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

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I 'VS SUMMARY 


-1 -14' people died and 
ban ten were injured 
bomb exploded in a 
I . restaurant near 
. Co. -Down, late last 

bomb went off while 
■pie were attending a 
dc club’s annual 
lance at Le Mon 
It started a fierce fire 
swept through the 
t in seconds, turning 
Aurant into an Inferno, 
riekcn guests rushed 
“ - doors and leapt 
windows. 

said that about five 
before the blast an 
ous call was received 
hat. three bombs bad 
•lanted in the res* 


ns gas 
sts: 


>le were killed and 45 
i a series of explosions 
o.have been caused by 
in a wealthy residen- 
ct of Paris, 
lasts wrecked three 
fiats in Passy near the 
Tie. Eyewitnesses said 
ooked like a bomb site 
explosions. 

sell-out, 
is Nkomo 

a Nkomo, co-leader of 
eslan Patriotic Front, 
Dr. David Owen, the 
ecretary “a racist” and 
he black leaders who 
to . the Salisbury con- 
agreement of “the 
ell-oul in the history 
Talks on a transi- 
ernment made further 
n Rhodesia. Page .10 

body found 

i for missing four-year- 
Stewart of Treeton, 
ierham, Yorks., ended 
body was found by 
beneath the ice of a 
;e. 

lent’s trial 

if jailed Russian dissi- 
cander Ginzburg has 
Soviet woman lawyer 
lim after being refused 
1 to hire a • U.S. 
✓ Mr. Ginzburg, , a 
f the Helsinki buxnan 

f it faces, a .maximum 
in a labour camp if 
itty of anti-Soviet 


tan rant and a fourth bomb in 

the car park. 

A second call was made, 
warning of the bombs at the 
exact moment- of the blast. 

The incident was feared to 
be among the worst hi the 
history of the Ulster troubles. 

The commanding officer of 
the Second Battalion, Royal 
Gneenjackets, based in South 
Armagh. Lieut-Col. r Inn 
Corden-Lloyd. died when a 
Gazelle military helicopter 
crashed near the border 
village of Jonesborough. 

The possibility that the air¬ 
craft was shot down has not 
been ruled out. The' other 
two members of the crew 
were seriously injured. 

Lynch on Irish unity; Page 18 


BUSINESS 

Equities 
up 4 as 
Gold Mines 
do well 

• EQUITIES gradually hard-, 
ened after a cautious start, to 
dose 4.3 up at 459,3. Gold shares 
made a good showing all: week. 


Budget stimulus 
needed to sustain 
growth—Healey 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Thomas 

Tilling 

buys 

Yale 

BY CHRISTINE MOIR 


Carter warns 
Ethiopia: Do 
not invade 


or reiEK KfUDELL, ECONOMICS CORRESPONDENT 1 THOMAS TILLING, one of Uie 

[top 50 British companies, is to 

The economy is likely to grow less rapidly this year than forecast unless some j From ibe Eaton Corporation of 
stimulus is given in the Budget which might mean a smaller than expected j Cleveland 0hi ° ,D ,ts b ‘S3 esl 
current account surplus, Mr. Denis Healey, Chancellor, said yesterday. | pnee "h* no: been dis- 

Pur the first tune in public he On the day after the announce- cess costs. deJiverv problems closed as completion of the deal, 
also conceded that the rale of in- meni or an above target rate of and the s!o*v «rowtb o[ woridiis not expected for a couple of 
crease in earnings in the cur- growth of rhe raonev supply Sir trade > months, bur it is believed to be 

rent pay round was going to be Healey emphasised'his commit- ADart fl0n , ih . s . Q , er W orldt morc than K3ra - 


L " W w nwie> empnasiseo nis commit- Anart from ih - <ln\pr world murc 1,1 " 

,hrr hal „ ab,,Ve , 0 Pcr Cenl u “ ei, ‘ 10 "sensible" monetary than previous?boS-d Mr. Patrick Heaney. group 

tl,Sela - the tnal^olher changes since^asl" managing director of Tilling 

Sufumn " mMy P P f6a d 1 Ht ‘ sa,d thal unless the Gov- autumn identiHerl by Mr. Healey said yesterday the ?roup 
Thi, empreed rinrine a wide. c f nmenl was seen to be taking were the rise m sterling and the intended to spend £ 1 omi-40rrv 
ran-in'' ToefS of^remarfcabte thera seriously “ we shall find it faster expansion of earnings. "J 1 furfher acquisitions in the 

candour fc, P r a Ch°ncellor Fn th e finance ° ur don,esUC Aecordtagly reul Gross' ^ h,s ’*"■ 

middle of Budget preparations IF’ without increasing interest Domestic Product vas likely to Tilling has spent x26ni. in the 
He was speaking in London to ^" d es J!? ? ve Is which phoke off grow by bvluw last October’s | Iasi year on buying U.S. com- 
h conference of the Labour ^vestment^ancieven more diffi- forecast of a :)' per cent, rise j names. In March *3«>ez>J>Pa|d 
Economic Finance and Taxation 
Association. 


FT. industrial 


.HOURLY MOVEMENTS 
I l*> DATS CLOSE 


Economic Finance and Taxation C H ,! m i* mlain credit between the second halves of SISm. for Intermedco. a medical 

Association j 1 * t,ad so lhj ‘ l wc Van prevent 1977 and 197S unless some supplies distributor based in 

Mr. Healey who was guardedly d ® lu repayment from imposing stimulus was given. But. if a Houstin It is making a S26tn 
optimistic about unemployment. our sl,n,utus »** «»'en to push the agreed bid fo»- 

discussed constraints on the size c tc " rmvlh j? nd arrange to growth rate hack to this level the control engineer Clarkson Indus- 
of anv relation ary measures and h» a » Ce ttome of our ovcrM?as current account might be “ not so tries of Ridgefield. Lonnecticut. 
the main developments in the a< -‘ Dls - soad ” as expected. A surplus of Tilling is taking uver the entire 

economy since last autumn in Targets should be fixed to £1 ? bo - forecast in October, security products division of 
what amounted to a preview of ensure that ihe increase in the Mr. Healey .-aid it was con-j Eaton. Last yeaworld-wide 
his contribution to Cabinet dis- money supply does not again gel ceivable the economy could run j sales amounted to £55m. of wlucn 
cushions on Budget strategy at “significantly out of line with into supply constraints which 65 per cent, was generated rn the 
Chequers to-morrow. the intended growth nf money might create inflation and U.K. and Europe. ! 

He said the U.K. economy national income." while they balance of payments orcssure The last published profits for 1 
would perform “better” than should also be used “flexibly so earlier than usual in ;*n upturn 1976 amounted to Sam., but since 
last year and “substantially as to avoid compounding because there had been little in- then, sales have risen from a 
better" compared with our economic stagnation with a vestment. ] three-year plateau and the pro¬ 
coni pel i tors. restrictive monetary policy.” On unemployment, he was i duel range has been increased, i 

In a later television interview Ui , , . hopeful that >ic*d> decline in 

Mr. Healey said lh e main reason . ? e „ *^“^/^ 0 " E ! 1 y , u asa . inst *!»* W*" 1 wr,,,!f1 bp «nnly estah- j 

he was being cautious was that kf' n J obsessed by the tern- lisjied during im.- course of 1978. OPCrStlOllS 
he did not “ want to feed so pord ^ „ bul se in the money It was possible that unemploy 

much money into the economy s u PP*y- as announced on Thurs- ment might h.ue peaked since in addition to the Yale locks! 
thal we start inflation moving day - He confirmed that the there were indication■; thjt the business the division include* the! 
up again and the pound starts ad °PU OI » of rolling targets was total still was falling after the Norton, BKS and FAS security! 
gotm down” being considered. recent decline and that vacancies systems it employs 4.300 with 

While the Chancellor gave no The Chancellor said he did nor s, i JJ [ isin * „ „ ' ° pe i; alionS c, , n c 

indication of the size of any believe financial factors would Mr - °PPosed calls for Sou hern States or the U.S.. in ( 

stimulus, on which be is still be a constraint on responsible 3 ? n « ra, I l n, l ?? n ^ntro's hecause VVillenhal) and Liwnwton® «n 
undecided, the bulk of Treasury growth in the economy in the °. f ^ hkeilhood nf .higher infla- the L .K and in Gennan>. ita.y. 
udvice is believed to indicate the coming year and more important Uon and retaliation. Sweden to America, 

need for caution. might be supply influences, ex- Conference report Page 11 About -0 per cent, of business 


BY DAVID BELL 


PRESIDENT CARTER has 
warned Ethiopia that the U.S. 
wilt consider any invasion of 
Somalia as a “very'serious breach 
of peace, endangering even 
worldwide peace.” 

The President disclosed the 
warning in an interview last 
night and it emerged this morn¬ 
ing that a three-man American 
delegation, led by Mr. David 
Aaron, the deputy chief of the 
National Security' Council, has 
gone to Addis Ababa to deliver 
to the same message to the Ethio¬ 
pian Government' 

The Slate Department said to¬ 
day there are now at least 5.000 
Cubans in Ethiopia and thal 
“our indication is (bat the num¬ 
ber of troops is going to increase 
further. ^ 

Less than a week ago the de¬ 
partment put the number of 
Cubans at about 3,000 and the 
number of Soviet advisers at be¬ 
tween SOfl and 1.000. 

Mr. Cyrus Vance, the U.S. 
Secretary of Slate, is under¬ 
stood to have discussed events 
in the Horn of Africa during a 
meeting this morning with Mr. 
Anatoly Dobrynin, the Soviet 
Ambassador. 

Asked about reports that ten 
Iranian freighters have docked 
in Somalia with cargoes of 
weapons, some of them of 
American origin the State De¬ 
partment said to day the U.S. did 
not know if the reports were 
correct If they were the trans¬ 
fer of American weapons would 
represent a “violation of agree- 
menL" 


WASHINGTON, Feb, 17. 

The decision to send Mr. Aaron 
to Addis Ababa took observers 
here by surprise. But the State 
Department said bis trip was 
intended to show the Ethiopians 
that the U.S. was still trying not 
to take sides in the conflict and 
to stress that it wants peace 
negotiations to start under the 
auspices of the organisation of 
African Unity. 

The department said that the 
U.S. wanted to be sure that 
Ethiopia understood the Ameri¬ 
can position during this ■■ rather 
delicate period in our ionq 
and valued relationship with 
Ethiopia." The visit would raise 
the level of the dialogue ” with 
the Addis regime. 

In his interview with a 2mud 
of black editors the President 
noted that the U S. had already 
called on Somalia to withdraw 
its forces from Ihe Ogaden and 
that it supports the intervention 
of the OAU. 

He said he had some hopes 
that the OAU may soon get in¬ 
volved. but. in an effort to "soothe 
Somali feelings, he also recog¬ 
nised that Somaii forces had first 
crossed the border into the 
0g3den to protect people of 
Somali heritage livinc inside 
Ethiopia. 

IN ADDIS ABABA it was 
reported that Lt. Colonel 
Mengisru Haile Mariam, Ethio¬ 
pia's Head of State, told Mr. 
Aaron tbat peace could onlv he 
restored hy an immediate with¬ 
drawal of Somali forces from 
Ethiopian territory. 


r#F|jiH>-sued,,: v" 

i tfZJfeS Lance. PreBidept 

L^snfjjSg^^^^grTner Budget Director. 

accused of unlawful. 
ffiffgagi f£KSS Pi&r.i in .a. suit filed' to 
* td 5P ^ Financial General 
i i L ■ a lU.S. heTdin# ewn- 


iH [ | 


pep/.air --.v 

T i rUorney-General • was 
: Court declaration 

j_jJ gfe Cs planned screening 
£3pg|night ar a programme 
Exclusive Brethren 
.,iect would be s' con- 
... -"ourt, pending a -valua- 
.. hearing next month. . 

' - man jailed 

.:.*y Frohsh, former 
‘ nance officer of the 
Jnion of Agricultural 
. was jailed for four 
. " ie Old Bailey after he 
.* embezzling £24,000 
inds. 


■ - Davis was cleared of 
• t in a £47,000 whisky 
ears ago after a six- 
at Chelmsford. He 
i custody on another 

>Fito Ls expected to pay 
'official visit to Britain 
■h ip. 

/Vloonman. Labour MP 
in. is astdng Scotland 
■an a National Front 
lford next Saturday in 
a by-election candi- 

dih Sir Roy Marshall 
vice-Chancellor of Hull 


J . 

^13 14 15 16 17 

." : ' FEBRUARY 1378 ■ j 

-and the 'Geld mines index, al 
157.1, showed a week’s rise of 
11.X,. its best rise since early 
November. . - r . 

• GILTS dosed sear overnight 
levels after a shaky start, and 
the - Government Securities 
index dosed 0.05 down at 74.66. 

• STERLING rose 30 points to 
$1.3450,!' its trade-weighted in¬ 
dex unchanged at 65.9. The 
dollar was supported by Euro¬ 
pean central banks, and its de¬ 
predation' widened to 4.83 per 
ceiflr. (482). 

•GOLD fell Si to S 179 }. 

WALL' STREET closed 0.60 
dtwn at 752.69. 

• OIL EYDUSTRY is to have 
discussions with the Government 
and uxupns over EEC proposals 
.to limit the oil refining capacity' j 
in Britain. Page 11 

The world's oil tanker owners 
will face costs of about £550m. 
as a result of an agreement on 
future design standards. Page 13 

• BASS GHARKINGTON is to 
put .the price of . its heers up by | 
2p a pint, but has given the 
Price Commission an undertak¬ 
ing that it will not put up its 
prices again for a full year. 
Back Page 

Texaco drivers 


Ministers welcome return 
to single-figure inflation 


BY OUR ECONOMICS CORRESPONDENT 


THE 12-MONTH rate of retail 
price inflation is at last back 
down into stogie figures, for the 
first time since October 1973. 

This has occurred earlier than 
expected and was greeted by a 
series of jubilant Ministerial 
speeches. 

The underlying trend of price 
inflation, which has been in 
single figures since October, is 
also con tin ulna to decline down 
to international levels and the 
Favourable prices outlook is 
expected to continue for tbe rest 
of the year. 

The retail price index rose by 
9.9 per cent, in the 12-raonths to 


RETAIL PRICE INDEX 

■EXCEPT SEASONAL FMSSl 


iw ■» win win 
MBWir* 
uwwn 


on the cards soon, if we keep, _ . 

up our efforts." i S2.lt lhn. and net earniDgs dF j 

Mr. Roy Hatiersley. Prices j *»«*"» iast year, said vestorday 
Secretary, raid the implications the sale had been ^ -S r « ed 
uf the “dramatic" Fall in infla- be * w ' p " 


Sweden and South America. 1 

About 20 per cent, of business 
comes from rhe U.K. Germany 
and Italy account for a further 
20 per ceni. each and Sweden 
and South America about 6 per 
cenL and 3 per cent respectively. 

Tilling, which had sales of 
£67tm. in 1976 and made profit- 
of £42m intends to develop the: 
division as an autonomous com-! 
pany. Bui Mr Meaney said 
several of the mam operating 
base* offered scope for expan¬ 
sion. possibly linked to Tilling"* 
other engineering interests— 
which include power transmis- 
id'on u-nd agricultural equipment.; 

Eaton, which had sales of 


Pressure on 


lion was a rise in tiring standards 1 


Eaton was selling the division- 


for thnsc who had‘setUed ^Uhin 

the official 10 per cent, earnings with the „rnups 100 =. ratine tn- 


limit. 

Bui there was a swiff counter- 


teresls. i 

The pattern of Eaton's growth: 


9.9 per cent, in the 12-raonths to The rise in the month to mid- " It merely means that the 

mid-January to 189.5 (January January was in hue with the value or the pound will halve 

1974~100), according to Depart- trend since the summer. every seven years whereas it has 

mem of Employment figures Until a couple of days ago. nearly halved since this Govern- 
announced yesterday . Ministers bad been expecting the ro en1 come into office.” 

This compares with an in- 12-montb rate in mid-January to Thc \ £'7?°" . . r . al ® ° r 
crease of 12.1 per cent, in the be fractionally above, rather pnc ’f 'fSe 
year .to mdd-Decemher. than below 10 per cent- but they ®La5i5 

The big improvement last celebrated the move into single ^Vvere, raont£ and remain 

mom* is because tbe rise to figures a month early with taS tor fbe 5S H 

January of 0.6 per cent, was references to “a day of j? s ‘"®' e ngures ,0r rne 

Mjdx OTaUer tiian the 2.6jper ^^ioicing/■ T hr greater official optimism 

reOL jtunp of a year ago when Mr. Albert Booth, Employment T. - „ . „ 

prices were boosted by the mini- Secretary, said inflation at a rate continu ed on tsacK rage 
Budget duty increases. of “ 7 per cent, or less is quite Editorial comment Page 14 


attack from Mrs. Margaret > n lhe »»* fe ‘ v - r «“ rs t S d ‘I 
Thatcher. ihe Conservative t0 c "I| c ! 1 ? tral ! l rt ,? c ^, the ! 

leader. During a walkabout tour 35 ItS 

in south London, she said tbat Primary business, 
the present inflation rate was Lex Back Page 

■■something to be ashamed off 
and oot proud of. 

■* It merely means that the 


BY MICHAEL SLANDEN 

THE dollar came under further 
pressure in foreign exchange 
markets yesterday, bringing 
significant intervention by 
European centra! banks to 
support Ihe U.S. currency. 

The Swiss franc reached a 
new high point against tbe 
dollar during the day. with 
markets still apparently upset 
bv the previous day’s com¬ 
ments on UJ5. intervention 
policy by Mr. Anthony 
Solomon, the Treasury Under 
Secretary. 

Mr. Henry Wall fell, U.S. 
Federal Reserve governor, 
yesterday said intervention 
u-ould mount with the scale of 
disorder in the markets. After 
a two-day Organisation for 
Economic Co-operation and 
Development monetary meet¬ 
ing In Paris. Mr Wallich said 
that the U£. object ive was to 
combat disorder and nol to set 
a particular rate. 





■Ws‘ ■<-.'•«*: r ' 


The West German Bundes¬ 
bank yesterday bought S30m. 
at the Bring in Frankfurt, and 
the Swiss authorities may also 
have Intervened to support the 
dollar. By the Hose of trading, 
the dollar stood at DM2.0617! 
against DM2.O620 on the pre¬ 
vious day. and had slipped 
from Sw.Frs.1.8945 to 

Sw.Fn.l.S860. 

The ponnd gained 30 points 
on the day at $1.9450. with its 
f rude-weighted index un¬ 
changed at 65.9. 


£ In New York 


— rVte-Mrr J7 Pr?ni-uf 


S1.96j0-M*.v '•1.4?3-j4e4Q 

t ni.inrl, 0.0l.0.0i|-n-ni0.02h<i,-0.(i3nm 
5 lnnnih, .iii-. C-.17-0.12 .In.. 

... 0.-3-O.*? ■!». l.00".‘0-tl». 


* t 



Lloyds pre-tax profits up 121% 


new offer 


• TEXACO tanker drivers, who 
rejected the pay deal accepted 
by Shelf, Esso and BP drivers, 
are to consider a new offer— 
still within the Government’s 
guidelines—on Tuesday. Back 

■m BSC will lay Off at least 3,300 
of its 5,300 Ebbw Vale workforce 
to-morrow, following a three-day 
strike of 750 maintenance 
engineers. Back Page 

• DUNFORD AND ELLIOTT, 
the Sheffield steel producer with¬ 
in ihe Lonrho group, is to cut a 
substantial number of jobs at 
two steel-making plants, Dunford 
Ha afield and Brown Baylcy, 
because of continued world steel 
recession. Back Page. 

#.FOBD Halewood shop stewards 

have reached agreement on a 

peace formula to end the plant’s 
six-week strike, and production 
is expected to 9tait again on 
Monday. Back Page 


BY MICHAEL BLANDEN 

LLOYDS BANK yesterday 
opened the bank results season 
by announcing a rise of some 
12*5 :pcr cent, in its pre-tax 
ptofits, from £147.7m. to £L66.2m. 

The bank also disclosed that 
it has been allowed to put into 
effect!, .its new profit-sharing 
scheme under the Government's 
Phase Three incomes policy. 

. This, has enabled Lloyds to 
distribute some £2.7m. among its 
40.000 U.K. staff for tbe five- 
month period from August. 

Details of the proposed profit- 
sharing scheme, under which up 
10-4 per cent, of group pre-tax 
profits can be distributed, were 
revealed last September. Lloyds 
also -has plans for a savings- 
related share option scheme and 
a share option scheme for senior 

executives. 

Midland, which has alsn laid 
plaos'for a profit-sharing scheme. 


said yesterday that this was still 
in the pipeline. The other 
two big banks, Barclays and 
National Westminster, already 
have schemes introduced before 
Ihe pay controls were imposed. 

The results were at the top 
end of the forecasts which had 
been made in the City, and 

Results Page 14 
Lex Back Page 

brought a general improvement 
in bank share prices. 

Lloyds rose 5p to 26Sp. with 
gains of 5p and 6p in NatWest 
and Barclays shares. Midland, 
which had already forecast a 
rise in pre-tax profits of some 14 
per cent, to about £190m. when 
it announced its f96m. rights 
issue last month, saw its shares 
close 3p higher al 33Sp- 
The Lloyds profits benefited 
from an improved performance 


from its associated companies, 
including the Lloyds and Scottish 
instalment credit company. 

The directors pointed out, how¬ 
ever. that the figures had been 
reduced by £7.7m. as a result of 
the effects of tbe rise in sterling, 
whereas there had been an addi¬ 
tion of £7.5m. in (be previous 
year. 

A major contribution to the 
higher earnings came from the 
group's international business, 
while the profits of the domestic 
operation fell during the second 1 
hair of thp year and were little 
changed over the 12 months as 
a whole- 

to the U K., cost Inflation was 
again a significant factor: and 
the bank was hit by the sleep 
fall in interest rates, particu¬ 
larly during the second half 
when the average base rate for 
lending was 7228 per cent, against 

10.57 per cent, in the first half. 


•RICE CHARGES YESTERDAY 


aence unless otherwise 
indicated) 

RISES 

at I Wilson 103 +• 9 

ink . 316 + 6 

. 168+5 


.. Jt» T 5 
.. 245 + 7 
Stores ... 1S6 + 4 

iais . 33 - t 3 

I Props. .. 303 + 5__ 

jrtei* . 343 + 8 

.. 181 -+ 

Alfred) + 10 

k .268 + 5 

lirton ... 43 + 3 


Stock lake ....... 

Vosper . 

Wagon Finance ..... 
CoiUJnc Riotinto ... 

DeBeera Dfd, ..... 

Union Corporation ... 

FALLS 

Adams and Gibbon .. 

A divest .— 

Furness Withy . 

Grendon TsL Sub. Ln. 

Helical Bar . .... 

Warren <James) ... 
Wedgwood ......m... 

Ynughal Carpetc ... 
. t Price at suspension 


S3 + 3 
170 + 5 
88 + 4 
lfifl + 3 
306 + 6- 
277 + 5 


74-8 
238 r 4 
294-8 
£60 - 94 
23 - 4 
5R — 5 
187 - 7 . 
‘45 — S 


CONTENTS OF TO-DAY’S ISSUE 

Mining .... 2 Home news—general 21 & 1* Inti. Companies . 17 

Arts page. 9 —labour . 13 Farming, raw materials ... 3" 

Overseas news. J0 U,K . Companies.14-45 Foreign Exchanges.19 

Leader page.:.12 Wall Street . 16 U.K. stock market.20 


Sticky time for wallpaper 
and print .. 12 


FEATURES 

Channel Islands as a tar 
haven. 13 


Tuvalu heads for indepen¬ 
dence ....’. 10 


ABMIntmMTlj: 

Aoctlwu . 

■rHtje . 

Chus ... 

Collecting . 

Cramwri Pirate ... 
Econwnk: Diary ... 
esitcuim . ... ... 

CMmainiwml C«M« 

PathlM . 

Finance A tF«mH¥-. 


FT-Aciuariu Igdlcw 

C ardor a .- 

Coif . 

How to Spend H ... 

lipiniet .. 

LrtWiv . 

La* . 

Hen of *• Weak ... 
Metering . 

Property . 

neclw . 


3* Mare Information .. 32.23 

t SE Week's Dealings U.lt 

S Travel . b 

7 TV and Radio . 2 

4 Unit Trusts . 21 

12 Weather . 20 

24 Your Savinas £ Inv. 3 

24 Bata Rate . 20 

{ INTERIM STATEMENT 
U Oatgetv . I* 


UNIT TRUSTS 
MAC. Recovery it 
General Fund ... 1 

MAC America 13 

Chleftan j 

Piccadilly __ 5 

Carl more . 3 

Arfaulhnet __ 15 

Lawson _ _ 5 

ScMesteaer . 13 

cmnmotrt, p w H 


For every E you save through our Regular, investment Han 
before Hie end of this financial year you m3 be able to daim 
17p in tax lehd, provided you pay tax at the basic rate and 
not more than one sixth of your income is used for life assur¬ 
ance premiums. To hdp you get Hie maximum benefit from 
this tax relief m are making it possible for you to backdate 
your monthly payments to April 1977. 

Suppose you want to save £20 .3 month and have l 220 avail¬ 
able for investment. By backdating you* Plan ic last April and 
sending us a cheque for eleven months payments i£220). you 
can claim tax reliet of £57 40 

Anyone over the ace ot 18 car. jam. hut if you are over 54 
inomen 58i you may only backdate your Plan three month;. 
HOW YOUR MONEY ES INVESTED. It goes into a unit truct-a 
subsfaniaf fund of money invested by G m care/uffy chosen 

clocks and shares. Policy holders gel Ihe benefil of profils and 
dividends ploughed back for them 8! to 9J-* tdependir^ on 
your staffing awl is muesleo. except m the first two years when 
an additional 2^ is retained to meet settingup expenses 

After the lust two years, therefore, the amount invested will 
represent, m rivasl cases, more than 100'. 0 ; the nel amount you 
pay after tai retie? is taken into accciiiit 

The application form opposite offer* :h? chare of fiw Funds 
- the well-known M&G Recovery Fund tor those attracted by ihe 
possible rewards uf investingm shaies currently out ot favour, or 
the MAC General Trust Fund lor those who prefer the secunty ot a 
wide-spread invest meni in established com^nies. 

TWO EXAMPLES. As an example ot what your Plan would have 
been worth, a man of 5b. who otaried paying Ll'O a month m 
February I96d into a Plan finked 1o M&G General, would have 
accumulaied units valued at £3.530 by 31 st ianuary 1978. 
After tax relief, his total net outlay would have been EL'.UO? H a 
man of 35 had started paying £20 a month into a Plan linked to. 
M&G Recovery in April 1971, svhsn Ihe Plan was lirsl used in con¬ 
junction wilh this Fund, a irei ouHay ol £1.372 would have 
seoired unils ol £3.646 by the end ol January 1978 This 
exceptional performance on belli Funds may well not be re¬ 
peated, but rl does demonstrate ho//effective the Plan can be as 
a way ot building up capital. 

COST AVERAGING. Regular investors can benefit substantially 
Irom Ihe inevitable fluctuations in the pnee fit units. Your monthly 
payment secures more units whenever the price falls and fewer 
when it rises, so cosl averaging' will ensure that your holding is 
acquired on lavoureble terms 

CASHING IN YOUR PLAN. Ur.ii ircst assurance is designed tor 
long-term ir.veslmenl. and you should remember that the price ot 
units and Ihe income Iron them can go down as well as up You 
can slop your Plan or cssh ii in at any time, but you are advised 
nol lodn so during the fust lour years to avoid Ihs early surren¬ 
der penalty and the statutory Inlano Revenue deduction. 

Higher-rale Ea< payers are achnsea nol lo stop payments or 
cash m with m ien years, tor tax reasons 
GUARAfYTEED LIFE COVER, (f you are less man 55 {women 59.i 
when you start, Ihe sum assured mil usually be at least ISO limes 
your monthly payment (rather less uo to age 75} whilst you are 
paying into tfre Plan. 


M&G WERE THE FIRST. M&G were the firs! company in Britain to 
introduce Ihe unit trust lorm of saving, in 1931.Today we look 
after over C600 million for about 300,000 savers and investors, 
including lite assurance funds ol about Cl20 million 
HOWTO INVEST. Complete the application form and send il lo us 
with vour cheque forthe first payment As soon as your proposal 
15 accepted we mil send your policy loeeiher will-, a slanding 
order form and a We assurance premium" ceriiircale so you ran 
ct aim your to* re lief 

^^^^KDWtDPOUClBONOHWa" "1 
SSUE0 IN RESPECTOf APPUCAT30NS 2 

Nr RECEIVED NOT LATER THAN 5tfl APRIL, 1978. j 


1 supn^rre 
||m j: etCHLit 


Pfc'T C.iOk 


00 , BA 530218 f 


mmiij; in ihe M&G Arrowy r und. 

IWSHIOSWE |^ nwishm the M&GGencrMTrust Fund. 

.Mirunmi r.mvMnwnt m him nv. FupiI r. v 'iV i 

1 endoM my cheque I«|E_j reptesenfaR ntonlHy 

payments (not more than eleven, or three if you ne over 54, 
women 581. payable to M&GTiust (Assurance) Lmilcd. 

i. pv .Ijhi 1 "i*j; ■fv. >■ %’T. ji N- •. *\j .in. rrur :: “VJ“- izl 

J^IYV ] < t Ij 'll* 1 .■rffv.' Iii r, tJ 1a *i ot vf-iNatfV p -l’ 

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THE M&G GROUP 



























2 




lari dal *• -Sator3a£ 


■ / 

-1978#:: 


The week in London and 


New York 






Trade figures sour market \ Lead balloons 


ONLOOKER 

' THE NEW account got off to 
a nervous start on Monday with 
giLt edged and equities looking 
distinctly twitchy ahead of the 
. January Trade and money 
supply figures. The market’s 
apprehension was well justified. 
, The bad Trade figures on 
Tuesday, showing a current 
account deficit of £179m.. gave 
■ -the equity market its sharpest 
knock for months. The Finan¬ 
cial Times Industrial Ordinary 
Index closed 10J2 points down 
at 459.7 and long dated gilts 
fell by up to £1$. 

On Wednesday the market 
was in a state of flux awaiting 
the following day's money 
supply figures. In the event the 
figures proved even worse than 
last week's banking figures had 
suggested. Sterling M3 jumped 
by 2} per cent, taking the 
annualised growth rate up to 
143 per cent. — well outside 
the authorities’ 9 per cent, to 
13 per cent target area. How¬ 
ever both equities and gilts 
managed an indecisive rally 
which drifted on throughout 
yesterday cutting the fall in 
the Industrial Ordinary Index 
to 11.7 paints far tile week as 
' a whole. 

Road up 

Government interest in the 
building materials companies 
left the sector performing badly 
against the rest of the market 
• this week. By Thursday the 
building materials actuaries in- 
iIpx had fallen by 3.6 per cenL 
against a fall in the All-share 
index of 2.7 per cent 

The reaction has not been 
without good cause. On ?dcnday 
33 of the " black top " road sur¬ 
facing agreements were placed 
on the Register of Restrictive 
Practices. This is believed to 
be only the tip of the Iceberg. 
The number of such arrange¬ 
ments eventually uncovered by 
the Office of Fair Trading could 
reach 1.000. making the 140 or 
so unregistered agreements of 
the concrete industry look 
paltry. 

Monday's move followed the 
annniincpment the previous Fri¬ 
day that the Price Commission 
mJpnded to investigate Asso¬ 
ciated Portland Cement's 10 per 
cent, price application. 

The “hlack top" rings have 
now bpen terminated. Their 
absence could have serious con¬ 
sequences. particularly for the 
smaller operator. Government 
spending on roads'for the finan¬ 
cial year_ ending 1977-78 al 
£579m. is over a fifth down on 
the previous year. It is only 
expected to show a 4 per cent, 
rise in the 1978-79 financial 
year. unlike the readv mixed 
concrete producers, whose 


** rings" lasted long enough to 
see them through their reces¬ 
sion. the " black top ” producers 
will be operating in free market 
conditions while demand is still 
in a trough. 

Tarmac, Tilling Construction 
Services, and Thomas W. Ward 
should not be unduly worried 
for they have a broad spread of 
other interests to fall back on. 
But the smaller “black top" 
specialist will be under severe 
pressure. 

Brighter outlook 

Results from John Haggas 
and Nottingham Manufacturing 
this week provide further ex¬ 
amples of how well some of the 
larger U.K. textile and garment 
manufacturers have coped with 
a sharp decline in world de¬ 
mand. 

Nottingham Manufacturing— 
following hard on the heels of 
Allied Textile’s 42 per cent, pre¬ 
tax profit increase, reported at 
the beginning of the month— 
revealed that its pre-tax profits, 
last year, rose by 33 per cent 
(helped by a £1.4m. surplus on 
the sale nf investments). John 
Haggas' interim profits were 4 
per cent, up: still a good per¬ 
formance in the current clim¬ 
ate. and more is expected in the 
second half, with outside 
analysts forecasting £3.5m. for 
the year <£3.3m.). 

Meanwhile the prospects for 
the U.K. industry look brighter. 
An upturn in consumer spend¬ 
ing will help and John Haggas 
says that there have been signs 
in recent weeks of a better level 
of retail sales. But the industry 
will not place great store by any 
short term indications—follow¬ 
ing last year when clothing 
sales also began brightly but 
then fell away sharply. 

Of more long terra signifi¬ 
cance is the revised Multi-Fihre 
Arraneements which allow for 
a much more modest rate nf 
impnrt emwth than previously. 
Short term benefits however 
mav be less noticeable as some 
nuntas may have been unful¬ 
filled lacf year fas UK. sales 
dropped) and there is likelv to 
he some catch-up in the current 
year. 

Nottinsham Manufacturing, 
like other companies has been 
turning in good figures on the 
hack nf an improved export per¬ 
formance—despite the rise in 
sterling. U.K. clothing exports 
rose hy 51 per cent, in the first 
nine months last year while the 
clothing balance of trade deficit 
narrowed from £224m. to £159m. 

CometI Wigfall 

Comet Radiovision’s take-over 
bid for Henry Wigfall has run 
into a brick wall. The rejec¬ 
tion document sent out this 
week from Wigfall. aside from 
containing a profits forecast of 
£1.2m. ffl.Ofhu.) for the year 


[400 


BALANCE OF PAYMENTS! 
Current Account 

SEASONALLY ADJUSTED 



ending April 1. 1978. also re¬ 
veals that holders of 45 per 
cent, of the voting equity of 
Wigfaii are united in opposition 
to the deal. That in turn means 
that, out of the 55 per cent, 
remaining. Comet has to gain 
the blessing of over 90 per cent 
of the floating votes—a task 
normally considered virtually 
impossible. 

And the same formidable 
opposition would be presented 
to any other would-be bidders. 
Wigfall has made it clear that 
it would prefer to remain inde¬ 
pendent, but that anyway both 
Comet, and the terms being 
offered, are not suitable. 

Wigfall's resolve has not been 
lost on the market Hopes of 
improved terms from Comet, or 
possibly a counter-bid from a 
third party, initially drove the 
Wigfall share price above 270p 
—well in excess of the Comet 
bid of a little over 240p a share. 
After its defence was published, 
the shares fell away to 230p. 

The next move is up to 
Comet. Faced with such oppo¬ 
sition it could be that Comet 
will allow its bid to lapse after 
next Tuesday's closing date— 
either that or increase the 
terms. But either way Wigfall's 
independent shareholders will 
have little cause to complain 
with the shares coming up from 
under 150p prior to the bid and 
from 94p at the lowest point in 
1977. The bill also flushed out 
a better-than-expected profit 
forecast and dividend increases 
to match. 

Brokers' views 

A bright future for composite 
insurance companies is the 
unanimous view held by the 
leading broking specialists in 
this sector, in various recently 
issued reviews forecasting the 
forthcoming results for 1977. 
Commercial Union as usual 
starts the ball rolling on Monday 
week. W. Greenwell, Wood. 
Mackenzie and Rowe and Pit¬ 
man, Hurst-Brown all expect 
last year’s underwriting losses 


to be reduced considerably and 
investment income to move 
ahead strongly resulting tn 
much improved earnings. The 
companies are expected to reap 
the benefits of higher premium 
rates, lower rales of inflation 
and rapid investment income 
growth. 

The analysts are looking for¬ 
ward to an even brighter picture 
this year, with underwriting 
results showing overall a small 
profit—the first time since 1973. 
So although the growth of in¬ 
vestment income will slow down, 
earnings this year should 
advance steadily. It is reckoned 
that the peak of the current up- 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM 
JANUARY 19 

% Change 

Metals & Metal Forming — 1-1 

Tobaccos — 18 

Chemicals ' — 2.9 

Overseas Traders - 3.0 

Motors & Distributors — 3.7 

Investment Trusts _ 4-0 

THE WORST PERFORMERS 


All-Share Index — U 

Packaging & Paper — 9.9 

Insurance (Composite) —10.2 
Discount Houses —103 

Ranks —10.6 

Hire Purchase —12L6 

Merchant Banks —163 


ward trend will come this year 
or next, but the next downturn 
could be shallow—world wide 
inflationary trends are much less 
frightening than they were at 
this stage of the last underwrit¬ 
ing cycle. Dividend prospects 
seem to be inhibited only by the 
prospects of continuing controls. 

The feeling is that the market 
has been giving too much .weight 
to short term factors—Sun 
Alliance's row over pay and 
rumours of a rights issue from 
Royal. The analysts are silent on 
the need and possibility of 
further rights issues from the 
companies in the next few 
months. 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Price 

Change on 

1977/8 

1977/8 


Average Feb. Feb. Feb. 


Y day 

Week 

High 

Low 


week to 17 10 3 

F.T. ind. Ord. Index 

459.3 

-11-7 

5494 

*357.6 

In sympathy with Gilt-edged 


F.T. Gold Mines Index 

157.1 

+ 11.1 

174.5 

95.1 

Rise in bullion price 

FINANCIAL TIMES 

-Treasury I3J% 1997 

£109.’ 

- n 

£122: 

£87i 

Disastrous Jan. trade returns 

Assoc Fisheries 

47 

- 6 

71 

35 

Current trading warning 

Govt. Secs. 74.61 74.65 75J1 

Barnet (|.) 

32 

- 5 

33 

14 

Poor preliminary figures 1 

Fixed interest 77.57 77.90 79.14 

Comp Air 

92 

- 7* 

115 

64 

First-half profits warning 

indust. Ord. 459.4 466.9 465J 

Cullen’s Stores A 

86 

+ 14 

96 

51 

Speculative demand 

Gold Mines 155.8 147.5 152-8 

Ellis & Co. (Richmond) 

22 

+ 41 

23 

IT 

Gough Bros, agreed bid 

Dealings mkd. 5,674 5^61 6,028 

Falcon Mines 

194 

+ 14 

T95 

70 

Rhodesian settlement hopes 


Geevor 

505 

+35 

570 

260 

Proposed 3-for-l scrip issue 

FT ACTUARIES 

'Hoskins & Horton 

143 

+ 18 

143 

55 


ICL 

242 

-14 

270 

148 

Chairman reduces holding 

Capital Gds. 200.81 202.46 203.12 

ICI 

345 

— 9 

446 

325 

General trend/Results next Thurs. 

(Durable) 18427 186417: 186.04 

Moss Bros. 

106 

+ 13 

T06 

43 

Shareholders* discount scheme 


Mothercare 

156 

—14 

210 

1014 

General market trend 

Durable) 188.67 191.90 191.84 

RMC 

110 

-10 

143 

71 

Price ring allegations 

Ind. Group 196J3 199.13 199.06 

Rustenburg Plat. 

91 

+ 8 

99 

60 

“ Free market ” platinum price rise 

500-Share 217.00 219.46 219.18 

Tex Abrasives 

70 

+10 

70 

24 

Takeover speculation 

Financial Gp. 160.91 161.75 162.94 

Whiley (Geo. M-) 

36 

+ 8 

36 

15 

Agreed bid from Assoc Paper 

All-5hare 200.99 202.77 203.09 

. Wigfall (H.) 

230 

-46 

276 

94 

Strong opposition to Comet bid 

Red. Debs. 61.40 61.79 6243 


BY JOHN WYLES 

"ONE OF THE most positive 
policies we could adopt at this 
tune would be to withdraw all' 
foreign travel faculties from 
Treasury officials ” one interna¬ 
tional money trader reflected bit¬ 
terly yesterday. There is plenty 
of support for this jaundiced 
view in the stock market this 
week for the round of talks held 
in Europe last week-end by 
Mr. Michael Bluroenthal. the 
Treasury Secretary, was fol¬ 
lowed by renewed selling of the 
Dollar abroad which in turn 
helped pile anxiety on anxiety 
for investors at the New York 
Stock Exchange. 

Fears both real and imagin¬ 
ary had by Thursday evening 
sliced a further 22.20 points off 
the Dow Jones Industrial 
Average which was left stand¬ 
ing at its lowest point since 
April 8. 1975. Those analysts 
who examine the entrails by 
means of detailed charts of 
stock movements over long 
periods of time have drawn a 
red line around the 740-760 
band of the Industrial Average 
and designated it a support 
area. This is supposed to mean 


NEW YORK Feb. 17; 
that a requisite number, of in¬ 
vestors will emerge from the 
wings to purchase stocks and at 
least delay, a further precipitous 
fall.- We have, as they say, 
he&d that one before. < -The 
Average has travelled pretty 
swiftly through so many "sup¬ 
port bands ’’ over the 'past 14 
months that the one now under 
scrutiny may have no more 
buoyancy than a lead balloon.. 

More particularly so because 
the renewed pressure on .the 
Dollar is continuing to encour¬ 
age foreign holders of American. 
stocks ‘to cut and run while 
many more domestic investors 
will . follow suit if. as seems 
increasingly possible, the .coal 
miners’ strike leads to serious 
cutbacks in industrial produc¬ 
tion. During the week investors 
have been keenly following 
every move on this. front and 
apart from the fact that peace 
bargaining bas resumed -there 
have been very few straws of. 
hope to cling to. : ‘ . 

The numbingly harsh winter 
still bearing down on ■* the 
mid west and the north east is 



exacerbating the energy 5 crisis ; 
posed by the miners’ strike but 
is -also contributing-40 statistics 
which often bring a, knee jerk 
reaction from investors. ' Thus 
tile re was nothing but gloom for' 
Wall Street in Government 
figures revealing -.that rejtati 
sales in January had shown the 
largest decline since-18S4, that 
industrial output has. had 
suffered its sharpest drop since 
March 1975 and that the. 
number of housing starts had 
fallen by a record 29 per cent 
As if these obvious causes for 
concern ■ were not enough. 
Stock Mdrket psychology "bas 
been sufficiently fragile ' to 


acceptthe J well ' public.. 
beliefs of some economists . 
the money supply figures.) 
listed on . Thursday wi 
reveal the .inordinately. ); 
leap of between $4bn. and » 
These : - projections '» 
apparently based on an anal' 
of the monetary base. In t 
Ml the -basic money sin 
measure. - was up by 590 
Those -wife :red faces blat 
their-mistakes on the weal . 

of course. -. - - 


774.43 

Tuesday r "‘. 765.16 

Wednesday 761.69 
Thursday' ' 75339' 
Friday . . 752-69 


M iII i 112 


Strength in diversify 


BY PAUL CHEESER1GHT 


THE STREAM of 1977 results 
flowing from the mining com¬ 
panies shows that the industry 
can be split roughly into two 
parts. There are fee companies 
who can afford to smile, largely 
those with precious minerals, 
energy or speciality interests. 
And there are those who just 
have to grin and bear the reces¬ 
sion, like fee copper and nickel 
producers. 

The really fortunate are pos¬ 
sibly those whose breadth of 
interests allows them to straddle 
both camps, who can continue 
to make profits whatever the 
state of the economic cycle. One 
such is Conzinc Riotinto of 
Australia, which is 72.6 per 
cent, owned by Rio Unto-Zinc 
of London. 

This week CRA announced 
net earnings of $ A77.87m. 
(£45.67m.) for 1977 compared 
with $A71.9m. as first reported 
for 1976, or SA69.5m. as it was 
later re-stated to take into 
account tax changes. Total 
dividends for 1977 were 10 cents 
a share against 9 cents the year 
before. 

The straddle effect is seen by 
a breakdown of the profits. On 
fee one hand, there was an in¬ 
crease in earnings from Hamers- 
ley. fee Western Australian iron 
ore producer, and from 
Comalco, fee bauxite and alumi¬ 
nium business. On fee other 
hand these gains were offset by 
lower revenue from Bougain¬ 
ville Copper, where gold income 
could not override lower returns 
from the depressed copper 
market, and from Australian 
Mining and Smelting which was 
caught by sluggish zinc prices. 

Future doubts 

But CRA clearly doubt 
whether their spread of 
interests will be sufficient to 
keep earnings steady this year. 
“ Continuing currency instabi¬ 
lity, trends to greater protec¬ 
tionism around fee world and 
weakening metal demand ,and 
prices make it very difficult to 
predict sales and earnings for 
the current year. However, it 
is unlikely that 1987 results will 
match Chose of 1977." 

If CRA is right then fee pros¬ 
pects are very gloomy for fee 
copper and nickel producers 
who have already been savaged 
by rock-bottom prices on an 
over-supplied market Figures 
released this week show that 


tile market takes no account of to fee shock fete when Inca, 
nationality. . \ ' fee world’s leading nickel pro- 

‘In the UjS. feere were fee .ducer, embarked on a policy of 
additional problems caused by severe retrenchetoeot to cut 
last summer’s copper -nutters back production, wife the inevit- 
strike.’ Inspiration Consolidated able result of increasing. fee 
received an average price of numbers of unemployed. .: 
■66.84 cents a pound compared t-m^L*** 

wife 69.48 cents in 1976 and 
ended last year wife a net .loss 

profit of $126,000 in, 1976. .. . off g r ^ 

There were similar... expert- i nc0t holding Stocks greater in’ 
ences in the Philippines* At esteM than .fee total , of last 
Atlas Consolidated, net'income ygar'g sales,- rejected. the- pro- 
last year was Slim. (£5.65m.), pqs&ls on-fee grounds that its 
a vivid contrast wife fee problems - would be ■ eom- 
$25.6m. earned in 1976. The pounded. ; 
average copper price received ; ' , . t . 

was 59 cents a pound against The pessimism in nickel con- 
64 cents in 1976. A similar trusts wife fee optimism in 
average obtained at Marcopper Platinum where Impala, fee 
where net income was the second largest South African 
lowest since operations started Producer, feels confident enough 
eight years ago at PesbB;49.3m. about fee upward movement of 
(£3.4m.) compared wife Pesos t b e market to double its seccmd 
62.4m. fee year before. " quarterly. divddedjto: 20 cents 

Two Canadian producers on from 10- cente J*®® last 

the other hand, have managed .Total..dividend-p^eMr. 

to increase profits because, ;like f 
CRA aifeou^i on a'/ smaller 
scale, they have managed to set 
off. declining prices against 
other products. 

Brenda Mines, the Noraada 
unit, boosted earnings to 
SCan9.5m. (£4.4m.) last year 
from $Can5.5ra., but this re¬ 
flected the buoyancy of fee 
market in molybdenum, the 
speciality metal. Sherritt Gordon 
made losses on its copper-zinc 
operations in Manitoba but was 
helped by its refining and fer¬ 
tiliser interests, so that net 
profits remained steady at 
SCan4.77m. (£ 2 .2 m.) for 1977 
against $Can4.13m. in 1976. 

But the Canadian industry has 
special problems relating, to the 
difficulties between the federal 
Government and the provincial 
Governments in working out an' 
agreed approach to fee taxation 
of natural resource enterprises. 

At this week’s meeting of 
federal and provincial leaders 
feere were signs that fee long- 
running dispute could be 
brought under control with the 
federal offer to set up a task 
force to examine fee whole 
question- The provinces put for¬ 
ward a number of submissions 
including suggestions for a 
relaxation of tax provisions : 
relating to exploration com¬ 
panies. . 1 

Such concern for fee mining 
companies is probably linked 


last year were '70 oeaks. . 
disfepuitian^so farjfeis finani \T 
year is 40 cents .- : 

: Impala's comments about 
market are 'feose'-which fi’i, 
would tike to make about niel 
“The. improved, market coi 
.tions for platinum are enrinu ' 

ing as suggesting feat the- ' r 
cess stb cks how overhanging 
market tiave_.beeo: -a bsorb esi. 

• The platinum “market has 
uome extent been overshadow 
by gold where fee price :f 
been Its highest level. 
three years.-Yesterday it'clos.'.. 
at $179.32 ah ounce. This fii 
ness has not been fully reflec 
in fee gold share -market. 

The next few days coaid'. 
crurial for the-bullion mark' 
Whife : the' recent _ firmness 
the price may be linked to w 
.monetary and foreign exchar , 
issues, fee next movemer' 
could be more related to spc 
lative factors. There is a ctr 
point and a strong resist® 

Tevef**!siso.; : ..; ...jr'. 






t Indicates programme in 
black and white. 

BBC 1 

&55 a-m. Teddy Edward. 9.05 
Indoors Outdoors. 930 Multi¬ 
coloured Swap Shop. J2.18 p.m. 
Weather. 

1230 Grandstand: Football Focus 
(1235): World Chamoionship 
Boxing (12.50) Highlights 
from this week's Muhammad 
Alt. Danny Lopez and Alan 
Minter fights in Las Vegas; 
Racing from Chepstow (1.10. 
1-40, 2.10); Athletics (135. 
1.551 GDR v. GR; Rugby 
Union (2.40) from Cardiff: 
Wales v. Scotland, including 
at 430 report from Paris on 
France v. Ireland: 4.40 Final 
Score. 

MO The New Adventures of 

Batman. 

535 News. 

5.45 Sport/Regional News. 

530 Jim 11 Fix It. 

S25 Dr. Who. 

6.50 Saturday Nighj ai the 
Movie*: “Tnward *h* Un¬ 
known.*' starrma William 
Holden. 

330 The Les Dan«nn Show. 

S.fO Siarsky and Hutch. 

10.00 News. 

10.10 Match of the Par 
11 15 Parkinson 

Ail Region* <«* BBC 1 eveept n: 
Jollm- :ng lime-; — 

Walts—3.10 a.m. Indoors Hi:»- 
doors. 9.05-930 Teliffrfm 12.15 
a.m.- News and Weather f^r 
Wales 

Sc«tland—43S-5.10 p.m and 
5.45-5.50 4cnrehn?rrt 1(1 1(1 Xnrrt- 
scene l«»4S-1l (5 Crtnj. r»f ,sr«». 

land 12.15 a.m News mil 
. Wotthar for 


Northern Ireland—135-330 p.m. 
Rugby Union: France v. Ireland. 
5.00-5.10 Scoreboard. 5 > 1 5-530 

Northern Ireland News. 12.15 ajn. 
News and Weather for Northern 
Ireland. 

BBC 2 

7.40-835 a.m. and 930-135 P-m. 
Open University. 

t3.00 Saturday Cinema: " Bom 
To Dance.** starring 
Eleanor Powell and James 
Stewart. 

4.40 Play Away. 

5.10 Horizon. 

6.05 Open Door. 

630 Sight and Sound tn Concert 
featuring The Strawb* 
(simultaneous with Radio 1 
stereo). 

730 News and Sport. 

7.45 Network. 

8.15 The Book Programme. 

8.45 Film International: ‘‘The 
Watchmaker Of 5 l Paul." 

1035 M*A*S*H. 

1030 News on C. 

|1U35-Midnight Morie: “The 
Angry Hills." starring 

Robert Mitchum and 
Stanlev Baker. 

LONDON 

*35 a.m. Fun Food F.ic*orv. 
D.iili Sesame Slrooi. 10.00 Our 
Show +11.0O Saturday Cinema- 
" in T^ic Dnshousp" starring 
Lf'shp ' Phillip* and Peczy 
rtimniin* 

12.50 p.m World nf Snnri: rj Cl 
rin the Ball: i 10 \eiv« 'rnm 
JTV I l.i imernatinna) 
special: l—Sneedwav Pi f; i 
•“.olden Vcdr«. frr.iii High 
T-U' 0 '’ll Knptpg F<ire*t: I “0 
World 4-man hofoslei-fi rham- 
p-nn-hips 145 world Hand 
hall ;''r.srnjvoTich:p. 2 Oft ITV 
Four nrevhn-ind racinc frnrr. 
Ha.nncrv—2 0Q 3 25. 2 HP 2 55 
son interna* innai Snn't* 

Special: 2—Table Tenuis: 


Norwich Union English Cham¬ 
pionships from Waking 
Leisure Centre; 3.30 Racing 
from Leopardstown; 3-45 
Half-time Soccer Round-up; 
4.00 Wrestling; 4.50 Results 
Service. 

5.05 News from ITN. 

5.T5 Happy Days. 

5.45 Logan’s Run. 

6.45 Celebrity Squares. 

730 Enemy at the Door. 

830 Sale of the Century. 

9.00 Within These Walls. 

10.00 News 

10.15 The South Bank Show with 
Melvya Bragg and Robert 
Cohan. 

11-15 The Adult Movi*: 
iliirders In The Rue 
Morgue. starring Jason 
Robards. Herbert Lorn and 
Lilli Palmer. 

1230 a.m. Close: Chrisiopher 
La re no ve roads poems 
about love to celebrate SL 
Valentine’s ueek 

Ali IBA Regions as London 
except at the following times:— 

ANGLIA 

. *•”’ Anin,a l Alnhabsi Pjraae. 4J6 
i^anmin ,i!n« risvras. is Jo Fnnkv 

Pii.vuti 10.45 TK-A-as 11.25 valley <•> 
•_nc- Dino.airr*. 11^5 I , 5UJI;>1 5.15 B . m . 

u;.etPiir Smiares. Code R. t.OB 

- J '“ ih” Century. J.J 8 Saturday Kii»r.: 

Pr CiclWi.- 'jarrins .VW! DrVfcer. 
» 15 w-Jiia These ‘.'.'alls. 22.15 a.m. A: 
:ht End nr the Dav 

ATV 

S.05 ».m Tn, Harrlf » » 

T:piu- r>vtwiniiu. the Dnft v.nrwl* 1 
sr.*. 7ft.- !*:■? Rjiise^ 5.15 a.m. 

•t ;i or, Hollar Man a.15 ilj.i-0- '■« 
The Onaw nf San l-r.inqiscn 11.15 THa 
S a’crciav Siisperwe Mnyie- •• The Stranae 
j-.d Deadly Occurrence" 

BORDER 

* * a.m ir.cludtna C-rn- 

.ivi" M* Dns Win*!*- and v.wnj.-'Ja— 
Dirt"- 5.M >.tn. tneai’» Run 
* iS Kim- 4.45 Sal* nf ’he Cen*’j-v 
I.IS Rarm» »: •*!* Pi-r t.u 7 h« 

M .mn putar M*n ti.M Sacoah CKj 
U4I Tuinri 


CHANNEL 

12.18 pjn. PoJEn's Plat lira. 5.15 
Logan's Run. 6.15 Happy Days. 400 
PoLtra Woraaa. 11JL5 ADpolntment VTuh 
Fear: ” Pear la dn Nlsht." 

Grampian 

4.00 a^n. Scene 00 Saturday tnchMUng' 
Birthday Greetings and Dyntunoit—The 
Dob Wonder. VJS Stetopy. 9J0 The 
woody Woodpecker Show. 10.1S Woobinda. 
«.«5 Cartoon Time. 1U0 The Loel 
Islands UJO The One Goh 12.00 
Captain Scarlet and the Mysieront. 5.15 
a.m. Loann's Run followed by area 
n-aather lorecap;. Highland League and 
jhinty results. 605 Kaeoc. 6 jE Sale or 
:hs Cenmry. 7J5 Enemy al Ihe Door. 
8.15 The Six .Million Dollar #an. 1145 
Reflections. 1140 Within These Walls. 

GRANADA 

*.33 tn Tisii-as including llOJO Dyno- 
mutt, the Dos Wonder: 10 j« 7 Tlswas. U.2S 
Solo One and 11.55 Tlswas.i JJ5 o.m. 
Loean’s Run. 6.IS Haroc 1*^5 Sale nf 
ihrj Century. 7J5 Enemy the Door. 
■.15 S«i Sellers: Incnd Berpnan in " A 
Wal*- in the Soring Rain." PUS Second 
Cltv R>vae 1L4S House of Horrors- 
Ronerr Culp in ■■ a Cold Mohr's Dearb." 

HTV I 

*315 a.m. Master Calf p 30 Tlswas. 
to as Barman U.4S Tlwae. ) U- 2 S B>.-nch- 
comhcrv. UJ5 Tiswas 1 5^5 ».m. 

Celebrity Squires. 6.30 Lnsan’s Run. 4.00 
Suren of San Knincisto 11J5 ainynihuu. 

HTV Cymru/Wales HTV General Ser- 


sir* except: S/B p.m. CartoonttaM. 64JL 
6 30 Canotfan. U.15J2U0 B.m. Made In 
Britain. ■ 

SCOTTISH 

6JM a.m. TooDdt. U» Ttorts-AndndtaB 
wi nning with WflkJ* and Banrurn. 
p.m. Logan's Run. *4* Baroc - 
of the Century. 7.15 Enemy at tbe Door. 
045 Feature Fflm: "A W omen Jor 
Charlie." Marring Dan Blocker..1145 
Late Can. 114# Danger In Paradlsa. 

SOUTHERN 

840 a.m. Weefeamt ,0lk '.^S. 
Regional Weather ForocasL 10.00 Our 
Show inciudlog ll* Taran awl UJB 
Happy Days. H2* P-m- Weekend fol¬ 
lowed by Regional Weather Forecast. 
545 Celebrity Squares. 640 Six Million 
Dollar Man. t-06 Sale of Ihe Centurv. 
>ja '* Dead Man on the Run." starring 
Peiar Craves. 1145 Wi»hln These Walls. 
2245 a-m. Southern News. 

