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SERVING THE GAS INDUSTRIES 


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LUTON--AMPTHIU.. ■ i-■'...’■ 


i-firti-No. 27,483 


Saturday February 11 197S i5 P 


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<$ 



wn. 



CONTINENTALw Fr.25; DENMARK Krjj; FRANCE Fr-3,0; GERMANY QM3.0; ITALT L.SOO; NETHERLANDS FI.2.Q. NORWAT ICrJ.S: PORTUGAL be M: SPAIN PW-4D.- SWEDEN K>-3.W SWITZERLAND Fr.3.0; EIRE 15p 


SUMMARY 


BUSINESS 




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480f 


Ettstrial 
ftfflnary 


4W 


lALL-TOB HIGH 
MM 
s»m wn 


HOURLY MOVEMENTS 
“® tl«S 



6 7 8 9 

.FEBRUARY 1978.- 


10 


&■' 


•.' EQUITIES- tended to. drift 
tower ^ep.. lack of active support 
was growing cqncem yes: and they- closed Jnsf Above the 
. / in Beirut that the roots, 

. * new Lebanese crisis are- 
ep that an early or quick 
on cannot be expecte<L 
Hafez al-Assad, Syrian 
lent, was quoted yesterday 
ying that . the Christian: 

•' Jit-tl Lebanese Army must 
ssolved. He accused tbe^ 
and Israel of trying; i ich 
t unrest to c »ver up wljst.. 
led the failure of President 
s peace iniriartve; ' A 
added that the U.S^and 
were linked w?U> certain . • 

.al groups in L*banoiLir£ 

• an peace force troo^a-off:. 

. ese Right-winger.^*®- ... 

I each other. v dn •-tcesb/ 
lg. Tank gnns,:.mbrtafT.:_ 

-:s and heavy ]sachine r .gud5 : '^Ay s lowest’—2.3 down at 47i.il. 
use4 Page 10- -S .-..-The index showed a 12^ gain on 
' «»#i week, but a 6.5 loss on the 

-- iSf^ad'. .;•■•• account. 

• -»Denrowr 

M . -L • GILTS gained up to J in 

■jen row brake^oat-petween shorts, but longer-dated issues 
•ngton and: Jsrusal.em.dyer JZJ ?' 
cy issue^on^raWs settle- »™dianged oirdigappolni- 

- in Arab --territories- occu- *h*t the Government 

in the t967''-w*r ; ijy the broker was bolding the long-tap 
is. Mr. Cy ; rU^r.yahee, U S at 29|. The Government Secure- 
ary oT. 'State/-said the ties index closed 0.06 up at 
'bents ih'Shiai weTe iliegar. 75.40. 
oshe Dayan,. Israeli Fojeign a‘. 

'• STERLING, rose 5 joints to 
SI.9355, with its trade-weighted 
index unchanged at/; 66#.. 

• GOLD rose $2 to sfej..'. 


-ter, disagreed—witb Presi- 
triers viewfcOh the settle- 
policy. Back-Page , 


igetliye 

radio;'- 




to avoid 


shutdowns 


BY NICK GARNETT AND LYNTON McLAIN 


The paper industry has asked the Government to invoke emergency oii-ration- 
ing powers to prevent widespread closure of mills in the face of dwindling 
fuel supplies, caused by the tanker-drivers’ overtime ban. 


Gas pricej Vance 
frozen 

but power 
and coal 



will rise 


By Kevin Done and John Lloyd 


ihetic in this, provider! the com¬ 
pany did ill! it could to obtain 
supplies from iis normal sources. 
But Mr. David Woodcock. 


At least one of the biggest depots were affected, and Gulf bcuo cut b> a third, and thai ii 
paper mills bas told the British drivers have joined the ban. has bad no alternative but lo 
Paper and Board Industry though the company says the use Continental sources “iF we 
rederation that if oil supplies effects are “patchy.". are to keep uur c-mplovecs in 

are again disrupted next week. The four companies originally work.” 

n will be forced to close. involved say their deliveries have The company said that officials 

Mr. John Adams, uirecior- been cut by about 30 per cent, of the Tran.s|. u rl and General 
general of the federation has ,n wh:,t mav 1315 :,n important Workers’ Union, in which llie 
asked Mr. Anthony Wedswond devcJopmenr Shell smprowd ru drivers beton?. had assured the 
Benn. the Energy Seeretary. to pay and productivity oiTer of company ih.it ji would be sympa- 
invoke the provisions of the 1976 about 15 per cenL veslerdjy. 

Energy Act. 

This enables Ministers to Workers meet 

ration supplies of oil in favour - —. 

of continuous process industries. Mass meetings of Shell workers 3 TGyvl Midlands branch sccre- 
ineluding paper-making. at the ml terminals are expected ,ary represent ins several hiin- 

Emplover organisations in Sot- on Monday before a national ^ ret ^ drivers, said a union meei- 
land have said that within a shop stewards’ meeting the ! n 3 ,h,s Sunday was likely in 
week some companies might an- following day. ;i r '!, oi •doebade on 

notince plans for laying off staff. Although the oil companies br ., sr L Ll *> a i? rt '. 

As the potentially disruptive have been handling Lilks Mr. Gen ff Park os. secretary of 

effects of the ban deepened, separately, any development .a ’ he . conniuiiev co-ordinaiing 
some Midlands shop stewards Shell will be watche.1 closely by 3C ^ I0n V*? 51 Midland* 

warned British Ley land that management and drivers al the drivers, said British Leyland 
unless the company stopped other companies. almost certainly had enough 

using new, Including Continental, There were some indications st ^. c , . . , ,. 

suppliers lo make up deliveries, yesterday that other major com- '“ink they are panicking 

a complete blockade of supplies panies had been refyimulatmg a *)“ trying to build up stocks for 
to the company's factories would their offer, and shop stewards at t " e *“«ure in anticipation of a 
almost certainly be Imposed. BP. Esso and Texaco arc due 10 P 0 ®**”?. all-uuf strike by the 
The overtime, ban,. which meet next week. Shell said its “rivers, he said, 
started at Shell. Esso, BP and new offer was still within pay Heating was turned down at 
Texaco, bas -spread- to other guidelines. some airports yesterday to enn- 

companies. even where drivers British Leyland. which uses serve hearing oil stocks. Pas- 
are still in negotiations on pay. about 600,000 gallons of heating sengers and 'staff complained at 
Total said about half its nine oil a week, says its supplies have Heathrow about Lciuperatures. 


, L . . ' ■ ■ • WALL STREET .close# T.82 

Jhaoceffoc'-s, budget- speech j 0 ^ n t 775 qo 
mVlh- together with the awwn a ‘ ™ 
ition -reply,, will be brnad- 9 CHJEF TREASURY Secretary, 
veroq radip by the BBC and Mrr.Toebilarnen. has warited jhat 
"indent stations. Broadcasts it would i>e foolish th o pt 


British Steel union dose 

settlement 


GAS PRICES are to be frozen 
until-. April next year, but 
electricity is expected to 
become eight per cent, 
dearer by the summer, partly 
;ls a result of the miners' pay 
deal. The National Coal 
Board will raise coal prices 

by* It) per emit. soon. 

British Gas and the Price 
Commission announced yester¬ 
day that gas tariffs would nol 
be increased before April 1. 
197.9. provided Hint there was 
no major increase in the rale 
or iniiation. 

If prices are held, gas 
tariffs tv ill nol hate risen Tor 
two years. However, the 
Corporation may. raise servic¬ 
ing charges — which are un¬ 
related to the gas tariff—later 
this year. A separate notifica¬ 
tion will have to he made to 
the Commission. 

Mr. Charles Williams, chair¬ 
man of the Price Commission, 
said yesterday that this was 
the firs: time a maior industrv 
had pledged that prices would 
noi rise for 12 months. 

The new accord between 
the Price Commission and 
British Gas ends a confusing 
12 months. The Government 
asked the Corporation to put 
up its prices to enable it to 
pay hack an additional EHMlm. 
lo help in reduce public sector 
bur rowing in line with the 
IMF loan agreement. 


at arms 
for Somalia 


BY DAVID BELL 


WASHINGTON. Feb. 10 


THE WEST would airlift arms 
to Somalia if Ethiopian forces— 
or the Russian and Cuban 
“advisers" assisting them— 
crossed the border into Somalia. 
Mr. Cyrus Vance, the U.S. Sec¬ 
retary of Stale, hinted to-day. 

The U.S. was increasingly 
concerned about the Ogatlen 
conihc-t. but had received an 
“ assurance *' from the Soviet 
Union that no Ethiopian troops 
would invade Somalia, he said. 

Latest American intelligence 
estimates pui the number of 
Soviet advisers ai between SOU 
and 1,000 and the number of 
Cuban iron;., at 3.00(1 “with 
further Cuban forces on the 
way." 

The U.S. was in touch with 
[other We&ii'in powers, “if there 
'were a crossing of the border, 
that would present a new and 
different siiuation which wo 
would have to consider at the 
time." Mr. Vance did not denv 
that Western governments had 
already considered how thev 
would respond if the “ interna¬ 
tionally recognised” border 
should he crossed. There have 
been reports here thtii a deci¬ 
sion has already been taken, in 
principle, to supply arms should 
the border be crossed. 

The U.S helievert that the 
Qgaden con Hid could best he 
i resolved under the auspices of 
! the Oreamsarinn nf African 
i Unity. The Somalis should with¬ 
draw forces from the roc inn. 


Excess profit 


Denial 



Parliament 




Unions representing 27.500 
rrafis-men have rejected the 9 5 


■hii-tf . afle.; BY P w - B T IAN TYLER. LABOUR EDITOR 

dn-ARrtl a-* -fiiE BktTrsa Steel Corpora- tnss to the Tull 10 per cent, per 

nt arrests r frM*^^o I ^^v t ^Tj^iuSt P tO ti ^ as W Sg fiSt ™i° n iodised milted by the guidelines .... 

... - w* • {SJ ES2' niint- hlu vesierdav that it was within However; at a special executive per cent, offer main!y because of 

een were arrested anti two ^ S L h a r HTncn reath oF a wa«e settlement nro- meet,ns ' yesterrluy. they also the cunditiuns, ami negotiators 

2d when 3.500demonstrators ThplSK IrT? hR Sn 2 rejecled the corporation s de- Tor the small bill industrially 

ed with l^Off police at 3 SS gJ dn^ nn ^ h « Corporation dropped m- dn d for a een«ral commitment powerful National Union of Blast- 

nal Front • meeting in rS^eSS* -S«IS ^, sun,e of lhe Jabour-sheddms ^ the early closure of those.high- furnacemcn took a similar line 


1Tho Fmm hao December and £200m. down on 
Lancs. ® the_record receipts of October, 


permission 


1 rally in Birmingham a 


_ 1977. Page 13 

«ard toll six Norway 

devalues 


death toll 

sh blizzards rose to six with 
iscavery af the body of. an • NORWEGIAN crown- has been 
: y man near. his .croft in devafuSd liy S per cent, against 
lessshire. the, European-joint Boat curren-: 

" ’ . ; cies, -The move was brought 
----men S&fe about by Norway's big pajments 

ilvage men. taken off the P “* el ° 

^ajd Orion oil rig by lifeboat, * BONUSES offered by two 
jj jj rtfgsgaPlanded safely at St. Peter accountancy firms to their 
3uernsey. - -employees are being investi- 

. - ' gated by the' Department of 

DID ©SCS-P© . Employment for possible breadij 
- ' ‘ .- - b placed on ^school busing fe Government’s guidelines, 
fell off and Explodedf® 8 ** ^*3^ 


theat.to a peaceful wage round, talks in ten days’ time to drop Industrv. in a letter to Sir 

. Expecting a loss of £520m. this “tJTrnSfSl 1 ** Char,es '^Hiers. Sleel Corpora- 

financial year, the Corporation £*^5 Sl Confedera- |j on vhairman. 

has: been frying to extract the 2S r ^5S^in*tfce iSitS? 11 3t These were maintenance of the 
maximum cost-cutting conces- Thiri7v Brmih'sSSf will h» ProP 0111011 or total steel outpui 
sions from the unions as the u 5 n "! h tI and ihe share of total new invest- 

hrice of going near the limit of *® w mem for Scotland al the iradi- 

tbe. Government's pay guidelines. «5!ri,iisL* r Ji ss:.rj.-««x.‘5t 

- Leaders of the Iron aDd Steel confederation official said the ''.Mni^. S iJ,r«i C0 « r L l l n « af I. ,n r« oT 

Trades Confederation, which has Corporation was trying to secure tr nd upwards the manufac- 

?sslv—and -seven childxeo ^ rmtPiTmtKATiflV nF'ihe» s,j000 P rwIuctf on workers and job cuts from a scheme originally 
e driver escaped- ... S C HK2 I 5^ ! ?S!L fstepfe- 00 ® ^ * GritisJl ' Ste *l- sa - id devised m ^nly to -ewarrt higher ^ 

hv Corporation must raise its output from the existing work 

from 9.5 per cent on earn- force. 


ting it Treasury of' the need to auto-, 

research lo trv to ‘reduce mate: the main PAYE process^, 
doom of time’and money; The Inland Revenue Beard feels 
on mowing the lawn was that computerisation Is essential- 
. tended in « report on tn.^future,efficiency. Back PageJ 

•’ ^ amenity grasslands, g price COMMISSION is to ii-’ 

. 4 vestigat& price rises proposed for 

IPC wbmen r s magazines, and 
Tiy ■ ■ • .Associated Portland Cement 

^ulations which came into Manufacturers' cement products^ 
fon on February I limiting Page 13 


for six months y ea ^ according to the bociety of 
,uspended for 0 tus jy otor Manufacturers and Trod-. 

Tcct from to-day. Page 11 ers Ford j e< f ; the market, fqV 

man Robin Knox-Johnston lowed by British Leyland and; 
tged bis French rival Eric Bedford. Page 13 ■■■- 

y to a 5.500-miJe race for a ' . A _ '"<• 

f champagne; ©-IMF has stepped in to take orver 

- jf 3,098 [ 5 jave ,J , f e 5 r d ^^ d app0intmlnt 6 of^n 1 Interoariomd 
lam under the. P?revengnn Fund oflBcial to assist 

JTSSf-of^w^SS me. ” f **■' “ ntnl ba ^ 

• • lerlyn Rees, Home Secre- eacK raee ; 

•aid. • xiJS. and British. Government: 

in-‘"officials have 


ie worth nearly -£lm. 

I for-the -British black agree men r. .on new 
t -has been ..found by.VscheduIed airfares on ■ Norm 
ns in the past'week. - Allantic routes from April 1. The! 
: . . - r f. . UJC wants to curb prolife^atlS^lt , 

30 C oScent^SiKfi S of rhe' of; cut 'P” cie fares - bUT The 

Israel Citrus- Marketing ^ UTAH ^DEVELOPMENT, ^n 
said. •> Australian:coal mining company 

t Charles was. elected a in American control, has earned 
/ of the -Royal Society. He more than any other Austrauan 
Iso be offered, the freedom company in one year, with .3 
inburgh. SA158.3m.-profit for 1977- 



F PRICE CHARGES YESTERDAY 



, 3 in pence unless otherwise 
^ indicated) . 

RISES ’ ’ „ 

»jry 9% 1980.-£101*+ /<r 

tJ.j ....225 + 5 

r Breweries ... 74•+ fi¬ 
ll Ass. Cinemas 400 + lo 
;& Newman....;. 126 + 5 • 

..-.-IBO.+ 12- 

ooper .k .112 + 7' 
all's UniversaL.. J58t+12.. 

.116 + 6. 

tson Foods. A3® Jl’ : 

•'iscosa .•' ol rr'bf.- 

!-Sareo - ....——.-282 + .14 -• 

Conversion Z' 

son Org.. —.+• 8: . 

'ilant .5 • 

-1 .......f, S3 

of England TsL- 46 7f\ . 


Assam Frontier . 305 + 

.Roo .Estates .160 + 

Buff els ...819 + 

Cons. Gold. Fields ... 1S7 + 
De Beers 40% Pfd.... 950 + 

F. S. Geduld .. fl3i+ 

Peko-WaJisend . 435 + 

FALLS 

Ass,.'.Book Publisbero ISO — 


15. 1 : 
10:: 
19- 

5 vl 

23'-. 

ii: 


Assoc. P. Cement 
Camellia fnvs.' 

,Crosby.Honse- 
EMJ 

Eastwood CJ. B.) 

Lucas Riffs.'. 

Turner ]UfioL">— 

UDT . 

"Wilkin so ri .Match 


233 
210 - 
125- 
174 - 
89 - 
259 - 
111 - 
87 - 
183 - 


1ft. 

Ir 

4- 

5- 
5,' 

7- ^ 

8- ^ 
T.’-v 
7..ic-. 


fSrlce at suspension 


strings attached to its offer. 


ensi plants reprieved by Lord this week. 

If the Corporation modiBw iu Lob “ UT Ibv Pcrman - S ™ 1,hih c,lrre - 

conditions, it could -- 


conditions, it could expect to This thev said was i mutt&r s P® nt,enl > wriits: Trade unions 
settle rapidly with unions.repre- for lh g TL ^ C St g eI committee. caH S"Briffib Sleel “^MFeaK 
252SK which already has copsented to f h i‘ indu^vV nSiion^i^Vn, 


206,000 employees. That would p? a nt-by-plant redundancy dis- !?nd d S p0:,,l ' on in ® co1 
remove another big group of cussions. On Thursday, the com- 

workers from the incomes policy mittee agreed to negotia 

"battlefield from which the miners closure of East Moors. Cardiff. 

withdrew this week, leaving the The Corporation will be asked r.iyd4smuIr*^cha 1 ™an n , u 
power workers as the last obvious by the confederation at further ■ ScotSsh Snell fn?DerelSniii? 

theat tn a neanefnl warn rnnnd talL-c in tpn (lavs’ tima in ri> nn . . “UUncil tor ueveinpmt. 


_. At a meeting yesterday the 

£55.? s l i a e Scottish TUC and CBi endorsed 
the three points made by Lord 
of ihe 
m 


These increases — imple¬ 
mented Iasi April — wenl 
against the provisions of the 
Price Code and required 
special aiilluirisalion from Mr. 
Anthony Wedgwood Benn. llie 
Energy Secret ary. 

In addition, ihe Corporation 
exceeded by £86111. its then 
profit inoiLin reference level 
in Ihe year lo the end of 
March. Itl77. 

. -Sirielly speaking, prices 
eonld noi be raised until this 
excess profit was eHinfnaied. 
The Benn order of coiiseni 
expires on lilari-li 31. and there 
has been s u me uncertainly 
between Ihe Pricp Cuminission 
and British Gas over what 
should happen after this. 

The latest agreement means 
that British Gas expects to 
have eliminated its excess 
profit by this spring. Both 
sides accept that prices should 
not rise again until al least 
April t. 1979. 

British Gas profils in the 
current financial year are 
expected to be at least EHHlm. 
and cold weather could make 
them substantially higher — 

Con timed on Bark Page 


.Somalia has .consistently 
denied that il» troops are tiahi- 
ing in the Ogarien. but it has not 
| denied that it is supporting 
liberation Torres fighting there, 
j The US. helioveii rh.i* Cuh-«n 
1 forces had been io action :«nr| 
;Cuban pilot- had hecn on living 
j missions for th* Ethirpians 
'Some of rhe Cuban fr>m*« had 
ibeeu brought from Angola and 
I others were being transported 
I directiy from Cuba. 

I The 2rowing.S* viet -jnd Cuban 
mvntveniem in KthiMui.-i i-ould 
noi hill aff-c| tlS relulmns u ith 
both cmintrics The US had 
a tread v hiysun in /•«=■*-va! 11.1 in ihe 
US-Soviet conference on ihe 
demill!arisarioo ».r the Indian 
Orean because Sm-o*i a ct inns 

dtiTered from their slated aims 

1 fit Somalia's ambassador to 
I Peking to-day named a Soviet 
general as commander of Cuban 
and Russian detachments aiding 
Ethiopia against Somali Forces in 
thp Horn of Africa war and said 

they had taken exclusive combat 
responsibility 

The commander of these 
foreign forces was General 
Grigory Grigoryevich Rari-ov. an 
ex-mi lit ary expert m Somalia. 
Ambassador Mo in mud Ismail 
Kahin said in a statement issued 
in Poking. 

The Russians wore manning 


tanks and Hying on bombing 
missions while llie Cubans were 
put in charge of artillery and 
engineering -cmi-tv. as well as 
bein*; used as airborne troops, 
h..- added. 

Somalia has ail mined that 
Ethiopia's Russian-hacked forces 
have made gams in iheir recent 
coiintur-oliimsivi* in lhe Ogarien. 

in Somalia Preparations went 
ahead f«wla.v for mass mobilisa¬ 
tion and the Government said it 
might also use regular 1 roups to 
repel the Ethiopian advance 

Diplomats in Addis Ababa, 
punb-d hv Reuter in Nairobi, said 
heavy an- and artillery strikes 
have pushed the Somali forces 
smue six nule- hack from main 
position-' on the parched Ugaden 
ha 11 lefron 1—territory long dis¬ 
puted hv neighbouring African 
Stales. 

Rul Ethiopian helicopters 
dropped leatlei- urging surren¬ 
der and the diplomats said this 
vugaesicd the main Ethiopian 
ihiu-t wa«s still to i-ome. 

Hugh O'Shaugliuessy reports 
from Haxaiia: Cuba makes no 
official mention of activity by its 
military forces in Ethiopia and 
officials will not admit that 
Cuban forces are fighting with 
the Ethiopians. 

Rut the impression given in 
Government circles is lhat any 
war in the Horn will not spill on 
to Sumah territory. 

The Cuban Government takes 
every opportunity to underline 
the ’“defensive" nature nf the 
Mengi»tu Government's offensive 
against the Smnali invasion, and 
continue* to underline the role 
of the Somalis as ihe aggressors. 

Emphasis is also laid on 
Ethiopian efforts to get ihe 
Somalis to abandon Ethiopian 
icrrimrj 

The Cuban media acknow¬ 
ledges that Soviet aid is going to 
ihe Mengi-'tu Government — 
purely fur the purposes of self- 
defence. Nevertheless, the Gov¬ 
ernment here is i.m-b.usty wa’.ch¬ 
in e every move closely. 

3 Mure than T.uifii r.-fugt-cs have 
tied to the nn> Ib-rt Sea republic 
of Djibouti to escape fighring in 
the Dim den region of neighbour¬ 
ing Ethiopia. 

A rnrm.M French colony which 
gained independence last June. 
Djibouti has hudi two special 
eantp® for ihem ai Al? Sabieh 
and Dikii! near the border. 

The United Nations and other 
international groups are helping 
to feed ihe refugees. 


£ in New York 


h><nmn Ili I 1'ivvl.ilK. 


■i|,.| I sl. a-2l i -4.v ? 0 

I iiu.mii i.u' .11 -• .02|«ii-. i'.t 1 1-r*>S|.m 

S in..111 1■- . i>.iA>iIi> ini I e...»--4i.Oi .Ii* 
Vi Ii- O.NU).4il*lis| V'.ssuar. .Us 


ture »f special and bigh-rjU3?ity 


Ministers challenge Tories over 
pay Page 11 


U.S. miners seize union HQ 


BY STEWART FLEMING ■ 


NEW YORK. Feb. 10. 
repnned to be carrying a gun. 


HUNDREDS OF angry coal have secured. 

miners stormed the headquarters As yet there has been no In an effort to try to re-assert 
of the United Mine Workers indication of when the bargain- his authority Mr. Miller warned 
Union in Washington to-day, ing council will reconvene. Until to-day that intimidation and 
nai rvilicutrajui uuuy* •*«- ToTuraro v*ncr» npr jwknt bn tofjMocking attempts by Mr. Arnold it docs progress towards a settle- violence could not be tolerated 
too prescriptibrwmly basis *„ J.?s5chLfanSlS^er, the union’s president, to ment is stalled. and be appealed to rank-and-file 

niEnanrfoH fnr si* months ■ ?. • ■ -- .<=•■- - ~ - Jobtain approval of its 39-member There is speculation that to- members to stand up against 

fbargaining council to a tentative day's demonstration represents “ the violence oF a small irres- 
settlemtfnt to the 67-day-old U.S.-an attempt by Mr. Miller's many ponsible goup." 
coal strike-. enemies in the union to exploit The threat of anarchy in the 

• . The bargaining council was the dissension over the contract union will be a source of mount- 
due to decide whether to put negotiations and use it to further ing anxiety ' to both the coal 
the proposed settlement to a weaken and perhaps overthrow industry and the Government. 
IJ vole of the union’s 160,000 inem- Mr. Miller's widely-criticised Although the threat of wide- 
bers. But by late this morning leadership. spread power dislocations from 

Fit' appeared that not only had Throughout the strike violence the continuing strike is no! yet 
Mr. Milter failed to convene the between union and non-union imminent, a growing number of 
meeting, but in addition council miners has broken out sporadic- electricity users in the Mid-West 
*■ wnariri^Mmbers had voted unofficially ally* But this week the bitter and Appalachia are beginning to 


33-3 to reject the. proposed feuds within the union which restrict consumption, 
leveis Pfl get i| emeDt of t jje . strike—the Jave festered over the past year Nationally, according to the 
longest in the union’s history. buve erupted. Federal Energy Department, the 

;.’ The day's events represents- "jp the ^ ,sek “f- Milter average electricity company coal 

’Serious set-back lo recent moves and his bodyguard were involved stockpile is about 68 days, but 
towards a settlement and thus a J n a *J’ jUl a u "ipn j n Ohio the figure is down to 

Lfurther threat to the nation's *? ader . J ° Charleston. West 50 days, in .West Virginia 60 days 
electricity supplies. They also Virginia, Mr. MtUers home tovin and in Tennessee 40 days, 
reflect mounting opposition and also lhe home of many of Stale officials in Ohio and 
among rank-and-file members to to-day's rank-and-file demon- Indiana* have declared energy 
the terms tb«.union's negotiators sfrators. Mr. Miller is now emergencies. 


CONTENTS OF TO-DAY’S ISSUE 


Overseas news . 

■ Home news—general 

—labour 

Arts page . 


10 

U 

IS 

8 


Leader page . 12 

U.K. Companies .14<15 

Mining . 2 

inti. Companies. 17 


Wall Street. 16 

Fureign Exchanges. 20 

Farming, raw materials ... 17 
UJC stock market. 20 


FEATURES 


There’s an awful lack 
1 - coffee in Brazil. 


of Car makers return to Trouble in Pakistan's 
... 12 motor sport .. 13 largest province \ . 10 



Why all equities? 

Schlesingcri' Extra Income Trust is a trustee 
investment and offers one of ihe highesL returns 
currently available from a unit trust invested only in 
ordinary shares. 

Whilst the managers could obtain a siill higher 
yield by including some fixed interest investments, 
such invesiments cannot increase their dividends and 
also have less potential for capital growth. The all- 
equity portfolio of the Schlesingcr Extra Income 
Trust, by contrast, maximises the potent iai for growth 
of income and capital. 

A current opportunity 

By careful selection or sound slocks including 
attractive recovery situations and well-researched 
regional equities, Schlesingcrs provide a particularly 
high equity-based yield 

However the recent downward trend in interest 
rates, and the growing relative attract ion of ordinary 
shares with very high yields suggest that such yields 
may not be available lo new investors indefinitely. 

Indeed, many investors have recognised the 
urgency of securing the current opportunity b> placing 
over £7m in ihe fund in the nine months since its 
inception. Over this period, the unit price has risen 
20.8“^ and the FT Actuaries All-share Index S.y"„. 

Wc therefore recommend immediate investment 
at the current, high rate of return 10 gain thypoiemial 
ofcapital appreciation. Your investment should be 
regarded os long term. 

Schlesingcrs’ PIMS service , 

Minimum investment in the fund is £500. 
Investors of i'2.500 or more u ill receive the Schlesingcr 
Personal Investment Management Service I PI MS j 
which includes regular investment reports and 
invitations 10 meet the investment managers. 


Quarterly dividends 

The uble shows the approximate level of income 
fuel ol'.’-r, basic rate lux) you vm *uld expert to receive 
every 3 months based on thceurrcnt estimated gross 
yield of V.X on the fixed offer price i*f 3D.np \d. 

Pa»mv-nlK arc made on March 12, June 12, Sept 12 
and Dec 12.starling March iu7x for new investors. 




£5000 

£4^0 1 £80 

£2500 

£245 ! £40 

£1000 

£W £16 

£500 

£4V £8 


A fixed price offer 

Units arc vin oiler at the fixed price of ?tU*p xd, 
for invesiments received b\ Fcbnuirv* --- 

The offer «ill close before February 22 if lhe 
aciual offer price varies b> more than 21from the 
fixed price. In this event units w ill be available at the 
price then ruling. 

Remember ili.il the price of unit«. and the 
income from them, mav go down as well as up. 


(ivnrrul Infurinntiiin 

Tulnvm.ovr ilwcoui>iiBpr*i'iil»d. Xi’Hu ilirniv»illhc.iitiiimtalrt 
anil sc a ill >ril.l >>u a Jcl.uk J l-rmhuiu al Jhc • .t*ic nn*c Ocitlllcaicv 
» ill hiscnl 'Mil JlCii'i! \l*ril l.-nil' 'nil Sr .11.111 il«k slier lhe ■■Her 
cluve- .>1 iSr jti.t uiinleJ in 1 In'«Liil' pr.;-., llieinliihnum imramnii hv 
ih r i-mvi It fpUll. me l-nli I’ricr jn.l 1 ir'd jh pnMl.tiwvJ Jails inIcaillni 
nc.v paper •. 1*' Sell unn-. • mlpl* reluol V.'iir iifM'lliJleappr.-onjlrly 
er.J"rril.->nihePi'.k ■ p.iii«ni i.n>-:nis1l> maJe ellbln"" «.nr 

e^ninniiwreP'’uiK'-Jv'.-minJir.t nnnalMlHn>•( li”.. «illtx paid i*» 


ie. 'cnlvr'l.iEcn:^V lEircrst- An inn* >1 .hsris. *.* s°. i- m.lnJeJ In Uie 
1 ilfcr prux..' chnrre ai an annual mil iplui \ A r 1 **1 rhe talue 01 
ihe I-unJ l' JeJu.ieil ir.nir cri. - .»ln."nu- l. aarJ-. aJmlnr.iiiiMc 


evpcipsv Truvirfs: MialiinJ lUpl I rir r r •.<. l.r-3. Auditors:Peal. 

' MiUViiwS. Mhcliell f. 1 ■■ Msnoiwis; s.-nie-anerrTnui ManMcr« LU. 

. r/llaii.iv'trsuiijir. Li'PJi-n.W.I. Rcst-irrcJ in EnclanJ. No.".‘SsfS. 
Memeerv .f’lhr L nil TruM Asan«ili"n- Thnnlbu IS nol araitable lo 
Ttshlcnl'-i'I Uw Repuslieof IrelsnJ. 


Si hlcsnij4LTS-s|H*cialists in tlie maiiaguniem of pfivaTe.-rnstiTunoiKil anil jicnsion 1 iumK 


I 


To: Schlesinger Trust Managers Ltd.. 

140 South Street. Dv>rking. Surrc>. 

II\s'Ai*/Xi/ .rllif LlYHUlf! . iNMphrlHi 9 fit fill til’’ I'OllOl.Yfl-M/ 


I T wish to invest \£ 

I minimum £5l)0j «- 


I 


1 ikxfjrc lhat I uni nm tusiJirni ouLside the ScfWuWd 
Tvrriuwiss and thui I am nm aiuuirini! llie units a*a nummcc 
ufunv per«s*n ft.-udi.-iit uuiMite Uie 1 erriiono. (If >ou arc 
‘unubk w irwlJ ilii-.ilcclaniiiini. it-liouliJ he delcU-d jnd lhw 
opplh.-aw'n lorni sliuiild I hen be li'dvsnl lhrough jour U.K- 
bank.sweLbroker>»rstdiciiorL Mimirvcannni tx- resisicred. 
bui .iLiMuntv designated with itwir imuals mill be ooxpibL 


I 


AtmolmmecLs 
BrWse -- 


. Col taring .- 

. .Crossword Puzzle — 
. 'EgmmuIc Diary 

- EnmtatemeM Guide 
. -Pteant® & Family .. 

F.T. ftfiuartcs 9 udcS 

- • Cwtohia 

i: Golf r. ..— 


15 

4 

0 

4 
U 

u 

10 

d 

20 

5 
5 


How to Snead U 

lasumee . 

Lcuerc _ 

. Lea ..— 

Man Ot Uia Wook .. 

. MeiortBB -- 

Property ..... 

ftadRB .. 

Shan Information... 22-23 
SE Week's Dealings U>U 
Travel 6 


TV and Radio.. 

Taxation .. 

Unit Trusts 

Weather .... 

Your Savfugs & lav. 


OFFERS FOR SALE 


2 

4 

21 

24 

3 


Piccadilly Extra ... u 

ScWtotagw Extra ... I 

(Comment, Pass M> 


Brftapala America... 

Crescent I Hal. 

Grecftam ... 

Lawton CnundlUcs. 
M & c Recovery . 


3 

15 

15 

3 

LJ 


ARRUAL statements 
enwertunoe lev. a 

Hawmas « Tinsoo... 15 

la«B*a Rates 20 

BAHjflng Sac. Rates 19 

Locjd-AMhy. Bonds 19 

U.K. CanvertUiles M 


For (trtcsj Share index ‘phone 01-246 S026 


jRihisSehlesinycr fximfn'cnmc Truvi ai lhe lived ptiucur 
Ml.bp \d. 


Surtunie 


I, 


□ 


J-ii't names 


(DLUCK LtritRS PLEASE) 
... - tin full) 


1 wish to have my dividends re-invesl«l 

would like further information, including [ I 
| details of Share Exchange I—I 


AJdrev.- 


......Date 


A cheque is enclosed in remittance. maJc payable to 
Midland Bank Limited. 


Signature ... „ _ . 

i In the case of a jemt application ail must sign.) 



K 




i 






























Financial Times Saturday Fetefo^jjg^ 



Gilts in the 



\ The energy gap 


ONLOOKER 

IT HAS been an erratic week 
for the ?ilt market with the 
Government Securities Index 
fiucfuarin? over a span of 1.35 
points. Ahead of the banking 
figures and the current round 
of pay talks in The public sec¬ 
tor gilt- -(arted the week on a 
very nervous note and prices 
fell by up to U points in the 
longer end oF the market. Some 
recovery was *een in early deal¬ 
ing on Tuesday but this was 
stopped in its track following 
tiie arm: January banking 
figures. The market had heen 
counting on a small fall in the 
banking sector's eligible liabili¬ 
ties so the L.9 per cent, jump 
took everyone by surprise. Early 

gains nf lid to a £! were quickly 
wiped out and falls in later 
after hours dealings were notice¬ 
able. 

Faced with the threat of a 
sharp jump :n MLR. prices con¬ 
tinued to fall. But Mr. Healey s 
cautious remark; about Budget 
ta:: concessions and the 

announcement that the miners 
leaders had agreed to settle 
within tho Government's pay 
guidelines brought about a swift 
change of heart reversing the 
earlier Falls. 

Such was i'ne recovery that on 
.Thursday ;Iie Government 
Broker artnatea the long tap to 
the delight of the market—the 
Government Securities index 
recorded n § biggest ris** for 
four nioiuii*. By the end nf the 
week, prn-c 4 were ho mg held 
and the index rose u.57 over the 
five trading days. 

Cooled tempers 

Jim how much Wilkinson 
Match'? revised terms for the 
Take-over uf True Temper from 
Allegheny Ludlum Industries 
owe to City resistance is proh- 
ably now academic. The impor¬ 
tant thing is that (he Wilkinson 
management and advisers have 
managed t:i wring a much' 

boiler deal out uf the 

Americans )*« the benefit of 
»he;r shareholders. 

'.her £*3m. ha c heen lopped 
■ •17 the value of The original 
terms ■•» th- ground; that, un 
closer eiianiinaiinn by a team 
of accountants True Temper 
wa« simply nut w.irlh the 

money. The new deal also 

means that vuiing control of 
Wilkinson Match will not now 
pass i" North America, thus 
conveniently removing the over¬ 
riding objection to the first 
proposals. 

It could reasonably be 
argued that the 44.4 per cent. 
Allegheny will hold in Wilkin¬ 
son if this latest proposal is 
approved still amounts to 
"effective conrrol." But there 
does seem to be some security 
in the unrierfak.r.g by Allegheny 
that it will n*u go beyond a 45 


per cent, stake without making 
a general offer, which would 
have to be approved by holders 
of at least 3fi per cent, of the 
shares not owned by Allegheny 
That puts the institutions, which 
collectively are reckoned to 
hold over 3*’ per cent, of the 
total, in a ■«-. , ty powerful posi¬ 
tion. 

The next event will he the 
issue of ;he formal documents 
relating to ;:ie deal, probably 
in about twi. weeks' time, fol¬ 
lowed by rhe crucial meetings 
of shareholders a further fort¬ 
night after that. Again, the 
institution*; will have the whip 
hand. Allegheny will not he 
voting its existing holdings at 
the meeting', -o the institutions 
effectively control 4fi-t7 per 
cent, of the votes outstanding. 

Wilkinson Match shares regis¬ 
tered disappointment yesterday 
that a full bid had not been 
forthcoming, as market gossip 
had suggested, and the shares 
fell hack 7p to lS3p—a long 
way off the 260p that Allegheny 
paid to Swedish Match for its 
29 per cent, stake. 

Ferranti quote 

Confirmation tins week that 
Ferranti is !&ely \n go ahead 
with a Stock Exchange listing, 
enabling the National Enter¬ 
prise Board it; liquidate part nf 
its stake, brings towards its 
close a successful chapter in the 
NEB's history The bailing mil 
m Ferranti ;r> 1975 and i'.v sub¬ 
sequent recovcrj’ underlines ihe 
possibiliue; f>>r the Government 
to lend temporary support to 
industry' ratter than taking on 
a stream of ia.ue ducks. 

Ferranti's problems developed 
from the continual losses of Lu 
power transformer division 
which took the group to the 
point of financial crisis. Interest 
charges were more Lhan wiping 
out the meagre trading profits 
left after - the transit inner 
losses. 

The NEB solved Ferranti’s 
problems by injecting rinm. 
cash for equity and loans and 
underwriting the transformer 

THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM JAN. 12 
% Change 

Tobaccos 
Wines and Spirits 
Metals and Metal Forming. 
Chemicals - : 

Textiles'?, j • "7 v 

Office Equipment 

THE WORS T PERFORMERS 



BY JOHN WYLES 

I THERE IS, on the surface, a important and the House 
! not so tenuous link between Speaker “Tip" O'Neill's well-' 
: snow and energy. The fact that publicised expectation, on Tues- 
|vast quantities of the former day that a break could be; 
■ have choked the north-east U.S. imminent in the Congressional 
: in a ghostly blanket may well deadlock over natural gas price, 
: have helped focus the attention controls, sent a genuine thrill 
1 of investors who were not too through the Stock Market which 
busy digging out on what Con- added 10.23 points to the Indus* 

, gress is doing to President Car- trial Average in an abbreviated 
iter's energy proposals. session with light trading. 

There U a school of opinion B ^ standards, this 

wnirh argnes that a new da«, / wh ich had snf- 

will break over the Stow Mar- __ 

.ket when and if Congress pro- 



600, 


500 




^IncfesU-iaiJWffifa^^ 

ri , :; j»-! ? | 

1 Hi _ 11 " ' ^ ' : J 


1&74 


1975 


1976 


*97* 


ficient momentum to move the „.hich have been domi- eluded that the'eampansfeai. 

■ duces "Tn ^rVTct-^r market upwards on Tuesday ^ ^ financial pages for J 

^fL!L El l^;rL rt as well. It was not, however, a ^Lriu* weeks. Boeing as 

a come to expect L _ : .--v. 


any energy Act will 
; dollar, it is said. 


j rpt. C3 men. it, nu iiutf Mvn^ru, el .< ■ i ^ fhrt^G 

*dll ho 7“* “J IndlcaUans <» Thn* 1 Uon has become 

. fiet* that rtA SOTOaH HflllMf AVI . 4 . al.. I H 


abiliWd'abroadSdustrv will *** that 110 ag T eed on . great favourite in the last few The tompany^stod.*^. 

')be soared- farmer uncertainty wSiiSfi*™? days after itS aD . DOUnce ® ent °” Iast 

land a revitalised Dow Jones ^ b ' J55^ * *2$ Monday of an increased quar- were pubhshed; ami «feg 

’Industrial Average will make tak ? n S «“*» J™ ““S* 4 terly dividend on the back of subsequent -^natysts^g 


the New York Stock Exchange 
everybody's darling. 

" r j Like so 
now ■ depicting a 


and a consequent decline. The a 4 ‘ 9 per cen t_ rise in fourth men is hadJ?etm-weiJ {HibSe 


operation. Under tin* terras of 5 points to 614 per ccn 
the 1975 agreement the Govern- faces a fresh threat from 
merit would take "appropriate Industries which is poised 
:.fepp*’ if I he transformer busi- make its first major assault an 
ness became a hurdle ro getting the U.K. market—with a nation- 
a quote. However that division wide Launch of two versions of 
has been cut back by two-thirds its State Express 555 cigarettes 
and is now operating in the plus another American brand 
black. expected by the Spring. 

A quotation, followed up by The BAT’S launch is bound to 
the sale of half of the NEB's exacerbate a price war which 
nfin-voiini’ shares, looks almost has been raging since the in- 
ivrtdin. Efi^-ciivcly shareholders dustry first realised the implies- 
in Vm rami -. >11 ho offered the turns of the changes in the 
NEB share- by way yf rights, traditional U.K tobac.-n tax 
The |prm c a: no inn ro one-for- structure, 
three at hi-If the market price 

1 .-iirrentiy 28tip in dialings Jf{f ’j bum061 * IW 1 
under IrtSi. A>. in-day s prices r 

that rr-eait- mi offer price of Trust House Forte v.& : the - 

KJiln. and an ■•x-ngitis .price nf best performin': share ><! the 
under 2:J0p. The market is go- week among those companies 
mg for i'c^n!. pre-tax for with a market capitalisation of 
Ferranti nr ■.■amins? per share over £20in.. accordinc ir, 

of 4tlp. On that bails the p/c dataStream. THF's shares rose 

would be under 6. by 11 * per cent. 

r The share pen'orman.e was 

imps iiGi/C hardly surprising giver that’ - 

The U.K. cigarette industry THF'turned out silver figures F OU rth-ouartp- results 
is a littlv short of breath these fur jubilee year. For Ok- year i97T iss ^ &d .. week 

days ati*l Imperial -Group, on ending 


certainty, that any energy quarter'earnings. The stock was Texas Instrim^nir 'a^^, 

man? scenarios P ai?ka « e , wUI b ® close1 ^ ^'iheavilv traded thereafter and further.S2|: yest^Jay^oS 

uu^.u^ua* Stock Market tin ^ ed t J 0T lts was the volume leader in yes- at the 

m BAT recoverv. this may be more cost of living was incre^ed this terday s sink in g market when it o2 weeks it?BZ£ 

toed t. tb» somewhat optimistic. Sop. 'J, dosed three dollars up on irn aosi^lmiEfe^ - 

1 - example, ihat Pec ted pnee index figures ..^1 of last Friday night. 


pose, for example, that the --- . level of last rnoajr u, s »4. 

energy legislation promised a Against this backcloth, inves-Texas Instruments, for long Monday •.WKCr.-f:7.r. 4^ 

substantial boost in U.S. living tors' attention tends to focus the Stock Markets Raquei - T U «day . 

costi; at a time when inflation closely on the performance of Welsh, lost some of its glamour Wcdncs d» - . 78L*S. r -- 1 

may be briskly motoring along individual companies- whose tills week after analysts had 

at 7 Der cent. Nevertheless, the share prices are thus especially'pored over its year-end and inunraajr. -• * 

fate of the energy lemslation is sensitive to the profit and-loss fourth quarter results and con- Friday ’\J7s9f; 



The cold winds blow 



-AX 




BY KENNETH MARSTON, 

a severe winter for the 


MINING EDITOR 

Meanwhile the Quebec, haring been cushioned 




• • ’-■-•■y'ti; \ 

by Corporation 


j's pr<idiicers of base Government is lending money higher income from, the import- ners pending /s .reviyajj; 
Is, particularly as far as to Campbell Chibougamau in ant gold output which exceeds demand. V - ';..v 


31 October THF in- 


IT IS 
world' 

metal_, ... . _ ___ ... . . . 

nickel ar.d copper are con- order to help the copper pro-'that of South African gold -In view of'they j 
cerned. The respective metal duver develop new ore reserves.mines such as Blyvoor, SL would take some- £4 loii 
pricc-s have weakened to levels and thus forestall the do sure of Helena and Kloof. The dividend years to bring the 
at which many mines are losing its northern Quebec operations, has been reduced to 8 toea duction, the_ parinere^«j!_ 
money and production cuts, if Away in Tasmania the Consoli- (5.6p) from 10 toea. be taking a very 

not close-downs, are a stark dated Gold Fields group’s In the current year Bougain- of zinc market proftpeds,^^ 
reality. Mount Lyell copper 'mine 'bps ville should receive more for t„ +/.- CW|| ' '.V^aal 

for made a further operatinfl*Toss its gold than the 1977 average Lfl . • " 

by orSA1.04m. (£0.6mTmWpast of ^148 per ounce. "Although On .a more, cheerful’airterifl 
Canada's Inco.- the . world's quarter and 

Government 


..... . __ -.w . ____jd is being kept going the copper price i's runningat producers of a*u.miruum are * 

Tuesda;.. r-v.-sivri a 15 per cent, creased profils.by three h-trs ^biggest, .'producer . of nfcfcei. witiTa 'Government uiferestrf'rea below lust year’s average of 53.5 enjoying a .good market. Fo 
decline in rstaccu earnings as £38m., **.?a|nst analysts cxpccia-.underline just why G:£ cr*rr.pa:iy loan. " "V ’ cents per pound, the -mine’re- lowing the. news of Almas' 

itulip pi'.'-u:; profits virtually lions of £35in. ;ha- been cuiting production and While presenting jobs..snch ports that Japanese buyers have per ccn!. jump in net pronto! 

jio.'d still at -i-On-. What - contributed T ** the, is now having ‘«i reduce its measures are not going to help returned to their full level nf.$AtS5m. t£38m.Vihe RTZ^toap 

I.idu>try «a!e« nf cizarcttes in elm**nn 2 performance wa- the [Ontario workforce by 1.300. the current world over-siipply contractual deliveries and have Australian ComaU-o fca 


i.liv U.K. haw r.ilicn l»v a tenth acquisition of two hotel .mups 
lait year while the traditional during that financial year: the 
market ■ !ominance of the smaller rump nf J. Lyons’ hotels, dubbed 
cigarette hd? hern eroded as “the deal of a lifetime." and 
changes in ihe tobacco tax strue- Knott Hotels. Together they 
jure (to bring the U.K. into contributed £S.3m. to the !?test 
line with EEC regulations) have figures. before a*fred 

made UingrSue cigare.ttes much intei-evt.costs of perhaps £2m..,_ ... „— 

mure competili' e.. as wejt.^as throwing fe.XCaa. uj%gas beeh-reduceci to 31.25 from 

3&.60 first quarteriy pay. 


Incus earnings for the quarter position in metals and the indicated that they will also reported a surge in 1677 tin 
dropped n. i'G5-?.6m. t£2.37ra.) answer appears to be in some take some tonnages in 1978 tnss to SA40*im. (£SUSb 
F rom SfiO.Sm. in the same period form of Government stock- which had been deferred in from $A25.li>m. in the prevur, 
of 1976. piling. It is hoped that the-previous years. year and has lifted its divides 

The latest figures make a U.S. might decide on such Palabora’s 1977 profit has total to 12.5 cents (7J3p) fra 
1977 total oi‘ S99.6m. compared action, it being pointed out that fallen to R18m. (f 10.7m.) from. 8 cents, 
with Siyo.Sm. ir. tbe previous an increased stockpile of base- R23.9m. and a final quarterly Energv orudueers are ils 

year. Tile 1977 dividend total metals should prove to be a dividend of 15 cents (8.9p) well-placed and that piles 

>^ALHnr«ri ir. fmm good iong-term investment or makes a year’s total of 45 cents menon of recent times whi 

price stabilising factor, in view against 70 cents for 3976. Unless has become Australia's biga 


Ail-Share Index 


Household Goods 
Packaging and Paper 
Insurance (Composite) 
Merchant Banks 
Banks 

Hire Purchase 


SWAK 3 SET HIGHLIGHTS OF THE WEEK 



U.K. INDICES 



Price 

_Y'day_ 

Change on 
Week 

1977/8 
_High_ 

1977/8 
_Low_ 


Ind. Ord. Index 

_477.0_ 

+ 12J- •' 

_549.2_ 

_357.fi_ 

-Wage uncertainties recede r ’ '• » 

Gold Mines Index 

_146 J)_ 

-S4 

174.5_ 

_95.1_ 

Fail! in bullion price 

Treasury 13i% 1997 

_.mi_ 

+ U 

_J 22k _ 

_87 J_ 

“ Tap *' activation spurs rally 

AGB Research 

_88_ 

+ 5 

_89_ 

_32_ 

_Dividend-boosting rights issue 

Assoc. Book Pub. 

_180_ 

+14 

^J95_ 

_82_ 

Demand in thin market 

Brown (John) 

_ 297 _ 

+13 

^297_ 

_98_ 

Renewed investment demand 

Camellia Invs. 

_2)0_ 

+ 13 

_245_ 

95 

Demand in a thin market 

Dowry 

_175_ 

+19 

_175_ 

93 

Good interim report 

Fitch Lovcli 

_ 67 _ 

+ 7 

_72_ 

47+ 

Speculative bid hopes 

!CL 

_256_ 

+16 

_270_ 

148 

Speculative demand 

ICI 

_354_ 

+ 15 

_446_ 

325 

General market trend 

Marks & Spencer 

_145_ 

+ 8 

_173_ 

96 

Encouraging Dec. retail sales 

Marshall’s Universal 

!58f 

+20 

_162__ 

89 

Bid speculation 

Mininjj Supplies 

59 

— 6 

_92_ 

28 

Half-yearly profits setback 

Morsan Edwards 

_ 23 _ 

- 7 

_45_ 

23 

First-half loss 

Reed International 

_102_ 

—ZT 

233 _ 

100 

Press comment increases doubts 

Richards & Wallir.jjton 

83 

+ 7 

_84_ 

37 

Speculative bid hopes 

Ruo Estates 

_160_ 

+30 

_165_ 

50 

Record preliminary profits 

Rustenbure Plat, 

83 

- 7 

_99_ 

60 

Profit-taking 

Trust Houses Forte 

198 

+24 

201 

112 

Better-than-expected results 

t Price at suspension. 


Average 
^ week to 


Feb. 

10 


Feb. -■ Jan. 

- 3 . Ibid; in bj-der to main lain full 

= *-*'X - i| epfrationa. in Canada. 


FINANCIAL TIMES 


'Govt. Secs. 

74.65 

75.6 V 

_76.60 

Fixed interest 

77.90 

79.14 

B0.59 

jindust. Ord. 

466.9 

4552 

481.3 

Gold Mines 

147.5 

152.8 

156.4 

Sealings mkd. 

5,861 

6,028 

5,787 

FT ACTUARIES 



Capital Gris. 

202.46 

203.12 

210.95 

Consumer 




(Durable) 

186.07 

186.04 

19137 

Cons. (Non- 




Durable) 

191.90 

191.34 

199.19 

Ind. Group 

199.13 

199.06 

206.48 

S00-Share 

219.46 

219.18 

226.98 

Financial Go. 

161.75 

162.94 

17236 

All-Share 

202.77 

203.09 

2113)8- 

Red. Debs. 

61.79 

62.63 

63.24 


B?8» . 

BBC 1 

t lndivates programme 
in black and white 

J».n» a.ni. Teddy Edvard. 9.10 
Canoe. fl-HO Multi-Coloured Swap 
Shop. Tii.lK p.m. Weather. 

13 Grandsiiind: Football Focus 
\ 12.25); Snooker {12.55, 1-40, 
210» Benson and Hedges 
Masters: Racing from New¬ 
bury f!.20 1.55, 2.30. 3.05): 
Athletics i2..jn. 3.30. 4.30) 
Great Bttuun v. West Ger¬ 
many; Kugby League (3.50) 
First Round of the Challenge 
Lup: iork v. Warrington: 4.40 
Final Si.-nr*.* including classi¬ 
fied football, rugby and racing 
results. 

5.10 The New Adventures of 
Bel man. 

5.35 News. 

5.43 Sport.'Regi*ina! News. 

5.50 Jim'll Fix it. 

BJin Dr. Who. 

fi.50 Saturday Night at the 
Jioues: “Away All Boats," 
starring Jeff Chandler. 

8.40 Mike Yarwood in Persons. 

9.10 Starsky and Hutch. 

lOJJO News. 

10.10 Match of the Day. 

11.10 Parkinson. 

All Regions as BBC 1 except 
at the following times: 

Wales—0.45 a.m. Canoe. 9.05- 
9.30 Teleiffant. 12,10 a.m. News 
and Weather for Wales. 

.Scotland—4.55-5.10 and 5.45-5.50 
p.m. Scnreboard. 10.10 Sport- 
scene. io.4H-ll.lo Sonus of Scot¬ 
land. 12.10 a.m. News and 
Weather for Scotland. 

Northern Ireland—5.00-5.10 p.m. 
Scoreboard. 5.4.1-5.311 Northern 
Ireland New*. 12.10 a.m. News 
and Weather for Northern 
Ireland. 


BBC 2 

7.40-8.55 ajn. and 11.00-1.05 pjn. 
Open University. 

2-50 p.m. Saturday Cinema: 
“Green Mansions." starring 
Audrey Hepburn and 
Anthony Perkinst 

4J0 Play Away. 

5-00 Horizoa 

6.00 Open Door. 

6JO Sight and Sound in Concert 
featuring Gilbert O'Sullivan 
and Chris de Burgh (simul¬ 
taneous with Radio 1 

stereo). 

7JO News and SporL 

7.40 Network. 

8.10 The Book Programme, 

8.40 "Was It Before Hindsight?" 

10.20 M*A*S*H. 

10.45 News on 2. 

10.50 Film International: “Meta¬ 
morphosis." 

ti2J5 a.m. Mid-night Movie: 
“Jimmy the Gent.” 

LONDON 

8.30 a.m. Fun Food Factory. 8.55 
Junior Police 5. 9.00 Sesame 

Street. 10.00 Our Show, f 11.00 
Saturday Cinema: “Barnacle Bill," 
starring Alec Guinness. 

12.30 pjm. World of Sport: 12.35 
On the Bail: 1.00 International 
Sports Special (l) World Two- 
Man Bobsleigh Championships 
from Lake Placid. New York; 
1.10 News from JTN; l.20 The 
ITV Seven—1.30, 2.00. 2.30 and 
3.00 from Wolverhampton: 
1.45. 2.15 and 2.45 from Cat- 
terick; 3.10 International 
Sports Special (2) Moto Cross 
—Shellsport National Trophy 
from Hadlelgh, Essex: 3.50 
Half-time Soccer Round-up; ■ 
4.00 wrestling; 4^0 Results 
Sendee. • 

5.05 News from ITN. 

5.15 Happy T)ays. 

5.45 Logan's Run. 

G.45 Celebrity Squares. 


7.30 Enemy at the Door. 

8JD Sale of the Century. 

9.00 Within these Walls. 

10-00 News. _ _ 

10.15 The South Bank Show with Dollar Man. 

Melvyn Bragg and Dennis Frankie Vaughan show. 

LUL5 The Aduh Movie: "Devils „ 

of Darkness." starring WU- JR ; » t S5s. D 5S 8 30 


, in order to «ave the job.?. The property have no need of cut- which the leading mines -base’ p 0r dividends were higher 
j com mi rice has recommended a backs at present, although their their contracts has been cut this / oruc ^ t nwingto the lower tas 
| eri-day moratorium before the profit margins are becoming week by S50 to S55D per tonne, requirement for the 
lay-offs start and is to ask the more slender. ‘ This' has coincided with the P ro i e,:t - consirudtw 

Ontario and Ottawa govern- This week Bougainville has news that deve4opment of the of which was delayed by ad: 
ment^ for interest-free loans ro reported a fall in 1977 earnings huge Gamsberg aide project in pnte the' Seamen’s 

to Kina2S.53ni. f£20.17m.V from the-north-west 1 Capo “has 'been Australia. The parent cof 
K 41.37m. in 1976. the decline deferred by the Anglo American P»ny frith a holding nf W-P* 

- - cent., Utah International- t 

ceives a distribution nf SAlSh'i 
and a further $AI5 26m snes 1 
' The" publrcly-qtinted Ufah Minr 
Australia which holds the r 
maining 10.8 per cent, of Uu 
Development. 

Finally, the; price, of go 
appears to: be consolidating 
around areund $175 per ti'un. 1 
and 1 the general view, is that. 
will go better in due'.oiuri 
South African gold shares, ho' 
ever, lack, interest and thq 
prices seem to Take one step ia 
ward and two Steps back. 

Meanwhile, the Anglo -Amej 
can CQrpniratioa ■ group's 
mines.have--decided jo-piH; b^ 
by five weeks the declaration.' 
their interim aiid' filial di\ 
(lends in order to link tno 
with - the’ -^announcements - J 
operating results'for-ihe rfl 

vant periods: 



rvoonj. 12.5i-VL32 ajB.' Niwj Sununary. Obbo . Ufllwsltr. VHF onlj-f-#.; 
r Hedittm Wave only ip jp ajn . • 


Mjrsierwis. SJS p.m. La;an f. Run. >»>:- bUmr>; Mdrion LL15 L««c Call. Don't Lose Your Head.' 1 surrtns ■KwuieUi 

loured br area uvaibi.-r fon>rasi. Hirh- U.30 Dans-.r m Paradis- Wimams. Sidticy James and Jun Dale, 

land League and shiniy results. cnirTUCDV u - 30 Gus Roncjrbnn’s Binhdays. 1135 

Havoc. 6.35 Sale of die O.nmry. 705 wL’IntKlv Space I9W. 505 pan. Logan's Run. 6.15 _ , ___ , „ n _,, _ ... . 

Enemy ai ihe Door. 8J5 Th. six Million B.50 a.m. Week-end. iolinured bv Happy Days. 1-00 Police woman. 11.15 RADIO 3 464lB, Stereo & VHP oBG RatllO LOnflOu. _■ 

1L15 Renoetlons. 1UD The Rcwonal Wr a liter Forecasi 10-00 Our Agpoimmeir. wnh Fear; “ Twins of Evil.-' „ „ , _ and94-9T« 


Show, including Tarzan at 11.00 and srarring Peter Cubing. HJ& p.m. F&iU] 
Happy Days ai 1135 12.20 pan- Week-end. Kor Life. 

5JL5 Col'-brisr Snoares 6.00 Six Million 

Cnllar Man. 7-M Sale nf rhe Certurj-. YORJKSHIRE 


1 Crossfire." <iarrma 


James 


*735 a.m. WeaUiar. SJH News. MS • * W, **V? 

Anbado ,‘S*. »J»- News. 5.05 Record .t **- 1 *-^Asjladio 3. 

Reidew. including BuUdimt a Library RU. 8 - B0 . * %t ' ws - weather. irtWc. “"KJ, 
10JS SLensa Release of music by Brahms swns.uews. *J5 Tfie.j-owjjo 

P in twh * C^hnliABt .Coowrr. latn Chnrrcr .1 n/i 11 


«.2S Resnfcefc, Scfinbcn.’ TcOeikowiky Tsi’ FW? 


rie”ke? y!VeSter aild Diana Soto On^liSs 1^*as.SJ5 p.m. LoGan's souUufm "sSi". W£US ‘ Custard Plo^arade rCops." starring I242p.m.Jame3C'alwayn7^m7 Saturday Show.;. 2J» p.ijl ^ 

Decker. RntL 605 Havoc. 6.05 hale of Uto TV -, r ™- rro Busier Krai on). 5.50 Saturday Scene on rcconls.ibj.. 123s u5li C WHi London Country. 435 Mano T J®“|i a |’ 

12.50 a.rn. Close: Mahdav Sharms S eotur ’- ., 7J5 Enemy ai the Door- BJS TYNE TEES AeUon Advenrure—" Tansan's Greatest iaae. US Mniarr and Bach rtoKn^rwr ^ ao3e tip. ' . 5JWlaw: ■» 

reads some sayinaa from 5*" c" 711 ! 3 rSn w»t a.m. Survival. SJO Adventure Adventure ■■ Siarrins Gordon Scon. 11.00 rlola recital (Si. 2JS Man of AcUwr' ^ J 

the Tao Te Chine Cypsy u -^ S«™nd city Revue. 11.45 Time- ' Flame of Araby." •rarring Jeff FtmKy Phoniom. 1130 Happy Days. 12.00 Sir, WlHJam Alontagu-Poiioetf chooses LOodOO BrOadCSStiils - 

me lao le uning. House Of Horror^.: "Home tw U« Chandler and Vaur-en O'Hjra. U-00 CJlcndar Kids. 5J5 p.m. Logan's Biin. records, i Si. 3J5 Music ofihe Sv. * JWUUU * i " Jo7 3 Vfl 

Play Soccer Jack 1'Jial‘ons Wjy. 11JQ 6-1S Havoc. 6.45 Sale «« the Century. , 5> . 5 . 8 B-Jazz Record Rwtmnsis ^ STn,an ‘ 

space (999. 5J5 p.m. Lobou's Run. 7-45 Enemy at tlK Dtfor. *J5 The Six Critics' Forum - 

am tibwm ‘-i 5 Havoc. 6J5 Sale of the Cemurr. MlUian Dollar Mao. 11JS The Mary 
’.TLSjSSr 7-15 Enemy ar the Door. MS The Sis Moore Show. lLflS.Tlie Outsiders. 

Million- Dollar Man. 11.15 The Practice. 


ULSTER 

m tp a.m. The Kerbs. UJO Tree Top 


(5) Siereophanlc broadcast 
6JW a.m. As Radio If. SJM Ed Siewart 

Tales. 10JS Beachcombers. 11.00 Survival. 

1J-J0 Sesame Street. 5.00 p.m. Sports t» ffl oiSk n l 1 T la l c , DOp , iT 111 

b-15 Havoc. recort * 6 ' HM* 00 *5i- Alan 


Orchcstrac. Mozart..Messiaen, Jivorak j£i i«*t at- /■*! 

« 7 o, 


Open University. . 


Capita!.Jfodi*: 

- iSUnind.HiV 


House Of Horrors.: " 

All IB A Regions as London Hobdays." 
except at the following times: — HTV 

iMCr li MS a.m. Master Golf. 

AINU LI A lfl.15 Baunan 10-45 Tiswae iconrlnuedl. 

9-00 a.m. Animal Alphabet Parade. 9JL0 1L25 Beachcombers. 1LS5 Tiawaa (coo- «'* u ^ w p' r —, 3 «, a m RniibAi.-- D * nin t 
Cannon Tune. 9JO Tiswai. lMfl Funkj dnuedi. 5.45 pjn. Celebrity Squares. 13-45 The Fam,,J '' “f 0 a-m ' EwIo^ul. KAUlU 1 
Pham am. IQ-05 Tlwav 1L2S Valley nf 6-30 Logan's Bun VJ» Streets of San 
the Dinosaurs. 11-55 Tlwas. 5-15 pjil Francisco. 11.15 Moynihan. 

Celebrity Sauarei. 64» Mind Tour HTV Cymru/Wales—As HTV General 
Language. 6-30 Motile and Her. 7A6 Service except: 5-45 p.m. CartooniJine. 

Sale of the Cenrury 8JO TV Mnvle: 4.0WJO Stoa a Sion. 1U5.12JA etc LaaaB's Run _ 

"I Heard the Owl Call My Name." Just Friends. str iheCeniurr 7 M Enemy Fr S*? B ? 1®'- 5J1 Alexis Korthsr’s Blues RADIO 4 . iMm—-* 

srarrin* Tnm Cnunenay. ULlS within aTthe Dom 805^ BesTsellera- and Soul Show !S). WO Sight and Sound • --Kii: aa flm *a e . . 4.00 a-m.-H-mr JuIVs- 1 

These Walls. 12J5 un. At the End of SCOTTISH 'fa A^Maw-SplSforS^^ S” *»mm foaluniig ClIheK 0'St.Utvan t „ -.434EL330m, ^Smand VHF tSi. 9.0D. nwrVflfeK's. 

**>• Day - _ 9JM a-m. Horses In Our Blood. 9-30 Wtlltum Holden and Jenntrer .nines. 11J5 -t m , lh t a-m. JJcwa. W2 Farmintr Today -12.80 Kcam -Evrivli iSt. 2& p ^* B »ft: 

A TV Tlswaa nncludlns Whuiing wllh WHWe Maohumcr i , * 1<Wt8l0D ' ■ TJW2JB a - ,n ' ! 6-50 Voufs faithfully. -t6-B Wear her, prb-aarf span*. rcsaliB —.DWt^ia 

• k am The Rotr Harris Show ojn and Batman j. 5.15 p.m. Logan's Run. u/cemy 1 Radio- c'uiunc ttei' R<.Sional Jfews. zjb Alurinom: Deliiht »Si. 5J» Joa" 

9JS a.m. The Rolf Harris Show. »-» ^ Hjf0t MS Sal* 01 ttaTOBMirr. WESTWARD , , . „ . Nows...74p-po-Vout Fatih. 7^8 Twfaj^ ^rson to Phmo <Si. 6.DS fif 7 * 1 rfi&c 

7J5 Enemy at ihe Door. BJS Feature 9.00 a.m. The Beatles. 9J2S The Los: RADIO Z l^wm and VHP Papers, -7/S: Ywra.Pailhfmiy. fJA.tVs .Swil Spcdrom. (S'. Ni^v *7^' 
The Kieta of the Folio wine Day." Islands. 950 Fearure film: "CarTy On. a Bttfcwtt/ 'W-55 Weather. pnsramrae'-Mummy'a Chan iS>. 1LW " RicaS 

4.D0 tun- News Summary, 4.« Cricket: N ' iufS -. 

TV ratings, week ended February 5 Flref '^ W <cio 8 frOfSay f rep 7 om 'and k s!e 3 

Raang Bulletin. 84)4 As Radio L U.K lft, ¥ ™Te8piHKlem ft 


Tniw-as iQCladlnc Dynomun (he Dog 
Wonder and the Lone Ranger. 5J5 p.m. ... 

Six Million Dollar Man. &15 Havnc. runi - 
9.00 Tbe Streets of San Francisco. 11-15 
The Saturday Suspense Movie: —■ 

“ Betrayal.'* 

BORDER 

950 un. T.l.S.W A.S. lodudhig Dyuo- 
mntt the Doc wondBr and Woobinda 
Animal Doctor. 555 pjd. Logan's Run. 

655 Havnc. 4 j 8 Sale of the Century- 
7JL5 Enemy at the Door, 855 The Six 
MlltlOD Dollar Man. 1155 Second City 
Revue. HAS Tamtam. 


U.K. TOP 20: Vteamre (mj 
1 This fa Year Life i rhamesj ... 
2. Coronation 5L (Mon.) (CranadaJ 
Two's Company (LWE) .. 

4. Mind Your Languasc (LWE) ... 

5. Mbs Janes and Son (Thames) 
L Crossroads (Wed) (ATV) . 

7. Hazell (Thames) . 

Crossroads (Toe) (.‘.TV) 

9. Mapple and Her (LWE) 


CHANNEL 

12.18 tun. Puffin’s PLari'ce. 555 Loam 1 * 

Run. 655 Happy Days. 9530 PoUce 

Twins or evil u ^ (Tbtn#) 

f re a vrni iu li Crossroads (Fri) (ATV) _ 

VjKAMrIAN The Professionals (LWE) 

9.00 a-m- Scene on Saturday, including M. Dave Allen (ATV) _ 

Birthday GreeUogs and DynomnU— 1 The 15. The Mooeydanswn (ITV) 

Dos Wonder 955 SUppy 950 The 16. Sale af the Century (Amnia) .. 
Woods Woodpecker Show. 1055 W«wdlrtdk- 17. Rlsinfl Dame (Yorkshira) .... 
10A5 Cartoon Time U-BO The Los* 18. Wllda Alliance (YoHohlre) !:... 
Islands. U.3Q The Swret Lives of Waldo crossroads (THw) (atvj. 
Kluy. 12-00 CWTjJn Scartei and -Uie 20. saraky and Hatch (BRC) 


1750 
1750 
17-15 
17.05 
1655 
1650 
16.88 
16.60 
19.-fa 
16.15 
16.10 
16.10 
_ 16.80 


_____ ___ chess soLuneNS-^- 

of Great Wally Whnon tn the Stnmyslde or until lOJO),. 1W0 Daily Service. 1855 S nlnU m ito Piiritiiro No»'?l 
committee Saturday (Si. 1252 pan. Two's Best tsi. ^otvWen ■ tto'-Rnsfl;- 12.00 New3.’-1LB2'-' v N-86"''^ 

RMearch UB The Nenrs Hudrtllnes. 1J(WLS Sport Tbe ««». »TWfOTlllRjW.: U5S Sdebce ' '* LtliS 

on £: F««baff_LoHEae Special (1.30. 2 . 10 . jy^:_'*in*ea' KfirigOS. ££ he.-SRVa? 


35. 


XLB 


Plgurefi compiled by Audit 
ism Britain for the Joint industrial 
for Television Advertising 
rjICTARt. 

US, TOP TEH (NaUsoK FUtlns) 

L Happy Days (comedy) (ABC) .. 

2. Laveroe and Shirley (comedy) 

(ABC) ... 

3. Throe’s Company (eonttdy) 

(ABC) .- 

A ABC's SHvor An ni versary Cole- 

braliant .. . 

5. Love Baal (comedy) (ABC) 

A Uttia Haase on Ihe Prairie 
(drama) (NBO .- . 

7. Harvey Roman Shorn (comedy) 

(ABC) .— . 

8. One D ay ar a Ttme (comedy) 

(CBS) ... ................... • * wiv *6d«c loemiv io». 4UJ0 

. . 9. Charlie's Ansels (drama) (ARC) 34 B SBOTM Desk. U50 Alan Oell with The fa.iS Sou^) .«f Br day: .M| Gas ami' Fn ^h TiMrr pobllfard' 

15.70 10- Camay MIKer (eornady) (ABC) MB Saturday Late Show, loriudlos 12.00 CsiteriC” " w ® B| "'" an * ' ». •»-dev* jm-imnisw' c-s ^ 

13-55 A Neifaen ratios la not a numerical total. News and cricket—First Test (further Ltefttn 


3 & 

, — matesJ • ■- *a 

Solutioo -to Problem- 

1 (HKS^ (threat 2 R;»U 

__-u.Birr, .-, a , •• 3- R-KI nrate>. 

3> - 9M Kaleidoscope Bneare: 2_ Q’KS (ttiteal.3 '^’JQbFinjn 

:*aa?Mi*pi' £*??***- Q-R5. =if 1 . . .:.K-K8; Ujjg 


15.85 

13.90 

15.73 

u.m 


325 Cricket (1.30 250. aj»i Sirat Test, New Any Quartans? v 3.00Prank Metr Goes 

Zealand v. England ireport': 5.00 Spores ,D 'o ^ moeuOous, Z-30 Thiriy-mimte . ^ 

Report: efaaufled football chocks at 5,00 Thesrreti.3J»/Metro. 3JS Does W taka v»d." 
and 5.45: radby rosod-up S.as. 4 , 0 s .Snparr 3JB. Music .of the-Vasikrs -is) 

275 European Pop Jury. 7JQ The Peter (as RadW “ - 

23.4 roodwrtKht show ■ 730 Radio 5 Top 3J0 .Week 

Tunes (SI. 855 Ronnie Aldrich at the orograimm.. ___ ... , 

3S.3 wano (Si.- 850 Tbe Massed Bands of and aEV.-Re 8 Sdmt.Rew*.' 6.00 N«r&. -fcis it l" ' B 

RM Royal Mannas tn the pr we n cu of Deten fafanff'DlS«- 650 Srop'the week 2 R-R3.and 3 Q'QRiL If,* • 

24J iS The Poke of with. Robert Rohlnsoo ?J» TKWa you Ch: 2 0RxR.-K-^; & 

Edln^irob (Si. 93tISanmlay Nish t with have fared • *».; 6JT Sarurday-nuan -■ . V ^ 1 

24 3 ibe BBC Radio Oreheairo 181 SUB Thentre (S>. 958 Wvalbcf. tOM 

Th. law Cm*. t* tti rh. 4 m: » ill r--. ■ _.-I 


S?> v aaikoe«r. lUS-%^ 


'JK- :< 


-A.- 












t q scwwfc > * i r «♦ fitfj 


our savings and investments 


~ e 


man 


LIKE Qz ymsft/Uqj v, -Trim; ^of- kings,... the. 
il jjhaHeiiwda-~flie:jnigtieg ~ 


x s upon its labours aiid^:despSi^ -CertaiiiJy 
are .grouh^ jo^tlte^ of „■ 

■ -■■ ‘ labours; - '£6r.‘ agsp^^att .StotK;. 

,oge. .;The \ 

of ‘feverish activity*, with ,a- breakdown 
■* ■ assets and UabiliiicsTtieM (a^ : jCWfcole* ■■ 
• . . ividuals tn Britaini^aM ttetttf e^owir : ; 
. just how drantatic the"private investor’^ : : 
•. - awal from stocks and sh^^ hiLS. been. ■ 

•; *enty years ago r tnd^du^ heid;4hribe 1 
^■Ns^tate, almost .25 per" cent Qf-tteir. weaiti:. ' 
7ks and shares:; By;i975 the piOTtH^oiL : ‘ 1 
1 .'upped to ppiy.U.5:per ceot_iWaairwhiIe v 
i .• . oportion. of rheir.wealth b&jik jphysicaL;, 
—houses,' land,'^.;conwh^:' : .'^iOThle^ 

‘. es—-has increased from just short; of 35- 
> . *r 58 perT-cent .- .... - : -y i 

■■■■.. bw of coarse there areiies. damned lies 
tatistics: and if you consults ybur own'.. 
- ence you wifl - probably find that -it has > 
. lothing 'like', this. What the figures, as : 

stated, don't show,-is the extent to . 7 
; ^ery rich, individuals—of the. Wad likely 
... a high proportion of- their assets into ; 
• and shares—4iave become rather teas ■ : 
is a result of taxation; or the extent to'; 

rather poor people have become ■_ 
tly affluent. . What they do. show is - 
n so far as people- as a whole have been 
og capital over the past twenty, years, 
iave been bonding "it by buying jtheir 
During , the 1950s the proportion of 
‘occupiers started to rise:. . ‘ 


•- we are - vith one half of the 

population owner-occupiers already, and build- 
■ 9J& s °P iet T chiefs now looking to the day when 
.. .thre^quarters can claim the privileges of 
stale. If they are right in assum- 
, 'mg mat there is still a big unsatilled demand 
-for home ownership, then there isn’t much 
k 3 * on S'tcnn slide in house prices. 
f mi* *“ e meantime the interesting question 
. arisen-what happens on the death of those first 
-generation owners-occupiers? 

.U.- j Probability their children are owner- 
«, dcfitipiers already: they won’t want an extra 
^ hen the present controls on iet- 
J; .tinjyHake it a proposition which even the 
profeesumal rentier would sooner not take on. 
prpbabliity, then, that house goes on to 
:-.t3jer'.'market, and those children become 
ppsjsesed of what could be quite a respectable 
_ capital sum. 

> '•. ... Anyone becoming possessed for the first 
time of; a five-figure sum is not likely to want 
■-•to^paye it in the bank—or even in the building 
-sqcfety. Nor is he (or she) likely to want 
Vto;takfi-it to a stockbroker—not unless it is 
^substantial five-figure sum. In ail probability 
■ivIteCJsgoing to take it to another financial 
" intermediary—maybe his bank manager, more 
likely.an insurance broker. Looking at the 
1 changes m the pattern of wealth which the 
CSQ’s. Personal Sector Balance Sheets* indi¬ 
cate 'it’s easy to see why the ranks of such 
financial intermediaries have expanded so 
rapidly in the past five years. It’s easy, too. 
.“to see "them expanding still more rapidly. 


Off 


reciousstoned 

.BETH TAYLOR'S line in'Jewellery;' Tl^ 
jds is something out of .are - , high---very '. nhiqbr^ higher 
rdinary. The £2m. gem than dealing, on the :Stflra; Ex- 
she has now decided to change. There are ^costs in- 
. *y typify Everyman's idea voived in simply owning!Jewels 
recious. stone; but;it cer- —most notably in insurjng^and 
' isn’t representative. Miss cleaning them. Aim! ; if., you 
a pears to have, had .plunge your all; into diaintond 
value from that stone, earrings.. there, is alitfays the 
i the £ 1,000 she is charg- risk that pearls .vdllrbe idl the 
■ respective buyers for a rage by the .time you;borne .to 

- <g of it is.merely intended sell. But for. those ;BUtided 
r ;r the costs of the opera- nevertheless to pat ' a.'.'pirt of 
'3ut how good an Invest- their money Into this repqsitary 
„ is jewellery of "aV less of wealth, here lire some-goide- 

agant kind? , lines as-to how to 'setf'abtHrt it 

short answer is.that,no- If you axe.buying!pur^Iy'.aad 

knows; there aren’t ,any simply ..for capital gajn^ tbep 
i, so it's difficult to tell. buy^the stones alone:, workman- 
cording to, Sotheby’s, who ship adds to the value of a 
iding a big auction of fine piece,, but it also adds .to the 
in SL Moritz - next. week- risks. ; If, however, ,half 

's considered to be a good and half affair—half Jwp- plea- 
i investment to have-an sure, half'for profit—theh buy 
idening app&al. It'holds through the salerooms. ;j There 
ie where many, currencies, won’t he so much of showrooms’ 
c. It commands a market overheads in the price: .' and 
ere. And it is eminently there’s fro point in. pa^hg: |or 
le—so that it’s aiways modern design when ymrean’t 
: favourite investment for be; certain that it will ^tahd the 
tetic races like the Jews .test of time. ‘You’d doibetter to. 
e Chinese. " go for the tried and t^ied 

-e are no returns; to. be classics instead. . . 

- jewellery, Apart from the. Jf.yav do wajxt to .ba.ek yjolfe 

re of wearing it. -Biit fort judgment onfashion^ do. it ch.- 
prepared to "buy ;in • the^ a stale. You might have- 

f eventual capital gain; it discovered a npw Faherge,iuut 
provide' an ‘ interesting it .won’t he much- of.a consola- 
itive to stocks and shares, tibn to you to have- matching 
re are. of. course, disad- sets of his works if the /rest of 
es to investing in the market doesn't happen to 



WE turning into a nation 
mblers? There may • be 
res on disposable incomes, 
ie betting shop and the 
hall remains a Mecca- for 
mter-.wbo seeks a fortune- 
small outlay.:.Now.a new. 


gambling "craze is sweeping the 
coqzztry. : intakes the form of 
an instant, ^lottery, in which 
tickets ;are purchased for 25p 
and the ; prize; money, ranges 
between 50p and £1,000. 

Any local authority, registered 


wson has nothing to blush for in fliepertormanc© of this fund... u 
of more than twice tfRd shown by the FL Iix^ in the same 
od"—FinandalTlrnes4/2/78.-., 

an the fund was launched-in Mardi 1976 fte aim'Was long term 
itar growjh from wide ^ commodity^shares and^^an above 

rage.tncome'. When con^iared with.tfie'^wrth of the F.T. Index of 
'o over the same period the. fund'has obviously been a sound 
jstment (Incomeuntts^ip 52% adcumylatlon units up 65%). Few 
y *r forms ot Investment will have performed as well when rmked with 
easy accessibiltty to your capital, and m above average income 

d twice yearly. . . _ ^ „ . 

i managers confidently expect further subslanfiar growth and 
3 me in the future, die yield is presently jnandmg at 73%. However, 

. ■ 1_I J I li... .l. ■ mite ran «n rinwn as well 


jsiorsartiitiinjnueuuwt ” M 

jp, and any investment would be best regarded as medium (a long 
. -n. The fund invests in companies involved with baste raw materials 
di as Gold, Diamonds, Tin, Tea, .Rubber, Sugar and Copper. 
vson Securities advise thatat least part of your capital be invested 
. he world's real wealth as a hedge against the continuous tall in the 
■ ue of money tnternationaily. 


5Spr5e!^ScL^NGFr!Ba?Sri5rY 17th. 1078. 

(Come Units 38^p. Accjamulation Units 41.4p. 

- ■ (OR ATTHED^YFRKXlFtiwtR} ' ■ • •_ 

a Manaw« feBawe aw rigtn lot^ttte.rfg.tfaemapttoariwaft more 


ts may be oougni or sow oany-—uuw *rao 
- : units sow follows within.a tew days. Units purchased by ^2i78 qualify for 
' irthaJt-yaartydtstrit3cilon. ; ' - . . .. 

/riaoB«H ww APPLICATION FORM mm mmmm mm u 

V' Lawson Securities Ltd FREEPOST, Edlnbur^>.EH2 0DB (no stamo req^r^fl 
or Tel: 031-226 391115 lines*-24-bour.Ansaphone Service) . 

'' Kttse p remrtiancs payable ' °,S®Cundea 

* 80 n R*w Mfllenas and Gawnl Fund. Nol3Bpi*eabtemEti . 

-; ■ ■ ' mi lu l l ■Fofaccufm.'lation unds?^!*^ 

S ' BuUiV. Foriwt-lfflk« Savmgs«an plate n '^ 1 “ 

• ,■ - • ^bed' ll ^ - FwshsiveicfiangeOeialis please mart' ? « 

• ndftciflreVial Ian.WeaienotrwdertoiisWe'theschednled 
•' fuSS^seunils as mejiominwW.bj ^ 
wt# iiable torrid Wa tteclaralion ShouW apply ihnnigh ifieir Banfcw. Siochbriwer 

beilKf. . ‘ • ■ ’ ' 

?jotfH appllcanis mystsfsn and atacb^hfl oamet fiftfladdresmJ ^ 

• vneslnfult-:-— ' —•—:— 

■_ r.tte'Misa Title). • . 

ddress —r : ~ • .’j . y '~ I . 


One of the "pieces, of ’jewellery 
Sotheby’s is to auction next week. 


agree at a moment when you 
need to sell. And finally, do, 
do take professional advice. 
This is a business in which ex¬ 
pertise is worth having. The 
bulk of Sotheby's business 
comes in the £500 to £5,000 
range: and they won't have the 
slightest objection to giving you 
the benefit of their experience 
on a piece, however modest it 
appears in comparison with the 
headllnMnaking masterpieces 
df the jeweller’s arL Unless you 
happen to- be an expert already. 
you\anhdrafford to do without 

iXm \ ’* 

ADRIENNE GLEESON 


cause 


s charity . or non-profit-making 
F cultsxal activity (sports dubs, 
i art-galleries, etc.) would, be 
i eligible - to -issue these, lottery 
• tickets once it had been sanc¬ 
tioned. by the Gaming Board, 
i But since a'successful launch 
involves hefty promotional ex¬ 
penditure and extensive sales 
outlets, the charities need to 
rely on the services of lottery 
management concerns. Lad¬ 
brokes have set up a scheme,' 
called Cash cade, to promote and 
manage lotteries; and it ivas 
launched nationwide this week. 
Another already in the field is 
Nat Op Lotteries, a subsidiary 
of. the Victoria Sporting Club. 

• The lotteries work as follows: 

v 'Each charity or local authority 
cap 'issue up to 40,000 25p 
tickets for sale each week. From 
th“£ £ 10.000 total weekly turn¬ 
over some £4.000 is paid to the, 
4ause, and £3,800 is taken np. 
by. :prize money. The balance 
goes to the management com¬ 
pany, and from that it has tO! 
pay all promotional expenditure 1 
Sad commissions. Ladbrokes 
expects to make a profit of 
about 2 per cent net from 
.each scheme, depending on the { 
jtevel of ticket sales. The 
<i±arily concerned can make up 
to £ 200,000 per annum. 1 

• Ladbrokes have reached; 
agreements for the management! 
:b£, 100 such contracts while 
Nit Op has links with 20-25 
Charities. Sales outlets inciude 
pubs, supermarkets, "and a 
number of retail chains. What 
they get out of it is between 
'5£ per cent in commission, 
depending on the number of 
cards sold. 

.{Lottery cards are selling at 
tfie moment as fast as they can 
be-printed, and in the first week 
■of jthe. launch. in central Lon? 
■don-. Ladbrokes -sold 200,000 
tickets. The figure is running 
'higiier in the second week. Nat 
Op. is.‘selling 80,000 tickets a 
week. For its first full year in 
tins operation,. Ladbrokes ex¬ 
pects a. turnover approaching 
“£50m. . 

k This;, is. big money. And con¬ 
sidering that all the local 
'auihorities ; and charities 'in¬ 
volved need to do is to sign 
up with a management group, 
aqd there is ho risk attached, 
■it Is; small wonder’ that tiie 
numbers, anxious to -Jump oh 
ahe-band, wagon are .growing by 
fhetniixmte. 

.1 DAVID WRIGHT 


THERE ARE two 'common 
approaches to retirement. He 
who takes the first crosses off 
the days in gleeful anticipation; 
counts his pension commuta¬ 
tion over every night; and 
scares his nearest and dearest 
with bold plans for high living. 
He who takes the second 
declines to acknowledge the 
approach of the fateful day 
uniil they come To teJJ him that 
the sherry is set out in the 
boardroom. Neither is sensible. 
An end to the days-of business 
decisions may be in sight: but 
that’s no reason to shelve the 
personal variety in the mean¬ 
time. 

AMONG THE most important 
of such decisions is likely to be 
the one you have to make on 
that same commutation: 
whether or not you are going 
to accept a lump sum from the 
pension fund in lieu of part of 
the income to which you are 
entitled. Under present legisla¬ 
tion you can commute for a 
lump sum of up to 1 j times your 
annual salary at retirement, 
provided that you have been in 
your pension scheme for at least 
20 years. 

Now cash in the band may 
look very alluring: but you 
should stop and think about the 
business very carefully before 
proceeding. The big question is 


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

Whitford. 

The sixth age shifts 


how. great the- reduction in 
your pension will he. If you are 
going to retire on the two- 
thirds maximum, then commu¬ 
tation will reduce your pension 
to about one half of your final 
salary- Will you be able to 
manage on that? And more 
important still, will your wife 
be able to manage on one half 
of that, the widow’s pension,- 
should you die ? if you are 
retiring on a fixed pension, the 
answer to both questions is. 
almost certainly no. 

However, you may be able to 
take the cash and reinvest it, 
on. more favourable terms. For 
your pension is taxed as earned 
income, and it’s the top, higher- 
taxed proportion that you com¬ 
mute. You could reinvest it in an 
annuity, which will provide you 
with an income to the end of 
your days. That income is, for 
Inland Revenue purposes, con¬ 
sidered to he in part a payment 
of interest on the capital, and in 
part a. repayment of the capital 



jt-i* /..m and ^ipi<r> ,f /y»;firt«w/ 

Xl :ih i-n ’fc'v .inJ pfnh i-u :-fr, _ 

II l; walihii lw na’l -irii'.i U&uiif 

I nr in, vvinik ; 


itself; and only the interest pro¬ 
portion incurs tax. 

Alternatively you could be 
adventurous and invest it 
in a linked bond, cashing in units 
periodically to supplement your 
income. But if you do choose 
that route, sooner or later your 
capital will run out; and you’ll 
probably spend your days worry¬ 
ing about the possibility in the 
meantime. 

How about commuting for a 
capital sum in order to invest 
it directly yourself? There won’t 
be any tax advantages attached 
to such a procedure, and it isn’t 
likely to bring you as much in 
income as leaving the money 


Situations for income seekers 


LAST WEEK'S gyrations in 
gilt-edged prices have left the 
rest of the fixed interest market 
in a fine old sta-te of disarray. 
And in consequence the bar¬ 
gains normally available to tbe 
earnest seeker after income are 
conspicuous by their absence. 
Both loan stocks and corpora¬ 
tion stocks, which can normally 
be relied upon to yield a point 
or two more than gilts of a 
comparable date, are looking 
distinctly expensive. If the gilt- 
edged market now settles down 
—having accustomed itself to 
the idea, on the one hand, that 
the monetary figures are go-ing 
to look poor, and on the other 
to the idea of industrial peace— 


the chances arc that there will 
be a downward adjustment of 
prices elsewhere. 

So anyone thinking of buying 
the loan stocks or debentures in 
the accompanying table rniglit 
do as well to hold off for a week 
or so, to the hope of obtaining 
better prices. There is not 
likely to be all that much in it, 
though, for loan stock prices do 
not move with the same vola¬ 
tility as prices in the gilt-edged 
market By the same token, 
there would not be the capital 
gains to be made on these 
investments that there might be 
on the gilt-edged stocks, if 
interest rates should fall in the 
years ahead. 


With loan stocks and deben¬ 
tures. unlike gilts, there is 
always a possibility of early 
redemption at a profit, a point 
which Electra Trust underlined 
this week with the news that it 
was considering redeeming its 
small 6 per cent, debenture 
1984-89. At first sight that 
looked a curious move, for 
Electra would undoubtedly have 
to pay more if it wanted to 
raise replacement borrowings 
But Electra’s trust deed is 
somewhat restrictive: and the 
directors reckoned it might be 
worth while taking nut deben¬ 
ture holders at a handsome pro¬ 
fit to be rid of it. 

We are not likely to see any¬ 


where it is. But for those who 
can afford to live on less we 
have looked out, below, some 
investments which combine a 
respectable income with a pros¬ 
pect of capital gain. They could 
provide you with something to 
leave your grandchildren. 
LEAVING YOUR wordly weatlh, 
rather than giving it, is not 
necessarily a good idea. It’s true 
that there isn’t the scope under 
capital transfer tax that there 
was under estate duty, for avoid¬ 
ing tax altogether by giving all 
away during your lifetime. But 
ir’s still advisable, to give away 
as much as possible during life, 
partly to take advantage of the 
annual exemptions, and partly 
because the rates of tax charged 
on a lifetime transfer are lower 
than those that apply after 
death. They are lower, that is, 
assuming that you don't die 
wi thin three years of making the 
gift. If you do then your bene¬ 
ficiary will be liable for the 
difference between lifetime and 


one else undertaking such a 
move unless they can be certain 
of replacing their gearing with 
cheaper money; and with even 
investment trusts likely tn have 
to pay upwards of 11 per cent, 
for ten year money at the 
moment, those days have yet to 
come. So any venture into loan 
stocks and debentures should 


death rates—a risk against 
which he for she) would be well 
advised to insure. 

It is possible to avoid CTT 
altogether by leaving your 
estate to your spouse, assuming 
that he or she is domiciled in 
this country. But if you do, it's 
possible that the total tax paid 
when the estate is passed on 
again will be higher than it 
would be otherwise. For one 
thing the £25.000 exemption on 
gifts from each individual 
would only be used once—unless 
y.-u have used up your own dur¬ 
ing your lifetime. For another, 
rates of CTT are progressive. So 
as 3 general rule it makes more 
sense to split an estate worth 
more than £50.000 between hus¬ 
band and wife, et'en though 
some tax may be payable when 
the first of them dies. 

Incidentally, wills made hack 
in the days when Estate Duty 
was in force must—must—now 
be reviewed. 

FORGIVE US if we end this 
week on a slightly macabre note. 
Next week sees the final instal¬ 
ment of this series, and in it 
we look at the financial con¬ 
siderations affecting people who 
have now retired. But we have 
had such a flood of letters and 
enquiries that it has become ap¬ 
parent that a postmortem is 
required. 


be for the sake of income alone 
—except in the case of the rare 
special situations. British Ley- 
land's stocks, still yielding well 
over the competition, are an 
example. The risks are obvious 
enough: hut the rewards on an 
improvement in confidence 
should be commensurately 
great 


HIGH YIELDING FIXED INTEREST STOCKS 

_Pr ice 

_Stock__£_ 

Exchequer 10j% 1992_92 J_ 

British Leyiand Unsecured Loan Stock 1987-9 2 49 

GKN Guaranteed D e benture Sto c k 1 990-95 91 

Imperial Group Unsecured Lo an Strid e 19 90-95 _8 9 

Metal Box U nsec ured Loan Stock 1992-97 _88__ 

Treasury T0% 1992 90frd 


Running 

Yield 



US. Ordinary shares are historically cheap 
on investment fundamentals. 


With the exception of a short period at the 
end of 1974 when the world’s major stock markets 
collapsed, leading market indicators show that the 
U.S. stock market is at its lowest. level for over 25 
years in relation to protits, dividends and assets. 
Investors have been Worried by the problems of the 
dollar, and have ignored the potential strength of an. 
economy where imports are only 7% of GNP. 

The U.S. economy has grown more rapidly 
than most other industrial countries since the oil 
crisis in 1974, and the tax cuts promised by 
President Carter for this year should help this 
growth to continue. 

The policy of the Britannia North American 
Trust is to invest in those U.S. and Canadian com¬ 
panies'shares which are considered to offer good 
prospects of capital appreciation in the long term. The 
Trust is invested-in a broad range of industries in the 
U.S.,and includes companies which are acknowledged 
leaders ip their respective industries. 


We believe that it is an appropriate time for 
U.K. investors to hold a proportion of their investments 
in North American stocks and shares. By doing so- 
through the Britannia North American Trust individual 
investors obtain the benefits of proven investment 
management and at the same time save themselves the 
troublesome technicalities, such as the payment of the 
investment currency premium, associated with 
investment overseas. 

Since the Trust was launched in May 1974 the 
offer price of units has risen 16% whilst the Dow Jones 
Industrial Average has fallen .In 1977 the Dow Jones 
Industrial Average fell 16-2% whilst the Trust fell 3-9%. 

You should regard your investment as long term. 

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

Please use the application Form or telephone 
your order for units to our dealers on 01-638 0478/9. 

For your guidance, the offer price of North American 
Trust units on 10th February 197S was 29-0p. 

The estimated current gross yield was £1-97% pa. 


Professional Advisers 
For details of the full range of 
our services, telephone your 
nearest Area Manager. 

London:, 

K. A. Crowley (01) 588 2777 ’ 
Midlands; 

M. Cave, Womboumc (09077) 2201 
North East: 

N. G. Inskeep, Leeds (0532) 65S0S9 
South East: 

T.A. Brown, Polcgate (03212) 6200 
South West: 

T.A. Ward, Stroud (0436) 3170 ' 


CEXEHAL’NFORMAno'iBwaflBdtWtt. Ajne-kan 
Turn hanxmacd br * In* Deed drioi !fi<h Mav JFT4 
and h iiubwl-ri h? liaSanurr d Suie hi Trade. 
P>iDp.uiidTteldiinpu)ilj!JiedJuajaiuior'ni<kmJiwu3- 
Hcm Uunr-Ttir Inrj nc I dMiiNmou, d 3romc 

«i /Srt W /St M> 

Appl ballon* |l, Ue poebaf a uaUt la iUs Tha ita*nd 
trier lu lull Mn. l a i««rillTixnR;liKlriL-ziifiai2hmm 
pa ,-. We cm lalh jiiif, )M^.Owpea.TbeefItr pdaUadadca 
uiimiul inmifi r imdoTzw WThewnmulduriyH 


Thlkuftcr ii> nut available to ttsiduul^ ol The Republic of Inland 


BRITANNIA NORTH AMERICAN TRUST 

To: Britannia Thist Management Ltd.,3 London Wall Buildings, London Wall, London EC2M 5QL. 


T/We wish to invest C __in Britannia North American Trust 

units (The minimum initial investment is £250- Additional unit purchases 
must be for not less than £25.) at the offer price ruling on the day this 
application is received by the Managers. 

I/We enclose a remittance, payable to Britannia Rust Management Ltd. 
Pleoie tick box(cs) as applicable if you: 

□ Want maximum growth by auto- □ .Already own shares and want to 

matic. re-investment of net income. ■ know how they can be exchanged 

H] Want to buy uni ts on a monthly f° r units. 

baas through the Britannia Plan. U Already hold units in this Trust. 

- ?/Rfc AdW tti » ram^OTiic«rB^a M OB t« lifctte AA>ril 8 W Tblitota<‘MAfiat«thitrBiiAiifBitfaatfaKi»faECO 

Hdifelmtearom(KqBtii5tl*<mtoi>atb>nixutaiKMu(9a) powa(W le^oiloai^ibiaclBXilma.urjwnmufiaifclfr 


Pl^e^vrerimiiiDnorinlh iK»cto|OT Applications u31 not bo 
■cbvnifedF'd.bil siinawudlhe»aii uttton -O ; U reoctft ol i *air 
fngphrd Hpflkrib-O and rctfitliVC 

11V-I1 Ih-.c J FfOlcMiMgi aJvm. plcm o wti ilf hi =i or hg idwut 
tiriinllr. 


Address 















































financial Times Saturflay FeKmfty;'!! - laftg 



1 • i. . . ii 

and the iamm 


Insurance 




mortgage 


BY OUR LEGAL STAFF 


No lego! responsibility can be 
accepted by the Financial Tiroes 
for the answers given In these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


With reference to your reply ’ 
under joint house mortgage 
(January 71 where a wife 
Inquired whether her husband 
was entitled to demand half 
the mortgage payments since 
she had left him. would the 


impasse is to send a copy of the are established, since possible 
inspector's letter of refusal (or road Improvements might 

an extract, including his refer- make it difficult to get onto . , , ... 

ence number, etc.) to the Inland the road by car unless I took JJJ? jMpnjnfljisly, but you will 
Revenue Technical Division it over the footpath. not be , al ? e 

(Capital Gains), New Wing, There is no action that you can ^stance vou°shonld aonroa" 
Somerset House. Strand. London tak*» shnw nt going to court, the Post Office. PP 


fact that the husband had had WC2R 1 LB. They will be able other than by making use of the 


the full benefit of the house 
for 18 months also be taken 
Into account, or would the fact 
that she had left him. and so 
chosen to forgo the benefit, 
negate such a point? 

Both facts would be* taken into 
account. The court t3ke5 into 
account a!! matter? which are 


misread. 


to tell the inspector which right of way with horses or with # f 
paracTaph in nis official mstruc- cars (carriages). Your remedy JtlQClfllfflPW hv 
tion book he lias overlooked or then lies in going to court to ^ 

obtain an injunction restrain- 
ing Mr. X from interfering UUI.UUfleers 
with your right. A letter before Most auctioneer disclaim 
action would be advisable, but responsibility for descriptions 
as your solicitor has already of i ots m a sa]e . ttev 
written to Mr. X it is not essen- nnder My legal obligations' as 
tial to write again. We agree regards their description and 


Loss on Kruger¬ 
rands 


joint house 


materia! tr. ;h« question which 

has to he derided. A deserted In December. 1974. I bought 
husband would normally not be 20 Krugerrands and sold 
recarded a* having a benefit con- them for a loss of £409.45 in 
ferred on him by his bavins the July. 1976. My tax Inspector 
solo ijc C n f the matrimonial has refused to allow this loss 
home, and the wife would not against capital gains made 
normally stand to gain on this during 1976-77. Have I any 
score: hut there could he circum- grounds for appeal? 

stances in which there is a The answer is almost certainly *' Tia ,_ , mnwt t i n * n 

material cain for the deserted yes —but you do not give us Two years a ° 0, 1 moved ™° 
hushand. for errcmple if the mat- much to go on. 
rimnnia! home consisted of You could submit a claim for 
parrlculr.rlv cramped quarters. r eIio-F under section 168 of the 
The fact of each case must be income and Corporation Taxes 
considered on rheir own merits. Act 1970 ion the basis of 

Wisdom v Chamberlain. 

45TC103) at the same time as 
you press your appeal under 
section 2211Mb) etc., of the 
Finance Act 1965. One of these 


with your solicitor as to the u ^ can the y f uniiIte othe ^ 


importance of establishing your ^ndors, avoidresponsibility 
right now that it is challenged. for false descriptions by a 

disclaimer of the sort, given 

Sale of a 


in their catalogues? 

Exclusion clauses mar be 
inserted in contracts, including 
contracts made at a sale by 
auction. However, there are a 
number of areas in which par¬ 
ticular duties or liabilities can¬ 
not he excluded, for example 
under the Sale of Goods Acts 
certain warranties cannot be ex- 


Tax veils) 
a home 


f and 


! tin uni pr. n a home, hot 
suppoj-lny 1 were to huy one 
with liir- iii'\MtSon nf retiring to 
it in a 'ear or two would :l 


he ckgslik' for tax re.'ief from refusing CGT loss relief, it is 


the jointly owned family home 
No maintenance payments 
to my wife were legally 
confirmed, but I did agree 
among other things, to allow 

her to occupy the house until eluded, and under the Misrepre- 
after a period during which sent a tion Act 1967 liability 

ray yongest son was at work and under that act is not to be ex¬ 
self sufficient, when It was to eluded, and under the Misr-epre- 

he sold. Now my wife says of freehold or leasehold 

She does not wish to sell, nor property a disclaimer such as 

dpnlUdili/on .he will she pay me for my share, you describe ivould normally be 

depending on the circumstances. thf>ugh ]lhP t0 bny effective. 

As you do not say what tlic bouse myself. What can I 
"rounds the inspector eave for do -» 


the dale cf r^irrii-S'*. or would 
ii h*.* fri:—. tin: lir.’.r of taking 
up rrsidc;u , v7 IVbaS would he 
the if the property 

were purchavd in the Irish 
Jiepuiilic nr ti’.v lAe of Han? 
You ; imu Id a?k jrnur tax 
impei-ior lor any convenient 
tax otlice) fur a i.rspy of the free 


difficult to 
arguments. 


suggest counter- 


No possessory 
title 


Without success. I have made 
every possible inquiry about 


You will have to initiate pro- Re tit €Ttl(Ztlt OS 
ceedings in the High Court to - 

procure a sale of the house. TFltSlCC 
An application for a ..1. will E v his wil, mv father, who 
not necessarily be refused if died 3n years aeo. appointed a 
there are no children of the . . „ , ^ 

... , , . ■ nance and ini seif as exeenrors 

family who need to reside in . . . ■ ... . . tn 

_■, . . „„„ and trustees of bis estate. :n 

the property. You should con¬ 
sult a solicitor. 


“Jta Treatment ^ ^ ership of \ ^ p!ot 
of Interest Paid The 19,, of land adjoining my Jm £ 
eunnlpmont to booklet TR1. .. . - - . . . J 


_ If I made a statutory 

Concessions declaration stating the farts 


Mortgages 

insurance 


I own two properties each 
mortgaged with a building 
society. As agent for an insur¬ 
ance company, I have 
approached both societies. 


iipplemcnt to 

*■ Extras*, atumry 

"S “l-S'J help you; concession ^JTenTcd ;hc"pto7Vo'^ld 
.A29 deals with certain tan- „, e ^ Resistrar , 
porary absences from mort- aDd register a 
sa.ed prnpert... ai.hou n h not freehold title in my name 
quite what you appear to nave immediately? 

In rilincL » _ _■* . ... auinvavaiYU ifuui auMvn% 

No ti.K. tax relief would be The Land Registry will not con- that I insure each 

obtainable if you chose a house f. , r Stanting you a possessory prBpl .rty through my own 
in the Isle uf Man: but the r! . t ‘ e - vou h ® ve b ^ en iQ lIB_ agency, but have been refused. 
Irish Republic is covered by the “ lsp “£ ed Possession of the plot Are they entitled to do this ? 
mortgage interest relief pro- fnr J' ears or more - 
visions in virtually the same 

way as the United Kingdom a I. m J 

(under section 49 of the /I COIflDineU 
Finance Act, 1976, and earlier m 

illation». dram 

Till- rules are complex and 
r.rli'ti jry—and mistakes cannot f live In a house built In 
always be remedied later—so 1836, drained by a combined 
; ou should check your position drain under a combined 

drainage order obtained by 
the builder running under my 
neighbour’s garden. My 
neighbour now suggests I 
have no legal right to use the 
drain and suggest I either 
construct another, or pay him 
rent. Can I resist this claim? 


recent years I bare agreed to 
substantial increases in the 
fees charged by the bank, 
though no increase was pro¬ 
vided for In the oririna] terms. 
Now against my wishes the hank 
want a further increase, and 
say that if .they do not get it 
theT n»av be forced *o reslro. . 
If this were to happen presum¬ 
ably another professional 
trustee would have to be 
appointed. Can the bank resign 
in this fashion? 

The bank would normally be 


required to abide by the rerms 
Most mortgages contain express for remuneration provided in 


w.-ii before entering into com 
Particular care will 
I-': if you propose to 

! -Tir.w from a mortgage outside 
•he U.K. 


provisions as to the insurance the will. Moreover having emee 
of the mortgaged property and e lccted to undertake the d'J T :>?? 
these commonly require the °f executor and trustee there 
mortgagor to insure at an office "iU ^ little room for claiming 
of the mortgagee’s choice. If thst the terms are unsatbrac- 
this is so in the case of the fory after-30 years in office. The 
two mortgages to which vou bank-Would have -fo- seek the 
refer the refusal of vpur pro- leave (and order) of thp Court 
posai is perfectly proper. You to retire against your v.itl: and 
must examine the terms of the' wH not succeed cn such 


mortgages. 


Capit 


gams 


Resiting of 
wires 


an apDlieation. We think you 
are risht to resist. Even if a 
new professional trustee is 
appointed the charges may not 
be as high as those charged by 
the particular bank in question. 


imnasse 


We think that you can maintain Several years ago you advised 
your right to use the combined me about having a telegraph 
drain under the original Com- pole resited, and as a result the 
bined Drainage Order or Agree- GPO did it for me at no cost, 
mem trusts and of £S31 on other ment or alternatively as a pre- Now I have moved to another 
stocks and shares. My income scrptve easement, and need not house where the telephone and 
was such that the capital gains defer to your neighbour's claim, electricity wires run through a 


In 1975-76 my wife and 1 had 
capital gains of £72 ou invest- 


Adverse 

possession 


was taxed at 30 per (jent., the 
alternative charge not being to ~ 

my advantage. My tax inspector JKSffnt 07 WOV 
has charged the total gain of ® J % J 

£4U3 at 30 per cent, and argues with P/IYVlfl PP £ 
that the reduced rate on invest- n SlU VUf * 
ment trusts applies only where 
the at■ emotive charge to tax 
applies. !s tVs not contrary to 
Finance Act V)72. See. 112. 
especially 3<hi amt (c)7 

You understand the tax law 
better than ■v,ur tax inspector 


sycamore tree in my garden,"- 
which l should tike to cut down, 


Referring to your reply under 
free use-ot-garden (January 14) 
concerning the establishment 
of title to land after 12 years 


Although 1 have a right of 
way over a path belonging to 
my neighbour, Mr. X, 
granted by a covenant from 
his predecessor to pass and 
repass “with or without 
horses . . . carts and 


whereas now I can hardly prune ’adverse possession, do special 
it. Have you any suggestions,' conditions apply where the 
please? land is owned by a local 

You do not say whether there is aut ^ or ’tF? 
a way leave agreement for the No: time runs against a Local 
electricity wires. You ought Authority under Section 4 of 
normally to be able to procure the Limitation Act. 1959; just 
a resiting of tbe wires, much as as it does against an individual. 


A pain in parts foreign 




BY JOHN PHILIP 


WATCHES C the recent BBC’s Jated by insurers to-ft. their few tra J veUel ? M ^ nt ^ 

holiday programme on Malta l unit price—usually o the range specialised treatment ha<* home Q ges m ’ '■& ' 

was surprised that no mention of £3.50 to £5.00 for a 17-day —&is is why insurers use sudh operators. But -at toe atber^a 
was then made- oE the current holiday. words as "expenses necessarily of the sate xaost 'Ptilcm^ 

dispute in the island between without looking through the incurred, to show that re- stnOl 

the government and its doctors, package insurance offers in this JWttoiation 15 001 - “* e for_ e^ntpd Hie tu year $ • 

which was the subject of a year's holiday brochures it is. claihianfs option- Bat some- policyholder to gay the first Q/- 
press statement by the British safe to say -that every such times the cost of Teptu'lrooB of any- claim or tiie feiojg 
Medical Association at the end scheme provides cover - Tpr! ean be -sigmScantiy 2 ess^.aiM poGcyhoIder to pajr fte Sr ^: ; 3 
of December. medical expenses but it is the cost of treatment ahnma, of ajjy ah' respect- 

According to the BMA many necessary to look at earii coh- so.that if the cia^nt on xeturn pregnMcy/ '^pTicatkms:^ - 
doctors qualified and practising tract to see precisely wiiat pro- to this “f :it *» nfore the rule now thafijj - 

in Malta have been Iodted out tection is afforded.: 0n4he-spot National Health - exception to provide ahnost.^ , 

of state hospitals for some expenses are covered, when, the palliation is cleawy a in^re^ cover - for?, tiie older, toiii - 
months and are thus effectively travellers gets back home, on financial mterests,^ tie mis as ma kflrs, padsage' ppg^ - 
prevented from providing ser- production of the appropriate ^-may, if m any holiday area, d0 age restiictiohs ^ 
vice to patients who are sen- bills, subject always to insurers’ the locai medical or^ hospital s^ifive travd inscriiiU 

ously ill: the Maltese gnvern- stated financial ceiling—which is service fails then most policies fry vrrtne ^of their. inaiv ld& . 

raent meantime, with, vaiying fine so long as the local medical carry this residuary cover and ^ riaii wilh a . 

degrees of success, has invited, service woriss. .- insurers have adequate reaso age cot oft’* 

doctors from other Mediter- if jt does not, then reliance ' Ih providing travel eover an 

ranean countries to do the work, may have to be placed on in- ■ tJl0se . se . ru 3 t |f ly , ^ of tbe insurers baddim the-Rn 

vrnat the BMA has said is that surer*’ other \mdertakiagS.«. ^HOUSly injured and 

snyone considering a holiday in which often, bnt not always, ex- cannot obtain help locally . aoy_jire-ex(stiD£ f* 

Malta should be aware of the pressly include the premia to 011 this aspect some wmm 

possible risk that may result Jay repatriation exposes to'^fibe ^ ^ *”****'*■ ^ ShoTSS' or 

from falling seriously ill or British Isles which are neces- ^ n ^ c c. Europ_ Assistant, a __^aesi seed oris .-i-i 

being injured there at the sarily incurred, end which arise r .Specialist organisation _wbose '"** 

present time. because of illness or injury 13 10 the holiday-. 

Whatever the rights and sustained abroad. ^ maker to on the spot medical 

wrongs of the dispute, if there Here insurers usually include or if need be to get tom WAv- tHs ihchidniurf^^ 

is currently a shortfall of ser- the extra cost of travel by- a back home. _ For these insurers ^ SS' 

vice, and not just in Malta but relative or friend who is xe- Europ Assistance as pert <>f •' 

anywhere, what insurance cover qnired on medical advice to claim servicing orgamsatton.and It .aear. 

can the prospective traveller accompany the patient. But of ^ costs are included --in the ^cad t he; tgtor op&ralQra- botMi 
obtain to alleviate anv potential course repatriation, in- overall premium that is paid for forms xaraun y,^tn af you'aa 

difficulty? surance is subject to the fihaBr ®ie cover at the xmtset: policy- disclose at tbe time-of-bdOkB 

Travel insurance cover can rial limit of cover fixed by to: holders are given full details of any adverse’ . health. ifeatar 
be bought either selectively— surere in the package, or where bow to use its services;' ^ which comd.Ibadto the cancel! 
where the traveller chooses his the traveller-buys a selective Recognising that .the cost of tipn^pf the-holiday:pr. dis^ifli 

own cover and financial limits policy by the sum that he!him- medical treatment -abroad as wURe oh-imUday. Swndgo soi, 

and pays accordingly—or more self chooses. " : well as the cost of repatriation as to insist a^t botfee totwrf 

usually, in package form. Here Repatriation cover is nor- has substantially increased in given to insur^aif sbch cimu 


01 


the traveller gets a bundle of mally thought by insurers to be recent years, most-insurers are stances becuHtt ’ knqWa aft> 
insurance for person, property very much of an insurance long-now providing £2,000 or more bootongbut'beEoTC,departare't. 

_• * ___ _ 1 __ nt.A J .,1 .««>. Ik, ,vncn«u> ■ nnirAV ns, ' ' ’ ■ ■ 


and liability, for amounts ealeu- stop, to deal with the relatively, medical expenses 1 coyer per : holiday. 



Nation 




Oddities of retirement relief 


RETIRING may not always be company’s shares where the So what is atffiargeable busi- reqhiremmit so far as toe mi 
straightforward* but retirement business is being carried on in ness asset? It is an asset used ridnal's ownership of the'btu 
relief is inherently trickier. In- corporate form, but hedges.' tills for the purpose; of the comv ness is concerned; He need tt 
chided among the exemptions with restrictions. The company, pany’s trade, and whose disposal.-of coarse a sole pnqirie'to 

. _ a 1*. e. > ■> jlI - > J 1_ _ —> 'Em' nnnif nl AniVtoi ' fair . k«*a j. miinf innnfaF S 


aDd reliefs written into the concerned must have, been in would be a capital gains' tax but a partner's relief wqiikr-| 
original structure of the capital existence for ten yeafs apd .transaction, not 


a'.trMHtig- one, restricted-to‘ the. smallest 



tiip first rr : .'t is. nnHrp that investments is insufficient, and il is stated at any amount in the ships ' do ' hot. have’ : fo 

. . . fn* Inal- Mmenn lKa hnldinB i'i*m.''h!llanf , P chppt TnVP5JtmPntS hplri^-^VMilo'” Vl llsi n eSS PS, 


rcti^ment is mentioned only in for that reason holding com- -balance sheet. Investments held »-fsunay ” . businesses. _ 

th'T headnote- the action ifcelf P an - V of a trading group would by the company would not be neither partners nor s&lrg» 
does not require that anyone be debarred. Secondly, the com- included, since ; .they could prietdto:^ required 


retire and it is onlv the bodv must throughout the same hardly be said to be used in the draftsman to b a ^ e devot^#C- v - J 

of the statute which fees the ten ywre have teen a f^y business. . ” < **&**$. *** ^mf -J . ’ 

tax law. headnotes are irreie- company, meaning eitlier one m Tf . {o MfttJninor thaf ^ bustness-it"p other, pfton^tvr.^, 

vant 


,-hioh our o^uer held 25 per * j" " S? «£. SSSSSSSISmSS^ 

The relief is designed to re- ^ n he ° d 10 percent wlnle-'bfi' values °f the chai|eabte-busir -Hie " partner or sole 
duce the capital gains tax which hoIding together with those of ness , as f ts - ®? d prietoriwill be disposing of fi 

toe owner of a business might his own andhis wife’s immediate ® ssets * ^ J? d f ca S’ '-direct share -of the chargeali 

other.vise incur on selling that f __ iTv totalled 75. cerit not mean ^ eir; imlance - ^ieet business assets themselves, .*, 
business, or passing it on to his jf the company pal44s ppposed to -an indirect dlspof . 

successors. The sale or gift al , **** toe. ^ w^the;^ :company’s sbS. 


these tests, another one 


might wBii i.mlnride with H!s nllej.te.alcuhttd and 4 

owr _ ----- • - J *■ 

mi 
his 


aaeing not retirin, which pro- toe whole if tos ^biii'ties. .Lastly, notice alsa ^£20.000 or l^wer moneji 

vides the relief If the owner • • that the ten year qualifying }{m ( t , ■; - • 


is sixty-five or more, the maxi 
mum claim could be a £20.000 


period applies to .a number-of 
items, but not necessarily to. 


There have been many 


time to that office. 

The draftsman is nut gener- 

reduction in his chargeable iMrl arl ownership of the .actual shares . during toe years since 196^ 

sain. If he is over 60. the maxi- ill bein ^ disposed of^ and spedfi- toe oddities pf retirement ?^- 

mum is £-4.000 or a proportion , or J v ? n awa ?l \ a ^ S caHy not to the company’s pos- to; be relaxed, not least "it 

thereof for each year and part session *? f its riiargeable bust. double charge .arising fw 

vear since his sixtieth birthday. Uv ISL .T r ness assets. A theoretician might capital-transfer, tax on-top- 1 ; 

’ ic nhvifuidv nnt the nnlv •*V S-L.E say. that the section was not just capital gains. The Revema 
reiniirement The’neriod durine 15 propoi^on j^ .-ioks into the^^ tricky .but quirky: Accompany response has been limited to.* 
which the wmer was involved in epenms_ of the section toW 

his business before his disposal businessS^’andof'iffS dbWl1 T" where *-'*ZS a ^E2i 

mipvpnt and cn is th p ^hane . x ^ «Iv: « " crease, the relief to its share- toe ten year period.umncoxpo 

of timt*business Here toe retief asse ^; T^?p fraction of .S^ 111 ..holdgfs.' • - v ated, butn«as then pnt-iqt» r 

of tnai ousmess. here uie renet on s h ares which he has mwmanv THp iaohod fisito 

starts getting so tncky that one equated to other assets is fully Mere is a parallel-relief 

might almost th.nk the drafts- taxable. The fraction related to the owner of an unincorporated donMin® hv - the 1974 Labot 

man was going .or a grand c fa argea ble business assets is business, * although here the Governmentof'the iieiireihltS 

sIam - taxable only to toe extent that position is not, only, more -tSri-JLw *■v: 


taxaoie otuy to *ne extern mat posmou ia wy- omj. iuvre nrigmal iflBS leafslatioo. 

