g 

U.K insurance companies, tak- 

take toe opportunity to seH time. 

ing a more sanguine view of toe *»*»" a . V ' ': . - - ' 

wases outlook, were buying JP» 1 Graff DiamOII* 
steadily yesterday as prices of ***** At Jong last Graff Diamonds 

long-dated gilts slipped a point # naa ’ TnoaH has come up with an offer 

or more. 

What does thas meatt for . . 

pftuitriPK? Follow**™ of which stands a . chance of Sqc- 
Although the U.K institu- ^ ^ ^ ^ cess. The obstinate/n^ority is 

tions axe keeping a wary eye Index : etoafaed H0W °^ red . the equivalent tff -., 

on progress on the wages front, ^ 70p, which compares with the 

money supply problems are as iSKtS? preceding 50p Bid, the 28p;paid 

usual at the forefront of their support ievei at 470 on Tfiwrs- to ^pst shareholders last year,, 

a*? * "P 011 ?_?° and the :57p at which the com. 

thinking The market has never 
recovered from the shod? of 
finding that the money supply 
bad not been brought as firmly 
under control by December as 
expected, and toe clumsy action 
of toe authorities in launching above tbe autumn low reached is still no final dosing date.. 

paints betow last September's pany was floated in 1974; There- 
all-time peak it teas traced out jg an attem’pt to squeeze share- 
something close to a dreaded holders by making the extra 20p 
head and shoulders formation, conditio nal ’ on 90 per cent. . 
Thds index is still a fraction acceptance—-but curiously .tbs® 

above the autumn low reached is still nn -finaVotasino date v: 

the method of oversight of the n ern 1 

planned new traded share options Continued IT0171 Page 1 
market which it is hoped will 
start in London in April, under 
Stock Exchange auspices, to 

Eur op ean W Options * &tchaiige t to by Sun Alliance and London electrician, or over £11 for a 
£S5£m? e Insurance over a pensions agree- typical week of 51 hours. 

Appeal Court test 

Closure of Poseidon 
mine may end saga 


_ .. .. . __ went that toe Employment As a result of the strictures. 

Both the Stock Exchange Department says has fallen foul about 5.000 EPTU members went 

Council, chaired by Mr. Nicholas 0 £ t ] ie guidelines. - 00 strike, mainly in the North 

Goodison, and the Government This time, the issue is toe 1978 and North-West, 
are anxious that a fully adequate na tionai wage agreement for This week, the EPTU’s exeeu- 
system of control to guard go,000 workers in electrical con- tive instructed many of these 

against any malpractice should fronting men to return to work, but it 

be set up before options trading The Department has told the made official a number of dls- 
begins in London. Electrical Contractors Associa- putes. 

Mr. LeRoy-Lewis is a premia- tion that it cannot make pay-* Three companies with national 
ent figure in the business of the ments in lieu of bonus to those coverage are mainly Involved: 

— --- electricians unable to benefit Holliday H&1L Liileker Brothers, 

from proposed bonus schemes. based in Sheffield: and Hayden 

Since then, the Department j'enkills.^ASTMS 

ment ■ on ed the qU b5Ss 0 th« C that 3 e . neral secretary, yesterday pro 

would still leave the deal within ^ h 1 Ifj„ 0 , i?* l J n 0 f W suS 

thp'lO ner rent guideline represents 3 ni'inonty oF Sun 

The association is still protest- Al-lianee employees, would also 
ing, and the department has not ,e sal action if the Trade 
finally approved the deal. Department succeeded m forc- 

The in-lleu payment is worth i°g company to scrap the 
22p an hour for an approved pay agreement 

WHAT COULD be toe final 
chapter in the Poseidon nickel 
exploration saga came yesterday 
with the’ news that, because of 
the depressed market for nickel, 
toe Australian mine the com¬ 
pany found in 1969 is to be 

The Windarra property is now 
jointly owned by Shell Australia 
and Western Mining. Western 
Mining said yesterdaj that the 
opcn-cut operations would be 
suspended this month and under¬ 
ground production hailed by 
about the end of June. Nickel 
output has been running at about 
13.000 tonnes a year. 