TYNE TEES 

4.05 a.m. Survival. MJO Adventure 
Tune: " The Land Unimnwn." 1130 Play 
Soccer .lacn Charlton'-, way. lLffl Space 
ipan. 545 p.m. Logan's Run. 645 Havnc. 
645 Sale nf !hn Century. 7.15 Enemv 
ui die D<mr. 145 The Six Million Doliar 
Man. U.15 The Practice. Il.as Upstairs. 
Downstairs. 1240 a.m. Epilogue. 

ULSTER 

X0.U a.m. The Herlv.. 10.20 Tree Top 
Tales 1035 Beachcombers 1140 
Survival. 1L30 Sesame Sirwt. 5.00 p.m. 
Sports Results. 545 Logan's Rim. 645 


TV ratings, week ended February 12 


U.K. TOP 20: Viewers Cm.) 

1. Thu Is Your Life (Thames) !4 

2 . Mind Your Language <LWE) 

3. Mlsi Jones and Son (Thames) H 

4. Ceronauan St (Wed.) (Craaadal i> 

5. Corn nation Si. <Mon.l (Cradada) '« 

6. Maggie and Her (LWE) > 17 

7 The ProFossfonals fLWE) 

S Crossroads tWcd.) fATV)i 
4. Crossroads (Tues.) (ATV)- 

JO Crossroad: (Fri.) (ATV) . .. 

11. Crossroads (Tho.) (ATV) !K 

12. General Hospital i*TV) l*i 

2). Mike Yarweod in Persons (BBC) is 

Stanley and Hutch fBBC) ’.fi. 

15 WUrtn Alliance (Yorlts) I- 

16 Rising Damp (Yorks) If 

17. Ooorae and Mlufred fThames) 

13 Opoortunl'v K"nr|i, (Thames) ’* 
is R-rnrnt Manning in LAS Vegas 
/Zr antes) in 

5a. Am AHaa iatv) __ iaj 


Figures compiled “ry And)! of Great 
M Bn:.in for the Jinp.r indnstnvj Commirite 
r, ’ r „. 1 T A lfV ' von •W'or.anw RsdSArch 
-.Ilf.TARi 

■in u s - TOP TEH (Nielsen rating] 

' 7» i. Happy Days 'comedyi (ABC) .IS B 
I' 1 2- Layern* and Shirley (comedy) 

(ABC) .... 33.0 

fi ' *• Th'^C's Comoany (comedy) 

(ABC) M.g 

a. Lntle Mouse on die Prairie 
tdruma) IHBC) ... VI 

5 M Minutes (aews) (CBS) M.l 

6- All in in* Family (comedy) 
fCBS) rr.7 

7. Chtrile'y Angels (drama) (CBS) S7.1 
1. CniM- (film) (CBS) ... :«.« 

MASH (ramady) (CBS) ... . 2S S 

10 Phpda (eamidy) (CBS) 24.* 

A Nsetaos nuuc la net a BumayUi total. 


A. Drop tn Your Band. 645 Sale of the 
Century. 745 Enemy At Tbe Door. 645 
Beat Seller*—Anthony Quinn and Tngrid 
Bergman In " A Walk In Tbe Spring 
Rain." 1145 Let Thera Be Langtna or a 
Whole Lot Of Loving. 

WESTWARD 

S.Bfl un. Tbe Beatles 6JZS The Lost 
Islands. 946 Children's Feature FRm: 

*' Taman and The Great River.'- 1UD 
Cos Honeybnn’s Birthdays. U-35 Space 
1999. 545 p.m. Logan's Ran. 645 Sappy 
Days. 940 Police Woman. 1145 Appoint¬ 
ment With Pear: ** Fear In The Night." 
starring peter Cushing. 12.45 «jn. Faith 
(or Life. 

YORKSHIRE . 

'■dO a-m. The Rolf Harris Show. <945 
Custard. PKs Parade. V9M Saturday 
Scene Acuon Advenrare- “ King Solomon's 
Mines." starring Paul Robeson and 
Cedric Hardwlcfce." LUN Funky Phantom. 
1140 Happy Days. 12 JW Calendar Kids. 
545 tun. Logan's Run. 645 Havoc. 6JO 
Sale of the Century. 745 Enemy at tlw- 
Drar. B45 Six Million Dollar Man. 1145 
The Mary Tyler Moore Show. U-d5 Tbe 
Outsiders. 

RADIO 1 M 7 n» 

(S) Sccraophoatc branfotst 
6.80 auti. As Radio L LH Ed 
Stewart with Junior Choice tSi. 10.H 
Kid Jensen. X2J)0 Pant Gamtjaerim. 
131 p-m. Rock On (S). ZJO Alan Free¬ 
man IS). 5-31 Alesta Korner'n Blues and 
Soul Show (Si. &JQ Sight and Sound u 
Concert <S) featuruu The Strawbc (siraul- 
uneous with BBC-? WleoWonL 740- 

1243 un. As Radio 0. . 

VHF RadiOd 1 and 7-4M.a.m. with 
Radio 2. Ub With Radio-1. M.* With 
Radio 5. 148 p.m. With Radio 1. 738- 
1233 Kith Radto 2. 

R4DIO 2 and VHF 

6-00 a.m. Ne'i’t Summary. U) Tam 
Ed't^rdu with The Early Sho-v iS>. ipriui- 
ing B-M Riictna Pulletin 846 ts Rartm i- 
10.82 Wall* tv'byron on the Sumryslfle of 
Samrday <s>. 1242 P-m- Two‘6 B--5t ‘S'l 
L02 The News Huddllnes. 1.30-SJS Sport 
On 2: Cup Tir Special 'LOT. .7.40. 3-20. 
3.«': Rugby Union n.Bo. s.uo, 2 jo. s.wi; 
Wales v Si-etland and France v. Ireland: 
RaciflB From Chepstow .fj‘4«. 7 5si! 
Cricket (134. s.M't The England Touring- 
Team v Qtcitn report on me second day's 
May: s» sport* Report: classified foot- 
baii cheeks it and s«: Rugby 
reuMT-up *t & 75 643 Kura Be 73 stsrway. . 
748 Would Tba Lkat Buslaaaamaa j . , 


and SE: Ragtotiai New3 T -iU» «ow*. jS- 
■Desm iriand tHscs. (640 Btop iha Wee- 

wflfc Bobmri Hafeteamt ZJB.-3hese-7C 
Have' Lowd-';CS).-. *30 SamrtUur-Ma! 
Theatre (SL l Vig Wgalber. M40 


7-30 Radio i Top Tunes. *40 An Evening 
In Vienna, pan 1 <S>. «.« During tbe 
Interval (talk by Ir&ne Pradar). * 940 
An Evening in Vienna, pan 2, - B42 
Saturday Night With The BBC Badio ^ * 

sirsa 

radio , 3 -v? 

fyjc - J ic-iii.ui_ ittm Mmud"• ^ m . .• .j ■ J206m and'MJ ® 

Aubade (SI. 940 News. V.flS-'ReCbM'v 6l - 00 Redid-J.-' TJP C wd Blal- 

Review hichnlJn*.EulMhm.a LOrtarr (Si. wraOieri *o«nm 

M45 Stereo Release-. (S) mat Cham 

tdarw redial (S ).XtOt p^ JanSM' r^i 

Galway presents, a . selection, ot mnde- 

on records fSI. ; 1X55 .Wcwkf-: 140 Cmwuv . 

Heritage. 145 GahrieU StrtngDuamt tSJ. o^Tup. 

Italian String Trio i$r, .7J^ Paraotul - ^ - 7 -'f -55* 

view. 740 “ La -PrinceSs* de .Navwre “ . 

RaSSrASTiSiS. ■■ ^5 

Sounds Ifliereathg (SL 1135 Hew*). 118rRadii) - - • * 

1US Aad Tonight's stambert Soma CSV ^ t qatH tern 

*££*5?**??^*“* F*ttSSSlmll 

A - ■ ■■ -P^ Vouna'S.&ooidawO JS) 

RADIO 4 ------ .•*•. t-. - - 7 ^- iron .ggnnv Evirteh- t_.m: UflSh 

■ 6J0 Amt. News,- A3Z- Farajln* Tosta>> 

640 Vours Faithfully. ^&45 Wrarhig'. pra., foa-s: ?*T taa \o fy naa (Sj,-. 
mraihide i»wa fVHP) KaghmiMfenL gp ^tryia ;-«■ TO 

sow*. -740 Oh Your JFana; -74» ttrilsrt jRornc r wummy^-tt«rr;(|). 

Papers. 7,« Yours FarthMy. 150 IT* ■■* n *tfB.3mdrtc*B iiTeam (S), 1240 M 
a BkritaUi:- T7J5.WeaBK-r.’pfCgrazama 180 Dair ~^ J 1 

news fVHPi Regnmat News -..• Wf.’.Wf" ^ r 

04* Sport oh 4. ' 145 Tory's‘Papery- ■ ■■■'■: '' >—• 

IJ0 Yesterday In Parliament.. ■■ : r*ts*tca iflT rWINC *. 

WJ0. Pick of the wee* (tom BBC. R«S) 'j #• - 

and Toieyuron. 42049 stows,--. W.imrtO.JfV^^B .Nb. 20?. 



t 


minster uiJo Science Nme. 1240 News.' KsJV: 5 F-Q6 ttnd j^ueenp. 

12.02 o.m. fames- Catway -(aa.; Raigd:Su - rri -T*rn)tfrwt'Nn aiS" 

'Si mss .weather- WT ^p nnwe. neW* 'M So»mpP.40, tfrotrigC »a- 
v»r faxcepr- London-«nd»&EV.Recl«unt).J->^BIa(^ r ^hoves.-:flCBtJ. 3- K-B3, 
New*. 149 Ne**. . 445 g K-Ei 

t2M Prask-Uatr Gars-low . - Thi ~ , 

E hyl r a r upa fe 1236 TJiitty-Mkiotp .-L' • -. . .- •• 

Theatre. 4340.47*^ ,. gWS-TJoas-Be ry^Li , r- , *c .. 

Take Sony?: OSS KaaSe of. theJgaatenf' :*Zn.S ' , .^-.7. '^-^.. * 

'•>* R*dlo 3' 5.09' KriddMcooe:Snooty. ^feSJItclew' 

t«.rv Swdlng v- ', »g ^k^^.gSSSS^m^SSSt 

programmo am r VB3T- •***“**- - - ' 


... . I,' . ' • W--.V-:.it ,f\ 'V. ' W 

• - ■* w.. ... * * * * / yy.•.; fy ^-. 


/ 































*' 7 *? e„. 






in aftciaL,Times Saturday Febnjary 18 1878 



final part in our series, TheSeven Financial Ages,of Man. Tlic 
: : Aas been written by ■ 'Adrienne Gleesim/Eric Short and Helen Whitford. 





AHF FEW sights more", 
Jding than. that of 
gentlefolk, trying to 
k o oh the tattered rem- 
of what was once - a 
fortune., -A static peu- 
injudiciously -balanced. 
J, and a few years of 
V are alt that it lakes to , 
a comfortable existence 



though you can arrange to avoid 
it 

You might, for era njpkv take 
nut an annuity in which the 
balance of the capital unused 
is returned on your death. Or 
you might take out one in which 
payments are made by the com 
pany for a pre-dete^mined num 
ber of years, whether or not you 


(In 


_, , . • Last scene -»»* n>ucurei u> um j»u 

nditioQ perilously near Tkat'enck'Xfws strung: arerttfulhisiory, die during that period, and for 

. -r-—-■ the rest of your days if you sur- 

.. Avoiding that condi- vive if j n case though. 

jd theory; commen- ably be "Split three ways. Put ibe income you will receive will 
simple—ra . matter of une third into something safe, be lower than that available 
. ng capital to produce a reasonably accessible* -and from a straightforward annuity 
■^ income, and going reasonably high-yielding; the Incidentally, where both hus- 
unng each bear market, monthly income shares of a band and wife are alive, the 
2 it m practice is not building society, for’ eauuaple annuity should be paid on both 
easy. (see the accompanying table), lives. 

- Bwifrtfnt 'I? grov * HoId °o*third in the «me The second disadvantage is 
Qportant. If it comes it accessible form until.rates have from vnur point of view more 
"“J ““ „ and M h ‘Sh » yon think .serious. With most annuities 

■* " nd J n ? an 4 J***’ likel y for time beinfl (»* the income paid dnes not in 
W1 " D e ‘gratifying the moment that probably crease Sn a few vears of infla 
. .chieve it. But nsk in means waiting until the tion could piav havoc with their 
-e of capital reward is summer), and. then put it into value. 

>iame of the game. That a high-yielding corporation The annuity rates quoted by 
' n? commodities; /no stock or—if you're resolved on life companies vary consider- 
• highly specialised unit safety for your capital—a high ably, as you can see from the 
no shares on . double income bond ora local authority tables below, which show the 


'elds. 


m, 


:> BUILDING SOOETY 
liHBLY INCOME SHARES 

Interest % 

Term of 

(net of 

deposit 

basic rate tax) 


5.50 

I month 

5.75 

7 year 

6.00 

2 years 

SJO 

1 years 

t 630 

1 month 

im. 6.00 

2 years 

6.50 

3 years 

5J0 

1 month 

6j00 

2 years .. 


bond. 

Put the' final third into 
equities by way of high-income 
unit , trusts—in the . plural, 
kindly note. With that last 
third," bear in mind that the 
managers of high-income funds 
have very little flexibility when 
Limes are tough. They can’t go 
liquid, because their income— 
and your yield—will ; take a 
knock if they do. 


top rates ngw available. 


SOME HIGH INCOME 

UNIT TRUSTS 

Fund 

Yield Minimum 
% ( 6 ) 

Allied Hambro 

High Yield 

8.37 

100 

Arfauthnot High Inc. 

9 A3 

500 

Chieftain 

9.40 

250 

Gartmore High Inc. 

8.94 

200 

irt & G High Income 

8.88 

200 units 


high-yielding funds with a 

strong equity content' which THE HOUSE in which they live 
should ensure that, their distri- is - f° r many people, their 
butious will increase. - greatest financial asset: but 

there's no way of getting income 
IF YOUR INCOME is really low f,ul of that. Not directly, at any 
«*■ >- .<■« -e* ,,hojne -u^'en 


is the name of the 
nenme—but not income 




B u Vld 7 n rsS b *>TO s ™ P “^ lrd pn>“ doiwS You'prnm^rt- 

after >»- » man o£ 65'ran on AfIer P»J ™8 interest on the 
f JL first will actuaria l considerations look for mortgage, the balance of the 

m another 13 y»rs of life, and a *n»W Paymeivts go to supple 
d £^bSSSLn.wi woman of tout age for -17. ment your income: and you can 
Hence attractions of an “ a special concession from the 
■cunng income growth , nnuit _ Revenue, this —claim back tax 

problems really arise. * relief on the interest payments. 

iy there are two ways T “ e capital in fact eomes back How niue ij this adds to your 
it without touching to you, with interest, over the j ncome depends on your age. 
Buy equities, whose period of your life; .and only you really need to be over 70 
. should increase year the interest will be taxed. l0 ma j- e the scheme worth 
or move .from low to Therein lies the second of the w hjj e . y 0 u also need to be a 
siding investments at attractions of an annuity. taxpayer. The mortgage on the 
te right moment in the The disadvantages are as house (remember, you've only 
ate cycle. The former, follows. .With a straightforward been paying off the. interest) 
>ut will involve .,so.me annuity there will-he nothing be, repayable after your 
latter is very difficult "left for your heirs when’ you dfeath;: effectively .you’ve been 
.nd will probably in-.are.gone.. Should yoit huy. an. turning capital .into, income. 

, ^-/temporary move into annuity to-day and fall pnd'er a Two cpmpanies operate these 

r*- bus to-morrow, neither of you scheme^: Hambro Provident la 

-““*]>od-sized portfolio— will have had any benefit from subsidiary of Hambrn Life), and 



ipwards—should prob- it Thafs the risk you take— Save ancf^Prnsper.. 


ANNUAL INCOME PERjtlB.OOO INVESTED \ 

- . (Investor agod 65) \ 

ncome for life (no return of capital)- ■ Net income war 5 years (capital returned) 

man woman .. ' ’ man woman 


vv 


\ 


1 r—:-:— 

ir—:---— 7 - 

£ 

• •• C •• 


£ 

£ 

<rs Life .....•«•■» 

1^97 

t/174 

Charterhouse Magna. 


775 


1.567 

1 /B 0 



70S 

re . 

W 

1303 ■ 

H01 Samuel Life —-. 

678 

677 

‘iursncc • 

1^55..; 

V») 


630 

£24 

;»orance ., 

1.548 

M 2 «- 

• Tyndall Assurance —. 

614 

610 

InnHHiiBi 

HHH9 








The last few years have been 
.^icitlarly disappointing for 
^■stors in America. 

. .-Share prices, as measured by 
>w Jones Industrial 
rage are now standing near 
' x three year low, selling on a 
. 3 of 5.9% arid a price 
; - lings multiple of 8.6. 

_ / equities are depressed, 

>ly due to the current 
: . nce-of-trade deficit, and the 
-sequent weakness of the 
ar. 

The American Stockmarket 
become cheap relative to the 
nal investment yardsticks 
•”h have prevailed overa 
• . iber of-years, and we do not 
' - see a return to the verv low 


yield and high price earnings 
ratios which characterised the 
late 6o’s and early 7o’s. We do, 
however, believe that, with share 
prices at their present levels, 
investment in America has 
prospects of substantial gains 
over the medium-and long¬ 
term. 

Gartmore American Trust 
offers one of the best ways to - 
invest in American shares. It is 
managed bv Gartmore Fund 
Managers Limited, part of a 
group which manages funds in 
excess of £630 mi]Lon and has its 
own office in the United States. 

Send now for full details of 
Gartmore American Trust, or 
the. other products listed below. 


To Gartmore Fund Managers Ltd 
2 St Mary Axe, London EC 3 A 8 BP Tel: 01-283 353* 




:* ?osc send me details of: 

- ' ] Garun ore American'Trust 

] Single Premium Bonds 
. . ] You renrirf range of Unir Tro? rs 


Name ^ 

Comjjafrs*^ 

Address 



Oppd&bl* 


^ 630 /XKbOOO under Group management 

Member if tf* Ural Trust Auooatim- •• 


FTAb 


WHAT VALUE do you place on 
your wile? The African tribes 
assess the worth of a woman 
in terms oT so many head of 
rattle, so many of sheep and 
so many of goafs. We in i.he 
U.K. tend to take our wives’ 
services for granted. But this 
week Liberty Life took up 
cudqpls on behalf o[ women and 
told Us MCPs that we should 
wake up to the financial facts 
of life—notably, that the value 
of a wiFe's work about the home 
could be as much as £114.80 
per week. 

The company commissioned a 
survey to show the out^omss 
a husband would incur if he 
needed to replace the services 
of his wife. The table show* 
the results of that survey. The 
inference is that, should your 
wife die, you will need at least 
£75 a week to replace the ser¬ 
vices she provides. 

To meet the anxieties this 
survey is likely to produce. 
Liberty Life is selling a new 
life assurance plan, “ Family 


A price above rubies 


BY ERIC SHORT 


WEEKLY 

w REPLACEMENT VALUE ” OF HOUSEWIVES 
London 

& S.E. West Scot- E»t 

England Ulster Country land Anglia 

North 

of 

England 

Mid¬ 

lands 

Homes with 2 or 
more young children 

£ 

t 

£ 

£ 

• £ 

£ 

£ 

Housekeeper (full-time) 

55.00 

32X0 

39M 

41.00 

40.00 

4T.00 

45.50 

Nanny (full-time) 

35.00 

24.00 

27.00 

26.00 

28.00 

28.00 . 

' ? 0 .Q 0 

Daily (3 hours per day 

X 4 days per week) 

16.80 

T5.00 

9.60 

1020 

10.80 

12.00 

13.10 

Odd-iobs/gardcning 

(4 hours per week) 

8.00 

6.00 

AM 

4.00 

4.40 

4.40- 

5.00 

TOTAL WEEKLY 

114 30 

77.00 

19M 

8120 

83.80 

85.40 

93.60 

Source: Liberty Life Assurance 



National average: 

£87.90 

- 



Circle." A husband using this into income. All premiums will that case the company will 

can insure against his wife's be returned should she die charge him more, and make its 

death dunne a selected period, during that period. And he can returns on investment of the 
Should she di<\ Ue will receive opt u» have premiums tnct of premiums in the meantime, 

a capital sum which can be isx relief 1 returned ;f she sur- Other life comp,inies'will pro- 

converted—vhr.ily or in part— vives that pennd—-though in vide temporary assurance .on 


the lives of wives, though few 
have given much, consideration 
to packaging.stich~.EbDtx5cts in 
a style that will Attract the pub¬ 
lic. Legal and General is one 
other company that has been 
active in this field. From-a mar. 
fceting view, temporary assur¬ 
ance .has a drawback in that 
nothing is returned if no" claim 
is made, ‘ ■ 

The Liberty Life plan over¬ 
comes this disadvantage, but 
only by greatly increasing the 
outlay. The cost-of insuring a 
'wife aged 32, to provide £75 per 
week is £10.13 per month net 
of tax if premiums are to- be 
returned, compared with a cost 
of only £4.15 per week net 
otherwise. .. .. i 

A man can, of course, always 
call on his parents. or his "in¬ 
laws to help instead—ror he ran 
remarry, though- many might 
not want to. The real problems 
arise when his wife becomes 
disabled. Thar’s_ a situation at 
which we intend to look next 
week. • •• *“ : 


Dispelling 

illusion 

THE INVESTMENT Trusts’ 
initiative on capital gains tax 
is nuw off the ground, with a 
request to vhe Chancellor 
that he .should amend its 
incidence as between the funds 
and the people who invest in 
them. At the moment liability 
is split helween the two. in the 
apparent benefit of investors 
who pay a maximum »f J3 per. 
cenL when they sell shares at a 
profit. That benefit is, says ihe 
Association of Investment Tru^t 
Companies, a snare and a delu¬ 
sion: m fad investors end *ip 
paying tax (through ihe fund in 
which they are invested), who 
would otherwise escape it 
altogether. If the Chancellor 
takes the easy way out by rais¬ 
ing the annual exemption when 
(and if) he comes in amend 
capital gains lax in the Budger. 


there will simply he more 
investors in ;hat category. 

It is certainly a paradox, that 
The sinall-scal" imestnrs who 
benefit from ret exemptions 
should be penalised through 
those very ■■nauru-ls designed 
for them: unit and investment 
trusts. It rotuains a fact, how¬ 
ever, that the investor who is 
liable, and wlm now pays 
nothing (illuming he can 
benefit from the half in«-omc 
rule! when he >.-oirv. , f to sell his 
investment iru-t -Imw?. would 
under the A-<o«-ialinn's pro¬ 
posals have in ,cnle with the 
Revenue. S<> huw does he gain? 

According to the Association, 
in two way* The price nf hts 
shares, which now reflects * 
potential liability to capital gains 
tax. ought jo nse once that is 
eliminated. And a class nf in¬ 
vestor now reluctant to invest 
in trusti—ili"-e which arc ex¬ 
empt from 1 - 4 ;. like y.« rs'<<n 
funds and < inruies—could be 
expected 1 •> limk with much 
more favour on ih-' sector, again 
to the benefit nf pricev 


Division 


LIFE ASSURANCE can be a 
tax-efficient vehicle of invest¬ 
ment. whether the objective be 
to invest a lump sum or to make 
regular contributions, with a 
view to capital growth, the pro¬ 
vision ol income or both. 

Up to now flexibility has been 
achieved by “ clustering;” that 
is, taking out several policies 
instead of one overall contract. 
Then, when income is required, 
a complete contract can he 


cashed in. thereby avoiding the 
problems that arUe with partial 
surrenders. Now Solar Life 
has come up with the idea of 
dividing one policy, instead, into 
a number of segments. 

This is a refinement of cluster¬ 
ing. in that it gives more 
flexibility to the investor. And 
it has Inland Revenue approval. 
But it is not easy to under¬ 
stand. The company will pro¬ 
vide on application an explana¬ 
tory booklet, and it is worth 
reading ii you have an hour or 
so to spare. 


Coalition 


PICCADILLY enrered the ranks 
of the life-assurance linked 
manager? last week, when they 
got together with toe New 
Zealand Insurance Company 
1 U.K). to launch their first 
-ingle premium bond. Through 
the bond (minimum investment 
£1.000. but minimum required 
for switching and for ihe income 
facility. £2.500). investors have 


access to five of Piccadilly’s 
fumK and two from NZJ. 

Although Piccadilly’s overseas 
funds have .suffered from the 
dismal performance of foreign 
markets, the U.K. .funds have 
recently pur up a very respect¬ 
able performance: so the new 
bond is likely to be well- 
received. Not that Piccadilly's 
managers really need to pm 
Themselves out about Ihe possi¬ 
bility that they arc missing busi¬ 
ness: funds under management 
doubled Ia»; year. 


Conversion 

EARLY ON next week holders 
of S4 per cent. British Savings 
Bond-, tFirst Conversion Issue) 
should he receiving an offer 
from the Treasury. In 'plfece 
of their present bonds—which 
mature with a £3.per centrax 
free bonus on June 15. 1978 
—the Treasury is offering Si per 
cent. British Savings Bonds 
f Fourth Conversion Issue) 
Series E. repayable at £1(U per 
cent, upon maturity. . ■ 

If you need the money then 
obviously you must decline the 
Treasury’s offer, and pul in-an 
application for repayment of the 
First Conversion Issue. If you 
do not need the money, then 
the Fourth Conversion Issue is 
a very good way of employing 
it until you do. The Si per cent, 
coupon compares w-eli with any¬ 
thing you will get elsewhere: 
ami while it is fixed, if interest 
rales do rise so sharply that 
ihe opportunities elsewhere be¬ 
come ton tempting to resist, 
you can always cash it in at one 
month's notice. 



)buR Reassurance 


Basic ResourcesTrust 


An Opportunity To Profit 


Presented By The 
Demand For Raw Materials 


FIXED PRICE OFFER CLOSES ON 24th FEBRUARY 1978 


The main aim of Chieftains recently launched Basic 
Resources Trust is to provide investors with substantial 
long-term capital growth from a world-wide portfolio of 
shares in companies which produce or distribute raw 
materials and energy. 

Income prospects, too, arc not to [>_• ignored, with a 
current estimated gross yield of 4.&3% p.-i. 

In particular, this is an appix»priare Tr.ist for the 
investor who aireadv has n fairly broad, ixn conventional, 
portfolio and wishes to add to his capital gtv-v to pro-peas 
through a more specialised holding. 

'Why Chieftains Managers believe tlt.it ihe Ra*<c 
Resources Tinst presents an attractive investment 
opportunity is outlined below. 

However, wc are at pains to point nit that, although 
you can sell your units at any time, tins Tms<. to- *uld tint be 
regarded as a short-term speculative investnwnt, and the 
price ofurats and the income from diem can, of cowsc. go 
down as well as up. 


Shrinking Resources • 
In An Expanding Wired 


In an economically expanding world there is always 
demand for more and more raw material = and energy Ac 
the same time, reserves of many of thoo very materials are 
shrinking. The net outcome of this pressure 1 -. a long-term 
upward trend in prices. 

Hence, commodity shares have pjoved. to he a 
profitable investment over die years. That is, when 
investment is handled with skill and professionalism. 

For, as is well known, commodity $lvu es can he very 
volatile in the short-term, because the balance between 
demand and supply can change rapidly 

For example, when world trade picks up. n «tal prices 
can accelerate upwards until mining output catches up 
with demand. 

Again, the recent failure of the South American coffee 
crop caused prices to increase enormously. Now a large 
part of this rise lias been equally swiftly reversed. 

Our point is that it is important to have a reasonable 
spread of shares to reduce risk, and a flexible investment 
policy to take advantage of die fluctuation*- in indr.idual 
sectors, it is also vital to have a considerable knowledge of, 
and expertise in, the various sectors. 

Chieftain’s Managers do have such knowledge, and 
have developed tlx: ail-important personal contacts v.ith 
many companies over the years. 


and distribution of energy resources such as oil and gas. 

Some -tie loc.Ued in the lIK others K>ed in the 
Far Easr, or Australia, or North America. 

There arc only about toiry -shans in the portfolio 
in order to facilitate she M«.nagers p »ivy ...t jiasbiinble 
concent rati->n with m-'hli:;.: 

It is therelorc i.nlil.Jv i;i the e % rre ne that the 
"litLsc w-.i'.ikf he invested :ii al! <>: :hc many secto* • at any 
one time.That i- not so <>v: !: tiw: rlv?re v.ill lx: 

rapid wholcvrlc swiicli* 11 • <i:i ■•ne '■tcc-.r to anoih.1.1: 
Mme that t!ic halancc «o the :s.rd ■ , i l ! r-e shifted, 
according to uht-te 1 lie Fcj* groosh po>T~.vt? lie. 

Ar present, titc large-t cruvfrmt.v.Mi is on tea 
companie? ni-jre Ictau-e ot the w^peas oi ra:!onr-l- 
•satir.n than ol any change in the price o‘ tea it-cli: on im, 
v.licrc goLid pr< itit, - are r.uiiciiv.red T : *:-:n nnduciiig 
companies; .vid on oil both in the UK. and m North 
America. The Fund has reectu!;.’ pro:;red irom short¬ 
term holdings jn nrhher and uoki -lisres. About a 
quarter of the pwrtivlin is ctm cm'y rr.wted oveiscas. 

A COMI’LICATED INVESTMENT 
_ Made Simple _ 

hr«*c outlined the ■ii-rraions r.f imestment in 
commodity 'Itaics tur thc-se scekrrc capitnl giov.th. For 
most private individual-, however :he-e amncroit. ore 
more-limn oiu weighed by t]-.e Jit! rabies 01 investing 
dirccr'ty in such s(circs. 

The volatile norurc of rl’.f marker ncce^vitatcs a 
comprehensive knov.letlgc the subiecr. access to much 
vital company inform.irinn. a::d toe r.b:iiiy to wove 
quickly 

Meet ot' tltis is beyond the scope of the ihdi\idi.u j l 

investor: 

Moreovc:* an increasing anv-upt of any commodifv 
share portfolio needs to he ir.ve-red O’.crscrs, with all 
the auendant piohlem-'. and paper; --rk. 

However Chk-tuiin Basic Ro--lacesTrust takes the 
problems r.ff the intors hand?. Your c?pit?i may be 
simplv and efficiently ir.ve i-;ri ; n crennvjjty shares by 
lull-time investment piotc-wiMim's. 

in addition, the ti ti-t ha- ope iai ii-jy normally 
open to titer private investor, that ot the Kack-to back 
currency lo.m, an alternative to investing overseas 
through the dollar premium. 


Cbictain Trust Managers Ltd., was established, in 
September 1976. Its four trusts, dealing in overseas, as 
well as UK markets, have already attracted funds worth 
over £7 million. Tltis exceptional rate of growth has 
owed much to the considerable support Chieftain has 
received from stockbrokers and investment advisers. 

The Trustee of Chieftain Basic Resources Trust 
is Midland BankTinsr Company. The main duties of the 
Thwee are to hold the title to the Trusts investments, 
. and to check that all purchases made by the Ti-ust are 
in accordance with the Trust deed; to aisure that the 
income is disrrihuted to the unaholders properly: and to 
appro- e advertising and literature. 

Tax Advantages ' 

You can sell your units on any normal working day 
at the prevailin'.* bid price. You will normally receive 
a cheque within seven days of receipt of'your renounced 
certificate. 

If v i'ii arc a basic rate taxpayer vuu will generally 
incur no tax liability when you come to sell. - 

It you arc paying a higher rate of rax at the time of 
safe, you will be liable to Capital Cains Tax. Buc. even Tor 
the top-rate taxpayer there is a maximum liability of only 
13% (a* against die normal rate of S0%:. 


Closing Date". " 


' Until 2!:h February I97S. units will be "available* at 
a fixed pi nc nf 2?.7p eacli.Y'mr application will nor foe 
acknowledged, but ymi will receive a certificate by Sth 
April l l, 7S. Fill in live ompon, or talk to your financial 
adviser •.irhuut delay 

General InfcirmaTion 

Th - • 'Ucr will cl'>c it the underlying price ot units 
rises by 2 1 i 

. Aiier 2-:th Februaiy J'C.S units will be available at 
the daily r[umcd price .and yield ptiblivhed in m>jsc 
newspapers. ' ~ - ; | 

There ft n:i ini:hi nwii.igemcur charge of 5.% 
incliKlcd in dvc price units.Tlicrc i> also an annual 

charge of -V.'' tolus VAT. 1 vvhiJt has been allow cd for 
in the qy. aed v i«-ld. 

The Managers will pay comm ft-ion to recognised 
prnfessi. maI adv fters, w hosIi' Hild ■ ing ft! 2 J S .'0. ! 2 tor details. 

Di-inbiui'.'ir; and a repi«T on the ftmd arc made 
Iialf-\early on a'.'ili April and a 1st OecobcL - The. 
distributi' 'ii v ill fake place on 3' '1 h Apnl 

Incmc is pakl net oi income tax, but this can be 
reJaiiiK-J bv n< n:-t a:: payers. 

Tlvs "Her is not applicable to Eire. - 
The M.magci's ot the Trust arc Chieftain Trust 
Manager- Limited ?»' ?1 Queen Si.. London EC4R !PJL 
Telepit'.-ne. "12-to 2^52. _ - 

The Direao.-s of Chieftain Ttu?t. AkVnagcrs Ltd. 
are P. L Poil- M A. 'Chairman!. R. I D. EarsM.A. MBA; 
J. D. Gillen B Sc., I. H. A Hareel F.C.l.S.; A. L. F. K.TxL 



CHIEFIAIN 

TFU ST M A N A CTr 5 L I M l TTD-'. 


Investment Strateo' 


Chieftain Basic Resources units were first available on 
3rd October 1977 at'an offer price of 25p. 

ThcThist invests solely In shares ofcomoanics engaged 
In the production or distribution of basic resources. 

Some of these companies are invoked in mining 
the hard’ commodities such as gold copper and tin, and 
in mining finance. 

Some arc producers of 'soft commodities such as 
tea or rubbet; or traders in such commodities. 

Some are concerned with the discovery production 


Application Form 

FlI !■ cojpnr Lrd, 

"H .-' '..Ji i:'. !PL 

! 'Xc -AiV.;ld lii;-: 10 rev {J’iti:.--: 7 t :-.. cci m she 

rii" 1 " ... . . _.i:25."p esvL 

1' Wc declare that 3 am '.e itreweri? and nn: reddeoi ouL^ide 
theUK. orfshuJiWk' runresand ;hdi ! nm '.,1 ,h-c r*i acquiring 
the ‘.ni'ts ;h 1.1 in’mccTi «ji am' pcTse**'' - . n.ui.k'n: cut>irb the LI ft or 
Scheduled T.- 1 iiwiO-J 'J: tc n 10 -mn (h- ’.bxLirAUon it 

should ly; i k-'-. u d.«id;. rc.r applic am *n l-.duixi tlli'-au^J: «n juthcu lss! 
depi'Miixv 1 

1 *» lirimrm im r v!! t. 1 N K 

I 'Ac ct’Jc<• :i;ns'.ivo, pv.-'r'c • C : v.'“ • t. Tr. r. fti.r 

Limit >.'d. 

BJ jCTMM; c 

aCCWtfi: 

••'•.a----- 

1 !CK IHi?:: 

[J Jt \o“ '\.m: rv.' rr.Mn simtn h 1 ' ■iL'Vr.vHc 



re invoniic; n c-1 n aiiXimt. 

OI: ji «! uai:i :,?fci'/* hour to bj> Pciic RirOJrces Units 

^or. a rezji.tr r.JrtitbK hia.s. 

LI if you •• o-*d lie deiailt ojV-.u- ?F.ara Flan. 

S‘C.’»i?TUrV5 . 

iff dx:c 
address'.-- -cp 

FT ’ 

{.rr ■i'k : -d* to<s: »wn *nd .aiAch ,vns ani- - 

Rspiiuiiiee a- abwu. Rsgd .\n. T-jir, is< 

1 





N, - 


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Financial Times'. Saturday efcn&ry- 


Finance and the family Insurance 




CTT 


BY OUR LEGAL STAFF 


My niece, who lived with and and In f -b*. absence <vf any Your wife yHU Hava been an 
norsed her invalid father for expref- provision in any Deed “object" of tha trustees' dis 
the ten years before his death, of Gnui ii r Conveyance grant- crotion and thus have had no 

ins the easement, you would mlerest as such in the trust 
have to effect any repair neces- fund. On her death the class of 
sary in order ro enable you to - objects ” was reduced If it 
continue to enjoy your ease- reduced to one. the survivor 
ment: for it Is for the dominant 


has been left the bungalow 
in which, they lived, by a 
specific bequest. W> under* 
sta nd th at she will be liable 
to CTT on 1L As she lived In 


the house, is there any provision owner f ' 1 maintain the subject capital, but if the 'div.-rction 


which might reduce the 
liability? Alternatively, is the 
valuation for CTT purposes 
reduced by the absence of 
vacant possession? 

We think that your niece will 
have to bear any Capital 
Transfer Tax on the devise to 
her. as there is no equivalent 
of. the transmission of a pro¬ 
tected tenancy under the Rent 
Act As your niece was only a 
licensee in the bungalow we 
can see no basis on which it 


matter o: sn easement 


Directorship 

domicile 


cwiid be valued otherwise thau ■ «>*" «“ reh ' rn - \™ tMs 

directorship, do you consider. 


wide enough ro withhold pay¬ 
ment altogether she will not 
even then become a neneJiciai-y 
However. the settlement would 
normally make provision (for 
example, by reversion to Che 
I emigrated to France nine years settlor > for the possibility of 
ago and my only permanent there being no beneficiary 
connection in the U.K. now is entitled to the capital. You will 
a nonexecutive directorship appreciate that withouot know 
in a private company, of which 
I am a pensioner. I receive 
no foes and my only duty is to 


a£ with vacant possession. 

Club members 
liability 


log ihe precise ter rasof the 
trust instrument we can only 
advise ia general terms. 

Propounding 


.4 club proposes to place j 
contract for the erection of a 
new building. Could you let 
me know the position regarding 
the personal liability of 
the members ? 

The member* who sigp rhe con- j J‘ 

tract will be fully liable m?r<on- A UlSCI QtlOtUU J 

ally to the gontm-for Provided 

were duly authorised ' to trust 
enier intn ?ne contra-;: or the 

club's heffa'.f they would M? *ale wife, together with her 
normally i subject to the Club's sister, was a beneficiary under 
rules! be entitled to ait 
indemnity out of the ciub funds. 


affect the question of my 
domicile? 

We think that the directorship ft j \1lH 
would not materially affect the 
determination of your domicile. ,\ friend whose mother died 
However it would be prudent some years ago is the executrix 
to resign the directorship if it named in the will, but is enable 
is feasible to do. so in order r., tn „utain probate, as her 
avoid raisin- an issue which brother has obtained a court 
however remotely, might be order against her doing so on 
•.tainted to tifieci the position, the gronnrt that the mother 


Repairs to a 
leaky pipe 


My water supply conies In 
pipe under my neighbour’s 
garden. If it were to leak or 
burst, who would have to 
pay for repairs ? 
ff the damage is not caused would happen to the capital If 
by interference with the pipe, there were no other survivors? 


a discretionary trust, f asked 
the trustees whether any trust 
capital was due to her estate 
and they replied: “ By its very 
nature, a discretionary settle¬ 
ment can have no person 
entitled to the capital, except 
at the discretion of the trustees, 
or a third par/v.” Does this 

mean that thr capital entitle¬ 
ment now passes to my lat»* 
wife's surv iving sister? Wha* 


Bed and breakfast 
considerations 

I have a number of shares aware of the procedure 


was of unsound mind when the 
will was executed. She and her 
solicitors do not seem able to 
make any progress. Can you 
suggest a way out of the 
Impasse? 

Vc«. the brother will h?ve 
entered a caveat against proof 
of the will. If not already done 
This must be " warned off' 
which is a process which will 
require the brother to mro 
mence an action for a dectara 
rion that the will ta void and for 
nrnnf of any earlier will nr 
fleclarntinn as ?/» intestacy. 7 f 
liie process has been hecun hut 
is hejng delayed your friend can 
herself start an action pro 
pound in? the ■•■-■ill which she 
.seeks to uphold. In either case 
there iv nr> ie«*nn why her .-nil 
citnrs «hould not press on with 
proceedings. 


Lease on a 
flat 


which have increased very' 
substantially in value but I do 
not wish to dispose of these 
at the present time since 
income and future prospects 
are still good. As 1 am not 


Ten years ago I bought * lease 
for on a flat in a house which had 
bed-and-breskfzst transactions, been converted into 3 flats and 
so you should have no problems, have lived in the flat ever since. 

You must, of course, bear in § 5 * months ago I bought the 
mind that your total "proceeds" heaiJ jrase 0 f the house and 
fur 19TT-TS might be unexpec- have fried <0 buy the freehold. 
U.-dly pushed "ver the i 1.000 hut thr freeholder's solicitors 
limit by cash payment* resulting sav 1 cannot require them to sell 
likely to have any other vales . from takeover?, rights, issues. I17 : rtl . r tho Leasehold Ref firm .. 
of securities in i.ie current tax etc. before the end uf the year. Act untj , j ha _- r 0WIUM f jj, e bead 
year f am contemplating The expression used in the | eaM . for 5 years. Is this 

selling and immediately Finance Act 19"! (which we 

re*purchasiag some of the nave paraphrased above as ' . # . . 

shares involved up to the £ 1.000 ■’proceeds") is ’’the aggregate 1K rh,r :h#> f " ee hoiders 

tax free limit in order to amount or value nf the *'l towers 3re cor Tr C '' j ince . 

thc flat noes not qualify under the 

The Leasehold Reform Art 1967. 


establish a higher acquisition consideration for all 

price for the future. Are there disposals of zsse:«." — ., . . 

any points I should watch? meaning of this phrase is not y°ur residence in the flat is in-1 Cooks discov 
Assuming that you will be quite what one might expect, sufficient. *011 will thetefore | incided with 
selling and buying through the and you might like to check.the nee . d j° complete the qualifying 
Stock Exchange, the only definition contained in schedule P® rjod ” f j ? ye . ar5 fr °7 , .V. 0Ur ? U i r " 
important point is that the 11 to the Finance Act 1971 F hase °* lease °* ti3e whole 

purchase must not take place on (paragraphs 3. 4. fi. 7 and 31. house. 

the same day as the sale land If * by chance you were . .. . 

it must be a hona fide sale with- married during the current tax .^Fmanc ,of rime: 

nut. anything whicn could he year, then you *hould hear in for ■ ;f . e anSA . efS ir ;Scse 

construed as an agreement to mind the amendments made by co i ur >n; 
buy back the 'hare* sold*. Your section 52 of the Finance Act. an-.wrred 
broker will doubtless be well 1976. 


AU inquiries *•»•’/ 
sy pose 0: soar* 


br 



uestion of choice 


FEW PARENTS. I suspect, 
would like to change jobs with 
the local education authority . nllI - ancP - 
officials responsible for allocat¬ 
ing children t n schools. Every 
authority has had schools, and 


definition as to whether or not middle-class parents (and I have 
a school is flit:. H*»nce the little doubt that this claim 

would bo supported by a study 
Let ns imnc'M parents di- of thfl socioeconomic status nl 
sati-fieri with thc local P* n P|* who have applied the 

auth.-ritv’c allocation who. after prv*nt l^gal lever.. The con- 
travelling rainiv all channels of flusmn that it tv only right 
the officials have little chance appM |. keep ih-.-tr -hilri away to . pansier power from 
of changing them into good fnun school. That is a breach of individual parents to .he 
ones quickly. Union nressure th** taw which the authority can officials who ’ l irou ?”,L nC f * 

nrevents their saridn-'and re- hardly ignore, especially if the councillor.*, are responsible to 
prevents meir saewn* and re - ■ , ■ h Tn the community as a whole. 

placing incompetent heads and P a ‘ ems ar - ca, "; les * en l , . _ ... -„ ht 

teachers and" thev have -j.it ? f ' a round telling everybody Perhaps t his would oe right 

, jL m * r,d f f l ha'e not >bwit u if tiie officials werp inspired and 

pension bv recfiStii - 6 adS- If The «»Ui« 1 -»y takes them to empowered to act in accordance 

tional effective staff. ** court, however, the parents with the best principles of 

might plead that the fault is education. Rut they are not. 

So the officials make the best ihe authority'? for failing to They act in line with the 

allocations they can in the eir- fulfil its statutory oblications. practical force pulling upon 

cuinstances. And how are they And the court, as the law them. On the one hand they 

rewarded? Parents who end up stands, could well support their are pulled by the interests nf 

with a school which does not claim for reallocation. the suppliers of education, 

suit their ambitions for thejr Snmi3 parents have gone to represented mainly by the 


this length, and with That result, teachers' unions. On thc nther 
tr. cet tJvwr children into a is the pull of .he concern* of 
school they lik»\ But in prob- parents who must, bnance, and 


children, create a fuss. More¬ 
over, it seems that an increasing 
number of parents go farther 

and create what, to locai sduca- a hiv 'matiy more --ases. Wai who?e children must undergo 
tion authorities, is a definite Pr J t I f:{lt , rtn aiiihon:.ie« liav^ edwar —which is relatively 
nuisance. avoided :he 1 ancle by tar weaker. 

The source thereof lies in the qumily adding slir child to the r , nP of /pw ?ff , cnvr 

1944 Education An which laid mtak* nf snmn ^nool which ha* s ..^ n2Th , rtn ;t]tf parPnte - Slf| „ ,' e 
dmvn the principle thal " *n :ar the par-fil* apnmva' fhe pre , en i legal lever, which 

as is compatible with the pm- jj,,, officials do r.'i; like doing seems available for anyone to 
vision of efficient instruriion thi-s. hocause lliev view ii as use. The tact that only a minor- 
and training and the avoidance tantamount to giving in to ,[y u .*e it is bad fur democracy, 
or unreasonable public expendi- blackmaif. So they have been But I do not see how taking it 
ture, pupils are to be educated pressing Mrs. Shirley Williams, away can be any better. Mrs. 
in accordance with the wishes as Secretary for Education and Williams's proposed change, 
or their parents. Science, to chanse the Jaw. And however convenient bureaucrati- 

The Act also placed on local Mrs. Williams ha? promised a caliy. could have only one effect; 
education authorities a duty to c | ,an S e as 500n as Parliamentary in a not altogether, hypothetical 
provide secondary schools a N° vvs - conflict between parents wanting 

“sufficient in number, character. Thc amendment would evid- school; tn develop one way. arid 
and equipment to afford for a /1 curly make parent.*-’ entitlement teachers’ unions preferring to go 
pupils opportunities for ertu-.a- tn choice clearer ihan it is nnu. (he other, 
tion offering such variety of Bin parents' real cams arc If rh „ ,„ Vl?r ^ n . ir u ^ d „ n 


Keeping up with replacement costs 




01 


■ p 

■i 


BY JOHN PHILIP 


if 


ON FEBRUARY 6 a Wr. •*»- H. Mr. Fisk's opening premise: year? h?ck. and would how cost carpet has had four-tenths hf-its tion for depreciation on the oldj : 

■■\\"hen insurance is on fhs basis approaching £400 to replace,- life at the time of its desrrut the origi n a l .purchase prio 
of replacement at secondhand insurers can compare the two tion and it in 



I had written a few days pre- basis. Nowadays cover is either totally different nature, arid .which in inflationary terins'is tnay provide less cover than thi; . 

v ion sly. As I think Mr Ki«k ha? provided new For old land ihiv quality fromjhe one I had pre* more than I paid for my ..carpet ^ish yout. insurers precise!’ . 

an; ([’an wron" I think ir fu-vi may be without lime limit, or viously. If I were to eJauo. thaf-foiir years ago.wha j cover they are providing ’. 
' u restricted m the first two to five the present-day. 'replacement Thi . 1S what index l'inkinff Js so thatyou can gauge your sun 

n start off by quoting h.s mam v , ars after pun . hase new , cost is £ 1 , 000 . doiibtless ^ they aH up^insulted as accurately as possible - 

Ules,a ’ depending on one'? choice of would ask . questions, and rer'•'current replacement costs And Ajld i£ you are no£ satisfier 

“When insurance 1 « on rhe insurer and the rale of premium qoire roe to prove as best I can t ^ e argument-4s just as valid w * th ‘ *r° v « r ' out w h« • 
basis of replacement at second- payable 1 nr' by way of what was the Special quality; for ^ pblityholder with a !twiU cost'TO improve it 
hand value there seems no sense "indemnity-’ which caused this unusual home full o£ possessions JL5 to. Incidentailyv for anyone un ’ 

in increasing cover auio- Nowadays insurers recognise apprenapon^ of jvaJue.^raruujo-years old'as., it is for. the fortunate enough to’ zhake ^ 
matfealfy by the 
Retail Price Index 
will not be the basis 

_. ..aiuauLix u» w *••*- properry, insurers rurness they- Thta U so even If the onliev-- — ---•-- .“*• 

policy-holder's claim for loss or arf? paying an a new for old holder decides to buy. not new “ m • - 

If an item in 1974 was worth de-tructmn. basis) then take into account but secondhand ’ goods of ^ antlar ^ :clajm form any mor< -,: 

£100 according to the RPI it When a claim Is made in- the time ihat that property has quatitv’ comparable' to those for w -“LJ? 

would now be worth about £160 surer? tank on the original pur- been in use. the wear and tear which he is claiming; he may SSVSJJfJSS^imsumpr 
but being four mdor u chase price as an indication of « »** suffered, us likely r* find avatfahilfty ao obstaek -but SStomKTICtJSS'.-'' 

could be worth less for insurance quality nf .he goods then pl«iemen» h«« he wifi find that second-hand '. 

. bought, and are much more the utilisation of property;can pnees like new.pnces; scarcely 

purposes than in 19.4. ■•onmnn-ri with iheir current re- vary—for example ’ 

I think one has ro dr. It the placement price, they relate carpet bought f 0 U. v..p -t,- ntiiu ujuic imifl/ ji>i- (•Jjimajifs. 

hard way. and check values at original purchase price to had been put in a main living comparable second-hand goods 



has been agreed tin 
intent rather than the actua' 


-for example if ray £ 309 -ever fall—and he might well , JA" , .'rv 

-.1 bough, four ye.ro .go wind up ,or So^^Sm £om!- 

every renewal and not adopt an current replacement ‘ price to room, its rate of depreciaUon than' he paid new for Ills' pur- ’ 

automatic uplift. Such an see that the two are. so ro would be higher than iF it had chases several years ago;. SSSaff-SS Sr-tHf wll 

arrangement may be trouble-free speak, in inflationary step one been laid m a little used spare Tn ^, n , , rPl major household if : yqU have to makeTclaim. d! 

but u is reriainly expeiiri’-c in with the oilier. insurers now consider “^ndgm-not hesitate-to’ask< insurers tt ’ 

premium «; 0 if \ have a claim fnr 1 T^eavin? This variahle out of nity" tn enver tbe cost of .explain what" your entitlemen - 

Ali Litis ir true if nn® accepts carpet which co?t £200 new-four the argument, suppose my. replacement new, less a deduc- isi-L ' . 



Cook’s lasting memory 


THE STATE of Hawaii is *-ur- the House Coinage Committee 
enUy celebrating the (m-enten- in November 1927 for a silver 
ary of the most important event half dollar, to be issued the 
in its history—at least judging following February. In the Bill 
by the amount nf attendant which went before Congress the 
ballyhoo. I have never under- purpose of this com was slated 
stood why the discovery of a 10 be the establishment of a 
country or some other ^po- Captain Cook memorial collec- 
graphk-al feature by a Europenn iron tor the archives uf the Ter- 
explorer should always be re- rilnry of Hawaii, 
gaided as so important, when' Preliminary sketches of the 
its existence must have open propo.*ud coni were designed hy 
known m the indigenous p«pu- May Frazer of Honolulu 

alien since time immemorial. an d these were eventually 
Be that as it may. the discovery p as?e d 



a. jMcfun* rff HMS Endeavour off 
the coast of Taranaki, with a 
view of Mount Egmont in. the 
background. Cook spent six 
months in 1769 during his first 
Pacific voyage .-'charting the 
coasts of New- Zealand.-- He - . 
named .Mount Egmont after ,the 
second Earl of. Efijpqni^ .then' 

. F.r S , Lntd AdirpMto. ^ : 

TJm com V*. mmti .J» jfc, , 7;50 tore 

»,th .n tdg, inscripBOn in ^ of conic, the jfeijWtioi ' ■ 

E’l" «"* ■ of the islands nf- 

,;'" 0k . t • ‘ Manuae and Te Au O Tu which ' 

1 ^69 .^t the same tjme a dnIJsr „„ no 

the American r01n produce( i. with; r ^^ 

■ Warn Amiter._._.. ., rt .1 .l j_1/73.- cooks ■ last voyage is 



_ _ in the well-known 

nf Hawaii hy Captain -Tame* sculptor and medaHisL Chester Depression hit .. . . . 

Cook l”**™**- 1TTS - w * 5 Bead*. Toe oh verse bore a pro- coin market very hard. Never- portrait n> Cook““lhe£iideavour w 

one which had quite surpnsu.g !ile n{ Capliun Cook, taken theless. other coins, issued .in and a map of New Zealand £ 

repercussions on the islands. direcl . r tr 0m riie plaque pub- the 1930s m the same low mini^ showing the chart of.his voyage. -• 
Conk's death in a fraca? on lislied by Josiah Wedgwood in age. rate only half the current ^ ctMBmes iesued c6m- i? rSI* 

Koalakekua beach a year later j as ,erwar* at the time of value of the Cook half dollar. **of Amferrcan Zndepemtenot The 

.onferred an element of martyr- nniim.ly de.ti The T.-d.y Lhe coin ctanee. tads """rrS ,"’ Til 

dom on his association.with the rever , e featured a Hawaiian infrequently at around £300 - ’ Sl £d 50 cent piece^howing a SSle ’ 

Pacific in general and Hawaii m wamor in fuU ceremonial dre*s, well above tfie £60-£100 which. the contitfeht irith ^gnaWes. 


respective 


«n Britain, and though «!.* war — ^ - * '««« ns. — » Da^. add bt. ^na^ru 

refused .hoy tnot Fite British t E «‘ - t “and te zilai ' Ihl Cook Islands tssned. a dot«• ntfteThad s gilfr-' 

flag as Uieir own emblem. Tins SJ,." » Ita ‘SJSSti. IS hmn» medal. stmek in ink % 

explains 
flies 

never a British colony. 

The 150th 


» as their own emblem This •“ ",-, - --- 7 '“ wun-a pronie nasea on me hmnze medal - struck in I77fi'• 

Plains why the Union .Tack Cr "ff and nwkiag a Sr? jnri Wedgwood plaque^^ and a^^ vie>v portraying. _George m and - 

s todav in a state which was rt ' ,rL ' 5ll!n ’ fiance from me dollars waned in the 19S0s and of End ^ Uf - Wesfe^ .^wme fhe Resolution and 

,-er a British unlonv. monotony of Roman lettering thus the iuvemenary of Hawaii Samoa issued a-, dollar wuh- : »’.’Uiv«nffm. .- ' r«ht 'iim»rn«.ii - 



commemorative half collars ano « is wsruncam uia. uiere - - umws secorw raonc voyage ample is one qf tbe highlights^ 

were immensely fashionable in v - as ther1 a ^ap of six years P naie l0r me occ «sion. was ceiebraied by two coins r ot Sotheby's sale of coins and 

the U.S. Victor K. Houstr.n. before thc next commemorative When New Zealand adopted from”the .Cook Islands^'in-. 197i medaIs dn March 8. 

Delegate to Congres 5 from naif dollar appeared. The Walt decimal currency m 1967 the The /S2.50 showed the ships < ?'• C s 

Hawaii, secured the' support oF Street crash and the ensuing 30 cent coin had as its reverse Resolution, ind ' Adventure' -. • JAMES MAGKA>£| 



POSITION No. 203 


tries after the USSR. Except R-Bl: 17. PxB. QxN: . IS B-Q3. 
for the Russians, who sre in a P-KR4? fQ-N3: 19 KR-B1. P-B3 
das* of :h*Mr own. the only holds out longer, bui" Whhe is 
n.iiions whose under-25 genera- still winning after 20 QR-K1. 
tion ?.i ail vrimpares with Britain Threatening 21 Q-R5i: 19 Q-B5! 

TUF \-iTin\-M rn inM« r:r. are the U.S. and Sweden and B-B”: 20 P-K7 rhi K.vP: 21 KR-KI 

St reeved a :»^-t ij/r monib =b-e ..re also countn-s where rh. K-Q3: 22 Q-B4 ch. K-Q2: 23 

when £1111 v Sark increased the w«k*cni chess and quick-play B-Bo ch. K-QL 24 Q-Q6 male. 

1-51 prre' for :he 1978 (’.rand ?venl? flourish 
Pti\. At £2.000 snC'.Mrt nf £1.250. For many weekend congress 
is now probdu..- th'.- :a r gt:si players. The cenire of interest 

i> n&i thP open bill iheir own 
graded imirnanient limited to 
those rated below specified 
national standards. Success in 
jrjihfd ovo/iis gues too ofleo Jo 
lhn«e Aifh 0111 -of-dale and un¬ 
it. w annual ratings. 

be- regular 
grading figures for 

fnr hus S; 0111 of it in the British ■ ll - L ’' e pla.erx 
Championship. ! Thi« factor aside, what Is the 

„ . . . formula for success? 