He envisages first a relief for it exceeds the £20,000 (or other logical, but less restrictive. The ' v2 

the gain on the disposal of a lesser) monetary limit ten year period is- again \ r EJ^VID WAINw 


does. Tiie i’GT os^ssment for images” he now refusts to 


T975-76 should be: 
ChDr^nnMr-jC3,n ,: : 


cjn? /r, «n 
le.*s: credit under 
section 112 on 

£7? n 17; 
Capital earns 
tax liahilirv 


recognise this. What action 
can I take, short of going 

— 1 or an T0 C0Iir *- t0 ma ^ e him 

— r (cognise my rights? I do 

not immediately wish to use 
_ the path, except as a footpath, 

— I-.60 j, ut ra y solicitor, who has 
written pointing out the 



Petrosian's Central YMCA Both Petrosian and Hort said will you do with them in a few comment Physical locations^let. 5 B-Q3, P-S4; 6 (W. P5cP; 7.;Pri 
match was tbe mast interesting afterwards that their opponents years time when many of them alone funds, for tournaments are ■ B-K2; 8 P-QN3^.(M);.'P.SWi P*# 
of all. Back in February. 1935. were better than Russian juniors will be international tournament difficult to find in English, cities.' qN-Q'2, 

° f lhe same a ° e ' but PgtT05i3 ° strength?" _;_ 

Chess^were so strong that the great 


£108.30 situation as It is, regards It 
The simplest way out of the as important that my rights 


n 


Management 
Private Investor 


Stock Markets are becoming increasingly complex 
and volatile and the private investor can no longer 
allow his or her investments to look after themselves. 
Expert help is now essential. 

We at John Carrington & Company have made it our 
sole business to look after the special requirements 
of the private investor, from the initial careful 
planning of the portfolio, according to individual 
needs, to the daily attention given to the investments. 
We manage funds of £20 million and are therefore 
large enough to have access to much of the latest 
research, yet small enough to maintain a personal 
relationship with our clients and be attentive to 
detail. 

If you would like to know more about the services 
we offer, please write to us at the address below. 


John Carrington & Company Ltd., 
44A Bedford Row, 

London WC1R 4LL. 

Tel: 01-242 5363. 


THE ANNUAL British 
Federation post-Hastings grand- Capa, .reputedly the best sirnul 
master tour showed that even player of all time, got minu-' 
the best players in the world, scores. His opponents included 
with a fast sight of tbe board, Tolusb. who became a grandmas- 
find simultaneous games difficult ter, and Batuyev and Zagory- 
when the opponents are ansky. who became masters. For 
uniformly strong. a GM to do that badly in a simul- 

Hort achieved good results out- outside Russia is almost unheard 
side London against club stan- J 1 *' although the Hamburg and 
dard teams while ex-world chain- Hanover clubs in West Germany 
pion Petrosian did well in most have gone near, 
of his exhibitions in the London _ Petrosian only just escaped 
area. But in the matches which Capas .ale. He was a game down 
have proved a graveyard for visit- with four to play, and emerged 
ing grandmasters—at the London w*ith a bare plus score ilO wins 
Central YMCA and the Evening 11 draws, 9 losses). His oppo- 
Standard London junior con- nents included tbe Centymca 
gros s e ven these fine players London league first team and the 
struggled. strongest juniors from the BCF 

Hort forewarned of the national squad, 
juniors’ ability, totalled 15 wins. Knowing Petrosian’s flair in 


POSITION No. 202 
BLACK(8 men) 






1 


KI 

A 


; 



1] 

m 

ii 






a 





1 








5 

' - 





& 




£ 



r\ 






■ 

ffj 

£ 










PROBLEM No. 202 
BLACK (3 men) 



■ ; . 




\ \ - ' 





'•V 




B' 





A 




£ 




A 

A 







• 




' , 


fi 





-■ 





.- 


■A 





; ' 

& 






Prague, have central chess clubs and P-KN3 : - f. - ’ 

aided-:by municipality or state, PxP O- 0 & 15 " Q-K 2 , N^NI; J 
and-while New York and Amster- ■—!- Coklos- ' V* P-Bt“ K&K) 
dam have toe Group Health 
Insurance - building : and the ^ jt-BL - B-Bl, 

RALgebouw were business firms- 20 {£0$:' B-N2;^>I S-R3, 
donate space for internationals. 22 QR-KL .Q-RIr 2 S-Q-R 3 ,. xWVi 
London has nothing. If. only 2A ■ 

someone would grant ah-evening -p.irRfi 
and week-end venue, in London ***** 


ana weex-ena venue, in wraaon W 

available for 



WHITE Omen) 

White mates in three moves; to e worid- 

li draws, four losses in six hours; simple and blocked positions his p^o'biem. WlSTa pavuTpiT^; « ainst “» defen « ^ 


Uhlmann- v. Bronstein, Szom- 
bathely 1906. White (to move) 
faced a recurrent chessboard 


This week’s game was the most PxP; -2$ - NxP, ‘-^N^ ,34 
remarkable . of - the Petrosian - R-Rir35 , -B¥S | f,-KBi ^ WRJS? 
simul, for it gave the winner^— .37 Q-K2?t(a *IinMte5:?E 

at age 12!—a total of two and - Black- ^ tow better);. RxNL-? 
a-balf . out - of three . against QrR 5 t38' N^R, BxP 'ch; ^ F^ 
Korchnoi,. Pprtiacfi and Petrosian,/ RxPi' TtR3i - Q-B7' ch^ K® 

three of the six best players in - -• .. .' 


H. 


but the significant feature was opponents successfully aimed for position.* and a variety of choice. Karrer, u as i er Zeitung 1977), 
a “second string" event arranged open, unbalanced play and tacti- which is ’ th e quickest way to win? ' Solutions Page 2 

by the Slater Foundation to give cal attacks. The ex-world cham--—- ; - : -::— 

less experienced schoolboys a pion suffered in the middle added *' they should be playing Coining from Eastern Europe 
chance to meet a grandmaster, games but saved inferior endings in master tournaments, not where “ chessmaster ” is a res- 
Shamkovitcb, reigning United by virtuoso technique. simuls " and Hort asked “What pected profession, this : is fair 

States Open champion, could 


Resigns. 

-• ApartVfroin 

■White; . • Tigran . Petrosian. Jqature of r ’toik , "Sarie-is BqtCk.J 
(USSR). Rlackr Nigel Short Nimzovitch -.Rett -'Style-. 
(England juniors). '<j f Opemn^' distance^ defence;-.' Not- 
Queen's Indian (Slater. Founda-, piece veptafed beyond toe {ozal 
tion 'simul 1978). : : : • ; •'" rank toe wSo|e ; gamfe.‘ - • 


I 

3 N- 


21 ® LEODttBD BARDEN; 


only make 15 wins, seven draws 
and eight losses also in six hours. 
Most of those who scored against 
him were aged 14 or younger. 

Apart from the pre-war Moscow 
Young Pioneers. I doubt if any 
other country has the depth in 
junior chess to achieve such 
results over 60 boards. 


IJ ridjlf : ; 


N. 

• A 5 3 
’5 K 9 6 5 4 3 

v S 2 


raise 


M12 WEEKS 
YOU COULD DEAL IN 
STOCKS & SHARES 


— more profitably Hun 2 
million oUier lnve*tars~^t no 
risk lo yooneif- untaue home 
sludv course written by 
professional Investors, stoefr- 
piowers & accountants, shows 
you how to make money with 
a capital as low as cioo. Free 
details without oDllgatlon. 

(NO stamp required J. 


. reliance 

SCHOOL OF 
—^ ‘INVESTMENT, 

( D.V.] Freeoost. 
London, Wll 3BR 


THE CROYDON CONGRESS, 
which took place last week-end 
at the Fairfield Halls, was a 


♦ S 


+ 7 
W. 

♦ Q 10 8 6 

C 3 

most enjoyable occasion. Last o a 9 7 5 3 
year Bob Rowlands, Antonia * A Q 8 3 
Flood, Derek Rimington, and I S. 

won the team-of-four Champion- * K J 4 2 

ship, but this year, though we °AQ 

qualified for toe final, we failed ^ K Q J 10 


E. 


to retain the title. However, by * K 9 5 

way of compensation, Derek and heart on the North cards, and diamond King. West’s best 
I won an Open Pairs event. . after East had passed. South defence is to duek, win the 
In the Championship Pairs, in said two diamonds. I could third diamond, and throw 
which I was partnered by Clair only rebid two hearts, and my declarer in with a fourth round. - 
Sexton there was an unusually partner raised to four hearts. South crosses to the spade Ace, 
large number of interesting This was doubled by East and and cashes toe heart King, .If 
deals, and it is from this event after a diamond lead l could West discards the cluh Queen, 
that I take to-day's examples, not avoid going one down for he is throws in with the Ace,. 
At game all West dealt and an equal bottom. and after cashing a diamond.-'be 


bid one 


__ to four hearts, but in the of the tricks; if -he discards, .a-, heart riT • 

post mortem I suggested that spade,'Sonto''.cashes; the apade. three "passes,- andvweiit.f # 3 
perhaps three no trumps was a . King; throws West irsvith^the .after a: 3DuH6 .Jraise.^^rmB v ^ , 
better bid. One opponent' then’ Queen , 1 and must make the'club'partner//'-"'; ■ ' j. .; ;f Li- 

said that a club lead might beat. JKing for . his mirth . trick./ .' . WlnniM the diaindnd Qoe ® 1 - 

the contract but that is not sQ Hearts were, ! am glad to say, in band^I 'led ^the KnSV® '^ 

—the club King;. is the ninth kinder ;m this deal: - > . 

*"*"** ‘ ‘ •'£: *' came-Io.hand^* 

A K io r'4. A . *•..s'*4™% 't&'A&Ln v 

53.9 8 7 6 ; : v atightr.^fet?'..- measure. 

: .:<>7 8 -i 1: 

*: 9 3 : v " a:, diantohd.discard ,qa'the..gwi 

' w.' - - -jfc •; ^ 

* Q 2 '“ r ' so after 

O K -J-^. 5_4 2 - K inuni oLlnHS^ 'U; 

O Q J 10 8 4- 3 X> K 8 5 ' i madeCtoe:nihe.of spades'-; fi . 

* K it) 8 T 2. , \ *?Q-7 8- / Crpsseii;.-tq: dummy’si eight ® 'U}‘ 

- ; V.... S. ...‘ ‘ - r ..to»rt^^d^^';.0ff _the x 4PSg . . 

- .♦. j. 9 i. - .... /wtona^for i total of 12 

■ 0 : a 6 ‘J v 10 3= \ / TThisri^ 

• • o' A : ?i 

--4 :x J 5 : 4: , ■ - two tops ..above : average.; ^ 

v-X feiSfa^hc'higbar than fouflfl*| 


5 J 10 8 7 2 trick. The other^ opponent said 
0 6 4 that a diamond lead would 
+ J 10 4 2 defeat three no trumps—let us 
see whether he was right 
South wins the first diamond, 
cashes Ace and Queen of hearts, 
on which West throws two 
clubs,- and then- returns the 


With East-West., 


diamond, I bid- one One cannot criticise South's must surrender-the remainder opened ttie. blddingV ^ 


** .-j-* - - 













5 


* a ? s ■« jmt l ; 

ift- ; '. s than- 40 per crart- ^of 

1 motorists are- sto& to : 

•■> V 4 ^ $** s m aU cars to . have -a 
c Xt is nmclu the 

r~ :,flcre. only:more so. Hemic 
r ^.; : .^»S“’s dedaon..to make 
; v’ : ^j -Jtorfay, a. saloon-wtth-a-twmt: 

J oP the 'Pofo gnper- mliii. 

3"‘ ■ - ‘^> been a . runaway success , 

• i_.' *: • homeland and: Volkswagen - 
plan to sell 7,000 here 
■ ’.. S'' -../car, compared..with; 11 , 006 ' 
Polos,;.and 'reekon : 

.:;*■ .. of the.Perfry.will overta ke 
-.i,.- ' r ?f.toe:Potoseat!year. . 

' -v A ohly Derby aoId m .Britain 
■ ;V l - Lltitre, .’50 horsepower 


^ -'■ rr-; e and" similar? trim to tlje 
‘ " -*' ‘ ^he-range POto LS. it has 



■'. ame ztpps pe^ennance as Bxiven gently^ it-'WIB'dObetter 

i Polo, looks inueh bigger, than 40 " m.p.£.■ v'®bei\ engine 
.. 13 virtually r the sanie and growls when - accelerating but 

boot-that wdaxld do credit the Derby is yei^'ipdet jmdeed 


: jMtft medixnn-sazed family On the nmtorWay- at 1^7$. m.p.h. 

"• TTaVijningC :iff niaMfi -*fwef - road- 


holding secure, the driving posi¬ 
tion ideal with lashings of seat 
adjustment and all controls (bar 
the surprisingly heavy brakes) 
are. effortless. On the road, 
including a year’s tax, the 


Polo costs £2.663. It is every¬ 
thing a small saloon car should 
be. though VW should have -a 
look at the boot lid. When you 
lift it after a rainy night, water 
dribbles on to your luggage. 





one owner 


STUART MARSHALL 


-s.' 


" '- . oTHE LAST few: years, an nothing to tie motorists the 
-- uted 17 per cent of all street . V ' 

- >h registered cars' have Most Motorists, wotiMhardly 
- out Of tiieir~umy Tto'ouy a 

■ 1 ^ “^ erS -°^ thc former Sdf-drive hir^car, be- 

• .> =h Vehicle l&ental an# feas- lieving jt to have ;bO«i hacked 
Ij‘ Association. As: rental/ieas- around by a snecessicaj,of un- 
' rgaoisations normally turn caring-drivers and g^erally to 

their smc^ (that is, their have .been given, -time. 

. every three years at W They^would prefer.to;6uy a car 

v«i t which, m : the. motor -trader s 
'-■ - meaDs ^ leastbalf terminology, is ■ "dean- - and a 

pillion second-hmid ~ ear^gooa rohner. used-cM^Jy by 

^ to-day are running for- its sole owner, tooltilacjy who 
i ' self-drive rental or leased used it only to go-'tfi^fibnicli in 
^Hive-type carsY every’ Sunday” ‘V.-v; 

d only a very small, per- In. fact, the Teverse-.Js often 


vjyjl'ge of those buyers could true. Many private owners, 
/ rm known oxactiy what : they crippled by the cost'-bt^utting 

"*»i Knwin ~ ... - • — 


buying.- With the old fash- a new.car on the Tbad,'.heg1ect 
, concertina-fold' logbook, to maintain, -it: properly,: They 
..could always look up the assume that if they-sell it at, 
of the previous owner, say, two years old, Jadc-of ser- 
. ’~ : i you cannot easily do with vicing ’wiD not be. o^vioos to 
. " '-'.omputerised paper slip.-ip. the buyer, providing\the : seats 
:o-day. It would, however, are-/ dean and the.paintwork 
-aave been of. much help, shiny. j; .... ; : { 

- rental companies, almost Gar; rental rompanies.-on- the 
: ‘ «ut exception, preferred to other- hand, Iknow a/c»r!-^ff: the 
- ’al their identity behind-road will .-lose theint^revenne 
that motor traders knew and that, : if for no otiier-teason, 
■ pseudonyms for car hire it wiB pay theaLto/J^ep it in 
■Jisations but which meant.as^ueair.perfect conditjipni.as pos¬ 


sible. And leased cars go out 
with a regular maintenance 
danse written into the agree¬ 
ment, which the owning com¬ 
pany takes care to ensure is 
carried out 

Avis Rent-A-Car decided lost 
year that instead of disposing 
of their cars semi-secretly, they 
would capitalise on their careful 
maintenance programme. Like 
the supermarket selling own- 
brand groceries. Avis are now 
selling a selection of what one 
might ball their own-brand used 
cars from a showroom on the 
Bath Road by London Airport. 
To make certain there can be 
no doubt in the buyer's mind 
that he or she is buying an 
ex-Avis car. all their seif-drive 
rental and executive leased cars 
are now registered under the 
Avis name. 

At the Bath Road showroom 
—soon to be joined by others, 
starting at Wolverhampton and 
spreading to the main cities of 
Britain—there is a stock or to 
or so low-mileage ex-Avis self- 
drive hire and. leased cars 
ranging from Ford Escorts at 
well under £2.000 to Jaguars and 
Porsches at nj> to five times that 
price. '. 

All are_guarante.ee! 'for i2,ooo 
miles or 12-months. One I 
picked out of the showroom to 
test drive on a pouring wet 


morning a couple of weeks ago 
was a four-door Avenger 1600, 
with 8.636 miles on the clock. It 
cost £1,995 (new price about 
£2.700} and in effect was 
nicely run-in new motor car, 
immaculate inside and out. Avis, 
who reckon the Avenger and 
Vauxhall Cavalier are the most 
under-valued cars on the second 
hand market lo-day, normally 
dispose of their self-drive rental 
cars (Escorts, Cortinas. Chev- 
ettes, Cavaliers and Avengers 
for the most part) when they are 
a year old, having run 15.000 
miles or less. Were I in the 
market for this kind of used 
car, I would rate an Avis “own 
brand ” -well worth a look at. 

No individual can know as 
much about the used car market 
as an organisation Iik-a Avis who 
buy and sell them with the ex¬ 
pertise of a successful eomraod 
ity trader. After all. profit on 
the rental revenue account 
means nothing if the capital 
account isn’t equally healthy. 

They have found that auto - 
matics are much easier to sell 
in the Home Counties than any¬ 
where else. Any Leyland car is 
more easily sold in Birmingham 
than elsewhere,' as Vauxhalls 
are in Luton. Why so? ’‘Ready 
availability of cheap spare parts 
may be something to do with it. 
an Avis man said, enigmatically. 



in potatoes 


GUESS-is 4fcat far fewer 
i. toes will . be -planted;: in. 
: bus <Ubis yeaf- titan last, 

: h couid. be a.ianstakej; jt 
the- potato tome at the 
j r77. wanter^wi^'5ent-j>Scee 
;xng and persuaded .-many 
_en owners to grow potatoes* 

_• merely as an -econcmy tmi 
_ :to ensure that there'wtmM 
. ■ Krtatoes for the fa mily .to 
Last summer was such * 

. one for this crop that they 
. «iot have worried on either 
- ? but there are stiH some 
-stages in. growing. at least 
rt of one's requirements at 
' e. .. ■ ■ .V- • ' . 

. »r my part I shall certainly: 
t again this yearbut'I shall 
•. rt to my formier practice of 
,-ing only -for an early crop 
•Me expectation that ! 'stall: 

;; -ble lo buy a . sack. or two 
. .te potatoes at-a reasonable 
: i for winter, use. ' -Early 
toes, most of. mSeu* are im- 
' ‘ 3d, are. always- HFairJy - pricy 
! in any case' are^-iso niudi 
. > when lifted' and us«i 
in hours .rather than days 
:i I tiu nk .it ■ M .WeB; worih 
to grow them.' - 
st year. I devofed -k tour* 

: frame, a bomermiade afftfir 
■. -mring 16 feet-A>y:6"f®®W to 
earliest, crop-:planted =.iu. 
] ■/ March and cleared by inid- 

■ v by which tim‘e’1 was llft- 
: from the open grouhdi’We 

:ed to dig about mid-May 
. n the tubers werest^sfaall, 

■ act for the first few'days' 
; ing is hot the right word as 


I shaped -about.with -ajtriwel My final choice this year will consistently good crops. Desiree 
searching- for - aVfew-^sitoahle be Maris Peer'one of the newer is a red-skinned potato and no 
potatoes without distarbing;the varieties, a second early which doubt many housewives mindful 
ipIahtS too muhfcL It was -shtt should be ready for digging in of the excellence of King 
'prisingbow qnickly th^y gained July and August even 'from my Edward, still prefer that colour. 
Weight-after-that, and tiieVcfi&al cold.'jate Soli:: XP-*lrf-« toijnd It is not-quite-as even in shape 

- - " ' '..*-- - — shallow m eye as Mans 

but tiie difference iS' not 
_ . __ significant 

quality - '• S ’ ■ > ' snre\cook \he tubers in their What I shall not do again this 

• x planted, two varieties. Sut- skins t find that these seem to year is to plant some early 
ton's Foremost .‘and-i' Arran expand^o that.they slip off at a potatoes in June with the idea 
Pilot, 4 md both did well. Arran touch, h^have never heard any- that I shall be lifting early 
Pilot has been- axo£nd since one else mention this as a potatoes in the autumn. AU I 
iqvn and is. an ol^variety by feature of the variety so it may got last year was a small crop 
presenfrday standards. It has have something to do with the of small potatoes that were m- 
often ' been : criticised for way I grow it: though there is distinguishable in flavour from 
& -bSTre^ that is 7b nothing at aU unusual about the late varieties I was digging 
that T that. All potatoes in my gar- at the same tune. 
i£d% get plen^ of old mushroom What worries many new- 

at harnk compost, usually, strewn along comers to potato.growing is the 
toe piSting^ows as well ns fear of. disease. They read that 

Spue to ; grow it until! fSd"Set q. normal, quantity of.a com-, resistant to. wart disease, potato 
^ builds uo P 01 ™ 14 fertiliser usuaUy a cheap blight, dry rot common scab 
romping b^er It buti(^ p g^cuftural, 20 ; 10 ; 10 : formula, potato eel worm and so on and 
^igbt qiuddy, as does Sutto ^ef Qre ^ pitted and a it appears to them that this 
Foremost, wiudt. is also very lighter top dressing in must be a very accident-prone 

good eating,^and both are ^“earlyJtme if they are to be left crop to have in the garden, 
m .shape which to _more ““^irowing until July or later. Wart disease is scarcely ever 
can be said for Epicure, often - y ear j grew several seen nowadays, potato blight 

recommended for quality. ' /inainctop varieties but regretted only becomes a problem after 
/ Anyway this year I plan to it-as they were badly damaged July, scab only affects the skin 
plant both ..Arran Pilot ^ slugs. This was partly my (and therefore the appearance 
Sutton’s Foremost again in the_f a nTt f 0 r leaving them in the and saleability) of the crop and 
same frame after completely groti&d too long but also it was does not matter at all when one 
changing, the soil. Outdoors I ; ;due v to the exceptionally wet is growing solely for home use. 
will pitot Home Guard, another summer which enabled slugs to and eelworm is a pest that 
early potato which bulks early>-multiply alarmingly. For any- builds up io soil that is re- 
and seems to. go on growing/one who does want to grow peatedly used for potatoes. It 
"longer than most'so that if left;potatoes for storing I suggest can be devastating on farms but 
until' July, .it gives a really .planting an early maiucrop I have never heard of it being 
heavy-'crop." It-is smooth anti-variety such as Desiree or Maris seriously troublesome in gar- 
rounded, easy t° scrape or peel-Peer, both varieties introduced dens. 

with little-; waste'and we like itffiln the early 1960s, which in a o tump uri i vfr 

flavour very much.. ' - trials and on farms have ^ven Mrs i nun ntLuitn 



The Siren of the shallows 



;-J MAY say this is not the-with, I have never seen her. Nor/^ahging about. It is rude." 

. e to adhiit it. thatsu^h .con- although'I caU. her frequentijtr:' . i slink to the phone in 
; .ions toe better made in toe have I ever been able to speak-another room. I dial the num- 
acy of one’s own, -intim'ate .to her;- I have heard her rather her, which I have already dialled 
ie of family andJfritods. But husky. voice giving me an in-! *,few hours ago. If the answer 
-:*g a sensitive soul, I. know vltatioir. which can alter. the;is.favourable, to me at least, if 
among a wider audience I whole course of iny-life for tbf£there- is a faintest ray of hope, 
ht get more understanding, next few days. Causing me ta£l call the Robinsons and tell 
i sympathy tinged, with' a break family engagements^ them regrettably I cannot make 
. lescending tolerance of the business appointments, and^it That the exigencies of the 

: ecilities of - impending makes my life a constant web o£ : farm, the family or journalism 

* ^ity. . indecision and deceit ■; make it impossible. 

• ’nr I am m the.thrtos-ofJan' : " The Robinsons have asked: r yWhat about the following 
.tuation. There is -nothing :us lunch 'next Thursday," . mSi/ffiursday then? Thursday is a 
inordinary in this. .It is. wife will say. I like going tdlbad day for me, I*reply. and so 
penlng all the Time- when- the Robinsons. The conversa-;-is Friday sometimes. The end of 
a man or woman, thinks, tion’ is good and' the food isrthe farming week, you know. As 
the character next door/in' better, 1 ;ter say nothing of the .Thursday approaches, f call roy 
office, or in the' b'us queDe, drink.'Well ^I'am not sure/’ f -young lady several times of the 

: Jd make a better mate than reply... “Why, aren’t yoq day or night. This is-one of her 

one at-home. sure?’? “Well something may^sreatest assets. She is always 

here is nothmg'w cornmon- turn up./Let .them know by to^ there, she will always answer, 
« about my affair. To begin morrow,^ you can*t keep people^.and will-keep talking for hours. 

Ai long as I pay for the call. 


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STATESMAN GA^LH). 


At . first my hopes are raised, 
fhor tones, still rather flat and 
mechanical, display no sense of 
the sensual and the erotic. But 
her message is ever more invit¬ 
ing/. and I .have the greatest 
difficulty In containing my ex¬ 
citement But then, on Wednes¬ 
day/morning I am desolated. 
^ The tone of the message Is still 
of the same' but the whole antici¬ 
pation,of a' successful meeting, 
is dashed in an instant. I ring 
'several times during the day, 
toch-time the position is getting 
irorse. 

/That evening tile Smiths ask 
us.. outfor _ Thursday- lunch. 
f^-Can you make it?” asks my 


wife. My beloved holds out no 
hope aud so to the Smiths we 
go. There we meet the Robin¬ 
sons, who on our entrance 
look vaguely put out But Mrs. 
Robinson, a tactless woman, 
says “I thought you could not 
possibly make it, business, the 
farm or something." 

“It's his girl friend," my wife 
explains: “she has him on a 
proper string. He won’t make a 
move without consulting her." 
Both the Smiths and, the Robin¬ 
sons look nonplussed. Wife 
swapping they can understand, 
but manages a irois, are defin¬ 
itely out in our circle. "‘For nine 
month; in the year he is her 
slave," my wife continues, “he 
thinks about nothing else." 

“It’s as well to tell them, 
John,” she said-. “I have known 
for years'ever since I lifted the 
extension phone and heard her 
speaking to you. In fact I can 
get a good idea about your plans, 
by dialling her myself. She is 
far from being exclusive.” 

She, in fact, is the speaking 
depth gauge at the Hereford 
Weir. If the depth is anything 
over three feet my beat on the. 
Wye is useless, a foot is about, 
right By constantly ringing I 
can get an idea pf the trend in 
levels, and because since the 
season opened she bad been talk¬ 
ing of depths between five and 
10 feet 1 haven’t even set up a 
rod. I still haven’t caught that 
salmon. -• 

JOHN CHERRINGTON 


Young Brand is warming up 


BY BEN WRIGHT, The Algarve, February 10 


THE IMMENSE value to an 
aspiring young professional of 
early season pro-am tourna¬ 
ments abroad in the sunshine 
has- never been more dearly 
indicated than in this past 
month here. For when 22-year- 
old .-Gordon Brand, the lourna- 
ment professional from Baildon, 
near Bradford, won the Algarve 
Agency-sponsored 54-hole tour¬ 
nament at Vale de Lobo on 
Thursday he more or less 
.exactly doubled in one month 
his entire year's earnings in 
Britain and Europe in 1977, his 
first J full season on tour. 

Brand, a formidably-built 
former Yorkshire amateur 
champion and English inter¬ 
national. made a promising 
start last season. He finished 
joint 32nd. 35th and 20th 
respectively in the Portuguese. 
Spanish and Madrid Open 
championships, winning £613.11. 
But in 12 further tournaments 
in Britain he earned not a single 
penny, and thus finished a 
distant 103rd in the Order of 
Merit—and flat broke. 


If they cao recruit three 
amateurs to partner them in the 


five PGA-approved pro-ams 
worth £13,000 organised on this 
beautiful golfing coastline by 
the Algarve Agency’s oSshoot, 
Longshot Golf, in January and 
February, however, the profes¬ 
sional travels free. Brand had 
tbe initiative to put together 
Jive different teams, and in the 
four events played so far has 
finished fourth, first. 13th and 
now first again. 

Next week be returns to Vila- 
moura, the site of his first vic¬ 
tory, having won £1.210 off his 
own bat, not to speak of his 
team's winnings. But the impor¬ 
tant point is that be has bad no 
expenses to meet whatsover, 
and can now afford to travel 
to Kenya and Zambia next 
month to warm up for an 
expensive five-week trek round 
Europe. Since Brand appears 
to have considerable potential 
one hopes he will attract a 
sponsor to further what could 
be a very promising career. 

Brand was never headed at 
Vale do Lobo, opening with 
rounds of 69 and 68 against -the 
par of 73 the only two scores 
under 70 recorded during the 
tournament. These magnificent 


efforts gave him a lead of nine 
strokes over Irishman Paddy 
Skerritt (71, 75) and 10 over 
the world senior professional 
champion of 1976 and 1977. 
dhristy O’Connor (73 ,74), with 
several more former Ryder Cup 
golfers nowhere in sight 

There are few more dangerous 
situations for such an in¬ 
experienced professional to find 
himself in. The knowledge that 
one might be able to take SO 
shots and still win encourages 
negative, defensive thinking. 
And Brand knew only too well 
that the great O’Connor, who 
won the corresponding event 
here last year when he also 
grabbed two victories in four 
weeks, had created a record of 
66 while doing so. 

"Surely enough. Brand was 
given the information as he 
stepped on to the first tee that 
O'Connor, who was bn the 
course before 9 ajm. in driving 
rain that persisted all day, was 
four under par after ten holes. 
Brand pushed his drive into the 
trees, scrambled a par five, and 
then promptly hooked his drive 
from tbe elevated second tee 


out of bounds over the wall. 
The Yorkshire lad was really in 
trouble, particularly since the 
narrow 366-met-re third hole is 
flanked on both sides by villas 
whose gardens are out of 
bounds. 

On two successive days my 
own professional partner, David 
Shaw, the 22-year-old assistant 
professional at Vale do Lobo. 
had pushed, or more truthfully 
shanked, his tee shot with his 
No. 1 iron out of bounds. But 
after a perfectly placed drive 
Brand bit the flagstick with his 
eight iron second shot, recorded 
a birdie, and was only once 
more in any kind of trouble. 

At the steeply downhill 469- 
metre 10th. Brand cut his drive 
30 yards into the jungle of 
rocks, scrub and umbrella pines, 
but was fortunate enough both 
to find a favourable lie and a 
sizeable gap through which to 
thread his second sboL His 
score of 75 fo-r a seven under 
par total of 212 was adequate 
enough to give him a winning 
margin of seven strokes over 
both O’Connor, who faded to a 
72, and Skerritt, who took 73 
for totals of 219, level par. 


Crufts 


CRUFTS IS a most cosmopolitan 
gathering. While French and 
Japanese humans search out 
Old English Sheepdogs, a 
Siberian husky, born in the 
Bronx, lies in his pen and 
dreams of leading his team 
through the green fields of home 
in deepest Kent. 

The dogs—there are a record 
10,016 of them this year—do 
not enjoy the show. They sit In 
their open-sided pens, sharing 
them sometimes with their 
owners, looking bored and lack 
lustre. There is nowhere for 
them to run or play and the 
wait for the judging of their 
own ■ particular breed can be 
interminable. 

Few of them bother to raise 
so much as a bark of protest 
and even their owners admit 
that “this isn't much fun for 
the doss.” The lady in charge 
of tbe huskies confessed that 
Elya, Hikishar the Amarok 
(Esknno for “wolf being") and 
Sernik (meaning “ pancake ” 
though whether it is an Eskimo 
or. -a Russian word no-one 
setoned too sure), would have 
been r- happier pulling their 
tbreeftfieeled cart round the 
snow-covered environs of Ash¬ 
ford. ' . 


The husky and human com¬ 
ponents of her household had 
risen at 5 a.m. and ail of them 
had been sitting around 
Olympia since 7.45 a.m. By 
lunchtime the dogs had become 
extremely bored and were 
taking no pains to hide the fact. 
On tbe other hand they looked 
docile enough and their owner 
explained that the notion of the 
untameable husky is a myth. 
Elya, Bfikishar and Sernik were 
perfectly well behaved and 
friendly. 

Once they go before the 
judges the dogs perk up amaz¬ 
ingly, at least those who are up 
to scratch do. One breeder gave 
an excellent impersonation of 
his Old English Sheepdog, 
Bradley, prancing proudly 
round the ring with his nose in 
the air. 

Last year Bradley had won a 
first pri 2 e at Crufts and his 
owner insisted that if Bradley 
were human he would be a 
strong supporter of Margaret 
Thatcher: " He is so true blue." 

It takes two or three weeks 
to prepare on Old English 
Sheepdog for a show and it 
seems that their owners need all 
the skills of a Teazy Weazy. The 
dogs have to be bathed repeat¬ 
edly, though only the fine white 
hair is actually washed, not the 
coarser V blue " sections. And 


they are combed constantly, 
both the undercoat and the 
overcoat being carefully fluffed 
out, layer after layer. One 
breeder said that real artiste- 
owners could take a dog whose 
foot turned out and comb the 
fur so that the foot looked 
straight—" But don’t put that in 
the paper.’’ 

Old English Sheepdogs are 
among the most popular export 
breeds and a dog from a cham¬ 
pion breeder can fetch between 
£3.000 and £5,000 in the U.S. 
Nearly 10,000 dogs of all breeds 
were exported in 1977 though 
the total number was down on 
1976. The Kennel Club, which 
organises Crufts, says tbe reason 
for the drop “ has not been iden¬ 
tified.” None the less, British 
pedigree dogs are still thought 
to be the finest in the world and 
it seems the U.K’s canine 
export trade is not to be 
sniffed at. 



Lunchtime for the Danes. 


France. Italy and the U.S. 
were the biggest importers of 
British pedigree dogs last year, 
the three most popular export 
breeds being the Yorkshire ter¬ 
riers. toy poodles and Old Eng¬ 
lish' Sheepdogs—in that order. 

Tbe dog world can be a fright¬ 
ening place for the unwary and 
the ignorant Security was tough 
at Crufts yesterday and a notice 
behind what looked like a netted 
pile of untreated sheep fleece 


read: “This Koraondor is a guard 
dog. Do not Touch.” An attempt 
to make friends with a gentle¬ 
looking miniature poodle with a 
bouffant hairstyle brought a 
sharp response from its owner. 
“He is not a poodle." she 
snapped. “ He’s an extremely rare 
jombon Fricassee." 

Welt that’s what is sounded 
like. Closer inspection of the 
animal's ticket revealed that he 
was a Bichon Frise. 


SUE CAMERON 


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Secret 


voyage 
to the 
Pacific 


Taking a look 
at the inside 




BY SYLVIE NICKELS 




"O 

” V. 




^^c^xoaas " - . . 


BY ARTHUR SANDLES 


AFTER A pleasantly warm 
autumnal day the California air 
-was developing a chill. On the 
quay a Mexican band was 
stridently blaring into the nighi. 
Between us and them were a 
thousand coloured streamers. 
Farewells were called between 
ship and shore in a myriad 
American accents. The firm 
commands of English officers 
stood out in contrast as we pre¬ 
pared to move away. 

This is P and Os American 
secret, for few British seem 
aware that this giant U.K. ship¬ 
ping group is one of the biggest 
cruise ship operators from the 
American west coast via its sub¬ 
sidiary Princess Cruises. The 
company runs three large 
modern vessels, the Pacific 
Princess »J971>. the Island 
Princess fl972> and the Sun 
Pricess (1972). During the 
summer months they cruise the 
American and Canadian west 
coasts from Lns Angeles. San 
Francisco and Vancouver while 
in the winter two ships cruise 
from the west to the Mexican 
Riviera or via Panama to the 
Caribbean, while the Island 
Princess is based in San Juan 
for Caribbean cruises. 

We were heading South, with 
Acapulco as our furthest point 
of call, with stop overs in 
strange-sounding places like 
Mazatlan. Puerto Vallarta, Man¬ 
zanillo and Zihuatanejo. At 
first the environment seems odd 
to the English tourist—so dif¬ 
ferent from our own dear 
Southampton departures. Bui 
then you relax and enjoy it— 
even the good-looking blue- 
jacketed waiters whirh Prin¬ 
cess uses as a reception commit¬ 
tee and who whisk your wife 
away with Italian flattery 
immediately on arrival and de¬ 
livers her back to you some nme 



The Pacific Princes*, one of the three ships in the fleet of P & O subsidiary Princess Cruises, The 
Pacific Princess is! now affectionately known as The Love Boat since the vessel is the setting for a new 
American television series of that name—doubtless the programme if not the ship itself will be seen in 

the U.K. eventually. 


Your Week-end E: Austria 28-80. Belgium 
UL5>. France 0-33. Italy 1.670. Greece 
MJ». Spain 157.50, Swlta. 3.7S, U.5. 1.1MS. 
Source: Thomas Cook. 


later. The joy of travelling with 
Americans i> that they expect 
high standards and can get 
very angry when they are not 
delivered. The Princess ships 
are geared to this. I shuddered 
to think of whar some of my 

fellow passengers would have 
made of my last cruise ex¬ 
perience. in a thrice converted 
tub among the Greek islands. 

Another pleasure of travelling 
with Americans is their easy 
ronversationol style. Somehow 
within hours we were friends 
with the group from Seattle, 
the advertising man from Lns 
Angeles and the dress retailer 
from New York. Mel. the 
advertising man. proved to be 
something of a clairvoyant. 
While we worried about our 
collapsing pound he urged us 
to book for next year, ■* then 
the dollar will be worth next to 
nothing.” 

The changed value of sterling 
has indeed made the whole 
thin? much more, attractive. The 
basic cruises are not cripDlingly 
expensive. • P & 0 offer a 
Mexican Riviera fly-cruise from 
London for lo nights, including 
scheduled air travel by British 
Airways from London lo Los 
Angeles return and two nights 
in the Marriott Hotel in Los 
Angeles, plus a sightseeing ex¬ 
cursion from i'1.020. An alter¬ 
native holiday which allow* you 
to get off at Acapulco ami see 
more of Mexico, visiting Mexico 
City and Taxco and flying h-une 
from Mexico City via Los 
Angeles starts at £997. These 


appear in the P & O bro¬ 
chure “P & O World Cruising 
Winter and Spring 1911-78.'* 
P &, O can quote you dollar 
rates for the cruises if you are 
planning to go to the U.S. and 
wish to add on such a trip to 
your visit. In my case I tagged 
the cruise onto a business trip 
and my wife flew to Los 
Angeles on Laker Airways—she 
was one week out of hospif&J 
and got kid glove treatment. 

On board the prices were 
surprisingly low. My bill for 
wine, which our table for eight 
took turns in buying, was only 
$27 and drink prices (this was 
four months ago) were around 
$1.25 for a very healthy sized 
cocktail. 

The enormous difference 
between American and British 
traveller was to be seen when 
the ship was in port. By the 
hundred the Americans stayed 
on board ship or headed for 
American style. if not 
American owned, properties on 
shore. Such Few . British. as 
were; on board aimed deter¬ 
minedly local/ coming back- 
wit h tales of Mexican- cuisine 
sufficient to make the hair of 
those Californian matrons stand 
on end. We were threatened 
with the direst consequences of 
Montezuma's Revenge. hut 
noted that the only people to 
be so struck were ihose who 
seemed most determined to 
avoid the smell of a Tequila. 

The Pacific coast of Mexico is 
famed for its beauty rather than 
its history. The Spaniards used 


it largely as a transit area, 
moving materials as quickly as 
they could lo the Caribbean and 
Atlantic, and even the Indians 
preferred to build inland. Thus 
the culture vulture finds the 
pickings a little thin, but colour 
there is a plenty. The tourist 
veneer of much of the coastline 
is very thin indeed. Even in 
Acapulco it is scarcely one block 
deep in from the bay, and be¬ 
hind the tower blocks and Ham¬ 
burger joints lies something of 
the real Mexico—alive, dirty, 
noisy and interesting. Not that 
the bar of the nearest Hyatt did 
not call occasionally. 

But. unlike some cruises I 
have been on where escape from 
the ship is the prime aim, on 
our cruise the Pacific Princess 
quickly became home, and now. 
apparently, she is home to a 
great deal many more people. 
Last winter saw the start of a 
television series in the States 
called Love Boat. In a thin 
season it was one of the few 
shows to get a decent ratine and 
now P. & O. is getting coast to 
coast coverage of life aboard its 
ship. Clearly the advertising 
must be worth millions and for 
P. &- O. it means its Piiufic 
secret is known to a few more 
people—only the British don't 
know much about it, fur the 
moment at least. 


Address: P & O Cruises. Beaufort House. 
St. Batolpfi street, ' London EC3A rox. 


I THE SQUARE of San Marcos 
in. Leon is totally dominated by 
the formidable facade of a 16th- 
century palace. In the dusk, we 
drove past it twice before 
realising that this was our 
hotel; we had been told it was 
impressive, but this seemed 
ridiculous 

The Hotel de San Marcos is 
one of the "greats’* of Spain. 
Formerly the Palace of the 
Knights of Santiago, it also 
once provided shelter for 
travellers -on the arduous pil¬ 
grimage to Santiago de Com¬ 
postela. To-day's clientele live 
rather less simply, and the 
furnishings of its great halls, 
passages, cloisters, nooks and 
crannies are the antiquary's 
delight Compared with a 
similarly priced modern box in 
most European cities, it is a real 
bargain at from about £8 per 
night. 

It was the hall porter at the 
San Marcos who did us a very 
good turn by advising against 
the obvious main route to the 
north coast and sending us by 
excellent and scenieally spec¬ 
tacular minor roads via the Rio 
Esla and Rio Bayones valleys 
tn join the costal road just wesr 
of S. Vincente de la Barquera. 

That was last year and we 
were, heading for the now- 
defunct car ferry service from 
Bilbao to Southampton: but the 
route would serve just as well 
for those using the new Brit¬ 
tany Ferries schedule between 
Plymouth and Santander, start¬ 
ing in April. 

Before leaving Leon, however, 
we went to' look at its monu¬ 
ments and, notably, the Gothic 
cathedral. A local brochure 
describes it as a symphony of 
light and stone, and it is not 
wrong. Nearly 1.S00-. square 
metros of stained glass from the 
13th century onwards create an 
awesome explosion of colour. 
The Romanesque Basilica of 
San Isidore and the old build¬ 
ings and arcades of Plaza Mayor 
: are among other sights. 

Leon is one of countless 
places in the Spanish interior 
that, were it closer to a beach, 
would be overrun by tourists. 


Indeed, in proportion to its 
coastal visitors, inland Spain 
must be one of the most 
neglected parts of the world. 
The great plateau which makes 
up so much of it,'its rolling 
plains broken by mountainous 
serrations as you approach the 
centre or the edges, is scat¬ 
tered with cities and .-small 
towns many of which are pure 
gems In terms of architecture 
and pure therapy in terms of 
their unhurried pace. 

It's- all wonderful motoring 
country, either for the sheer 
pleasure of its own self or as 
a way of reaching the various 
beach areas of the Iberia penin¬ 
sula. The roads away froth the 
coast and out of main cities are 
blessedly traffic-free and accom¬ 
modation is rarely a serious 
problem. 

If it is. Head for the “Brujula" 
office at railway stations or on 
city outskirts whose aim is 
precisely to save you tedious 
searching. In any case, take 
with you the list of State-run 
pa redo res (hotels) and alter- 
9 «ta (ions) designed to give 
travellers good value in .a' 
proper local' setting, usually 
away from popular centres: 

On the Leon occasion: we 
were returning from Portugal 
and on the same journey made 
the acquaintance of two other 
fine inland cities: Burgos and 
Salamanca. Burgos has another 
vast cathedral (though I pre¬ 
ferred Leon's) which looms aver 
the city and is much to dark 
inside to appreciate many of 
the sculptures for which It is 
famous. Burgos is also the dty 
of El Cid who was born and is. 
buried here. The walks, ind 
gardens on either side .'of the ' 
river give the. place, a: most'- 
pleasant, air.^ . 

. Salamanca., wy?. of , the .world’s: 
oldest/, university centres*- .is 7 : 
marvellous^ from the spacious 
arcaded Plaza Mayor, which is 
even better than Madrid's, to its 
plethora of churches including 
two cathedrals of which..the 
"New” is from the 16th cen¬ 
tury and the."Old” from the- 
12th. It's a town of narrow 
streets and steep steps and old ' 



houses,' and 'a mainly / Roman is- also senstbie.Vtd/luye gooi 
bridge still. spans the Tonnes, insurance.-r rmad.'-- / .Wn Japain’ 
river/ It was on the way from through- -’CoriRplt '--lasuranc? - 
here to the Portuguese border her^/preytdes^i Veiy etrtnpre, 
that we came upon Ciudad heriSfve- service/ reaching-'.fati 
Rodrigo, which _ is as near . per : the^ - remotest /Spaiidr Jjacfc 
■fact an old hill .town as you can wafers. ’ / ".v v ; 

imagine. ’ •'•/;’ !-And those^i^fxweiiezs'. an- 

Madrid itself is. encircled, wen yprth-explbrmg;/Wespeh 
within a radius, of. 50 miles : dr;, several days dTfeyt'y^ars. bwd 
so, by some marvellous'places: pottering . .aboutJLittle-lmswi 
There is Toledo, steeply huddled Pyrenean - valleys and ihns,-.pi .' 
in a loop of the Tagus v and -cliance/came ap.on one ofmani / 
which no El Greco addict should did' hill/tffllages ‘m 'ih^ ' Aregpi 
miss; Avila, confined' within a*, valley../ Tt " was ,.- Goofl .FfTflay 
truly ’• • impressive • circle -of . and here/ far" from' tire- Hoh . 
medieval walls: Segovia whose Week huriy-hurly of zhoi-e pflpi. 
great Roman aqueduct,' tikes,- lafed^irjeair wfe. joined;,ln/jjrt!. 
gihnT strides over- the "medieval; jjrt^-O5si0n ! ; ( >V7.th tW-.iriUyw?. 
'city ’and whose/fabutotS castle . andL/roupded.. off , the /eVertm* 
soars above the ‘Eresma river with tosny/Qf-thcm in the-.iocs;; 
like a.ship in full sail. , .... /! ihx ./.jWhatever we ' missed, : -in 
' On many main roads, helpful,the-vray of pomp and oereporiy 
emergency . services called was more -than compensated/by 
Atfltda en ■. Carreiera . ate both th&fervonr and the fnemjfc 
operated by the Guardia Ciyil riness. / -, ■ ’ •/ : 

consisting of a ; vehicle with • Further irffarmaiitm^SpdnSh . 
mechanic, spare parts and some-: National " Tourist Office:-.-^ 
one skilled in first aid. .. But.it': Jermgn Slreet^ Lyndon, S.WA:' 



/>#■.= 


HOTELS 


ASHLEY COURTENA Y 


RECOMMENDED HOTELS 


The holiday hotel 
with an international 
reputation. 


All are stood value for money as costs continue to rise. The new 
197$ Edition of "Let's Halt Awhile In Great Britain" personally 
describes over 1.200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference, £3.75 from book stores or.-direct, 
from the Author. 16 (D) Little-London, Chichester. Sussex, plus 
66p postage in U.K. 

ST. DAVID'S. Dyfed 

ALDEBURGH, Suffolk whitesanos bay hottel. lu*. modern. 

UPLANDS HOT5L. Mellow and mofler- Sun*' ^u'flocV noo 

nued the nrli-ioai draw «. the cuisine f^ ^Connortahl* 
and cellar l-nowicdac of the resident sauna and launderette, toniiortflsle warm 
Mflt" Perto*. brjJng grooms. Z elifftep annc« oicrlook-nB 
week-end or lonace. Tel 2420. “'f- Tcl 40s - 

SAN DOWN. Isle nf Wight 

CHESTER-LE-STFIEET, Broadway park hotel, i-sur and 

_ _ . cceilcnt. 7 acres of Mautiful grounds. 

L.O. Durham Iinaoinati.e cuisine. Priv. baths .Httl. 

iuuiev cacti r ita ra-r!.. swimming uoel Dancing in season. Tennis 

lumley castle. lam cen.urr Ujiic -f-i nan--sue 2007 

All bedrooms wrtn or-*ate bam radio and LOurt - ™- 09a - MC i0H7 - 
Tv. Gourmet restaurant Eii;abcr'»an Vr STROUD Gins 
Banquet held most evenings in the Baron s iv .ium ttrnMi. far wnni- 

Hali. Tel: Chester. I e-Street 635326. AMEERLEY INN. Stronglv ree. for wee 

ends and annual holidays. Golf and riding 
adlomlng. Around cream of the Cotswolds 
MULLION, S. Cornwall countryside. Within, wnerous iare and 

POLURRIAN HOTEL-- Hapoy. Informal J 5B7> Amberley -S6E 

fine cuisine, friendly service. 12 Acres ialu w 3-aor». 


i Ii—irv nuhr Ill Ihewai.'f • rvliji Raili 
uhmifjr. milio |?hnn>-. * ulnui It in .inn 
1 ninm H.ur wilnn. sul.iriiim n.imi-. n«,m 
J -r-alood ri-siHuranl nnd Km«1'-iI imnl-. 
Rinp The Marine. ShIi ninl--.Snii»li 
n.-icn054-HfM JJ4I 11 1. , a .lns i.r 


i*J* writr in Mr f I Tnrln-u 




FOREIGN HOTELS 


SWITZERLAND. AROSA. Hatei Vaisana. 
Is: class Indoor -w mm n 1 ) post. Oners 
She secur.tv for *lc:ino unt.r tne end of 
April. Ten-* 74232. 


HOLIDAY 

ACCOMMODATION 


Tennis. Putting. Nr 18-fiole goiI course. _ __ _ _ 

Cliff walks. Dancing. Tel. 240421. , „ SLA? ?° HOTEL °fi 

Peaceful Hotel In Brrlam category In 

onDTCi"* \tum c hmainil AA’s 1978 LjUiclc. Three St^rs and . 

PI-<KTtil-A 1 HU. a. '^ornwall Respite. Suncrtj food and friendly atma- 

R05EVINE HOTEL AA- — RAC Standing sonero on one Ol the world's loveliest 
In 3 auras o' beautiful gardens above safe, islands. Re-opens. 1st March when Treseo 
sandy private beach. Notre for cuismc. is ablaze with daffodils. One ol Britain s 
90*, rooms With bath-shower. Pud C.H. Prestige Hotels. Telephone: SciiloHa 
Ideal for earlv or late holidays. Tel. 206. <072041 3S3. 


EDUCATIONAL 


i j - . THE ULTIMATE 

I I ' n fuxurtous barefoot 

informality. Small in- 
rvSnW i/ 1 rlmace Executive-Family 
\ / Vilta Resort (villa 

sleeps 4) on one of 
«r [he Caribbean's finest 
white beaches, with perfect summer 
weather coaled by che Trade Winds. 
Villas from £28 day (lor 4). Direct 
London flights. Airmail: For de carls 
BUCCANEER COVE. 

Box 804. 5r. John's. Antigua, 
Writ Indies. 

Cable BRINE ANTIGUA 
or Telex US Johnanio AK 


MONTE ROSA INTERNATIONAL SCHOOL 
LYCEE d’ARYEL 

CH-JB20 Montreux, Switzerland fFounded 18741 
Co-Educational International Boarding and Day School 
Elementary- Junior and Hi^h School 
University Prep. Oxford G.C.E.. O and A levels 
College Boards AP/CLEP/ACT 
EFL (Cambridge/TOEFL) 

French, German. Spanish 

Summer Holiday language courses June-August , 
For brochures write to the Headmaster 
Monte Rosa inti. School CH-1820 Montreux 


YACHJS AND 
POWERCRAFT 


SPLENDID 110 FT. YACHT — MONTE 
CARLO—Exceptional b.irgjin Ou- to 
owner] illness—Tc! Parts 320.77.01 
or write Box F.601. Financial Times. 
10. Cannen Street. EC4P 46Y 


HOME AND 
GARDEN 


WANT TO SPEAK FRENCH? 


I , 197* SEED AND SEED POTATO des- 
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IN THE CURRENT bodkins 
bonanza, which has brought 
smiles to the faces of both ihe 
tour operators and the retail 
travel trade, the perhaps over¬ 
familiar areas of mainland 
Spain and the Balearics; are 
certainly going to play host 10 
thousands of British holiday¬ 
makers. Yet, if you are think¬ 
ing in4eaiis of the sun-sea-sand 
combination, there are still 
areas where you can get that 
little bit .off the beaten tourist 
track and sample snmeihitig 
ni the real flavour of Spain. 

The Costa de Afmena. lying 
on either side of the provincial 
capital, enjoys a gorgeous 
climate and I found unbroken 
sunshine and a temperature in 
the 70s as early in the year as 
March. 

The Province of Almeria lies 
to the east of the Marbella- 
Torremelinos strip and, while 
the provincial capital :s not a 
major tourist centre, it is a 
place of considerable antiquity 
and interest. 

Almeria can trace its origins 
back to Roman tunes but the 
massive Alcazaba fortress, con¬ 
siderably added to over the 
centuries, bears traces of both 
Phoenician and Mourrsh occupa¬ 
tions. It completely dominates 
the city and there are spec¬ 
tacular views of the narrow 
streets in the older quarters as 
well as ot the two harbours. 

In those battle-torn times for¬ 
tification was obviously a pri- p 
mary ennsideration and the 
cathedral looks equally impreg¬ 
nable. In contrast, the Town 
Hall, the focal point in an 
attractive square reached by a 
somewhat complicated one-way 
system, is a graceful and totally 
unmilitary building. 

Almeria is also an excellent 
shopping cc-ntre with some 
delightful pedestrian thornush- 
Farea in the old town and along 
the length of the flower- 
bedecked Avenida del Genera- 
lisimo which runs down from 


one uf the original town gates 
towards the harbour. If you 
are driving through, keep an 
eye out for the traffic lights. 1 
have never seen so many within 
such a short distance. 

There is also a splendid 
market just off the main street 
and I brought home a very wel- 
come _ souvenir of -abundant 
local-"/ produce^ and.late in 
March,--there-.were- plenty of 
strawberries on sale. 

' Some of the established 
resorts lie to the west of 
Almeria with the mountains of 
The Sierra de Gador forming an 
impressive backcloth, while 
Mojaear is to the east. I drove 
nut first along the cliff-edge 
road, where considerable and 
much-needed widening and 
general improvement has been 
undertaken, and on through the 
wide main street of Aguadulce 
to the neve development at 
Roquetas de Mar. 

The original fishing village, 
with the fishermen's homes 
grnuped around the pleasant 
harbour. has been left 
undisturbed bur the new 
Roquetas is something quite 
different. Planned as a fairly 
extensive holiday development, 
it now provides accommodation 
for holidaymakers in a series nf 
hotels, apartment blocks and 
villas with an ample quota of 
shops, restaurants and . disco¬ 
theques. creating a functional 
and purpose-built holiday com¬ 
plex. 

The surrounding countryside 
has also acquired quite a reputa¬ 
tion as a kind of alfresco Euro¬ 
pean Hollywood, and that speaks 
volumes for the sunshine 
records. A good road leads out 
of Almeria towards Tabernas. 
past the lunar landscape that 
provided some of the locations 
for the Rim 2001 and it was here 
that the laconic, chernot- 
chcwina Clint Eastwood shm to 
fame as the hero of those 
spaghetti westerns. 

There are excursions out to 



The Alcazaba f&rtrws, Almoria. _ 


see the Bar-Q ranch* with a 
front but no back, and it is a 
fascinating area to drive 
through on the road towards 
Sorbas with its whitewashed 
buildings gleaming in brilliant 
sun under a clear blue sky and 
appearing to cling to. the sheer 
face of the rocks. 

I was ' on my way to the 
enchanting Moorish hill-village 
of Mojaear, just inland, with a 
Parador down on the beach. A 
few years ago Mojaear virtually 
disappeared into oblivion and I 
only hope its re-discovery, will 
prove in the. long run to be a 
benefit conferred by the dis¬ 
criminating visitor. I also com¬ 
mend the excellent taste of the 
Moors who. haying created their 
hilltop home’.with its steep 
alleyways and- narrow streets, 
fell so much in love with .the 
place that they asked if they 
niighi be allowed to stay there. 

If you are looking for som& 


where off the accepted Spanish speciali^s . in rmvntax&yS&sifi .-/ 
tourist beat, there are tfelightful abti the ,^Iands;..Hsfe;theV^!^. ... ‘ 
walks in .the surrounding inpufc 
tains anti the hotels blend side 
happily ■ with the . overall. 

haphazard design of the' little, one forvChrTdj^-:The^c^-.. ' 
town-and do.not stlcfc-imt :like1 
a .couple of sore thumbs. As far cluiive-‘'cbsts based- __ 

as I can chqcte up-Britls'h tour bedded rq^T 5 i^P^riy^;f*^ r . ' ,;; ‘ Ef-v 
operator, includes Mojaear,- but 
it is,, perhaps,-a place to .vislt 
rather than a holiday- base, as to £l86ffa£ 

it is not on the coast.- date of : d^arttire 'With^h^^W , <'.;^ : 5 

Blue Sky. linked’ to- 

Caledonian, list.Two hotels/-at Almerta-vZf;.. 

Roquetas ■ de Mar with - direct. ADDBESSES! 

flights Gatwick-Almeria. A-Wfek- RMe jjfeu HalidduCMk .-wraS? 3 * 


fl ightsGatwick-Almeria. 
with- full board, Jn roo 
private .facilities: and a. 
costs from £95,fdr-'A : 


BLueJSl&H.c 


OTA/MutHU 



OTA/Mdnd? 


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MOTOR CARS 


BUSINESSES WANTED 


I MERCEDES — i All model*! — ictond-haiKl 
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SCAFFOLDING 

FITTINGS 


FOR INVESTMENT 


Easter Counties Scaffolding 
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A Mibiidury Ol i medium'"i 1 - 
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conildd' « teiffolding contrxtins 
sampanr. 


Commercial Holding Company 
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SHOP INVESTMENTS. we >r-ecnil*e •" 
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Landau St7. s.rso ta. 't b~qq utirg 
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& Co. Et. Aipan* 668tr5. 


HORSE-RIDING and skiing arc 
two spnrts with one thing in 
common—someone else does all 
the hard work. In the first case 
it is the horse and the second 
ihe mountain. This basic truth 
makes me feel that the skier has 
somehow received a raw deal. 
For despile co-operating so 
whole-heartedly with gravita¬ 
tional laws he" is forced to con¬ 
tribute a dispropnrtionate 
anjourit of his own muscle- 
power and required to. invest in 
a range nf complex equipment. • 


rrrjt yw Jf Jf • ' - a group/Skitng tn spme"-rvri^. l v/ ^ 

The British way on skis - -; i»as9.ca^a^r 

time I must have skied with among a certain breed of long- tn clip up the plastic bontsright one,occasionally; 
between 80 and J00 people and established skier. Modern top- enough, thus throwii^ * away havedjeaiiy always beetr-Brltis 1 *, < 
can report that while the British flight plastic boots can transform their mam advantage. Clipping ^Sd wKilfe th? cbtiriheoiai ^ 
skier no longer dominates the anyone's skiing. up boots is almost as exhausting?nc waiiy ^ ntceTk&fc ,•. 

Alps—as in the early days of Because of their rigidity the as skiing a .run. and. many in-' 'skiere‘ / even '* V , **: v 

the century—he still contributes wearer gets far greater contril women, -if nor / ^ 

an individual presence. over his skis than possible with to get fKem Sufficiently,Jtigbr..'- -■ 

Faults first. It is no longer the more pliable leather boots. Overlong sticks /a^-adptherrpffj^te;>nd, ijaore . 

possible to pick out the British Yet many British—with an ete/cnnimon '■ problem.' : SeyefaF enjoy,it. The-nbrinal crop1v.. 
on the slopes—as it was 10 years meat of reverse soobbery-rln&'st peoplerwho me/wtiili ni'e/cou’tff/Skiar'wtg' 1eavg_'a trecVb?!jJJJ; 
ago—by clothine better suited to on retaining their aid~ boats not .'.ski prePf^J'-'b^use; evmy hini. m fratb ‘• 
an Arctic expedition. Most sacrificing a , great deal nf time they jriaeed tbek 5titA:jXL\a/TO ^ rpea ^/«iV: 

British are indistinguishable pleasure and, incidentally, any turn - round /it .'wpuld "jec^ .np/vyh^/^/'Briti^- - 
from their continental counter- hope of handling powder by the their-sboul.tii» ,intp a;Wrool'a 
parts in smart salopettes and modern leaning-back technique. Unstable pbsltiotL/. \ -- 

matching anoraks. However, one which requires rigid support'be- .On the .plus sirte;Ahci..British v cFaw^d2^8LLE^b>^t r ,./..,*//r/y . 

item nf out-dated equipment—hind 4be calves. • are: among 7 the keenest-off-piste v ^~ 4 r 

leather hoots—is lingenns Another common fault is not skiers. Wlieiieyer:I biye^taS'en; v h ; - - vl 




prineitmll only, will br. 
trcaiad in *trfcr confidence by 


J. A. SELLICK. 

20 Bunhill Row. London, 
EC1Y 8LP. 


Replies to Box 7.482 1, 
Financial Times. 

10, Cannon Street, 
EC4P 4BT. 


■ NV65IMEN1 FUNDS. <12,0 YOU 4 'lira 
14 in-es .1 «n O'Operly? In«e>:mcnl. 

vsla i:aair;a *n e miniwg ov hum. 

pmreys 4xirr a CO. csiaoi vice 

t“9J>. Cnarlerco Sur»e»afS 20a C'«n. 
Wien Hign Po;a 5E10 01-BS8 1107. 
•ORTH FL6E1. Man. IJi'Or* l*f UX 23 
F R.l I Sr w fh —Hew S oroO. £7 I5Q 
t-as. £67 500 f«ePTaia. Lanniev Sfner 
4-0 CO 6. CondU'l SI., W.l. 01-499 
6507. 


For the la^t mrmlh l hare 
heen the representative of the 
Ski Club uf Great Britain in 
Courchevel. France, where my 
main job was to take club 
members skiing daily. In that 


urn 


n 

























s'?..- 


£§*£ LE^JS****^ ^ ^ dependlm 

arx., ^lcrowave cooker .SQnjtn^s rtfp.’ tiRpp; it* ,-sWattd'Shape), 

Sror vnu. lm* ■#*_. _ r .■: : . - t_ t.-l 1 _ - \* - -j ... 



Cky-iroa^tiattonr Tn-«jnv nriri^ -attTllw^-tijaife^ gourmets 

TOte-lto' wtffeiit^i&v .me hasten 
tefiS. J 2 * kttehefl^to agree with 

o^- coolang ta^e fe<?m |hat a txw^resWy-caught 


^ere.-aie mounds of fresh'^d-gHU^'^jF^rif open-fire' j s 
Piled. Mn‘- artlessly : tifflaltsly Vmofe' deficious. ditto 

^mpie^ ; oowi£,' vwith -. : wnh^giy- n-eyfe-pfefeed^ggas. eic^-but those 
paons.iaud; ■ earthenware casse- unluCppiSy;;_areVj^^&■ options 


pigs' anidh iiKeyjdeuce. Chroma -usagiiy^opea-tal-Sn>s^.For most 
n .“- ste&t 'and 1 glass: don't 'figure trf' Osr.m^.-meaJte 'iRTOlve some 

’PT'V' Wv n'KTrt •, 1 'n * aVian ■* r I JHMIi (ill nateikaawi^MA. liiXl-ntn AB . 


■J*-*t .-this : emotive-■s^-orjWOTWppwwjeraieeq con- 

^ "•?i V•’ - .; veoience: fspeeds'ana: ‘delicious- 


mJi ope .bas&^on , 


ail being 


out 


;.;fcTflt^'vr' ? ’.' : - '*i-''''.,v•» ;-.• . 7 \nmredeHciDri3-fbod'tiranI would 

'tar-the last coup!e otherwise'li«fr^fcedifc\*ble' to 
months or : sp-Tye;been esperi- "».••>.-) ■■--•■:-.'.'.S'.V: ; Tr '- #• '■' 

^-^Saenting with . the Toshiba, the . ' .. . 

* , ret domestic microwave cooker 

'* '£**Sv,-.'Jb': eom.e on the Jnarket and now. 

- ' ajtT'W* a < - the time - has come to give' .$ 
back 1 shall -miss ;.it; greatly.. 

“ IT originally - Ivlewed ..it as .a . Sg* 1 * 

father: ;'intrusive (allhoiigh." ~'<3, 

heaven knows, it’s small enough.' 

- r 334inm -: Tl^i inchest by 
' ’20min (20$' inches)' .by 429min 
in dies ) \ overall), ctunpU- 
aied and./superabous piece of 

’ lodem machinery..' = / .••'/ 1 ' :.._' •■' 

> The man who came to explain 
«w it worked- first managed to 
Indie my;.' enthusiasm.;".. My 
ustrian au pair orT and I.were 
• ion gasping at its little tricks. 

. boiled water in a. gloss-In- 
>out- a minute without cracking 
le glass. A large raw potato 
■ nerged soft and ready.to eat in 
)out 4 minutes. Scrambled' 
tgs could be cooked in the 
rwl they were to be eateo on 
io messy saucepans “ to wash. 

+■ :terwards!) in about If minutes: 



. and cook for .two* hundred 
milliseconds 9 •. 


•- m P oj* hot .chocolate could be under fee'gfr^.tircnfnstances. 
. -epared in the mng it was tube j have decided that ! wouldn’t 


. Tink from in about 2 minutes iifc e t0 ^ ok entirely; by;: micro- 
..■*•.- L ^^ JQ ; n< * ’ saucepan to be -wave oveau The Jack o'f crispness 
ashed and much time to be and browning that'isC to^scapable 
; ved). Meat straight from, the when nsitur a 'micibwaye oven 
' eerer could be defrosted in . a i S a distinct disad^Sta^e. For 
action - of the normal time.-.'. .. me a combination, of' : iiibre tradi- 
Within a couple of weeks: it tiooal methods and;tim':. ^nicro- 
scame a valued adjunct td^ my. wave scents , \0 w 0 jrk 7 best. 

■ ay of life: Because I work >nd : p 0 r instance; 'aftfe :■& rather 
ive currently been without any.u g fct main couree the other dav 
-Op at all. (daily .woman decided we needea' ah-jpple 
. uch loved an pair-girl forced to crmhble. to. belp-fln,tbe-; hungry 
. ave because her permit had -teenagers in ray ■ hqo'se. ' .The 
.n out) it has proved inva!ua- : apples were peeled^eimfedi. sliced 
»ie. We have,a large freezer 1 a nd cooked in thef -microwave in 
tich. is one-of the backbones' two goes of 3 .minutes each (it 
my way of life bur if you is important to sttt; fajrly' fre- 
• --.ddenly run out of bcead tbe quently, because;,of-^e-way the 
ct that the freezer. :is. stuffed high-frequency 1 wavek whiph cook 
J1 of . bread is mmmatly of- po ihe food, work). '. THe aimi^ 
‘lp whatsoever as. a large loaf topping -.(made in a-flash in. the 
take at4east eight hours-to. Robot-Chef that I rWrote- about 


■aw. With the ntiertiwave oven before^Christmas) was added^nd 
can defrost the IbaTin atbput cooked in the - - nueramvisoven 


for about 4 minutes. At the end 
of this time it was cooked but 
didn’t have that lovely brown, 
crunchy look that an oven-cooked 
version would have had, so I 
put it into a high oven for a 
Tow minutes to brown while we 
ate our main course. Without 
the microwave, there would have 
been no pudding that night. 

There, are several ways in 
which I. have found the micro- 
wave actually better than the 
conventional oven—primarily for 
re-heating. Ro-h eating in a 
normal oven dries the food and 
its container. In the microwave, 
because of the method of heal¬ 
ing (a-subject which 1 do not 
fully understand and defy any¬ 
one without a physics degree to 
understand) no drying-up occurs. 

It has been marvellous to be 
able to be less precise about the 
deep-freeze—-that is I’ve been 
able to leave my options open 
until . nearer each meal-time 
and could decide almost at the 
last. minute to have, say, soup 
from .the deep-freeze because l 
knew T could defrost it in 30-15 
minutes in the microwave and 
then reheat it conventionally'. It 
is also marvellous to be able to 
hake potatoes in minutes rather 
than the minimum hour usually 
needed (and think of all the 
fuel this Saves!). 

It has beeo wonderful to be 
able to take butter straight from 
the fridge and have it ready for 
spreading after 20 seconds in 
the oven. I’ll miss not being able 
to cook dried fruit instan¬ 
taneously, (no need to soak, just 
pour boiling water over, place 
in the oven for 1 minute- remove 
and leave to stand for five 
minutes). 

There are some drawbacks, or 
perhaps a better word would be 
limitations. For instance, the 
internal dimensions or the ver¬ 
sion I have been testing are 
quite small—the total capacity is 
0.55 cubic feet, it is 186 mm. 
high (7V* inches) by 3l3 mm. 
(13 inches) wide by 260 mm. 
flOi inches) deep. This means 
that I haven’t always been able 
to defrost some of the large or 
strange-shaped joints that I have 
in the deep-freeze. 1 also dis¬ 
covered that it was very, easy to 
over-do either the defrosting or 
the cooking-^-the " golden " rule 
seems to he to err'on the side of 
under-doing things: 

I think the major things that 
the microwave does not do well 
are roasts and casseroles. A roast 
chicken, for instance, emerges 
cooked but pailid and I don't find 
the suggested antidote to this 
(sprinkle with paprika) much of 
a substitute for lovely crisp 
golden skin. Similarly, things 
like a Provencal? daube need, in 
rny view, long slow hours for the 
flavours to mingle and penetrate 


and for the meat to become truly 
tender. 

It is marvellous for tilings like 
stock and here it does save all 
those hours of cooking. You can 
simply put a large bowl of bone, 
vegetables and boiling water in 
(he oven and within 10 minutes 
you will have a good quantity of 
well-flavoured stock. 


It is also lovely for cooking 
fish as no smell permeates Che 
house and where crispness is not 
important it comes into its own. 
The only danger here is lo make 
sure you don't overcook the fish 
—when you first start, crT on the 
side of under-cooking. 

lam not a cake or pastry cook 
but I am told that it produces a 
wonderful chocolate cake—at the 
moment it is less successful with 
other cakes and pasties, simply 
because of the colouring- 
problem. Pastry emerges cooked 
but uobrowned. cakes emerge 
cooked but pallid. However. 
Toshiba are almost sure they 
have a solution in Bird's golden 
raising powder which improves 
the colour enormously. 


The cooker is fitted with a 
safety device so that it is im¬ 
possible for the oven to work 
unless the dnor is shul—this 
means, of course, that children, 
or even foolish adults, can’t burn 
themselves. 


Fond'that has been put into 
plastic containers can he ’ de¬ 
frosted in the microwave in 
those same containers, whereas 
in a conventional oven they 
would, of course, melt. Fond 
can be heated up on a plate, in 
a glass, on a saucer, or even, 
as the demonstrator proved 
dramatically, on a piece of 
paper. (I was so breath taken I 
forgot to ask why I might need 
or want to). 

I don’t feel I have yet 
explored the full potential of 
microwave cooking. I’m sure 
that if 1 were to have one. per¬ 


manently I would become more 
and more skilled at combining 
its' speed and practicality with 
conventional cooking. What 1 
am convinced of is that for 
people who arc very busy, like 
to- eat, are prepared lo experi¬ 
ment and have the £199 that 
the. Toshiba oven costs, it is a 
very worthwhile investment. 

The Toshiba domestic micro- 
wave conker is sold by most big 
stores like Harrod.s, the John 
Lewis group as well as by smaller 
electrical stores up and down 
the country. All the sales staff 
.receive training .in how the ovens 
work and how to use them and 
anybody who buys one can ask, 
if at all worried about it, for an 
expert to come and show the way 
to use it in the home. 

One of Lbe drawbacks about 
microwave cookery is the lack of 
exciting rookery books. The 
Toshiba comes with its own 
booklet of basic recipes (for in¬ 
stance, the apple crumble, des¬ 
cribed, above, caine from the 
booklet) but so far the best 
introduction to the subject 
is the newly-published “The 
Toshiba Book of Microwave 
Cookery” by Annemarie Rosier, 
published by AVoodhead-Faulk- 
ner, of Cambridge, in association 
with Toshiba (U.K.) for 95p. 

This not only explains exactly 
how the cooker works, what to do 
and what not in do but has a 
larger selection oF more inspir 
ing recipes. It is still a long way 
off Elizabeth David but it's a 
start and if you persevere you 
will begin to get the hang of how¬ 
to combine the ordinary cooker 
and the microwave to achieve 
results as nearly similar as pos¬ 
sible—in, of course, a fraction 
nf the time. 


N-B.—ln thi U.5. one brand of pacemaker, 
never marketed abroad, has been asso¬ 
ciated with dHRcDlUes when worn near 
terse, commercial microwave ovens. The 
danger (e thought to be minimal but If 
yon have one check with manufacturer, 
doctor and/or the Health and Safety 
CaifSdl before using microwave equipment 



participation- onthe^part 
bqyer.-..-Thai; iSrto aby, it is easy 
- lapd convenient toj£o into a shbp 

jtr'v* J2RE- ARE. a. few Jast-miuute 1 ancLbuy off flue sflelf but to find 

•‘i.lAVteinA • MaHP- DlNVfftVlIzW X04YM 1*_.!_■ _ _ .Mi_i 


^ ERE" ARE- a. few -Ji-v. -»■—:r ■ ukl-dux uid 
v^tientiito.ideasBroqoley -soaps) onfr’s’. own 



HL. r uvsa (UC 4Miao-, m ■ «>■ i*m ••■V 

vender; Bronaley suggest t8#J) 

a- Wmcont. for 


5i- 1 they-htiigbt iieed or. want'tq tmyV£ 

they’d be etjually &iu t*ble ^>rspecia 1 in- this way ™ 


IUCJ U lie ouaii^ure 

.Ziz&C?: y b 0 dy waniing'wMn elhtag email 
d nice for ■ VaTen tine's; : Day. 

^e^^Sjiej'Te vride4y-available anti cost 

.-.a* *} st 99p for.ahe tyifo. '• •; ( 

iul ^The chocfHate^ops are .awash 
*' .v^'th heart-shaped bpixbs; and my 
commendation = to-'.anybody .go- 
1 to buy. such a . thing would 
- to' buy. the han^-made choco^ 

^ es— 0 nee -having eiten beauti- 
1 dark haud-made^-'clibcotates. 
thing oriihtary: .-and. factory- 
oduced .-tastes fee -same. £U>re. 
ocolates or 3 Park Road, Baker 
reet, London, ;''NW.r : ai»d;’'lB3 
orge. Str^ei; : Itoiicioiii'AVl, and 
arbonne! et Walker who are 
28-.Old Bond Streetj London 


^IU vili WUU UUWVIj UUUUVUI wnuflhiv «M*U • 7 *^C' 

IX 4BT. .both produce- melt-1 promoting^and stinntiating good 

ilAKfiiiMTtt aViam. 1 wA^lr <a«i A TtinVi oiYiftnd thA<A' tC 


gly delicious tiaridrinatte choco* 
: es. Both sell themi in heart- 
aped. boxes and. win spell -out 
issages: - Prices 1 'start. at £3.75 
: a ilb box.; t - ' 


THE 1978 
ST; VALENTINE’S-BOX 



“FROM ONEWHOLOVES YOU 9 ' 
- This rooEmric little hdx 
is d e corated.- in charcoal with 
1 crimson hearts apanst a white 1 
enamel background;^iSc dam 
isinKribcdiasidietteUd - 


This Hark Ukotiikah 
EMmd 



TosHaleYonO**®!* 1 **- '•'"'J 

14 Brook Street, London Wit l AA. 1 


. Please supply i . ,• , 

plusWp.U.K.roH > 

Cheque erdaecdvainc £ .~ - ■ —' 


I 


Name--- - : 

|B«C aipouli 


Address —-— 


-M 

\ 

'I 




jl'in this way 
tiu^p ; -efiito4tibns- open .at Gpld-.T 
smiths: ..Hall,.’- Foster Lane,-' 
London E€l2V 6 BN, on St. • 
y?ilentine's' Day.'. At none .of 
.these exhibitions can you buy 
off the -open, shelf but at all-of 
them yon' can look, learn, and, 
if you fall in love with the work- 
of * particular jeweller or crafts- 
.map, you can seek trhn out'and 
either commission an identical 
piece or-ask him to make some^ 
thing special for you. 

Fortunately for those who do 
not live in London there aS? 
Other -organisations besides tju?_ 
Goldsmiths’ Hal] which bave, 
enterprise and initiative ..to 


work and high among these 7 is 
the East Midlands Arts assoeijf- 
tion which has-put together 


Metal Jewellery and Mineral $ 7 ;*^ - 
Jewellery. . \.f Z 



ABOVE 


Both • - £h ese exhibitions have s ’• 
been touring all over Britain v* 

during fee last yean both open > 
at Goldsmiths* Hall on Tuesday •’/. 
and are on until March 3. After '■ 
that Mineral Jewellery goes ' 

Birmingham City Museum and ;• 

Art gallery in March, then on Jo ji.-'-'j' 

Kettering and Sheffield, vis u ; . 

Metal rests for March and'4n-.;-,^' "*i\ 

April goes on to.Sheffield. > 

These two exhibitions have. 
been organised to show jeweltery: 
unified by material rather.than /;- ,. 
by date,, origin or style. Ba|h • 
show-work from museums*- old v-V.-' 
and new, as well as contemporary. 
work, from contemporary* je^.el* 
lens, all of whose names and r .« 
addresses ate listed at the back t;’ *•" 
of the catalogues and therefore 
all-of whom can be contacted.,., •. . ; 

The catalogues are excellent, v.O:./- 
modekly but not lavisWy illtfe- H * •. 
trated; butiuli of everything that . 
one needs to know about the 
materials and the designs tfiey • 
link; Anybody .seriously 
osted in -jewellery should Invest nlVan I 
in a copy - of each. They are only - 

sop each and ai^ in f rom. Mineral Jewellery, 

“““S * m ah exhibition 0 / jewellery 
■■■■ r, r_ n third 6asei on minerals ranging 

Oaring at CtoidmriOtt’ : /rom andalusite, through 
Hall on St Valentine's day and diamonds and emeralds, 
this is a collection of rliodocrostfe and rubies , to 

Of sfedMto over BritM a7W i zoizites. This 

atihfS? iS m y^. Mooch of moonstones, sap- 
fascinating. display, .holds .out. phires and- DtltC -ffllfllliSt IS 
much hope- for .the future &id. George Hunt (who 
thouSi you are unl.Uceiy to ^ y^rked in the 1920s ) and 

vM and 

hearts - and. souls- into th^tr. Albert Museum, 
diploma work)-almost any.orall-. 
of thera’ would be delighted‘to 
produce something almost ideh 


From Metal Jewellery a 
woven silver wire collar by 
Wally Gilbert, 1976 . 


LEFT 


Front Passing Out. an ex¬ 
hibition of work by students 
who graduated from arts 
colleges last year, a 
Niobium necklace by Susan 
Clarke of the CeirCral School 
of Art. Niobium is a rare 
metal that assumes exotic 
colours under heat so this 
necklace refracts greens, 
pinks, blue. . . . 



Tltical for vou. Their, names and-?down, -the jewellery or sliver- 
( coHoges of art, arid in some smith of your choice. The range 
1 eases, private addresses, are all' of items extends from coffee pots 
listed $o that, you can trade to earrings, from a marvellous, 


bulbous silver iray, lo spare length and breadth of Britain, 
exercises ib stainless steel. It's Challenging too—see if you can 
an unequalled opportunity to see spot the. Wendy Ramsbaws, the 
a wide range of work from the John Donalds of the future. 


Above.* One of Harry Grimley and Robert 
Kellock's pine wood shelf sets. Designed to 
bold, ready for use, foil, twine and kitchen 
paper, it costs £6-50 and is 19) inches by 
14 inches. (Solution will post for 50p p+p.) 


Right: Another pine shelf unit, this time with 
two shelves made to hold six eggs each, the 
other plain, 13) inches by 20 inches. £430 

(5p p + p). 



Finding Solutions 


THOSE OF us who work in the 
city will know by now that it's 
not an easy place to find a last- 
minute present — unless it is 
men's clothing or wine that 
von're after, you're likely to be 
fairly stuck in your own imme¬ 
diate area. Solution, which is the 
name of a charming shop at 
Bassishaw Higbwalk, Basinghall 
Street. London, EC2V 5DS. could 
indeed be the solution for many 
a harassed businessman who’s 
found he's forgotten a birthday 
or anniversary. And before all 
the out-of-London readers sigh 
and turn the page let me hasten 
to add that-Solution is starting a 
mail order service. 


If you think these are the 
sorts of thing you might want 
you should send a self-addressed 
stamped envelope and you will 
receive a colour leaflet and all 
prices so that you. too. can sbop 
there. (This is the start, and just 
features some of the kitchen 
ware range.) If you order over 
£25 worth you qualify for a 15 
per cent, discount 

Basically, Wally Morgan, who 
runs Solution, aims to make it a 
present shop but he has 
developed, mostiy because of 
demands from his customers, a 
fairly strong kitchen department. 
For instance, he stocks and sells 
an extraordinarily well thought- 
out series of kitchen shelves 
designed b.v Harry Grimley and 
Robert Kellock. 

The shelves are very simple, 
need to be put together by .the 
buyer (but no screws or glue 
are needed, they just slot to¬ 
gether) and they are quite 
amazingly cheap. To give you 
an example the two sets of 
shelves - illustrated here: one 
designed to take two rows of 
six eggs together with one plain 
shelf; the other designed to hold 
foil, kitchen paper and string, 
cost £4.50 and £6.50 respectively. 

Made of pine they look nice 
but a little rough when made 
up and they could be much 
improved by simply sanding 
thera down and putting on a 
coat of clear polyurethane 
varnish. They are an immensely 
practical way of storing the sort 
of things that normally toss un¬ 
tidily about in drawers. 

Apart from the shelves and the 


standard but attractive storage 
jars, white porcelain flan disbes, 
strainers and the like Wally 
Morgan aims to stock a really 
large selection of fine copper 
tin-lined cookware—he r s even 
sold the really large fish kettle 
at over £100 (as Wally Morgan 
says. “ a once-in-a-lifetirae in¬ 
vestment ’’). Saucepans now 
do fall into the investment 
class, so expensive are they, but 
these really do last a life-time 
and Wally Morgan runs a re¬ 
tinning, repairing service. The 
small casserole illustrated here 
is six inches in diameter l 2 
pints capacity} and is £ 21 . 00 . 

Still on the kitchen side you 
can also buy at Solution a wide 
range of fascinating spices. In 
particular a splendid range of 
eastern spices called Bart Spices. 
Started by Reg Bartlam, who 
seems to have discovered this 
sap in the market by accident. 
Bart Spices specialise in selling 
whole spices (like peppercorns, 
mace, cloves, cinnamon and so 
on) instead of those curious dust¬ 
like substances that masquerade 
as herbs. The Eastern spices 
Reg Bartlam describes as “hav¬ 
ing nothing to do with breaking 
into a muck sweat and drink¬ 
ing pints of ale and much more 
to do with aromatics.” The 
spices aren't ground completely 
into powder but include smallish 
whole pieces of some of the in¬ 
gredients which mean they still 
retain their natural oils and their 
flavour. There are four speci¬ 
ally blended curry spice mix¬ 
tures. Garani Masala, Vindaloo, 
Tandoort. Rngfaan Josh, and 
they all cost R5p each (35p p+p 
per order). He also sells Bas- 
mati rice (the only rice, he says, 
to go with curry), spiced poppa- 
dums and plain poppaduras. 

Wally Morgan will sell these 
by mail but they are too small 
and too many to list. City 
visitors might like to go along 
to Solution and browse. Away 
from the kitchen, Wally Morgan 
has lots of lovely children's toys, 
including beautiful hand-made 
and painted wooden puzzles, by 
George Luck. 

There's also some very attrac¬ 
tive modern jewellery of which 
f liked in particular the enamel¬ 
led silver pendant by Norman 
Grant, sketched below right 



Solution sells a large selection 
of tin-lined copper cooking 
pans. (They are tinned to pre¬ 
vent the formation of verdigris 
on pans that aren’t used very 
often.) This 6 inch diameter 
casserole is £ 21.00 (postage 
50p). 



Handmade, brightly - painted 
children’s wooden jig-saw of a 
squirrel eating a nut. Blade 
by George Luck it is £3.65. 
(50p p+p). There are many 
other similar jigsaws. 



Handmadp enamelled pendant 
featuring a house, blue skies, 
trees and garden. By Norman 
Grant it is £17.75 to order. 


On the shelf 


"/ L'/Pl 








ALL old-fash inned kitchens used 
to have lovely plain wooden 
draining racks—a very handy 
device for those who don't have 
dishwashers. Peter Sylvester has 
discovered that his own range of 
kitchen shelves, some of which 
are based on tbis old-fashioned 
idea, is proving very successful 
in modem kitchens as they pro¬ 
vide a gentle untechnologica! 
look that people seem to yearn 
for at the moment, as well as 
actually performing a- useful 
function. 

We all of us need shelves to 
storp things and that's basically 
what Peter Sylvester's shelves do 
—they store, and sometimes 
drain as well, plates, mugs, and 


other kitchen crockery. 

Made of pine and unvarnished, 
as seems to me appropriate for 
draining racks, they arc* very- 
nicely finished. There is quite a 
large variety of sizes and com¬ 
binations. The two shown here 
are a small plate and mug rack, 
(about 25 inches wide) £9.95. and 
a rack for storing plates, mugs 
and pans (abour 25 by 25 
inches) for £14.95. 

Besides these there is a large 
pan rack and a large plate rack 
but these have proved less popu¬ 
lar and will only be on sale as 
long as current stocks last Con¬ 
tinuing on- sale will be a double- 
decker pan rack for £12.95, a 
double-decker plate rack for 


£14.95 and a small pan and mug 
rack for £8.95. 

If you happen to want plain 
shelving Peter Sylvester sells 
that, too. in sizes varying from 
24 inches by IS, inches to 
30 inches by 30 inches and at 
prices ranging from £12.45 to 
£14.95. 

The shelves are sold by mail 
order from The Kitchen Shop, 4, 
Station Parade, Burlington Lane, 
London, W.4. and an illustrated 
leaflet can be sent in return for 
a self-addressed stamped enve¬ 
lope. If you actually want to see 
the shelves they are on show at 
The Kitchen Shop, 264, Upper 
Richmond Road West, East 
Sheen. London, S.W.14. 


Making an entrance 


WE HAPPEN to need a new garden gate. It has 
been wobbling, difficult both to open and close 
ever since we moved into our present house 
three years ago and it's only been the size of the 
various quotes we've had for improving matters 
that has prevented us from doing anything 
about it. 

Heaven knows, it's caused us endless incon-' 
venience. You can’t open it if you happen to. 
have your arms full of parcels or shopping fas 
mine almost always are). It can only he closed 
by pushing and lifting at tlie same time and 
through it our dog disappeared when we lost 
him for a fortnight some weeks ago. 

So you can see why a firm called British 
Gates & Timber Limited who specialise In 
timber gates of all sorts caught my eye. Two- 
things in particular riveted my attention—one 
was fee attractiveness of fee designs and fee 
other was fee price, • • - 

To start with fee designs—they are exceed¬ 
ingly simple in a rather countrified way but in 
a way feat seems appropriate, functional and 
attractive. Most of their gates are .suitable for 
farms, large entrances and fee like and most 
are now made front European Redwood, either 
Creosoted or Celcurized (the latter are better 
finished and for those who would like them to 
be, can be painted). 

They can alteijiatively be made from Keruing, 
which is a strnng, durable and resilient wood 
from Malaya, which is almost without knots but 
which cannot easily be painted. 

There's a good range of widths, from 3 feet 



up to 11 feet 9j inches and combinations of these 
can give overall widths of nearly 24 feet 
Tu illustrate how good 1 think their prices 
are—we have been quoted anything from £70 
to £120 for a new gate for our house while the 
size we would need from British Gates and 
Timber costs £22.50. They also sell a full range 
of all the gate fittings, bolts, posts and so on. 
If you’re interested write to them at British 
Gates Sc Timber, Biddenden, Kent, For a leaflet 
and prices. They’ll also welcome telephone 
.inquiries on Biddenden 291555. 



J. 












































Financial Times Sattu^ F^r^^ 




A 


Brecht in Brussels I O’Neill and Or age 


BY ANTTHONY C^IjN 


dP 


;L 



j t seemed most appropriate wright upon lengthy duologues jury. « waato «ie New' Age that 
BY OSS1A TRILLING r" that the World Drama produc- is idfcal in one respect for radio: -were 

tion of Eugene O'Neill’s A Moon no confusion about who is speak- all first dwcuSsQd m England; • 

Tie Belgian National Theatres splendid Wea_rftem5.o S mg the «£»“*;■ « El.' p f°S“?n- nlin? hS XSold'BeSSltt^eommend^ ^ 


the talented Belgian Henri 
Ronse. who has been earning a 


ambiance, .and especially the terpart among playwrights Jt is vheq-;reqjttred^ Such ^ ^ - 

brothel scenes wittf layers’ of O Neill. Both were possessed : of bro^ W n a gwal.^ .Katherine .. 


rans.tdtiAii 9c t-ho ~« c f brothel scenes with lavers of UNeiil. fiotn were pg»esscu ; «i orosen excnanssra: 

SS irrite S® stupendous S ?lf^nflden_ce^d of;^ capacity Ofthe^ro^ 


enfant terrible of the Paris transvestism and sexual devva- siupena 0 u S - 

stage. Monsieur Ronse has had tion . Andre Lennigneau con- 

Frantz Salieri, the Parisian crea- ducts the nme onstage musi- gggfJJJS ? QI Ssmore powerful- 
tor of La,Grande Eugene, to cians wto give us the authentic l^ y This rarely 

come to Brussels to desdgn it for ^eili score, and in addition to „i h L' d pi av - 1 asting for two 

hhn. t - . £? KS a ^K*e522S. , ?2 fc Sr.2S± KnSfff hours is certainly of 



Radio 


• and that a-host ■ of poets ■ from.' 

" Pound' to Edwin THjiJr first-: hunfe; 
';their mirk. The *hatacter.d£ Uje. 
Temaritable man who edited-it'. 
Was -caught ■■ -by-- Xesley lifaui' 
■gotnery. in radio portrait^nf ‘. 

■- . t.in ID./? 


Felicity Lott and Alien Cat heart 


Sr a # sft.ss. , ?sf S.KSEI ; 


The Bartered Bride BY RONALD CRICHTON Theatres 


Smetana's Bartered Bride was Bjornson's costumes threaten an rings the changes on the booby’s fUjn WOO If looking intellectual a forerunner MprinoTTfwr''there'was one.'' of S "S“f ’ - 

popular in Britain in the un- overdose of be-ribboned merry stammerings. William HcCue l TIL 3 WtZ&K of the urban-guerilla idol of later spok ^ here by. Sarah Badel --SaKJ2SSK?SJSSto--- " . 

fSK.lKS “EgiS! &££■£ .KSSSrST- ! :- 

2 a ™t masier dboush no; doses the Bohemian finery with an unsuitable young couple in dramatised reading of the pro- 

S? Targe "publ^’ iJ^SSi Bu^Mr. %U^Lo ifan 

BH v thfK€tnKhA c S Eir?hSifSrt? l?Fii 2§s i & with ••• ■ 

S5K"S s e £?8 SKsrrs SSS 2?&y sjs-. ^snss^s^uss^SSff^^ l - 

2EL rn? 3 'sen-tUh ftnijfS for singing purposes needs to he 0 ve. The circus includes an “AY FAIR-—The Elocution of j-jjjjt*'th^JSSJSl-Sri 3mrS daughter.'daughter and landlord, thought They tender VBJtbrgot- Bwtnce ^Hastings herseli - - 

the Theatre Royal. Glasgow, on Felicity Lott'* Marenka has entertainer*. Aus^alian nlav deSing with an Eton crop at the final curtain, Pju* oqe . • 

Wednesday njav never have a l'" ,nc l of hj^n-mettled inde- Peter Darrell's choreography difficult problems. .\or to be when all the players doff their between the father and .hjgn ». . 

seen the Bride in a professional pendence which doesn't imply for ibe Furiant. Polka and so tnisspd. Reviewed Wednesday/ stage attire to show themselves da tighter gangin p , up Jvfeur i she i be fore -«wii . a. r fajrin ti&fafe bholc' 

Dorfm-manci' otrJier daily contact with the nn nleverlv mieerates the dances ‘ as thev rnailv are. Before that nch guy from Standard Oi called New Age, wW^JfeumhedJietpte «gnn - -.25?** • - 


Knife into av25 voun^ ud i ou^ household Josie. emihtsnLpas-. wha.cqyets her;.-this. scenespiUs ideas fiTterihglfiiwiEhthe-'S^: - - 

looking intellectual a forerunner slort - a ? e -,1 ® over'from' the ;«nti ;& .thi. secoud^:. 4 ing-r6om.at-;1U>Bie:icmong. 

a soprano, if ever there was one, aq tand occupies the wbole bf-the *nf her'.fatherlt such -as^-Phii^ * " - 


Theatre 


place, unable to endure the p 
tyrannies of their, father' (N 
Stock);'the' last of the boys, 


performance. r enJier daily contact with the on cleverly integrates the dances Thursday.* ■' as they rc ai!y are. Before that Irich^gUy frjnm 

ThArp nfPrt he no fear that ?o11 0f b easanr . stubbornness into the action, but the execution SOHO POLY — Media Hack, the stage has been alive with a 

Smetana^ anvlous mvstified A, L lhc same ' lhis 1S L a lovely falls short of the physical gusto Agreeable nonsense about the kaleidoscopic panorama. of 

Marenka will disaooear for IonP erf,;inliance t0 ^ tcrh and t0 which Central European dancers incursion of terrorists into garish colours, dazzling lights 

He wrote thi"? ooera at a time hrins to these rhvthms. Rnderiek a Hnmeetip raw T.imeitime and niOVins scenery, all animated 

when he was a skilful and experi¬ 
enced enough composer to cope 
with the brimming reservoir oj 

popular and patriotic musical . _ t w ^ . 

material The libretto was a strings fthe semi-quaver bustle about Services entertainment in 

weak vessel, but the mixture of hear. Some of Miss Lotts soft in the Overture cleanly played Singapore in 1948. with marvel- 

pereonal predicament aod village phrases keep the audience hold- with real notes), moderate wind lous work by Denis Quillev and 

background. however feebly ing its breath. Her singing of and brass. The simple trumpet- Nigel Hawthorne. Reviewed 

expressed, was more or less right, the act 3 aria which is the call in the circus music was Thursday/Friday. 

For this revival David Pountney turning point of the opera is burbled, the lovely oboe com- OLD VIC—Scmt Joan. Another m » 

and Leonard Hancock have made not unworthy of comparison with men tury in Marenka* big aria welcome revival. Prospects Saint /g m g"m /J /| 

a workable new translation—the the memorable recording by was only just audible above the Joa * ^h Eileen .Atkins a? the y-u # / E.fL&.T . cO 

insane amount of repetition is Jurinae—but Miss- Lott should rest. In that same third act Maid. Reviewed Friday finals. ^ ^ -mr 

not their fault. David Pountney beware the dead spot and move producer and conductor allowed - 

also produces. He keeps the forward. Allen Cathcart as the episode of Vasek’s engage- Olid fl£Xt 1 

balance between the course n f Jenik does not have the same men* at the circus to drag • • ■ '-'V-MltfW- 

true love-in-a-village tnd the vocal finesse, but he gives a dangerously. Monday, the Theatre" Upstairs Wffg g gf&f 

fairground incidents pretty well, sturdy, likeable portrait of a '-. rcu , , mer rilv adds an 18-year-old girl play- V * W * 

though without such capable character who needs to be more for a r f *j V.*21 aftSr The fiAt ^Tight to its list of discoveries 
performances of the lovers than a mouthpiece for melody. curtain ' C aHs Very nice too— in In the Blood • Tuesday, the « 

Marenka and Jenik. one feels \asek. Jenik's half-brother, to huf does one sense some over- National's Cherry Orchard in the 
that the fun of the fair mi-hf v; j, om Marenka is in danger of anxietv to reassure the public Olivier and a home-counties /l/ \ / jK 

steal the show from the more bcin „ we aded. is played by that opera is all jollv fun and Hamlet at Farnbam. Wednesday. gJ 

serious siae. Alexander Oliver as a fat baby of not an exclusive elitist pastime? the return of Arnold Wesker in *“ 

Sue Blane has set the opera 3 man alternately spoiled and These misgivings apart. Mr. a new piece. Lore Letters on THE MOST dangerous place to 

on a curving wooden ramp bullied by his odious mother Pountney's entertainments, as Blue Paper at the Cottesloe; a tha Mtftrt aF 


peasant stubbornness j n to the action, but the execution SOHO POLY — Ifedia Hack, the stage has been alive with a Harder (Blain 

same, this is a lovely falls short of the physical gusto Agreeable nonsense about the kaleidoscopic panorama. of wants to take c 

ince to watch and to which Central European dancers incursion of terrorists into garish colours, dazzling lights of which tne> 



wnicn central European aancers ncursion of terrorists into garisn cdwuis. a»«.ine — — -nieArt a« ant -.of the mat and. Where ‘luIKdusticftiJft ^oM 


Brydon gave a decent, not yet Reviewed Tuesday/Wednesday, 
fully relaxed account of a score PICCADILLY — Prirafes on 
in which there isn't a dull nura- Parade. Welcome revival of 
her. The playing was fair: good Peter Nichols’s musical farce 
strings fthe semi-quaver bustle about Services' entertainment in 


Property 


A place 


on 


piste 


backed 

ripening 


curving wooden ramp bullied by his odious mother Pountney's entertainments, as Blue Paper at the Cottesloe; a ^ = the French resort of 
by rolling hills with 1 Judith Pierce makes it perfectly they were m Die Ucisfenrfimer new piece by Royce Ryton. The 1“ Jv_ ‘ _„ thp rnpri Km 

corn against a sky clear why Jenik ran away from and to a lesser exient in T?ic Unvarnished Truth, at Cam- t-ourcnevei is me roaa. 


yellow with the sultry heat of hornet. Mr. Oliver is as good as Golden Cockerel, are arranged bridge. Thursday. Annette so much because of the cars. ^ 
middle-European summer. In one would expect, not lean in and carried out with a great Crosbie in The Com is Green at nut because President discard 


opening 


Maria the virtuosity with which he deal of skill. 


Guildford. 



i m ram tseaesi 

The Tower Suites haw been sold... 
But you can still get in on the top iioor 


Re-const ruction of the world-famous Biltmorc has begun, 
to create the Ultimate Condominium. 

Only two of the tlnee Penthouses are still available. 

A fine selection of unique apartment residences remain, offerin 
a way of life that 15 nnieless. elegant, and fur a fortunate lew. 
Protected two pier marina to acc.-modate 34 yachts, pool deck 
and cabanas, tennis courts, putting crecn and formal guldens, 
ail on Lake Worth...plus the private Ocean Beach Club. 

25 unique floor plans ro choose from. l 

1,2 and 3 bed too ms... from 1275 to 4027 square feet. 

Siariinc at 121.000 dollars. 

If you have been ihinking about Palm 
Beach and the Biltmorc. we respectfully 
suggest now is 

.die time 10 aa.v'v’’ f 

*fif i,.'■ 

;•.. fcar/-rttss^S5“. 



Santo Tomas—MENORCA 
San Antonio—IBIZA 
Cala Llonga—IBIZA 

FULLY-FURNISHED, OSL-DEVELOPED 
APARTMENTS FOR IMMEDIATE OCCUPATION,' 
AND/OR 1978 LETTING. YEAR-ROUND I 

PROPERTY MANAGEMENT/FLIGHT SERVICES. 

Prices From ! 

£ Without £ With 

Type Pesetas Premium* Premium* 

1- Bedroomed 1.075,000 £6,850 £9,070 

2- Bedroomed l.fl 05,000 £8.310 £11.010 

3- Bed roomed 2.518.000 £16.0'40 £21,250 

Penthouses 3.113.000 £19,830 £26.275 

•• At X/pesetas and Dollar Premium rates as at fi-2/78 

For Further Details Contact :— 

J. Barry Hendin 
OSL House (Dept.FTl) 

Brox bourne 

Hertfordshire EN10 7JD 
Tel. Hoddesdon (09924) 61088 


d'Estain^ is a frequent visitor 
and brings with him a contin¬ 
gent of security, police. These 
bored individuals have little - 
better • w xlo ;thaw;book errant 
skiers. " 

There are compensations. 
Brigitte. Bardot is said to have 
a chalet in the neighbouring 
village of Meribel (on the same 
lift pass) And for those who 
prefer to do their skiing in 
company with royalty, 1 can 
report that for a day or two 
last month it was possible to 
share a slope with the Duke of 
Kent. 






al* ' ;T 


■tm * /• 


Courchevel—centre of the largest skiing area ii* the 1 World. - ; ; . ^ - r • 

• • • V '• • - ‘-■ rY>~$-■.. 


Premium* Premium* 

£6,850 £9.070 

£8,310 £11.010 
£16.040 £21,250 
£19,830 £26.275 


world. And there are Few rivals the three valleys-that “ despite ' Tbh resort makes mortfntoney more than SO cnuntrle^.tei^ V . ; ' ' 
that could even begin to dispute different cliaracteristics, lli^y in ; 1 Winter than:.-any..other in ■ up an international 'pro^rit^filS^;'. :: - ■ 

that Hrlo ora oHmirohlv euitaW flir ftlP Prsn«> IMF th«;,lnrrtmp- Ttia'Btnrmli OTiH.TtK' . .. 


OSL 


station in France, and it is «seen and. therefore, easily fore- The-capacity of the lift system energy—will tak?--pfa £9 next ' - 
feared that any further ex- seen and. therefore, easily is 45,000 skiers an hour and - January, organ d" ■’ 

_:___m ,_i_ j ,i_ . ... .1 thaM <inri .TC- : . 


pansion would be beyond the countered." there are 400 ski'instructors; Senator Charles.Percy- ' ^ ^ -J’Z'' T 1 

capacity of the slopes. A 127- Courchevel itself offeTs a huge In .the-last 12 years tire resort r The- -close-priri±nitSf!^!^K!'l‘5•..; v: .’ 

studio apartment block tn be area of gentle slopes for be- has become increasingly popular 'conference 

completed this year is likely to ginners.and intermediates, and with foreigners, .who now make .tractive ft) . ■ 

represent the last opportunity equally good facilities for better up about. 30 per cent .of visitors, merits in tb el ck * fot^-' . 

to buy new property for many skiers. Especially Impressive Germans and Belgians form the economic-'-ireastmf 7 ^ '"yiell'r as L ? -‘V--. 
years. over the last four weeks, when bulk of this total; ... . aesthetic. - ''«neW””tT^;.hIdefe' 

Courchevel lies in Savoie more snow fell than for many However; development.of the beings^!#^*aTtesidahje-HotcfT/ jtin.. . ‘ 
about three and a half hours years, was the relative absence resort has all but come to an which meahs thit:buy^rswillb? _ 

frnm Geneva above the same of avalajiche danger, confirming end. M. Frederie Pion. the able to -inake 

valley, the Tarentaise. which Arnold L'unn's findings. Through tourist director, said, “We theirStbdjok wheht hey" at e i HQt^ 

has Val d'lsere and Tignes at the worst of the falls. Corchevei have reached the . maximum 

its head. It is linked with four was able to keep one peak. La capacity , of our slopes and. we 

other villages to form the Loze, open.'eontaining a variety do not'intend to allow-'them to 

Three Valleys, the biggest of interesting runs,, from easy he nvercrowded.” While about 

skiable area in the world. to an Olympic downhill course. 20 more lifts are planne* these 
One lift pass opens up no less the Jean Blanc, as weli as off- will all he for access, to 'haast- 

than 250 miles of marked piste piste possibilities. Many resorts ing slopes. M. Pioa ;estimite5: -• mit: 

served by 132 ski lifts. A circuit in the Tarentaise were far more there -is room.for ^ 

from Courchevel to the most re- constricted. hotel: beds. to her.provided- in 

mote village. Val Tborens. and Courchevel is also well pre- four hotels'. wMcfa^wflT:bd: f-.-y^^ r--" - :- :- 

back is 50 miles. As well as the pared for the apposite extreme over the next two Or tfii^'ypTO.vS5i^ 

marked runs, the open and safe of poor snowfalls—as was the The apartment-.Modt:-W&lcti ~ ;. 

slopes for off-piste powder ski- position over the Christmas will bercbmplejed by Christinas, : , v -j . 

ing are more extensive than in period. Every summer the is a bove-'.the. malh ■ 155 0,^ ceh.tr& e <-. Z: •': 

any other resort I have seen, main pistes arc regrassed and in a wooded'-.krea'■ called^ 1 the'‘W 1 ®^ L -"C 
Courche^l was the first of all rocks—down to pebble size Jardih■ Alpin.^tpcCs.^at^irjX^J.5^°^ • ^ : -r t 

the purpose-built French re-—are removed. This means that 

sorts. It consists of four sep- runs are still skiable when to . tb* r 
arate villages at 1300 metres, covered bv only 3 ems of snow, presents';",virtuaHy-l:-.ilie, : ; '^l^t. ^ ; .j.2 

1550m., 1650m., and 1850m. The Last year more than £300.000 chance to^uy 1 ;new-property;in.- ; ' v 

main resort is the highest. wa5 spent on summer pUe GondwWK : .. 

1850m.. with the others acting work. . Tfaeisit»,:'dv^onkiBg^he^i^.'.f , ?, I ' oJ * *ts, • 

as satellites. In summer ton, explosives are son and.by a. wonded J*fcr, ptar 

Work nn the top village be- planted in the more avalanche- sesses great i'nhtural ■beauty. Tff-;Xdvahtagfi&.'.through '• 

?an in 1947. the first time a p rnn e slopes of La Saulire, both summer arid vrintfir^^The-^ 

winter resort was built from ready for triggering through block 'h/wtfticlftd.^ fo->,cwnfe^.^hin^jBchWing iteatifig'■?7; ;" 

scratch on a barren mountain the winter season when cfeiilre wtolch^is Schedulai..Stri^ri«!, 

site. It was the precursor and dangerous amounts of snow for completion; by..this- end- : b J fe.‘.hotel.'-reception i' J? ■" 
model for the sivcalled third- have accumulated. It is notice- the mouthy.. v".^.L^VawroSs-.tp-.tiie-swunmingpOOl^P^S “v.; 

generation resorts of the 1960s able how quickly the resort is' Somdthing of.a atoiy^t^chM i^u^d ^es^mctov.ras^m^^ ^ " i - 

and early 70s like Flaine. Les able to. open up its full skiing t0 _ r 1 £seU^^a*yi 2• 

Arcs, Le Plagne, Avoriaz, Isola potential after'heavy snowfalls. is th^ pr ai ricpiltl ■ pf^a|;^^gmpe G&rted ■ 1 

2000 and Tignes. Safety statistics are a crowd Gilles'da ia. Rgcqq^ 'director jME:^B^pf;^3rerT27 .'StiidxOB:vbgge .^§^r 

In terms of skiing there was puller in France, and Conrchevel the resort. - He fbEnMi'Jtzk-197tr^ady = 1 ba^':'4dl^. ,, i r ^TiHb^.^^'ir.c 
little room for the newer takes' care to ensure that they the IntexmatioiiaJ -T , oaniiatiDiL^vaiia^^fef®di i the;2Yenc?S' 1 
purpose-built resorts to make are impressive. Last year there for Cu£h}r^- : .jC(]h4^^Qq^ j^riL-dfe;,Gqi!«rtTiictiop/.^Tt^ Sev^'-r;. 

improvements on Courchevel. It were only 265 accidents, half Development.afteirseeing | t,^ 

is possible to ski from the donr of them breaks, over .a 15-week mats and ^other • . influenti^jptal . 

of one’s hotel or chalet in period when an estimated foreign risttorg. , exgh angl^jLiiaitiptiOlfe- .'50-3b&E : 

Courchevel in the morning and 400.000 people skied on the views ta a relaied 'aridtijTfdrthai Torei^ri^rfc ^he-iriOiftksg'fZ.-^^^C 4 , 

back again at night, just as in slopes. way at tire bottom of.ski:runs.'/or : TTyeafei.'i 


A on mber of Ih" 

TOZER KEMSLEY * MIU.BOURX PRICE A PIERCE GROUP 



COTE D'AZUR 


NICE — PROMENADES DES ANGLAIS 

A prestigious address Residence Rivoli—NEGRESCO 


Facing Maisena gardens—Breath-caking view of sea 
Sale of several flats in the 


HOTEL NEGRESCO 

Price from Frs. 7.000 to Frs. 8.500 per sq.m. 
Possibility of using che hotel facilities by membership-card 
Write toi PROGfM, 2 boulevard Gambctta—ObOO NICE 
Teh (93) S8.75.45—FRANCE 


New York Sales Office: Sulzberger-Rolfe. Inc. 
654 Madison Avenue, New York, N.Y. 10021 
(212) 593-7682 Henry Griffo, Vice President 
Gentlemen: 

I am interested in the Biltmore. Please send details. 

Name_■ 

Address-- ... — —..— „— - 


MULL OF 


EXCHANGE 


Phone 


.(If you would like us to call.) 


Thi> i* not an otter, which cm onK be made by formal prospectus, 
and only where permitted by Ijw. r i j 


Hiphly desirable Diadem anractiw 
I Bungalow for sale whh panoramic 
*mw over ihe Kllbrannan Sound in 
Arran. 

Three bcdroomi 'two double, one 
l smalt->. larsr airracuve loonse. 

, modern Cn.-d tlichen and bathroom. 

Karjgi hcaiers. ample wora«L- awev. 
i well '.-ouippcd and malmalnctL Only 
15 mile.', Irom Campeliou-n Airport. 

•'•nly :hosv really Init-rcsred and 
prenart-d w bid at leMI Elj.OOO need 
jnniy 

■ Write Ros T4s20. Fiuanuai Time*. 

, 10. Cannon Street.- EC4P 4BY. 


CHANNEL ISLANDS 

Large historic house: could be 
three flats, hotel or private 
home on water's edge In 

idyllic situation. Would ex¬ 
change for country house or 
part of country estate. 
£50.000>£60,000 


AH replies treated confidentially. 
Write Box . Financial 

Times. TO. Cannon Street, 
EC4P 4BY. 


; ¥i hMiif.Wam 


mm 


Only £2.00 per line (minimum three lines) 

Return t h is coupon with details of your property together 
with your cheque and publication will take place n6xt 
Saturday. 


FRENCH RIVIERA—GRASSE 
FOR SALE 

Splendid property. IS. 000 sq.m., 
restored Provencal Ml* ". Larje 
living-room. fire-place. 6 bedroom*. 
6 bathroom*. Caretaker'* lodge. 3<ar 
grigi. Maid's room*. Large heated 
swimming pool. Panoramic view. 
Frs.-4.200.000 

LORRAINE AGENCE. 43. Boulevard 
Albert ler. OS-Antibes. FRANCE 
Telephone: (93) 34.44.68 


COTE D'AZUR 

UFFI NIGE 

(a bank subsidiary! 
will send you it* special edition o* 

SELECTED VILLAS 

free of charge upon request eo: 
UFFI-3- P—menade de* Anglais. 
06000. Nice. France 
Tel: 193 1 87.19.07 



COTE D’AZUR 

GAP D’ANTIBES 

10,000 *qjn. LAND 


| with building perm In ion for 4 villn. 
Frs .230 per sq.m. Tel: f 93 ) 81 . 58.79 
Or wr.ie Co: 


PORTUGAL/ ALGARVE 
Unique Investment Property 

Appro*. IS ha. farmland falmonds, 
figs, cork, olives, etc.) with unique 
unspoiled views overlooking sandy 
Algarve* coast and Spain, Bcash 3i 
km*. Sfr.200.000 or equivalent. 


CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 
10 CANNON STREET. EC4P 4BY 
nr telephone fll-248 S000. ext. 390 


Mr. V. Mathias, 4, i«enue de Province. 
OSD30. Nice, France. 


Write Bo* T.482J. Financial Time*. 
10 Cannon Street, £C4P 4BT. • 


SIRMINGHAM, Superior Detachco Free* FARM5 A RANCHES IN THE U.SJk. lor 


hold Residence, own Sauna Shower, 
superior firt«j Kitxhcn. three Bedrooms 
willi loll space lor three more. Round 
hath -1st: Lounge Dm mo Room. Brack, 
las* B(am Patio Doors Must bn 
slewed. S28.0D0. Phone 021*444 l«SO. 


sale ler oetuMtion ana ior .nV^tment J lie site ot me ^ourcnevei seen anywnere, IIS 3DU I 
p%a' r *?im jn 4o^¥ k ^SIo'oot otS Valley, and the others , which nf daily maintained pist 
Ira™ 2i2!?ev.A«?l.r J0 iS5?n«?bnaii? e p!o! make up the Three Valleys, is largest in Franco. . Fc 
Bos zi. Gramhom. ngsi coo. superb. Ironically’ the first the recent-appointment 

person to recognise the poten- Cotfrchevel technical-dir 


























ait old album 


JANET MARSH _ 

: J COULD FIND -ao. "better 7 
lsure of the growth in appre- 
ion of English drawings 
acature than the story of 7 . 
Dighton Album. Sometime 

ind 1830 the family o£ the*' 
ous eighteenth century 
Usher Carlngton Bowles- 
nd up in an- album - a 
dred or so drawings which 
^les had commissioned forty 
ifty years earlier from the' 
Robert Dighton,' *nie 
■m stayed -in the family for 
next centriry. or s ®7 until it 
offered for sale at Sotheby's • 
April 20, 1953. • 
was knotted down to the 
t sellers Sabin for £720, and 
day sold to a Mr. Jeffrey 
s for £900. Mr. Rose died 
ntly, and the album, now 
up into separate drawings, 
mounted on the wove paper¬ 
's of the album, returns to 
eby's on February 23. Even 
i of the more modest indi- 
al drawings are likely to 
se as much as the whole 
m made 25 years ago. Die 
e 97 Jots will realise, at 
most conservative estimate, '* 
irds of £50,000, 

■e collection is important 
' use it sheds entirely new 
on Robert Dighton, an 
guing but somewhat f 
erious figure. The principal 
?nce of Dighton’s work in 
1780s and 1790s has 
:rto been the coloured ' 




.. pS; - fvi 

i % s*~ r 


I 






■' "is 


T • ;s"' 


m&M 


-MW: 

iSpSS® ft :: A 



ilftlSI 

iilsife 

- 


-Otgbton. work: kindlier caricatures 


otints after these same „ . . _. .. . _ , 

rcolours, -published by ^ect^u- in one case even sub- Cheltennam and elsewhere. He 

"*igton Bowles and his sue- his own - copy-.for a died at the age of 85 in 1880. A 

rs; but the coarse outlines ^ embran dt. ; . Joshua Dighton, if he was any 

)rash colours of the printed ' ear fr 1790s - Dighton i-clation at all, may have been a 

ons give little idea of the h *d «« up his own business. uohert it 

ty and skill of the originals, publishing etchings; /from an so " " " 

collection as a whole, with address in Spring Gardens. .The It is still possible to find good 
original freshness of the smaller collector, who cannot at early state Dighton caricatures, 
:rs protected by conserve- this late stage compete in the finely coloured, probably by the 
in the album-are in every market for the finer drawings 3 ^ 5 ^ themselves. (The plates 
* revelation of eighteenth of Dighton .and hls coptempo- wm |>ter b0 ht „ and re . 
irv water colour technioue raries, can find a very-.fruit- . ... . _ 

.thton was by and large- a fuI and accessible fleld^ia.-the ^ ed publisher T. 

i kindlier caricaturist than products of thi? lattiir^period of McLean). Dighton cancatures 
on temporaries Rowlandson Dighton-S; the enjoyed a collecting vogue in 

jillray, which may explain' early 1790s to his de^thjlnil814 the twenties, but then fell some- 
‘ he has tended to. be less Dighton dedicated hiinsdlf to what out of fashion; and prices 
- -ded. His favourite subjeets' the production of portrait.-cari- seem til! recently to have fallen 
v the life of the London tsatures Of the characters of Lon- somewhat behind those of com¬ 
es, the characters, soldiers, don and Brighton and later fap- parable prints. Though a good 
■s, harlots and priests^ parendy when his. : British theatrical subject t Robert I por- 
iers and tailors. Even in Museum indiscretion caygbt. up trayed Kemble, Kean and Mrs. 
780s lady drivers were fair with him), Oxford. •• As finely Siddons among others) can cost 
for the humorist, and one coloured as original' ... water- between £15 and £20 and a par- 
e most delightful drawings colours; at least in their.early tieularly desirable ■‘City” sub- 
; 5 a professional instructor states, these witty and credible j<?ct like Nathan Rotbchild even 
:,ing a lady to drive-a likenesses of-bankers and ^oclc more, many can still be found 
iiige, to tiie grave peril of brokers and actors and soldiers for four or five pounds. Andrew 
hammersmith -pedestrians; , were ^direct antecedents pf t^e Edmunds in Lexington Street. 
illcal events as vreltfasy<w£*9 Fair cartoons .of vfeal^ ^. 2 . and Erika Bruce, in the 
... quirks -ezigage^i&i'there^centuiy. later;- JW. Grays’ Market in Davies 

wo different pictnres pf .'. Nb/pne has.-yet succeedprffiiy-^treet . W-l, both hare good 
Margaret Nicholson’s compiling an exBaustive li^ng l stocR»; and last week I saw an 
. «pt to assassinate George of . all Robert’s caricatures, interesting small selection of 
and a . curious, touching, though Andreyv Edmund^, the Richaro.’s late works at Sebas- 
, .Valent view of refugees scholarly print-seller of ^exing-tian D'Orsay in Kensington 

j-j the French Revolution on ton Street, W;l., is at wdrk on a Mall, W 8 . at £8.50 apiece. 