Exploration and underground 
development work is to continue 
in preparation for a hoped-for 
resumption of production wteea 

nickel market conditions im¬ 
prove. The workforce will be 
reduced from about 350 to 100 by 
normal wastage and the transfer 
□f employees to other operations, 
every effort being made to avoid 
compulsory redundancies. 

During the wild share trading 
days of 1969-70, shares of 
Poseidon rocketed from a few 
shillings to a peak of £124. 
valuing the company at £317m. 
To-doy Poseidon is in Liquidation 
and it is doubtful whether the 
shares bave any value. 

Ironically, Poseidon was one of 
tbe very few companies to have 
made a worthwhile find during 
the boom, but many of the other 
contenders still remain in being, 
albeit on a very low key basis, 
fllintog. Page 2 

Continued from Page 1 

Franc fall continues 

the bank will have to take a view 
on developments. Traders expect 
toe day-to-day rate to reach at 
least 9J per cent 
In to-day’s trading the franc 
slipped to 4.890 against the dol¬ 
lar (4.832 at the opening). 9.475 
against toe pound (9.42S). 2.3243 
against the Deutschemark 
(2.2860). and 2.4875 against the 
Swiss franc (2.4409), 

Michael Blanden writes: The 
pound came under- pressure in 
foreign exchanges as markets 
reacted to toe uncertainty over 
toe challenge to the Govern¬ 
ment’s pay policy by the miners 

and the power workers. 

Sterling was bit by an early 
bout of. selling pressure which 
led to a sharp decline. Tbe 
pressure was reflected in the rate 
against the dollar, but the main 
movement appeared to be out 
of the pound, along with tbe 
French franc, into the strong 
Swiss currency. 

Tbe low point for toe pound 
was reached quite early in the 
morning, at S1.9325. a decline 
of 1.7 cents from the previous 
day’s close. 

The rate recovered in the 
afternoon in dealings 

MANY places will start cloudy 
with rain, but brighter weather 
with scattered showers will 
spread eastwards. Showers will 
be mostly confined to the W. 
London, SJL England, E. Anglia 
E. Midlands, Channel 
Periods of rain, becoming dry 
Max. 7-11C (45-52F). 

W. Midlands. S.W. England, 

S. Wales 
Periods of rain. Scattered 
showers later. Max. 8-10C (46-50F) 
N. Wales, N.W. England, Lakes, 
S.W. Scotland, Glasgow, 
Central Highlands, N.W. 
Rain, scattered showers later. 
Max. 6-SC (43-46F).' 

Lof Man, Argyll, N. Ireland 
Sunny intervals, occasional 
showers. Mild. Max. 7 or 8C (45 
or 48F). 

Outlook: Mostly dry at first 
with sunny intervals, but over¬ 
night fog patches in toe south 
and some showers in toe north. 







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Ajaccio S 13 53 
Atewnr P ■ to si 
Biarritz C ]1 31 
Blackpool C 3 37 
Horde am p e « 
Ecu I crane C fi 43 
Cj sab Inca. C in Hi 
Cam- Town C M 77 


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c s « 

F 19 H 
S 7 45 
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24 70 
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P 14 57 

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you don’t? 

Once again, commercial and industrial property is . j.. ’ ■ 
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And it works. Oneof ourprpperties>m Battersea, SW11, '■ 
has risen over.240%irvva]uesinceOecember1970. ' " r ‘- \ 
Another, in Woking, w Surrey,hasgrownhymdre tf)ah260fc - 1 
over the same period. 


Of course, not all quroropertiesh'ava shown such 
remarkablegrowth ^ otheis have yet to.realise their f ul| 
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You can iointhe-.Fund.with a;£1,000 investment of more, 
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