The (..rand Pr.v cirruir bridges . . .. 

the gap between >.cai events and n '; as,et f 15 * 
international piay. and feives repertmre o opening systems 
rising talents thc opportunity understood m ^h to the 
for rapid advance. The las: 5 3me 

three winners-Mile, Rumens, ma hemal.es c u 

and Botteriil—have al! d.mt well r *’ , f ,J ' r,nc f h ‘^ » Sraho D "“ a ’ ?““ 2anan 

in internauonal.*. while they Penalise short draws and championship 1962. White lto 

accumulated Cutty Sark points »»* ,dMS ra"*P‘ has hnt * and KF 

weekend tournaments- Contrary 10 general impres- attacked. Blacks KP advanced 

«u,n. there is no special premium from KX rather than K2. so White 
Miles thinks ih«*. congress in purrJy 1Sirilca | p | a y: Miles in rannoi play 1 PxP «n p.nsani. 
v'rcuii helped hi-- ias up h[S years on ihe British circuii Whai should he try instead, and 

developed into a grandrtasier. rcHU '| arJ v ,, pe ned with 1 P-QB4. with what result? 
i llTllc doubt that Borteriil also r»pi«-d for a 


Open-:u-all award :n Europe. 

The annui=! Cr-hd Fn*:. now 
its fifth >••:.».. decide? ‘ the 
player with ihv r-esi ovfrali 
re*ults m Bnnsr. --oncrcsse* 

Major lournumenta ..oT/ speetai realL>Ul . a|| ., , llW -nn 
weigh ting or bonus points—ihus . . . * ._ 


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nd there 

onstani active cites* ^cain*. <| ra j e2;c approach and use uf 
Hung opponent is a r'*y|tavl..r hlJf ..k,|l The Uci Ihat 

n improvement ! -..me-, :,rc nlajed in a finish 

Fa-«! nr slow :|i;» ii.vjil?. nr mean; ih.it li;c weak rndgame 

pia'cr ..-annul htri'- bnhind tne 
afui'S verdict aficr .’W nr 


PRDR1.EM No. 203 
BLACK 12 men) 



•into - South’s, lenace.' -T1 
diamond ruff had catered fit 
the* 4*1 • club hreqk — 
beautifully platted hand. 

__ The second -example U • 

YOU must not miss Goren’s (hnller: 

West, work, 100 Challenging 
Bridge Hands (Robert Hale' 

£4.25>. All the hands are fiili 
of interest—you will find they 
present..*.real challenge . iv’e. 
look first at a slam contract: 


*: ■ 


• N.. 

♦ A Q J 

*7 -I It) 6 4 

■: a .f 
*-Q 7 6 5 
W. E.- 

4 K 9 8 4 ♦ 10 S S J 

7 K 3 ' T 7 2 

> 9 S 8 K10 7 5 4S - 

*3 9 4 2 *8 

S. 

♦ 7 5 - 

Q A Q 9 8 5 
O Q 2 

♦ A K in 3 '- 


-, N. ;•• • •.' 

..'-•7 4 
” 8 6 5 3' 

«> A 9 2. . 

.-i * A 76 3 

W. -J: R . ;j 

♦ Q J-I0 9 8& 

^ K Q 10 7 t ' r : flr A J 9 4 % 
OQJ10 4 . <!7 3 

+*Q 10 8 7 , * 9 5 

... - S. r.:-.: . ., ' 

: [ '.'V-A K «>5 3 2- 

■ ;..- t . - s? — 

, / ' «. K. 8 6 5, 

- 'K 4 2 '' • ■* 

. With - ; ' NorthiSoutb 7 game; .. 
South bid 'onb "spadfe, West;-, 
doubled,^Norxh redoubled, and; .! 
East said two ■' hearts. ‘ Sou th 
now' sitd 'vwb spaded■ '-West,*' • 
raised' hearts amt'-'North raisedi - 


With both sides vulnetBble:-g^ ; *^ S ?^S?2yM nut ': 
East dealt and passed. South •'■ sh * eP ‘i. 

bid one heart. North raised; ro an ^ -. a *L|WSBed... 


thr^p hearts-^this jiimp ... 

Standard American, is .forcing- ^uth easi^d jhetrym^Ace.. 
Mid' -South. rebid four riuh s , aod w^htfek^-wj^estdas -± 

After, four diamonds from-- d&HS&P&T 
North. ; South•• merely• sa^femr .Jpser* 

-earn, but-when North made ad j ,,lon ,a c. l T' 
nothcr. try' with ta.ur' spadw.- Q 

onth said. ■ five eIirbV --and - --- 
or.h's ,«• hearis dosed -J,e 

jction - - known to bave fhTe^spadcs.' hari 

ta n.- . , j four-ihearis.; wlSch.:W4s. likely.:” 

SL 1 ™ 1hr dla r n l dbubletoTis■" 'iri : :>h-^ 

me, ihe declarer wa 5 - faced ^noc sinlsC^rWbuld kllow’- 

' ' , ■hjw;^/na^b^^xnm.ips and •. 

d ;'’. hear ’ \ *fr sot1T ) four stde^uit wlnndr^.:’ - • I'- 

iw ,ha t if he tnok the diamond; . - • led 

fiesse^ he -woDW have to a^mbn^^e^llnrritffed 

« ..-h*a«t--VjMw4;-.rhflre.rihp un *1 


. Ruffing :West’s' heart.. King,? 


the ninnher ..f rf-und* 3'jr dvr- pi a 'c r 
are incidental \ anou: I doom wrijudic.i 
laden foreu-asis Mm week-end 35. move 


laden 

play ..ir blitz finishes 
jeopardise result.* ai sln.v] 
limits have proved wide 
mark. In fact, several 
England senior ieam 


would Thai said, tactical npcmngs *l»i 
cr time j| av «- s» speciol value m week-end 
nf thf onngrps*p« The decisive rounds 
nf the Take pijee as the players are 
iand a becoming tired, and .n «uch con- 

prrors are 



h« evpe.fprl 
SChnnJ . . " 


remain 


nf nmnt. l.y (|..niunsfraiinc ;haf 11 
wn ' " full " 


ii’ii.-c or i-aix-Ii-ss uf Iheir 
.‘InId'-* win.nliog. in either vase, 
rim basiv rca^m,, m „ s i purely be 
Tiro-ife and other rclcvao: pm- 1 h- most Mficn v iivou opinion that me parents education has 
visions are worried Inn inly m -'rinraiiona! quarters \< that ra.ipr| tho m .\pd whu'lt Sid" nf 
enough to permit conetderab!** this step ;« highly r*"v:rahip *r.r,fiic* of interests is re- 

yananrp nf inT-rprerarmn Rut Farr-nta! chn;-» i« a spam »he sp-vnaaie fnr -hs->. 

they s"em tieh? a*: a »riv*»- hv arx-iu.pnt be--ai-«<* n 

eoroparisoo wiu aay legal effectively exercised only by MICHAEL DIXON 


.eneraTion of prnnn«inc H'ini«ir« rtj»,on- dpfensive 
avc demonstrated precispy the more frcqucni. 

opposite effect. I RfineriH's approach was to slip 

The tack nf a thriving ’vecV- in jn m-casional Scotch Game, an 
end circuit hnip* plain w'nv n|icntng nn which h<* has written 
snnw nf liie «ountiic? ;; which H.itsi'nrd m.-inocraph: aud an- 
domina:nd Euro near, chi-*' in uihnr laciical game ended 
ihe j-a*t 2fi -."rars are ijiiw Rmuen^"* hop*-*- uf retaining The 
lagging ui-hirul Britain at. " n tUli I’liii' Sark irophv h-’ won in 
level 197H 



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WHITE 13 men) 


Black tu play; then While is 
tu male (villi Black’s assistance i 
in ihfcc-. moves. Thus, three 
Mui-k moves and three white 
runve* are m-fih-fl. S,:ui Ln>il. 
who this pruli'ii-m fur 

■' • Tie.ss Miuilhlv ” in intrn- 


Tin* >s p..rt:- iil.-r!y ri.iir----.ibl'- While- .1 !iinlay Black. Ti. E. 
in We>i Ge-ui.iny. whii.h has .< K-.iuu-ns Openin':- King's Gmuiiit 
number of jgoin-* gran-iui.i'lr.-r* ifslm-giun open. 1977). 
hut fe* if any piitcniia! u-md , .. p K|u P| 

r»:ayers -'.unger rh.1.1 m - ‘ V. 4 ’. 7 . “.T™.. “N 4 _- 
The- Wk Germans hnv 
ally no 
nn; 

a-; u«o«J jn :ie :'-ia r^n h a rA ,, ... 

'• v-F-’f. 12 Y-F.t V\V the mat?—hence its nam** 

Tr.e same ..earn of rwing One critical line j. O'fP: 13 **Tb« S;n of the \uim" problem. 

•»ienT \t nanpepir.; !p Hnna-r ? R F3- 14 PvV; 15 

Jbd Yugoslavia. the “vo B-N’li; tft Q\N 8-K.1. 14 SA'l 

ttroogeig £urope*s choc« «un- QxP; 13 3-NS eh, Xs&lj 15 P-BA 


;,'C t.p-mnn* q-iv-- v:nu- [J' S ^ s duced n vviih a story of two 

n vreK-itd '.nnrn.isr. 1 . 1 uts L' n ^ npf'rh 1 nuns pli, - vln ". chos -, J,f,pr <*""*- 

nrn:u-:on i*‘ -eai.- '2* 4 '»£ mo imi>:u apyle juice and 

Fxf 1 :_£'t Q-K2 ch. B-K2. then helping each other achieve 

mai?—hence its name of 


Solution* Paso 2 

LEONARD BARDEN 



nning-. the -lead Wlth-.^ot (a gain'a'trifck, but 1 o’ crekta 1 
dummy s Ace Smith came. Eq : an -enrij:' - When' hia‘. 
hand wuh a club, led _a. spadft. f sucM^ed,-,^. ruffed Ta .'thirdJ’- 
and- nn«s.wd the Knave. - He - he ^ Prn^d igam to^e AceC 
returned-to hand w,iff .a inrrop ef.; 1 ,i ute ^ D d, .rtiifed tfiirWa^? 

tJ»«- Ace-—this finesse was,-of- ^dsiiihg 1u* a rtir-Af lBlS Stage •! 
i-nurse. r'■ f 1 i*h(]-- fine*>: l- d_the lh e'.d^i«t'1i a d4a»ron mao', 
spade Queen, amf discarded his mvks/ p nd . bi^"spadC King, wa* 
diamond luserim thf Ace. : fqr.the- tenth, ' - : 

rt OW - --- - - - . ' 

Knari 
anr- 

or 

'and wag endpiiyed! 
or spade rerurii 

ruff, discard,'' 










■ ** 









IS 1978 


O • 

ton up 
un U1 8 


Golf 


?.» 


r 


monger 

’edisk 

:ent 

UART MARSHALL 


LY, THE Volvo 343 
:k . becomes: .- . more 
less ' Dutch. When 
night DAF in 1974, the 
part of the package- 
..lgineered Swedish-style 
ito it before allowing it 
larket with their badge 
ose. Biit mechanically, 
ted very much the same 
s when conceived as.a 
evelopmerit of the’ DAF 

’’ -1978 Volvo ■ 343, 
Ml this week and due in 
rooms later this month, 
a Renault 12 engine 
'he back wheel through 
>F called a Variomatic 
sion but which Volvo 
• as CVT (for con- 
variable transmis- 

irjclple, nothing has 
The transmission still 
a rubber drive '• belt 
over pulleys which 
meter according to the 
sd and the load on the 
It has, however been 
s 

the main snags of the 
ic transmission, was 
ad a mind of its own. 

of the engine seemed 
£ttle relationship to-the 
.the. ear. . When you 
id, the engine revved 
)tly. butthe car gained 
slowly. And when you 
le engine continued to 
up almost to the point 
^ car came to a stan^l- 

tf978 model Volvo 343, 
■the . throttle wide at, 
nupJb. \stiU. produces 
ise than acceleration, 
east the engine slows 
en you take your foot 
icelerator before brak- 
a result, the 343- feels 
fussy and petrol con- 



Tail well out but under complete control, the Volvo 343 GT at speed in the snow. 


sumption—never a strong point 
—should be reduced. 

Other than the transmission, 
about which I still have con¬ 
siderable reservations, the 343 
is a comfortable, lively and, 
above all, well balanced- small/ 
medium hatchback. ' (When I 
wrote about the 343 last year, I 
said it deserved a better trans¬ 
mission. It is on the way. The 
Renault engine will be retained; 
so will the De .Dion rear axle 
that h?Ips to give such good 
traction and road-holding. But 
the CVT transmission will be 
replaced by a normal clutch 
and synchromesh gearbox and 
the 343 will, in my opinion, 
probably be a much nicer car 
for it) - .’ 

There Is no better way of 
proving the 343’s good balance 
than by driving It on snow and 
ice. At the beginning of this 
month Volvo invited me to try 
it in the French Alps, where 
even the ski-lift proprietors 
were saying there was too much 
snow. The equal distribution of 
weight from front to rear, 
brought- about by the' engine 
and' transmission being at 
opposite ends, makes the 343 
handle very well - indeed in 
circumstances which, thankfully, 
are rarely encountered here. 


UNTS CONTROLLER 

taut. Bank.. Merchant or 
ink experience. Age 30-*-. 
-y £4.500 ro £5.000. 

i EXCHANGE DEALER 

dm* E.G4 Overseas Bank, 
ortanicies . ts progress us 
sr. Age 214. Setary. £8.000 
. to «JW0 

INKING APPOINTMENTS 
Felt 01-2*3 WSt 


CLAL DIRECTOR/ 
1NY SECRETARY 

. strengthen management of 
■ed private mmpeny opent-. 
ght Forwarding and Export 
fields. Salarr £8.000 p.*- 

_ a. 6268 . Financial Timas, 
non Street. EC4P 4BY. 


FX SUPERVISOR 

c £5,000, nowever negotiable on ex- 
pcrienca. Aga 27 plus. Intentttkmal 
Gey bank. . ; r-' 

ALSO 2 FX SETTLEMENTS 
CLERKS 

To £3.500 

Loan depot.. —— ___ 

and Euro currency experience. 
Please send details to: 

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CREDIT, ANALYST, t, E6.000.Z rn. min 
no. -in American Bank on term landing 
AMe to oratt ana ra*nw loan agree¬ 
ment! on.‘Sterling Moa «aro cuiTencles. 
Design financial covenantsiassist in com¬ 
plex credit anatVsIslDjns back-DP internal 
.loan r«»lewslawilB- Some customer con¬ 
tact and research - Into analytical «*eb- 
nlnocs- Pte«se send resume* to V.P N 

XS'Wi.i ,n SS£ & 

aoouluimeet. 


Tbe driven wheels, aided by 
special high friction winter 
tyres, gripped remarkably well 
when climbing slippezy moun¬ 
tain passes. On an ice racing 
track, which had been ploughed 
out of a deep overnight snow¬ 
fall, the 343 could be persuaded 
to go almost sideways to the 
intended direction of travel, but 
always under full control. 

On a clear section of the auto¬ 
route, it sustained 80 mph 
cheerfully and not too noisily. 
In town, the CVT transmission 
makes it simplicity itself to 
drive, but Volvo have still not 
managed to eliminate a slight 
but disagreeable snatching of 
the rubber drive belt as you 
creep along in heavy traffic. 

The seats are now just like 
Those of the big 240 and 260 
series Volvos that are made in 
Sweden Transmission selector 
and lighting switch bave also 
been brought into line with nor¬ 
mal Volvo practice. Two extra 
cold air outlets have been added 
to the heating/ventilation 
system, which is as effective as 
one expects a Swedish car's to 
be. 

At £3.550 — a less than 3 per 
cent, increase on the 1977 price 
—the 343 no longer looks quite 
as expensive as it did a year 
ago. Even so it will. I suspect, 
be bought mainly by people who 
value Volvo’s promised safety 
and durability rather than by 
those looking for a motoring 
bargain. 

A GT conversion kit to uprate 
the engine from 70 to 85 horse 
power at 6.200 rpm and to beef- 
up the suspension for even 
sportier handling will be avail¬ 
able later in the year. I tried 
a 343 GT on the ice racing track 
and found it most entertaining. 
Volvo say the fuel consumption 
should h£ no different from the 
standard^ car's, providing it is 
driven in. a like manner. 

My journey from the test area 
in the Alps back to Geneva was 
in a Volvo 245 estate car. 
Heavily laden with passengers 


and luggage and driven briskly, 
it proved idea] transport in con¬ 
ditions that would persuade 
most of us to leare our cars at 
home. 

Though the cars come well 
equipped as standard, Volvo 
offer an extravagantly compre¬ 
hensive range of accessories for 
the 240/260 models to tailnr 
them to an owner’s special 
needs. Among them are a back¬ 
ward facing child's seat to put 
alongside the driver's; a padded 
bench to fill-in the gap between 
the front and back seats so that 
the whole rear compartment can 
be converted into a children's 
dormitory; and a ladder-type 
padded safety barrier to prevent 
a child seated in the back From 
being flung forward between the 
front seats in a collision. " 

Another useful accessory is 
fascia-mounted ambient air 
temperature gauge. By letting 
you know if it is freezing out¬ 
side, it gives you Fair warning 
of icy patches on the road 
ahead. It would hare been a 
useful fitment in the Horae 
Counties this week. 


A word that should be banished 


BY BEN WRIGHT 

IT HAS always been my 
opinion that in presenfday cir¬ 
cumstances, the word “amateur” 
should be stricken from the 
language, at least as far as golf 
is concerned. 

My chief reason for advancing 
this view—a heretical one in 
the eyes of those who inhabit 
the corridors of power—is that 
nowadays only the rich can 
afford to retain true amateur 
status. 

Before the game thankfully 
reached all classes of society 
after the Seennd World War, 
there was a vast gulf in wealth 
between the amateurs who re¬ 
garded themselves as gentlemen 
and tbe mere players, who were 
professionals or artisans. Pro¬ 
fessionals were seldom, if ever, 
allowed in clubhouses. Artisans 
were bidden away in a hut, pre¬ 
ferably as far from the club¬ 
house as possible, and were 
allowed on the course at reduced 
rates of subscription, often in 
return for the maintenance work 
they performed upon it. 

Such a situation is gone for 
ever, but that which has re¬ 
placed it in a so-called classless 
society is even more disturbing. 

In its wisdom, the U.S. Golf 
Association has recently made 
sweeping changes to the Rules 
of Amateur Status which 
threaten to destroy amateurism 
as wo know if—largely ;n-day as 
a complete sham. An amateur 
in the U.S. may now accept up 
to $350 in cash for winning a 
tournament provided “ the 
sjurct* of all money awarded is 
the golfers who participate." The 
previous maximum retail value 
of a prra was $250. 

Teachers and other school em¬ 
ployees may now spend up to 
30 per cent, of their working 
time giving coif instruction in¬ 
stead of the previous 10 per 
cenL limit. I wonder what the 
teaching professionals will have 
rn say about that 


Perhaps the most sensible 
change is that salesmen of golf 
equipment will no longer be 
immediately violating the Rules 
of Amateur Status. Previously, 
salesmen who were employed 
because of their golfing skill or 
reputation automatically for¬ 
feited their amateur status 
which appeared, to me, totally 
Insane. 

American amateur golfers 
will now be able to accept 
equipment or clothing without 
paying for it: " so long as it is 
not provided, directly or in¬ 
directly, by a manufacturer 
whose intention is to promote 
his line by associating it with 
the player's golf skill or repu- 
ta^oc.” 

This is manna from Heaven 
for me, such is the minimal 
level to which my golfing skills 
have shrunk. And I know of 
more rb3n one British television 


ing for the. reinstatement of 
their amateur status. Applicants 
who “sinned” for more than 
five years may now be reinsta¬ 
ted after two years’ probation, 
whereas previously these 
periods have generally been 
based on the length of the 
period of violation, with proba¬ 
tionary periods extending up 
to five cruel, frustrating years. 

In general, probationary 
periods of more than two years 
will only be required of appli¬ 
cants who played extensively 
for prize-money. In other words, 
those aspiring youngsters, and 
there are hundreds of them, on 
both sides of the Atlantic, who 
never make the grade, to be full¬ 
time touring professionals, will 
be treated mercifully. And why 
not, for goodness sake? 

I am lost in admiration for the 
new-found generosity of spirit 
of the autocratic USGA. Every 


The days when professionals were kept out of the 
clubhouse may he over, but divisive lines are still 
drawn. 


commentator who will breathe 
more easily through his cash¬ 
mere sweaters if tbe Royal and 
Ancient eventually fall in line 
and aduol the USGA modifica¬ 
tions. 

Previously, a violation oc¬ 
curred when an amateur accep¬ 
ted anything at all from a 
manufacturer without paying 
the current market price for it 
The rules with regard to the 
payment of expenses have been 
radically reformed to allow prac¬ 
tically everyone to benefit 
instead of merely the team 
members of U.S. national sides. 

The kindest cut of all has 
enme in the probationary 
periods for some golfers apply- 


move they have made, and there 
are several more minor chan¬ 
ges, appear to be absolutely in 
the right direction. 

But the prospect of a maxi¬ 
mum retain value here of prizes 
—either cash or goods—-of about 
£175 appears to have horrified 
Bill Robertson, the Scottish 
editor of the magazine. Golf 
Illustrated. In his editorial this 
week, Robertson writes that “it 
will only encourage deceit in 
certain areas of the game where 
winning, and the rewards that 
go with it, are held to be more 
important than the actual play¬ 
ing of the sport.” 

I find myself in total disa¬ 
greement In all my experience 


of pro-ams, the great majority. 
of cheats who doctor their” 
handicaps, however blatantly,, 
are wealthy, successful business¬ 
men whose golfing skills are. 
maddeningly minimal, but .to 
whom winning is everything.' 
Prizes or money are of no im-. 
portance. Theirs is a sickness, 
of the ego, an unending appetite 
for success that blinds them to 
an incredible degree to' the 
sneering bitterness of their fair- 
minded rivals. 

While on the vexed subject of 
pro-ams and cheating, it apl 
pears to me that cash only be¬ 
comes a factory when auctions 
and sweepstakes are involved. 
It was a delight to play in the- 
Algarve this month in pro-ams 
in which there was no daily 
sweep. It is hardly surprising 
that when an amateur stands to 
win thousands of pounds or 
dollars in some extreme cases,' 
bandits crawl out of the under¬ 
growth in herds—but hardly for 
£175. 

In view of last week's column 
I was delighted for Gordon 
Brand when he won his third 
pro-am in five weeks on Thurs¬ 
day evening, his second at 
lovely Vilamoura. We need 
bright young men so badly to 
try to staive off the Spanish 
Armada that it is to be hoped 
the Royal and Acient will fol¬ 
low the USGA and encourage 
youth by relaxing their tough 
Rules of Amateur Status. 

My own solution would be to 
create two categories of golfer. 
Those of proven skill to play, 
in major tournaments would be 
the elite. The remainder of us 
would, according to individual 
inclination, sign a declaration of 
intent either or not to accept 
prize money. The word 
“amateur" would no longer be 
used, and those of us who play 
golf for fun could do so with 
no worries. 


Auctions 


THE AMERICAN art market is 
still booming, and nothing 
reflects this quite as well as the 
sales figures of the auction 
houses. Where once Sotheby 
Parke Bemet held the New York 
auction market virtually on its 
own there are now three major 
houses. 

Christie Mansou and Woods 
opened in May and'Phillips (yet 
another British firm) held its 
first auction in December. 

SPB showed a 50 per cent, 
increase over 1976 with sales of 
539m. received from 68 auctions. 
Christie’s made $12ra. in the 
period September to December. 
For the year. SPB had 191 sales 
bringing in $72. lm. and 
Christie's had $20m. on 31 sales. 


Battle of bids 


Jobn Marion, the president of 
Sotheby Parke Bemet. has fore¬ 
cast SiOOm. Tor the next year. 
The reason for all this activity 
seems to be the desire on the 
part of investors to preserve 
their assets from inflation and 
currency instability. There are 
more individuals buying this 
year. Many come from the mid-. 
West and the West Coast—a 
previously untapped source of 
wealth. The individual collector 
has been carrying off rare books, 
fine furniture, jewellery and 
postage stamps in record num¬ 
bers and at record prices . 

Christie's is already having a 
few problems in that its auction 
room is too small to nandle the 
number of people that go to 


SPB. And Christie’s charges a 
buyer's commission unlike Park 
Bemet which charges a higher 
seller’s coramision. It is not 
clear yet whether this has made 
any impact on thetr market; 
however. Park Bernet and 
Phillips have made a point of 
not charging a buyer's com¬ 
mission. Christie’s thinks the 
New York market will become 
accustomed to the buyers com¬ 
mission which has long been 
common, practice in Europe. 
However, so far a larger than 
average number of items have 
been left unsold—often the 
result of too high a reserve or 
low bidding. 

Wilh all the recent com¬ 
petition Park Bernet has been 


showing its strength. It has 
managed to secure the important 
collections on sale this season 
and sold the goods at relatively 
high prices. 

John Marion says: "Given in¬ 
vestor disenchantment with 
stocks and other paper invest¬ 
ments, the trend to tangibles 
win undoubtedly accelerate 
through 1978." The numbers of 
people coming through the 
doors is unbelievable; people 
realise money is very vulner¬ 
able. 

There is even a trend towards 
buying heavy pieces of furni¬ 
ture': because it is so much har¬ 
der to steal. 

This trend in the UJ5. is partly 
due to the status given to col¬ 
lecting; it gives the impression 
that the owner is a person of 
taste, breeding and refinement 
“The most boring people can 
give the most boring parties 


but people will go to them -if 
the house is filled with beauti¬ 
ful) things" says Mrs. Frederick 
Winship—a prominent New 
York socialite. So to be an art 
owner now means that one is 
chic. There is also the added 
attraction that a good art col¬ 
lection can be the ticket to 
membership of the board of one 
of the museums. There is very 
little more socially desirable, 
than that 

The new in-phrase among: 
investors is "cultural equities." 
There are drawbacks to art 
holdings, however* and .the main _ 
one occurs in the event of 
liquidation. While stocks and 
bonds can be turned into money 
instantly (even at a loss) one 
can take months looking for a, 
buyer for a pair of Louis 15th 
porcelain figures. 

CAROLINE HYDE- 



.• V*. 


EST PERFORMING 
COMMODITY 
NIT TRUST IN 1977 

YIELD 7 2-: P.A. PAID HALF YEARLY. - . 


__ rson has nothing to blushfor In ttieperfcmnanceofinte fund... a 

' erf more than tweethafsftown by ttwF.T. tndex In thasame 
xf—RnandalTimes 4/2/70. 

n the fund was launched in March 1978 ihe aim was Tong tenn 

»• aJgrowm frofrawde range of commodity shares and art above 

tge incomer. When compared wWythe growthof the F.T. Index of 
over the same period the fund has obviously been a sound 
ftrrent-(Income units up 54ft accumulation units up 67%). Few 

•torinsotirw^stiTTentwIilhaveperfcmnedas'weBwtwnBnlc Bdwrth 

asy accessibility to your capital, and an abovB average income 

'' -"'inaSgS^Mently expect further substantial growth and. 
ne in the future. However, investors am reminded that the price 

’ its and the income from themcangodown as well as up. andaTly 
tmeht would be best regarded as medium tolong term.ThehJnd 

ts in companies involved with basic raw materials such as Gold, 
lOnds. Tn, Tea. Rubber. Sugar and Copper. Lawson Securities 
e that at least part of your capital be invested in the world’s real 
h as a hfedge against the continuous fall in the value of money 
rationally. _ 


LAWSON 

MATERIALS and general unit trust. 

S4- GROWTH IN 23 MONTHS . •' 


O IC E OFFER CLOSINGT UESOAYFEB R UAR Y 28th. 1378. 

come Units 38.7p. Accumulation Unite 41.9p. 

{OR AT THE DAILYPRICE FLOWER) 

fcnoQcis reserve fra right la dcse Ms otter tflfw truipncertea bf more S 

ter range trustee security authorised by the Department of Trade, a 5^ 

charge is Included in the price. An arwuallwol?>ftelU5VATlsdetiucl«l 
gross income. Commission to agents. Trustee: Clydesdale Bank Ltd. 

.._I h ml i, iHAm" UMflTn. Ui.mi g, (CKartenffl 

Street Ea 

____j. ■ _ _■ QuwigL. 

may be bough! or sold darty—olhwwiss weekly on Mondays. Settlement 
■.ts sold loflowa within a few days. Units purchased by ffl-aTaquaMy tor 
ialf-yrarty cfctnbu&oa 

m MB M mAPPUCATION forms* mm am mm am 

wson SecuNIies Lid FREEPOST, Edinburgh EH2QDB {no 

or Tel: 037-226391) f5linest2Wipiir Anssphone Service) ■ 

ao ft KRiiturxs payable to Laorson SeamliM Lfcofisfl to !rvost~7 In w™ O' 
r, few MatemtfsfldGBmm Fond _ • • _ Nd wKsabto to Eire. 

-— 1 “ liUl'l 

P WVR ■ FwrU"h-WwtS«4riai PlinplBBomsrA £0 

laClMJ FBfVsmmapHqotMslbpfeascnwLXO 

»eitn» mu I *■* net wum« riusek *e KJwtfjW 1arri&’>f3 ror«"«t‘w 

no nn unis *s me nominees* ol any KoonlM rosxiert owfarJo *r.t wb»««« 
i5«6ferori«Btr 1 »il«aii»tarn«hfc^a=etynfOuane , *f Bw'-sr STociomn at 
irs'iIhrUJ'-i. 

hffe — —---—- -- -:- ' T 1 ■ 

H oppEtTiB mwt iy «»g «3ash*ult ranno md MtitWi 



The track record of this fund on Income and CapitaJ 
is good "—FINANCIAL TIMES 2/12/77 
“Considering the general fall in interest rates the yield 
-is attractive "—GUARDIAN 22/10/77 
^For those who want double figures Lawson High Yield 
looks most promising"—DAILY EXPRESS 17/9/77 

* LAWSON HIGH YIELD Is proving extremely successful, having attracted 
over 10/300 Investors and grown lo over £12 million in only y . years. 

. Atoraover, hokiere erf accumulation units have seen their investmeni more 
-' than doubts and Income unJtftoKtefs on> new receiving a yiefd equivalent lo 

- over IG’.Wfeon their inUlal Investment. . 

- SECURrrY—any risk Inherent In high yield shares is minimised through a 
wide spread of Investments—particularly through the Investment trusts. 
'.Shares are carefully selected not only for high yietd but also for future 

^S^^rr'pO^OLJo'r^WB'Preference Shares: 20'b Equities; 30% 
Investment Trust Income Shares. 

You should act quickly lo take advantage of the current high yield 
available. By investing in LAWSON HIGH YIELD uniis now. you 
could profit from falling interest rates—not only should you receive 
' this current high yield now. bulyoushouW also benefit fromacapital 
gain on your units and a rising income In the future. 

The price of the units and the income from them can go down as well 
-as up. Nevertheless we believe that a wide spread of high yielding 
securities should prove to be an excellent invest mem over the long term. 




«in full 

S-f.tlBS 


155. 


■ nuRTiMiTa 


FIXED PRICE OFFER UNTIL TUESDAY FEB 2fth 1978 

(OR DAILY PRICE IF LOWER) 

TJm Manaoan warm Iho rlgW id dose Ms of tar if fheftus prlM r'«M by more Iran ri* 

Income Unite 52.7p ' Accumulation Unite 72.6p 

A wider range trustee security authorised by (he Department of Trade. A 5% 
Initial charge is Included in the price. An annual fee ol 'A plus VAT te 
deducted from gross income. Commission to agents. Trustee: Clydesdale 
. Bank Ltd. (Member ol Midland Bank Groupl Auditors: WWnney Murray 4 Co. 
(Chartered Accountants) Managers. Lawson Seatritins Lid.. 63 George 
■Street, Edinburah EH2 2JG. TeL 031-MG 3911. Registered « Edinburgh 
, 55135. Dunne ah oiter. units mav be bought orsolddaily—otherwise weekly 
on Fridays, t Settlement for units sold follows within a few days. Units 
purcteeed by 30/4/78 qualify tar next quarterly distribution. 

m' wm mm 'wma wmm APPLICATION FORM ■■ omm mm oma m 

To Lawson Securities Ltd FREEPOST. Edinburgh EHSODBfnosiamorwjufiBdl 
Of Taf:(»1-23S3S11 (5 BntsM-hourAmaphcm Service) 

I TfikrH* a iwnttbnee paynbta la Uvnon Seamus Umitefl to he mvntM In units of 
Lewsan High VWd Fund. NHauplicnbtaloEVe. 

£ M, r |liM Foreeevf'HJUtior'uniBmsH'.icq 

ff WW FWunR-lrtedS*™sPUnpk>«5e™n(''VO - 

Item 1 ! For anareewnan pNww me»k T a 


f'».ed*filere ttoi r em'we ne not resident euBSe M cnefrjlad writane* nor err !*«■ 
acquvma ;hcm unite n ir* nemmetN ofwuBn.'sj resdent cutsdefi»!en> , p'>wi. 
h ms* umde to m«» t eia aecJotwm snowa t* ough u •e* EUn* r.-lX" f r y 
Solicitor'll tne 11.10- 

Srgnaiure,— -—— 1 - 

Namaslnfull : .... - - - - 

(Ut.Mts/mm Title] 

Add ress . '. — ■ 


i HYFT I 9 r 2 /’fl 



II .EX I HI E IN VEM M E\ El’( >K I H >EI< > - 


Piccadilly Unit Trust Management and The New Zealand Insurance Company 
(UJL) limited have combined their experience worldwide to enable the 
private investor to profit from changing international situations through 
a modem flexible investment formula. 

PERFORMANCE 

Piccadilly Unit Trust Management Limited are members of thcUnitTnist Association and manage a number 
of unit trusts covering a wide range of investment requirements. An active investment policy is pursued and 
three funds feature among the top thirty unit trusts over the past twelve momlis. 

SECURITY 

The New Zealand Insurance Company (U.K.) Limited is a wholly owned subsidiary of the New Zealand 
Insurance Company Ltd., which was established in New Zealand in 1859. NZI’s Report and Accounts dated 
31 May 1977 shows a net premium income of NZS 124.3m (£69.5121 approx.) and a record net profit of 
NZS7.8ixn (£4.3701 approx.). Its shares are quoted on the Australian and New Zealand Stock Exchanges and 
the market capitalisation oil that date was more than NZ$37m (£20.701 approx.). 


The Piccadilly Flexible Investment Portfolio 

offers these important advantages: 

■ Expert investment management on a day to day 
basis (Piccadilly have 3 trusts in the top thirty 
performers for 1977). 

■ A choice of seven different Funds from which to 
build up the portfolio - including a unique 
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■ A wide range of investments within each of the 
Funds providing for improved security. 

■ Facility to switch quickly and cheaply from one 
Fund to another. 

■ Tax efficient income — by way of a quarterly 
withdrawal facility of between 5% and 10% a 
year (for investments of£2,500 or more). 

■ Added life assurance benefits. 

■ Share Exchange -Scheme - enabling the ex¬ 
change of shares (or Government Securities) for 
a holding in any of the Funds without incurring 
normal selling expenses. 

■ Quarterly bulletins providing regular informa¬ 
tion on the investment strategy and performance 
of the Funds. 


■ Tax advantages: 

In most cases no tax payable by basic rate tax 
payers. 

Favourable treatment lor higher rate tax payers. 
No personal capital gains tax liability. 

For full details on how you can benefit from this new 
opportunity contact your financial adviser, or consult 
the Client Services Manager at 01-638 0801; or 
complete and post the coupon below. 

n: : Client Services Manager, Piccadilly Unit Trust 

I Management Ltd, Wardgate Bouse, 59a London Wall, 

London ECaM 5UA. 

I Please send me full details of the Piccadilly Flexible 

Investment Portfolio. 


Name- 


Address, 


Telephone 


Nmia'2'78 


PICCADILLY 


• V. 




































GarSenin 



2i 

I 


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ss : 1 

bvs&ss*l 


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-li * V.y 

% ,*r •-#'- 





THIS HAS been a itesting WMf*' ■* 
winter for greenhouses'and I B/fy' BW9g 

have no doubt that nrnnytowners f w wm>w &■ 6^ m 

have been caught out wdth in¬ 
adequate heating for the ’.plants « 

they were trying to grow. The fWffijTB C* ft 

greatest difficulties arise when £r-mM\\ 

the temperature remains: low U'WmsKJ kj 

for days nn end, as it has'done 

so often recently, for then.the gy ARTHUR HELLYER 
greenhouse slowly loses all its 

reserves of warmth until therein this respect between the 


BY ARTHUR HELLYER Sm outside. 


77/177 


things 

easier 

BY ARTHUR SANDLES 


THIS WEEK-END sees British 
menswear retailers get down to 
the hard business of buying for 
the rest of the year. Imbex, the 
International Men’s and Boys’ 
Wear Exhibition, which opens 
at London's Earls Court to¬ 
morrow, is hot a fashion show 
November to late February for * n . sense normally associated 
plants that are virtually hardy. w *tb that description. SEHM, the 
Fuchsias will survive if allowed Paris men’s show, is a trendier 
to lose their leaves in the ev 'enL Closed to the public, the 
autumn and then kept nearly I^ondon exhibition is one of rhe 
dry until one is ready to main- ^ain mass-market sales facili¬ 
tate steady growing conditions t‘ es f° r rite trade. Here you will 
again and bulbs of various kinds “d few of the prestige designer 
will also be ail right though names. Utile Chat is.outrageous 
they may not be much ahead of ?**<* hardly a trace of the shock- 





mg. The exhibitors have come 


is little nr nn difference in tem- Aiestralian 


But what exactly does one fo sell, and the visitors to buy. 
UMS mean by “ steady growing con- basic clothing which both 
m £ ditions?” They will differ to s t e 10 fae the *>re«d and butter 



'.-•.".i . :.-..HfV• '• ; vs-;J 



below 10" 


perature inside and out. Queensland scheHlera but it some e ^ ent fro * m plant t0 plant of menswear retailing for the 

I have two unhealed green- seems more likely that it was s j nce W hat a fuchsia would find next , mne mon ths. This is the 

houses which have been regu- a plain case of chilling. Any- congcnia j could be totally un- clothing that is likely to turn 
larly registering around -6 way I shall continue to use my accep table to a raaranta or even up a * ew months’ time in 
degs. C. at night, occasionally £*s heater so long as there is a Busy Lizzie (impatiens). But ‘he shops of Bath and BradFord 

lower, and one cannot expect no real evidence of danger for for ort u narv run 0 f beddin" rather than the boutiques of 

any really tender plants such it is extremely convenient and plamg 3nd a tom pcra- ^ndon’s West End. 

as pelargoniums or poinsettias efficient, but I shall watch for wre bewteen 13° and 18° C The trend towards the casual 

to survive in that though slightly other plants showing any sus- (5 _, tQ 65 * F , whieh fTCn on wouJd ^e,,, t0 ^ un5tl>ppa bie 

remove theif 11 they" appear tI,c coldest nights does not drop and, if Irabex is any indication. s j nce much of their custom has- in Che U.K. in the first 11 months moved over to men is the 

^® enh ^J se fu J hsia J- The scheffiera is now back in a be,ow 10 C f5 ° F)> wi,J dn the su,t ront,T,ues 10 he ,n re ' tended to trade out of‘the suit of the year. blouson. Several exhibitors at 

pu l through safely if kept A. * nicely. If it runs up into the treat. Increasingly we are being into more casual clothing. The what is remarkable Is the Imbex will be offering blousohs 

encouraged into softer lines and i ClSS 0 f the big groups has been nereitfen.-P of the denim Henri and it shows every sign of 
is polythene covered, the otner if it'Vecovere «hen the sun is shining so much (softer cloths, with sports jackets the gain 0 f the boutiques. The No longer a cheap pSchSe becoming part of the standard 

f. 1 ™* !”£ thera h l S J* 6 " , f ;3L J .n JSithe better but temperatures and leisure co-ordinates taking made-to-measure suit business jeJns ^re written off by mfrS British wardrobe by next 

l.ttle difference between the New that fuels of all lands abm , 24 . c (75- Fj are best]over from the suit, and slacks ha., more than halved in the JornmentSors a ?eaf o? Tore autumn. 

and blousons making a bid for pasI decade, and even ready-to- ago, but consumer demand Is The growth of the baggy 

this a, r expected the polythene clear in ones mind exactly what usotu , ^rtTTaXt”"" ZZ JiT * Shlrp de ‘ s “,‘ ver >’ J 1 ™* Wrangler, watsted blouson has made the 

htM,™; ™rSlirS' d » Snus/T^re 0 " m«SI C io 11 ,s ^ ni f n r W nV differ ‘ Commercially the impact of As recently as 1871 Britain £££ cominue “ s^nd %£ a “lS™ S^dS? ttese 
It may be a different: Matter iri overwinter expensive bedding C tn aI! thI * ,s sadIy a PP arenC - Suit- imported only seven per cent ^ siderabie sums on promotion days. A lot-of shirts kr&getting 

the spring whel cold is caused plants such as Uraniums which smaU “reenSse lt canboo^ m * ker . s ha )’ e been having a diffi- of the 7.1m. w.ts sold on the and. although there have been the blouson look, getting us 

hv’ radiation rathpr than ron- cannot be stored dry there is a ft hi! Tn**nim ,i m !L b ^ ult t3me latel >'- the latest wit- home market Last year the. im- various efforts at diversification away at last-from-the nipped 

fiurrinn hnr For rim T mn't wait rood deal tn be said for using lt by 10 C in almost as many ness t0 t hj s f ac t being Chester port total had reached 37 per in both cloth and product (Levi waist styles T)f the Tast-few 

5 n rr on V utSe or no heat until lam n fi? ut r M and ^ *} ^ l ? po> ’ Suits made by this com- cent, of an estimated total sale boots are the latest example), years. - Shirts generally ‘ are 

Greeted i a^ eierimem in Sle Febn.an- when it is rime to pany for - vears at top end 8m ’ suits ‘ At ^ time - the blue jean is still basic to Undergoing -a > tremendous: 

^' ' ef ar t wnwinp haif-hardv annuals U , me of the ready-to-wear market, and however. British exports more the business. If I were to.be change. Soft, even , brushed.. 



tender ones, such as many of picious symptoms and will 
the greenhouse fuchsias, may remove them if they appear. 
pu'1 through safely if kept The scheffiera is now back in a 
rather dry. One of the houses centrally heated room from 
is polythene covered, the other which it came and it will be 
glazed and there has been very interesting to see if it recovers, 
little difference between the Now that fuels of all kinds 
night temperatures in them. I are so costly 1 think it is more 
confess to being surprised by than ever necessary to be quite 
this as I expected the polythene clear in one's mind exactly what 




liy^fes# 


In another glazed greenhouse, 
end also on a glazed verandah 


and some rpopfables reouired v y atCfl UI e - e on tne , ana sold through such outlets as than doubled to top 500,000 putting money on anything to materials are coming to the fore, 
’ ft? eSTtwroii? *3 thin lhermo t , S cter - S" 8 that Harrods. Austin Reed and suits, and most of these were at replace the jean it would be oh with an awful lot of checks'oh 

• fnr ear,y Lropp,n ?' tven then opens the ventilators directly a Giev es and Hawkes. At £150- the quality end of the market ..- -. --’-— 


coloured 


* , - . . . mm ^ _ j .1 . _ _ J i j, _ 0 -1»- * o»* j i luiiwnvu uviuuma auu mu"© n(U tui, rrmv.U aiiuuuv 

maintained a minimum of about choose from including one ]ust pound that expands rapidly over ^ pa5; . r coup i e of years in Kong. In Western Europe, Italy contradicts early movements 

4 degrees C f39 degrees F» even put on the market by IcI which when heated and is Packed into Britain, there has been a trading and West Germany ran neck and towards looser fitting trousers 

on the coldest nights. Although gets its warmth from a plastiL a slender cylinder to t ive the down by many consumers, a neck in the British market while for suits and in women’s wear, 

this is well below what most tray filled with w ater kept warm necessary lift. I like best those fact w h|rfi has not noticeably France, oddly enough, trailed One trend In women's fashion 

experts recommend, even for a by one of those little electric that can be fitted to the centre benefited the mass tailors badlv. seltine onlv 6noon cirir« whirh hie fhAM,. a 'Wi v 


cool house, almost everything immersion heaters used by of tlie bottom bar of the ven- 
has survived, the only obvious aquarists tn warm their, tropf- tilator which permits a straight 
casualty being a large scheffiera. cal fiA tanks. It seems a good lift instead of the rather twist- 
a plant that was given to me idea since the heat will be well ing lift of the side attached 
and about which I know little, distributed and presumably models. 

I think it is probably far there will be plenty of water Of course if tropical plants are 
more tender than I realised and vapour to prevent the air ever your hobby the kind of 
probably needs warm house becoming too dry. I use a very economical greenhouse regime I 
treatment to he really happy, simple, home-made frame, a have just described will be use- 
At one time I wondered bottomless box which stands on less. It will be essential to 
whether it was the propane gas a shallow bed of sand on the budget for all winter heating 
that was causing the tips of greenhouse staging with an elec- either to the "intermediate” 
the shoots to turn brown and trie soil warming cable buried level of a minimum of 13° C 
the leaves to fall off for I had about 2 inches deep in the sand. (55° F) or to the "warm ’’ level 
received one report last year The cable is far too long to be of about 18" C f65° FI. A great 
oF damage of this kind to contained completely within the many plants like the inter- 
certain plants, including Aus- box so the rest of it zig-zags mediate house and others, which 
tralian acacias, in a house down thq open staging, so pro- would prefer the warm house, 
heated with propane. The riding a pleasantly warm stand- will survive in the lower tem- 
suggestion appears to be that ing ground on which seedlings perature a trifle unhappily. It is 
bottle gas is not always suffi- can be acclimatised when they really a question of what one can 
ciently pure to be fully safe in come out of the box. It Is afford since that small rise of 5" 
greenhouses, that some samples covered writh a sheet of poly- C can triple the fuel bill. It is 
may produce small quantities of thene film and. apart from the not simply that the air has to be 
sulphur dioxide and possibly soil warming cable, it costs heated more but also that it 
other harmful by-products of virtually nothing to make. must be heated so much more 
combustion and that some If one decides to follow this frequently. So think well before 
plants are more sensitive to kind of highly economical heal- you decide because a hobby that 
these than others. I thought ing regime in the greenhouse one cannot afford soon ceases to 
there might be some connection it can only be used from be a pleasure. 


Britain, there has been a trading and West Germany ran neck and towards looser fitting trousers 
down by many consumers, a neck in the British market v.-hile for suits and in women’s wear, 
fact which has not noticeably France, oddly enough, trailed One trend In women's fashion 
benefited the mass tailors badly, selling only. 60.000 suits which has now thoroughly 



heavy catton the market Collar lengths are 
influence .’on shortening dramaticaUy, -and - 
is strong, par- bringing with, them yqt another 
ping to .form round of tie narrowing, 
ivfitch slightly 

r movements • The all-wool suit (top left) 
tting trousers from Cerrnti and- shown at 
omen’s wear. SEHM in Paris recently gives- 
mien's fashion a dear Indication of ..what Is 
v thoroughly happening at the high fashion. - 
.. end ot men’s wear three days. ; 

( J . ' Loose fitting -on the shoulder • - 
fe. line, it narrows to the iiips, •; 



.* , ■ '■nwpr .SamphrUt r 

of a similarly styled navy out¬ 
fit^ The cotton cord jeans ‘ 
cost £13-99 t the cord flying 
jacket: £2L9» (it is a cotton/ 
polyester mix) and has-a HP* 
ing in farnshed cotton to match • 
the. shirt we have used In thq, 


witi , T7w.b^to7tn? jtSS J /-!HrraSjn» 

and very slim lapels by recent Tim whole outfit is enr- 


standards. - Gone is. the long- 
collared shirt and kipper.tie. 

Top fight is \k Classic ex¬ 
ample of the sort of; look 
which Is taking over to-day. 

' This oaifit, being - shown ; at 
Imbex next week, comes from 
. F.U.’s and ; will be available 
later in tbe^year from Jean:. 
Machine. Tfie whole 7 - ontfitj 
is extremely-comfortable to; 
wear. _ The. jacket will. -cost ; 
£21.99 and Js: mad^ of cotton •' 
'eorfL..reversible r to, biscqit- 
coloured,cotton:canvas: -/The 
cord comes In - olive, _ tan, 
black or grey. The jeaiK will 
cost £14^9. 

If you cannot wait until the 
autumn, the picture above is 


irentiy available in branches 
of Jean Ma chine 
. . Within this office the hit 
of the week was the range of 
shirts which will be on show 
at'lmbcx-under the Southern 
Comfort: and' Ashes -brand 
names. The fabric is really 
superbly soft brushed cotton { _ 
and the'Colours nice sludgy 
autumnal shades- FT women¬ 
folk were eager to buy them./ 1 - 
for 'themselves. > 

If High Street stockists'are, 
as enibusiastic as .we were ' 
then they should be on sale 
soon. Try Rael Brook. 26-30^ 
Forest Road, London E17 
for a local supplier. Prices, 
should be around £9-50 toil)] 
£10.99 according to style. 


lravel 


EDUCATIONAL 



archaeologists and pony- 
trekkers. They also own many 
of their own hotels and a week 

- ; - 1 in high season (July 1-August 

_ 26) costs £82 at the Grand Hotel 

~Fh TS ® in Swanage, just that little bit 

SfW “8 9F J&ti off the beaten tourist track. 

X S' Bude, on the bracing north 

•: O Cornish coast, is the setting for 

Efford Down House, formerly a 
__ ^<L private residence in its own 

PS estate. Again on a fulJ-board 

W'l' basis, a week's holiday in May 

or late September is available 
■w from £56 16p. Galleon also has 

) SP arrangements in the Channel 

bBS m b a BSr J Islands and in the lovely Isles 
a b Scilly and their inclusive 

! packages include travel to and 
THE RANGE of family holidays from the resort. 


pony- 


MERTON 
INDUSTRIAL 
PARK 

LONDON SW19 

New Factory/ 

Warehouse Units 

5,000 to 100,000 sq.ft. 

TO LET 

in Britain has eipaaided „ A " cw 

r^r in T eaiye, v a6 snaffwsfsss 

MICHAEL LAURIE & those of you who may nqt yet i5| and Aim-ays iBIA), 





- " 


here in Britain has expanded A f e * at j v * ly 

Jnn _„„ r i„ . Herald Holidays, formed jointly 

enormously m recent years and by Union Castle and British 


April tea wonderful 
month atThe Marine 

Deran'a Sasri hDtol cbb Bin jm ■ 
nmdcxfully rdffxmg holitLiyerm 
vnlbcml the mimcsrnm. Coma and 
prat! It far jmwalt RJng DS44BI2251. 

OrTckx «IBS. Or'vriin to 
Mr F. □. .*indrrw. The Marts*, 

■fill' 

.tE'T he Marine 


Sunny days at 
BREDON COURT 

Wirm. comiortjblt rooms, tnurmrt 
tood In our elegant m .lew restaurant. 
Iriendlv first (Toss service and all our 
unrivalled sporting facilities—The best 
In Cornwall. Special terms 'till mid 
May £4.80 dally per person for rooms 
Wttn private baifi. ca.00 dally per 
parson for aur ftnurv aulles. Free 
children after. 

Bredon Court Hotel 

Nawquv. Cornwall. 

Tel. Newwiay U4s. 


qi-493 4371 


ACCOMMODATION 

HOLIDAY 



I ™ E ULT,MATE 

I I" luxurious barefoot 

InforTnaliqr. Small inei- 
mate Executive family 
V ‘jflferar / V ~ l>> * Resort (villa 
sleeps 41 oo one ol 
> ■ ■ it^ the Caribbean's finest 
*bi*e beachM, with perfect summer 
weather cooled by the Trade Winds. 
Villas (ram £28 day (for 4). Dimct 
London nights. Airmail: For details 
BUCCANEER COVE, 

Bor 804, SL John’s, Antbica. 
West Indies, 

Cable BRINE ANTIGUA 
■r Telex 138 JohnanJo AR 


FOREIGN HOTELS 


SWITZMLAND. A ROSA, Hotel VaUaaa. 
1st class. Indoor swimming pool, oners 


SOUTHEND-ON-SEA, ESSEX 
SUPERMARKET 

ComoNslng approx. IJ.ODO nj. ft of 
retail/stars aoecenmodation let to 
Wartrose. and petrol service station 
let to Total Oil. Current income 
£>3.003 p.i. Subrantial reversion in 
1981 and 1988. Freehold subject to 
fetse. 

Further details apply: 

JAMES ABBOTT PARTNERSHIP. 
1S-17 Alexandra St. Soudsend^n-Seo, 
Essex. (8702 ) 338873 


have made up your minds and specialises in the Isle of Man 
perhaps want to tty something and the Channel Islands. All 
different, will find a mq|ss of their packages i.iclude return 
detailed information ini the flights and arrangements, 
wide range of publications generally on a half-board basis, 
available from the NalionaJ give you complete freedom 
Tourist Boards and j their during the day. A 14-day holi- 
regional counterparts. ' day at the Hotel Hougue du 



Godshill, We of Wight . . . ; ; 

at The Priory, overlooking Northumberland. Sailing ’ and!" if yotrr (deal holiday in 

Sjnriiiwn Raw mete CCA m I.. . ___-• J'i-J _ ' ' jlli- - - ' ... 


Include! 


__ . r .. Pommier. a converted farm- * n ®°^ n Ba y* 00515 £sa for a grass skiing can also he added as^-doing;rsomething different, PGL 

There nave been some quite house io Guernsey with a swim- WCek in peak season ' This optional extras. -A week’s fish- Adventure Holidays Say they ■ 

marked changes. The seaside min _. p00 | and ' p j t ch-and-mit cov ' ers feturn passenger fares to ing, including return! jrall- rare cater Tor “hath sexes-from the 

^fhoL n0 rTto?r n tKaoT a boa P rd' couree^ costs £177 in high rea- f nd fro ” t !? e island but 001 thc London-Morpeth, costs£97.50for.ages df seven to 7ff- > this 
£%o5ll art a Jh Outage All bedrooms have private transport nf 8 car ' ' f with-ULML : Agate w^ eiteer th e youngcah ,q off 

of" the accommodaiim in that facilities 3r| d. as a baby-alarm Erna Low can be relied upon toriudmgrail.travel Md^l and their o^i.tWngor^ with 1 ' 
British SS the hoiidav is as well as reductions to come up with something new a « £m -2° their prior, permission, they - 

tmn D^w retied a h ■ for children, they are obviously every year and her Holidays in ^ludw up .to two houK mow may even allo^;thei£.iiarent§ to 
Smre TdpSri for S- rhinking about the family as a Britain brochure is a mine of ndmg ^n each of six days, jokr them! ,-. ;;- ’‘ * 

raterinc The 'wSev-wakev and whoIe - inCormarion. This year’s Enjoy If the party should include the'. After a-;.good many, years of . 

haonv-iollv-camDer pmnharic is Golden Isle Holidays, based in Britain alternatives are both elderly or the very young,-dm Pretty firetp^nt, fbceSn. travel,. 

teidini to disanneir and i a Douglas, IOM, concentrates on varied and imaginative. In the in y 0ur own. interests, make 1 .actively epjoy toover- 

ereat deal of entertainment is ils homc ter ritory. ,The prices self-catering field they have detailed enquiries. A small child 1®* much there is. to 

orovided at the binder centres f)UoTed delude return travel to taken over one of the University will be miserable on"a the maim • 

you ran set your own holiday the island by sea. Air travel can nt North Wales residences m and .dangerous beach and the' J?hd and.-on-the-islands that . 

tempo and go out for a meal be arranged at a supplement. Bangor. On a per-person per- elderly may have-difficulties-In ' 

eithS at the centre or at a local « J ^oire of bed-and- (co «ing- »d indnduv two walking up ‘ a steep path to a 

Pl ,b breakfast or half board arrange-coac" excursions and the gorgeously remote but relatively EaniW’ Tiwtet Bsart.^ Grawwor' 

. - . , . ments and children under 12. services of someone who knows inaccessible fisherman's ' 

sharing * ™« m with two «"“"*• the «™ we »- «>• «sts. without Although t have beenSS 
co\ered both caravan and camp- pav half price throughout the travel which can also be booked trating on tHefainilv as &"anh ,Hc>a»a.-.~Kinj sorai^, 

~ A lWay bed-and-hreak- throuEh them, are £32 for adults there *,4 

more or tne conNenuonal tamiiy j- asl arrangement at a licensed and £27 for children under 12. not possible and children >rnli.- to . m E**t 

la°nd or on ihe deliohtfunslands E aTnil ^o- 0ltl i ’k DnUS,8S C ° StS En -^ oy Britain also arrange day by themselves.' ., '■'“i/.*’-' : 5SfS55C5^MP»fc v5t«>' 

of our ° Sn-fio" SShSShS? fSSTLi' .W*" fH*"* ss-sSsjfetsfsat'.-' 

_ „ __ ... to ii-d on a nau-Doara oasjs. • linked to riding and fishing in with a choice of .12 centres^ pro-. WL-t*dp:.VMivM«ntBniL ; suUi».5ttwt '• 

Galleon Holidays covers a Self-catering arrangements on vide a wide ra nsti-'Ot acti^itg;- Rn*»i K inge e Uebir o- hot, tah;; % 

pretty broad spectrum and. in another lovely holiday island can or conventional holidays with 

aoaition to their now long- be booked through Isle of Wight y w WNfc-nd v. Axnru zasg. M 9 <«m the food designed to appeaTao awnfe^wi ttauat itaase. mibx • 

established painting holidays, Holidays. A flat, sleeping the JS'.W®;,, 6 ™" the tastes of the young With - 

cater for Dhotograohens. conventional family unit of four ^ U-S ' L ’ w * hosrtv enrutife* / '’PAUL MARTIN. * 


CLASSIFIED 

ADVERTISEMENT 

RATES 


TYPEWRITERS 

iCACULMORS2!!gSS 


Aorll. Telex 74232, 

HOME AND 
GARDEN 



1978 SEED AND SEED POTATO j 

eriDtlvc ;jrj(ogu« now dwelUble. Sen 1 . 

on requeu. PMiafie 7p. R. v. rdgep 
LTD.. The Nurseries. Pick wine. Nonh 
Yorkshire. YOia 7HC. 