'■•hover Road. catalogue and has already re- 

*n. in Dighton '5 country corded well over 100/ Dighton . . . . ■ — 

\.s. London—St Pauls and was succeeded by hiy'three sons. 

Vren spires-can generally Robert II made over 50 prints, 
limpsed in the distance, .ail of .military subjects, marked 
3 h there is a charming by a hriDiance ol^technique and 
of scenes of rural sports, a flair for character that rivalled 
i in .the 1790s, Dighton re- his father! Denis (1792-1827) 
a .d a Londoner, happiest showed an-almost comparable 
□g the streets and squares talent in the few subjects he 

bridges. Newgate Prison etched; ;but the artistic careers Sncdalislsin the S.ilebv Anclion< 

^.gnigge Wells. He and his of both brothers were cut short Opcaaii^inmi. jAicoj.^naiUM 

were for a period associa- when they went off to serve as 7Blenheim Street,New Bc .yi Strec 

'ith the theatre as actors; -officers in the Napoleonic Wars, 
number of his-drawings Denis died; mad at the early 

to be inspired by the age of 35. = ■ ; - - 

of his friend the com- It was left to Richard 

Charles Dibdin. .. Dighton, a conscientious but dis- Wednesday, 15th F 

: collection ends in 1796. tinctly less inspired draughts- ENGLISH & FI 

is time Carihgton Bowles man, to carry on the business ia g o ld gUve 

lead, and Dighton clearly after the death of Robert fin*. *T»ri' m p n , 

hat the mezzotint earica- Dighton L His output of carica- including fine 5 P etu ^|J a j 

lad had its day.'He studied tures again numbered well over 

is ter and more immediate 100 ; and continued until the late luataiogues- 

que of etching-r^with. all twenties, though he seems tn • - 

mch diligence, "since he have sporadically returned to lot 

cted some old master etch? the old style in later years, pub- " " 

rom the British Museum's lishing from addresses in ANCIENT GREEK 




T HIS is the only time you will ever see a Sotheby 
auctioneers catalogue. Known as a 'private 
catalogue) it contains strictly confidential information 
and is taken to the rostrum by the auctioneer just 
before the sale begins. 

It records die vendors name beside each lot; then 
is entered the resqve, which is rhe price, previously- 
agreed with die owner, below which the lot will not 
be sold. Following this appear any bids which have 
been received from people who do not plan to attend 
the sale in person, with the name of the highest 
bidder entered beside his bid. Such bids arc executed 
as cheaply as any other bids allow 

In selling each lot die auctioneer carries out these 
instructions whilst accepting bids from those present 
in the auction room. Pfe musr also be alert to bids, 
made-discreetly by.would-be%purchasefs who may- 
wish to remain anom mous. \ 


SJ 


When the last bid has been made—normally after 
about 45 seconds—the hammer tails, the lot is sold 
and the auctioneer records the price and the buyers 
name in the catalogue. This then becomes the legal 
record of the sale. 

At Sodiebvs vendors can be assured that ihev will 
* ■ 

obtain the full benefit of the auctioneers experrhe. 

That is why we sell twice as much as any other 

auction house. 



H’l M.'HT.. 


Sothebv Tarke Bemet & Co., 

34-35 New Bond .Street. London W'iA 2AA 
Telephone: 01-4°3 8080 Telex: London 24454 
Telegrams: Abinitio, London 


eiu 



Wednesday, 15th February, at 10 a.m. 
ENGLISH & FOREIGN COINS 
in gold, silver and copper 
Including fine specimen sets: also commemorative 
medals, etc. 

(Catalogues — Price 40p) 


Wednesday, 1st March, at 1 p-m, 
ANCIENT GREEK & ROMAN COINS 
in gold, silver and bronze 
(Illustrated Catalogue (3 Plates)—Price 50p) 


aleroom 


■PE AN DEALERS were 
in evidence yesterday at 
ie’s London sale of 19tb 
!Oth century Continental 
es which totalled £244,570. 
Jitzer. Munich, was sue- 
I at £19,000 for Heinrich 
l’s “ Return of the herd ” 
sale estimates were up to 
-0. Karl Stuhlmu tier’s 
ants unloading wagons in 
rtyard ” went to-the same 
• for £6,500.' 

the section devoted - to 
m and Dutch works Veron. 
£6,500 for the “Battle of 
iy ” by Theodore Gudin. 
;an, London, gave £8,000 
«n the kitchen ” by Alexis 
famine—the same work, 
and dated 1847, was sold 
iristie’s for 19 guineas in - 
1379. 

i Sainte .Vierge” by 
ore Chasseriau went to.ail 
mous buyer for £ 6,200 and 
Erdmann's “Reading the 
Uso went to an anonymous 
: for £6,000. Seven per 
jf the lots were unsold. 
Phillips sale of English 
Continental silver, which 
ited to £ 121 , 200 , only ten 
it of 194 were unsold, 
pman paid £9,500 for a 
lificent 7 * pair of George HI 
light candelabra made by 
min Smith in 1807. The 
dealer gave £5,500 for a 
of matching George HI 



Wednesday, 15th March, at 10.30 ajn. ■ 
ENGLISH & FOREIGN COINS 
in gold, silver and-bronze 
1 (Illustrated Catalogue (3 Plates)—-Price 50p) 


Wednesday, 5th April, at 1 p.m. 
ENGLISH & FOREIGN COINS 
in gold and silver 

(Catalogue now in course of preparation) 


Wednesday, 19th April, at 1 p-m. 

NAVAL Se MILIT ARY DECORATIONS & MEDALS 
(Catalogue now an course of preparation) 


Catalogues lor further Sales of Coins and Medals tc be 
held tn the Spring are non? in course of preparation. 
Collectors desirous of selling should contact Glendining 
and Co. promptly. 

Commission to Vendors — 10% 

NO PREMIUM is charged to buyers 


8 King Street: f Tel: (01)8399060 

5rjames's I V ^PrS, ; [ i-yU Telex916429 
London [i'ly u c, "^ .'V 5i|j) Tdegrains 
SVHY6QT. CHIU5TIART 


j?. - // 

EXPERIENCE AND EXPERTISE 






■y-miM 


Son/awm Widiamx Leader •• The Reiurning flock ”, Oil on rantai. 

To be to'd on Feiruory forh. 

FORTHCOMING SALES 
THURSDAY 16th FEBRUARY 
Oil paintings, watercolours and prims. 

WEDNESDAY 22nd FEBRUARY 
Georgian and later furniture and works of art. 
THURSDAY 2Jrd FEBRUARY 

Georgian and later silver; Sheffield and other plate. At 11.00 ajm. 
THURSDAY ith APRIL 

English and Continental pottery, porcelain and glass. 

All sales start at 10.00 a.m. unless otherwise scared. 
Catalogues SSp each by pose. (Applications must be pre-paid.) 

HENRY SPENCER AND SONS LIMITED, 

20. THE SQUARE. RETFORD. NOTTINGHAMSHIRE. 

TELEPHONE: <0777) 706767 10 LINES 
IN ASSOCIATION WITH SOTHEBY'S 






VINTAGE AND CLASSIC VEHICLE AUCTION 
ALEXANDRA PALACE. MONDAY FEBRUARY 13 


A financial Times Report 
Date; Satnrday 25th March 


This, work by Auguste 


Raynaud, called “A cook 


from antiquity” went for 
£950 to a private buyer at 
Christie's sale yesterday. 


01 JSZ i late .Victorian canteen of 

stiver-gilt ewCTS with patteEI , j n a fitted ten- 

i and matching salvers in dr ^ wer brass-bound walnut 

Parcel-gilt £7 ' 000 fr0m 

er made by Cbxistoff Zander. 



sr, Augsburg, circa 1600 
£6,000 from Blenheim and. 


PAMELA JUDGE 


For further details and advertising rates, please 
contact Richard Jones, 01-248 8000 (ext. 323) or 
write to: The Financial Times, Classified Adver¬ 
tisement Department, Bracken House, 10, Cannon 
Street, London, EC4P 4BY. 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

Tie content and publication dates of Surveys published u> the 
FLuanda] Times are subject to change at the discretion of tin editor. 





Tico brifilit-cui tupmccd nutmeg praters 
and a jti-.il/i 7 p-jsliaptft/ vinaigrette. To he 
salrf on Tuesday. February 21xt. 

According to a recent 5:ilernom sur.’cy, an interest in the 
field of small col lector's items such us silver boxes ttor 
snuff, spices, putchtfs. etc.* is si ill an area worthy of 
pursuit Although Ifilh eeniury pomanders ore now too 
rare 10 fall into ihis category, small boxes from ihe 17th 
century onwards can suil be found. 

One of the most significant events in this field was the 
opening of the Birmingham Assay Oliice jn 1773. where 
there was already a thriving silver trade particularly for 
the manufacture "of small or 'toy' items. Up to about 1S<5 
the well known families of Mills. Pemberton. Lin wood and 
Taylor to name a few, kept inis tradition ?oing. and 
quantities of Jittl- boxes appeared showing great novelty in 
design, and always :■ hiib slandard or crafts man.-hip. With 
ihe expansion of "rail travel in the lSCO's boxes with repousse 
lops appeared to remind the travellers of the land marks 
h« may have visited; were .1 speciality of 

Nathaniel Mills, a prolific manufacturer wh« lived lu P3. 
In Christie's Obji rts of Vprtu sale on February 21st. Ihe 
;ollector will find a number of these small items 
including nutmeg-giaiers. bnghi-eui engraved scent-bottle 
and bodkin cases, snuff-boxes and a host of vinaigrettes. 
For further information on sales nf this kind please contact 
Mary Fetid on at the address above. 


ART GALLERIES 


150 gilt-edjwJ entries iiKludin; this mint 1923 Vau&h*N 30/^gOE Tourer. 
1*2> Phantom II Brewster Limousine. 1921 Silver Ghost Tourer. 1925 
3-litre B»iKh.j», 1952 Silver Wriith 2-door F and W Fined H«»d Coupe, 
Sileer Ghost Limousine. 1910 Singor, l«33 DeUge D8. 1^30 Linda 
Di|*mfrdi, Qoud in, 2 Phantom I Tourers, Mercedes 3005L Rosdsier, 
1938 Mercedes 230 Cabriolet. 1973 Ferrari Dlno, 1*70 Shadow Drophead, 
1930 Th. Schneider, 1925 Alfa 22/90 Sports, ex., etc. Viewing Sunday 
S p.m .-8 p.m. 

For Further Information: 

MIKE CARTER 01434 9225 or 01-483 4062 


OMELL GALLERIES. Fine Efitisn ano i CALERIE AZIZA. 7 Churcn Ro«l. Wlmbfc- 
1 Frencn MODERN PAINTINGS «n<i • Jen Vitlaac. S.VV.T-a. Telephone 94E 47Z7 
; Moflern British MARITIME PI-CTUPES. ; THE 1M* CENTURY, an cshlti lioni Of 
1 JO. Albemerie Eireet. Pice?5,iiv. w I. , mioonani Vn! 0 r|pn ojinlirfiS. Daily 10-6. 

BROWSE S, DARBY, 19 Cork Sl Recent ■ t<WCd ^ ^ _ 

! PcraS-tf^Q to l 5 .SO^ f Lt. l,, « , 0 -J 2 'lo n <CpLNAGIfI-S. 14. Old Bond S[.,W.1. 49t 

i SLOANt STREET GALLERIES. TSaTsTwnej 5 E B a nf a N Q J "s! CCI & ’‘‘n "sn tal n, ‘’’in* aid 
I St.. W.l. Mooern oa niings. irulrtun? a | ;h „ UDINE ART RESTORATION 
and prapMcs h» interesting intrrrn!-ona!. fund. Until 8 March. Mon.-Fri. 9.30-6. 

■ artistk. Wide range of prices. Tues.-Fr».. s JISl to-1. 

1 to.oo-s.3Q. saa_ 1QQQ.1 pa.__ I-——- 

lAGNEW GALLERY. 43. OkT Bond St., j THACKERAV GALLERV. TS. ThaeJ<eMy 
I w J. 01-329 & 175. login ANNUAL Sir-.e 1 .. Kc-is<nr.:on Sa.. W.B. _ 01-937 
WATERCOLOUR EXHIBITION Unlit 24 | Slfj SUSAN HAWKER until 24th Feb. 

; Fen. Mon.-Frl. 9.30-5.20 Thwrs u ntil 7 - ——-;-——- 

' FOX GALLERIES. Cll hne paint- ' ARTL fg." • N Y«TMECns “FOUR VOUNB 
■ ng. bw British and European Art.JtS 1 PEALtSTs ?. .he RADLETT GALLERY. 
. from 1700-1965 8-6 Corn Street., Sit. 10-S. Closes 25ih Februarv. Sixty 

London. W.l Tel. 01 -73a 2625. WocK- atri-lles. oils and watercolours from 
I, flats 10-6. Sat. 10-1. . L35-LJOO. 































































<3 


a 


-b 


3 


4 



i ' -*>' 


^ Financial : Tnnes S 


^Tjruary-ii = : i378"’ J 



Norwegian Australian uranium deals! Lebanese 

-unions 


•Q 


""Ufa* 


v eat 


J 'V 


S y Fay Gjcster 

OSLO. rvb. !U. 

THE NORWEGIAN kro-w ha*; 
hucn rtrtaluvti by S per will, 
against !he ulher currencies 
«r the European Jowl Cur¬ 
rency Float. ur “ snake.” Th 1 -’ 
announcement came from ihe 
Danish national bank tn-nluhi 
following a meeiin? isi Copen¬ 
hagen or (be Finance SJini‘>lcl> 
and Central Bank Gorer-sars 
of eouDUrie* uliuse t-urrcnrj.-s 
are linked in (he stake. The 
krone will not leave iii" snake. 

Behind liie move is Norway’s 
huge pay men is delicti. which 
totalled nearly 14 per cent, of 
the GNP last year, and ilie 
dansemus rise in production 
costs which lias made Norwe¬ 
gian gueds uricnmpetlli'. v both 
on the horav market an! 
abroad. The Norwegian Ltshiiur 
Government's growing concern 
at the economic situation has 
been re Heeled in a series of 
austerity measures during 
recent months, all aimed at 
curbing the eunsumer sp«. ntiir." 
boom, and slew ins the rfti 1 iu 
output costs. 

Govon»mem spoke*men have 
rvjteaSftsly named that there 
i* no I'uoni for any irn-ren-.- in 
rraj incomes in ihc forthcoin- 
inc cuntyrehcit'-lve hicoctes* 
scUlvnei.t eveept j:r.->;My fur 
the !ovct's< paid workers. Talks 
«n a new tun-year agreement 
between the TL»C ami the 
Employers’ Federation are due 
to begin on Monday. 

Tiic paym-nts risScfi is due 
partly to ileLys and accidents 
on Norway’s coulinvut^l shelf, 
which h-.-v? reduced mil! ciliated 
inei.-ine from nSShure oil ar.d 
aai. 



. SYDNEY, Feb. 10. . 00t be ex p ec t e d. 

THE AliSTIf 4L1AN Council of can never be new mines. We Private companieswill still be ■ Syrian President Hafez al- 
Trade Unions Executive has are just taking the batiic human able to negotiate Bales contracts.. Assad was quoted on triday as 
' recommended to a special unions position that we want to be but the authority would have to 'sajfMiS toe Christian-dominated 

• conference here that unions cenain there are adequate safe- he advised and would hold a 1 Lebanese army must be dis- 

' *i:hh> «ld la hi -ur on new uranium guards." he .said. supervisory role. The council 5 solved and accused thp United 

, projeci*. pending talks with the The Ranger raniutu Partners, would comprise scientific and] States and Israel of trying tn 

r.nvc-rnn'icnl ««r safeguards and Peku-Waibend and EZ Indus- other experts to advise the Gov -1 foment unrest to cover up what 
aimriuinal right*. The executive trie*. together with Queensland eminent on contracts and uiin- j he called the failure of President 
. al-;o recommended tbai the Mines, have had In borrow ing operations. m ' Sadat's peace initiative, 

umun.-i honour existing uranium uranium oxide from the Com- Development of the Ranger! The President, whose remarks 

• contracts. mission's stockpile to meet ex- deposit still depends on negotia-1 were published by the Lebanese 

I The council’- president. Mr. port shipments, because all tmns with the aboriginal j Left-wing daily As S'lfir, said the 

Sub Hawke, toll! the conference Australian uranium mining Northern Land Coancil and the! United States and Israel were 
'ihat the Executive believes there tapart from the reopened Mary council is expected to seek a I linked with certaio political 
N no reasonable alternative to Kathleen mine) was froien for considerable share ol the Ranger j groups in Lebanon. This was be- 
hunouring i-uniirittments under about four years until last project's cash flow. mining • lieved to be a reference to earlier 
-xi-t;n" contracts entered intu August analysts said. ; allegations of co-operation be- 

• before December. 1972. Meanwhile, a Government * The Opposition Labour Party 1 tween the Right-wing and Israel, 

! Affiliated unions should make spokesman in Canberra said the leader.’ Mr. Bill Hayden, to-day j especially' in southern Lebanon. 

labour available to facilitate th« Government is finalising its attacked the Government ior 
honouring of existing contracts uranium development policy and "l 38 ! h e called the country s 


BY IHSAN HljAZl _ ^BEIRUT^ Feb. 10. 

THERE IS a growing concern in Fayadlyah barracks where, ele*.commander of the - . Fayadiy'ab army, . the. which had* 

Beirut that the roots of the new meats of the " Lebanese army barracks, Colonel Antoine -broken . up during the civil 

Lebanese crisis are so deep that who have been baitling Syrian Barakat. and his men must strife. - : ' •• ~ " 

an early or quick solution can- troops of the Arab peace-keeping surrender. -. - ... " ’wnoie new anny should. ^ 

forcTare entrenched. . Col. BarakaL whO sld^ wtih reb^P«sid«»t.A^d said aoc 

President Assad told visiting the Right-wing during the civil emphasised -that Syria cpuli 

handle any. situation ansin o.ir 
. - 1 ' 1 . —:—Lebanon. He said that- lie tpj* 

New battles flare up ih-Beirut ; f 



•er srtt.'ss ■"« -7 cun s^snsy 

'ciirrunt uranium produceri or bt ‘ expected in the next two j ust announced 


from ihe Armine Energy Com- weeks. 


worst unemployment rate since 
Government had 
a post-war un¬ 
employment peak of 445.300. or 


There was a brief lull in figbt- 
ing to-day as a “temporary 
truce" was being worked out 
pending negotiations on solving 
the political aspects of the crisis. 


SYRIAN PEACE Toree troops 
and Lebanese right-wingers 
hammered each other In fresh 
lighting on Friday and right- 
wing leader Pierre Geroayel 
urged efforts to save Lebanon 
from “catastrophe,” Reuter 
reports from Beirut. 

Tank guns, mortars, rockets 
and heavy machfnc girds were 
used along an ill-defined front 
line between right-wing posi¬ 
tions in Christian eastern 
Beirut and western areas con¬ 
trolled by the Syrians, who 
form the bulk - of the 


expected -renewed__ . 

sfrimg Arab League-peaee roree- -. Lebanon -because - the CMiatn 
which «nded the 1S75-76 ciVtl was-■'a weak J 

war. .. ■ • The SyTda^ were reported tc 

; After a morning laU the have suffered' heavy casualties.!! 
front line exploded shortly' ' yesterday’s . clashes with 
noon when a shell crashed Into wfirn'mi^Sahnen in. East 
Ashrafiyeb In the heart or Right-wiiii ^sources 1 said’ .21 


r Christian east Beirtit. - 
. Follow big a meeting o£ Che 
Lebanese front—the nmbreUa 
organisation- for all the right- 
wlng parties and millflas—Mr. 

Pierre - Gemayel, . Falangist 
leader, declared: “ God willing, 
we will be able- to save tho 
country.” . • 


- civilians- drete-.'KilIea'-- 4 aid tin 
wounded: during thehosnlida ' 
and asa re«dt fcf Syrian sfiefiiag 
- Informed sources here' T&Efcn 
Syrian Is Peking to-, protect- fv 
flajokinl>hailonbytiT}ng-ro&3{ 
the.-, relatioiisfupr Vb^weerL* 1 
Right-wing:and:Tsrae] and estab 
listing a , political ba^no 
tetweal Christians: an d-Moalfemi 
■ v ^Mlem^ewepaftars. beep’sak 


But sniping and explosions Lebanese parliamentarians in war, refused to rraign when the.Right-wing:have been acthi: 

r ^ ..... n _ __ r ~_......_,_-■»- - - ■ CII.D Col-In c . larf- woor- _- - 


misvinn 
;;aid. 

- V.V art* 


\ 111 [: 11 DuctEV Willi- nu^.vjmvu. K-an v> Tw.ww. v. | uui ----- .-. ■■ n ■ ■ j --' .. T. .rr,-. 

.'tuckpile. Mr. "Hawke A uranium marketing author 7.3 per cent, of the country's \ soon broke out on the dividing Damascus on Thursday that those President Elias, barws iasr-year as victors .since the- civil' wb 

“ r * ■ ■ ■ _ r _ _ . ■ T - L — -Mnia*Arl t A rA ll Irl •% IfBIU tllftllJ AfevMul *** ■ ■ » —«--iJ 


ru.it saj’ing 


ily and a uranium advisory coun- work force, 
(bert- ci*I v ill be esiablisbud. be said. Eeuier 



an papers resume 
after protest strikes 


line between the Moslem quarter who issued orders to Lebanese started to. rebuild- d_new. army, ended.- Syrian - intecviantio&'« 
of Cbiyah and the- Christian soidiers 10 fire a i Syrian Du ops Other Right-wing officers fot tho&fde trf ttre Wrirt-wlngers ilat ‘ 
quarter of Am Al Rummaoeh “should be executed without lowed suit, ic^ing^. ruHn^ of ing^ the^dyll-^rar tipped^ai . 
in the eastern suburbs of the hesitation.'’ to-day's report said, them in influential portions scales.in, their.favdiari the^irete 

The Syrians insist that the within the remaining units of the paper ^Hj. .-. . : 


capital. The line runs from the 


Wholesale 


BY ADRIAN DICKS 


BONN. Feb. 10. 


prices up 
in U.S. 


Goodyear aeq^iirie^ 

« . ■. ■ 

tyre company 


By jurek Martin 


' MOST WEST GERMAN' new*- per cent, delayed pay increase 0 Leaders of unions representing; 
paper- iruiinert publication offered by the employers as some 2.3m. civil servants and; 
m-.Juv rniimtinc ^he wave of pro- "arrogant.” The LG-Metalt lire- employees uf nationalised indus- - 
test strikes declared by the sidenL Herr Eugen Laderer. tries to-day put in a claim for an j 
: priniors' union. IG-Druck" after announced to-day that his average 7.5 per cent pay rise, 1 

(Wednesday'* r>.-fu 3 a( by the National Executive i< likely ro plus additional holidays. Senior,_ . ____ 

; enspievers to continue ne^’uiu- call a strike ballot in the indus- civil servants are likely to ask j by 0.6 per cent, last month, sea (company, Goodyear Tire and to-day that the decision reflected 
! lions "on the introduction of try on Tuesday. for about ti.5 per cent. jsonally adjusted, u similar rate;Rubber, is making a substantial company’s decision .to 

! computerised technology. 

• IG-Druck has. however, made 
clear that further stoppages 


BY STEWART FLEMING NEW YORK, Feb: 10. 

WASHINGTON, Feb. 10. \ . _ 

U.S. WHOLESALE prices rose; ANOTHER major United States A Goodyear spokesman : said 


Support for 

TIP 7 <Cs m r". r :r~«’ 0 o 

VfKr&X. ili£ 

3y David Curry 


-ieouid follow. It has denied that 
its leaders acied in had faith by 
repudiating ia> the employer.- 
have claimed» the draft agree- 
! men 1 on the new technology that 
i Uiey had helped to draft. 

I The !icii*n ha« also anii-umced 
! that its »r.i» 


Agreement between two 
major parties in Sicily 


PARIS 1». 

TJIL S.Wii 01 FiJimv 
ligMejic-i] ur, ;!u- mniar'.el 
by aiinilus' •mtrii and liner- 

1 *’ 0 !."! Riiuh'sll;. nlt!i -ales of 

foreign _ i-xclnisice here lo-tlaj 
l»; combat reneivrd weakne-s 
of Hu- franc. But ::*i*!i the 
-m:i!I vn«ii::t« of Frida> lrudi’.iK, 
the aiifhorfiies v.ere mi! plac- 
• net much Mgniiicance on 
to-dajN moiem.-n;. 

The di»I!ar i.jjciuui arm 1 ml 
4.11*1 againxl the franc, and 
m lien it mme<: !.• Frs.-4.1H die 
Bank 'Uirsped i.*i i» vl{ arouiui 
Xoiini. Bj the close ihv rale 
liau s'*»tlfd arotuitl i'r-.i.KS- 
Fr.s.4.89. 


BY PAUL BETTS ROME, Feb. 10. _ _ _ _ 

pciicy rill nnw b-' tj* AS ITALY'S political forces seek initiative in resolving its politi-; nL^roces*: SU'jfJyv °I 

-evt house freemen* r. vfh u r , Kmu|a to \ sso , iatt lhe Com- cal problems. th» island ha*!?*- ^ a - S - e - ? ?1 : country S s 

n •.•:*■ spa per ;rnc printing p*:;nr .* 


the' company 

.investment tn unue as a ,, re ^ u 'J. surengthen its marketing opera- 
since last autumn. of the Governments policy of . 5 Q -‘ nftbd- 

There were signs In the new seLting off industrial enterprises M on * in s ° uth 
Producer Price index for Fin'whteh the state acquired during year already operates in several 
ished Goods, which is now be- t h e i e fi-wing government of the countries in the continent;--lin¬ 
ing accorded greater importance former President, Salvador eluding Brazil, Argentina - and 
than the old Wholesale Price Ailende. - -- Mexico. He added that. thc/mbVe 

Index, that the rate of inflation Goodyear said a new Chilean'also reflected the companies’ 
may be quickening. ’subsidiary has acquired ■ Tor-view of the strength of -the 

The.data showed that prices. 534 m. the assets and worki»g ehiJefln econorDy‘and.tiie.polJ- 

Corfo-I nsa, — th e - tical -stabHity. 
second largest ,t>;re. The ' Chilean 



By Ou r Ovm Correspond e rrt 

' UNit^^tiD^srEeh.IO. ; 



insii' that ihuv van »ie nu m»ie D.-morrals and r.nimmmists has leadership over the formula Hon • * which i« «til 

talks with IG-Druck while its lisi liven readied in Sicily. For the of the agreement with the Gom- V' „ , ' ‘jj V 

•»I i-igh; new demands remains lirsi rime in 3U \ear-the region's munists. : in January wit 1 

•m the table. Omimiini-i Pan;- has vi.ted m Similar moves are now lakms • aM i n ipadip*- the 


0.9 per cent, 
ith fond prices 


» f. ^.wextousiy.partlybAone 
* c “ “ r —-'s l^iS^.QJtiroembrs 
36 per Tem.-stake 
Chilean Government in 
said then It was-un¬ 
to .pump;, additional 
capital into the operation. 


THE- NUMBER of. South. 
Africmv.'tiWPs, if anyV Hiat 
may be allowed tv remain ; 4u 
Namibia^during • ■ - r .UirtfMl 
Nations - supervised elections, ; 
and the,. (Tkesfion ..of r 
detainees.■''cod tinffHi; locaqrf? 
serious -difficulties to-day> 
cegali sii ons on a sei tieimtai 
—- —l ^coirtimjed. - Nonp of the: side* 
conipaiiy. was( 


claimed progress was tnuidjfc ; 

Sad? tNujcnna,AiTstferititii-' ’ '• * •* - 

L. CnW4l. ' :• Af-I > 


jleanv/hile. fi.e jMiirnah- - 
! urui-o has asked for further 
! eus<ii»ns uf the ifraft in urdv 
claru> tin- wiirk that jntn 


Omimiini-i P.iri;- nas vi.ted in Similar moves arc now taking • a g a j n j^adins the wav hut with _ + m ' 

nHliris favour ..*r tile n»?u Christian place in the northern indtMn.iI industrial com modi tie"* goin a >if» ^1*111^1^6 CUV" 

ier «lis- Demin-rat freskleni of the region of Lomoardy. which has hy qj n ,, r t . on t.. m0 re than in iVj.UoCllTT valtld^VO JlwV 

rder to island's regional administration. far been administered -it f previouc" nmnLbsi. . • • V : --'" ’ 

rn.ilssts By vonny fur she new Presi- regional level by a Christian; ' _. i aICErf-araC* TV*^m € OlVo-tflO:-’ 


. would be.ai.kvd to do under tin- denL Si-j. Pierson:i Mattarella. Democrat minority junta iMtb! 
. new technology. ihe Cnmiminibl.- are nm* olli- the tacit support Through ah<ten-! 

9 in fiiu steel indu-trj. v.h. re rully part uf the island’s poll- lions .it 1 be other parties. How- 
: talks were declar'd Ihi.v.vei'k in neal majority, together with ibc ever, the region appears : o -be 


be deadlocked, me union side. Christian Democrats. Although stalling for a solution of the 
hi-Mt'lali. has ctacrioeri rhe 3'5 Sicily appears u» have taken the crisis at a nationai level » t 


Diver’s 
ends Norway 


EWTE^TA!Ka?2?5T 


SUSST'S 


CRITERION. C C. 01.930 321 e.: NATIONAL THEATRE. HO 22ai. 

£»<!r r>r<J i. Sj-I i j0 - 20 Tltj, i-,. J OC OLIVIER IM'jn *;.*?«} I oat* r.4S k 
LESLIE PHILIPS ! r.30 THE PLOUGH AND THE STARS *v 


“ Imre.:.*ak¬ 
in SEXTET 
•• hilariously pukhm. 


S. Tir'ci 
m. j* worm 


CC—T"*VJ ;n<*.*rrv» iK«l Cllin- 
raid, is* t«i»:>honi« ;r *i 30 - «ii-:c 


OPERA & SALL-ST 


COLISEUM Crod.: c-.d. 01-210 Slii 
R?'««.ti.jn. 21 :!C lie; 

ENGLISH NATIONAL OPERA 
TCNSOHT TOO CA.XI.iET4 
also 7u*s. fl. -n at 7 C l 
w.-d. 7.JJ To-.:«. Tt.i.l 5.00 Dili - 5tu<- 
•joard’^ Ck-.m in. N*» e>ra- 

dJLlion 104 ...I; jlw.i.l a.jH- 

a-jlt dlv 01 Ot.-lc. marl.; 


ORU5V LAME. OT-das *103. E«e>- 

f'lM. 3 00 stMPd. Mal.'i—• W«a. and 
Sat. 3 Cy 
A CHORUS LINE 

• VOTED BEST MUSICAL OF 1976 \ 
"A iv»iau:mB. r,-*u». ailonisiiinq ■ 

stunner." S. r-m.-i. 


Scai. O'Cdse/ Moil T.:o The Cherrv 
Oichaid. 

LVnELTON -aro^enium Tadav 

3 a “45 Md-t. 7.JS THE GUARDS¬ 
MAN b. MOlnar Ir^m bv — 

MorlTnier. 

COTTESLOE t'.m.ui iud-lorlum;. Ton I 
i Mon. 3 -era*?. ■ LOVE LETTERS ON 
CLUE PAPER br Arnold W-jIccr. 

Man, OTCi'ller.l <he4C >9»t» all 5 1 
meair-js d.-« • oerl. Car nark. R»s- VICTORIA PALACE. 

Uurant 92B 2031. Cred-I era bU^i , Until Feb. i 8 ib. £v» 

923 3052. I -» n 0 £-*P 


VAUDEVILLE. B36 09SC. E.OS. E 
Maij. Tun. 2.45. Sars. 5 and S. 
Oman Sbgridan. Oulde Gw. . 

" Eleanor Summtrneld. Jjmei Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
by AGATHA CHRISTIE 
John 1 - Re-enter Aoalba With another Hvbo. 

' dun.l . Agarlia Cnristk- rO «aiklno 

the Weit End ,ei aea-n win mother oi 
her hcndithu inQemouy murder mn 
ter.es " Fei.w Barker. £». N-ws 


COVENT GARDEN. CC 20 1MB. 

iGarsencnar.j.. tr«.| care? ->io oSC2> 

THE F.CVAL BALLET 
Toria* 2 P -i>. 

ana 7.30 a.m ..a Fiii-« r-.a" ? '-3.-C 

Tur%. R P.m. 

Wen. i c r. 7 ’Ol -t Mj.olui] 

THE KOI AL 3PCP.A 

Mm. * i.-uM.. 7 :co -a r.i.s:—. .m? 

Trtaos. 5f — riohi i/iiH 1 ;»• 

on I.r. or. ij .. a»rr 


DUCHESS. 03b 3241. Men tc Tnurs. 

£. 9 ,. 3 CO Fn.. Sat o’a and 9.00 
OH I CALCUTTA ! 

The Nudit- ii alum-.r.a. ' Da.I- TcL 

_9ln SENS ATIO NAL YI>aR. 

CUKE OF YORKS. 

L«n.?i-o s-rason troth ._ .. . 

j-?i• 11 * a M.:<!hc![ < i r HALF-LIFC S’^BSSmS j 7 ^’^'^TR^.'RBSri ^ BKg. Al d w«h. 

Th.-a-re Praourtion- 


OLO VIC. 92B 761 e PROSPECT AT THE 
OLD VIC. Soring ;ej-,in jan Ib-Marcn 25 
I.) reu: ST. JOAN tuoav 2.30 3 7.30. 


01-636 31 2 2.. HAMLET return!. MO" Feb 12 7 30. 

Mar.n rarer. : ANTONY A CLEOPATRA OBsni, Feo Ct. 

ALL FOR LOVE return* March 6 Jo- 


B34 1317. 
... 7.0. Wed.'4.45 
. __ sattr. 2.30 and 7-0-: 
TONY BLACKBURN In 
CINDERELLA 


WAREHOUSE. Danmar Theatre 036 6B09 
Rovai Shakeioeare Cenioanv Ton’t 3 00 
Charles Wood » DINGO. " Bn'I-antly im- 
pres-jionutic ' Guardian. All ie.rt* LI.SO 


dMil. rj muh > WENT with Judi Dencn. M.Chail W.I.iants. , WEMBLEY EMPIRE POOL. Lai! 3 «i««l 

--—-*5». Tue.-Sun. 8.0. . LAVISH ICE PANTOMIME - 

or Miciael Sharp. 


• nmwi ;j. C. r-ew-r. In-tjnl Credit OPEN SPACE. IE? 6 
I earn .'aurM.yiL Dime- and 100 or ce. a DAY FOTfcVER 
; seat £7 00. 1 —— - - -—- 


FORTUNE. B3B 2«8- t-Si. a. Thurv 3. j r. u r.. 8.00. Fr... bat^S.OO ’o.^idO 

bat. 5 00 a: . 3 00 | JESUS CHRIST SUPERSTAR 


SADLER S YtCLLS THEATRE r tj:L ... , 
ec i ytt -et: l-..- : 

D DYLT CAIMS' cpepa co. 

In C.t 1 -..- 1 i n.ll-r.'-i E- ’ '•} , 

■Aen r. S.-: i 1C U.-s I -.-.-ad. t •»! THE 
GONDOLIERS. Ti. I' . c -. Tt-S mijcaDO 


Muriri Pa-law a; Vi«s MarplE in 
MURDER AT, THE VICARAGE 

IS rd Crv.lt r tar 


GARRICK THhAIRE. 
E 


iHSAt-.t. :_ 


4.1 


A DC. PH 

t»3j. 7 

" LOrjcC-r. L El:- i M JhT 3U T . 
IRENE 

THE. ».!UiiL-L MUSH.'LL 
S n ELTtCL£ C ii'TIVATlNC TUNES 
a..a RACY COMECi"- a P.-jc'v 
ir.'i'.E 

INSTANT CC-N FILMED •'.RF.'IT C.ASD 
BOGS.1 1 ,Ga »l* jJ ; .1 7E U 


01-S36 4601 
0 0 Thar 16 I ‘■i- at 7.0 Wed 
Mai. 3.0 Sat. S15 S 30. 

JIU MARriN JULIA SUTTON. 
£PtC FLYNN jn Q COBIN RAT 
in fie 

BFiLtiAr.-l U’JilCA: 
ENTERTAINMENT. Pv.nl: 

SIDE DY SIDE BY SONDHEIM 
'03 TWICE S M.-r'er Fun..- 
GO TH4EE TIMES." C Barnea NT 


PHOENIX. 01-335 boll-| 

Red. orite orers tram Fee 17. Osenai 
Match 1 a* 7 0. ev-34 3.0. Wed. 

Mat. i.O. Sati 5 0 jnd 6 0 
FRANK. FINLAY >n 
The Le-iic Brtcu»-,c Muiical 
KING5 AND CLOWNS 
Directed br Mel Snaptro_ 


HUMPTY DUMPTY 

Nightly 7.4S. Sits 2 S A h- Sbeeiai 
HALF.TERM MATINEES Mon to Thur 
*t 3 Chtcn. & Senior Cits. i*n D rtce 
cum Sala. a: 2 * 5 Pay at doors 
Seiiciou* car p>rk. Enquiries 902 1234 




[ GLOBE. CC. 05-437 IJ92 Erer ngs S T5 
Sats 6 0 and 6.40. Ma:. Wid. 3 I 


ALBERT. :r-“ C-ert.- v.r.i nK-'.t. 

Jly 107 .r' >a: -a.-.n -Fr. 7 45 

Tl-uii. n-.-i, J JS -i-.t. J la -i*d 5. 
■ - .HOu'-'iL- nr.: Ei ,VELCC’.iE IS 
LiDt-EL BART'S 

f.-UACULCUi ■■■•ablCAL, ■ F.r.. Tlr- ?N 
OLIVER 

1 ROY M'JDO 1 idiend ,j n-irlernu-i.-; 

S r .l ■' Tal-r i!C-a JOAN Tl.'RNcR D'v 
ht:. I "" Ciu t?l Fun. . . . the 
drUgni " 3. T-i. ” OLIVER .7ETURN* 

TRIUMPHANTLY . . CONSIDER v. i.te. 

SELF uUCh f TO 3E ABLE TO SEE iT 
AGAIN Oallr M.'.or 

NOW BOO K ING THROUGH 
AUriw'YCM, -3S t J'ld" — J JlJ-i S3S2 
ROYAL SHAKESPEARE CCMPAfJY 


AMANDA BARRIE. JOHN QUENTIN 
, <n SECOND - EAR al 

I DONKEYS YEARS 

0- MICHAEL FRAYN 
1 Tne I .11 Conwdv :-l :-iv Y i; jr. 

La-t ; Meeks Enrs F?tt is 


PrCCMt.tr .7 <i7 4506 CredU card bVgs 

336 1071. two-. 3 Sat 4.45 S. 8.15. 
W*o. mat. J. 

BEST COi—OY Ur - IhE YEAR 
£ v S:d- Award and SWET Award 
Ra»*l Snak«nc.-.-e Corrojny in 
PRIVATES DM PARADE 
t>» Peter NishpIs. 

"HUGELY ENTERTAINING 
EXTRAVAGANZA 5 Tmws 


WESTMINSTER THEATRE. CC- 0T-334 
0283. Evas 3.00 Mar. Thurv 3.0 
Sat a and 3. 

T'Chela £1.50 to £4.00. 

PAUL JONE5 In 
DRAKE'S DREAM 

England! Greala-t Musical Adventure 
"Exdtlng" Fin. Times. "Many Merry 
ftelrains." E N?v-4 "Oounrino Vigour 
E. Standard 


...._ Open 

Mon. Evgs. 8 30. Sat. 6 45 and 9.0. Pau 
Raymond pre-«ni- The -anwi onal Sex 
Bv*ur> D-" Ihp Century 
DEEP THROAT 

Now Li»p on Stage. Book no* ’o 
O den.ng n (in. Limited Season 12-wee! 
season nnor to World Tear 


GLOBE. 01-4 37 1592. O-em feh 22 at . 
BARRY FOSTER C-IVE FRANCIS 
DONALD GEE JEREMY tFONS arm 
SIMON WA-D in 
THE REAR COLUMM 
A Nc- Plav by SIMON GF;AY 
Oi.-i-ctcd 0. HAROLD PfHTER 


'Ft INC Uf WAUS CC 01-930 368. 

Mannar W Friday a: ; □ m. j WINDMILL THEATRE. CC. 
Set. 5 JC and 8.45. Mat. Thtu-j. 1.0. 

"THE 51 AGE IS AGLOW.’ 

Daily Telegraph 

RICHARD BlCKINSAlE 


GREENWICH THEATRE. 01-BSe 7755 
E.gi 7 SO. Mat Sail 2 30 AN IDEAL ~ 

HU5BANS C» Oscar W-ldo. "vac aopiaud , QUEEN S THEATRE, 
an en-L-r-furin-j evening. 1 Q Tel. 


I LOVE MY WIFE 
NAUGHTY BUT NICE WITH A OT 
OF LAUGHS 1 News tne World 
NSTAN I CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930 0346. 


:3J 1 


Tc-j;. 2.19 -rf 7 to M./n 7 30 
CoMhnC V THE WAY 3F THE WDt»LD. 

■ ■> rc»il.ittai- Suiio.il- T.rr. A’-lh 

THE COMEDY OF ER.TOr; r. per* 
’.Vcd.i PSC ■» T,J t WAPEHO'.'SE 

■ ,ee yi.i~i r., ana r P.CtidU'r a->j 

J. T l> .• .! ,-: L _ 

AM OAFS A DO " 5 .” r-’-YJS 11?1 

E-g> 8 07 V-IJ Tiii-i. ICO S-Ls 5 CC 


1 MAYMARKET. 01-930 36 32. Evgs. 8.0. i 
: M : Wedi. 2 10 Srts 5 00 and a.15 1 
Time? 01 Sat. o-jrf arms nee; tram Fes. ill 
> 4 30 and 9 00 

. INGRID HI -7GMAN 

'■ n WENDY HILLER 

; D1 ?^ IS FRANCES 

: GODFREr HARE CUKA 


Jl - 734 1 166 
£,gs 6 0 . Sat. S O. 3.30. Mat. Wpd. 3. 
ALEC GUINNE5S 
BEST ACTOR OF THE YEAR 
Var-ctv Club al G.B. Avrai-J in 
THE OLD COUNTRY 
A Hew Pla* b> ALAN aEHNETT 

o.reeiod ay Clifford williams 
BEST PLAY OF THE YEAR 
Play? «r.o Players Lannan critics award. 


1 RAYMOND REVUEBAR. CC 01-714 1 : 
At 7 S m. 9 a.m. M pm. top-.-n-, s u i 


..... WATERS OF THE MOON Al 7 t "I. 9 a.m. |1 pm. icp-.-n-, Suns.I 

ingnd Bergman mak.n the Stapy 1 PAUL RAYMOND C'^venlf 

° v -”' THE FESTIVAL OF 

_ Wend-_Hil ler i> ■ i nert. s. M.rror.. EROTICA 

Ful!» AIR CONDITIONED. You may 
d'ir.t an 0 ,Tnokt ,n in-.- auaitariani 


__ . .. 4 37 6312 

Twee Nightly b.QO mri 10.00. 
OPENS SUNDAYS 6.00 unit 9.00. 
PAUL RAYMOND oresent! 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

•Ta»e? la unprycrdeniep t.mii' what I? 
0 rriirtvw on our i/jje? 1 £yp New? 
You may dr-n! and smote in the 
Audi Nr. um. 


WYNDHAM'S. G36 3028. Crean Card 
baa! >ng 536 1071 <r>.'CPI Sat.i Man 
Thurs 9. Fri. and Sst 5.1 S and 8.30 
ENORMOUSLY RICH 
VERY FUNNY " Evening Nows. 

M irv O'Mallev ? smasn-hi: Comedv 
ONCE A CATHOLIC 


YOUNG VIC incar Old Vic.i. 9ZB 6363 
Tooa* 2 A 7.4s THE IMPORTANCE OF 
BEING EARNEST tseats 90o». 


YOUNG VIC STUDIO. 028 6163 

Oann.c Ab ? -i GONE IN JANUARY 

Tinmht *r p 


StO£l.'AN McKENNA 
-. - .-u, -ri- ii MEMOIR 
« It. -FIA-.L E'JGSV 
A ::-i yi •• .ib'-Db." E. New? 


*■ Pert-: ; 

»»I S c-ti ii 

l_ 114 I T E O SEASON LAST 

APOLLO. 61.45? 26S1 6 gs. 8 05 

M.iti ri.„- ; 09 5 01 8 00 

DC-NxLD '.:NDE!4 
A 'Id: ... 1 :n> ".r yt^ndai'di 
• la SuP£R 0 ' 74 ot V 
SliUT '.OUR TYES AMD 
THINK OF ENGLAND 
"WICK4QL .- Fi- NI<i. fin- -.: 1 

ARTS - THEATRE!” "”l7naS5 21S2 

TOM STOPPA6Q-S 
aiRTV LINEN 

■ Hiii'-ju? . <J ■' f.tna.ir Time'. 

Ftaniia- ‘a 7liur;.ao, 7 JO f.idav md 
H'.i-i3r« At 7.00 J-.n 9 15 


HER MAJESTY'S. CC 01-930 6,05 ' 
fc»g? 3 00 . Wca ara Sj: 3.00 and g 03. 
GLYNIS JOHNS 

LEE MONTAGUE HLLcN LINDSAY 
Hi TERENCE FATTtGAMS 
CAUSE CELEBFCE 

"F. ATT I GAN REVEALS MIS MASTER Y." 

S T--i. " Rbwo'lul trim: ■ E, New? 
'GLYNIS JOHN, olir- urlil.aniiv." D.I. 

_lA ST '/■ '££AS _ 

HER "MAJESTY S. CC >1-930 6605 
Op-.-n.ng Mjirb 33 
B4UCE FORSYTH 

in i»pir B-.:u,ic an., an-b k ,i r Newlyy'i 
TRAVELLING MU5IC SN3W 
w.ln DEREK C-viFFITMS ' 

Direct.d r,< 6 L‘Rt SHFv€lOVE 

_._P-eiltw. Irom Murch 16 

KING'S ROAD 'THEATRE.' .' 5 : 74 3 * 
Man. tj TAtii 9 (J F.I Sal. 7 3o 9.30 


ROUNDHOUSE. 267 ?S64 

WORDSWORTH HERITAGE WEEK 
13-1B February 
Ring Be* OY,:c »sr deta>l 3 . 


Last Per- 


ROYAL COURT. 77t> 1 

ton't. S TO 

AtOrld Pre.nn.Te at 
LAUGHTER 
r?ior Q trn.-? 

T *»\ JJ.;.. «• Cneirncv-Tne 

T 01 .tp,. Srr also 


fruin 20 Foa 
Kr-u'.rsr Sunatl 
tn*:--. U--.(J‘i. 


CINEMAS 

ABC 1 A 2 SHAFTESBURY AVENUE. 836 
B061. Sep. Pais. ALL 5EATS BKBLE. . 
1: TH. CHOIRBOYS -XI Shut Down 1 U 1 
Wl. a Sun 1.TS. 4 SO 7.SO Late SJKtw 
Ton.Uhl 11.1S. _ , . „ 

Z: THE GAUNTLET (X, Wt & Sun.,3.00 
5 00 8.00 Late *ba« Tanignt 

• lail S davst. _ 


11 00 


CAMDEN PLAZA Ooo Ca WBW F Tjttg 

4S5 2443 Tav.aniJS PADRE PADRONE 
iX>. Grand Pr«n Cannes 77 Must end 
IS Feo 1.50 4-05. -».25. 8.50. 


Cl -:OS 
v, 3.00. 
J OQ an. 


inSoT. 1 CLASSIC 
Fr.de. ' 

3.00 


ASTORIA IHEA7RS. C'-a- •- C»c« Kaad 
1.11.731 4 2 >1. NTir-jii T.rtw. Tinennun 
C» Rd. M an . tn.j.-s Si our.. Fr. a»d 
#.»: n 11 . '1 I IS 
ELVIS 

6£ii MUjICAL OF Trtt YEAR 
EVENING STONrAtia ftieiPO 
T c- e:v L' J i-tE 50 Ett n 7iir U-i,- 
enjed Reii .ur;.ni r>- 1 r«*. ......... 

■ n.Q oil .. ene al-.-i ....-1 —hn 3 l . 

?ni^ m dtii tntf' Comii'fl?" w" 1 n'? r -«nO 

tan-n.-. e 1.(1 .1 M sn 
5LVI1 

■ inlrri a»:r .. "« in-; • ao.ng a.i.1 

s-.l-I-lBumn o • .cr 

ELV15 

' i «ii --»4 kii i-i« . .,-jqiii jc >r- .1 on-in) 
1 >-a -. ii renwraiaied 1 .. tnu i , .e«.T 

... ?.r. .• i- s.ii Ter 

ELVIS 

" S-.jqgcr.oaii .:r'..,[,*r - l.m.i 
ELVIS 

' Pcilanned «r.:n . re. .c .n Hr.t.on 

mu?i4>>? T'ic ;ne* 1 'eraile -i.id rm- 
Jid'-tn-.'. nine..-: ... "ie e*:ic-a Tr..s 
■ Elv.> i? mar "<-ilain. s. E-cress. 
ELVIS 

BEST MUSICAL C c tiii YEAR 

Ev£74l'iG ETA.VOaRD 4V/ip3 
1 - nr Ddfjro oliaw ir » n.i'A'i 1 -oj-cr..:i 
lid- n: £2 SO 

Ma n.-Tn urs mo Friday 0 0 tf.i; o.?i, 
CambridgeTcT" Vi •# j6“60S6.'-Mcn. - ri 
Thur? 8.00 Fn Sal S 45 Mn 
tPI TOMSI 

" PULSE TNG MUSICAL 5.; New- 


™*S-<X** horror show 
NOW IN ns sit, SOCKING YEAR 
Tne Great Reck r Soli Musical 


Te> L 


£•?? 


LONDON PALLADIUM CC 427 7171 
LAST i WEEKS ENO? FEB 2*' ” 
i'J. Mot? va.-d jnc sals 

TOMMY STEELE * 

SALLY ANN HOWE, 

I ANTHONY VALENTl-lF .r 
HANS ANDERSEN 


__ 2 . 3. 4. Oaiard 51 <Opp. 

rouennam Court Ro Tupp'. 656 0 310 
1; YOUNG FRANKENSTEIN tAAs 1.45. 
S 20 8.53 THE ADVEN1U-»y'S OF SHER¬ 
LOCK HOLMES' SMARTER BROTHER 
■ Ai » 35 7.10 Lett- allow 13.40 pm. 

z THE HIDING PLACE Al Sen Per*?. 
2.00. S 00. 8.00 Late snow : 1 d.ip 
F ellini'« AMACOKO iA:. 

Z THE DUELLISTS A, Prey? I 20 
1.0S 5 40 8 IS Late ?How 10 S5 a.m. 

4 WIZARDS .A. P-cqs 10. ’ JO 54)0. 
7 0 9 0. LAIi- Snnw TonWit 11 a.m. 


1*1 P-*t: T Aift®. SWCCEr-S. RUN COlOUF- 

FUL ^".ILAL^^A.. FAM,v, £%7EF. 


• § 2 Si ’f-t ?' 1 v'^oSSTs 

\\ _CBOOK 1 NG OT.jrrj j-jugj 
.LONDON PALLADtUMl CC~ 01 .*37 ‘?tTS 
tert .JHE T?VO RONNIES 
__FROM MAY 2 3 t-j AUG 19 

Man Tni.r*. 1 Q s., 1 , 5 Q Jn a 8 30 

J--4N PL 3YI-LIGHT 
j COLIN BLAKELY 

I - >n PATFICIA HAYES -n 

FILUMENA 
i»Y Eduardo Ue Fillioao 
D-i •:*. 1 y o b- FRANCO "ZEFFIRELLI 
l?TAL TRIUMPH." £v New? ' AN 
EVENT TO TREASURE.' D Mir. ' MAY 
IT Fill THE LYRIC FOR A HU1*DR€D 
_ YEA RS" S u nday r.wi-s 

MAY FAIR. CC. 

. Min. to FiT 8.0 S.1I 


ROYALTY. CC. 

M5r..-i. Tri.i—SAr t 
S.IO ins c,4i sat 

L R7M .. ■!-, #o»e 

BUBBLING SHOWN SUGAR 

Wauiil Cl 1977 
_- -i -d Maior ;-e n.i u ud> 

SAVOY. CC. 31-536 3333. EvL-T.ng? BO 
Mai. Tfia-i JCO. sal. 5.00. a. 10 . 

KOVAL SHAXESPILAKt LOMPANT 
KiCharg PAaCO SUSAN HAMPSHIRE 
JAMES COSSINS .n Bernard iluw'i 
MAN and SUPERMAN D'r~;t«1 ov 
CLIFFORD WILLIAMS 'I ?ar m a 
:-bud :■! >ov iron, nus.nrang to yno 

S r .-ntti RSC a»*a at aldwirr .me 
P <.*afi'tK The tires Cnwif Caro hoefe no? 
a;- eoii.a Last woc L ■ Seasan " nd? SU nlJ 

SAVOY. _ Ot-a_4B SB 8 B . lbIcester lou ARE Thea'tre'iaxomsz’ 

STAR WARS .U» Sea oroai. Div Z 05 
S IS 8 35 LAte show Fri. 8 Sat. II «S 
o m Sea-? okB'i-. lor S IS & 8 35 Orer,... 
WLi A All Croat SAt. A Sun. SEATS 
STILL AVAilABl? FOR MA--. PF.R1S 
LADY HARRY I _ __ 


CUR20N Cunan Street. W.:. 499 3737 
PARDON MON AFFAIRE > E»al.-,r 

\ sub-titles 1 "A '.nnrLIInq New Frwech 
Comedy Dirw. led w t" title? 1 •• b« Y*es 
Robert lunNi F.PIC-.S Pir>g.. *t 2.00 
Inoi Sue I. 4 35 6 IS am 8 30 


_ Qt.fl.ifi SB88 

Preview, Irotn 1 stn Fen at B.QO o.m 
Sat 5 00. 8.00. 

OpeIV- 23rd eon T 00 D.m . then meniiy | 
t B GO Mai W« 2.30 Sat S OO. 3 00 , 
JOHN FRASER t 


An unusual dor hv Norman Krasna. 
Preiiews and Wee Mai? E3 i.j £1. 
Regular priee? £.4 tc LI. Credit booking 


accepted 


THIRD GREAT YEAR 
Sc^: D* i2 07 and t 0*2 

_ O-nm-r_ jr.d lea-ar. ee -.-.a- L3 2S in- 

COMEDY ' O-l'.SSO'aSTJ 

Red. Price Pr_cv Mon. 20 F'.-b. Obe»t 


829 3036. 
5.3C jr.d :i 25 
GOFDON CHATCR " Brilliant £.n n 

| THE ELOCU1ION OF 


SHAW. 01 - 38C 1394 

Mata.. Tu-» Thu-S. Fri 2 30. 

Eves. 7 TO iNo Pert. Men.?. 

AN INSPECTOR CALLS 
ov J. fl Pr.es;i*:, 

" Highly r-|...rijl n,BB. ' D tel. 

Z" . STRAND. 01 736 2660 E-eneo? B.00. 
MaL Thiir 3 00 ints. 5.30 and B.3IJ 


ooeon havmarkft .oao jtm-jtti) 

4 me Fonda van"s*a Rmigrave ... a Fred 
Imtemann film JULIA iA. Sen. oron?. 
Div 2 SO. S 4S. B «S Featurr: Dlv. 215 
6 00 9 00. Late show Fri. and Sal. Prog 
Comm. 11.45 Feature 12 00 Alt seat? 
bkhie. 


BENJAMIN FRANKLIN 

b» Steve } 5 t>e*r., 

" A compjitisn.iiF luni-y “loTucnT 

pla> Gtfri "H.lari.-.u? '■ J Sr Wvt-'-Jt- 
Jn.u-. r.n and wildly ii-rvyrtei? • c Nows. 


NO SEX PLEASE— 
WE'RE BRITISH 
THE WORLDS GREATEST 
LAUGHTER MAKER 


OOEON LEICESTER SQUARE (930 6hH 
THE DEEP iAi. SCb ora OS nvnrv oau. 
Seats may be boolmtr. Omr? open at 
1 .20. 4.30 ’.45. Late shows Fri. and 

Sat-. Doers it.15. 


I OOEON MARBLE ARCH T733 2011-21. 
, AUDREY ROSE -AAI Seo orcoa. Wks. 
; 2 35 5 30 8 30. Sun. 4.30 U- IS LaU- 
1 snow Fr. mu sat 13.00 e.iv 


T uo; 21 F.v 

MOIRA LISTER TONY BRITTON 
Margaret CO'JS'Ef-AN D-t-mol WALSH 
MURDER AMONG FRIENDS 
A NEW COMEDY THRILLER 


DUKE OF Y03K-S- 01-836 5122 

Eui-h-ngr S 00 Mat. Wnd .1 00 
QUENTIN CRISP 
T SrT 13 S5 -r< 31a-J y. wnr 
" Thi; ^i;K.?ul daub* Mir >no?t ;tl-r 
frr.ijrf.i nin»>nr *p tcmro-i " 
E.?n no N‘Hi? 

L m it t-c lesion eno> ijth F«m. 


I MERMAID. J4E 7666. P.^-?t ;J9 2773 l 

| Mc-n -Sat. 0 !5 Mat fJ.-a f. Sal 5 JC ' 

DAVY /ONES MICKY DvLENZ 
I ,n HA RRT NILSSON'S 

THE POINT 

• "A WINNER ' D M rre- 

. Stan rltfcet? Cl Si-£,3 50. Co->d-*um • 
dinner.rii-arr^ fvl-.*i tfi 

_ MvJl *tnd Feb. 2 g - 

Nn»: Prwvrt.nn Ton COtuTl Jjr.. A(H£R Tiff AIJJF UPSTAIRS. 


5T. MARTIN'S. CC 8JS 144J Evv. 8 00 
Mat Tup?. 2.45. Sa: A Gaoo Fn. s ana 0 
AGATHA CHRKTtE 5 
IKE MOUSETRAP 
WORLD S LONGESI EVER RUN 

7Sih TEAR _ _ __ __ 

TALK OF - THE TOWN. QZ. 7Jj 3(J5 t i S S^? C . *' Lell; ' *“• 'Wirtour S«.» 

S 00 Dining Dane lug p.30 Super Bwiy' . 

RAE2LE DAZZLE ’= * 

■•rji a' I I pm 1 V ". 

viNC£ HILL _EL":__Jnd Sa. 


PRINCE CHARLES, tele. &q. 4 37 8181. 
Final Weens. Muu End MaiUi 8 SALON 
KITTY tXJ. S-.-O Ferls Dly. iIRt. 5un.I 
- -S 6 IS A 00 Lil* Shew til. and Sit. 
H 55. Vat. Bible. LJr'o Bar. 


WHOSE LIFE 15 IT ANYWAY 
Opens Mu-. 6 7 PO Pr-vj. tr anl Mar. I. 
8.13. 


■e m £**? 

V.'l ¥*qi at ’.35 

IN me BLOOD 
hi Lenka Jamuink 


BRIDGE 'DO FAR iAi 

13 T - 4a Lute Show 
_ .. II - 00 . 

— --SCENE 2; THE PINK PANTHER STRIKES 

730 75J4 AGAIN >'(/' ?uu.»Thut ‘ 10 5-35 

‘.O Min Jt t ‘ os:.. F-.. and 6*!, 12 40 4 45 u.45 

I - ;*; THE RETURN OF TM* PINK 
PANTHER tu- 5un-TS u , J23. 7.30. 
Fr . jig SC I 15 6 <10 10.40. 


By Our Own Correspondent 
OSLO. Feb: 10. 


Df ; t&e^South West Africa 
People's^ ganisattottl-.M. 


- . ‘;;C^ : -. . ifoscow;x«fya_ j 

THE 

desatibed 1 
to expd 

allegCCi - - •- - M », 1 i.L, ‘UC .nttnyiiu,. MUU . |i.uoaiui/ 

aci based on ^ absolutely | 0 ng?r.t before'anommeiog any 
groundless charges. retaliatory /action. . 

A Dimvrpjrnivr NWwPPiin oro.' !n the firsl P ub,ic Sm ' iet In Ottawa, the Canadian Prime 
A PIONEERING rv^rvietian pro- j reaction to ibe Canadian decision. Minister,.; Mr. . Pierre Trudeau, 
3 ect aimed 3 t testing the tecB - ; announced, yesterday, tbc ofiicial said that an alleged Soviet spy 
noiogy for repairing pipelines al: nc , Wf agency Taw'said it was rin? was .a bJbt on- retatwna-.be- 

a rnMitd rlpnlh of Slid metres ' -.Iiknyi.ad in Cl'ild ** tVint ihp twnn thu PnnnTriils -VhiF ■ WAftltT 


reopie'S. : u.r g a n is a xtnttj-.f» a »■» -■ 
: ill* oft; 26s 

cblleaguts (Including 3 from 

Windhoek), had AeBr'ftsf..J A J 
forffl^i rneeririg in rids' rtMtodr.-ilyriJ 
of .'talks with‘rep refientatife^ 
of Britaieu the V&. -KifancB.iV--' "- 
West . .Germany and CanaiiL ', •- 
.Sti: NiijaAia wants :SWAPfr' •'. 

" dissidents ” now being belli.'. ■. 

[ In ,detention ^volunteer not--: 

;to retom to Namibia ajta cefls, . 
dilion for their release- He -hr 
^«»d« 8 ?obdj.f».'fear Uieljr pw-,. 


a record depth of 320 metres■ auihori.-?pd to state “that the tween.the countries but would] 
was definitely abandoned to-day..actions of the appropriate not lead to a permanent rift • 
following; the inexplicable death; Canadian authorities are At a news conference be played 

on Tuesday of une of the 11J regarded as unfriendly ones, down the hmg-tenn:effects of the 
divers taking pan. ' an d t h a t they were taken with scandal. Mr. Trudeau »8W:-“You 

Its failure could effect Nnnre-I obviously 'provocative aims." can- continue. tbiihaye OpOd TCfa- 
gian plans to lay a pipeline from! . y es terdav'Canadian ETtpntal J)bhs'With .a-.persQo* i wlnchas r .not 
the .Anglo Norwegian Statfjordj Afi - J}irs . ..Minister 1 . thmald b?an nice:fo mat sonw 

Jamiesbrt .said .Ottawa.- 3 would 1* 

resard any retaliatory Soviet iP^STSjl'5 

expulsion of Canadian diplomats^ * 't^rirm 

The deep sea maintenance tech-j as , eomp ; eTety un J usflfied: ' vent us from continuing-fo. try;! 

nnlogy would be needed for a; Canadians here were specula b to have, good relations with 'the 
line to Norway, which would have; ing that four or five diplomats Sovifef. Union.' I don’t eee UuS 
to cross the sub-sea Norwegian • could be exi>elled or barred by scandal as an end of our relations 
trench, over 3fl0 metres deop.(Moscow in response. In any sense." he said. 

JNo such obstacle Jies between ( There were already signs of Mr. Trudeau also said he did 
St.itfjord and Britain. | strain between the two countries not expect the Soviet KGB Secret 

The project, involving over 200 1 following the crash la$t month police will stop-spying. " arid we 
men. was backed b;. two groups'over Northern Canada of a will continue trying .to, prevent 
uf oil companies, the Petronord J nuclear- powered Soviet spy them." 


field to Norway's west caaii. thus 
making it quite likely that oil 
and gas from the field will even¬ 
tually be piped to Britatn instead. }* 


Group and Staioil Mobil. 


satellite. The expulsions were Reuter 


JNacmibfa he: WRhtfrawit befof^, 
elections are field; The-W«t ; 

, ihai ’proposed 4hat - the. Sotdffi. 
i African--forces* estimated MT . 

'. more, than rednqrf? . 

■ to^ and Mnfined to IMP-"., 
xaifins.'. S&- 

TheVflvo Western nattotsf 
.undertook their attempt toflfid 
an . intenutionaity acceptahl^^ . 
independence settlemenL > . 

.-.tir. David: Owen, the 
Foreign: Secretary, and .-'.afe'.. : 

Batiuu the. South Afdedt';.. • 
-Foreign Minister, werctiifrAm- 
otrlhe lfliafeters to'artive ^ ; ' 
L:New . Y 6 t-k : uvday for-mhfis*:.;-' 
terfal-^evei talks schedHled:^'; - 
take- place bver the- - weri«wE. ''•' : 
The Freftclr, West Gerertn asd ^ 
Canadiau -Foreign .-ISfaUf^S.. “■ 
were doe'.fn laiex touigfal- 
Mr.. Cyrus Vance, ..the’ •: 
Secretary :of -State^ witt-lam., : 
the nexotfatiairs to-matrowV. 

Mr'. Botha- riiid Me. .Noi«h^. 
then wllF hnye ^epar&te' meet- ^ 


A STIR IN PAKISTAN’S LARGEST PROVINCE 


inns with the group of Weston ‘-u J j T">. 
statesman.' ‘' \Vi- , 


J. 





cling to their ancient freedoms 


\ . s . 
•• • ’* ■'. : ^ *.* : 


BY SIMON HENDERSON, RECENTLY IN BALUCHISTAN 

THE YOUNG 3 rmy captain in -icver.il hundred civilian and lone straight hair.. ‘has 
charge of public relations in military e.r>uaities Neighbouring philosophical turn of ; phrase 
Pakistan's western province of Iran lent helicopters and crews. “I have decided not to.make': 


%i$. r-J 
4 .'i 

L.--: 


Baluchistan could lay claim to while Pakistan Air Force lighter any .comroept al.-this ritage“ ie : p f - j ••..- 

having the world’s must overdue bombers scarce concentrations of says. “ l -cannot jtay'why.-l^.cannot- ^ ? v . . 

library book. The gazetcer for tribesmen into submission. say when I* shall bo prepared -to.' 'V. >' S *.'V t *'.f: 'vsct rZbl 77^ 


the province, until last year the De^ 
scene nf frequent bloody con- by the 
fronlation between the anny and and 
rebellious tribesmen. v.«as due spiracy 

hack in thp library of Quetta's ieaderc ai the beginning —-- - - 

famous staff college on April 3. January, suspicion, verging on t drink nty 'mint tea and leave.'. i - - 

192 : l- hostility, lingers on. Several Omside the simplo'rinrf eaked .^^ 1 ^^ m«QfJiio 1^ -. 

The hook, collated by a British hundred tribesmen and thetr watts-of -'the house a- Cobafant *:• 

adnunisiraior uf the area in IhO?. families prefer the security of streaBi of.Marrl.tr”"’*'"* 

still remains valid tn many the hills or neighbouring ing, turbans and 

respects to-day. Marri tribesmen Afghanistan. Local leaders call blankets/: dPtrie. 

were a thorn in the side of the for compensation and 
ruling .-idministration (hen as amnesty. Short of an 
later. Their protests aaninsi 
central government interference 
in 1972. especially after the arrest 

on conspiracy charges of the local be preparing himself for 
anti-Bhimo political leaders, an* concessions. 

of concern to administrators The political position of .. — .. . .... . 

tn-day There have been no local leaders Is not clear-. They The Influence' - Of < the tribal toonlsiai£'umete u'o of the Worto;- 


a full and seek advice' Several stop ntr:stan's Ptw^sSlotr wff ; treaty'- 
unlikely the street to shake -my. hdndl- l antt torrtioriaT ifiteffrit?' 1 !® 


must warning not to ..- tweak : .* ; • 

more boards-or knock offtheir tuetiaiyl^ 0 * 8 ^ fboia ^ . 

—“ ft is a serious.insult And wi}f:better deal Ihari a c.- . 

f the be 'avenged.** ^ on'Mristim'exelasivity-r'ft\^»b' - -• 

Thpv - •n.l *1 -._rL-I Ima Wnitn-. ' •: 



been withdrawn hut only to North-West Frontier NAP leader. Rartj a r 9 of the Baluchis-_ 

"selected poims *’ Khan Abdul Wali Khan, who has Brauhuis,-which -togetherItnakiei 

The 19b7 sa«etecr says the Joined the National Democratic U p more than half the popok^ 

crimes m the town of Stbi Party (NDPt. Wali Khan is thus tton. also control the exploitation." 

included aduliery. Nowadays Sibi, hark ’*• —- = -.' 

hartferias Warri 
in the news, 
quarter, the 
been revived, 
modatitm for 

divisional headquarters of the more provincial-. The largest prp- 
exira army brigade which has vmce of Pakistan f45 per cent. 

been in the province since 1972. of the land areal but the smallest__ _ __ __ _____ _ 

The seriousness qf the situation population (2.5m. of more than But whtfe tb~e~sld~ivas accepted-^ swjr' wyiTt: irv 
should noi be exaggerated. Even ” 0 m.). The emptiness of the the Influence. ot-JaeirAii# ■■RMr/t^eoflirafifctrota^ k" 
at the heiuht of the insurgency deserts and hills is lhe chief iray Bakhsfi Marri : ^reciEfiw^,^«TCfr*:i^Cr'wat^‘'r«td!Wdivv^d?®i^^; Hill 
.or-.. __j .««. —two press inn. though _ toe Ii fe style of Jhis, v" I 


nr.-oDuiio mea ra aestroy tne auowea tot. -ueaer . •? 

i* sardari system “by-.;bringbrsj' cbnatjtPtibtL^ 1 . 
lr P’. schools -and, clinics-to- the..:area«'*." Discutwi«msi-j?n -Hhtg..^ntt : L ‘ 
tot* ur by. showing thereiwas a.foreej BttgaatisaffbA s r y• - 

cst stronger than the sardars'.. : r : : -; to ■ ? ov .;. 


19T3 nnd 1974 only ______ _ _ ^ ___ 

distncls of the province were The leader oT the Marri tribe lowers cdbtrast^ "sharply 

affected—Marri country and the and former - ;J — •* * - »' 

.Thnlaunn area further ir» the Rjluchi- 
south west. Bui there were Marn, 



N 



-- •: • - 4 /...” •; 












II 




VS; ll 1978 



BY PHIUP. RAWSTORME 


" • JHnffen pdtenti*i]' ; LefPvring ‘ Labour He 

•~. SL2S* y , e . ster 4?y. toe ;brea£' rebels would All into line. * — 


Deal safeguards 
malt whisky 
from Glenlivet 


Budget 



to he 


a . added that Sir Geoffrey; 

A Mn(V 0 a Clin AIIiohaa iliiiAHf A . I 


BY KENNETH GOODING 



Sin^^e i^afion:ema &■ vEERS® wtfuld be robjM,ed 

mere* Dav_ settfarnrsn? ■ •_ <-• 


. , liners' pay^ settlement would: Tories. - . milfrn , e 

•V • - Liberal “* q ® 

v. sn^^iiSfiSL^S^^ L^de^ffiOan/^endranturged **j! 


same stringent price 
controls as other companies. 

eul delta* ■*jwaer i -.*n.>*n- amenauiBm urge a — John ^rOoe, the Liberal 

'/'•'.' Mr toe GovenOT^;^-i<npose tax economies spokesman, speaking 

P«Y J Torquay 

•r t? settJeraent8 * ^ 'J~'- dismissed 


efiretary - : ’~ctalien^e5''- r-r= l5K^r - •P e “aiues-. n »»' ! '' pay »n lorquay last night, scornfully 
• :;.; :i ‘largaret , TfiatcS-r-t» sheD'^ settlements. £*/-• dismissed the “ridiculous cats’ 

: ■ .er poIicy Ar ^ntrSl^°ir»fS ^ a\«p«8Ch^t-lft»Wich yester- of Tory industrialists, 

: on.“Ordoess^iSSylel?^ tax he.^aid'.TbAfrthe’ present Politicians and Press who had 
' ^:i-<n umes^ihmieS “b^tlMi^.-'lprtces and opposed the Government's 
. : rr-all?.’* he demanded S . ■ incomes' r 'pplipyr ^Shnold be sanctions. 

; Mrs. Shirley Williams and Mr. »Piaced' v by* *£j*V permanent But Mr. Cyril Smith. Liberal 
-..avid .EimalsY joined in ■■ an >ta<toiaing.«.'national MP for Rochdale, who voted with 

-. wauli on the ^ Bitter^irrespotfc body .tQ.^efereeLsp€^Ial;caaes. the Tories earlier this * week, 
-. •*- ble and desperate Tory attempt Mr. Steel-shafply-critdcised the maintained his rebellious line in 
wreck the . Government’s lack- -of. continuity ^.in. policy, a speech at Louth and condemned 
■ - • Tategy." -. •• , -.;• whicb, he : said,.had"iieeu. vividly the Government’s moves as “a 

. .Government confidence, of„<Ie-jHostoated hj:-4he l ^pa Alliance blow against democracy.* 1 
- ': -. *ating the ■ renewed Toiy pffeor" Insurance dispute;'- ‘ Mr. Kenneth Clarke, a Tory 

ve m the Commons 'on Mop--..- The-- Labour Government was industry spokesman, said that the 
. __ 37 was boosted last night b^ddw thrieaieDhig^o-nse the Tory Government switch to a system of 

N ' .rong support from the Liberals, Countep-lhflation Act'which it enforcemen t by contract should 
ho called for even tougher Gov- tod. orlgtnally;opposed to .secure not be allowed to obscure its 
9nVi>'EP ,ent “easures. 1- •--•'•- f reductions in the>company's “scandalous conduct” over the 

***«& There were signs too. 'that premiums. .:x J- black list. 


Jfri 


lb' 

‘A! 





of people in Ulster 
sfavour power-sharing 


. V-, BY OUR BELFAST CORRESPONDENT 




W: 


XTY-THREE per ..cent . of 


Only 19 per cent. 


. Twenty-elght'pfirvceut/wanled support _ __ r _. _ 

\ ^!ster people favour some form the present system'of .direct rule favoured it, while 75 per cent, 
'r Y" bower-sharitiE'between miior from Westminster 1 tirtontinue believed in freedom of choice on 
- ilitical ktouds accordiM'^Ynn if that was itteWtC 8 per both sides. 

; __’u < j^ 0r 7 Pg cent, favoured inde^jidence. Capital punishment for ttr- 

.npmn Research Centre poll. _ Otyoung CatfioJlcmenv 60 per rorists convicted of murder was 
' The survey fci£ an Ulster.Tele- cent had - 'seen'Ya- ,terrorist favoured by 54 per cent The 
non current affairs prj g ramma incident -\ • extradition of criminals f r om ti'ic 

•..owed . that 49 per cent of Ulster's' ieparatel^acaTion Irish Republic to Ulster and vice 
nonists supported, jwwer- ; system:-, for JPrtttstant .-and versa received widespread 
: armg. .-• ■. '. . r . . .Catholic-Children'Received -little support 

'• v :■ _ 1 * • *- —■ \ ; -v» ' 


Prescription 

regulations; 

suspended 

By Ivor Oww. Pai^ameritaiy Staff 


' ilGULATIONS. Mini ting fbe sale 
3m February 1 of mahy popufiu 
'diciBes for minor ailments to 

• presciiption •tinly't: basis ^ 

- upended for .sfe' immUiaiWfth 

• ect from to-day. »■ / 

• The Governmeptrpyesterday 

. - uoured Its cbinmiteftnt toproi 
--,le a .sfx-Adntlr.-^trait^tional 
... jmptioa. The-^aslwiiEio^' 
jmised when the iuhroduedou 
. :. the regulations lecTto a rowlii 
Commons and-protests* from 
.'jmists. .' v. ' -::. Y' V 
Ministers denied charges of 
vemment . . “ muddlc_" -. -but 
reed that more , time - was 
- 2 ded to. enable pharmacists to 
?rcome the problems:associated 
[h restricted sale of many 
jducts.- . » - ■.. -. - ’ 

The Medicines (Prescription 

- Ty) Amendment Order laid 
•: -ore Parliament yesterday pro- 

s e& that medicinal products that 
• :• ided no prescription before 
;-3ruary f may again be so sup- 
7 id for another jsix mbnttew 
• ... ■ Ir. - Roland .Moyle,, Minister 'of 
-:te for Spidal.-Servictet, told 
•» *s that labellfhg ,regulations 
, i before Parii*ment>yesterday 
... ro designed;'tty deal with 
. -;blems whichicould-^rise frcrA| 
. introduction: ^ofTthe transi- 

• ;ial exemption. Y'. -4.'.' 


Major repairs 
.’lose tutfiaeji :: 



THERTG5F, YTttiraetYoif^rtfre 
tringto’m ’, Canal. Jidvigallons 
0 be closed from 
ng, 197B - - fore major,-, repairs, 
eded to cost £3fflMHXk_ 

Tie tunnel is it-’pre&entclbsdd 
. repalrs t . .to air shafts:'.!.Rot 
m Mai^.16 l»^June;4..whfle 
paratio ns. for ; ithe.; further 
•airs ajee; beingvmfflJe^^t.wfll' 
■reopened tir nayigalidai^ -Y'Y- 
,Tie need for extensive repairs 
1 found in a-survey by British 
■' terwayi Board engineers:in 
‘ 6-77. It, .was' .found that-r» 
gth of the. invert, (the- Bow 
J \ the . tunnel) hatf- 1 .’ lifted ' and 
ht inward moveriwirr oF J ih"£ 
her sides had- occurred. - 


.Take Delaphre 
iff bJaeBist’ 

. -MICBABl .-MORias.;^ Coa; 


yative. SEP for. Northampton 

- lthfv ts - to “sask_-r t Mr. r ^°y 

' -tersley,. Prices: Secretary^ to 
e .. Delaphre. ' Precisfen^. jSB- 
V eermg, of NbithampUiii, , '.Offj 
Government’s:blat*list.' v -r 
; tfben the -eoipfiauyv.gaVii.'tls. 
>kers rises outwd^ the?10,' pec 

- t pay guidelines. It did hot 
■ <w that wouldr cort -It .^overo-: 

hr contracts. Mr. -Morris-said.; 
•elaphre • had lo?t £50.000 as a 
. alt of breatooff ihe guidelines, 

added. Y : . -- s 


Vew European 


energy 

NEW Tinancial Times news- 
er, European Energy Report, 
ieing launched nekt ; week. it 
' 1 be published fortnightly and' 
j provide news mid-analysis lof 
energy’ policydediioos p? 
.countries of Western Europe 
. those la energy industries-as 
1 as for suppliers^ ; industrial 
suiners, bankers and- govera- 
it policy 'makers:- - 


Auditors Bill 


. S' PRIVATE Member’s;-:BUy 
••• uiring large cbmpaaies to sfet 
■ audit committeea'df dhceetqrs; 
' .keep 'in touch .with, managte- 
..its and anditprst failed, 40 
are a second-rtodlpsln the 



will exploit 
natural gas 


; . BY OUR INDUSTWAL STAFF 

v'-'v-i . ■ • 

THE .. CAilLESS'; -Etpluration Carless has small interests id 
O nshore Group rha» > ieached some North Sea licences. The 
agreement: with . ’Mdfliefc,'. small new mining licences will provide 
gJv-Yoii company, Cambrian its first opportunity as an 
Exploration*.-fpr ai^nisitien of operator, 
large'shares 'ih;^everaL mcplora- British Gas has agreed to pay 
tipa; . jwbductitm. -ind aiming higher prices to two of its main 
licences-in Southern England. 1 . offshore suppliers in the soutliern 
r.' Cayless, 'Exploration,-' a^sUbsi- stator o£ the -North Sea, Shell 
diaryof -• Carless Gappl and. and Amoco,' in return for a 
Leonard, .air independent ofl longer* more flexible contract 
Company, 7 hag acquiredra 65 per The two oil companies are to 
<r£nt Interest ib : ’ tvro mining invest ,some £ 100 m. in new faci- 
licences fn Surrey, -which con- lities to ensure the maximum 
tains three-wells known as the recovery of gas from the reser- 
B3etchihgley -G£s Efeld. voirs - when they pass peak 

These throb welhr were success- production. 
fuDy tested in yime last year. Along with the installation of 
Planning..peramsiqn for Instal- new-gas compression facilities, 
latioii of plmjt. has now been Amoco and Shell have agreed to 
given by Surpfey County County, operate the fields flexibly with 
- - The production licences are in higher production during the 
West-BusSecc,-East Sussex, Hamp- winter to help British Gas over 
shire* Berkshire -and Wiltshire, seasonal peaks in demand. The 
apd:,hero ';a'. full seismic prd-^supply contracts have therefore 
gramme is expected to be com-~ibeen> extended from 1993/4 to 
pM«j«i;in.taft.Bpriiig. * 1997. . • 


of hoik mall whisky from 
Glenlivet Distillers of Scotland. 

But it is a setback for those 
campaigning to end the Scotch 
whisky industry’s shipments 
of bulk malt to Japan, where 
ft Is used to Improve the 
flavour of local products. 

Snntory, Japan's largest 
whisky producer with sales 
last year equivalent to £LLm. 
and pre-tax profit* of £8901100, 
has bought malt whisky from 
Glenlivet for about 10 years. 

When Seagram put forward 
a £47m. takeover last year, the 
relationship seemed in danger. 

For SeagTam, the world's 
largest drinks group, taking 30 
per cenL of Glenlivet ontpnf 
for its brands sueh as Chivas 
Regal, is linked with Kirin, 
Japan's biggest brewer in a 
joint Japanese whisky venture. 

Seagram now says it will 


“formalise*’ the arrange¬ 
ment between Sunlory and 
Glenlivet on a contractual 
basis. 

■ This might explain why 
Suntory did not use its 11 per 
cenL shareholding in Glenlivet 
to: block the full acquisition 
by Seagram. 

Last year. around 6m. 
gallons or malt whisky worth 
£16m. went to Japan from 


broadcast 

live 


Higher pensions 
test claim 


is rejected 


BY ERIC SHORT 


Financial Times Reporter 


1 THE CHANCELLOR'S Budget 
I speech on April 11, together with 
the Opposition’s reply, will be 


Scotland, but Glenlivet insisls [broadcast live on radio by both 


that il accounted for well 
. under 10 per cent, of that total. 

The Scotch Whisky Combine 
Committee which represents 
employees, has campaigned 10 
slop the business. It was pro¬ 
viding future competition for 
Scotch in wurld markets from 
Japanese whiskies. which 
sometimes use up to 40 per 
cent, of Scottish malt without 
mentioning this on (he label. 

This trade with Japan is 
one of the key factors being 
examined by u National 
Economic Development Office 
working party 


1 the BBC and Independent Radio 
! New’s. 

j This follows the Commons vote 
earlier this week to allow per- 
, manent broadcasting or proceed- 
, ings in the House, and contradicts 
the statement by Mr. William 
Price. Parliamentary Secretary 
to the Privy Council Office, 
immediatelv after the vote that 
he thought 'it unlikely that broad¬ 
casts would start in time for the 
Budget. 


Relay 


BY DAVID CHURCHILL 


A SECOND London heliport 

close to the City, is being con- we can .... 

sidered by the Greaer London in a state worthy of the capital, 
Council to meet the expected in- she said, 
crease in traffic in the I9S0s. - 

This was disclosed yesterday 
by the GLC when it announced 
that it was considering two pos¬ 
sible sites for the new heliport 
The alternatives — Surrey Docks 
and the Greenwich peninsula — 
both have drawbacks at present' 
according to the council. But it 


BBC and IRN both said yester¬ 
day that broadcasts would start 
on April 3, immediately after the 
• Easter recess. 

; The Budget speech, starting at 
3.30 n.m.. will be used live in its 
entirety by BBC Radio 4 and by 
LBC. Independent Radio News 
will relay it io other local 
stations throughout the country 
for use as required. 

O Community Radio Services, 
the company that trades as Down¬ 
town Radio in Northern Ireland, 
jrnade a trading profit of £55,220 
bition centre. “IVe must do all I for the year to last September 
to maintain the centre!30, reducing the accumulated 
losses carried forward from the 


New London heliport 
site under study 


A CHALLENGE by three 
pensioners to obtain higher 
! increases in old age pensions was 
rejected yesterday by three 
Appeal Court judges, who dis¬ 
missed a test claim that could 
have cost the Government' an 
extra £5 00 m, a year in pensions 
and other long-term benefits. 

The pensioners, Mr. Leslie 
Metzger and Mr. George Carter, 
both of London, and Mr. Arthur 
Jenkins of Coventry, backed by 
the Cbild Poverty Action Group, 
had challenged the method used 
by the Secretary of State for 
Social' Services in determining 
the size of increases in pensions 
and other social security benefits. 

Their claim was that a review 
based partly on forecasting 
price trends ahead was wrong, 
and that it should be determined 
on knowledge of movements over 
the 12 months before the 
uprating. 

The Social Security Pensions 
Act, 1975, lays down the method 
by which pension increases 
should be made. 

The objective was that pen¬ 
sioners should share in increas¬ 
ing prosperity of the economy by 
having their increases based on 


Council mav 
raise orecept 
by 10% 


hopes that the planned regener- ESSEX COUNTY COUNCIL is 10 
ation of the docklands area over tbnsider 3 recommenda;ion that 


previous year from 
£99,387. 


£154.607 to 


Cruisers Join 
Board's hire 
fleet 


SEVERAL NEW four-herth and 


the next few years, especially tee precepi For the year 197S 7B! six-berth luxury cruisers have 

rnari ImnnHiAmunlc ,.,<11 --ehmild h- Kfi 1 n in till? V-Hit i iolllPfi >hp British WafPTWBV< 


further viable sites. increase of 6p or 9.9 per cent, j Board modern hire cruiser fleet 

Miss Sheiagh Roberts, leader - Stringem economies during | at Nantwich on the Shropshire 
of the council's planning an d-tiie year and the co-operation of (Union Canal in Cheshire and at 
communications policy commit- st *ff have n,ade “ possible to j Hilimorton. on the Oxford Canal, 
tee. said yesterday that it was lim it the recommended precept near Rugby. 

vital that any new heliport t0 tit* 5 5^‘e despite a reduction | The boats, built on traditional 

should be located to give rnaxi- te the Rate Support Grant fori narrow boat lines, are fitted with 

muni operational advantage next year an d continuing infla-1 central heating, hot and cnld 

while minimising noise nuisance tion- 1 running water, showers, full 

to residential areas.” No major cuts m sendees are'kitchen equipment and other 


earnings rises. 

But such increases should 
□ever be less than the corres¬ 
ponding rises in prices. That is, 
pensions should be inflation- 
proofed. 

The increases in April, 1975, 
and November, 1975. were based 
on historical earnings move¬ 
ments. but the method used for 
the increase in November, 1976. 
was on forecast prices. It is this 
change that is in dispute. 

. Lord Justice Stamp stated 
yesterday that in the very 
nature of things there must be 
a considerable delay between 
the date of a review of weekly 
pensions and the date when the 
Secretary of State made an order. 

The administrative problem of 
preparing the way for a change 
in weekly rates must be formid¬ 
able, and there was also the 
delay in obtaining the approval 
of Parliament 

The Appeal Court’s view was 
that the 1975 Act did not 
require the Secretary of State, 
once an Order bad been made, 
to find out whether it did 
” increase the sums to such an 
extent as was in fact ‘ necessary 
to restore their value." 


Germany and France still 
fighting Britain-Powell 


FINANCIAL TIMES REPORTER 


Skateboard industry 
shows its wares 


BRITAIN^? NEWEST growth boards became the single most 
industry passes a landmark popular gift for Christmas and 
to^qohrow when - the firSt .about 2ml are estimated to have 
National . Skateboard Trad& been sold last year. About one 

lExhibitlDn opens.: , .: . in-, four boys aged nine to 16 

■ 'Almost. ' every type of skate-years owns one. 
hoard'available will he on <Hi£/' The multi-million pound indus- 
play, with associated safety try has spawned a huge demand 
equipnient and a comprehensive : fo r . skateboard park equipment, 
section of jamps,' runs, flooring^.This Is being fuelled by public 
bowlsi Tpipes.-and half pipes. The,;pressure on local authorities to 
shbwVtiimher is 'Safety in Skatj^'provide facilities.* 

boatfling;,- W' .;.- --- 

";£Cbre tton '200, companies 


factory 

Canady .TOarnl,; Germany, e .. J 


anff JapaiL The four-day exhllsi-'TJUNI BILA. the Swedish group 
tiira - at'the Royal Horticultural .manufacturing disposable plastic 
Society’^ New Hall, Westminster products, has taken a lease on a 
wilf! be officially-opened by. Mk 3Q/J00 square feet factory unit 
Denis HowelL Minister of State? bo- Run corn’s Whitehouse In- 
for-the f, - Department. of ■■ ffcA- duStrial ^Estate, in association 
Ehvirbhiiient.. Sil‘\ .with the local deelopmeot cor- 

* The -Skateboard craze, whft^rPbratzon and the North West 
came from the U.S^ bit the UJ&; Industrial Development Associa? 
in-, the past 12 months. Skaj^ tton. 


London's present main heli- to be made bur some economies 
»ort. at Battersea, dealt with in:.running costs are budgeted. 
:,66fl flights last- yea^ - . • Some re instatement of last year's 

Miss Roberts also announced i:uli’>b£ii been possible ui a tew 
yesterday''that "the.. *-Greater areas.; • 

London Council was opting Special provision will he nride 


amenities. 

When laking a holiday on a 
canal cruiser there an? no sur¬ 
charges. All the holiday maker 
needs are clothes and food. Fuel 
and cooking sas are supnlied bv 


negotiations-on;, possible. flnan-'Ttrhetd'witlf urgent arrears of j thr* Bnard. and television is avail- 
cial aid to the Earls Court'txhi- work on buildip? maintenance, 'able as an extra. 


Tribunal rules against Tether 
on Lavender Hill Mob letter 


GERMANY AND France were 
engaged “ in the continuation of 
war by other means'* against 
Britain in the Common Market, 
Mr. Enoch Powell said in London 
last night. 

Germany’s attempt to wield 
“ their favourite instrument—the 
big stick”—over the devaluation 
of the “ green pound " and the 
fisheries negotiations, had been 
another reminder of her "age¬ 
long ambition" to dominate 
Britain. 

“We are simply incapable of 
comprehending the depth and 
durability of the resentment 
which is held against us by the 
Germans and the French." Mr. 
Powell declared. 

“ By the Germans, for the 
obvious reason that we defeated 


them; by the French for the less 
obvious but still more potent 
reason, that we did not share is 
their defeat.” 

Britain's accession to the EEC 
had given the two countries the 
opportunity to reverse the 
verdicts- of past wars. In this 
new "battlefield,'' the Foreign 
Office had worked ruthlessly for 
the surrender of Britain's 
independence, he alleged. 

“ In its so-far successful 
campaign, the Foreign Office 
has been supported by much the 
same classes and interests as 
were working in the same direc¬ 
tion in the 1930s and would have 
been as ready to hand British 
independence over in 1940 as 
they were ready to join in doing 
so in the 1970s.” 


Drop in furniture orders 


FINANCIAL TIMES REPORTER 


DOMESTIC furniture deliveries 
last December were 3 per cent 
lower than in December, 1976, 
and tbe volume of orders beld 
by manufacturers fell by 26 per 
cent, over the year. 

Provisional figures issued by 
the Department of Industry give 
a seasonally adjusted index of 
deliveries for the month of 160, 


a rise of 11 points on the 
November level, but a 5 points 
fall over the year. 

The index of orders on band, 
again on a seasonally adjusted 
basis, stood at 144 at cnd-Decem- 
ber—10 points lower than a 
month earlier and 50 points be¬ 
low the level at the end of 1976. 

The actual value of deliveries 
in December was £62.3m. 


A BUSWESSMAN, commenting the Financial Times was aware The chairman, Mr. William 
in a private letter about former of his anxiety, it did nothing Weilv QC,-said That in a letter to 
Financial Times columnist Mr. to allay it. He drew, the. letter ?4r -Tether Air. Ellerington had 
C. Gordon TeUier: referred To. to thr attention of the news- apologised and explained' his 
getting “my Irish friends.in the' paper'rexecutive,and eventually remark as a light-hearted refer- 
Lavender Hill Mob op to to®’ to Lord Gibson, the chairman. ence to topical events, 
matter," a London industrial As Mr. Ellerington eventually n,e tribunal understood Mr. 
tribunal heard yesterday. ' explained, it was a remark made Tether's contention that the 
But Air. William Wells, Q.C.. only in bad taste. But the real management's failure to deal 
chairman, said that it was a tight- Importance of the issue was that w jtf) the “ Lavender Hill Mob ” 
hearted reference to topical during 2j months hd one was pre- f or 21 months was being 
events fthe letter was written pared to tell him that. presented as’evidence of hostility, 

nearly two years ago). He ruled This was at a time when there anc j the bearing this bad on his 
against Mr. Tether in pursuing had been a number of attacks, in- decision not to attend the NUJ- 
this aspect of his case for rein- eluding that on Mr. Ross NPA disputes committee working 
statement. This particular mat- McWhiiter. relationship meeting in the 

ter was exhausted, he said, after Mr. Tether told the police at editor’s office 
the newspaper bad sought a Cannon Row station, who agreed Earlier> Mr . Telheri con t,nuing 
ruling. it was probably a remark in bad hjs . nDen , n , address qd the *>lst 

Mr. Tether. 64, claims-he was taste. But they were convinced jj hoarin" said the 

unfairly dismissed by the Finan- that as soon as tbe Financial h '> 0 manifest in a 
cial Times and seeks reinstate- Tim,-* was made aware of U they th? 

ment. would put bis mind at rest. When JSJor sent hini^ in March lffTS 

•• h G! - eSa f n,P . 1 h S this r d, '„ n n ^l 1 ?rf ppen * he became in which be said thaf sin?e they 

“hostility of the Financial more concerned. 

Times management towards him. Mr. Thomas Mnrisen, counsel 
Mr. Tether told the tribunal that for the Financial Times, 
a letter, accidentally came into reminded the trihunai that on 
his possession at the end of the second day of the hearing it 
March, 1976. in which reference was decided that this was no 
was made to him. The letter was longer a matter of concern, and 
from Mr. Guy Ellerington, man- accordingly no evidence was 
aging director of the Financial given. When Mr. Tether first 
Times' advertising agents, to Mr. drew Mr. Ellerington’s attention 
John Geddes. the newspaper's to the incident, he had been in 


were then running up to the 
Common Market referendum it 
was reasonable that Mr. Tether 
should write twice a week about 
the EEC. Once the referendum 
date had been announced, he 
would be ready to carry up to 
three articles a week on the EEC. 

Mr. Fisher’s EEC directive, for 
all its " innocent lonkins 


UUUU 0 tv ( ■ ■ V III. imu V, *_ • 1 III , |f _ , . J , I 

promotions director. It con- South America for some weeks character, had considerable 


rained a phrase. ** If you give me on business. 


relevance as to who was respon- 


a verbal instruction, I will get Mr. Tether replied that it was sible for ibe distrust which 


ray Irish friends in the the impact on him which was 

Lavender Hill Mob on to the important and bow it affected 
matter. ..” the distrust he fell for the 

Mr. Tether said that although Financial Times. 


developed between him and the 
Financial Times, said Mr. Tether 
The hearing was adjourned to 
Monday. 


-rtr- 


England^ green mid under-researched 



DAVID FBHLOCK, SCIENCE EDITOR 



RESEARCH to try to reduce to^’amenity grassland, ranging from 
^eurit-df-time and woney spehl "-intensively managed" areas 
dri^the great British sunuUft sports turf to- untrampled 
weekend pastimes of mowing theTopen spaces-such as cemeteries 
lawn-is recommended , in a reptfrt-and railway embankments, 
on Britain's ameaity grasslands , Local government controls 
Nationally, the - upkeep of two-fifths of the area, and central 
Bri tiHnV 13m. lawns costs mofe- government and British Rail 
than £3Xh«. a year. between them account for 

tTfcfi. Natural Environment another one-sixth. 

Research"Council's report , finds Trampled open spaces account 

that Britain spends an. insignia, for £79m. of the £150m. manage- 
. cant amount on research related ment costs, and Intensively 
(To toe management of atnenjjy.'managed areas of grass account 
grasslands,'! compared with te-for, another £57ra. 
estimated.cost-of nearly £150nL fhe four most expensive areas 
a year tet W 7 !* prices). . intensively managed grassland 

Application of research results’are'urban parks, accounting for 
Jeading -tor just* a 5 per cen^ almost-a. quarter of the £57 hl, 
saving iq. mowiug co.sts could ^.domestic lawns flB per cenL). 
worth £4 hk a year, says toe aghobl playing fields (16 per 
report. / - ; - cent), and golf courses (14 per 

The. study was carried. dot cent.). T 
,under contract for the Depart-;;in 1973. “new!* grass cost the 
latent of : tiie Environment Jby^jA nation 0Sm, mostly for new 
comminee -.headediby Profeswrigplf courses, construction of 
A- D. Bradshaw of the University, wbieh boomed la toe early 1970s. 
of ldyerpooL; / jv-?-" 'Mowing costs dominate the 

rit; find s »n area of Britafo expense of mahagih& grasslands growing, use of gracing animals of management The committee Natural Environment Research 


The diversity of machines available to tackle the national pastime of keeping the grass down. 


dbtor'toiU. aa again POr and selection of slow-growing wants to see .a research institute Council. 


Norfolk-^oinfr 3.7 ..per cenU of.T4 per ceqt for-fertilising and ^ up but acknowled^s toai Amenit V Grasslands—The Needs 

SetDlaT^d aurfaceof toe UJ^.5 per cent for weedcorrtroL species of gras.v ac ^ pw ‘ e ^- s F ,a l l for Research, published by toe 

—is thd--subject of almost ia>.. Further investigation is needed Overall, research relevant to this is not immediately practical. Natural Environment Research 
se&tific research ' ioto berter . mowing machinery, amenity- grasslands accounts for ii urges greater effort in existing Council. 27-33 Charing Cross 


—y f This^ the areir defiaedlas;chemicals to retard the rate oi. only os&tbousandib of the cost research, co-ordinated by the Road, London, W.C2U 0 AX. Free. 



The Piccadilly Extra Income Unit Trust aims to provide a 
combination of a high income and capital growth by invest¬ 
ing mainly in high yielding, and good quality, equity shares. 
•At the offer price calculated on 8th February *978 of 32.5P, 
tbe estimated gross annual yield was 9.5%. 

Approximately 8e% of the Fond is invested in ordinary shares 
(with the remainder in fixed interest stocks and cash) and 
there are therefore good prospects of continued capital 
growth. 

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

Your investment should be regarded as long term. 


Shan Exchange Plaa. We conaMfr Uuu It Is now the right t im e for holders 
of UK Shares to «l»» advantage of the Piccadilly Share Ex c hange facEGtie* 
to parchaee unit, in thiit imi without incurring the norma) aeding costa. 

IT yon wish to invc*r by way of share exchange, please attach a list or the 
investments which you wish to exchange with the coupon, or ask for one 
brochure. 


Applic at io ns and riiniiica Mill noL he at know Indeed, but tvii will receive tour 
crrdliaie for tbenuiu)n.-i uf unit- allocjied wiiliin lour «ccL of our rce-ipi of vour 
application. I'nits v.It !>• i -n«l .it the oiler pricr mlin? .11 the cLe-e of bu'int'i cm 

the duv prnttlinc r*>i-ipt <>f .. jpiilicjJiiiu. For iiilivium-iL pun'O-fs' onlv. the 

r.llrr price of iinitr .,i ik,r il'.i'- ■ f liii-iii-.- ■ on Rlh l-cbnurv I17<- '•*> ".12-5P- The 
i-jinijimi ettre anniul \i-M . 111 h. 1 i pnn. n-ja q.;.".. 

Income distribnaon. Die utcoim ■ u-> "t las -it the lo-io rat-, i- p.-vjbl- I.alf 
farly «m jf»i Man It ..ml ivili S, pn.i.ilier. Tin- Iir-i «li-»nhu«ion in rt-peciof thL 
j]i]-Jirjri.in will iii. ui. ■ 41 - Will SrptmibiT 107R. 

Valoatkuw. The fnml i- ».lined J.iilv ami ihc im-n-nl puce am! ti».-M publthed 
dai!\ in ihe natirina! |hi- •. 

The charges. A mhv .mi* . Ii.nv. -f i- indudnf in >l»- -iTrf pric- 10 ewer 
initul eaprtMS inclinlinv ■ vjii"“ ->wi tet-ipu-rvl I'njTe .wiuI .nici-er*. 

AnaniMul di.tme.of i • \’.\T 'be v.ilur ol Ibe 1 titnl t- dnlwid U> ether 
iluiijprmml and ad..:iiiiill i-\pi ti-rs. 

How to Sell Units. Yi.u m.n n- ill-- rt“* ft ■i*i rt" w-oe in«-*lmenl .11 .w time bv 
-iemne ihe hath nr ihe 1 Vriitic.iir miliv.«iinit ihe number ol uni|. widi 10 - ell 
and returning it lo Uic M.iujct-- You will normally rrcchc iuur cheque within 
dai;~ 

Managers. Piccadilly t oil Tnot Mjiugcrucni Limited tMembers of the Voit 
Tru.t.Wejqfloai. 

Trustee, Bank i7fSc*illjiid,TlicMfund. Ldinlmrish EHi \Y7.. 


Tv; PkcadiUv lmit Tm.i Mauaqrmeni l.id.. Wariluate Lomlon Waif, 

Loudon LC 2 M sl'ATrl.oi-b.tB<*"• Regi .iered in hiwUiud Xo. ysjii.tB. 

J;W'e wish to tm-r*i / iniinunum 4110 unu>.i in thr f*itcadillv Extra 

Income Gait Trust uml j mmitanrc for tbr full .uuoum payable to Piccadilly 

L'nit Tru>t Management Ud. . . . . . . ,. . , 

I/\Ve declare that 1 am'-'c ate not resideni ouitidr the brneiluleri Temtonei and 
that I am/wc are not ar-quirinfi tlie abo« mennoned uniE a* the nominee! - !) of any 
pcrx>n(c) rcudeniuuiiiilr iliO«eTettiione*. . . . . 

If applkanw cannot nuke ihe dofljramm. 11 should be, left unsigned, and the 
application drtmld be U«iyeJ thmugh 311 authorued depfisiUirY lbank, stockbroker 
or solicitor in ihe.G lx!. 

_Pair .. —. 


Signature.. 


Suraame (Mr. Mrs. Mi-uf. 
forename'.») — _. 

jVddrcsi,-^_ 


fT, j!3 I 


AH applicant iuiM-aisn'. This offer \> not applicable roidenU ol lire Republic uf 
Ireland. 


PICCADILLY 





























l( 


12 


Hia*l TimM *«*, MrcxM m 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantlmo. London PS4. Telex: S8S3U/2, 883897 
Telephone: 01-Z48 8000 



s an 






Saturday February 11 197S 


Switches of 


mood 


PARLIAMENT. THE courts, the 
Press and the business world 
generally have continued to lie 
much exercised this week by 
the methods which the Govern¬ 
ment is using to enforce the 
observance of its ill-defined pay 
policy in the private sector. The 
principle at stake is fundamen¬ 
tal and the concern felt about 
it is fully justified; but the finan¬ 
cial markets are more influenced 
by short-term considerations. 
TTie gtlt-edged market, in par¬ 
ticular—and the behaviour of 
gilt-rdseri is nowadays largely 
responsible for the performance 
of industrial equities—has 
experienced two violent switches 
of mood this week, caused by 
changing ideas about the Gov¬ 
ernment's success in controlling 
inflation rather than the means 
of control it is using. 

The apparently disappointing 
news came first. The wholesale 
price indices for January 
showed that the cost of raw 
materials and fuel to industry 
had fallen for the ninth mnnrli 
in succession and was now 3^ 
per cent, lower than a year aeo: 
lower world • commodity prices 
and the firmness of sterling both 
contributed their part. On the 
other hand, the tendency for 
factory output prices to rise at 
a steadily falling rate seems to 
have come temporarily to a 
stop. It remains to be seen 
how far th : s is due to the bunch, 
ins of price increases at the 
beginning of the new year. 

Money supply 

The market was much more 
disturbed, in any case, by the 
latest banking figures. Advances 
by the London clearing banks, 
after allowing fur the usual 
year-end special factors, seem 
to have been rather lower than 
recently: but the eligible 

liabilities of the banking system 
i roughly speaking, the total of 
interest-paying deposits) rose 
even mure sharply than in ;he 
previous month. These eligible 
liabilities are s pointer, though 
not always an absolutely 
reliable one. to the money- 
supply figures published a week 
or so later, and the market 
drew the conclusion that the 
growth of the money supply 
would turn out to have 
remained beyond the top of the 
target range. 

If this were the case, the 
authorities might be expected 
to push up interest rates, ana 
the immediate prospect for gilt- 
edged prices would be poor. 
The Governor of the Bank of 
England, in a public lecture on 
monetary policy this week, 
pointed out once again that ’* to 
long as we can see our way to 
bring it back within a few 
months to the charted path, we 
should not be unduly concerned 
when monetary growth goes 
temporarily off course.” That 


may be the rational approach 
But for the moment, at any rate 
the gilt-edged market takes 
these month-to-month fluctua¬ 
tions much more seriously than 
they deserve and it becomes 
difficult fGr the authorities to 
sell stock at just the times when 
the need to sell increases. 


Miners accept 

This week, however, one 
sudden change of mood was 
quickly overtaken by another. 
The miners announced that they 
were ready to settle for 10 per 
cent.—so removing the risk of 
one damaging confrontation and 
increasing the chance of avoid¬ 
ing another with the power 
workers. With several other 
groups either settling or seem¬ 
ing likely to settle soon .at 
around the 10 per cent, figure, 
the possibility of keeping the 
gruwih of earnings within 
reasonable limits during the 
current season seemed much 
brighter, and the market perked 
up. 

It was encouraged, too, by 
further hints that the Govern¬ 
ment was nut preparing a 
dangerously expansionary 

Budget ahead of a general elec¬ 
tion. The Chief Secretary to the 
Treasury* warned the Commons 
Expenditure Committee not to 
expect too much in the way of 
direct tax cuts, because or the 
many competing claims on the 
benefits of North Sea oil. The 
Chancellor, speaking to a meet¬ 
ing of Labour MPs, was con¬ 
cerned to dismiss the more 
colourful Budget demands of 
the Left and to stress that he 
had no intention of emulating 
the "extravagance” of Mr. 
Anthony Barber. And the 
Governor, in the lecture already 
mentioned, took the view that 
we could nut allow the economy 
to expand " very vigorously " 
until inflation had been brought 
down to a lower level. AH in 
all. the change of mood in the 
gilt-edged market was so 
marked that the authorities 
were able, by cutting the price 
of the long tap. to sell consider¬ 
able quantities of stock on 
Thursday. Things were quieter 
yesterday, though MLR 
remained unchanged, mainly 
because the market was given 
a hint that it should hasten 
only slowly ahead. 

These sudden changes of 
mood are perhaps themselves 
a sign that monetary policy is 
at present more useful in the 
long-term control or inflation 
than the short-term management 
of demand. The introduction of 
“rolling targets” for the growth 
of the money supply, which the 
Governor suggests should be 
announced twice a year to be¬ 
gin with, may make the market 
a little less violent in its reac¬ 
tions. . 


coffee in 



BY RICHARD MOONEY 


W ITH retail prices now 
35 per cent below last 
summer’s record levels 
the U.K. ioslant coffee market 
is at last resuming some 
semblance of normality. But in 
the aftermath of The 1975 
Brazilian frost disaster world 
supplies are now in such a 
precarious situation that any 
fresh blow could produce a 
reaction which would make the 
shocks of the past three years 
pale into insignificance. 

The unprecedented prices 
seen in recent years resulted 
from a relatively short-term pro¬ 
duction deficit, not an actual 
physical shortage. But any 
further serious blow to supplies 
within the next few years could 
take the market into physical 
shortage with a vengeance. 

When the Brazilian frost 
struck in July, 1975, world coffee 
stocks stood at a relatively high 
level. Most were in Brazil, 
where the Coffee Institute was 
holding 35m. bags (of Cl kilos 
each) equivalent to a year-and- 
a-half of Brazilian production 
and over five months of world 
production. Virtually ail this 
coffee has now been used to 
maxe up the production short¬ 
falls of 1976 and 1977. In August 
last yeai the- Institute estimated 
that its stocks bad sunk to a 
mere 1.2m bags and by the end 
the 1977-7S marketing year 
total Brazilian stocks are not ex¬ 
pected to exceed 3m. bags. 

But with slocks, all the 1975 
frost did was to bring to a sud¬ 
den conclusion a process which 
had been under way for years. 
Ten years before. Brazilian 
stocks had stood at 65m. bags 
but this had been whittled down 
gradually because of shortfalls 
in world coffee production. Now 
that the stocks are gone, the 
deficit cannot continue. 

U.S. Department of Agricul¬ 
ture (USDA) statistics, which 
many experts consider optimis¬ 
tic, put the 1977-78 world crop 
at a litUe over 70m. bags and 
exportable production (after 
subtracting consumption in pro¬ 
ducing countries) at about 52m. 
bass. Normal export demand 
is'55m. bags or more, so some¬ 
body. somewhere, is obviously 
going to have to drink less 
coffee. 

The key to this problem is 
Brazil, which in normal circum¬ 
stances produces over 30 per 
cent of the world’s coffee. The 
frost cut production to about 
6m. bags in the 1976-77 season 
and the 1977-78 total is esti¬ 
mated at 17.6m. bags. If all goes, 
well this could rise ta 20m. bags.; 
in 1978-79 and production' 
might be back to normal levels 
by ' 1980. But this schedule 
leaves little room for signifi¬ 
cant stock-building and even if 
Brazil experiences an unprece¬ 
dented series of mild winters 


there is Jinie prospect of the 
country bolding sufficient stocks 
to weather a new frost crisis 
until the mid-1980s. 

Pessimists in the coffee mar¬ 
ket meanwhile point out that 
the average period between seri¬ 
ous Brazilian frosts is three 
years—so next July and August 
(the Brazilian winter) could be 
a very nerve-wracking time for 
the world coffee trade. 

If Brazil cannot All the gap. 
it is unlikely that any other pro¬ 
ducer can. The main area with 
potential for increased coffee 
production is Africa, but be¬ 
cause of political : instability, 
output in that continent has 
been falling rather than rising 
in recent years. Central Ameri¬ 
can prospects are being held 
back by the rapid spread of 
coffee-rust disease. The only 
two countries, apart from 
Brazil, which might increase 
production significantly are the 
Ivory Coast and Mexico. 


Threatening 


noises 


Over the past year the coffee 
market seems to have been pre¬ 
occupied with a welter of pro¬ 
nouncements from producers 
and consumers, most of which, 
with hindsight, appear more or 
less irrelevant. On (he producer 
side. Brazil got very good mile¬ 
age out of its maintenance of 
an illusory $3.20 a pound 


into coffee prices in both the 
U.S. and the U.K. 

But for all the publicity they 
received, it is doubtful that any 
of these moves had any lasting 
effect on world coffee prices. 
The main factor under-pinning 
the market has been recognition 
that coffee is in short supply 
and Is likely to remain so for 
some years. 

Since fast spring, raw coffee 
prices have failen rapidly from 
their peak of over £4£00 a 
tonne and now stand at about 
£1,600. This has been reflected 
in a somewhat less dramatic 
fall in British retail prices 
for instant coffee. The recom¬ 
mended price of a four-ounce 
jar of instant peaked at £1.70 in 
the summer and would have 
gone even higher but for a 
threatened boycott by leading 
supermarket chains and Price 
Commission action to limit 
retail margins. The same jar 
now costs about £1-10. 

Advance buying by the major 
retail chains enabled them to 
resist buying at the peak. This, 
coupled with widespread “loss- 
leading.” prevented instant 
coffee from rising much above 
£1.40 a quarter on the shelves 
of most supermarkets. So the 
October price cuts had little 
effect on actual retail prices 
and even less on demand. Only 
since the December cuts have 
prices begun to fall in most 
shops. 

The discrepancy between the 
56 per cent fall in raw prices 


(eaMfaseagta 


in the near. future. Although,.; 
most of the coffee on the super-. 
market shelves would probably, 
have been purchased in its raw .; 
state four or five months ago,': 
when world prices.were abouti 
3a per cent above current*, 
levels, the British manufacturers: 
have anticipated the subset 
quent fall—at considerable ex ¬ 
pense to themselves, some «talm.C} •: 

This policy was not entirely., 
altruistic, however. The : com¬ 
panies were seriously worried; 
at tiie apparent sharp cut in con¬ 
sumption during 1977. Estimates' 
of the fall in U-K. demand- 
range .between 20 per cent and 
30 per cent and the manufac-. 
turers obviously felt that Jf this; 
trend were allowed to continue 
serious long-term damage mighty 
be done to the demand for in¬ 
stant coffee, which had previ¬ 
ously been rising steadily since 

its introduction in the mid- gwners 00 both, sides of the market with a brand, shaj 



BfLkZILs 
COFFEE CROPS. 



1 —fe H ffl H 

® 196718 *88/9 W70 *70(1 71/2 72/373/4 74/5 75/6 76/7 ’TlFt.’Jsn 


III- 


1950s. 


Domestic 

larders 



1975 


1976 


WT7 


1978 


Atlantic have beconie far more over 10 per cent By . 
..used to price rises in the inter- 1977 “coffee mixtures?*., 

/ veiling years. As always, haw- whole had takenjieartjMg 
■ V ever, the proof of (hh\ coffee of the instant coffiee mark® 

,* will be in the drinking- and had established .'themsqtas. 
(bough it is obviously too soon ,£7002- a year indast^g^'. 

‘ to assess the effect J .on demand This startling, succ^caa 
These figures probably over-sf ; the recent U.K. price cuts originally have beensg^jf* 
state the seriousness of the manufacturers are finding early direct result-, of theKfiigHf 
decline, however, -just as the- ind ications encouraging. " of instant coffeet and ho ^ 

3-i per cent fall in retail sales F British manufacturers, this accounted for a large" 
in 1976 had disguised a much ^wever. the last, three yean* the original «les,;TBipj. 
stronger fall in actual con- ^ t afIer ^ have been coffee prices have fellejjr 
sumption The surpnsm^y^ a*, m ted d jsa Ste r. The the price advantage": ' 
slight fell in sales in 1976 was 0 - brifiht ° spot has been the “Elevenses" has been subs* 
probably due to a tendency ^expected success. of mixtures ^reduced, jales-jre> 
among English housewives to including coffee substitutes. •**£/"* 
fill their larders with coffee in These were introduced mainly Nestle spokesman, ahd^i. 
the expectation that .prices ^ a way of extending supplies television advertishig^^ . 
would rise further. Conversely.'^ ^ keeping retail is planned -“to keep thaf 

last year’s fall in sal^^Vas^c^ down so tifrtjpe.'dpffe*. -^ SU F^ 
probably ..exaggerated drinkfiig ; habit ■ sbbUS'Btff te'ifeifS 50 ' • 

de*tocki^p£;d&itieSri^-l^^ 

The true rut ta'pfey-taptC^cetf'whic^^dme of thes^'te^?bee& f9 003 *.. m-Vv:y.' W.&jjsp* 5 * 
sumption of coffee ties some- received has led tiie companies - ■ * 




- •S- ' 

T 



market 


where between the two figures. Ao think that there-may: be a 
If the m anufa cturers needed substantial long-term market 
convincing of the possible th em - In the view ot some 
consequences of this cut ini manufacturers, this represents 
demand they need only look lo n °t so milc ^ discovery of 
the American experience follow- a dew market as the fediscoyefy 

ing the last major coffee supply. of *** old one - .. * 4 ____ ___ 

crisis In the early 1950s. This. ' Early brands of Instant coffee uoW' pfenhTiig™^ entei 
too, stemmed from an unusually were regarded mainly as coffee^ .. » market- which it' - 

_- r _:_ ...ls.l _L..’ V._ a — :u. • i.'-.. • u ■ ■ - 


loves 


. ■- The company did not Jk! 
-any ^xniyfaires" 'to see itthi 
the crisis as. others didji 


milk drinks but 


as., “an ongoing pros] 


minimum export price, as 
did the Central American 
producers out of their claimed 
ban on exports. The Africao 
producers also made threaten¬ 
ing noises about withholding 
coffee from the market while 
Brazil embarked on a much- 
publicised programme uf sup¬ 
port buying on the world 
markets. There was equal acti¬ 
vity in consuming countries with 
an attempt to organise a house¬ 
wives' boycott of coffee in the 
U.S.. limitation of retail prices 
in France and of margins in 
the U.K., and official inquiries 


and the 35 per cent fall for 
instant is explained by the re¬ 
tailers partly by the fact that 
the peak raw price was never 
fully reflected in the shops— 
and in fairness to the manufac¬ 
turers it should be pointed out 
that the 840 per cent increase 
in raw prices between mid-1975 
and spring 1977 resulted in 
only a 360 per cent, increase 
in instant coffee prices. 