Commercial & Industrial 

Prr 

line 

l 

Sfnolc 

column 

cm. 

C_ 

Proponj 

4.50 

14.00 

Re^idouUal PniwrtT 

ten 

s.nn 

Am»innnem« 

Busmi-ss & lnvesnnpol 
upponumi'p^. Corporation 
Loans. Production 
Capacity. Businesses 

430 

14.00 

for SjJ'.' WMied 
f,du".iiiqn. Mwnrs 
i.'oniracis t Tenders, 

Pf raon.il. Cirrl^nine 

5.29 

38.00 

4£3 

13.00 

Hotuls and Travel 


7.00 

Ei/Ol PlibliJicri 

— 

;.i» 


TRAVEL 


SCOTLAND —STIRLING. Lircur, M l«. 
entering unit In pTlwete residence. Mae. 

oTiPaos?" * n0 Glcnei01 **- 'mm 


Premium peeMm available 
(Minimom size n •column nm.) 

El-50 per single column cm. extr* 
For furlhrr details Irrite f<>: 

Classified Advertisement 
Manager, 

Financial Times. 

IS, Cannon Street, EC4F 4ST 



Farmhouse Hotel holidays" Barton • Chlidren'r 

linked to riding and fishing in with a choice pfJ2 centres^ pro^. WL-Hdp:.Y«in» *s«ntBraL ; 5titii».5tiT»t " 

-:___; vide a wide ran|e - Of acti^ty V 

or conventional. holidays .with -Temce.: AUBftarsH' .cHa jsu. Wainr- * 

v_. -■—I- ■ >. m i- _ fha darimiiul •• -T mifW B lun ts* u ni* finw. Ulah. • 
























































f 



aancial; Times Saturday February 18 1978 



style of their own 


—r 
. ^issai 







* »een a passionate supporter of 

* design for many years (in the 
I >t I have felt that if we, the 

idn't support It how could any- 
^ J > worthwhile or tutecesting ever 
I have often been forced to 
bat when placed beside the best 
i 1 designs they don't stand up too 
■ _* o often a eertaln'alr of aridity, 
,.'t ach at once too functional and 
. typed has led" me to be less than 
Vj irtedly enUinstastic. 

Grey and Ttm Jasper are two 

I ' who have felt strongly that 
^dem.design has -often been -dull 
ptive and thatvthey wanted, to 
I a richer, more vivid style that. 
[ e the people who use the things 
he. .a much deeper degree .of 
trod enjoyment. 

I can see from the plctures which 
I their work I think they have > 
ftponr a very happy combination 
Inity and vivacity, of suitability 
J »sc and generosity of design. 
Big shown here certainly looks 
r—a unique and new solution to 
Jems, offering, in my view, just 


I Phe connection between 
inny Grey's - designs and 
glish traditional country 
niture can be very strongly 
n in this milk-painted coffer. 
Ik-paindng is a technique he 
jreloped in conjunction with 
is. Ya-Ya Howard who does the 
Anting on the furniture, and 
involves using an indelible 
sture of milk and blackberry- 
ce. Mrs. Reward specialises 
very delicate paintings and if 
. .'body would like ber to em- 
^ lish a piece oF furniture they 
* eady own they can get in 
:ch with her directly at New 
~ use Farm, Eisted, near Mid- 
rst, Sussex. The coffer is 
lut 3 feet 3 inches long by 
feet 1 inch high and costs 
mt £260 without the paintino. 
ich would be about £35 extra. 


what many people have been looking; for 
and have never been able to find before- 
Johnny Grey and Tim Jasper operate a 
design, service. in London (they can 
tackle anything whether it he a single 
piece of furniture or. their speciality, a 
complete kitchen which they design In 
their own unique and individual way, or 
even s restaurant or a pnb) but down In 
Sussex they have created Sussex Wood¬ 
work. a group of'.designers, an architect, 
several, cabinet-maker* and craftsmen, 
where the actual making-up Is done. 

They almost always work in English 
hardwoods and like to point out the wny 
their work has evolved from the English 
. country furniture tradition. 

They particularly like solving Individual 
problems, working out a piece of furniture 
or a kitchen to suit a one-off situation. 
They use' quite a lot of crafts and tech¬ 
niques whkfcr are virtually extinct and 
hope by providing work for the craftsmen 
to keep them alive—for instance they use 
carving, turning, fret-work and moulding, 
as well as caning, etching of glass, milk- 
painting (about which more later), plaster 
work, and marbling. 


They D.ve wood genrronsly, so that there 
Is nothing skimped or arid about the 
finished pieces. 

Johnny Grey is ehiof designer, the work¬ 
shop Is not large.* so don't expect from 
them the kind of speed that automated 
production lines can give you. If you want 
something special, then It will lake time 
hut the final effect will give you a 
pleasure that 1 feel sure few mass- 
produced pieces can achieve. Because 
craftsmen make the pieces and only solid 
hardwoods are used the rnd-product isn't 
cheap. 

' Here I show some of their work hut if 
you want to know a little more about il 
there are four leaflets which they will srnri 
in return for a self-addressed stamped 
envelope—one Is on a series of designs 
which they make to order or can he used 
as a starling-off point for furniture, 
another states ideas about developing a 
different kind of kitchen, another Is on 
the treatment of wooden surfaces and the 
fourth outlines the services they offer to 
commercial customers. Their address is: 
9, Abingdon Road, London. W.8. Tele¬ 
phone 01-937 1149. 













T * >'* ■** 






1 don't kno* anybody who 
doesn't need hi Umsi one filing 
system and many of us have two 
and Johnny 1 1 rev’s version off 
this well-known device (photo¬ 
graphed rightj would certainly 
give me a areat deal more 
pleasure to me and to look at 
than those rows and rows of steel- 
cabinets that are the more usual 
version to be found. This one 
is, to my mind, such a rich and 
beautiful change that it is no 
wonder he is working to full 
capacity producing them. As you 
can see it has a round ness, a 
generosity of form that would 
make it a tai-lik- delight to use. 
It illustrates perfectly his pas¬ 
sionate desire in take the boriny- 
nes* out of furniture and to 
develop a ssjlc and an approach 
that is all his nv.-n. 

Solid English a?h with touches 
of chestnut has been used to 
make it. It is foot wide and 7 
flint high, a::d The drawers, 
(hough havinj a -MU..iJer: frame, 
have sides and -#/>i i»m.; nf cane. 

Because it i- -> •liflifiili to get 

■•nmigh pe'iji*- m [In rhe caning 
Johnny tire;- >- :• orbing nri a way 
..f replacing >h*:- cane v ith tex¬ 
tured string mi 2 . to achieve an 
almost hamno.i-l like effect. 

The films *>Meai is nor meant 
for long-term -torase—that is. 
because the top open and the 
sides are carw.'i. the content? are 




•4#rB«WflW 

jSLjji-aP&s, 


obviously liable to become dusty. 
It is meant for storing papers 
that are frequently used and con¬ 
sulted and'the fact that the con¬ 
tents are visually accessible 
makes it easy to use. 

The cost of tbe basic unit with 
10 small drawers and two large 
ones is £378 and the upper arcb 
(as seen here) is an extra £55. 
Systems can be ordered with 
fewer drawers if preferred and 
any combination of large or 
small drawers or even plain 
shelves is available Delivery 
dates vary due to the fact that 
the workshop consists of crafts¬ 
men. not machines, but at the 
moment the filing system 
should take five to six weeks. 

The system and the desk side 
photographed above are both the 
first of a related range of home 
and office aids—later on an exhi¬ 
bition at the Design Centre will 
show them all. Storage 
hammocks, free standing ciip- 
hnards. chest?, lables. drawing- 
desk? are all envisaged. 

The desk aide looks a; heauti- 
ful a? a cradle to me and is 
lmpeccan!) made and finisoed. It 
i? designed to take day to day 
■storage and Ml rbe moment has 
a cane bottom but a? with ihe 
fiiing system it is envisaged that 
rope will shortly he used instead 
It I.; also in ash and is from 
£175-£2in 














■r- 


mt#* ? 
<_ - 4 .. 


Patch it 


now so many patch - 

r i about that those who 
k :e new ones' have to 
that they really do 
Seething. different to 
h early kits tended to 
father dull, carelessly 
together; collection of 
-olours and patterns, 
those who select such 
m to he taking greater 
choosing subtle, com- 
• making' sure the 
tally are attractive and 
ether to" produce a 
ffect 

■ shops in the John 
ip are now stocking a 
patchwork kits from 
ery of Norwich and, 
rt from the fact that 
ery really does seem 
-osen some very attrae- 
s they have also come 
new ideas for using 

*e, of course, the usual 
■overs, pram or cot 
. Besides these, though, 
- particularly charming 
aking a pair of baby 
idy-quillcd patchwork. 
?ads. and rihbons are 




all included and they do make an 
original and warm pair of indoor 
slippers or boots for a baby up to 
six months. The kit Is £1.95. 


Plastic breaks new ground 



Also interesting is the bag. kit 
which has wooden handles and 
lining besides the patchwork 
pieces; If you get cracking now. 
it would make a lovely capacious 
(Ifiins deep) summer carry*alL 
U ia £4.75. The instructions are 
not all they might be, so If you 
are a complete beginner I would 
not recommend them. 

The whole range of kits Is 
available from needlework 
departments at John Lewis. 
Oxford Street. Brent Cross and 
Edinburgh: John Barnes of 
Hampstead; Peter Jones of 
Sloane Square;- G. H. Lee of 
Liverpool; Heelas of Reading; 
Trewin Brothers of Watford; 
Tyrrell and Green, Southampton; 
Caleys, Windsor and Jessops of 
Nottingham. 

If you want to order any or 
alt of them by mall write to any 
of the above branches and 
enclose 50p p+p per kit 


you think it couldn’t 
happen to you? 

>st of life’s disasters we all tend to think It won't 
. t,o us—untll tt .does. L too, thought nobody was 
i) burgle us—after all what did we have that was 
pealing? The collected clutter of several years 
« that's alL We. were fond of it but I couldn’t 
jjanybody ejse could- possibly want it. But they did- 
Wa a statistic, one of the one-in-slx London 
jtthgi & burgled annually. ‘ Happily we haven't ye< 
3fWe of fbe-'one-ln-12 that Is burgled twice annually, 
rat you, dear reader In the provinces, think yon are 
HR, a 'home in Britain is burgled every 50 seconds, 
g mght- 'Put of the £20 million worth of goods stolen 
gsideotial homes in 1976 only under 3 per cent was 
KroveretL 


t HAD NEVER thought that a 
new range of garden products 
would excite me so much that 
f might actually think of buying 
them just because they looked 
so nice, regardless of my need 
for them in a practical way. 
Well, a new collection just 
filtering into the shops now, has 
managed to do that. 

Designed for Essex Garden 
Products by Conran Associates 
the whole group is so colourful, 
so attractively shaped, that they 
look quite unlike the usual 
useful but visually unlinked 
products that crowd the garden¬ 
ing product shelves. 

Conran Associates were asked 
by Essex to look into all aspects 
of gardening accessories and 
then devise a related group that 
would use the vacuum forming 
and injection moulding facili¬ 
ties thdy already had. They 
were alsd asked, wherever pos¬ 
sible, to cbme up with Ideas for 
products that could have a dual 
purpose. They had to be easy 
to use, durable, and appealing 
enough to be given away as 
presents. I think they have 
fulfilled the brief admirably. 

All the items are made from 
Styrene and ABS and all are in 
the bright colours associated 
with such materials — green, 
yellow.and red. 

Not all the products have a 
dual-purpose but things like the 
sprouter may be used for grow- 




'VS 


* ■ 







Cvx2 


’4 

<Ja 







A/*.''. \ j 












Dibber, rake and trowel are sold separately or as a set of three. 


ing sprouting seeds and beans 
and then later on for serving 
salads or fruit. The seeds can 
be grown by pouring water 
onto the specially shaped lid 
twice a day. The sprouter conies 
in two sizes 5" and 7" in dia¬ 
meter and Is £2.75 and £4.49. 




^URES above make 
leading. The thing to 
to brood-but to decide 
tan do about it. ' now 
jbesf.. prbtecl yourself 
some? 

p- Fenwick has been 
hxiatter a lot of thought 
It years and. has come 
what seems to me a 
fextremely reasonable 
yai covers most house- 
host of their needs, 
sn discovered ' a few 
p, when he himself 
r lake steps to protect 
house, that the main 
ccurhy systems were 
ly expensive and 
offer a degree of pro- 
31 most people don’t 
e-rt. They>e usually 
iplicated to operate, 
ins thai 50 per cent of 
when they do go 
mman error is to 
ecurity conlacts are 
in places that no 
aid possibly reach and 
cat-e, you might say. 
. for which, of course, 
jer pay*. 

ecurity system coin- 
■c in the nasi aimed a: 
rioh who have a great 
luatde property to prn- 
ley were therefore able 
what the marker would 
□d lest you think this 
newcomer talking, let 
hat the recent Prices 
in report on the sub- 
rts all he says), 
n Fenwick set out to 
rod market a system 
protection to perfectly 
people al a reasonable 
. above ail to make |t 
e you could operate it 


even If you came home drunk at 
three in the morning.” 

The first thing he discovered 
when looking into existing 
systems is that the companies do 
not sell installations nutrient. 
They usnally charge a rather high 
installation fee after which you 
do not own the system, you 
merely rent It and these rents 
have in the past few years risen 
drastically. Anybody committed 
to a.system could (and did) find 
themselves obliged to pay higher 
and higher maintenance and 
rental charges wilh no recourse 
to anybody. No other manufac¬ 
turer would maintain their 
system and it proved oxorbiianlly 
expensive to change it* 

The Prices Commission in their 
1977 report challenged the exist¬ 
ing 5 vstem with these words. 
* Firstly, there is evidence of 
poor service, which would he 
more likely to improve if users 






“By the time they have paid for 
that, they won't have anything left 
worth 1 tearing! K 


were free to change firms. 
Secondly, any established 
installer should usually be 
capable of servicing another firms 
installation, because many firms 
io the industry buy equipment 
from common sources. 

"Where ibe installer has 
developed bis own special equip¬ 
ment, we appreciate ihat he may 
wish to retain ownership and 
make his own maintenance 
arrangement; nevertheless. Ibe 
customer should he free to choose 
between renting such specialised 
equipment or buying a lexs 
specialised substilule.” 

The Prices Commission staled 
clearly that In their view “the 
prospective user should have the 
opportunity to buy his intruder 
alarm, gnd enter into a separate 
agreement for Its maintenance. 
He could then more readily 
challenge poor work, price in¬ 
creases, and charges for “extras.” 
In the last resort, be would he 
able to change to another firm 
without undue penally.” 

I think Sebastian Fenwick's 
system, which is sold and mar¬ 
keted by his firm. Bunch Elec- 
-trohics, deals with most of these 
points and several more. 

Besides keeping the cost down 
(which to Sebastian Fenwick was 
essential as he fell that the cost 
of most systems whs dispropor¬ 
tionate to the conienl- they w*»re 
protecting) Bunch Electronics 
went for a system to simple that 


it would be operated all the time, 
even by children, 'dailies' and 
guests. Sebastian Fenwick feels 
strongly that many of tbe 
systems are seldom used due to 
the difficult and irrpractical way 
rhev function. 

.The Bunch System Is operated 
by an on/off switch on the con¬ 
trol unit in cunjunrdon with a 
Chubb mortice front door key 
which arms and disarms the 
System. There is also an entry/ 
evil buwer which ■ tells you 
whether the alarm is set or not. 
The security contacts or delec¬ 
tion devices' are put where 
needed and useful and cannot be 
set oil by passing traffic giving 
off vibrations, changes in the 
central heating and so on. 

Installation of tbe system 
usually costs about £250. the 
average maintenance cost is about 
£20-£25 per year Bunch operates 
n ‘J4 hour service and if they 
are called out there is no charge 
if the fault Is caused by the 
machinery' hut there is a charge 
if it is caused by a customer's 
own error. 

There isn't room to cover all 
the technicalities of the system 
sii anybody who is interested 
should write for leaflets direct 
to Bunch Electronics. IS6, Sloane 
Street. London. S.W.I. 

In the meantime let me quote 
Hr? words nf one very satisfied 
Bunch customer. She a solici¬ 
tor working for Customs and 


Also dual-purpose, are ihc 
plant pot and holder. These are 
self-watering planters which 
have an inner pot that holds the 
plant, does away with those 
horrible saucers and drip trays, 
and contains a capillary action 
wick to feed 1 he plant with as 


Excise and has no hir:='np?s om- 
neclmn with Btuieh Electromo 
whnlS'MM »t. This 1 *. what Anna- 
belle Bolt 'old us: 

•* M'ter i hnd :• burglary last 
Alan-li viiil-t I was awav i spirted 
to think about putting in a 
hur.'lar alarm system. The Crime 
Previ-niinn Officer gave ni»* a list 
of about i’0 to 30 companies ami 
l didn't kn.iw where to start. 1 
asked him for tbe names of some 
local companies a ad I coniacl*ii 
two of them. 1 got their brochures 
and read their conditions of con¬ 
tract. These seemed tn be very 
much in their favour and 
appeared to give me no rights ai 
ail. In the end 1 did nothing 
about it. 

"Three months laier I was 
burgled avrain and this time, 
unlike the first time, il was fairly 
expensive, all my jewellery was 
stolen. Il so happened that a 
week later Bunch dropped a card 
through my door telling me 
about their system. Their name 
was not on the list from tbe 
Police Station. 

"When the assessors came 
around after tbe burglary they 
BuggesV’d 1 should have an alarm 
system fitted and suggested one 
of the major firms. Their quote 
was £550 for my tiny terraced 
house So I thought why not get 
on to Bunch ? 

" Bunch came round and 
explained the system to me. ft 
seemed terribly simple—not even 
L could muck around with it! 

** I looked at the terms and con¬ 
dition? and again ? didn’t agree 
with snmc of these. [Bunch was 
grarcful to her for pointing out, 

some inconsistencies in tbe con-i 
tract which they have since 
changed. 1 

"Two awfully nice chaps came 
around to put it In . . . in one 
day. They worked so neatly and 
cleared up so beautifully that I 
didn't oven have to lift a vacuum 
cleaner afterwards. 

” There were a couple of teeth 
ing troubles with the alarm 
system at first but these were 
swiftly sorted out by Bunch. It 
nnw works a treat, and I find 
them an awfully nice company 
to deal with , . . very, very 
obliging. The total cost was 
£250. 

"My insurance company, of, 
course, wanted details of the 
system I bad installed. Once i 
sent them a specification of the 
Bunch sy-tem they were per¬ 
fectly satisfied with the 
infludlauon." 


Top drawing is of the sprouter 
showing how it can double as a 
salad bowl. 

Bottom drawing shows a section 
view of the self-watering system 
of the plant pot and holder. 

much waier as u needs from 
the outer container. The «ame 
plum pot can be turned into a 
propagator by adding the trans¬ 
parent propagator lop. There 
are two sues 5” and 7' and 
they are £1.99 and £2.65 for 
plant pot alone. £2.73 and £3.45 
with the propagator top. 

A good present is the herb 
garden pack nf six d.fferent 
herbs — a collection of six little 
pots, all with the compost, 
seeds nnd instructions, is £4.99. 
Alternatively, you can buy the 
herbs singly in little blister 
packs fur 99p each. 

For indoor gardening there's 
a sv.eet cidleeiinn of small tools 
designed to help turn :he soil 
over in planter*, lake cutiings, 
rake over and -o on. Tne rake, 
trowel and dihher are eithc-r 
about 47p each or £1.25 for the 
pack nf three tools together. 

Then there is also a self- 
watering propagator (laier 
they'll produce a hea’ed elec¬ 
trical ha-mi. This is idea! -'ni¬ 
ce rm matins seeds and caring 
r»r young culling.-- ■=- mva-ur.ng 
29 ins. hv 20: ms. by 10 ins. 
11 is £14.99. 








■. L ■■ V, • ; ' ' Igyte 


The set of six different herbs with easily identifiable tags. 


Finally, there’s a cold frame, 
very ca<y to put together, very- 
durable in its combination nf 
umber and thenim-formed 
plastic. It is a large .-ize. 36 ins. 
by 36 ins. by 18 ins. and is 
£24.99. 

Coexistence of Rath, a shop 
regular readers will know I 
admire, has decided to sell 
them simply because they were 


so struck by their conihinaiion 
of interesting good design and 
their excellent value for money. 

Self ridges oi Oxford Street, 
London. \\\1. and the General 
Trading Company of Sloans 
Street. London. S.A'\1, have a 
selection of the range. For 
local stockists write to Essex 
Garden Products. Robjohns- 
Road, Chelmsford, Essex. 


% 0 ES 4 









The cold frame for use ousdoors for protecting your plr-ncs and 
seedlings. 


Treat yourself 

BY PHILIPPA DAVENPORT 

February is the shortest month of the year and the 
gloomiest. Winter seems never-ending and depression sets 
in unless yon inject the days wilh occasional treats—a bunch 
of headily-scented freezias. an enthralling book, a new outfit, 
and at least one really siap-np meal. 

SUGGESTED MENUS: 

Native oysters 

Scallops a I'lndlenuc, boiled rice and watercress salad 
Champagne sorbet 
Monies a la mariniere 

Scallops en brochette with benrre hlanc and rice 
Baked apricots and macaroons 


OYSTERS are excellent now. 
The mark-up in restaurants is 
usually huge and you don't even 
need to cnofe them, so why no; 
have them at home? 1 do 
recommend buying an oyster 
knife with safety guard. 

Mussels are almost as deli¬ 
cious. I think, and remarkably 
good value (one quart costing 
about the same as one native 
I oyster), but they do. of course, 
require more effort to prepare. 
I iise them for paellas and 
risottos and rooules d la 
mariniere. But perhaps best 
of all 1 like MUSSELS WITH 
SNAIL BUTTER. Open the 
mussels, discard empty half¬ 
shells and cover each mussel 
with a nugget of butter fla¬ 
voured with garlic, lemon juice, 
parsley, salt and pepper (I allow 
3 quarto of mussels and 6-3 


ounces nf butter for a fir’d 
course for six people 1 . Si row 
wilh fresh breadcrumbs and ihc 
merest dusting of Parmesan and 
bake at 450° F, gas mark S. for 
7-10 minutes until bubbling 

Lobster is another shellfish 
rarely served at private dinner 
parlies. Simply grilled and 
served with savoury butter they 
make a marvellous irea;—as 
indeed they ought to at about 
£6.50 per pound 1 

SCALLOPS EN BROCHETTE 
are less extravagant Slice and 
wrap scallops in bacon. Skewer 
with mushrooms, small rounds 
of bread and chunks of red 
pepper. Brush very generously 
with melted butter and grill. 
Serve with boiled rice and 
beurre blanc or HoJlandaise 
sauce made with the juice and 
zest of a Seville orange. 


SCALLOPS A LTNDIUNNE 
i- even more deliciouf. I think.- 
For bix people allow IS large 
scallop;:. Slice each while into 
three discs and poach gently 
for about 6 minutes in 1 pint 
fish or light chicken stock with 
3 tablespoons lemon juice and 
2 bay leaves. Cook one large 
finely chopped onion and i lb. 
dicod bacon in ’2\ ounces butler 
until ibe onion is softened. 
Sprinkle on 1-11 teaspoons curry 
powder and It tablespoon* flour 
and cook, .-lirrin^. For a minute 
nr iv.'o. Blend in the cooking 
liquor t reduced in J pint; and 
simmer lor a lew minutes. 
Away front Ihe heat, blend in 
Tnur large egg yolks and S fi." 
ounces double cream beaten 
together. Add the halved corals 
and the white discs of scallop 
and reheat gently. Turn on to 
a bed of while rice and sprinkle 
wilh coarsely chopped parsley. 

Use the egg whites to make 
macaroons to serve with baked- 
apricots. Or make an elegant’ 
and refreshing CHAMPAGNE- 
SORBET. Make a syrup with' 
6 ounces sugar, } pint water 
and the juice and zest of a. 
lemon. When cold, strain, add 
\ bottle champagne and freeze-' 
for one hnur. Beat the half- 
frozen mixture with 3 hottle 
champagne, fold into a stiffly 
whisked egg while and freeze 
again until solid. 




























^isancial Times ' Satii^^- febiii.a^ 







BY JOE RENNISON 

EV THE heady world of the 
very top people's top houses 
vision becomes _ blurred whej 
one is constantly talking in 
superlatives. When it comes to 
putting the message across in 
more rban one language things 
tend to become a bit messy. 
Take the following example. 
In a brochure I received 
recently advertising the very 
poshest properties around the 
world that are for sale one in 
St. John's Wood is described 
thus: Luxuriously appointed 
Georgian Style London House. 
Suitable for Entertaining or 
Embassy use [their caps 
throughout, not mine]. 3 Com¬ 
municating Reception Rooms— 
Galleried Hall—Library—Study. 
4 Bedrooms including Principal 
Suite, etc., etc. Offers invited 
for Long Lease. 

Because this is aimed at the 
International market the same 
derails are translated into 
French and Arabic. A colleague 
on the FT assures me that the 
Arabic is correct but the French 
version begins as follows: 
Jlfaixcn lowdoniennc cfe lure, 
s(j/!e Georges V. Queen Victoria 
would not have approved, nor 
■would George Ihs Fifth and the 
first four Georges would have 
been furious at the thought of 
their descendant pinching the 
adjective describing the style 
of architecture that came to 
flower during their reigns. 

- Maybe the writers were think¬ 
ing of the Georges Cinq hotel 
in Paris when translating the 
copy. But if anything looking 
like that particular building 
was put up for sale as a private 
house it would stand no chance 
of selling except among the 
devotees of bad taste. Still, 
there are plenty of those 
.around. 

One would not have minded 
so much if it had been one of 
the bucket shop operators ad¬ 
vertising such a property. They 
have no style nor can they be 
expected to acquire any. But in 
this case it was no lesser firm 
than Harrods Estate Offices. 
Good grief, what is the world 
coming too? They may be able 
to order anything from an 
elephant to a chocolate-coated 
ant but they could ruin the 



ill' R;0:;s^ \ 


7. 


At the cod of the Borne Valley with views 
over the rolling countryside around the River 
l’Arve and overlooked by the peak of Point 
d’Andey (1.400m) is Chateau d’Arrine. Stand¬ 
ing in some seven hectares of mainly wood 
and parkland, this chateau was built between 
the ninth and eleventh centuries. The ex¬ 
terior, dominated by the large square tower, 
has been preserved as far as possible in its 
original form, and the interiors were com¬ 
pletely renovated in. 1971. 

The accommodation is on three levels 2 nd 
includes 4 reception rooms, dining room, and 


2 large bedrooms. Throughout it has been 
beautifully decorated. Also there Is oil-fired 
central heating. The formal gardens of the 
chateau have an abandonee of flowers and 
fruit trees including cherry, plum, pear and 
apple. There is also* a small trout stream 
flowing through the grounds. SL Plcrre-en- 
Faucign.v itself lies between the village of La 
Roche and the town of Bonneville. Geneva 
via the Route Blanche can be reached In 20 
minutes. Price Sw.Frs.lm. Premier Proper¬ 
ties, 30a. Saekville Street, London >F2X 1DB. 
Tel. 01-439 9577. 


British property market. How¬ 
ever, it is nice to think of 
several people around the 
world boasting that they have an 
English house in the style of 
George the Fifth. 

The SL John's Wood house is 
just one of many put together in 
a brochure of homes for very 
rich people for sale around the 
world. Ths prices are of the 
kind that have lots of noughts 
following the Pound. Dollar nr 
Franc sign. It has been put 
together by a company called 
Premier Real Estate Inter¬ 
national who see it as a roiling 
log of what the agents around 
the world have for those who 
are willing to spend an awful 
lot -ot money on a house. They 
reckon that even if something 
in the brochure has been sold 
by the time the potential 
customer has read it they will 
be able to find something 


similar somewhere around the 
world. There are oriental 
pa'accs in the Pacific, classic 
villas in Italy and France, 
American mansions and a 
luxury penthouse in Hampstead. 
If you can bear the gushing 
prose the following took my 
fancy: 

“Just 50 miles from New York 
lies a beautiful private Island 
called Greenaway, connected to 
the mainland by a causeway. 
Covering some three acres it has 
the space for a gala party and 
yet is intimate enough for just 
two people to enjoy every part 
of jL 

The main house is built on 
three floors with 16 bedrooms 
and numerous bathrooms. 
There is a superb L-shaped 
library, design in the Pompeian 
style with wrought iron balus¬ 
trades on raised galleries; a 
sunken living room, 10.4 by 


5.5 metres (34 by 18 feet): a 
music gallery; a Chinese 
Chippendale solarium; and a 
dining room which can seat 20 
people. There is also a six- 
bedroomed service wing. 

The dining terrace overlook¬ 
ing the sound can seat 18 and 
can be combined with others to 
form a magnificent background 
for a full party. 

Detached from the main 
house is a six-room guest cot¬ 
tage, a large five-car garage, a 
smaller four-car garage and a 
greenhouse. The grounds are 
broken up into a series of dif¬ 
ferent gardens, each with a 
different purpose, each laid out 
with great thought and skill. 
There are woody gardens, 
vegetable gardens. secret 
gardens and a beautiful winter 
garden complete with orchids, 
gardenias and daiquiris.” 


! The 
church 
redundant 


THE EXHIBITION (“Redun¬ 
dant Churches—A Measure , of 
Success") organised by the 
Church Commissioners a couple 
of weeks ago highlighted the 
plight and fate of many an un¬ 
wanted place of worship. This ; 
week comes news of just how 
one such property in Central' 
London Is being—or rather will 
be if the money is found— 
converted to another nse. 

An appeal for £250,000 has 
been launched to restore the 
historic and now redundant 
Cburch of St Mary at Lambeth 
and to provide there a museum 
of garden history and a meeting 
place for those interested in 
gardening. The churchyard is 
to be developed as a Memorial 
Garden to the two . John 
Tradescants* gardeners to 
Charles I, planted with the 
trees, shrubs, herbaceous' and 
other plants that these two 
introduced to tbis country from 
their world travels. Ttje appeal 
is being launched by the 
Tran descant Trust The 
Trustees include David Piper, 
Director of the Ashmolean 
Museum, Oxford, Patrick 
Cormack, MP, Secretary of the 
All-Party Parliamentary Heri¬ 
tage Group, Mea Allan, bio¬ 
grapher of The Tradescants, 
and Rosemary Nicholson who, 
with her husband John first 
conceived the Idea of saving 
St. Mary’s for this purpose. 

The Tradescant Trust was 
founded as a registered charity 
in 1977 to establish in London 
the Tradescant Centre, a 
Museum of Garden History—the 
first of its kind, and to create a 
garden of unique historic 
interest Once assured of the 
right support, the Trust 
believes that this venture 
will greatly benefit gardening 
of all kinds, and provide 
a place of pleasure and continu¬ 
ing interest The Centre will 
contemplate the work of many 
organisations devoted to these 
activities and provide a con¬ 
venient London home for many.' 
It will be open to all visitors 
from this country and overseas. 

The name comes from the two 
John Tradescants, father and 
son, who between them travelled 
frem North Africa to Northern 
Russia and Eastern North 
America In the early 17th cen¬ 
tury to introduce many plants 



and trees new to this country, 
thus forming the basis of the' 
garden as we know'it to-day:and 
contributing to the high regard 
in which British gardening- is 
held.' ' • ■ ' • -•;■' 

The Tradescants lie beneath a 
fine sculptured tomb at . thelr- 
own parish church of Str-Kary- 
at-Lambeth, on the new Jtrbiie.e 
Walkway by the River Thames 
within a .half-mile walk of-the 
Houses of Parliament the 
church is at the gates dt Lam¬ 
beth Palace, and on the sites.'of 
a Saxon church. built by /the 
sLster of King. Edward .-the 
Confessor. 

Owing to a combination 1 -, of 
factors. St Mary’s has ceased.-to 
be needed for worship and the 


ENTERTAINMENT 

GUIDE 

C.C—Tame theatres 

cards by telephone or at the box race 
OPERA & BALLET 

COLISEUM. Credit Cirtf*. 01-240 • “4**- 
Reservation* 01-336 3! 6V. 

ENGLISH NATIONAL 
Tonight. Tura. * Frl. next 7.30 Two. 
Wed. 7.30 Duke Bluebeard's Castle 
Gianni Schlcchl new prod. "Visionary .. . 
Gdn. "Plenty ol wit" Tim, Thun. Wart 
7.33 Don Giovanni. 104 Balcony Sean 
always mil, day of performance. 

COVENT GARDEN! CC. MO 10661 
(Gardcticharee credit cards 836 6903) 
IKE ROYAL BALLET ' • 
Tonight. Tue*~ Thun. A Frt.-7.SO tun. 
Mavcrlfng. Man. 7.JO p.m. Lt Barer- 
d*TO. a Month in me Country,. Otte 
Syncope,^ RO¥AL OPE ^- 

Wed- 7.30 pjn. Madame Butterfly.. 65 
Amohi ‘seats lor all pens, on hM from 
10 a.m. on day Qi port- _ ■ 

SADLER'S WELLS THEATRE. Rosebery 
Are.. E.C.I. E37 1672. last, oerfs. 
D OYLY CARTE OPERA CO. 

In Gilbert A Sullivan. Today 2-30 THE 
MIKADO. Tonight 7.30 —7— Mm- 
to Mar 4 BALLET THEATRE CON- 
TEMPQRAIN. •» 

THEATRES 

A DELPHI THEATRE. CC- 01-856 .7811. 
Evgs. 7 30. Mats. Thurs. 3.0. Sal- 4.0. 
" LONDON'S BEST NIGHT OUT. . 
IRENE - 

THE MUSICAL MUSICAL'. ‘ ' 

SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY." S. People. 

IRENE __ _ 


church authorities. are willing 
ter grant the TJrnst -a long lease 
at a nominal rent to establish 
the Tradescant Centre. A pro¬ 
minent church architect has re¬ 
ported well on thb structure p£. 
the building, and-the i project 
has already attracted the sup¬ 
port of leading nurserymen who 
have given- plants for the 
Tradescant Memorial Garden, 
at present In the care of the 
Ldndon Borough of Lambeth. 

From the start the venture 
has attracted lively enquiry 
and goodwill. The : ‘ Friends , of. 
the Tradeschnt . .Thist- .was 
formed. The ganien. Immedi¬ 
ately came under the-aegis,~of 
the Environmental. 'Committee 
of the London .Celebrations 


Committee far tbe Queeni 
Silver^ Jubilee 3976-77. in July, 
ofrfiJubiiee Year, . Queen Eliza- {£ 
betfc,.the. Queeik Mother^Voho 
had early ,expressed' 
intgresti- . visitedr. -the-. 
with « members - of'i 
Trust.. ... .• '■ 

.. ..-The--Tradescant Trust has 
been -offered ,a collection -of 
material: to form the nucleus of 
tiieVfirst .Museum of Garden His- 
-tory -and- many organisations, 
have—expressed .'thejr-strong 
.rapport'ioT both, the builcfihg 
ind- gardin. projects, : - r 
.Gifts 1 are already beginning 
to-: flow Jn. .for .the;, project 
Further infprma^fion:-Mrs. Rcse- 
'mary-Nichoisoni?. “The Little ' 
BolttmsrLondon SWifi 9LJ. : •. 


GLOBE. 01-A3T 1392. Oroen* ftb.,22 -at 
7 0 Sub*. wsl B.O-.Mau. WM . Sn 3.0 
BARRY FOSTER. CLIVE FRANCIS 
DONALD GEE. JEREMY IRONS and 
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A New Play bv SIMON GRAY- 
Directed by HAROLD PINTER 

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KING'S Ri 
Mon. to 1 
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SAVOY. 01-836 8638. 

Previews from 15th Ft*, at 0.00 pjn. 

. .. Sit, S.go. 8.00 S- : ~ ■ 

Opona 23rd Fab. 7-Ott a.m..'lh«n nMitly 
•i a.oq. Mai- wed. z.so. s«t. s.oo. e.00. 


JOHN ."FRASER 






ESTATE MU 


LONDON AND COUNTRY PROPERTY: 
LAND FOR SALE: INVESTMENTS 



A remarkable 17th CENTURY ESTATE, transformed into a HIGH CLASS HOLIDAY 
CENTRE in the heart of the CHIANTI, between Florence and Siena, offers two possibilities 
to enthusiasts of this beautiful region. 

® PURCHASE OF “ HOLIDAY-SHARES ” 

a new form of purchase which will convert your holiday expenses into a modest investment 
and will give you the annual use of a flat for your selected holiday period for ever. 

© RENTAL OF HOLIDAY FLATS 

an opportunity to try out the facilities and installations prior to possible purchase. 

SAN LUIGI RESIDENCE 

44 comfortable holiday apartments, completely furnished and equipped with central heat¬ 
ing, TV, refrigerator, dish-washer; 14 acres of parkland, heated swimming pool, floodlit 
tennis courts, riding facilities, sauna, golf-driving range, basket- and volley-ball courts, 
restaurant, bar, reception lodge, kindergarten, lounge and reading room with a wide selec¬ 
tion of literature on the historical and cultural aspects of Tuscany. 

SAN LUIGI: 

A project of one of the leading Swiss financial groups 
For information please contact: CUENDET SPA 1-53030 Strove (Siena). Tel: 01039377 / 30 . 41.25 


atthepeakof 
Welsh potential 

With Its large, multl- 
xSdUed workforce, proxim¬ 
ity to major markets and 
□alional/uitemationa! com¬ 
munications networks, this 
progressive Welsh county 
dominates the north-west¬ 
ern development scene.The 
news in Clwyd is about 
sales, not strikes - and 
it’s a great place to live, 
too. 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in¬ 
dustries - weH make you 
b deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County 'Council, 
Shire HaD, Mold (tel. Mold 
2121) for free colour 
brochure. 


ROWLAND GORRINGE & CO. 

Incorparalsd Auctioneer, and Valuers 
Land and Estate Agents—Surveyors 
42 High street LlndBeld. 

Telephone SOSO 2011 

Branches: Lauras act 4101]. Uckttrld 
net 21321. Seatord (Tel. 8939291. 


if? 




ARDINGLY— Charming delacnco modern. 
H«J period residence in rounds ot about 
11 acres and with many exposed beams. 
Occupying a favoured position between 
ArdmgW and Llndheld: halt, drawing room 
with study recess, dining room, spacious 
family room. lUTury kitchen with spilt- 
lenel cooker, utility room. 2 bathrooms. 
4 bedrooms, oaraoc. easily managed *lwl* 
tered grounds ol about 1 } acres, hard 
tennis court, full central heating. Offers 
Invited for Ute Freehold In tbe region of 
£47.000. Highly recommended. 


COTE D'AZUR—FOR SALE—VILLAS 
Non to the Golf links of CANNES 
informotfen.- 

FIR5T INTERNATIONAL 
PROMOTION COMPANY 
—I OB. Beukenlaan. 2020 Antwerpen. 
Belgium. 

—8. Rue du CommandiM SeMeetine. 

75.016 Paris, Prance. 

—and c/a 21, Pelham Crescent. 
London, S.W.7. 


PAYNE & CO. 

FOR SALE BY AUCTION 
EAST GRINSTEAD, SUSSEX 
Town centre and nation !■ miles._ In 
a much bought after rural position 
commanding outstanding southerly 
beyond to the Ashdown Forest, 
views over Weir Wood Reservoir and 

LOT 1. BUSSES FARM 
Charming XVI Century Farmhouse. 6 
bedrooms, bathroom. 2 large recep¬ 
tion, etc., with beams and mglcnook 
flnrp.ice, etc. Exfensivo farm buildings 
of a granary, barm, covered yard, etc., 
and 65 Acres. 

LOT. 2. J6NHUR5T FARM 
Architect designed home Of quality. 4 
bedrooms, 2 bathrooms, 2 very large 

rccopcion, cloakroom, etc., and 52 
Acres. 

LOT 2. Accommodation Farmland ol 
2? Acres 

AUCTION on llrti March 1978 1 unices 
previously sold). For further detailed 
particulars, apply Joint Auctioneers: 
Taylor amj Tester. 3 King Street. East 
Gn rate id. Tel. 24478 or Payne and 
Co., J23 London Road. Eut Grinsread. 
Tel. 21271. 


For sale 
Southern Tenerife 



COTE D'AZUR 

UFFI NICE 

Ip hank subsidiary) 
wiU send you its speefal edition of 

SELECTED VILLAS 

free of charge upon request to: 
UM1-3. Promenade dot Anglais, 
06000. Ni<e, France 
Tel: (91) 87 19 07 


In the sub-rropreaf garden development 
of Clu/ofa de lot CristiartO two attrac¬ 
tive retideisnal/holidsy bungalows each 
with large lounge, two double bed¬ 
rooms. kitchen with breakfast bar to 
lounge. lumber-room and garage. 
Partly furmshrd. Beautiful ornamental 
and fruit garden. Heated swimming 
pool. Surrounding wail. Sea view. 

Price: 5FR.375.OQO.— 

For she complete property or single 
bungalows with land by arrangement. 

Full details from Box No. 100.443, 
A55A. 9001 St. Gall. Switzerland. 

Local contact: Mr. Hermanns. 

Los Criicijnos. 

Telephone: 0034 22 79 11 10. 


FABULOUS FLAT TO LET. Sleeoi 7. 
All near. M.P.s. Chairmen or Embassies, 
•te. 997 6497. 

THE BE5T OPPORTUNITY for Investing In 
8rasU Real Estate, Sole consultant- 
M.cliel E'eiche. 5a* Paulo. Brazil. Tel. 
Nn. Sao Paulo 70783. Telex: 1122397 
Arab Hr. Lqntfqn Tel. No. 01-499 7710- 
RESIDENTIAL GROUND RENTS. Port. 
lOllos In Loneon i. Midlands. Produc¬ 
ing £1.150 pi. ex. amt £1.41$ pa. 
ex. respectively. For Sale as a whole 
or In leu. EDWARD SYMMONS & 
PARTNERS. Tal! 01-934 8454. 


LINCOLNSHIRE 

PRIME AGRICULTURAL 
INVESTMENT 

HALL FARM, CAYTHORP5 
422 ACRES 
{171 Hectares) 

Let on full repairing lease. 
Rent £8.500 pua. 

FOR SALE BY TENDER 

(closing dare 17th April, 1978) 

STRATTON & HOLBOROW 
Chartered Surveyors, Chartered Land 
Agents & Valuers 
Lemon Villas, 

Truro, Cornwall. 

Tel: Truro 4646/8. 


EXCHANGE 

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 l 000-£60,000 

All replies treated confidentially. 
Write Box T.4830, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


Offices 
Office sites 
Factories 
Warehouses 

Telephone: 

0733-68931 

Ext 326 

Chief Estates Surveyor 

Peterborough 

Development 

Corporation 

PO Box 3 Peterborough PEI 1UJ 



D»II«1Y LANE. 01-*34 Bios Ey-ry Mnht 
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A CHORUS LINE 

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OH I CALCUTTA 1 . 

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BEST- KAY OIL THE YEAR . 
PtaY*.i4d .Players London anties award. 


CATE TWO CINCMA. U7 7691 (fnrmrl 
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reouiro tratferv in Grain;. Proteins 
cocoa. Cofice. Sinar. Metals. Oils. Also 
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GARRICK THEATRE. 01-836 4601. 

Evgs. 8-0. Weo. Mat. 3.B. Sat. 5.1 S, B 30. 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 

In the 

-'BRILLIANT MUSICAL 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
-GO TWICE." S. Mlrlcv. Pcnch. 

"GO THREE TIMES." C. Barnes. NYT.” 


GLOBE. CC. _ 01.-W 15M. 

Last. oert*. today 6.0 *8-40. 
AMANDA BARRIE. JOHN QUENTIN 
in the -SECOND YEAR Of 
DONKEY’S' YEARS 
by MICHAEL FRAYN, 


Blast Furnaes & The Hoatwavo*. 


























































































































































































































































































































































































ANTHONY; CURTIS' 

ver rains -In Wessex but 
Last Sunday you caiild 
tie from Casterbridge-von. 
o Little HintocK the 
'Vhetyotkllandm'- (Redid 
axy 12) with only eight 
in .between ia dry :tba 

. n la k e'’ a : coppe;‘-- -^Hie 

adaptation,..- which Is 
imparts. -has reached 
.4 lb r its dolorous'course, 
radio one., which is .in 
’ started: ■ they Will 
^■lap'for the next-three. 
This deluge of- partly 
prompted, by; the; fact 


V In ■ practical '’publishing 
"his. means, that his work 
' out of- copyright and any- 
•• o wishes may have a go 
* free. Hence the flood. 
v -now you are. utterly 
.on The Ifapor,'my" advice 


Bit Gangaroo (Radio 4. February 
13)- !•■...•' i - 1 -." 

" It was the novice's'wort: that 
was!'the. more satisfying. His 
tbeme of the failed artist, a con¬ 
temporary I risk-sctj Ipior asenj pt- 
ing- to make the grade .in his 
native Dublin,.is- all to:familiar, 
hut. ^playwright bad .focused 
upon.the plight of the-poor fel¬ 
low,, played with-great relish for 
.hisranconr by Denys Hawthorne, 
from 'the unfamiliar angle or 
Ids adolescent 'daughter (Eliza- 
bet h v Lindsay> who adores’ him 
• tb .Lhe point of idolatry. He loses 


Reputations in retrospect The Corn 

BY WILLIAM PACKER /$ ^£. 0.71 




Lidio 


iot let it cause you to 
; -. The Woodlanders which 

- off to a quietly promising 
-. 3y the end of the hour 
1 outh (Selina CadeJL) had 
-torn of those beautiful 

- tresses which had been 
red to the head of the 
fatale, Felice Charmond 
Mann), and Felice’s fate 

. . t made a brief appear- 
the end of the episode 
form of Dr. Fitzpiers 
^Jnstruml. All is there- 
J'feclly poised, for disaster. 
■ is one other character, 
t presence, in the book 
is also emerged palpably 
s adaptation by Desmond 
j . and that is the trees 
* the woodlanders tend. 
, an die those roots as if 
re women’s hair,” say’s 
o the sound of timber 
Hied. This subtlety of 
. n nature compensates in 
or the tortuous improba- 
the plot; texture is, to 
r ' i. the weak element in 
?vision serial, and it 
: if it is likely to be the 
one on radio. • Brian 
- ,i Bristol is the producer 
‘ v sensitive cast- - have 
l ‘ themselves with " a 
'selection of Dorsetshire 

Cregan is a practised 
writing plays Jor radio; 
irrie had never had a 

- -formed on radjo until 

iday. Of Cregan’s The 
if (Radio 3. February 
Berne's The Duck and 


observes him in relation to aj 
fellow Irish artist (Kevin Find) 
who has' become air international 
celebrity. Here ■ yoti vh'ad yet 
another advantage of.-radio over 
other dramatic media:.its ability 
to cast mature performers in the 
roles oF children and let . them 
express the ruthlessness of child¬ 
hood perceptions ' through the 
illusion of the voice. . ; 

This was the heart of the 
matter in Mr. Berried eloquent 
script directed by Richard Won- 
ley. ft charted in wonderfully 
accurate detail' the crumbling nf 
the hero's personality under the 
searchlight beam of bis daugh¬ 
ter’s disillusioned gaze. A pro¬ 
mising debut, aided, by an excel¬ 
lent Irish oast. 

Mr. Cretan's The Monument 
was more ambitious .but inevit¬ 
ably more diffuse. . It takes a 
museum at the moment. when 
a new director (Timothy West) 
has been appointed, with all that 
appointment implies of innova¬ 
tion and disruption for the die¬ 
hard permanent staff, as a micro¬ 
cosm of modern society. It is a 
felicitous notion positively brim¬ 
ming with Orwellian possibilities: 
many of these were indeed 
exploited by the author, with 
suitable backrUp' in the form- of 
sound effects by the play’s, direc¬ 
tor (John Tydeman)! 

The various pressure groups 
that hampered the new museum 
director’s enlightened policy of 
making the museum a living 
model rather than a collection 
of dead objects, the .hideous 
powerlessness of the-main at the 
top., were points 'made- ihany 
thnes over in the- course <Jf the 
play. On one side were, the 
wardens; on another the keepers, 
and in the middle the poor public 
whose needs were no concern of 
either of these opposed factions. 
Among the wardens,—a most 
malevolent note was struck by 
their chief, given a demotic 
growl of a voice “by Timothy 
Bateson. 





USA/Green Carpet " by Anthony Green 


alter Klien 


:3AVID MURRAY: 

lien is offering' - four 
-jn -an identical- plan; a 
ubert sonata" preceded 
is Mozart works. Tburs- 
tal at the Elizabeth Hall, 

- began with the much- 
''major Sonata, K; 331, of 

nd concluded with Schu> 
ortlessly glowing one in 

- key/ Klien did nothing 
inise the "heavenly 
of the latter (in any 

, ’rt attempts to dp so 
prove lethal). His 
Allegro was that only in 
-it for a few bars-here 
re; it sounded loose¬ 
ner haps, but his tender 
with it permitted 
'13 explorations. The 
0 sang evenly and. in¬ 
i'—before and after .an 
resolute sketch of "its 
ection. 

made the Scherzo in- 

* 'aright, perfectly, judged 
ntext, and then melted 
Into the Rondo (with 
ingerwslips . than . one 
Jn Schubert); - It is. 

-t - that its' irresistible 
'is meant rather -to 
an to cajole, but Klien 

• so wistfully that argu- 
-ild be due .. 0 / place.. Oh 
.page, where the'nine 
singly as if trying to 



jble 

r ty 


•'5 no doubt that Charles 
isoii (1791-1S56). third 
, ‘iles Mason. Chinaman 
2 ), was an cm rep re- 
had flair plus a streak 
-'■ssness. .• 

when Iheir father re- 
took over, with his 
■ George, the family's 
: rhjna-raaklng works at 
.One of the first things 

- antes did was to nuke 
. Ironstone, the tough, 

henware with a tinge 
•ag in it developed by 
^‘Senior, was safely 
> At 24 he married 
' ipodc, daughter of 
:• pode, the last of the 
poticrs, and grand- 
of Josiali Spode I. 
y Idn’l have done him 
’1 business-wise, as in 
year the Mason 
>. were able to buy Fen- 
Works when Josiah’s 
-' the site ran out, . 

■. Charles James’ seLHtig 

- -±iat upset his compete 
-^T.rhe vast quantities. of 

. pieces produced at tiie 


evade" "an : ending,.-Wien needed i 
only.'.to draw .out the sigh which 
be had slipped into it Mini the 
first. If the effect of the whdie 
work was discursive, it was 
warmly expansive too—there is 
everything to be said for not 
faking a Beethovenian urgency 
in thts music. =. 

in Mozart Ki ten's manner was 
quite different, and different for 
each of the sonatas be played. 
The famous opening Variations 
of the A major were. impec¬ 
cably tactful, smoothly even, 
almost neutral; the Minuet and 
the Turkish Rondo rang out 
more boldly. The other sonata 
wan the A minor, K. 310. which 
proposes more in the way of 
high drama, and Klien 
sharpened its contrasts 
daringly.; even dividing its 
opening subject into a strident 
challenge . followed by a 
timorous whisper. He made 
the accompaniment of the 
■ Presto into an Impressionist 
murmur, an effect hardly avail¬ 
able on any of Mozart's Instru¬ 
ments, There was more self- 
conscious colouring, always 
thoughtfully , (if self-con¬ 
sciously) applied: his deep 
sympathy with the music guaran¬ 
teed that such discreet tinting 
will not be merely cosmetic. i 


great new factory the Masons 
had built on the site of the ©Id’. 
Stoxue Works, were sold by 
auction around fee country, 
often under ah.assumed name.' 
This procedure flooded the" 
market, undercutting the other 
Staffordshire pottery manufac¬ 
turers, and destroying the retail 
trade. In 1S18 the Edinburgh 
firm of Child and Co. wrote:. “At 
last the Masons have opened out 
their forty Hogshead Stoneware 
and China here, and are selling 
by auction, which circumstances 
of course for ever closes our 
account with them." 

The colourful Chinese-styled 
** Japan'" patterns with their 
i rich underglaze blue and over- 
r glaze reds, and greens and gilt. 

1 - were the designs most favoured 
■. for the large dinner and dessert 
. services listed in the catalogues- 
of ISIS and 1822. Some fine 
blueground ware was delicately 
' enamelled with birds, more 
! costly than the repetitive Japan 
! patterns—a Noble Lofty Jar 
j with cover, surmounted with 
, griffins, had a reserve of nine 
guineas—while a 45 -piece tea set 
[ with .Sowers was allocated 30 
J-shiHings. 

The production of as many 
^ lots as possible for the auction 

■ sales at the least possible cost. 

! meant the ii« of cheap child 
’ labour. The Great Potteries 

■ strike of-183M7, the complaints 
1 made -against the C. J- Mason 
1 factory, in The Potters’ 

1 Examiner, during 1343 and 1844. 

’ and the saturated market of the 
5 1840s when the traditional 
. Chinese-style designs became 
' outmoded, ninst all eventually 

- have contributed, rto Charles. 
t James Mason’s .bankruptcy in 
; February, 1848. ‘ 1 


Ten yean can make an enor¬ 
mous difference in : the way we 
see and respond to art. Tor 
nothing Is ever fixed and immut¬ 
able. It may be that a major 
discovery, or disaster, has trans¬ 
formed in the meantime our 
whole perception of [be world, 
or merely that a general taste 
has modified with fashion, while 
we have been growing a tittle 
older: in either case nothing 15 
ever quite as we thought it was. 

Peter Lanyon was killed in a 
gliding accident in 1964 at just 
the time when his work was 
entering a new and lively phase. 
He was 46 years old. and bis 
reputation stood high, at least 
in this country, a leading mem¬ 
ber of (he group of artists 
centred on SL Ives in Cornwall, 
widely travelled nevertheless, 
latterly in America, and with a 
growing international name. He 
seemed to be the type of a brave 
new school of English artists. , 

But that was also the time 
when the American tidal wave 
was swamping everyone, and it 
was hard 10 draw nice distinc¬ 
tions between European and 
transatlantic experience and 
sensibility; and the Americans, 
(lushed with success, were in¬ 
clined to arrogate to themselves 
the contemporary pre-eminence. 
The independent history of post¬ 
war "European., abstraction and 
expressionism was conveniently 
forgotten: the work in this 
country of such artists as Davie, 
Heron and Scott, for example, 
blithely overlooked.. 

Npw, however, in the excellent 
Whitworth‘show (until March 4. 
after which’it tours to Glasgow— 
April, Cambridge—May, St Ives 
“July, and Bristol—August/ 
September) we are given a very 
different impression; and Lanyon 
begins to appear as hardly 
abstract ar all, but essentially a 
landscape painter whose work is 
simplified and abstracted from 
particular reference, and always 
highly charged with symbol and 
association. His physical involve¬ 
ment in the. landscape, his 
emotional and moral identifica¬ 
tion with the history of Cornwall 
and its - people, are given direct, 
sometimes almost openly 
political expression, and we are 
encouraged in this rather literal 
account of the work by Lanyon’s 
own occasional glosses, that are 
frequently, and usefully, quoted 
hy; - Andrew Causey in his 
admirable commentary supplied 
In the catalogue. 

We are taken through the 
career chronologically, phase by 


phase, each clearly identified 
and set out. Lahyon's posi¬ 
tion in relation to Ihp art of 
recent times, too, is made much 
clearer, showing us the in¬ 
fluences upon him as a young 
man of Ben Nicholson and 
Alfred Wallis, the sophisticated 
play off Pop Art towards the 
enu or his life. and. in the years 
between, the natural sympathy 
for the new American painting 
as It became known 10 him. 
Thpre were the other, personal 
and technical influences upon 



him, the gliding that he took to 
in 1959 that provided bint with 
neither generalised nor loosely 
atmospheric but with specific 
imagery, that he expressed in 
surprisingly diagrammatic map¬ 
like paintings and collages; and 
there was the incipient use of 
photography, that in his very last 
works was bringing him back to 
more local and architectural 
material. 

Some miles up the road. a( 
the Rochdale Art Gallery (until 
February 26) painting of quite 
another kind is to be seen in- 
a highly, selective review of 
Anthony Green's ' work of the 
past ten years. Green is the 
latest in that fascinating line of 
what we might call not eccen¬ 
tric's exactly, but English idio- 
syncratics. that in its time has 
included artists such as Peter 


Theatres 
this week 

THEATRE UPSTAIRS—fn the 
Blood. Uneventful lives in a 
beadshriuking clinic; the 18-year- 
oid writer shows promise but not 
yet achievement. Reviewed 
Tuesday/Wednesday. 

OLIVIER—The Cherry Orchard. 
Sound, conventional production 
with Dorothy Tutin as Kanev¬ 
skaya and Albert Finney as 
Lopakhin. Reviewed Wednesday/ 
Thursday. 

COTTE5LOE—Loire Letters on 
Blue Paper. .For Wesker addicts 
only—a static examination of the 
deathbed of a trade union 
tycoon. Reviewed Thursday/ 
Friday. 

GARRICK—Side bp Side bp 


Blake, Stanley Spencer. Edward 
Burra, and hack through the 
odder Victorians even to Fuseli. 
His work is unequivocally figura¬ 
tive, his subject his life and 
dreams, which he retails to us 
in a gleefully frank and ever 
more detailed senes of paint¬ 
ings, sophisticated. skilful—if 
sometimes a little slapdash tech¬ 
nically—far from naive. 

The continuity over the 
decade is unbroken, one thing 
leading fairly clearly to another, 
though the American work of 
the late si:<ue.>. the earliest we 
see. is rather more detached and. 
ironical in it« observation, and 
more knowing in its references 
to other arl. an oblique comment 
on David Hockney, perhaps, a 
nod to modern colour-field paint¬ 
ing, and, in the insistent decora¬ 
tion. a real salute to Persian and 
Mughal miniatures. More 
recently the decorative element 
has been absorbed into the 
general imagery, the enclosing 
bric-a-brac of suburban domes¬ 
ticity: chair covers, chintz and; 
carpets, curly china and summer 
frocks, flower arrangements and 
Wool worths frames. Everything 
is subjected to ihe same unremit-1 
ting gaze, itac aesthetic double-: 
take, the kitsch indulgence in' 
awfulncsi marching hand in 
hand with the straight love or 
ROweCs. girls and .pretty things.! 

The exhibition tours through-1 
out the summer, going to the I 
Alappin. Sheffield, next, and on 
to Southampton. Birmingham,, 
Belfast and finally to the Royal 
Academy in London. 


BY B. A. YOUN0 

Emlyn Williams's ha If-auto¬ 
biographical play, given an 
endearing- production at the 
Yvonne Arnaud Theatre at Guild¬ 
ford under Peter Coe, turns out 
to be a real period piece. Not 
only is the story of young 
Morgan Evans and his education 
tricked out with the subplot of 
naughty Bessie Watty and her 
baby, wbicb might have come 
from a Victorian melodrama, but 
the whole educational pattern Is 
revealed as something young 
people to-day might find in¬ 
credible. If Morgan from the 
mines—the place South Wales, 
the date the end of the last 
century—wins a scholarship at 
Oxford, this “ may ehange the 
whole pattern of rural educa¬ 
tion.” To-day the universities 
are thick with miners’ children. 

The play is so firmly based on 
the author's own early life, set 
out in more detail in his first 
volume of autobiography, 
George, that it would be im-. 
pertinent to challenge Its basis 1 
as unlikely. There really was a 
hoy from the mines whose talent i 
was fostered by a lady devoted 
to amateur education. Miss 
Moffat, as she is called in the 
play, did indeed start her village 
school in the teeth of the gentry 
just as Mr. Williams shows her. 

This part of the play is 
magical. Mr. Williams has im¬ 
proved on truth by setting it 
back a couple of decades in 
time, when education was less 
bishly prized than to-day and 



Sondheim. A third cast takes 
□ver this matchless feast of song. 
Reviewed Friday 

. . . and next 

Monday. David Suchet in Tol¬ 
stoy's SreuTzer Sonata (reviewed 
here January 3-t) from the 
Theatre Upstairs to the Royal 
Court, joined by a new produc¬ 
tion of Chekhov’s The Bear. 
Bodies by James Saunders at 
Hampstead. Tuesday, Aiurder 
among Friends at the Savoy and j 
a Tennessee Williams new to us. 
The Kingdom of Earth, at Bristol. 
Wednesday. The Bear Column, a! 
colonial tale by Simon Gray, at 
the Globe: Antony and Cleopatra 
back at the Old Vic. Thursday, 
David Rabe's vaunted Streamers 
at Ihe Round House. Lady Harry \ 
at The Savoy. Friday. Outside 
fhe Whale at the Bush, and ati 
Nottingham Playhouse O'Casey's: 
The Shodmr of a Gunman. 



Part of Mason's Irorutons dinner service of 90 pieces, estimated to make between £1-43,000 at 
j on February 27* 


Christie's 


Mason ware collectors are 
well catered for. both by 
specialist dealers and reference 
works. ' Last year an exhibition 
of,Mason’s Ironstone was put on 
at'Saimesbury Hall, Salmesbury, 
Preston, and if you are lucky 
there may still be a catalogue 
going at £1, post freel Reginald 
Haggar and Elizabeth Adams’ 
scholarly new book. Mason Por- 
cefoin and ironstone, 1756*1853 
.(Fabef.'and Fa her,. £15), lx a 
handsomely Illustrated and 
deeply researched monograph 


featuring pastes, marts, shapes 
and patterns, as well as the 
story of (he family. Mr. Haggar 
is also president of the. Mason 
Collectors’ Club, which meets 
quarterly at the Potteries on 
Saturday afternoons, with a 
news-letter for out-of-town mem¬ 
bers. Details from the secretary, 
Elizabeth Jenkins. Mason’s Iron¬ 
stone, Hanley, Stoke-on-Trent, 
who will also send a new short 
Illustrated history of the fac¬ 
tory which has been part of the 
Wedgwood group al&ce 1973. 


Contemporary Chinaman 
Geoffrey Godden has augmented 
his equally absorbing Illustrated 
Guide to Mason's Patent Iron¬ 
stone China (Barrie and Je-> 
kins, 1971), with a tape-recorded 
talk oo Miles Mason's pottery 
ud porcelain. A brilliant 
home-study idea, this is one of 
a series of cassettes (there are 
three others, on the porcelain 
of Lowestoft, Caughley and 
Chamberlain Worcester, with 
Coalpori, Chelsea a^d New Hall 
to 00 me) where an 80-minute 


the mineowners—private citizens 
—reckoned that boys of 13 were 
better occupied in hewing coal 
than in learning grammar. Miss 
Moffat, it must be confessed, is 
a selfish woman who acts solely 
to gratify herself: when Morgan 
confronts her with a bout of 
opposition that is clearly a 
demand for sympathy, she only 
replies that she has invested a 
lot of time and money in him 
and she isn't going to have them 
wasted. Annette Crosbie plays 
the determined lady teacher 
beautifully, but she does not in¬ 
corporate the nastiness. 

There is always difficulty in 
getting- the children young 
enough; John Francis makes 
Morgan a young man from the 
start, and considering how 
tongue-tide he always has to be, 
he injects enough personality 
into him to flare up convinc¬ 
ingly at the point where, like 
Beatie in Boots, he suddenly 
starts talking with his own voice. 
The others include an enchant¬ 
ing 13-year-old, Emyr Jones, 
whose Welsh is more fluent than 
his English. (There is much 
Welsh dialogue, ail I am told, 
impeccable.) 

Mrs. Watty and Bessie arc 
clearly put in for light relief, 
providing what I think of as 
Kathleen Harrison humour 
neatly enough as played by 
Fanny Carby and Penny Irving. 
Miss Irving, never on the stage 
before, plays too mucb to 
Cockney stereotype, save when 
she accidentally becomes posh, 
but offers an uncommonly lively 
performance. She should not 
sing so well, though: she's not a 
cboirgir! but a teenage slut. 

Aubrey Richards and Wendy 
Willjams complete rhe teaching 
staff and Richard Butler does 
what he can with the ludicrous 
parody parr of the Squire, which 
is not much. 


lecture is complemented by a 
booklet showing some 70 charac¬ 
teristic pieces of the ware con¬ 
cerned . 

The Godden tapes cost £5 
each, including postage in the 
British Isles (S10 in North 
America). Send the appropriate 
payment to Geoffrey Godden, 
17-19 Crescent Road, Worthing. 
Sussex, and he will also enclose 
details of his highly successful 
“teach-ins” (the next one is 
“ English Porcelains. Mainly for 
Beginners," on Saturday-Sun- 
day April S-9), which costs £16! 
for the two-day course including, 
lunch, coffee, and tea each day. 
but not accommodation, as well 
as his autngraphed book-plates 
for his numerous works of 
reference on pottery and porce¬ 
lain. Or just send a targe s.a.e. 
Tor general details nf the various 
Gndden enterprises which 
include an identification service. 

Gillian and Michael Austin are 
specialists in Mason's too, 
selling by post for the last ten 
years. To receive a list of Iheir 
stock, send stamped addressed 
envelope to Austin Antiques, 
The Old Forge. Stoke Street, 
Gregory, Taunton, Somerset 
Hydra-shaped jugs in the Japan 
pattern, cl825, can be bought 
for around £20, Mason's 
‘'tjvlfflers” (eight-inch plates) 
arid coffee cans, are £18 or so. 
with the occasional odd plate at 
£6. The enormous dinner suites 
are popular with Americans, 
and there is a splendid 90-piece 
Mason’s Ironstone dinner service 
decorated in the Oriental style 
in bine, pink, green and orange, 
with pheasants perched on 
flowering peony In Christie's 
sale on February 27, estimated 
to fetch between £2-3.000. 

JUNE FIELD 



Madras Native Infantry Uniform 
Sale, Thursday, February 23 

When Edward Green went out to India fa 1S2S at the 
age of J7 as on ensign in the Second Regiment of Madras 
Native Infamry his uniform did not vary much from that 
of an officer in the army at home. His coat was wasp- 
waisled, his collar was high and the whole was scarlet doth 
with gold lace. Only slight variations were made for 
local conditions—‘the facecloth was lighter and .the breeches 
were made of crepe de Chine or thin stockinette. His blue 
undress frock coat -which he would have worn on campaign 
is of very thin facecloth- A more interesting difference 
from * a home ’ uniform was an his shell jacket which 
was lined with Chinese silk. Edward Green became a 
captain and served in .the Opium War tailing his uniform 
in a Chinese lacquer trunk in which it stayed when he 
died at sea 00 his way back to India. The uniform, still 
in its trunk, is being sold at Christie's South Kensington 
in a sale of Uniforms, Swords. Militaria. Costume. Textiles, 
Embroidery and Fans on Thursday. February' 23rd at 2 <p,ra. 
For further information on this sale, please contact 
Susan Mayor at Christie's South Kensington, 85 Old 
Brompton Road, Loudon SW? 3JS. Tel: 581 2231. 


Very Special Commemorative Postage Stamps 
25th ANNIVERSARY OF THE CORONATION 
OF QUEEN ELIZABETH II1953-1978 

During the next few ... . ... i m. . 

months Great Bri- , .. 

tain. Jersey. Guem- ££/ . . 

sey. Isle of Man and * "" 4 

wealth countries will ^ " 

commemorate the ""JlKlff 

25th Anniversary of .-vV^V MONTSKKRAT 40 i 

the Queen's Corona¬ 
tion (2nd June 1953) .. . 

As usual with * Omnibus' issues of tbls nature Urch Harris & 
Co. Ltd. are producing very special, individually numbered, 
presentation packs containing mint sets of these stamps for 
which our prices will be based on the face value of the stamps 
plus a nominal 25%. 

SEND TODAY FOR FULL DETAILS—WITHOUT OBLIGATION 


To: URCH HARRIS & CO. LTD., | 

7. Richmond Hill Avenue, Bristol BSS 1BQ. f 

25th Anniversary Of Coronation Postage Stamps j 

Dear Sirs, } 

Please send me. without obligation, full details! 
of the special, Individually numbered, presentation 1 
packs which you are producing in connection with | 
the above postage stamps. | 


Address .—. 


BLOCK 

LETTERS 

PLEASE 


FINE STAMPS 

AN ALTERNATIVE 
INVESTMENT 

Fa- fully dexripfite broths* 
write to:— 

U. H. HNE STAMP 
INVESTMENT SERVICE 
<FJ.) 

9, Christmas Steps. 
BRISTOL BS1 5B5. 

Telephone: 0272 20442. 


CLUBS 


ART GALLERIES 


AGNCW GALLERY. 43. Old Bond St.. 
W.l. 01-329 8175 105th ANNUAL 

WATERCOLOURS EXHIBITION. Until 24 
Feb Mon.-Frl. 9.30-5 SO Ttiuri. unlit 7. 



BROWSE a DARBY. 19. Cork st.. Recent 
Paintings JOHN NAPPER until 25th 
Feb. Mon.-Fri. 10 to 5.SO. Sat. 10-12.30 



CLOSE M4 

Last two units remaining on new 
prestige Warehouse/Factory development 


mm 



BB Hp 

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Unit 1.3I,!S9sq. ft. Unit 2.21,726 sq.ft 
IMMEDIATE OCCUPATION. No LD.C. required 


^Phoenix Chamberlain 

Beard &Willows 

IS Hanover Street Hafe House Green Lanes 

London WIR 9HG 01493 4213 London NI3 5GT 01 882 4633 


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10 


OVERSEAS NEWS 


r Flnanclai ; -Times; 


RHODESIA 


Broad agreement on 
interim Government 


BY TONY HAWKINS 


SALISBURY. Feb. 17. 


BRITAIN’S TINY SOUTH PACIFIC TERRITORY OF TUVALU HEADS FOR INDEPENDENCE 

Breaking away with a prayer but no wings 


BY MARTIN DICKSON 


rule settlement here with the Rhodesian Government will 
Rhodesian Government are respond to the nationalist 
understood to-day to have agreed formula when the talks resume 
tb the broad composition of an on .Monday- 

interim government. There is our Foreign Staff adds; The. 
•however, disagreement on the internal talks were roundly coo*! 


0\ OCTOBER 1 the Union -lack to make a round trip from the The Tuvaluans are Polynesian 

a.iuwoun*. rL ' ,J ‘ l, ‘ | wi ,| he i nw - r p d f 0r last time capital. Funafuti.. Just to bring The Gilbertese to the north are 

TTlE THREE BLACK nationalist of office and replaced by blacki _ . riim 12 members of the Tuvalu House Micronesians. Long standing 

ipiders negotiating a majority ministers with full powers. Thej on one ' ‘ , of Assembly together is a sub- rivalry between the two. came to 

narus of the British empire, stautial undertaking. a head at the start oMbe decade 

Nine palm-covered coral atolls Coral reefs prevent the when the Tuvaluans, seeing that 
in the South Pacific will become Nivanga entering the Tuvaluan their Islands were developing 

the tiny sovereign stale of lagoons at all but two of the more slowly than the Gilberts, 

Tuvalu. islands, It has to load its cargo decided they wanted to separate. 

, . , .-. . . - - --. —- ; It will be one of.the smallest t n, ° whaleboats, which then wait Britain was understandably re¬ 

role of the existing mainly white detuned yesterday by bolb! and least developed independent a Iwgc enough wave, to shoot j uc t an j { 0 see one already small 
parliament during the transition leaders of the Patriotic Front igtates io the world. This does them safely over the reefs, territory divide into iwo even 
to majority rule. which is now waging war against I not worry the Tuvaluans, who are Romantic though this may smaller ones. It agreed to 

The nationalists are unacr- y r> Smith's Government At a j proudly awaiting the cutting of sound, accidents are nor separation provided a majority 
stood ^ have agreed on. a con- Press con f e rence in Lusaka. Mr.! lhe colonial ties, “independence common. Cargo, and limbs are of EUice Zanders supported 
sensus formula Joshua Nkomo called the Sslis-1 now i s the wish of the people.” * ost - this in a referendum, but the 

would be an e( iua‘ snaring our faury agreement " the greatest, MVS Mr. Toalipi Lauti. the thick- The Tuvaluans are honing that British laid down tough condi- 

set, soft spoken ChieF Minister, they will soon be able to set up tions: if .the EUice Islanders went 
who was in London this week for their own flying boat service, their own way they would take 
a pre-Independence constitutional which, apart from anything else, with them only the good ship 
conference. will help save lives. It is esti- Nivanga and any assets already 

ir envj ii h*9iit iFni tv- n mated that atleasl 33 Sick people in their islands. 

T 5 " ,J " ,s h " U, ' f,jl - ‘ > " !n could have been saved from Thev „„ share in 


of posts among the four parties sellout in the history of Africa, 
concerned in a two-tier adimnis- He threatened to disrupt any 
tration. The top tier—or execu- e | eC iious which might be held 
tive—would encompass the four undcr 3n agreement, declaring 
leaders or their nominees, while |h ar polling booths “are a inili- 
thcre wr»u)d he either IS or -4 lary tar ^t since tthe elections) 
Cahinet ministers on the second arp a3a inst the interests of the 
tier—four or six From eacn peo pje.- 
party. This would mean that al j n Maputo, the Zanu 
executive level Rhodesia would thp pF conle nded that 
have a majority black Cabinet settlement whiles wou 


S SIX 


Gilfawt' 
b. 


nTUVALU 


Ti 

M t, i 

Haw 

Htfendw 

Cjtakmn 


s 


RIU 


Tung* 


: . 'Nina . - 

fcartht 


B t 'l t l ' /■WiwNi 

:twn um>■ 1 - 


/ 




partieshold 
summit 
meeting , 


who refuse to lend tb depen-.l 

dencies. !..... .... 

The Japanese seem likely to be i .. -• ; ROME,-Feb. 17... 
substantial aid donors. Japanese J A SIX PASTY summit mating i ? 

‘ presided'over ; Sis Giuho 


fleets Ash heavily in the waters 
around Tuvalu, and Tokyo, will 
I. want to keep on good terms with 
(• Funafuti once the 200-mi/e zone 
is declared. The Tuvaluans hope 
•that some day they will .be : .sWe 
Io set up joint ventures .win 
foreign fishing concents. 

Another major threst of its 
development programme is--for 

- the establishment of numerous] 
small-scale industries,- employing 

7 perhaps 20 men each.- There'is a 

- scheme (or a soap works, using 
coconut oil. and for the island id 
refine its own salL . ..... 

.• These would ailow a valuable 
saving of foreign . exchange. 

The delegation did not get alT. Tuvalu's foreign exchange 

from. just three 
's exports of 


German vessels- The 


postage stamps 

aou- , -, ........... .. v.«>*sor. •!*«*, , from the remit- 

wit h in week? as there is optimism ^“eontrol nTthV public s^rvTce’i mi,e ' ,tm S chain - have a ,0la! ltmilf* that Ttanfa'intends ! '"to *!** , Banabansand adininistra- tary aid. The Tuvaluans, he-said,, tances of islanders working 
ih Salisbury that agreement will ‘",1^ 3nd defence fircS ”t! l" nd area ° r only 10 square miles. u ** ,y p>rt 0f - lh * G, l bWTs ‘ no ,onger Celt , 1,ke ' Bn toM»9j abroad, notably as seamen aboard 

■....I. ' rejected the settlement out of, ama < '"nnn #>f tViorn' around Ihe^lSdl^Some^Vhs The terms of rhe spllt-and the - unwanted children." West ' 

w^k. hand and , ald it would intensify | J. 0 -? 00 citizens. 2.000 of them - j—,-• . 

However, predictably, there is DUer ,]i a war I living abroad. In 1976. the terri 

disasreement on the role of the ' ** _ , .. ... 1 tory's recurrent budget was esti 

existing parliament during the R'chard Lvans. •“"by e “' ,or ; mated at a mere SAl.Tm. tf lm.) 

transition which would ,as ' ff"*; 'ST.h! abouf tte^roTI The strongly Christian Tuva- one"^^dinghv wiih"an' outboard T ra,,, Y ca - ™ « separation, there was far -more auiuau ' , ^ v 

peels For an internal Rhodesia I' uans ma - v ^ enuring Indepen- motor. ! cnns.derab e de velopraentintheGilberts:thia The 

than they have'^ ence on a prayer but^as jet they N or has this week's constitu 



__ ________rankles. The Tuvaluans came to .Z2L abroad. 

hetween six months and a year __ 

The nationalists want it P ecls r0r an t h^‘‘“fie^havl^ 1 on a pVayer'bufas yeT-they has week .. constitu . financial aid. in^'^rEUfeelsiahdr'ft !b onlf vifaj^‘worries Life on the islands 

m&zfjs SlrSF «£ SS1S25S 

rnnstituMon 7nr the referendum Rhodesian Premier. ] Only one ocean-going ship, the present the problems facing a member or the unofficial oppo- 10 caler for 1116 tatB lhe lsla0 . — 

Mr Smith has ornmised the white A Tor> front bench spokesman.: 100-lon Nivanga. plies between Rhodesia or Belize. The sition, who told the British; ‘sianas. - . Mr. Lauti for one, ^eeras to 

electorate and possiblv. for a insisted last night that the Party the scattered atolls At SA 1,000 Tuvaluans came to London “ You may have noticed that we After independence Tuvalu have no major fears .for the 

store budget could not pre-judge n non-a day. its running costs are one suspicious of lhe British, a mood have come carrying empty brief will eventually lose British assist future: “ After alir’-he says with 

But the nationalists dn not pxistent agreement and would of the biggest items in the terri- bred from resentment over the cases in the hope ihai they will lance with the recurr.enGbudgdt,; wry understatement, “ nur people 

wnnt an arran"i’m*‘nt wherehv have to await completion of lhe. tory’s budget. Even in good terms under which the Gilbert be filled with pound notes to but it will be able to draw on a have lived in Tuvalu for 

thp black minister? would run talks before taking a formal view ; weather, it can take a fortnight and Ellice Islands separaied. lake back home.” - rar wider circle of aid donors Thousands of years." 

IJie risk nf havins their proposal? The comment followed a report! ^ " nr ' ' *" ’ • •••'’•' . - ~ ' 

voted clown by the white majority ^hal advance assurances had' 
in oarliament. Furthermore, thev been given by the Conservative! 
believe it will be easier to sell front bench thal they would I 
the deal internationally if the support Bishop Muzorewa’s 
Rhodesian oarliament cea*es to position in achieving an internal 
function But Mr. Smith i? settlement, and that these assur- 
undcrstandably unhappy about ances had been passed on to Mr. 
this as he has always promised Smith. 

that oarliament will remain The two factors the Conserva- ( 
sovereign until the electorate lives are now looking for are ! 
has had an opportunity to decide support from the British Govern-J 
nn the constitutional terms ar ment to ensure lhar maximum J 
th** nlanned referendum. progress is made in the internal! 

Mr. Smith also wants his talks—a positive rather than | 
evJrtiTig ministers to remain in negative altitude—and for' 
office—possibly sharing pnrt- Patriotic Front representatives] 
folios with the new black mini- to take part in the next stages : 
sters—-but the nationalists want of progress towards Free 
to see some of the whites out elections. 


Danish 

politician 

fined 


By Hilary Barnes 

COPENHAGEN. Feb. 17. 
COPENHAGEN City Court 
to-day fined Mr. Mogetts 


W. German steelworkers reach accord 


BY JONATHAN CARR 


BONN, Feb.-17. 


Andreoftt. tite' prime '. minister- / 
designate, ,'faiied to-night-to - 
resolve the .month Jong Italian? ' 
Government- crisis, -alter;, the- 
CbhjmuQists Party fPCl) bad izh 
slsted on its Inclusion in a clear ■ 
Parliamentary majority as ■ th? 
price for its support for a Dew- 

administration. >f • - 

. Still:'at:issue are aspects of, 
Sig- Andreotti's projected emer¬ 
gency economic programme.. At 
a separate meeting here to^ay, 
leaders .of ltaly.’a. trade uniartr 
confederations expressed - their, 
reservations at some aspects of 
the .plan' and-their, opposition to 
other provisions. , 2 ' 

. Jtowever, it .is. now clear that; 
political faStdrs are holding, ua, 
the formation of alnew mtixority: 
Christian - : Democrat ' : {D^",.' 
Govern tnetit.. not .disagreementa] -' 
on .ecojibniic'measures to tackle * 
the developing rec^sieh' and the., 
sharp increase in’ unemploy¬ 
ment. : • 

Basically, backbenchers In Sig. 
Andreottfs DG 3 Patty are reluc¬ 
tant- to_ concede .to the - Com - j]i 
nrunists a place In ^-parUameri- ^ 
tary majority: which, uniquely in 
the last 30 years, would see the 
PCI. voting L in • > confidence ? 
motion, in sappbrt bf a' Christian 
Democrat-Government. i' 

The- prime ntinister-desiginate 
clearly; ^wishes associate - the,. 
Communists and othm" Opposi-’ 
tiori parties - directiy vurjth- thtf ■ 
unpopular r economic measures'; 
whVch. it .is conceded, -generaltp 
here, are how inevitable. At ttit. 
same tiiriei. the DC does not 
to forfeit 'its 1 stance with 
electorate as the one major party; ‘ 
c 1 early.in oppostiiontn.tile rising; 
Commuhist ride in .Italy.'-'. ] 


Arms talks 
deadlocked 


Soweto blacks ignore 
community elections 

BY QUENTIN PEEL 

JOHANNESBURG. Feb. 17. 

RESIDENTS of Soweto. South Gaisba Buthclezi. the influential 
Africa's main urban black cum- Zulu leader who urge d his sup-i 
munitv gu to lhe polls to-mnrrow porters nut to stand as candi-i 
to elect a now Inca! authorin' for dates while the Committee i 
the first lime since the riots of members were in detention. i 
1976, but lhe elections 3re ex- Apathy and outright rejection] 
peeled io he a non-event. of the Comrauniiy Councils in! 

The maiorilv of seal? Tor the Sowot o « a serious set-back for; 

planned Community Council. 19 ^ ^Sm^ en urhro' hi- ck^m ! 
nut of 30. have no candidaie? !ht? roumrvs urban black com-. 

standing, while another nine . n ’ un,lv - , Cnnn J e M «\ de ? 

have been returned unopposed. . ne ) v M,n, ; s . ,er . ® ,a . ck ! 
leaving only two scats being con- Affairs (now called Plural Rela- 
tested. Soweio has a population t, . ons . aQd Development!, has, 
of well over Im. people, of “'ready announced that he will, 
whom some 300.000 are estimated attempt to hold by-elections in 
to be eligible lo vole. However ^e uncontested seats in an effort 
only 126.700 have actually regis- to make the council? more repre- 
tered. antf of ibem. only 8.000 ■seniative. ... . I 

live in the two contested wards. The councils bave been j 
meaning that rather less than rejected by the Committee of 10 1 
3' per ceni. of the eligible voters other urban blacks as noth- 
will actually have an opportunity ing more than imitations of the 
lo register their views. former urban Bantu councils. 

The lack nf interest in lhe poll which were simply advisory 
follow? a widespread cainpaian bodies making recommendations 
against the Community Councils th* white-run Bantu admini- 
bv'urhan black leaders, including si ration Board?, the effective 
lhe .Soweto Committee of JO. all authority in black townships, 
of whose members were detained However, two have been succesa- 
hv Mr. .limmv Kruger, the fully elected in the Vaal triangle 
Minister of Pulicc. Iasi Octiiber and in Bloemfontein, although 
Their stand was backed by Chief without any greal enthusiasm. 


WEST GERMAN employers and Under to-day's accord. 210.000 confident it would be. embracing nearly 4m. workers in 

trade union representatives in workers in North Rhine-West- The Government bas made Jts all who received a: 6.9 per cenL 
the steel industry to-day reached phalia, Bremen and Osnabruek— view clear that average- wage wage rise last year.---This time 

a wages accord which appears the great majority of the increases this year will have.-to in the regional metalworking 

compatible with the Govern- country’s steel workers—are to be under 5 per cent, if -the negotiations.ithe eRtfi^oyers'.havej 

mentis overall economic growth receive a 4 per cent, wage in- hoped-for real growth in GNP.cf been '-offering a 3 5 per ’bent, rise ] 

target for this year. ~ crease backdated to lhe start or 3.5 per cent, is to be achieved, and the union has been demand- 

... .. ^ The result does not imply that thi? month. The steel accord appears,-at ing 7.5 per-cent, to ;8 perxent. 

CJi 5 lrnp. leader or the iax°prcH i ,he h an,e f pr achievement of a The agreement will run lo, the first sight to fall well witbm With deadlock reached to 
text Progress Party, U.Rr.l.Sm. !moderate wage round in every end of October. For last Novem- this targeL But steel is a de- direct negotiations .'in North 

(£136.099) Tor wilful infringe^ I major sector has been won. but her. December and January— pressed sector, and a settle- Wuerttemberg and north Baden. 

ment of the tax-control Act and i il is a{ leasf a » te P in the righi that is since the old wage agree- ment even a little higher, than where 560,000 -metalworkers, are___ 

providing Incorrect iiiforma- Idirection. It follows a settle- ment ex pi red—workers will the present one would probably employed, an official mediator i in deadlock.’-Me. Yuli -Vorontsov,-. T 

ment earlier this month for dock receive a one-time payment of have forced up the bargaining held a second round of.talks.to-]the chief Soviet delegate*;couhT 

workers which was widely seen DM200. The accord still has to stakes in other, rather more day—but without. resUll; . At the l sa y no mare than, that he would'; 


•it 


By Regmtfd Dale ’. . 

: - BStGRAtME/ EeV 17“ 
FRANCE'S bid- to. save lhe 35- 
nation' Belgrade security-confer 
ence from failure met -a chilly 
reception, tiora -both East and. 
West hOre to-day,' leaving the 
four-month-long talks still stalled ^ 


lion lo the company's register 
and the tax authorities. 


Bu; Mr. GI if trap was found ) a,s 100 h,2h . raining fears that be approved by the lop wages healthy, branches. 


not guilty on Trand charges 
and charges of “grave tax 
evasion.” 

The judgment brings to a 
provisional end a six-year ease 
against the colourful leader of 
Denmark’s second-largest 
political party. The party was 
rounded bv Mr. Glistrup in 
1972 and made a sensational 
entry to the Folketing (Parlia¬ 
ment) with 26 out of 179 seats 
in the 1973 election. 


more of the same might be on board of the union IG Metall. but Thai goes for the huge metal- in the area staged a brief stop- 
the way. union representatives were to-day working sector in particular— page lo back up their claim; 


Storm over premature issue of 
H. R. Haldeman’s book in U-.£k 


Reports of new 
Soviet missile 

By Our Own Correspondent 
WASHINGTON, Fch. 17. 

TIIE li.S. Defence Depart¬ 
ment declined immediate 
comment to-day on a report 
that the Sox iet Union has 
begun deploying a new high 

speed missile much earlier ! Pn.?t’« story has heen: to bring 
than expected. [ forward publication nf the hook 

• According lo Mr. Rowland '“The Ends nf Power” from the 
Evan? and Mr. Robert Novak, end « r lh{ ? ™<»nlh ««• to-day: to 
Washington Post columnists, ‘have a ?inular effect on' the 
the U.S, has discovered that ; serialisation . rights bought by 
the Russians have already ; many newspaper? and magazine? 
begun installing SA-10 missiles ihere and oversea.?: to prompt 
which travel np lo five limes Jnuesfions as to how lhe Post got 
the speed or sound and can . hold or rhe extracts and whether 
accelerate up to 100 times the j 1 ’ was etinea■ to print them ahead 


BY JUREK MARTIN. US. EDITOR 

THE PREMATURE publication 
by Lhe Washington Post of ex- 
tracts from the new book bj Mr. 

H. R. Haldeman i* causing a 
storm in journalistic and publish¬ 
ing circles here that is turning 
oul to be far more interesting 
than what ex-Prcsident Nixon's 
While House chief of staff 
actually has to say. 

The immediate impact of the 


force of gravity. 


INTERIM 




'.... the Board expects similar trading conditions 
to continue in the current half year." 

David Donne — Chairman 

•Ji* Record half year profits of £10 million. 

X Maximum permitted increase in dividend paid at half 
year stage—interim dividend 6.407p per share. 

Continuing rationalisation in Australia to ensure that 
Group profit criteria will be met. 

# Predicted turaround in the U.S.A. achieved. Continuing 
good results from Canada and U.K. 

is* Active acquisition programme to continue—offer for 
Federated Chemicals closes 21st February. 

■5£ Over 50 per cent of Group’s business now in North 
America and U.K. 


Coftm of the Ml interim report ate avaifabfe from 
The Secretary. Dafgety limited, IB Upper Grosvenor Street, 
London W1X SPA. Telephone No: 01433 7711 


8 



of a general embargo, and. mosl 
poignantly, tn revive the bitter 
competition over Watergate 
between the Post anti lhe New 
York Times, whose publishing 
subsidiary is printing Mr. Halde- 
man's recollections. 



Mr. H. R. Haldeman 


WASHINGTON. Feb. 17.' 

as those of Mr. Ehrlichman. John 
Dean and Jeb Stuart Magruder. 
Mr. Haldeman's leavening is that, 
for all Mr. Nixon's'faults, he still 
considers his former boss to bave 
been a great statesman. 

But the furore over lhe 
publication of excerpts from the 
book is proceeding apace. The 
book is book brought uot by 
Times Books, the New York 
Times subsidiary, with -serialisa¬ 
tion right.? sold to about 30 
domestic newspapers (including 
the Washington Star, the Post’s 
iofal competitor), foreign news¬ 
papers and magazines such as 
Newsweek, the Washington Post 
subsidiary. 

The Posl to-day denied that it 
had obtained ils, copies via the 
Newsweek runnert lun Koi r 
pari, the Times, clearly In a fine 
lather over the whole affair (the 
fact that the Post regularly heat 
the Times into a cocked hat over 
Watergate coverage Is indelibly 
imprinted in New York 


same time ahout 4.000 workers! study tbe French lnitiatlve. while, 
i- — -«•—* - 1 Bulgaria salfl it contained many, 

unacceptable elements. 

France’s Common ‘ Market; 
partners, on;fhe Other hand; made' 
it'clear that a plenary’'session ofr 
..the talks here that they thought 
the French proposal . was not' 
tough--'enough towards t8e : 'Eastt 
Thty feertt does not adequately: 
reflect 1 ■Western » criUdisms -tft 
Eastern 'shortcomings,’ in- imple* 
raeniiag-the human rights provSC 
stons Df the. 1975 East-West Hel¬ 
sinki agreement which. the Bek 
grade ■•‘confei'ence has been 
revlewtiig ■ 

E0iiKHy; : tb£ Other EEC coun- 
tries'vyfouW •-have ‘ Eked the - 
fFrench, to take a more construc¬ 
tive • approach'.to- measures to - 
{-promote ' each' side’s confidence 
in the otherie.military Intentions 
apd, guidelines on humanitarian tj 
Issues ^ ,'such" as East-West 
marriages and -'family- t^uniflea-, 
lions.- '-’. j 

Mr.- Arthur Goldberg, thej 
chief U.S. delegate,, dismissed a 
further Soviet draft for a con- 
ference final document as Totally' 
deficient i.n .key areas such as 
huinan' ri^its. The whole sectldh," 
ori . humanitarian issues iwffi.'. 
" platitudinous and unspecific* . 
he said.. ■ ' . ...-I 


Spain grants 
casino licences 

r '• MADRID,. Fft- 1 7 'lc.! 
THE GOVERNMENT tihday- 
-announced-the award - of I ft 
licences to operate: casinos * 
throughout Spanish territory^ 
so ending a ban on gambling 
lhar had been, in force since 
1934. Then the dictator'PrimeV 
de Rivera dosed down; 
gambling ■ because of;, the 
alleged corruption: of officials';, 
connected with it. - 
The Government . Wsqj 
announced a special ' police; 
gambling unit to -'operate 
under - the Minister of 
Interior. : The - award of tb^“ __ 
•licences bad been. expected 
January', but was postpohed 1 
because the Goverrahepi.' 
decided -to grant 18.-instead' of- 
the lO^ulglnally contemphileiL 

. The^;? decreio(( . jor .“JegaUse 
.casijid&'has been prompted bj,- 
tn illegal pup ting 
with hr Spain. 


n.TbL.both the mood of the Watergate- tha 1°a"fe^nale°reporr from S 



nuclear siina P' clure of P aranoia P ain,od book in conditions of the ulroosi 
nuclear strike against China ejr i i£ . r Watergate books—such secrecy. 


Coal strike talks resume 


BY STEWART FLEMING 


NEW YORK, Feb. 17. 


aborting of 
sian 

in I960 and the nipping In the 
bud by Dr. Kissinger in 1970 of 
a Soviet attempt to disregard the 
1962 agreement and build missile 
bases in Cuba. 

Dr. Kissinger said on television 
thal Russia had not asked the 
U.S. to join iiMhe strike against 
China but he did not deny that at 
the time Soviet forces were 
being concentrated on the PRESIDENT CARTER has asked Earlier in the day Labour Secre- 
Lbinese border. the bargaining teams in the U.S. tary Mr- Ray Marshall, who is 

Mr. Haldeman also implies—as coal dispute in remain in con- now ac[ j n g 3S mediator in the 

was some connection between lhis afternoon the President said difficult and delicate, 
the Centra! Iniclligcnce Agency, lha i he ho P es an agreement f-an Even if an informal deadline 
the Bay of Pigs invasion and the reached “within the next few is met- any agreement would 
assassination of President Ken- hours " or a day or so. still have to go to the union's 

nedy that was known to Presi- He added that it would ?fiH he -79-man bargaining council f or 

dent Nixon and which enabled two in three weeks before rank approval, and then to the 160.000 

him to exert leverage over the and file members of thP union members for ratification, 

then CIA direcior. Mr. Richard could vole on a proposed settle- ft is bv no means a foregone 
Helms. The veiled suggestion is ment and perhaps a week beyond conclusion that the union 

that it was the Cubans who that for coal to begin flowing membership will approve a 

murdered President Kennedy, from the mines. settlement if it contains some of 

following the discovery of CIA Speaking during a Press con- the tough d_isclplinery proposals 

plots to eliminate Fidel Caslro. ferem.-e in mid-aHernon the. which the Bituminoun Coal 

Mr. Haldeman also engages in President said that good progress Operators' Association is 

assorted vignettes characterising was being made in the lalks. currently committed to. 


Textron inquiry takes new turn 


BY DAVID SELL 


WASHINGTON. Feb. 27. 


THE inquiry into the relation- hearings that he did not know this information on to anyone at 
ship between Textron and the that Gen. Mohammed Khatemi, Textron, 
chief of the Iranian air force the air force chief, was the effec- The Justice Department is still 
took a new turn to-day with a tive owner of Air Taxi, lhe com- investigating some J5 cases in 
report that both Uie Pentagon pany that acted as Textron’s which U.S. corporations paid 
and the CIA knew that he agent. Textron paid this com- large sums to foreign agents, 
"owned” the company which pany $2.fim, in commission fnr Until last aulnmn sucb payments 
Textron rhn.ve a s j( S ' Iranian its part in helping its Bell Heli- Of bribes were not of themselves 
agent. _ copier subsidiary obtain a con- illegal, but the companies are 

This inquiry has now assumed tract for 497 helicopters. under investigation for failure 

considerable significance because The Wall Street Journal to report them to various 
Mr. William Miller, lhe former reported .lunlay that both Lhe government regulatory authori- 
chairman of Textron, is await- CIA and the Pentagon knew nf ties. Customs agents and lhe 
mg confirmation as the new head Gen. Khalemis* relationship with department are also interested in 
of ihc Federal Recurve La?i Air Taxi but it is not clear another 40 or SO possible cases 
month he told his confirmation whether either agency passed of this type. 



CurrentJ^islatioiiMows.Mya^ / •.. 
Company profits -which would mrHialiy' be' : 
subject to Corporation Xax-tp be 'deployed to 


Directors.' 


receive atspefree lump.suinbrLretirernent, 


.assurance benefits..-' 


thetax^payer-inprivate life.aswell'asm ■■ 
business,-to make thevery best use of witai the : ■' S 
law allows-hini.v•’ •. £ 

Oiirlnvestmeiit Managebientis ijiihel ".£■ 


& CoTXiiimted, our associated company,vmcl on©-.-T:-‘ 
ofthe-courit^.feading.M^ ;V 

-; - : • To find out more about '-V VJ~~ 

concessions, ^ i4iU -- J " * 


pSendthiscDupori to: Schroder Life Grdup-Free post. 

■ P6rtsi^utiLHatitff. POl'lBR,CNg^ampjie^d^ - vS* 

■' Naihe ‘-'.fI \ Tf tvf ~' 1“' 


-Address. 


4-' ft* 1 ajipliafele to raojdrtrfikEfraV ” 1 
























lnaneial Times Saturday .February 18 1978 


Ho 


8S 


I 


HOME NEWS 


is you were 
n 



ays Steel 

JR SCOTTISH CORRESPONDENT 


IMENT defeats on the 
jq Bill need not make 
*rence to the setting-up 
tlsb assembly, Mr. David 
Deral leader, said yester- 

item pts by the Govero- 
i Wednesday night to 
-ir tone down an amend- 
luiring a majority of 40 
. of the total Scottish 
5 io a referendum on 
-a ended in defeat. 

■el told students in Ecilfl¬ 
at a referendum would 
; e the issue—it still bad 
back to the Commons 
result was known. A 
itn would be only con- 
-Parliament would bave 
the final decision, 
gb be did not vote for 
er cent, amendment, it 
ionable to argue that 


tbere should be some minimum ) 
level of support for .-a 'Constitu¬ 
tional change of this kind. “ If i 
yon cannot get 40 per cent of) 
the electorate to come out and; 
vote for it, it is not going to 
have very much steam behind 
it-*’ 

There could be a substantial, 
majority in the Commons fori 
the Bill at its third reading next! 
week: Given goodwill, the 1 
assembly could become a poli-1 
tical focus for Scotland. j 

• A free vote on the Bill would) 
result in its being , thrown ou>. 
by a massive majority, Mr. Teddy. 
Taylor, shadow spokesman' on', 
Scottish affairs, said yesterday, i 

The real message for the Gov¬ 
ernment on the Wednesday night j 
defeats was simply that Farlia-i 
meat had lost enthusiasm. 


ames water rate rises 
ier investigation 


rd 


Wes McDonald 

fCE Commission is to 
e increased charges 
last month by the 
Water Authority. The 
would involve a rise 
15 per cent for house- 
£5.50 more a year up to 
r the average London 
d 18 per cent, for 
: and industry, 
investigation, under 
•' of the Price Commis- 
1977, means that price 
inot be implemented 


during the inquiry; which must 
be completed by May 23. 

However, the Commission is 
able to allow interim increases 
and is obliged to do so to tbe 
extent to which safeguard pro¬ 
visions on minimum profit levels 
operate. 

In its annual budget, published 
last month, the Thames Water 
Authority said it was budgeting 
for a deficit of £10.8m. in 1878-79 
and that this would mean a fairly 
substantial increase in the follow* 
mg year to compensate. 


nsumers will ask Benn 
ilock electricity rise 

4N LLOYD 

TITY consumers in 
les are to take the lin¬ 
’d step of opposing 
posed increase in 
- bills in their area by 
to Mr. Tony Benn. the 
of State for Energy, 
are understood to he 
aer cent 

nth Wales Electricity 
ve CouneiL the statu- 
y which represents 
’ interests, has already 
-esentations about the 
price rises to the 
Cnuncil in London. 

•n Rees, the Consulta- 
•»1 chairman, said, yes- 
t the finding was that 
had been disclosed in 
?ed tariff increases 
•rd is arguing that its 


proposed rises—which ' are 
thought to he in line with rises 
throughout the country—are 
necessary if it is to cover its 
costs for the coming year, and 
accumulate “ a sufficient 
surplus.” 

But the council challenges the 
Board's definition of sufficiency. 
It feels prices should not rse 
this year, because of the Board’s 
improved financial position. The 
level of surplus required by tbe 
Board has not yet been dis¬ 
closed. 

Only one other consultative 
council, that for tbe - South 
Eastern area, has made any pro¬ 
test- over the tariff rises. Dame 
Elizabeth Ackroyd. the chairman, 
has protested to the Price Com¬ 
mission. 


Public 

spending 

below 

limits 


By Peter Riddell, 

Economies Correspondent 

GOVERNMENT spending is still 
below planned levels, according 
to Treasury figures published 
yesterday. 

Total provisions on estimates 
and supplementary estimates for 
the current financial year are 2.2 
per cent, less than the cash limits 
on central Government spending 
which were projected lasr .-pring. 

But this probably docs not 
pve a full*indication of ihc tin 
(forspending since the short fall 
on certain programmes has not 
been taken into account. 

The previous estimate—on a 
more accurate basis—was lhal 
the value of central Government 
spending covered by cash limits 
was per cent, below the ex¬ 
pected level in the first half of 
the financial year. 

The latest figures will be the 
last io appear before the Budget. 
They were issued when the 
Treasury published its supple¬ 
mentary estimates, seeking the 
authority of Parliament for in¬ 
creases in expenditure totalling 
£754 m. 

Inflation 

The addition to spending 
covered by these supplemen- 
lariesi arc within the volume 
plans fur public spending and 
the contingency reserve tor 
extra items published at tbe 
start of the financial year and 
within the announced cash 
limits. 

Tbe main reason for tbe sup- 
plemenianes — accounting for 
£455ru. fur the total—is that the 
original estimates are based on 
levels of pay and prices ruling 
at the tune they are prepared. 
Unlike cash limits they do not 
lake account of any projected 
rate of inflation in tbe periud. 

In addition, supplementary 
estimates arc required for 
transactions in the public sec- 
tuj requiring Parliamentary 
authority and increases in the 
volume of spending. 

The total of estimates and sup- 
plcnicritaries presented for tbe 
current financial year is 
£41.335 bn, compared with 
E40.14&bn. projected in the last 
budget. This is a misleading 
comparison, since no account ts 
taken of underspending in many 
areas. 

• More than a million of the 
film, loss on MPs’ meals in the 
Commons may be paid from 
public funds. The various din¬ 
ing rooms for MPs bave been 
making a loss for years, and 
overdrafts are costing £100,000 a 
year fin interest charges. 

1 For tbe first tirrife a token pro-' 
j vision—of £1.083.000—is made in 
tbe supplementary estimates. 



11 


! Tories to fight 
' ‘postmen’s Bill* 

BY IVOR OWEN, PARUAMENTARY STAff 

TORY .MPs plan to launch a made it clear that the Opposfc 
.determined campaign to limit Lion would have been prepared 
the effect of the Private Mem- to support a more restricted 
tiers* Bill freeing striking Post measure. 

office workers from liability to But th e Bill in its present 
, prosecution under the criminal form, particularly the provision 

• taw. The Bill was given a removing tbe penalties against 
second reading by a 192 majority sympathy strikes, caused anxiety 

. in the Commons yesterday. that the intended safeguards 
1 Assurances by Mr. Eric Y a ri*r> against discriminatory action 
, Industry Secretary, and Mr. might prove to be inadequate. 
•Norman Buchan (Lab- Renfrew 
! West), chief sponsor of the Post 
! Office Workers' industrial Action 4jnendmentS 
: Bill, that it will not be used as 

'a cloak fur discriminatory Mr. Lam on t gave notice that 
' action acainst particular com- the Opposition would move 
'panics, failed to satisfy tbe amendments during the com- 
;Opposition benches. mittee stase to close apparent 

It is the third Labour-spon- loopholes in the Bill and so ra- 
1 sored Private Members' measure move all possibility of discrimi- 
i to receive a second reading in oatory action, 
i recent weeks which is primarily Mr. Varley joined with Mr. 

• designed to strengthen the pon- Buchan in promising chat such 

; ucm of tbe trade unions in amendments would be carefully 

jeountenng the tactics employed considered, but he strongly sup- 

! by Mr. George Ward in defend- ported the objective of giving 

j ing his Grunwick film-processing Post Office workers the same 

| plant. rights as other workers to demon- 

J Unusually for a Friday, there strate their solidarity through 

'was a big attendance of Cabinet sympathy strikes. 

Ministers to vote for the second The reason Liberal MPs re- 
! reading, carried by 212 votes to fused to agree ibat the Bill 

120. should be introduced as a Gov- 

I While Conservative leaders ernment measure under the Lib/ 

In the real abstained, Mr. John Gorst (C., Lab Pact was explained by Mr. 

Hendon North), principal Par- Emlyn Hooson (Lib- Mont- 

was depreei-. I lament ary champion of Mr. gouiery). 

were a retreat into “ pjstorali»a- ateil. the U.K.'s'trading surplus i Ward during the Grunwick dis- He insisted that tbe fact that 
mu r tion" or the revival of industry would be eliminated by a rising,pule, acted as a teller for the a Post Office strike might jeo- 

uenener Labour MP, tor a ban- behind an i;n>»'iri hamer. tide of manufactured imports: backbenchers who voted against pardise the economy, as recent 

dotting the strategy of ex purl-led Mr. Gun Id -,u<l ih.ti the Chjn- and lit lo-l industrial production . the Bill. events in the Irish Republic had 

growth m favour uf an ajipreei- eel lor had eb-ar!:- decided that at home. ! Mr. Norman Lamont. a Con- shown, must be taken into 

ating pound. the damaging iino.;vi of an "There wii! nn longer be anyiservative Industry spokesman, account. 

Opening a one-tl.iv Labour appreciating pound i.n output, disposable surplus from the j _ 

Economic Finance and Taxation investment, cntplo.'.iueni and the North Sea lu be allocated to the; 

Association conference in Lun- balance of irade was the prut- repayment of debt, the regenera-.- 
don—at which Mr. Denis Ilcaley, which had 'o he pjid for the ti>m of British industry or ini-! 
the Chancellor, made a vigorous sake of a victory over inflation. :iroved social services. <;nd we I 
defence of his policies—Lord He said: " We- have conern- will be able to count the benefits [ 

Kaidur said that the country (rated too much attention «m the of North Sea oil solely in terms 
would have to lake some tough cost of living and ignored the of lost jobs and increased profits | 
decisions in tbe l9S0s. standard of living, which can for foreign manufacturers." he! 

Because of the strength of only be improved by increasing concluded. { 

sterling, “there will be a flood output. We were told IS Another speaker, Mr. Stuart 
of import j into ibis country, and months ago that we h 
there will be nothing to slop a reduction in our 
them. 

*' British industry—instead 
being stagnant—will ju.->t 
down. Nobody will put a 


Lord Kaldor (left) with >Ir. Healey at the conference. 


Ast.lcy Asitwri 


Kaldor attacks Healey 
strategy on sterling 


BY DAVID FREUD 

THE CHANCELLOR i-f the would force me liking of some no improvement 
Exchequer was attacked vester- tough decisions m ihe early economy.” 
day by Professor Lord Kaldnr ,a8Ifc - The ?"“ alternatives Unless sterling 
and Mr. Bryan Gould, buck- 


Fears on computer-linked 
telephone calls dispelled 

BY MAX WILKINSON 

THE POST OFFICE said yester- not had firm inquiries from com¬ 


ad in accept Hiilland. of Sussex University. ; ^ ay j t wou ^ not a How "adver- parties wishing to connect th» 
standard of ¥aid that, whereas the Labour, t0 conneci computers to type of equipment to the net- 



money mio industry because it form a nee mnrureii i.ni;- as a accountable in a planned frame- commonplace in the US. v/here 

is u n profit able." re.-ult of Nunn S-u «.il. h>- *aid work, the Government had re- up l0 j qoq hora^s can be tele- ca s 

While the oil bonanza would “In conseo i-mv •• e gut the drained labour and placated phoned simultaneously bv an Se 

shelter ihc economy for the next worst of all ■■■■•« ir'd«—'.i sharp fall capital on a scale unparalleled advertiser. " ' ecrib 


itwo scars, the deterioration in the standard of living and since the war. 


st German democracy 
1 vulnerable’ 



ID FREUD 

RMAN democracy was 
vulnerable, said Pro- 
■ Dabrendorf. director 
London School of 

, yesterday. 

brendorf. former EEC 
■ner and leading Free 
politician, warned 
:racy in the Republic 
osely linked to high 
growth. 

ice of democratic in- 
had "a great dead.to 
ople becoming accus- 
m provem cats in their 
of living year after, 
■link the vulnerability 
rabie." be said, at a 


German Chamber of Industry 
and Commerce lunch in London. 

Britain presented almost a 
complete contrast. “ Britain 
refutes the thesis that demo¬ 
cracy can only survive under 
conditions of economic growth 

" Growth has been absent and 
yet this does not seem to bave 
made any particular difference 
in the functioning of demo¬ 
cracy." 

Prof. JDehrendorf suggested 
that the ability of the country to 
cope wtih its no-growth had 
something to do with the "zero- 
sum ” assumptions commonly 
held. 


NTMENTS 


ftaflex deputy 


airman 


I John Cap run has been 
uly chairman ol ROTA- 
!AT BRITAIN) and Mr. 
iryon Gibbs has joined 


is Ensor, a member of 
ml Enterprise Board 
bring British Leyland's 
e, is leaving to take 
ointment in Renault’s 
al division in Paris, 
ir, 34. who has been 
olved in the talks on 
ing collaboration 

iL and Renault, will 
ne responsibility for 
Inks with the British 
He will also work in the 
inning division, report- 
' to HI. Bernard Hanon, 
enault’s car activities, 
.v to a future appoint- 
the English-speaking 


m P. Marsh has been 
chairman with an exe- 
ile of TRAFFORD 
. (HOLDINGS), He sue- 
■ ‘eier R. Marsh who has 
nan since 194S and who 
. n on the Board. 

* 

5ert) Dobson has been 
.,- managing director of 
• ,1S CARAVAN SALES. 
y of tbe British Car 
P oup. 

* 

2 FENCE MANUFAC- 
.SS0C1AT10N has ap- 
mlral of the Fleet Sir 
Norton and Mr. lles- 
huide as its fin>t vice- 
Sir Pcier Hill-Norton 
•tired as chairman of 


the NATO Committee, prior to 
which he was Chief of Defence 
Staff. Mr. Desmond MacQuaide 
has just retired as a director of 
Lhe Hawker Siddeley group of 
companies. He was also deputy 
chairman and managing director 
of a number of other companies 
within tbe group. 

* 

Mr. F. J. Cox has been appointed 
a director of BICC COMPONENTS 
and manager of the installation 
materials division. Prior to his 
present appointment Mr. Cox was 
general man ager of BICC’s group 
management planning unit al 
Prescot. He succeeds Mr. J. P- 
Conlan who has been appointed 
director and manager BICC Bryce 
Capacitors and a director of BICC 
Power Cables. 

* 

Mr. Pefer Allan has been ap¬ 
pointed to the Board of the 
BRITISH CHAMBER OF COM¬ 
MERCE FRANCE. 

★ 

. The WARD WHITE GROUP haa 
made Mr. Neil Pettit managing 
director of Lord and Shannan. 
Mr. Stuart Massey has been ap¬ 
pointed commercial director. 

GEC-MARCON* PROCESS CON¬ 
TROL. a GEC-Marcpni Electronics 
company, has made Mr. Ronald E. 
Fisehbachcr technical director, in 
1972, Mr. Fischbacher was ap¬ 
pointed technical director of GEC- 
Elliott Process Instrument?—a 
position which he continues to 
hold, 

.★ 

The Tree Council Has appointed 
Mr, Christopher Dadd as ns first 
director. 


Industrial 
co-operation 
talks set 
for Paris 

By John Elliott; Industrial Editor 

THE INAUGURAL meeting ol 
the - new Anglo-French Com¬ 
mittee for Industrial Co-opera 
tioh. set up fallowing initiatives 
launched by the two countries 
Prime Ministers, will be held 
next Wednesday in Paris. 

It will be attended by Mr. Era 
Varley. Secretary for Industry 
who starts a three-day visit to 
France on Monday as a guest ol 
the French Minister for Industry 
M. Monory. Mr. Varley will have 
talks with French Government 
Ministers and also hopes to meet 
leading members or the French 
Socialist Parly and the trade 
unions. 

Proposals for creating the 
co-operation committee were 
drawn up in December when 
President Giscard d’Estaing 
visited Chequers for a summit 
meeting with Mr. Janies 
Callaghan, the Prime Minister. 

The committee will be made 
up of officials from tbe two 
countries’ Government depart¬ 
ments and tbe main areas for 
collaboration will be offshore oil 
technology, computer peripheral 
technology, the paper industry, 
and the machine tool industry. 
• Hfr. Varley said last night that 
the £25m. increase in the alloca¬ 
tion to. the Government’s Selec¬ 
tive Investment Scheme, bring¬ 
ing the total up to £I25m., was a 
mark of the scheme's big success. 
Help worth £34m. had already 
been earmarked for £240m. of 
investment projects, and another 
137 schemes, costing £I.3bn. were 
under consideration. 


Nationwide to offer 
substitute mortgages 


BY ADRIENNE GLEESON 

NATIONWIDE Building 

Sueicly is making funds avail¬ 
able to investors who want lu 
; replace their local authority 
mortgages with cheaper build¬ 
ing •.ocieiy money. 

The society is tending £63m. 
a month Tor direct house pur¬ 
chase and plans lu allocate 
about £8m. a month fur other 
purposes. 

Some of this will go Io exist¬ 
ing borrowers wishing to make 
improvements and some will 
be lent to savers who want to 
‘ replace their fixed-rate local 
authority mortgages with 8{ 
per cent. Nationwide mort¬ 
gages. Between £2m. and £3m. 
is at present being allocated 
to " other purposes.” 

Mr. Leonard Williams, 
Nationwide’s chief general 
manager, said yesterday that 
I be society bad already made 
a few advances to tanner local 
authority mortgagees In one 
ease and thought ibat there 


Oil refiners 
to join 
Euro talks 

By Ray Dafter, 

Energy Correspondent 


sons: first, computer-generated 
s could jam up the system. 
Second, large numbers of sub¬ 
scribers might go ex-directory to 
The Po-t Office made a slate- a^oid . the nuisance from 
nient on its policy in response advertisers, 
to Mr. John Cartwright. MP for Third, subscribers would be 
Woolwich East who feared that prevented from making calls for 
the practice could spread to the at least part of tbe time that the 
t: v odcpi'tkprs' f-nmnntpr was twine* 


U.K. 

The 


advertisers computer was trying 
Post Office said it had to engage their attention. 


might he scope tar more such 
loans. 