The fall in recommended re¬ 
tail prices since last October 
may seem paltry in comparison 
but it is unlikely that there will 
be any further substantial ''•its 


severe frost in Brazil which sent flavoured ^ __ 

prices spiralling in much the technical developments in the General Folds’ bffcring i 
same way a$ the . 1975 frosfe : past 25 years ba^e gradually brand name’si 

The effect'on ILS. consumption improved ” instant- - coffee. be sbbp? in March 

was immediate and, though.ititt:giving: - it a. r ; mote - .positive ^ ^ g lp to 95p for . 
cut was recovered in *he short* flavour.-; Though this n^s ounces.’‘"j:" 
terra, U.S. coffee drinking has widened’ the market T amoag . however-successfu 
been in decline ever since. ’ genuine • coffee drinkers it'now •* mjxtiBres* 3 : market prov* 

The same pattern will not appears’that many of the j on g run Britain’s mar. 
necessarily be repeated in original Jqustomers jnay turers ate anxious'to' bull. - 

Britain, however, because the fehen by-.the wayside.. The jp-y^.j^gjg^ mark* 

U.K. market is very different U -K.. coffee;, companies see fe t <>, its i&rmer Vsize...of ; ' 
from the U.S. Americans buy their . -milder-: “substitute. .a year.This pnnifl j 

mainly roast and ground coffee brands an opportunity to. bring a -loiig and expensive pr 
and the habit extends across all these people back into the fold, but there, seems no reason 
age groups. In Britain instant The most successful of these jt should- not eventually 
coffee dominates the market is NestUTs ‘‘Elevenses”,which is.-achieved.«-■providedI ’ 
and most of it is drunk by the a mixture 7 of Jnstatrt;- coffee, escapes .-further iroaa .ft^. * 
under-forties. It; may be; there- chicory.' qralt and" barle#. This imyf few seasons, Jiff 
fore, that the. more youthful was launched in Octoherat 85p ^jlitico-sbtdal 'probleais ;<k. 

UJK. coffee-drinkers • will prove for four .ounces, compared, with, cut production further, and!..;, 
to have been less appalled by £1.37 for pure instant coffee- tjf all provided the UjCfa 
the recent price escalation than Even .Nfestlfi .was. surprised by mer can be persuaded toi< 

their American counterparts its success. Within five weeks £t Or. more per four ohffist • 

were 25 years ago. There is no it had. soared to second place (to the •“ normal p price of im •• • • 

doubt, moreover, that con* Nescafe) in the instant - coffee coffee. * • 


Letters to the Editor 


Bargaining 


From the Managing Direv lor, 
Urex Inteniational. 

Sir. — I write to submit that 
at a tune of crisis at British 
Steel and British Leyland and 
conlinulnq industrial disruption 
over pay claims, there are three 
simple, and constantly over¬ 
looked points that should be re¬ 
iterated. 

While there is overmanning 
and depressed productivity, it is 
impossible to h3ve free collec¬ 
tive bargaining — except at the 
expense of raging inflation and. 
ultimately, national economic 
collapse. Efficient manning 
levels, high productivity and free 
wage bargaining so hand in 
hand. It follows that Govern¬ 
ment is impotent to legislate 
positively on wages except re¬ 
lated to productivity, and other¬ 
wise may only attempt to take 
corrective action. 

Further. I believe that people 
in industry are sensible intelli¬ 
gent adults, and if as much en¬ 
deavour was made to explain 
these issues as is spent on pro¬ 
pagating mililancy. hnth workers 
and the nation would benefit 
>1. 1. Webb-Bowen. 

05-09. Maddox Street. W 1. 


have expected some posiuve 
product development and market¬ 
ing. Not oniy has the frequency 
of the coach never been increased 
although trains arrive every ten 
minutes in both directions 
throughout the day. but BR is 
now adopting a wait-and-see 
attitude in the hope that the 
traffic will divert to the Under¬ 
ground. 

The two railway systems serve 
different markets which are 
more-or-less determined bv his¬ 
torical railway geography but l 
fully expect that the growing 
number of airport workers who 
bave been able to leave their cars 
at home will find themselves 
back on the road before the 
year’s end. 

James King-Hall. 

19. Hillcrest Road, 

Bromley, Kent. 


bas done, is produce evidence 
that employee shareholding is 
effective, still less that discrim¬ 
inatory legislation is desirable. 
B. A. Cole. 

Drake Wood. 

Deconshire Avenue. . 
Amersham, Bucks. 


Damaged 


Transport 


From Mr. King-Hafl 

Sir.—It is just as well that the 
governments White Paper on 
airports has emphasised the need 
for airport authorities and public 
transport operators to work 
closely together to co-ordinate 
interchange facilities involving 
air. rail and bus services. 

In 1971 British Rail's Southern 
Region introduced a coach 
service between Feitham Station 
and Heathrow. This was done, 
not because the railway believed 
there was a demand for the 
facility, but because Waterloo 
was desperate to get Ministry of 
Transport approval for its pro¬ 
posed fixed link into the airport 
which was considerably more ex¬ 
pensive than the London Trans¬ 
port scheme: in addition. London 
Transport had previously intro¬ 
duced a coach link between 
Honnslw West and Heathrow. 

In the event, traffic has grnwn 
very quickly on the Feitham 
coach—50 per rpnt. over the pre¬ 
vious year in 1975. 20 per cent, 
m 197K and it -ra, still arriving 
Inst year. One would i here fire 


Participation 

From Mr. B. Cole. 

Sir,—May 1 echo the congratu¬ 
lations expressed by Sir. Green- 
hill (February 7) on your cover¬ 
age of the consultative document 
on employee share ownership. 
Not surprisingly, perhaps, I ap¬ 
preciated more the scepticism of 
Lex: I am a finance director io‘ 
industry', rather than a consult¬ 
ant. 

If Mr. Greenhiir-! views are 
accepted, it seems that employee 
share schemes can only be suc¬ 
cessfully introduced into com¬ 
panies that already have a very 
high standard ol management 
and personnel policies. It is 
surely reasonable to expect that 
these companies will already in¬ 
troduce such schemes if they 
really are effective—without the 
need for any tax incentive or 
otiier Government pressure. 

There is in fact no evidence to 
show that employee shareholding 
as proposed in the consultative 
document has any beneficial effect 
on social attitudes or employees’ 
performance. Surely it is in¬ 
cumbent on the profit sharing 
lobby to produce some evidence 
to support their case. 

Mr. Greenhill has provided 
warnings against the dangers of 
introducing schemes into com¬ 
panies that are “ not properly 
geared tor such a develop men!." 
and indicated th.it a variety of 
criteria can be used to measure 
performance. What he lias not 
dune, and indeed what nobody 


From the Managing Director, 
ORC (C.KJ. 

Si r.—The other day we 
received an air parcel from our 
parent company in New York 
containing, according to the 
Customs declaration. 40 sets of 
loose leaf amendments for 
manuals we bold here. The box 
had been cut open and the con¬ 
tents emptied (presumably on 
the floor as some of the papers 
bore footprints), dirtied and only 
partly replaced. Of the contents 
only 75 per cent could be used 
thanks to this wanton and 
destructive activity. Do we have 
to put up with this sort of thing'.' 
David Young. 

I. Albemarle Street. IV 1. 


chain, and is designed to check 
some areas which are particu¬ 
larly prone to loss. For example, 
supermarket experience has 
identified wrong pricing of goods 
as 3 very vulnerable area, and 
an even more vulnerable area is 
erroneous price recording at the 
checkout. These two items to¬ 
gether could amount to 'over 
£20 000 per annum in a typical 
supermarket. 

Naturally, the benefits accru¬ 
ing from checkout scanning will 
only justify costs above a certain 
size of operation. Below this 
level there is no doubt that 
symbol marking with EA.V will 
provide beneficial opportunities 
for shelf label recording. So, 
in actual fact there is no con¬ 
flict between scanning at the 
checkout and -shelf-reading—It is 
a question of degree. 

O. A. W. Dodd. 

Manager. Co-operatives and 
Food Distribution. 

NCR. 

206. Marylebone Road. A .MM. 


state of British agriculture 6) and suggest that Sun Alliance 
to-day. should have no difficulty what- 

One of the most basic prfn- soever in persuading the Govern 
ciples of efficiency in any produc- ment that the proposed changes 
ing industry is that of maximum to its staff pension scheme are 
output from minimum labour entirely within the guidelines 
force. British agriculture on governing the voluntary pay 
this, and most other, criteria is policy. If the Government is not 
one of the most efficient in prepared to stand by-its original 
Europe. statement that any improvements 

Is this a Liberal plot to put up to pension schemes do' not count 
the cost of home grown food or against the voluntary pay limit 
a yearning back to the Lloyd- then Sun Alliance’s answer must 
Georce theme of three acres and surely be to discontinue its pen- 


a cow! 

David Mitchell. 

House of Commons. S.WJ. 


Power 


sion scheme and then immedi¬ 
ately introduce a completely new 
(but identical) scheme which 
happens to be non-contributory. 
Will the Government then say 
that the introduction of a non¬ 
contributory pension scheme has 


Pensions 


Ffom Mr. J. Strafford. . . 

Sir,—The Government used to to be taken into account in 
be regarded as the guardian of determining the overall pay 
the taxpayers' purse. As a result limit? 
of the decision to have a black- P. J. Froggatt. 
list of companies we have now Lcmbum Insurance Advisory 
been placed in the ludicrous Service, 
position that where two or more Zodiac House, 
firms are competing for a 163. London Road, 

Government contract the lowest Croydon, 
tender will not necessarily be ' 

accepted. Not on grounds of 


Scanning 


From Mr. O. Dodd. 


Sir.— W'e read with interest 
the comments of BUI Patton of 
MSI Data Corporation iTechni- 
cal Page. February 1), advising 
against hasty introduction of 
automatic scanning systems to 
read the European article num¬ 
ber at the point of sale, but one 
very important consideration of 
the retailer must be the full 
implications of a choice between 
checkout scanning equipment 
and shelf-edge label reading. 

Article numbering offers two 
very important advantages to the 
retailer, one being speed and 
accuracy at the checkout which 
is an essential requirement and 
the other stoek control and/or 
stock replacement 

It is not merely a question of 
choice of equipment, but a 
fundamental approach to control 
in the distribution system. Shelf- 
edee reading is a very accurate 
and efficient method uf entering 
articles into a system for stock 
replacement, hut re-order quan¬ 
tities still need to be entered 
manually. 

Scanning at the checkout lakes 
control a very unponam wage 
further along the distribution 


From Mr. T. L ajborn. 

Sir.—l aui afraid Mr. J. English 
(February 6) bas misunderstood 
my intention in regard to index 
/inking of private occupational 
schemes. What l had in mind 
was. if the experts can agree as 
to what is the right deduction 
from salary as being the value of 
index linking, then private 
schemes should have the oppor¬ 
tunity of offering their employees 
the same deduction which would 
he paid into a Government fund, 
which fund would be responsible 
for index linking in the same 
way as they are responsible for 
index Unking in the basic and 
second tier state pension. 

T. A. E. Layborn. 

5, Heath Rise, Putney, S.W.IS. 


efficiency or performance but EdliCOtlOn 
purely because the firm bas paid 
its workers an increase of more From Nr. C. McNally. 
than 10 per cent. An increase Sir.—Mr. David • Burke says 

which it is legally entitled to (February 4) that university 
make. students in the U.K. should-have 

Were the blacklist an isolated to repay all or part of tbe cost 
case of the arbitrary use of of their higher education. They 
Government power It would be do. in fact, repay the whole of 
bad enough, but on top of all the cost of their higher, and 
tbe other cases of abuse such their lower education by paying 
as for example tbe blatant poll- the cost of the education of their, 
rical ependiture of taxpayers’ and other people’s \ children 
money for the Polish shipbuild- through rates and taxes over tbe 
ing order. I have a depressing next 40, 50 or 60 years. . 
feeling that we are witnessing c. V. McNally, 
the last gasps of freedom. 27. Charley Drive. 

I write this letter in sadness Sheffield. 

not bitterness. Sadness that a _ 

nation which has given so much 


Agriculture 


From Mr. D. Mitchell, MP. 

Slr.r—You report (February I) 
Liberal spokesman, Mr. John 
Pardoe as saying “one way of 
cutting the dole queues is to 
employ more people ip agricul¬ 
ture. Britain has one of the least 
efficient agricultural industries in 
Western Europe and lot. more 
jobs could be created on tbe 
land.” I find myself almost in¬ 
credulous at so fundamental a 
misunderstanding both nf general 
business principles and of the 


to the world should to-day find ("O-n no rntinn 
itseir in such g position. Is it 

possible that in these last From Wendy Marshalt. 
moments of agony «e may come Sir.—f was interested to read 
to our senses and a way or a the letter from Joan Talboys 
leader fonnd to get us out of (February 9). I do not think 
this mess? If not wliat will we nationality has anything to do 
sgy to our children when they with it. I ’ 


- _ have been working as 

ask us: “ What were you doing secretary (not temporary) to the 
Daddy when freedom was lost? " managing director of a company 
John E. Strafford- who docs not find anything odd 

** Perama." Fulmer Road, in making bis own coffee or tea. 

Gerrortts Cross. Bucks. or even bringing rae mine, and. 

- going one step further, even 

washing up the crockery if I am 
KJUluetUieS more busy than he is at the time! 

From Mr. P. Froggatt W. Marshall. 


Sir.—Dare I be j little- bolder 3^7. Sutherland .-tie., 
than Anthony Furse (February tVellinp, Kent. 


fA 

.rP! 


: ' Ini doing iyV jjest to fSovicle br 
niy <:hitc|ren ana inflation is doing 
; - s : .:3 ts be sf to take it 


liix u]).expeiisesup. income static. 
How am I supposed to put a little i>yi< 


SUppj 

^sidv 




retirement.- 1 




It took twenty years oi w< >rk to bu i id 
: ■ - ' - up some savings. 

And fee vears otlnflanon to knock 
res -; thestufemr out oi them'. 


■1. -.. 





; ri&afectp - A 

.. Weve been helpfog-psopfe 
and saOTigsagamstinfiatiotiior som£ fc^Y6^tsiio^n^. ; -.. 

. ■■ (Tti.... i... • ___ mi _•- .- 

movements 
Tbdaj 
xmitMters.. 


ifadeed we wgrepne q£_the ?. L C. *, r 

. J ■■ - Tl— ——.j.. 

































.13 




vA.-jC*- 


.1 


racing courcs the 





■^® s ’ J^i3^01l^$aa^£ae^3B»X^e^^tfrV3raipets, , ^si.''v : £veTi 

“* *P ,5°***, a T team>i^ ^, : -.Eas£:'iEuropearisi^-ijy the 

araw Rally ;_riejct atdiiSh is^-shape^]&rCSii|&'S»ar and 

WlA . 'Ami . « : i '.J . - r %*‘ =_ 


BY JOHN GRIFFITHS 




5 vriricb v ohce mofe*' are -i»i£ and racing:...Among the 
&S ajptor&erty i^, :the>^apMei.e.^ Masdi ^-fias' " just 


of stbe 'motor iffdui- Vaoidieit championship 

•-'••^*aa^Miag-Biitics-,: us* v;wfc*. y-*&Mto**tk - 


* i ---‘Me -. -i.T_g , -J - Y LUC 

I |: I ;*y ; competftlbB'—Jirtiere 

!. j; ^P^ .specificatioit^^ty ^evice^ 

‘ !-' L" . .fumble ~~and -tIroap ^ ; pK ieafldly-tun ed 

\- ! * J.* a ^^‘. *nfi ladhgb^'haro been 

“—i'.j?J®“'•?;”■*• ‘-'- "c --•-:*.*' ■• .?■ receiving!aaincreasinggiiare of 
i L;T Week brforethe Mercedes .™"*nuf^ctuiers; ^jitf^spbi^prs’ 
1 J< ^Citroen " announced jt.*tteirt3i>h ‘.shd-'fitiiui^s.^Apart 
Olfci: .^turning to .Tallying with ^?»' Renaiilt'- inOfiuna; both 
!2S£wi-. 'dal works "team of nearly Fordapd Bmish Ley^and now 
:. f ltd CX 2400s. Renault’s i n ^'.r«?:' : d«rapionshipfc .faR/aXmost 
"T'vS^jehthasJncreasedzrapidly;.^.®!^® l ? i ^? II ! wle ^?' • • "‘ 

•-— '* ^och-oiziaiieiseri: FM-muTa ,/*niere are odd "exceptions, 

'■—"-^Irand pris andLe MajTs n'otably . Lhe" ferodoub^wking, 
i. r »« efforts. supBleapenr. be-winged vehicles Which BMW 

y - ^ a highlyHsoinpetitive-ralty" pits-’'■against - ' equally .‘bizarre 
■•■ -:;• dJmijmtive Renault 650-bp Poratffies In tfce ?r criiifus- 
- -/Europe-wide radng cham- ingJj^naiheci - Group' S; .‘World 
• 'PS' .for the. same-bsurs in Championship of Makes.3irt the 
'- : -“".rtion form.FiaVmosE not- way the wind is-'bih$inj is 

. "t all, tooklbe decision 18 shown by.the fact IhatRriiicbe 
. hgp to depltfl' 1 mass-prp- —a ■ specialist' ^ roanufScfurer 

._ *^i salcujhs'. hither , than tlfe' r with 5onie. of the^best t&hndlo- 
7 ' - Lancia Stratbs “wedgds^ gical brains and facHftif^^O; the 
f t*--. Principal ^competition business—has within -life past 
. . - ••■ ;K The-:resiin:":victory :m year rejected plans = fbr^eturn 
, ' - ;,orld; Rally' Championship to Formula One Cran.ff Prix 

•:.--headlines^! chiiig. battle racing. .The company! has '"come 
", ord’s Escbrts. ahd a slgnJ- to regard it as a technically irre- 
' ■'. 3 promotional bodst for its levant- “■profiteering birqui” in 
;- i*ise unexceptional:^ and its! present form. Three, weeks 
rational • - 131 - Miraflori ago, Porsche Cars .Great Britain 
’.'...■■ -i ..-'V .."also annoimced: -^-Vxacing 

: ‘ *e 17 makes -of -bar in championship for.fidly-ellepced, 
: . ‘ ' r "^i production in W&thrn ro®^ 1 W5 ^verdons,^:; its 
. l ~'^3 and: Scandmavia. only! made!, -the -524,>r: : ■ 

."'/'j; ’ ;.and:Audi.ate not-di/ectly Even In the ~rarifife^ > itnao- 



Newcomexs to the international race and rally scene: Renault's 14-litre turbo-charged 
Formula One car (top) and the Mercedes 2SDE which won last year’s Loudon-Sydney Rally 
as a “private” entry (above). An official team of four cars will-contest the Safari Rally 

next month. 


sphere of Formula One racing 
where Renault ..is th e onI >’ 
volume manufacturer "directly 
represented, there is a growing 
awareness that Grand Prix cars 

in their current form are zoom¬ 
ing ever faster towards a tech¬ 
nological never-never land far 
removed from the production 
line. Only last week, Mr. Keith 
Duckworth, chairman of Cos- 
worth Engineering of North¬ 
ampton and creator of the 
Cosworth-Ford V8 engine which 
has dominated Grand Prix for 
a decade, suggested in a speech 
to a Royal Automobile Club 
dinner that the time had come 


to prepare radical changes for 
introduction m 1982, when the 
current, threc-y ear-old three 
litre formula ends. 

Among Mr. Duckworth's eight 
arguments fnr change, two m 
particular stood out. First there 
was his suggestion that Formula 
One racing has to project a more 
responsible image to an increas¬ 
ingly energy-i-oneinus public. 
Secondly there is a need for 
“the development oE engines 
which are not only of technical 
interest hut of practical value 
for commercial application so 
that iinance for development can 
reasonably be - found- from 


engineering rather than publi¬ 
city (advertising) sources.” 

Apart, perhaps, rrrnai some 
valuable R and D work by tyre 
companies on tread compounds, 
instances of Formula One tech¬ 
nical innovations making the 
transfer to the production line 
have almost ceased in the past 
decade. - Formula One has 
become its own self-contained 
circus, financed mainly by con¬ 
siderable commercial sponsor¬ 
ship. notably from the tobacco 
companies. Currently, it is rid¬ 
ing od a peak of popularity, 
with gales of 1 00.000 or more at 
tbs -17 or so championship 



'!SEC moves to evict 


Building society receipts fell 
unexpectedly last month 




OUR LABOUR STAFF' // 


' r^ vv.; 

- ' '-fV.' 




.mi 


TELECOMMUNICATIONS: were -recorded--. - * . .. *.* -. 
~'*eek--High Cdurt *n£inc- - He said 93 per cent, qf.^fbe, 
. » ©vicr- wortceri*bcetip^nR,di^>oM tMk place iu breach of 
- 2 tions df" its- u&in mitional pfb- 

sntry. •'•■ •- - - twdures.'- !* This situation needs 

. occupation by 300 - store- examination, and corrective 
5 started a -week ^agn ih actiQit”: . •«• # - 

> at GEC'wages." Shop.. Tbe-assodatiou js particdJarJy 
'■is claimed in a TekeiH to c S nc ?^ a t^ -® a i- the increase 
• -rriold "Weiristock. ■ GEC should have followed the mtro- 

in 1976. of "a dis^tes pro- 

Jon leaders that the ’com- ^ 1 ^ - 10 U P 

-, av _ the loWKt wages i* treatment of, dlsputes;to prevent 
^VS the lowest 'v^s m industrial 

««* 

compames had managed to settle 
-‘° f “ ed ‘-ilSSSS^SSr wltbin!^b©10 pwceot guidelines. 

’ Ml ^'^ ^ d . i n ®i t e' bf inCTeased union pres- 

^ 28 

m P Sdbr the VGo^SS' the down- 

-nes ’ ' • - ” : -■ • v- " ward trend of -inflation but be 
; ur Smith/ Mfa^btb'^Corr^ warned: ? W* anst not assume 
The - West- '•' Midlands *!»«*.ffie : battle is won. I suspect 
" erihg EmpToyertf ':ASSOOiii- that Strong reflationar^ pressures 
' ^sterday called lor appear later ta the year— 

U with .uncdnstitatibnal' nesued, not least by electioneer- 
^ .lug-campaigns—and we must all 

region last year -ibffered prepared to act responsibly to 

gbest Ievel .of> iijdustrf^l; T resist,.theni.” 
sbice . l97B.-D& >Ge£h:ic^ :Tbe .association bas more than 
iha,pre^de^jtqld i.OOB member companies, em- 

B J -.ermijiil 400,000 people in 

KuC ported i>y representatives from 

H^de ttgj qp j«a )po4^xtr! it3- Eiye-and.Denmark, whose govern- 
^tif r^I^ETO^Codlto^Qi/nMats. Jhave complained about 
Sfci'in/^^^.Govemnedfs tbe'teinpprary subsidy. 
nfra^Emj^yms>nr Sibsidy'., jiie European .unions are also 
Jl EmitolMUi. .“Trac® .(taioa demanding that the EEC- should’ 
Betanetf ~~v r meem» f: in . f Argently prepared positive 

tts*'agreed;j.to protest proposals - for protecting and 
■•CmxtEmsiotf ^tte| |Pfs; to; sttmuiatiBg employment and pre-1 
e .. woffloy .yeniing redundancies.’!.. ■ - i 

- Britisb officials are tiring to] 
'Pbrsuadt? the ' Commissibo thar 
'faTr T thesubsidy does not: have■ thej 
i+i alleged dfsforting effect on'com- 
continue.: 

ifirthe-Commission insists uponj 
Sfinsray^SilClg^rerai^chaiKes, a short-time /Working 1 

will;, be ; introduced.: 
bugh -.^neither unions ' nor; 
npporfe^^7^-^Jew;; employers : • believe '!■ that - this- 
brosS: -jtfOtfe. would • be an adequate substi- i 

ive ajifl, valtiaSdT'rTbe: lute to" "Temporary Employment I 


BY MICHAEL CASSELL 

BUILDING SOCIETY receipts 
fell unexpectedly in January, 
normally one of the best months. 

Net receipts dropped to their 
lowest point since last August 
,Tbe societies took in £388m.. 
which was £33m. down oh' the 
December tOtit! aha’ over £200nr. 
doWn .otj-the-October 1977 
bfcfSaiml..-"-; 

rArtprding'to the-sbcleties/dhe 
explanation for r thei lower level 
of net \receipts is that people 
were baying to find money to 
finance Christmas expenditure 
which was undertaken with the 
use of credit .cards. It also seems 
probable that the switching over 
of capital from other investments 
into the building societies, which 
was partly responsible for tbe 
high level of receipts In October 
and November, has now almost 
stripped. • 

TTiie January "figure, however, 
is' s stUl' a- historically- bigfi" oote-. • 
Eour - times. greater v'lrian:-: in' 
January .last -year-for- ©xattpie. 
andsocietles.mil b&.happy-if net 
receipts remain- at about ; this 
level.' . 

, There are signs that the inflow 
of funds turned upwards towards 
the end of January, a trend 
which has-so far continued dur 
ipg February, despite the -ut in 
investors’ rates which took 
effect at the start of. the month. 

•Commenting on the January 
JCettlts. Mr. Norman Griggs. 
Secretary general of the Building 


Societies Association, said: 'The The ’ Government and the 
position remains buoyant. Net societies, through their joint 
receipts of cash around the advisory committee, expect the 
£400m. mark seem likely to con- £S.5bn. Aamei to be met without 
tinue duriag the months ahpod it having any undesirable effects 
" With interest credited, to in- on house prices. . 
vectors' accounts and'-capital to* Forecast? as to what will 
paid hy exiatng.'borCcflCSrs: this^iaiiipeinp average price^jiuriag 
.figure should .enable mortgages 1978'vS'ifTfrom the official 12 dpt 
tmalling-^TOOmr-to-be-granted cttftrTiWE"iTp-~ro-hearer^OTer 
each montb. This should satisfy pent. Many ' society executives 
all reasonable demands for home believe that present, .market 
loans without overheating the rrendK indicate that price rises 
bousing market. - will be nearer the lop end of the 

In January- advances fell be- scale, 
low the monthly target and if is nor knotra bow the Gor- 
tuialled ££5Sui. against £6S9m. in ernment would react to increases 
December. The figure repre-. 0 f tiiis- order, which would cer- 
sented the lowest monthly fend- tainly be higher than had been 
ing total since last September, expected to occur under, the 
although it remains a high, one £g.5bn. lending programme, 
for this time of year. ' .Ministers would certainly he 

Heines* nrirce reluctant to allow the societies 

fJOUNC prices t0 this level, even if they 

! Similarly, a figure .of £728m.,found it easj - to do-so. and they 
-for new- connAitinemls A-as^-not'cdiilri tven consider suggesting a 
as high'ah. it has'beeii io'-sonie-cut in the existing target if they 
■recent months, bm ft.'Bill repref-rimagtned -prices were running 

sents an exeeptfaDalh’.gPOd per-rahead too quickly, 
formance for.January. At the; -Whatever happens, the sneie- 
end of last month, societies were 'fies have themselves rarely 
contained to lending a com- been in a stronger position, 
bined total of flBlbn. against Average liquidity for all societies 
£1.09bn. at the end oF Jannary at tne end of January was just 
1977. under 21 per cent, slightly lower 

Tbe January “hiccup” will than at the end .of 1977 hexause 
not alter the societies’ proposed of tax and interest payments, 
mortgage lending target of about but stilt high enough to ensure 
£8 obn. for the year as a whole, that high lending programmes 
Last year the movement ad- can be maintained whatever the 
vanced £G.72bp. on 715.000 loans, level of monthly receipts. 


rounds and with heavy coverage 
m newspapers and on television. 

But current cosls are frighten¬ 
ingly high—a top team needs 
Elm. or more far a typical sea¬ 
son. Governments in the U.K.. 
mainland Europe and North 
America are tightening the 
screws of anti-smoking legisla¬ 
tion and are curbing the tobacco 
companies' promotional activi¬ 
ties. The small, highly spe¬ 
cialised racing teams are fac¬ 
ing development costs of 
unknown dimensions for what¬ 
ever new formula emerges by 
1982. In these circumstances, 
Mr. Duckworth's suggestion 
that it is time fnr the sport to 
take a step back towards its 
commercial engineering grass 
roots is unlikely to be ignored 
when the governing Federation 
Internationale de i'Automobile 
comes to draw up the new rules 
• in Paris. 

The type of chassis is unlikely 
to change much. Mr. Duckworth 
argues that what should be 
scrapped is the cubic capacity 
criterion which for years has 
governed Formula One. 

The “ almost irrelevant" 
focus on cubic capacity. Mr. 
Duckworth complains, “has 
forced all racing engine 
designers down the path of 
developing highly •sophisticated, 
expensive engines fa basic Cos- 
worth unit costs £12.500 1 which 
are high-revving and have a 
consequently high fuel consump¬ 
tion and unreliable, short life. 
While extremely interesting, 
they are of no practical value 
whatsoever and will become pro¬ 
gressively less defensible as 
world resources of oil diminish. 

“ We should. therefore, 
change to a formula which 
encourages the talents of 
designers to produce engines 
which get tbe maximum amount 
of power from a minimum 


SUNDAY—Mrs. -Margaret 

Thatcher. Conservative Leader, 
addresses Young Conservatives 
conference. Royal Hall. Harro¬ 
gate. Increase in price of tin¬ 
plate. 

MONDAY-—European Central 
Bankers begin two-day meeting m 
Basic. Officials of Boilermakers' 
Amalgamation meet senior execu¬ 
tives or British Shipbuilders on 
pay dispute. Newcastle. Two-day 
meeting of EEC Agriculture 
.Ministers opens, Brussels 
European Parliament session 
opens. Sirashurg. Retail sales 
(Jan.-prnv.i. Turnover of catering 
trades t-tth qtr.J. Nurihern Ireland 
trade unionists launch “ Belter 
Life’ for AH Campaign.” 
.TUESDAY—Balance of payments 
current account-' and overseas 
Irartc figures (Jan.i. fnitex of in- 


amount of fuel burnt sn that 
development in racing engines 
wiil be useful for normal road 
vehicles and other power 
plants. - . 

The current Formula One 
criterion provides for a maxi¬ 
mum capacity of three-litres. 

normally aspirated by . car¬ 
buretters or fuel injection, and 
for l.a litres if turbo ur super¬ 
charging is used. In 1982, Mr. 
Duckworth arguos, this should 
be replaced by i>ne simple rule. 
This shnuld lay down a maxi¬ 
mum limit nn the fuel supply 
to the engine. Leaving aside the 
more detailed implications for 
the sport uf what precisely the 
flow rate shnuld be. the essence 
h( the Duckworth argument is 
that various design paths, with 
some practical value fnr com¬ 
mercial production, might be 
taken in the hunt, for maximum 
efficiency. " Thr designer can 
choose,” he said, “to work on 
any capacity of four-stroke, two- 
stroke or Wankel—normally 
aspirated. supercharged ur 
turbo-charged, spark ignition or 
diesel nr even a gas turbine. 
The engine with the most 
fundamental merits should 
win.” 

This already has some rele¬ 
vance to Renault's entry into 
Formula One. a projed even 
more expensive than the film, 
n admits it is spending this 
year on a six-ear bid to beat 
Porsche at Le Alans. Not least 
rhe Formula One project is pari 
of Renault's image-building 
exercise. On the other hand. 
Renault is alone—at the 
moment—in running a 1.5 litre 
turbo-charged unit and clearly 
is expecting a technical spin-off 
for ruad cars. 

In turbo-charging exhaust 
gases drive a turbine which in 
turn forces a fresh fuel/air 
mixture into the engine 


Economic Diary 

dusinal production (Dec.-prov.). 
GLC budget meeting. 
WEDNESDAY—Prime Minister is 
guest of honour at Institute or 
Expurl luncheon, Connnugfe 
Rooms. WC2, 1 p.oi. Power 
workers pay talks resume, 
Eleciricit.v Council. Millbank. 
SWL CB1 monthly council meet¬ 
ing . Basic rates of wages and 
normal weekly hours t.lan.i. 
■Monthly index of average earn¬ 
ings (Dec >. 

THURSDAY—ILK. banks’ assets 
and liabilities and the money 
stock (mid-Jan.).- London dollar 
and sterling certificates of de¬ 
posits (mid-Jan.). Statement by 
Mrs. Shirley Williams. Education 
Secretary, at conclusion of Inter- 


cylinders under pressure. This 
technique is now becoming 
more highly regarded as a pro¬ 
vider of fuel economy allied 
with high engine efficiency. Mr. 
Ralph Broad’s Broadspeed 
organisation has worked closely 
with Ford un improving engine 
efficiency. He has forecast that 
by the mid-lflSUs-a “ 6H0/6R/6H ” 
formula—a fi(U) ec turbo-charged 
engine capable of providing 60 
miles per gallon consumption 
at a constant 60 mpb—would be 
on the way to becoming the 
equivalent of to-day's 1.3 litre 
saloon. Such a unit has yet to 
appear, but turbo-charged cars 
are on sale higher up the 
market. They are produced by 
BMW. by TVR nf jhe U K. and 
by Porsche. There is also the 
Saab 99 Turbo, jusi launched on 
the L'.K. market but already 
selling well elsewhere. 

The Renault team believes 
Ferrari is also working on a 
lurbo-charged umi similar to ns 
own. To date, the Renault F 1 
car has proved unreliable, and 
it is remaining in the back¬ 
ground until Le Mans is out of 
the way in June. But the 
Renault Le Mans cars are also 
turho-charged. Therefore given 
Renault's obsession to win rhe 
Le Mans 24-bour test of endur¬ 
ance. there is clearly some 
confidence that the reliability 
problems are being overcome. 

Whatever the outcome, it ap¬ 
pears certain that the logjam 
m engine development, which 
has lasted for longer than any 
other period in Formula One 
history, is being broken up. The 
large financial resources which 
Renault can deploy creating 
one major lever. The specific 
benefits for the ordinary 
motorist's car of the middle and 
late 19S0s are far from clear, 
but production car designers 
will be watching with consider¬ 
able interest. 


national BnccnlaureaTe conference. 
Lancaster House. Central Trans¬ 
port and Transport Users Consul¬ 
tative Committee reports. Mr. 
Freddie Laker, chairman of 
Laker Airways, at American 
Chamber nf Commerce luncheon. 
Savoy Hotel, ll'C2. Building 
Societies mortgage survey 5 per 
cent, sample survey results (4lh 
qtr.i. Consumers' expenditure 
Hth qtr.—2nd prelim, estimate i. 
Cyclical indicators for the U.K. 
economy (Jan.). 

FRIDAY—Mr. Denis Healey, Chan¬ 
cellor of the Exchequer, opens 
" Britain's Economic Prospects “ 
conference. New Ambassadors 
Hotel. \VC1. Retail prices index 
(Jan.i. 

SATURDAY—Power workers shop 
stewards discuss pay. Eioncnster 
Working Men's Club. 



^Commission to investigate 
cement industry prices 




BJNOR GQODMAN, CONSUMER AFFAIRS CORRESPONDENT 

--- :■ ' 

THE PRICE Commission is to tbe largest of tbe companies 
investigate price rises proposed ~whifch are parly to the cement 
->y IPC Magazines and Associated manufacturers’ Common Price 
SrirtloDd Cement Manufacturers. AgreemeuL 
"£The’ latter investigation will This agreement, which faas 
§f|ow it to scrutinise the price twice been successfully defended 
jUnfcture of the whole cement in the Restrictive Trade Practices 
tpdostrv which is one of the few Court, provides for a committee 
primps ’which are allowed to cal- of independent experts to calcu- 
cwTate its prices jointly. late the increases needed for Ihe 

':lri choosing to investigate industry on the basis of average 
^kskodated Portland Cement's costs. 

iijrijces, the commission has picked The notification this lime is 


believed to have been for a rise of 
just under .10 per ceoL The pro¬ 
ducts covered by the notification 
included ordinary and rapid 
hardening cement, 

_ [PC Magazines told the commis¬ 
sion in the middle of January' 
that ti wanted lo raise cover 
prices of 26 magazines. The pro¬ 
posed increases included a Ip 
rise for Woman and Woman's 
Own. and 5p on Homes and 
Gardens and -Ideal Home. 


Widely acclaimed by financial journalists and 
investment advisers, MAG's Recovery Fund, de- 
signed to produce capital growth, ended 1977 as 
Britain’s best-performing unit trust It also leads 
over the two year and six year periods. It has a 
policy of buying the shares of companies that have 
fallen upon hard times. Many of these companies 
recover, and through a process of careful selec¬ 
tion tt&G has been able to bring high rewards over 
the years to Recovery Fund investors. 

This offer enables you to start a Regular Monthly 
Saving Plan with the Recovery Fund through a life 
assurance policy ior as little as £10 a month, and you 
are normally entitled to claim tax relief at current 
rates of £17 for each £100 paid. On a £10 Plan, 
tax relief at present rates can bring down your net 
monthly cost to only £8 30, wiih which you buy units 
worth considerably more. 

Regular investment of 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, be¬ 
cause your regular investment buys more units when 
the price is low and fewer when it is high. You also get 
life cover of at feast 180 times your monthly payment 
throughout the period rf your age at entry is 54 or 
under (women 58), and rather less up to 75. 

li you cash in or stop your payments during the first 
four years there is a penalty and the lax authorities 
require us to make a deduction, so you should not 
consider the Plan for less than five years. 81% to 94% 
(depending on your starting age) is invested except in 
the first two years when an additional 20 per cent is 
retained to meet setting-up expenses. After two 
years, therefore, the amount invested wiil. in most 
cases, represent more than 100% of the net amount 
you pay after tax relief is taken into account. 

Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at 
short notice. 

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

M&G is a member of the Life Offices' Association. 



Al the lop of the table, as our LnitTrusl <A (he 
Year.is M&G ft , LY exp resS 


The lop performmR unit lTU8 *f* 1 ^ T .I l ^ e 
MSG 


1 (Hr.ji Vj.: ^ afljjfvS''| 


ns Btipporte^m w eraploy£rs 

»e Rrrtfslf- would • be 

nictive ^jlcL valdaS^ .Tbe : lute .-'to T'e 
imiOD protest'-wis • sup 1 Subsidy.^-- 


^January truck and van sales 
^highest for three years 


g M&G — sgaww. 


To: M&G GROUP LTD,THREE QUAYS.TOWER HILL, LONDON EC3R 6BQ TELEPHONE. 01-626 4588. 


m 

a 


run tUiSUnS 
FORENAMl'S) Uam 


SURNAME 


ADDRESS 


HE! CODE 


|| 90 I TR 530 2 IB _ 


oung wprKers warned 


0 

, } -'ALAN PUCE, LAB^i qOftReSPONDENT : 

* skill'is the most opportunities for young people 
j TV b « way for & personttt eim to learn op ttie job*re slowly but 
I JV' f against unemployment,, surely ■ diminishing -as inereas- 
■ Jeffrey ffoUinfl, -j&teiAat ingfy mrpensfve and advanced 

Manpower Servicft Com- technological systems and plant 
" .-a' specfal programnestiiYi- are- Installed/’ 

old the TUC-youth, confer- - Mx. Bavid Basnett -TUC chair- 
" 1 London yesterdafr" «ari; told delegates that tbe pre- 
surveys showed Hat The sent.’ level of unemployment, 
unemployed paedoqii- whidtin the Tast three years had 
those who had left^ebool- risen- by.rup to' 800 per cent, for 
jw academic qualiifiRitior&:- some .age. groups under 24. coiUd 
unskilled Jobs—tiDse iri not : .be* tolerated by. the trade 
- the least, a&desleaUy; union, movement.' 

• 3d bad traditiona!ily!fo'ufld-: “Wecannot «s a society.allow 
‘rest toehold in.work—^write .to. develop -a"; continuing chronic 
. sappearing due. to'iechrich fevef ’ of uherapioyrnent among 
' developments. . . ,-■!;.. - the young, it is socially unjust, 
other- • important'-is -economic-oohsense" and. it 
: of. these obanges-Ta-.th^t-is political dypamite.'”.. |" 


%■ BY STUART ALEXANDER 

TRUCK AND van sales were 
Main strong in January. 
Coupled. with the surge In tbe 
car market this means that the 
motor, .industry had a good 
monthoverall and is now 
optimistic about sustained growth 
faV'the first six months. 
rSales Of all vans and trucks 
Were up by over' 30 per cent on 
the same month last year. At 
'22303.''this' was the highest 
Janpaiy figure for.three years. 
. V AU sectors f of the market, 
benefited from the ' tmprove- 
ment-Although some gains were 
mhdeJjy importers, home pro 
ducerr also enjoyed' an increase 
volnme^ 1 -!" 

^ While some of. the increase 
tian be accounted for by opera¬ 
tors having to replace vehicles 
Which have been kept on far 
J&riger than normal;the good re- 
>ults are :also, thought to reflect 
spnie'optimism .for an improved 
economy in T978, 

.• JFbzd .was again-. the- , market 


leader, taking 38.3- per cent of 
the market with S.470 vehicles. 
Second was Brttisb Ley land with 
23.5 per cent- third Bedford 
with 13.5 per cent, and. fourth 
Chrysler with 5.2 per cent., ac¬ 
cording to figures issued by the 
Society or Motor Manufacturers 
and Traders yesterday. 

British Leyland led the way 
in light vans, taking 34.6 per 
cent of a market that was 20.7 
per cent, up on January 1977 at 
6,805. 

Improved 

Ford was second. Bedford 
third and Chrysler fourth. Both 
Datsun and Honda also improved 
volume in this sector with Dat* 
sun taking marginally over 5 
per cent, compared with 2.18 per 
cent in January 1977; 

Medium vans, which include 
the - Ford Transit and the Ley- 
land Sherpa.. were up by 43.7 
per - ‘cent, on fast 'year. Ford 
lopped-the league with sales-of 


4.209 to give it a 48.5 per cent, 
share compared with January 
1977 when It Sold .2.579 for a 
42.7- per cent, share. 

British Leyland was second 
with 15.3 per cent. and.Bedford 
third with .49 per cent. Most 
■ successful Japanese manufac¬ 
turer was -Toyntr. with 5.3 per 
cent, compared, with 2.6 per cent, 
in January 1977. 

Heavy trucks and articulated 
lorries, one-.of the most fiercely 
competitive sectors, went up by 
35.1 per eeriu to 8.157. with im¬ 
porters taking; 16J per cent com¬ 
pared with 15.4 per cent. 

Ford was agaiu market leader, 
more than doubling sales to 
•2.135' for a: 38.4 per cent, share 
of the sector when 45 Dutcb- 
■buiit heavy tractors arc added 
in- -. 

British Leyland slipped slightly 
in. volume from ,1.0$4 lo 1,061 
and more seriously ‘in market 
share from 23 . 3 ’per cent tp 17.2 
per cent. 


ms I WISH TO SAVE jj!_) each month in the M&G Recovery Fund. 

I enclose my cheque for the first monthly payment, payable to M&G Trust (Assurance) Lid. 
i understand that this payment <s only provisional and that Ihe company will not assume risk until . 
formal notification of acceptance has been issued. 


OCCUPATION 


PATE Of BIRTH 



THE M&G 
















- v~; V.V*} 


Financial Tiffles^^ebnjazf 7 !T I$3S.- f 



NEWS 


DIVIDENDS ANNOUNCED 


Current 


Charterhouse sells loss maker 


Ciistomasle .Int. Nil 

Hll»1ef .Jnt. 0.35 


Date Corre- 

Total 

Total 

of spo tiding: 

for 

last. 

payment div. 

year 

year 

— 0.45 

_ 

0.45 

Apr. 14 0.35 

— 

1.02 


Charterhouse Croup. with Income Bond providing 3 yield for June and December. In any year, 
interests ranging from banking males on the first £2,000 invested to obtain repayment of all or part 
to engineering, has sold the site varying from «.02 per cenL net at of their holdings at par. The 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. t On capital 
increased by rights and/or acquisition Issues. 


and stocks of The pre-cast concrete age IS^to 50 in 752 per cent, for Talbex stock will therefore be re- WAAAiiTAn 

framed building business Chnrcon ages over 70. The yields for addi- designated 11} per cent, Lonv. VB£5 fl 9 qv 

Structures to Bell and Webster, tional amounts invested arc Red. tins. Loan Slock lBifl/!W. i. T JLC4J. 01 . 9 . %\ JJ. O I. VV VI » ViJ 

a subsidiary of Eieco Holdings, for slightly higher varying from 75H Save as above, the terms of the 
£240.000 The written down book per cent, to £7.48 per cent, respee- Press announcement of January 


value of the assets is £270.OD0. lively. For women, the returns 17 

Charenn Structures made trad- are slightly lower at the older 
Inc losses of £1.3in. in the last ages. At ihe end of the five years, 
financial year ending September ilie initial investment is returned 
-‘'<0, J»77. Sfearly (no-fifths of that for basic rale taxpayers, 
was due to the architectural panel The minimum investment for 
business which was closed down each bond is £2.000 and higher 
earlier in the financial year, and rate taxpayers should check with 
much of the rest was due to the company the returns applic- 
closure costs. able Lo them. 

As a result of the problems in 


remain unchanged. 


Cbareon Structures profitability 
in the other five subsidiaries of 
the Charcon construction pro¬ 
ducts division was eliminated. 
Overall results of the division 
showed a ioss before interest of 
£1.04m. 

The latest move marks another 
in a series, of rationalisation 
attempts mabe by Chanerhouse 
in the Charcon group over the 
last five yean. Five years ago 


wsic rate taxpayers. H/X13 « IISI Oil SHARES OF Marshall's Universal, also has important associates 

e minimum investment for the Peugeot and Honda car dis- there. The Honda franchise 

bond is £2.000 and higher I lAl»Arori- iributors. were suspended tester- which Marshall's acquired a year 

taxpayer!* should check with /II 1 Iclllll dil day following a partial bid ago was also thought to be com- 

-ompany the returns applic- approach. plementary to Pride, aod Clarke, 

to them. The directors say that thev have However, a spokesman for lnch- 

VICcS not > et established the authenti- cape said yesterday that the 

^ ciiy of a bid letter which they company was definitely not the 

Awinn TAVABLE PROFITS for the six have received, but in the light of bidder. 

antes months to September 30. 1977, of *J;e volatility of the shares over The Heron Motor Group has 

Deborah Services rose by 50 per the past few days decided to seek a lso denl ed any Interest .■ JPf: 

if _ P e nt from £340.000 to £510.000. on suspension. Gerald Ronson said yesterday tnat 

Varren safes Of £ 4 . 4 m.. against £3.J3m. Marshall's shares were sus- Heron bad once looked at .jUar- 

* flUVU L Britlon the chairman. Pfnderi at laBp having risen as shells but had decided against a 

P« stales that the outlook for the high as 182p at one stage. Jbe bid. 

PTlOll rest of the current year remains i’J£'’ 10US .^ ri il® J ’ had stood at 

good and ho is hopeful that the ..iV. pr,te __ _ __ # — 

pre-tax: loss of £159,000 for previous year’s results will be ex- Marshalls is valued at £7.8ni. KonlT' Ufi/lrm 

compared with £231.000 Tor ceeded—-for 1976-77. the company The announcement also foe 1 ]®**, lid f 1 iV firillgC 

revious 15 months Is reported earned £746.000 profit. a . *iP ris ® ,n th _e price of the “ 

imes Warren and Company. Tax for the half year took 5*12! fr n An 


partial bid 



James 



th-re were '>700 employees and ]977 compared with £231.000 for ceeded—for W7( 

,- r e “ vJ ^hiri^ora a -r- the previous 15 months Is reported earned £746.000 

ii lactones. JVon there are sis ‘ I «, ..... rvvJ....,.,.. - e _ n.- 

uirh iinn fmnlnvpM by James Warren and COmpanj. Tax for the 

lactones wun l.iuu employees. r.. ,),» nprimi ammint^ri mc_i rwvi trio 


li“5SSS- Turnover for the period amounted £2^.000 illSO.MO) leaving £ 
ini ^ to £3.7Bm. against £11.Mm., and attributable profit _ up from I J?2S U i* 


ins construction recession. 

The Charcon group now consists 
or companies manufacturing 
concrete flags, kerbs, tunnel 
linings, and concrete piles. 


from this' the resultant trading £150.000 to £226,000. Earnings per 

profit fell from £397,000 to £12.000. 5p share are given as S.4p fS.Spl r e ? e, ? bo C:. Yesterday it said that 

.*» u ”5L e J“ - w , as 'gsass 


Bank Bridge 
settles with 
D. Dixon 




13 * 


alter miereai oi , «., n npt n increased canitai Motor distributors, as a sector. The Bank Bridge Group and 

(£392.000). share of associated Ii.L,T w,i,Hr.u n ' nT has been a popular takeover Da rid Dixon have now resolved 

-, cj non ir<u nnn A divisional breakdown of , r t „ -—»n 


company's loss £4,000 <£S4.000 


_ target for some months. Last their long running dispute in ail 


. Cl it a , n ,nfir- fin CfHW’cl ccaffnlrf- lBr Scl U» SUUIK monuiS. !-*•=* iHCli IUII 5 IUUI11US 

Knilltv & I.aw P ro0 ^- P rofit on snbs'dianes sold PJ™ inEjihiS^jSsi Apri! Uoyds and Scottish respects. 

&tr JUaYT or no longer trading L ,.000 '.'I’T-.YhJnriJn-V eou^nment £24 ■eouired a 23 per cent, stake in The settlement of the debt of 

maui-omtoad (£370.000 loss) and a Joss of and en-rineerinK ni (£5 tax! makers Mann and Overton. £710,025 due to Dand Dixon from 

23iSrSOlG6Cl £38.000 on the share of associated - n a engineering nil whj|ill ForlYwd t h e ba S i s f or a tws Muring Securities and guaranteed 

B . company sold during the year. Dur/nff ihr neriod the comnanv cessful full scale takeover in June, by Bank Bridge has been made. 

Tax f° r the 12 months took ,. onsn ijrtmed i’ls activities in Ttl ^ Bank Scotland subsidiary. This follows confirmation by the 

£28.000 (OUNWi and there were 3ecn and the Shetland Xorth W'e« Securities, emerged High Court that 592,634 Ordinary 

Eoiiity and Law Life Assurance extra ordinary debits of £0Jm. i s | an d s tm d has now received as the buyer of Heron Motor shares in David Dixon, formerly 

Society K currently marketing lElOlra.). Again there is no scvera j ]‘ 3r ac conV-cts in that Croup’s 26 per rent, stake in held by Bank Bridge, had been 

two guaranteed bonds with ao dividend. The last payment was areil at j ds chairman Henleys in December. cancelled: the reduction in David 

investment period «f five years in a total 9.45p net on account of r • in , n r nrflrt At the fame time the Tnchc3pe Dixon's share premium account: 

or. .n-■ l^oniraci SC4IIQiain 0 improveu J „ ,.. AnArr (.,i Cinm onW illnlnanl nf Clrriinnrtr 


rmur. Haaaje 


Mr. Denys Randolph and Mr. Christopher Lewinlon, chairman andTnanaging^dite^orif^^ 
lively of Wilkinson Match, which is- planning a major move into TCortbr J\inerlca Ehrbu^ 
the purchase of True Tesnissr, a,subsidiary of the-AUeghienjr-Ltidlua/spedalist stet^s^gK^- 
Revised terms of the acquisition were anno maced on Thursday, following afnU.aeconntaHf 
report on True Temper. A formal document Ls now expected to be sent ou^'withlii^a^bf 
night and shareholders-vriU he : given the opportunity to vote bn the scheme -a further tii 
weeks later.. If approved, Allegheny will own shares representing^ 4/L4 .-per «ht;6f'WiIMns 
Match. • ••*. ■' •. 


UNIT TRUSTS 


each case, providing an attractive 1974. 
return to investors. The first is Since t 
the Guaranteed Growth Bond for January-11 
investors seeking secure guaran- Group au 
teed capital appreciation. This Co. have 


first is "since the announcement or Silrisio'rCresus‘SnfinuiTto'reflect bid f° r Pride and 'ciarke. the shares by Bank Bridge to David __ PV mPTsrnr «« nnw at their-lowest Wei for unlike tiiose-'trf-/hlMt CTr 

ud for January. 17 the Board, of TaIbex ^ low "AJl of aitivity in 5ie Toyota importers haying writer Dixon. (SanS- “ver §5 y**£ pioSkfcSie^Sblfy 

uaran- Group and James Warren and » nn «triirtinn inrfustrv and alw. the acquired motor distributors Mann by the Stock Exchange council. P[=f e J>*^lJO ine noyaiKM^aja^ oeroj nrer 7 ner epuKat the offer jt*i 


Group mounted a successful £l0m. and the allotment of 2m. Ordinary 


Appeal of; the 




r/rills 

1135 


investors seeking secure guaran- tiroup ana James Warren and construction industry and also the acquired motor msinnu tors oiann V«su«m™™iwl SoTonlhe DirtributioiToffiic^e- ~ Britan nia^offer is shrewdly, over 7 per cent: at the off iff -pi 
teed capital appreciation. This Co. have reached acreement cn _, of cp, tinri „ D the M an . Egerton. With effect from January 1, 1978 ™r SPrrT, *rrv n r~;:“'Srnr the a ion* nre that what- For thoWvvRowam a hi^h) 

provides for each I2.00Q invested whereby the terms of the I1J per Chester depot. ° P Inchcape was also mooted as the rate of dividend on the 6 per tends to iheir of Incbme first and'' foren- - ” 

a suaranteed gross return of cent. Cnriv. Uns Loan Stnck 39S3 jf r Britton reports that over- the possihle bidder for Marshall's cent, (known as 4.2 per cent.} observation rAnrf frnnnmr A m-mr UK investors howevei* -there are : other ahe ’ 

I.r:ni. Which allowing for basic to be created by Talbex to satisfy ceac activities Continue, the Some £2m. of last year's trading preference shares wifi also be P^ fx ®?]S^L te n S® ^ tiv« this week-^ 


the eo.iiiuny offer the Guaranteed ing all or pari of their stock in market. 


Hawkins & Tipson confident 


margins 


Mr, E. Hawkins, chairman of but the directors anticipate ao The final dividend is 3.2p net a disanpointingly low level until 

Hawkins and Tipson. confirmed increase in full-year earnings. for a total per 25p share of 4.7p towards the end of the hair year 

to shareholders at the annual For 1976'77 net revenue was (4.1p). to October 31, 1077. when there 

meeting an earlier forecast, made 123.774. At halftime total net At January J5 the asset value were improving trends resulting 

in iho report and accounts, that assets at market value, including per 2op 'Ordinal?' share was in pre-tax profits little changed at 


DESPITE AN encouraging start share - of the U.K.. and inter- 
at Elbier Company, makers of national construction markets, 
leathcrgoods accessories and pic- and by aca.uisitlon. ,, 
lure frames turnover remained at 


U.S. & General 
pessimistic but 


in the report and accounts, that assets at market value, including per 23p Ordinal?' share was in pre-tax profits little changed at TlPCCIIYIlctlP hi 
prohts Tor the year would be full dollar premium where applic- 201.47p il74.02p» and the value £ 121 . 000 . against £117,000. |Jv Wl 

equal to or exceed those for the able, of 32.5 per cent. 141.75 per per l»p Conv. Ord. 169JJ3p The improved trend in turnover • i i e 

year ending August 19(7. cent.), were down at £5.l7m. (I42.7pi. ha« continued since the end of /|2yi/|pn/l C*}tp 

■ M ith the first few months be- t£5.42m.i—equivalent to a per the period and with continuing «*»«**'**%» ouiv. 

hmd us it seems that this predic- share value or 85p (S8p). efforts to.resirain costs and absorb - . c» 0 t« 

t«ou can be confirmed, provided Earnings per 50p share for the •- overjieads. the directors say that r ^l™i U T™L r 

*ve are net faced with too many period .are slated at O.ISfip C JlvOfn2Pir profit' margins are;;beginnings to General Trust Corporation 

unpleasant shocks such as a strike <0.194p). Debenture and loan , fhow^me recovery from^e c^^hiV^t'h^^Fnr 

° r R P e^nr;5 fr t 1i. nurctoe or 10 “ 9 ra! lOSS £15,800 eVe ' S to M'S 


SSSrtTM‘ditsas«M *«■»'«. XS2J21 S! ■». =TS5 


confirms the trend. But it isn't improvement . ib- > 4 »rformance .portfolio js .entirely composei 
so'much ’IHat" the’ wealth of- which the investmeht..trusts: : ..«lP -equrtjes^ .Whiift-that 
individuals has shrunk, as tbat the claim as a resulL for^ unit , trust is Hi;; to -swae. .82j pet - 
income^ or ihdhdduals have risen, prices relate much more directly that there should:.be a reason • 
Strictly speaking all this ought to the value of the underlying level of :ipcdnife growth ffte. 
to be great news for the unit trust assets. And oF course"so one is as-, well.. The nuniraum 4% 
industry, which has traditionally going to promise that prices may meat .accepted wr the ScMesit 
presented itself as the best way'not fall further. But Britannia's fund fa. £500, but Plccadfio. 
for the smaller investor to enter management hold that the U,S. accept-under :£2p0. ' 

the equity market. And indeed, economy is fundamentally -strong, Applications are afao invite 
ifis to obtain some share "of the and that the shares in which. Dus. M and 6 for units in jts Rcew. 
action implied in those -rising trust is -invested,- offer • good: Fund; by way.' of its life issuri- 
incoraes that the industry has prospects of capital appreciation subsidiaiy. The-sort of cwnpa 
developed’in such a big way bito in the long-term. The minimum in which, this fund invests 1 
unit-linked life assurance^ through investment is £250. - had: an extremely good run < 

which regular savers can obtain Unlike Britannia, the manage- t he past .couple of years, • 
the benefits of pound cost averag- ment of Crescent is not - asking .there, must at this stage be * 


Referring lo the purchase of irraviii 
Listers Teak Garden Furniture, 
the chairman said altogether, 
without new buildings at Hail- ««r 

sham, the group paid about W KflYISOlTI 
£5.70,<mr/ 10 Hawker Siddeley for YT * MUU,JU,U 
the whole unit. He is confident 1ln £AH lift A 

or making very gnnd profits from HU Art / 

this new acquisition and once . 
e-tablished it should add about 31 ITlJfl WH V 

£lm. to Hie domestic division ***• ,IIIUTT 

turnover. On turnover ahead 


ing and tax relief. For capital investment-but for question over^whetber. this 

' proni. 1 margins ;ire u/ .--. ~ --- — — Given tho&e.. benefits* it's swbI} regular ^avings^, to,..g^.int 0 . ttife fiWTMijcew. relative to^tb© .nMf 

^ » thow some recovert- from tfie current-year may not compare Wonder the' iinit-Unkefi.saleff.yave, Intenwtfoqil Farntby way^rthp- «a: be^mamtained. The tean 

] nc - c i? I C Qftft very low levels experienced in favourably with Aat for 19n but gone so -welE^veo - during the, Crescent International T Pia&. r ^,^ n d ~G Recovery has. howe 

iv/5o A-ijcOUU recent years. theE directors expect to raamtain industry’s darkest daysi '10 = the Crescent' InteraatTonal's r i^eeift^^/b^rl^dy consistent reir 

• j£ m j 1 1 c Tax for the half year before the d/vfdend-n ttbouf calling upon middle of last year, when many, performance has WAr none too’ and m mxy casc, anyone wbo^ 

in first halt anv Stock inflation relief - rook the company's considerable 0 f those who put capital in in the brilliant, but that’s, hardly suri in for. thelifeassurance Irak 

_ „ x 1,11 ‘■ 570 OO (£ 610001 . The net interim revenue reserves. ’Mr. William first place seized the opportunity prising; international markets which applications are invited 

Following on the fall into a « 4 kepi at O.Sop der 5p Merton, the chairman, tells to take it out again. What is less have been none .too. brilKant^ T*** , -*houJd:be.myestmg for- 


Share, costing £29.816 1116.831) members. 


easy lo explain is the paradoxical either. At. some point things will Imagef. ternP. and be: preparer 
situation which some unit trust change: , but It may-not 1 be-, just v f a l?. Tpr^ the , right m o m eal 


turnover. Dn turnover ahead from October 31. were down 

£884,500 to £1,223.000 taxable £ 0 5m _ aL £1&rn 

profit of William Ransom and Son, Thelossisshownaftercredil- 

^2^5131!7.?.' l i^ clur l!i5oM« m,sl A r0 - e from ' nj 5 3 temporary employment sub- 
O d^UJllIl IlSo.000 to £232.000 in the beptem- sidy £156,000. There is no 

ber 30. 19(7, hair year. interim dividend this time. For 

ii tSOPl Directors sav that although i as t year the only payment was a 

pre-tax orotit of Weber Hold- * urnover has con tinned at a sails- net interim dividend nf 0.45p per 

1 Tax loon IM.376. oMiS'of 8 l'rl? i 7 Ve<l tlle lh ' n ^ 0VEraber tlle «id 

..-.. "% P SSaA I 'r£.‘l • .« subject HS‘ fiSi 


xio.vm ior me nrsi six manms , 7541950 , shares—for all 1976- Trom the present £1.000 for each which there is an influx of ltr- should be.going for the prospect Foe new. flfevpustn eCT fig 

of the current year. Sales for ia ^7 payments lotalled 1.0155p director and £1J50 for the chair- vestors with' substantial portfolios of capital growth.over.the;longei^. Mr last: year -*now a t straw 

the half-year, which ended f rom soo 461 profit man. This rate has not been —Of $10,000 upwards—and a term—^though, indeed, slnca it is WTO. • w«s of llnkwLp 

October 31. 1977. were down changed for 15 years and the pro- curious lack of interest from those a life-assurance linked scheme.' Mods-^ueti recovery ■-.ffl 

£0.5m. at £1.9m. posafis to raise the overall iimif with very much less. - they should be going ftr thptg-greng^^j 


at Weber 


Norwest Holst 
reorganises 
in U.K. 


tb £12066 although " it is not Of. course the industry Itself longer tbrm anyway: any attempt slock and proiferty- 
intended to reach "this limit for has made it plain that the smallest to . pull outpearly to ’B*®*’ 


— - .v ,c lup snare, nrsi nair tax mi igi s .0V. effect oT the repayment" of the r ' w s 

similar a 7 O 0 O;. ” ' FivodebenSre stocksand -Income Piccadilly, basjjinitson offer thls-Gewenrf Unit .TrirafaKo-Teatures by lUBUrancefe#^ 

in the i n November the directors said NORWEST HOLST, the build- from 0Te rseasi nvestmehts will «’ e , ek - the theory within the among this week’s, offers: This finan cial, plan ners.^The tear , 
that the re-organisation of retail- ing and civil engineering concern suffer in translation from the 'ndustry Is that while the more fund Invests, not directly in com- hie companies -which. 
subjecting activities' was going more which recently Inst its appeal strength of sterling. ’ substantial private investor mndities—authorised unit -trusts; ejauped a. 




There «a; a marginal decrease 
in r .rns< re’-enue from £101.193 lo 
£' , 7.2Ji! at London and Gurtmnre 
Ii*vp9tinen{ Trust in the half year 
to December 31. 1977. largely due 


General Funds 
revenue up 


T __ _S O ,D 1 70p gross per IPp 'bare from have interest. 20 per cent, of the Then? wlU be five divisions : economy was in recession trill be | eitement ' n his life than a well- ber arid mining companies. : *■ ' : n r 'Siit 

jLiOSfiQOn OC 1.5»S7p last time tl.0B82p net j. equity. Mr. Ashcroft has been Nonvest Holst Southern. Norwest adversely affected by a strong I portfolio can provide. These; in vest ments have served The laleat company to ; ^ 

appointed deputy chairman and Hoist Northern, Norwest Holst sterling and a rale oT inflation' ' r ,s sat,Rfv thns» eravimrs l.9w-«nn-.« nmthoMarc w™ well held is wt 
C fSrT’TftftrP 5Ir - Cloggie. managing director. Western. Norwesi Holst Civil En- higher than rheir overseas com- 

’ ' v I7, in Jr- Mr. Sidney Terry. Mr. G. gineering; and N’onvest Holst nefftors. Mr. Merton says. 

There wai a marginal decrease VjCllCral I? UUQS Truman and Mr. 1. A. Phillips have Specialised Services. Against this rather cloudy ouf- 

in gms< re’-enue from £1U1.193 to resigned from the Board and .Mr. Mr. Ted Brian, chief executive look however the abolition of the 

£"7.219 at London and Gurtmnre rPVPVllIP III! Bernard Terry will not be reek- of ihe croup said that the pur- rule under which 25 per cent or 

Investment Trust in the half year J t T l,uut U F ing re-election at (he next annual pose of the reorganisation was “to proceeds from disposal of invest- 

lo December 31. 1977. largely due For the year to January 15. 1978 meeting. strengthen the operational man- ment currency holdings had tn 

To the nminz of income received General Funds Investment Trust Sir Cecil Burney. th»- chairman, agement of the group and to gear he surrendered at the official _ ___ __ _ .. . 

from gill edged holdings. After reports revenue after rax of says the re-organisation of the Norwest Hoist for Further sub- rate, is one recent favourable al least one of them, it will be answer is likely to be nft.-Lawsdn's. Jnvestmep 

chs lower at £7.288, against £S.8t>2. £279.19-3, compared with £238.43(5 Board has the support of the stantial growth, both organically developmoat. This long overdue rising from a very low base: for Raw Mate rials and "Geiteraf Ftihd .uivesrtBen 

net revenue was al £7.SS5 (JE8J238 1 for the corresponding period. Terry family. through increasing its market step will remove a serious the North American markets in has done as well as- it haS' by chnice ' « 

obstacle to the elficlent manage- which Britannia North America virtue -of -share rcieotfcav and-.so .-property 

ment of the company’s overseas is invested have been going fartherehasbeenviery'littlesom- nartenal- 

J., ^ investments, he adds. through a very lough time indeed, off from the increase in cbm- switching 

QUc nexi WfiBU Por 19<7 - on gro ‘ iS r ? venue As the managers point out. with modity prices-^^whfdj odght to JoL chargra,< 

x* vv vvn ahead at fl.Olm. (£95iJSBo) lax- the exception of a brief period low any improvement-iti world . but as.ye 

r L ... ... .. a . . , „ . „ . .. , _ .... able, revenue expanded to E9442&53 during 1974, U.S. stock markets trade.'Incidentally,'Lawson’s units, for inves 

The high Ugh 1 r.r next weeks rales will more lhan offset any the full year mg a series of disputes, both (£$ 5.50351 as reported on >■ j- . ., j 

eompanj news list is full-year benefits from increased charges. After turning in £4.54m. at half- internal and at outside customers. January 19- The net dividend is 


■MUIIIAO llpll .. ■ • I ” \4 1 ■ QIIUUIUi Ul V.yui OV| . -a-y-t Jt i . t • ► ' 

at the official ir will rise fast. In the case nf whether the best- is.iver. y.'fThe services-:! ^ 

tent favourable at ivast one of them, it will be answer is likdy to be h 0 . : taws 6 n's Inveshhepi 

i* I an" overdue risine Tram a verv law ha«u»- fnr Ram Mifarisrx ahir "RhimmI wiind liivesrraen : rifferine• 


due next week 


result;, from Lloyds Bank but The market is looking for £9ui.- way. analysts expect Nottingham which disrupted production in the raised to 5.94p t4.94p) per 25p 
interest will also be focussed on £9.3m. pre-tax. against £8.1m. from Manufacturing to report profits important castings division last share. 

preliminary announcements from Ualgety. the international of between £13.5m. and £i4m. year. The market is generally Total net assets at year end 


Niiltinghiini VtanufacturinR and merchant, when it declares half- when full-year results are expecting pre-tax pro Ills to he amounted to £20.33ra. 1 £19.52m 1 

Rirmid Qualrast, and interim year results for the six months to announced bn Monday, compared beiovv last year s annuahsed level equivalent 10 . 240p (220p) per 

figure"; from Dalgety. December 31 on Wednesday. An with £11.27m. last time. The cat^ of £11.6m. although there is one share. Investments, with a mari 

Anahsfs are fairly confident improving housebuilding cycle in pet side (through the Lancaster forecast of £* Zm - At the interim feet value totalling £20.P8m. 

about their forecasts for full year Canada will have helned perform- subsidiary) is dragging along stage pre-tax profits were up from (£i9.i4m.) were ' distributed 

prefils nf Lloyds Bank, due out on anee in the Canadian lumber- with other U.K. manufacturers *i~m. to £6.4m bui since then according tn the Following per- 

Frida>. With the results of major related activities which last lime but the company's major activl- there have been rurther disputes centages: UK. 63.4 (51.4): North, i.-nd-musti , ne WH utiEiiiun stake m ravuion tor an averaae coniarn 

overseas subsidiaries (one-lhird turned in £23m. But the New ties in knitted outwear and 'n the motor industry while America 26 (37.4): Far East 6.41fa 5-ST^^And 

*»!•«• «“»">» l» !" • me.,. ho,ier>- ere L ihoueht Jo h.ve' done B.rm'dj.ee,el_ S o hjdjls e„;n .ndus- ,. a,: .„dI other eountriee 2 2 (2). (f°? 0 r m a.«S™ mS!r£* 

Commercial Properties,’ i- com- rereHires to payr' the £442jt)Q0 ,ending 
pany formed by Flrstgrace, the necessary .to carry through a.com- Taredvwi 


I FAHFnRFI MSH■ . the broker with ■ •firvesmont;’ '-grb& 

Ar’rafiicrTTrtNl 11 ’ dients. Ilf .Sandelvon ■■ Ib:-.sI>^«d *Reinys. 

ALl|tilMlIUn to J^ve atxiuired liia 2.9 per cenfi pafites 

Leaderflush. Lhe Nottingham stake in Pavilitm, for .aii ^ayerage ebntain 


nr about £24m. less than the operations (which will he helped increased its stake in fellow M and Ocher results to note are 

£90 im. earned in the first six during the year by the acquisition S supplier 'Vood Bastow (o almost interims front John Haggas (Tups- 

mnmh; The major depressing or K»Uey Farquar the frozen 30 P e r cent. day). 31 FI Furniture Centres 

fai'tm- in the- latter half will he vegetable processing company) Birmid Qualcasf's full year (Tuesday). tVedgwnnd (Friday) 
ihe dnmesiic clearmc banks, and ralmnalisatinn in Auatralia. figures due on Tuesday are and a preliminary front Albright 

where the effect of falling interest Dalgety could turn in £20m. for expected to be depressed follow- and Wilson tThursdavt. 






Dividend <p 

• 

Com pany 


mem 

Ijsi rear Thi< year 



• duo 

ItiL 

Final 

InL 

FINAL DIVIDENDS 






AC Cars . .. 


Tuesday 

e.M 

n.ii 

n.n5 

AriMiiti. and iJibOons 


Thursday 

(I.S73 

n n:i 

n *73 

Albrictu and W:Unn ... 


Thursday 

t.S4 


i n 

Sanft arirl Pnrlljnd 


Wertnesdav 

i.23 

UM« 

1.5 

pirmiri Ouj.t.-i . 


Wi-dncsday 

1 2S5 

” .7fi! 

l.M 

sv. Caiuiiiu: . 


Tut-siloy 

0 44 

■- tm 

1 « 

Corn.-II Dr.-.s<i-< 


Wednesday 

n.s 

rin 

Nil 

r —si \ --soi-uii 


Tus-srisy 

& 7 

: :s 

1.U 

MK-rourc Corpora (ton 


Thursday 

0.S5 

i.ff 

1.0 

Pral-v aii.I S.->ill Hnldinca 


Tu.-sday 

— 

Nil 

— 

Fn-ni<n mri • Investment Trust . 

Wednesday 

n.<5 

•J.05 

i.n 

r-m-rei • ^Rsnlitlatfd Ijtimnttcqi Trust. 

Tuesday 

1.0 

3.1 

1.3 

H. T lnv-»tttj-n's 


Fnday 

— 

ars 

_ 

L.wl»■* Prui>- C'ttff_T«’..'jr 


Monday 

O.IW3 



LrOVtls K-||S 

. 

Fi'lrtjy 

:i.7I3 

4 433 

4 !5 

Puna Id MatplnTSon Group 


Tuesday 

O-SSj 

i a*r: 

n B41 

.ManriX'Sii-r Ship Canal Company . . 

Mnnduy 

H i 

7 '49; 3 1 

05 

N—.vtoo-rt .mri Bnrfon llohUnus . 

Thursday 

1 071 

1 41 


f.'cw i Cairmort: tnv. 

TrpiT . 

Tftursditj - 

— 

ft.: 


N'l'Uniihojn Mnniifitslurtm; Companv . . 

.Mm Ida y 

t> ‘3 

’J i)7."» 

U <I!Z 

PiamU'i I'nnstriietlotti! 


Monday 

I ii 

7 4HS 


H 'ijt.i.. proiH-rti'-R 



VII 

Nil 


Rlvc-r b Us-rreinulc Trns; .. 


Tliursday 


4..» 

ri.ft 

Ku>r Pfare £ General Inv. 

Trust 

Thursday 

t.2 

IIS’ 


Rottt i.-5 Tntst 


Thiinday 

U.7 


d 4 

m turir.-» fniM 


Thursday 

1.3 > 

3.4 

1.1 

UV-sn-rn liupwmvni 

Company . 

Monday 

o.r- 

1.4.1 

il.fi 

S*>lf-1 Inti atoi>*t>t Company 


Thnisiliy 

3 K 

4 .IRt 


TD.rtnal S}-n*iic»t<; 


Tuesday 

2 j 

? ", 


Wj#ii i-flin i t.isrnvr.tnon 


Fnriur 

— 


? 13 

H-rn int v. >k»i,- amt ro . . 


Tuesday 

n.4:n 

ii 7 


v -s.-'r. r.itiin-annn- • .. 


Friday 

ft yw 



T*imii.' • v. i.t.-r »-d r.M 


w-tjti-sday 

U (w 



tcwna-i invotnunt Trasi 

. 

Wednesday 

:.:ts 

4 S3 

3.M 


INTERIM DIVIDENDS 

And Industn*.; . 

B"own Brothers Corooorion . 

. 

Ecotia . 

.t.iho Haacas .... 

Hctlol Bir . . 

John Jjm.-- Grotto ol i*nntojnii-< 

.r.-F.G 

M. «l Trai)'* . 

’•Id Furmrur. i>mr. s . 

PolmerMon Invosmi.ni Tms? . 

Press Tools . 

W. cionji Proocrtti-s . 

Hdiancs’ Koir^var cm>io.. 

Sf.’-A-an Pla-nii-i 

Th-o^mopon S^riir^d Grni»:h Tntst 
I'mioii r,.j| prop»Mj' Tms' 

4ov ph Wi’Uh A Co . 

waitrs (vpannirtcnsl Sior v -s . 

WiitCT'miC 

WrsK-rn Canaria lnei’*>n:^nl C.omoanv 


FINAL FIGURES ONLY 

Ur- seen: Japan !n».-simvni Trust 
Ppr.-air . 


AnnniinL-c- 

Dlvid-nd 

m-nr 

Last 

year 

due 

Ini, 

Final 

Monria’ - 

i* n 

1 l L*. 

Thur«dav 

n l 

n 73ahi 

‘•V.-dnesrtay 

3.330 

fi 43? 

Thursdav 

1.2 

.1 s 

Tin sriai 

0.J 

O 473 

“Ttursdav 

1 

0.550+ 

W-or-sdar 

I fi.W 

I.4H3 

Tu-sna\ 

0 4> 

?;n 

Tuesday 

It 3.1 

a pb 

Tu-rsday 

1 X 

g.iTd 

Monday 

o..in; 

1.04 

t-londay 

0 573 

0.037 

W-dnesday 

Nil * 

H.85 

tv.-dnrsrtay 

I).2j . 

0.1WI 

w«dm*sday 

i.n 

I 791 

Thur«lav 

0.R13 

1.3*3 

W.-ritu-sday 

1.75 

Z !* 

Friday 

1.0 

l.D 

TnesiUy 

n «■! 

1.71 

fridav 

•J n 

1 7 

Mo>iduy 

4 D 

13.0 

Tuesday 

Tucsd.iv 

il IV 

').%U 


This year 
Im. 


..... ... . _ . parent company of.Sheldon Con- plete biji at tius price. . V - 7 S,. : ‘Dre first 

t,u. on March S at 2.^0 pjn. tractine- Company, of Solihull, : Interest in. the favUTdh:.centres Adjust; 

Warwickshire,-to undertake'com- on.redevolproent a£the ; company's •:prysfits of 
-pv u mercial property development. theatre^site in. Piccaffiaiy^TavHlOtt/-A^-pro 

I 3 V3 lllP O’Olfl The joint company, will have a is currently-discussing.a shop and accounts 

r w&v b v paid ujy capital of 134.000, which office’ plus ; multi-screen ;cinema. jwny..c., 

a xt j. I will be owned' In--equal propar- project with, the Greater liond&Q> hodotfal-i 

HOmeStaKG tlons by Leaderflush 'and First- Council, the ‘stile freeholder. • : - -. , i'.c6n'sldera' 
grace. While•' its' assets wiii An -earlier .JnfoHnal. approa^ji 
Homesiake Mining said Its gold initially consist of. cash sub- tirqm the electricity supply pen— ings-pijr 
mine made about 83m. (El.55m.] scribed by Firatgrace, negotia- sioo fund, worth £3ja share, was per cent, 
in pre-tax operating earnings In tions are at an advanced stage afa» rejected by the Board.. < asset yaji 
1977 compared with a loss of f or the acquisition of a suitable * •“ *'■, •-*'ceoL'^pfer’’ 

M.5m. in the previous year. About property. ^-~ L 

?IJ2m. of ihe gold mine earnings Leaderflush will issue to First- TrlOS, WAJRJD-? BUYS- ■ " vii.u 
came In the fourth quarter. grace 170.000 Ordinary shares <8-3 pflR<IVTH Pi?FCCFC ' • 

The increxsed gold profits p e i- cent, of Us present Issued ^LT 7^2^ ■ J- G. 

reflected higher bullion prices capital), which will be valued at Taos. W. .Ward -.of Shemeia. • ftwtk-F 


Leaderflush will issue to First- THOS. WARD-'BUYS : ’ viiii: 
grace 170.000 Ordinary shares (8 j FORSYTH PRFQCFC ' 
pei- cent, of Us present Issued . J;. G. 

reflected higher bullion prices capital), which will be valued at Taos. Ww .Ward-.of Sheffield. ’itwik-F 
which averaged about *147.47 per 00r . a s consideration for 50 per announces • the.: purchase.of Hofibaos 
ounce in t977 compared with cent. Interest In the joint Forsyui Presses of Bolton. .. t r n.i 
S134-7I In 1976. The gold division, company. Forsyth is ^* small unit mam*..JWSih 

including Income from the bull - fattfurJnff a range al-standard and. 

dog silver mine, contributed abom - special, hydraulic .presses Af open 

13 per cent, or Homestake’s 1977 LONDON PAVILION front antf r doable side.^esfgn,'.op?ig^v’s nr 

operating comings. tka nn*HAon«. i # . 


IN BRIEF 


bid has been rejected by Pavilion’s been distributing theip^b'ducti'in. -*U 

Hirnnlnrc uhn Mnfm) noorln KO tKp TT.TC. 


INTERIM FIGURES ONLY 

Caledonian Trust Comp.mw 
To^n and City Properties .. 
wtian luvosimem Oimpany ... 


Hism iw.sim.t. Dccrei^” in~'>Miuc yesterday.' Nevertheless, stock- /Fitil'detaifa.rrf'tiiA.'actiui^tiOh, CJNE 
baiam -08 -nd . «sb em.ihw iBfi.ouo brokers Rowe Rudd, on behalf of by.Scoter®^. - D£..-an': 80L. pea*' eenfc ■'.*The, :oi 
iS"**.? 1 '!’—.i ' 0 ’ rf ® r4 Stiwi. Mr. Sandclson, is goina through stake in the French Rbm«^erotm’ Met«r-;tr] 


Monday 

,B and Cliy Prapvrtl^s . Wednesday ihouve-bulldcre. eick—Rwrulls (or year W 

in liivcsimem Company . Thursday: Sepiember 50. J957, rrported Janaac? 31 

fixed aHSrrs CWm ifl.Sm.•. nui cnrreni 
nuifli-nas snos-n nt-r. pence per sn.ir.- and adiusied for any uxervening assets H asm. iM Cnt.l. Rank ovcrdnUi 


rr'UnWVi i*ni 05rfonl SmxL ftti-. Sandolson, is going through stake in the French BSmyfgronp' Meirer;t«i 
cough cooper and cqhpany moUohs,'asking shareholders, of.Wifl^ie^;fix^a’Dhoun.ceff'TMt. v 9 T> i taE : 


srnp Jssiii-. * SectiihJ interim m H«“. «l Anal. : Tlurd-qu.irl«r fisnr-s. s inrludfS and short-mmi loans (l.14m. r £1.T2m '. 
spi'onl Ji\Iriciiri of fl |U 'Tp * In- livi—-ivc;il rilvlddiri nf mr.'lp ■ hi ini-inri'-s worklnc uapilal di-nr«ised hr fllSIm 
-p-cial divirii’nri «r 0.1 i,'p f'rsi inicriw of O.Js already paid, sevond inienm ifisam.i. Meoane. Beamier, Rent. 

due Ifi this lS-tnortUi wnod. March 3. at noaa. 


n. eici —Ri*suiia (or year to to accept the offer by : Monday,' October t have .rent tput- fo' dwairjbd i. 
i. jaw, reported j anaacy 3i March & . . shareholders*' J/Tte- Ef.J}4Sfrf : + 

There arena surprises in-the wtH.-be put'ta,'-shareholders!' forirecewg'd 
» taS l,l ti mb* 5iwSn formal offer, although Mr. Sandel- approval 
dial **iwi b ion' son reveals an agreement *.witil eirfxneetiwnn^arch .6, to 

Mwan s. Bramier, Re at. RnwP F utJd tUpt-aoeeplanees pveruith^othej 1 ; ^r#os2Jsr' tedh . ..... 

*S2.L per iaenU will be placed by uhd company's borcowUife'p54fSi»rr ' ' * 




















1 


iy^ 


:^v>v-j 


will be Youghal 
executive 


SUMMARY OF THE WEEK’S COMPANY NEWS 

Take-over bids and mergers <$x w 'wKssss^,?!^.. 




; €?5ecatlve ; 
^ES-iHOLDI 


SHALfi organised*■:■ dvflr ^ojjti^artng and 
al^?.^»ntracilag'- Don 

chair - 1 H&nscsa. : £oatflffl-afMr. Ian Scar- 


aw. / * Sir Fred Puntin. founder, chairman and managing director ■— 

!-■ &J|*11 | 11/A of-Ponlin's will stay with the group Should the agreed offer from Liner Concrete 

V^ Vr* '!! B, J W ^ / Coral Leisure go through. Shareholders of Pontln's, who are to Lund. Aust. lavs. 

receive Four Cural shares plus 240p cash for every IT Pontln's London Pavilion 
shares, are also told in the forma! offer document of a capital London Sumatra 
appomted account group director Da INTERNATIO NAL AIR reorganisation. It i* now proposed, subject to the hid proving Mills 

DE- FREIGHT. successful, that Pantin's shareholders receive one new' Pontin's Pontius 

. .. _ * share for ev cry one held with the old shares being converted c i arbP 

Three aBnaintm-ntc >,«.« iv9n nSSiSS.^JivSvr * nt “ flew 5 per cenL nan-cumulative Preference shares The new S Trust oaflmount 

I«*sggnrs5^^ '»«, *. Sf’SKS^fscwE JSSLrtm™™ta S p T h riL"' i " "?J" r diffe . renc t ® «•» «'«° f ths i ' rms - but ks«»> 1 i«- 

Opted;* ^reettnrjSDd"becom« Coai^^nbrfhern- -’ifr' ? J* MtBeat k. *U.K.). Mr. duties C. Harrison, appointed two technical assessors. WI J?, r ! V '- r, nsiderable savings in stamp duty. Updown lnv. 

^tutive Qgeafiatr-dawyiHPK Pj]oductlpn; Mr. L^nard a LowUi. Mr. 1 . S. Payne and Mr. C. J. The S. Puarson takeover of Madame Tussaud's is now vir- /h ?' 

arena** ^ technical; and Mf-Ray E. Thomas. Palmer, who will work with Mr. tually accomplished. On Wednesday. Lazurd Bros.. Pearson’s ” ‘ lL 


.Valueof Price Value 

bid per Market before of bid 
share** price** bid (-Em's)** 


Pinal 
AccTee 
Bidder date 


Wlgfall (IL) 


ejreeu-f Etey. special^ «ryiK£.-. . ■ 0 . y *■ T “ omas * k a * J ^S r vV f, ° vri11 w ° rk w,th Mr - tuaI « accomplished. On Wednesday. Lazurd Bros.. Pearson’s - 

'TV -r- * e n w-°?^^h« a «£„n r ; advisers announced that S2.1 per cenl. of Tussaud’s shareholders Youn* Austen 

... hi.. _** G . .W. . hi • joLnei lor .*> * o«k. Tngthor with the 7.3 per t«.t which '-"yj,, ^ 


Prices h> pcaco unless otherwise Indicated. 

331 32 32 3.13 Thos. Tilling — 

7SPSI m 101 4.35 Hooker Corp. — 

350* 500 360 - 0.44 Mr. V. Sandrsn. — 

110 * 114 US 17.52 McLeod Russel/ 

SipefSA — 

100 * 100 "5 3.44 Antony Gibbs 15 2 

421$$ 39 3SH 51.5 Coral Leisure — 


Chieftnn — 

Carliol Inv. — 
Cazenore 10/2 

Talbex — 

Comet 

Radlovlslon 21.2 


l. Jewen A. ^.-manMAg, defector of BRAD STOCK; 

Wjsepwer. has'b wam wnted to CRAWLEY as 
Bbardjof'WYSEPLAh/T, the * 85 


JAD STOCK; BLUNT AND 
tvAWLEY as f director. 1 • * 

- . . . Zr. 

Mr. Pascal de Salaberry has 


tbfdkers.-SJr/.^ 
ipeseni dfreefo^ 

isenfcthre-df.Nd 


^^-*212!LKS*2_*!S 


AND director of J. Salnsbury. Mr. 
p Palmer Is the managing director 
of the Southern Area Transport 

has Grm,p ' 

AND Mr. Gordon Palmer, chairman of 


itr Payne is a had accepte d the offer. Together with the 7.3 per cent which ^P.. * 

. Salnsbury. Mr. Pe 8 T ? 0T1 Purchased through the market, this raised the laner's nor already held* "Combined 
managing director holding in 89.4 per cent, and the offer has now gone unconditional, scheme is expec&d to beci 
u Area Transport The pruspect of a major City row over the deal whereby ■ ■ At suspension, tt Estims 

Allegheny Ludlum Industries, the U.S. garden tool group, was __ 

aimer chairman of 10 have yaioed control of Wilkinson Match without making a PRELIMINARY RESULTS 
Biscuit Manufac- fuU ta ke-over hid. appears to have been averted by means of a 
>me the new LORD new deal Which, if approved, would result in Allegheny owning Pr< 

FOR BERKSHIRE. 44.4 per cenr, of the Wilkinson equity and not over 51 per cent. Co mpany_Year to_ 


33i 

32 

32 

3.19 

Tsrsi 

III 

101 

4^5 

350* 

500 

360 

- 0.44 

110 * 

114 

US 

17.52 

100 * 

100 

75 

3.44 

421$$ 

39 

38i-? 

51.5 

52*t 

512 

267 

mjo 

S6.3JJ 

32 

2 S 

3-59 

98 

9S 

102 

6.27 

5S* 

58 

54 

2.32 

61 

63^-T 

1 >a 

1)31 

243$$ 

268 

163 

12.65 

tf7* 

S3 

66 

2.7 



■ AJI caih offer. * Cash alternative. ; Partial bid. 5 For capital 
' already held. ? Combined market capitalisation. >; Date on which 
erne is expected to become operative. ** Based on 9/2/7S. 
At suspension, tt- Estimated. 5? Shares and cash. 


2.7 Trafalgar Hsc. — 
Partial bid. .$ For capital 


CCT^SSdeiit'inyeStniBnt Ssaa^eri :' iwr- -iViV' v wwooa Newman has retired because of ill health ia 

Mr- been been appointed a director of month. 

Ipi^^ipiagmg director change 


44.4 per cenr, of the Wilkinson equity and not over 51 per cent. _ Comp any 

as originally intended. Aaronson Bros. 

HamIIborne, the brick manufacturer, which made an abor- 5JS? an, ! ers 
tive .reverse takeover for civil engineer Reed and Blaliik last year. J^ode mdss. 


has received a bid approach itself from an unnamed private Hirst &■ Mailinson Oct.29 


Pre-tax profit Ei 
Year to (£000) pe r i 

Sept. 3D 2£40 (2,360) 12~0 
Sept. 30 302 ( 64) U.S 

Mar. 31 42L ( 1 S>L Nil 

Oct. 1 1,483 (1.450) 12.1 


Earnings* Dividends* 
per share fp) per share (p) 

12"0 (10.41 1572 (1.765) 


JSw/WL ^ °CS Group. Mr. CUve Thomas has Mr. 

- .vl^CE^OTiwSy^ u” on,e Ero “ p pram ”' u,na ' lecu - SS 5 

.^“1 and managing director, Elected tn honOKiry^Wiateship ^ r - M- J- McCormick has ana ' 


Mr. Joh n W ilson has joined 
riirj^fnr ELE ^ R ^ NI,CS aS - ® utumil > off some of its shares in the Ferranti electronics 

Slung ."ecuti^e ol S id ““th" iL't? on lbe caris f"U»»ii.g n siatement last 

and Vision Equipment. wee %«ci. » chairman. 

* Tube Investments has agreed to sell 50 per cent, of its motor 

Mr. P. E. Brooker and Mr. R. S. c S de hi J! e Purchase subsidiary to Ltoyds and Scottish for up to 
Fisher have been appointed to the £21°). The subsidiary ts Raleigh Industries (Gradual Payments), 
main Board of LAND and said to be the market leader in its field. 

MARINE CONSTRUCTION. u _ 


company. Imperial Group Oct.31 L29.120 (130.35Q) 14A 

BSG International has bought WeathershJelds for £941,500. AJSKi*. 1 #««? 

The consideration has been satisfied by the issue of approximately SA j Esta ^ Dec. 31 4,877 (3,127) 2 f£« 

2.7DL new BSG Ordinarj- shares of lOp each. Tace Sept. 30 ’577 (407) V .9 

The likelihood that the National Enterprise Board will, this Tsl Houses Forte Oct. si 38,000 (23,700 > 24.4 

autumn, sell off some oE its shares in the Ferranti electronics W.Seln.&De>. Sept. 30 319 <j23) 2 4 


2284 (1.988) 
IJS (1.63) 
5.66 (5.068) 

3.737 (3.575) 
13.0 (7.543) 

12.0 ( 11 . 0 ) 
1.23 I Nil) 
Sit09 (7.33) 


: the recent;acqjumd&on of-that are Dr. Chriatopher Greyand Mr. resigned as a director of B. S. 


any by Thornes TDHng. .Mr. James Porter. ' - 

n continues as a specialist'*- - * '• 

Jir. ■*■•.. - 

*. Mr.. John $. TendttP has been 

appointed managing-director of 
■ following have been elected — 


AND If. WHITE LEY. 

* 



he results for the year eaded 31st August 197T V -I9J6 

• - r £Wft; --l.rOO 0 

urn over . ' 17^47 , i3^400 

rc-iax profits . • ; 1 j22S^-.'844 

Arrtings per share ■ ' I5.74p >- T0.47p 

Jindemis pershare (?ndudingTax Credit) . -.7. 6.05p y '--5Jp 
' ; — . . /. r *. 

■ Last > ear 1 had to report to you a reduction in profits. Tbe.-'-'-'- 
economy had tu mea down^ money was expensive, and we wbre' 
absorbing ixiwacquisitions. Now fins is fergety behind usand' ; 
the result, somewhat against the trend stown%^our U.fC. *'('•; 
competitors, isa record. . -irr' : ]y. 


sales and production. The situation here has.improved siriceour . 
previous report and 1 doubt ift 6 ere is a more efficientoni£ %. . 
anywhere.- ' '• yJ • 

■ MARLOW ROPES Marlow Ropes continues to break rts awn 
records. Indeed at onetimelast year its pfpduaion ecpapsk)n 
did notquiteca^.upwith demandand sonwddaysin.defivffly‘ 
were e’tperienoed.’Marlctw leads ihe fieldmquaKty whiiiiiW i : 
never^allowed to deteriorate. - • " • '•-.:"- 4 ... v i- 

■- WIRE DIVISION The Dnision has had mtegration dffiiiatUies. .•. 
and has also suffered mildly froin.thedowntunriiT theAmcdcan. . 
economy where k large part Of Smith Wlres* business is obtainetL 
However, the Division expects £o mainfam as.profits this yeasts, tr 


cver.befar^itnd«pft^thtsgrow^ 05 »SfHueu.. 

T look fbiward w^ confidenceto^l profits should 

equal or exceed those of 1977 and we expect farther growthnj? 
the years abefid. . Jt £. HAWKINS, OWmi 


JtMui S. TcncMfr bas been Mr. T. H. P. Seden has been MARINE CONSTRUCTION. a 
i?I^2..J nana ®“ 1 ^ ® I ' ect ? r of appointed to the Board of CLARK- member of the Bos Kalis West- 
PQfiKB,.-.*- memtejc .of the son BARD RICK AND qpMPANY. minster Group. 


John Lewis trade boost 

THE JOHN LEWIS Partnership 64-chain of Waitrose super¬ 
stores chain, one of lbe coin- markets, produced sales of more 
panics at the centre of the than £3.6m., nearly 17 per cent 
Government pay policy u black- up on the corresponding week 
list" row, has reported a sharp last year, 
boost in turnover for the week Total sales of well over £Sm. 
ending February 4. were up by 19.1 per cent, and 

The stores group reported for the 52 weeks to January 28 
weekly sales of more than £4.4m.. they were ahead by 18.5 per 
an increase of just over 21 per cent. 

cent, over the corresponding Mr. Peter Lewis, chairman of 
week last year. A company the group, revealed that the com- 


INTERIM STATEMENTS 


INTERNATIONAL ROPEMAKERS 


Value of Price Value 

Company bid pier Market be Tore of bid A 

mo for _s hare** price*'* bid (£m'si vfr Bidder 

Prices In penro unless otherwise indicated, 
ed Inv. .Vi* o-| 47 7.G7 Lid..Medical 


2ntS j _Com pany 

Bcnn Bros. 
Celtic Haven 

Frnir SESfciy? 


Acc’fce 

date 


this was a “splendid and very ment blacklist 


companies 


financial half-year for the group, pay policy guidelines. 

John Lewis's food group, the. Man of the Week, Back Page 


Financial General deals 

WASHINGTON. Feb. 10. 

FINANCIAL GENERAL Bank- has not been informed whether 
shares Inc. said it has been in- there will be any further bids 
formed that purchases of its for its stock at prices above 
stock have been made by a market. The group currency has 
foreign bank that may be seeking 5.613.953 common shares out- 
control of the company. standing. 

Financial General declined to Control of Financial General, a 
identify The ban "bi sSii it “bis 

[f 1°" ^ Bank of 

T-lL-m Q through International- Bank's -22 

’P* r crnti- sHke tn"th'e 1 company. • 
^'° f * .However. - .'teternatjodaL-.^apk 


Allied Inv. 


54 

47 

7.67 

Bainbridge Kng. 

45“ 

43 

!!.'i 

068 

BCA 

Blakey’s (Malle¬ 

125- 

120 

53 

1.4S 

able Catstinqs) 

41- 

44 

35 

0.79 

Crosland |R.iG.) 

40> : i 

374 

36 

O >1 
tlJ 

Dew (G-) 

170* 

167 

158 

7.05 

Doland (Geo.) 

25* 

25 

20 

1.08 

Ega Hld^s. 

14455 

140 

140 

8.0 

EvansCF. W.) 

5U.6f 

53 

28 

1.67 

Federated Chem. 

73) 

72 

65 

10.65 

Graham Wood 

60* 

58} 

44 

2.36 

Harcros 

S 2 * 

80 

70 

15.59 

Harrison (James) 

622 

60 

51 

3.25 

IlnD-Ctnemas 

132* 

125 

40 

0 73 

Lafarge Org. 

95* 

94tr 

SS 

5.3 

.Leisure h General 

70* 

684 

48 

7.2 

Ij* VaRonet Tsl. 

26* • 

2 S{ 

26 

0.6 


Enterprises 20 2 M.L. Hides. 

Winn Inds. 27.2 Morgan Edwards 
X. K Cement — J- Savllle-Gordon 


Half-year 
_to_ 

Dec. 31 
Sept 30 
Oct. 31 
June 30 
Sept. 30 
Sept. 30 
Dec. 31 
Oct. 29 
Sept. 30 
Oct. 15 
Oct 31 


Pre-tax pro lit 

i£000) _ 

417 (35 


□ Bros. Dec. 31 41t (3aa) O.s (0. 

lie Haven Sept 30 i4.i> — l- 

ystie-Tyler Oct.31 lit l825i l.fi (1 

Crosfiv House June 30 154L l!4)L — i4 

Decca* Sept. 30 5^24 f5.499 J 3.3 (3 

Dowly Sept.30 11.052 (S.575 » 2.21 il 

English .Vssoc. Dec.31 115 (4(ii 4.S75 14 

Mining Supplies Oct. 29 373 (507) — l- 

’.Hldgs. Sept. 30 277 Ufi2> 15 (1 

gan Edwards Oct. 15 11UL (74) Nil 11 

arille-Gordon OCL31 202 (432) 0 4 ifl 

th (VVhitw'Ui) Sept 30 17L (43) — (- 

T Dec. 31 fl.100 (5.800) — «- 

tech Dec. 3 1.125 (7B7) 1.452 (1 

replant Sept. 30 1,227 (855) 3.W (3 

shams Sept. 30 24S (20S) 1 «5 (1 

gins Cons tret. Sept. 30 141 f 10H i 0.*< (0. 

>d (S. W.) Sept. 30 204L (131) l^OS . (1 

(Ficures in parentheses are for cnrresnnndins period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue. LLoss. 


Smith (Whilw’th) SepL30 


Centrewav — UDT Dec.31 fl.100 (5.8( 

Benjamin Unitech Dec. 3 1.125 (7» 

Priest 17 2 VIbroplant Sept. 30 1^27 ( 8 F 

Adriaan Watshams Sept. 30 248 (2( 

Volker 16/2 Wiggins Cons tret. Sept. 30 141 f 10 

James Wood (S. W.) Sept. 30 204L (13 

(Maurice) — (Figures in parentheses are for corn 

MK Elect. — Dividends shown net except where 

MeKechnie * Adjusted for any intervening scrip is 

fe.icp. s I ' 3 Rights Issue 

"crSeld* 20/2 AGB Research: One-for-four at 65p each. 
Rarratt Devs. — _ , , 

BBUu Scrip Issues 


16/2 Wiggins Cons tret. Sept. 30 


Wood (S. W.) 


Sept. 30 


Interim dividends* 
per share (p) 

0.S (0.71 

— l—) 

1.6 (1.61 

— 14.(li 

3.3 (3.0) 

2.21 1 1 .US) 

4.S73 (4.S75) 

1 5 (1.015) 

Nil H.1S) 

U.4 10.4) 

— r—) 

1.452 ll.3> 

3.9« 13.575) 

I 65 11.5) 

0.77 ( 0.73S) 

1-50S 11.508) 


ri- Rights Issue 


Ladbroke 
Air Call 


J." Erode Holdings: One-for-nne. 


GRESHAM LIFE 



chwea of its •common have been Beserve Board order that n ^ 
made . In private transactions ^ « contro! relationship.- The 
above market prices and that 22 per cent, stake was sold to 

S» riv ?y 5 fJ e be t n a group of investors headed by 

for additional shares above the forTneT Navj . secretary J. Willjara 
market The company said K Hiddendorf II. currently presi- 

[dent and chief executive officer 


A new investment bond 
linked to five funds 


Start your 10-YEAR INTERNATIONAL PLAN 
'ith CRESCENT today-with a10% discount 


Hbs is the sensftile ; way for the personal When the policy is cashed a small charge 
/eStqr io nse-thd 5tock\Markets of the' of 20% of one year 3 s subscription is made 
orid. youinvcstany rcgplajamoant from, -and the Company most reserve the right to 
monthly or £60 ^mnuaRy,. there is no make a charge-in respect of its liability for 


of Financial General. 

AP-DJ 

Farmers demand 
flood barrier 
in Norfolk 

By Our Norwich Correspondent 


monthly or £60 axmuaRy,- there is no • make a charge-in respect of its liability for 
aimum. This, secures,.for^ yon units in capital gains tax. 

DESCENT INT^RlsfATIONAL FUND* ■ By starting a plan now yon qualify for tax 
mit trust specialismgin investment in those xebeffor the year-ending 5lh April 1978. Jf you 
entries which.. ^ felb .offer, ■ th e, be st take out an aiuthal subscription the whole 
port uni ties fori^CAPrf’AjL GROWTH, year’s preniium;, qualifies for relief and you 
re value of Crescent International units has ggt a full year’s'allocation of units at'the 
or three tinaes 1 as fart as the FJT. index id. special introductory discount of JO %. 

:Iast7years).. v. a - : ■; •- ( . . Security? Crescent Life is part of Ameri- 

Stock market prices go^ and down but can Trust Group, a British. Edinburgh 
-j gain Tri ketjh|ff i&^ yoiatc' ‘ based jovestmepLhouse, established in 1902 

<ular subscription buys more mrits. - ' • •wrtJi total fundstunder management exceed- 


jalar subscription buys-more rnnts. 

You also get life coyer which is- guaran- 
:d from tfie start gud is lO times your 
nual subscription if you .are under 5frat 
. try and at least 8 fonts if you are between 

- and 60 at entry, - ;' 7 '. r .' - 

Because the plan is designed as a. life 

durance policy, it entitles you to.income 
c relief currently t7 % on your subscrip¬ 
ts. Example: You decide to invest £100 
r annum. Depending on age at entry, 
0/£95 is used l P b u y un 'ts, the balance 
ing the cost ; of -your life assurance. But. 
' ur net cost after tax refief is only £83!; . 
When thef value of accumulated units 

- ceeds the. guaranteed life co^er;. the 
lomit invested"rises lo£97. . 

AfLer 10 years .subscriptions cease, but 
'■ -u may leave the- aoAroulated units to earn.' 
.rther interest and. possible growth. Yon- 
50 have the right-to wi&draw before 10 


ing£125m. 

An investmeiUrin Crescent International 
Fund enables .you to build up a stake, in 
what we feel ane-the world’s most thriving 
economies plu^valuable life cover, the cost 
of which can more than offset by the lax 
allowance on your subscriptions. 

10% DI$C0UI^ OFFER 

■ . Pill In the coupon and post with remittance 
for your furst'j&ftbsmptioii. Provided these 
: reach us iry Fdffaary 21 st, 1978, your first 
subscription - Whether for a month, a quarter 
or a year - wilt biiy units at 10% below the 
_ offer price of50.3p riiliug on 10th February. 

• Your investment. begins the day your 
application is accepted and we receive your 
remittance. ^ 


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 linked with any of five 

—- * -.. unit funds, all of them managed by 

By Our Norwich Correspondent N. M. Rothschild Asset Management 
A FLOOD BARRIER to prevent Limited. Investment is in multiples 
thousands of acres of farmland o££l,000 and each bond is issued 
f r° m flo^ing in the event of f or this amount, 
abnormally high tides is 

demanded by farmers at Acle , _ _ , . 

Choice ofjivejuiids 

National Farmers’ Union is to Through these bonds you can 

pr& for S5S5WTSIM U.urodKingdom^ 

barrier to protect their land, shares, international cqiuncs. gili-eaged 
One farmer, Mr. Charles securities,- propertv or cash -or in .ill five. 

•fttaSrSS •n.-^df-±--I,blc J re: 

they wanted sea df fences at Gresham Life Equity Fund 

Great Yarmouth strengthened GrcshamLife International Fund 

i^Mu.’e 0 ffi' re - Grestem Life Property Fund 

Gresham Life Gilt Fund 
cuADc- c-t a irf Gresham Life Cash Fund 

British Industries and General bond may be illocsicd to any 

Investment Trust—London and one of rhese funds, and if vou have more 

Manchester Assurance Co. and its . .u^i .. jjir—rtir 

subsidiary Welfare Insurance th .111 one bond you (.an select a different 
have purchased a farther 38.602 tund lor each one. However, it is not 

Deferred shares making a total of . ^ m »; r -; nir i- u^nd between 

870,000 shares, 21.1 per cent, of posaou, to split a smgie oona dctoclh 


undue risk. Income is re-invested to 
increase die value of your investment 
and to take every opportunity to achieve 
capital growth. 

Life Assurance cover 

Each bond brings valuable life 
assurance cover, the value of which 
depends on age at dcatii. For example if a 
bond were worth £ 1 ,000 at the time of 
death of someone aged 40 , the benefit 
would be £. 2 ,ooq. Normally no medical 
examination is necessary unless you are 
investing more than £ 16 , 00 a 


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 
rime when your income is reduced. 

How to invest 

Fill in the coupon below and send 
it with tout cheque to Gresham Lite. 
Investments must be in multiples of 
Ti.ooo. Alternatively, consult your 
professional adviser as soon as possible. 

Each hind is valued weekly and bid 
and offer prices are published daily in the 
Financial Times. Units will be allotted to 
you at the offer price ruling 011 the 
valuation day next after your cheque is 
received. 

You should remember that the 
price of units can tali as well as rise, and 


barrier to protect their laird. 
One farmer, Mr. Charles 
Wharton, said the situation 
was extremely serious and 
they wanted sea defences at 
Great Yarmouth strengthened 
immediately to prevent a re¬ 
currence of the 1953 floods. 


__ vou should regard your investment as a 

Augmenting your income long-term one. 

You can withdraw j per cent of _ . , .. 


SHARE STAKES 

British Industries and General 


870,000 shares, 21.1 per cent, of 
that class. 

News IntL: News Ltd., an Aus- 


funds. 


rther"interest and possiblfe ^rowth. Yon- In acknowledging your application we 
so have the; right -to withdraw before 10 send you a fully detailed brochure. If you 
ars, but wifodrawal within 4 years may are not completely satisfied let us know 
;an that yoirwilL'Iescpart of the tax relief within ten days-and we will refund your 
•u have had.- • • . . subscription infulL 


To Crescent Life Assurance Go. Lid. 

Acre House, Windsor,Bexks,fiL4T£U^ 
Tel: Windsor62443- • • 1 - - . 


Have vou bad any medical attention during the past 
months? YES/NQi If YES, please give details. 


'CRESCENT W 

INTERNATIONAL 

PLAN' 

asssrance policy at a 
subscription of 


lonthly- 




T enclose a ranittance-Jw Uieffrst suh»npt)on; 
payable to Crescent Life Assurance Co* Ltd. 
Subscription* must be in exact £‘s (nqnimtun £3 
monthly ;£16 quartedy; £60yeariy). 1 


Surname (Mr. kfe 


I declare that I am in. 
this application shafi 

fttOKATGRE 


>d health and agree that 
the basis of the contract. 


First Names fin ftdD 


DATE ■ - ; - _ 

A remittance for thaficstpayment muit accompany 
th'ffl application. AH pdjmienta thereafter must be by 
bonkerVorder or Glre^standing order. 

Not Available to residents of the Irish Republic. 

KeirlKWtTdlE Edmbwvh. ^reiser 3 iss. 

Kwl^ttrrd M^U)eO*Bms»t. Kdlnburph. . . 



& co S y -o^ir p a u ^ d r^ Inexpensive switching 

benefidaily holds How vour bonds are allocated 
J,/92JilX) snares. , , 

JateJ: Jorebant Holdings has between the various tunas is entirely a 
purchased 10,000 Ordinary shares matter tor vourself <md vour own 
and together with an associate ' 11 - . .- 

now holds 934,845 Ordinary shares professional advisers. Moreover, it is easy 

in JateJ |61.C3 per cen L). - pjjJ inexpensive - ro switch a bond 

ffp“ta^ 20 .S'M'o a rdfi.OT t” 1 ? 0,le t ™ d “ at short norice. 

shares. ■ In the cjsc ot the Propertv Fund the 

51 r .Sr Investment Manucers mix’, exceptioiwllv, 
Zelker, a director, has bought - , =■ r , 

50,000 Ordinary shares. require mx months nonet*. Tlie only cost 

London and HoJ> raod Trust: j s< for tjlO first switch in ,mv veJT. a clurtjc 

Commercial Union Assurance Co. ,-1 __ , ' ' . ._ 

has acquired a further £15.000 5 ot i per j.eut of the current eiwjshmem 
per cent. Cum. Pref. Stock and value ot the bond beiiis* switched: and 

per” Sot™'™ liM tor any other .witch in that year. 3 per ’ 

Malayalam Plaatatkms (Hold- cent. There is no liabiiitv to capital gains 
tngs)r Following further accept- r,v oil such switches 
antes in respect or 437,940 shares, ^ j r u. ?' , , 

Harrisons and Crosfleld is now In toe evcnc chat the outlook ior 

lnterestttl in 24,229,108 (89.4 per die rn.ijor sectors appeals tinattracrive, 

^Sungel^hni Rubber Estates: the Cash Fund will provide a useful 
Doranakande Rubber Estates has haven for your money, 
acquired a further S.000 shares 

Rothschild Management 

Sr, 0 .' u GredjamLifeIrveitmmiBonds 

reducing its interest to llo.BOO enable smaller investors to benefit trom 
shares (4.4 per mdl). che investment skill and experience 

ASSOCIATES QEALS associated with the name of Rothschild. 

S. G. Warburg and ’ Company The investment managers believe that 
'ES^SS^'B^SfiS! with continuous arid active supervision, 
30,000 at 336p and 20,000 at 355p. reasonable lctt^Ttenn growth is possible 
T.SI?U"p in the major sectors covered, without 

22 p od behalf of assodatea. 

Blanks tone Singttm and Com¬ 
pany (Northern) purchased 30,000 
Ladbroke at lS 6 p on behalf of a 
director of Leisure General Hold- 


your original invesmienc each year for 
up to 20 years ro augmenr \ our income 
without any immediate liability to tax. 
On quite modest assumptions of growth 
it is clearly possible to do this without 
reducing the value of your original 
investment. 

The tax position 

You Iiave no liability to basic-rate 
tax or capital gains tax while your bond 
is in force, even if you operate the 

rD mnA <toi t it 


Other details 


Chaises. An initul «;hjre,' ‘-'f.s per cytil snclujid in die 
Otti-x price, pav 4 foe TX)iir li)e a-iurancr ac well a - ihc 
aiimirnMnovc aais. Tlnir h on annual mirugenient 
eharcc of- ptr cent of du- value of each liind. For the 
Gill Fund die annual charge i-- ‘. p<-T cent. 

Share Exchange. You nuy exchange .1 portiblio of 
eili-cdced seoinoLi. quoted tixed-mrerex stocks and. 
(-irdmary shares (of a minimum value of L 1 . 00 c' for 
Gresham Laic Investment Bund;-. This can mean a 
oonsderjHc saving hi dealing costs. 

Cashing your investment. Any ivnid mas be cashed 
at any rime, without charge, at the bid pnee ruling on 
the valuation day next after we receive your hxtnittioos. 
Exceptionally m the ca* of d»c Property Fund. 

. repayment may be deferred for up to «■ month,. 


Proposal for a Gresham Life Investment Bond fti 102 

To: Gresha m Li fe Assurance Society Limited, P.O. Box No. T, 

2-6 Prince of Wales Road, Bournemouth BH4 9 HD. Rrswiord m Load do No. c 

1 \cLh to rnsrst .—..... ui the Personal History 

1 mdennaitimed Graham Life Funds and enclose 2 A re sou now in eood brthl v and menial health and 
cheque for thr --an; payable 10 Gresham Lite nee trom jjv; phv«ic.)l impnirmernr YES. NO* 

Asiurance Sooco- Limited ('minimum /'i.cco'r. Hare you required any modiejl adx-icc, trearment or 

AmuuKon sunpcaiattennun in die List 5 van? * , *YES 1 NO 

Amount t> wfa* i^*h Ifthe Sod ere isinubie to underwrite tiib Propc-al 

rrn;-.r ,.J uiihJnnJ «<i-Ji- 7 ut the tvikdr of a medial report wcutld you 

1 = ihi Fund i. rajmred ^ iviilmg to luve a medical exammanon: Y'ES NO 

Nome ofFund iMtiicpie. of oni ••.< .; 1 *-Sc «— p." T"f ai—ruUiol i' nsinarw: rcq<9,v 1 

_ . __, . -*7r.YO'/'.V.tc flipph i* 7,n ^ ■•jvr.tuly 

Equity Fund 4 . i. ... •**lrYES pLat - iriat A7Mi.aii)-. 

Imcrreuiotwl Eund a ‘... <f . . . \ , nK - .„,d a ddrt> - of your Doaor...... 


the investment skill and experience 
associated with the name of Rothschild. 


1 wLh to invest .—..... ui the 

lmdermaicioned Graham Life Funds and enclose 2 
cheque for thi --am payable 10 Gresham Life 
Assurance Soaery Linutud ('minimum /^i.ooo'i. 

Amuucroo 
Amour.; t> wfedics^i 

rrn:-.v..J ciiihJnu-J 

irilhiFund l rjquucd 

Name ofFund iMuiupie. of oni 

Equity Fund 4 . jT.„ ... 

Intermuonai Eund -J ._£ ..... 

Property Fund c" . /".... 

Gilt Fund -.........‘ 

Cash Fund j.. .../ ....... 

Total Investment / f . „ 

A separate Bond v Ji he v-iicd ivr cjcp t/.jxo in>«t«d and 
rhr v.il fe bii.cd iv ri>: Fish+.a. .amen aboie. 

1 IwCfIi Wiihdc.u-]! Kn> -^ill p;>*i da jii uxttnc nf]' Q 
p.r annum • pac auic iuif-; -..irl;of the amount thoun n 
tin jiC'-nidvi'liinin. 

Details ofLile Asuced iPiock Cap^b n«tor) 

Stinumo .. ...... 

(Ml.-Mr, Mas 

Forenames—.-— -—..—— 

Address-------- 

-____POMCOdC__ 

Maiden Name —-... -——. 

Date of Birth ----Day.Month ..—.Year 

Telephone No. 1-Io.uc..Otficc...—,.. 


.Mpcaiodc.. . 

How long hn> be knomi > 011 :.VC 2 T* 

Nntr: F.tilise w ilr<1irv.-.ill n> iuii.(l tint.. otild mull in anc- 
o»--iivv rved on ;1 k- tu* • •iiln- I'r* .il Kuic ■.-oiiLbL-. 

h mi r.rnlld £V KOliil asmaUTuI |i Id dc lv Utlliwcc li'C 
Vviciv m ib jMeciiii.nl ui aicupiancc- a ihi- ! , n>|wi!. li the 
-imtorvis m any il'Hibi ahemt v IicrifcT cct&iii tacu are 
nuien.il, itise tacts 4w(iti K-di 
Pedamion I Axlireihai todicbmuf myljwa-irifceand 
IkIm' riieabo*'* awrioii-. wltcriw m my own 
hj.uiw-ncriL- ir noL are true and compile and 1 acme that, 
uxjnhtT with the Aitumms (ii'cnvi made io the Sodny's 
Medical LtiinmTanJ -aanui b\- me. they dull tv the bans 
of ihc f«yr"ed conwa'M rt aumnee wah the Gresham 
Life A-airmce Sudctv linuu-d. 