Local authority mortgages 
-became--mure widely available 
in 197.4, when lhe .Government 
tried tu hold down the muri- 
gaac rate while other interest 
rales ruse. This created a 


;01L REFINING companies in 
1 lhe U’.K. have agreed to rake part 
in tripartite discussions with the BETTER facilities for commuters 


£25m. London Transport 
scheme for Edgware 


The present garage is cramped. 


1 Government rf nd oil trade unions'and shoppers are promised in a The enlarged garage, which 
• later this, month in a bid to proposed £25m'. London Trans- would be three times the size. 
ihra:-h nut an answer lo Euro- port developmem 
pean refinery proposal?. 1 — J - 


al 


Edgware would be one of the priorities, 
underground station. There wo „id also be a new 

, ^ It is likely that the tripartite A planning application will be bus siation un the site of the 

dearth or savings which tea tu ; meeting will decide to oppos. an j lodged with the Lundon Borough present underground station 

a mortgage famine. EEC Commission proposal which, of Barnet next month. If the hooking hall and commuter car 

Many borrowers who then |f implemented, would limit oil!scheme is approved, work could parking would be provided 

look on fixed-rate local jiefining capacity in Britain |siart next year and would take underground. 

Oil companies are far from i about four years to complete, 
unanimous in their approach toj Tbe development would in- 
how the refining over-capacity inf elude an enlarged bus garage, a 

Western Europe should be ’-*-* : —-- 

tackled. 

The European Commission’s 
energy directorate has proposed 
a number of measures, including 


oil fixed-rate 
authority mortgage** of up to 
14 per ernt. per annum were, 
Mr. Williams said, eligible for 
building society mortgages. 

However, investors are un¬ 
likely to obtain replacement 
mortgages unless they have 
been saving with (he society for 
al least six months. 

The mortgages will be sub¬ 
ject to the normal income and 
properly value requirements. 
Borrowers will have to pay 
survey and legal costs, hut the 
society would be prepared to 
include them in the loan. 


Bath and West 
makes £20,339 


a ban on certain financial aids 
for refinery projects, aimed at 
reducing surplus capacity in the 
Common Market by ;ome 60m. 
tonnes a year. 


bus station, a new underground 
station booking hall, shops, offices 
and car parking space. 

The 20-acre site is partly owned 
by London Transport, and nego- THE ROYAL Bath and West 
tiations have been completed Show bad a surplus of £20.339 
with British Rail for the pur- in its 1977 bi-centenary year, the 
ebase of its land, subject to show society's council was told 
Greater London Council by auditor Mr. Jobn Pearson 
approval. yesterday. 


ICL answers report 
on new computers 


U.S. brokers 
dose 

London office 

WEEDEN AND COMPANY, the 
Wall Street broker which for 
many years challenged the New 
York Stock Exchange by making 
its own market in U.S. securities, 
has beeu farced to close its Euro¬ 
pean office in Loudon. 

A spokesman for the firm said 
in London that the closure 
followed an SSra. loss by the 
parent -company in the five 
months to the end of January 
The cost of running the London! 
operation had also been increased! 
by the rise of sterling agalnsi the; 
dollar.- 

Weeden recently decided to 
pull out of the M third market" 
in U.S. securities in which thej 
firm had made its reputation. 
This market was competitive 
because it by-passpd brokerage, 
commissions on Stock Exchange] 
trading. 


FINANCIAL TIMES REPORTER 

INTERNATIONAL Computers 
(ICL) replied yesterday to 
criticisms in a Government 
report of tbe performance of 
some of its new 2900 series com¬ 
puters. 

The criticisms were made in a 
survey by Sir Douglas Henley, 
Comptroller and Auditor General, 
on the Government's aid to ICL 
and the preferential treatment 
given tu the company in orders 
tar large systems. 

Sir Douglas's report which 
will go to tbe Public Accounts 
Committee, highlights criticisms 
of the performance of some of 
the larger 3900 series computers 
purchased by the Ministry of 
Health, tbe Ministry of Defence 
and the Inland Revenue. 

Sir Douglas says that some of 
the computers ordered bad nut 
been able to reach their theore¬ 
tical performance, so that larger 
machines had to be supplied. 

ICL had also been behindhand 
with the supply of e^endal 
software, he claimed. 

Ax a result of lhe shortfall* 
in performance, the Civil Service 
Department's central computer 
agency had examined the possi¬ 
bility of cancelling some 
Government contracts. 

it decided, however, that the 
2900 series would eventually 
reach the required level of per- 


formanre. and that any cancela¬ 
tion «if contracts would seriously 
affect sales prospects- 
The 2fluO series is a new 
design, which ICL developed 
with ihe help or a Government 
loan of £4Uia. paid between 1972 
and 1U70 
The company also received 
firm. >upp'*rt lo help in estab¬ 
lishing uself as a new company. 
It was agreed that ICL should 
repay the loan between 1977-78 
and 19S4-S5 by the amount 
which its profits exceeded 7.5 
per com. in each year—subject 
to a maximum of 25 per cent, 
of profits- 

’ Sir Douglas says that after 
allowing for interest, the total 
repayments by JCL will be more 
than twice lhe original £40m. 
loan. The Department of Indus¬ 
try w®«* lu hold new discussion: 
with ICL about these terms 
A spokesman for JCL admitted 
yesterday <hat there bad been 
delays and software problems 
with >««me of Hie larger 2900 
senes computers supplied to 
Government agencies. 

“ We bave been quite frank 
about the difficulties, and we 
have tTiiiiribuled very generously 
to help our early customers by 
providing extra hardware to 
maintain the essentia! needs of 
lhe Government service,” he 
said. 


‘Daunting challenge’ 


UNDER-SEA coal seams could 
substantially extend the life of 
lhe coal industry, Mr.'Alex Eadie. 
Under-Secrctary of Stale for 
Energy, said yesterday. 

“We can foresee lhe prospect 
of exptiiiUng lhe scams which 
have been discovered during 
North Sea Oil drilling opera¬ 
tions. he said after visiting Lyne- 
muuth Ellington Colliery at 
Newcastle. 

Seams up to 50 feet thick had 


been discovered between 2.000 
and 11.000 feet below sea level. 
The deposits were loo far from 
the shore and too deep to 
be extracted by conventional 
methods. 

“The winning of these poten¬ 
tially valuable resources pre¬ 
sents a daunting technological 
challenge and scientists and 
engineers are already starting lo 
think about ways to tap them,” 
Mr. Eadie said. 



MftGANERKANftfiaetAlFUND 

The US stock martel. in start: contrast to that of the 
UK, has performed deappomtingy over the last year, 
with the Dow Jones approaching a 3-year low on 
January 27&i AHhough share prices in America could 
dedme further, share values are today more attractive 
than they have been tor many years, whether measured 
in terms of earnings, yield or assets. When the antici¬ 
pated recovery takes place, it is likely to be both 
sudden and strong. Current levels on Wall Street could 
provide a rare opportunity lor anyone wishing to lake a 
stake in the world's dominant economy. 

T he MiG American £ Genera: I^r-d ic denned to in-, 
vc;} in a aide isnje of Amer.can r?:orii«er. with max¬ 
imum long term growth a: !he main oDiectue. In-;ecl- 
menl is partially through oacMc-tack ton facilities in 
order lo reduce lhe efiec'.s of the ctHar premium Tbe 
esiimaiedgrosscurrentyieldrr , ;iniDmeunit3:S'l 
at the buying price ol 4i-;p>i!on if su February. 197E. 

Unit Trusts are a lone term •nveslment and not suit¬ 
able for money lhal you may r fe d al ihort nonce. 

T he price ol umis ar.d the income bom them may go 
down as well as up. 

Prices and yields appear in lhe FT daily An initial 
charge ol 3i'\> is included in the price; an annual 
charge ol plus VAT is deducied from the Fund’s 
gross income. Distributions lor Income units are 
made on Vnh September ard JOth March net ot basic 
rate tax and are reinvested for Accumulation umta to 
irrrejte the value ol the jut: The rext dirtnbulion 
dale tot new irve* tors w: 1 Dec'utf; September. 197X You 
can buy or re:i unit-., on s ry busness day Contrails 
lor put--bases or -rfes wn'i btifoe ter seiilemen: J or i 
week.,later J«' ; LOiTim,^i-r. oivaCteip*o redded 
agent-... lrustec: Lloyds Earir L-mted. The Fund is a 
wnli-i-range security and is authorised by the Secretary 
of State lor Trade. 

M£G is a member of the Unit Trust Association, 

TWO WAYS TO INVEST 

As an alternative, or in addibon to investing a capital 
sum, you can start a Regular Monthly Saving Plan 
through a He assurance poky far as Utile as £10 a 
month. You are normally entitled to daini tax refief at 
current rates of £17 lor each £100 pail 

On j £10 Plan, tax relief at present rales can bring 
down your net monlhly cost lo only £S 30. with which 
•you buy units usually worth considerably more Reg¬ 
ular imieslment of this type also means lhal you cun 
take advantage of the inevitable fluctuations in the 
price of units through Pound Cost Aveiaging. which 
gives you a positive arithmetical advantage, because 
your regular in vest men! buys more units alien lire 
-price is low and fewer when u is hijh Kb e nfe 
cover ui at least 180 fime:- > 0.1 rw, 
throughout lhe period u ,yur jgc er.'M. is b-1 or. 
under (women 58). and rathe' less wt? te 7b 

If you cash m or step your payments during thp first 
four years Ihcre rs a permit* and fnp tit authorities 
require us !o make a deduction, so you should not con¬ 
sider lhe Plan lor less fhai rue years 8I' j lo 94 l o 
(dependingon your starting agei is invested, except in 
the firs! two years when an additional 20 per cent 15 ' 
retained to meet setting-up'expenses. 

MSG is a member of the life Offices' Association. 

Thi-.oil-i iMicra-diidDirRi nTvccr'K cl .‘hr c* iir^nd 


TWO WAYS ID INVEST 

To-MSG GROUP LTD.THREE QUAYS.TOWER HILL LONDON EC3R 6BQ , 
TELEPHONE 016J6 4588 This section (0 be completed by al appfacants 


'l,llfU l t-.-V 
,,u. u,- v, < 


SURNAME 


JA || ADDRESS 


! POST CODE 


| 90 g AG 530228 


EITHER £500 


Complete this section to nuke a Capital 
Imeslmenl (minimum ESOOi. Do not send 

any mo ney. lAcopir^i note &<ll b r sent to vxi :Ulinr.c>aeJ> hr.t muen you otve 
ana llw settlente.v l*tc 'oir ceSti^rie w:ll isilow shorn,j 


PLEASE INVEST 1 C | in ACCUMULATION-INCOME units 

(delete as applicable or Accumulation units will be issued) of the MSG 
American & General Fund at the price ruling on receipt 0 ! this 
application. 

1 declare lint T on not reinJen! oyl-'rto the Uiilcd Kinurfom ‘h» C.-J^rcl Kljrifs. 
:he Isle of Han er O-inli.'it jnrt I am nol jcq-Jinrx; ih-? u nls iSc r.om ret ol ary 
oeiwi ie.wlen! o;n-.'f •? m-- e Imnon,-.. (ii you hic on-W- lu ruhe Uus 
dcclirjlion you shJ l‘0 :prJv Uuui^h J biriior Sla.'hl'ioKt'i) 

••.iGriATune pate 


OR £10 


I WISH TO SAVE f£ 


Complete this section«»you wisti to make a Regular 
Monlhly Saving (minimum DO a month). 

each month in the MiG American & 
General Fund. 


I enclose my cheque for lhe first monthly payment, made payable lo 
M&G Trust (Assurancel Limited. 

I understand Kui ilr.o payment K only provisional and lhal the company will not 
assume rck unU formal uoliiicjiion al acccpunce ius teen issued. 

DATE 

OCCUPATION _ .OFEIRTH _ 

NAME AND ADDRESS OF USUAL DXT0R (lo whom reference nay be made) 


___ Arp youanevislin; M4G Plan holder; Ves-710 ■ 

| II you cannot sign Pan I ot lhe Pecljrjhon below rWcle il and ttan Par! It. * 


B DeciaratNM PARI 11 cenarp Ih.i;. lo uw* bos: or my teliel. I am in goad heallh and 
•i..*ii di«pa'. L > iti.i i imvo no: had any ;cr«>u5 iiineu t>; ram ope-ar-on. That 1 
•lu - i,', ■>■..-> j-. n./.jijous spji.-s i.vpuriui.'s :hal i ifo nrt enw,’.-; :n Jyolipn 

I — .-.Vi.... i.,,., i: ftisvncw tm recosnised rouri-s. and lhal nu proposal on 
ill,- l,j, ti.-.-r, idy-.-j'.i'lv trail'd. . 

I PART jl I ai'ft-.' Ihatan-. dedaralisn made by me >r :onnc.:ian a.‘J r 

ID'S prow:.,: jhaii L- 1 rhe tuov. oi :no comia 1 ^ between me .rna MAG lu.ii 
iA'j,urar..^) I Id .,nd wji I will Keep: lh>'n cpsIuruiv form -ji petey I afiice lo 

I U'Oindeapy luntier mahon Iln.- ■ Dmpdny ma* r,.-auirc. 

<A -.o&jmwi ol Hit pip-in i' 4 dt d-bblc an :equesl j 

SIGNATURE • _ 


I 


|ReeisttredmEnj>ianirHc KUSaS? Her OHw. a - - abo-.’*' 



THEH&G GROUP 


















iFioancial vruneS- Saturd 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET, LONDON EC4!» 4BY 
Telegrams: FinaoUmo. London PS4. Trlcx: 886341/J, 883867 
Telephone: 01-248 8*W*D 









BY KEVIN DONE, Chemicals Correspondent. 


Saturday February 18 1978 ■» ANUFACTURERS who previously been attempted by they were having on profit 

— ■ ft/I r are making any money ICI with only very limited sue- margins. The gradual introduo 

out of decorative paint coss, so other major manufac- tion ol net pricing based on 

these days can be counted as u«rs will now follow the pro- sales volume is guaranteed to 

-» 1 fl T the luekv execotions But if Sress of Crown hi this direction make life simpler, with the 

the paint marker is flat the with keen iateres t' Along with' paintmaker having one price for 
S fflinfl 2 f| O OMll market for wallcoverings is, in the transformation of pricing se t volumes of product. 

W V& wiili' the words of one leading manu- m f hods - retailers and whole- Apan from the wide disparity 

facturer, “positively debased" ? al ?. TS JSS! in Hi B h stre « P rices - ‘ h * 

. to live with much tighter credit p r j ce Commission was also 

I The paint industry has terms—the final move in a chain pu^d as t 0 w hv the big paint 

m\W hDl 4 mirrored fairly accurately the reaction set. in play many manufac t U rers wuld not oper- 

Cv I 8 I CT B progress of the economy at months agn when the c-hcimcal ate their retai{ arKi wholesaling 

large. Demand for its products manufacturers decided that out j ets as profitably as the 

can hardly adrance when there they no longer wanted io serve mnJt j p | e slores , Crown at one 

, has been little growth in eitheT as bankers for many of their ti had neacl y goo shops, bin 

IN A week during which the alone would have led one to manufacturing or consumer .customers. These changes are (s now ( 00 jj; 0 g for a buyer for 

timing of the next general elec- suspect, ine last suney spring. The wa ]| paper being made in a market where the surviving 14 q. The Berger 

tion and the importance of the ai ,_^ e " market, by contrast, has gone competition is fierce and price- j cnson and Nicholson group 

coming Budget have been much !? C n n f in tUm abnut evnurt orot throu 3 h a period of rapid cutting has been th_e [y jrm - but inc i udes sorae 200 retail outlets 

Wpstminstpr. the L" "f P ,u* decline as a result of years of which for m_any years hos shown amo its b[IsiDegses and ICI 


M 


bad 




Sows - WkUD nSBOHIff ] 


UXWALLCOVERING MARKET 


together 




TOTAL- 


" P- 

Goloured 


discussed at Westminster the ,k,,-. ,._ oolu ~ , h a Maine as a result or years 01 wn*en m* am0 ng its businesses ana ili 

.r-s under ,he 

cator has undoubtedly been the The other trend is the buoyancy . “ . ... t - Q f 1973 . * 

p . _e imruirts of Rniuhpd manufai*- awa > b > nearly 40 per cent, in UI The answer to the puzzle ap- 

mdex of remil pnees publi. hed . p rfs evcn a[ a lim the past ten years, that wall- The method of retail and pea rs to be that paint manuFac- 
yesterday. The rate of inflation production was flat and paper manufacturers are wholesale pricing which the turers have traditionally owned 

1R mn r? a T«-h^h^ mnrt mm crmsunJpt'on failin'' As both making a belated artempt to leading paint manufacturers are shops for marketing rather than 

mmfvnwd Into recover ? the bill for imports of breathe some life back inlo their so caeer tn replace depend- on proBt reasons . id say? its chain 

£Zt 15 “rf wm ornhah ! manufarturcs Lv we" *«r- dwindling sales. what Mr. Michael Lewie, dire* or sh0 ps is not so much a means 

enntinu" w M fnr sereril especially if Ihere are supply On the paint side nf the heme ^VL^bM^^DIe'Sin of F e ^ ni r ng ™” y “ °, f sa l n ‘"- 

months to conic. While prices bottlenecks which nrevent home decoration industry the Price J^ discount- K which * t St iarki * 6 ^ But^Crown ^ 

are rising mere slowly, mere- output from matching the pat- Cnmmissien has been heavering °' n klor eof ‘ h “*^ 1, » 


White; 


over earnings are rising more tern of demand. away for nearly a year trying rcTiil i‘Sce^- 

quickly, and the consequent in- . to complete an investigation of . „ i. „„ mh . r nf _ hnn _ 

crease in real purchasing power Money drift t jj js mar ket. Its long-awaited NoboL/ actually pa>> - ... , . . droDned 

will do much to pull the The financial markets re- report is finally expected tn 5“'' S,l? tatmabout30 MW in lh55 to "ess 

economy out nf its current stag- ce ived news of the January appear towards the end of next ^ Tl T pi?i e «_!??^nivision- than 17 000 to-day as the small 
nation as the year moves on. ^ figures with surprising month, hui since it started its ' ^‘quahtt wa« ^der/'hTebee^ remo^e.Sy 

But even here there are risks equanimity. Investors were work, the investigation has been , doj thin „ s ^ indllstry replaced bv the multiple stores. 

f * which the Government will presumably ready to go alone rather overtaken by events. hj . hard -- when Thi^u.i«rfu nD ni, m h 0 r n r n ,.f 

Thprn u-iih the tffieiai nnn^vniana- wnu.n cue \ery nara. »» hcfi This dwindling number of out- 

r;n£H?ha™-Most obvious 

„ ^ ortions t ,i«s£iSS 

in the first five months suggests, money supnly figures wee The uommissions interesl lfl think }n the , ra ciUional <rr 0W ih last year in the decora- 
to? official expectation is •till accented. The banking statis- was rked off initiaUy bv 1 [ h ^ M nv had ^ marRinal at 0 8 

that the outcome wii be «M4 ^ hjd.lwy ^geseri fhj.« extraordinary disparities ^trVnslatc its new prices back £? "han?976 ” 

requite as tad as* the JoS b . elwee ? . , 1 ^ pnces .., b !? n ! int0 lhe «' ste ™ of s ? mud ! although prices were up by some 


system of discounts, which re tail market. But Crown at 
depends on the Folklore of j easj h as decided that it cannoi 
notional retail prices.'* stand the losses. In the last 20 


MANUFACTURERS’ 
U.K. SALES 


Most obvious 
distortions 


Lommis5ion a 


LIIDL UiMi UU kV *#*»■ V ■■ ■ • ■ *#W - —- - - - “ *■ - I CAiVa'inj 

per cent. On the other hand, they would bad, but they | between 


Coloured 4-1 


S Vinyl 




EMULSIW 


at 1970 prlotiS: 


m 


takp 10 npr cenL nnw only on year, the cumulative growth or . jT ' ine comnimuon ai nmw «« --- 

p t u_ t t u„ v opt mnre M3 has been 14} per cent P*cted to find out where all the J;ar 0 f manufacturers’ price moved up by some 30 per cent - '. 1 

rnJrVw nushina against an official target of 9-13 pro£ils were be,ns u,ade " increases with special offer dis- last year. Reflecting the general products have gone ouf . of Of j»ste and.scissons belongs ..in mar.kot fw- wallcoverings Jug* 

t hi r ■ Hntn rhp future percent observed one paint company C 0 UMt j ng led to “havoc in the economic state of the country, fashion. reality more to an age of sknpI 6 declined rap idJy Since IdTlT 

riVk\ in This dosps th*» mnnetan.- esMiultr*- “but they will have High street” says Mr. Foster, sales to the automotive, marine The amount spent on adver- slapstick comedy. Bust the ixn- : Last-year tiie.market TO dowa 
i -e^riM coiwumer purchasing authorities with a dilemma fmmd opposite.” The It could a]sn produce the fiction and general industrial sectors tising tells a great deal of the age lingers, ^e^shiatry^bas to a-lotaL9<-S.8tt.',EsULAM|j 

‘ !«neeiallv if it is accom- Fluctuations from month rn number of price » n ^eases n f notional price cuts of as much were flat last year and in some story. In the 12 months to the failed tn promote th^.fact thatV'»mfr.ll2m.;yolls 

nanied bv a fall in savings) is month are not necessarily in Pushed through by manufac- as .50 per cen i., which meant the areas showed a marginal decline. ea< j a f September the /riifcistiy pre-paxteS 'pa^: itf 

th'* the result will be a sharp themselves of much significance l «re« last year to enpe with consumer was confused and Some of the reasons for the spent nearly £5.7m. no media able and that paper edit actually has b 6 ei* eBpMtMUjr-'Meop^wnB 1 

in i m p 0r ts oE consumer —and there were a great manv rising costs were such that the could have no idea what con- flatness of paint sales are clearly advertising for paints,' pushing be adjusted .once it has been lOam. rolls to fi5m. rdlis qvei*i 

c ' 00 ' ds special factors at work Iasi Price Commission had to under- _ home the message that paint. Is fixed to the .wall.- Some recent the Same period. Vinyls hav«% 

b month—so Iona as the trend take a second survey half way a modern product, through products such as poly^ylene been steady‘in r 6 cenC'i««re ati 

Trade SOD can be regained without too through its study, in order to MARKET SHARES IN RETAIL PAINT SECTOR campaigns on television, in film coverings mean that the- rales of abbiil olli, and 

ti i i Bret nr the twn much trouble. On the other up-date its statistics. But per- (percentage estimated) magazines and in national.and wall itself is pasted and .the. they'^have'' ; the^^ atiracliOB-.iori 


r:r: 1 

goods. 


Trade sap 

ti i ic th* first of the two rauch 1 rouble. On the other up-date its statistics. But per- (percentage estimated) magazines and in national.and wall itself is pasted and the they . have' the attraction- for 

t « I! S PaWT , r rom the hand> if th *y turn out t0 have haps more significantly for their 1Q -„ 107 - regional newspapers. Of this covering applied afterwards sb manufacturers of seUiiig at sub. 

The missed lheir tar ? et b >* much work the paint manufacturers Tf -, oL tatai. ICI accounted for some ^ it can easily be slipped info stantiaJly higher;prices. -d 

52^^JSSS^:= 29 2 26 2 ^Ttsi n e>a°r a . t SutS t S»1 UleriShtP0!lti0D - B*dinw» of^nriuliitlc ooinpe. 

Though items which tend to the ^ S S. nK and Magieote) . 14 15 15 » • ? ™ |S3 £^£2?wS TH • tition and excassive capacity £n* 

fluctuate violently from month £ be shaken dL^ortions ^ b Reed (Crown and Crown Plus Two) .16 18 17 16 pet^rs Cro^. (pari of RCVerSlIlg the"-; a declining marke^. companies: 

tn month swung; in our favour, ^ ra e was t , w Wool worths (Winfield's Cover Plus- West Germi Huechat * f . ■£***:■ iw * 

though the oil deficit was al i 0 wed to float upwards the The process of change is not made by Donald Macpherson) . 9 10 10 9 gr 0 U p) and Woolworths’Double 

smaller and the terms of trade kt h . p proving easy in an industry, others . 32 30 32 35 Plus In waUnaners it was a dif- , ; creasing exports have kept thft 

improved, there was a visible SJJe genuineness ^of Jhis defer ^h, particularly in the distri- — — — — Now, at almost the eleventh industry Ml business. .Witte 

deficit of £324m. Even cotnpar- ralIiati f n Tbe wa „ out *! th bution and retailing sectors, has 100 100 100 100 in „ eJcpen diture bvfte InduSti?' bou F’ ^ indus * r y ^ decided fortunes at this low ebb. ttnJ 

in? the past three months with SiemmS'inavrun the pre® c,ung tightly 10 its traditio ” al . ■— . ... ..— Lmoumed to onW £}m anTS it nlust ^ new. ihatkeUng Board will tw 

the previous three, a visible sen , taree i s ‘into the new mnes Practices. But the industry is . . . . . this ICI aione accounted for SO ing ““rket^-by some positive In- to reverse” the fortunes of wall-, 

surplus of £275m. has been to be announced on Budeet div fina,, y moving. The announce- stituled a Tair price for a par- linked with the derline m will- ’ t u t«rvenUon> After montha ;of coverings.with a sustained Cams' 

transformed inlo a deficit of Bur both the trade ficn,r es an ' d ' ment this week that Reed Inter- ucular can of paint. The origin* paper buying. Fewer houses are p 0 r-the results of this market research it has formed.-RRlgn of advertising and pubfic- 
£324m. Since .there is no the ZLylppH pain f «f?' “f lacrof »■' .WaHcoverihg. tor&tll* feMm^ .he spending. 


month—so Iona as the trend fake a second survey half way 
can be regained without too through its study, in order to 


MARKET SHARES IN RETAIL PAINT SECTOR 
(percentage estimated) 


Berger Jenson and Nicholson (Brolac 


Wool worths (Winfield's Cover Plus— 


1971 

1973 

1975 

197 

29 

27 

26 

28 

14 

15 

35 

U 

.16 

18 

17 

16 

9 

10 

10 

9 

32 

30 

32 

35 

100 

300 

100 

100 


regional newspapers. Of this covering applied afterwards'* stf'^ manufteturers of selling at "suM 
total. ICI accounted for some that it can easily be slipped info santiaBy higher;priees. . Jj-p 

JfTts >,dS’g ra bfZ.DulS tte riSlU P0!iti ° D - - "»*«“>* o£ 

it was joined by its major com- •_„ Htloa.Md axcnln rapacity ia> 

petitors Crown, Berger (part nf Reversing the. ; L d ^T E fo?” 

the West German Buecbst .. - . • j . Marc:hed • for a Jittle ext?*.. 

group) and Woolworths’ Double ■ trend , 2ST .?.* 

Plus. In wallpapers it was a.dif- .■ * 


Reversing the-- a declining market, companie&: 
v icaaaus any . aearcuefl' for a little extoi 

trend * volume at any cost ' Only In- 

V creasiog exports have kept thft 

Now, at almost the eleventh industry . iii business, . WSte 


ina expenditure bv the industry nou - r ’ inoustry nas aecrnea rorranes at mis low eoo. ice 

amoumed tTon^ £ll aS ^ 10 Svie iK W new^matkeUng Board will m 

this ICI alone accounted For fin ,n « market by some positive tn- to reverse the fortunes of wall-.. 


£324m 


obvious explanation for the size gke^he^Chancri 1 or^powerfu 1 sidiar >'' Crown, is fo close its obscured by the mists nf time, walls tn cover. And where j^ fc ^fittl^empha^on^alT Board with repr&ntativesfrom °P toilm- a 

nr speed nf this deterioration, arguments at Thequers Ihis chain uf 140 rt?tail waU P a P er and bllt lhii remains the one lhal is houses are but It. the moms are pa " beep 5S.S the manufacturers, the DIY f* iTL 

„„„ __. ai l - ne 9 ue .rs this . Hrarnt-aii>-in« «h.in« -ftpr a rii.« B iPfi f,.r nncp increases and aonera Iv smaller. The advent paper as a fashion product The me manufacturers, tne i 


.7 lack of hackine is that ihere a .waucovenngs marKeung m.wim.w spenumR 

bum: tb«™™ ” bra been little empties op wall- Bmi with represent!™* from up to £1® x year oyer the next 


jndrk ix&'j DIY is now the third 


one is tempted tn assume that' ISind for convincing home decorations shops after adjusted fur price mcreaxes and generally smaller. The advent «i«‘ ' produ r c p L ™ muitipT stores th^'smiu- -.The prnhlem giv«n'to the 

it is at least partly due to colleagues that the sS?mdus in continued losses is an interest- the one which is discounted Tor nF open plan designs was also >™"g have moved more and mult pie stores ;azenZr wS rimol? 7 *Tn arrest 

chance factors which may be SSSSTlJ"S f£ ** development. The company retail and wholesale trading, hardly calculated to help the ^rds emu Irion piun a s 

reversed. Budget should be less than he has found that it could no longer The situation has heen exaccr- saJe of paint and wallpaper, their preferred wall finish, use. ££ otherwise 

But. the size of the January more election-minded of them compete with the much larger bated because the major Similarly, sales have been hit by hite Pamt now i expanding home improvements 

deficit apart, there are two would prefer. retail resources of the multiple brands such as Dulux or Magi- the extra use of glass in modem about 60 per cent, of all paint For some It is too Iqte. diy is now the third 

trends et^work in the forei a n This is an object of which store s. But more important for cote are used by many retailers buddings, and other coverings sales and is available chpa jjy recently completed its popular leisure-time 

trade balance which have been holders of steriin° and inres- the future Progress of the paint as loss leaders to attract from hessian to posters have as a commodity product off the drawal from wallpaper m»mr- activity in Britain after telev#- 

apparent for some time. One tors in gilt-edged "heartily^ ap- industry is Crown s clear customers onto their premises, eaten into the market. But here shelf from stores and super- faotiire .do^ng Hs last mill la Etching and gardening. H 

is that the volume of exports prove. The likelihood that bad declaration that it is switching Ail the leading manufacturers P eihaps the similarities end. markets. order to concentrate on • Us -remains.to be seen, however; 

has been falling from the peak news will be used to further ' ls met !* od pricio s» and at the have reduced the practice of The wallcoverings industry Wallpaper, too, has come vinyl and polyethylene^ wall-.- whether the'nation’s taste ewi- 

it reached in the third quarter it is the main reason why they 53016 t5me is 10 raake a general special offers: ICI stopped them has fallen into decay because OF through the technological mill, coverings, activities. Others bp wooed ; baek to Wallcoverings 

of 1977. and more sharply than have taken this week’s bad withdrawal from wholesaling. nine ni0 nths agn, not least neglect, and the lack of premo-The old practice of trestle have cut back capacity. Accord- against the - growing range , of 

the slow growth of world trade news comparatively welL The same pricing change has because of the adverse effect tion has meant that many nf its tables, large brushes, buckets ihg «£ -Mr. L Foster, tiie i.G,fc -competition. -. v^. 


Letters to the Editor 

Taxation fe* 


From Mr. E. Doris. 

Sir,—One can scarcely open a 
paper these days without being 
confronted with forecasts of the 
Chancellor's tax reductions or 
advice to him thereon. It is 
a pity to see so often a sugges¬ 
tion of a reduced rate band in 
front of the standard rate. Ii is 
promised it will assist the lower 
paid. Nonsense—it will do just 
the opposite. 

The same saving, except for 
the lower paid, can be achieved 
by an increase in the personal 
allowance. For example, a lax 
band of £500 at half the stan¬ 
dard rale is only the same as 
an increase in the personal 
allowance of £250 except, as I 
say. for the lower paid who 
would be better off. as the 
threshold at which any tax at 
ail would become payable would 
be raised by an increase in the 
personal allowance. 

An extra band would cause 
needless work to the taxpayer, 
accountants and tax advisers 
and tite Revenue alike. 1 agree 
it might give a little employ¬ 
ment to the printing industry! 
Eric «'!. Davis. 

79, Abbey Road. U'est Kirby, 
IVirral, Merseyside. 

Architecture 

From the Managing Ditectar. 
Kentucky Fried Chicken fGreat 

Britain) 

Sir,—May 1 refer to the criti¬ 
cism voiced by Sir Hugh Casscm 
(February 8j oF shop fronts of a 
number of businesses, my own 
included. 

My company has over the past 
12 months invested a large 
amount of money m the re-design 
of its shop faseias. All these 
require local planning approval 
before they can be erected. 

We believe that tbe function 
or our sbopfroois is to attract 
customers into our stores, it 
should be remembered that 
businesses such . as those criti¬ 
cised by Sir Hugh Casson pay 
•'ubstamial rates and thus contri¬ 
bute to the upkeep or the 
country, museums, art galleries 
included. 

It would he very pleasant if 
everyone who has to work for 
their living could do so in build¬ 


ings as handsome as ihe Royal 
.Academy but this is not, and 
never will be. the case. 

It would be interesting to 
know how Sir Hugh Casson 
views such architectural '‘glories ' 
as Centre Point and the many 
(in the view of numerous 
people) hideous 3 nd soul-destroy¬ 
ing high-rise flats in which 
countless people less fortunate 
than ourselves are condemned 
to live with no hope of ever 
being able to move lo pleasanter 
and safer Surroundings. 

D. W. Acbeson. 

Bruin dory House. 

Boil on ffoad. U\7. 


Takeovers 

From Mr. P. Downing 

Sir.—Lombard, in his column 
“ Corporate raiders are needed " 
(February 15) refers to a recent 
study by Davies and Kuehn which 
concluded, inter alia, that ”any 
capital market constraint which 
seeks to transfer assets away 
from poor performing firms i? at 
best weak.” They further refer to 
the belief ” that the capita) 
market can effectively fulfil its 
assigned role as a guardian of 
efficiency.” 

These are subjective judg¬ 
ments. but before accepting them 
in absolute terras, if we believe 
the . implicit objeclives and 
beliefs are desirable, we must 
consider the alternative mech¬ 
anisms available to achieve rhose 
ends. One possibility, namely 
government takeover or owner¬ 
ship, is. I submit, irrefutably 

even less efficient. 

Peter N. Downing, 

“Robin Hill.*' 

64 Brattle .Wood, 

Sevenoafcs. Kent. 


From Mr. M. lVaffuer. 

Sir,—John Lloyd’* -report 
(February 15—page 7) on Sir 
Francis Tombs's attack (which I 
support) on the British Gas Cor¬ 
poration-'* ^pricing policy prompts 
me to raise another aspect of 
the matter. 

Though 1 am generally an 
ardent believer in competition 
and the free play nf market 
forces 1 think there are now' 


strong arguments in the case of 
the nationalised electricity, coal 
and gas industries for pricing 
arrangements do include oil 
over which ihe Government also 
exercises tight control) that are 
based on the amount of energy 
consumed and not on the type 
of fuel actually used—the latter 
to depend on overall economic 
and supply considerations. There 
is. I know, special jargon for 
This concept hot l cannot at tbe 
moment recall it. 

We live some two miles from 
a small market town which is 
served by the gas grid but 1 am 
told that there is not the 
remotest possibility of any 
extension to serve our particular 
area. We would dearly love to 
cook and to heat our house with 
cheap gas but are driven to the 
more expensive alternatives. 1 
realise ibat it would be 
immensely costly to extend ihe 
gas distribution network to 
anything comparable with the 
electricity supply system and 
that the sort of expenditure in¬ 
volved would probably be 
unjustified in view of the pros¬ 
pect of the eventual depletion 
of|sources of cheap gas. But 
it should be remembered that 
the currenl high cost of electri¬ 
city is partly attributable io the 
development of an almost 
universal transmission system, 
some of which tihat is. "to re¬ 
mote homesteads and itulaied 
communities) could never have 
been justified un a purely 
economic basis. 

Would it not now therefore be 
equitable to increase 1 h? cost 
of qas in order in suhsidise »he 
fuel costs of those who are not 
fortunate enough to be served 
by a gas supply and who have 
to resort to more expensive 
forms of energy? 

M. S. Wagner. 

Holton Lodge, 

North Cheriton. 

Temp/ecowbe, 5ni»er*?fc. 


Agriculture 


FrtwK Mr. F. Roberts 
Sir.—It has been said that to 
produce one unit of food 
measured in calories. British 
agriculture uses len units of 
fuel also measured as calorics. 

We live irj a wprjjj j-’pidl.v 
consuming its reserves of in- 


creasing ly expensive oil and 
with an increasing surplus of 
manpower, ycl Mr David 
Mitchell (February 111 equates 
efficiency with using less and 
less labour and more and more 
oil. 

A century ago 20 per cent, 
of the farm produced feed for 
ihe horses and tiule or no fuel 
was used yet then, as now. 
British agriculture produced 
half Lhc nations food. 

Ouipul per man. output per 
acre nr output per unit of energy 
consumed are all alternative 
ways of assessing ” efficiency *': 
the last measure of assessment 
must in the long run be more 
important lhan the output per 
man. 

Frank IV. Ruberis. 

S. Vplon 77oad. 

Norwich. 

Insulation 

From Mrs M. Ishenrooii 

Sir.—Having read Michael Cas¬ 
sell's article “Wide scope for 
energy saving" (February 15) ( 
am ransi perturbed to note the 
suggestion from ihe Advisory 
Council on Energy Conservation 
that “buildins -Moieties could 
consider withholding loans on 
properties with Mib-rtandard in- 
Mtlaiinn." Who j\ in define what 
is—nr is not—sub-slandard insu- 

•ationV 

C.aviiy walls arc designed in 

prevent the interior of a building 

from bmonins d a ?!?p a nd i( ii 
sheer lunacy lo inject, inlo ihe 
cavity, materials which will re¬ 
tain moisture from the ouler 
wall of portmx bririu. ultimately 
passing it through the inner wall 
of porous bricks. Is this com¬ 
mon sense approach to difficult 
for ihe Advisory Council? 

Of course, new buildings can 
be successfully insulated during 
the course of their construction, 
ihe techniques employed under 
such circumstances being 
entirely differeni and involving 
measures tn combat the ingress 
of moisture. 

-My home has sealed-unit 
double glazing, a lagged hot 
water storage tank and an insu¬ 
lated inri: 1 have nn intention of 
allowing it to bo treated with 
cavity wall insulation and T ques¬ 
tion th? right, nf anyone ta make 
m* do tn If about time th *5 
Geveraraecr. realised that there 


are people in the country who 
are able to think for themselves, 
thus sparing us from their un¬ 
restrained despotic behaviour. 
Margaret Isherwbod. 

17. W'twfpnie -U'cnue. 

Holcombe Brook. 

Bury. Lancs. 

Pensions 

i-roin .Ur. J. Duffield 

Sir,—Mr. Nf. McLeod (Feb¬ 
ruary 15) does not seem to 
understand what Houston funds 
are for. They are io provide 
pensions for Their members, and 
their trustcoa* duty is to invest 
m ensure that these pensions are 
met. When he requests the fund 
managers lo “ act in the interests 
of the people, instead or for 
financial security.” he means, if 
he means anything at all. that 
ihe members’ pensions should 
be put at ri-fc in the interests of 
providing employment for the 
resi of the populace. 

He may be happy to risk his 
pension this way: I certainly do 
not wuh to risk mine, least of 
all in local authority housing 
where prnflt seems to be the 
least important motive tn any 
new development. 

His arguments against pension 
fund investment in agricultural 
land apply with equal logic tn 
Stock Exchange investments. 
Presumably, he is in Favour of 
pen-'ion funds pulling out of 
stork* and shares as well. 

•f. Duffield. 

SO. R:uutell Rond. 

Buckhurst Hill. Essex. 


forces to tap tbe occasionally 
reluctant job creation people? 
The scheme would, of course. 
”mop up” (in their own apt 
words) a little unemployment. 
David Pollard, 

S3. Berries Street. W.10. 




>,.• ■ »• *■ 


Logic 


Help 


From .Ur. D. Pollard 

Sir.—J was rightly pleased to 
see the February 15 article on 
energy saving. Noting that ioft 
insulation should save 13 per 
cent, of the heating bill. I did a 
roueh calculation. 

Reckoning suggests that four 
JR-vear-olds with a van. sources 
of waste polystyrene or other 
foam and a modified iawnmower 
ro cut it up. proprietary flame 
retardant plus suitable encour¬ 
agement should be able to insu¬ 
late «omo -100 “old folks’” lofts 
—that is aboui £30 a time or 
*T 0 n,1 0 total cash expenditure— 
in one veer. 

Is anyone interested in Joining 


From Hire. P. Atkinson 

Sir,—Referring to the dis¬ 
cussion (February 11) regarding 
the question as to whether 
students, in partlcuar in higher 
education, should repay all. or 
pari, of their grant and the sug¬ 
gestion that they do pay through 
rales and taxes In later .life: the 
logical conclusion would appear 
to be that those who. have noi 
enjoyed the benefits of higher 
education should therefore pay 
less in rates and taxes. 

P. C. Atkinson. 

9, Sunnyliill Rood. 

Loughborough. Leics. 

Customers 

From Professor Leslie Rodger 

Sir.—1 would like to believe 
what Derail Hughes, chairman ot 
Lhe Marketing Society, says 
(February 10). It was unfortu¬ 
nate that be chose to place his 
statement about Lhe customers' 
sovereignly in the context of 
Ley land's planned regeneration. 

Your front page article " Ley- 
land calls for curb on Japanese" 
(February 13) quotes Mr. Dell, 
Trade Secretary, in an interview 
on The World This Weekend TV 
programme the day before as 
saying “The consumer is.Impor¬ 
tant but iF it comes to the crunch 
countries will choose to protect 
the producer rather than the con¬ 
sumer,” This country. Mr. Dell? 
Is this the view of the present 
Gove rnrt (mt? 

Is the greater competitive 
effectiveness of British Industry, , 
in general, and of British Ley-' 
land in particular really likely, 
to be enhanced by reraqving. 
even temporarily, the necessity, 
to become more competitive or 
bv imposing on the market con¬ 
ditions which limit the freedom' 
of customers' choice? • 

Leslie w. Rodger, 

Dept of Business Organisation. 
tferutMI'Qtf University, 

31-55 Grassmorket, Edinburgh. 


—-n - . 


V ; - ^ 

.■«/., 

< ' r -- 
V. 

- V • • ' 

' C ‘ ' f 




Anything iess is chicken-feed 

if you : pr.y- basic raisve.comc tatf.thc'SJi'S,;: wj ofT :^ cm 
ordinary share*''•5U£te-?‘.47./.• -befo*’fc ttvi • 

) N Ah London Gokihs.% ycu esn-put rWoney in ara urke 
it Out '.vfri'n you UKe. roc r^-ijulsr jsr.o. fenv-term coverts 
■3 p «'''Vr’iV:ngs.p;2 r ii with interest- raturv mat sorer ever r.irhcr ; 
• 'Lprvdon ^Cidhi'vyk-makes.che'rriorst^f yoar.rrionc-/. . J 
• : TikG ciff"'-C you 1 " rer,rest Dranc-fi: • - - ■ 

• CURRENT ASSETS IN. E XC ESS 'OF‘O0y.000-' 


;.>.- V .;va r |).y 


) BUHDH® : S0€BST®M^:S?#^ -rS**' • 

i m chi^ck^ ^ IS . 

■*nthei uChliwick,4lui|tcM.Rtdtmo^&'Ukriittnk. *J" ; 1 : -,- ' 


- . Herafcw ol dvtk«khr%ii30tae.'A^i>a^^ 










\k iS4*Twii; 55ate<liy February IS 1978 



Wu ,Wi?dn«8tfay _ - thfi Extending- this- proposal to in- 

* V ?ai«ty will engage come tax. 

ie .of .those fractri-' . Labour’s distaste concerning 
S 4 mat so ■ endear the ’ 1 ■ islands stems -primarily 
«— IM wrs. Its National from.their tax position-income 

rounittee, With Miss, tax isa fiat 20 per cebt; with 
"" '»-the MP.for Eton no higher rate. . There, is no 

^ the chair, is to capital transfer tax, no gifts-tax. 
Hr.! .. proposal from one of no capital gains tax and no 
™ittees that xnea- value-addetftax. When a com- 
* r.^'.d be taken , to end pany distributes dividends the 
<j?en status of the.dividend is considered to• have 
. tnds. . been taxed at .source and so no 

e Left-bias of the fur S er h J* ** paid by non- 
\ days the executive reSj dento. In Sark the position ts- 
\ y-accept the suggest better: there, is no income 
Vo MPs should go to *** ** 411 taere 15 aI *> no com- 
unemsey to jest the 11 ? 

':ee how the Govern- Sueh low ratM b«*. naturally, 
implement the idea a«wcted the rich. Among them 
* irn, ■■ fc : are Sir Billy Butlin. Tony Jack- 

N. I™*-??****** 11 ' Un, the golfer, novelist. Jack 

'k n even shorter, jour- Hligins,Geoffrey Edwards,.one- 
s 3ng from Transport ; time Middle East entrepreneur. 

\ rea l_ Georee st T ect - Professor Cecil Northcpte .JPar- 
, ^ e . 4 T ^^! a ? U^y, feinson. tihe famous '*law.” 

i F\ y NEC Jersey specifically set put to 

1 immediately come attract the rich when it re- 
V *521 m stricted entry to those having an 

' 5. “21? e Robert income which would produce at 

lancial Secretanr to least. £10,000 a year in tax. 

" another Left- Given the 20 per cent rate, this 

\ Roberts. meaj)S t hat he or she must have 

^ « 0Ul 1 a ® ross income of at least 
. - to the constitutional . 

• with the islands for 

— seek to legislate in t ■ ^ 

1 II course on any mat- ■ 'fk wrw 

domestic to the ■ m I I 1%J 


'y v. 

' 




Wmm 

iif:* 



Middle East entrepreneur Mr. Geoffrey Edwards in the grounds of his Jersey home. 


Treior Uicmnhnet 


Into a grudging acceptance that 
the money is necessary for the 
economic well-being of the 
island. Mixed with this atti¬ 
tude is a certain amount of 
xenophobia. 

That there is not too much 
concern among the authorities 
should not lull them into a state 
of complacency. Mr. Sheldon 
in his statement was probably 
constitutionally off course in 
claiming that taxation was a 
purely domestic matter for the 
islands. Mr. Healey has shown 
that he is prepared to act if the 
mood lakes him. The weakness 
of the 1975 Finance Act from 
his point of view i s that CTT 
cannot be collected so long as 
transfers occur only within the 
islands. The Inland Revenue 
can collect it if the proceeds of 
ao estate are remitted back to 
the U.K. 

If the U.K really wanted to 
pursue the matter further there 
are constitutional authorities 
who believe it could, despite any 
belief to the contrary in the 
islands. The Royal Commission 
on the Constitution, under Lord 
Kilbrandon. reported in October, 


^■4 in particular on 

■n pared Treasury poitJ- 
’dly deter the NEC, 
lave a paper before 
• r .; three options: that 
hould be integrated 
K system of taxa- 
^,hey should be ex- 
the sterling area; 
C. legislation should 
d that anyone mov- 
islands would be 
ough he Were still 
'"his country.' 

: :wo suggestions are 
=ssio be non-starters; 
the one on which 
11 focus. Its pro- 
/Int to the .1975 
under which any- 
to the Islands after 
'**l s p, 1974, is deemed 
<a resident and bo 
Capital transfer tax. 
fill be considering 


matters for the Channel Islands 


£50,000. 'When the numbers 
coming in threatened to upset 
the balance of the economy 
Jersey set up a licence system 
for housing with only 15 being 
issued a year. 

Guernsey adopted a different 
system to protect itself. It 
drew up two housing markets, 
one closed, the other .open. 
Property on the closed market 
is available only to islanders as 
defined by the housing law. The 
open list is limited to some 
2,009 properties and a potential 
entrant can only acquire some¬ 
thing from this list when there 
is a seller. ' The result has 
been to force up house prices 
on both islands to the point 
where a reasonably! sized four- 


By ANTHONY MORETON, Regional Affairs Editor 

bedroomed property can cost U.K. They are now classified as they have to pay the higher 
£50,000 and anything in the de Crown dependencies. rates, which go to S3 per cent, 

luxe classis worth from £250,000 j t j s b ecause they are not above £21,000 nf taxable earned 
to IoOO.TO°. part of the u.K that they can income and 9S per cent with 

The islands were pan of the enact their own tax and other lre . investment surcharge, but 
Dukedom of Normandy before i aws (Jersey debars insurance ctani * t n mat,, is,™- 
William the Conqueror. 1066 companies, for instance, whereas . h 3 5tand t ° maU ,ar - e ca * , | al 
and all that They became they are allowed in Guernsey). > on their property. Take 
attached to England when But they are part of the Sterl- ? way the tax advantages and far 
William arrived and remained ing Area and the Bunk or f -* cr pe . tip e would , wanx 
true when the English lost England ensures compliance -“• T} } er f l > s,,llu - J f v ‘donee 
Normandy. Because their law W j t h u.K. exchange control J!? at scc “° ., 4j r ot l " 1 ' ! 9 '^ 
and other customs originated regulations. Finance Act, Ihe one extending 

from (and continues to reflect) •r---,,.- n r ,.h«. r,w u TT *5—J es f. denls , a l ? r p c f era ‘ 

Borman rathar than Enellsh Because of ™* centuries-old her. 19i4, has already had an 

Senist, have ^d a dl « , 00 h ° US * pr ‘ CeS ' 

peculiar constitutional position. "I h ° c ,c In Most oi th - obloquy of the 

As they were so near to the £ 2 Sn^ t ?^.h!w! 2 ? Thi better-off islanders has been 
mainland they hardly qualified social strata on the Islands. The directed at Mr . Ron Hayward. 

as colonies; equally, and ** refugees stand to lose most, general secretary of the Labour 
emphatically, they were riot and of course, . If U.K tax is Party rather than against Mr. 
have never been part of the extended to them. Not only will James Callaghan or Mr. Denis 


Healey. Chancellor of the 
Exi-hequcr, probably because it 
was he who made the announce¬ 
ment. This criticism has ranged 
from the “who does he think 
he is ** type to the more studied 
“it cannot be cozistitutiona!iy 
done.” One told n»e: “We 
wouldn't think of interfering in 
the affairs of the L’.K. so why 
the hell should they interfere 

with uj ? ” 

At the other end of the social 
scale the Transport and General 
Workers' Union, which is strong 
on both islands, is also against 
any interference. However, 
among the less well off—the 
ordinary islanders—there is 
snme resentment at the wealthy 
among them, although it shades 


1973, that while the position of 
the islands (including the Isle 
of Man) was unique there were 
also blurred edges to the rela¬ 
tionship. This particularly 
applied to international agree¬ 
ments, such as the Treaty of 
Rome, where Britain had to 
negotiate on behalf of the 
islands. 

During the Common Market 
entry negotiations Britain man¬ 
aged to secure considerable con¬ 
cessions for the islands, includ¬ 
ing the no-VAT provision. So 
the U.K can legislate on tax 
matters for them. 

Jersey has suggested that 
Westminster might pass an Act 
of Parliament which would 
clarify the position. It wants 


tite convention that Parliament 
does not legislate for Jersey on 
domestic matters without the 
consent of the States (its 
assembly) legally incorporated. 
Guernsey refused to support this 
suggestion in case it undermined 
centuries of trust between itself 
and the UJK 

If the Inland Revenue wanted 
to act it has a lot of powers over 
the islands. For a variety .of 
reasons it is not over-active ;n 
pursuing them. If the Labour 
Party really wants to do some¬ 
thing about their tax-haven 
status (or offshore ' financial, 
centre status as they prefer lo 
call it) a study of sections -ITS 
and 4S2 of the 1970 Finance Act 
would pay greater dividends. 

Section 478 relates lo indivi¬ 
duals and Section 482 to com¬ 
panies. The former is aimed at 
people living in the U.K but 
diverting income paid to them 
into' the islands. Section 482 
slops companies from drawing 
up possible tax avoidance pro¬ 
cedures unless they obtain 
Treasury approval. Both are 
strong weapons against lax 
avoidance, which is one of the 
things that worries the Labour 
Party. 

But is it really worth worry¬ 
ing about in the end? No one 
knows how much is lost to ihe 
Revenue by a relatively small 
number of people moving from 
the U.K The islands have a 
total population of about 
135,000, of whom only a handful 
are rich enough to feel that bed¬ 
side reading of the small print 
in the Finance Acts is essential. 
If the going gets hot such 
people could always find 
another tax haven and because 
of the quality of the quite legal 
tax advice they could receive 
they would still avoid paying 
U.K taxes. So long as the 
Channel Islands are not another 
Kuwait gap (an exchange 
control leak eventually 
plugged) it is probably not 
worth worrying about a few rich 
men who have voluntarily opted 
lo cut themselves off from the 
U.K Whether the 29 mem hers 
of Labour's NEC take the same 
view will be seen on Wednes¬ 
day. 



VBOUR NEWS 


Tanker owners face £550m. 


iite-collar power bill for design changes 




NE CLARK, LABOUR STAFF 


I m 9 « '■•um' • BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

lYIClflA limit • THE WORLD’S oil tanker owners ships as an alternative to the optimism yesterday that the 

IIIIIIK will face costs of around £5S0m. more expensive segregated necessary momentum would be 

• as a result of agreements reached ballasts, which would destroy 15 forthcoming for the latest pro¬ 
ws CLARK. LABOUR STAFF in London this week about Future to 18 pei cent, of a ship’s cargo visions to come into force 

** design standards for their capacity. between 1079 and 19S1. 

4DERS for 27,000 pressed for an improvement. In vessels. A significant spin-off for the Details of the resolutions are: 

I managerial staff in differentials against manual ■ This was the unofficial cost U.K is that Its own fleet is • NEW crude earners over 

ty supply industry workers in the industry estimate at the dose of the Inter- already relatively well-equipped 20,000 dwt and product carriers 

-E&t to accept a pay. Governmental Maritime Co- with crude oil washing. The cost over 30.000 dwt to have COW 

ISb'in Government •. ^ manual workers have still Organisation Con- of adapting the U.K. fleet, which and segregated . ballast tanks 

.to reach-a settlement ■ but Mr. f tre j, C0 ion fapker safely and represents 9 per cent of world (SBTs) located in such a way 

mount* to a 10 oer Jobn Lyons, general secretary oT pollution ^yesterday. The con- . .— fs to give protection against oil 

swsia s.%\ c? - *«*• 18 s ra SSSS 

;^n,c„ h *.*7 ffiSSST hrote ;,«£ jysua. 

said to earn about Mr. Bill Prior Board member But as tnc conference nroxe abo ut 5 per cent of the total i„ siagis, clean ballast ceases to 
with salaries rang- tor industrial relations, said that up yesterday, tome de egatinns Wor]d CMt5 Worldwid e. it is he an option. 

10.000 a year. Under he hoped the deal would he lP jJE" “,{ a ly M ? ^Solv Hardde believed lhat 80 per cent of 9 INERT' gas svstems. designed 

they will receive an the manual workers leaders to ™ the Norwegian’ inkers will require some modifl- JJ prevent expiobir.n during 

week—-an average realise that the employers were he joa o suonofted Mtion * which wm eventually t an k cleaning, to be fitted ia all 

a year. The Depart- trying to treat everybody fan ' ly | legated Slasts as a mean?of creaIe , e ? lra work hard ‘ new tankers over 20.000 dwt and 
ploywent kras said and equals . - ■ _ _ fi Pressed ship-repair yarfe aasum- in all existing crude carriers 


More Home News 
on Page IS 


leakage in the event of accident 
• EXISTING crude carriers 
over 40,000 dwt to have SBT 
crude oil washing or temporary 
clean ballast tank arrangements 
as soi'D as the convention is 


i overtime ban would 

nrjri f ™tini4 5 ^nS d ng° n seg re gate 6* al last to 'in^eSonarSw^n'cVbui vrivirions for shlps'crer T.600 

K\| to imnniT This “ro ud also included Sweden ^c first will have to await gross tons 

C UOV/. IU IliipUlL and*Gre^ce^botoof^hom have legislation in national parlia- • TOUGHER inspection and 

TIMES REPORTER large numbers of independent "lento. There was widespread certification procedures. 

| owners. 

Steel Corporation within the Governments guide-: Rear-Admiral Michael Benkert. J I J 

.^Tistomers^by import- lines. The confederation has | M d er -of a delegation from the |-|o|«|S|nr| n$|f1f| M OV0l O0151V 
'ijtxs take, industrial called its.full executive to the |u.s.. whose complaints about oil HcUlUHU IIcAJ.RU uv-au^J 

tfmrn Charles Vtillera, itext round of pay talks « n i spills and tanker accidents led THE DISPUTE between Harland about the cause of the 

. to the conference, said he was and \Volff. the Belfast shipyard, delay and insists that the t3nker 

Rggj ft Tra des Coafqdera- Sir Charles tola the ptairoro-; “extremely pleased” with., tbe anj an American company which hod been completed to specifica- 
largest union, -shire -Iroo and Steel^ Institute, Q U tcome, even thbugh the U.S ordered a £30m. supertanker lion. But >hc owner, the Coastal 
UBE .^iJidcriag r r* list of that he;hoped. rattonahsation of |demand for segregated ballasts dragged on yesterday when the States Gas Company, of Houston, 
IKrjftuding. an .overtime plants would be conducted ° ar ' < had filled. crew sent to collect the newly- Texas, is understood to be 

3Sr'.paid he imposed, if moaiousiy. _ | The . U.K. delegation was completed vessel left Northern demanding more dockside work 

y .>0® S offer of 9.5 per “ Whenever it ifr not * [pj a jnlv : delighted with the confer- Ireland by air. and .-ca trials. 

* * 1 .liwAWWAfT * • - V/su. rhaf / i f)n)nr3lion WJli . • . .. .D.L itl . rann nnn * r* r/J-.*/ 0.1 <• e i-a n n 


TIMK REPORTER 


Harland hand-over delay 



jgr vt 

I 

m \\ 


W.- i l ^P r ?v«f- , . - you- that the corporation w»] 1 J nee - WKj ,^ onSm whic h closely The 330’0OQ-.ton Coastal Corpus Early yesterday the 24-srrnn2 

V'.. : Is thought that the .take steps to ensure that cu^to' I resemble the original U.K. yosi- Christi. the largest tanker built crew left the Belfast hotel where 
• been.* moving mersi are not deprived of i tton 'apart front some modiflea- in the U.K.. was due to be banded they had been waiting For the 

'; last few days and. supplies—by imports or semis or.^ sJze 0 f vessels over to the new owners on Mnn- past five weeks and fiew from 

"cot will be possible finished products tf need be.. affected; - Its biggest achieve- day. But a dispute between the Aldergrnve ofteT receiving in- 

-t— . ■ 1 -» —:——i- 7 —;. meni haa been to win for tanker companies led to the cancellation structions from their employers 

V^ '. .. .. . • owners the right to fit crude oiJ of the handover. to return to base in Sierra 

delays Ope ni ng washing.ICOW) systems to their Harland has remained silent Leone. 

fv|^8m. dock complex Blacklisting unconstitutional, 

of. a £3Sm, dock port chiefs hoped the way was} 9 

says John Lewis counsel 


of. a £3Sm, dock port chiefs hoped the way was . m -. 

tea »sr«! says John Lewis counsel 

®;to.- R dockets' pay they wanted extra money u i< 

", ... . ..productivity deal for working the BY ALAN PIKE, LABOUR CORRESPONDENT 

i Sn ta°comSeretei Mes^liclude^Sltag^Vnd;LEGAL.ADVICE taken by the of law in a wider sense. endorse * po| 1 ]\ 

the first ship, the-maintaining quayside plant, now John Lewis. Partnership showed The Government also sought to he the temptation to enforce U 
was turned away, demanded special payment for [that the Government’s action in justify the Imposition of sane- b> this mean*-, 
ched a £lWha-week “sophi>‘icated working methods> blacklisting the group for an lions as being m ino national However, in counsel’s opinion, 
with- -the... port and extra Tesponsibi^itiee. ,, . 'Ialleged"breach of pay policy was interest. Thai is tne justinca- t j, e j e?a j ^nj^djes Tor an tndi- 
frtfonday. The agree- Both- -groups refuse to work. v unconstitutional.” the company tion of tntauiarianism. u is ute vidual or business to challenge 
Zed :payments tor the complex ustil their demands says ju. an announcement to its knell widen the bell oi ropres- Government on such issues 
Ste new ; complex; arid are ©eL workforce to-day. S1< SL, 101 I s ' W wore slow and therefore unsatis- 

l ace l pay claim strik e SEW* . r - ■ r 

Jr4rr* J A-lallll ollUiC tawfta.- in a v*ttxp«u ™ se ’ p erm j U ed. it would enable the of department stores and Wait- 


TfiUlftl 1,4 UailVHRI IMIVI Ml nibUUUl It- Jlicill 5 iUI ut.L0U3E Ul 

y m . The^sompany wana.*?' . " . ' ' ' juaroite- course tn ParliameoL a n agreement involving 500 staff 

lift per ’ efidt - but • GEC Telecommunications *85 i .*J“,SJUto appIy eitoer to tne « lndefld ihe less likely it last March which allegedly broke 

*“ p " taw “ wiU - Phasc TK0gu,M "- 

jfSSShSI* "“p- Jones advice od job creation 

was re J ected * mediation offer was turned dowm. cUne/as 1 relevant to the COLLECTIVE wage bargaining that a 35-hour week would create 

:‘jam 0rLm ^dr “ ‘ “ - • : proper.exercise of its discretion.” should he seen as the prime 54.000 jobs. 

ctrikp *Wrtl)in nA IIKiturniK 7 I. The Government, writes the means of creating Jobs, Mr. Jack "With technological growth 
SilllAC IT V/141U R/v- UDdJll "uj I John Lewis counsel, sought to Jones, general secretarj’ of the meaning fewer jobs, then we 
WoieheH general hours in protest against a bonus:Justify Its position as being an Transport and General Workers’ ought to be talking about a four- 
f* .he National Union pay offer by British Rail to the‘zeroise of tbe same freedom Union, said yesterday. day week in industry. And just 

men. last night pay-train guards I of contract as lhal enjoyed by an He said at a unioo rally at as the TGWU pioneered the move 

* decision of train ASLEFsays the drivers should'individual. Bridgwater, Somerset, that less ln a five-day week in industry. 

, a strike on March 1 also have the bonus—'worth But whereas an individual ove rtime earlier retirement and we shaH hR for a four- 

Is and unfortunate.’* between £2.50 and £B£V) a week-icouJd do.anything which was no! . f d f u dav week." 

..-■jl’ive of ASLEF. the The guards lost a.bonus during contrary to the criminal or civil sodo pensions ana icwcr worK Tbe mam pn0 nly for Britain 
union, decided on restructuring of their agreement-.law. the Government was, con- tQ g bours could create thousands wa . D abolition of the dole queue, 
. Hi - ■ stop work for 24 in 1974. stitutioailly, subject to the rule of jobs. His union had estimated he said. 


TO-DAY—Power workers’ shop 
stewards discuss industry’s pay 
claim, Doncaster. 

SUNDAY—Cabinet meets at 
Chequers on economic ^ratecy 
and content of forthcoming 
Budget. 

MONDAY—Defence White Paper 
published. EEC Finance Minis¬ 
ters meet. Brussels. CBI monthly 
trends inquiry i February t. TLX 
Finance and General Purposes 
Committee meets. House of Com¬ 
mons gives second reading to 
Employment Subsidies Bill. Mr. 
Robert Fell, chief executive of the 
Stock Exchange, and Mr. David 
LeRoy-Lewis. a former deputy- 
chairman. begin two-week visit to 
U.S. to study regulatory proce¬ 
dures in American stock markets 


Economic Diary 

Preliminary estimate of gross 
domestic produet based on output 
data: and turnover of motor 
trades (4th quarter). 

TUESDAY—House of Commons 
debates taxation. House of Lords 
gives second reading to Ship¬ 
building (Redundancy Payments) 
Bill. Mrs. Margaret Thatcher, 
Opposition leader, speaks at 
Engineering Employers' Federa¬ 
tion dinner. Dorchester Hotel, 
W.I. Merseyside County Council 
announces its spending plans, 
including measures to attract 
industry- Unemployment and un¬ 
filled vacancies (February, pro¬ 
visional). Construction new 
orders (December)., 

WEDNESDAY—Labour Party 
national executive committee 
meet* and is expected to discuss 


demand by party’s Home Policy 
Committee (or reflationary Budget. 
TUC General Council meets. Steel 
workers’ pay talks resume. House 
of Lords debates profit-sharing. 
Financial Times two-day con¬ 
ference. Business with Spain, 
opens in Madrid. 

THURSDAY—House of Commons 
debates developments in EEC. 
Capital expenditure by manufac¬ 
turing, distributive and service 
industries: and manufacturers' 
and distributors’ stocks (4th 
quarter. provisional). Energy 
Trends publication from Depart¬ 
ment of Energy. Car and com¬ 
mercial vehicle production (Janu¬ 
ary, final). New vehicle regis¬ 
trations (January). 

FRIDAY—Sales and orders in 
engineering industries (Novem¬ 
ber). 




week—an average realise that the emptoyers were ; hj ) r . SuODO *ted c * tion - whic & wlil eventually tank cleaning, to be fitted in all 

i year. The Depart- trying to treat everybody fairly Sam<*rtffi2la*ts L a meaiM of creaIe e ? lra » ork Jor hard- new tankers over 20.000 dwt and 

ploytnent was said ^equally. redStorichronlc^overcapacity in P ressed ship-repair yards, assum- in aij existing crude carriers 

aved the settlement The EFEA’s acceptance could S! u S|-r 2S^ S the fli in ? ^ inference wishes are over 20.000 dwt (with minor 

, influence the outcome of a crlu- “e “BKer mu-Ket. saila we^ on rimeA by member exceptions) and all product 

le hours of talks cal meeting, to-day hf a national “2Siwtmld be“eriou" * governments. carriers over 40.000 dwt. Four 

th the Electricity shop stewards-unofficial commit- 3 “ ,^ ber of the inde- Th c Conference’s decisions years, tn stages, is allowed tor 

Electrical Power tee when ■ Industrial action is own EO hankruDt hav ^ been incorporated into (wo implementation, except in ships 

-Lssociation leaders likely lo be discussed. Thev will have to sell their ships existing but still unrattfied IHCO using COW. where inert ga s 15 

----- : torraethirdGftodr value’’he inventions, tbe 1973 marine mandatory. 

# - ' - toiMine third or tneir value, ne po|lullon convemlQn and the « IMPROVED steering gear. 

I nVArtiiriA hsin wnilln The Norwegians were among 1974 safely of life at sea conveu- involving twin systems for new 

1 uVCI IIIIIC lldll tt UIX1U a qroup of 15 delegations which u ® a -. . l? n «?nf>rt*' e rn 10 ' 00 ^ ^" l ' 

. - ahciainarf on - oriti^ai PA^ntininn This second document is dose • IMPROI EO emersenev radar 



The new Schlesinger Preference & 
Gilt Trust is invested entirely in fixed 
interest securities which offer the 
benefit of a high predictable income 
and are likely to have less risk and be 
Jess volatile than equities. 

High income-low volatility 

B> investing niii\ 1:1 prc&reMg shares and 
Briti-li Gmcrnnicni SCwitriliCN «G:ll-». the nianupcr? 
urc able 10 obtain higher levels ,»f .neme than eould be 
cxpvcied from .1 managed p"rtfi’lK* »»f equities. \N hiM 
rquiiivs wonU pnnjJc gnuter i«pp* 4tuiuncv fiv 
gnm 1 I 1 than fixed iuicnM HtiA*. toe l.ilicr jrc likely 10 
be less '■olalile 1 indcuil. the Ucicnsiveiics* of 1 lie fund 
hjs alrcjii;. hevn inJ-c-Ued by ri’e *i.ihilili of the unil 
price in ihv riwni Jiflicnlt ■»>jrk.-_l condition*^- The 
pri'poiiioii in prel'ertree shares Jhd Gijls will be 
varied . 1/1 he manager- ’ Jii’rri ion. 

Sv.hksini.vrs also e»pc.I a usCf-Vi degree of 
ixipii.il .ipprcciniion iit-ni ihi- ir-.s>t. as long icrin 
inicresi rulesCominue to fall. 

Investment in Gilts 

Undercurrent kgis&uicn. most inicresi 
rccei'-cd in an unilionsed unit from gilr-edgcd 
sCciiniloissuo^cei locorrorjtioui.i- chichi, 
disadvanhigc^ui 10 unulmidcrs \sticn compared «iih 
dncci imc'inwm in-uch sccirruies. 

Fur i ins rci-on innully -or.v ?n *,’ of ihe fund will 
be inscsicd in preference aliases. and Jll’V in Gills ai 
which Icxcl Schlcsingeis estimate any disadvantage 
will be minimal. Should the fcgiJjtion bcelwngcd. the 
Tuna will be imeslcd entireh in CiiM.iseeGeneral 
Informal ion). Your invevimcni should be regarded as 
long term. 

Remember that the price of uni?* and ihe income 
from them may go down as weil as up. 

Sehlesingers 1 PI MS service 

Imcsiors oi £2.5fl(ior more will receive the 
Schlesinger Personal in\e> tnien( Manaucmeni Serxice 
r PI MS i which includes regular in^Oimcni report* and 
iik uaiions 10 meet ihe nnesimem managers. 


11-6% pa. paid quarterly 

I 11 order lo help investors plan their income, ihe 
distributions will be paid quarterly on the 3u:h of 
April. July. October and January, starling July iy7S. 
The table shows the approximate level of income inci 
of 34".. banc rate tax) you would expect to receive 
every three months, bused 00 the estimated gross 
yield of 11 .h4 on the current offer price of 24.9p. 



The distribution dates have been carefully 
selected to complement those of the all-equity 
Schlesinger Kxira Income Trust. By investing equally 
between these two funds, shareholders can obtain eight 
evenly-spaced and approximately equal distributions 
per annum. 


A fixed price offer 


L nits ate on offer at the fixed price of 24.for 
investments received by March 1. The offer will close 
before March I if the actual offer price varies by more 
than 2* from the fixed price. In this event units will 
be available at the price then ruling. 

General Infurmatiun 

In :itrc*c:ii oi^eiisiue In uvMlon « htcli »-aulC rem.'ie :nr 
dhadvan'.iEfaui irca'nienl .11 sill Inc-sme. II n lmenJ ;4 ihal Ute ■> n-j'« 
of lhcporiinik' uvill m ic-inTctiedin hish >iehuns Bnush Go>ani»nl 
Sccumto. such . .nsnee uould be maue only U. in ihe ludicmcni of 
ihr nvaiuEcr.. 11 uouU noi he 4 liuKl«a<iuEe.'uv lo uniiluiac:). ana 
iheTruneemncuireJ. The nunc of iheTrusj «n u id all a re chwraed lo 
'ScUnlncer CiillTiUsi*. Te ln»e,i.uic Uumiwe oro-Mod. AppllcauoM 

nUlbeacJLn-'ulcdaea.anaceriin^igi, uill brveni nsl iunns Apia. 
TbtmMmumiaittUDeni In the Fund bUBO. Ttw toll Prinudvieid am 
pnbUsnea JjUi m Icndmi oruspiren. To Sell uniia. hie( | Ii reiurn 1 uu: 
cetllflca'e apnisiprutcli ena.irveJ i>n 1 he bed - pavnieni i. normallv 
made ulihm ” days ■’! cut receivlne ihe renounced eenliic-ue. 
ConraUiJoa OI li v p » 1 Ubc (silj in recoeal^i atcnK. Clanei.- An 
initial chjrcr ■>! Ml. is Included in the Oiler price. A churceal id 
aDtuulnieoi rx lSlus VATi nlihe value of ihe Fund h dcducied finm 
trota income Liaerdi ammlurjuic nbemo. Tnucni Mdluj Rent; 
Trust Co. LH Audi tort: Peal. Mjruiik. Mn. hell A Co Mauecn; 
Schletbicrr Trust Monaecrs Lid IV Hanoier Square. London W.l. Req- 

■ Birred m Ennluid. No. u.lfK«. Member, >•( the L nil Trim As .<.'ijll,.ii. 
Tbboller l< not aullable 10 residentsc-l ihe Republic ul Ireland. 


Ti>: SvhlcswpH Trust M.ii’.jgers l.ij.. 

HuSviuih Street. Dorking, Surrey. 

|l .rlim/nblI.irim; .lav^-(.).,• f..‘. £»■■’»»' .nyi-tjrjpi W4J 

I wish lo invest j £ 

nmninium I504i ■ —— ■■■ — . . 

in ihe Schievngcr Preference and Gilt Trust at the 
nxed price oi 24.9p. 

I wish to have my dividends re-im ested , | | 

I would like further information, including I I 
details of Share Exchange scheme I_I 

A cheque is enclosed in remniancc. nude payable to 
Midland Bjnk. l imited. 


1 declare ilui I um nui resident ouLside ihe Scheduled 
Terrhoricv and dun I am not acquiring the utnu as a nominee 
ot any per»on resident outside die Tcrriiories.ill'jou are 
unable to make ihw declarjiion, it should be deleted and this 
application form should (hen be lodged through, our li.K. 
bank, moi. 1:broker or solicitor. I Minors cannot be registered, 
but account, designated unit ihcn initials »ill be accepted. 


First names. 


.(block letters please) | 
-(In full) | 


Signature ______.- — 

iln Lite case of a joint application all must sign.) f [ lg/£ 



L ' 


4 











14 



Lower second half leaves Lloyds at £166m. 


AFTER RISING from £64.6m. to 
iHU.Im. in the first half, pre-tax- 
profits of Lloyds Bank finished 
1977 ahead from 1147.7m. to 
£!66 2ni. Profits were struck after 
exchange looses of £7.»m. com¬ 
pared with gains of £7.jm. in 
1976. 

The directors point out that, if 
adjusted by reference to the U.K. 
Retail Price Index, pre-tax profits 
are worth much the same in real 
terms as last year. 

In the U.K.. cost inflation was 
again a significant factor despite 
determined cost containment 
measures and adherence to the 
policy of incomes restraint. Addi¬ 
tional earnings arose fmm 
increased sterling: lending and 
current account balances, and 
increases in service charge 
income: but the sleep fall in 
interest rates was an adverse 
influence, especially during the 
second half of the year when 
Lloyds’ average base rate was 
7 28 per cent, compared with 10.57 
per cent, in the first half. Conse¬ 
quently, ihe profit of tHp bank 
and iii? domestic subsidiaries fell 
in the second half. 

learnings from iniernatton.sl 
business " continued their pro- 
srcssive increase and made a 
larger contribution to croup 
profit. The improved earning* 
were achieved under highly com¬ 
petitive renditions while the 
world economy and world trade 
expanded at only a moderate 
p.iee. members are told. 

Basic earnings are shown at 
4fi.S4p <46.So) per £1 share and 
at 4:i.94p H.1 Sp i fully diluted. 
7lie final dividend is 4.93fv4p net 
for n maximum permitted D.06S4p 
t$» 1C7pl total. 


DIVIDENDS ANNOUNCED 




Date 

Cor re- 

Total 

Total 


Current 

of ^ponding 

fnr 

last 


payment 

payment 

div. 

year 

year 

Adams and Gfbbon 

. 3 4S 

Apr. 27 

3.08 

4.35 

3.95 

Anglo-.Afr. Finance 

. 0.56 

_ 

0.75 

1.135 

0.75 

Cornell Dresses . 

... Nil 

— 

Ml 

Nil 

03 

Helical Bar . 

.int. Nil 

— 

1 

— 


HT Investments . 

. 4 

Apr. 7 

3.75 

4 

3.75 

).h>vd< Bank . 

4.94 

Apr. 3 

4.42 

9.00 

8.14 

B. Sunley .. 

.int. Mia 

Apr. 3 

1.65 

— 

3.95 

Ward Bldgs. 

. 1.65 

Apr. 4 

1.63 

2.64 

2.6 

Wagon Finance . 

.... 2.88 

— 

3.75 

4.13 

3.<5 

Wcbstcrs Pubs. 2nd.ini.; 0.54 

Mir. 28 

— 

— 

\2 


U.-K. Any balance will be avail¬ 
able for use within the UJC, 
Allied said last nighL 


B. Sunley 
expects to 
top £1.9m. 


THE DIRECTORS erf Bernard 
Sunley Investment Trust sa.v that 

Dividends shown pence per share not except where otherwise stated, ff * h * 1 J**j* °* *fS“ f!2 

' Equivalent after allowin K for scrip issue. i On caoital they expect profits for the full 
increased by rights and/or acquisition issues. 


s For IS months. 


On capital - ■ - . .. e , 

± For 15 months. l»<<-78 year to exceed the £1.97ru. 

rni> I07B.T: inolurlvri a nrn. 


for 1976^11, which included a pro¬ 
perty sale surplus of £l.45m. For 
^^|j, e s j x months to September 30, 

1977 pre-tax profits amounted to 
I* anticipated during 1978, £379.000 compared with £585.000 

although it is now felt that the last time which was after crediting 

market is at the extreme of the a surplus on sales of investment 

prerent depression. In the light properties of fl.lm. 
of this, sieps are being taken to The interim dividend is- main- 
roduce the company's dependence tained at 1.65375P net per 25p 
mi .,ieeI reinforcement in the U.K. share—last year's final was un- 
as il* mu-in activity. changed at 2J29517p. 

The further development and Rents receivable, inriudfn? addl- 
expansion of Queenborouyh Steel nonal income from rent reviews 
Company is being maintained. and new lettings improved by 
The main works building of £029m. to £2.B$m and directors 

Adams and Gibbon reports pre- s JU( ji Steel Reinforcements is soy that for the current year 

lax profits doxvR from £652.5-4 to completed and 197S should see they should amount to £6.15m. 

£55P.U46 for the year to ■Mjvem- turnover and a future order load against £5.51m. for last year. 

.T7^ilir being built up as rapidly as the The increase in the trading 
resident management can pru- profit Irom contracting, up Irons 

dcntly expand it. Demand £1.37m. to £2.24m.. mainly from 

generally for reinforcement in work overseas.' was maintained, 

the western sector of Saudi but housebuilding suffered a 

Arabia remains strong. downturn From a profit of £231.000 

The company has adequate ro a loss of £M,00fl. 

finance available to undertake Pre-tax profit was struck after 


GARAGE proprietors. motor 
dealers and motor engineers 



. Financial: Tmes :Satnrd^:F^Waiy A? ;19tt 





■THIRD QUARTS pretax profits remoftf . jrf - Press ures ofr’ S 
nf £ 2 . 33 ni- Bgiinst. f-V-94 m. eat- dollar, and,therectoration of at 
abted Wedgwood to, advance its 



nw ’ ww Aa 
SOM aoa 1 r-i 
54,781 43.7H- EJ, 
M14 . 

*235 . 7S0- 1. 
azn .wr:-'i 

i.SSfi U2S h 

■W 3,788"*’J 

ym m 
M. MT.-.I 
' 858 .4MfT, 
1427 5,811. t 


See Lex. 



l*— 

3979 


f:.iii> 

fill-ii 

■livr.islns rr>'fl! . 

".17 IA* 

i?4.pa: 


. 19 

1 

ProOi bslorc lax 

1M.227 

in.73a 

fir'll id lil . 

77 S7ri 

*1 .114 

V'<o- uiis lax 

. ■ 11 l"7 

7 - :>f> 

r*>l Dramr . .. 

?*.:*! 

75 WO 

Tn minor 111^3 

ADA 


RxiraiiMmair cre-iil* . 

4-T.' 

' 1 .7:: 

Anr:hinar>li . . 

.. 

71.IM 

Diiirf.-ml-; .. 

nij 

11 ..ill 

R-ialnna . 

* Podti^. 

. El 145 

WAV! 

Operating pro:it is 

stated 

after 

a charge of £2.7m. 

for the 

staff 


ber lib. 1977. after 
against £286.000. for the first half 
Turnover for the year rose from 
£15.19m. to £!8.27m Tax absorbs 
£101.21ft compared with £345.1164. 

The lir.il dividend is 347.jp net 
per 23p -hare for a maximum per- 
mMied 4 ::5p tH.HIpi loral. 

The 
trad in 
mode 

and delivery are substantially im¬ 
proved *'n the position in early 
1H77. and if the weakness of the 
used ear market can be overcome, 
they think Mini. the group wi" 
as.i’in be able to report increased 
earnings. 


. ■ .... ,.l 1 n—C 11 II 1 ■ ilWMlfllllC LU U HUE l LAI'S ricii 

directors say \h.t\lhe 1 - \h*w policy change*. members lower i 

lly/but new Slide sS *■* told. *£« 

Alcan 


profit sharing scheme which is 
being implemented within the 
Government's guidelines in 
respect or the period of five 
months from August 1. 1H77. 

Extraordinary credit* were net 
pro bis on dispn.ta] of certain <ub- 
•cidiories and associated companies 
by Lloyds ry,nk International. 

In i*i7ii®extraordinary debits 
comprised expenses of £1.05m. on 
the issue of loan capital by 
Lloyds Eurnfinance and losses oT 
in.47m. or. disposals hy LB1. 
Rights issue expenses of £2.I'm. 
were mel from the share premium 
account. 


Ward Hlds. at £5.5m. 
falls by 


merest charges of £2.nm. 
£3.18m. which is attri¬ 
butable to interest earned on 
monies received from property, 
sales last year and improved 
liquidity. 

Resulrs of the group's develop¬ 
ment subsidiary in France. Isola 
2000. reflect Che usual off season 
pattern, directors stale, but have 
also been adversely affected by 
the downturn in the French 
economy, which caused a reduc¬ 
tion in apartment sales and in 


Freddie. Mfaufedd 

Sir Arthur Bryan, chairman of the .Wedgwood Group— the 
final quarter has started with strong order books and Jd3 
- manufacturing divisions working to capacity. 


BAT Industries defines 
its policy for growth 


£54.78m. 

Provided there is no' farther- 
deterioration in the yahie- of -the operating profit 

dollar, the ^directors stall expect, mwat _ - -- 

to achieve their budgeted profit t» _ 

for .the year and given reasonably k« profit' 
staMcworld economic conditions, EWr«onL daww... 
took forward to a farther year of .-»v 

progress in 197S.79. 5SSS? ““__ 

-For the whole of the previous ^Bcdnctd-tv tatcrett nUa sriiSt 

year. the-^mpany^ Peported a ^S 0 S n S&S'»ASSS , it3; 

record £7.7?m, profit and paid aow - Ems.- tcomprte 
dividends totalling 5.7p net per. amoumtar to n,sfi,088 is vahu 
25p ^axo-an interim of 3.5p 

(3p) has already been declared ^SmoTtwint immmt «r tdM 
for the current year. written <nr iouowiiic ratMtai «i « 

Operating profit for the 39 snflttr *M savermtor AsoaOmiik 

weeks ■ amounted to -£6.5lm. 

(£5S6axL). : Tax took £1.36m* 
t£t.33zn.) adjusting for £3219, and 
extraordinary ' : debuts £2.84 hl 
(£ 0.3m.), to ieave ithe attributable 
balance down from £3.48tn. to 
£2.09ra. Stated earnings per 
share are 26.4p against 4 J5:lp.' 

Extraordinary items relate to 
adjustments amounting"to £3^35m. 
in the value of' net -assets, and 

borrowing overseas due to fl.tictaar rn ^ ; . 

. tions in the exchange rates -ant TWO 

being the .amount of Die acquisition^ 
goodwill written off following the 
acquisition of the Goldsmiths and 

Silversmiths Association. ■'WSS 

Sir Arthur Bryan, the chairman, \ -A* T f*- 

reports that in the third quarter 

the U5. and Canadian dollars thatffle.ctnnpapy -WH, m 
weakened sharply and too quickly 

for remedial measures to be taken i 

by the group’s- Americaii and ®5 nul »./*« 0 =*L^* «Q»ject - 
Canadian companies: - .-however,:toe ppopu fflonpresr 
their prices wDi be adjusted 

■soon as practicable and probably E ® s ® t ®A??ifest-Tear,.shat 
with effect from next ApriL Jiross . ^are.^ . eammgs ..t 
But far the rapid movement fh. j * nt 3 °*! *°v 

these exchange rates, third &Mogfreod^vWend corer 3 
quarter 'profit would have been r?5 s - I - 

some £750,000 higher, he-says. . ‘ 'feeig A hat tov est 
Sir Arthur smt^ that the com- V'ho.-hav^-sUunchly; sqppqj 


W. Norton 
sees; 
p.a; 


THE DIRECTORS of BAT Indus- anticipating these developments 1 8«iwi&g-piiBHe-com; 

tries are not interested in that the company will coimW-to Pgg JSiSSStoKbSta'STlS return-- „ 

pursuing growth for its own sake, grow successfully, the chairman ^ dividetid 1 - restrictf 

Groinh. as they see it, is not just says. _ - | fl g to capac&. jSisihess^ -JUoi perinlt-'When the restrictions 

growth in volume sales, ot ey'en in For the year to September SO, E^ope and the home market con- hfted, .they .“may be assuaed 
earnings per share or distributed 1977. taxable profit unproved by tinues to be buoyant and only an enliKhtened and iproigyea 

.. . . .._dividend. Growth must include a 11 per cent to £410m. on sales iucfraii,, TAmains snnurwh'at 'vrnTt dlvhlfiiKl oalicy"' " 

FuR 1977. Alcan Booth Industries, 1 Si« g qualitative element which will 10 per cent, ahead at £631bn.—as though .the manufacturing diYi-' :£arnMigs .Jor the .year.. 


DESPITE A second h.iif advance 
of £4l0Ui» to £361.000. property 



sion there is doing well;. March 31,1978, wffl: be 

The business in the. U.S;. and, lii JJtpie ot July and; Mr.: ? 
Canada continues to be 'good but -expects them- fo be ?ahot 
the company looks forward to the record, the sixth in suocesfioa 

Wagon Finance tops £2n 


SdS or">47J)m from’and^a'ales' and ,.n,e »„ 


Turnover 

£j.94ni. 


fell from £C.34m. to 


stinier destock-jna hate persisted 
into the beginning of 1973, but 
the directors are hopeful that 


\I hat Tv «n rpunriiu'* a io«i«« mreciors an- uupeiui unu 

r Js»!t nf there a ill be a recovery in de- 

of £3 1 .000 agam>t a P r oht of wnnri h 

£274.u00. the d 1 rector j said that 


Rents rvcelvabta —. 
Rvms Mj-able* .... 


i£554.99m.». 


See Lex 


Shareholders' funds at the year ,, , ,, 

end stood at 1790.31m. (£721.04m.) overall the group would return 
with reserves, including share of to probtability for the full year. M|iu ] 

post-acquisition reserves of asso- The directors now say that the £ 1 5 m in ig78 on a substantial 

ciated companies and investinent Kroup nas been through 3 duheu t jjYiprovefuent of production FacUi- 

sitsoense account, at £024.25ra. year but they now see some y es 

prospevu .■"'provementa tn The ^ per interest in ^52%^ “ » 

trading conditions. They expert company held by Kaiser Alumin- Comraciiu; . 

to report more favourably lor the lini anc j Chemical International HouKbuiMuws ... 

current year. Company was purchased on . 

Mated earnings are almost 0crober 3 i. 1977 , and the share . 

halved at 3-p Jb.3p> per lOp of pro fi ts accruing to the parent interest . . . 

share and the dividend is stepped was consolidated in the 1977 aroup Ex^nuonai surplus 

up to 2.b4p «2.0p) with a net final resu!ts re p 0rle d on February 8. ' 

of l.fiap. Directors say that the r IW _ r= ' 

ha*.i* of providing fax was 

chanced in 1977 so that only Sa’»* - iw.i 

current tax payable ij reflected. ^i n * 1 .-■ *’ 

and comparable figures have heen ./**/ 
rcnaled—dov n from £fiM00 to 


CH Industrials 


ng 


issue 


nn-A a v.hnily-owned subsidiary of receipts > n the current "‘Pier £ ave a | ongCP te rm impact. Mr. reported on February 1. UJC ex- 
Aican .\Juminiuni il?.K.). reports season are sattsfactory. they add, Peter jj acac j niT1 . t h e chairman, ports were better at £I54m. 
taxable earnings marginally down apartment sales are better eap ] a jn» to members. t£113m.). The net' dividezid is 

from jintiin. to L'S.om. on sales rfian anticipated- interest extension of technical know- stepped up to 13.01p (10:72Sp>. 

£34.1 m. up at £!S:Um. *°« s t ledge and skills, increased imperial Investments, a wholly 

High volumes in the early part ?l e _„ «fr &n<1 1S0 3 P stability and quality oF earnings owned -subsidiary of Imperial 

of the year were followed by much _ _... and improved opportunity in Group is beneficial]/interested in 

markets with a future are among 14.34 per cent, of the-equity. 

hich he would Provision has been made for .. . . t ... ., -- vr . 

U.S. withholding tax on dividends TURNOVER POR 1977 <Jf bankers,. Interest durges* are' up- wli 

,ide range of subsequent to January'!, 1977, at etc., Wagon' FinanceCorporatidn -.per ieenfe v 'In, the^eeedttif^ 

Government sterling \oles 19S1- activities and its buoyant a rate of 15 per cent; Versing advanced from £758m. ta.£932m:-flriimc£itf{ costs. ffiB 31 PfiOS 

" ‘ resource* the company is form- the decision to reduce the provi- and. as expected, pre-tax' profits 'as-^the’Benefits of lower in» 

Tax for the six months is nate that it has a \\ide choice of sion to 15 per cent, in anticipa- were ahead at a :record S.l5m. rates-worked through^ -A«r 

hi n hc- at £0 SSm 'compared with how and where to grow, he says, tion of early ratification- of the against - £1.64m. after - faIUt®.80-per cent of,Wagon’s turiie 

£07 , n ' Xa set offa^ainst UK lax The company has entered new new double tax convention be- slightly from. £0.85*1 to £0B2m. <t»Pi 19. per cent-last yearj 
is posMbie on certain interest activities with a long-term pur- tween the U.K. and the D-S. in the first half. : generated by motor vehldO 

■ -- - ■* : - *’- "■ .. . - — Full-year earnings are shown-at motor cycle business. Most 

=n_ tra.i-% — °--- share and, this is from, credit supphed 
■ total is private motorists which, gi 

_ „— —------—_ „.125p (3.75p) net final ot Gtrvernnwrt rewtrictions-on.. 

r.*7« The group is well established ered it prudent to provide tax on 2.875p.- A-ons-for-one scrip issue-"inisiuess {requiring - a tblra' 
~938 in four industries and the direc- the basis of the existing.conven- j s also proposed. ' posit wipt two years to pay 

t.:oT tors intend to continue to buiid tion. » r*rtmmon+ car credfr sales). hasr not b 

*5; on them, but Giey are not The group headquarters are to • WHiimeiu • • • the easiest of. markets. So 

inhibited from exploring new be separated Worn the I-tobacco A much improved -trend in Increas'e vn new -credit J irasii 

-vis ventures v.bere there is a division at Millbank and moved interest rates plus a 24 per. cent looks satisfying and the comp 

.♦tin genuine opportunity for real to a new’building in London. The increase in newt' credit busineto trill be looking to'further,^ 

> growth, he says. aim is, to emphasise the distinct has helped .to raise Wagon if. consumer spending picks' 

? ; !S A new era has been enrered role of the group's management Finance’s Pfe-tax profits-.by 31 Meanwhile; the'shares have: 
sas where relationships, both within centre. *- per cent. Dunng the year ■MLR r covered from a 1977-78 low 

von businesses and in society at large. Meeting. St. • John's.Smith halved-to 7 per .cent, and, d'e- 44p to 88p yesterday at wt 
ns .nc chancing fundamentally. It is Square, S.W„ on March 16, at spite a higher level of borrowings the' shares vield' 7.3 per c 
ty looking into the future and noon. *- a -*’*- *-. . -*■ - - - 



£000 
C9M 
i.uo 
\T94 
: -,vi 
2.2A! 

-!>9 
-rfT? 
* !."*4 
TS 
1.770 


C.H. Industrials, the motor com¬ 
ponents building mau-riais and 
engineering group is proposing to 
increase its aullwrined slwre 
capital from £l.l25m. to il.4m. to 
provide elhou room for a rights 
issue and leave sufficient unissued 
shares to be used for acquisitions. 

Provided an EGM approves the 
authorised share increase on 
March 6. the group will then 
shortly afterwards announce (sub¬ 
ject to market conditional, a 
rights issue to raise approximately 
£400.01/0. 

The group is currently consider¬ 
ing a number of potential acqui¬ 
sition.-. in areas complementary 
to the exKting businesses, and 
says that u is desirable to have 
additional funds available. 

A .-puke.-smaii said: ” U'c are 
hopmc lo make an acquisition 
wiihm ihe next 12 monlhs but 
it is tvo early io say whether it 
will be one r»f the companies we 
an- currently looking a«." 

The group is proposing to nay 
dividend* ior the year to March 
31. JOT*, of 2|i net. As pay¬ 
ment of the final dividend is no; 
due until August, and dividend 
rcsfrictions are due to expire on 
July 31. ihe group has been ad¬ 
vised that Treasury permission 
for the increase is not necessary. 


152.000 for toe year. 

WIS-7T 

1975 79 


imvi 

trim 

Turnomr ..— 

S.942 

•.•as 

Except, credit .... 

— 

-AT 

Pre-tax profit .. --- 

S38 

SM 

T.ix .- 

Si 

f* 

7fci profit .. 

ST! 

5TS 

Exiraord. dehlt .. 

— 

46 

tOn land sales. 




Pre-tax profit 

Tas 

A'.tribuiahlo .. 


u.t 

s: 

5.S 

ro 

:» 


fax 

l"« X«-i |nc; .. 

!«» Dind ndj ... 

tw.ii Farw ard . 

* h ’Plus orriprny 

5 J expense*! - Low 


and 


wo 

i*n 

4*1 

■:«s 
- *on 
admirusiration 


------- . -■ -- --- - --O- M-S 0“C1M .1.* |TOl l 

to finance the increased business,' whHe the p/e fe almost 9. ... 


INVESTMENT TRUSTS REPORT 

River Plate & Gen. 


is expected to show a reduction 
from lasl year's record £0.26m. 


proposed. tor three nriit imc ii gjygj £ Mercantile 


No interim 
by Helical 
Bar 


£15m. Euro, 
issue by Allied 
Breweries 



turn round into profit. „„—-- -- men t s 
a fall of over a third in stated 
taxable profits. 


in subsidiaries 

Even “‘so “Se “t™ MSS "& 


added Total net assets stood at £7/3m. is given at UL2p against*92.1p. Gross revenue for the 3 
at January 31 compared with ••'■‘ 7 .. -/'reached £2^9m. (£L&n.) and 

“ " '* ■ -'XttlVTOQ 'ffCOfl afMV 


jsX ll 31!S. ta " 532p " 6 - 66p 

Allied Breweries is raisin* into a loss in housebuilding, the y rf - l4 

£i."»m. in the form of a sterling increased loss of £136.000 in 
denominated Eurobond issue. The France, and an increase loss of 
coupon is indicated at 10i per £44 


As in past years, no 

The final dividend is 4.75p net dividend will be paid. A 
for a 625p f5p) total. . 

The net asset value stood at 


Lomond Investment Trnstdunbed- . 

interim irorp *41R059‘ to '£478^9^ id-'1977 - r v “' 

A L5p ’ after -tax -of - £295.273 ‘ compared "RnmrtAV 
payment was made last year. with £252,631 last time and uezx- ^Aviaiuiyr . 

preference dividends of Net revenue for 1977 of Rom 
Trust increased from £708,t({( 
- ^ period £839,889 after tax of £530 

Gross revenue of Throgmorton w ? s f* 41 " 11 '- .02m.)-r ,Earmft^_compared iwith £434^64. - 

Secured Growth Trust ^as up ^ shown at- 

..... . from «12,023 to £33U73 For toe , ^P t £ f°“ (2-42pl . Per 2ap share , and-: 

is stronger, the winter ski-holiday l0 £238.136 and. after expenses six months to January 31. 1978 P' absorbing £453.600 

^ . n . .1. 11 _ >L. ritee inn * CiU Ck K 0 _ tfl CQ ^ *1 ff nr ^00) • , • ’Hie nat a.erspt valnp ft inwl 


HT Investments 

Gross revenue for 197 
rose front 


or HT 
£189,1S8 


L000 in Jamaica. Net prt»pert> igcQ 3 n (132 0 Ldi at the vear end ^1 . n -m £13 703. 

Turnover for the six months to cent., toe same as was paid by income was flat although rental • 1 hrogmorton SeCUTed GroM 

October 29 1977. of Helical Bar Rountree Mackintosh and Sears income rose over a tenth, due-- - 

rose from £3m to IS.fim. but pre- on issues which were finalised mainly to reviews. However, the 

tax profits fell from £99.000 to earlier this month anti are now second half should show some 
£5o.n0U. Earnings are shown to trading at dLscounis or about 1| recovery. The housebuilding cycle Investments 
be down from l.Sp to 0.5p per points fruro the offering price. 

25p share. The maturity on ihe Allied 

.'In light nf ihe vesulls the issue, which is being handled by of the French losses, while the against £32,490, 
directors are ;o wait for ihe final Samuel Montagu, u 12 year-* Joss making Jamaican hotel has was _ahead 
figures before recommending a tthough the operation of a sink- been sold. Meanwhile, the group s £J9Si.7i>6. 
dividend. La--t year a total of■Un mg fund will cut Ihe average lift debi fi 
net per share v-a a p.od including to just under ten years*. A par at around 
an interim of Ip. Profits for all issue price has been indicated. holder? 

1976-77 were £114.831. The funds will be used to repay reduced _ . _ 

The directors say that no rig- short- and medium-term foreign dividend. At 200p top shares f 0 -!^ nel - 

nifirant imnrnvement -in the currency borowing and also to yield 3 per cent, on a maintained Tfle nec a,55ef 

domesu'c market for construction increase investment outside the dividend. 


pre-tax revenue from «4.®12 to £83.523 after tax of ^ o=' . The^net asset value is give! 

from 1136.098 “S «M» —P«d wl.h £55^78. —-™P;^ 

Earnivis are shown to be --—i.,- ““A? auutea. 



value stood at 
117.79p f94.56p) per share at toe 
year end. 


Taxable 

European 


came to £172,93S. Gross revenue for l977 bf St. motitos to January Sl r 

The net asset value stood at Andrew Trust advanced : :froni Witafl' tavestmerrt ‘ Otwaj 
I73.3p f 116-2p) at the half year £846.103 to £9322543 and ne^advancaL. from £1^35,164; 
end taking prior charges at revenue available for distribution £L546,720, repfesentoig 1 Blip- 
market value. rose from £461,002 to £ 5 i 5.009 2Sp share ag3inst 1.45p. 

after tax of £308,769 against Cross. mcome was .higher 
nohantnra C'n.mT* £295257. - v.* ” £4.39^652-r fi3,be 

revenue of Sizewell A/cDcillure LUljJH. ~ jEamings are shown to he ahead interest, charges and .expense 

Investment Trust in- Total income of Debenture Cor- from 3.8p-to 4J28p-per^pisharei'Xl.VOS-SSS l£M78,630J..^and^ 


Sizewell European 


nominating next week's com¬ 
pany results is the giant IC1. 
which has already given some 
indication as to ns exchange 
losses. Also ihe largest of the l. : .K. 
ciciirers—Barclays Bank—is due 

10 report along w ith textile group 
Carrington Vlyeila and Hoover. 

The analysts are more united 
in their expectations for the linsil 
quarter figures, due from ICI on 
Thursday, than they were at the 
third quarter stage. The figures 
are expected to be bad and most 
arc going for around £500m. pre¬ 
tax for the year, after exchange 
losses, against £o4Um. So fourth 
quarter figures could be running 
at £S6m.. against £12om in the 
comparable period, and flO.ini. in 
she third quarter. ICI has re- 
mmed some of ihe uncertainly 
over the effect »f a .strengthening 
pound on espnri sales. Sfl per 
rent, of which are invoiced in 
foreign purrencios, prmicapily 
dollars. La--t month ihe group an¬ 
nounced that exchange losses 

Cnmpanr 

FINAL OIVIQENOS 

AiU- d losolnors ... 

Aims SscutiU“S . 

SjicL/'i Bank . 

Bpnslords . . ... 

Pnrish Eokalos . 

•Cardinal tm v sin;nt Trust ..... 

• irnrsiori vqMia . 

epy OMic's Comt<an>- ... 

niMyiOii Cuiiini-mjl InvcrtTMoill Trui! 
KiiaiiiS and Stornsh }iiv. : „iur< 

IiOOVlT . 

inip-nal Chcnuc.i! Iiuiurrrlw . 

Umcadnr: .wid London In-.ostmvn; Tru.-i 
l-»w Dco-.jiturc Corporauon . 

11 itv+n-.l tftild'ns* .. 

M ‘Jcticl Tru^f .. 

IsvAj-jTi/'iit True . .. 

i'i.»ifar>on lie|<*ie«;« .. . .. 

c.';'jfli t'rifti-' . 

I's-jH-.-I Orel- Bri:.nn- . .. . 

• url -nr Cr^up ... ..... 

- .Hfity S.-?vi,«o . . . 

s«,.itrr«l Horn 

'v v rosy Rpc tnv*st Trij-.t 

w-rwood Da»«-a arvi r«. . 

INTERIM DIVIDENDS 

ap* o yrowrUM ... 

V. AubUb (L«raa) - 


next week 

while Mercantile Credit's contrl- while the Italian market remains ? rea ' ed from £38,250 to £46261 poration for 1977 was £ 2 .03m. and the dividend. Is^lifted from..£845,00I../(£7283l6)- 
bution is £18.lm. (I12.Bm.». Thai weak. in fhe six months to /anuary 31. against £I.69m. previously. After 3;65p to 4J^p pet with a final pay : :.;_ Net asset* r per 


could amount to £19m. In the 
final quarter, compared with 

£IHm. for the first nine months, ier.ves the domestic side, which Hoover's 

Nevertheless at k-asi one analyst is not expected to do as well m pei . lcc j on 

joins for £4S.lm. Factor^ which the second half as in ihe first six j, een .i Pn rrssed 4 ' hi° ‘rwrrem-v ‘ 

rlFPirtod Ih.. in. n-.,n,hv a corwquwire of lower SSsT 1 * 55 ? According to 


higher 


have decided Uk- consensus in- months, 
elude toe worsening conditions in interest rales, although 
fibres, chemicals, and plastics charges will help. 

markets: the group will be reeling Analysts have been revising— „: n „ 'n,r,n!hc'Thr. 
the full bnml of the productivity dewnwards—earlier forecasts of e . o i s me 
agreements: and there will be j:i7ra. pre-tax for the year from 
little support from the SMI con- tertiie group Carrington Viyella. 
tribution, When the results for rhe year 

Following on the heels of ending December 31 are , .... , 

Lloyds. Barclays Bank — the announced on Wednesday “V” 1 ' for ’ 
largest of the home banks—is due between 115.76m. and £!6m. is , ' nen ibe srnup 


_ _ _ __r-. - - - sbare ta i 

full yr fi- 7 nro« pv W I S - tax of ^683,918 compared with ment of 2.65p. ..'^ curnaney loansprior chp 

rh.h.Sw .-iii h>™ „ Eui the djrertor s warn that re- £358,587 the amount available for The net asset value per & are at par»are. shown as 104-4p <9€ 
i nui .oay, win nave /let-tin^ the fall, in sterling dividend shows a rise from £0^7zn. stood at 150.4p: <131^p) at Ihe antf at market value as lfl 
interest rates the full-year result to fLGTm. year end. ' (I03Jp)-. 

forecasts these may be 


market to recasts these may 
bctvxocn £800.000 and £l.5m. After 
_roup reported 
an exchange loss of fim. Allow¬ 
ing fur the effect of currency 
movement* pre-tax profits may 
turn out around £13m. compared 
he previous year 
up reported a £2.4m. 







Gauging the fashion for coniniodlty ih?esthient 


“« .» ™^r?SidlS?T8Su,"Mw A WIDESPREAD faltermg of 

forecasting as high as £25Sm. and has been responsible for the vpending in the I* K. and else- -u arr - Thanks to Chat strength Lawson is In fact marketing the ^chlestoger PreferenTO. and^.Xnit 
.imiilier a- low as 1221m At ihe markdown In forecasts. Even so v-here has «iher fallen or * Raw Materials and 

li.Tff-w::y stage Barcfays was 4 n (he 30 per rent, plus advance fnr siavnared trusts invested in commodity j^ js wee fj m conjunction 

percent, uu .it £131.5m. The infer- the year will have been achieved *Mhei resuils In note next week shares VAcre strongly represented 

national division, which con- through retailers building up include mienm; from Johnson in January's performance table:;; a minimum investment ot usw-a r — » ~rr-^L — — 7 — minimnm Liu: l v. IT.Ij n ^ 'inr 

iribiitov abm.it 43 per cent, nf stocks from tow tou-ls. Overseas Mauliey and Tolcfusiim while and two or toe funds on offer package of six distributions B immediate yIel ft-s-lLS~ per tent.:. 
prolilx. ha.; already reported a 34 ihe group has suffered a lurn- Securicor is due lo publnh pre¬ 
fer cent, increase lo £113.3m. dowT. in Canada and-Souto Africa. Iiminaiy results on Tuesday. 



Annnunc*- 

Piv-ldund 1 

roeirt 

Lss; 

year 

due 

Ini. 

Final 

TtiurvJsy 

I 5 

: •> 

TH-.-S’I.iv 

'’^75 

0 !7I 

T«wr>0.«x 

« 73 

5 :c 

Tnurwiay 

0 44 

! .529 

Tut-sdjy 

— 

.\il 

ThurjduT 

1.1*7 

2.S9 

v cdr:sdas 

■l.V* 

i.;+s 

TU- ,03/ 

n r 

fl <41 

M-Mi.l.iy 

l -il 

■J.AfiS 

Munrlsi 

n.. 

• .h: 

Tniireisy 

5 V* 

7.71 

Thur.-diy 

s.O 


Tbur^daf 

_ 

:.w 

TufiJar 

2 u 

.1.0 

'ftnja.i 

. 1.0 

■4 

Tuc'ila? 

i> .v:', 

1 . 1:1 

Tn. /day 


.VJi 

i'.\4ii( srfar 

ii 

7 >U\ 

Tliiir.'ila.- 

n.-il 

\ ii6.7- 

Tui-adair 

•-.a; - . 

0 +AA 

Tu'.-fiday 

a :ii.i 

fl.H7 


i».'ii; 

:.:w 

Tliiir-'lav 

<1 s 

■’ • l 7 

I’lK'da-r 

_ 

A 

Thurfiflar 

— 

: i-w 

WcdnosOa* 

13 

SJ 8 S 

FTriar 

aim 

U 


ip>* 

This year 
Inr. 


s.T 3 

vT« 

IA 
n.jo? 
9 7T 
:.3:a 

i.41 

9.0 


<i 

i.irs 

II F. 

0 - 1:2 
O.iPT 
!'.■«? 
i S.'s 


Int. 


Company 

BnrWh r Jr Aii;;iou r;r»ua 
E‘.'j:?s ProD’.'rj ]av. viti> n; Company 
tnoru oar If.-. * ilmoti 

Cnpp.’rnj<1s HoidinKS . . 

J'nticiuv illolfimc'fi .. 

Johnson ami l-irh Bro-,n . 

l. jlann Paint and "AKBaocr ... 

X rownd . . 

"rat- Dr-, elopmfnts . 

Sn'.tH Bra;... 

riirlma (jintinx Crouo . 

*-«-nh Siucka and fon: • Hal-1 m«v 
T-ivill»IOO . . 


INTERIM FISURES ONLY 

Pi:rr Krothf-riwnd . . 

Ornn.:on f.w*'sinicot3 .. 

F-*.irf NVr m . 

Ji.Iiqsuo Maitho and Cn. 

Siotii-ih Tiivc-d.-ucnt Trust ... 

T.xi'trvd Jersey ... .... 

w- vtonastvr and Cuuntry proosrtie» 

■ DtHd^ndy ■hnvn n-» jv-ne* ^> r ssar» t.vi sdlu»*"<! 
jcrtji • Firsi-Tivr»<*r Bs’ires : Th;rd-au?n?r <V»:ir->y 

1 M“J "f Stial. 's F'cr-n-1 and "hird ini-rimn •oiaiiins i iWj ij». Firsi liunnm 

« : <* cud in ttain U-moodi panod vndnd Dwxmbetf tt. (o) rorwui 

lb Bari. 


Ann-'uni*- 

Dividend ipi* 

m-pi 

Jw»5! year Ttu- 

due 

7m 

Final 1 

Tu«4jar 

0 s5 

1.131 

Thursdar 

0.1 

0.1 

Monday 

3 “7! 

:.cm 

Monday 

1071 

1.274 

Monday 

0 '<16 

1 132 

Thursday 

7 1 

2.452 

Thursday 

0 3 

7.513>b> 

Th unday 

n 

2.U94 

Monday 

i: 

1.3 

Tliursday 

■ 5 

23*4 

Monday 

n 35 

IMS 

vin'-day 

In 

2 96 

Frida? 

•A 

0 349 

T'i'da’r 



*v -d:-’vd»T 



Tmiryta? 



Wfi-dncsdsel 



ThursCav* 



fridav 



■A’«4»v>Ja* 





r *nr li»:«?rr.r.lM making 
S-.vm4 Im-r.ir. ,r. chiefuin 

invest men 
Lawson'a 


a minimum invesurreni or a jrnTT1 p^ <5>te - yjeld—ILfT per tent.: minimum investment ^ccepto 

»»; week ha.e benefited elreedy. year end an average yUld of juat >P 4 - *»*» ?n ^ fund is HO 

Lawson's Raw Materials and over S per ( 

General fund hd-s been one of toe Yield Fund 

best of this stable's performers invested in equiuw is ui i* £500 -- - swamW-iv; 

since it was set up in March, Preference shares), toe equity N KfSftfcSftJSsS'S!r2- 

1976. with the accumulation units content of the whole package , At the Otncrmid Of.ttte «>ee- 

showing a rise or 67 per cent, as should be strong enough to keep KV 1 ? : ^. Ameriraa t 

against one of 21 per cent, in the income moving briskly ahead— ^ nd ^ 1 , w **osb income taxed at whfle■ lt. tuh urfy, 

FT Index over the same period, though obviously it is possible to ® |^dir_yieids• tovfestor^faypeto 

At the moment this fund is sub- invest for a much higher im-^ ne ^S^[ e - .Tw° sets of man-.. baying^aad-^^p^.'^ie^ wt§d, 

wiantially invested in oil. tea and mediate yield. In fact, the J. 

tin companies—a pattern similar High Yield Fund itself provides Amerreaa -Spa ce -tto _dev^opment ot- 

lo that of the second of ihe com- (to investors with a minimum of wee k-: .G artqwr^. tog "facilities-.sijgle. P^b J 

modity funds on offer this week, £400 to pul in) a yield of 10.5 per wi 9 l h 5 Tnmt.hnd;-6L. _bopdsregular -s?^ 

Chieftain’s Basic Resources Trust cent.—exactly in line with the r American and. fflans;-to--enabm:mvestors tP Ji 

rhiofyrirfiV hn return available on Arhuihnofs^^.Leneraf Fund. Bpth .make- the-thesainvestment' cHati&iS 

Chieftain s trust ha* not been return a^,, 0 , ^ An „ mann ^^ that after to[e piunge incurringitax^enaltfea;: v*, ; 

running u long as Lcvvson s. and Ci * ra lncome Vua ^ - m North American Stock 'wuA$ This weclc;i4cadiiJy Unft TV 

i here is not much io be learned i n terms of capital growth,'as American shares represent “very 'Management linked ap wfth^f 
from me performance Lubics as wpH as income, this pair has been good value indeed for those prevZeala^vISsnraiieB to.launch 

vet. However, the investment running more or less .neck and pa red to invest for caplial.gF0«ri&.. PtiwaillGLfovestn^ 

policy is sound enough—-a pori- neck over the two years since the-over'the medlum.-tn longer TeriiL".Fdrtfdito.:“aL.life bond"offerin.. 
folio restricted to some 40 shares, Lawson fund was established. The - minimum inveatment-T-ac-rchofce^-ot-.S-va.-trusts^-fewo- 
and a policy of shifting the though toe latter put on a spurt cepted in each case Is £ 5 CHX.‘®nr'wlx^h'arjtoversea$ funds—»piv 

balance of the fund from one m January which took it to toe M and G is ui addition-iuggesth^VgdlIt^iuDd a"nti>a cash- fund,- 4 

sector lo another, rather than upper echelons of the perform- that wou id -be .savers . Jshciukt latter' choice lis".. v«y imppri 
wholesale changes, ance tables. Like toe Lawson fnnd, remedy their wanttof decisionUsance; .Hjenables':the investor 

requires a minimum Arbuthnot's. is some 60 per cent, far into - toe taxT-y^. ^'toirfng 'go^Ui^^'^MKlred-'or ihvesj 

ir of £250. whereas invested in equities—which means out life assurance coniT^cts HhkBdi^ts.Va^edH»xh; d«iled‘ tq- « 

m i n i m u m ia £400. How- that income will grow all right to either the SeMveiy/'^o^ J 'or_‘'trto.t-'fpvestorsr;":;^ / - 













— A • j5r'=y3a^^i£(5{grj-r•.- Vj '• :• •... I:.-.• .*.._ 



M 




0 {(J S^r^aiy’ i ^ 78 

*1) 1[S>. -v-'TV^: '•'■■••^i^:/is;V-:.^.-'.:L;. >:-• £ 

A;n^/\i 7 vnr 


15 


**6 . 
?; . ' 

■ ri .' 
' - ~-*:\ ' 
*■* 





WEEK’S COMPANY NEWS 


; ver bids and mergers : 

1 Ani National GJass has, lost; one .bf’-fts thrpe fiiitOPS. 

lteniatioiiai, iW. U.S. company/^ jl\ pwt Sal'. 

\ tedfearn- last' August, has withdrawn its offer.; ': No 
; >.n Was offered Jay Rbeejn " except that “ it ha^ gone 
.:: ,;e idea "of seeking control of Redfearn. lt was jRheeffl's 
... s fEer Which triggered off a fuUnseale bid from Rodware 
.• d then b statement from Uniied Wasf that 41 was 
ting : ; a T bid- T 6 e“Monopolies' Commission is -due■’ to 
fte situation next montii. ■ /.'•' ■/•..' 

' jffier attempt-ro' expand its brewing interesls Nortbern 

- ■ staking a £13.5m. bid for James SUpstone andfians, 

•. butunquojed Nottingham-based Bnjup. But Northern's 

■■* . unlikely to get off th&ground as ~tbe" Ship 6 t 6 ne"Board 
hb..offer as,'*.wholly .inadequate.": . 

*hated Paper is making. an agreed £l.2m. offer', for 
. - FMey compridflg, seven associated Paper ‘stares.-for. 

Wbiiey> The Scottish Economic Planning Department 
-. med the proposals and -agreed in the context of the 
eplace its existing £700.00(1 loan to Whdey with one 
■ i favourable terms. -'' ■ - •--- 

” t Bros, the London-based wines and spirits merchants, 
.. 'id Its outlets by nearly 50 per cent, if It is aiccessful 
. ;J2m. agreed offer for Ellis and Co. (Rtehmond).-Gough 
- ' 24p per share with an alternative of two GougIFshares 

- ?r every five EHis shares. ' . - , -TC 

45 per cent of the shareholders of. television rental 
Henry Wigfall are opposed to the £12.Sm. biff from 
. . diovision. Details of the opposition came in the 
'.document which.forecast an increase in profits to 
the year to April next and a promise of a 55 per cent 
: • dividend this year plus a further 80 per cent nextyear. 
a Holdings, the - Sheffield-based engineering group. 


which last week acquired a 24 per cent, slake in Samuel Osborn, 
has increased this holding to a level marginally below the 30 per 
trent: which would trigger a full bid. 