I ccn'saii 10 die Smktv uiaknig '.uqnijVs ol'or 'cekn:' 

' nnSa! mtbtiruhcn uom any doctor who lus aanidad me 
t r non; any Ljlc Assurance Company and l amhonsc the 
"I'.Tnpoi'anynieh uifonmtion. 

I hare scad tbt ficae above md mdaiiani it. 


Sijuwre-.... 


jGRESTAMHT^NVESTIVffiNT^BC^roSj 













.iwv 



Off 1.8 on inflation worries 


BY OUR WALL STREET CORRESPONDENT 


NEW WORK, Feb. 10. 


Coming Glass....I 47i* j 4814 Johns ManvfUaJ.. 
CK Int'a'ctoosil 44% 44% Jahiuon Jobnton 


Abbots I*tw..| 61% 

A&lrecfcgrapb _. 15 

b .... v iia r.t . 1 


the doUar in overseas Exchange rise since last .4|inl. foil owing a Chemicals and Banks were to a new low for the year. ijWwkrii'' {2* g;» 

Markets. 0.4 per cent. increase m mixed. OSLO Bankings were slightly 3 Bn ’ 56% 

The Dow Jones industrial Decemher. UJs. stocks followed V all Street firmer, while Insurances. Sh*p- ^iwJ store*_• 19% i»>» 

Average lost 1 82 to 775 99 re- Great Northern Lron Ore lower. German.-:. Foreign Oils and pings and Industrials were quiet- ,\iu» ctakimen... 25% . 25% 

during its gain' on the week to plunged SSf io ««i on an unfav- Golds werei steady. COPENHAGEN — Banks. Ship- ! tl* ' S% 

5.03. while the NV.SE AH Common Durable ruling h.- the Minnesota BRl-sSELN-—Mixed, with the p j n5S and Com munications were . "" Ia . gJ * 

Index, at 850.01. shed 10 cents on Supreme Court. majority higher in quiet trading. ]ittle chJm ged. aSE? SE2544% , 45 

the day but was still up 29 cents Sherwin - Wili.mus dropped So? In Foreign Stocks. UJ\.. Dutch MILAN—Prices dosed around vuier. Brr*rica*t. 36v a 061 * 

on the week. DecUnes led to sail—it do* ngraded its 1977 and Canadian wereJitUe changed. * d in active Anm-Vm . 364.' 364, 

advances by 724 to 649, while the earnings prediction and now ex- Germans rose while U.h. and “JJjjjy 8 ” best le ' els in ac * .i.w.ftmm.n, 245* ■ jgja 

trading volume expanded 1 . 54 m. pens a net loss. French issues fell. SniaTViscosa, up Lire 74 to 650. £££&£££!; «5 “hi 


L'rabe £6% i# 5 l 

C’ttr-fcerXal_j 24% ) 24% 

CwncoZellertacb, 305a ‘ 30s? 
Cummins Engine- 34 i 34% 
Curt-Wrigbt_. 17% j 177® 

Uana—..8SM : 334* 

Uart Imlustrua.j 37 - 37la 

D«re..I 843® ] 24 U 

IM Aloote _.... 85 287a 


J Deltona.... 


Don te ply loMr.... 18An < 17Sg 
Dctraii Blijivi,..; 16% ; 164, 

D la nr-mi.Sham rt i 28% 281* 

Dietapbnae—_• 12<a | 13 

Digital fcouipL—40-1 b ' 40Tg 


trading volume expanded 1.54m. peris a net loss French issues fell. Snia Viscosa. up Lire 74 to 650. SSSi&piS^; «S : 34% 

shares to 19.4Sm. ITER came baric 82, to S24{. AMSTERDAM—Narrowly mixed anc j Pirelli, up Lire 656 to 2.215. Amer-HomcPtoii! 28 »s j Z8J, 

An afternoon recovery attempt Massey ■ Ferguson fell $li to ,- n quiet trading, with Dutch i e d Industrials higher " Amer. Medial-.! 19% , 16*4 
faded in the fina/ hour. $ 12 ' on speculation about the Internationals mainly unchanged. vifwma—. a— a. « 4 th an; ! 4 iif 

After the market close, the Fed dividend. KNSM moved up Fi.7.50 and '!u, Amer.N-t.G~.... 40* ; 413® 

reported a drop of Sl.Tbn. in THE AMERICAN SE Market Value Fokker gained Fl.4.50. variations either 

Basic Money Supply Ml and a index rose 0.31 to 124.64, making GERMANY—Prices gained „ . 


narket close, the Fed dividend. KNSM moved up FL7.50 and ™SH2 I >, “ oy 

drop of Sl.Tbn. in THE AMERICAN SE Market Value Fokker gained Fl.4.50. slight variations either 

Supply Ml and a index rose 0.31 to 124.64, making GERMANY—Prices gained "^■ |ur Aroer. Tet. * tw.i 


4 • 4<a 

40* ; 413® 
367a 36l B 


EHtney (W«Jti_; 337} i 354, 

Dover Ccrpn_~ 395, 597a 

Dqnr Chmntol... ■ is4% 24 14 
Urmt—ZZ! 39 Vi I 39 l* 

Da Pont_....-> 107% IO 8 I 4 

Dym& industries! 14 I 141® 

Ksgte Pieter_j 177® 17T* 

kjta Airlines—1 71® 7 

ti-stewa Kod-kJ 45 A» j 453, 
Satan—_—1 347® | 347® 


fcOSj JohnuD Control. ' 
248® JoyM-oaC-gtnr‘g 

303® K-MmtCorp,_. 

34m KaieerAluminrxn 
177® KeiaerladancleB 
JuW-Slael—— 

321* Hay. _ — 1 .' .Ta 

37 ia Kennacott—' 
241 , KetrMrijiea—_ 
287® Kldde Wmtte— 

«S SSSK2S- 

163, Krirt—_ T^=\ 

28^4 Kroger On- 1 

13 Levj Strauss—.[ ‘ 
40 7 a LtM^-OvJtaed^'- 


30% 
701® 
£9s® 
391 ( 
25 
398® 
. 43, 

. 24lj 

7i a 
231, 
491® 
- *83® 

41Sa 
214, 
43 
271* 
287® 
277a 


CAajfett Group—. 97S®: I Z71, 

Lilly iKli)—_: 40 i® 403 , 

Litton Infln w,..-- . 1412 141, 

Iwdnrt Aircrtt .14 131® 

Looa star tariff.. ..183® 18s® 

Laag IriMirt Led. 187® lBi® 

LoaisluicLuML.. 211® 211, 

Lnbtiao I—_ 1 . 36' 353® 

Lockyfitores— — ' IS*, 13U 


Sl^bn. decline in the broader M2 a rise of 1.8G on the week. 

measure. _^ 

Weighing on the Stock Market ■ 1 


FRIDAY'S ACTIVE STOCKS 


Ilrr Carp . , 

Citicorp . 

Rii.'ins 

M<wr Fi-r-ru'-on 
>'7-‘ A Vinwial 
T.'aoro Pcirph um 
■jntrgl Portland 
Marshall Flold ... 
Wvhb i Dot. E i .. 
Srars ROr’dllClt 


Claimc on 
ir.idi-ii pnv- da-. 
:ii3.»i»i —25 


M2 a rise of 1.SG on the week. broadly in active trading, with KONG—Easier in quiet imetas--—| 28 * 

_____ leaders up as much as DM3. and featureless trading on lack of AilF--! » 

■ket ■ 1 Bonds gained up to 30 pfennigs anjr Interest after the Chinese a — . a 

— OTB^EK MARKETS in lively trading. The DMLSbn. Jf ap , iSSuS 27 u 

two-tier Government Bond an- TOKYO — Slightly lower Ivi Aniie^er Buacb.- 19u 

..... -c tsMHm nouneed Thursday, with a 99.75 reduced trading In the absence .\rai.’oJ»t«i-j a 7 i^ 

m r-maHn Per cent, price for both portions, of encouraging factors and ahead -; Z S;^ 

da-. v.anaua was received favourably in inter- of to-day’s national holiday. i *“ e “ —* 9 

Canadian Stock Markets rallied bank dealings prior to its official Volume 270m. (340m.) shares. a«w........ -. i|A) 

in moderate ir.iding yesterday, issue in mid-February. The 5.5 JOHANNESBURG—Golds were 

with the Toronto Composite Index per cent. 8 year part was quoted harder, while Mining Financials A uto uw* ProZi 1 asu 

0-1 rising 2.3 fo 101 - 5 . 8 . between 100 and 100.25 per cent, were easier. avu.__ 1 lot, 

■mi The Gold Share Index spurted and the 6 per cent. 15 year. - be- AUSTRALIA—Mixed with lead- avco .—.i ij>4 

+ ,i ahead 33.9 to 1353.4, while Metals tween 100 and 100.15 per cent mg Mines unsteady. atop Pmrtoeuj 

tl* and Minerals rose 3.6 to 823.9, SWITZERLAND — Firmer on Bank of NSW added 4 cents at || 

-j Utilities 0.63 to 160.96. Banks 1.71 stronger demand following tbe $.45.26 in otherwise mixed Ranks, uaoten tv. 352 , 

- * . . ——■ ' barber t»li.' 27»® 

ft s D( . d ., baxier Traveool. 45h 

N.Y.S.E- ALL COMMON Rises and FaLia banri^e Fcod—. 227 , 


AWCO... 103® 

A,bland Oil_28U 

AH. KwbMekl-. 463® 

Auto Uu® Pro—' 251, 


281: 281® 
60 , 693, 

UBi ; 2812 

17 ; 17 

261a I 26 

lit I 12 
274 J is74 
19i, > i9>e 
a7>: . £73® 
20 7 f I 20 >a 
SI® c 91a 
163® | 161g 

281, ; 281 , 
463® H6’. a 


CA.VJ.S. II- * I ‘8 

Kl Paso Nai. Gn* 161® 

HlCrs_27», 

Kmetwn Elastic! 303, 
EmerT.-UrfVghij 881, 

Kmtart_J 2»3* 

K.M.]_ | 31* 


N.Y.S.E. ALL COMMON 


NEW YQRK- D0W J0H£S 


l ef>. i Pet*. Feh. : Fob, - 

III 4 • S : 7 . btfih 

50.01 50.11 50.35 5 0.08 07.07 


1 Feb. 10: Feb. 9 ! Feb. 6 I tt^lo»oaDil.•ltenacD• 397® 
---—I bell A Howell— 161 j 


luueatradeU., 1.823 i 1.808 1.848 


Feb. Fet>. 

9 i? 


'SineeciiiiipiLniixn 


dleh • Law Kim® ..i 649 * 

■_FaUi... 724 ; 

t 67.07 J9.B6 fnehanetd -. 450 1 

: i-l.l.til ;>2ilL7Fi XewHieb®. - 

Aon- Lows. — 


In-lij-tnai... 775.89-777.Bt 732,66 779.85 7S8.62' 770.9® l« M IQbl.TO. 41.22 

i 1,77. ■> 1 7 Fh11/1/Uj: i2/7-a2 ; 

B'meB'n.l-v 89.79 M. 6 B, 89.54j B9.7Q 83.79 : 89.74 a3.*» Bii.SS — , — 

I 'lit- urkt :>.!.?> I 

Tr«n-|nrt,...! 212.85' 213.58 2H.®S- 213.48. 212.16 2I2S8 24b.fc4 , 1 j:.6Q 279.88 15.2S 

| ; | ilr■"??« i'i" ICr. liiC/r®) it(7i3ii 

Utiliiiev.; 105.65 105.62 106.12 105.51! 105.21. 105.51 llr.t/ • 104.77 165.52 10.66 

j i i j . iSl.ii .51 1'7 &m2l>‘4i'&>')2oiJi42i 

Ti»|insml 1 ; ! ■ I 

..W» t | 13.460 17.340 21.300 14.750; 11.630 12.400 — . — I — — 


lurtiiRcrlsi 

f.irnMaAi 


lj.-.bO 27¥.B& 15.23 ---— 

I'-ir 10r. IMP®) it;7i32i TORONTO fnnp« 

103.77 165.32 10.66 - 

51 l-T&iiaMritfrgDaiJti JOHANNESBURG 

i I null 

— | — | — ln>in»iriai- 


r fl-. . Feb. Fc-b. • reb. ■ . . 

10 0 ! 8 . 7 High 

166.55 166.60, 166.66 166.55 136.4/ il7/f-i 
175.34 175.78 173.96 173.37 ?«7.a6 (19/1/77] 


L'nnipnlre 1014.8, 1012.51014.4 1010.2 1067.4 H9rtj 361.0 Cfi lv‘ 


208.7: 208.B | 209.1 
210.6, 211.2 1 211.6 


215.7; 218.7 (U2/7W ! 
211.9! 214.4 <4|l/7Sl 1 


L,808 ' 1.848 beodix. 341, 

558 920 beiitfuet Cons 'V 2*a 

789 490 detbleberu Steel.' 2153 

461 436 iJIa-k A Decker... 155® 

31 ■ 32 bi^eiug... 30ig 

25 23 dolM Ca*.-ade_ 241 j 

Uobien.—. SO 

Jon; "»mer. 26 >a 

rfmnilf Cnt. Id, 

r Jrascau 'A'—. 13 is 

_ iiitatui Myers—. 31<: 

158.02 r'jj'10; Jnt. Pet. APK... 151? 
165.60 (ir IJi dnxkmytiliat.. 28), 

-----ttninsn-icl.—. 14 

861.0 u« lv> liucvru' Krie_— 173, 

. ■ . . — u o W—--—...—- 32 i® 

LAilefa W®ich. a U 

189.4 u-J.3) durUn^vm Ntbn 587® 

169.1 i4i cjurpiiigha. — 1 62lj 

j-impbeli acup.-.i a4i. 


1 Hj<w irt mrter ■ tr.ini IA 

I’./.. ; J,u. Ji 

ln>1. 'Iiv. violiI \ - 

5.98 6.02 


STANDARD AND POORS 


Yoaragu iH|<(«Ok. 


';i(iiv l on i;'i in ij 


; Jeb. I'rev- ; 1 w/'i -/8 

' 10 • !■ »iis i Hij/h ■ l»w 

Australia >•.). 4fc.91 469.5® J l'3.*6 I 4Um 
1 • u.-/l /}'/ ttoiZi 

Belgium i'. i 1 a-*. 9 *^ 9 . 99 . 1 ; ■ sfj.is 


t PWa l P«8- \&n-7t lj}/ ir Canal Hu*ic4f)b.J 11 ; JJ 

; lu 1 uixb ' Lki — I £912 29 

— . —I---— earner A lienerali 121 ® 12 

Spain M.EOj 94A31 I00.‘.o, 94.t0 Jd-.ier Hivriey... 167a , 17 

! 1(30,Lii ,-i 0 lr wnusrpu'erlr^-l^. 5>J, < ' 60 

Sweden «aii .352.47 416JV ' re-- .t: 'JUS--—-! 46 j 46 

i ! K.-.5I -J4/I1. . - ”**" 


.ana-lian Pacific lai, 1 154 


i^. 1 W.EO i 94A5 I LUO.'iO. 94.t0 


Fhf.. Kol- 
10 3 

Fot>. M-. ( 

^'Vi 

Fel.. f Frt-. 

•= | 3 

Hi-jli t lo-it | Uuli 1 

: In 1.mn«i>: 99.12 93.40 
'lo-nu-r-.i., ^ 90.08 30.50 

100.01 19.49 

S0.85: SO. 55' 

l i 

98.51j 9b.t6i 
1 

BS.50; bs.69 

lia.si UA/ < 154.04 | 3 .Si: 
.£•!■/1 ■ •. ■'■hi-r tlDl iS) SwtSj, 
u;.oo' aa.38 ! L 6 .«a ■ 4.*o 
,3/IW7i il-il.i&i 1 ilM iSj (].%%] 


| l'eb. 9 

| Fob. 1 

•Imi. ~ Four mr> 'hppm .1 

lad. -llv. view % 

! 5.17 

5.22 

5.22 3.99 

ln-t. P;H Hiti.j 

8.77 

! 8.69 

8.62 10.85 

billil liml. H--II.1 vl«-I.I 

8 20 

B. IS 

■ 8.20 7.64 


Denmarki*'i- »4.s« 101.4.' 9«JM 

• i9/i» :i6«iS, 


inTi.fin'i,ji. 1 1 ( nE.‘»5i - J*# 1 1* I Cwryo.... a 8 l® 

‘vS >V Swiferl'd! )! 3C0.9 ) 318.9 ‘20 9 ! c.tv .7 I Anuml A »sW...' m3, 


KmervAir FVghlj 88 U | 3812 

Kmtart_J 295, I 293, 

ti.ll.I_| 3U I 31, 

faingflhunt ....j 24 ■ 241® 

K&nur* .... 26-, 27 

titliyl_ 801 , 801 , 

Kxvcn_j 453® i 46t® 

biurclMUl Camera) 263, I 263, 
«».- . oui, ted. Depi-Stores 353 ® 453, 

fllS 1 51-i P««*an® •£!«-. 161® 164 

Iff® ; * Pw. A'K. Boston - 1 *51® 25i- 

,n * ■ ini t,Kn Van _H 17s 8 l7a ® 

fSu { ? 2 |! Ptinthot*- .1 2 il B 3158 

I »u ‘■ wida Power- \ 31 3m 

IS J IS 1 " floor.-J 33 la ! 331, 

22 i 22 7JLC.__■ 205, 1 21 

351, J 35 Ford Motor_ ! 423® | 423, 

271® - 265, Foremost Mck—) 171: i 175® 

d5H 353® FoxtoiCu—__i 3m 30l 2 

Frajutlm Mhrt—.; 71® 81® 

Freeport Miners!' 195, j 19S® 
FmcVi.ru 1 £61® * 263® 

Paqua Industries! 10 j 101, 

R^-F—. 11 | 113® 

tianneit...—.! 36 | 3B&® 

li nJ tmer.ln— 9s® j 9i® 

24ij • 24) ] [C-V-TA—251® | 2514 

50 * 2912 Ucn.Cabie.-J 123, 127® 

26ia 265, Goo. Uynanua^J 413 , 42 

lOU Id.i I Cm. UfaW 473® 473® 

it;, 1 *t- 1 •ieoerwi F.jjdn —.1 281, 28 >® 

3 ?^ ‘f ? , GenenLl Mills-.. 277® 873, 

I 5 i« 15), '.Jeoeral Motor*... 58s® 585® 

llu 2 B. Oen.PQb.UU>..' 195a 195® 

if 75 -J Oon. signal-' 256® 26 ig 

J2. it * lien. Tel. Elect_! 295a Mi® 

Sit? IIj. »en- Xyre- J a4 23s® 

Id tien»i-■ 03, 53, 

sa-. 39 Ife.irgia Pacific_.- 251, 25 1 8 

lii! . 633® 0,1 -! 163 16ai * 

a 4 >, 1 a 4 is -: £ 6 S® 251® 

ini, 1 154 OoodricbF.F._' 195, 19 ®® 

U . ji lioodyearTire—{ 17 la 167 ® 

£9U i 29 liouM- 287® 287s 

121 ® I 12 OraeeW.H.- 261, 2 B>» 

167a 1 17 tit. Allan MteTcw >1 75® 

5 ,ji, j so On. Aorib Iron —1 26ij 341® 

46 I 46 >4 tireylrootM_j la 13 

581® I 39 OuUJc W«nciii...| Us® 113, 

lsi, 1 o 1 ® tioli On-1 245® 851, 

Haiibuiton_ 597® 61 


Macy K H> . 36i® 

Mbs Hanover—.. 32 b® 

ilcpco--—.. 341, 

M a rat ho n OiL_. . 437® 
vi*rl"n UkUud. 133® 
Marahsil Field- 317® 

May Dept. Storwt 883® 
9C1 —-•—1 -— 36 
MbUbtibw c ,.2e 
MuDosmeU Done -837® 

IkOnwBlu—_ 17 Tb 

Mwnnrar ... 277g 

flora.--- 557® 

Merrill lynch.... 143® 
Mesa PetroJemn. 361, 

UGM_- 86 

MlnnMtnataUgJ 471® 
Mobil Co rp—^ 695® 

Afonin ro - 60 > a 

Morgan J. A - 411, 

Motorola.361, 

Morphy OU__ 343, 

Na hliiwv—.I---- 493, 

Nak»Cbemk»t.-j 26J 
National Can_161® 


888® 287® 

»6 _3Si* 

26 261® 

837® £32® 

17 Tb 18 

277b 275, 

657® 551® 

143® 14J, 

361, 356b 

25 864 

471® 471® 

695® 601® 

&0>a 501® 

4X1® 41s® 

381, 357® 

343, | 35 - 
493, . 4934 
26j I 27 
16 la 16 



NtWjl ^lltTATlrf ibjbb— 


Nat. Distiller®—f 2H a ; 2J5 b 

Nat. Service IndJ.'13&fl 133, 

National titeM—J-SZ i, 311, 

Natomaa--J 36 1 37 

NOK.---—J •' 397b 401» 

Neptune Imp—J 1558 151, 

New KnfftaaA KlJ 221& 22 )g 

New EnrtaruiTelj: 351g 35 


46 J 461, 
381® ! 39 


France nit 
German vis*. el£.7. 
Holland •«:-/ c-1 


"*‘ 3 , . — 40-11 Indices and base dates (all base values 

ililnt' illw>» 10 ® except NVSE All r nmm ..n — 50 
S93.S di.) 7li.c Standards and Poors —10 and Toronto 
. (IMl 1 iKWj .-(DO-1.099. the Iasi named based on t975-. 


:CTa£SS»: ! ffe gzsftsr-l «S 

. - hcmi wt bk. M 39U 1 39Ij u * "r <ai. sau 


.hesel'rKb PmH 


. inrui uvwi .iini-i.iroi. me lasi rrameq oasea on ,.r 

tl.lf . ?=.o r Excluding hoods. MOO industrials, II?! I Hi! 

. \4.bi • ciarti ' 400 Inds.. 40 Utilities. 40 Finance and - -bi««o Bn.l«e... 43', 44i, 


1 bromailov— 


Italy «, 
Japan 1 
Singapore 


12 - 410.23 ■ W 1 ,25.17 it3.4^ CXI Transport. »■!> Sj-dney All Ord. 

:«■> : 111«| iliill'fo t.'i BeUiau SE S112-SJ. l-l Cor^ahauen h rV 4, «r..• 

...i f 1.41 ^J.i7 SE 1.-1 Paris Boors-. 1KI. -inenun^-.. 

itAiniCSt.V:. Comnu.rrbank Dec., 1033. tiii Anister- wine. Miiacrnn ... 
tei osaji 5fcS.3= 39i.4a -3r).4a dam. indusinal 19.7J. iT.i Han^ Sens vitlcorp. 


161, j 16 
IdSa 1 13 11 
*l, L ts® 
19:, I 19J® 
201, . 20lg 


Hviaz H.J_—..I 361, J 36L, 

HpiiMWn. . __£768 } 27 

He«leu tiu.-k&id; 65j I 65Ig 
Ho'iday Inin—.., 1478 IS*® 

HnmM»tfc- 1 a4l® 341® 

Honeywell...' 441, } 441, 

Uoorei.—..! 11 4 ’ | 113, 


Niagara. Mohawk .'.1538 
Niagara share97s 
N. U. laduesdeo 16s® 
Norfolk^Western] £75, 
North Nat. Gan... 37 lg 
Nttm Stataa Pm '261® 
Nth west Airline, 83 b® 
Ntfawest Banturp 225a 
Norton Simon—.. 18', 
lAcdrfental Petrol 885® 
Ogllvy Mather^. 381, 

Ohio Ndlatm. .19 

Oltn—I..Z 16 

Umm nhlp 231® 
t'wHjaUamtntf— 63a® 
Uusna lUlitola—. ' 817® 
Padflc Qaa_.__. 235, 

hiritic Lipb ring ,. £0U 

P®c. Pwr^tu._^ 207® 
PknAm World A iri. . 5t® 
Parker Hiujoifen. ' 883, 
Pewbody lot—-. 815® 

Peau PwA;ix__ ^23 

PennqvJ.U_— 445® 

P «nnm il -- ' ' 307® 

Peoples Diugi—. 75s 

Peoples Ha,_— 34 

PapcfcOk ——i _86 


2S J«8 - 
55?, 553® 

21 - 2isa 
31 'b SO** 
89* ] 301® 

56 . 00 

13s® 133* 

125, T25® 

141,. 141, 

38l a 38i« 
Ss7lg is8 
877® f 68=9 
o6B® . 363, 
r .. 4lg 4'S® 
-.•Big .53® 
137® . 14i s 
676® 5858 

173® (-.17>a 

13 V 166® 
2068 t 203* 

- .65® I 63® 

21 i a 213, 
214* 215® 

123, .123* 

266®' 267® 
353® .383b 

30 296* 
385, : 391* 

283® £86® 

. 357a 361* 

lll t 11% 

19 18l a 

4758 48 

3 . 17 B 

841® 221® 

£ 61 , 261® 

167« ::i7 

293b 89% 

33% 34. 

601® 801® 

222 2Z5, 

241* 241® 

161, 161, 

333*- 337® 

■25% 251® 

SSig 28% 

377s 581® 

46% 4? 

681® 68% 

36% - 361® 

13% 135, 

48% 49 

391® 381® 

327®. 33% 

21 % 21 
9 87b 

35 ! 347® 

685, J 69 
'3% I 5l® 
.29 j 86 
91a +- 8 
£61® . '261, 

17 167® 

675, 671® 

301* i 30% 
19®, | 20% 
cBk- V 365, 
83M: ,23ig 

46i, 471® 

34 337® 

14 >a 14 

19% 19% 

35 341, 

217® 22l* 

iav ia 

291* 88% 

18% 185, 


WodwerdL. 


iHl® r;.iE 
Q5, : - t 
455, M 

17% r. 
131, !; 

7941® (■«, 
782 

6-41 1 6.4 


11*3 1 11 
51, ■ . 

26 ! a 

£** i 
39% a, 
177® i. * 

■*?-.» *, 

IM? 

W>8 1 1 
J51* * 1 
t3.2S :,a 
34% -.3 
15lg -| 

9% ' 

11 -J 
35% J 
19t» J 

”, n 

ZB 1 
S3**. .£ 

3.3b > 

91, ,. 

301* J i 

28 \i 
84% J . 

l ?5 ;•>.,*s 

e2 v. 

691* . . | k 
73% ", 

66 -| 

. 23% -V • 

.147® 

121* • 

teo tl 

T* : 

29Bg -'. : 

411* j 7 
16% ‘ 

18% ! ■ 

43. i - 
I7V.' - 
301*: : 

•191* h 
16% 1 


Union Gomoacei 
Uulon Oit Calil..., 
Union Pacific——1 


i 24 ,lli Rank Mrj-«. • *, Milan 2-1-78. m.TokTQ .itws aem.*—.’ 4il- 
?5£.7l !c) '*>.71 .*a^.2a New SE 4-1 *t. 'tn Straits Tiiibs 1 %'j. vilv Intestine..., 

i^i iild|^' 7 A (SiOi "••Close. ij< Madrid SE SQ/12-77 —hLtli •.Vwtola.36J? 


a n-~ l Hosp Corf,Ariier. : 287a ; 26 
I Uouaton Nat. Ua*i 281® • 25 


and lire for 147 $ only. ici SlnuktinTm Jolgnte PHim—.. 
Indusinal 1-1'3 b. «/, Swiss Bank Cnrp. jnino* Aikmao.. 

»,n Unavailable. -- — 


F.T. CROSSWORD PUZZLE No. 3,591 I RACING 

A prize of £3 icill be given to each of the senders of the first 
titree correct solutions opened. Solutions must he received b?» 
next Thursday, marked Crossicord in the top Irfi-iiond corner of 
the envelope, and addressed to the Financial Time.*. 10, Cannon 
Street. London. EC4P -4BY. Winners and solution tcill be given 
next Saturday. 


BY DOMINIC WIGAN 




win at Catterick 


.olutnbiA Gas—.. al‘i - *77 a 

L.-luniDia Piet— 15% 155, 

•J0IH.llK.7wdA«i l3's . la 1 , 
LVunDuftion tin}!. 33 1 , 531s 

COlUtAMtKA tiq... 161, 161® 

J'lit'wtb Rlivoo. 877s bVi', 

to «.*» Pel. t's 2i* 

ki»oin.S.tteute—, 35 U; ; 33 
87* _ 9 

•.•onrac .:20 '3 ; 19ie 
-Juj. tih>..n N.i. ,n27j 225, 

-.’•UlSOl Ki0b...„ ii4%.| «4i® 

Jonsol Nat; Lias.. -387® , - 3B'a 
C -n?uninr P<wei 23'® ! S3 
-.'.•tumeiiui tirp. 30% , 3l'2 
.oactaeoral Oil.. 28 1 28ii 

.oanoearal Tele. 15% ! 15 5 i 
•Jnnlroi Data...... 25% i £5% 

In'ii-. 42 lg : 421 ; 


THE ICY conditiODs gripping tbe Tony and Rambling Artist in ■■ 1 — 

country have, as expected, wiped opposition. MANY * 

out to-day's Schweppes Gold Although Rambling Artist did fatKWftNT __ 

Trophy meeting at Newbury as well to make a dose race of it ! Pncw , + or, Div. .tw. 

well as an interesting • card at with Tregarron at Haydock f^. 10 , vm. S 

Wolverhampton, where a Panama earlier this week. I rather doubt 92 .g + o .7 ! — . — 

Cigar qualifier, the Mitchells him coping with the course ]\itmu'YenScbll! 496.5—lls ,* ia 1.8 

and Butlers ’chase and the H. specialist Current Gold, here at .-. 232.0 +6.9 j zo | 4.4 

Geary Hurdle, were all due to be a dilterence of only 9 lbs. --! Jxgf tg ii is ; 5 7 

run. Half an hour later, another zsslo.zo 1 3A 

However, the possibility of popular previous Catterick h*\>t. Veivinsbt 3J9.s + 1 . 7 1 20 , 3.1 
racing at Catterick has not, at winner, Lady Annapurna, is citaint..\*i.w«4 


UuQitPb^.|Lhm. 107 6 . 11 
Hutton tti.F.l_— ; 12 ‘ 12’fl 

l.f. Industries..., 23% \ 231* 

Inp-jraoiUand—.! 56% [ 661 - 

J 5 ^ 4 Intend Steel-■ 35% ; 3&«* 

||‘* lneU.-o_.-| 13 ! 131® 

16i» Intercjnt Energy /l? ’ 71g 

teVi'. IBM..._.258 .259.76 

2i* luiL Flavour *.— 1 21% '. 2 1% 

33 loti. H»rveoter„. Z9>* | 297® 

9 InrL Mm A Cbem 40l| ! 40% 

19% loti- Mulu8»to.^-*tTrr Ma *“ 

225, loco..: 151® ! 147 b 

441 e lnil. Paper..—. 59% . 391* 

387a IPti___ 287® 281, 

B3 inu. HecUlier- 9% 87® 

all 2 lnt.Tei.tTel—..! 29i a 1 287® 

28ix Invent - 1% J 1 

15-5, — 29^ I 2938 

s'S', IU Internatwaa'. 11% I 11% 

42ig J»ni W'Her,_ 281® i 2B1, 


26 Ferktn Biner—J 18T S 181 * 

25 Pet,_I 381* 38% 

11 Pdzar- 1 27% 27% 

221® FbeimUodM _ ! 18 7® 29% 

231* Phtladeipbia tile. 1 19% I 19 

365, Philip Morria^.! 68i* . 58% 

561* Phillips Petcoi’m 1 29% i 30 

351* Pfiwii.iy-- 38% 1 391 b 

131® Puney Bowisute..! 191, . 191® 

,, PIltstoiL. j 25 Tb 1 24% 

2g' l = 6 eicMcy lmadk ! 17 • 171® 

21 % 

297® PoiaroW—25', ] - 23% 
40'« Pwomac NlMs—15% I 16% 

-215B- 'PpO’+ndWTrln.- ^as-^ -f-247 eT 
147b Procter Gamble..' 791® l 791®. 

391* Pcb Serve itea-' 824, BZJ* 

2B*« Pui nram — — ^ ■ 387® \ 2Bi* 

87® Purer mu..n1' 16% r '161* 

287® QuakerOata. j 21 2It® 

li, Rapid American../ 6 ■ 6 . 

29% Raytheon —323, 32% 

11% RUA j 851* 25% 

281* Srer'—A 337* 841® 



Western Union—, 
WeatinfifaBoJaecti 

• - m k*‘. 

Wmiayoou— 
Wayerhao-aer. 
Whirlpool...... 

Whit* Con. Ind 
William Co..-.. 
Wlaonnain Eled 


t3.25 

165, 

131*- - 
22,, -. 

50% 

23% 

161®, ■ 
26 r- 

a St- SHBWWS|/S»;s6g 

fijf SSI? FteadcPetroieunif 

SSI? ftw- oui. Par“tn 'p!e,% " % 

153® I47| p^Man - tloS aiTtr 

S? 3 * Place (la,* Ol... . 0.94' f • 

Jlr Jo M «3r35*tolqpnii ' ,. . 

PownrCorpwwt’iiJ 101*.,-. . 

2S1? Sni? •Jdabec Stargeotii 1.30 ", 

! ^7 tianaer Oil..—_J 283,. . 

7j ! 7% Baud Shaw.._f 9 .T-'.' 

7i I 8. -• tiioAigom_ 861*1:' 

10% | -10% tiqyalJlfcctUn.; .2714 : - 
281® 28 Royal Trust.._f. 151, '* ‘ 

ga'-i !■» ■ ££S!!!3 

35% 35 ShdlOwrada_J 16 ■; 

101? iBio Shantte. Mines! 8.00'.'- 
jwi* j- ■ -.n^. i 


14% 14% 4f®«rau.u, 

17% 1 17ii» a unpaoua 
32% 32 12 Start of Canada...] k27 e : 

277® 28 Iron..' j*-« 

18% ■ 10% TesaooCan»da— 34% 

S&? 1 gaS ToradtbDouiJJt. 17 - 

30%! S&l TWOanPIpeLnl 1«4 

Tran* MountOKri » --- 

16U ; 16%.- Td”ec--——.i HOM ! 

18% l 'lfl% —-7'20U * 7i a ’ 

'■ UW^UAeMioe.! 73-1 \\ 

241* 245* Walter Hlram_..i 30% | 

24% 24 Wes* Coast Tra* 

.22% .28% Weston Deo. 

21% 21% 


18%.i 181s 
277® j 28% 


AUSTRALIA 


TOKYO 1 


* Assented. rBRt 15 
. '# Trartwl s New' 

Jii 


?ric« | + or I 


Kerne *t ..1 


Tied ; +w n: • . 

Yen . I - ! " 

- i-i i.i 

I—, i -i 


winning 


reappearance in the Northern I rw.nur l^nl 1 "'.!! 3iiIo - i!s i 19 3.0 
Hunters’ 'Chase. I up-nnu* 275 .-*-2 i 17 3.1 


B3A -^C^! - ; ~ 


1 A“ „ Looking further ahead, the pema^. -j 167.5!+2.3 j M,« 

a» third Knight JS}:}5 g;J3 

J'JtJ!®®!?. Cn \*‘* Frank and Kutley senes of oppor- u^erooexemu 163.5 +2.5; 4 1.3 

2.45—Current Gold mnity hurdle races for young uweteffnan*., 224.51+2.0, 12 ! 2.7 

3.15 Lady Annapurna riders is to be held at Hereford Hnr"i- Lk.yd-; ii7.5:.........j 12 . 5.2 

5.4a—Lord Grcystoke Varnh Harj>coer_• 245 1 + 3 , .-9 ; 3.7 

■1 ,5 Krllnr Rri«r _; 128.7*1.6' 16 1 6.3 

iveiioe bri a senes, which offers en- __! 44 . 7 * 0 . 9 ; 4 > 4.4 

_ — couregement to young riders, has Honcn_.—: T .20 •—1 10 J 4.2 

produced qualifying races at •j***'“ 5 s " te —• aqoi + i'b' zo ' 35 

time of writing, been ruled Ludlow, Catterick, Taunton. . 193 ' .! 20 1 slo 

out. and a course inspection will Worcester and Market Rasen. ioi.: ss.o -3.5 1 — ’ — 

be held on the Yorlahire track The final at Hereford will khd ..! 1 ZI"f *5'2i 12 ■ s '* 

at 7.30 this morning. carry a £2.500 prize for the win- £™PP.. i6 ; 3.3 

Here the feature race is the ning owner and a silver salver. u^eoiymuM. 1 . 510 ..~i 20 ; 1.3 

Catterick Grand National trial The successful jockey is set to Lufthansa—._.i ii2.0i-i-Q.9i 7 j 3 2 

which sees some high-class stay- receive a gift voucher for £150. man.-. 209.0 + 0 . 5 : 12 ; 2.8 

ins chasers including Set Point, and there are also prizes for the 11 wan......| 175.3. + 1.3 • 14 , 4.1 

Ra§ Trade. Current Gold, Irish second and third jockey home. III !^4 I ie f 1? 


Hunters’ 'Chase. 


Ueginoa.... -- 


ACROSS 4 Check whether one editor SPAIN 

1 Faiber takes on anything save evidence 1 9) Feb. 10 Perrom. 

causing anxiety (7) 5 Stretch neck of bird (5i .island . ios 

5 Crook providing stalf for 6 United on the other side by ganro Bilbao .... 

bi*hop (7) the first clue <3. 0) £SS . IS 

9 Patient attendant found in 7 First person to hit out at non- Banco Exterior . 2 M 

wardrobe? (51 Christian faith <5) Banco Genial 

10 Provident society hoping for S Boundary only the com- Hispura 1 — 


a mght on the tiles (5, 4) 


mitted cross (7) 


Banco Jod. Cai. ' 1.000) 


II Keep a supply of material 14 Don’t get up—just hang onjB ind. M«uierraneo 


stiffener of normal dimensions 
(5. 4) 

12 Funny man to take care of 
motorway key (5) 

13 Former fate returns to praise 
f5) 

£5 No place to find Mother 
Superior ? f4, 2. 3) 

IS Church helper made to put 
down language book 13, 6) 

19 Strength is coming back to 
novel (5) 

21 Urchin given strong drink 
about morning (5) 

23 Resolute chap capable of 
doing a smooth job Cl. 2, 4) 

25 Happen to arrive at a fight 
<4.5i 

26 Sad song for athletes (51 

27 Dead yet found inside baby 
clothes i7> 

28 Person at cross-purposes on 
polling day (7) 

DOWN 

1 Punishes south-eastern artful¬ 
ness (7> 

2 Atmosphere VIP creates when 
fit to By (9) 

3 Incomprehensible language 
(5) 


SOLUTION AND WINNERS 

OF PUZZLE No. 3483 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. D. Brpgden, 34 Kings- 
thorpe Grove, Northampton, 
NN2 6NT. 

Dr. R. .1. Frost. 30 Beacon 
Road. Wylde Green. Sutton Cold¬ 
field. West Midlands. 

Mrs. M. K. Turner, 22 Hasley 
Road, Buriev ■ in - Warfedaie. 
llkley. West Yorks, LS29 7PW. 


for ambush (3. 2. 4) 


Banco Popular 
Banco Saniajuler <350* 


16 Glasses getting a sight better 5 ^^,low, . S 

when long-handled <9) . taa<x> vraraya . 20 * 

17 Diamonds maybe in junior's Banco zaragoaano — 303 

nnfflf f4 4.1 BaaknnJon . l* 

Si* 1 ® , 5 ’ ^ . Banns Andaluds - 25J 

18 Travel record one American tubcock wucox -.- n. 

state finds reasonable (7) etc .—■ “3 

20 Meanders round to right of gr^A?u»s“ “ 
royal house 111 Esoanou zinc .. 101 

22 Parent found in digs in Egy pt e*pi. Rio Tinto - ias 

(5> f wm u .oaoi—.— te 

23 Animal making cow noises on c^L°?r«iS5o* w 

note (5) Orupo Velazquez <vn> xu 

24 Story about thread f5) Hujroia . J* 

Solution of Puzzle No. 3.590 >^niuert» . a* 


lnmobarut - 122 

ohrra .— 7?3 

Papelcras ReiinMa* — 5€ 

PeTrollbt-r . 136 

Petroleos .. 1204 

Samo Papalera . U 

Snucc .. 40 

Sugeltia .... 125 

Telefjnica ■ . —. 36 

Torra* Hostench - 110 

Tnbacez . 100 

Irion EJeC. - 66-50 


BRAZIL 


Ncckermauc 111.6;—l.O. — 1 — 

I'l'exLKtee JUm IW.t 11s .— 7 [ 6.1 T , . ___ - _ 

kbelnWeri Elect.I 210.0;+ 1.6' 16 6.8 

Bctaerfas. i 263.2. + 0.2 , 20 , 3.ti g™? 0 BnUHj H J ?5f f 

- .aiMneiu.| 298.5 ^1.3 16 ; 2.7 L? 1 ”-. 1 - 

— L25 I au>l Zra-lier.-: 251 [ + 3 17 3.4 

-1 RST A ±:::: fSi:2l •' fi !« STOCKHOLM 

1 KKi..... i 19.0-'+0.4 ; IS ; d.O 

VriwntWw Hh ' 302 l. 1 20 [ 3-3 

VolkBTOgeii_i 212. 6:+ 0.9. 10 > 2.4 


20 * — i“Price I + >.v i'DiTTlTW. 

303 — Kro. IN i Cru* I — tirux i % 

136 +2 -'--;-1- 

234 — ic+iu..< 1.20 ' + 0.024.11! |10.00 

31 — Uu>»Brazil UP .. 1 3.81 —O.09|0.16'4.78 

113 — tieteoMtmdni Of, 1.7? ,—0.014.12 'S.78 

225 — 2 i*>;a» i.‘P.. 1.15 ' >0.14 ,12-17 

543 +13 O.au. Amer. OP.; 2.98 [-O.nStD.ZO ,5.71 

101 — Maabe-mnn OP.. 2.16 -O.DI’O.lb l#.33 

10X3 + OX Kentte* 1»P.; 3.42 ;^-O.18:0.1O 2.92 

66JS +• 0.7S Pirelli OP.—. 2.15 '0.16 7.44 

«S9 -04 S-nin LrusOl*...' 3.93 ' + O.07-.0.-A3 16.87 

« -1 Var+Rlolli-n- PP; 1.71 + 0.04,0.13 7.76 


MSB - 0-5 

45 - 1 

XU — 

78.25 - 1-25 

86.75 - L25 


jO HEEiaaSSM 
Sadag HHEiig^Hnaa 


Vnl. Cr.l59.5m. Shares M.am. 
Source: Rio de Janeiro SE. 


NOTES: n verso as prices c.rcJ'i'le S orrmmm. B^isian dividends are alter 
vrtUJholduis lax 

+ DM511 aoporn. unl-ss whcnnxe siaicfl. W Pis* alio donom. unless oibenoise 
stated 4 bKr.mil donom. unl-ss otherwise staled. + Fra.500 denom. unless 
aihervis-. Slated '• Yen ji.i d-.-nom unlc-ss nib«rviiss» slated. J Pno: *r Um» oi 
suspension n FI«rins h S-dullHi^s. ^ Corns d Dividend after p-ndlns nshtu 

and .-or scrip isoio. •-Pi-r share. I Francs, o Gross div. %. h Assumed rtlrldend 
alter smr and'Or risbis Issue, fc Alter local taxes. in% tas free, n Francs, 
inpiudin; Unllnc rtir. p N««n. d Sb.ire «Plil. * Div. and « 1 t?M esrJnde roMlal 
payment, i Indicated div. n Unofficial r rad In*, r Minortty holders onh- pMcraerj 
pending. * .V>Fed. * Bid. « Traded. 1 SeHer. = Assumed, xr Es rights. *d Ea ISWITZERLAND ® 
dividend. xcEi senp issue, xa Ex aiL a Interim since Increased. | t*.nwviw 



S9QQ0BE9 ESBCiBG 

H'-H?-- m m m-m 

^3 335E3E3SGE S 9 E7EBJ E 

a n -Q'-' fl -'y : - a - "E 

H3SE3QH9' flHHBaB 
E9 R; ^ U •: O ' ii 

33daQgnsHg 
g- s m n^fi. c s 
SQElBSHaSBB-;^ 

3 ■;a - g 3-s - (a w a 
on sana tzgaHaraHiaa 
' H^V'' s --Hv- ES^-C'-n 
gaasESv'sganagaa 
h n a na 


El 



HOME CONTRACTS 

MATTHEW HALL NORCAIN has UDI GROUP has been awarded 
been awarded a contract by the a one-year contract by Shell U.K. 
Boots Company to provide project Exploration and Production for 

ssssSi ss&fiisras a " r *r n i r* .crs c ? eck - 

refurbishing of Crookes Labora- throughout the NW Eur.»- 
tories’ Group Facilities at Basins- Ptan Continental Shelf area. The 
stoke. contract has gone to UDi for the 

+ Tourth year running. 

STATIC SYSTESIS group. Wolvcr- + 

hampion. has manufaciured and . 

installed a new fire alarm system blMONBLlLll. Utockport. . has 
for the control lower complex ai received a £360.0110 contract for 
Keaihrow Airport, London, under the civil engineering construe- ■ 
a contract worth about £76.000. tll , n n ra brine pit an d assocta tod 

circuiL fault-manitored 40-way ~ l ™\ m ° dern ' ** 

fire aJarrn with both manual and 1531100 n ' p" Chemicals chlorine ^ 
automatic deteciion. linked to a production facilities at Sand bach, z- 
public address system. Cheshire. 



i 
































































































































































































































































>1V : 197S 


** .. 


NA HONAL FINANCIAL \M) ( OMPWt 



C % 


BY JOHN WICKS 


-AURENCE SWHENS ■='.,:- ' ' SVDNEV. Feb. 10 . 

yS>cva\voUe& coal /.miner,'Mr. Tim Wimerer; said to-day effects of lower sWoment^ from 
• Development Company,..t&at the.Japanese tniUs .were ih e wholly-owned P ^Slackwate! 

. more ..than any -other pesstoistlo ^bout- the $urrent Coal Mine in Queensland^ 

: .ian -company Jias'• 6 ara^JSSSXSPS? • contributed a total or when the assets c 
. yeaf during-3977; .- ■“Of waf.they $.AJ07m. to the Government'sJsiein i-ontcrn. T 

s $A15a3m.-<y.S*179m,) . ° " • *'..— 



Credit Suisse 
divestments 


ZURICH, Feb. 10. 


CREDIT SUISSE intends to However, it stresses that care 
diapo.se eventually of Italian will be taken that disposal does 


Japanese banks move in 
two Fujisash rescues 


BY CHARUES SMITH 


TOKYO. Feb. 10. 


pnmnanipc u.-nuiruri i a cf wn nnt take oho. ' ANOTHER RESCUE operation, company made an unsuccessful specialisms in marine equip- 

^S a u!? 9 2ttc 1 ^ii.A 4 fiM>h{!m limp Soluttm- "r n ^«fii UI i? :rhis ,ime for lw0 closel -V re,aled attempt to lay off workers by raent which is affiliated to 
ivhen the assets of the Liechien- tune. ... n> .ire aimed at „i QK ,n the aluminium the voluntary resignation method Japan's largest shipping enm- 

began failing pany. Nippon Yusen Kaisha. 


. c . . ... coffers. SA 128m. in ' tax and 

.. . . ... Utah also -oveQame.-.disrup- SA79m. in royalties. a«ainsi 

■■. Jr ^ sses Uje record set by tions ..caused by. jstrike of 3Aln.7m. and SA10123mT res* 

m,ner Bougainville - in Seamejo's. -;-.Unionwooers in pectivelv in the previous year 

i_:hen Papua.New Guiiie^'Queensland. bar,'^'.Winterer Utah'is at present negotiating 

; ipany’s domicile,-W*s -jn Preferred npt to com mention the contracts for the $ A 250 m. 

•!-“- ! ian. territorv.. * In that ^ dispute^because of Norwich Park coal development 

- BoueainviUe a Federal court heanng to, take in which it has a 76.25 per cent. 

. 6 r a. 7^^-Place next, week,-: - . V interest. The venture, expected to 

^ iiah boom result allowed'Utah begin production late in 1979. 

■ - r £f“S-**'“.^einop; Development: to.-reltfro adivi- will have an initial output of 

■?. - T iw iri ' OW ,8t i of SA126ni. iif,iis.patent in 3m. tonnes, hut this should in* 

. Australias national the UJS.. Utah International Inc. crease .later to 4.3m. tonnes a 

:.- .s. compares_with last The profit was hooSteiJjy ex- year. 

•*’ ■ an V°ES- of SA1363m: v . change gainsonjrvereeafi-bdrrow- European'steel mills have con- 
~ ’ '\',3 vea despite cut- ings. caused by.'.apasmadie . up- tracts for lm. tonnes and a 
il S oa shipments to Japan, ward revaluations-of'tire Anstra- 500.000 ttjnne contract is now 

- ^ sauced tonnages to. about lian dollar. In'the/ptevidDS.year, being negotiated. The company 

C 'tk , ‘ of Ja P an ? se con- Australia’s devaluation . had ha* indicated that there is 
me company s vice- caused a large.excbgpge loss. interest in Norwich Park Coal 
..tl and general manager The currency gains offset the from Brazil. Taiwan ant^Korea. 


It; Lyell loss cut 


iUR OWN CORRESPONDENT 


SYDNEY, Feb.!iO< 


^V^RNMENT subsidy of years^ 4 ind its SAllm. deficit in j 
■ allowed the beleagured the past 12 -montb period:-fprced ■ 
-'-•’an , copper mine, Mr. it to call on the government for! 
..- ining and Railway to cut aid. The Federal and Tasmanian I 
rale 65 per cent, to governments agreed to meet the! 
‘ ‘ ' ‘ toS 1 . 


Esselte 
still on 
target 


By William Duliforce 

STOCKHOLM. Feb. 10. 


(USSl.lSm.) iri/the six shortfall in the "cash.-flow.; from ! the NINE-MONTH report from 
J" January tl. / mining operations' ipemfipfi a iE/jselie shows that the Swedish 

_Ut ■ the suDsidjV Mt; decision to-the finsl- reBOrt frow i Qfjjgp eciuipment, puckuzins and 

deficit would have been the Industries AssistaneeiVCom-*— -■=- —»» — ->• — 

static at SA2.S2m..com-.mission on the copper inflistry. 
vitb the $A2.9Smr loss This report is expected ; ;beFpre. 

-. up by this time last year.-June.. ;:'X 4 ’ - 

ipany was also helped by The -subsidy, which ur : repay- 
.. ling back into profit of able without interest .'.it;-:ML 
-‘cd. income tax provision Eyell'achieves- a positiffe'-'cash 
1 , 000 . which directors say flow in ihe future., was' taken 
.'longer be necessary, /into rei'enue for- ‘ the -■period, 

- Lyeli. a member of which nevertheless fell 10.4 perjduced a 13 per cent, increase over 
...nsoiidateo Gold Fields .cent, to SA13-5m. the previous year in the nine- 

a ■ stable, has ; been ^ th company reported month sales, which totalled 
heavy losses l0 J « ent . e ,ri‘, r this w,“ P ”rtDJ?«atSt Kr.J.SI> n ..fS382ra.l. and a growth 

-for the six-monttr period rfell 7 of ° ver 22 P£r «nL in pre-tax 

per .cenL to 9.552 tonnea/while 


printtnc group is still well on 
target for the 11 per cent, growth 
in both sales and., earnings fore¬ 
cast for the 1977-78 financial year 
ending .March 31. Its foreign sub¬ 
sidiaries. however, are developing 
more strongly than the Swedish 
units. 

A strong third quarter pro- 


stall 

bank 


, /U.» n« .. c- „ , «., /, # • companies tn ine aluminium tne voluntary re«ignati 

l '!i™ 'nlriZ ! rr.Sji, n ? tli on i' V , fflr industry, was announced last August and beg 

' ' w f,r e P lt ^sed to the (,o°d o , d t !l Suisae bur •’'l*® here to-dav hv Japanese banks, to meet some of its d 
i. (.bents funds totalling to the advantage nf the under- tk., «n». n '>niL »«r.nir 


em- 


Sw.Frs.2.17hn tSl.lhn.l had been takings concerned, their 

improperly channelled from the ployees, ctistom.-rs and suppliers. 

Chiusso branch of Credit Suisse A start already made last 
to Texoo. which the bank says month in divestment' transactions 
in the latest edition uf its when the plastics division of the 
monthly bulletin, published to- Ampagjas group was sold lu the 
day. was “established in viola- Milanese company Caleppio SpA 

tion of existing directives and to and the Ampa°las invs division {owed*inaTnU- Vo Daiwa 
the detriment of Credit Suisse." was re-organ/cd j n conjunction [ Sail am a Bank. In addi 
A Task force currently i-nm- with Italian oariners. 
pj-ising almost 30 full-time Apart from the Te.von coin- 
specialists set up when ihe Texon p-jnie.»—which also include 
group was taken over is now undertakings m ihi- WinefOiid. 
reported to have obluined what Albarella. FICI. Olhiacard and 
Credii Suisse calls a reasonable Gallardo RiifToni aroup-t—i". red if 
overview uf the participations Suisse has a 95 per cent, stake in 


Yusen 

debts early (NYK’s shareholding is 16 per 
The companies concerned art? last month. If Fujisash Indus- cent.). Asahi Koefci seems to 
Fujisash Industries and Fujisash lries and its related sales com- have been dragged down by its 
Sales Company, both or which pany were allowed to fail- the trading relationships with u 
are listed un the Tokyo Stock result -would he the largest number of recently liciuidaied 
Exchange bankruptcy in Japanese history, or bankrupt companies including 

The rescue will involve in- marginally exceeding that oT Hushihama and Shinyamamoto 
leresl rale cuts on some Y12l)bn. Kohjin Company in 1975. (Shipbuilding) and Ryutsu 

faboul s‘5O0m.) worth of debts Combined debts, of Lhe two Kaiun (Shipping). Asahi Koeki 
. “ ® an, 5. and companies to Japanese Banks has applied for liquidation. 

-;asKlT:^5SS SBS: ^ . r . 

."rcSidcm Sr F c un«*h»*Daiwa Line 


... , . Daiwa banks. Combined work- 

bv a Saflama Bank (Official “ r ° rt ' e is . ah n»> ^-MO which now DA1WA LlNE said it has filed 
Fujisash Industries once held' an a PP ,icalion w ' ltl the 0saka 
top positron in the big Japanese , he dr ^ SI,catlj r - edl ,!^ ,n -_ nrder District Court for protection tn 
and brought them all under the Molini Conns:, mining" firm.! aluminium <a-=h market (hecuuse ^ sh^infhmh FuS- r. econst ™ ct lts " lf , und f, r A J i > P an 'f 

control, li is planned lo increase The bank m-day announced thaljmost commercial and resirientia! J' h "Unanii suspend d ^ 0 , ‘?P° s,t,0 . n .. Act - h fo ' l 0 lTi? n J 

the value of the companies in ii would caned claims equal m building* m Japan are nowadays Tokvn P Stf. c k ^ usl " ess . t fa ure - but declined 

•• .. - 'fined with aluminium sashes). J, fMla - v 00 the Tokyo block further details. 

It has slipped down market exchange. The Tokyo Commerce and In- 

over the tears, however, partly The news of Fujisash's dustry Research Company, a 

because of aggressive coinpeti- troubles coincides with that of private credit research organisa- 

Crcdit Suisse in burden its bank- capital restructuring uf“ Molini! tion from YKK (the Japanese the Y30bn. failure (this year’, tion. told Reuters that the 

mg apparatus unduly with these Certosa .which Credit Suisse last I ^'P fastener giant which also largest to date) nf Asahi mek, shipping firm had 

diversified into sashes). The Company, a trading company debts totalling \5ubn. 


question before divestment, about Sw.Frs4m. on Molini 
'* Neither now nor at any pre- Certosa. 

vious stage of the Chiasso affair This waiving uf claims hat 
has it been the intention of been decided nn instead of a 


extraneous participations,” says month said it intended lo carry 
the bank. out. 


Deficit mounts at Anic 


BY PAUL BETTS 


ROME. Feb. 10. 


Price rise key to Brockway 


NEW YORK, Feb. 10. 


t“| 



§ 

lists 


noriity OFFER .41^ 
BID 39.8 


te OFFER 91.0 
:>r Trust BID 86.0 


0ommoditY & Graefal 
Management .Co Ltlf 
S St fieorge's Street.. 

. Dmiglas Isle cf Men - . 
Telr0624:4682 >. - 


j silver production' sborwed' a.‘more 
prominent decline . of - 1 ?": per 
eenL ; Jto,1.35m. gram^;/'; CWffl. 
showed the. only inTprdveineptJ 
with xtutput . peV; 

iccht: to awr^lflSL^rlams.... rr ■ / 
- Although ttie-’ head .'grade ^ of 
copOer.' ore'mined dtrrifi'^" the 
half-year rose ; from HJ-34- per 
cent to 1.248 per ceiu., depressed 
copper prices still plagued -the 
group.-. ■ / 


! WARDGATE COMMODITY 
' FUND 
■ at-Jirt Jaoiaiy 

- WCF• MANAGERS- UNITED !_lf' 
F.O. Box n -V. 

" . St* Hdfor. fmn*y 
. '• . '-J)6J4-Z05«/J / • 

. Nmt iitaKw.zatk.i^feniaiy JW ‘ 


earnings to Kr.l29m. (S27.7m.K 
The half-way figures showed a 
10 per cent rise in turnover and 
earnings growth of clpse to 18 per 
cent. •' . 

The ' KrilJJSlin. pre-tax .. figure 
-does not include currency losses 
from- the;.devaluation of the 
krona. These: are .estimated to 
total Kr.lflro over tjie financial 
year as a whole. Coupled with 
other extraordinary items, they 
.are expected to pull down the 
, 1977-78 pre-tax profit to Kr.l53m. 

against Kr.l34m. in the previous 
year. 

The management points out, 
however, that the devaluation 
effect will, in. fact, be favourable 


r—. 


ANIC. Italy's second largest the same* period amounted ..., _ . . ^ . , . _. 

chemical concern controlled b% L763.4bn. crnipar^d ro LTSTbn i GLASS CONTAINER manufao because costs have been rising “The economies over the next 
the State ENl hydrocarbon at the end of Deccnih-T. 1976. turers. at a time when the faster than price increases. ten years seem to indicate that 

group, is expected to report ENI. now proposes io inject; pliistic bottle is posing an in- “Obviously, if the industry plastic is a threat in the soft 

losses of more than L150bn. fresh capital into Aniy. foHuw-i creasing challenge, arc having hopes to improve margins, it will drink market to glass in both the 

(S173ni.) for the year ending ing a write-down uf Anic'sjdifficulty in holding price m- have lo raise prices." Berlin 32 and 64 oz. sizes," said Mr. 

December. 1977. curreni capiial nf U9S.5hn., in, creases, which Tor Brock way Brockway * pre-tax 3976 Moreno. 

The chemical group’s Josses at guarantee the restruemring of :, *l aS:i Co. lnt*. f which generaies margins in glass containers fell Much of what happens will 

the end of the first nine months the company's .icnvities into ihe! most of iLs sa,es from slass ^ 0D ' 10 9 - 7 P e r cent, from more than probably depend on decisions by 

.. production of fine or secondare 1 tainers, is regarded as partieu- 12 percent, in 1972. the analyst the soft drink industry and the 


of last year totalled L144bn.. production 


while its accumulated debits for chemicals. 


Province guarantee for Beton 


DTJSSELDORF. Feb. 10. 

THE WEST German province of cerffe'd .fa protect the 2.500 jobs 
North Rhine Westphalia wilt 'the rfiriarprovides in the province 
guarantee TO per. cent, of a., Beliftiund Mnnicrbnu, capi- 
DMIOOm. credit to help the' talised'-at DM25ni. and 44 per 
financially troubled Dusseldorf- cent: owned Iiy ihe Dutch enn- 
based building firm Beton und cern Ogem-Holdin? NY of Rniter- 
Monierbau AG. the province's dam. employs over 20.000 
Economic and Financial Commit- workers in Gc-rmany and abroad 
tee said. and has an order bonk worth 

The credit will be provided by around DM!i.ilin.. including 
a consortium of 30 banks and DMl.Bbn. abroad, the sources 
insurance institutions headed by said. 

Westdeutsche Landeshank Giron- The'province will hold, as 
zentrale. Terms were not dis- security against its guarantee, 
closed. ' building land owned by Beton 

Details of the company’s und Monierbau. thereby reduc- 
difliculties were not given but ing its.risk to between DMIOm. 
informed sources said the pro- and 'DtitiSih., they added. 


-to Esselte. as the unrealised 
gains on the group’s foreign 

assets will more than, compensate!- 

lor the mxx&ocy losses shiawn. i _r'vracia] authorities ‘ were. ..con-.Reuter 


Prediction 


larly troublesome. said, and they were probably type of technology ihai iake> 

The glass bottling industry on lower last year because of a place in the container industry. 

December 15 pul through a price decline in overall corporate pre- The plastic bottle in soft drinks 

increase of between S and 10 per tax margins. is not being marketed in all parte 

cent for all containers. Mr. Sleeker said the industry - of ** country. " At best ii is 

Mr. Gerald Sleeker, financial j n recent vears has raised price’s a 5 ’ear or two away before plastic 
vice president of Brockway. said j n April to coincide with in- bottles are a major threat." he 
that it has been possible to hold creases in wage contracts and, a dded. 
tin to about 6 to 7 per cent, of based on The "cost picture; there 
this.. should .be. another price increase Competition 

this time. “ 

However, some analysts warn Mr. Moreno differs: “There is 
that the industry may be reiuc- a distinct possibility that plastic 

Mr. Roland E. Moreno, an tant, or may at least find diffi- bottles in 32 and 64 oz. will in¬ 

analyst with Smith Barney Harris culty, in raising prices, because crease their market share in soft 
Upham and Co. Inc., predicts of stiffer competition in the soft drinks over ihe next few years," 
that Brockway will earn S5.10 a drink industry from the plastic he said. 

share in 1978. up from 54.07. last bottle. Brockwav’s Mr. Steckcr agrees 

year. But, Mr. Moreno said, one “ Plastic is becoming a popular with analysts that competition is 
or the key factors in attaining and viable alternative to glass in increasing, and there is sume 
that figure will be success in many cases." said Berlin. The indication it ntav applv to the 
gelling another price increase plastic bottle used by the soft 32 oz. size, 
this spring. drink industry is the 64 oz. size, “We are following devclop- 

Vicloria Berlin of Biytb East- but analysis say the day is near menls closely" he said. “There 
man Dillon and Co. Inc. said the when this will spread tn other is no question the plastic brittle 
industry’s profit margins size containers, including the will be around for a while.” 

generally have been coining down 32 oz. container, Reuter 


' tm 7 Z Sl y? 


•<?* 


IPODITIES/Review tif the 


ii*? .V 


:C'. 


Blks on outwit ciits lift copper 


*.;w: 


3HN EDWARDS, COMMODITIES EDITOR 




- -"t 


t PRICES jumped on .the. 
Metal Exchange Tester- 
ir news that three lead- 
per exporting countries' 
a, Zaire and Peru—were 
in London to dismiss-a. ' 
15- per. cent, cat; lb 1 ' 
on. . . .: ... _■*. 

wireburs gamed £ 12 .’tp - 
tonne. £17 higher than ■ 
ago. •• • -v . 
s JaJer. confirmed, that 
meeting would beheld '- 
ek. • 

reported from’ Lima, 

, that sources ar Mmero - 
aimed that Peru-' -was - 
to a 15 per:'cent/.cut^.V; 

the world's > biggest' 
xporter, was notable by. 



had helped to support prices in 
recent weeks. Reports of Russian. 
East - European, African and 
.Middle ; East ^demand, however, 
kept-the- decline-4p a minimum. 

Tlje ‘EotSdoii dailsf price slipped 
id £107-a togoe at' one stage, but 
gained JEl: yesterday to. end' the 
week; only £2 down -at £108 a 
tonne!. 

. On Wednesday the EEC Com¬ 
mission announced the highest 
amount of export authorisations 
of "the 'current season. White 
sugar allotments totalled 49.500 
tonnes arid raws 25,000. Last 
week. 69,015 -tonnes of whites 
were authorised for export, but 
□0 offers for raws were received. 
The coffee market bad-another 


qiriet week with the May position 
ice at the London talks, .; ', . , o . _ finishing £10^ higher at £1.6385 

e-claimed to .be a follow .Optimistic mood, with a further a ^ onne a (t er reaching £1.679. 


TIN 




;he Jakarta jaeeting vof rail in. warehouse stocks forepa-i. .Tb e .^ Brazilian Coffee Institute 
ie Council of popper., w 3 ^ t ' c L. va i“ es on l i ?®-^ 0 l l d ?? issued a forepast, putting the 
.'. g Countries lal^ TaSt MetaL Exchange _were, only tem- 197^.79 crop at 20.7m. bags (60 
;.en the Chileans refused.-fhwrty ' affected by the move j^jjQg eaC b). but this was similar 
;• to a proposed general by. Biuftnn-r-Later fo^^uow.ea py to^previous indications and had 
ipper production.-- Metallgeseuschaft-f-tp reduce its -impact on prices, 

blest talks repreSwit- ia dffielal European.producer price Ca m H]o Calazans, the 

. »rf/inspired ..by-Zambia;-f oli z i n P by ?50 to 3550. institute’s president, said the 

- supplies more into lino ’ The-reduction :"had .been fore- fiaai estimate for the 1977-78 
'nand. .The recent "dowri^ shadowed by another producer; CT op was 16.1ra. bags and that, 
copper values baS 'taken Preussag; and in any event was if -.- conditions allowed. The 
1 their lowest levels for. In 'line with discounts being country could produce 24iu. bags I Senieui.i. 
rs and well below the'given: by producers to _ bring in 1979-80. 
aroduction. •' their -offered prices - closely in .Cocoa prices continued to rise, 

;er. with Chile apparently line with LME levels. . ' despite reports that Ghana was 

aosed to the idea, rtf- As a result- cash zinc eventu - 1 seBing at substantially lower 
now backed by Peru, ally closed the week marginally prices' than it had demanded 
ces of any positive action higher on the Exchange. ■ until recently. By last nigbts 
’ from next week's meet- Values eased on the world dose the May position bad 
receding. sugar market this week, as reached £1,501 a tonne—up_ £49.5 

the less, the copper traders discounted the-rumours on-the week and the highest 
is in a siighUy.. .more of Chinese buying interest which level for three weeks, 


MARKET REPORTS 

BASE METALS 


at lUu- v-rn.- Yrsfcttuy* c1».>jt»Tfcais '-S^um. TS.SB-TU.30. Nov. kl 10-81,03. Jan. COVENT CARDEN—iprirt's m werlinB 
.-.-per pound >•" Mjr.h’ 5a.m»-3B'«o. May ffl.M-icl.Sa. Saks: lRS lots. P**r iwck.iisi’ imless siaiwti—Inurarleri 

unquoicd July 33 U7-.TS.10 ia-i K .1n-6A.(Mt. IMPORTED—Whcai: CWRS No. MS produce: Oranges—Spama: Navels 120- 

Dor. nS WV-R 1 00 Wt-eK's hlsh-lou" July nor renr.. F<*h. Maroh DK UO Tilbury 1 Sl>. 'Jana- -T3tf.TQ.3- CvpniB: Ovals 

5fi 87-57 9n. Turnover: 103 iJ31i lots. U.S. Dark Northern Sprinc No. 2. 14 p*r approx. Ik kilos 2 rfft..V20: 20 mins 

„. _ will.. I-Cb. 1^4.50. Mar-h PC! 73. iraiwhip- .lltf'S'in: E»-pilan ; r.il-jdi 2.:i0-2 il* 

MI VrK men! Eaar Coa«i U.S Hard Winter Moroccan: s.dn Temples—Amencan 

_ „ , ^ Ordinary. Ausirullaii. Argentine Soviet Approx. 16-lb .UQ. Lemons— luban- ton 

COPPER—SLrtmger on" the London Silver u-.»s fixed 2.|Sp an ounce tuaher nn d EEC arad'-s iniqnniert l.’O Cyprus: fiU-TS.i Crape- 

Metal Excbans'’. Forward metal traded for spot d-.-llrery m the London bullinn Maize: US-French Keh. £98.73. March Iruit—Cyprus: 15 kOos 2-W-TKIt. 20 kllm. 
early at «5fl end f64». bui rumours. • to rep mark-’t wsierday. ai 25Rr» L’S wnr «i0 73 transhunni-iir East Cnasi. Souih .iub-.t M: Jaffa: 20 kilos-• SO 3.70. Sau 

denied, at CIPEC cutbacks induced tratfe equivalents nr rhe tixma lewis uvtv- s^nt African yellow. March 6771 ouoied Spinia- Approx. 40-lb 7 nil. Satsumas— 

and speculative huyinR and the pnee mse 489.6c. no 4 3c: three-mouth 486 Be, up Kenya Brad-.- Ihr<-e. March 7« Wi nom. Spaitia: i.ju-:; 48. Apples—French: 40-lb 

io WHO hefore profit-iakinq led to a close - «.7e: six mouth 506 7c. up 3c: and 12- Barley. Sorghum. Oats: unquoted. Gratinv Smith 6.00-7.00. Uulden Dellcloos 
on ihr Kerb ol 1630 j. Trad inn was heavy, month .YlOc. up 4.3c. The metal npem-d HCCA—Ex-farm spot prices. Feb. 10. 4 Sii-i 6fl: 2u-lb 72'lOti Cranny Smith 2 30- 
Net Haiti on week was 07.73. Turnover: n J5.'7-27.1 ?p t4Mnqu-c. and closed at Feed wheal: Kent fTS.W. Lancashire 3.J0. Colden DeUciotw 2.3tfSJ0. Red 
16.600 tonnes. 25S.0-254.9p >4»1J-4!)3 li. £79 40 Feed barley: Kent £89.70. Lanca- Ddit-lous 2.MKT.WI. Slark Criim-un 2.80-S.20 

shire rri 40 En9lish produce: Potatoes—Her 56-lb 

vw-eflU'lenr fur week Whiles'Rerii, l.lft-1,30. Lettuce—Her 12, 

unmanned Indoor I ta-1,70. .. Cabbase— Per J-bax 

EEC IMPORT LEVIES—KB •illve »o- Primu 0 311. •. .Brelroit*— Per 28-lb 9.WI 
day in order lunrnt levy plus .(arch. Carrots—Per. ban 20-lb- 8.4IM1 W. Onion4— 
April and Mav premiums i previous m P'’r 36-th-- D.60-t..t0.— Swedes—Her has, 

Devon U.40-n 45. Apples—Hi.-r pound, t■. , ox■' 


— • — -- • —— — ■ — — - — - - ——■ i shire 671 40 

**•'"»!cJS*, -f! LU.H. 1+., 

-:-:-r— -- »’ r — :' ' ■ ' -' per import levies- 


•I 


. *4“.' 


t- t r 

Wirebars 1 --. • • . ., .... 

Ca-h.... BtfS.S-ir^ao- .teMPS- -Via -:- - •* 

J months.. 656.6:7+Iv.S: 657:5-8 V+-IZI 
8eltl’in'n« - 644 • '+28 ■ — 3 iimiuli' 

Cathodes : t ■ 8n,l ’" ,l ‘-- 

Ui-li.634.5-5.5+21.6 633.5-5 VIT.7 

i iiHditlis..; 648-.5 +22.5 647-.B +11.7 

r>eill'ni’nti 635.5 '+21.5 — J . 

L'.ji. -sint.. . — >. — 


, l-ti'-inti , 


K53l»- .+2.15 253.8| 

256.Bp ,-2.25 257 __ 
262J5,, +2.35 
273.6i- +2.2 


4 Hi. bracki-i*-. m turn.-, of urcount r • tooue: Ucvou u.wnsa. Apples—Her pound. Loss 

75 . ,245 Common Whcai-M.17. r.,1. ml. S.15 «• ^-=- Brileys 0.1M.1A , Spartans 

nil ml. U.R3-: Durum wheat-!13 JU. nil. ?-•«-« }f - P ** r *~^ pr , pound, '.onferrnce 


SOYABEAN MEAL 


ml ms ill.'. :u. 13.43. I5.4J. l-l.lhi: Rye OWO-H- Cumice 0.12-0.14. Sproms-Per 
-T3.7J. ml. ml. ml .wine. Barlcy-TBfW. ^nd «'<^0 •«. ParsBlps-Per »-lh O.Stf 
LME—Turnover 216 i 242t lots of K..00U nil. ml. I'M .79 8K. nil. nil, -'ll.: Oats— uS0 Rhuharb 

ounces vtariiinm Caih 25J3: Three 72.42. ml. nil >san»->: Mai« (oth-r than r r P ounr| 

... _ ___ manias 21; 3 J.4. 7, 7.1. 7.2. 7..!. Kerb, hybrid for seeding!—ii o-i nil. nil. ml 

Amalgamated Metal Trad ine reporied Th"* momhs 2572 7 J.7.4, Afurnonir <76 51. nil. nil. 8 30-: Mlltet-77.79. nil 

that in the mormon cash wirrhars iraded Thw mnnrhs 25.1. 7 4. T.„. .8. nil. ml. ml'sinr.. Crain Sorghum-41.4-. 

al £644 . 43. 43.5. three months MSS. 39. •■■.Kefli: Tlim- months 2o«.8. 7.9. ml nil. :.fc< «SI 4J. O.A«. O.H. Sa.. 

GO. 39 38.5. 58. 36. 57. 3L 57.5 . 37. 36.3, 37. 8 - N ' H Hwu levl-s Wheal or mixed wheal and 

Cathodes three mouths £647. 47.5, 48. rOPri A Rye— I7*:ft Ryi 

Kerb Wirrhars three mouths, 1658. 59. vUl-Uft DIIDDCP 

5S.3. 39. 3S.5. Afternoon: Wirebiri Jhree T h- «r..., c in of u,rrh h.-tx nrir.-v KUDUtK 
months £637, 37.5. 37, S7.5. 


-I17.S; 1I7.|£:>. 


.Vtslmfi* + i-r 

\.:|(HCi ' — • 


IliiMiir*-! 

I'l'Hr 


lllliCVtlrtJII# 

Cathodes The sir-ncin of near March bi-ld price* l\wuui,«» April™*!!.!!”." 102.50-03 ! + C 35' 103.50-02.6(1 

three months «47. Kerb: W.rotx,™ ^ TSFmZ ¥SSfST *** aWM * C,U - S >A CH L L _ Y . "WSff .102.7642.0 + o!^ 103.20-02.50 


months £636.5. 56. 55.5. 55. 55.3. 56. 57. 

30.5. 38. 

TIN—Fell back after early firmness 
when forward metal moved from X6J00 
to £6.330 after a sain ui the East. Cash 3 . 1 11,1 


I UL'I i \ 


V,+iei\tay*-r-f-•’■»<", Mu-i"ne»- 

• — Ihilie 


Am. I jV»~frnta»V l*ielT.,ll<- 
It. ■>..>. 1 1 •■I'U 


offenus later depressed the marker to -Mwvh. 612.6-13.L *19-25 J5J5.0- 582 

£6.260. but fresh bur me allowed a do*.- !^?2'5 0 ? ,D . T ?'?, 

on the Kerb of ffi.?W>. Net xaln on week -July.*?; 2 ® 

was £17.73. TormntvT: 1.425 tonnes. bopt.1460.0*61.0 --II.5 146b.D-56.0 

l+ "1 r'Si.P m^:::!!!! u 4 ^:! ^»•«».-i«-»■«■« «•« 

— 11 nxffit-ioH — JljIV . l5S5.0-9S.il ,-B.O 1465.0 1400 .. 


London phywcnl market. Link- inien-si I0S.3IW15JI + d!jo! 104.5D-D4!ID 

ihrouuhout the day-, clostoi: uncertain. ^i 1 .. nl ^. r 50-04 6 + o SO — 

Lewis and Peat repnnedlihat the Malay- n tlW((ier ._;_ ios^o.qo^ + o!20 104.011 

S SS^’tS^iSSt "' r-xv, ***** * 0 * - 

— Sales: 42 (1151 lots of twi tonnes. 


Jtiivrlieaa 

•tulip 


WOOL FUTURES 


a. in. 
irffi'ial 


LONDON—No iradlne. 

(Pence per klloi 


__ Errade L t’ ; y y Sales. #J»7 ‘S.iihi iota ui lonucs. 

oT-f,. 6416-25 : +a2-fi- 6340-50-S2.S loiernational Cocoa Organisation iLS 

5 ui.iulheJ 6315-30 +72Jh' 6265-60.-22.5 cents per p-'ind'-Daily, price l-T-b 9: 

Seiflent'i ! 6425 , + 8B — . 131.10 <I29.M>. iMirnror pnees Feh. 10: 

Standard ! 1 sv.-raue 120 83 il29 9S 

Lull.I 6410-5 

i mmulii.. 6310-5 '+77.5 6^60-5 20 

6415 ! + 80 


April' 15.B5 47.60 4t.20-45.50 — AiwipImb 

V^.Iih- 4/ 45-47.50 46.76 46.15 47.50-47.ja IJren»v W.».| 


49.00-49.05 48.4D-48.45. 49.15 4b. 45 
tl.-i-lto- 50.60 30.65. aD. 10-50.15 aU.7550.it) 


264.9-57.0 


I i. 13-day avi-rape 12H83 

+ 78 I 6340-50-&2.5 averafie 1.73 21 HX>.S3i. 

COFFEE 

Robustai luiures declined In tbe afier- 


•Iin-11 1 J 52.35-52.4b bl.8b-5I.SO 52.45-b2.40 . 

\ I ,i —I ii-* 5i.9u =4.00. 54.40-53.55 53.50 -U*T.!S4.tfS7JI 

—" djy -llv-S+i-.i 55 50-55.55 54.5ai5.nb 5b.M ■•«*!% . 245.0-47.0 

U.:t-H«i 37.10 57.15 56.80-56.60. 57.1tf57.D0 -l.-'wfi. 246.tf4<-.0 

t I He-emt»i ..242.0.44,0 

- - - - INk-Ii.[246.1) 47.0 

Sales: 22U «1»C • lots of 15 tonnes and . 


Y i-Heniayuj- ur Mu«me*» 
L'liii*e | — ' Unne 


:46.0 48.0 [ ^.... 
(46.8-46.0 ! . 


Sales: Ml mill lots of Latin kilos 


Sen Y. wil. 1 - 1 - . 569 . _|+ 6 noon af ter% jr i ” firmness? Drew I *Ku mhaitn S Hi a t 5 twines. 1 " 1 v . 

s£^ ( S:^h ^',4?^: SYDNEY CREASY order buyer. 

SSte*-asar-sfsaw* sugar rH 

months £6J90. tiO. 70. 80. Kerb. Standard . -—.--~-5- M43 j. 13: July .t.i 20 


three months £6.270. 90. 65. SO. 

LEAD—Llule changed. Forward price 


UUFFBK 


IW 




KLY PRICE CHANGES 


ijite^l 1 -1 . 

i imi-ey ]CIi*ctI « 

’;w lunne ,m Toai 
utilew -iweek|... ngo 
* >tated i .1 


IdTiTB 


Bu>h \ bw. 


... L'Hkli , : 

.+ r.i.l...- S9&W5 :-S.O 
.M. 6 % 1 .. : 4!l.«5 | 

:l CJ2.e>*' 1 -i 


Hats.. .. 
ihi. 

-lev.. 

Id......... 


t - 


1 £644.b +17.0 
■£b&t. 75 >iT.rej 
£f34.25 +17J0L 

1WJ3 .+ 1 B .0 

S17B.139;+CL2ft. 

£3L4 j+I-0 

£3W.£S +0^ 


•tc.i.f.lb. 

*rtW-- 

.-*t per n* 


£630 ■ • I»« i tiiUt- 
S32040 

Si .ISO \ JflLlte 1 £1.«S 

5o000n407664,l>cO-J00S&lb(H0 


. £82L5.' J* l.SXSSJb ., 
,JUS48vb iJMkif.lMk* 


6I«S.O! —: 


£111.3 " 0 *<b 


■ £Sia» J.(6WJftT«I2 
.£838*75] 

S135.126I 5178J7K £ 123.11! 
£8S8.2b I SXSI.lp i £29LB 


£38025 

£3,169 

825J 


£10060 -"W-KBj .imMffl j £87Ji 


£443. b 1 £301 J» 
£iz b4 ■ f ez.in.-j 

S2.10-JBtt-Sl.MJ) 


- ■ i‘m. 86 . i£ 8 ffJTO 


r rTfidni.-.t S130J6 . - f «4»tt i Slft-18ft «6-l0? 

, .'. ss?p ' *o.ls f SJlJSap ; Jaas.bp j mejfr 

SRep- • (; EBB ion .' "SA 7p 

- (. £5,9416-.-, £7 j&. hb&a 

: !!!!,.!!....; 4s.?ez.5-+i7j.: j 


■;*.041b.i.. S14S-M 'S.0--; Srtj -75 
..J £3Kt.b !+0.b 1 

_ ! J3S4.75 i+OrZi:.-, 

.. S5SO-6CO i .- ' 


turw.! £72 


i 

—U 


..ifriluH 


S7B6 ; 


£4ie-&-£241.5 

!£246^S 

87* 


£32 


USb ‘i£h* 
JE»4 T rp[£S0J 




rnwrani* £88.75 !rlJ25 i' • f JE8L5- 


I ’ lAtait- ’ •' , 

. prices iCb'^e j 
per tonne, rm i 
unlesa ;• w»k * 
: ,st«od 


Year 

ago 


1077/78 


Wliaat . . 

Nn. 1 Red b|jnn£ 
Am. H&id 

Wioier- 


‘ . • V-i 


Hieb ! Low 


1+1.75 
4 _ 


£02 


£76^ 


t 

£90 


; £72-9 

, £9hb 


Una. SlUlldi: tneweiwp/aSi'- 

1 Clo+et.;.......~.<ff> ■[ - £b,QD0 j fib.000 

.'-'w.:..- ez-rac ■ iMcucahfcn - I « xnn 


£66 Jl 
CEE 


Pepper. While-.-i 53,125 r IOO.CHS2^&0 ' S3J00 

*' EZ&0 Uox) (82^00 I S2.S&0 

An_ -I- • I 1 t 


^CdrtfliutlPbitlp'i-'tt} 

OnuRflDUt Ui. 

Unseed, Unwe.—:-5, £271- . 

Palm 8UU»yaa-..-- F . h2*J) 


Sank 


,r 


-7^ : . 

-10-0 i £671 
+6.0 


5609 


$570 
£705 
£620 
1 8S76 


Copra {PbillpptDnl' fWL5 I—b*Q SfOSeB : St*60 , J30D 
Sm sbeans (U^J...! 52S6S C-4J0 1 1 S24l j 6036 


£4^75 

SJL276 

52.100 


StZZb 

£*36 

£2*6 

5425 


Other • .* ‘ | - . ", ' f 

ConOTMi&as I ■.. ! 

s>faipmientt,-..» £L682 I.+4.0 £2,461 
C*u> c'nit pen.*v-->►+(' ^J301- 
CVtffeeFuturtfflMtfy ; £5.070 

L'jutnn loi-lrx.66-36« '+036 I • '84e.' 

Lies CociHiui-;.-.-- 1 J*®) 
JureUABWC^nlf 64B0 

Kubtwr kllu...-.; 4Wt»- , 

■wijii P«rf.“■■■• -i 

.-Sint So. - A i..-.*( StfiOifl" ]—5£ 

.stuust 1 i« w i ■ J—2.0 

j-Tspio. 1 * V > 1' -* 

' a iWp 


! £SJ>12 , £L538 


l £4, Lai XL446.0 


£740 


Twi laoallift kiln-.j.t • IbDp' -i+2J) 
In In i Kilo...:—» Tl&i* !-4;3 j3 


tjpl* 


b£.2bp 

£80b 

£V&> 
£198 
■iXp 
103 ji‘ 


' £4,232 i £1,920 
; a7Jf « 97.3c 
| £760 £680 

I 54* 
o7j»[i "up 
j. £214 ! £185 
{- 8600 iS6204Q 
* £Ic0 ■ £09.0 
i £209 ; £160 
L - 4&>i> 1 116p 

' 350p ' (fin 


AVi5tU*ipsn*« Wiu|L-SWp hilu I+2X L308[Ai1«> IJIKpkiIn*267pLiln 


''$'UWKiUi<ti.. kr Naoni^ 9 teadasarear. 


followed movements hi copper, moving 
up from £322 to £325. but rben fallJus 


'£ leruniDe 


HiiMiiev, 

ltnnc 


LONDON DAILY PRICE for raw susar J3SJ!. 532.tf.TalS. 10: Oct 836 8. 536.5. 
£10S in07> a tonne cil for Feb.. March 336.0-536.0. 13: Dev. 301.2. ssi .V untnided: 
shipment. White suuar dally price was March 563.1. »5.s. 303.3^65.0. 5: May 
fixed at £116.30 (£119.00). 387.3. T67A. unrraded: Juh S70 0, 371.0. 

The market opened aboat 3U points 370.5-37D.0. 3. Total sales- 70 lots 
above kerb close, bin prices later drilled. ^ 


bads to close on the Kerb at £315.5.. 81«r,-h .. — ---- -*. 

chanse on the week was fractwmoL >i«.v. t57-tf)8M.O-22.0. 670 1680 By Lhe end of rfie day quotations were at ouHD^E JUTE-aLtot h... itr« Prir«- 

Tumover: 6.108 tonnes. Ju'y5S6A1M0J-18.S 562- 583 ltnvs or some IN boIMr below first iraded RWR 

_____ . . _Sejiteiuher... I48BJM4SS.0—1O.0> 1515-1485 levels. C. Czonuhow reported. 

i a.m. l+ oil p.m. 1 +or ■Siwwnl'd.. 1*41.0.1450.0 —9.5 1458-1440 , , 

Omani / — jUnoffltrialf —■ . Jauimr.r.:I390J-141DJ1—25.0' 1430 


LEAD 


L- i £ £ ; £ 

Hash.. 815-^ 1+8.27615.5-4.51+1.76 

i munch>.. ; 321.28-,5 +6,« 31tf-,5 +1J . 

riect'ini'nij 315.5 .+5J 
X.Y. S|*.r, 


ilarrli.T3SO.O.15B0.0—20.5 1400 


315.5 i+5.^ - 


Sales: 1.71:: (2ja2i lots of 10 tonnes. 
ICO Indlcalnr prtCBE (or Fnbroary 9: 


Hit-t. 11'est'nla.f-** Hreruiue 
t'umm.i finer 1 l'li*e 
I nnii. . 


Huilne w 
Unne 


BWB £270. BWC £SM. BWD Ei53. Tossj 
BTC £265. BTD £256. afloat ctf Dundee- 
Calcutta goads leading easier. (Junta 
irons e mi f U.K. for fob. shipment- 
Itfua 40-Inch D0.37, 71-ca £7.fl0. per 100 
yards: March £10.43 and £7.M: April 
£10-80 and £8.30. ,, B“ nrtltf: £29 51 

£30 35 and £30.89 fop ihe respective ship 


£ |u?r Indue __ _ __ 

- .fU^i cunts i«tr pound i: Colombian Mild yiaich .'115.68-15.78 118.90-18.55,110.60-15.28 “fm periods. Yarns and cloth* quIeL but 

: Arabicas 20S..<O-aaanMi: unu-asbed Ara- jj bv- 1 1is_78-19.BS Ilb.25-I9.4D, 1.0.68-19.25 writes steady. 

Momma: cash CUB. three months £324. ■ n,hw “ f “ *™5!£? s An^.'^liai^a-.SLBS 121.50-il.s0! 1*5.00-12.00 * 

.■9.5. 24. 23.5, S3, 22.3. JJ. 21 j. Kerb: 2®** ■2tf , jO'- Robust as l.h.00 O..-00». IA:l , 1 ... , |,4.l8-+4.50 U2.6u-. 3.65: U4.M-14.75 LDMDON PALM OIL—Quiet- Close: 
Ihrt-C months £321.5. 22. 21.5. AftOOMnn: DalJy avt ' raK ' : rl9tt - il '- IW.....'I25.90-S6.00 IZB.25-25.4l-;l26.Stf 28.26 Frfi. and March 270.00-280.00. April. May. 

three ntornhs J321. 20. 19. 19.5. Kerb: LONDON ARABiCAS— Dull and Lnsicadv ,M*i v li .;i5tl.50 M.bO ll3.bO-2a.sOT4ll.IO June. July. aus.. Sent, and Oct. i'M.Otf 

Ihtjrc moiliht. £319, IB, 17. J7A 17. inichanucd at the. end of a more active .Msv ... !li8.2& a3.iO I49.5tf42.:0|lii.25 =79.00. Sales: piL 

ZINC—Higher on balance as forward Dl '*' ?l nrrt( !^ , ^ iUn re P° n, ' d - Sales: a.an <2*9bi lois of 2 tonnes. * 

mL-lal (ullowed copper, moving tnmi' Prices **** n t , »‘f- Tate and Lyle ex-refinery price Tor COPRA, Philippines—Frt. io April 

£254.5 10 £257 . and dosing on (be Kerb bu^ess^Af'ril Jj.W- 21^^ -0-.at. jis.wv basis „hlro sugar was I2C.4U ®* 7 - jP per- twine of North 

at £252. Change on the week was frao- '! UJle ln - V®'?? - Isamei a (onne ior home trade and £172 European ports. 

Hon Id. Turnover: 3.700 tonnes. .. 10*-a0; AMSL "M» lJJ.’?: a 172, for export. 

~— S a - rJL 13 - international sugar Agreemenl—lodha^ 

P" I™'™ T6Sl ^a- untr , a ^ <>d; F Si?- for prices iU.S. cents per pound fob and 

ljh.2fl-la8.50. u-3fl, I&S.jO, Sales: 60 fat" mowed Caribbean porli for Feb. S: Daily 
lots. 




a.m. 1 + or| p.ui. 
Offk-1*l ! — I Unofficial 


I £ ! £ £. 

Cosh.: 360-1 {+2.75; 350*1 

A montfasJ 353^-4 +3 i 254^5 
S"metit.....| 351 1+3 i — 

PrauWest — l__ 30.5-31 


1+4 

+2JB 


pnee S.43 (8.51)7 I5day areratfe 9.73 
IK.S21. 

SUGAR FUTURES. Hong Kong—Prices 

. r .r T ,,_r,|j fell about 20 points In routine trading 

.. --_,rrr,„ .iT pvw ihe two business days or the week. 

“■••• ^ t!h? 2 y ; Yesterday's close teems per pound.! 

vrfh March tflwat Skady and May wheat memk 9 {lk- 9 is May 9 SI-9 $5 July 9 1 1- 
Morning: three months 1256, 35J. 55.75. under pressure from spreaders, closing BBtflO un. ' ia.vLl 9 . 19 . 


GRAINS 

LONDON FUTURES 


55.5, 54. Kerbs three montln £25435. 48 dolma down. Old crop barter came iu-Jj,-, htnU-low Mak* fljtf&jia" May 

Afternoon; three months £255. 54.S. Kerb; under pressure from spot liquidators and s+ut a90 ■reronver^ (flh lata 

three months 054. S3. 5S.5. S2. closed IS down in a KW d iradc «iih ^"bcc 'IMPORT LEVIES—Effective to-' 

•Cents per ooand. tOn previous arrant commercial ohon-covenns noted. dav » 6r dcuamred and mtn-denatured 

d ““ **«"»»"* d ^, r » st 1 .™™ rrtE 

. -tnc In nnd-vBslon, hoi closed basically - -- 

unchanecd. Acli reponod. 


COTTON 


prenous in brackclS): White: 33.66 
unchatUH-il): Raw: 19.97 i2ii.Hi). 


BARLEY 


COTTON—Liverpool. Spot -end ship- WHEAT 
mein sates amounted to 447 tonnes bring- ' ... ..... , . ....... 

1m ihe iou) for the week fo I.7S3 iodom, . J' w '* t V“ v i + ,B ,ie«reitU.v M + «r 
ssalnst 3,1#7 totvies In the previous week. M nlh ! l, " w? '- I " w ‘ — 

Biuiaesti broadepud as users again con- “ ’ ' —•-- 

lemplaled Ihe strength nf prices, P. W; 

Tallenall report Hi. Most attention was 
centred cm South American supplies, with 
further Interest lo Russian and Turtaah , 

Qualities. 


MEAT/VEGETABLES 


83.65 Uo.is; 

85.65 f—o;*m 


72.26 

74.7U 

78.80 

81.5J 

83.55 


+ 0.10 
+ 0.10 
-U .10 
- 0.10 
.10 


MEAT CO MM 155* ON—Average (atvmrtr. 
price* at representative msrkeis on Feb. 
10. CB—Cattle K2.<2p par Kc.Lw. <-0.69>; 
U.K.—Sheep l30.Rp per ft.&i.d.cir 

i-n. 3 >: c 8 —Pips 59 Jp per eg.i.w. <—o. 6 i. 
England and Wales—Cattle numbers up 
23J om- cent,, average price ttl.Taw 
i— 0.7ji: Sheep up 8 2 per cent. 130.50 


85.70 -MJ.08: 

__ 88. 10 '-A 20 ' 

COffON FUTURES. Hong Koh»-The 'B‘mtwss“dan^Wh«ir:‘Mari* siltfStfM. i-6!s7:' pfj&'dnwn il".9’'per 'rent.. a. 2 p 
firmer price trend conUnued..Tbe actively-' May S 6 . 0 tf»ii.ra. Sept, imtraded. Nov. <- 0 . 6 ». Scotland—canle doum «.8 per 
traded July poalilon gained a further MJ»-B5.5(J, Jan. SU5J».ao.- Sales. S5 lore. com.. «.S7p i-i).. 12 j; Sheep up 35.5 per 
0.38 tents over the liyo business days Barlrars March 72^3-73.00, May 74.70-74.43. ccdl, 131.4p (+8.9j. 

i: ' 


FINANCIAL TIMES 

Feh. 10! Feii. 9 fMitnlli aj«u Ywi a—■■ 


327.881337.72 | 236.2 7 ! 3 69.68 
(Bane: July 1. 1952-foifi 


REUTER'S 

Fell, iS: Felt. 8 jMivtlb ngii Yesr-agi' 


1408.8] 1403.41 1424.7 ! 1622.1 


(Base: September 18. iMi=1001 

DOW JONES 


Dow 

June* 


Felt. 

10 


Feb. 

9 


UlMtlilJ )MI 

• ngo ■' +a<- 


Spot ....353.04 35SL60S8O.2O.597.O2 
Futue-B33.27:53?.72l339.SB,391.55 


CAverase 1924-25*26=: 100) 


MOODY'S 

’■ Fe«<. !Mfiniii:io<i 
Moody 1 * 10 : a *.j„ 


-pie LumnUy fllD.a 9Q5^ a98.2 80J.f 


(December si. r^I=i' 80 i 


U.S. IVIarkets 


Copper up 
again; sugar, 
coffee fall 


NEW YORK. Feh. lu 
Ct'JPHEK ■ clusi-d siluhily bich>-r nn 
rumours nf a poaiblc ;.m in product u>n 
and -xpi-ctulions of j dt-crcasi- in HIE 
siock«. Ruche reported. Precious Im-taL. 
h*-Id steady us a result «•! the v.c-alnoss 
of the dollar. Cnflec easort on a luck 
of ruask-r Interest. Suc.,r limshed lower 
on Coninilssitid House llquidanim. 

Cucon—March I.TS^o il37.T3i. May 
126 CD . 126.331. July lil.J.'.. Sept. 1t!)r.% 
Dec. IMarch IIjIU May ln.^fl. 
'uly unaunted. Sali-n SOS lm*. 

Coffee—- C - i.-omract. March 197..ifl 
litis lltli. Mas 176 on I|>.5ni. July lb: tin. 
Sept. I iiii..Ml-} 37. M. £>•.-■-. 'HM-HiflD, 
March its tm. Mar fx:.tt(f(37.ufl. July 
133.00 asked. Sales: USa lots. 


Copper—Feb. .istiii i37.Sn>, March .tS..; 0 
3S.I0I. April iS.R0. May yi.-jfl July Mi.-jn, 
S<*pi. fil.i‘6. Dec. S2 jiU. Jan ,ri.5u. March 
64.M. May 64.Su. July 6.1.90. Sept, a, .aj, 
n?c. *C..' 0 . Sjlem j.JWt lots. 


Colton—No. March aj i>iWi lij -aS.Ji5i. 

May S7.U-ilai t3T47i. July Sn.JU- 34.:4). 
f>cl. 38 ].>aflj.'a. Dec. aH.irf-jfi.,:?. March 
■lONl. May 61 "i+T'.UO. July UI. !a-*c!."i0. 
Sales- 42a flOo hali-s. 


‘Cold—Feb. ITfl.OO <177 i.06i. March 
17EB0 (17-UOi. Apnl iTsnn. June imija. 
■\ua. 183 f». un. lsj.jn, d.-c. Ki On. Feb. 
190 30. Apnl 19” 20. Jun, U“'..00. Aim. 
HK.sfl. Oct. 2tlj.uo. Dec. 204 5i». Salca: 
9.7-jn lois. 


tLard—Chicsi^u lnnse 21 utt nom. 
21.69• New York pnnic steam 2J.30 
irurlr/t isamei 

t Maize— March 228-23.1: iJSsi. May 
T-HI-VSB! ■ 2262*. July «::iu-.*2v; Sept. 229;. 
D.-r. .*2*:-S2B. March 2-J6i-2.ia;. 

SPkulnuin—April 2iS.:ai-2i9.30 .listin. 
July 222 30-222 SO i2!S90i. Oct 2JS.20- 
-'K-VJ. Jan. .'20.20-21610. April 2 j::. 90. 
"T4.10. July 237.30-238.38. Sales: 1.730 
lots 

Silver—Feb. 4 89 JO <4SU.OO>. March 
461.60 <487JO». Apnl 445.00. .May 49* 40. 
July 303.40. a.*pt. 312 40 Dec. .32-140. J.m. 
■VT.OO. March 534.40. Mav 341 <Mi. July 
.34* .30. S«*pi. 336 80. Dec. SHSJrt SaVs: 
23 000 inis- Hard? and Harman spnr 
bullion lUO.BO (4S3U9I. 

Soyabeans—March 5SS;.:,59; iairjj. m.iv 
. 3hS-3ti7; <3671 1 . July 574-574* Auk. .'irii. 
M'Pi. 5M:~*>7. Nov. itifi'-M. Jan. in. 
jfarvfr .3*1. 

Soyabean Meal—March 14S >i0-l49 l<0 
148.8U p. May 13.1.10-133 20 115'.'SO I. July 
M in 1.36 56. Auis. 137 30. Si-pr. 1.33..=41, 
nm 1,37 nn. Dec. 159.30. Jan 1.39 ■lll-li.O 66. 
March 139 30-llfll 30 

Seva bean Oil—Man-h 20.27-26 26 '20 22*. 

May Tn ■'■'-•jn-a r'ooui. juiv 'n 25-> 11.29 

Vuc 26 26.20 23. Sept. IflJtil I*) 9.3 ms. 

19 53. DOC 19.35. Ian. 19.50. Mareh 19.30- 
19 53. 

Sugar—No. I): March Sn»*67 * 0 01>. 
May 923-9.26 <9 Hi July 9 41 Sent 9 htf 
61. nei 9.7I1-9 73 Jan imintoii-d March 
10 31-T0.T5. May 10.51-10 37. July 10 70- 
lfl^O. Sales: 3.180 lots. 

Tin—SflS.Otf370.00 a=ek.*d <557.0U-57H DO 

iKfcrd i. 

“Whcal—March 269J-269? i2«ti. May 
TJ-272J «271*1. July 2735 *751. Sepi. 279). 
Dec. TSfij. March 294. 

WINNIPEG. Feb. 10. ttRye—M.ty 
108.00 bid flDS.IO bMt. July Itfi in bid 
167 00 bfdi. Oct 10R.00. Nov. 110 60 unm. 
ttOau—May .79.56 t7?..<0 btrt>. July 
7fi.ro <70.00 nsketf*. n«. 75 nn- n<im. 

tiBarlny-May 79.10 bid <749H.. Jiilv 
7S40 bid 175 . 3(1 bidi. On. 7snn h<d 
ifiFlaxseed—Mar 911.10 i21l.n0 hid>. 
,1||I>- 213 r,D a*skiv! i?n-.'0t. Oft. 7I< -:n 
iSked. Nnv 716 3h ask>*d. 

"Wheat—srwRS i::5 p,-r rent, protein 
enm-m elf Sr Lmvrenr,- 131.92 -1.30 <>',<. 

All cent* ner pmmd eT-VAr-hn't*^- 
■inl'-n twherwlw stated. * ? a per ?rny 
ftiirtci-—inn min«- kits. + rhtc.-icn Imis,- 
is per 100 lbs— Dept nt As. pnii-» pri- 
ions day. Prime Stenm fob NV bulk 
tank cars. ? Cents per 56 lb bitshi-l ex- 
arehnuse. 5.606 bushel lots. («* per 
trey ounce for .36 ottni-e units M “5 p-r 
cent, purity delivered NY. f : Cenis p. t 
troy ounce et-warehnusc 1 ! Ni-w “ n . 
contract In 6a a short ton (pr liitl); lois 
nf 100 short ions delivered fo.b. »ars 
Chicaso, Toledo. St. Loiiik and Allan. 
Cents per » lb himhel tn sum*. 
•Cents ner 24 Ih htinnel. f*i;epts p<*r 
4B Ih hiKht-l es-warehniwo. jf Crtiis p--t 
& lb bushel 03-wurehiiuse, l.oOO bushel 
lots, 5C per ((nine. 


























































IS 


'^inancial'Tiraeff ^1 ^ ' 


. v , . ,,CBt 70 •• ---.v ■ '. fWa JWffl.l , JJD{> J4-lS/2*-< f %v 

lnftoraatjon* (J»l"j cort- 66* -fUKmgton. Bros. 4S7® SO-Bij*:.^ : 

International SUhOart Biectrit con? r P(t11 „ BoV»«V-S'iP<CW.U«iilB^afe 

•S'i (9<Z> . •• mi' - tPrtiaw:Gra. OSpV 62 27- 


BRITISH FUNDS (942) 

•*- ” 7S -“ I 


New Zeeland 3 [:bc «ji a - C9.2J- 4« 9 1 *)* 
>. is.-ai. a upc mi,. Sac 921; -, ?* 
. (7 2 i. 7UC Tl_ t _l» j7,Zl. 7cDC 87^ >, 


',# <<* 3 2"» 


2 -:PC Cons. xls. 22^3 

7U "is ‘ 

4pc Cons. Ln. 2 SU \ 

S'-DC Confer Li on Ln. JSU0 I, B I« 

Sue Exchequer- Ln. 1976-78 99- 1 « ■'» 1 

li'.ne Etcnequer Ln. 1996 T13J,® 1 

Sec Exchequer stk- 7 981 a 7 - 4 g. 64 ih® i 

•« 47 BAths l<in I.-IK ;•■■ 49 £4the • 76 B- 

Sue Exchequer mfc. 1933 az;® >® -ib® 

*i 'll '» '* "ini -iB , 

8uk Exchequer stk. 7 931 96 U® ! « "i» 


This week’s SE dealings 

7? ^ ir 77 .S:FW<by. February 10 . 6.143 | ' Wednesday, February S ....1. «71 

iK 4 ^ 77 l 2 « 4 '^' 1 finc' 9 i 976 1 - 7 g f7 9 D: T * ,ursl * a >'' Fe b ri,ar Y * ■ . 5,926 I Tuesday: February 7 .. *. 5,552 


....- -... - --91 *j® 

0 2}. 6 ec 99* 

Sooth Australia 3 k Cent. .Ins. 
Southern RhOdcSia _2^pc. 61. .3 k 


Monday, February & 
Friday, February 3 - 


$411 

*£61 


8 2). Sec 1978-81 ate 
RurBl and Inds. »*■ of W. Aust. 8 ilOoi 


SUpc Exchequer six. 1982 97",»® S': 


FOREIGN STOCKS (4) 

COUPONS PAYABLE IN LONDON 


Tuesday; February 

The li« be to*, records all yesterday's markings and also the latest martins* during the wmft of any share not dealt in yesterday. The latter ean be disungulshwf Ur 
the dale (In parentheses). 

cases. 


International stores 4t*pcLn. 39t 

InieniatloMt Tunwr CKO- »Mp> 

' am. iMtLn. i* 6 -,”'**- . . 

Group 15001 79 1I » 


ltn-e.«fc Group iSfloi 
(Z5 p? 23 >i- 


Jacks (*V- 


jitkion J. ana H.d’.i iSPl M.W 2 .' 


9.'-K Exchequer stk. 1981 100',® 
too 1 ; 


The number qt dcal'ngs marked in each section fellows Uk name o< ,h0 ' 

, _w. ... . section. Unless otherwise denoted shares arc EL lully paid and stock ELM lull* 

i Chmese 4 i-rc Gold BOj 1898 ten* In i i 9» id - Exchange securities are quoted in pounds and fractions of pounds 

... ! 6 (8/2'- 'socneora. Gold Ln. so t9/2i j w In pence and fractions of Pence. 

fOO i; .Hungarian 7':« 42<p 1 The list below, gives the prices at which bargains done by msmbers of 

10 ' 4 bc IlcheBueT & u k W ulnc* 1 ,re,and ?’•?*• *?;!&„ __ . . The Suck Exchange have been recorded in The Slock Exchange Daily 

’f 95 I 9 SBe -.J;pan 4 PcLn. 1US42S (7/2,. BpcLn 84 ; Official List. Members are not obliged to marie bargains, except In special 

**■'»? ■f ,| 'hf* ,uer *** 1997 ®2 »* • i 5? SrSai'e Bfc. DC F*id»aa a 9>«pc io3:* ,9.2>; - Bunwins at Sikl-ioI Prices. A Bardins <n»nc with or between nuti.mrnib-.-iM. ■bRarimiiM done previous i 
i2v,pc Exchequer stk. 1?92 103-kp *• * 1 Rauuruufck* 6: : oc 98i ; f« .-*:® ! Exchange. * Uantams done lur dela^-rt delivers- or ■■ no buifiu-tn " «A-5Australian; 9B—SBatwmiab; 

iHwk_ lMhgagw.% 1981 108 ?,® STERLING FOREIGN ' ?NZ-t»:ew Zvalaud: ss-MSnuwtwre-. 5US^sunirt4 Status: SWI-SWesi Indian. 


I. a nd the list ra»po»-. therefore, bo regarded as * complete record ,*f ijfSJSn and sons bncioUB*.. S 
s-at which business has been done. Bargains arc retorted to th e Official *rg.i: ir ?.? r Sr!?i < 'Mn 
OP to 2J5 pan. only, but later u-unsacuans can b« included In tba follewtng 1 s. i i>08KN- 13b int^i. u 


prices 

day's”fflcuTLi«I'Ho _ iSicmlniris avallable'as to whether a bargain rep resen ts 
a sale or porchasn toy owfnbers o> the public. Markings art! not necessarily 
In order of execution, and only one bargain lb any one security at any one 
price is recorded. . . ‘ 


t>Rarj»ins done previous day. f Barsains wne with members of a recognised SlotA 
- so-scanadun: SHlt—Ufons Kaos: U-dJi aumni Ufa— 


41 oaths* 9-23l64th« 

13pc Exchequer stk. 1980 107-69 64lhs* 

3/.* Jf ■» 

S l dfic Funding Ln. 1978-80 941,* 


CURRENCY BONDS 


Finance- for Industry 9 * 4 Pc 100 >6.2' 
, Toni Oil 9'jPC 98 x C 6 f 2 ) 


S',K Funding Ln. 1987-31 7I'i® 
69J* 71 U 

6 pc Funding Ln. 1992 66 ',;® 

■a !; 6 

6 .;pc Funding Ln. 19B5-3T 85■■ 


U.K. COMMONWEALTH 
RAILWAYS C * 


Allied Polymer IQucLn. 92:;* 
Allletl Retailers :10m 197_-9’2i 
A"led Sdsalleri LkacLn. 53 c 
Allied Textile -25a> 136 
Alome { Sai 3B 18 2i 


i Bright (Jonni Gra. r26pi 35 6 !7 2i 
Brlgsv Grp. ‘.Sp> 7 : 


Baird tWIlhami 149® SO I9i2> 

! nakor Perkins Hldgs. iSOp) 9 S > 9 i 2 ‘ ■ «.»•' hh- « s,., .... ,... 

' S'tSU-il??*?® 1 ?. !|or« I^Lo»is> ' 1 D b , 29 9_ r 'Si_°J ^GkCuiti 


I Elbiot 1 So) 14'; «9,'2) . - 

■ Eteco Hides, noni 3a; . . • 

Electrical and Industrial ha <Z3p*. <3 
<9 2 i. 3KUns.LR. 55 (9-2) 
Electracomsonents t10p> 327* 8 * 9 


, Alsine 60 ft Drinks -10n» 115 -7‘2V 


Canadian PaciHC I'CS) lOu® 

i-. -« 4ocDb. 35 '4 _ 

3-ie Funding 11 k. 1999-2004 iReg.i <0>; Mill *> f ' lP i? e ay 


S ;PC Funding Stk. 1982-84 87 '1 '1 •*» 


6 'jpc Treasury Ln. 68 -‘t® 

7'ipc Treasury Ln. 1985-88 87 6 <® 

»■'Idc Treasury Ln. 2012-15 72'® '«* 3® 

-V ’• 

80 c Treasury Ln. 2002-06 77i.a :;* J » 


Ontario SpcDb 42 
Central London 37i; i*}i 


Amalgamated Industrials t25oi ‘.9 
'-Amalgamaled Metal 276 '9 2i 
9 2 1 . - Amalgamated Power Eng. ,2aP' 
6acLn. 41 
l»i 


! A maltamied Shirrs tip. B't 

I Am,til if All 175 -9 2. 



ArnSnr Day '10ni 35 
I Amber Industrial (10m 18 18 2> 
Anchor Chcmlca' >25p, 670 


1987-90 85 ,:® G*. i. 



B',pc Treasury Ln 
■s ■<; sv g 

B'tpc Treasury Ln. 19BQ-BZ 
11 m N '• ■: "l 7 BL-,* 

8.;nc Treasury Ln. 1984-88 94,® 

4'j it 

BkK Treasury Ln. 1997 80-';® 

9k Treasury Ln. 1994 86<i|^i ',* 7 Bank 2 of 4 Nova Scotia *SC 1 t 11 „® 

i* Ji 6 « . Bank of Scotland 'Govr.i 288 3 5 

9K Treasury Ln ’MjrSS 83-; a >■ 3.. I Barclays Bank Lid. 32p® s® 20 2 
9:■ pc Treasury Ln. 1999 87»i. a *« 20V 5. BUpeLn 76 

I2K Treasury Ln. 1933 106 »® 6® 7® Brown Shipley Hldgs. 203 <6:2i 
*> 7 ...Can. Imperial Bank Commerce UC2 

I2..-PC Treasurv Ln, JS93 106-;® ** f5 70 , s ... 

Cater Ryder 281 76_1 70 ifi-2 


FOREIGN RAILWAYS (1) -- 

Antofagasta 'Chilli Bolivia Rly. SpcPl. 320 AnaLa^Te'e 51 "^'zSrn'RS® 

Costa Rua Rlv. *0 > 6 / 2 . SSIlo-Amer Asphalt 25o‘ 64 .9 2i 

DtvVu /iai| I Anglo-Amer Ind. Coro. -Rli 450® 

BAAIka (424) i Anpfo-S^'s. I25pi 34 « , , 

Alexanders DiiOJURi 250 45; ■ Argla-Transvaal Inds. fRO.50' 9J -6 2) 

- - Apoleya d '25 pi 82 '3I2J „ 

5p> 3S'i 


Alien Harvev Rets 470 >9;2) 


, m I Bank Si TreTand 330 ! Armitrong’''EquliT - <'iQ di 61 

*® I Bank of New South Wales • London Reg.) *=* *nd Lacv t2Soi 112® »3« (9'2> 

.Ash Spfnnlnq <25ol 42 «7 2< 

Aspro-Nleholas SvocPI. as 1 .-® • 

I Assctd. Biscuit Manfrs. (20 d> 80®. 3.65K 
I 11, pf. 45 i9 23. GorDb. 83 - 

■ Assctd. Book Publishers I20oi 18b 
Assctd. British Eng. Il2i-p) T® «9 »• 

15>a A«Ktd. British Foods fSPl hi 59 6-:PC 

□b. 77 f9 2'. T-'OCLn. 30 (9 21 


Bambergers ViSpi * 47 " _ , British Aluminium 445® (9 21. 

03mlords i20d| 42>j ! M rl - 4 7 

Bank Bridge Grp. i5pi 3>^b 3 ® >-® 4 1 British 

Banks 'Sidney C.i i 2 Sp, 75 -S.2» _ J Ln 93 

Banro Consolidated Inds. i 20 o< 5 3 '9 21 Briilsh 
Bargei iZ5oi 3B ' British _ 

barker Dobson MQoi 1 SL is-- British Dredolna M 

Bartorr Hand 1 RO .101 J 64 , 9 . 5 , ’British El« Tract. DW <25oi 99 0 ) 2 Ihs and Co. (fbcMaadl ISpi-.ll.lf tS'Zl 

Garnagore Jute Factory 5 kPI 80: '9(2* Bnush Enkalon iZ5pi 12 ® , _ _ , EILs and Everard i25o) B1 

Barr 'A. G.i i25pi 200 iBfzi 1 Briiisn Home Stores <25P( 192® 4 5 3. Ellis and GoldEteui CHIdgs.1 (Spi T5t<* 

Barr and Wallace Arnold Trust ‘25ol- 7scPI, 64 «9.2>. 7'«KDb 69Vi® El son and Robbins USB' 74. 

71 19 21 'British Leriand >S0o) 25:® 3 4 ; 2 4 « Elswick-Hooper (5p> 20 , 

Sarratt Developments itopi 118 17 '76 Elys t Wimbled on 1 '25p*. 85-19/21 • 

Barrow Hepburn Group (25oi 480- 12 k I Bru Leyland Motor Can. bacLn. 371; 8>i.: Empire Stores iBradlard* C25pi IBB® ; 40 

-- ... - ««” 7»-iKLn 47's- 8nCLn. 48. 7UocUL, 3 4. B-'^cDb. 79-b 19/23 

53'.:® 3® u® <e 2 >i 3 ‘Empress Services Hlttas. UOpi 12® b " 

.British Mohair Spinners U5p) 36.(8;2i Emray (5n) 6's (62) • -•" 

80 - British Northrop I50P« 96 i9f2l . Enalon Plastics U5pl 52 -. - • 

British Pnntmg Cpn. I25pi 43 19/23. 7>.K Energy Sarvkes ahd Electronics MO pi ]2'k> 
) Db. 87> 4 ifi/Zi. 8':PO.n. 670 4i; 7<j , England (J- E.) and Sons Wellington) ,tsps 

British Shoe Con. 6<;bcPf. 57 iB'2i. 7K | 34 f6 2'i 
1 Ln. 641-0 4® 4 :■ 19121 _ : English and Overseas Invests. CIOpI 30 

i British Steam Specialties >20 p) 79 t9 2) ; English Card Clothing CZSpI 79 8-1912*. 

- British Sugar Cpn. 4580 500 5 English China Clan (25pl BOi, 79 SO>»- 

' British Syphon Inds. I20»i 59 -7 ZJ. 7«) SAcpcDh. 7?b. 7J<KDb. 72k; (B.'2J., 7 k 
: Pf. 45 i9"2i ^ I Unun. SB:* t8 2) 

. ------- -— "——— ' Engliin Elecinc 4«cOb, 97®. ..5liPcDb. 


Uns Ln 84'; i 7 ; 2 ) 

Barton Sons i2Soi 49 t7;2i 
Bassett iGco.i Hldgs. i25m 14 10 Z 
Bath Portland Group i2Sd! BO: 1 
6 'jDCDb. 69 I6l2i 
Barleys ol Yorkshire lOocPf 105* 
Beaine Uamesi A Ord. liSpi 93 
1 PI. 37 17 2 1 

Beau ford Gro. <iap) 49 i9-2i 
Beaver Grit BKLn 77 'Bi2i 
Bealrr MOpi 45 >8'2> 


9 2i. 


Beckman lObi 67® 4 ....,_ 

Beecham Gro. >25n) 63SO 41* 35 8 6 : ‘British Tar Products U0P> 50 


9 4; 7 6ocLn. BDh 
Bcechwoad iIOdi 24‘i 
E elam non) 67® 

Bell Canada >C25i £32.20 
Bemrose 2 bnl 67 >9 2 ) 
Cenheid <20o) 24 ‘5 2) 
Btnfarri HOP' 51 <9 21 


: British Vending Inds. nopl 30'j 
1 British Vtta <25 d' S3 4.',; 

; Brittains i25p> 26 i9’2> 
Brcchhouse <25a) 59 
Brocks Gp. tlOP* 71® 2® 1 _ 

1 Bronx Eng. Hldgs. HOoi 34 '9 2 


■9(21 


7KDb. 72 (8121. 


1979-84 78'*® (9 2). 

I Erith 125PI BO C 21 . . 

lEkpcrartza Trade and Transport I12I-BV145 
'European Femes (25P< 112!; 12 )5 Jli-. 
’• 4'H>cPt. 70 (Bf2j 
Eva Industs. (25pi 96 7 5 


12-4PC Treasury Ln. 
12)^c Treasury Ln 


13 '.pc Treasury Ln 
1)'<DC Treasury Ln 
U S 

14.-pc Treasury Ln 
1 7 15: it 

ISUpc Treasury Ln. 1996 127’.® 



ciiy. mt,.. ■ -- - < eva mouses. iupi so , a - - 

Brooke Bond Liebig j.Z5n' 47.0 Sing B T-i .» £wifr Read¥ (Hides.) (23jn 155® 8.7--1C 
4 kDo. 86>s 6 -_6 2i._. StiocOb.,.• 5 >9 2-.. pt. 75 ^ s: iS'2> 6KUn»,Ln. «6® 


10K 

_ _ . , „ _ __ fi 

. ocLn 57-i '912 1 . 7 »xLn. 63'* . 1 <9 2| ~ 

Brook' Tool Eng .Hldgs.■ i25o> 26>a. 3 | Evcred Hldgs. r2S*u 17 16 2) . “'. 

'9 2- _ Evcde (20pi 78® 90 7® 6 7 BJi 9 ■ *. 

Brotherhood 'P ■ i50a> 117 Excalibur Jewellery (5p> 19-'« 

Brown Jackson • 20P-33 S-: Exchange Telegraph (Hides.) (25JH-.TD1 

Brown Taws? i25o' 97 iS 2' r7f2> 

Brown Boren Kent '«p> 4B~-* „ .Expanded Mewl rZSpi S4® ; , . - 

Brown ij.i 297® 300® 296 8 " 1 

F.MX, iJZSpr 7T <8 2' 

F.PA. conn ruction Grp.. (250) 24 k®‘3.44 


(5n) 14 '6 2) 

Falmew Estates 
Farmer (S. W.) C... 

Farnell Electronics 

Federated Chemical _... —__ . 

Federated Land Bldg. (25s» 34 18/2).. 
Faeaex ilOp>- 34® 

Felixstowe Tank Developments 74.(9f2) 
Fenner «J. H.i fHIdss-i f25p* -14B'... . 
Ferguson Indus. HkJqs.’ r2S») 97 (9-2) 


Ferranti 5.60pcW. 60 (7^2) . 

Fertteman tB.» Sons (20pi 37 t9/2> 


9qc Exchequer Sik. 


“i»: 7'a 


•9i2i 

5 .pc Treasury stk. 1983 98 

9 -nc Treasury s:ft. 1980 TO)** *« 2 
9.-«:e Treasury stk. 1931 lOO-'t® ;® -«« 


Pf. SG® 5';* 4 
Automstive Prn>lk C25pi 
5?;Pf. 39 ■; _*E 2* 


IOdc Treasury stk. 1992 93"i»:® "* * 

10* : pc Treasury stk. 197S 102 
io:.h>c Treasury sik 19/9 102 »»'^® s 
lO'-pc Treasury sik. 1999 93 2i-i»# 3', 

2'i '■’!» 34,.; 


Minster Assets '25 di s7i; 7 >9 Z> 

National Csmnwi*l Bnkg. Grp. fJ5pl 74 
2 3 1 -. 11 PCPf- 90® 

Nitio'al Bank A-.sl-alasia (Lend. Reg.’ 
fSAI) T E3S. ord. fXAII 49 _ 


B AT. Inds. l2Sn> 2B77Q 300® 295 300 
296 7 43 8 9 as: 94 Did <2501 

242* 3® 1® 36 5 9: 7 6 : .42 387 41 
4r 

; BBA Grp. 12301 53 -0 4..- t9i2. 


Baxrqman >501 -p ‘. i& 2 ) 

■c-lveotp 2531 65 
Bohan Textile Miff <5 di TO 1 
Bond Street Fabr.es nop) 32 • T-.ScCnv 
Uns.L" 63 :9 2‘ 

Backer McConnell-f50oi Z 4 12 GPcPI 
S3:® ‘.-O 

Bsosev Hawkes :25oi 205 4; 9 2- 
Rearh • l*-if. Hldns.i '250' 59'- 60 6 2. 

Baa'S '250i 2D3‘;® «■;* d® 4 2 3 
3 ; ;. BocUns.Ln. BO '8 2 i 7 .OCUns ' C - Hl 'hO“S». 
L". 73 1: J 

qorhwisk ‘Thomas* '50n> 71® - Q* 1 

10b* 19.® 


. . Fidelity Radio f*0o* 74® 3® S 
• 1 Fine Art Developments f5ol <2 
I Rail, rtnhnV linn. 7k N il 



. I 


C—D 



. Fisher (Albert* Grp. (5P> 10>t f7,’Z) 

Flsons 367 B. 6oc2ndDb- B6*i (fTaa. 
6'-o Znd.Db. 831; T7 2). SfspCLn. . 49 
IE2] 

; Fitch Lovell (20o) 86:-:® 7h®. 7. 6 8h 
5 1 * B 


10P* ib '6 Z . .... „ 

Cableform Gp. <3P< 70 :0 69® ’j; 9-. FlexHlo Castors and Wheels (25o) 48-(6>2) 
Nflw I5pi 69 r® 71 .9 2- _ _ Fluldrln Ehff. rZOpt GO® (9^> " 

Caabury Schweppes i 2 ba- 52® 4® 2-:®-Fodens I50o' 37 1971 , 

4 - 2‘; J ; I. 3 .-ptlstPt. 4.- I Fan Arty (E.l (25u) 118 


' Cahyns'-SOP' 97 5 -6 2 

CiPoniM •2a □ 


t tr, t Q cp Calcaonian Auqc. 

irS.iisffi S9=>®_5 4P.0 > S 


4 00® 


British "Electr-env 3 :PCGtd.stk ] IZf'ZS i 
95 1 *® >• '• n 4'.oc Gtfl stk. 197-l-79| 


Union D.scaunt Co. London 43S 

BREWERIES 087) 



-9,-Zi 12'-ncUnsLn. 101'; i6:2( Braswa* "Odi 30i 9 2- 
B5R i IOd) 95® 6® 7® 5 4. 5 tDcUns.Ln. • Brcni Chem cals Intnl. -lOp. 1 5b 7 , 

55 iB‘2) Brer.-. Walker 5oi S' '.9 7- 

BTR iZSp' 237 S 3 ’ Br-cLhOdse Di-dte* 'IOoi 34 2- 

- -- 113 IS. 5 or. Bridpen-i Pracefses ‘"SO' 13'; 7 2' 

I Priean -TSa' 117 

■ E-idopr:-Gunary HldOS.i :200- -6® 6 


• Lilli' G&s 72-fd 

[Camfard Eng. :i00i 62 :® 3 - 4.'; 4 3 

( CanioafI 20o. 1130. B '20 p> 111 <° 2‘ 
Cam.-e* I20p- 67 ... - - 

Canr-r.g W > (2ao. o6:0. 7'^>cLn. 62 

• 7 2> 

Cantors '20a 27 

Case Inss. 250‘ 113 '4 
Capllii Proh.r -top 730 6 - 9 »i 
Capper-Ni. ilQP- 640 3 
Unseats (5P‘ 4 s 9i-2i . 

Caravans hitnl. >23 p S7_;®. • 6,;_: s 

i8l> i B 


Folkes (Johni Heto rilol 22'^ 19,-2). 

Non.v. fSo) 21 2 l9’2) 

Footwear Industry Inv. [2Sol 61 (9'21 
Ford Intnl. Capital .Carp.. BpcLn. 77_f7. l 21 
7'uKLon 93 2., .- ' 

Ford Motor 'Sr.) iSUS2> 149 -. • 
Farmlnlter MODI 127 f7'Z). -1 OpcN,OSt; 


' Car ess Cast Leonard *10P‘ Si 
Caritan inds i2an> 169 -9'2' 


44 .O 3® 



FREE OF STAMP DUTY _ 

London County 3pc 25 ' 5 ( 21 . SK 80| Bass Charrlngren Brews. 

5i.nr 90 S-0C BOi 74-4 81 ■!., fJftPCLn. B5«0 *»■- 9 *' 

5*pc 1985-87 71;*® A 3 c -" 0 ■ :, ' -- Ern « 

Coro'To'i' LoiRlon 5'ic 93^ <7 2>. 6‘;pc ■ Bell 

soi nC /9(Z‘. ■ 5..K J U'-: (7,2.: ,-^^r l2 \^\ 9 rr- 2* 

Brawn (Matthew) (25P) 105® 'ia« 


Bpc 95£BeilharW Brew. G'rp. (25p) 44 S 7';: 
6 ;pc Self (Arthur)* Sons (S3 pj 217® 12® IS 



. n Cw 

Hhvningham 9 bis. Counul i3pc 109's 
Brighton Carp. S:; 0 C 97 ... 

Bristol -City of: 1 3pc 105 • '6-2*. 13-*PC 

107-- 3 


Bristol Coro. 7',pc 91 l® 2 ; : 19 2 ' 

cirtm" atv° Council nVc 

Card Ilf Corn 70C ,a '- > 

s»s?iS If 83,1 

glSSSofe County S 5'*0C 91’,. 9.,PC 

G?!m P .‘.n Regional ,'0'.pc' -Fv. P--» 99'** 
10 .>.oc 59'. f T Z\ >0 . 

5-.-JK 
il‘ 


lOf.oc 59'. >7:** . 

Hampshire County S'rFr 99 

e c °Th* 8 .3* 


' Couroace 4i.ueOm.lM2 87 74‘,®. B>,K 
Zr.aDb. 69. SacDb. 72V 17 2‘. 6>aKLn 
Str, *-8/21. lO'zPCLn. ST 
Davenport Brew. 4pcDb. 25 '6 2i 
Davenports'- Brew. tHIdgs.) (25 pi 92 3 

De'veni 
Ob. 1 
D.Stilk 
Ln. 

Fuller 

Ob. , 

Greenal 
8»«K 

Greene __ _ . . . _ 

Guinness 'Arthurl Son '25 p> <78® BO® 
7b 7. 7'«pcUns.Ln. es 8121. 10ne Uns. 

Ln. SJ’4* '9‘2' 

Hardy? Hansons 125p i5t 
Highland Distilleries r20n) 151® 1 48 50 
2 1C 

H-gsons Brewery (Zip' S3 


Call for 
scale fast breeder 
reactor 


81-.92I 

| Carpets Intnl. -'aOs 
! B'.a'.Sb. 7J 6 2i 
i Carr (John. i23o- 44. 

: Car.'inCljm V.-ycl'a 25 d» JO 39 ! :. 
I 67 ,8 2i B.docDb. 74>, >9:2i 
ICar/on -;5o* S9 '#2-.. 


> 6 - 2 ) 

Forward Technnlqnv Indus. (50p) T04 fB-2i 
Foseea MInset. rzSol 143 
Foster Brothers Oothlng (25o). 85 7 (B-2i 
Fos—r (John) Son (25pl 26®. 9pcLn. BO 

i7-2i .... 

Francis f^. R .1 rfOpi 46 (9'21 . 

Francis Inds. '2501 56 . - • 

: Francis Parker ‘ 10 pi 12 ':i .■««»»■ 7 ' 3 KLn. 
• a 9 ! 51:- - ' — v ■ 

lOocPf. | Freeman* 'London.-<25p1 275»?.' ,7pcOO- 

I 66'. *» 'fi 2) 

2 ‘; 2 . i Frenrh Kler t25q. 29® SO ZOv-' 

, Fned/and Doggart r25pi '9T r73i •' ' ^- 

New -25p, 4 4 


B« PI. 


I Carr s Milltn) Inds. 23a. 

' Lasia: .5.- '10 p 42 iT zi 

Caterpillar Tracvr S4: k o 9 

S allies 1 10ai 3 5® 4® 

a»e" 


G—K 


. GEI IntenuU. -20p> 71 
j G.ft. [Hldgs .1 (SOp) 428® SO 4® 7® 


: Mflaher 6 pcLT>. 85 1 , |»2) 

. Gall,lord Brindley >5p) 58® 7® 8 i; 19 2i 
I;. , Gartord-Llllev Inds. i5p) 15 f8i2) 


aveflham 7ac PI 4 Jt ..o 1 OacPI. 99 ... --.v. .- 

9SPi-n. 72 ; 6 9 2.. lOacLn. 7B Garton Eng 9 TIOpl 83 t?.2t 

awdaw mas. r25o- 29 -9 2* 'Gates iFrank G.I rZ, 



Cawda _ __ 

Cawcads '25oi 12 
! Cc'-suon inds. an 32 'J')' _ 
Ce't-c Haven 5pi 14;- 14 I9'2 
C;mcni-Road5:/<re -25pi 123® 
Ce->lrai Sheerwsod Sp 45 4; 

! Central Mlg Trad-ng COai 69 


Now 


| Ln. 5&: 

(Central wagon 97 

' Centre**, ;SDi» - 20 


' Gates iFrank G.I >25pi 55 
; Geers Grass dOp) 41 Vt 2 «6.2). 

- 10p) 43‘; 3 4 • 

Gel ter (A. J.< (20o) 360 - - 

Genf. Electric i25pi 262® 1 5 2 3 4 

60S 6 7T. GpcLn. 197M4 7B._ 7l?K 


, 203 4 2. 

■ v-iamSe.-lain ‘23p. 51 
Chamberlain Phipps 10p' 40<:O 


8oc 64 fi ' 2, v caB - 

1 iPCFf. 109 

G«tetiwr_ HWB*.. i25p)..17S (9^2).. A 


■ [■ plastic CgnstrucbofiJ HOol 67 i7|j- 
«19 { puxion'v (Scarborough? (zsa) tig^i 
! Pleasurama /Spi/BB • : ■ 

1 Flessoy (50pi 91® 3 V- 1 . 7^ 
BWU '/MF» 7S 6 -na2)' . 

■ Fochin's I25p> SB - r --et 

.. ;Poty Prek -HMb£)- llQp) M'.T tfiT 

•ssrms . 

“d sons bWISUBf. 9 g _ Powell DuSryq fSOnk 171«*.4.JL-t 

oKjL«r-*. Cum.FT. (50tu 19:j ia'2) , ' 

0DC V U piitt 'E.l EnflO. I2SB1 EB* "7® ' • 

Tlptkn. 64® _ • 4 -- • . Preedy (AlfretH Sons (35p) 80 ' 

js& ts&fftavrusBs, „*> •—-»» >.•>■ 

15901595 : 

K Shoes 125 pi 5* (8.21. TlwcB®.'.» 

Swoo (1001 28 ® S^Atti® 'MV .10 

kSfc»’‘?nb"«»1es (25P) iD7 8 rttit- TOK 




Presf’^WIlTiam} ^Son Op) ..28ij® 75 

Pres sac Hbtdings *(10p)' 73 * 1 " 

rreslige Grouo '25PJ 159 ■■ ..v ■ 
Pretoria PortUnd Cement .R2) 1-7zi 
Primrose rinoustrlal -Holdings ifttLIc 

Pritchard Servtcas Gro bo- |5p) so 3 
Proprietors or.Hav'S Wharf 14S -. 
PrsvtodM-. Laundries fSp) '.-j 

Pullman m. and J.' tSn) M 71S 

Py»- Holdings i25p)-.)06 - 

. 

Pyramid GDroud ■ Pn«HVfl«rsV crop};-* 


j.; .r " 

/ Queen Meet Hbuks dpi 2Bi,Q^?; 


Kwth" Save Dlscourrc -OOP) -89®- 9U . • Do ; Quick ®t. * and.- J-)- Grasp iMn 45 

New 890 =•■ I?!*.'" ' 


R-CJ.’-Holdutgs. «25 pV 15 (®^»v.; 


■ - Lr—M. . I H>.D .Grd«B".flOp) .56®.iaj. # „ 

< R.K.T. Tsxtifel OOP) 65 7 18/2) ' 
‘inler.“fi0 P i 43V.4 Oq. .New j "jMSTW?,. i*"'?*?** 

iJWlf «y m in : a ; . w , u ^ ^& M a^up F Wri^ 2 ^ 

Lad brake iiopl 186.7 S 8 4 «]■ T*rfHmS 1901 tSs. rmxSrt 

Tin.\iQi® 100 2i ’ * »s .225 tJV ' 68 

Ladies Pride Outerwwj-iZOp) 

i_j.no (25pi 149®. Do- A' 148® 7®-. 

Laird l25pi 79: R'jt *rt' • ‘ 

UM Elliot (25PI 590^8, . 

Lamoflt HOP) 154UB ‘9l21 . . . 

93* TV.* 7 

$2E3E» Wten 12SP) 102 (9B) - ■ 


Leaden hall bterilog llbP) T02 (8’2) 
Leaderllush iHldgs.i OOpi 9H. • 
Letiort 1 S .1 iFoocn OQO! 52® - - 
Lebus fHarrisi iUp) 56. - _ . 

L« RetriBeraUon-12501 70® 2 70*w 
Lee ‘Arthur) Sdhs ll2-]0> 22'*-3 
Lee Cooper i2Spi 111.: _ _ 


'apt 


Lee Coooer 

Leeds OWL'Drcre' finisher*'.125®) 38 t?/ 21 ; 

New 1250' 39 *7/2)^ . ' • . 

Leigh Interests 1 Sri) ISOb 10 I 
leigh Mills i-25p) 1S->9fi) ' 

leisure Caravan Parks-*1 Op )1 110 
tennons Group HOoi 32 (9/2, - 
Leo Group ( 11 ) 0 ) 237 

fo S f4 6 (9/2. 

Lex^Srrvite^Group 

Sec. Sec. Wrnts. to-sufe Mb® 'a (f;2J 
Ley's Foundries Engfl. (25p> 59 BOtB/2). 
Liberty 20 1 * i 6 / 2 > 

Llden tHIdgs.) nop) 20-15/21 ■ ' . 

LI I ley /F. J. Cl IZSp) 77.8 7h iW2i - 
Lfncroft Kllfiour Grouo UDol 55 |72) 

Lindustries (25p) T42® 2. 6'apcDb.-70. 
Uner Concrete Mehy. HOw 32b _ 

Unload Hldtw. 'Mor >42® 50 47 . _ 

Unread 125P) 35-*7J23~ ", t .‘-• 

Llster iZSpi SB's' '9/2T 
Llreroool Oly.. Post Echo: rsopi >28®. _ ■ 
Llovd (F. H.) Hldgs.'(25B) 7112 - • - • 

Locker (Thomas), .rfdifos-) (Sp^ T-rb ( 6 )2). 

. A Non-Vlg. (5p) -14\ ' • '* ''17 

LodovoodS Foods t2Sp) •-11®.i712) - - 

London Midland tnddsu. (25(0 T7X 6 '7. 

SocPf. SBV- I7J2) ' ' • 

London Northern liSpi'ZBb®" 7® B - 6 -ij 
London Provincial Poster i50d) 17SM7T2): 
' 8 >tKUns.Li». 78 tTlZI'. •-• - • 

Lonoon Brick (25p) 65_*i. 4-■a'a.dij . . • 
Long Hamtrlv nttoi 37 ’ • 

Lonrtio 1250) 73® «'?# «• S-.63b « 
Ji*; 5>v 4-j 4. Snc Uns.Ln. .19BT-B8 58 

loeulile Unlvtrul (250790.14 BO®,79. 

' 7KlstPf. 691.® 70®.. 6 pc Uns.Ln. 1244,0. 

5® • • : 

Lovell IG. F.) CZSRL 28 c9/23 J -• 

Lovell IY.JJ T25p) B 1 .(S/ 2 )_, - - 

Low Bonar Ji|OC3rdPT.'J7 (7'2i 
Low (Wm.) (20 d) 108®- 6 <9/2} 

Lowe 1 Robert H.) (25p) 67 i7/21 ■ 

Lowland Drxoer y HM gs. t25p) '60 (8/21 
Lucas InddSt*. 263® IX® 1 ® 60® 1 60 
60: 56 9. 7i*KUnsJ.n. -74 5. 6 >:k 
U ns.Ln. 104 5 4** 

Lvons . y.) 103V < . S -- 6 . -#kKU“S-Ln- - 


641® 


Idgs. 




248_ 


BY DAVID FISHLOCK. SCIENCE EDITOR 


BRITAIN would need fast. breeder reactor . until 

breeder reactors in commercial inquiry had been held, and utiiu cs r «t-es intoi. -iioo. 71 «*sr 
production bv the late 1990s or the Government was demon- is: 




Non-V. 


Hull Corp. 5',PC 99':® ^ _._-- ,' mgsons arewerv ixsp- 

Huntingdon and P« ter ^J, , ? u9,, ,?. : SS ,ny2 ■ '"yerecreon Distillers (Hldgs - :25 pi 92® 
Isllnaton Corp. 'Opt 99.- '“‘■12 . ... _ __ 

:eni 5':ot 99Ji-® '»• 9 '’* ” 21 


0 iS 2i 
I SOpi 310 (8>2i. 


1 3 ; :PC 


<8 21 


(B 2) 


Irish Distillers l 2 Sp 
Macdonald Martin 
8 /25»l 203® r9>2i 
Mansfield Brewery 207 
Marston Thompson Evershed /25 di 54 
Scottish Newcastle Ereweries ZOoi 67 6 - - 
8 . T:*pcPf. 74*. 5 'jucDb. BD 1 *. 6 PC 

Db. 6 g:j (8/2'. 6 '>pcDb. 73'.*. 

Db. 73«* f 8 21 
Seagram 14-'* 

South. African Breweries -R 0 20 ) 6 ). 7pc ^ 


furt last night. several months. 

To meet' that target, said Sir • . 

Francis, it would be desirable PhlegHiafiC 

to start construction *of a com- Development nf nuclear powe;’ cahen' a j'-zop) i4Q™’g'ir> 
mercial fast breeder reactor bj . . .1,- h id h _ coe *R h.i -zspi 1200 

„u.„, tocric ,n ne sdia, uao pro Colgate Palmol-ve Com (SUS1J ., _ 

aooui toe inid-iMolis. i-«,pdi-d fuirlv ealtnlv "in suite ofi 4 - 0 ! 1 * 1 * D-cxinson Pearce intnl. non) S7* 

Thp nrohlem was to avoid L ' eotu i cciims (Y/ m .> sons Hiog.) 2 S D ) 132 . 

,;i,iL P c!!!l ' norii^r the presence of pressure groups- a .Nq n -v) -sspi iso* 9/2) 


Glass Mrtal 'lOb» 62-31812) 

Glaxo Hldos. fSOti) -577® «5 72-3 65. 
71-pcLn. 118 I, 


Ste: M K. J «^y° B l,fi S gSf. S'jpcPrt. 36. 


SJ.KLn. 79 L® 80 
Glosscp fW. and J.> <25 b) 58® 

Glynncd i25p) 103® 2‘-0.3b* 2-; % 
4 3h 4f« u 2J,r. 7-UKPrf. 59 IW2). 
10>4KLn. 89-',; 6ncLn. 72 ; 

Goldberg (A.) 125 d) 55® S i9/2l 
Somme Hldos. i 2 Sp) 75® 

Goodman Bras, and Stockman (So) 10 


Coal le Chemical Proas. <25Pi 67 gi : 

Coaies Bros. A Non-V. fZ50‘ 66 ._ -- c -_ -_ 

Coats batons (25oi 70 69 j 71 70--. Gough Bro*. t20p' 50® _ 

4-;wUns.Ln 39:- jg-j). £-'^HrUnjin. Gouoh Conner (J-Oo) 76® 7 Bffl 

Sa; S'- <912). 7' 7 pcUns.Ln. 55', j G Ii "*?!» n 1 'Mo) 36 7 u. S’-uicDto. 

------- — 72 u:® 3«:® /g 2» 


13W J7I2) 


»;.v SS nSSr USX ° r ° ^ w«r .r.K mss ., 


can in origin. 


Combined Ergllsh Stores Gro (12t;p) 83 


than public opinion would allow, " Z®"" , 7 ,otcum.p» :s 2 =: *9 2 ) 

7 r.S;>*et rn proceed from the present The h,st and m ^ st > 111 > comet Ridio.»u services new -so) 100 


Kent 5 - :ot 99^1 —_ 

Lanarkshire S':oc 96 - ibzi 

aa^fesviii, 

Liverpool Corn. 3:ocRe'.Stk. 

Ma'JStester Corp «« *»' 

Middlesex 5pc 91 * 'S-Z' 

Nowcaatle-upon-Tvne 9I.K 98 w . - .—-• -- 

Nottiivaham 6 .'.oc 99"i« ion re 4i. w »'cr Trumin 4pcDb. 54 |aiiyn:.v ni-eut ui me uii*. ; f l:i:,« i. .La nnkllx ' sww irrenensK, nupi 

Anns iof £1.35) 11-9 21 ■ I Vaux Brew. 409 11 I H J Of aCCeptabllll> in tbC pUOllC , Cooper inds. -IOD' 18® 

Salfcrd 5':ec 66 ', ‘B. 2 ;_ Witney Mann Truman Holdings 4t<Klrrd. I mind , Cope Allman Sp> 53:# 4';. 7i-p(Ln. 34 

Soutnend-on.Sea Si.oc 97 9‘.ec 94 3 .- ob. (9/2). A'.KRed.Db. 7B»* f7i2). 1 J7 np , rwv Ban 1 V , , , . | Coovdev . IOoi 30=: 

'7 2) 12-.pt 104 19 2' 1 EpcRri.Ob. SHi (7 21 EaUCIgy S d F btr FranCIS. fnrnifrlv Chairman : Corah -’Sp) 35 

19 J). 111 . 0 c 1 DO ;® 1 Whitbread A (2501 B7® 6 4J 5';. 4'_-K - ■ . , L -J nf Ihp Crkiifh nf" C<»nflbnri 1 C £ ral leisure 1 10p1 12 1 17 20 19. 

I i«pt. 37 - 6pc3rdCum.pt. 56: : (92i. ft was important, he said, to of tne i>outn or bcouana i ora. modi 114 :5 17.21 

4HpcRed.Db._47_ 6L«Red 7 .Db. . remeraber that Uie n nerg> - , ar . Electricity Board, recalled how! gSrSSUS 1 '^w 1 .sop) 24 


Grenada Grp. A i25p) 90 
Grand Metropolttan <50o) 100.-® t; 99 
100 99'i 10-1 98):. Warrt*. to sub. TZ<; 
6 « 4 PCPf. SOt. 7'.;KPf. 86 rriZi. 

8 jKLn. 98=;. SliPcLn. 100H '8 «L- 


Pf. 34 (6'21 
Tomatin (2SP1 102® 



New 


Great Universal Stores (25p) 2801®. Do: 
A i25p) 280 .74 8 5 6 7.7 ,8{ ; 3; 72 9. 
BI.kLo.- 71»: Z 17/2? , - -, 

Gnsenbank In®. H Iff us. rlOp) 53 M - .:.~a 
Grqenfteld Ml Herts <L0p) '42'» 3 
Group Lotus Car HOoi 37 fB(2) 

Gravebqii Gra. >5o) 16 _* 

Guest. Keen. Nettle folds 279® 80 79 83 
i 2 77: as: . g'.klii. bh- 
Guust. Keen. N-rrlefotds IU.K.) lOijpcDb. 
901, 1 90:; l9(Z) 


H-A.T. Group iTOP) 35® 4 6 (9/21 
H.T.V. Group N-Vlg.-t25P) 113® lit "*# 

Haijn Precision Engineering (3gl 25-tuC 

Hagen Carrinr «25p> 91 

Haggas Uonn) tiop) 112® 11 >09. 

Hall Ham River BfocDb. 1984-59 681;' 
Half Engineering fHoioinssr iSflpj 91 is 2). 
7f,pcLn. 1992-97 74 6i, 5 <a i7 2) 

Hail (Matthew) i25p) 187® ■ 

Halfam Sleigh Chcston UOo) 22® £® . 


Walsall _ 

Warier 7 «dc 96 . 

West Bromwich j>, 0(94 a >6 21 
SHORT DATED BONDS 
FREE OF STAMP DUTY 
11 .dc BdS. Rob. 13(2:78 100 i6(21 
12 'iK Eds. Reg. 22-2/78 100'.- - 6 ‘ 2 f 
11';K Bds. Reg. 15(3(78 100:.'!: 


6 7 


Young Co's Brew. A .SOpi 150 I9'2) 


CANALS -VND DOCKS (S) 

Bristol Channel 5hio Repairers (10 p) 
(9.-21 


Energy prices 

i that demand would be accommo- Another factor was that 
j dated to the available supplies, because electricity demand had 
But that statement “cloaked nut grown at the raic"forecast in 
'the Inevitability that the the 19i5Cis. there had been a “sort 


IO-'iDC Bdl. Reg. SM/7S- l(IO*i» *6r2) Manrhnctnr Shis Canal 2DRd> lb 

1 OUac BdS. Reg. 26/478 10O.6BO 100.663 ; pgip B(T40'" (6’2> 

9iK =, Bds. Reg. at•■■78 100",- ' Mersev °- 86te ' H,rt, - Cu 

S'idc Bds. Reg. 14.'6(78 100>-.: 

9uPC Eds. Reg- 21-6.7B 101>i- 

g-,pc Bds. Reg. 28,678 10 Pv 

8I.PC Bds. Reg. 6 9 78 100.871 100.820 

T'fK’sds. Reg. 13(9‘78 100">. *9i2) 

6\K Bds. Reg. 20/9 78 99?"-: ' i- 


Feiixsiowe Dock Railway _6'jpeDb. 64 .^ j stJtJldard nf ij v inc of the of voluntary muratoriutn • on 


[Western world will fall dramati- nuelear construction which had 


Courtnqy. Pane 6 pcPf. 17'- 16 2 ) 

Courts Non V A -2Sot 9S®. 7ncPf. 46>- 
>5 Zi 

Cawan de Groot <lQpi 60: 
rawie 1501 37 > 

Crean jamesi (50 p> tso iS Z> 

Crellon HOP) 29 IB 21 
Cre*i Nicholson >1031 72 
Crbda Inter. HOot 56® 7 6. 


10>iKL(I. 


g-.pc Bds. Reg. 27(9/78 99', 

6-.PC BUS. Reg. 25.-10-78 95% (7.2) 
6‘.pc Eds. Rrre. 1I1H7B 99Mv >7 21 
6%pc Bas. Reg. 8-11.-78 S9'w 
7pc Bds. Reg. 15,11.75 PS', »«.'2) 

6 .DC BdS. Reg. 22/11(78 39_>], i5(2t 


8ipc Bds. Rea. 8(12'7B IOO'i. 

UK Bds. R«re- 1412/79 100’,* '9,21 
a'iPC Bds. Reg '12 9 79i SB 


PUBLIC BOARDS f28) 

FREE OF STAMP DUTY 
Aqr/c Mart CDn»_3'.-PCDb. 97 ,o«_ 


9 21 


(each 95P nom 
Ord Share ol. 
1974-84 59% 
Milford Docks 



COMMERCIAL <3.375) 

A—B 


in the intervening years." important" factor cited by Sir, 

Britain certainly would not Francis was the phlegmatic 1 
i proceed to the full-scale fast nature nf the British. 


AAH f25p] 113. fipcPf. 48: 

AS Electronic Products Grp. f29ei 98 
(7,2) . 

AD intnl. 9pcLn. 73;. 

AEC1 S'ipcPL (R2‘ 31 :* 17-2 > 

AGB Research (TOpi 39® 90® 88 7 90 
APV Hldgs. (SOpi lg 5 3. S.tSPCPL 34®. 
lOLpcLn. 148 

Aaronsan Bros. dOpi 62 1 59-: 

Abercohi Invcsimcnij /R0.30J 930 

fiqcDb. >E9-B9: 60. SL-KDb -S0-851 • Aberdeen Construction Grp. t 2 Sp> 92_4 
76> >9 2 ). 5 : :PCDb. ,93-95) SSL® 1 Aberthaw „ and .Bristol Channel Port. 

• 9 21. 6 i.pcDb. ,92.9*1 59L -9 2). \ Cement f2Sp) 145 ■ 

6 -vDcDb. 70 ), >6 2). 7--,0cDb. >81-84) , Abwood Machine Tools (5p) 12 .® 130; 

B5 *•;. 7‘jprDb. >91-931 71 -B 2). ; (9.-21 ___ 

gi.pcDb. <80-851 92J, (B 2<. 9<:ocDb. , AcTOw (25b) 1 116 '6 Tl. Non-Vlg. A, (25P> 
,51-BSl 98 7-4 >9 21. 9 ' 0 cDh. 83-86) 78 81 80. OpcPl'v.Cnv.Uns.Ln. 75® >«® . 
9' >3 2). . g-.pcDb. 92’.. 10'«PcDb. I Adams and Glbb:n fZ5P) 83 1 I 

90 89'<- I4IWJCOO. 112':® i9(Z' 'Adda Intnl. (IOD S7';® 6 7 6 :: f 

Clyde Port Auth. 22 -8 2 / . Advance Laundri** Mop'- 25': f.9 21 _ 

Common. Dev Fj". 7',ocDB. 81 -8 2) Adwest Grp. f25oj 2 * 6 . fipcLn. 50'-. I 
Forth Marts Bonds Reg. >7oc to 9 Udc, B5| "(g 7) . apeLn ' 16 IR 21 . lO'/KLn. 155® 
F'n. Inds. 13 pc 104. 14»cLn. 108': 18 21 1 Aeronautical »>d General Inwruments ■ 

J7 2) • , f»q B t so (5121 : 

Gwent Water 92 3 -7 2> 

Manchester Mto. 97® 

Metro. Wtr. 3ac >B' Stk 31-,. a ;pt; r;:--/. j'i» 'e>» = 

Stk. 38'- I Afbriqht ano . w Hon *2S0l 9. •:* 5-® s. 

Scottish Aqr. Sec. 3',KDb 59 7 2) ' 5 DC PI. «1 : */•*' 7 .«pepb. 70>: 

COMMONWEALTH GO\ r TS. fll); A J c 6 *" Alumin,,,m NPV 16 '* 

REGISTERED AND INSCRIBED STOCKS ' Alcan* Aluminium .U.K., 10 <:PCLn. 881,0. 
Australia 'Commonwealth oil S'-:K Reo.i 9PcLh. 144‘: S 
1975-78 100 ',® ,9 21 . S':K 1976-75 Alexanders HldS*. I5p, IS':®- 9*;KPf. 60 
lOt'v >6 2 > I'rDC 1976-79 96-', >9 21. 1 (9'2) 


, rZ5pl 60 (6121 
I Alrhx InauKHe? (2 dp, 45': 

5 ;pc ' AlrtlDW Streamlines >25 d* 72 <8 2, 


5 ■« 1977-80 94'.-® '9 21. 5'.-K 1981. Alginate InOUStries (25pl 288 
xz 87',®. Goc 1977-ao 92* 1>9 2). Alida packaging Gra. (IBo' 92 1 (9.2) 
6pc 1981-83 a*', «, >9 Z'. 7 k Rea. 1 Altebone md Sons ilOp> 18® 18 
91® I Allen (Edgar) B>1fOur '25«1 58® 

' AMcn <W. G.i i?5a; *5 >8 21 


East Africa High Commission 'Railways! AMcn W. G-* i25a: *! 

and Harbours) S-',k 7« ,8 2) Al'icd Colojdb lOnii 7: 

Jamalc) 6uc 78; ,9 2). B'cK 84-', c8 2) ' Allied. Insulators <2£o 

Kenya 4 - -Pic IOO'i '3 2' ' 6Kkf. 441;® 


52:20 65 



Crouch iDerek' '20o> 82 >9 2' . 
rVourh Gro. ,25n) 67 
rio»n House >350) 47 

Crvkiaigfp rqo) 24 i»; 3 ’, >9'2). 

■SOD) 25 >9 21 
ruilnr Gu>rr< «?5o) 18l-<" 20" 
r""Tim(h<- c, n . tR7 ,g 2) 
Currvs (2Sol 196® Bt 5 
Cnsfomaqlc Mnffrq ft Opt 20'» fg Z) 


SocPf. 


CLAVERHOUSE 
INVESTMENT TRUST 
LIMITED 

FINANCIAL STATEMENT FOR YEAR TO 
31st DECEMBER 

1977 

Revenue before tax. 

Earned per share . 

Interim dividend per share 
Final dividend per share ... 

Net Asset Value per share 

Value of investments: £10.546.437 
Manager 

INVESTMENT TRUST SERVICES LIMITED 


£582.938 
3.S3p 
t-30p 
2.30p 
104.Sap 


1976 
£510.5SS 
3.3 lp 


3.20p 
73.7 Ip 


airs. Margaret Thatcher, Consent) I he leader, tulking to 
sbop steward Jamal Kidwai during a visit yesterday., lo the 
Dean Clough Mills of John Crossiey and Sons, carpet 
manufacturers, at Halifax. IVesl Yorks. 


Architects warned of 
wasted fuel costs 


BY OUR INDUSTRIAL STAFF 


pale Electric Intnl. (lop) 134 <8 2i 
i Dana Corp iJUSIl MJ523 1)2) 

Danish Bacon 9 IIS 
; Dartmouth Inv. «5o> 16'; ', 17 
. Davie* Newman Hldos. i2Sp) 127 
Da*,* 'Godfrey) (25 b) 83', 3 
1 Davy Intnl. iSSo) 2399 9 St 6 
I Dawson Intnl. (25ot 109® TO 8 >s 9'j. A 
■MV. (25 p> 108 f9-2) 

•Dawson rjamesi f25ul 93 (9 2> 

De Beers Indust. Corp <R2> 4 30 17 2) 

De La Rue f25oi 277® 40 8 5 7 
□e Vere Hotels Rniiuranu (25b) 164 
Debenhams (25P) 100® 1 2 100 99: 9. 
7KBPI ,50oJ 25®. 6 ';pcLn 63>y®. 

1 l 0 CLn. 116® 

°££i ,= 5?' 4J A (-Sn< 430 28 5. 

6 txLn. 75 '9 2 ) 

Orison tlOoi 180 20® (9'2) 

Delta Metal i25ol 711;® i: 1 70',. 

f 9 , f) 0bl T3 ‘ ; n Z1 ' ’ 0 Jj| KDh- 

i D-nb,Har» (25o> BO 

j Dennis .James H) «1Dp< 37# 

Dcntsoly 9ocLn. 36 
- Dentenp Stamping (SOpi 153 (7 ;i 
, Derritron 7'j«PI 52 
Devout ter Bros. (Hldos.) <25ol 123 (6 21 
D ?5'.' , i r * 1 p 4Hnnr flool 16. A N.V. »10p) 
.15';® 14', 15 >7 
□ ewhurst Dent i20d« 23 (9 2' 
i Diamond Stylus HOB) 18 '9 Z) 

Dickinson Robinson Grp. /25p> 113 12 J4 
I It- 7 'iPCLn 70 1», 70': 

’ D'nq.e Heel (5o) J9>.. (9 2) 

. Dlnloma |nv. <2 5n> 7 42 3i 
: Dixon (David) Hldgs. r2Sp) 60 
■ Divans Photaaraahlc (10o> 161® 50 2 3 
I Oikor <5ol 44® 

I Dobson p*rl Ind'iSI «1€p) 74® S'.® 4 3 

. Don. Hldos MOD! 66® 1 

; nor arti Hides. '2 5o, 72 <8 21 

•’’iheri. M > (Hldos.) r2ap 
5® 6 >9'2, fl'-KLn. 68 
Dowdina and Mil's ,5p, 24 3 '7 2) 

' Down'ebrae Hldos '10p1 33 
Downing ,G H.i -50oi 212 -7 21 
Dawns t„rgical HOW 34® 1 9 2) 

D |°74 , 'i9 G ^? UP ,50P ' 17S 4 6 ‘ 7BeLn - 

Drake and Scull Hldos. .’5eJ Zd® 
.8<2) ,an0 E ' ec,r,e ® 1 Appliances >1001 37 
Dubllier >5 d] 16# 

Ductile steels '2So1 122® 

Dufay Ritumastic '10o) 38® 
□unbee.Combe,-Marx >10 b) 

Dundonian czoal *7 <7 2) 
nunhill ■ Allred' (1®pl 338 
Dunlop Hides. '5On) 36® 7 


jHalma MOpi 63 
Halstead ijames) (HokUngE) MOpi 15 
Hamilbarne MZsp) - 42 r9 J) 

Hampton Industries (SpJ t>:. 

Hanger Investments (lOo) 26® 

Hansom Trust '25 p1 13M 5®. 7:<kFV. 

62 (9.21- 6lmeLn. 1988-93 80 1 ,9 2) 
Hardy Co- (Furnisher*) C250) 29 8. A 
..Ord. (restricted voting) (25p) 36 
Hargreaves Group' i20p) 58 (9.-2) 

Harris Sheldon Group (25p) 44 to 5>:0 
Harrison <T. C.l >ZSp) 103 
Harr hops Crasfidd £31,® * p3S6U -912) 
Hartlc Machinery International (2 Sb) 21 
T7/2) 

Hartwells Group (25pl 86 
Hmws Of Bristol S^pcDb 1982-87 741. 
/& z# 

Hawker Siddeley Group <25p) 190 87 9 8 
684,4. 5ispeW.«B 1. 7LDcDb. 1987- 
1992 72'« <9'2) 

Hawkins and Tipson IZSp) 75 
Havrlev-Goodall Group >5p) 12 >6 2) 
Hawthorn Baker (25p) 34 (7.'2i 
Hawtln (Sp) 94® '; '» 

Hay <Norman) ftOpi 40 '6'3> • 
Ha*(pwoods 'Proprietary) (20p) 57 8 
Headlam. 51ms and Copglns i5oi 32 <821 
Helene of London nop) 16L®.'; <9 2i 
H-nderson >P. C.) Group A N-Vtg. (IOoi 

Henderson-Konton iZOp) 69 70 
Heelys - T20pi 121 ij®. 7'yKPI. 55® 

Hen Shall rw.>. Sorts (Addlfejlone) (topi 

Henscner (Furniture Trades) (I0p> Z3. 
(7 2,. A OOP' 22)3® 4 2:, i9 : 2i. 6kPI. 


Hepworth (J a. Son (10p1 60. GocPI. 41 
. (B;2i. 7KPI 54 i- (9(2) 

Heron Motor Gravp (25p) 100 (B'2J 
Herrburger Brook, (250) .30® (9/2) 
Hecrair <2Sp> Its: 

Hewden-Stuari Plant dOp) 54 1 ;® si. 4 


MFI Furniture Centres Hppi,..V)6i IB.-. • 
MX EWtrte Hldgc. t25p) Tfe 5® 1-.4» <■ 
:M L fiWgs. 1250195*. fc -v - 

K Y -Dart tlqpj 56la ■ : 

ancheswr Ganges -flQpi 26®. . ..New 
(IOdi 6® 'a 6 

Manders (Wags.) f2Sf>> 9S~ . 

Manganese Bronx* Hldos. (25 p) 99*® 5 
41- 4 

Macld (Hldgs.] (IDpir T5lj, lOljpcLn.. 73 

Maopm'webb'.fipePt. 46® .(9,21 

B arowiel Hit 
arks an. 

5 6 3* 

Mariey 

Marshall CamitHsh 
Marshall's Untveraa) 

Martin 'Albert) HI«L 

a artin-Black 55® 4 _ 

arilnrThe Newsagent..f25p) 

Martonair lm.nl. (20p) 1S2 • . 

,2 = s’™ 

'^ J 23 l'- 

M^qpitt MidgsT B6# 


Ramer . Textile*' '(50) l2^t (7Ti*t 
RandaPs Grouo.C25PI 7J.-4-ifi-2»J 
Rank 'Organbauoa <25p)-'252*72' ' 

s: *:. 6UK«..54:®.s'i i9'2vV„- 

LnJ. 1997J002 C5l*® l - 
Hanks-Hovu-McDougali Xisol ay ■ 


l92i.. -7>:KLji . 19B1-a6 78.-VTI 

wn-gs-r»s-- -• .- 

Ransome HoRmann. Pollard (25p) 62 . 

(i.® 3 - ' • • | -a. 

Ransom*6- Sluts' -JeBcries .132 . 

Rat cit llle LF.rso Jn'duilries TSpl'® ; 
Rate! IPs (Great;.;hnagri--; -1) jff j ■ 
Ratners- fjewetters) n*- 
Ray beck- (10p>..6tM: 7»a • 

Readldut Ihtnl.-<SpV 33,(- : a*4rt, . - 

Read/- mSmI .Cppojto. (*^321®. . 
RecVitt- Col man (5Op) ,432 -30_a^ 


! Record Riaewak.CSBj. SO. Mte M 
ResHeam National ^Us* t25p) -1 

RcStffuslan (2Spi_30i_ .' 


Kedtand .f25®1 132®. ft 7 5-tfhK - 
.-•Dto. 6S~(6i2];_^.. . • '• 

Redman Jfqtnmy iwnt (too) -53®. 

fal^ (Ausl.nLGro.-a«»| -ai ,-.-; 
Reed EkKtitlre- C5PT--*»'.»aj.4s- • 
Read-Intnl. 105®- m® 4® 8 19-3: 


5'a: 5 .1 li'St loo -St l 1:99-4 
- 4 'll. 7VpcDb. 87.-92 70^ -®2 . 

90-95 68 («».- -\_3!aDdjiV4(: ■ 
7'^ocRed.Ln. S8 T6I2J. . -xSiclS 
2001 57'18-27: -'TTWctn. raws. . • 
teed' ••PublishIhO' vfT apg rf 
T»iKtn- (65® .&2Jb 
! red tarUm.> «SPl.tS^ c- 


RaKancc 4CafisnU-;Grp:-(20p). ST: 
Reliant. Motor Gras'tsp) IS W23. • 

Rely on P.B.VVi-tZ5pt 72 (7/2) ■ 
Rehoh) 130® 27»i7.6 r .,6SKOb:6. 

SpcDb. 72. T^ttn. 64’3 

Rontokll Gro^.<1wa,-5Lis® J - 

Renw/ck -Grp.; g5ov,.41 r, -■-yV. _ 

-fie*«Tor. Gra, 

Rrxmore (25o) S7..,?-^.<, i.- ; : 


RexcOrif InC^^SUSI I:I3*|* dJf?) .. 
Reynolds HkK(5 <5oV Z8® 

Richards .WallMpron • HiddSt. : -qc . 
HikXa. so 1, ■- ja 'ton . 

Richard* oapr M:C6'2).s-'.i l?.‘ - 
Rllev. iE. J-j +ndot tlOOl laVri ■ 


R Min ll.. D. Sj HI 
■Rlx * (Oliver! C5n);6: ,_™— 

Robertson Foods (25 m 134 
39 7' -• " 

Robinson (ThomasJ-^ZSpl' i 
Rockymre -.Grp- - C 25 or. 
RoDvRovce' Motors’(HI'-.. 
"SW- 8 *•?." .BocLh... 74 
Ropier Hldgs.' f23b) 41 



Ratal In. <kB.-!1Q»>-H»',<68B?£; 
qmxnrlni. C20a> 46® .- ATVTe 


. bolxortnl ( 20 a' 46®' • , 

I Rothmans . Intnl., JB- ( 12 * 10 ),,49- 


■otork. ( 10 p 1 -, 3It - _.._ 

Romp and-Woden- r 2 ao) 2 S.-/ 8 r, 
Rovrinson. Construction,.-Ga. ./I 
-t9:2). ' 


... , ■ ■ 

Rowntret. MBtkkrtostK raOp).: -OT® ■ 

3 .80 75.-''-6pcinPi: SBW-lTt - 


23) (ft2)' 




™ SUI 


Melville Dundaa Whitson (25p)'.42<r *6/21 
Menrios. fXJ rHtdgs.i t25pi-295^87 (EnD-v- 
Metjl Ho«r 304. JrOOi. Z.«pc2ndRf^ Z5h: 
'93'. ■6pCLn.9D.H9Mf>.: IOHkLo. flSte 
Metal Closures--Gp- (26W .83 i,-- • 

Meuirax 'HldB9.-v.i5b> 5S ’ ■ .•- 


MEttOy (2 Sol 40 
Merer (M.i i25di 8 Tb® 3® 3 
Mlchenn Tyre SbocDb- .B3'a (ftll- .- 
MUbury f25pl 102 4 (7*21 
MD 1 I 119 Supolfes 'TOP' 69® 9 ' 

MIKhell-Cotts Gp.. ( 2 Spi »4b® 4. 4 |ik 

indPf- 53 1 9/2 1 - ;' 

Mncbbn. Somers OOpfMb . 

Mofe IM-* IZOpi 25V 5., 

Mollns fZSpi 104®' 

MonlfctAJ 82® 4k# 2. •« . , 

Monunto SpcLP. lit 

Montfort (Knlttlnfl MlOsr HSnr .57 fS 2l 

Monument Secs. iIOpT 10lr/b 

More O'Farr*H rfopi 85 (B-- 2 > ., 

Margin-CrudBle i25pi '123®.-2® 3 "V. 

S5PCL1.'411J (5/21 • : 

Mocg*n. Edwards CIOp/JS. 

Morrill iAbe) (25p) 37 f7;2) 

Morris BTxkev Wall Facers A (Non-V.) 
(25P) 48 7-2) 

MoiVstm (Vfm.i Sopernwrkpts flOp) 171® 

*fr 2 >.-..- • - * 

H od* Bros. ( 20 p) 93 ; . - 

os*- ■ Enos' Grp. (2SpV-79- <7-2)—- 

otOereare. (topi.1740 70 2 3 4- 
Mouqt Charlotte-Ilirestt. nOp) ’ 6 b- -• 
Mtowtem Ubhn) (23 pi 126 • 

" '” - New-iasol 


RoWtorf Hotels'. (25w 154. (8i2)?- 
Rpral Worcester (25o> 123®-,.- 
ROVCQ G»P-'l25«) 31 • 1 

Ruberold f25pi 34:i9.-2i .>•*£*! 

-RubOy Portland,Gement : C25p»79: 
RuMtli - (Alex.) OOot. sso;>^£ 

S-; and ■ U. Stores (IZboj it.:^ 
SGB Grp. (ZPP) 1400 4 (971^1 
153® • . • . . 

Saktchl and. saatchl (tOn) 1 m'&i 
Sabah Timber tlOp) 3® CJP2*;^- - 
SaiiSbury tJ.). (25p) 170® 3 
■ UtDta. .70 (6.2)- - -Ye, 

Sale Tlloev <25 pi IlO'iWL,:'^ 
Samuel .(J.) . A. 256.• .6pcM'*-4ft 
Sandetiun (Geo. G/l Son* OSilri 
Sandhurst Mnketlnq ( 10 p). 23 "Ij 
Sanger a - Ej: .(250) SO ; 48‘ « 
^inaors Grp.. (25 d) 78 V*. t,- ' 
aifllle Gordon U-) Grp. O.Opi.J 


sSotes^&orac H, ) f2So). 228?, 
Scotcro* (250) 77 (9/2). 6 pcl* 


Scare-Hldos. OSpT 62® 3»s 3 2V- 
APL 59 »«-2i. 7bpcLn. 62b® 
Security Services (2Sp> B71 (9/2 )u • 
(25p) 65T -9-2V 

Sekem Internatli rSOv) 2(H^» b (S. 
Scnocoiirt. (5p) 244t® S,. SLn2 


'5haM 


ior EngTr'OOp) 23 
:fc- (25pi 90® 3®i 90 • 
Jhakespearc, uoupb>. (Spr . 
Sharpe F);her (25o i 42 (7.2) 


lliew Carpets'(1 Op) ,21 2b i6/2), 

Dtv84uT"{7/2). ^ 

ihaie rFrand'st ,(20pl ^--^70 A 

an (ZSpi 179 i9;2i. 


Shaw /FrancfsI^Opi 29i^b-' 4 

rre,: ■ “ 

“Iriw Gorman — - 

llentnlghC /lOp) 86.17/20 .. 


MOlrhebd (25pl '179 I®'2). 

T83® 80 • - . 

Mvddicran Hotels Warrant* to Sub. lor 
:Orifj. 103. (7-2) . •• 

Myini-Group dOo) 84', 


N—O—P 


NCR,Ltd. -4pc5tg. Dollar Oiv. Gid. Ln. 
£Ob«.(9'2i. SbPCGtd-Ln. .72.*,.(8'Zi 
NSS-Newsagents (IOd) 103 Br7) 

Nash -'J- F.i (Securities >25 p) 69 <6|Z) 
htithao- IB. U (25pl '49 (7UD . 
National Carbonising llQpi 53.60 
Needtare i25o) 29. 6KCum.Pt. 34 h (8i2) 
NeorerU -and Zambra t25o) 84 IBI2) . 
Nell-and SPeneer Hldgs.. >-1 On) 77® (9b7> 
N*W -.James) Hldgs. (25p) 86*i 7. (9d2). 
New IF.p.) (25p) 88 6 7 'B/2L New 
«f5n) wn 0''# 19 2) -- 

NewartWIL 151 

Newhold and Burton -Hldos. (25n)..3BW 
(9I2>"_- • ' ■ . — 

Newer Grp. 58 <6 2) 

Newman. 1ms. (25 p) .69-. U 701l 19i 2): 
• 10tbcUa5.Ln.-76 9 2). 

Newman-Tonitj raSp) 6 S CT81- ' ..V 

Nqv»* HnechaHbnal (25p> 262« SO® (9iZ> 
Noble'- and Lund riOgV .13-'*® 14 13.. - 
Norrros (2Spi 86 'i« B . . ' 

Norfolk Capital Gro. '(Sn) ■ 38-’,® -7 s 40 
. 38fjS J,i 

Normnd Electrical Hldgs. '20n) 43 (7/2) 
North CJamesi Sons 7<-ocl>ns.Ln. T3tj (9IZ3 
NkUi fVj F.» (IOol 42 -. . 

Northern Enoineerlng Inds.- .'(25pi' 931® 
Jh j 1*1 90J 7. - 3KP». S3 *4 (E >|. 8JS 
otPt. 98- -TljS 7t. . 9DcUnsdJi..:7S (8*21 
Northern Foods 125m H3«® 14 13. 6.25 
k Cny.Uns. 1 di rg-'2i . ..... 

Nm-riPl .Wright Gra. now 1*7 "77 '3 

Norton Simon Inc.- Shs. cbm. jHM. (WJSli 


El 2-1,® 

Nolan !W. E.l (Hldos.! »5pl 2R (7(2» . . 

Nonrfc; Securities 'f.i 0 b» 26 : . . 

Norvr-yt .Holst , ^23 p'. 90.7jKCB*.UllS. 


79 18.-2) . 

Nortlraham Brick .(50o) 220 . 

Hnivinohim Manofyiurlnp • (25o) 109':® 
9« 10- BH 11 Ht -64-OCCav.tlnsJLn. 
8S'» “ 

■Nova (Jersey.' Kmf /Torn-so mil 
Nurtfln Pe4cock^vop‘.88 *o _ 

NtLSWft Industrie*. 'So) 75h * • 


.34, 


BUocDb. 76?*® 


Hevwooa WlUlanu.Grouo (SOpi 67 17:2) 
Hickson. Welch (Hldgs.■ (50m 535® 

Hldd Bras. (5PI-12 11'r 
Higgs. Hill (25CII 84® 6. 

V® (9/21 
Hlgnams (25pi Si® 

Hid. Smith fZSo: 41 
M'llards- (IOd) 185 

Hinton (Amos), sons dOm 67® a® r9>2 
Hirst. Maximum-' (20 p) 32I-* 2 
HOechst Finance lOocLn. 117 
Hofinung <5.i t25nl 71 «/2l 
Holden (Arthur) Sqps (25o> 67® 4® 3® 


Deexn Wilsons (HldgS.i (20pv 80f 797 - 
Oceans Corad. rza*. 31 (6 23 - • 


Ocr-Vah Or Gnnten Finance 9 k Sttp- 
- Guilder Cnv.URS. *9iy 9 700 CO 2) 


SHiwome (20pi 40 :9 2) ■- - , 

Sltvarttioriie I10o)-2U, i7(Z) - 
Simon Enn'fl <2Sp) 207 . • ,. 
singer i£iO| -13"is i7i2l • 

600 Group (25p>- 7*tj# .4. '.SW 
Sketchier (25oi i03ij 4 3 


Smart fj.1 r.JOp) 40 l9'2)„, 

Smith Nephew (IOd) 61 *0to..W‘3 

' 1t7lj® . • H - vT.-- 

Smith HDjrld.S., (ZOoi 81 - ■ 


Smith Hldgs." 7WW 03 
Smith WalTls. fKa: 55 (^21 ^ 

1520 4* .ft ♦. 


Smith (W. H.I-Son. A 
-tlOoi 30. SHocLn. ~. 

Smiths Inds. C5hp) 1520 
_BacLn. 93 <9/21-- - ; 

Smurff ejefferegm CZ5 pJ 1 JJ . 
Solicitors' Law StaHmiery; 

Sonipqrtax 12 3pl 7 8 
Sothebv Parke-.Bpnin tTo*/ 71®®,-, - 
Soond Ofthision -iStii ^Q* .r 
Southern .CdMtradtLms -J3w- 
Sparrow-'G.- W:'S 6 ns f3tWF-«{J - 
Spear. Jackson 1nM),.c25Bi.-tj.7. , 
Sooar (j. wJ-.Sons. ( 2 *H. 2»L v 
Speedwell Gear ..Case:-C25P)t jiW - 
-Sbencer CDrk. MetaKtotfti- 
Soencer Gcarc jSP>34- I 9 j 2 j- ., 
Soencer iGcarBc' .l 2 So) -fe' C7 -,S - 
Somers 12 SD). 30"-79>• ,80'• Z9 \ 
-SSw,<6/2L ■ 

Solrax-sarco. gpg, _g- 

Srafl-ordshlre- iwBjrm tBfP -i 
Staftex. inrnl.-iSSSPi- 
Stag Furniture* *2SVB--. T 0 $^- f !^ 1 

• IQJft . T - * d! IV- • 

Staidi * 7J * 

5 tan rev fA'-sn'iwm 
Statin tNvnmt riOni-127 (9t21 
Stanley Rufi. 231® 

Stexd Slrmaoe A *3Sp* 36 ,5 ,t|» 
Slcel Bro-.. (SO,* 348." 7 KLO. ST. 

Borin, 70ij T9 , 2> -.- ' • «,* 

Str ewey J2Sgt-VJBj.-- W 



Steinberg- < 10 pi. V5Js ■TS 'P/B, 
sterilnq jndusM. Jifepv 2 7 ti (9j2Av 
Stewart: Mastic* - 


_-, pryg ttm t >( 

Srirttitq'Kniiilng Go. QOOi-'TO.-'^l 


Mock lake t0d^s,,2Sw 79^-^^ 
Sroddarto'fA NatkMd-C-ft 
Manehlll HWgs. (ZSdl 95 C£M'-“ 
Rtone^la»».lii«iu*«---QSpl 

Srroqu.. FHirer <HWgvl -•«%» 
Straw*. Rn£y Bnimmofld 
Storia re.)- New:d Oo»: 1SH.,--^=.3 
Stvlp Shoes .<25P'I SOW 
Sumner rF.» tH1*W.» ; llDB».16 1 v . S3 
Mmtlqhr Sei-v*ce -Go.' flOo' 28 (OT 
I^UPW fip. /lOpi-JS'. • ' 

Sv.itoae ,25 ri -102 ■ *• .'.•,3 




O-hre EJctrontr Machines f25o* 8»<71i 
OTrex Grp. f20o) T4 2 17_ t8- J3 14 
TB'in 12J 177791 20: .' .T * ' 

Ohl Swan Hotel (Hprrogatei (I0e)3S® 


96® 


142- rg-2> 


9 S 6 7 9 :. 


BRITAIN U 
consequences 


• 1 S o’?, rF V 47 '** 7 _ft‘*K 0 b. 71 ':*" s 

suffering the gets—without any allowance for! oJnie i 7 nV“nati 0 wi *3sS M ’ : ® 9 

of buildings expanded services. m0 re schuols : 8U?5S B ; 2 ?S2Ljy 


designed without consideraticn and libraries.'' 


for changing fuel costs. 


„ , - ... IGntLn. 106 

Ouraplpy imwational ,25p) 119 i9 2> 
, n,iiror,-Fprs h i , w Graiip ,25 p) 44:?® 


n TI V . . , „ . D ‘-- Cunningham said rtiat; /#> 

Dr. John Cunmngliain. under* money mvcsled nmv in saving! S4 'i® 5 

Secrctarjr_ for Energy, told the energy could generate cas'i. . ' E_F 

” li may lake a vear ri'~ so. 1 


NV A 


Society of Chief Architects yes¬ 


terday that buildings must waste but in many cases savings are 1 E s 4 £?'7 3 , 8 ?®a'J«LSP? 03 lVioot: , i 


Jess energy in future 


muundng 


„ v . ~ “P vtliin 

Energy whs never going lit 09 releasing cash nm only for the; r ' 9 _: 

csseniial schiml nutlernls, but"’"* 
all sorts of new 
ventures jn ih».* provision "f 
amenities .md services, allowing 


:-VinillS, ! | flF , H'Bf* >25p) 157 ® «2 s 6 9 <9-3) 

; £■»«{_ Ljnushira Pjper Group ,25nl 45 


cheap again and prices were 
likely ai least to double in thp perhaps fm- 
next 20 years, he said. 

“That means that fuel costs 


could be digging at least twice as ihe aiuhnrity in d tJ m0 r<? fur its 


deeply into’ local authority bud- people with’lln? sHme hurisel '’ ’. | E fsop) , 222 M V 6 , 3 ) lSQp ‘ 220 f8a * 


Exit Midland Allidd Press >2Sp) 77 <b> 2). 
A ’Limited Voilrqi i25p> 73® 

EJsirm Prpd'JCC >Hldq*-' ,SOpi 5«>»S S>rt 
:. 1 D-'iIKLn 140 
E.vlwood -J 8 ' >Sol 920 86=1 
E'ona <10 p> 6« >7 Ji 
Fdhrp 'Hl^os. • -J5PI 136 iKii 
Fdlnburoh Ico Rlno CSp) *45 
..- -- N«w 


I9‘ 21 

Hnll« Group (Spi 56 (9121 
Home Bros-.* E-S^x. tzspi 68 IB H 
Holl Llovd Ini. -riOpl 129 • 

Homo -OhpniT- UOpi 119 22 (7'2» 

Home Counties Mewsors. (2Sp> 57 (8'2' 
Hoover (2501 335 tg 2). A (25p> 338® 
5 30t 

H or Iron Midlands (Sol 87 
Home Bras. 7ocPf. 3S <6(2i 
Hoskins and Horton (20pl 12> (g 
House of Friaav l2So> 135* 5 4® 4 >. 

F&iJ’&P*'- GocLn - Bl «« 


Ln. 67Vi®.8<;: 

House ol LeroM- ( 2 Sol 57 (9/21 
Hoveringham Gra. Rostricted vtg. rzsp] 

Howard Machlnory (25o) 3 S® 3 ® 41 - 


Howara 7pireiis_S*r*fc« r25oi 2SU# *6 
Howden Gro.-125D1 57 (6(2) 


Huohes Tool rSUSl) £ 22 At 
Hiinr- and MosCrop I Mlad let on > <5pl 36 
(9(21 

Hunting Airac. Industries (25oi 209 (9/2) 
Huntfeioh Gra- (10o) 98 ' 

Hurst rcnarle*! . f25n) 83 (8'2) 

Hyman (I.-and J.l (Sol 23 


I—J—K 


TA« mob) jWss 1 ■“ r ‘. ; r 

Taibex Go. iSoj JUj-'i-j — ' ^ 1 
Tarmac (SOpi T4D® 40 . 

Taw LvuTitl® T8*-12_14 I1 
-SSpcPf62^ '5)jKDo. 74V®» 
Ob. 7Ht 49>2A 

Ld. 115-1907- ' 

Tate, teed*- '25«.S0- - . .. - 

/■wow Rude on « 0 o» lOiy . 7 . “J 

Tay/or Woodrow < 280 ,; 3S4® 61 » 

- 71 (» TQh (8,21 _ I .■ T A 

rebuilt Gp. MOpi 1*lj4jt*S-,i v« 
Tecalamit.rZSoi IlO^i 
-ZndDhw ti li,. ( 8 / 2 * 

TeiefvslM 'Spi 39 49GT.- 
37® 8 % At " *7-. - s J-'-fJ-iL 

fgf. xjj/'(28®. .-a.^ y. 

Ttmw-Gra.-Va5p* -V09® y 

PirVWno Textile iTifdosi A l2Sp*'66’a . 

Pateraoo 2ortwm)»-MOoi 205® (a2). -" A 
(N®rv,i no* 195 (8 Zi. -lOucpt. 

p«id* WoltM t2SP»‘i2W) 19.1817 20t 
Peak lqxyrftOdV-11 (7ar . 

Pearson Loogoiao iZSpt 179.: S^ncUns.Ln. 

51 ^-^BWUoi.Lj. 60 (78) 

Pexraon <5.1 and Sbn fZSjrt. tso® 4. 


fj 00)35® 

OilYta Paper Mill (20oi 29. ' 

O'vnxpla TtwJacte'IZOo) 24^TG>- 

Orme Devpt*. I10P* 54 JL: AS SUJt 3. 

- 9KPHr.Cnv.UALU>. 78*;® (9f2l - 
Osborn •SamaeO'*2So> 84® 1 79 SO 
(*mutme 1»v (RO,*2*j) 25 CTZv 
Dhh Owen (2So* 775. - 7 LkUp6J.iv. S91 
(Trim- Gro. (ZSp) 56^. 14pcCn». 
Ob'. 208(9 2»- , . . 


La.- 88*2 

Peerage-ot.Blrmteoham MOo* 32 (6(2* 
PeqtKrHvteoiter - (ZSP) 162* SB 85 
PenoWe Motor Gra. *1 Oo) - 4'j (912) \ 
Peodand. Ipdopts.r <lOo)- 21H®, >e . 
Pencoa.<10d) 74 . 19pcCnv.Uhs.Ln. ISO 
• 1812) ... . . 

Perkin-etmar 4pe Stg.lD oUBrCnyAlPSj.n. .73 


SKar«aii^«.jr- 

4.77d4 


Tbotnxon/ OraT- ;(2Sp>i.6»8 

-T7'2l. 


<2801-63 ’t * (6/2*. 

V17'2«. S.BSocPt. 6HV4*/ --K- 

19/2..- 6J.OClstDb. 78>: r . 

jterae^lF. W.) tiggl- 85 
Tnurgar 4ns« PD») JjkJJSSS 
Tiger Oat* and National 
(02)83(6121. .; . " (P 

Tilling .ThCunw <2<5p' ■io? £r.Jh 
SOSOCPL . 67’S® 8® (9*2). 8N»cre 
f7!21 -• -: - 

Tim* Products Trout Mir -tszr « 


I CL 256 4-7 506. 6LPCDb. 7S (6(2) 

I DC Grp. CZOpJ 115 (7-2) 
ibHoek jwiiwen (2Spv 139 41 
Illingworth Morris A (Non- Vtg -1 12 Op) 
27*; (6 2) t • 
imasco aas> A -Cmr. £18 (9 21 ' 
hnporlal Chum leal' Industries 350:® I;®. 
S 1.-0 4 ® 3® 7 S 5: 4 5 3 3: 7: 0 SO 
5«PI. 49 (912). SUKLn. 49 8 “ St 
B TF.KLP. 705>fi 69® !• I-: "T-dVl 
': 2 : 705. BpcLrt. 71':* 2 ®' ', 31 , jl 
- lOLKLn. (SUSIOOk SI® i ; ® go;;* 



FE^ANCE FOR ^TBRM PEPOSj] 

I>e(ib3its- o£. -£1,000-525/000 accented J 


BKLn h ?& l %,2 a '& 


imqa'rial Metal jiuuMries (ilpj 55 ,;* gi- 

ruoctn !,K B9' 46 ,1,0,tn ‘ 65 <0, 2' 

■Ji'- CLiis A lO)i» 10 (9 2) 

Mitiil ' ' ' 


W«W S4MWS . (25p) 54V.L. BltKPh'. 
651::. -BpcLn, 73b »/2) . ^7. 












, -X'i’.l ' Ti’;:' 7: * V.\’-«- 


Financial Times/S^^ 'February. 11.1978 

^ «* <*«. «*• ’saraar « 8rt71 "*’• “• £ rfi«‘fe;S "' 102 ""-•sk B* 7 is »* 

• tSSSiSmf'Sk W' fi**? *\ '.; V ./ -. •. * * *•-••»&%“'* 61i T ^^Vj nlt i.4^ SP 9oV 4 * S l7 ' 25, 5ptPf »8Kffi*^Hjt ,# .?opi isw'KTc^V 

Vgk^U» Hiew (10p, 616 (9>2). loot t^oer BoWhlrh" sffi’lffiW' Cm. T &FS? IM*** **• ‘^ M ,2 ‘ J ®- ** Gowm- Caron. Ztst® 20 " .. 

•- as a «s^ 2 r" 6 ' w »'«s« 5 6^. soc ;«* w i,4n EMdtci •’ Oo 

ffl ; :»W W <ASp>- &S* t6 lit' <VS!X}' -••-• •»••-■ - MP ' os BrlKxli Aum e.. . « Mi(3, 50 1zsb ** * lsP6 Htpnlano, LowUnoj B«-hao .iMi.C 

^ .t 6. 1® S SSVSrJlfc 1 UnIieo B Bmi»A Securities T» . ULSpi 110 *:® KujI 4 ^tumnur Kepona 8<?rhad" 

suSdruML Gra r»e , -*•»'««»»< . ‘ ybatW, -YonOfl W5BJ &4® lj . . Ob, SD^SLZiT^SncDa 1 Vt?. ‘wiv 3l,B * Un.ieq State: DM. Cora. i25p) B2. 3.059C London Sumatra Plants. (ICm '1 

W A Mrt 1 "• &rr>" ,M t7 ' 2,; *‘ SM1 ‘"- 81 vKinS^wy^wasp? 85 4* 

"ill.™ I." yr»gg.<to lyAjgr z ^* ers f“ 1, -‘ 5p l 4 ? ‘A-i 7 ; 2 ? -, ? r , un "®r Invests. i25m 84 ro zi Wwnrt* In*. 2Be n>2i Miur River n Oo) 32•; 


!Sp2.?4 -' . " YboOB, ASStm -Young i2B0) U® Is. 

sundries Gn>. (as P j 77 jsf2)'.' '. - r . ;' . • 

: £4S &UP8 i« »jsrw^wJPl- m ® 

• ^^JWasJW® ; :>iiETOic utan<d) ■ 

'till 8 - TncLn - ***: 40 Ak OnUlitr. AHM.v. r 895p*'&i2) • 
fitment* 3B9® to ' wV, * W- W .» '-• 

55V. 7 . 7 W4k '.- FINANCIAL' TRUSTS. (74). 

^■tfV 500 ’ ““ 7 fl - f9.2, 

*tr8F* ^ ,ra ' *■•«** : ‘ 

■jOgti {Sat I DUt Hlh ‘ Wbw Tuning B 400 

-.jnufanurmg . SHate." JSSPM&PflRTL ‘ 


Jj® :t * „ . ^ . Pb'm> Wallsehd 025 

Gotnrio- Coron. 215L6 20 i Pt.i Oil SuSl.03 

Harrisons MaUrsian Estascs -JOd) 72’*tt; Praenl* 011 17 
!6 3 1 PiOnerr Contrdc 108® 

Higniann LonUras Bernaa itMa.a^ai 65 Rnnr.ios Cons. 50iD 
Ku«<4 tumour Hepeng Borhad iSMa.1) R*der Snlem 975 
450 5^ _ . i Srnrn. Pac. Proos. 80.711 

London Sematr^ plants. MCo* '10 i Stewart Lions >S.A.) 90® 

MiMnc.InvKxt :iod< 53® ,gi2) I Swire Pat. B <6 


t.o. Gulf Bee imi neLA 3a® r$ueens1and Mines QAO.SOi no no 

Tri c^neKi ** • 5e T":2 u ? V- 46 

Utah e« I9d7 599® i*® • d-e Ra^a.Ja invs. Z 

We« Coaat Tra-I Ur. “rti».■< ■ £13H» ITwiniotk laptUns-L.t \Z76-~i UO 478 

Whim Cree* do j SM United Kingdom 43otCum.PI, AS AS 

Wsolworth (F. W, M;.VW »,?" A 19 6 6 2 

RULE 163 <2) (a) februarv 7 

, . . _1 fllvtn Greene Jourdain 181 

Applications granted-for specific Burrougn ijimm loair 
bargains In securjti^ ^t listed zW 51 30 

j on any Slock Exchange. fuiin. smith and Turner a 270 
1 Prw- Is'- 13 12'* 12': 12 

! FEBRUARY 10 iKjlm *»KSuB.UK.in. lors-ai 

^ n,, 1 »^S 50 D&S. *4.400 , j ?rM y miik Marketing Board 6ocTsrMt. 

ir2ff ( , uu2 ,n Sf l f ,OW - Mi. 1971.BB £TQ 

I fSSJS.USHii 8 * 4 New Waterworks 6':KMt.Db. 

1 CI?dTpLiriitum u, ' , • 1978-80 590- 3':BtCum.2ndPf. 130 

I D?rt Valiev Llghi Riwv 52 30 ^oo*”* , ' ,,, * <AuS,ri,,JlJ * 1A0 30J 90 

Wji^rkl 1 Sifted PP- «SSl l £|5 M *' B4C «°-’ se H, “« ‘ £atn «® 

' Ferranti 261 200 5t7lo bViSh 5 £ 7 ‘t? c 'C' r?Pf* 3 4V 42 

lGitfA•.^n ^ dil^^»> , |7 , 1,u '* FEBRUARY 6 

! i ?. r o*’'L* , £j e 3 B1jpcr HB V se CamrK ■ Caledonian Offshore 9 

I Olor>am Brewery 60 57 I NMyv^rnnanmlr?' tt 

Queen* Parp Ran B «„ Football Club 105 i NMW Comouters 77 
' Qo«rn S:re« Wirenauit 32L UrDB* 1 * I wi. 58 

■ Snipstone <james) 171 Vickers da Costa 70 

! Sutton Harbour Improvement 96 

wg-w* Wrnts. to sub. lor Ord. no RULE 163 (3) 


CnSner'"r‘se T '*'a '^0 60 t9.2j YeonSm Inv. iasoi'lSB (6J2i SHIPPING (47) ! Afrikander L-as 

SwKm m * ' V‘ Ks™™n.;; D 7"i %i? a ' » s w7»«—• arrSjS: 

«1 I 'S2 S '' ,nC - fI1 *’ 271 * ^ 2> M A^ u S™:K a n n JnTsTcfidSnlin Investments r2 5 pi 236 1 c!n5 &%?e 7 £ 

C,\* i“« «• M ScSmi?"m-A® 1 ^? ' 7 re2 ' CommO" BWhers -50PI, 190 .9 21 ' E,.on Cpn jjj 

»)" lnl T “ AUpcln. BO M = OHocnd Udd® ,9 2, 

aSES??^ .'?T- T ». taOQj 79 17 2) M C citra Yield B4.B .8:2. t 5 nd o 0 %^si 0ve ' WJ ’ F «*9M« r * '=iP- 17® Inmi. M-, i 


Plantation Hides. <10ni 6l>o 2'.® 2 2' 

g'ji _ . 

Rivennew Ror. Esis. Berhjd itMa.i) 36 I woognoe Peis. 62 
Sunae 1 MHf“ flop! A7 C7 2) I 

Sungol Knan 22:? ,h 21 1 - 


*n ,0121 i Tnomas Nationwide Transport 01 
su itH4' _ Tr | Contiro.'.tal £T2 »k« 


. »aitont 72,. 

IWnceiock Maritime B 4>iO 


/.} -Sons and Turnte 7*uxPt. 42 flrWgNittr* .Inv. Vriot HDw_ 7*^ 1j 6*s: 
*1 72 K it* • •'---•-.-l- Rrwwwdi :■ Arrow- <25at 2t*i® j 20: - ; 

e* **iO bi i" ' ”' Cwtathian CTOb> i*" • ■'J- - I 

: oaiwty 2« i. 1®.a.3/.*'4LB5«Ob. 5«iii 

*??' 5? *:« A'^b B® Ih 2V -3. I t7/2J ' • ' • •••-••- - I 


Sungol Kr,a " «'» ,b « FEBRUARY % 

! Afrikander Lease* 335 

Brit. commonweaJih Shipome i50o3 ■ Anam.rt 530 

270® 3 f9 2) > 31 1 :« Metal 7d 

Caledonian Investments r25oi 236 1 Cio^ Grq, B ,er r nv £96-4:® 's!® 

Common Brotners ,5o P i 190 .9 21 'E.ion Cpn. tUSdS’s 

Furness, wnitv J.& 17 10 : Gr m -{e Eros 155 

Isle at Man Steam Packet i«J5 <9 2< Hill 50 Geld 5® 

London and OvcrMJt Freiginers .2&p, J7® mini. Mng 1 


•,-ir. BKPt.ySM 7*1. TOpcPJj 73: l Finance-Wind. 14peLn: T0B TBf2i . - 
• Opi 95 ,. ...• Findhont- 17hKtdi. 108 [83* , 

duitajzspt 151®. 48® «Ij« S2» *PirtK Nirt. Fin.- MOm A*i- %. ij. ;Wn. 
■ Ob..71- ui7,2)..- 1 ITT ,-lii(B/2i. Bhnttn. I®*2u25-*?JV-9i 

.- w Merchants CtOpi 47*-:® 50. -1*92-197 12 rtt'Zi ._ 

- eg t8,2i Topotn. 4B (7 m>- - r£tt=ra» r2s P >3i igraT .: . ; 

-s Industrie! i250) St.' 1D>iacLa.' Coode Durrani 15s) 271? rr 21 . • - " 

SpcLn. bs tBF2i - Gresham rtSol SO*?® - v : 

nnaapers. (25p> 32fi®L • BptPf. Htmbro Trust .250 '.SO tt® ; * 
Hampton Trust - ApcLg,- B6t£f9jt). 

■- snflhc-tZSb* 268® 74 tB,21. - . .'HiQnrrott-i2Siil 8t i« tim *■ 1 •, 

‘tng Steel ilOpi 25 <9-23. .. fnehcap* 35B 0 S 60. SoeLn. 


mg steel HOu» 25 «9-2J.. fneneap* 35B 0 5 BO- BbeLn-'. 77.' 10 2, ' --ww, •i|i«.i,«. wings. (SAO.SO* 129® 

re *25m SB®. 5BCPF.'®3 C7.21 ,10'tpcLo. 9o- ■'-■ - - ■ . First Suit,an American T*t cs.1 an. N .S\ h . ®rohen Hill Hroos. csao.SOi b; 

t Inter. CIOdj 14b®-ISM &I2 i Ind. ■ Com. Plngnra-.Coro.. S‘*ocOh. 51 3‘.-ocPf. <3 «Si 801 19 *• 

■Pi 3d t9<2*. - *.■ A- MY SO •*»'«, StrUrDb. BO>< -<0f21 •• TKACDb. 68 F.rs; Union General In* T» ran North Kalgufli Mines HAO.SOI 8 .fi'2) 

‘ '. - • w f9'2). UurDh, 821> f^27:1 OIrbrLn. 97®. C9 21 «"«ral In*. Tst. fRO.JS) 40 | Western Mining Con. fSAO.SO* 0.890 ! 

s> 34® 2 v fi 5 2 I-* 4 -- 5 wcPt. q£S';'Progff’-SfrocPb. VtB^) 0 " 1 * 1 ,n *‘ T F*- ws® 1 135® Miscellaneous (73) 

i«up I|Oo>135® 7, dKLn. B8 FiSw T?£^f2SS>'48 <93> < £aSwa*l2s« C ^b® B 15 ?*! 7 7 6I> <B 2, ‘ |e f ralt < Tln. L 'w 0 oilFim ‘(2^1 °5t lo 7 <a 9 21 

Ipjtn. 230 C6.I2) -. MaMonPiraneeTna^fZOPI 49t5f2> GT Japan Inv. Tit. (2 So] \ D2® Cnirter Con; nil da ted (22 D> 126* 4 ■ 

*Br 9 U!W CommerctalT ln*7*fst. t25o) J.' *1« . 


Cm. BBI- '9 2 ); S^ScDb S5U 2 (k. 2 > 3^Pe |^ u^,0 ^ f,, * nfl Ellltrtf 77 ■B:2» Hu nc?nun rWaUer. . 25 ,,, ig, , 9 2l FPRRrrARV 7 

'7 5 t92» H .¥3? #, lLJSi 22“ w - } L « 11 * SOPi 64 KSSkKmm. isle , ‘o? 0 , J l Sw south' FEBRUARY 7 

Dr avtOn ‘SSSP^VS ll M5w 5B iaV- 1 Sl«T«- 4 .25o) 150 ,7 2 , C S IJ ,0 , 2? Oril Ma '' SlMm P « fcrt 3oc I Agn.cp Ea.I. Mines 345® ■ 

a.finrpf 4J® '24.1 (8 2). Noeosend i2Sd> « 2 B M', P<- *7 J* - , American Teleg. Teleon. SUS59»i 

9 »«" 'F?wV wni 5, w4i g jr,h ’.SAW S3*, 2«: Sug Jne 143 12 2. Australian 0.1 Gas 22® 

7':KLn. 102 (9-2 ?i.ilkLn 1 «. 17:2> _ TP 1 3H South 73® 

____ Dualvesi Income f50u] fi 7 i. r.-iVTi* Swan Hunter Group 141. 7*?pcLn. 90 __ l ” 1 ' 1 BP Canada 9ti0 

Finance iddl.-ilfloi IB t»^ -L. ■ Bungee aiT ldmm in. t« C ¥ S= ® <B2 ‘ H i.“° s - u , I9s «'' a > I Dresser Mds. £Z7>: 

aais^ a.v nwi- I'crxSi ™. iim ”v«‘ T “ 5 - WJ 64,; * -■ ‘ss”D F r®r 9 i?‘zSivi:=“* * ! 5 ‘ : ;5ss: 4 “c r .."'?o“ , “' 

C"*ri' Nitl- Fin.-U(hu' A*i*.r* !j. ,Wk. '< 1 Edinourgn ijiv' ri .. _* Whessoc i25o) 93 2 >; 3'» Assam inveM 114 18 2 > ■ imb. on a £. 111 -® 

b 1-16/21. BhPCLn. «S2 1 i5,»7JlV -9'rpe 206 9 Tw - eo®. -Did. Wood house 4nd Rlxson iHIdgs.) C12i:0> Bartoora Tea mags. i25?i 100 f7;2) K„i,m Malarfls 22 i.- 3 

,-LH. f992-97 12 ( 0 - 2 ) . •%. _ Elecir.c ard General m. : 2 rn CamtlUa Invest. ilOm 225® - M.ers EmobFium 147® 

-- - ' . - ,bV®. 4>?ofi)h.^ 5 S (qJ? <25 ' “ ! ® v »rrow '5DP> 2 B 6 ® DeiHIdl HMBs. ISp? 1 S3 SO ' Nicholas fin) vg 

3^KPt. 4l ?L®* n *$i 2 1 Ttl ‘ <2Sbi 79 ,9,2j - MINES Lunuva. CCevloif”' 7ea°and Rubber t nates 1 Pel o^Wa/Js/nd 435 *0 

WS* ■* ,M ? N * w Vort T **- {25 « «® 7 Australian (3) Nw“vimi Hide-,. 125 ‘ PB ” r ft!" afSf" 4 

Enjl.ih a m3 Scmiih Inmtors t2S») Aiw H , ! n £i t0B i I i£2 , . d ®* 1921 1 ? u * l2 ?? J Sw.re P®e.' A fll'-ri 4 

_*tt 2* ^ ‘ Dr “ -® ,l r M.J ,M, HI dQ 5*. [SAQ.SOi 1290 SurnruJi Vi I lev T«* (2aai 0t» V/OOlwOrlh (AiAtrillJl 1290 

’l&rfiWBflr 1 - T «- «-« W. Br0ken H,n H,00t ' iA °- 50 ' B7e 

F «s: 2 union General Inv. Tst. fRO.JS) 40 | W«lim iS"in S M ^ 'kaVso.Vm® 91 WATERWORKS (7) FEBRUARY 6 


I Central Equipment B 325 
nmw Computers 77 
' Urogate I mn. 58 
I Vickers da Costa 70 


RULE 163 (3) 


! FEBRUARY ® 

I Cedar Hldas 4 
I Claim'sCe 35 

fCrystal Palace F ana AC 1-30 
1 Ferranti 257 25s 

iGRA Prop. Tsc. 13V 13 t2>4 IZkl 12 
1 General Ceylon (Hldas.) 5 


Bargains marked Tor approved 
companies engaged solely in 
mineral exploration. 

FEBRUARY 9 

C.C.P. North Sea Assoc. £T0 


iGrendon Tit. 11 pcSub.Uni.Ln. 1076-81 Gas and Oil Acreage 9d 99 


i) WATERWORKS (7) FEBRUARY 6 

Bournemouth 2.6p<Pt. ssi* 3 i9'2' | Anglo Utd. 40 .... ^ 

Bristol 94pc Cons.Pi. 59 i9.:, d.sSpcPt. Austria Suisse Bdc *957 £98-:® r j® 
8514® | Avon Prods. £31 -‘4® 

Cambrtdge 4.2 dcPI. 1984-36 66 «6/2i 1 Bridge Oil 59® 

S Colne VaHev 4.2ocPt. 78',®. dpcDeo 26'- ! Coniine Rio Tlnto Australia 160® 
(8'2» ‘ 1 EZ inas. 168 60 


Miscelianeoas (75) 


d$JM l Graiio 1 G& 1 * 4 <7ra> 
HWB»- ^50> IBS (9'2) 

S 2 * 3 ‘- 5xP1 - “■ 
jd*.. £25p) SB (712) 

)P) 28 /B/2) 

oop I20p] 70 82 lz 7U 

20pl 41 (7,'Z» 

5pl 1644® 3*::® S' - 

w— y —z 

: Kings, nap) 74 - 


. Mms. AQen lnt. C50 p> 142. TgiFT, 4 CSOpiI 127 (7I2T — 1 "r* 1 - 1 ■" 

IBS (9>2) BBijffl 0® 9 ■ St (012) __| General Cons. In*, tr iic-i 

soePI. 64 * 1 $. Moomare Mereaittlle FUdgg;.(tOp). 12 10/2i) Goneral Foods [25 pi 129 (9 1 
• • ?*‘**'ii** CiOPl TO C7/21 -■• ( General Investors Trustees (3 

r(2) P«K ^1K* jnvem. (10OJ-24 0J23 , Gener.l Scottish Tit. |25Di 7 


■ Heav.trec Brewery 4.2 «N on-Cum JAPf. (£6) 
i 150 * 

I He*>lrree Brewsrv 4.2peNon-CumAPf. i£5» 
j 150 

fptwicn Town FC 84 
‘Johnson and Bar res 7i<BcPf-. 3 
New Court Natural Resources 6 
North Sea Assets 902 000 
“v-tham Brewer* so ! 

United Frlendi* Insurance 8 69 
Vlk-nfi 0,1 197 j 

FEBRUARY 8 

Ann Street Brewery 540 

Baxter iW. H.) 126 

Channel Hotels and Props. 18 

Channel islands Communications (TV) 35 


isss. ^ssr-iSy^Sft- 07 - ■ ! sa„ fi sf« , ° 1 sr?ig? , v s i s . <%&„** 

Sterling 'Guarantee Trust 7i;pcUnsJj)..69 ■ S u is/ai. b U5pI 7J * warrants 
•6/2t ' . ..... ■■ Sjeninurrav C25nL 62ti (6 2> 

stock exchange 7itPCMts.Db. E7Srl8f2) ; Globe rjsm loib® 2:o ii. aorDh n-> 
United Coins. pG36.*r 17(21 • ' . - 1 - 8 2*. S'-pcCnv.UntLn Bdi- twr! 1 .' 

Urttea Dominions - Trust 1250) 30Jl 7 8': 1 Unj.Ln. 111 rg jY" '■ 6,rtt Cnv. 

■5 . 1 5.15pcSrdCwn.PI.-34. : -tfipcUw.Ln. Govetl European :25pi S 6 l -0 (9 71 

_Great Nthn. i25p) ■St,’ 4.'®ttiPt. 41 M 


Slebens Oil and Gas :U.K., 272 272 27B 
278 280 280 ZB2 282 882 284 284 
I 286 2B6 288 288 

FEBRUARY S 

ciun 011 4371; 

Gas and Oi' Arerap* 97 
S'ehers on and Gas *U.K > 270 268 
269 

FEBRUARY 7 

CCP North Sea Assoc laies £1DH £1Q 
Gas and OllacreaBC 97 9s 
Slebens Oil and Gas (U.K.l 270 268 26« 
264- 

FEBRUARY 6 


m ,r ... I Gas Md Oil Acreage 95 
57 331- 33 * Slebens Oil and Gas 1U.K.1 264 256 

0.. 197'6-si FEBRUARY 3 


■■..--W.1 K/dgs. USpI mo®'- --• 

. ames) Goldsmith ; ( 2 Sn> Bfl > 

.15tone (ZSp) 94 
MS (IOdF 36® (9(2i-. 


Tanlang Tin DrodgihB (T5p) 97 i9.2> Mid Sussex Wtr^4.g a e 47 is;2i. 13Unc 

# Rhodesia□ (4) Newcasle %atesnead Water 3 Sot dzu 2 

Botswana RST iPuZl 12® (0/2) >9 2). 2.45ncPf. Z5-'- 9U '9 2: 

. Falcon Mines :2 Sp> 180 la zj Portsmouth Water 2 leePt. ZS •* i- '9 2* 

GJone^and Pnoenix Gold M/nmg t12':pl 64 21 f? 3 '‘ 23 '. 

1 MTD (Mangeia fZSpi jo Rickmaitswprth Uxenaoe Valle* v/ater 

.Mlnera/s and Resources Coro. <3601.4 01 . i.lsSc* pf' : ^e**! s 


£96>s® >4® 

-Ocean Resources 15® 

J). , Pan Canadian Pets. £1B’4® 

■*£rPi SAS 8PC 1985 £961.® /mb 
.pen., S( .| Call Ex 2g 

1 3 Upc S.^jsnore 7 '.pc 1987 £99® I;® 


Jersey New Water Works 3'aPcCumJrdPf. 
140 

Kathleen Inv. (Australia) B5 87 
New Court Natural Resource* 6 >m 8h 
Mclyneux Finance 1<i« 1 
North 5ea Assets 902 900 


Gas and Oil Acreage 90 
5lotwnt ail and Gas (U.K.) 260 262 

264 266 

CCP North 5ra Associates £<0>a £10 
Cluft Oil C4i> 

rBv permission oi the SrorJt ExeJimg® 
Crmnnti 



. -. INSURANCE I1SIV;. •£. ! 

BnWrtno C. T., <25p> 102 i t *---5«:ln. I 
99. lODCLfl. 148. Tlj - .. 


te Group (25 d) 71®' *;$' f. Brent nail Beard *Hldg% 


Britannic Assiit. (5 p> 165 A.iWl* 


intnl In*. Warrants, to sub. 31 


South African (32) 


Tendring Hundred Wjt<r 4.55be i(ml». 


MLR unchanged 


(Thomasi USp* 4H, (Bf2) 
np. Inv. (2Op* 27 h (6;2) . .*. 

. Glass (Spj 4S®i lOpCpf. lSS 

M (HldBS.) (25p1 7S 

(2SP3 208 1772) ■* . *1 I] • -*■ - IP'41. 3‘;PCDB. 64. 4pcCnv.Uns.Ln. 5U54.40 (8'2) - ~ 

. Kelvin) OOP) 55.(70) Hambro LW« CSp) 267® 1912).09 .7 2) Bracken Mines IR0.9D) SUS1.02 

p-.linu 30 <B*2>.Heath (CL E.). <20p) 2534b _4a$/: : .* . Law Debenture Corpn. (2fiP> 93>s (812). BuBelitOfitein Gold Mrw. nil SUS1H*® 

5pi 19<t® (*2) . . Hoau RablnMO Go. (25PI IttdtS); . ,5"iicPI. 45 J » 5 (7."2i _ Coronation Syndicate (R0.25) Bli. 

»ubllc«10r®(Spr3a hSSnS^A^GdT^IOP) 3S2® rtJiHS- ,T r "I C g- a,2> Mn »- WO. 20 ) ’susi.: 

-iS«w* . is «, W , )SUI 35« 

■ffttJiA&Vw*.. wu tsss sgssZ'FSiVfSJ *?'.:.: .w «... j3Jar*if" -•*• ,umj 


Gen. Accident Fire U(e (25pi .223® 18® Investors Capital (25p> 66® 
:1B 14.IS^i® 1820. 7fj»ctn.-5S«T--7*pc Jardme Japan (250/ 106 
Lit. 67*: raai . . ■•••:' i»e Capital tipi 5>j 0 2) 

Guardian Royal exchtuwe C25w 232.30 Keystone i50p> 733 2 0.2) 


Coronation Syndicate (RO^S) 81 ip 


AgOio American Gold inv <Ri) SUS 22 J 15 Business done in seearities quoted 
Blwiopsgate Platinum (RO.lOi 74 i6,"*] In Monthly SuppleuenL 
■SjSTJSWSRIi ® ol ‘ MBB- «0 JSi 29S __ 

Brack on Mines IRD.9D) SUS1.02 FEBRUARY 10 (Nil) j 


Bank of England Minimum allotted. Next week a further large excess of Government dis- 
Lending Rate 01 per cent. £300m. will be on offer replacing bursements cner revenue pay- 
(bince January 6 1978i maturities of 1350m. ' menu to the Exchequer. 

J ' The authorities success in sell- The authorities gave very large 

The Treasury bill rate rose by ins gilt-edged stock on Thursday assistance by buying a very large 
on ?74 n*r cent at vest®rdav*s was a major factor behind the amount of Treasury bills from the 
p * A " ■ shortage of day-to-day credit In discount houses, and a small num- 

tender. to 5.9549 per cent-, and t fc e Lomjon money market yester- ber of local authority bills. This 
Bank of England Minimum Lend- j ay _ was probably not enough to take 

ing Rate was unchanged at 6i per Apart from settlement of a sub- out the full shortage however, and' 
cent. The minimum accepted bid stantial number of gilts, the banks are expected to carry over 
was £9S.501. compared with shortage was also caused by a run down balances. 
rofiSTi imnrimiciv -« f i hirt= at fa^ly large net take-up of Discount houses paid o-6j per 
£3S.oI_ preoou^ly, d.nd bids at .TYggg^ antf a fairly large cent, for early loans, but closing 

ibat level were me* as i 0 about 12 j ncrease j n the note circulation, balances -were taken at 4-51 per 


5'jpcPI. 45J* 5 (7,-21 
L«da Invent. Trust Cap. 150) 19b. (812) 
L« Vallomt Invest. Tst. i2Sp) 20 


FEBRUARY 9 (2) 


P K40 r “(9/2) GO,d Mn " - <R °- 20) 4U S1.39 Low* (Roberts H.i Ca 6i;pclstPf.Cum. 


owlet) Soring <10p) 35 
Prods. (2Sp> 34 1911 
Mrd Mills (10pi 64 (9(21 - 
-4M Brake. Sional i25p) 47 


London Assur.. 4ncPf. 22*] -I 
London uai. . invest. ■ CSp) i, 
Mtuhews wngtiuos Hides. 
7*4DcLn. 79 ■ t7f2* _ ■ • 


. ,712) 

• 1= - London Holyrood: Tit. (ZSd) 99 <BI2) 
J ZTOta- »«"-lsn Lennox Invest, fst. (25m I 

m L Li;. *7(2) 


East Rand Cnnsold. (TOpt 22 (9>2) 


FEBRUARY 8 (Nil) 
FEBRUARY 7 (2) 


S9/L State Geduld tRO.SDj SUSIS-VO 19 V 

21 Pw 6 iute 4Mldiaa» Gold irti) >usi25i_.RULE 163 (1) (e) - 

(i>- 6 vii B isso** 01 S ‘ ,Rti - zsl ''04*® I Bargains marked In securities 
. Groorv,ei Proe.-'Ro.25) i 2 i, f <8 2< which are quutcd or listed on an 
MSSS.fe.lJW.'^ifl ■ OTOfMS Slock Exchange. 


mmA-rznssniJSi^.^ mu r™^. ,nd bid,.. fflwais S .WuS wSnKJSTSreauS 

■17® ia „ v FEBRUARY 6 (Nil) ihat level were met a 5 to about 12 increase in the note circulation, balances-were taken at 4-54 per 

i 951 , 4 ° /•» s;*is..Ceduid ‘Ro.soj susis- 1 *® 19-4 - per cent. The £30<>ni. bills, tendered On the other hand ^banks brought cent., ^all hough . interbank over- 

SV ? 07 ,7 *l 2 i fw iiate saaioi*»s Goto idii >usi 25 _RULE 163 (1) (e)’. aod .alioiieil . attracted bids: .'oi forward surplus balances, -and the -night-rates-touched 7-71 per cent 

£523.53m. All bills offered were markef was also helped by a fairly in late, trading. 


Electric (HWas.i (Sp) 
-jnry) (25pi 268® lit 6 
■»ne G'4pcDb. 7B l9Ui. 


Groorviei Pros.- 'R0.Z5' 121’, <8 2i 
Ln. Harmony Gold iRS.SOi 372 « 21 
Hinro?eitfoMeln iRi • sust4vi.a 
Jo'burg Cons. -H2) 12!• ||J. ,q-2 

.■JZ-i-’m-r—■--- --|M g Dual Tst. tnc. now 178 <w. t-ao. Kloof Gold mn MJS6.50® FERRI'ARV in 

»- SedWfcForbosH^ 17 M^V'Snd Dual T«. Cap. .4W 18 «9.2* | ' 9 2 ' Amaol Pm. ? 5, 3 ® Y 

2) (mUte'-Vwir. ispi • 99® av-wj*’ 1 ' 1 Mercantile Invest. Tst. l25pl 35. 4i;pcDb. Mrj-dna '®0.59i 82 9!) Carlton Utd. Brews. 129® 

» &s BPt&lfc •Sp- sm t* .»»6,- ,« D0 . K"s,„“Ks:sr B0 ' s "s 3 fi 5 , .¥t,« isswii fe. R "' nor " 1 ;,s * 

. w™.T**J*?r* u^L 1 . 9 ,?’ T- «.9i 1 President Brand iRO.SO) SUS12N Connecticut Cm..£321, 


Mei iluu 

i.Vni'wlt . Ini'-rtoini- 


L.-1 . lai®. \iitu 

\nih,,ril* J nn>,"linin'* 


| Lompaui 
Lie posit* 


niirLk-j | livxrurt 
• le|<nv|l Bill* ® 

4 6i, i - 


fine li*de 
Bill* + 


President Brana iRQ.501 SUSI21- 
Rant'ortnln R21 <U^4 6i-- 45 L® 

R us ten boro -BO 101 841, i 1; ) 

S'* St. Helena Gold Mines •«!, SUST1 
a - S.A Land E*pl, iRO.ISi 65 
, Senirust Benerlc iRO.lD* 184 i6f2) 

, Southraal Hides. R0.5D> dSC l9'2l 


Connecticut Gen £32', 
Oayton-Hndsor, 1US3B'.: 
Estom 9%PC 1938 £37'. •* 
Hong iCood Lano 99-j 9 
Hudson’s Sav CM Gas £25'.: 
Jirdine hUtheson i&7 5. : 4 
Kaiser Aluminum £20L 


f«S , £1°C4p: S, ( g f 3? ,e,n Cold M ,n 'IH. .RD50. SUS3.7S | 1BS ® 

.sa,, rrins-Natal CoaMROSQ, ’ J5«-<9 2i Dakdr.dae Secs. 140 
Tst^ :t2S»> UC Invents ■ Rf <.244. • 9124 ' - ? ' Oil Search S’.O 

ai4 '(SOa -- JJ"‘On iROB'v' 2S6m 4. ■■-.* Pucihc Copper 32 7 


Sl?-61 b i - 
5-; I. 518 


6.V-6M , 6 ?g-7 
6 it-B,'6*4-7 


I Swire Pa.ifte A.go.4 5® 4 : 
j Thomas Nationwide Tr>osporl 81':® 


Foundnr 
. (Hldas.) 
hurt Son 
- Trst. C 


■.UernlKlil. — 44;-71: . - I — — 61,. I 4-61, J — , - — 

.,1n„v?r.i»i,-v..: — Si; 6 J — — —, * — | — . J — — 

, .(uyx.'i : j L ; 

i •tac-./i'irt'-i-.. — • ST£6ij Sit e's I ~ > 53,-6U • 6ig.- . 5 i?-6Ib 1 — ' — — 

• «nr-fin.iiTli_ 6i,-6l, | 6'; 6i( • 6-6U 1 658-6U ‘ 6i-6j 6 1 * _ 1 5’; i, 57s 61* 7 

r<v,i ip„niliF . 6 6 , 6 J« 6 A — .1 6546)4 - 6 H 6,'8 — 6 i 5:„ J 6 ,^- 6 !, , 5‘®'2 

riirw.- m>nih-. 6.J 6. 6a* 6'. 61^-65* . -62,-6*e . 67 j-7,V. 7 ; 6l*-6i, 5„-5vi 614-6,, 0*4-7 

m\ in.mih-.... 7.L-6.8 7l»7^ | 7-7*8 6i,.6l 2 . 7Su-7i* • — % | - - = 6 ^ , b*,-7 

... 7,'..-7,'.. ' #lf 7-'*s . — 73e 71* B — 5 . — . — ! — —■ 

"Helen, .' 7 vi 7.V 71,-7; A . 7-,-77 B 7^-73g . 8r, ; - j - . - j - 

rn.iveui*. — — Btj-9 — ; — ■•• — . — 1 — • — I — 

.■•.Local .(uUionu.'S- and Sgnnrr honws suven can' nonce, olhefs seven days" teed. ■ LonfieMerni:local authority mortgage 
ran nominally ihr-.-r y.-ars ID t«r cen,.: rour rear* 181 per cent! fi)c yaawjfl! per cent. 4-Bank bill rales In table are buying 
Tal-s fur, prim, p-ip-.c. Cut. 1:19 rai->s -for four-momb-bank'.bflls TTw pvr ,-cept.: four-momh trade bills per cent. 

. Approximate selling rate lor om-muiri) Treasury bills 4«-&J)i* pe$ cenui two-month 5i ppr cem : and rhree-monlh 5*- 
520 k Per t-.-ni. Auprotimai-' sel!:w rate lor one-month bank billls Erper cert.. tu'o-monUi 61 ,c-65 per cent : and threc-moiwb 
■ails per ..-cm *!n. -month trade bills p -r cent.: two-mouitaSM); p^r cem.; and also rhre<?-rmm:h «:-6l per com. 

Finance House Base Rales • rmh'ished by the Finance Rousts Association■: 7 per cent, from February I. !B<*3 Clearing 
Bank Deposit Rates «fur *.ma'l *11143 at wv.-n daj's' notice* S per cent. -Clewing Bank Rates for lemUoc 8i per cent. 
Treasury Bills; Aicrap., tondi r rate* at discount 3.9549 per cent. 

EXCHANGES AND BULLION foreign exchanges 


CAL AUTHORITY BOND TABLE 

... '. '- .Annual % 

Authority ' ' gross Interest MLnimuro Life of . 

ilephcme number iii. 'Interest payable • T «pn bond.;. 

parentheses) r..' ; :.'rr ->- :—t 7:' 

■ - •• •*':-• «;- r . Year- 

oy Metro. (O228 208S82)" ?i- i-yesir- :.250,. 4r7 

• (02013 515!) ;i.• ..9J. 4-year' 500 ' 4 

(02013 .5151): - 9J ' 4-year. =' 500 . 5-7 

ig (0734 59.2337V-10 . - 4-year L000 5-7 

dge t01-47B 3020) :.:....— «4 4-year - 300 5-7 

■nd (0702.49451)9 ;; i-year ; 250 3 

. ick (0375 5122) : ' 9f *-yoar 300 4 

' tek (0375 5122) 30 v J-year ' 8M 5 ’ 7 

1 (0952 -505051) ' 4->^ar ,' 9M 2 

1 (0952 50505i) HI : yearly : L000 .. .4. 


Rnlinco Ord- Sub-SHs- JReo. Net. Prov 
Bk.l 'FI-3) is2: •9(21 • _ - 

Romnev Trust i2BP) 751:®' *9»2i 
Rothschild invest. vTrjm i50o' 162: 5':- 
3.50CFI. moot 29 (7121. 4*iPCDb. 31 
(7(2). 3*iPcUni.Ut 99L- '7/2l 
Saleguird Inds. Inverts. >25D) 68 (7<2) 

St Andrew Trull t25u* 105 *912) 

SaVe' Prosper Income Sits. (10 d> 1S6 *j® .8 
•917). - Capital. Sits. nOp'i 35': 

Scottish'American ■ Invest.- iSOdj 78® BO 
.79VS-.9*. ---. ..._. 


Gold and Base. Meui Mine ilZbo* 9b Australian Devs. 1U50.44 o30 
iE2> BP Canada 300: 

' . .... Bougainville Copper 73® 7 

Diamond flO) ciu G»sv snccnr. £97 

De Beers Consd. Mines 40PcFf, treg.t 9^ Colonial Sugar Refineries 220 
(8 2i. iBr.i iR5> 9. DM. ireg.i ,R0.Q5* gS“|2 
2B8® 8 DO B9 92 1. iBr.> iRO.OSi 330 ?" ■** J5-, y 

9-2". 8pc2ndPf. 26 >9'2i H"? SD ." s B . Jr O' 1 G»s £25 *B 6-'i« 


MarLel Kaie^ 


OIL (249) 

Brltiuv-Borneo Petroleum SvitQ. 154 I9'2i| 
British Petroleum 786® 80:® 9s 941® 


Idaho Power 


EXCHANGES AND BULLION FOREIGN EXCHANGES 

Sterling showed little change on franc' when ir touched ' Ha'ie* 

balance in ,he foreign exchange ‘C^e* lS,°prVr^ r.b. 10 SKt'—E=^T"I- 

e m ,n r e ^l]v“dnf| ay and l '.bin She “ *' loint of Fr.Frs4.S650. _ i < , »,»■ • u« 

pound opened at si R325-I <1335 and c,ose d at Fr.FrsA.SSSOjCOm- y ew y lX¥ ... ai* j.* 525-1.3580 l.si50l.si60 
Si £ i?s dollar' »nd tSj P ared "’ ith Fr.Frs.4.90 on Thurs- 5302.1488.2.1485 

dgrfinst the c<.^. dollar ana uas d bul ^ ^yi influenced by .\nMteniam: 4i« ; <.55,-4.3 b .i6a-4.47< 

steady al around 81.D3oO for most _UmMetei...: hie. 63 JJ-iib. 55 ■ bi.40 ; bd^j) 


cotfirt.:ContinenUI*..UyasL."-(ZSpi" ©U British Petroleum 786® 30;® 9® 94f® _ 

«12):'--lt»r«tu*0ia « 85® 80S 92 4 9) 85 9T 88. BpcisiPt. Rf) I) MADKFT 

Scottish-EBftenr himtj Tro<^;72Sp>-J1.7 75 (9.'2i. ■ 9K2ndPJ. BS -S Zt Spc-lst WULW IflHnUL I 

15 I S i8(2L Db. 98 I8r2f. fipcDfa 89® . -- 

Scottish. Eurt3peab .trvesl. i25pl, 36.,.■ v l,; 1 Burmah 011 53 5 3'; bl 2 4i--ijs 4. , l-«i m 

Scottish inv.,T». RtJSpV'BBip.-.-a-BSooPf' BncPf. 58®'(971. 7'rocLn. 650 4':-i9l2i. tel*. 10 . 

47 .(yar. -.r . -L.-J* ; ■■ BrtocLn. 76I1®"I9)2>. B'ao<Ln. 58 9'r 9 -,- 

Scottish MQftsae* T«--f25d> J01® 2. r 1 

5pcPf. tart '®TT'.4ijncDii., 33>* (9'2) - 
Scottish. National TST.. (2io) 128® 8 


or?h y e al d a T U Effn^ D3 ?oVc°h r | n T Q a Nervousness about t^oulcome of WH 

best level oF S1.9370-1.93S0 in the Si^SSIfSlSSSff’the r™ n " urt -i 

afternoon. Il closed at' SI.9359■ ^.I 


bln, 63JJ.ba.55 ; bi.40,b8uJ] 

3 - 11.05-11.10 lll.bBj-11.D9i 
i . 4.V*5'-«.D9 I «.u7:-4.0Bi 


Ceniunr Oils Go. iiopt Si':d 
Chartsrtrall "Soi 25':® 5 


Gout tiiiHii-n. 


Seottfso' Northern l-i'v. Tst.rtSm 90i : ® J Esso Prtroieiim 5':pclstDb 79 t8 2t. 6pc I[*, nc,|l,niv ' 


SacDb. 1962 23U _ IBDb. 91 

Unlred Irvcston ,25 p1 77 I- 8 61- ( KCA Intnl. l25pi 331| 2 -j 


(9*2). SDCPt. 42'?® __ 

Scottish: Wewrn . Inv aSp) 77'?: ' 
utytcPr: sa rrii 3t«ocDb 24 '9 Z5 


Him . S17flS 4 .17' In 5172:-, 173l s 

Opetilnu. eI74 174S* sl»4 174ij 


afternoon i! cTo5ed aT§ 9' 5d- There was-some^enand^or the u ' j&Ivmb : TMi-nS 

, atm 2 JiJ It Vi?a L ,?S sironper currencies/ particularly Madrid. d 'i58.4u-i&6.85.i56^s-TSo.6& 

1.9360, a rise of fitc points on the the c w *« franc ahead of the M' 1 *" I mi; 1 . 668 - 1.573 1 . 571 ^- 1 . 0 / 2 * 

fndev h !cainS S tr3d ®'J k * , * :ht *J closure of New ‘.York banks on ' J fc | 

™nciesf a4 calculated bv the J Tonday for a » uWc 5 0, * day ' JSShKES » b 3$&1 MH«Sif| 

Bnrk nf Fn-iinr was Tinrhan-’pri S " ,ss curren Cy touched a best rokgw.I 41,. <e2 */i «t7 4b9 

h S unch3n «= ed level of Sw.Frs. 1.9460-1.9490. with Menu.. Si- 2r.i0-2i.i5 ft.Sb-Zf.35 

tn ou^noul at 6h._. the wide spread reflecting the lack f uri ' h . I i‘e i-F6*-v.«l I i.77-s.7B 


London Scottish Marine Oil '25 pi 178® 6 | Momlaznv' 1 Sl«4-'u 


Oil Production Units IIOoi 365® i9 2> ,..a a -*9 

1 SocLn 101 'j .‘.V-T 

OH Expl.. iHIdgs iIOdi 228® 0 »ri®ni ufii >1/4 65 

Premier Cors Oilfields '50' 16 >j® £9(1.223, 

Buval Dutch Pel. ifi 20> IS 1 * 38.15 . _ 

Shell Transport ana Trailing iTSp’ 509® -'0l«1 Lr-lu. . 

It® 407® 911 10 12 8: 5 B-2: 4 7 lanwll.nlll 
S,ad, ’ s,;pc 

Texa;o Intnl. - a.upcLn 59 ... 1 d-a»2-94l; 

Trlcentrpl (Z5p1 151 47 52 3 48 53t. .'wSOr an*, f . 8 
7p£Ln IS6l<:« 9® 7 .CtBJO 

u ?5K , ',ii!!’ KffiA’ffl ^ “ 3, =- «•»■*>,« 


S^tnM'Alliance Tst. 125m 167 (9 2'. 4 roc oil Expl.. iHIflgs ilOpi 228® 9 


W. 41 . 
Securities 


Premier Cons Oilfields '.5P' 16 »j® 


Sterling Tu. fjsoi 1S5 
Stec>cholders Inv Tet r25pl 80® - T“'» 
Technology Inv Tst K5 p1 80': 19=) 
Throgmorton Secured Growth Tst (25a) 
(901. Cao-Ln. Bn 
Throgmorton Tst »25p, 67® 


Ho. 1 b • 9.F2£".'6 i.:4p-a. 5j 

iris. a*!! -.42 9.52 I -.44--.46 

o-khr..im..i s 8.9W-9.0S ■ S.OW 9.0Iti 

■kvo.I 4),. 4 b2-i/S 4e7-4b9 

enue. 51; 2r.10-29.i5 ?:.25-2f.55 

iri-h. I 11? ).76»- v .Ml I 3 (7-3.78 

: Raws given are for convertible francs". 


.‘ifr.B |55>5..7 3» 

■ CtBJO !(£2eiz 291 = 

,* 43|.;6 J ] |834i,-c6i, 

l,-2»l*. -<£2tS-d9> 


*174 0 1 Forward sierlinu continued to of selling interest in thin trad ins. : Raws given are for cor 

r'uooe improve slishiiy. with ihc throe- ft closed at Sw.Frs. 1.9-103. com- Financial franc 67 3W3 JO. 

> 1/2 85 month pound llnjshins nt par pared with Sw.Frs.l.958Cl 

Ii£89.-a0i against the dollrr. compared with p r eviou4ly. • 

a discount of OOS cent previously. Gold rose S2 to £174J«175(. also other mark. 

' The Bank of France probably as a result of the lack of selling ; 

i®* 7 ® 4 *- 1 ™ 1 * save some support to the French in a thin market .\urwunv. is66-ik7D \i«. 

'ifi_21 r -931’ - Au»tMiw..il.694B-l./ll9Au*l 


OTHER MARKETS 


BUILDING SOCIETY RATES 


* = *. ' Deposit. Share 

- Sate • Accnts, 

National .1^.^2596 .-.5-5095 

ce . 

, .‘S.-2595 . 5.30% 

ighani Incorporated-.^ — i75% 

3rd and Blngl■ 523%- >509& 

1 and West .. -5.75%6.00% 

I Economic.., 5.75% 6.00% 

nia ’5J25%-; 5^0%- 


■ ma ...:•■••• 

lie .-. 

tnham" mid Gfoucester 
as Regency........ ........ 

jf -London •——.'■■■■ 
try Economic 
shire ....--L'-. 


Sub’pn 

Shares 

6-75% 

6.75% 

6.75% 

7.25% 

6.75%'- : 

7^5% 

7^5% 

6.75% 

6.75% 


■ay . 

wich .. 




igs and Thanet..; 

or England .L... 
•s of Oak & Enfie 

Id .... 

-?rsfield & Bradfoi 
mg ton Spa;'.-—...-. 

rd-W 







n Mowbray 

. 









as tie Permanent 
Cross .—• 

?r: 

iern Rock -. 

ieh'.:.. 

- 


. - - 

r v i i 

_V 













and Country ...... 

•:—>. 

es-normally varial 

ite ih ; 




■5-73% 6.00% 7^5% 

5.75% 6.00% 7^5% 6.25% 3 months' notice 

5iS5% •: 5^0% : " 6.75%-. 6^0% 3 yri; 6.00% 2 yrs. 
gi25% .530% 6.75% ...6.50%.3 yrL ? 6.D0% 2 yrs. 

550%- *6.26% 735% ' . • 645% 'over 25.000 

5:75% 6-00% ^ 7-25% " 6.73%- 6 nabnOis" notice, minimum 1500 

- 555% 5,50% - -"6.75% - . 6.30% 3 yw : , 6.00% 2 jts. (£500-05,000) 

5.75%’. 0-30% 730% 7i»% 3 yra: trter £5,000 

5 50% 530% ara% 0.72% 3 yri, min* £500 

535% 5.50% 6.75% 6.50% 3 yn.'. Cap. Shares 6.00% 

5^5% "5-50% 6:73% — Up-tb.S% 3 months’ notice 

535% 5.50% 6.75% -630% 3yWi6.00% 2yrs^ min3500-£l5.000 

5.73% 6.10%. '730% • 7.10% 2 yrs'^iixea 1% over Share Accra. 

5.75% 6i25%.. 630% . 635% 3 mjhs; notice, minimum £1,000 

•535% • 530% 8.50% 1 3 y#i. 6.00% 2 yrs.’ ' 

535% 5.50% .- 6.75% 6.50% 3 yrs; 0.00% 1) yrs., £230-£I5.000 

5.25% 5:50% 6.75% 030% 3 ytf, 6.00% 2 yrs.. min. £500 

|5 25% - 5.75% ' 735% . 6.73% 3 yrs^-630% 2 yrs.. 6.25% I yr. 

1 6 00%''8.50'%"' — 7.00% 6 nfenths* notice, minimum £2.600 

5.25% 5.50%':'. 6 73% 6.50% 3 yti?,6.00% 2 yrs., flOO-.E15.000 


r-^’*Tera) Shares 
6.50% 3 yii, 6.00% 3 yrs. 

'630% 3 yrt., 6.00% 2 yrs n 5.75% 1 yr. 
630% -S yvt ; 6.00% 2 yrs.. 5.75% 1 yr. 
630% 2 yrs.,. B33% 1 yr. 

6.50% 3 yrL'6.(W.% 2 yrs^ min. £500 


■ 525% 
5.75% 
5 50% 
■535% 
. 535% 
.535% 

■ 5-75% 
5.75% 
:535% 
525% 
5.25% 


PROPERTY (164) - 2 - 

AIHincc Prooerty 74 b I9J2) „ .. - . • 

Alll«a Lonoon- HOoi 47 l6.'21. N«w OoU Culn*... 

-lOpi 47 i6.ii . - ilntcmat'llj-i I 

a 5». P sgr : ^? 3 l’s^' a ' Krutfeminii -SIT 

Arayie s«ci. llocDn. S6-|® fa® 6 7j« ... '” 92 

Avenue Clow aopi 65': 5 *9 21 SVaovr'BUb.SS&i,^?^ iS»5- 

Bnnlt Commercial -TOoi 3 i9:2i -£8aJ 4 -29J,i '.E2B 

Beaumont From. 12 Soi 83:® 7 1912) ni rt s.,vr'„n. SS/S. ;Aai 

Beliwav 2£m dd is 21 uia oov r jjnv jbatS-SO 3 , |SB4I 

Berkeley ’Hambro 'ispi 99 too i£iia 

Billon (Percy i25p, 172 (8'2i SSDbagles.... ,S360',-263l, SZ5I 

Bradford Proo. l25o, 223® i9,2) - - - - 

Bf'tHh Lana -2SP1 3S ? 5 4., I;J 6 #fa. 

_l2scLn. 133® 

Bnnon EiUte (25ai 106. Gj.pcOb. 61 

^4 9 “ vv arra n-?° b '. Z5 *6,z1. 9 ' *9jj bS. ji] CURRENCY RATES 

Cardlifa iSol 16 i9,2i -- ~T -- 

Central Diet. BocLn. 52':# . | blMula • til 

cnariwoop Alliance 7i : oeLn. 21 i8 Zi | Orawin i , 

Chasteriteia .25n, 303 ' “J? ■ , 

Chown Seu. (2S»i 11 >7 2i _ ‘ J_* 

citV a»ic« KKg.i$ B1 ni?A 7 CS!I * : 10 W 

■Col man Invs is. SocLn. S2: (9 Ji ■ ■ 1 -— 

Compco Hldgs. (20 di n) iuc-iok. 

Control Secs. MOM 27'j u.d; .. 

Corn Exchange MDpi 16 a nnartuii 

c 7«l 1 ?'; B «r 6 Tt>wn pro «- now Mi; - 

County. Disc. Props, (iqpi 83 2 Jeitriuu inuu., 

Crafoton Combined SK4. -BfapcDb. 66': Danish bn.-ne.' 

□■elan Hlogs. (Z5oi G7i<® Bi? f?? l F l, ® n S rlk ! 

Danes Eiums CIOpi. 14 (6'2i. SpcLn. 47 *v u,lrteJ 

(9(2* Fretk-b fnuh-..i 

Oomnoton Invst. <10pi 52la It* (7/2) Uallap lire.I 

English Prop. Coro. (SOpi 390 H 40 ti 39 «-- „ in i . 


EXCHANGE CROSS-RATES 

Ke*i. K' FniuLiuitix«*» YnrL Pari* Um*WI?. 

I'mukiun... - i E.luTdco 42.SG M.O3ri.429.a30 

Ven- V-irL ; HiOtZ 


nqiin Amid'dm , iSurteh 


; .V-iuf fiste-- 

Aittemim. 1266-H7D Video Una.' I2DQ-15DO 

Auatra'M ..'1.6948-l./119aVustria.i SS^-SSj, 

Hr*/1. ; 30.B4-bl.B4 deloium e2j-bb3 

Fiumnd .... 1.70 /./2 Umzll., As-ib 

ti ree.v..Ja.ZB3-70B91 .L-s OH.la ...2.144-2.16* 

UuucKnauj e.90 b 8.9!b tDennmrb. I'l.uD-ll.ZO 

Iran.I T4c- F4r -Frenre.I s.40-i-60 

Kuwait.' 0.5JB-0.546 ?3em»ov..l 4.M-4.15 


Knviemm.i. >1103-1819 ;S177S,-179ij pi, i~.'. 2?-33fc-fc6 ■ 4.£97-&:^ 

... ,±:92 MiS, Bviih-mI*— j 7 : 42.74 79 

waorr'gub.SS&3,-97ia |S*&-57 Urnl-m .... 4.«73 l«J: 1.9'6 93f 

. , CSa- 1 ,-29i,i ,£2810-29131 AmuMnm... 107 0* 09 i 2.2=« £7 

Old bovrans>344,-565, iS54i,-d6ia Zurit-li.! Safe l.*>58 >-8 

,£2ai,v:9i,- i£iia.49.- 

#20JiB({les.... ,53601,-2631, S25B.261 f>. 5 in Tnmr 


'2.93M.03 r*4».i30 • 4.077-U87 aiJs-je . 107.6>7o LtmmVn 6i4M3‘0 ittre** " . 10-75 

*** . KSS i o 4 ?,^,■ SSSM-TSBm n^rqiwlnB 

. . J H.I31401 SI7.07;67 9pOo9-N1 A./5eaJantiJl.3675- l.alfSS-lhpan.J 450-445 


5 in Tnmniu 1.3. 5 = 111.09-00 Cartaillxu ml?. 

Canaiiinu S iu .Non Y-,rfc = #:'£i5.05 l yiis. L'.S. S in Milan 86AWa.SC- 

31,-rtiii” in Milan 1570.00-1671.00. 

EURO-CURRENCY INTEREST RATES’" 


U.s.•' ISpain . I5B-Ib< 

v'ana.la. ! 6wilr‘laD» 6.75-3.95 

t.SI....' :U.S.. 1.95-1.9S 

L'.s. -enti.l 9.002 90.05 ‘Vucr^iavia 57^-55j t 

Raic given for Argentina la a free rate: 


tiuropeaii 

tin. O 
a ■ 00 n 


Dulcll 

Lli-mar Ciuiiilei- 


V, CieiWll) 
niar» 


b'etH-Uni-, 10 Frlirilai) 10 


iur-iiiK. 

u.d; doii .. 


13 40 u 39 

Estates. General (mats. CSOpl 19 .ywrtrair Krone ■ 

Eaates FTpp. Invst. (Zip) 87. 74iBcLfi. apfllo pwet*... ■ 

Five ^Oaks Hursts. (25m 7ij 

GlinfiOlrl. Swl IJSai )WI swrta* fimri'...... 


0.630444 

1.21996 

1.85472 

18.4416 

39.9812 

6.99363 

3.57381 

2.76449 

5.98249 

1064.17 

294.629 

6.27354 

98.6894 

5.68024 

3.38765 


, cuiuiuiii Uulcli ! bCii " W. tie; oil a FORWARD RATES 

lei,, lu nirr.iiii; "i-iiar L If-mar tiuiiilei- iiaii-.- niar^ _ _ ___ 

---— -- •- — - 1 . . — . . - ■ 1 "— ; Onp rrijnth "Tfiree months 

[Mh-ii term.. ' 6 6 ij : 61, 7U , 6 >a 67a 062-319 i,.Je il, die_l_-!- 

- , < 1 nv n- 4 i.-i- bl, o-’i Bjt VI* • pi, 7 5ij-5?e I, ig • 31,-34 b >ew Y-.H.;i.u! -j-niur.i 7 0 05 t-n, .05 liUi 

M“**Hi . ba,-r . 6i,-7la • J 4 * -7 5l||-&faj j ,- 4 , c ilt-3 1 * M-nitrea Itar-O.IO -dl- 0 07.-i-in-.03i.ilia 

n,rev iii.mihs. V)g-7ig ■ 6(a-7'« .7is-/3e J O-OU 3IJ3I, .inw'.bn, 1 v.i n,-i wliv 26 b 1*3 ■. pni 

six mont (is.. ■■ 7 t 6 ^I1|j I 7I|-?6h ! 7'a 7», 4T&-5le j ! 3,1-3,% drussali...,*r 10 . .■• r«j.lc .-.ills 

Quay-Bar-- ■■! 81ajj> 7)g-7>a , 7» , 8 _ 1 51, Sl s 1 Ijj-ljj 31,-359 C.-pnhsn.ailO.' me •Hi- 1,4^., 6 ; we dla 

Frauklur, jllg-’g pi. pm 1459 -iag pi pm 

Eurn-brenrh deposit rates: two-day 13-16 per cent.: seven-day 14-15 per cent.: Li-Jxin.... b>140 iIif s6j^iiu c.oii 
one-monih 18MSJ per cent.: ■hroe-momb 15-W. per cenr.: six-month 14J-14! ner MadrM ...'3 J-110'-.<11^ i210-290 c.rti* 

oem.: one year 133-14 per coni. Milan.17 15 treat* 26 44 lire dm 

L-ms-terra Eurodollar depoflis: two years riSia-S'M, per cant.: three years tivlo.__... 8J 10? me dir .24^-26^ ur*dis 

8li*-8iib.Der-cont.: four years B5 h 83m per cent: live years S5u-S7u per cent. H*ri* . ®j7j..rti* il8*-19j c. dia 

The fallowing nominal rates were nnoied /or London dollar cwilflcaus of deposit: ^tuclcli’ini : 3 5 •••« ill- >IOv-12j oredta 

one-month 6.93-6 9S per cent.: three-month 7.&S-7.18 per cenr.: six-month T.40-7.50 per- Vienna.... )*r-10 i.m<d» '4-14 urom* 


(Mh-ii lerm.. '6 6ij 
- 1 i*n? iHtv bl, pi, 

MkuiIi . b*w 

Hire- muni hs. 7 fa) -739 
Six monttis.... 7T£,-fiIg 
Qua t ear— ..; 8ig £.<6 


.^.25% 
5'*S5%, 
'5J25^' 
525% 
5-70% . 

5.ia% - 


5.50% 673% 6.50%'3 yti, 

5,60% . 7.36%.. . t35% 2 yn£ 

'6.75%- 

'5.50% ‘ 6.75% : 6.50% Syrs^'l 


'64)0'% ' 7-45% 
655% . ' 7^0% 


5^0% - &.7S% 
5.70% 6.70%“..' -- 

6:00% .’ 6,80% . 7.30%' 

5 . 25 % 6.50% ars%. 

S.75% 6.00%; 6.50% 

6.50% :6.75% ; . 

535 % 5^0% 675% 


525% - 5^0% 

■ 680% -6^09£ 
' &35% ^.50% 
V.34ft% ,5JS% 
M®-?S%' r Jp9% 
525?& 550% 

5.75% \ 6.00% 

6.05%- 6^5% 

...3JiS% . 3.50% 


5.so% ;a.f5% 
,5^5% . .6i75$ 
6.50% 7.io %. 
'350% ,6.75% 
6.00% : 7^5% 
6.85% < 535 % 

5S0% +10J»% 
5^0% - 8.73% 


6.50% 3yr%,'6.'00% 2yri, min.£100-£l5,000 
7.10% 3 K5^':M0% 2 yrs*'min. U.000 
725%-2 yrs., 6,75% J yr. 

8.85%: 2 years 

'6.50% 3 yr&,- 6 . 00 % 2 yrs. mm. £250 


6^0% 34 yri, min. £500, 6.00% 2 yrs. 
.7.30% 3 yi£ 74)0%'2 yrs. 

6.50% 3 yre.,"64)0% 2 yrs., min. £100 
7.00% 2 yisL, minimum £300 - 
6.30% '3 yH, 6:00% 2 yti. min.. £500 

fi.50% 3 yrt,"6.00% 2 yrs., 5.75% 3 mths. 
6.05% 8yrRv6.iO% 2yrs..0.l5%3nilh6.noL 
600% 3 minion. »5.oo% tc?Iiiniid. cofi.. 
eioft 3-4 iiiL. -fcoo %.2 yrs. ■ . 

7.00% 3 Jm;"650%'-2 yrs ,' . 

6-70%. 3 moh.lhs*:notice, m)o. £500 
8J0% 3 yrs'.,.T6.00%.2 yrs._+ Max. £250 
6.00% 2 -yrs^ 6.50% 3 yrsl '• 


Gianfici® Secs- < 2 Spi 270 wwa mam,-..... . .......... 

Gontrevs ispi a*: 5 1812* • ■ I days’ nullre 1«r gmldcn and Swiss ft 

G (9?2i PorUand Bfitatet fSOw 514 18 .. — — ■ ■-- — - — - - — ..— ■■■ — . . 

S"'fa 3 7 1 V: 2 r. 6 *jnrDh. IUL CONVERTIBLE STOCKS 10/2/78 

Hammtnon Pron.. Invst. Trust A .(25 b' j_ . ; ■ 

5670 7 19 2, 

Haslomere ELtaies flOpi 258 7 3 

Imrv Pron Hldfll <25o1 297 17,2 1 • ■ ■ ■ y?__ 

mtereurODean Proo. Hld«-- (IOd) -32 vor 

MLS'iSB 7 I-' 6 ^ 2 ) Size Current versi 

t 20 r il e ?B. 1 7i,ptD^ Name and description f£m.) price Terms* dat« 

T7 (8 2). B'jKLn. 731 , 3 S\ncLn' ————^- - 

ui UN OM «*;. , 8J2 Alcan. Aiuminnim 9pc Cv. 89-94 _ 0.05 142.50 iQO.O ,' 6 -t 

London c?unty Sh F 7 ioid 0 l L'hffia ?'rt>cDb. Assonatfd Paper Ripe Cv. 85'90 1.40 90.50 200.0 78*7 

67 ‘7i3> -----—-—--- -- 

London snoo i 2 Spi 63^. swu 85>?a Bank of lrelaiuTIOpc Cv. 91-96 8.22 149.00 47.fi 77-7 

Luntan Hidgs. ^20p) 122® 19 2) 4 ---L,___ 

SSSP l I«Ln. T M 4 SpeLn 4J 07 ^^ D6 British Land 12pc Cv. 2002 7.71 132.00 . 333.3 1 S04 

Mountview Etts. (Sb) 59 81, ffl/ 2 ) _..._... _- TZZ -TTT-7T- ZTZ 


cunt.: «ne-year ?0. per cent. 

* Rate* are nominal daRIng rales. 

■ Short-term rates are call far ercrllng. U S. dollars and Canadian dollars: two 
days - nullre (ur Builders and Swiss francs.. 


Zurich.liilg-Us ■- i«m (6g-3i i-. i-m. 

Six-month forward dollar OJO-O.IOr am. 
12 -month 0 sn-ii 6fk- pm. 


Sen me provided by 
data STREAM Internocfongl 


Size 

Current 


Con¬ 

version 

Flat 

Red. 

f£m.) 

price 

Terms* 

dates 

yield 

yield 


Premiumf 


Income 


|Cbeap(+) 

bear(-)<> 


Muck low -A. J.' I25CU 119 
Palmed ton i25ni 141>?® • 

Pe*«hp» f*5p) 74 4! S . 

Prop. Reversionary A i25pi 300 (6,9) 
Pros. Hidgs. (25pi 30B® r» 2) 
Prapfli-ir Seniritf 1m,. Ttt. rS 0 o) 15fi 
Raglan Pros. Ttt rsn) 5>« 

(•agiojui Props A (ZSp) 57 
RegK Pnm, Hloer'TipcUns-Vn. El),® 
Rush and Tompkins Gro. iZ5p) IDS' 
Samuel Prop* >2 So) SS't 5 


Change Wares 12pc Nt.CvJt. 
English Property 6jpc Cv. 98-03 
English Property 12pe Cv. 00-05 
Grand Metropolian ,lQpc Cv. 91-96 
Hanson Trust Sipc Cv. 88-93 


Samuel Frnpi '2So) SS'j 5 — 

Scottish Metropolitan Proo (20p) 104® 4 Ct,.orr r'.. inn: 

Second City kriHit, -lDol 59 9/21 • Hewden-Stuan ipc Cv. 1993 

Slouefc Eir'M (2Sol HR 21 lOocCiv 1 ' 1 TT"" ■—- 

unc.Ln 160 '9.2* Penros'lopc Cv. I9S5 ' 

Stock Cnnv-rsion |"v Tst. (25m 20S® Zip -- ■ — -n -—_—- 

sw« 0 »^ 8 wiS , (i? , io* ,B x«. ( 25 o> zos: 8 s Slough Esjmgs lOpe Cv; S7-9Q 
- T n Wb ^iSaWSSlt ^ Tover. Kemsley 8pc Cv. U.S1 

Teu*n Ce-?F» Swrj-T25pl 6'* . . . ” *•" ■ 1 ■■■ 

Treiiord Pin, E«ai»s -25o) 87 > 0 / 2 ) Wilkinson Match lOpc Cv. 83-98 
tlnM+d Klnodnm Pron' 175o,' 211;® — 

Sr'i ■ K-w u » wrtmw Simau min 

ffihh^cio'iihi 35) l ei is CMJ oi UN ««waj' HI the comertiW 


Ranget (Equ.§|Conv.7 [Diff,^ Current 

-1010. -2' s.s ii - OO + 2.5 

- 8 to -2 14.9 14.0 ~ 0,6 + fi.6 

12 to 39 :0.0 94.6 • 82.3 +fi7j 

- 7 10 27 29.1 66.4 17.S +22.6 

- S to 1 11.6 62 - 5,9 - 3J2 

40 to 66 • 81.8 52.4 So.l —23.6 

-10. to 0‘ 4.7 0-0 -3.9 + 1.6 

- 1 to 9 10.9 US 1.3 “ 5.P 

-13 to -5 14.6 . 6.5 ■ - A3 *10.2 

-2 10 10 47.7 47.5 “.0.1 - IS 

6 10. 16 37.6 55.6 12.1 + S.S 

21 to 41 12.0 1U - M -32.9 

22 10 36 28.4 40.3 IS.2 - 7.5 


wnmer fst.tv HMn, .55a) iso . 0 , 2 ) * MufJiDrt ut urtiiiurF SOiurib ioId wfilch £1U0 iiulilliial ul cnnvrrhbk xim* vs ivnvertiblv 'The rXUa tusi ul int«liTi-ni in cwiverHbl* expressed as per ernt ul the 

w»hh' MoMfphi so) 1 eh IB cPSi oi the eouiiy in the convertiblr atock. . Thwu-nwnlh ranuu ) Inrome on number nl Ordinary shares intu.u-nii.li Si O'- nurmnal of convertible urnrs is unavr ruble 

W***mln5»er'Prp» Grp fii?Dcl«Mt.Db 09 This Income, esuresued 'n ueftve. id auMBlefll from crr*,-nl time umi! ttKxime on Ordiaary shan-s is grearm than tnctniic ■r* tllW nominal of roiiverrlblv or the Anal 

<9 21 convewion date wlurfierer S varlier IhvOtne is afsuttH-d to «row ai 10 m-r rent per annum ana Is prtrsem valued ai r uer unt por annum. lncon,r on EtdO of 

w'-non £»»•*» rzsni 32 convertible Income ib lomm.-fi until conversion and pres-ml valued at 1- pur ettm. per annum Tins m incuntr pi lh>- cnnvcmble income of :he undprtvne equity 

RUBBER (22) expressed as d»t wdl.oi the valtw oi the unriertylnit equiiy r« ihc lifl-renc^ hdwren ihc premnim and income difli-rencc espressed aa per cenl. nl ihe value of 

Anglo-Indonesian Comorations (Z5« 91 ondcrlyjnfl eauuy. » (S Bn indicanen of rtimlvg cheaunefis. - is an indication of relative dearness. 

i7l*» - ' " , . " " ‘ . ' — . . -■ ' "" ■■ i ■ — 1 


% 

% 







20 


-- i 


SloeKEXCHANGE REPORT 


Financial Times Saturday -February 11-197S 


Leading equities drift lower on lack of support 

Index sheds 2.3 for week’s rally of 12.3 to 471.0 


Account Dealing Dates 
Option 

•First Declara- last Account 
Dealings lions Dealings Day 

Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

’ “ New time " dealings may take place 
From 9JO un. two business days-earlier. 

Following the two-day rally on 
relief that the miners are not to 
attempt to breach the Govern¬ 
ment's pay guidelines, stock 
markets traded only narrowly 
yesterday. Short-dated British 
Funds put on the brightest show¬ 
ing with gains to nearly } in tbe 
early trade which were held to 
the close in the absence of a rise 
in Minimum Lending Rate and of 
a tap stock. Longer-dated issues, 
however, gave up early gains to 
i and ended unchanged on dis¬ 
appointment that the Government 
broker was holding his selling 
price for long tap at 26} for the 
£30 paid stock. The Government 
Securities index put on 0.06 for a 
net rise on the week of 0.57 at 
75.40 despite Monday’s drop of 
0.78 on monetary and wage fears. 

Leading equities started cauti¬ 
ously and lack of follow-through 
support saw prices drifting easier 
before ending a shade above the 
lowest. Up 0.6 at 10 a.m. ¥ the 
F.T. Industrial Ordinary share 
index progressively eased until 3 
pjn., when it was showing a loss 
of three points. The harder 
tendency towards the end left the 
closing index 2.3 down at 471.0 at 
which level it was showing a gam 
of 12.3 on the week but a net 
loss of 6.5 on the Account: the 
index has lost ground on the last 
four successive Accounts, but the 
fall over the intervening nine 
weeks amounts to 14.9, or less 
than 3 per cent. 

Index constituents yesterday 
ended little changed with 
irregular price movements 
usually limited to threepence, but 
A.P. Cement weakened 7 late to 
233p following notification that 
the Price Commission is to investi¬ 
gate the group's application for a 
price increase. 

A smattering of useful gains 
emerged in some nf the more 
speculative second-line equities, 
but rises and falls In all F.T.- 
quoted Industrials were in 
balance as compared with the 
previous day's six-to-one in 
favour of rises. 

Gilts less eventful 

A much less eventful day in 
Gilt-edged came quietly to its 
close with the shorter maturities 
higher, but off the best, and the 
longs virtually unchanged after 
early gains to j In high-coupon 
issues. Sentiment at the longer 
end of the market changed direc¬ 
tion when the Government broker 


unexpectedly- supplied the tap 
Exchequer lOJ per cent 1995 at 
26}, and not at 26 } as anticipated. 
This took most operators by sur¬ 
prise and a certain amount of 
stock Indigestion followed which 
caused the price structure to 
revert to the overnight list, a level 
subsequently maintained in light 
trading through to inter-office 
business. Meanwhile, the shorts 
had similarly opened firmly with 
gains approaching }, but became 
erratic of thoughts about the pos¬ 
sible announcement of a new 
short tap issue before firming in 
its absence after 3.30 p_m.. How¬ 
ever. easiness set in once again 
and only selective low-coupon 
stocks settled with rises to j. 
Corporations retained their up¬ 
ward momentum and LCC 5} per 
cent. 1985/87 gained a full point 
to 72}. Among recently-issued 
Fixed Interest stocks, S. Pearson 
10} per cent. Partty Convertible 
Loan 1993/98, issued in connection 
with the acquisition of Madame 
Tussaud’s, made a quiet debut at 
£100. In first-time dealings. Citi¬ 
corp Overseas Finance 10} per 
cent Notes 1983 were SA98}. 

Initial firmness faded in the 
investment currency market fol¬ 
lowing sterling’s gradual Improve¬ 
ment and the rate reacted from 
78} per cent, to 77 per cent 
before late support on institu¬ 
tional account restored it to the 
overnight level of 78} per cent. 
Yesterday’s SE conversion factor 
was 0.7568 (0.7558), 


Banks easier 

The major clearing banks 
drifted gently lower oh lack of 
support and Barclays finished 3 
off at 317p. Lloyds, which start 
the dividend season next Friday, 
ended a penny off at 265p. A dull 
market since Wednesday's dis¬ 
appointing interim figures, UDT 
remained friendless and fell 
further to 36p before closing 3 
down on the day at 37p. Other 
Hire Purchases were . also dull 
with Lloyds and Scottish a similar 
amount easier at 90p and Wagon 
Finance a penny off at S7p; the 
latter's preliminary results are 
due next Friday. 

Tbe announcement that Sun 
Alliance is to go ahead with its 
planned Increase in motor 
premiums despite the pay dispute 
with the Government saw the 
shares harden 2 to 544p. But other 
Composite Insurances drifted 
lower. General Accident ended 6 
off at 2I2p and Royals 5 easier at 
373p: GA's results are due on 
March 1. 

Secondary issues provided the 
only movements of any conse¬ 
quence in Breweries. Hell haven 
rose 4 to 46p. while Vaux, 4IOp, 
and Border,-74p, put on 5 and 6 
respectively. Elsewhere, Distillers 
held the overnight level of 175p 
awaiting news of its appeal against 


the EEC Commission's ruling that 
some of its trading practices are 
unlawful. 

AP Cement became a late 
casualty in Buildings, falling 7 to 
233p in response to the Price Com¬ 
mission's decision to investigate 
the group's application for in¬ 
creased cement prices from March 
1. Other cement concerns eased 
in sympathy with Tonne] B closing 
2 off at 256p and Rugby Portland 
1} lower at 77}p- Elsewhere, 
Vfbroplant firmed 6 more to 174p 
and Marchwiel added 4 at 250p 
as did Gongh Cooper, to TSp. 
Derek Cronch hardened 2 to 90p: 
the preliminary results are due 
on March 9. 

After a firm start, ICI drifted 
lower to finish 2 off at 354p. 
Albright and Wilson closed a simi¬ 
lar amount lower at 95p ahead of 
□ext Thursday’s results, while 


Little or interest occurred in 
the Electrical leaders. Thom and 
GEC both closed a few pence 
firmer at 368p and 264p respec¬ 
tively. On the other hand, 
occasional offerings left EMI a 
lower at 174p; the interim results 
are due early next month. Else¬ 
where, Wigfall encountered [ate 
support awaiting further .develop¬ 
ments m thee bid situation and 
ended S to the good at 276p. Other 
bright spots Included Forward 
Technology. 2 dearer at 10Sp. and 
Electronic Machine, which gained 
1} to 23p. Ever Ready, however, 
weer dull at I52p. down 6. along 
with Sound Diffusion, 2 cheaper 
at 41 p. 

AA rather drab in tbe Engineer¬ 
ing leaders . saw T ube l 
move narrowly before closing 2 
cheaper at 384p, and Vickers end 
a like amount down at lS4p. 
Apart from Spfrax-Sarco, which 


600 


F.T. INDUSTRIAL 
ORDINARY INDEX 



1974 


1975 


1976 


1977 1978 


Fisous shed 7 to 36Sp. Scottish 
Agricultural rose 5 more to 2i0p 
on further consideration of the 
record profits. 

Renewed speculative demand In 
a restricted market prompted a 
gain of 15 to 400p in Caledonian 
Associated Cinemas. 

Lee Cooper firm 

Slightly more interest was 
shown in the Store majors which 
closed mixed. Gussies A shed 4 to 
276p and House of Fraser cheap¬ 
ened 2 to 135p, after 133p. but 
Burton A edged forward a penny 
to 120p as did UDS to 90p. Else¬ 
where, demand in a thin market 
prompted a gain of 7 Co 112p in 
Lee Cooper, while modest support 
ahead of next Tuesday’s half- 
some of its trading practices are 
tore Centres dose 2 dearer at 
116p. Reflecting the first-half loss, 
Costo magic Manufacturing lost 
the turn to 20p. 


encountered support and moved 
up 14 to 262p, movements in 
secondary issues rarely exceeded 
a few pence either way.Sporadic 
demand left Green's Economisers 
3 firmer at 77p, while Runsome* 
Sims gained 3 to 138p and E. 
Allen Balfour 2 to 59p. Gy way. 
of contrast. Peglar Ha tiers ley met 
with occasional selling and save 
up 6 to' 156p. West Bromwich 
Spring, a firm market or late, 
came back 3 to 36p. while losses 
of 2 were sustained by Babcock 
and Wilcox, 114p, and Brooke 
Tool, 24p. Among Shipbuilders. 
Yarrow finned 3 to 2S3p. but 
Swan Hunter were on offer at 
140p, down 2. 

J. Bib by continued to figure 
prominently in Foods, improving 
5 to 225p for a rise on the week 
of 18 on continuing bid specula¬ 
tion. Robertson Foods, an oilier 
takeover favourite, were briskly 
traded up to 142p before closing 
another 5 higher at'139p. Blue¬ 
bird Confectionery revived with a 


rise of 4 to 145p, while other 
firm confectioners Included Geo. 
Bassett, 2 harder at 141p, and 
Rowutree Mackintosh, 5 better at 
380p. Morgan Edwards, however, 
eased 2 more to 23p on further 
consideration of the first-half 
loss. Other dull counters included 
Be jam. 3 off at 64p. and J. B. 
Eastwood. 5 cheaper at S9p. 

Trust Houses FOrte, still reflect¬ 
ing recent trading news, closed 2 
harder at 19Sp for a rise un the 
week of 24. 

Ofrex erratic 

Secondary stocks* provided the 
main focal paints in miscellaneous 
industrials. Rumours of a bid from 
Vickers caused an early flurry iu 
Or rex which quickly touched a 
1977-78 high of 120p before slip¬ 
ping back to lllp on Vickers’ 
denial then rising again to finish 
the day 6 up on balance at 116p. 
Marshall’s Universal were also 
sought on bid hopes and were 
standing 12 better at 158p, after 
162 p, when dealings in the shares 
were suspended at the company's 
request pending an announcement 
which arrived later stating that an 
approach had been made. West of 
England Trust, which owns over 
26 per cent, of MU's equity, 
jumped 7} to 46p in sympathy. 
Vinten, a recent speculative 
favourite, moved forward 5 to 83p, 
while Davies and Newman added 
a like amount to 126p. Drake and 
Scull rose 3 to 25p ahead of next 
Tuesday's results and CapLan Pro¬ 
file. at 78p, recorded a. Press- 
inspired Improvement of 2. Wilkin¬ 
son Match, on the other hand, 
relinquished 7 to lS3p following 
comment on its revised terms for 
True Temper, a subsidiary of 
Atlegheney. The leaders drifted 
lower oo lack of fresh support. 
Reed International were again a 
casualty; after improving to 106p 
at the outset the shares came 
under further pressure and 
slipped to touch a 1977-78 low 
of loop before closing 2 off at 
I 02 p for a fall on the week of 21 
and one of 128 from its 1977-78 
high; sentiment in the later stages 
was not helped by the Price Com¬ 
mission's decision to investigate 
price increases by IPC magaiznes. 

Commercial Vehicles con¬ 
tributed, a firm feature m ERF 
which moved up 12 to 180p for a 
two-day gain of 23 on persistent 
speculative interest. Components, 
however, had a couple of dull 
spots in Lucas Industries. 7 easier 
at 259p, and Turner Manufactur¬ 
ing. 8 cheaper at lllp. Still re¬ 
flecting reports of buoyant trading 
in January. Garages extended the 
previous day's rises and dosed 
firmly with the help of some new¬ 
time demand. British Car Auction 
hardened 2 to 44}p following Press 
comment, while similar rises were 
seen in Dorada, 73p. and Glanfleld 
Lawrence, 35p. Small buying in a 
thin market, left Charles Hurst 8 
to the good at SSp, while Apple- 


yard, 83p. and Western Motor, TSp, 
put on 3 apiece. 

Profit-taking after the recent 
speculative rise left Associated 
Book Publishers 10 lower at ISOp. 
Dally Mail A, however, gained 11 
to 320p and Thomsen firmed S to 
634p. ' 

Although activity was at a low 
ebb. Properties maintained tbe 
previous day’s firmer trend. Land 
Securities edged up a penny 
further to 2l9p in the leaders 
while, in secondary issues, Glan¬ 
fleld Securities gained 7 to 270p 
in a limited market. Buyers con¬ 
tinued to show interest in Stock ■ 
Conversion which put on 4 further 
to 24Sp. hut -Berkeley Hambro 
closed only a penny dearer at 
98p. after lOOp. Haslemere firmed 

5 to 238p and Land Investors 
ended a like amount dearer at 
129p. Interest revived in Clarke 
Nick oils, 2 better at 90p, after 
the recent bout of profit-taking, 
while similar improvements were 
recorded in Peachey, 74p, and 
Evans of Leeds, 84p. 

Oils quietly doll 

Lack of follow-through support 
after the previous day's bout of- 
buying activity made for quietly 
dull conditions In the Oil leaders.- 
British Petroleum shaded a few 
pence to 7S6p along with.Shell 
at 506p. Among the more 
speculative issues. Oil Exploration 
improved afresh to 226p- before 
easing back on scattered offer¬ 
ings to 22Dp for a loss of 4 on 
the day. Siebens (U.K.) also 
encountered selling and gave up 

6 to 270p. Overseas stocks were 
featured by a rise of 12 to UOp 
in Weeks Natural Resources on 
Australian advices. 

Press comment directed fresh- 
attention to S. and W. Berisford 
which rose 3 to 222p for a two- 
day gain of 1L Marra Develop¬ 
ments were active and 3} better 
at 5}p, after 6p. on speculative 
demand aroused by recently 
higher Australian advices. Alsb 
better were Gill and Duffus 6 
higher at 220p and Harrisons and 
Crosflelds 12 to the good at 382p. 

Camellia Investments - -were 
duH at 210 p, down lop* on light, 
profit-taking in’, otherwise Bttie- 
'changed'. Investment .Trusts. '’ J' 

Interest • in 'Shippings 1 was 
centred on Furness Withy which 
ran into end-account selling and 
eased to 3llp before dosing a 
net 4 lower at 314p. 

Textiles were noteworthy for 
firmness in the Italian-based Snia 
Viscosa, the Ordinary rising 54 to 
51p and the Privileged 2 to 30}p r 
both on Continental support 

The Tobacco majors attracted 
another good two-way business, 
but closed little changed. '_ 

Ruo Estates continued rising 
to IGOpr up Jfl, for a..two-day gain 
of.30 on the record results. Other 

■vl'-i-rti A.-. * v.- 


- ' 

Feb. 

. w ■ 

PobT" 

9 - 

Feb. -j 

' 8 t 

Feb. 

' 7 

’ Guventment Sec*. _. 

75^40 

7584 

74.41] 

74.05 


78.16 

77.9* 

778 oJ 

73.05 

lodiuCrljii Ordinary —. 

471.0 

475.3 

468/H 

-465.7 




lUtS.CH 

lAl.B 

Ord. Dtv. Yield—— 

6.70 

5.67 

S.72J 

5.76 

asmin*» yidWTuton 

.17^7 

17.28 

17.49 

1736, 

ViH Hstlo tu«3 C*tk— 

ais 

.6.17 

8.09 j 

ao7 

-Dealings marked_ 

6.143 

0.986 

5.271 

5852! 

Equity turnover £m... 

— 

95.76 

64JLM 

66.38 

tSqnlry Iwatain* Mtal. 

—. 

16«44j 

■14,1 sal 

14.590' 


FINANCIAL TIMES STOCK INDICES 


fob. 

6 


■74.0K 

VO.Offl 

468-1 

-151.6; 
&A3 
17.78 
7.07 
. 6,411 
62.29 
13.734 


74.8S 

78.7S| 

468.7 

161.61 

S.84 

i7.7al 

7.97 

6.361 

67.12 

18.3501 


A yw 


65.90 

85.97 

381-5 

100.1 

6.02 

19.23 

7.49 

7.803 

83.87 

17,8X8 


7' JO 8 JO. 42X9. U mm. ,473.1. Noon <111. I Jun. 471.4. 

2 KB. 4784. 3 tun. 47IL3. 

L ai—t Index 01-246 nffft 

* Based da 92. oer cent, corwatlan tax. t NH=8.0S. .. . 

Basis 100 Govt. Seen. 15/10/26. Fixed Ini. 192a. Ind. OitL 1/7/35. Gold 
Mines J2.V/5S. SE Activity July-Dee. 1842. 


HIGHS AND LOWS 


S.E. ACTIVITY 



13770 6 ' 

Since Cotn'pilatton 





High 

Loir 

Hiftlr 

Low .' 


10 

9 

Govt. Secs-.- 

79.86 

60 AS 

127.4 

493.8 1 

—Dairy 

Gi]^8dged_ 


203.1 

- 

»0i9) 

- W4.: 

QdllOBi 

MUNI 

210.5 

1933) 


8187 

60.49 

150.4' 

50.03 

Speculative^. 
Totals_ 

53.9 

38.1 


@71/78) 

(4/1) 

OHUAiy 

(3/1/16) 

139.8 

134.94 

lad. Ord_ 

549.2 

(14/8) 

557.6 

(12/D 

5498 
(14/8/ny 

49 A 

6-day Ar'tafir 1 
Gilt-Edged _. 
laduutrials 

221.0 

191.6 

226.1 

1B1.4 

Gold Alines. 

174.6 

95.1 

4428 

43.5 

Speculative—. 
Total__ 

35.5 

38-6 

(18/W) 

a® 


[(86/10/711 

133.4 

134.4 


firm Teas - included 
Frontier, 15 better at 305p, and 
Moran, 20 higher at 410p. 


Steady Golds 


Mining markets ended the week 
quietly with a firm undertone 
among South African Golds 
Modest gains showed .throughout 
the list, prompted in part by 
late interest from the U.S. - The' 
Gold Mines Index was 2.6 higher 
at 146.0, but here was a net fall 
on the week of 5.6. 

. Prices moved r with the- -higher 
bullion- price which closed up 
$2 at S175.125 an ounce. Among' 
the heavily priced issues F. $. 
Geduid were g firmer at £13}, 
while Buffelsfontein -gained 19 to 
819p and Hartebeest moved' up } 
to £ 10 }. 

The stronger bullion price 
helped Consolidated Gold Fields 
to harden 5 to 187p, but move¬ 
ments among other London 
financials were slight in subdued 
trading. Selection Trust firmed 
2 to 3S4p, but Rio TInto-Zinc were 
unchanged at 171p and Charter 
eased 1 to 125p. 


Option business, continued in 
Platinums, but small profit-taking 
caused the price of the stories to 
ease 1 to 54p in the case of 
IydenbiBg and 83p In-Rnstenborg. 

Among other - South African 
issues, De Beers 49 per cent, pre¬ 
ference which is rarely traded, 
responded to Continental buying 
and gained 25 to 950p- Consoli¬ 
dated Hrafchison met small selling 
from the-Cape and closed 5 lower 
at240p. .. . 

Australians .were very subdued, 
but Coals were firm. Utah Mining 
were-5 higher at 255p after -Utah 
Development’s record profits and 
Oftkbridge gained 5 to 241p in 
front of next weekVhalf yearly 
figures. Pacific Copper rose 2 to 
36p on future coal prospects. 

Uraniums were- relieved that 
the trade union ban on -fresh 
exports appeared equivocal. This - 
helped Peko-WaOsend to move up 
11 to 435p. Pancontinental were 
unchanged at 825p. , - - 

Among the Base Metal miners, 
whose prices 'were mixed in Syd¬ 
ney ' overnight. Mount LyeD 
remained at 19p, unaffected fay 
figures of theft predictable loss. 


NEW HIGHS AND LOWS FOR 1977/78 


The toll owing securities quoted In the. 

Slur* Information Service yesterday E.R.F. 
attained new Highs and Laws for 1977-78. 

NEW HIGHS (33) .. 

BEERS CZ). 

Bel haven Brew. . Border Brews. 

BUILDINGS CS1 - _ 

Manners Warrington (TJ- 

Vlbroolant 

DRAPERY & STORES <I» 

Upton (E.I A _ .-. - 

- ENGINEERING (Z> 

Brown (John) . Camfotd 
HOTELSv Cl) 

StaUt (ReoJ _ 

INDUSTRIALS C9) 

Burts Dean ManUair? Universal 

Burv Masco - .. OSrVjX 

Centreway V knars 1 


MOTORS 42) 

Western Motor 
PAPERS (1) -- 

Ferry Pickering 
■ TRUSTS (7) 

Charnel Islands Inc. West Const & Tei 
Lancs- ft Loud. I nr. Lament 
M&G 2nd -Deal Inc. West or England 
N.r. a Gertmore 

OUSCU 

Weeks Hat. Weeks Nat. PM. 

RUBBERS (2) 

BredwaH • - Grand Central 

MINES m 

jantar 

NEW LOWS (2) 


HaHam Sleuth „> Watshams . 

Lindsay Williams ... Rw 

- ' '■•':" if* u 

* 


■wr 


. POOPS ft) 

Morgan EtJwards -_ 

INDUSTRIALS-(1) 
Reed in te rn a l ! . 


I '■ 


I -• 
I 


I- Tf 
1 . 
r- -i 

■■i 

tv i-t 

li 

ft h 

pi f* 

t'-l 


ACTIVE STOCKS 

YESTERDAY- 


NO. 


Denomina- 

of 

Closing 

Change 

1977-78 

1977-78 

Stock 

tion 

marks price ip) 

on day 

high 

low 

Reed Inti. 

£1 

18 

102 

- 2 

233 

100 

Shell Transport... 

25p 

13 

506 

- 2 

635 

454 

Ofrex . 

20p 

12 

116 

+ 6 

120 

59 

GUS A . 

25p 

11 

276 

- 4 

347 

176 

BAT Inds. 

25 p 

10 

298 

. + 3 

30S 

235 

ICI . 

£1 

10 

354 

— 2 

446 

325 

Unilever . 

25p 

10 

504 

- 6 

596 

410 

Burmah Oil . 

£1 

9 

54 

- 1 

83 

41 

Lonrho . 

25p 

9 

75 

- 1 

86 

62 

Assam Frontier ... 

£1 

8 

305 

+ la 

420 

150 

Commercial Union 

23p 

S 

140 

- 2 

170 

102 

GEC . 

23p 

8 

264 

+ 1 

284 

163 

P i O Defd. 

n 

S 

111 

+ 2 

175 

104 

Brit. Leyland. 

50p 

7 

25 

- 1 

28 

17 

Midland Bk. 'New' 

Nil/pd. 7 

14pm 

- 1 

17pm 

llpn 


The a bore list of active stocks is based an the number of bargains 
recorded ye-sterdatt in the Official list and under Rule 163fl) (e) and 
reproduced to-day in SiocK Exchange dealings. 


ON THE WEEK— 

No. 


Denomina- 

of 

Closing 

Change 

1977-78 

1977-78 

Stock 

lion 

marks price (p) 

on week 

high 

low 

ICI . 

£1 

71 

354 

+ 15 

446 

325 

Reed InU. 

£1 

69 

102 

-21 

233 

100 

BP . 

£1 

65 

786 

+26 

966 

760 

Shell Transport... 

25p 

65 

506 

+ 22 

63a 

454 

BATs Defd. . 

25p 

R1 

240 

+ 13 

260 

202 

GEC . 

25p 

50 

264 

+ 13 

284 

103 

Midland Bk. ‘New’ 

Nil pd. 9 

14pm 

+ 3 

17pm 

llpn 

Grand Met. 

50p 

48 

99 

+ 4 

109 

62 


25p 

46 

235 

+ 17 

276 

]2S 

Thom Elect. 

25 p 

45 

368 

+ 16 

448 

196 

P & O Defd. 

£1 

44 

111 

+ 4 

175 

104 

GUS A . 

25 p 

43 

276 

+ 2 

347 

176 

Imperial Group ... 

25 p 

43 

79 

+ 4 

86 

64 


25p 

43 

504 

-- 



Beecham . 

25 p 

42 

635 

+17 

693 

372 


BASE LENDING RATES 

A.B.N. Bank . 6 }%■ Hill Samuel.5 £}% 

Allied Irish Banks Ltd. 6 }% C Hoare & Co .r 6 *% 

American Express Bk. 6 J% Julian S- Hodge ...... 7}% 

Amro Bank . 6 ‘% Hongkong & Shanghai 61% 

A P Bank Ltd. 6 j% Industrial Bk. of ScoL G!% 

Henry Anshacher . fli% Keyser Ulhnann .. 61% 

Banco de Bilbao . 61% Knowsley & Co. Ltd. ... 9 % 

Bank of Credit & Crnce. 6 J .% Lloyds Rmk . 6 }% 

Bank of Cyprus . 6 }% London * European ... 8 j% 

Bank or X.S.VV. . 6 '-% London Mercantile. 6 J% 

Banquc Beige Ltd. 6 }% Midland Bank . 61% 

Banque du Rhone . 7 % B Samuel Montagu. 6 -% 

Barclays Bank . 6 J% B Morgan Grenfell... ... 6 % 

Barnett Christie Ltd.... S|% National Westminster 6 J% 

Ere mar Holdings Ltd. 7i% Norwich General Trust 6 =% 

Brit. Bank or Mid. East 6 ’.% P. S. Rerson & Co. .. 6 J% 

I Brown Shiplev. 6 ' : % Rossmtnster Accept cs 6 }% 

Canada Permanent AF1 6 }% Royal Bk Canada Trust 6 }% 

Capitol C & C Fin. Ltd. 9 % Schlesincer Limited ... 6 }% 

Sd*r r Homings":::::::: s% s«cur 4 e •S 1 stco."Ltd: ?!% 

■ Charterhoure JapheL 6 |% ^ 

rnn^iidaied Credits 6 *% Trade Dev. Bank. 6 }% 

SSSlSfive Bank "• S}% Trustee Savings Bank 6 }% 

Sri^fhfan L™riti« 6 }% Twentieth Century Bk. 7}% 

SS T vonnaT 6 % United Bank or Kuwait 6 }% 

ESs&iiil 

English Transcont. S % a Members ol tbo Accepuna Houses 

£5 • 3 ’- *— 

First Nat. Secs. Ltd. ... S % t 7 ^ dmosits on sums or cm.mo 

■ ArtlrtnV Gihbs . 61% atvi otrior 3 ... up to £33.000 31 - 

^: zsiszrz** 

Grindlays Bank .T 6 o ^ DemMl j detmsits v e . 

I Guinness Mahon.. A) 71 also ipdIki to Storting ina. 

iHambros Bank . 64% Secs. 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Settle- 

ings ings tion meat 

Feb. 7 Feb. 20 May 11 May 23 
Feb. 21 Mar. 6 May 25 Jun. 7 
Mar. 7 Mar. 20 Jun. 8 Jon. 21 
For rate indications see end of 
Share Information Service 
Stocks favoured for the call 
included Premier Consolidated 
OIL Town and City Properties, 
British Dredging. Consolidated 
Gold Fields, Fitch Lovell, ICI, 


Reed Internationa], Carrington 
Viyella. BSG International. Uhra 
mar. Peachey Property, 3L P. 
Kent, Lydenborg Platinum, 
Grand Central Investment, Bur- 
mab Oil, Lonrho, Duple Inter¬ 
national, Chanerhall. UDT, Brit 
annia Arrow, Westward TV. 
Barralt Developments. BP, Allied 
Colloids, Kuik-Fit and Marievale. 
Doubles were arranged in Eng 
lish Properly, P.ced Inter¬ 
national, Orme Dl-. elopmecls 
and Britannia Arrow. 


RISES AND FALLS 


Yesterday On the week 


Briish Fands .-.-.. 

Carons. Dominion and Foreign Bonds ... 

Industrials .. .. 

Financial and Property ... 

OHs ...—.. 

Plantations . 

Mines ... 

Recent Issues _______ 


Totals 


Up Down Same 
30 — 03 

23 4 30 

314 311 90S 

173 75 268 

5 II 16 

11 2 21 

45 13 63 

7 3 27 

613 419 1.426 


Up Down Same 
161 U 123 

n 94 157 

1,415 1,733 4J12 

75= 547 1,360 

ill 36 78 

>4 13 123 

123 178 317 

33 28 149 


3.156 21710 M56 


RECENT ISSUES 


EQUITIES 


tune 
Price 
P i 


r= 


1977/S 


High j Low 


Slock 


— J — ' — 1 — 1 — JS.I-L-... - 


• M .. 
+■ '•>; - I f J t’B- i-'H 




FIXED INTEREST STOCKS 




£ = = | 1977/3 

ig|Si- 


I !“k”; High j Low • 


Sloes 


1 -a ! 


II £1 f nil 
- P.P. 
“ I F.P. 
£99 I £60 
SlOOi F.P. 


$100 

£100 

£10O 

£100 

««• 

L'lodi 


£991« 

1-9914 


. F.P- 
Ir 50 
F.P. 
F.P. 
nil 
F.P. 
F.P. 
F.P. 
P.F. 
£10 
F.P. 


\20l2 

;94rS 

\ 21/2 

SIS 


34/3 


88/4 

24iZ 


40pni' 

ns 

•»»2 

S96U 

SWUl 

100 i s l 
10UUI 
100 i 
£99ii 

S'ii 

100 .*- 

(OH 

Ifcl 


Autc-maied f«i. :% Car. Cum. Prri._'33pn> — I 

lOlp Bntleyi c» Vnrv«t>re luo. Pn-I.^._,10Su I .... 

Contrewo.v tl^ Cum. Pr^J...„*109i< i . 

SUi GrampUm 10«^ lJai...OOt? 1 + M 

E3fi4ilo<y,e;^ N<4«« Lfrs...... _'896t-' 

SOt»«' Do. D^t>. 1992..... e96ijl . 

bOla.fcjNulncuin L Cofl»e« 1I<* .52 |+l« 

U«>. D**. VnrioWe *?C.«_.;i003e, . 

I'Xia £eiey-te- L 14e2._.. .lOO^ . 

ICO ,Pen«on iS./10:-% Ply. Co*. Lu. 19S3-95._. 100 

£33l4,Bi;wntr«*r Inti. K’ii .£984n —h 

EMU |»ror- Inti. Fia. >/V. I0i% .r99 . 

hbeii loti. Fui. > V. Uu>r. hm. f97 . 

'ToisM-ble V«_—jibii; . 100 — la 

Jt3 D.i Ke.! '-.is . 9>4 * U 

K4p-Wbiteti'«j-«r iG.i !l*J Cum. J*tv-.. )0b|. 


“RIGHTS” OFFERS 


Iraue! 3 = 
Pricel 
p: < S. 


Uini 

Ueoutiu. 

Uue 


l ana 


H!«ii • 


• LkH-iOf; 

Pruv 

v: 


4- IT 


95 ] F.P. 1 31il| 
50 | F.P. 6il 
32 I F.P. i 33d. 
SAMS m. !-34i2 
10 : F.P. l-« 

21 - on | 20(2 


I 117 •Arixjtrn ll'.lr -.,, 

35 ... , 

Se «. bristv Hr»^. 


530 ; ull 
SA 1.76 nil 
84 F.P. 
56 F.P. 
32 • F.P. 


10 F.P.! 19(11 


21 ‘2 
17.2 
102 
3:2 
18(1 


24(2 L22 
10(3' 79 

27(2 -1 - .. . ... .. 

10,3&2jpm 45f n>‘'•nr.m. baz»V-.--(ralm. 
17/3' 4t _ tilt.I . liiTt-mni >3i' 

30/5, ipoi. SNprn Marx-.-rii-- /•inxr<. 

31.3 17pm llpn. UmIhi-I tB.-.i. 

3/3 bipra >»fion*. Bbb» *4 Aurtm.*' 

10.3 94 6**a >*«.. .In- . 

3(3 el 11 IWli -A rvl- . .. 

• 3 3 » Ji ti-.c .e . . 

• 16-2 Is II 5iun . 


116 i . 

70 . 

42 

44 pm -1 
41 • . 

61- pin .... 

14|mi — I 
SOniii .... 
87 - 1 

82 - I 

37 
14 


KenunaalBMi Hate mustl) last Oak ru: C-jiiuii rrn- n vanip wy , c l^ur« 

rMSed on DTOSoentus estimate a Assmruut •nviouiifi jrtt -lull , iiuMvik] 

'.-oval eased on previous roar's earnings » Omrtfnrt aa*t .i<?ln ur pmpecr'ir 

-ii oitMr -ifHciai estimates tor IK* <j Unes t ►'win.-' i-iMim-n - oirer llhnr- 
lot conversion o> Shares not now riuiiu <or imnew or ranhiru -uuv for restn>.-ird 
dlvidetKis. •• Placlmt on» to oudik. ol P“ikw miwr (''itenirMU: innirwied •< ti(ai-n 
tty lender. !> entered to hnM-rs or Ordinary iaam t, i •• •- Ki4h* a 

o> vras ol capliansaimn rt Unnrmim lewte* once. :? Mom-mducpd t,T Is-u-n 

in connection oriih reoraanisjnnn merser ur 'afep-o-er. • !nrrivi.i«ion — Iwied 

tti htrnt**r Preference holders ■ 4Uo»men' lerrers tor fuai-Midi. • Prorlsionat 
nr garUs-cud allotmem letters. * WBh wanaca. 


tie 
7 . 


■ -r . I 


A L - ' •. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint cumpilation ol the Financial limes, the Institute of Actuaries and the Faculty of Aetnaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Hum- In parailhoea ■ *how 
number'd* «oe*» per Metmn. " 


FrL Feb. 10,1078 


Index 

No. 


CAPITAL G00DS(17»ti. 
Building Malerialfi) 27). 

CreirKting. ConflnKtwn 0B> _| 

Electricals 1151_ 


Engineering Contractors (131. 
Mechacical Eogineering ITS). 

Metals and Itea! FonmngilTi_ J 

CON5V2HES GOODS 

(DURABLEX53)_, 

LL EJectnmics. Radio TV (151 
Household Goods (12i 
Uolon and (KstiibutonffSI- 
CONSLUEB GOODS 
MON-DIHABLEKUS) 

Breweries (14)_ 

Bines and Spirits (6)- 

Entmauunent. Catering U8i- 
Food Manufacturing t22j 

Food Resiling rim- 

.\cwipaperLPuUi5tilngiI3i- 
Packagin g and Pa per 1 15) _ 
St ores 1 38i- 


Textile si 251_ 

Tobaccos 13)- 

Toys and Games (6)_ 

OTHER GROUPS 197)-1 

Chemicals 130)___ 


PturmaceuricaJ Produca(7)_ 

Office Equipment (6)_ 

Shipping < 10 j- 

Miscellaneous (54)_ 


INDUSTRIAL GROUP (4961 


Oils <•}).. 


508 SHARE INDEX- 


FINANCIAL GROUP ON). 
Banks (61- 


Discount Houses (101_| 

Hire Purchase (5i. 
Insurance (Life) (10). 


Insurance I Composite) C7)_ 

Insurance Brokers 110)_{ 

Merchant Banks (14) _ 
Property (311_ 

Miscellaneous (71_j 


Investment Trusts (50i_| 

Mining Fi nance (4>_ 


Overseas Traders fl9i— 


ALL-SHARE INDEX (ffTD _ 


204.83 

182.19 

324.90 

443.01 

29L02 

16137 

164.49 

188.21 

226.94 

17137 

11436 

193.96 

216.67 

247.61 

251.05 

188.85 

189.60 

329.99 

12141 

18037 


17431 

234.74 

9930 

18839 

255.02 


24831 

13132 

459.49 

197.17 


201.40 


446.60 


221.96 


162.43 

183.06 


20L95 

14936 

135.72 

126.29 

31134 

78.22 

24036 

106.04 


18586 

87.47 

274.76 


204.85 


Day's 

Ctaop 

r. 


-03 

-03 

-0.4 

- 0.6 

-03 

-92 

-0.4 

-03 

-03 

-03 

-03 

-0.9 

-0.7 

- 0.6 

+0.7 

-LI 

-03 

+03 

+ 0.6 

-03 

-03 

- 0.6 

-0.4 

+ 1.0 

+03 

-03 


-03 


-03 


-03 


-0.7 

-0.4 

-03 

—3J0 

- 2.6 

-13 

-0.4 

+0.6 

+0.4 

- 0.1 


+0.4 

+0.7 

+0.4 


-03 


EaL 

Droudj 

ywirs 

(Max.)] 

Com 

Ta.SZS 


1731 

16.75 

17.77 

14.95 

2036 

1837 

19.09 

18.04 

15.70 
18.48 
2L66 

1634 

15.02 

16.70 

16.79 
2L16 
14.38 
1038 
2174 
10.63 
20.03 
24.03 

20.79 
16,88 
19.44 
1107 
20.92 
2143 
16.02 


16.92 


1539 


16.72 


25.97 

12.41 

13.78 

2.86 

2429 


334 

17.83 

1739 


Gross 
Dtv. 
YW4 % 
(ACT 


5.69 

531 

3.90 

4.00 

630 
6.42 
831 

4.94 

3.67 

6.92 

631 

5.93 
631 
531 
6.85 
5.65 
4.82 
3.79 
938 
438 
7.60 

7.98 

5.98 
S.77 

636 

3.99 
4.71 

637 
6.21 


5.76 


438 


536 


5.44 

5.71 

8.18 

534 

631 

637 

4.41 
6.11 
2.85 

7.42 


4.98 

6.70 

7.10 


5.56 


ESL 

PIK 

Ratio 

(Net) 

Cwp. 

Desks 


8.14 

&51 

838 

938 

6.79 

7.75 

6.92 

8.04 

9.20 

7.40 

6.81 

832 

1039 

9.08 

8.71 

6.72 
1031 
14.59 

6.62 

14.75 

631 

5.03 

3.43 

8.05 

7.23 

1138 

634 

533 

8.85 


837 


7.80 


8J20 


5.88 

11-92 


10.61 

6536 

5.71 


29.95 

633 

730 


Tlmr. 

Feb. 

B 


Index 

No. 


205_2S 

183.09 

32636 


44237 

29232 

16133 

164.79 

188.93 

227.71 

17130 

114.99 

194.43 

216.77 

247.86 
25324 
19033 

190.77 

327.62 

122.77 

180.86 
173.70 
23324 
9939 
188.65 
256.48 

249.62 
130.07 
45922 
19733 


2PL88 


448.09 


22233 


16335 

16326 

20239 

154.06 

13938 

127.93 

312.51 

77.73 

23935 

106.15 


185.08 

86.82 

273.67 


205.42 


Wed. 

Feb. 

8 


Index 
■ No.. 


20182 

17923 

31B26 

436.76 

28930 

158.48 

16332 

18536 

223.79 

168.99 
113.06 

192.09 

213.71 

244.47 

24934 

18739 

188J8 

323.99 
12287 
17837 
17L61 
23L46 

98J7 

185J2 

25330 

24800 

12733 

451.62 

19236 


198.98 


44225 


21938 


16L24 

18260 


19888 

15180 

13613 

12585 


30433 

77.41 

23615 


10439 


18234 

86.41 

26226 


20249 


Tnea. 

Feb. 

7 


indea 

No. 


20183 

180.49 

32034 

43385 

28923 

157.73 

163J5 

185.01 

22286 


169.93 

31235 

19082 

213.07 

239.88 

24539 

18228 


18625 


32133 

123.46 

17730 

17136 

226.77 

9234 

18485 

249.08 

24628 

12292 

45101 

193.75 


19201 


44086 


21831 


16184 

18L91 

19881 

15781 

137.69 

12634 

307.64 

7738 

23281 

10420 


18232 

87.91 

26296 


20L95 


Hosl 

Febu 

6 


Index 

No. 


Year 

.no 

Immi 


Index 

No. 


19275 

17254 

31220 

42219 

28333 


15680 

16085 

182.42 

21281 


169.82 

11107 


18822 

20989 

23233 

24086 

18627 

18134 

31881 


12257 
17481 
1 MT\ 
22408 
9299 
18239 
24241 
24432 
12488 
44426 
191.71 


195.40 


429.70 


21500 


15938 

17933 

19881 

157.01 

135.40 

13.77 

30120 

77.44 

23433 

104.45 


18131 


8700 

26639 


J99J5 


14725 

12251 


19277 

28936 

18212 


13532 


12281 

12930 

14277 

14228 

85.49 

14082 

14531 

157.94 

17245 

15522 


14327 

2192Z 

9887 

11589 

13589 

200.47 

82.73 

150.92 

20935 

080 

8850 

42904 

14875 


14934 


48234 


17202 


122.92 

14228 

35488 

mm 

10527 


9726 

24291 

62.90 

16074 

8L.43 


16134 

18585 

234.02 


16273 


Highs and Lows Index 


1977-78 


- -High I Low 

A*- 


22883 04/9/77) 

214.72. oamm 
379.99 (24/10/77) 
48389 (ZU10/77) 
33222 (13/9/77) 
187.45 04/9/77) 
37782 04/9/77) 

21375 (21/10|77> 
26172.(23/10/70 
19987 (27/10/77) 

130.95 05/9/77) 

21380 423/10177) 
S274:«32/77) 
25245 (29/12/77) 
27282 (Zl/10/77) 
21463 (21/10/77) 
244.41 07/10/77). 
36082 (6/1/78) 
14481 04/9/77) 
20482 (27710/77) 
18L41 05/9/77} 
24386' (779/77) 
11968 (27710/77) 
213.70 04/9/77) 
295JO (14/9/777 

262.96 (6/3/78) 
14L25 05/9/77) 
53968 08/5/77} 
21202 gDIO/77) 


22232 mium 


54320 05/9/77) 


24832 Q4/9/77) 


184.48 (600/77) 
20436 (23/1/78) 
24910 (3/10/77) 
199.47 (7/10/77) 
159.05 (Zl/10/77) 
161172 (6/30/77) 
37133 05/9/77) 
9782(7/10/77) 
2SS29 (2D/1/78) 
113J8 Qflfl/77) 


20982 (700/77) 
105.96 (20/9/77) 
29781 Q5/W77) 


226.99 (Zl/10/77). 


135J3 (4/1/77) 
112J1 (5/1/77) 
167.99 (4/1/77) 
26535 01/1/77) 
168.98 (4/1/77) 
125.42 02/3/77) 
13385 (40/77) 

11781020/77) 
329-69 020/77) 
32253. (4/3/77) 
.7787(120/77) 

136l79 (320/77) 
14383 04(2/77) 
156J5 (34/2/77) 
17297 04/2/77) 
15084.(40/77) 
33135 020/70 
20188(220/77) 
9084 '.(50/77) 
30935 02007) 
12271 (50/77): 
19L4104/2177) 
7U4 wsjry 
144.93 020/77) 
20486 020/77} 
24273 (2/2/78) 
7785 (40/77) 
40540040/77) 
14081020/77) 


1428a 020/77) 


somnmrm 


164.45 020/77) 


119.90 "(40/77) 
33636 04/2/77) 
147.94 04/2/77) 
.8432: (40/77? 
2DCL97 (27/7/77) 
9534. (50/771 
225J75 020/77) 
39.49 (40/77) 
14269 (40/77) 

nxkamrm 


15539 070/77) 
8380 05/2/77) 
21480 (50/77) 


153.70^12/1/77) 


Since 

. - Compilation 
High .1 ' Low 


22883 04/9/77) 
23384 (2/5/72) 
38933 09/5/72) 
48389 (23/1Q/77) 
.33222 03/9/77) 
187.45 04/9/77) 
.17741 (27/4/72) 

227.78 (21/4/72) 
26132(2100/77) 
26382 (4/5772) 
1703^050/69) 

226.08 06/8/72) 
2HL8T (2803/72) 
257.4003/7/72) 
329.99 0202/73 
21483 £2100/77) 
244.41 0700/77) 

36082 (60/78) 
1442104/9/77) 
20439 06/8/73 
m.TTrTXinibD 
te9J6 <2/8/73 
83532060/70) 
J13.70-04/9/77) 
-295 JO 04/9/77} 
262.96 (60/781 
246.06 (1/9/73 
53988 (18/5/77) 
25883 (2/5/73 


222J2 (2100/77) 


54380 05/9/77) 


24832 04/9/77) 


24L4Z 03/4/73 
28832 (20/7/7Z) 
29113 (2/5/73 
433.74 (4/503 
194.46 05/3/73 

06172.(6/10/77) 
37153 05/9/77) 
27887 (1/5/73 
357.40 (90103) 
30338 08/5/73 


245.79 (25/4/73 
175.90 (28/4/69) 
297.01 05/9777) 


22838 0/5/73 


50.71 (330374) 
4487 01/12/74) 
7148 (202/74) 
84J1 (25/6/63 
6439 (20/75) 
45.43 (60/75) 

498? (60/75) 

3839 (60/75) 
4285 0302/74) 
63.92 0702/74) 

19.91 (60/75) 

6L410302/74) 
69^7.0302/74) 
7888 0302/74) 
5483 (90/75) 
5987 03/1204) 
5485 (11/12/74) 
5588 (60/75) 
43.46. (60/75) 
5263 (6/3/75) 
6266 0102/74) 
9434 03/6/63 

20.92 (fiO/75) 
58.63 160/75) 
7180 0/32/74) 

(24273 (2/2/78) 
4534 (2/1/75) 
9080 (29/6/63 
6039 (6/7/75) 


5981 (1302/74) 


8783 (29/5/63 


63.49 030204) 


5588 0302/74) 
6244(1202/74) 
8140(1002/74) 
3883 01/12/74) 
4488 (20/75) 
4196 0302/74) 
6586 06/12/74) 
3181 (70/751 
5681 (20/4/65) 
3389 Q7Q2/74) 


7183 0302/74) 
6631 (30/9/74) 
9737(6/1/751 


6L92 (1302/74) 


FIXED INTI 

SKEST i 

•RICE n 

STDICES 

FIXED INTEREST “ 
YIELDS ... 
Br. Govt Av. Gross Red.. - 

Fri. ' 

- Feb.. . 
30 ' 

Thill*. 

Feb, 

' 8 

ago 

(approxj 

.. . 1877-78 ' • • 

. Highs Lows 




Day's 

change 

xd adj. 
To-day 

xd adj. 

1078 
to data 

1 

Low 


- 7.63 

7J3 

834 

:;.10j48 (4/1/77) 

■ 1236 (4/1/77) 
3336 (771/77) 


British Government 

Fri. 

Feb. 

. 10 

2 

_3 

Coupons 

25 tool- -... 

9M 
_M 39 

M7 

1038 

1154 
. 1270. 

8J6 (30W77) 

9 £3 mvm 

1 

Under 5 years_ 

108-29 

+038 

— 

155 

4 

5 

Medium 

Coupons 

5 years-—— 

MO 

UL86 

4.89 

3036 

jjjB 

3241 

1332 (4/3/77)' 
1339 (4/1/77) 

8.73 (26/9/77) 
938 .08/9/77) 
9.91 (38/9/77) 

2 

5-15 years 

120.86 

+D.11 

_ 

143 

6 

* 25 years___I- 

1100 

10.W 

1331 

1427(4/1/77) 



12855 

+0.00 


164 

7 

High 

5 years—....._ 

15 years-—..;— 

1037 

10.48 

. 1135 

1427 (4/2/77) 
24.W- (40/77) . 
1598 (40/77) 

.8.93 (6/10/77) 
10-78. 0BW77) 



244.81 


8 

Coupons 

:1178, 

1177; 




+037 





26 years-.- 




3036 (30/9/77) 

5 

All stocks_ 

118-63 


151 

ID 

Irredeemables ■ 

JIM 

1148 

.3432 

• 1536 (4/1/77) 

1022 (30/9/77) 


] Fri. Peb. 10. , 

■ ■ —■-1 Ttaur. 

'index. Yield Feb. 
.So. : S ' 9 

Wfld.bfM».| Moo.1 Fri. 
Feb. Feb. Feb. 1 Feb. 

« ! 7 6 ; 3 

Ttuir. 
Feb.. 
2 - 

.Wed.! Tear 
F6b; f ago 

4 apprx 

1W7/TO •; 

. .' . . .Since .' 

" GotupUKiidn 


High* . Law* 

1520-vr-Bed. Deb. ft Loons (15) ... bl-67 

ie;investment Trust Frols. (15) .67.18 

17 Garni, and IMl. Profs. (20) .77.44 

tl2.IDi81.30 ,01J5 
12.65 M.96 67.47 
11.71 I77J4 7L63 

S2-TQ 

67.47 

rt.77 

62.18 

67.13 

177.77 

[02-6+ «2JBS- 
67. IS 167, U 
I77.W 77.88= 

SZftl 'BUT 165.87 essilfm 146J)7^4ximv 
67.IS. BSJt 157,71 Oil 1/78) W4.78.(4)I/77)] 
1?M. W.$S. '79.63 li/Wffl} J62.76 (4/1/77) 

115.45 (SblOrt®) 
114^41 

TT4.86 (7/10/63) 

ST.Ol (3/l/lbi 

52^2® .t*' l 2'74i 
473)7 (6/1/75) 


Other Croups SWU/M SS.K 

Overseas Traders H/12/74 UUJM 

Eagliwering Contractors 0/12/71 

WochnnKjl Engineer log U/12/71 15184 

Wines and Spirits Urt/70 1*3.76 

Tors and Glim] U/1/1Q I3S.T? 

Offke Equlpmeoi U/1/7D 128.30 


Hbuiiinctui ^knaoclal 
Food Manufactuiina 
Food Retalltea 
Imprance Brokon 
Mining Fbumcc 
All Other 


51/12*78 

3 vum 
nra/n.. 

29/12/07 - ■ 
24/12/67 ■-= 
29/12/67 ' 
U/4/62. 


12BL06 

mis' 

UUI 

968T 

18980 

UOUOQ 


5 m ranum TTmeii. 

Braito.mmw. Comm fcreeL Lmunm. ECa, price uT . 
hr post 22p; .• A forutainty-roconl or oroap pnj 
■eaten' indices.- <fr«denO Fields end earataas rn«» 
abK ft ISfe y Rh-dwrarijr btgta and tews of the hSiS' 
Is obtahteble Irom FT nnstnc i a -Enterprises, in . Bait' 
Court, London, EC4, at E» oer cow. ^ 


I 


la 


r. 


-o” 

!-5 


:-n 






J • 
1 
I 

I 




































B 


t li 197 S 

lisiSi! 


21 


V*& T^VitoSua: $Vfr£ Y' 

fMmh :.:. MK-so-ii p»fc«ti»i —-&*? - • 


UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


vtberCsjrttd^- 
*op*y 
.Wear hiv-Ttt. Fid,. 


'igmeEzzw 
#]«^SsxSsv.<m 


«l4j +02 
■ ifa + *i 
. 55-3 +o J 


l-oj| 


357 ®* rtinor ® Fand Managers ¥ la)(g) Perpetual Unit Trnat Mngmi-V (a) Arbntbnol Securities (C.Li limited 

JJ? Axe, EC3A0BF. 01.3833.ui « Hart St. Henley On Than** 04012fiasa pa»waM.M.Hcli.T.Jifw. OSH 72177 


4 07 
4.70 
2.93 


1403 


-*.-.„ /... iJlta-HanAuv firoop^ ig)^..- *~.CrW ®*jfislr LHe&flce LfiL? (at 

; v Ste-TunhriagaWellft EL 0882 2271 

• ■ . I 1 : 5 ® 8 ■**•' nr Bt^roadnCT?^^ -BLSiHld| U1C--5;--- - ■ 

: - . ■ ■ . tinted Fiwdo .-•" • : ! Y-Y '.-.•. ;<$?£:•• 

1 ■.: St&aidR-; 

^■^SarasCci ^ 

-. -. 53 i-Qi 452 1 3tnera; Rtaxte*GL3£C£ 

"»65 -5j' j^ttSlfulHMhT 

J^-nSE- DfctAeti 

'Demlc Treats (A 
. (4.7d —J a27-K 

3 M3r-J m 


(iiAmvrioiiTiL., i»t 
BrtttdillR.(Aec.i_. 49t 
1304 

U)F^rEan.Tnd.. 24.1 
Hlfth Income T»L-. 555 . 595ri 

Income Fuad.. __£ 9 “ 7LM 

Ins. A e« Wes_1224 13.0M 

Inti. Exempt Fd._821 mJ 

t»n4u.T«.(A«:cEi Sf 


24.41 +011 
-a.7| 


-3 01 


1551 .._ 
+B1 
-02 

$ 
13 


1.13 

U5 

689 

3.01 

557 

158 


407] | 3.95 I Cap.Ti«.'Ji!r«ty....J114.0 itf.M .._..} 3.65 

«w-q _ I J " l .. hert (Jeatiqjt date Feb. 2L 

1U0I..r 


FpnuaIGpGth... (J77 -- ™ „ rwaaiBd 

3'71 Piccadilly Unit T. Mjjts. Ltd.? MNbt.' Eartfclnti.TM.cr.. ptfto 

" Warttelc Hoe., 50a l-andoo Wall ECS fiMOBOr „ 

fcwra Income_ |305 jMdJ _ ...| 950 An»raiian SelecUon Fund !W- 

SrnalirosVd.__ “ . 


330 


First Viking Commodity Trusts 

»tFi. George'/. St_ DouaiaM.o JT. _ 

#324 46B2. Uln. Asia. Ounhar it Co- lt d. 

5& Pall Mall, London SW175JK. OJ4WJ785*: 

Frf. nil rm.Ta. —ism 4iw| | im 

Fst.VhJJbL0p.T5t _ [86.0 9l5|_| 0.70 


King & Stum on Mars. 


Schlesinger Internal ion al Mngt. Lid. 

3/rsey. 0SM73.W. 


Gab » (Antony) Unit Tst. Mgs. lid. 


Iwt 
lliedi 

■ TOnbro fVnd taVT 
ambroAce. FcLt-Jliaj: 

-temse Funds 

S Yield FiL_jt 43 . 

Income 

H-Ed.Inc.ZIZZpel. 

'leruthmall 


23, BlcunOcld St, EC 2 M 7NL. 
(*i AC. lneome*_,| 3 *Jl 


Iai, i A»»cu. 

PncaieFond__ 

Acnunhr. Fund. _ 




ocfaUit PtaMfa '-. 
aallwCo.'iFrf 199?' 

- d Stair. Co'a Fd._ so 

seoroyShs.*_* 5 ® i 

st-ISn.&Cdty.. Si . 

‘GIOatEflm mgK 917 

\^mpt Snlr. CtfC n.9 



p 

S;hJdr. Feb. 3—'_^M9.7 12UJ ^ 

DaAmun Uail pL43^ IMS . .J 

«k >oxl dealing day Feb. 17: 

Grieveaon Management Co. Lb 
M Gresham St, KCSP 2 DS. 014 

c=B» l ®:r 


m«»aan S; 

* * «cc WlA.G.FtrUiit*_.04 22 

Jg Dealing *Tue«. ttW. 

Govett (JoJin)y 
4« T7.uondOBVseU,E.Ci 


01-0884111 S B r h ^ t ’ Und -: 


850 American Fund_I 

4.70 


306 

J 2 W 

_ . 

409 

436 

+ 0.1 

486 

526 

.. .. 

466 

49.9s 


364 

38 4a 


624 

66 ? 

-M 

Sfl.4 

623 

+0.4 

233 

24.6 


222 

235 



jlorfcM Opportunities, c.'o Inab Vouns ie 
Qnttrwtiic. 127. Kent SO, Sjttarj 
irsnsburc.i.- 1 R- 5 LC - | . 

Xo Oj.-et value Februarv 0. 


.1 - 


-4 - 


0.30 Pnctical Invest. Co. JMJf (yHC) 

44, Btoomabniy Sq.VClASRA OHB38B03] 

Practical Feb. R.033.4 14181... .1 437 

1 _[U64 


19&: 


457 


KtezaaolLT. 


,Can«d*;UCec.UnH TA.JWngrs. LhLtf 

TfdHItfaSll pysttar* Ban*. HtxU ' “ —- 

QaLEeaDW.,, ■ -1957 :37. 


169J2 

1905 

1575 

U25 


tFepfiharcbSLTCMaAA '-. .' ' OZitosi dJ ttSiiBS: 




487 


BTg»HYFeb.ft 
iAccbul Unite. 

fSuietre. Feb.7_ 

, (Accum. Dnitsi.™,™, 

/_P. Bar 51122 Grncfcatr.Fcb.UI_[77A 

-43} 4.30 <Accnm.XJntto v ._,|aaj 

-Sv 45E IJL&Rnii. FeM—S 2 

-S3 7.88 (Aectnn. Units)_fn.7 

-«3 758 


1773 ..,. 

190.0 
IMA 

a ai«ii 

73.7 


4441-.^ 

'. x^meher Unit Mgxntl Co. LtdL 
__ i'ot>leSt,EC2V7JA ‘ ,-A4B3U98L C^Jt* 

QaecnSLKondonECUtlBV C^riltd Utft. gg;jMjprfcwMd.V (aKc) '<S^G^rthloc^l_ 

tra.lneonjcFd._Jllft7 •■ 12971 J mab MObomHobae.NdWc**tt«S»i>0Cwe 211(13 (*e£C«>wthAec— 


01-5685820 Aecum. Units 

|g Provincial Life Inv. Co. Ltd.V 

2 St Blshopscaie. tie 2. fl].24715533 

Prolific Units_172.1 7721 -0.4 3.59 

High Income_0041 ULfl-03 7.77 

01 ’ WS W Pra « u ' Portfolio lHngrs. Ltd .0 (»KbUcl 
4.47 Holboni BArs, EC 1 N 2 NH OI-40SSCS22 

7 » Prudenliai_|119.0 1265)-O.S| 448 

l« Qoilter Management Co. Udf 
S-S The Sit Exchange. ECZN UfP. 01-60041 

Quadrant Gen. Fd..Q 01 .B MM 2 i *17 J lraomasstDous 
jS. OusdraniIncome_P15.7 UjJdj .| 7JO J TJatemAust.EsL.m.| 

1<n Reliance Unit Mgrs. Ltd.? I D&<fctt-Po<Mfic Zifiis 


Tinning Japan Fund S-A. 

■X7. rue Notre-Dame, Luxembourg 
FlmR.Feb .8 -1 US4057 | 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Bermuda. 

NAVJao.3L__| SC SIM 19 | —4 — 

G.T. Management Ltd. Ldn- Agts. 

Park Hse- 16 Finsbury Cirrus. London H2, ■ §^. J 1 h^svT" 

Tph Oi^ss Mtsi Ti.-v-aarnm S , £H - 5 Q * u !; fa - 

MgnetBennndn 



1 lniLFllJen:rv,_..W 6 
i7T4l1 Z.4 — IntnLFdLLxmbii. - |s9 59 



8.84 
4 55 
1X09 
360 


do Bk. of Bermuda Front 
Anchor •»' Units-. 

Anchor lnLM-gUSMt 

G.T, Bciutuda Lid. 

Bk. of Bermuda. Front St, Eamltn. 


Hamits. Binds. 

:.. ...J L98 

4 rod_i zoo 


Bank of America International S.4. 

35 -Boulevard Royal. LuMrnibomt CD. 

VR&htcsi Income ,}fl'SlfiUI U7D|-r4J7t 6J4 
prices ai Feb. 3. Next sub. day Feb. 15. 

Bnfc. o£ Lndn. & SL America Ltd. __,_ 

4 MB.Queen Victoria SSL. EC4. 01-9302313 Tp,: ® 1- ®® rUt 886100 

Alewudcr Fund ...|n.'5S.n — I. .1 — Management tnlentaUtmal Ltd. 

Net asset value Feb. 9 . 

Etnque Braxelles Lambert 

2 , Roe De la Regence B IOOO Rrusarl* 

fUBUFund LF-p.,955 2.015} -i-]2| 831 

JSaxdays Unicorn lot. (CL Is.j Ltd. 

LCbanag Quit. Sl Heller. Jny. 053473741 

.“Sobjecl to fee and withboldlns taxes 
Barclays Unicorn LaMI.O. Man) Ltd. 

monos St. DouBias. J oAL oaujasa g.T. Management (Jersey) Ltd. 

Royal TaL, Bse- Colomberic, ft. Helicr, J 


Intl.'GwC Sen 7a 

Firtt Si or line_|i_ 

Firs tall_[5177.40 

StiSSS hS?S UX ’ dt * A 01-4838000 • (W27733 


Knfiqvcst. LllX. F. 

Guernsey Inr_ _ 

Po. AccnoL___ 

KBFarExSFd__ 

XBlnU.Fund_._ 
KR Japan Fund. 


0“ J 

SUBU59 

Sag ? 7 

SlOJl 


■LnlfoadsiDHi- 


pijj 


US4» 


19301 


EEquity. 


(1022 

ioa r 


319.9 

1401 

149 0 

1020 

1085 

12X2 

1289 

107.4 

1142 


BrTTTPacF.....__JS382S ' — 1+030)105 „«Sr*ik;-* 

G.T.SFi_1 .5US6.44 I-o3) 0.78 - Next dealing dale Feb. 15. . 

G.T. MgL (Asia) Ltd. Lloyds International Mgnmt. SA. 


• 148 fFixedlblorwl. 

_ 1 im SFTseiJ lnlen-»L 

nil EMnnaani ___ 

_ JMaaaeed_[107.4 

R72 J. Henry Schroder Wagg & Co. Ltd. 
lao.CbeajKide.E.Ci OI-5RH4IM0 

.CheipSFeb .8 -1 Sl-.S10.73 .. ,| i7B‘ 

. TrafataarJan.31_ I 5US1B7J6 

po.»w9.m„.«. osy^g OiSKRi^ES?* AS 

rrO.i—l *“* JimFrl-bhin KlIHll 


■KB act at Londcm paying agents Only. 
Lloyds Bt fC.l.) U/T Mgrs. 


,A 6 ~ 

510 

.017 


Jap«j Fd. Feh.l 0 ...[st^Si 2 RBOuf-DOEl 

Sentry Assurance International Lid. 


15 a! 4 O .21 1003 «a.i. MgL, (asiai Ltd. Ll^ds International MgnmL SJV. PO i. T 

^sasi & r-i - « 

.0. Man) Ltd. L..T.Bond Fund .^ rsusiin l ^ 530 Lloyds tat tacoou-.^» 3»^—f 630 sinaer & Friodlondor T-d™ 1 


Guardian Boyal Ex. Unit Mgra. Ltd. ReBanCe Use . Tonbridge Welta KL 0 BC 22277) gP ?^jg”gg—■ 


fl~0^ 


55«, 

541 


_n .lnv ■ 

1 % W dnri.Ofa .1 53J 
sSertfflcoFbwL- 25,7 


ISA 

40M 


+ 0 J 


tawin. UnU«l__ Si 
pjtal Fund* - ,^— ItS 

% . VfdrwLnw 462 
>AProp_Fd.tr K? 

mb Fuad_R 2 

■'. Cum. Units)__ 429 

. l«tb Fund-30.8 

■* "etna Units)._ 353 

■ lao GlhFcL- 1333 
. _ mere i taU.Fd 283 
. b Vdnd.Utc.jl 6 J. 

^len Fd-*-*__675 

■Amer.tJnt.Fd.faM ... ^ 
:*?X 2I4on. TUt*. WWnd. nSarg. 

,.. N«a tUgsL***Dee. aa. -*Dec.-13.1 


430 

h| -;r 


Capel (James) MngL IMf Royd Exthwff. BCSP 3DN. oi-bssboii OponrtunityFd—[58.0 621 

joo^m^a^«aH 3 »Qr---r:' 01 -snmia wcMrohiuza-imj «73j-03| *.n. s^^oT.rAec.., go -g 

. ) 4.B Henderson AdanlslstntimtaHz) _* . 

737 pmmiBF iiT Arfmh. n—^ Ridgefield Management Ltd. 

(Cri’Zirasa TO Box 41». Bank Rac, Mndutr. 0012368321 
1.94 RidgefieldInLUT.WLS S7H .‘....| 2 
3.69 Ridgefield Income.J?lj» - ULq ., .[ 9 

iit Rothschild Asset Management (g) 

ffi 


Do.Manx UnUraJ. .[221 


073- 


Z10 

240 


R 2 B 

un 

220 


GT. Asia Sterlings. |£10J9 1X25] 
Bank ■( Bermuda (Gaemseyi Ud. 
31-33. Lo Police, Guernsey. 0481-28286 

- Berry Poe Strle__pM.@ 214,?41+«14 

Anchor Gilt Page .-EpJl 10 . 

Andw InJsj.TsL, [22.1 23.! 


71 j mas Mlfcuro'actise. NdncixtfiH^bn-Troc 211(13 Gro wth A 

5 d II? 


29^ -03 

4x9 


Do. High 
D&AjOetzzn. Thiili 
. ■ 7to(t - 


Sa rOJj 


-.. I ans 'C*P>»aoAm' 
-«cs ass *Sa*Wt*K25? - 

one fco.,L 






•mit 


521 camrtertmoae Japhetlf 
311 XPatenunterRow.BC*.- • 

U 1 'UIMpdlL— 

, XST-:- Accmn. Units, 

■«:-SEBter 

IS.®? 

_ 

JuZ Oiieftain Trt>st iMaiug<TsXtd.Vta>(g) iRSSteSSSi — 1 

: soon QuaoB.SC ZJC4RXBR. : ' '-' H-mam !S! sHiftTTSS— 

. . . . Amertcmi--tana.7 

chway Unit Tst : Mgs. Ltd.* latte) SSSffllTiC WJ 


Im 

HZ 

zu 

,SI 

zz 


hb. 


i 


UOtac. AAsaeta._ 

'JOInlenialJonal_ 

ipNQi. American „ 

NA Gross Feb. KL. 

01-34838(0 JblANst- 

377 W.W1d.Feb.J0. 

3.77 lfiJCobot__ 

aos Cabot Extra In c.__ _ 

3.74 “For tax exempt funds only 

22 HID Sanwel Unit TM. Mgrs.f fa) 
, 3J9 45 Beech Et_ ECZP 2 LN 
,15. ibl British Trait—. 

IE) Inn Trust _ 


59.M 

3A7d 

1073 

2523 

WS 

56.M 


-024 


+ 0 J 


+ 0 . 1 ) 


8.07 

594 

222 

123 

2M 

234 


w 

S99 


.HighHolbora.WCiV7NL _ 0J-8H 823a: Bade Reave. 

.-. hwayKapd-p7j. *24} _.._f 59* 

’■- '^.fices arFeb. X Next sub-day ja. 


relays Unicom Ltd--Ca)«)f(c>. > • 
com Ha 252Romford R«LK7. . 01-0368344 


•sinssaaKa:. 

,--i 239 <bJ Income Tract—! 

-b2} 9.40 lb* Security Traci _ 

+021 3.44 tb)ffig)TvtydTliX_ 

rr * n InteLV (aMg) 

Confedexatioo Funds Jggt,: Ltd.f faj 15, Chrinopber Street, ECJ, 
W Chw ar tong. WV?A 1 gw* - v > niiaxanaq brteX Inv. Fund- }UjB 933at -0J} 

Growth pjind ; .--.' n |384 sM .i-—[. 4.41 Key Pond Managers Ltd. fa)(g) 


42.6a 
250 
60.1 
427 
5* 2a 

— 23^ 

5.48) Bfahopsgaie Commodity Ser. lid. 

P.a Bax 42. Douglas, I o M. 0024-23011 

ARMAC*J#n 3 ... j SL S2619 
CANRHO" Jan 6 . I CX010 
C 0 UJff 7 Jan.« - I £2336ol , .. .. 

Originally is*ued at *510 and **£1.00. 

Bridge Management Ltd. 

72-00. Gatehouse Rd. Aylesbnir- 02061*041 P.O. "Box 506. Grand Carman. Carman la. 

gUOf-a-ii 22 .NTwsbiFeb . .} M3.R57 |.} — 

1002) -0.7 201 <j P.a Box 5M. Kane Kmg 

J SS “21 ?-2 -NiWOO Pd. Feb 1 .SrsUR 1191} J 0.89 

S-liH ?ot Ex-Steck Split 

154^ in Britannia Tst. ftlngmt. (Cl) Ud. 

Rothschild & Lowndes Mgmt lal Hc!i Hambre Pacific Fund Mgmt. Ltd. 

SlS wliblnaLane.Ldn_RCA 01-8384358 SnJ.Fd... . ' .'J 59.6 Wld -D 4 I XOO """ -----"- 

NowCt Exempt-.10178 124.01 | 372 Jeraoi Enerffl-Ta.. 135 3 14633 - 2 (U 130 

Price on Jan. 16. Mnt dealing Feb. 35. Unhm. Dir Tst. .. 55.07 534'003 — 

0I Kowan Unit Trust MngL Ltd. lta » T ftSV *nI?v deauSFeb 13 ^ 

-08| Si £5^£iS£jfV M £H rS *'^& Butterfield Management Co. LUL 

-.ml 1 * Rowan Am. Feb. L.B93. 6181 ... | 121 po. Box 195 Hanulum. Bennuda. 

Buttrox*Equity-..12.05 X96) | 109 

Buttress Income J2.00 X93| . 749 

Price* at Jan. 9 Nut sub. day Fob. 8 . . 

Capital International SjL 

37 rue Notrc-Liamc. Luxembourg. 

01-839829CI CopUol IziL Fond. | 5US15J5 {.J — 

«g . j 3 u ] Charterhouse Japbet 


Singer & Friedlander Ldn. Agents 

20. Can non St. EC4. 01 ■ "«8f649 


M & G Group njtadjLiui imncm 

~‘l~{xr Three Qmoa. Twer RiR EC3R 6 BQ. 01-828 45« 

AtlantieEx.Fleh.r. KIK9W 17U _I — 


Atlantic ExJ>b. 7 
AuxL Ex. Feb. 8 .. J 
Gold Ex. Feb. & 
Island_ 


IDSL* 

SISL75 

- SL99U1 
._ 1078 

- 1508 


27U 

xa 

1841 . 
114.7 +Ll 


"""I 329 lAociuaUnits 

Samuel Montagu Ldn. Agts. 


Q692 2B4JI+D70I 7 75 
5US3O.O0 I_J I DO 


N. C. Equity Fond.. 

N.P &CyRea.T«. 

N.C Income Fund.. 1__ . 
N.C. lulL Fd. line * 717 
X.C. IdU. FU 1 Ace.) 727 
K.C. SinIJr Coro Fd 144 7 


Gartmore Invest. Ltd. Ldn. Agts. 

2 Si . Maiy Axe. London. ECS. 01-2833531 114. Old Broad Sl. KC2. 

GntBOR Fund MngL iFar East! Ud. Apollo Fd. Feb. 8J.SP620 

1503 Hatch)son H&c. 10 Harcourt Rd. ILKone Japfest Jan. 31 _._ B5fEa.« 
HK&P.e.U Ttf ■ .paKXtt .35g --1 3 0f Jl“ Grp. Feb. oFaUR 

Japan Fd-_BCSMafi 1L3T “ 

S. American Tsl.._pUS930 91 
TOIL Bond Fund._ prann »« 

Gartnmre Invcojofnt MngL Ltd. 

P O. Box32. Douglas. foM. 

Inli-maiional inc. .IZ 10 22' 

" -154 6 58- 


~ Surinvest (Jersey) Ltd. ix) 

_Pa.BoxB 8 .Sl.HeUer.Jmcr. IBG4 73673 

1603) +L7] 1323 American IndTsf.. |£6 76 6 90|+fl 03) 1.48 

r-opperTrnst-{£1012 1034*036 — 

Jap. Index Til._|£& 6 B b.bo -iui _ : 


Gjjx. 

317 Jersey Jan. 2 ft.TlL_ 

117JnyO'sFeb.L. |£9.40 


01-M8B464 Surinvest Trust Managers Lid. lx» 
T ^? 48, Altai Sireel. Douclas, la31. 0624 2m M 
212 The Silver Tru a. .196 7 9911*0.9 

Richmond Bond 87.UB92 199.1 

Do. Platinum BdL... [1035 1D9.I 

Do.Gold Bd._..{958 100 ! 


085 


Do Growth.. 


238U 
1X58 
532 


340 

8.93 


2110. Connaught Centre, Hong Kong 
Far EoatFMi.il....19 69 10201*023 — 

Japan Fuad.pi'S&n 621^-rilOq — 


Murray, Johuiane flnv. Adviser! 
183. Rope SL,Glon;aw.CS. ' 041-22155=1 

* Hope Sl Fd-1 SUS27JH I .... I — 

'MurrayFund.| SUS9-0X I 1 — 

WAV Jan. 31. 


TSB Unit Trust Managers (C.I.i Ltd. 
Bagatelle Rd.. S4. Saviour, Ji-rv>< 0534 ~ J 3 -', 

Jersey Fund.(427 45 Oaf I 427 

Guernsey Fund.|42 7 45 M . 4 27 

Pnccs on Feb. 8 Sow mft. day Fob. 15. 


A# 


Negil S.A. 

10a Boulevard HcnaL Luxembourg 
XAV Feb. 3-[ SUS18-07 |.| — 


cornAmertim.pgT 

Aust.Acc_H3 

• AuaLTnC.:-Q 8 

Ho 

Extra Income 27.B - 
. Financial ^ 566 

'50fr„- ZZ us 

: General_29S 

. Growth Act— 388 
•IncomeTst^_ 787 
:..IWAna.*rst..llS3 
-ices at Jra-31 Next 

. Recovery-.DU 

. Trainee Fnnd— 108.9 
- Wldwide Trnsl 944 
. UnPdJnc—M O 
A«mm.„.u_L 67.4 


-257 


66 ^ 33 535 

M9.< -02 ' 607 

“ffi ^ .« 

- WA +03 .Sfe 

3X7 i-o :1 fir 
4X5 -0J -425 
M 6 > -*-03.657 

. 14X71- 485 

ib. 4w Feb. 28. • 


CoomopalitanFH ad 

COptbaHAwe.' London BCZB . 1 -- -- 

eoamopohj-GthFU p73 - v.. :JM( +X2J 4.93 


25. Sink St. EC£V flJE. 


Key 


M0.4 

77.4 

618 

M 8 


ln.ra._K98 

, Geo..|648 

*Key&«n«ptFd.._ 

Key income Fund.. 

Kej- Fixed InLFtL. 

R31-32S40BI ^faiDCrtW.. 

426 Kleiawort Benson Unit ManagersV 


1576 __ 

3 70^^fl2 rro Rowan Sec. Feb 7.:(1520 *—-g .... 
jmnatSv iin Rowan Hr. Feb. 0 — 521 54.d . ... 

din •Aecura-tiltai_ 7X5 753^. 

S'filn s 7 'S R*o. Mrln.Feb. 6 .. 68.0 71 4U . 

^03 533 lAcciun. I'nlui.|09 873 . 

30-41 -M 8 JA. Royal Tst. Can. Fd. Mgrs. Lid. 
54, Jermyn SlrecL S.W 1 . 

^ 2 ?.S! 5 SS^“W 

Save & Prosper Group 
4. Great Sl Helen!*. I-ondon EC3P 3KP 
08-73 «{ocen SL. Edinburgh EH2 4NX 
DcdIIdeb tn 01-554 8809 or 031-228 7351 
Save & Prosper Securities Ltd.9 

Intern at Iona] Fund* 

Capital.1326 

linjv.'Growib" !T7}578 


75* 

754 

129 

3.29 


Hambros (Guernsey) Ltd J 
Hambro Fund Mgrs. [C.I.I Ltd. Neelt Ltd. 

cfraSr’J^Si* 14471 H ^| 00, B 1 rmda - 

Intel.Band...._PC5U249 IKtd_ 1 850 NAV Feb.3.[0.9* 0.94} ......J — 

lnL Equity—. ..^.. SUS977 10877 . f 2S0 m . 

taLSm-ings-A-— scsub iajl.I B50 Old Court Fund Mngrs. Ltd. 

In!. Savings'B 1 .. Sl 58.98 181} .... | 250 un u q ,,,,..... r. . JlfT 

Prices on Feb. iNai dealing Feb. 15. an. 


Tokyo Pacific Holdings N.V. 

Inti mis Management Cr*. N V. Curacao. 
NAV per >hare Fch 6 . S-VS43 f*5 


Tokyo Pacific Hldgs. (Seaboard) N.V. 
Intintix Mananemeal iln \ V. Curnca-i. 

NAV per share Feb. e SL S31 M \ 


Henderson Baring Fund Mgrs. Ltd. 
P.O. Box N4723. Nassau. Bahamas 


XPatcrntHUrr Ron E'.'4 


01-8007070. 


73J 
680 
149 A 
822 + 0 . 6 } 
• 653 ^ 

899 -tO.ll 


3.98 

504 

650 

B.U 

1X93 

668 


, Adiropa.- 

Adi verb u .. „ 
Fonda*- 

FouiliB-- ... 

Emperor Fund 
HUpono 


3239*0301 
5860 *030; 
3J«*03W 
2X50 *0X01 
273 
«.a 


559 

534 

5.99 

605 


X93 



Creocent Unit Tst' Sttn- LU. (ailg) 

A HMriDeCret. Btfinbmgb t_ 

Crescent Growth —1263 Vv XI _ . M — 

-Cres. tatenuiT- -^(465 • HjM-S-3 2^2 W. Pm church SL.E.CA _ 

5 £ i" »™‘.»' 


01-8238000 Increasing Income Fond 


Old Jewry. EG' 


ring Bratben & Co. IMAf <«Mr) 

. -ewienhall Sl. E.C 2 . 

. H on Tst— }166 2 

- Amin- _ Blue 

Next sub: day Feb. 

— AJMw 3L.R.W.I '• 

- hopegate Progressive MgmL C&V Bmoa DadieyTst.J*7.6' 

ohopsgale. ECA I " - 0L8B883B0. _ - Z, 

icPr.-*Feb. 7- P62J 1720 ..I w Egnltai Been. Xtd.Vtt^g) 

TJta/'Feb.7—&9X7 i s.87 41 BUbopagatc.EC3 


High Income Fuads 

DiacretSonaiT Unrt JPnadMwagers L & C Unit Trust Management Ltd.* l“£l£ eturn -£15 

32,BlomfieldSL.EC2M7iLT- : 01-8S844B5 ’ n,e Stock Eehoago. ECZN IBP. 01-588 2800 __-^ 

Dteta«»e_JI342; : ,lkS^ 538 

E F. Winchester Fund Sfagt Ltd. Lawson Secs. Ltd. ViaKc) 


57 91-0.31 670 




1% 


UK Equity.1414 

Overseas Puaddil 


4454-0X1 484 


*Raw. MatBrlnl*,.. 

fbAeeam. UbHm_ 


™-5g» SSSS^Ss^^;&i2 

E ^ nsMI t Dndley'iiifc MngimiL Ltd. NAeWltaiw 

hi bho wammt 
wican Fd_ 


RV. MM. Lawson secs. Ltd. T(aWe) Europe___[74» M S)*L 0 | 

.01-002387 OS George SL, Edinburgh EH321G. 031-2283011 -- m* +0.| 

•.•.L.I-772 XRbw. Materlnla tSSJ. 3221*011 7 H U-S..„.....--—164 2 69.0} +03j 


* Growth Fnnd. 


^ 014007551 

Sl# 


atolnL Jaa.ax.^. _ 
nsu Jan. 31__ [178.0 
Next sub. day Feb. 



' Pragma*! *e_ 


JB1 


_imltalta)_ 

—Sigh Yield_ 

V" **lAccum. UdJSs3_..«™.w __j U j 

«01<&tt3881 DeaL turn. *Tnes. tfWcd. fTbura 3 *Frl. 
i *MI-05} 481 Legal ft General Tyndall Fnnd? 



7.39 

7.33 .Sector Foods 
3.17 Conunoditr-. 

3X7 aiergy- 

X9B FI non rial Secs. 


2.9Z 

153 

3.10 


_1651 718) +0J} 

_lu.7 1*5 -03 

- \U7 684 -M 


457' 
290 
2 88 


High-minimum Foods 

Select Internal_(218.7 

Select Income El 8 


Equity ft Law Uu. TrJK.?Ta)(bHc)_ 

due Fund MmumroViarieV'' ' " “'Am«hamRd^ja^V&emnfi*.','(S#4333T7 lAecum. raib4„:.te|.6 

LOWS r^^nu^sLEotnwji / . 01.0234951 438 ”^'.* 7 ,^, 1 Feb . > . 1 

*9 a iVt: n i„a_' UK 1 ' '• ‘ag-t> T ‘ tfo H ' Lramlwe ABnrinlotratlnM. I1H 


:d 


4.92 

4.92 


230.8) -1.0) 
54.fl -0.11 

ScolMts Securities LUL? 

Rcotbiu..... 

10 52.i 

3 57. 


288 

788 


_ 


Scot EjC.Gtb'4. . 
Stole* : 

•Prices 


I'gelne*__(4tl 

geCap: lnc.tx. 

-.igeCop. ACC.t— 
ge Exempt t~ 

-gelnll lne.t~ 

1 ESSE 2 





DM3560 
CM4SU 
,n«3l7S 
DU2D4B 
(SIS2U 

Corahill Ins. (Guernsey! Ltd. 

P.O. Ben Iff?. Si Pcir-r Port ilucrnam 

Intel Mon. Fd .1163.0 17751.| _ 

Delta..Group 

P.0 Sox 3012 Nassau. Bahama* 

Delia Inc. Fch. 3 . JSX28 154} | — 

Dentseher Investment-Trust 
Poetlacli 2883 BicberEassc 6-10 6000 Frankfurt. 
Cop centra...— —ID 10960 Z 2 M* 01 D| _ 
InLReotcniondt. ..[DM7X2B 7SJa|*0io| — 
Dreyfus lutercoutinental Inv. Fd. 
P.O."Box N3712 Nas&au. Bahamas. 

AVFA.7. . . _}P.'S12J7 Ull| .... | - 

Emsan ft Dudley Tst-MgtJrsyXtd. 
P.a 80*73. SLHclier.Jersej. 0834 30901 

E. DXCT..|1179 125.* ... .1 — 

F. ft C. Mgmt. LUL Inv. Advisers 
1-2Laurence Pountney RIIL EC4R OBA. 

01-823 4880 

Cent FA Feb l . | SL'S426 | . | — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 
P.O. Boa 670. Hamilton. Bermuda. 

Sl'tOOXOri 
SI-S1&45 
Sl>S3859al 
SUS1224 


01--483UB Japan Fd._11487 155B ... J — 

« *i cn Prices on Feb. 8 Ncm dealing date Feb. £ 


Inc. FA Feb. 1_ 

IntL PVLJau. 16 .. 
Sm.Po p'd. Jan. 31 


Tyndall Group 

048 . 1 3 ^ 1 P.a Bax 1SS6 Hamilton 3 . R-rmedo. 2-C7&0 
—| J-jf Overseas Feb. 8.... .|Sl$D.W 3 85 


322 * 


fate Feb. 22 
HiII-Samuel ft Co. (Guernsey) Ltd. 

8 leFVhire St., Peter Port Gucrnaef. C.f 
Guernsey Tn. ..}1475 157.61-0 ? 3.46 

Hill Samuel Overseas Fund S.A. 

37. Rue N'Mre-Darnr Luxemboun; 

ISLS16S6 USl-OMr - 
International Pacific Inv. Mngt. Ltd. 
ro Box R237. .96. Pitt Sl. Sydney. Anri. 
Javelin Equity TrL.ISX92 204*0.011 — 

J.E.T. Managers fjerseyl Ltd. 


Old Court Commodity Fd. Mgrs. LUL 

V O.Bo*B 8 , St JuUnn'sCt.Guernsey048X28741 TASOFFeb.B_ 

O C. Comdtv TsL*.. H22S X29.7a* .| X75 lAccum. Shares i.... 

0 C.DlIr.Cm-Ta.T - Js242T 2560} ....I — .lcsrscj-Fund FCbS.. 

*Pn res pn lan. 31 Next deallna Feb. 14. iNonJ. Ace. Ill* 
tPrtce on Feb. 7. Next deal mg d«' ' . - • - 


lAecum Union.(SCSI51 

3-Way- In t. Jan . 19 .. pi S3 05 
2 NewS(. SL Heller. Jersey. 

-- - 10.30 

£9.60 
75 0 
760 
156 0 
250.4 
112 6 
1378 


*.... .&3D.4B 3 85J .. I 61 

.BisiSl led . 

19.. |flS3415 2 605 . - 


00 


dale Feb. 2! Gill Fund Feb. R. 

lAecum. Shares 


6 bOvJ 
1020 
ho a 

BOO 
1994 
27S9 
U4.6 
ICO 4 


l»34.n23WS 


710 

3045 


Phoenix International 

PO Box 77. Sl. Peter Port. Guernsey. 
Inter-Dollar Fund-|SliSZ 8 ) X41} .... ] — 


Victory Hon hr. DocrIu. Islr or Mac. £624 25029 
Managed Jan. IF . 1127 2 134 01. 1 — 


Property Growth Overseas Lid. 


PO Box 1M. Royal Tn. Use. Jeraey0534 27441 U5L.Dollar Fund _j SUS8B27 


Jersey Exrrn 1. TM _J10a 0 11681'. .1 — 

[l 31. New 


As ai Jan. 31. Next sub, day Feb. 28. 
Jardine Fleming & Co. LUL 

481 h Floor. Connaught Centre. Hong Rone 


28 lricb Town. Gibraltar. 

iL‘__ 

Sterling Fund_7.| 02850 


UUL IntnL MagmnL (C.I.I Ud. 

14. Mo It After SlrecL S< Helicr. Jc-raet. 


iGib 16108 U 1 E.Fund. 


..) Sl'SlOJ 1.1 8 25 


Jardine Esta TsL..., 
Jardine J^raj. FdJt* 

Jardine S FLA_| 

Jardine FlemJnLt- 
NAV Jan. 31. 


”1 152 K-T InfLUsy.lFd.. 


< _[ 3.<._ 

l ...... 110 

■ ni-“ 

5LS59.>7 


| 403 P-0. Boa 670. Hair 
-0.2 6.99 FidelHyAm. Arc... 
40 11 450 FidelityInL Fund. 
i • a os l^doiliy ri'-Fi.. 


Is 


2. Du Ice su London W1U 8 JP. 


01-4805091 


X«o AKnm.~..L-'|n'4 wSf -0.l| S.K 


tuula Trust ManagameMtfaXg)- 
'cion Wall JhdldtHM Irairim 
tocEC2M5QL - 


‘if- 

-tal Arc., 
raft tad. 



S-XTretand VanLECfiJ 0OR '. S - 01-3488071 
Capital T«xl^-{M 66 j 3-« 

434 Ltat^w^ Fd.—^ tS Lloyds Bk. Unit TsL Mngrs. LUL? (a) 
“?«■ +Lfi l 2 - 57 RegUtrar'* Dept, Corine-by-See. 

-• - • — • * 4 . - .* WorihlniL W*sl 

. Frlends' Prowtt. Unrt Tfc Mgr*-? FirwcBateedj_ ujm 5X31-o j 

aaJSS «4» 'iSSStb' S*Si v'^uiSFS SM ^3 

is sasssterE 

^ 5%: G-T. Unit Manager*- SS«h®SZ tIj® 

16 Fbjftnny ClreufKCUJtTDD 


Schlesinger Trust Mngrs. Ltd. (a)u) 
(incorporating Trident Trust*i 


SerlevBiPaeitict.. 
Series D lAmAif, 


£3X0 • 
£6 04 
03 09 


-< D.97 


*0 3K — 
*0.94 “ 


SHK209.90OI 
SHK274.9Z 
SUSZL79 
aXKMM 
... . Equivalent 
Nest sun. Feb. 15. 

Kemp-Gee Management Jersey Ltd. 
1. Charing Cross. SL Heller, Jersey. 0534 73741 

Kcmp-Gce Cipital. EL 6 8421 .1 — 

Kemp-Gee income. |643 66 ^...( 050 

Kcyselex MngL Jersey LUL 

PO Box 9a SL Heller. Jersey. lEnu 01-606 7070t 

Fousel ex.(Frl326 lQld .( 3.10 

KeyselextalX— IE5.77 6 A 8 ) .... 

Key«ler Europe.-.[£3-M 4 33A 

Japan Gth. Fund ._pi. 0 S - 2267] 

Keyselex Japan " 


Royal Trust (Cl) Fd. Mgt. Ltd. 

PO. Box 194. Royal Tcl Hit, Jersey. 0534 27441 
R-T. Int L Fd._|3DSU( 9Cj .| 3.00 


Prices at Jan. 


United States Tst. IntL Adv. Co. * 
14. Rue AJdrinficr. Luxemb>mrr- 
U.S.Tst.lnv.Fnd . | Sl'S9» j 
Net asset Feb. 3. 


0.93 


— Ccnl Assets Cop.... 


{£853 


£13060 


951} *034} 


*03) - 


Save ft Prosper International 
Dealing to: 

37 Broad Sl., St. Holier, Jersey 
US. DoUardebomtaated Funds 

Dir. Fxd. tat ***_1953 9. 

InlnrnoL Gr.*±_16.04 6 . 

Far Eastern*x_[33.07 35.' 

North Americact. 6741 3 

Sepro**$_..(1281 - 14 

SterUng-deaasiiuated Rah 
Channel Capital* . 12125- 223 
4.69 Chanoel Islands* ..11422 149. 

390 Commodity***?: ..Jl045 120.4i 
- SLPxd.lnt'***. ..Ul« 125.' 

871 Prices on *Reh. 7 “Feb. 8. 


AmiSb PmJ 3P s - G - Warburg ft Co. LUL 
Next dealing Feb. 15 ^ Cnjshanj gt,^ jx; 

Cnv.Bd.Fd. Feb 0 ... 

EncyJln- Feb. 9 

_GrSLSFdJon. 31 

0534-30501 Mer.Eur.FH Feb 


01-600-1555 



7.06 Warburg Invest. MngL Jrsy. Ltd. 

““ 1. Charing Cross. SL HeLer. Jiy Cl H5W 737-11 

_ CMFUd. 

_ CMJLtd.Jan 27.. 

Mct&lsTsLJan 
TMTJan. 

TMTtad. Jau 


0...I SUS941 U001I — . 

._..| SUS15.65 l-0(b| — 

i.alsvsSn^^uiiH.Djl - | 

vest. Mngt. Jrsy. Ltd. 

, SL HeLer. Jsjr Cl 0534 737 
id. Jan. 27. ...Rl 51137 UKI .. | — 
id. Jan K.....kil48 IXTH .. — 

i TsL Jan. 19.. DX17 1144)... — 

an. 12 _ ... pcssw viq . — 

jd.Jan .12 -P.79 9 0q ... - 


tWeekly Dealings. 


Am Exempt*. {18.9 
Am. Grotrth 124.9 


Exempt m^h S7d.*@.l 


JIM 

2 - 


«■««» SJSSfte’flSt^gi 


445 
445 
359 

x .. .... 359 

6xq-a3 7JB 
S3 -o3 7.70 


Income Dial_WJ 

Inc 10% Wdrwl. .,.. 30.9 

Intel.GrowUi_4X8 

Inv. TsL Unit*_235 


Market Leaden_075 

■Nil YleW_ W .1 



G-TCap. IneJ 
Do: Ace. 


Si 


G-T.taC.Pd_ Un 
G.T. 1X3.ft Geo. 


GLT^tapsi ftGen_( 


Pref. & Gilt Trust— 23.9 

Properly Shxres 268 

Spatial SiLT«__ 252 

XiX. Grth. Actum. 204 
UJL Grtb. DlsL-P.7 


19.9j 

26.1 -O.y 

26.4 
24.9 

306H .. . 
43.7 *01 
335 402 
44.1a -02 
24.9 *02 
29.6 -02 
295 
252 
28.0 *02 

27.1 .... 

219-. 

202 . 


10306)00441 


Jim World Wide Growth Management^ 
"Jan. 26. 10 b. Boulevard Royal. Luxembourg 

Worldwide Gib Fd| 5US12.73 J-0 0^ - 


222 
2 65 
8.62 
455 i 

980 I 

929 


INSURANCE, PROPERTY, BONDS 


327 

485 

455 

0.01 

1X5$ 

220 

2.78 

550 

552 


Abbey Life Assurance Co. Ltd. 

l-a6LP8iilsCburchyard,EL’4 01-2480111 




01-6288131 Po. (Aeouii.)_:_p3J 

Lloyd’s Ufe Unit TsL Mngrs. Ltd. 
t£S 780 72-80. Gnlefaonae Rd* Aylesbury. 0200 SB41 
+22 :■ 228; EquityAccnm._(138.9 M62j —J 457 

vi v Hi - M ft GGimpV (yXcHri • •• . _ . —. 

^^ 2 ^mreeQua 5 i^^»m_^g m/. Oteffl 4588 tafc ^<*pglde.ECi ^ 

SaaalanSmehg^Bg^kUu^^ - 2 " ^ ,?>ro| 


■Next cub. Feb. 32. 

J. Benjv Schroder Wagg ft Co lJiy j gga- ^^, -.- 


yimd. 

__Act-.. 

Property Fd.... 

Proparts Acr.. 

fMactive Fnnd. 

Convertible Fund. 
WaieyFund... 

Pens. Property- 

Pens. Selective. 


‘ & Rayleigh R«L Brentwood 
G.ftA— -—P05 


n !M _erT 425 

1227300 Australasian.——H05 435 


435 


Index Limited 01-251 -3466. ' -Three-month Gogper 
•amont Road. London SW10 OHS. .- «• 


*-659i 


LXIVE INVESTMENTS LIMITED - „■ 
loyal Exchange Aye, London EC3V -3LU; ‘TeI.r. ffl-283 3101 
dex Guide as Rt.7tb February,.1978 (Base 100 at 14.1.77.) 
Clive Fixed Interest Capitai — li:. 135.06 

Clive Fixed Interest Income r...’.....-.*.—'-...v™ 123.17 


CORAL E«0E3t ClMje 469474 


INSURANCE BASE RATES 

. „t~ Property% ■ 

Cannoii'AS$Uranee ' j.-■ 4J«t. 


' ■ 5 ......-.v : M% 

t VanbrughvGuaraxrteed. . -7.25% 

. t Address stown under tasonnee awl Propeny Bond Table.- 


jfAdeum. Untold. ^2 

Midland_(153-6 

UnlW_w.pSft9 




J' Onatkrasnndinfonnation: 

tajorTbeJEarlof Aneastety 
■J- CVO.TD^MitHaiidBanfc 
V' imlted. 60 West Smhhfldd 
andon EC1A9DX. 


iX- 


nmoBSRBE wna gave-measp 


Yfccoinc Ccom^otfi world ware. 

' Wood tne from Xenya, Malaya, 

! AtittiyCypniS - .. and from Ulster. 
rErtmxkwpmg^; peace no less 
than from war wo lim bless look lo 
yboibrhelp.. 

Andyou csin help, byhdpmg 
otic AssoaaiioD. BLESMA (the _ 

. ’RririeK TJmbltaa “Ex-Scrvicc Men's 
- Assodalion) Ickrilsafler the 
Itmbl^s from all the Services. 

■ JUidp^ vritlradvice and 
. cncourhRenicntj to overoome the 
= shockaCIoangarms.orh«s or aix ^ 
: . <*ye. It sees dkCied-iapc does not 
v ‘stand in tberway of the right 
- ^cniitfanent to pension. j4nd,for - 
severdy haotficapped a&Atiaa. 

: eWedyjtf provides Residential 

; Homes when* thfty can live in 

• peaceand dignity.. • 
lidp BLESMA, pleasa We 

neediijDneydcsperatcly-ATKl, wo^ 

promise yottnota penny ofit^ 
ocwastaL - 


Uts.Feb 8 — 

lAecuuUte. Jan- 28 ." ^9 


BHdUu d Bank Group 
limit Trust Managers LUL? (■) 

utwobd Houae. Silver StreK. Hnd. _ - . _ 

dSdd.S13RD. Tel: 074370B42 Target Thistle:- 

Commodity* Gen.. 1558 598) +021 622 Ex»» Income Fd... 



R8» 



Units) 140.7 

lArt^un. Onttr) Si 
Cotnpouod Growth. 952 
Conrmdai Growib 475 
Converriac bic.— 562 

DiridexKf-1165 

CArxmn. UnlUO_pM .6 

EttropeitL, 


B5 

RC 1 

_■noid..:_tag 

(Arcam. tbriui-U52 

Far Eastern—:._5H8 

CAecom-TJnltai.— 415 
Funded lav.’Dus..- 558 

fAecum-Ttaitii-S6.0 

General —-^_h533 


CAccum. UnJ t*)_ 
High In t rap* . —. 
(Aecnm. Unit*)— 
uapantacom — 
(Aecnm. Onftsi-i 



Units)—... 2304 
,, . 145.7 

Units) 1805 


438 +M 
65.Tn *05 
70.7 +05 
1022 *15 
5X1 +02 

59.9 +5.6 
117J +X 
217.! 

4817a — 

492 

862 +X0 
122-6 +XS 
4X2 +02 
44.6 +03 
59.1 +0S 

70.9 *0J» 
1648a +2.1J 

25X7 +3J 
102.1 + 0.8 
166.1 +l3 
13X1 +L3 
rX4l 
319. 


Spfdaltacd rands 
Trustee___1138,3 


lAecum. Uni In'- Z6X4 

C3mribtmdFeb.7._ 112. 

ChfirtftL Feb. 7__ 136.9 

tAcamu Units)-1665 

Foa4Bc.Feb.6— 12(12 



0 .' 

2.' 

2.92 

586 

586 

485 

426 

177 

8.09 

8.09 

281 

281 


Capital 

B crnnvl- 
come Feb. 
tAccum. Unlxs)-_. 246.4 

General Feb. H-76.6 

lAecum. Units)-943 

Europe Feb. 0-26.9 

lAecum. Unlit)-294 

•Wn'Chjr Jan.34— 166.) 
’Sped Ex. Feb. T—@18 
■Ractn 


cpveiy 


2553 
79.7ti 
9E2 
286 
3X2 

1713b „ 

71 a t _i5 

iyPeb.7..J177.2- 182.6a( ... 
“For tax exempt funds only 


7*4 
334 
334 
140 
140 ; 
480 I 
483! 
5.16 


4, 

fBmiiyF&lfer 4~ 
VCoaiira.Ser.4... 
VModcj Fd. Ser. 4_, 



Eagle Star Insur/Midlaad Ass. M ft G Group? 

1. Thrcadnradle Sl. EC2. 01-5881212 Three Qunja Tower Hill BC3R 6 BQ 01-ffifi 4388 


Je/Mid. Units. 


it.—kw 4 

ity ft Law Ufe Ass. Soc. Ltd.? 


5121-051 5.98 


_ Amerthnm Rood, HiehW) combe 


Equity Fd... 

Property Fd... .— 
Fixed interest F— 
Utd.DtmmdtFd.. .. 
Mixed Fd_ 


Z ■ ■ General PortfolioLife. Ins. C Lid? 


Pet*. Pension***. 
Com-. Deposit* 
Equlri Bond**. 
Family 7Baj+- 
Fomtiy 81-68*' 

Gill Bond***_ 

lnlernauL Bond**. 
Managed Bd***. _ 
Pro^ertrBd**_ 


Ex. Yield Fd.Bd.*.. 


80 Bartholomew CL. Waltham Czoso. WX31071 Recovery Fd. Bd 


129.9 


43.7j :.H - 
SOC. LUL 


Ainerieau Fd.Bd* 


Jaj 




Fd.Btt* 


ce* on *Feb. 


- I *1-4| 


mi 1222 ) 

124.9 13Xfl 
1482^ 

1633 

h0&4 11X8) i-Ojj 


Pi 


ite- 



& -Feb. 0 *”Feb 


Scottish Widows’ Group 

PO Box 302. Edinburgh EH 16 5BU 031-6558300 


— IgtFj^Scnnl 


— inv. 


Series 2 . _ 


ExUtTY.Feb.t 


•Hi 


— Inv. Cash Feb. 3.. -N65 


- Mgd. Pen. Feb. 1 . — 


9811 

977 

10X6 

1383 

245.1 


;!1 


-41, 


— Solar Life Assurance Limited 


107 Cheapslde. EC2V 6 DU. 

11246 


_ Solar Managed S._ 

_ Solar Property 

_ Solar Equity S. - _ 

_ -Solar Fxd. InLS... 

] 0 . Solar CashS . 


Prices at Feb 7 valuations normally 
Albany life Assurance Co. Ltd. 


2 Prince of Wales Rd. B'mouth. 0202 7S78S5 Merchant Investors Assurance? 
G.L Cash Fund..,—1958 100-1 


SolarIntl.S.__ 

Solar Managed F _ 


31 . Old BurUngumSi. iv 
VRquktvFd.Acc 
VFtaed inv Arc... . 
IWtd.Mon^rUAc. 


01-4375062 


Scottish Equitable Fad. Mgn. lid.? vintJ^Man 

ft.fi 88 SL An draws Sq .Edinburgh 001-5500101 

845 Income Unite.-|47 6 50.71 .. ..( S.fi-1 ftrplelmr.Ace,.. . 

Aeram, Units...153 6 57.1) .. .( 5.40 

Dealing day Wednesday. 


325 

5 -? 5 

4.69 


Equity FenJFiLArc. 
FUted UYuAec.. . 
Gtd.Mon.Pen Arc 
tati.’JnJPnFdAcc 

ij*ea.\cc.. 

p Ini PW-Acc- 


484 Sebag Unit Tst. Managers Ltd.? (a) . 

6-83 PD BOX SIX BcUbry. Hso. E.C .1 01-23630t»l ' 

Sebag Capita] M.gs 340| +0Xj 389 | AMEV ufe Assurance Lxd.^ 

Alms Use.. Alma Bd. Rrigale. Relgalc4Q10X 


praa 

1797 


1382 

145.4 


1126 

118i 


968 

10X1 


1062 

mi 


f Lj/ 

165.2 


fTjX* 

2D9J 



1 B 20 



ms 



1075 


119.0 

1252 


[190.4 

200 4 



G.L Equity Fund-. 
02. GUI Fund ..... 

U.L. lntl. Fluid- 

G L. Ppt.v.Fund.... 

wvtn 



j 155 . 

__ 8 200 . 

Growth ft Sec. Ufe Ass. 

Weir Bank. Bray-on-Thamcs. Berks Tel. 34284 
Flexible Finance . | ^097 j ....) — 

!U9.o._%2i| -.:1 ” aScfe 


£8266 
Exchange 


Sebag taco me Fd. 


xn Security SelecUon Ltd. 


LandbnnkSecs. 

Landbank Sc*. Acc 
G.& S. Super Fd. _ 

Guardian Boyal 
Royal Exchange. E C.3 
Property Bonds - [165 9 172-8j | - 

Hambro Ufe Assurance Limited ? 

7 Old Pork Lane. London. Wl 01-4000031 
Fixed InL Dep . 


__Fd. 

Mcr. Inv. Ply.Bd.... 
Equity Bond_... 

Prop. Pens. _...™ 

Mon. Pens..._ 

Equity Pena 


127.0 

+oi| 

154.0 

+13 

303 0 

+12 

145 9 


566 

+X4 

150.8 

+ L7 

133.0 

16X2 

+ 3.B 

136* 

+ 0.1 

1857 

+X3 


Solar Fxd Int.P. 

Solar Cash P_.. 

Solar IntL P__ 


1065 

1510 

1184 

939 

941 

2244 

1063 

15(2 

1182 

988 

|94J 


01-6060471 
131 2 -0.1 
112 2 -02 

159.6 -05 — 

124.7 +0 2 — 
105.1 


1008 
13X0 
112 . U 
15*2 
12 -XS 
I05.q 
100.01 


- 0 . 2 , 

+ 0.21 


15-10. Lincoln’s Inn Fields, WC2. 0I-8SI6038-91 AMEV MgdMr? 
llnvl Glh Ttt Arc._ 022 23.71 .... -.) 3.96 I AMEV Moupy F4... I 

I'nriGihTWtaBL.SW 20.9} .1 596 { AMRV MgdienJd 

AMKV. MgdJtao.'BI 


Stewart Unit TsC. Managers Lt d, (a) 
48. Charlotte Sq . Edi nbnrgh. - ' 031 -2368371 

Stewart Ame ri c a n Food 

Standard Units.154.8 58JJ .... | X72 

Accum. Units ..._B9.il 62 

Withdrawal Units.1452 48. 

Stewart British Cqdlal Fund 

'Standard_0265 137.0}.[ 365 

Accum. Units-(M33 


1264 

1072 

1034 

1008 

1007 

(«7 


1332] 
U2 9 
108.9 
105.4 
106.1 
104 9 


eJ z 


Fieri pi an... — 

Arrow LUC Assurance 
30 Uxbridge Road. V 12 
Sel-Mk.Fd.Cp.il 11 L [615 652 

Sel MLFd.SLUnl [97 7 1033 

Barclays Ufe Assnr. Co. Ltd. 


Equity 

-Property—-.—-- 

Managed Cap, 


Gilt Edged .. .._ 
— Pen.F.rDep.Csp.. . 


01-7400111 

::J - 


Pen. F.l J>ep. Acc. _ 
.Prop. Cap- 


Pen. .. 

Pen. Prop. Arc.. 

Pen. Man. Cap- 

Pen. Man. Acc.. 

Pen. Gilt Eds-Cap- 

Pen. GIILEdg. Acc 


788 Sun Alliance Fnnd Mngt Ud. 

J® Sun Alliance Hue. Horsham. 040364141] 


^.ra.Tti Fcb.8..)£19188 20990) .. .J 
VThirFamUy Fd... .|»J 910| +0.1J 


MinnIH e M—gsurat t IXil ■ rrheFamilyFd....|863 920 

SLGhanie'aWay.Stevenage._ 043858101 Target TsL Mngrs. Ltd.? (aHg) 


457 

SJB 


252 Romford Rd. E.T. 

Barclaybonds*-[1153 

Equity.. 1072 

Got-edged --1132 

Property--97.9 

Managed--103 6 

Money-- 97.2 


Growth Units-|49.G 5X6} +X2| 3.94 31 , Groyhaffl SL. ECl 

Mayflewer Management Co. Ltd. Tm-gei Comioodi ty. g 6 
1408Crash«nSt.EC2V7AU. 01-408BOOS 4££“ Bmffif 1 -"©B 

ftanKolFeb.7- \fH3 rifl ---| 683 «Do.AcP.UteU 

Ktteiuy Fntd Managers Ltd. 

30, Gnahani St, EC2P1EB. 


Mon.Fens.Aecnm. .(965 
Do. Initial-195.4 


Mere-Gen. Fob 8 —PX4 
Acc.UteFw 8 -&95 


jM«Jj)LFch 8 _—K 8 


2658 

Target Gilt Fund... 1202 

__Tnra«t Growth_28.5 

01-0004553 Target Inti-23.0 

459 DO. Rcinr. Unils_ 252 

- Tarfetlnv-275 

Target Pt Feb. ft.... 1492 

in. Inc_ 2 B .1 

Praf-...p4 8 


439 

185 

185 

A15 

4.15 


Dealings: 00063041) Gill EdfiPm«~Acc. ..»65 



m3 + 2 J 


01-534 5544 9«?.- 


*0 21 


11921 

103 ^ - 
109 U +L2) 


102.4] 

lOLtf 


lOXi 

1003 

182.7 

10X4 


Pen. 65. Acc.. . 

Pen. D.A.F Cap 
Pen. DJLF. Arc- 


123.6 

130-1 


16X5 

178J 


154.9 

1631 


1302* 

136.' 


15917. 

-1681 


m.s 

U7.< 


1222 

12R3 


1263 

133.C 


IA53 

1531 


1969 

2071 


250.0 

2632 


200.8 

21X4 


S4.9 

26a4 


127 7 

1341 


132.7 

1395 


12X9 

1 Z&I 


1369 

143.B 

100 


_ 

LOO 


Benefit Soc 

ety 


NEL Pensions 1ML 

0I-2F371O7 mitanCourt.Dorking.Surrey. 

XelexEq-Cap._BD.O 

■Vclex Eq. A renal,. 1075 X 

Nelex Money Cab.. 62.7 
Nolex Mon.-Acc. 653 
Nelex othtaeAcc.. 475 
NelexGthlccCap.. 475 


5911 


Sun Alliance Fund Mangmt- Ltd. 

Sun Alliance House. Horsham 0403 64141 

ExpLFd.taL Feb.ft.105399 160301 . I — 
InLBn.Feh.ft.} £3343 ) ... | p. 

Sun Alliance United Life Ins. Ltd. 
Sun Alliance House. Horsham 040364141 


417^ - 


Fund. _ 
Interest Fd. 


Property Fund. _ 
International Fd. - 


DeposilFnnd._ 

Managed Fund_ 


□03.1 

1 C 0.1 

582 

053 

952 

979 


IM-ff +2 5| - 
1054 


1033 
895 
100 4 
1031 


+0 7 


Next snh. day'Feb. 

For New Ibnzt Properly see nader 
Rothschild Asset Management 

NPI Pensions Management Ltd. 
4& Groceehureh SL. EC3P3KH 


Managed Fund 
Prices Feb, 


trttf-JSTUii r 


Son Life of Canada fU.K .1 Ltd. 
2,3.4 I Cockspnr5L. SW1V5BH ’ OMGOSiOO’ 

Maple LT. Grth. ( 138 4 I ... I — 

.Maple Lf. Maned. ...I DX3 | ... .} — 

-_Maple LfEtay._( U9 6 I. _ 

01-6234200 Penal. PnTFo.) 196 4 .... — 


Target Life Assurance Co. Ltd. 

Norwich Linton Insurance Group gget Hou*. Gctehoo^^^^^ 
TO Boa4. Norwich NRJ3NG . 080322200 Man Fund lac 


Easton Road. London. XW] 
Hearts of Oak 


Managed Fnnd_£043 2158 -0.6 

Equity Fund__ 5195 3363 -21 — 

Properly Fund-..1222 J28.6 +0.1 — 

Fixed XnL Fund— 156.4 164.6 .. — 

Depocil Fund........ 102.0 1S7J +0.1 — 

Nor. Unit. Jan. UL. 2053 ■ ■■ — 


H1U Samuel Assur. 


4> Property Units_11458 

Property scries A .|97 5_ 


Growth Fd..pft2 

Target Tst. Mgrs. (Scotland) (a)(b) 

15. Athol Crescent. Edin. 3, D31-2S 8621/2) Ecruity 

TorgH Eagle_’ _ ' 


Do. Initial.—[95.2 

Money Pen-f. Acc. —1975 , . ... 

Datniilal--|96.3 10L4) .. .. | — Managed Units 

Currant unit value Feb. 10 Managed Series A. 

Beehive Ufe Ass nr. Co. Ltd.? MonS'crtiwl“ C _' 

71. Lombard St. EC3. 01-8231288 Money Series AI_ 

Black Horse fid....} 12853 }.} — 

Canada Life Assurance Co. 

28 High Kt ■ Potters Bar. Hens. P.Bar 51122 
Grth Fri Feb. 1. 571 I —| - 

RdmLFcd.Feb. 8 ..) 110 0 | J - 

Cannon Assurance Ltd.? 


Money!_ __ 

Fixed InL Ser. A.._ 

Pns. Mgd. Cap- 1 

Pni. Med. Ace._ 

Pns. Gtd. Cop_... 

Pns GUL Acc_ 


i 7 -a 0l " 3 f 75020 Phoenix Assurance Co. Ltd. 

• lid.? _ ^ Klne WUUmi *-EC4P4HR 

NLlT* t.A ddiscombcRd..Croy. 01-888435S EtS!li!tes7I!™BR** in 
1523} 

1827 . , 

1(25 +20) 

962 +L2j 
94.9 +1.11 
3242 
10X1 

9ft 9 +L8) 

1502 
156.4 
1108 
114 6 




p3^o!u 




. . aal^..^. W 2 

^ Accum... 4X« 

I Yield-+ 598 


57.9 

<M 

448 

628 

648 

109.1 


i»RjSSK=e: mq::nsi 

•r*Wetn ■ ox Jan. 3 l“Ncxt dealing Fob. 38 


+ 0.2 622 


588* -OS* 


-03 

-o3 

-o3 


3.B 

3.<R 

643 

6.43 

382 

382 

BU 

123 

526 

526 


pa026 

__ TTJP 

Trades Union Unit Tst. Managers? | 

100. Wood Street EC2. 01-8280011 ily Acc um.- 5hZ 

TOUT Feb. L.|4ft9 521} .[ 522 | frapeny ArcunL-loiTS 


LOtympIcwy.WembleyKA90NB 01-6026870 SSnrFJp^n 10 '!*!* 
Equity Unltx^l_..106.12 - 1+0-221 - Pena Fd.rab. 10 .. J642 


Mngd Accum. __ ...|X5M 
Transatlantic and Gen. Secs. Co.? 2nd Equity —B 79 
01-80 Now London Rd. CDdnwford 02465165) sS3£S > JSS"^*P B ^ 


Barbican Fch.9—^.. 728 

(Accum. Units. 1 _109.4 

Bsrh.ESiro Jan.25. B 0.1 

Buekm. Febfi-735 

lAeeunL Units).... 995 
Culeisco Feb. 10—1183 
(Accum UnlW .... M05 
Cnmrid. F «68 51.1 

lAceum. Unllai..... 54 6 


jmnster.Pnnd Managers Ltd: 

Xtaster Hoe. Arthur Sl.K.C. 4. 01-flES 1050 bin Feb!?.'" "“.'[fi .6 

IftUutarJan.QO-[318 36.g ....- 554 (Accum. Unite).— 625 

19^.I 0-® Marlboro Feb. 7..... 44.9 

4&tt*A Unit Trust Mgemnt Ltd. ' vS?.Gwih!F5S.S^ 45.6 

•*OfidnemiStreet,SWUJ 0 JG. 01-0307333. lAecrnn-ltajUl-g5 

l MLA Units.- 0*6 34.4l_^..| .4.67 v S*.?*rSFA^ft!" «!f 

flfntnal Unit Trust Managers? laKg) units.).™ g.2 


«.Captb*ll Ave.. EC2R7BU. 




H' 

National and Commercial 


WIckDii- Fob. 10.. 1642 
Do. Accum.-[708 


i .saaji» 

8 «!l +54) 6 » Mangers Ltd.? 

1ft Csnynge Road. Bristol. 
UtSL A^Squ^EdlnbU^DSLSMOlSl gS 5 .^W-“Hg. 

JtaconwFrt. 1..— n«.B lg8! ..... 6.K Cap Feh 8.1S35A 

L<mtsi—.&??-? J99-a 1 J?? (Acnuu.Unite)..... [160.0 


768a 
115.7 
825 
77.4 
942 
1245 +2U 
M7.4 +2M 
543 ... 
518 .... 

3M_ 

665 . 

47.2_ 

532 .... 

48.1 . 

58:5 ..... 
782 . 

Si:::: 

*sa - 

68 J + 0.(4 
753|+05| 


i-S 2nd Manajjcd-935 

5-St 2 nd Deposit.955 

t-B fc^nii _nO 


2nd Deposl 

. 2 nd nut. 

iff 2 nd Eq. Pen^'Ace. .(88.9 

Pm. Al-r Hflll ■ 


2ndPrp -Pena Acc, ..11002 
2nd MRd. Pena'AceW 8 


2 nd Dep PcnscAccJ95.9 
s - 12 nd Glh Penal Acc j9X 9 


UW+016) 
U^+013| 


+v| 

93 0)+16| 
104 3 

98.9 +0.5} 

MU 

974 

94.3 +1 6| 
105.9 
1005 +0 6| 
1015 

39.0 +0.6} 
275 


vss&tikadBEkS Sf-v:J 53 SSzrglf 


k&Uonal provident Inv. Mngrs. LtdJ) 


^4ft Grocachorcb SL. HOP 3HH 
-»IPXCa.UB.TM_M«.4 47 


IfAceum. UnJUF —. 
TnFlO'ceu.Tnut 


(Axe nin. Unit*)— „ [117.8 124.',. 

**Prtas« on Jan. fift. Mart dead 
- JTricei'Feb. X Nod. dealing 




238 W 
263 « 
136. Oj 

15881 


01-6234200 im. Earn Feb.ft.. .[2266 

3 75 (Accum linltst..250.8 

3.75 Scot.Cap. Feh.B. H294 
(ACCUPL Unit* 1 .-. ..115X2 
Scol Inc. Feb.8.....|l5I2 
London Wall Group_ 

Capital Growth.,_[762 

Do. Acs am._pft.O 

Extra lac.Growib ..B 5.9 
Do, Accum,™ (399 

FfnaocUlPrtty._062 

K+i Do. Accum. ——119.7 

High Inc. Priority- pB5 
J-JJ Inlornalinoal___|25.9 

484 

380 TSB Unit Trasts (y) 

iHiBL Trust Managers Ltd.? t*)\g) 2L Ofintnrjftm,Andover. Hama 

IgtonCoarl, Dorkl^ Surrey »1 fb)TSBGeiS^8ai WM 

ttoSW.-. __^.-159J7 5.4J jhjDo. Areum-@4 


fNat^nal' Westminster?}*! 

Wf Oteaudde, BCZV 0EU. 6J4M 



„ v _tav.Fd—B7X 

.(huvamd Fdfifl_p472 


621 —05 
7« -02 
347* - 0.2 
87JB r0.7 
37J -0.3 
. 717 -05 
50J +02 


4.74 

776 


L&E5I.F .P6S 

L&ESJ F 2 .pbO 

£ 1 1 Curtra value Feb. B 

581 Capital Life Assurance? 
Cousion House, Chape! Ash Wtou 
Key Invert. FcL-—I 98.74 

> 85 I Pacemaker)nvFd. | 10446 

6761 Charterhouse Magna Gp.? 

1& Chequers Stt. Uxbridge ITB81NE 
5JJ I Cbrthse Energy — 

* 621 Chrthsc. Money— 
ft6ZChrth*e. Managed 

' Chrthte-Equity —(35 D 
, Magna Bid. Soc-.~- 
0272 332411 Magna Managed — 

100.01 
177.S .... 


1544 
9X2 
902 
1305 
96.0 
939, 

1426 
MA5 
1045 

_waa _. . 

Imperial Life Ass. Co. of Canada 
Imperial House. GoUdford. 7J2S5 

75.11 +1 0| — 

69q+oi| — 

Unit Linked Portfolio 
Managed Fond .(948 99J. 

Fixed InL Fd.-952 1002}+0. 

Secure Cap. Fd |952 _. ... 

Equity Fund —.195 1 1002] +0. 

Irish Ufe Assurance Co. Ltd. 

11. Finsbury Square. EC2 

Blue Chip Feh I_j66 7 

Manacea Fund ... {21X6 
PropJUod. Fob. l._ P67.2 
Prop Mod Gib. . -P8X1 
King ft Shax6on LUL 
32. Comhlll. EC3 
Bond Fd. Exempt - 1113.02 


Sb'r. PhXq.K-(70.7 

Prop. Equity ft Ufe Ass. Co.? 

119. Crawford Street. W3H2AS. 0J-4880857 

R. Silk Prop. Bd-1 169.3 

Da Equity Bd.__ 69 2 

Do. Fx. Mny. Bd. Fd| 15X9 
Property Growth Assur. Co. Ltd.? 
Leon House.Croydon,CBS)Lll 0145800606 


Man. Fund Acc . 
Prop. Fd Inc .... 

Prop. Fd. Acc-- 

Prop Fd.Inv .. . 
Fixed IdL Fd. Inc 
Dep. Fd Acc. Inc.. 
Hot Plan Ac Pen.. 
Rr-LPianCap Pen. 
01-6260878 HeLP Ian Man-Ace . 
.| — RoLPlanMan.Cap . 

.. | — Gilt Pen ACC.. 

.. ,| — Gill Pen Cap. 


952 

100.7 

. 

1112.7 

U92 


1068 

1131 

+4"j 

131.0 

+ 5.0 

102.0 

-3.0 

1091 

115 J 


971 

1C25 


68.4 

74 7 

-03 

56.6 

6181 

-0 2 

1211 

128.1 


112.8 

U9dj 


1371 

144.B 


1314 

136.6 



Transanternationa] Life Ins. Co. Lid. 


2 Bream Bldgs. ECJ 1 NY. 


— Tubp Invest Fd. - U29 0 


Tulip M-Eiscd. Fd..... [3«-« 6 
Man Bond Fd...Jio61 


Man.Pen Fd.Cap..DM 8 


Man. Pea Fd. Acc 


U43 


135 8 , 
109.0 
11X7 

lies. 

1203 


0J-445G497 


— Property Fnnd- 


Property FundtAj.. 
Agricultural Fnnd 


Agrtc. Fund lA,. . 
Abbe 


'bey .Sal. Fund _. 
Abbey Nat F«L (Ai. 
Inresuneut Fund.- 

Investment Fd tAl. 

Equity Fund_ 

Equity Fund i A) ... 

Money Fund.._ 

Money- FundlAi.... 
Actuarial Fund..— 

0I-6S86C53 Gih-edccd Fund_ 

?a Gilt-Edged Fd. I A).. 

_ ftRc&lre Annuity— 

_ ♦) mmed Annty ..-. 


VAJI Beatber Cap 025.4 132.0 


Next deoline dote Feb 


. . ulne__ ... 

itan See Bd. -fiS »8 13700} I — 


01 -6235433 VInc.Fd-lis—... 
U4 941*027} — Pension Fd. Lis... 


000228911 


Prop. Pent. Cap.Utu 
Bdgg. Soc. Pen. Ut 
Bdfi. Sot. Cap. UL.. 


17X8 
1705 
692.0 
6872 
1492 
1491 
655 
653 
1656 
365 0 
1369 
1363 
1093 
1264 
1264 
1704 
1385 


+02 

+M 


+ 02 | 


Prep. Growth Penshms 6 Annuities Lli 
All Wther Ac. UtsASU 1382} 


1383 

1264 

140.9 

1292 

1452 

1358 

1412 

U0.3 

1272 

1181 


Trident Ufe Assurance Co. Sxd-<? 
Renxlade House. Gloucester 0-451:06541 

Blau aged 
Gtd. Mgd .... 


Property.. ....... 

Equlty.'Ainorican.. 
U K. Equity Fund. 

Hich Yield- . 

Gift Edged.■:_ 


Edged 

Money. 

1 nr c mo Li on n I. 

Fiscal.. .. 

GrouihCap .. 

Growth Arc . 

Penn, lined, rap. - 
Pen*. Mngd Acc . . 
Pens. Gtd. Dep. Cap.. 
PenivGtd. Iiep.Arc. 
Pena Ppty rap 

Pens. Pl> .Vf. 

TrdL Bond ...... 

•Trdl.G.I Bond 
■Cash 


Equity Jan. 1ft , 
Bond Ja 


_Jan.10_ 

Properly Jail. IP 
Deposit Jan IP 


52181 


35.0 

36 

292 

3BJ 

38.8 

40. 

950 

36 


1246 

1536 


16ft«. 

ssa... 

159 n 

97 r 


779 City of Westminster Assnr. Soc. Ltd. 
770 
434 


L’onv Pena Fd. 

Cns P7w. Cap. Ul 

Lan g h o m Ufe Assurance Co. Ltd. SSSlpSs ra^ui 
Langbam Hfc Holm brook Dr. NW4. 01-2036211 Prop Pens Fd _ 

Langham'A' Plan_ [63.9 67.2. .)—““■ 

VProp Bond_039.4 1462 ...I — 

Wisp iSPi Mon Fd|748 7B.71 . .( -- 

Legal ft General (Unit Assur.) LUL Provincial Life Assurance Co. Ltd. uepostuan jp . 

Klma wood Houoe, King wood. Tad worth. 222. Bisliooteaic. K.CSL 01-3478533 3-Way Fen. J nn. IS 

Suntn- KT208EU. B—iu—iruB K * - 1 " ’ *- *“ 

Cash Lnilial.NS 2 

Do. Accum. _... 95.9 

Equity Initial.11X8 

Do Accum....1125 

Fixed Initial.. 115 6 

Do Accum-...... 116 3 

Managed Initial.1138 

Do Accum... 114 6 

Property Initial.... 952 
Do Accum. . 95.7 


1194 

1265 



149 9 

158 f 


_ 

3A53 

153S 


_ 

79 J 

831 

+20 

_ 

1023 

llffld 

-1 C 


1396 

147 £ 


_ 

1245 

13Xt 


— 

1203 

12b E 



923 

°7 E 

- 1.2 


1272 

1347 


— 

1266 

1341 


_ 

1293 

136 4 



112 B 

114..; 


_ 

U58 

1226 


_ 

1037 

106.6 


_ 

1034 

1093 


_ 

11X2 

117 5 


_ 

114 2 

1210 


_ 

347 

367 


_ 



— 


aluc for C 1 D 0 premium. 
Tyndall Assurance/Pensions? 

■ft ranyngc Road. Bristol 027232241 

1 Way Jan 10 . _ 


Rituslcad House, ft. Whlieh on»r Road. 
Croydon. CR02JA. 01-884 0884. 

mi Pint Units .1116.0 1ZLB) 

7 ;« Property (.'nits — @30 55.6} 

582 j City of Westminster Ass. Co. Ltd. 

540 


5.40 

510 

520 

911 


. Bl ngsu-ad House, 8 , Whitehorse Road. - 
Croydon. CR02J A. 01-88496S4. 




WeSLPrnp Fund. .157 D 
Managed Fund ..0666 

Equity Fund [55-i 

, Farmland Fund.... |6ft9 

h) arasr.—' 


621 

4.73 

9J3 

4J9 


60.0 
1753 
588 -07 


119.6 


Legal ft General (L 
Exampt Cash tall ..{95 4 

Do. Accum..N5 7 

Exempt Eqt;. Inii ..(995 
Do. Accum. . .... [998 
Exempt. Fixed lnlL[97 3 

Do Accum._W76 

Exempt tlngd. tntl.199 5 

Do Accum.__.H9.8 

Exempt Prop Toil 195.4 
Do. Accum,.J9S-7 


Int^radauil 

lOCffl 
UHJj 

Uttf 

M4ffl 

I05.ll 

Sof 


53456 Prirr.ManacpdFd |U4.q 120 

}2fa Xa-rl - Rite rashT-d._-. 183 7 109 3 ... 

Glh Fund20.....^. ,.|l23.9 130 8 | .. 

Prudential Pensions Limited^ 
Holbora Bara. ECJN 2NH. 

Eqntt Fd. Jan. 18..{£2323 23.' 

Fxd. Ini. Jan. 18.LQ944 19.1 

Prop-F Jon. 18. .K29.D3 24.' 

Reliance Mutual 



Oeeaxlnr. Jan 1ft. 
Mn.PnJ-WFeb.1 . 

Do. Equity Feb. 1 .. 

[>o. Bond Feb 1 .. 

Do Prop. Feb. I. . 
ill-4050222 Vanbrugh Life Assurance 
_ 41-43 Maddox Sl Ldn W 1 R ftLl 


1202 


_ 

1516 



1682 



1034 


— 

1252 


_ 

14Z0 


_ 

61.0 


_ 

1646 



244 2 


_ 

nos 


__ 

01.8 


— 


Managed Fd 
■Fd 


_. .11404 147 81-01} — 


Ud. 


_ ... -t ,, .. . . Intel. Fund............. 

Tunbridge Welia. KenL 08 B 2 22271 Fixed Inters Fd 

He! Prop Bdi.| 1922 I I — Property Fd. 

Cash Fund 


ZLB2 

2297 

-0 7 

955 

W.C 

-02 

1716 

ISO 7 

+ 0 i 

1365 

143 7 

+ Cl 1 

llf.2 

1224 

+0.1 


Pi"£*ftand..,W”..|lXLfi 1^3 .. , 

Fund curreatly chmd I* new i avcxtmcat 
.. 19X0 

B +aSJ 489 Commerclnl Union Group 
“S^ fra SLHrieu'A l.UndtithafLEC3. 
iS-a li Variable An AtWaJ 50.46 

+0.fl 589 Do. Annulty UIS..~| 17.36 

Confederation life Insurance Co. r flf . 
0tMM188| so, CTwroryUme,WfflA 1HE, . 01-2420282 “ 


Legal ft General Prop. Fd. Mgrs. Ltd bc»i shield Fd. „.|1298 U 7 ^ .| — 

u.Qucvn vteinrtasi. SJG 4 N 4 TP ci-2488878 gave ft Prosper Group? 


Rothschild Asset Management 
St. SadihiniLone.Loudon,EC 4 01 628-056 Vanbrugh Pensions Limited 

N.C Prop Dec. 30-Q14.1 12X4} . I — 41-43 Maddox Sl. ldn.’AIR 91\ DMFOC023 

Next xub. day March 31. Managed. _..|fi.O 1C51I 

_ , _ _ Equity..(550 lOB.fil 

Royal Insurance Group Fixed interest - g5& isca 

- 0512*74422 Property—.......... (95.0 , IM.tH 

GDaxanieed ice 1m. Base Rate/-' tah|c. 


New Hall Place. Liverpool 


Welfare Insurance Co. Ltd.? 


X. UtCftfrP i8ta?iSlkI , to ataSii^.' “ 4 GtSLHeUtn'«,lnda»EC3P3EP. 01-554 88W The Leat PblKcoWnn. Kent. ™3a73S3 


Life Assur. Co. of Pennsylvania - 1 

39-42 New Bond Sl. W17 ORQ. 01-4038383 GihFd._ 


___ LACOPUnits..fltt33 IMS)...., 

0 XOITCC 0 Uoyds Bk. unit TsL Mngrs. Ltd. 

•Tl - 71. Lombard &L.EC3. 

Exempt-[97.4 103.0) 


Deposit Fdt- 

CasapJ’emFiJ.t^ 
alre 


L **"■ Eq a lr-PenxJ d 

01-0231288 PropTennFtL*^. 
_| 7J5 GIHPcn^. Fd-- 


TSB Income... 


5ft.B 


(b] Do. Aetna, m2 

Scottish-17X5 


Krister High Inc. . 

Par New Court Tand Managers lid. 

-SK.Brthsehlld Asset Mraaganent 
Norwich Union Insurance Group (o) Tnrf _ fallW 
Pjj.-Box 4, Norwich. NW 3KG 080322200 UISWr aaBKr 1 * 1 

proopTst,Pi-.—P336 » 35X2) -13} 502 



, „ jvEquityFutid 
|-g 1 VUonngcd Futrt 

a,_ 

ISonacedPen.Fid 
IPnpertj'Pui- fd--.. 
VProtacted in. PoL| 


_ _ _ 117.01 _ , 

Personal Pen. Fd_f70A 74Xl 

“ ‘ ~ 2I4J 




I Equity Pm. Fnod—, 
iF&edlnt Pen. Fd. 


199.6 
378 4 
324.0 
36X4 


12 UadenhaU SU. EC3M 7M. 
MIL Gill Feh.l_.„ 
OpL5Prop. FabA._ 


OpLS Eqtyjreb Jl_„ 
UpL5 H>F cbfi.— 


0pl5_ 

OpLS Dept. Feb. 0...PM8 


L2M67 


VOS 

117.6 

mi 


157.7 

1660 


1403 

147.7 


1X9.8 

1262 



Ot-ttSHKCl 


DeposPeiu Fit— 

“bras on ■ January ; 
tWeekly dealings. 


1253 

+0.9 

127.6 

+64 

m 

. 

1764 

-0.7 

715J 


iTxS 

+D2 


-1.7| - 


Moncjmaker Fd-—I 938 j 
For other funds, please refer to The London & 
Manchester Group. 


Schroder Life Group? 

Rnlerpnsa House,- Portsmouth 
2126 


■ Windsor Life Assur. Co. Ltd. ■ 

I High Street Windsor. Windsor 6BU4' 

Life Inv. Plnns_..-.{l 
Future A*d Uthtfl* 

FUtureAsxd Gtbibi I 

lict Asxl. Pens_1 

Flos. Inv. flrtnrth .1 


68.4 7101 


140 , 


47 D 


0775 


1064 112 0 



070537733 


Equity Feb. T.- 

Equity2Feb " 


— Equips Feb 7-,... 


waring Street, BrifmL 
(brtibtwGrwih-..[34.0 


Htah ftotbdrn.WCl V7EB 

faart Growth Fd—P2-4 «4I j 


AecumuniUi. 


m - e-a 


VIDUS Ul I 


023*35631 CamhiU Insurance Co, lid. 

, ___ __— 30JJ-O2) 4.74 32.CorBhiU.K-CJ. 0I-«M5410 

1 “f r -tett'iw* A«™»‘ i M*mL LUL gg“ 1 S5, , Sr_:K , d s 

660 King William S(.BC4R8AR .. 01.6234991 Sin-GtbJFd Jan.28.ll65J 174 
— T __.. J-J» ffifeSrthlW-lS 6 ,* 14 ^ I JS Credit ft Commerce insurance 

Do.Aacum.. jjj "q S to, Sft? a Sga, ^j” 7081 MS! 

WkeeughUfliW—U«5. . 45,71 -D.H .5.11 wider Growth Fund «CMitgd.Fd-P 22 J 132IH - etumm Prop. Fd 

PeHcnn Units Admin. Ltd. (gKx) KtagWdlUunSLEMRfiAA <U-ffi 34 fSI Crusader Insurance Co. lid- FtaSbieFnS“ ^ 

,81 FtwtitoinSL.Manchester . - 06WS55885 ta^neUnlS [MJ 31 Jj ...TW * »««l taOrtSt^Snd”:: 

PtgateUafo~...{7ftfr -MJl+OJI. 5.12 AtaswCaltt-—|isj 3S3—| Gta.ltrp.Jan. «~-|663 73.^ — TropertyFitad.-^ 


IB 30, The Forh oty. Haadl ns 53331 (. 
Money Manage^.. . 1301 - 32 

KM.Flejtlhff/- ...to.2 27. 

FixedIntarteC-..[Ml 36.0] 

The London ft Mane 
The Lens. Folkestone, Kn 


m ■ 


Fixed InL Ftb. 7—.1 

tat LTTFeb.7.—I 

Yft SCIIt Feb 7 
K4iSGLSc.Ftfb.7_L- . 
MngdiFlxiFch ?....[1249 


2 fil* 

m2 

1406 

1506 

311.9 

347.1 

124.4 


. 209.1 

-31 

1276 

-2 4 

863 

-12 

140.4 

-25 

1056 

-14 

1228 

-3fl 

79.7 

-o3l 


5:1333 51om-3'3Fcb.7. _ 

— Deposit Fob i....... 

— Property Feh. 7 .. 

— Propeny3 Fbb. 7_. 

— BSPn.CpFrit.7-. 

• BSPn. Acc. Fch “ 


Mn.PT1.rp. F=b 7 _ 

MnJRn_%cejreb.7_ 


.7 
115.7 
1121 
1477 
145-5 


2026 

3160 

147.9 

158.7 

1177 

35S.1 

1304 

15X6 

1446 

1114 

1218 

uai 

155.6 

.153-1 


UftO 
126.8 

ftJ70 1969) 
S3U 230 S 


NOTES 


Prices do not tiv.'lude S prommnv except» hero. 
indlcnlcd v. and are in nunci* unlcvs other" lx 

IfirNeOlrwl VtnMs. \ ■ O'riun irx IklI rnltmi 


Indicated. Yiclda ’■ i.%fto>yn in lest column 
niton- for oil buying espensAJ rxfered pneex 
indurie all expense*, b Toda..‘s prieci-. 
c Yield i ba.-i«f on nffer pns*.- d EMinwti-ij. 
g TikLi j f epcmhC price b Di.drihnlinn free 
of f.K taxes p Pbnodte premium i n-vurar.i o 
plans x Single premium itv-urani e. 
x ttffnred pnee includes nil CApen^i-s neept 
mhi'd comnnusinn. y uffereo price includes 
all expense' If bought through nut.xagcrr, 
i Previous da>‘s nnee 0 Net of tax mi 
roallsed capitol sains unle» iadi+alcd b% 6. 
f fiiioraw*> firms * Snsncnch.-rt a Yield 
before Jtrwj lax. t Cs-^ubdit iaton. 


r : 


: r t ;.-C J 





































































A’ 


.1) 






9T. 



l'»»r I fi«." fati-M fnvi-smit-nl Trust 
jiliuiir M«r>' M.iinuM0*/3liif.M 



"! -if 1 .1 f\« -nriiu 'hi «’i> ) 


Financial Times ^ Satur^;.Feb^^ 11 1978 
' ' HOTELS—Continued 


FT SHARE INFORMATION 


AMERICANS—Continued 


iSi^S'.Scfele'sfeseit 


| 1577-7? 

! Hista Low 


“BRITISH FUNDS 


w- 

! js 

• ■»* 

. 22 

! 24 

l 10*; 


isn-7? | 

■ Hlfih law i 


Stect 


I* tt YWd 
- InL | Bril. 


104’. 
1WSV 
1C7 
97V 
*>R3a 
lCftl* 
97J-S 
107 
105V 
“6 
WV 
112 A 
IpSA 


‘■Shorts " (Lives up to Five Years) 


v 

iv4jl 

Oft 

10« 

Vljl 

10i*-; 

9:v 

oov 

113','i 

lWft 

n°.\ 

9B>; 

98*5 


971, 

90S 

95- v 

W’.l 

S5*c 

02 

847 3 

»v 

8833 


8r, fIYe.ismy S;pc 


83 


Dili 

“if 


so,; 

9# 


97i; 

67' 


96V 

B 2~ t 


191*3 


TreasJij MijpeTWI.. 
&ch ?pc “friStf. . 
Treasur-1t'jpc 7914. 
rreasoiT^ipc *3£... 
Electric 4^ pv 74-79 . 
Treasur;. [fH^pc7[iy . 
□ectncSipe 76-79 . 
Treaajrr9tic IPHc; _ 
Treasur-Stpc'aott ... 


Fundin'; ftp? TWCS. 
_ „ *Eich«l«Kr I3p? ]£»£[ 
92* pve.isiir n'ap*" iseia. 
77% fTr«5ur> 3 1 iDc 1979411 
"*■ < lTreusur> SVpc 190 Itt.. 
ElicK. 8Vpc 1981. . — 
Ewh SVpc I8SI .. _ 
L(cli. toe 1961. 


®fcij flreas Variable 81tf._ 


E-.vb l2Upf 1981“. 


71V [Treasun 3pv' 


.. .hteasuryHrse 

9SV hv-at 1. ar.ahlc "fCyf _ 
93 s ! jTreaiuifBVpc'fli. .. 


102V! °jC (Ewk9Vp>. 1972 .. -j 


102 V 

991; 

104Anl 

9&.rf 

9?V 

103V 

95V 

101 7 s<d 
101*8 
«V 
m 
1 08-1 
105V 
90Vxd 

TO 

1MV 

873 4 n) 

961; 

109 

%V 

85Vm 

“4 - 




10.28 

502 

,13.02 

312 

4.37 

10.17 

3.65 
883 
9.32 
373 
554 

1199 

10.94 

3.86 

968 

8.35 

946 

342 

6.66 
1170 
8.77 
350 

1234 
6 70 
863 
9.41 


406p 
. 3." V 
, 20V 
■ to*; 
5301 73 
5 81;-:1 s ; 
724 If 1 
532 » : 
6.05; t* * 
839| .'IV 

608 V* 

7 99: 

8571 fir* 
6.43 19-4- 
7 75- 


9.46 

9.44 

6.95 

948 

949 
9.35 
6.99 
7.50 
9.81 
946 
7.15 
993 
752 
9«9 
9.70 


Five to Fifteen Years 


87V i 
1MV 
101V 
951; 

Mtfi 

IF 

Si 

121*4 

oft 

112 

7b*; 

110 

toV 

113 


81 


95V fTrei^ur? I2pc >S83£. 


95V 

7# v 
663 4 
62*; 
45V 


tlh 

9S-4 

533 4 

S6V 

S3V 


Erch 3pc Rj 


TreasiLTO^fK Si,. - 
pucdjru>’oc eaaai. 
■fteaMirySwie ‘5VP3C 
FtindicsflvpeTIWfitt. 
Treaiuii TVpc T»BSft 
Traa.-pc.rt TfrP®. - 
53's Trenur- 5jx 3WW . 
90 Trewun. l$pc 19«: - 
- Trea-urj ^ KC . 
Tre.wii-T llvpcl&i . 
Furtinc&Vpt "ET-SUi - 
Treanar Il’iipc'SSJs . 
T:kw r 11.4* lffii. . 


S° ! ; lEcdi ILtyK 92 


82Vrf 

f*4 

3.64 

107*<nl 

+ V 

11.08 

98 

-T-V 

9.50 

87V 


6.34 

94^ 


906 

asv 


7.79 

86 V 


897 

65V 


4.63 

71V 


7.17 

111 >4 


11.79 

E 6 *a 

+*’s 

9.73 

102V 


11.60 

71V 

+v 

830 

108 V 


11.36 

90Hxn 


1104 

lOS'sul 

... 

1178 


723 
990 
990 
839 
959 
9.21 
9.94 
8 08 
950 
1L40 
10.47 
11.55 
999 
1165 
1136 
11.68 


Over Fifteen Years 


116 V 

129*4 

114V 

110V 

31*. 

30 

135*4 

124 

50 

122V 

“8V 

5:V 

72V 

13e«; 

97 

lCb*4 

44V 

6?4 

59 

80V 


54*- Hrwur : 2*-pr^K* - 
51V IFur3in;fipciPJS^ . 


6 b 

90 

32*s 

24U 

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66-V 

101 *: 

F9V 

?V 4 

87V 

90V 

64V 

50*4 

103V 

65V 

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7T- 

gl 

53* 


Tk»U'? . 

Esch. l_’T>c law. ... 
Tre.>yj.y'jpc PJC- 


Tre.VJ.yjpc i- 
(Trei’aiylSbcl 
iGiflpf ?(:£. 


ts 


Twssdr; 12?4pc 
r9pc'a:i 


I^eiL.wuy'Jpc'ECWtt 
;Treirun isVpc ■£*£ 
E.rhequ«rl3 i <?c‘9tttt. 
RedeP^Une 5pr lf?H« . 
Ireasu.713*4 pc WP-. 
Ewr.eqaer 10*ipc 1MJ7 
Treaoir-fftp..' 1KT“_ 
Ttci i^vCjpc 'SvOSri. 
ITea» IcPjpc . 

TMisun»;pcl«gS- 
Treasu-T WVpc IPS ._ 
ES-H... 

.TrtSiL". fpi; '0!06tt. 

Itrsajuiy 5 1 jjc 


106 V 


11.85 



9ni 

116*4 


1715 

118V «J 


17 71 

105 ml 


1187 

86 7 C 


10 62 

103 


1172 

4¥V 


6.15 

26V 


11.25 

110V 


11 VO 

83*4 <4 


10W 

12K 


17 36 

113^8 


1193 

48* 8 


635 

111*2 


n v; 

92Vd 


11 V* 

80 V d 


10 11 

boV 


1010 

131V 


1229 

87- 


10 97 

927. 


1140 

4f*V 


873 

77? 


10 74 

52^x3 


10 ‘B 

72 7 a 


10.69 


1172 
10.36 
11.17 
1186 
11.77 
1101 
1167 
B.35 
11.44 
1177 
11.07 
12.05 
11.81 
9.61 
1L82 
11.47 
1112 
10.82 
12.04 
11.16 
1150 
9 97 
10 92 
10.65 
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Undated 


3S-j 

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2SV 

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2iV Coo»li4w. 

25 V WarLuanSVpct. . 
rv* Cam V'-jc 61 Aft. ... 
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20V 

17V 

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35*i 


1131 

36V 


9JB1 

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9 A? 

27V 


1152 

22V 


1112 

22*5 


11.52 


**INTERNATIONAL BANK 

flS '4 | 75V |5p;Stock 7T«_| «7ri|+lj | 5.75 t 


852 


‘‘CORPORATION LOANS 


ICO 

94V 

107 

112 

102V 

94 

94*, 

102V 

21V' 

» 

59 j 4 

96V 

92*; 

65V 

79 

79 

27V 

95V 

ICO 

127V 


82 

61*2 

93 

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aws 

76^4 

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7 C V 

22V 

89 

75 

85V 

70V 

60V 

52V 

51V 

20 

76V 

84V 

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BinD'hioOvpcTMl. 
ErisdTVpc 1 A 8 I . . 
aLC l£l;pc ft*.. ._ 
L*o 153* l9tC. — 

'i|jL«»K6*4 R*S!.... 

fcens.FiBcWj.-. 
LaieTOcl5VfV"5'78. 
De.SVpcwa; .. . 
00 . 3 * 3 -.*IriH -- - 
ta:r>. Corp S-pcTivTo 

, Dn S-’.pc-SMf.- 

LCT 6 pcTtS. 

Do;4j»ufll__ 

l<.rV>r - E2-W- 

Do5iiP-- - 3WTr- 

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Po.3pcTB.\ft.. 

!riddx.5V*>c I860 ._.. 
Newcastle S'iiK 1883 
7Tan.ict D^ISW.. 


97 

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104*2 

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a 

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92 

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954 

8.43 
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11.95 

9.74 

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5.82 

,10.13 
. ...J12.30 


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l+'i 


652 

982 

6.25 

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7.68 

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10J!9 

10.37 

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9.46 

7.72 

1057 


1034 

8.83 

858 

9.72 

10.29 

1082 


951 

10.01 

1033 


C05E50NWEALTH & AFRICAN LOANS 


100V 

96 

88*4 

9SV 

%V 

39 

94 

70 

65 


33V 

794 

69V 

86V 

81*2 

t6 

35 

31 

47 


'VuatF2Pc - 75-7S- 

-*Do 5*jpc - 

•*Po.5!jK ■Cl-Sl_ 

“NZ 4pc lS76-7d — 
"Do.CM "76-EO........ 

"Do.TVpcRMfi.. 

Slk ^ineaE**2pc“S8I.. 
ah.Rhwi.2Vpe -65-^1.. 
l*o Cpc -- 


100V 

-V 

539 

»s 

+1V 

5.82 

6.41 

975414 


4.12 

93V id 
8?td 

n 

639 

8.73 

93 


10 50 

63 


— 

90 

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— 


798 

8.68 

9.73 

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LOANS 


66 

95 

33*. 

126 

% 

ICO 


44 lAenc.Mtapc'i&S?... 
OS'; .'Jean I9*^c B?-!K. 

“ '••SKttrSEM’B’. ... 

l.'.SJl*-' 9pc ISt. 

L>o without Warrants. 
ntramar Tpc i.vTS 


and Ind. 

60*; 

832 

89 

... . 12.12 

3iv*d 

+ V 9.47 

m 

. 826 

93 

. 9.75 

100 

. 7.18 


1133 

12.42 

1115 

678 

1120 

10.60 


Financial 


107V 

111*- 

116 

85V 

Blh 

% 

100V 

71V 

M'S 

8j*j 


94 
99 

liW-4 

63 

67V 

95 

Q4 

96 
51)2 
52>2 


5** v 


"FF1 npe'61.. 

Ce. Vpc TO_ 

i*o upc as.. 

■.crcSaxw. wc. 
Do ftpcDU VItM . 
10 l s«l. : rxLn TO.. 

r-o lIpcl'fE Ln. OS_ 

Ho I'nS-La ’ftJ. 
Du T-4ps.VIwb. '£3-91.. 
Do 7-ipeA Dn 91-94 _ 

Dorw-A’ 91-91. 

3V?cL 


iDo^pcUV’er ... 


105 ml 


1238 

108*; 


U.Si 

110 

+V 

1295 

82V 


6.89 

SO 


7.98 

96’-; 


1102 

97 

-V 

11.49 

99 


1204 

68 

+»r 

10.93 

68 

1XW 

81 


11-55 

75*;u) 

-V 

11.83 


10.97 

1130 

12.01 

U.10 

10.85 

1135 

1170 

12.10 

1230 

1225 

1225 

1120 


FOREIGN BONDS & RAILS 


13T7-TS 
EiEb Lnw 


Sleek 


Price 


96 

355 

60 

FB 

44 


77 
«0i, 

91 * 
237 
86 
165 
75 
S99 


94 


15 

Antofagasta RJy . 

19*; 


_ 

3: 

pefref _ ... 

33 


B- 

4S 

Chilean Mbccd 

98 


3 

198 

German A nc 4*ax: 

355 


41, 

4b 

i^eek .pc Asi ... 

47 


17.61' 

4b 

hi b:«:r6 Utah Ass . 

47 ml 


6 

58 

Do4pc?,rixt<i.Ar? 

43 


' 4 

ii 

Ilun5.”J.v».. : 

42 


4*; 

48 

Ieelan,16*;pe SV8F- 

74 


— 

69*; 

Ireland rijpe 'SUP 
Dn5Vpe'S«. ... 

87*; 

+V 

_ 

t>5 

89*; 

+v 

— 

3:8 

Japan 4j*' 10 Ais . 

285 


— 

63 

DoiipcTQJB. .. 

86 


6 

liU 

Peru.Ass.3pc. 

160 


3 

/5 

S94 

S.GL6ijicl380 
Turin Ok 1991 ... 
TurinP;pc 1S84. _ 

75 

S96V 



l'M/1 

DM81 


6*; 

b2 

L'niguayWip;. .. 

94 id 


3*3 


Dir. *r Red. 
Gnu Yield 


□.07 


f7 61 

(640 

14.68 

666 

10.90 

10.74 

11.71 


7.95 

190 

8.02 

933 

1035 

3.80 


U.S. S i DM prices exclude inv. 5 premium 


AMERICANS 


1977-78 
Hiah Ijow 


Stock 


18V 

62V 

497, 


9Bp 

49-V 

231; 

10 

29V 

13*4 

4Si, 

37v 

28*S 

45V 

.u 

19*; 

35 

■» 

sSi 

25V 

» 

g! 

lls 

33'= 


21V 
9011* 
E73p 
28V 

12 s 
22 

13 

620p 

827p 

42^ 

30*; 

28*4 

32V 

17V 

13V 

812p 

13*; 

733p 

14V 

12V 

29 

151; 

17 

20V 

19V 


17V 

:s* 4 

944p 

UV 

20*4 

265s 

165, 

zy* 

15V 

28 

750p 

1171 

34 

b30^ 

lOIp 


18 


ISiV . 

AJ1F a 1 * Com ."87 ... 

Ausu St . 

\men>^an E?.prev< 
Amw Medic Im.. 
Vsarcolnn _. ._ 
Biktrlntnl Cure Si 
Ram««7rp S62j. 
Benoi. - Corn 55 .. 
R«h.Sl«IS8. .. 
IBrcwr u Ver. eMP; 
Brunswick <>rpn It 
fturro jghsCorp Sj 
[CBSS2.70 ... 

lores*.. .. 

i;aierp:)larii .... 
Chase Jrhtn5l25.. 
niesehrouch SJ_.. 

Chiystorsft_ 

CmcorpSl. 

itylm 313- _ 
Do On.Prf BS1 - 

i.ul>;jTe-P.SI. 

i.oil Inrts. 51 . . .. 

»*rat Illin«is510_. 

Com Oils. 

ttvv.-n2fcU.Sj... 
Cutler-Hammer 55. 
Ealonl.rp.S0.50...- 

Eaurk .. 

r-CMitll. 

Fire-AOTieTireU _. 
Fir?tChiia)jDS5. - 

IFluor Cor? P;. 

pvwdSJKMrs:— 

gat; .. 

liea. EI«i5C.;.__ 

|Gille!ie$l. 

HanejweilSlJiO..- 

liutlonEF_ 

L3.5LCoiv.t5_.- 
IrRemU RC _ 

?r >vsaa«4Cvit» 
I r ImematioRali! 
Baiternl 9j^__ 


Dir. YU 
Gnu CNt Gr s 


49*- 

15*! 

12 V 


20 

!P 

i?5» 


.Vanf. Han ISS750 
l!on»n'.*P»1.‘SSlj 
.XonunSimunFcc Si 
. Owens-Ill S3 )£>. 
14V [Quaker MaisUSS:.. 
14»; [Reliance S02S 
,Rep \ Y '"orp SS. 
ReoKf d ST<. 
fRfcftdsiL-lIfTilSIV 
■Saul E PiSI. ... 


16*4 
10V 
14V 
247 p 


22V 

865p 

21V 

ft 

385p 

758p 


Stock 


1+ erf Di». 

| - | Gross 


18V Shell nil Si_ 

11$ Slr^erfilOi .. ... 


Spwrv RanriSUjn 
TOW be Si V—.. 


[tenncco-- — 

Do ]|pc Ljl StL 91 -3* 


22 

» 

133 

505pftes«nB VS» IP,. 
16$ {Texaco S625— - 

mmelnt_ 

rTranfamericaSl 
lid. Tech. SLSS... 
I'.S Sl«lSI .... 

Vet w» SO 2*. 

IWoolworttisSS 1 ;-.. 
IXcroxCurp SI. 
Xonics Inc. 10c — 
Zapata Corp. 25c 


•as 

12V 

14*i 

14V 

17*4 

ir 0 

*% 

298p 

20*4«l 

12$ 

23 nJ 

2tr?|d 

139 J 
544p 
l7$«d 

24 

952n 

23% 


14$ id 
12$<d 

nw 

5 & 


+15 


-13 

=s 

-r 

-h 


51 .92 

52 36 
76c 

h51.06 
SI 04 
15c 
SI 00 
80c 
9ft. 


hSl.bO' 
60c 
SI.12 

51 60 

52 00 

10°t. 

SI. 00 
S2 

S130 

80c 

$2.00 

$1.60 

20c 

51.40 


-V S3 00 
-20 7*k 


s3flc 


.-.a I 


[Vld 

ro-lGr', 


3.1 


r7 3 

10.4 

6.3 
31 
47 
47 
47 
0.8 

6.4 
3.6 
0.8 
14 


S.E. List Premium 32V*» (based on SL:S1.S3S0 per Ei 


Conversion factor 0.7568 <0.7556) 


1977-78 
llieh Low 


■13 

l’ 7 : 

42V 

2< ! ; 

465 


15 
59*4 
2T S 
43Dp 
26 
13 l 
33*4 
lfV 

:sv 

87£n 

18V 


./1 


7l)p 

24 


19% 

161 

940p 


10,1 
10,1 
3<P4 
UV 
825p 
13H 
940p 
261; 
16*8 


935 p 
211 ; 
11*4 
980p 
585p 

If 

S p 

14JI 

9j3p 


C4ANADIANS 

t-r or) Dhr. 

£ I - I lira 


Suck 


Bfc-Murriredl W- 

lit. Nut a Scotia SI 
Bell Canada 25c - 

Bow Vaileyli- 

Bra^caDll . - - 
Can. Imp Bk. 52- .. 
CaaPacriicSa— . 
[«.4pePe*j £tDU 

GulfidlCMLK- 

320p HawkerR*d Can*. 

16^ RiriUnse-S. 

HmfeonV'Baj IJ... 
Rud.RrtlGSP;. 
Imperial Uilli.. 

ilnto.- - - - - 

,Inl.yaLGJcSi:_- 
Maism Fwill — 
Pacific Pet SI ... 
iPlaceGasSI 

IKo.AIsko — - 

Royal likCao. SI 
?ea3ram«.c.i.Tl 
[Tor I*nm BL 51. 


S40p [Trsa-.- C^r; hpetvP^ 


910 


11 *: 


22-4 


15 


10 % 


♦ ft 

SI .06 

_ 


92c 

— 

A 

54 03 

— 

-V 

10 c 

— 

+15 

51.00 

_ 

__ j 

51.44 

— 

♦A 

47-. 


4*u 

_ 

+V 

5106 

_ 

+15 

40c 

_ 


51 94 

_ 


65e 

_ 

**9 

SI 7 0 

_ 

+*e 

86 .4v 

_ 

■ 

SI 25 

— 

-10 

eft- 

_ 

-10 

5100 


+ 1 , 

86 4i. 

— 

“1 

+v 

52T08 

_ 

5L46 

— . 

‘l 1 ? 

•:«r 

<5 2 c 
7bx- 

— 

103c 

— 


nd 

Cvt fir's 


5.0 

4.1 

b.4 

fl.4 

58 

48 

55 

112 


BUILDING INDUSTRY-Conf. 

I* «j Dir 


DRAPERY AND STORES-Ctat 


1977-7? I 
IH°h Lew ! 


Slock 


Price 


Stock 


n 

3? 

40 

32 
15 
47 
36 
66*; 
28 

54 
57 
84 
44i-i 
66' 
30 
66 

1142 

60 

£230 

70 

95 

70 

64 

33 
ill? 
HU 
139 

64 

, 45 
1197 
hi4 
352 
17 
45 

£30*2 

105 

171 

135 

;108 

86 

69 

89 
38 
8b 

90 

55 


3.1216 
5 7 551; 
55i 96 
304294 


S.E. List Premium 32Vr, (based on $2.1491 per £1 


BANKS AND HIRE PURCHASE 

I* orj Or 


1977-78 
Hi eh Low 


Suck 


Price 


337 

305 


232 

180 


£114 U2E 


595 
168 
195 
£25»; 
363 
£165 
27 
210 
500 
315 

f_74V 


350 
37V 
[105 
£13*4 
195 
£100 
17 
[170 
365 
222 
£21 7 g 


350 1228 


210 


360 1225 


95 


238 1167 (rom'IAi&'SAU 


□4, 

£21 

24 

£13*; 

157 

£103*; 

83 

3, i 

12*; 

210 

55 

280 

31 

126 

230 

257 

116 

£10*4 

341 


£11 

£14V 

£11*2 

55 

£84*; 

25 


187 

52 

80 

134 

300 

52 

in 

390 

£92 

£99 

65 

*247 

81 

300 

485 

290 

100 

430 

S8V 

515 

56 

£24*4 

74 


115 


AN7.SM. 

Alexanders D. £) 
.Al'icroenc FI 100 
Allen Harvex £1. 
[Allied Irish— 
ArbuthiMiLEl. 
Bank AiEcr SI S95 
Bklrelandfl. _ 
Do lOpcCont... 
Bfc Leuati !£)... 
BtLeumiilTvitl 
BfcN'.S.W.iNL_ 
Bank Scot land £1 
Bankers N.Y510. 

Eardaysfl- 

3roiE>Sh: 

[Cater 


50V /arveP» «20p.. 


1 
123 
, 37 
155 
14 
53 
150 
140 
, 73 
^00 
223 
,541; 
102 
21 

57 
76 

185 

25 

36 
.259 
£o4*; 
£69*4 
40 

1172 

58 
[205 
,210 
173 

57 
293 

58 
285 

14 

£15 V 

37 


Shtpie;. £1. 
RjTorCl . 


i:«m'2bkDM10C 
Ch^nHbLKrllM 
Coruithian lift)— 
tied. FVa nee F75 
,DawesiG.R.i .. 
Ueatehe Bank DM5* 
F C Finance 
{First NaLlOp — 
1 Da Writs. 7MB 
Fraser An&IOp. 
Gemrd N'atnl— 

Gibix - 1 A.«.- 

Gilletl Brin £1 - 
Goode l*t Mryap 

Gnndlayi.... 
Guinness Peat— 

Kambros- 

Rill Samuel..... 
Do Waranis.._ 
[HongShnfiilaU. 
iJcrfelTnynbee- 
Llo<ephiLfio)ll . 
KeyssrUimann 
FjnetShax2up 
KlemwortB-L. . 

Uoyds£l- 

.Mansoii Fin 20p. 
Mwcmj Secs. 

[Midland £1_ 

Do.71;Fi»93- 
Do IOt|S93S8- 
[Minster .Assets _ 
NaLBtAusLSAl 
Nat Com. Grp • - 
Nat West. £1_._ 
Schroders£l _ 
SeccombeMCfl 
ISmMbSL.kub— 
SuuHTdCbanEI 
iTradeDev SI 30. 
L : nionDisc£l— 

,l‘.PT—.- - 

|WelIs Fargo SS.. 
WlnmistzOp— 


253 

250x6 

£102 

475 

160 

160 

£15xd 

335 

050 

17 

170m 
405 
288 
£23 7 a 
317 
205 
283 
74 
190 
£14% 
£15 V 
20 

£14% 

67 

£101V 

63 

2*; 


11*4 

170 

42 

230 

271; 

117 

212ml 

183 

89 

500 

253 

70 

175 

40 

60 

104 

265 

46>d 

117 

340m 

£82 

£90 

58 

190 

73 
268 
405 
230 

74 
<05 
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440ml 

37 

£17** 

62 


-** 


+1 


-3 


+1 


-*4 


42 


-I 


-2 


311 % 


Q9.B7-J 


Q7V%jZ2.0] 

Q10W22.0f 


1355 

tQHijc 

2S3‘ 

tl0.<2 

10.40 

%% 

717.59 

SK 


1.12 


5.03 


I rid 

Ctrl (Vi 


L 




4.1; 


4 9 


2-W 


71 


7 0i 




4 0| 
8.7 

3 5 
10 0 

63 

is 

6.1 

I6.B 

1 fo 
6.6 
4.M 

5 3 

7 :1 
a 

1 

1.5, 

4 5 


8.6j 

5.5' 

5:?i 

6.6l 

19.41 


P IE 


152 


7.0 


63 


74 


174 


45 


29 
87 
6.9 
12 - 


51 

114 


5.0 


8.4 


m 


53 

K14 


10 9 


Hire Parcfaase. etc. 


S 4 


,15‘j 

(£23 


Cattle'; iHd;,i lOpI 
Cie B'cre Fr. 100. 


117 i 44 


H ^Credit Data 10p._ 
Llords & ScotaJp. 
LniLScotFin-lOp 
Merc Kip 
Fw. Financial _ 
Stris. Credit 1t9> 
StunaiG.ilOp. - 
Wagon Finance. 


34*; 

£31 

8ts 

99 

37 

U 

90 

42 

13V 

87 


-1 


h203 

Q12»i 


*1? 


14 43 
tl.82 


14.12 


171 


2.1 : 


101 


13J 

7.7 

19.9 

10.0 

(3.2) 


1 13 


BEERS, WINES AND SPIRITS 


46V 

39 

166 

236 

46 
142 

74 

112 

47 
177 
160 

66 

152 

193 

21 

505 

22‘; 

54 

108 

240 

198 

158 

100 

133 


415 

65 

71'; 

107 

415 

96*2 

201 

150 


57*? 


84 

-1 

3.93 

1.9 

71 

16 

.AjuLDUiPrlOp 

35nl 


mU25 

— 

li 

80 


145 

t! 

4.B4 

32 

b.l 

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[<^ [ri 1 i ili+Jn ,u 

214 


t4.78 

61 

?A 

26 

liTT 1 ! M.t! 

46 


— 


— 

82 

Boddln^totu— 

140 


13.91 

27 

4 2 

46 


74 

+6 

1J.19 

15 

6 .S 

t>2 


106 


3.92 

2 2 

b.b 

SO 


44 


IL64 

27 

bi 

9/ 

BulmenRP' — 

139 


Lb .6 

28 

/ 2 > 

lb 


148 

-2 

3.10 

5.1 

32 

39 

City Lon I«f-. 

60 


24 

16 

b.l 

60 


148 


i .21 

33 

b.3 

120 


175 


6.54 

31 

b.l 

11 

SliS'BichmoSp. 

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21 

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1.8 

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17 

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29 


12 04 

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130 

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4.9 

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11.5 
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102 Slenrie*i2 >. - _ 
Michael,.li lto _ 

Mid. GducaL .vjp — 
ItorrUKatex.. 48 
Mohervare lop. i 170 
,NSSNe«s!np..| 

litwenOwen-1 

ParadiaefBi lOp 
Parson ■W L 1 
Peters Stores lOp I 
PolLvpwklOp_ ' 
JPreedc 1 Allred, 
RamarTert-Sp 
.Rawer?Ito.„, 
tearheci lOp - J 


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70 

35 

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48 

44 

16 

11 

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30* 

ft. 

36 


23 htedientap — 


32 

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9 

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27 
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32 
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Ladies Frits 3ip j 47 
Lee Cooper. ..J 112 
Litany .——1 
lULVonlotimud I 
LincnrftK.lDp _| 
MFlWTwUseLOp 


Maple 2to.. 

■' ' & spencer l 


Reed Austin-.V.. 
RrcliiiilD&S lOp . 
RosnU 5p.. .. 
; SfcDSt0res IS# 
Do 25°«Ff 13*3* 
Samuel 1 H) V - 
SeUmMirini) _ . 
Sherman rS> 10p- 
SniihW R A'50p 
StanleyAG ap... 
Status Disci ltip 
Stan hers 10p— 

teumneam. 

{Time Prods 10p_ 
L"USGroup- _ 
Upton 12»-.V_... 
VantmaTOp. . 
Yenwm Fish, top . 
Wades'A" Sip _ 

Walker-Jan,_ 

Dn N.Y- 

(Wallis lOp___j 

IWariiVi&Gilkm 


11 IWeanseU 5p __ 


Wharf ML* lOp- 
Wilfcnsn Wnitin., 
Woolworib- 


ELECTRICAL AND RADIO 


142 

67 

40 

56 

137 

151 

54 

66 

87 

24 

162 

129 

115 

24 

44 
39 

162 

585 

560 

18 

15*2 

24 

50 

13*2 

254 

£136 

365 

24*2 

124 

14*4 

210 

242 

90 

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284 

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106 

136 

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75 

180 

45 

£88 . 

202 

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£105. 

112 

109 

117 

77 

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270 

93 

54 

295 . 
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49 
43 
42 
142 
443 
59 
101 
293 
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27 
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19 
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14 

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118 
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163 

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44 

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85 

130 

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90 

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£61 , 
117 ■[ 
£51 
710 
47 

46 
62 

36 
33 

;118 

63 

28 

190 

|4E6 

Vi 

17 

81 


AJ3. Hectronji- . 

.Allied Insulator? 
ABGtoFIdelm los 
Antoled Sec lOp 

BICC50p-105 

BSRIOp--94 

Beat Stax-ito . 51ml 
Bofitborpe ICp. 56*2 

iBrocks’.to_' 72 

[Buion'A'5p_ .< _23 
(camphell lamd 
[CMondeGrp . 

Itanerfi Sen- Sp. 
iTraxatronMOp . 

Crellon iOp — 

(CrosslandSp- • - 

Dale StecL IOp _ 

Dacca--- 

Do A _ -! 430 
Derritrec IOp—f 18 
[Dewhorst A IOp 

Dcwdin? k \J jp 

DrearabndlOp- 
DubHinap _ 

teWaOp__ 

1 IVx 8 * 2 ’ , .Cin-. "81 [£ 101 * 2 , 
ElecCcomps Ito.J 3“ 
(Hertronicllscn 
(Elec. Rentals IOp 

EWrffSeM IOp. 

[E-.er Ready_ 

Farral] Dec.2Up 
[FideliP. Rad. Ito 
Fomm7ecl:.aC*p 

Ig^c_ 

K&hland'ELiOp. 

Jones Str« 2 ii_. 

Rode lot- 

LaureneeScttt . 

LerRetip..__ 

jHJLEtetfdc— 
[MBirhead..._.. 

Newman Lad?... 
N'ewmarli Lotus. 
'jiMrmacdELato- 

Perfcln-EUser-toc _ 

|pftfltpsipLn.iu 
Ptfco Hdcs arp- 

DoL‘A"a5p_ 

nesre*. ?Op- 

ftessaciflp__ 


iacalE’ectrKS.. 
Redffitirimt . . 
jKotaflerG-E IOp 
SctolesiGH'. ... 
SopyCa\'5b . . 
Sound Difl<m.5p- 
TeIefiuion£p „ 

Do.’.VN;Vjp_ 

Tele. Rentals.— 

|196 TnornHecl_ 

22 ThTpeF.W. lUpt 
Cnltech IOp.. - 
L'td. Saeofific.... 
. Wardfi;Geld ... 
9 WeDcoRlds .ap . 
29 WeRinehouse.- 
10 Whitworth EL 5p 
- Wk1eaienf.2ip. 
WwfaU.R*_ 


DO 

230 

116 

98 
286 
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57 

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124 

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23 
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174 

153 

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55 

53 

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22 

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76 
92 

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21 
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178 

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121 

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63*2 

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120 

100 

297 

136 

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70 

65 

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48 
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175 

115 

49 
34 
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17 

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26 
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160 
138 

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111 70 
1231 83 


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81 

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74 
98 
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10 

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63 

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103 

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105 

56 

50 

52 
55 
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109 

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33 
41'; 
25*1 
78 
47 


ACE. Mar lu nen. 
AFV.Mp- 1 

AetmiEngn 1 

Da-A. 

Aihswt Group.... 
[AlcfroOpeCrn. . 
Allen OS' Balfour 

.Allen W.G. 

.\maJ Power „ _ 
Andsn y Clyde.. 

.\ngle-S»iss__ 

AriTtlaa_ 

AsnBritisfl 12 * 31 . 
.AssocTooliiifi _ 
.Astra lodl IOp 
[Aorora Bids. ... 
Austin' Jamesi.. 

Ararys-- 

Babcock & W— 
BaiUjiC. H .1 _ 

Eater P«k.S0p.. 

Rnriords 2 to_ 

BanroCons.2 . 
SarftraiSoiB.. 
Beaufort IOp— 
BmieriLeoiiilIlip- 
BewniDF.ibp-. 
BinnidQnalcast 
Bmngfcjn.«inl... 
IWbam Pallet IOp 
Blackw'dHodee. 
Blakeys- 

BputunWm 10 ) 

BrahamMUl id? 
BraithwaiteLl 
BraswaylOp — 
BTtuusc Dud IOp 

Bristol Channel 

British Northrop 
BriL Steam 20p- 
Bra-rkbouse ... . 
ftsms Cast 5p~. 
ffiroraEne IOp - 
"BrookeTool". . 
Broiherti'ilp SOp . 
BromiiTaiise. 

Brown John U_ 

BoUougbaap... 
Burges# Prod . 
Buthftfkld INy.. 
k'aaifnrd Ene I Ip 
f apper-'^eill tup 
CarrloEnc.. . 
jfjrtwnjdirR. iOp . 

Casting IOp-- ~ 
|rbeairirm5p— 
illiristy Broi . 
flexion Son 50p 
[Gi/fordiChiLlr 
Cohen tAiSQp . 
ji'nmp.-Ur. .... 
(Concentric IOp... 
Cook VT Stef 20p . 
CoopenFri IOp 
’Cooper lat IOp 

CorneremftaOp- 

ittuniur Group— 
.Crown House... 
(Cunmniu 78,54.. 
|DaaksGo«wrton. 
Dartmthluv 5p- 
Dn.fr Met'A'Ityp 

Davy Ini_ . 

Delsnn lOp _. 
DdtaiWal. . 

DennlsJ.H IOp— 

Dcritend5l)p. - 

ftajouner_... 

tlowmebrae IOp- 
Ductile Steels... 
Dupoci-....... 

EdhroiHldipai.. 
[EilMriB.i. 

Eau Cart Cloth 
Eta Industries. 
Espanded Metal 

Farey.. 

.FanneriFW i_ 

.FI rtsider Lire 5(W 
Firth.CM.IOp . 
.FlmdroeZOp. ... 

F4lke?Ktont-5p| 
France Inds— 
|GEHiun|.'J'p. -j 




ENGINEERING 
MACHINE TOOLS 


































































































































































































































































































































































































































































































wwa-robdup 


a fully integrated banking service 


+2 Tl8 ?2 


MOTORS, AIRCRAFT TRADES 

' Motors and Cvcles 


.MtS.CrJl5 


Reliant Jur3p 


(Regional Prop 


arkTraUer iftp 


\l 2 * 
tL6 l.< 


4.07 II 
t305 O' 
3.8 <6 





29 
25 

43 

92 
60 
99 

77 I Da Carr. i-vp.. 
tel. Itr.eftcrs. 


Tr 


mi 


1464, . 
14.64 4. 
t U-61 1 
13.63 4, 

f 

ss 

ffi 2 


M. 


i see 
64 nl 
16 
32 

hatnrailA(igei..[ 245 
- _ 28 
76 
IS 

44 

45 
42 

183d 
£96 



137 
50 
25 
25 

£31S £233g 

31 20 

57 9 

103 52 

IDO 27 1 

210 79i : 1 

■81 48V 

69 35 

58 41 

‘42 16 

*260 1117' 
92 29*« 

14 r 


59 28 

230 
1012 
68 . 

242 

A 

56 

ii 
186 
234 
lilj 
48 
145 
116 
53 


91 
90 

320 

270 
64 37 

92 30 
29i a 13 


fcP. Poster 50p. 

73 
145 
83 

» 

| 

SanthiTKidi20p i 81rt 
178 
70 
65 
53 
35 
232 
77 
11 


Rida Bros. 5p 



33 &iS.J20p— 64 


Martin uYialp 



Props. 1ft). 



as.tCi?n.20p 


iC T.>—I 102 


Gee. A codent 


MsaUtwWr.SOp. 
Mineinidgs 20p. 
MiixinCkisiSfip- 



Forb»10p- 


1.36- 

20 
595 
25 
260 
147 
328 
«r 

48 

102 139 
9.7 231 
8.9 £180 
£155 

.8.6 £159 £106 
- 56»a 32b 

“3 205 137*3 

.-fl 93 45*2 

113 74 40 

7.1 132 69 



RadJey Faxons I 45 
74 

eluawKcuMn 1 



L-: P: Ip 


+1 | i3.65 
+u t2 59 
12 94 
«5V 
240 



Ua.it. 

Un.t-^an.5up. 




MINES—Continued 

CENTRAL AFRICAN 

«7:-» j I Uor [ fw. i I TO 

High Lob \ S;ock | Prire | - | \« jCHlj Gr*# 

195 70 r Jeon PJ; 30c _. 180 ...... Q?0c 13 26 0 

24 9 rr.od nf..rp lt£;p 21 . 0 57 4.3 4.1 

165 52 H-cnCun' W_ 55 — _ _ 

164 115 Ta2=arv.te5i«.._ 132 Q110 11 63 

90 70 Do Ft** Pm _ 78 . C**e IS 4 9 2. 

42 27 Wjnciei'oI.Rh; _ 38 G7:*c 1S ib.3' 

271; 10 2a*n.CprSRMlJH„ 10 . - - — ’ 


rtStebens ‘1 Jv-'U 
TeiacottSCnv. 


20 10 

127 57 

128 69 

325 139 

65 IS 
312 77 

55 10 

242 125 
105 10 

25, 1 

12D 79 

12 41' 

144 8? 

55 20 

£13 575 
19 B 

555 345 

164 85 

75 40 


AUSTRALIAN 


.■■Lire iV ... 

f>iusict:li?5»Toe;: 
BH 5ou:u 54c . 
Cause Sio;:n;c Z*r . 
f.M.Kiir'-’.'HteSI 

Harntiij 

Ex 30c . .. 
Hi M Hide* 50c _ 
Moitia lvell25c._ 

NCTTK'U! 1Ul_ 

Menh E Hill50c_ 

Mil Kalsurh_ 

GakbndjeSAl_ 

Pacific'or. per_ 

Pancont! Sc_ 

Parior: ?'&Ee5p._ 
Fbko-KaJliend rOc. 

Poseidon 20c_ 

WesmMuiincfOc. 
Whim Creek 20c_ 


132 . 

19 . 

2 _ 

88 . 

82; . 

141 -5 
36 +2 

825 . 

121; . 

435 +U 

754 . 

90 . 

40 _ 


t)?c 1 51 6.5 
qir 2i( 3.3 
145 <U 21 
iJ9c 17 4"2 

Q3l 15 36 
ylic 1*9 A9 

Q15c M II 

wc Ti 


I 70 !+3 


TINS 

Anal. Nigeria_ 28 

Aver Hrum SHJ_ 260 

BenltTin_ 50 

Betjuntai SMI_210 

Geo or_ 470 

Gold t Rise 9 

CopensCons._ 265*; 

Ronstorfi_150 

Idrl- Kin- - 90s 

fanurfrip- 11 

Knjr,-.;rc lMi'30. 63 

hillinri.nl! . . 450 

■■!»!»• Mourn, f'l. 265 

t Paha n , 1 . .. 45 

PenekaM-n lOp — 53>: 

PetalincSMt . .. 165 

.Niinf Pirjn . . 55 

Fwth*. ro.’r top . 57 

South K.T.L MOSil I 240 

SP-.n Malayan SVil.] 25C 

Sunsei Benl'i I _ I 145 

Stp.vae f jru • V. l J 60 

Tanjr.n^liij .. I 4Su 

TwirkaRiirl'r.3i:i 74 

Tronuh SKI_ 160 


151 16113.6 

fr-1e.7r 0.934.4 
5.75 1311.4 

f.4 5.S 

i&Ta V R6 

73 * 116 

ZC.T?je 07 49 
Cl 25 * 27.8. 
tfc.re 0.6 7 2 
K»2 5 0 5 5.6 
5.5 4 18 b 

atil?.-: 109 lb 
si 74 * 5.7- 
6412 1510 4 
:ii77i: 14 119 
*315r 1.111.3 

ZQlDc — 3.6 
43 4* 7 0 

ifrsZT 1 : 13 lb.5 
ZUiOc 2.0 4.0 


12-2 9.4 
&3 A I 
4.1543 
4.72181 


* 

t0.66 I - 
t0.79 
t2.96 



856 1. 

396 L 
dlJ6 1 


125 
103 

ai 

199 
120 
147 
60 
54 
384* 
371 2 
87 
48 
112 
3a 

curate Inc,, | 72 
32 



R: inlands H50e_ 


Sumatra lOp 


Haja; aiao* lOp 


Laa^pux-xtl 
McLec-i R-issel il 


an: ns I Did 


Eln tiO.-Z; __j 

BuiieL-S) . 

ROiO. .. 
[VoroTooWin Si .1 
LsaDrcF: . . 
tland-raniOlj Vk . 
a>ncrsni 
Hiiebce?; F.l — 

Klwt tjciaP.l _ 

Lihoicn F.l 
Soi.lrrasJ Vr? 
.■itliVateinfOc 
Vaai Recis 5ft: .. 
Vi.irjr-r'ctR; . 

W Trie F; . 

A'ea"ro Areas Rl 
[leepRi - . 
Ziiivaf-in R'. _ 


294 

819 t!9 
90 

256 -r3 

605 .. . 

202 

133 -3 
£10i* *-1* 
457 *2 
471 *15 

464 *12 

252 +4 

£173* 

205 +7 

650 . 

173 . 


COPPER 

19E (84 iMefiinaP.039—| 84 | UQ20c( 1.9« $ 

MISCELLANEOUS 

9J' 9 E-unna Mines l7-’p 5 _ — — — 

115 58 U-lhcJwQeiS:i_. SO *1 - - —' 

600 :25 Cons. March 10c _ 240 -5 Q30e 4 J 

475 250 NcTThpaei.?]_ 2=0 . _ _ - 

247 169 FLT1 .„ 171 . tS3 q31 7.5 

70 28*; Saiib.-ln-i *751— 54 . — — — 

£14;* aOO 7^-al-^tr. SI_ 820 4-2 - - — 

55 39 Tebin iimenltKip. 45 . 1.21 23 4.1 

160 121 Yukon Cons CS1.126 . Q7c 4> 33 


NOTES 


VnJes* oUwrviw indicated, price* and net dividends are in 
pence and dewalaitiMa are 25 p. Estimated prlccrearninsa 
ratio* and rwm are baaed an latest ann ual rrporu and account* 
and, where paatihle, are apdated an htU-snrl* npn* P/Es am 
calcnlaled on the basis of net ifiatrfbntioa; bradcrced fbrnm 
hdlmto H per (eat, or more difference If calculated on “nir* 
fiarlkdin. Covers are based on “maxinaiia" dlatrlbmlna. 
Vieids are bnsrd on middle prices, are groos. adlnsted ta ACT ml 
34 per ***** nd allow tor valne of declared lUstrUmthms and 
rlliit. Secnritle* with deaminations other than sterlind are 
Hooted Inclusive of the Investment dollar p rw nl nm. 

A Steriloc denominated securities which include investment 
dollar premium. 

* “Tap" Stock. 

* Highs and Lows marked thus have been adjusted to allow 
for rights Issues for cash. 

t Interim since Increased or resumed. 

* Interim since reduced, passed or deferred, 
it Tan-free to non-residents on application. 

6 Figures or report awaited, 
tt I'altaol security. 

* Pnc* at lime of suspension. 

9 Indicated dividend after pending scrip and/or rights Insna; 

•rover relates to previous dividend or forecast. 

*' Free of stamp Duty. 

* Mercer bid or reorganisation in pro g ress 

- riot comparable ,. 

* Same interim; reduced final and/or reduced eanunm- 
indicated 

i Forecast dividend; cover on earnings updated bp latest-' 
interim statemenL J 

j Cover allows for conversion of shares not now ranking/or_ 
divide nd;- or ranking only for restricted dividend. 

•X Cover dors not allow lor shares which may also task lor 
dividend at a future date No P/E ratio usually pnrnded. 

9 Excluding a final dividend declaration. : 

* Re.punai price. 

II No par value. 1 

a Tat free b Figures based on prospectus or ofher official 
eitiirate c Cents d Dividend rule paid or payable on part 
of capital: cover based on dividend on full capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield b Assumed dividend and field after scrip issue, 
j Pjjmtnt from capital source*, k Kenya, m Interim higher 
than precious tmal a Rights issue pending q Earnincs 
hased on preliminary figures. r Australian currency, 
v Dividend and yield exclude a special payment. : Indicated 
dividend- eorer relates to previous dividend. PiE ratio based 
op late*; r.nminl enrtiings u Forecast dividend- cover based 
on previous .'-•ear s earnings, v Tax free up to 30p in the £_ 
w Vjeld allow' for currency clause, y Dividend and yield 
based on tr.r-rg*-r terms, l Dividend and yield inclnde a 
special payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred C Canadian. D Cover and P'S ratio exclude profits 
ol U K. acrn*pi.:e subsidiaries E Issue price. F Dividend 
and yield based on prospvarus or other official estimates for 
ITTT-Tf. r, Assumcii dj*-;deen a.id vieJd after pendlny scrip 
and cr r:-ha Issue II Dividend and vi cld based on 
r-ro.pvota-- or oiV.ct official cs-turaie; for 1318.77 K Figure* 
hnsed on prospectus or ether i*?? i-ra! estimates for 1976. 

*1 Dividend ~nt\ y:el 1 i.a'crt on r*ro;;-.-7tus or other official 
estimstos ior 1973 ST Dividend .-l*i 1 -ivfd based on prospectos 
or other cfficJ* **sl:ng-ti-. lor l-TTV P DiMO*-nd and yield 
b.ivcd on t*r»tpccii.- or ether oilici.r.' es:iauf-iv for !&77 
(l ijro- - T Fictirt • assumed. I No significant rc^poraijon 
To.\ I'.sihlc 7 Pividcid total ro date fj Yield bared on 
amimyiton Treasury Pill !taic siav-s unchanged until maturity 
of sinrl- 

'ohrc> irti'in-- itvvili idciid. irex scrip issue; a*es nghts; flex 
all: d es capital distribution 


“ decent Issues ” and “ Rights ** Page 


2 31 4 a This service is available to eier> Company dealt in on 
I’d 03 .'•tock Exchanges throughout the United Kingdom lor a 
— I — fee ol £490 per annum for each security 


REGIONAL MARKETS 

Tils' followlne. i * u soleetion of London quota Lions of share* 
previou;lv liriOi. 1 only in regional marfeets. Prices of Irish 
issue:-, ptbst ci -A hic.n arc not officially listed in London, ■ 
| arc a* quoted on ifce irish exchange 


O.F.S. 


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£14% 787 
126 63 

469 235 
134 49 

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/.I I lance Gas. 70 

mott . 315 

•.arreli-P.i.i. . 105 

i' l.indalltir .. 80 

i'm ret * ‘tods. 12S 
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15 Jf'Stenw. 7 Rri».Unrl. 3UJ 

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24 


FINANCIAL TIMES 


AHtffe friendship ftafcss you a long way 

. Reservations'Norw>chTe!-(0603)415036 j 


Saturday February 11 197S 


X STRATHSPEY' 

Mi'TOO/c. HigWarid Mali. Whisky £ 
u To2aida5 Suas * Xf 


MAN OF THE WEEK 


A list 
of some 


Zaire calls in IMF 
to aid its economy 


BY ELINOR GOODMAN 


MB PETER LEWIS chairman 
oT thy John L«wis Group, is not 
the Find of man you would ex¬ 
pect ni find in the middle of a 
poll Heal storm. Nur would first 
im(j!'o.ssions indicate that he is 
the kind of man who would be 
ir. charge of an organisation in 
which the chairman is answer¬ 
able — quite literally answer¬ 
able in the case of letters to the 
weekly Gazette — to all its 
employees, nr partners as they 
are more accurately known in 
the language of John Lewis. 

A quiet, reserved, man who 
does not Bet much involved in 
the mail lobby. Mr. Lewis tends 
to shun publicity. He seems 
almost embarrassed at the way 
in which the gruup's inclusion on 
the Gmern merit's blacklist of 
employers who have broken the 
pay guidelines has hit the head¬ 
lines. He would endorse whole¬ 
heartedly. however, the principle 
behind the outcry. It is quite 
wrong, in his view, that a com¬ 
pany should be put on a black¬ 
list without its knowledge and 
without apparently having 
broken any law. 


BY DAVID BUCHAN 

ZAIRE has agreed to put its 
economic management and 
central hank under a measure of 
outside control, after week-long 
talks involving President 
Mobutu Sese Seko, Zairean 
Ministers and the Belgian 
Government, officials said here 
to-day. 

President Mobutu, who was 
accompanied by his Foreign 
Minister. Mr Umba Di Letete. 
and his central bank governor. 
Mr. Bo fossa, agreed to ask for 
an International Monetary Fund 
official to take the number two 
post in the Kinshasa Central 
Bank. 

This is seen here as substan¬ 
tial progress towards an in t- 
national reconstruction plan for 
the Zairean economy. It is 
expected that a meeting involv¬ 
ing Belgium, the U.S., France. 
Germany, the U.IC, Saudi Arabia 
and Iran will take place in 
Brussels in April to consider 
increased technical and possibly 
financial aid to Zaire. 

Belgian officials stress that 
their Government's role is that 
mf co-ordinator. Last year. Presi¬ 
dent Mobutu asked Belgian 
Prime Minister Mr. Leo Tinde- 
mans to assume the role of co¬ 
ordinating aid given by 
countries friendly to Zaire and 
also international institutions, 
such as the EMF and the World 
Bank. 

But the precondition for any 
aid is that Zaire reach a satis¬ 


factory settlement with the IMF 
for a further standby credit. 

Officials here Insist they are 
not pre-empting the IMF’s job. 
and that conditions for the 
standby credit—a hefty devalua¬ 
tion of the Zairean currency has 
been rumoured—did not figure 
in this week's Brussels talks. 

Belgian Government officials 
expect that, after the visit of 
another IMF team to Kinshasa 
at the end of this month, the 
IMF credit will go through. 

Technical help 

At present, thp main element 
in the “ Plan Mobutu.” as the 
reconstruction package is known 
here, is the provision of tech¬ 
nical help. 

So far. Belgium has supplied 
most to the former Belgian 
Congo, with Belgians already in 
some key posts in the railways, 
river transport, and air Zaire. 

Bilaterlal relations between 
the Belgian Government and its 
former colony are still troubled 
by the issue of compensation for 
expropriated Belgian property. 

But the recent agreements 
have brought the Belgian private 
sector back into copper market¬ 
ing (not mining) and shipping. 

Ia addition, some Belgian com¬ 
panies have taken advantage of 
President Mobutu's offer to give 
back 100 per cent, of their 
former holdings (with the pro¬ 
vision that 40 per cent, must be 
resold to Zairean interests 
within five years). 


BRUSSELS. Feb. 10. | 

Increased financial' aid by 
Western countries to Zaire may] 
be considered later, depending: 
on whether they think that ibej 
economy is being better run. At; 
present. Belgium gives about Bel-, 
gian Frs.4bn. (£63m.) a year to 
Zaire in official aid. 

The issue of further loans to 
Kinshasa will be left to the pri¬ 
vate bank creditors which have 
already proposed a $200m -250m. 
loan once overdue debt has been 
repaid. 

Mary Campbell writes: The 
reaction of international bankers 
was little short of delight yester¬ 
day. They emphasised that many 
of Zaire's past problems have 
stemmed from inefficient allo¬ 
cation of foreign exchange and 
that the involvement of some¬ 
one from the IMF at a high level 
within the central bank would 
attack the problem at its heart.! 

Zaire's total external long-1 
term debt amounts to about] 
52bn. Of this, about S400m. is. 
owed to commercial bank.-:, and] 
$1.4bn. to foreign governments,] 
(either directly or as a result of' 
government guarantees of com¬ 
mercial loans.). The remaining 
S200m. takes the form of credit 
From suppliers. 

Short-term debt — due for re -1 
payment within one year — is j 
thought to amount to about 
$2 00 m -300m. 

Of the S400m. owed to com¬ 
mercial banks,‘at least $13Qm. is 
overdue. 





Deadlock Barnett: Don’t 

on North . . 

Atlantic CXpGCl iOO 

" 21EJ&F much in Budget 

Aomcn?/p C nrmnandpnl' ——** 



mm 


Lewis: reluctant fame. 

The idea lhat Government offi¬ 
cials should dictate who shall do 
business with whom is something 
which worries him. He regards 
it as u constitutional develop¬ 
ment of considerable importance 
anil one that should not go un¬ 
challenged. 

In ^ome ways Mr. Lewis's per¬ 
sonality is a reflection of the 
Partnership which was made 
over to the staff almost 50 years 
ago by bis uncle, John Spedao 
Lewis, and now has sales of 
£437m. through 74 department 
stores and 64 supermarkets. By 
comparison with its competitors. 
John Lewis keeps a low*profile. 
and the emphasis is on commu¬ 
nicating wirh the public through 
the staff—who an? kepi informed 
by a network of staff councils 
as well as the weekly magazines 
—rather Ilian through the Press. 
The fammis “ never knowingly 
undersold ” claim may sound 
like puffery in to-day's consumer¬ 
conscious society, but it does 
convey something about the 
Partnership's values. 

The Partnership prides itself 
on Us principles — all enshrin.’d 1 
in the constitution of which Mr. 
Lewis is guardian. Among these 
basic tenets are honesty, fairness 
and accountability. 

The latter has led some execu-| 
rives to leave the Partnership! 
because they regarded the public, 
soul-searching it entailed as a 
distraction to trading but to Mr. 
Lewis, the principles are vital. 
This concern with principles may 
help him explain bis stance on] 
iho blacklist as secrecy runs 
right against tihe Partnership's 
grain. 

Once an “ interested partner " 
had written to the Gazette in 
November saying that be bad 
beard that the Partnership might j 
be on a Government blacklist, 
it was inevitable that any 
further developments would be 
aired in the Gazette. The cor¬ 
respondence was dealt with by 
the Personnel Director but it 
was Mr. Lewis who was ulti¬ 
mately responsible for the deci¬ 
sion to take legal advice. In Iasi 
week's Gazelle be added a post¬ 
script to the Personnel Director’s 
report, explaining his own con¬ 
cern about the constitutional im¬ 
plications of the blacklist. 

Given the Partnership’s pride 
in its democratic structure, any¬ 
one is entitled to ask how the 
Eton and Christchurch educated 
nephew of the founder came to 
be chairman. The question was 
asked in 1969. when his appoint¬ 
ment was announced, by a 
partner who signed himself 
" Under the Counter.” Ho told 
Sir Bernard Miller who. as 
the then chairman had the job 
of nominating his successor, that 
Mr. Lewis was simply the best 
qualified applicant 

The correspondence burned 
itself out after seven letters, 
possibly because Mr. Lewis bad 
already proved himself as a very 
able director of trading—a job 
bo got eight years after he first 
joined the Partnership in the 
stationery department. 

Moreover, evoq iT the chairman 

is nominated by .his predecessor, 
the partners have the power to 
.vack him. That is part of ihe 
constitution which makes John 
Lewis unique. 


By Michael Donne, 

Aerospace Correspondent 
OFFICIALS OF the UJ\. and 
U.S. Governments have, failed to 
agree on new levels of North 
Atlantic scheduled air fares from 
April 1. 

After a brief meeting in 
London yesterday, it emerged 
that the views uf the two sides 
were so far apart as to make an 
agreement unlikely at this stage. 
No date has been fixed for the 
talks to resume. 

The basic difficulty is that the 
U.K. Government is becoming 
increasingly concerned at the 
proliferation of cheap scheduled 
fares on the North Atlantic, it 
sees them as threatening the 
economic stability of the sche¬ 
duled airlines. The U.S. Govern¬ 
ment appears to want to see more 
such fares. 

Having approved the £59 single 
Laker Airways' Sky train fare 
and the broadly ■ comparable 
Stand-By and Budget Plan fares 
for the scheduled airlines to 
enable them to compete with 
Skvtrain, Britain does not want 
to see any more cheap fares. 

The U.S., on the other hand, 
with a much bigger home 
market, is thought to feel that 
these cheap fares could be 
widened in scope — especially 
since two new U.S, airlines join 
the transatlantic route in March. 
Delta will then launch flights 
between Gatwick and Atlanta 
and Braniff will start flights 
between Gatwick and Dailas-Fort 
Worth. 

The failure of the two most 
important countries on the North 
Atlantic route to agree on fare 
policy must cause other Euro¬ 
pean Governments considerable 
concern over what is likely to 
happen this summer. 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


A RENEWED warning against 
expecting too much in the April 
Budget came yesterday from Mr. 
Joel Barnett. Chief Secretary to 
the Treasury. 

He hoped “ the sound financial 
situation will enable us to do 
a little in the coming Budget,” 
he told the Manchester Business 
School. 

But he warned that “it would 
be foolish to expect too much, 
but It should be enough, com- 
I hined with pay increases within 
Government guidelines, to make 
certain that real personal living 
standards should rise for every¬ 
one in the coming year. 

Restraint calls 

“That in turn should‘set ris 
on the road to a sustainable 
increase in output and jobs.” 

This is the clearest appeal- so 
far for caution about Budget ex¬ 
pectations. and is in line with 
similar speeches earlier this 
week. It reflects a significant 
body of official advice urging re¬ 
straint on the size of reflation in 
the Budget. 

There is an intensive debate in 
Whitehall on the subject and 
several Ministers outride the 
Treasury believe that measures 
should be on a larger rather 
than a smaller scale in view of 
the high level of unemployment 
and improvement in the financial 
position. Mr. Denis Healey, the 
Chancellor, has not yet committed 
himself. 

The range of stimulus under 
consideration is between £l$ba. 
and £2}bn., and caution is urged 
by officials concerned at the re¬ 


cent evidence of a slower-than-j 
hoped growth in export v..,ume.! 
but buoyant consumer spending, | 
and hence higher impori*. • i 
'■ Ml'. Barnett stressed the f 
sounder financial base'now. .. i 

He said that single-figure price j 
inflation would be achieved i 
“earlier than had previously; 
seemed possible, and because of: 
the firm, if not always too popu-j 
lar, stand we have taken, on 
earnings, there is no doubt now 
that we will stay in single figures 
throughout the rest of the year.” 

He also highlighted what is 
likely to be one of the main 
themes of the White Paper later 
this month on the use of North 
Sea oil—the "very substantial 
gain to'the balance of payments” 
from oil, of probably £8bn. (at 
1977 prices) by the mid-1980s. 

Historical review 

" i. balance-o J -payments gain 
should enable us to run the 
economy at a higher pace than 
bas hitherto been possible, pro¬ 
vided we are not thrown off 
course by a reacceleration of 
inflation or a further cutback in 
world demand affecting our 
ability to sell abroad.” 

In his speech Mr. Barnett dis¬ 
cussed the various reasons for 
the poor industrial performance 
of the economy in the past 100 
years, and questioned how much 
could be attributed to high 
taxation. 

But he noted that “ tax bur¬ 
dens are too high to be healthy 
at all levels of income, and 
should be reduced.” 

Budget live on radio. Page 11 


Computerised income tax nearer 


U.S. and 
Israel 
fall out 
on Sinai 

By Our Foreign Staff 

AN OPEN row has broken out 
between Washington and 
Jerusalem over Israel’s settle¬ 
ments in the Arab territories 
occupied by Israel in the 1967 
war. 

Mr. Cyrus Vance, the U.S. 
Secretary of State, said yester¬ 
day that the U.S. believed that 
Israeli settlements in Sinai 
were illegal and should be 
removed, lest they provided an 
even greater •* obstacle to 
peace” than they had already. 

■ The U.S. still regarded U.N. 
resolution 242 as the definitive 
starting point for negotiations. 
This elearly called on Israel to 
withdraw from " occupied terri¬ 
tories.” 

There was no doubt that the 
present Israeli settlements 
policy was not in the spirit or 
this resolution and this was an 
"obstacle to peace,” he said. 

Mr Moshc Dayan, the Israeli 
Foreign Minister who is 
currently in the U.S. said in 
a television Interview on 
Thursday night that he dis¬ 
agreed with President Carter’s 
views on the settlements policy 
and the future of the West 
Bank. He hoped Israel wonid 
not surrender the West Bank. 

Middle East peace talks, 
broken off last month, will re¬ 
sume some time after next 
week. Mr. Dayan said, after 
meeting yesterday with Mr. 
Alfred Atherton. U.S. Assist¬ 
ant Secretary of Slate.. who 
briefed ':hira on- .'President 
Garten’s- week-end- -talks with 
President Amt ar Sadat. * L was 
toid they would resume some 
time after next week and I 
hope they will be fruitful.” 

The question of rsraelf settle¬ 
ments in the Sinai was not a 
crucial one for President Sadat. 
"Mr. Sadat’s problem is lhat 
he cannot make a separate 
peace. Be has to bring King 
Hussein (of Jordan) to the 
bargaining table.” 

Israeli newspapers vesterday 
reported lhat Mr. Sadat might 
Invite Sir. Mena hem Begin, 
Israel's-Prime Minister, to 
Cairo Tors talks, and'that Mr. 
Carter was planning .a summit 
meeting with Hr. Sadat and 
Mr. Begin in Washington. 

Mr. Sadat left his U.S. talks 
with renewed hope of progress 
towards resuming negotiations. 

Mr. Atherton is expected to 
begin a shuttle shortly 
between Cairo and Jerusalem 
to piece together a mutually 
acceptable declaration of 
princples. 

But there is much ground¬ 
work to be done. Mr. Vance 
said yesterday ihat there, were 
tro -immediate:.'plans,.:for a 
Washington.^ summit.. . Israel 
may now-have-to-review its 
policies in the light of the 
Sadat-Carter talks and Mr. 
Sadat’s evident public relations 
success in the U.S. 

Other Mid-East news. Page 10 


Pay breach 
check on 
offers of 
bonuses 

By Christian Tyler, Labour Editor 


BY JOHN LLOYD AND IVOR OWEN 


THE long-standing proposals to 
computerise the income tax 
system received a boost yester¬ 
day with a statement by a 
Treasury Minister that automa¬ 
tion of the main pay as you 
earn processes was desirable. 

Mr. Robert Sheldon. Financial 
Secretary to the Treasury,, told 
the Commons that studies made 
following the 1971 decision not 
to concentrate PAYE work in 
nine large computer centres had 
confirmed the desirability of 
computerisation of the more 
numerous, smaller offices across 
the country. 

The Inland Revenue hailed 
the announcement as "an 
important step in the Depart¬ 
ment's efforts to harness com¬ 
puters to its main work 
processes.” 

The announcement followed 
last week's Inland Revenue 
annual report which said that 
computerisation of ' the tax 
system was essentia} to its 
future efficiency. 

The Department Is now 
engaged in a full study of a 
computer system, with the aim 
of producing an implementation 
plan at the end of 1979 and an 
operational stystem from the 
mid 1980s onward- 

There has already been a pre¬ 
liminary inquiry into the feasi¬ 
bility of introducing a national 
system. linking staff In local 
offices to regional computers 
through the use of visual display 
units. 

The Board’s report stressed 
that computerisation was an 
” essential preliminary ” to 
radical changes in the tax struc¬ 
ture and tbe way in which taxes 
are collected. It suggested that 
a system, of self-assessment. 


which would reduce the burden precluded 
of work on employers and on the determine 
Inland Revenue Department would tbe 
itself, would be possible with The In: 
computers. about 85.C 

Tbe Treasury yesterday tion of 
stressed that its recognition of said that 
the need to automate PAYE did system h; 
not necessarily Imply support for operation; 
self-assessment. The system’s would bx 
earliest operating date of 1985 further. 

Continued from Page 1 

Gas price frozen 


precluded any possibility of 
determining what tax system 
would then be in use. 

The Inland Revenue employs 
about 85.000 people in tbe collec¬ 
tion of PAYE. The Board’s report 
said that this manually operated 
system had been ” tested to its 
operational limit” last year, and 
would break down if loaded 
further. 1 


DHfe LEX COLUMN 



Three points down and three alarming "upeed - fate. ' stri 

points up again—it’s been r n J M f«|j 2 ^ t#v 4 TI ft 

of those weeks in the gilt-edged, “* aex Ie i - - - T 7 4 :‘”r leased 


sector, and at the end of it.aJI 'mmmm 
the mood is one of queasy v 
uncertainty. On Tuesday night- 5 
the market war utterly despon- 
dent. Already weak, it .had 
been confronted with a set of' aso 
banking figures for January 
that were so much worse than. - 
anyone had predicted that- a . 800 
sharp rise in interest ^ Tates... 
seemed the only alternative to^r uk, 
a runaway trend in the 
monetary aggregates. ' Ar; 

That, as it turned out; was 100 
overdoing, the gloom.. . . Oij .. 
Wednesday prices steadied^ ,?s ’ qo 
analysts came round to 'the'! 
idea that the figures were Sustv 
too bad to be true. Then came, . 0 
the miners' decision to keep r ^ ip " 
within the Government’s pay -' 
guidelines. Overseas selling-of." So 


■ montii Th e ^ares -T^.W X(^I 

per (»nLj^-tii^rvah^^^ ' 

’ At- their:current 
■bottom p? .the bear i 

1974 is a ^easant mettor^® 

/ shares.; are. .already' 

; 'a: su bstantfel in divide? -- 

• for the y^ that ends i^ jia^- ^. 

■ If ttw-payout WerB-to bfcfiaiw r 
vjRefed.- share hoi Hers!- 
-he left;' 

-is . 

"least of ' 

'Ce rtMh^ £400ri : ^ deft tS. .' 


00 ~ ! tutor nati Ana I -■ .j^osIdjEwa 

mieriUtUOIkU •; -ttalisation'-af■ 


too bad to be true. Then came, |. 197 a • wrr Wj 

the miners' decision to 'keep . j ... '"r^Tr. .annourK^C^iiwhn^iFebnia 

within the Government’s pay 34tbt : wilLpre^fe^tf.hqiat*let 

guidelines. Overseas selling - of.' So perhaps themarket ‘.'is: aa vjftefi’s: -mantis 

gilts, which had reached dis-again Jumping at ebadowai No ment indleatni /■*>' 
tinctly unsettling proportions^ hew short tap materialised yes- But irTs/ffSj- 
dried up instantly, and ' gifts ieiday, as might have been the kei is now intent ■ pniWfHk 
took off. . • case if the autlmritieswerepteture lot ; ^eed : Jhat-,ts^" 

. ". really hungry, for' funds. i-Aod . bjrfrfr pr* ma ti * 7 ^ 3 H^ 

Government. 

By Thursday the Government-velopments. it might just be . 

broker was back in business.^the authorities felt strong d fedtSiS 1 

He found a base For the Jong enough to restore a'little'order h th* 
tap — Exchequer • 10J per-- cm t W the scene after * hectic few: 

1995—at £26, and didrbrisR day! ■ They might-.hiv?. 

business both' jifthaf t£veF=aird dtided - that Aithaifigb^ ;_0dcdxu ^•■•The^MS 

berfs-^gyrations.piOvWed 


terday. scenting a reprise" of short term operators, >t Reed's manasemeht 

last December’s performance, hardly the most efficient way to g* r 
Then, the long tap- was manage the natjon’sfinajices. .- ^■: coo ,p an y f ra£ ri t te 
exhausted just three-days after • The next hurdles include the .'xruteed given the share 
its price had been shifted down trade figures and money supply movement this weekv thV 
to a new base, and shortly after* statistics, which wiH.-appear; in;^tntionah -fail'd Managers 
wards a new stock was*' over-, the coming* week. The -mbney ^otablyMlm 
subscribed before ever if . market remains uneasy—yester- ' ■ _ ■ : ■ • . 
became operational as a tap,' day’s low level of , applications 

Yesterday however, the^r t ^bee^^ltxibute^ to; a'iS? 

emment broker.was hot plAjfag drcdlated .>eDdrt ; on 


of the fab* wbuld ! 'b'e shifted mb feared 

—and that was the equivalent grouBd-remams favourable : . '.Wu^risingiy 

of a bucket of cold water for is -Reed’s; <ftk)adtin assets 

theenthasiasts. • ■ . . 

.The reason for .their dis- ^ iuiners cameinlfne SOUCluahut.yf^tfait- Reed J 
appointment is the- general Bufforfaosrof the "week: ,-ftaeLf;to 

assumption that the Gbvern-.. 

ment broker’s somewhat aggrra-:boiSvtrfldfaa^aod 
sive stance must mean that be the . volume of burinew has 

is keen to sell as much as he rem ained veiv du-il; " '* " ®^? re price. is ^telltng 4 

can without letting'prices rim - ,- - woiryii)g’’Story^ 

away, • If.‘that was the' oase,. it RprA tnf " ’ • *' ttam just a few beqrisfi 


stock Was sold ye^erdky. com- "buiftped: flown to pkryesterday Xs.no fee Ling amoog-hrajbr; 
pared with'nearer £2o6m.’- bn as-4he most active stock.'before tutional ' shereheldfiraA 
j Thursday when buyers had their rallying^-Uttle to dose at 102p. feed’s problerts' bav 
head. • They • have been falling .with gbi but of:band. 


; ,.r .-i*-. 


perhaps four tones last year’s 
record £315m. 

Electricity prices can be 
expected (o rise twiee later 
.this year. The Eiectridly Conn¬ 
ell should notify the Price 
Commission soon of its Inten¬ 
tion to put prices up by a 
national average Of about 5 per 
cent, on April 1. 

This will be a rise in the. 
basic tariff, but prices are 
likely to - rise again later In 
the roar when the effects 
of higher coal prices are 
felt. This should start to show 
up in quarterly .bills from 
July, with a further rise of 
some 3 per cent In the rorm 
of a fuel cost adjustment. 

Coal prices for Industrial and 
power station use will rise on 
March L. but domestic coal will 
be held at its present levels 
over tbe sommer—as is cus¬ 
tomary—to allow domestic 
consumers to stock up. 

The NCB Is to add an extra 
month to the summer buying 
period, raising prices on 
November 1 rather than' 
October 1 as In previous years. 

Tbe price of coal varies 


throughout -the country, de¬ 
pending on region and quality. 
Power station coal, coking coal 
and industrial coal are all sub¬ 
ject to contract prices which 
have still to be determined. 

Domestic coat ranges from 
£36 a tonne in Nottingham¬ 
shire. £37 in Tynustde and 
Yorkshire. £40 in Manchester, 
£44 in Scotland and South 
Wales, and £50 in South Lon¬ 
don. The 10 per ceuL- price 
rise will bring tbe cheapest 
domestic coal up to around £40 
a tonne. 

Under EEC rules, the Coal 
Board docs not have to notify 
the Price Commission of a 
price rise. However, tbe Central 
Electricity Generating Board, 
the NCB's largest customer, is 
pleased that the price rise will 
be comparatively low, and (bar 
wage Inflation—estimated at 
around 6 per cent—has been 
kept down. 

The CEGB has given assur¬ 
ances that the level of coal to 
bu bought from ihc NCB for 
the year 1977-78 would be 
raised from the previous level 
of 69ra. tonnes to 73 or 74m. 
tonnes, because extra coal 
would be available. 


BONUSES OFFERED by two 
targe accountancy firms to their 
employees are being investigated 
by the Department of Employ-1 
meal for possible breacb of the 
incomes policy. 

Last night one of the. two. 
Price Waterhouse, blamed 
breaches or the guidelines by 
smaller accountancy firms and by 
other City and industrial com¬ 
panies for its dilemma. 

A partner said that the bonuses 
—designed to keep staff through 
the busiest season—were a 
reaction to an unusual rate of 
staff departures to other firms. 
" Smaller companies who do not 
have to stand up to the spotlight 
and do not have Government con¬ 
tracts can pay what they please,” 
he said. 

Many of Price Waterhonse's 
S00 staff have been told that if 
they will agree to-stay .until June 
30 they will get at the end of 
this month a once-only bonus 
worth 5 per cent, of salary. This 
could range up to £300 a head. 

Details 

The other firm. Peat Marwick 
and Mitchell, said its bonuses 
were being offered only to staff 
in the Birmingham office. It 
would give no details of its 
scheme, but said that if .tbe 
Department needed to be given 
the information, it would be pro¬ 
vided. 

Both firms said tbey considered 
the payments to be within the 
guidelines. 

Another City company, the 
Sun Alliance and London insur¬ 
ance group, is challenging a 
Government threat to cut some 
of its premiums because it put 
its staff pension scheme on to a 
non-contributory basis. Tbe com¬ 
pany maintains that its move 
falls within the exemption for 
pensions schemes written into tbe 
pay policy. 


U.K. TO-DAY. 

VERY COLD with persistent 
frost, becoming moderate or 
severe overnight Sunny, inter¬ 
vals in' earierq and western 
areas. 

London, S.E., E. Anglia, Channel 
I&, East, CenL-northern and NJE. 
England: 

Snow showers, prolonged and 
heavy in places. Max. OC (32F). 
Cent, southern, S.W^ N.W. 
England. Midlands, N. and S. 
Wales, Lake Dist*. Isle of Man: 

Snow showers, sunny intervals. 
Max.: OC (32F). 

i Borders, Edinburgh, Dundee, 
Aberdeen, Central Highlands. 
Moray Firth, NJ3. Scotland, 
Orkney, Shetland: 

Snow showers, prolonged and 
heavy in places. Max.: 1C (34F). 
S.W. and N.W. Scotland, Glas¬ 
gow, Argyll, N. Ireland: . 
Snow showers, sunny intervals. 
Max.: 1C (34F). • 

Outlook; Little change. 

BUSINESS CENTRES . . . 


your own 


> •••••■ y: Mv 


As a Director orExekotiyeytiUT" 
punitive taxation 
But its effectcarV be lessiene^ 
pensions legislation yoti^eo 
,frojnpre-tax pTofitsJpryc^r-, .. 

IfBased 

. . 

: .r ^kectvrs'i&^E^ct^iyG^fii. 

maximum advantageof-cu rr^ > * • 
r r concessions. ftoffersywa l 


Amu dm. 
Aihens 
Bahrain 
Barcelona 
I Beirut 
Belfast 
i Belaradn 
Berlin 
Brtnshm. 
Bristol 
Brussels 
Budapest 
B. Aires 
Cairo 
Cardiff 
ChJcacn 
Colo (me 
Counhaeo. 
Dublin 
Edinburgh 
Frankfurt 
Genera 
auuwow 

Helsinki 
FT. Rone. 
Jo'bors 
Lisbon 
London 


Vday 
ml (Mar 
“C *F 
F -3 27 
S 12 54 
C 30 68 
R . 6 43 
C 16 61 
S 8 .33 
F 0 33 
F -4 3S, 
F -1 30 
F -I- 30 
C -3 87 
C -! 28 
S 37 -81 

s u u 

F 1 3} 
S -5 -S3 
F —2 2S 
Sn—S' 27 
S '2 36 
S “1 36 
F -1 30 
C -1 30 
S 3 37 
Sn—U 10 
S 23 73 
C 23 74 
F 18 SO 
F~—1 30' 


- . Vday 

midday 

•C m F 

Luxemb's C -4 33 
Madrid R . 4 30 
Mancfaestr. S' 32 
Melbourne S.-23 74 
MeUarC," S : 30-aa 
Milan ■ Sn.—1.30 
Montreal £ —8- 17 
Moeeow --C -t 4 23 
Munich. C -B. 21 
Newcastle So —3 38 
New York S -4 SB 
osid s-ds-.io 
Part* C -3 28 
Perth '-- - S 28 78 
Prune ■' Su.^a 23 
ReytdavDL. S —2. 28 
RtodeT’or C-.S1 88 
Roue ;■. C 14 37 
Singapore S S3 85 
Stockholm S -6 21 
Strasbrs. S -2 23 
Sydney - C- 24- 73 
Tokyo ■ C. 7 4S 
Toronto S —9 17 
Vienna - F-3.27 
Warsaw S-B 18 
Zurich F —4 2a 


orowingJrfetime-jncofne ;.dra ~ 
-botfci — plus fu rtbervaftjgbr&dF 

ofd e^n^aii^v ,;: v’, . . 

5: jfea ^eatvrayto'conve^ 
concessicrt^td ypuradi. 


HOLIDAY RESORTS 


Ajacdo CUB1 Jewry So —1 38 
Aiders C Id St Las Pints, f 23 73 

Biarritz R 2 38 Locarno Sn 1 34 

Blackpool F 2 38 Majorca F 13 34 

Bordeaux C 0 32 Malaga S 12 54 


Boulogne C -3 29 Malta 
Caantifnca. C 15 50 Nairobi 
Cape Town S 22 ^72 Maples 
Corfu . F 13,-55 N£6e 
Dubrovnik F 8 48 Nicosia 
Faro •• F 12 54 Oporto 


Florence 

Funchal 


.R - 9 45 Rhodes 
R 14 37 Sahbont 


Gibraltar F n 52 Tangier 

Goenser c -X 38 Tenerife 
Innsbruck V — 1 30 Tania 
Inverness ■'C- 0 32 Valencia 
isle or Man 5 3 37 Venice 


F U 54 
S 12 34 
F 17 S3, 
S 24 75 
C 13 55 
JR S 41 
F 15 98 
S 8. 46 
S ,14 57 
C -5 23 
C 12 54 
P IB SI 
C IS 59 
C 18 58 
C* 0 32 


Proper^ 







S—Sunny. F—Fan-. C—Cloutti. B—Bain. 
Sn—Snow. 


Ramstcred at;the 


|bvdu> ^uncial Times