1 'Trading in the shares of Marshall's Universal, wliicli has been 
the subject of a purported partial bid were resumed on 
Wednesday at the company's request. Chairman, Mr. Roger 
Doughty confirms that he has been in contact with Mr. David 
Maltz, the man who claimed to be making an approach <m behalf 
of an American company, and has dismissed the offer as frivolous. 

Mr. Jeffery Pike, former managing director of Tremlelts 
and Mr. David Abell, managing director of British Ley la nd's 
'special products division, have together picked up a 29 per cent. 
. slake in hair-drier manufacturers Suter Electrical. 


Value of Price 'Value 

Company bid per Market before ol bid 
bid_ro£.__‘diarc*- pruo** bid qm*s) * • _Ridrier 

Prices In norite unless otherwise In die a led. 


Final 

Acc't'ce 

date 


PRELIMINARY RESULTS 


Pontins 

(S 

.77 

3S^t 

47.S0 

Coral leisure 1 ‘3 

Prldr & Clark* 

Sec. Broadmount 

W17r 

515 

2fi“ 

HI 50 Inchcape 22 2 

Trust 

36 3iJ 

.72 

25* 

3-59 

Chief tati — 

Tynebidr InT, 

fiS 


1 r >2 

627 

Carllol Iht. — 

Warren (Ja«.l 

fill; 

M r < 

67 

nti) 

TaihOT — 

Wbilpy (G. M.) 

.■?!» 

3f. 

28 

1.17 

Assoc. Paper — 

WfcfaU <H.) 

fiili 

SYS 

ft? 

0.!»0 

C'omei 

Ynung Austen 

2435 S 

2SS 

]fi3 

12 65 

Radiovision 21 2 

Young 

S3* 

JS5 

fifi 

3 4 

Trafalgar H«. — 


Px«-iax profit Earnings* Dividends* 
Yearto (£000) pershareipi pershare(p) 


Com' r _. 

bid for 


g? r 


Value Of Price Value pi na | 

bid per Market before of bid Acc't'ce 

share** price** bid (£m s>** Bidder dale 


* All cash offer. * Cash aliername. t Partial bid. §For capita! 
not already held 1 Combined market enpitalisaiion. ; Dale on which 
scheme is expected to become operative. ** Based on 16 2/7S. 
tT At suspension. %* Estimated. ?§ Shares and cash, 'm Based on 
I7/2/7S. 


Allied Ip*. 

Bain bridge Eng. 
BCA 

Btaker's (Malle¬ 
able Castings) 
Poland (Geo.) - 

Ega Hides. 

Elite & Co. 
(Richmond) -- 
Evans <F. W.) 

Federated Chem. 
Graham Wood 
Harcros 

Harrison (Janies) 
Le Vallonet Tut 
Uner Concrete 
Lend. Ause. fnvs. 
London Pavilion 
London Sumatra 


Prlns la pence unless otherwise Indicated. 

. Utd. Medical 
Enterprises 
Winn Indv 
A. P. Cement 


INTERIM STATEMENTS 


53* 

54 

47 

7.67 

4fil 

43 

35 

0.70 

125t 

120 

53 

1.4S 

41* 

44 

35 . 

079 

23* 

25 

20 

1.08 

I42{§ 

140 

140 

8.S1 

2*it 

23 

17 

l in 

59-8t . 

.36 

28 

1 67 

731 ■' 

72 

65 

10 89 

60* 

58) 

44 

2 36 

82* 

80 

70 

15.59 

«H 

50 

fit 

3 19 

26* 

20 

26 

0 6 

81) 

32) 

32 

3.04 

7fi!*55 

J13 

?ni 

4.35 

350* 

470 

SfiO 

0 44 

110* 

114 

98 

17.52 


20/2 
27-2 


Company 


Hair-year 

to 


Pre-tax profit 
l£000> 


Interim dividends* 
per share tp) 


Ontreway — 
James 

(Maurice) — 
MK Elect. — 

Gough Brtrs. — 
MeKcchnJe 
Bros. 1 3 

OaJgcly 21 2 

British Steel 28 2 

Harrisons & 
Croslicld 2 H 2 

Barniii Ders. — 

Air Call — 
Thfta. Tilling — 
Hooker Corp. — 
Mr. V. Sandrsn. 6 3 
McLeod Russel/ 
SipefSA — 


Ariel Industries Sept. 30 

Rank Bridge Supt. 30 

Dalgety Dec. 31 

Kcona Sepi.30 

Guildhall Property Dec. 31 


ii-li 13231 O.Stifi (D.i5l 

12 < 13U) Nil (Nil i 

10.000 r$.10Ul 6 407 1 5-239 J 

283 i3:il i 1.73 (l-3l 

207 1234) OR 1(1.303) 

J.iil 11.487) 0 2 |0.2) 

1.010 i S/'■.» i I J 35 ■ 1.056 > 

32L 1401 Nil <0.43) 

185 12011 3 3 |3 25| 

1.7JO iS35» 1.08 11.561 

124 (lOl i <l.ns (0.5751 

4 >T ittjjjL 0.3 l.N'f) 

391 i:te*n 14 (1 0i 

748 iTfflM 1 142 ll.O» 

10.960L 113.523 iL Nit (Nil) 

443 <362i 0 7 10.623) 

238 12881 013! *0.131) 

(Figure* In parentheces arc for corresponding period) 
Dividends shown nei unless olherwi** stared. 

•Adjusted for any inter\-eninz scrip isme. > .No; elated, t For 
52 weeks. 5 For Ui ucek-» I.Lnn-. 


Company 
AC Cars 

Albright & Wtkon 
Arden & Cobden 
Barge! 

Rath & Portland 
Binnid QuaJcsxt 
W. Canning 
Cresl Nicholson 
Drake & Scull 
Glass & Metal 
Ladies Pride 
D. Maepherson 

Manchester Ship. 
New bold & Burton 
Notts. Man ret n. 
Fredk. Parker 
PiastlcConstruct. 
Pnrralr 
Thermal Sya. 
Bernard 3VardIe 
Thomas Witter 
\V *n. Wh Ittlnsha m 


Sept 30 218 (199) 5.4 (5.0) 0.95 i’0.95) 

D.-C.26 35,39S (31,639) 15.3 (15.4) 4.611 (4.129) 

Dec. 31 134 (70) 8.4 1 3-9) 3.1 (2.7S) 

Si-pi 3 Or 133L t4) Nil 11.8) Nil (0.9) 

Oct.31 4,851 (3,253) 17.5 117.7 ) 3.298 (2.BBS) 

Oct 3110.545} (14.552)| 6.9 ilJ.0) 4.46 (4.09) 

Dec 31 1.542 (1J544) 10.S 1 10.9 1 3.526 i3.157) 

Ocl 31 1J20 (1,220) S.fi (5.1 1 3.32S <2.98) 

Oct 31 2.820 1 STD I ~ It) Nil (Nil) 

Oct, 31 1,032 (S14) 14.2 (10.0) '3.023 (2.75) 

Nov 30 1020 ISOS) 10.6 (8.2) 2.32 <2.1) 

Oct 30 3.050 <2.756) 9.3 <9.11 2.635 (2^6) 

Dec 31 2420 (4.031) 24.6 (52.2) 15^64(14.049) 

Dec 31 408 (303) S.S (8.8 ) 2.795 (2.50S) 

Dec 31 15,017 (11,266) 18J! (14.0) 3^44 (2S04) 

Sept. 30 5,210 (6.090 ) 25^ (28.5) S.175 (—) 

Sept 30 503 (405) 9.7 (8.1) 4.15 (S.71B) 

De? 31 213 (777)L 14 (Nil) Nil (NU) 

OcL 31 1.695 (1,889) 27.3 (16J) 6 l7 |6.0) 

Nov 27 1.056 (77S) 4.6 (4.1) 1.27 (1.138) 

Nov' 30 880 (1.120) 4.3 (5.6) 3.144 (2.815) 

Oct. 31 460 (492) 45 (8.4) 0A9 (0.425) 


John flaggas 
.Inhrt James 
JCEG 
Meat Trade 
MFI 

Press Tools 
Regional Props- 
Retiance Knitwear Orl. 31 

Stewart Plastics Oct. 31 

Town A-City Sept. 28 

Wades.Slopes Oct 31 

Joseph Webb Sept. 30 


Dec. 31 
Sepi. :;o 

Sppt. 30 
Sept. -"0 
Nov. 26 
tict.31 
Sept. 30 


Offers for sale, placings and introductions 

George Blair: Listing on the over-the-counter market. 


SGrip Issues 

Greenall Whitley: One preference for ten Ordinary or 50 "A* 
Ordinary. 

Ladles Pride Outerwear: One-for-five. 

MFI Furniture Centres: One-for-one. 

Plastic Constructions: One-for-one. 





AND DEALS 


AGB expansion 


Furness Withy share sale 


afalgar House agrees 
4m. 



mm Fir:-'.; 


House, the property: 
nd publishing gtpitp, 
n agreed take-over bid 
ind £3Am. lot .-Voting 
d Young. The offer 
purchase by Trafalgar 
of 2,500.shares in TfAY 
inning of this- month, 
the holding above the 
nt, mark and . thus 
ii*.:.. general offer under - 
of the City Code on- 
and Mergers.: 7 . 
lers in Young Austen, 
ig, which' provides, 
and other services for 
, air conditioning and 
;ivisions of the. build- 
r, are being offered 85p 
ire. YAY shares, ended 
the market yesterday 

5 of the offer,-which 
ith a 1977-78 low of 
commended to share-.' 
the Board of YAY,. 
rd of YAY has - also 
obtained assurances 
Igar over the employ- 
eels of its workforce. 

: issued yesterday says 
Board ofr Trafalgar 
that, within the larger- 
of the .'“Trafalgar, 
business of YAY.will: 
d and expanded, thus 
•nhanced employment 
ind opportunities for 
loyees.” 

r/CROSStANO 

■f over 04 per cent: or. 
. and -A. G. Crossland 
»ted the offer' from 
'riest and Sons (Hold- 
offer is unconditional 
s open. - 

trate cash offer has 
ed for 1.557,370 Priest 
ut 43.8 per cent, of the 


maximum number for which the latrst purchase of shares only 
cash offer was• made): The cash serves to partly restore the posi¬ 


tion as it was before. The shares 
placed with BMCT were issued by 
Rce-i in connection with its 
acquisition of Barwick Carpets. 

POSSIBLE OFFER 

FOR A. LOCKHART 

Shares of Alfred Lockhart, the 
plastic film and sheeting group. 


offer, has elosed. 

LONtX & EUROPEAN 
SELLS BANKING - 
SUBSIDIARY - 

Loudon and European Group 
announces that ii has soki its 
'Whr.Uy-o.wned banking subsidiary, 

London and European Trust . . ___ __ 

The price is £855.000 castL. This were temporarily suspended at 
ip. .equivalent to. the trust’s' net the company's request yesterday 
asset*;-'which- consist -.mainly, of at 170p ponding an announcement 
cash, plus a premium of £25,000. concerning a possible offer. The 
The proceeds will be used for the shares had risen lop in .early 
-benefit of th'e group's working trading after rising lOp the day 
capitaL The group has previously before also, 
announced its intention not to Merchant bankers of Lockhart, 
expand its- banking operations:. Daw nay Day. has gradually 
The unaudited accounts Jndi- increased its stake in the com- 
ente that London and Euopean pany over the year after failing 
Tru*t made a loss, of uoiind tc gain control in 1068 on behalf 
120,000 for 1977. of Industrial Finance Securities 

The purchaser requested-that and others. The holding was last 
Identity would not be rerealed. known to have been increased to 
• «««« . ‘ 212 per cenL in December. How- 

PERGAMON PRESS ever the "possible offer” is not 
The offer by Pergamra Tress for thought to come from Dawnay 
the/unsecured loan ', stock ' of--Day. 

Aberdeen University Press, has ; 

been accepted in respect of iSLSST .'.OCEAN/HULL BL^ i H 
stc?ek.ttL?l per cenL)-> Dieter Ocean Transport and Trading's 
remains -open until-March :»,> forraal recommended offers for 

«rT CTii-n TM’ ; Hull Blylb and Co. were sent to 

BMCT blAhc IN r shareholders yesterday. Mr. F. A. 
.'WILLIAM'REED Plumbe. ofuirroan of Hull Blylh. 

Birmingham and Midland notes in his\letter to shareholders 
Cquntles Trust purchased 119,9DO that the offers value the company 
shares' oT WIUlara Reed, the tex- at £427,833 .compared with Us 
tile company, on February 16 to net. asset value of £l.lm. How- 
bring Its stake up to 39.4 per ever, the terms are recommended 
cent- ‘ BMCT used, -to have a in view- of the problems Hull 
majority holding in'William Reed Blyth 'has had in politically and 
but this fell back after a sale of economically unstable locations 
shares to the pew chief executive overseas. Ocean already .owns 
Dr. John Blackburn last year and 98.7 per cent of the Ordinary 
the-Jssue of new shares to acquire share capital and. 16 per cent of 
other companies. Therefore the the Preference share capital. 


AGB Research, the prominent 
market research organisation is 
negotiating to buy. the trade and 
icchnical publications of the 
Mercury House group of pm ale 
companies. 

The acquisition would be a 
"natural extension' 1 of AGB's exist¬ 
ing interests, said Mr. D. A. G. 
Elyar the company secret ary yes¬ 
terday. AGB already has a book 
publishing division and regards 
market research. its major 
activity, as closely akin to publish¬ 
ing. Mr Elyan suggested that the 
trade journals, if acquired, could 
lead to more books for the bool; 
publishing division, while some 
of the results of the market 
research wouid be suitable for 
publication in the journals. 


Mr Elyan could not say how- 
big (he deal would be ?ince the 
number of journal? to be bought 
had not yet been agreed. Hotv- 
ever he said ihc purchase would 
be “quite bi£“ for AGB He 
nolcd that very few independent 
business journal publishers were 
left after the purchase or Morgan- 
Grampian by Trafalgar Hou-e In¬ 
vestments. 

The Mercury House group in¬ 
cludes companies operating in a 
variety of spheres. Its trade 
journals include Personnel 
Management, Industrial Relations 
Journal, Office Equipment News. 
Kish Farming International. Boat. 
Maintenance Engineering and Car 
Mechanics. 


A HOLDING nr 500.000 shares 
i neatly 1.9 per cent i in the 
Furness Withy shipping sioup 
was sold jcdciili) through the 
stock market by an institutional 
investor tn several other invest¬ 
ing institutions. 

The di<po>a/. by a put-through 
operation, is believed to have 
been at n price of a few pence 
below 29ll,i. The shares closed 
Rn lower last nighi at 294n. after 
touching 292p: since rhe begin¬ 
ning nf last year rhev have 
ranged between 334p and 204p 

Neither of the major share¬ 
holders whose holdinas have been 
the subject of much d.scussion 
over the last year—Euroranadian 
Shipholdings. the Swiss-based 
shipping group with Canadian 
Interests which has 19 9 per cent. 


—ncr European Ferries, the cross- 
Channel carrier, with 4.99 per 
cent., was concerned in the sale. 

A spokesman for European 
Ferries, which bought its 4.99 per 
cent, interest m Furness Withy 
From Eurncanadian last July—and 
whose subsequent approach to :he 
Board of Furness about a possible 
take-over of ihat company was re¬ 
buffed—said last night: “We were 
not involved in yesterday's trans¬ 
action.'' 

Eurocanadian has undertaken, 
following a Monopolies Commis¬ 
sion Investigation, to reduce its 
slake in Furness, whose interests 
include the Royal Mail and Shaw 
Savill Lines, to not more than 
10 per cent, by the beginning of 
I960. Mr. Frank Narby. who 
heads Eurocanadian, said yester¬ 


day: "Vfe consider we have a fin* 
investment—and we have given 
an undertaking to reduce it by 
the end of 1979." 

SH1PSTONE REJECTS 
NORTHERN FOODS 

The directors of James Ship- 
stone and Sons, after consultation 
with their financial advisers, an- 
pnunc? that they consider the 
offer made by Northern Foods for 
the Ordinary capital to be wholly 
inadequate. 

The chairman of Sbipstone will 
be writing again in shareholders 
when the formal offer document 
has been received. In the mean¬ 
time shareholders are advised 
mo^i strongly to take no act-ion 
with regard to their shareholdings. 


S. i 


Ibex to double dividend 


ROFITS at the Talbex 
jhe period to the end 
-should .be in excess,of 
e chairman Mr. S. 'K. 
ates in a letter to 
i accompanying . the 
aments for . James 
iterday. Last year’s. 
• charging £25.009 for 
•ses. of a subsidiary 
were 180,000. . 
ers are promised a 
ubled dividend for the 
.ly of 0.55p which is 
.1 .to shareholders- of 
he offer is successful, 
dividend was 027p and 
. ’s point out-that since 
; restraint regulations 
July;, 31 Treasury per- 
•not required for the 

id end la added to the 
' the share alternative 
is worth 51-5p. War- 
• » were re-listed yester- 
-.er opening at 52p rose 
he close. ' 

.• is recommended by 
of Warren which has 
on behalf of the shares 
. by the directors, 
to 8.5 per corn, of the 
id 3 per cent, of the 
which Talbex Is offer- 
>p for its own stock 
per cent, more at par 
:ible at a price of 30p. 


Talbert shares yesterday rose ip 
to 21f p.. . . 

lit recommending the offer 
Warren’s .Board remind" share¬ 
holders that following the pre-tax 
losses of £159.000 in 1977 no divi¬ 
dend could have been justified, 
but the offer from Talbex includes 
the rights to the promised 
dotibtaf dividend.. • 

- Warren’s net tangible assets at 
the _ end or December were 
£414,000, or 27.7p par share. This 
figure does not reflect she true 
vedur to Talbex which tells share¬ 
holders that ft is -buying Warren 
Tor the £!.9m. of cash which 
Talbex Intends to employ In its 
planned expansion and modernisa¬ 
tion -programme. A pro-forma 
balance sheet post the acquisition 
shows . net tangible assets of 
Talbex up from £986,000 to £1.45m. 


BCA/APCM 

A circular detailing the scheme 
of arrangement by which Asso¬ 
ciated Portland Cement is offer¬ 
ing to buy out The minority hold¬ 
ing in its subsidiary BCA was 
sen: to shareholders yesterday. ■ 
The chairman of BCA. Mr. C. C. 
Cox, recommending Ihe offer, 
writes that the Board estimates 
Bt’-Vs profits for 1077 were in the 
region of £Im, (1976; £697,000) 
" which having regard to adverse 


I1K 


nditf 


ifl'i 


WHEN SHOULD 1 
SELL MY SHARES! 


■ i the days when a “'sound portfolio**’ of shares could 
. . bought and forgotten. .1974 proved that Today’s 
. has in be. alert- Buying: tomorrow's favourites at 
Tices. And, of course, remembering when to sell them. 

. he next “ 1974 " That's why the. FLEET STREET 
, Britain's oldest Newsletter, emphasises the im- 
■; of knowing wben to selL , . 

• '-way to be sure the FLEET STREKT-LETTER Is right 
- ' s to see a copy and judge for-yourself. So just coro- 
I retunr the attached coupon, and we will send you a 
.'»• QPY. without obligation of. eourse- Plus a detailed 
” -' of FiS-L's two latest ideas, companies which most 
V restore have not yet fHscovered. 

.L. has been rreeiwmend'ng share sales for some time 
j expects to recommend farther extensive sales later 
” ear—make sure you are “ im board*’ before then, it 
. V /e you a fortune \ .■ 

ET STREET LETTER. 

80 Fleet Street, London EC4Y1JH 


;nd me a FREE copy of F-S-L. .... . F-T.A 


tradhig conditions, represents a 
very satisfactory outcome.” He 
adds "(r.is too early to make a 
reliable forecast of profits for (he 
current year but it is not expected 
that demand will be materially 
different from that experienced 
last year. 

•‘■When considering the offer 
made- by APCM your Board was 
mindful that BCA, as an aggre¬ 
gate* .producer, is the supplier of 
one-type of commodity, substan¬ 
tially- In the. Greater Midlands 
area, and so lacks the benefit 'of 
both-'a''national market and a 
diversified business." comments 
Mr. Cox “Your Board considers 
that ihe long-term future of the 
company-would be best sewd by 
full absorption) within APCM.” 

CROFTSHAW. 

WV have been asked to point 
out -that Croftahaw (Engineers), 
manufacturers of solvent recovery 
plants, which has been bought 
by . Simon Engineering, has no 
connection with Croftsbaw (Sol¬ 
vents) - of Bromley. Kent. Croft- 
shaw "(Solvents) is to continue 
rnanutaeturinc specialised solvent 
.-recovery, equipment 

NO PROBES 

Mr. Roy HatterVley. Secretary 
of State for Prices and Consiancr 
Protection, has decided not to 
refer the following mergers to 
the.’: Monopolies Commission: 
Initial Services/Ker Industrial Ser¬ 
vice*; Allegheny Ludlum Indus- 
tries’Inc./a large minority interest 
in Wilkinson Match; and ' Root- 
bosch - Holdings BV/AUtransport 
imemaiionai Group. 


SHARE STAKES 

I. J1 Dewhlrsl Holdings—Marks 
and *' Spencer Pension Fund 
Trustee* Ti8ve sold SO.OOO shares 
reducing holding to 440,000 (5.S3 
per MOL). 

•• Bank and Commercial Holdings 
—Ibbell Trust, of which Mr. C. V. 
and Mr. C J- C. Ibbett are 
trustees, on February 7 sold 
41,830 shares at 3Jp being part of 
&bovrt non-bencficiaf bolding. 
Clifton Investments ov/n 3.131,592 
shares In Bonk and Commercial. 

Brent Walker — Walchbridgc 
has_ disposed of Its holding of 
400,006 shares (5-17 per cent). 

Hiuwlet (Holdings)—J. Brook is 
interested in 108,323 shares (9.03 
per cent)—previously 101,800 
shares. / 

Muirhead — Following recent 
rights issue, changes in interests 
are as follows. Kuwait Invest¬ 
ment Office' 080,900 shares (8J5 
par cent.)—previously 5)0,000. Sir 
Raymond Brown and minor child 
509.182 shares (6.4 per cent.)— 
previously 391,224. 















* Estimated current gross yield 


ARBUTHNOT EXTRA INCOME FUND 

4 } One of the highest incomes available from an authorised unit trust* 

0 Fund has an excellent record, both for income and capital appreciation. 

0 Portfolio is well balanced with 60% in equities (high yield and growth _ 
prospects), 39% in preference shares (high yield and stability), and 1% in 
loan stocks (income)* 

0 This fund has grown from £350,000 in less than a year to over £3! million. 

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

Your investment should be regarded as long term. 

Fixed price offer until February 24,1978 at 119.3p {or the daily prices if lower) 

The Managers reserve the right to close this offer should the value of units rise by more than 2?%. 


Applications will be acknowledged, and 
unit certificates will be issued within 35 
days. The offer price includes an Initial 
charge of 5%. The annual charge is i% + 
VAT. Half yearly, distributions, net of 
basic rate tax, are made on 15th June 
and 15th December for those registered 
on 30th April and 31st October respec¬ 
tively, After the close of this offer units 
may be purchased at the weekly 
(Wednesday) dealing date, when units 
can also ba sold back. Payment will be 
made within 14 days of ihe dealing date 
and on receipt of your certificate duly 
renounced. The weekly price and yield 
appear in most leading newspapers. A 
commission of 1i% will be paid to 
recognised agents. This offer is not open 
to residents of The Republic of Ireland, 
Trustees: The Royal Bank of Scotland 
Ltd. Managers; Arbuthnot Securities 
Ltd. (Reg. in Edinburgh 46694) 
Members of the Unit Trust 
Association. 


To: Arbuthnot Securities Ltd.* 37 Queen St., London 
EC4R 1 BY or phone: 01-236 5281. 

Directors: Sir Trevor Dawson Bt. (Chairman), M.G. Barrett (Managing), A. Pickles* 
O.B.E., JP.p A.R.C. Arbuthnot, C.D. Lawton, F.CA, M.P. Renion, Prof. R. Smith, BA, 
M.Sc.. Ph.D. (Econ). # P. Ashley Miller, P.C.A. 

1/We wish to invest the sum of £ (min. £500) in Arbuthnot Extra 

Income Fund Units and enclose a cheque payable to Arbuthnot Securities Ltd. 

□ Share exchange scheme, tick box for details 
I/We declare that I am/we are over 18 and not residing outside the scneauiea 
territories noram i/are we acquiring the above mentioned securities as the nomineeis) 
of any person(s) resident outside these territories. (If you are unable to make this 
declaration, it should be deleted and the form lodged through your Bank, Stockbroker, 
or Solicitor in the United Kingdom.) 

Signature(s). 


Joint applicants, all must sign. State Mr/Mrs/Miss or Titles and Forenames 

Full Namefs) _._ ~ __ 

Addressfes) _ _ 


ARBUTHNOT Established 1833 


El 21 FT 









Financial Tijries. SatndU^^^ 18.197S ■ 



WALL 



•_ 1 

i 


Awaiting signs in coal talks 


BY OUR WALL STREET CORRESPONDENT 

EARLY BARGAIN huntinc lacked further to-day on concern over hear closing. 
follow through support on Wall the impact of the 74-day-old coal Houeier. profil-taKen emaneo 
Street to-day end the market strike .in .the U.S. economy. r. t.m i\ per «n . ^polean- s J 
dipped again in late trading, as Allergan Pharmaceutical, how- i-iked Loan into .shares and U hwaMnc. 


NEW YORK. Feb 17. 


\bi«4* L"l». ; SlSfl ; *2 

\ i<irei<Njcrapb.a.i 1 ©‘* 1S*9 

\*l hi LifefciVo: 35** : 

\jr l‘*'»f*i i«. '<® ' 

Xin>. 38*1 • -30 


investors wanly watched for some ever, jumped $2 to S3Sj. attri- lost more than 1 per vent. 


sipn of progress in the coal strike buled to takeover rumours. BRUSSELS—Mostly lower in (inp . “ 

talks. Telcdyoe rose Sli to 371i. qu in trading. Small losses pre 

After rallying 351 to Tjfi.jfl. the Ampcx picked up SI to SJ5S. S h € d Frs.30—a strike is due _ nion ™ Ranks unit Fm; 

Dow Jones Industrial Avero-e THE AMERICAN SE Market l0 SIart nest K «k. IlSSce. alSumd iSi 

reacted to 752.63, for a net loss Value Index rose 0.4/ to 12«.9o. l ; J\. ailt j German slocks mixed, sp\iN—Market conti 

of 0.6*5 on the day and 23.30 on reducing its loss on the week to Du * ch |, tl j e changed, U.S. fell, a i,ho U "h EJasiiila were 
the week. The NYSE All Common l.SU. Volume contracted to 2 . 1 .in. Frtnch lssue s rose. Cold Hines Jid up to M 


ar closing DMF.4tn. nomihal of stock. 

Moueier profit takers switched Mark Foreign Loans also firm 
,‘ni 4! per cent. Napoleon- SWITZERLAND—Easier on pro- J| 

iked Loan into shares and it \in«iHse \n«iwa*’'u'i’i,!’. 

st more than 1 per cent. Nsetle Bearer and • - ui«siieny ft-ner 

„ . „„„ in showed larger than average ae* , ni<u tuiemii*i..: 

BRUSSELS—Mostlj lower in c{in 05 . uii^i . 

lift trading. Small losses predominated aii» Liminei*...' 

FN shed Frs.30-—a strike is due among Banks and Financials. in- 
start next week- surances fluctuated narrowly. 1 


Z4Ss ! 24to 


Id HLC3 um.LUdU.-U • «••■ | 91? I Big 

SPAIN-Market continued quiet, «K 1 44* 


again over 


Index, at S4S.90. was off 4 cents f2.23m. i shares, 
on the dav and Sl.ll on the week. Commercial Alliance fell S+J lo 
Declines led advances by 67ti-to- Sl.TJ—Bcnefleial Corp. abandoned 
636, while the trading volume felt acquisition plans. 

3.07m. shares to 18.01)1. 


‘J 1 Account trading. 


FRIDAY'S ACTIVE STOCKS 

Chan-t? 

Sto-.-fch Cl-iMiw on 
ira <!•?** priLi- day 


OTHER MARKETS 


Sr-ahuard \'f. 

'Z.'ri TOO 


— 

Am.’r Hom.' Prdis. 

J"u 4On 

-1 - 

— i 

St-ar* Ko-'iiu-.-i 

2'Vj 

i-1 . 

-4 

MariDn-Nnn.-i.-h W 

1 hh ’IH, 

:fi. 

l 

\v-."rrh.it 11 wr 

1 S jlM 

'.‘i: 

- 1 

Illinois Pn\,.-r 

I’S-.OOll 

^41 

- 1 

Hum uni .I-ihiwnn 

I'.fi «Kl 

r.'i 

- 1 

l-uiaia Indusiri.s 

t.H.SiUI 

9; 

— 1 

Surrv . . 

III -ifJil 

r I 

— J 

.Imp,-* . . 

llS.ilHI 

li: 

-t 


1 Canada rallies 


mixed . MILAN—Higher in quiet new J AmetCy<u«min 

AMSTERDAM — ■ Mixed in Account trad tag 
generally lacklustre trading, re- Montedison, however, fell Utb 
fleeting weak dollar and Foreign t0 544 following reunification 
Exchange unrest. W iih Montedison Ceniina share. 

lmernationals. barely changed, TOKYO—Prices fell sharply, led 
Transports mixed. hw Export-Orientated issue* 

State Loans remained strong. following yen appreciation in 
C. Ell MANY — Slightly easier. Tokyo. Volume SOftin. (same) 
influenced by dollars continuing shares. 


Anvsr. 

imi-r. Can. 


Airier, tie. - . P^®-] 2Slj I 233s 
Amer. Kxpre»>~.: 32i* J 321$ 
Imer.Hvnitfiwli 274* 1 281s 

Vmer. Uertkiii...; 18** J 18*8 
\111er. Union—..: 4I B 4 


CnmiOK UuU6„.; 46ls 

•-PC Ihi'd'iimmi, 44jg 

Crane..; *6lj 

(.rocker Nat.j Mif 

Crown Zelierhftgri 29J* 

Cum □ 1 mit tuffine! A 2 

l.'url' u Ii^hl 17 ' 

._.I 

• Dun Imiuairtw..- i6ae 

| Deere. 23 'b 

Dei m<wie..; 23 

Deltona.Sifl 

Dentsulv later-, 17u 
Detent Brt iton... | lfeaa 
Dia mood tihirmt 2714 

Dictaphone__[ 12 

Lhtiiui Kquip...J 393* 

Disney (Wait) — .1 33U 
LVjver Coqio —.‘..I 4G 

Dow CbetuieeJ_j 23 ig 

Drea SBlfl 

Du Pont—....— 103lg [19434 
Dyui'i Imtuatrles laag 

Kincle l 1 idier XI 

bant Airlines_ 69g 


Jobna .Mauvi/(e..,| 301* '| 30.it 
JntuDana Johnaoai 66f( ,■ m 1 ! 
Johnwn C-oa:ni.j 

tsssr:? ik \ »s 

KatwrAiumini'w! a8 ! 
iLOlwrlnilustriecj 4i « j 
Kaisei hieei...^^ 23 ] 224s 

Kay.._V6| I 

K«ne.ott,.I 22 22 

Ktrr M.-Uofe.._i OU «01* 

hJdde Walter^— fc73< 3798 

Kimberley Cbirli. 42Ja 424. 

Hoppers, ___ 20'a 20 

Kraft..,__ 43. 42Sfl 

Kroget (to_;_ fc6Ta 27 

Levi btiam_ 28^ 285* 

UbOyChr.Pood... 274 87. 


TOKYO—Prices fell sharply, led Ainer..\aLiiav..| 41 
by Export-Orientated . issues |f 5 . 

following yen appreciation «n 504 


Loiwil'an Slock Markets rallied f.iJ:. although Foreign and Insli 


in n'odci'ale trading yesterday. nuional buying 
The Toronto Composite Index jovr.rds clobe. 
moved up 5.1 to 1U077. MetaLs AWE. tip 


DM 1.7, remained 


"o' following yen appreciauon *■> A i,ier. lei.Jt TeiJ 604 

lasier. Tokyo. Volume 3 OD 111 . (same) 4 n i.;iei>__..] 

nuing shores. , „ . 'JJf..—. 1 *fi 4 

Insti- Vehicles. Electricals and Pfeci- r-1 

losses sion Instruments declined L ^’tfcwkVngi' * 6 ?s 
throughout the day. . \nbf-u-cr Un-li.j 1 B»a 

iained JOHANNESBURG—Oolds tended Vr .n «.m«'.; »•*« 


£84 ! as 4 
164 i ItD-i 
*44 24*i 


2B4 tiimie Pl<*er_.... 17 

18ifl 6s«r Airlines_ Bag 

4 Baaiman Koriak.. 43>a 

407j Lalon_ 343g 

36ia 

28i z K- G - s G .1 lfll B t 

601a t'i 1‘aw Nat- Gaai 164 

ZB4 8Urm—..—j *8 j 


tmprar-n Electric; 501] J 304 


declined! ''“f**-™-; 

| An ■ii.'r Hook inn. 


Anbeu-er Bn-h.j 1B»* 

Violas tended vrm •*> r-teei.» K6-4 

dooite -1 20'.» 


-> and'Mineral* 3.» in SOI 3. Oil and active in L'Ulme.s. Stores also firm, easier in quiet trading, despite \.s.a..._.... -j 

,-: riS t 4 .*> to 1320.4, Ulilitie* n.30 Motors lost up to DM3, high bullion price*!, small and v-uhum* .. 

” i .. . . . . nil nr. .1 .... n«..« - a _■ __:.. roct r^lCPfl \ >« raw A _ 


IBh ' 1B4 
a 6 -l. . k 6 U 
201s ' 204 


tn j tin ..14 and Banks 0.75 to 241.09. Engineer ins* up to DM2.50 and selective overseas interest raised 


_ ' _ ' Rut Golds gave way 11.2 in 1382.2 Sn-ek, up lo DM1.10. 

Prcstdeni Carter hinted more and Papers lost IJW t« !«3.77. Bnnd Market very 


some shares off nmrnins lows. 
AUSTRALIA—Firmer, with ln- 


t*nu.[ 

X.hliutd Oil. — 

Vti. Hi .-bnei-i.| 

.\-no l>»t« Pto....i 


seruius action mav have* to be P\RIS—\'er> firm, encouraged largelv due to introduction nr two duslrial and Minim: leaders re- \vc-. ; 10 

taken by the Government ir the hy Communist leader George uaf : Federal Loan. Public Issues couping early losses.- 

Coal Talks ;,re not successful. Marches- aliaek on Socialist Mined up >o 41) pfennigs, with . Bankings firmed, with AZ gain- 26 

The l.’.S. currency weakened Pai ly and alw cnd-of-account Rc-gulatmc Aiilhonties setting ing a cents to S.\3.34. Unnfc Ameriwi._l 2IN 


244 tuierv Air Fr'elil] 583j 38Sg‘ 

11 Si, tinlnrl_ a9’.« 294 

264 K. U.I....A I 3Se 34 

1BU KnaeiluirO | 23 22Tg 

i 61 j E.mu'ii __.< 26 259(i 

20 is Ei by I-1 19 4 19*8 

8:4 Bunin .■—J *4ig *4 

,, tain^biHl (jamerBj 26 T& 26 4 

iS. fai. Dept, diore* 1 354 354 

S'Tl Firwlone lire....: 141* 14Se 

2T| B -Vst. Hoe ton. 1 *4?g 247^ 

I'Mu Van—. 17 17 

Fiinucote 204 ■ 204 

ijt* Kiurirf* Poww....! 30lj } 307 b 

2** Fluor_I 32 I 31-i 

2ii* K.M.r_ ) «Qsa [ BOii 

35 Fui-i M-.tor_; *14 ! 411 2 

26 Fi.irenu>*l lick._1 I71j | 171* 

34 U f«lwnj..I 30 I 30/g 

234 FnmklinJMiot—.. 7S* ! 74 

37 4 r'reefK-rt Mineral 1ST* | .19 

171g j Fruebaul.I 25lj 1 254 

344 r'Bqua Industrie*| 9A| I 10 

zl)\ O.A.F. U ! 107 B 

Igi. (iHonett.; 357g I 357fl 

on jenJtmeT.ta—93a 1 9>« 

li.A.T.A.: Z47 a 341 5 

291, Uen.CiMe.; 124 I 125s 

26Sa Den. Dynamics_; 384 38ig 

of? 'iea.tnsLtru»_... 45 J 45U 

151s General Foods_..-. 26lg 274 

5Qj, ) General Mina.....:' 27 t b 27 4 

... ueneral MuoK..! 574 674 

„ ' lien. FiiIl Dn 1^.. 19 4 19 

... lien, signal...1 254 26 

izl! (iea. Tel- Elect—J 28Jg SBig 

*5i? ‘-ca. Tyre..! B34 234 

?. s Lienew.'O.; Q5a 5 5a 

lieorgia PBciflc...' 24 J 244 

Getty U«l.152S t } X54 

32 Gillette...• 24 t 8 243« 

164 Oooirich F.F.1 19i s 154 

104 GondL-ear Tire....; 16ij 164 

284 uoubi.1 27 4 373* 

li: B Grace w. K..j 24T a 25 

164 . Mi. Arlan IV- Tea j 84 84 

49: B Grt. Nona Iron...; 25; 8 254 

43?a Greyl>.unil .. 1 13lg 127 b 

384 Uuli a Western.. 1 111; 114 

lain Gun iy»i..1 24i* 24Sg 

21l-i Ha>rt>uiinn__„.i 584 

314 Hanna Mining... ‘ 38is 1 384 

26 Uartuscbieiier... i 15i h j 154 

3B4 Him*i.-jnui.I 424 , 424 

j-OSa Udaz H.J.! 36 j 364 

53 UeuMcin..1 267 B 1 264 

Hewlett FMtorrit 64 4 64 

■ a-~ Hgii-.lav Inns—— 1 154 15Jh 

tLimealake._ 1 334 4 33^ 

,0 ” ditnevT*eil_..i....! 434 431# 

ig, c Huovei.— U3« 114 

; H-wpCoTRAme: 24s* 244 

10 ? ! HuimIuO N'aLGet 24lg 24jj 

iS?! H..n«Hi.A.jCbm 10 104 

S ' I Huitun (BJ.). 1 11-4 11* 

r? ! [ t. L.'. Industrie-...! 241 a 24 

ISA-354 354 

I luseiaoitUnd—. a4lg 641g 

J 5 ?9 ! Inland Steel_; 34 544 

||J2 j Inril t>--.) 13 134 

154 uuerconi Ennnpl 7i*. J 74 

273g IBM__I265JH 255 

lull. Flaiiiura.._' 204 20*2 

534 Inti. Uni-venter.-., 27/g 27*4 

a-j Iml, MinlCbem 387g 394 

194 [ Inti. JIultnot>1b..j 20J a 214 

cZ-.i' lnce„.! W4 l*H 

lull. Ftiier...—^.: 37U 364 

3S4 iki - -..'■ 274 Z7 t 8 

22,4 UU- KenttHer.1 10 l 96a 

3U4. .Iui.Xbi. * fee—• 274 i 274« 


weakened Pm ty 


Indices 


NEW YORK -DOW JOKES 


cnd-of-account Rcgulwtinc Amhoriti 


Jf-Y.S-E. ALL COMMON 


F-h. Fet..., Feb.. Feh. 
17 ' is ■ 16 ■ I« 


Uiiik?n> Fr. >.Y.) 344 

Usrlwr »»1<-i 26 

Bader lmveuoi.' 34 


17 1 I* - 16 . 11 ; Hmb 

45.90 48,94' 49.34 49.47) 57.07 


Ri«w and Fulls Bader ItnUSSi 

1 Keb. 17 teK Feh. 15 Detinue Fw>l<... 

- —'-—.- liarLuaDi'.'kaaaoa 

(r>uei traDed.! 1.813 l.B^B 1.B06 Deli A Horten. ... 

Hw.• 656 369 479 den.tlc. 

Fulls. 676 ' 1.040 • 834 densnoi Gona'B' 


?iiut tvmpilai □ 


57.07 | 48.90 lni-h«nced>.| 481 

4 . 1 - 771 '< 17,3-781 Hialw.: - 

.'•!* Lama. 1 — 


MONTREAL 


752.S9 753.29’. 761.59- 765.16 774.45 775.9S 999.75 ' 752.69 . I051.7G 

- I'77r >l7-i-7F, l].l, i;. 
99.55 89.51; 63.61 89.54- 89.77. 6E.75 95.87 1 ai.Si 1 — ■ 

. .7,4. <•&■! 


in.ti.itr.at 

(.'•■mtaineal 


I65.E3 162.90 195.72 164.8t; 199.47 117/5- 155.02 0,10, 


Trauti-.-rr.... 293.94 20S.50; 205.59 207.33 205.68.219.55 219.K4 
fiilmes. 103.52 1DS.55 1 1D3.B6 104.33. 104.97 )05.B5 Hi!67 


158.60 271.83 


TORONTO 


itnne-1 172.49 171.74. 173.76. 173.48 187.95 (19 1 77a' 1S5.80 >2£>. 10> 

CVmp-.«ilr. 1007.7 1002.6 1008J 1010.5- I0E7.4 (19,7, : £61.0 (SH. 10, 


Tra-lma «■..!.! , ; 

OOO'-i t ' 18.600 21.570' 20.170 20.479! 19,810 19.489' 


* Bails of Index charmed from tu^ust II. 

1 F«f|i. 10 1 Feb. 3 


i.2lf7i-ili,27S.i5W«-da-i28.4-fi 


JOHANNESBURG 

G«'1J 
la 5inlna!s 


210.7 211.6 213.1 . 212.7 1 
206.1! 207.3' 208.2 ■ Z06.9 I 


21S-7 tl«/7Fi 
214.4 (4ili7<f, 


159.4 124-5) 
169.1 <r;4i 


IdiI. illv. yield % 


STANDARD AND POORS 


] ln>iuatriic!> 96.81 96.94 97.73. 96.01 98.91 99.12 M?.92 S 

t 1 . 77 . ill 

SC«ni|.v*ite 87.96 88.08 8B-S5 89.04 9S.3& 90.06 107.00 8 


Year ac> lappnas.t 

4.45 


Cilice i.^mpilai’n 


154.64 4.52 



! Fed. 15 1 

Feb. a 

Fell. I , 

l'mr mu 

10 * 1 . rile, yield % 

; ’ 5.33 1 

5.17 

5.22 [ 

3.97 

In l. 1 'iB liutio 

j B.57 | 

a77 

! B.69 ; 

10.94 

loil'l I'iiivt. Mulltl I-IC-M 

| 8.26 

8.20 

! B.ie 

7.65 


I 

lew. 


1977-78 ■ 

1477-72 

1 

li ' 

1 ir»n 3 

Hi^h 1 

Ln it 

Australia <*.' 

MJO.S3 

46£.2'5 


4lc.e' 




:3.'I.ftKlb:77i 

BeUriom »•' 

34.0= ' 

ii.ci 

.49.15 

M.‘.s0 



• I.,1T» ij4.l.,e 

Denmarki" ' 

9c.Jl ' 

K..26 

10, .9. 

94.00 




f5i.fr) 

itj.’.-'Jel 

France iit. 

t:.t 

tl.l 

DC.* 

C^.s 




'1.1/77: 

ilOvi 

German r 1 — 

609.1 

eii-i 

tl.'J 

)li.t 




ill. Ill 

■ k' .->] 

Holland it?. 

EO.f 

cu.ii 

. -■'0- . 

ID.C 





•IM.Vl 

Hon© Eon«n 

— 

4r7.?0 

. 4Lo.IV 

0C0.44 

,ec,. 



: <11 *> ; 

1 la,liie 

Italy ii.j' 

62.53 ' 

62.i)3 

, 10.1 J ; 

td.v. 




ib.l/TTi 

lii, li) 


Fre- ;i9VJ-7t :U77-»b ,*n«Iuiu Fmdfivj 
viiiii*- , Hiun 1 Low .'anal ILin'l'jlptj-.i 


Spain 

Sweden 


Deli A Dowell.... 17U 

Den.iiv.. 43/g 

den” ■ ,41 Gona-B’i Z'l 
Detbiebem er«ei.| 20 ij 
JU.-k -v LlftKer..! lb 

dcviiu .- 291g 

J-:>ise U«»1a.... 25Si 

•hirien .. 29^ 

.bwir Warner..1 265e 

Jninil' tor.' lu 

dnu.an "A*.J I31e 

Jnsto Mvera. 40i* 

Jni. Ber. ADR J4jj 
JrocS I) laaa.., ‘*7 to 

lninr«idi.' 1453 

■Jucynit Kne.I 161| 

Ju.l’-.I.j 32 la 

dulnv* VVateb3*z 

Dui-iiuittub Nfbu. 1 375g 

JurmuvUs .I 60 ig 

^unpMIdnip—{ 32 14 
.«nadutu Faidfivj 15*8 
.'ana' llAn'iOlpta-.; I0'i 
.'arndtioii.' 2814 


M,. 93.0&' 95.12 IW.W, 9S.tkj .'an ier S Geneiaii 12 ig 
• '-iJ.Liii.<Jartei Hanlev...: 16i« 


.-aieipillei rmeu; 49ig I 49;j 

.tt-j.• 4354 I 43ia 

.elaiuaieLvr^n...- 38 1 ! 1 38 lc 


JniliwA5.1V....! Ini- I iai? 


Japan 

Sinsrapore 


Sweden W- 559.73 ■ 561.5.1 Hm.be ii A-.re 

Switerl'di/t 320.1; 3S’.« 523.7 . Jsu.; 

i : .14. J/7c 1 «3.L 


.17" 11. ...r;, -w-l.OOO. the Iasi named bns>.-d on 1975i, 

• • fl-i e ci, o . .Si ’ Excluding bonds. -.wo lndusiruis. 

. ' .Vt ' 5 4M Inds.. 40 Uuiltics. id Finance and 

run _ ' i*-7 p.j . JrJ'Ii 20 Transport. i'll Ssdnvy All Ord. 

_ V7.SU, >o.»i 3c4.*» ,,, Belgian SE 31/12 63. Copenhweft 

I 62S3 ' F»02 : ;i ;i : SE 1 l I3 - ‘It) Paris Bourse 1961. 

h 15 — 8 b ~^ ’.J ini CommcrzbanK Dec.. 1013. • :j, Vnister. 

._. *ar 07 4fu<»> MinV iri m dam - iddusnial isno. !**.•• Hans Sens , 19ln 

0 ^ Bank SI. 7 64 Milan 217:.. io> Tokyo ■iiSSlXT™ 1 

New SE 4,-l.BS. ib> Straus Times 19W -i5i* 
C70.2E -iL3t 2p.W-4Y.4t ,0 Close, id. Madrid SE :io ”-77—hi^b *. ,r ' ■ 

,frl ' • i< 15,-176. li.o. and low for 197s only <c Siockliotei ‘'-' H ., or, a 

Indium a! 1158. (fi Swiss Bank Corp. -«*••*• f? 

■ in Uaai-a 1 table. Aiiiinj Ai»,i.an.. 11 


.aroilutee,!.■ 

*lto | 

21 If 

.ewraa Air-rail 

311* | 

3114 

.hate Man hat mo. 

i7rj ■ 

ae 

.h^ini ■»! Hi*. M. 

30: 3 : 

38b 

Jb.~er.roh Pnn,-. ! 

2 CU" 1 

no to 

.heviie^.vuein ^ 1 

32 S* ! 

33 

Jhica^o Bri-ige...; 

4d:i 

43b 

.hruiiralVov., 

16!-j 1 

16to 

Jbr.nler-— 

125a 1 

12 to 


.merama..—, 

Jilli itiiacron...; 


F.T. CROSSWORD PUZZLE No. 3.597 RACING 


BY DOMINIC WIGAN 


A prize of £5 Kill be given to each oj the senders of the first 
three correct solutions opened. Solutions must be received by 
nert Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London. EC4P 4BY. Winners amt solution icill be given 
next Saturday. 

tVame".:.:.1. 


Top Priority’s rival 
is the weather 


JoluinOi* lint.....! 

*7 to l 

*7i* 

AMninbia Pie«— 

I5to I 

15is 

, (nn.iti»<L7v4Anr 

lull ■ 

lou 

.oiuunstion Kua., 

32U l 

321* 

.^lUtelstlvMl to. 

lato 1 

15to 

.'nis'ii, b.;i 9 Mii.’ 

e'/ls 1 

273 ? 

.'•Iiu'w III O'l IW 

i'to , 

a to 

-tininu ?n*l«liu*...j 

32i: ' 

35l e 

. „„i)*iier>.-ief)i-»l 

BSj 

&'-» 

.uiipk-.; 

19to 

191* 

. 011 . LUiwu A V [ 

2 21 * : 

ft 2 to 


Address 


iWIM.ll 1 . a4 to ~'*f4 

.ihi-wii A-rt. Go*.., 35>* i 3S*« 
...nsUOUft l‘n»er 152^6 j 22,"a 
.-ontiiw.-iiui Grj ‘ 50 to iU»a 
.>miiiieii(<ii mi.' 27's : 275< 
.••niiiieiiin] Teie . 15 I5to 

.■■rilnn Ltoin. «3to : ZS'i 

lu-lu.. 41' - 4 . 4I‘-4 


Ko\ai Dutch.SO 1 * ( Sblg 

KTK..._ 13to t.;13 1 B 

Kiim Los#.:;...,, _ll3g' 116* 
Kvder SyMera... TSSb l|f* 
*ifei™y Store*— 3654 '40*4. 

St. Jw Minenie. 26t> t&U 

St. Uefiis Papers. -.27^3 274* 

Santo Fe lurin— , 341* 3^4 

Saul Invest— j—J . 41a, .-J . 

Sasxn Inda._... 6 -. . 

SchlUr Brewino- 127a 1 13*4 

i±lnmt«xBr _ 66** 66 1 *- 

SC M—_165g 17 

daw Paper_ 13 131a 

deovtl Mrx-. 20?* 205a 

Scudr' Door Fed} 64* 


Group.- 271* 27k .13^ 

UUytHD...—3B<* 39«* S5.™5»--j igj. 

Linoo iDdoeb— i-to wa* 22&n2»«5iSl 6* 

LodtheedAirer'tt 133* 133* *udr Oo* W“*r . ** 

LoneSUr In-to... - 18 J^O • Onnto[D«r»__.( -2D1* 

Lena Ulonrt Lul. IBi* 1B4* - Sz SS* Ular *“- Si* 

Loni9laoalanrt_. ■ 201* (G.D >_ 12ia 

Lubrl n o f ...,- 341* 341g .] 245* 

Lin-kydtorra...... loto l|j 4 aBD oo..._, ~J 32i| 

L kesi unost'mi 5?a ,«'■ ShellOil _j 29In 

iS Je4 

UlnjHMovrsr. 29i< J{ sfenodaUmZrd *8*5 

VUr£L» o"C.; 41*a 417a }J, a 

Marine.UidlfLDtk!{ 6 riiniib KHm ' l 471 r 

Uarstall-FtokiJ E96 b 307 b ^ 

■ *- _ Southdown5545* 

May Dflpt.Store* 1 ?1 T 8 I. 21 Tg SotrlhernCai. Kd.l '26to 
ur.l ■ 1 SO.*. I A31a- I tU. 


Sea Oontotaert-J i-fD**- 

jnJ | See gram_ 81 to ZHg 

SS" S«5e(G.D.l— 121a 128a 

- ! ■ Sewn Hoobuek-J 845a 843* 

SHDCO—_3ar B NR. 

Shell Oil—..— 4 29 la. 29rj 

SheiHr«o*port_[ 38to a7»a 

Signal_JTT_.{ . 28to' i8 

SlonorieGoru..—J 34U ' 44-to. 

Simplicity 11 1 

Singer - 181®.. 

Smith Kline.—-.1 47i B .*7 t B - 

doliermr..—_ • X s * ^l 7 a 

Southdown... ' 1 045b -245b 


CANADA < 

Abittbt hpQr. n4 j lll e fj 

Aguico Bugle..— 6 
'AJcanAlmoiniom 26tg' I" 
Aigoma StieeLi— 16to 

AnbcBtfle—.._381* r 't 

HBtU at Montreal ' 187$ 
Bank-Nova Scoria!-. 193* 
Dario Reeoiatssa- tto . '- 
Bell'Eakwhone— 03 t B 1- 
riow Vatier Loda. 21 to .- 
ul? Caanda..——. " 143*. '= 
tta i dcan,;.,.-.;^.: I6to 
Drtneo^—ti-23 5 

Galeary Poww_ J0i g 

Domflo Mines_- IsP*- 

-•^aiuKfa ueineni- 5V< J , 
Canada NW LantK IQi, !• 
Gan lmpUnMJonr 8b5e i 
Uanodk (nduat_.. t 20 - fi 
Cm. Pki-IH, i67b i 
Lkn.-Jftu.'ific lav.. ' IB 
Dan. Super Oil.... S2i s f 
GarUnsO’Keefe- 3.DU r- 


VIC.\_:_;_ 324e ! 

MuDermott._24J* | 

UcDonoelt Doiu «2 3 * , 
il.-G«wfflli_ 17to ' 

Meroorax__„J efiTj 

Uerua-..___ 53 to 

Merrill l*niHL14 U 
Mft* Fetrotonm 36 

UGJL. . !!’ BBif - 


32ie ! 

24to | 24to 

<23* S3 to 
17 to 1758 


sa sassgsa a. ^ 


Mcmaaiito,.—4.7 5* 
Morpan J. p...... 395* 

Mciiorola_[ 36 la 

Murphy Oil....—, 34 ij 

Nahto.-o—.497a 

Nalro Chemical...! 267 b 
A utomu Don_t 165$ 


267b ! 26'8 
15to I 16ig 


NaL. Distillers,...I 21 to < 2Jto 

Nat. Service Ind.J 13 i B J3'a 

.Vnttumil Steel._; 30 to 30 i B , 

M Morass .J 36 36i$ 

ACtt..J 40 to 40Sa 

Nepuioe lap..,J 14 145$ 

.Vew-K wIukI 111. 2258 221$ 

Aew Uiurliuid Tel 347 b 347$. 

Aiagym Edotaawfc 147 B 163$ . 

•Iiann Shire... 9 to 95* 

MJ u Industries. 155s 165* ' 

AonoilkA-IVeMern 265* 255* 

NorUNitOu.. 3Sle 36 
.Vmn States P*T 25to SW* . 
Jith west Airlines 23 to 227$ 

Minven ban,»rp 221? £2to 
Norton Simon..... 17 to 173* 

Uoditeatai Fetral 21 to -213 b 
U jjllrr Mother-. -373* 373* 

Ohio kdlson-. 1B3* 19 

iJlra... 1 155* 15to 

UvenaBodhlp..... 217g | 211* 
Uirens Coniine... 583« .| 50 . 
Uneus luinoio—. 215a 1 SI 

MOu. 24 24 

Ito^ifiL- LtohUns.J 193* l 207g 
rae. Pwr.SLt20to 2U5 8 
FanAmWorluAh 5 5 

ttorker Uannllin. 223 * 221 * 

Festway Into—..J 20to 205/'. 
rtStoPwA Ui.-.. :223a “ 22to- 

Peen«y J.G-. 34 to 343a. 

Fenhaoti___ 29to . ; .2S4a. 

Feupleo Druo_ 7 to "I 4 * 

feoplesGas—. 331 a .325$ 

k*epsico~_.25 85I B 


321*- Southern Co.—f 163* 
245s athn. Nat. Res... 29to 
Sal* Southern PadBcJ. 3?3*' 
175a. doottaernRailwayt 47 

-SnaUHaiMt.. . 23 to 

141« sFw’t fiawirharesl 24 

111; SSSKd-.ffl 

as? Squib...:__.j 23 

cos, Standard Brand*;. 255a 
Sid .OHCa Itlomlar 371* 
jqu SuL Oil IndtanaJ 46to 
SM. Oil Ohto-73 671* 
Stouff UhemJcaJ.! 361* 
4oJr Slertloj; Drug^„. 135s 
«,. Siudebaber...—.J 51'-. 

¥2 !. Son-Co.'_Ll S6to 

16,8 Soadstimuli.33- 

syncex- 1 221 * 

rechnlookw .—4 Bto 
“ » iofctnmu..;_ j . 333* 


26.1* ... :M*wNar^rtwa»w^ 9 i ; . 

if 50 CUettatn I9to M 

» h Comincio—_i • £&U r 

3|2. . .Con. Bathnrrt;,;. .23 
.- 8 Consumer Ob *—1 lb'* 
ZS - .' Qw*»tawwroew 67j j 

237a.’ Oowain Rlch_I—| . 9 to | . 
16 ' Denison Mine*... £81* -t 

338®'' UomeMirwto..—.i 77 ‘ 1 

B3to '• Dome Fetroienm) 56 . ,_'i 
2&3* Ikxninlon hriilvel JsSug H 
374" .Domtar —" 147*■*” . 
45&S Diiponk . 13 

663*. FUoan’ea-JliaJtaJi 171* 
3blg, Fold Motor Can.: 72 
Wt ■ • 

503* Gen««„.*57. . 

a71n ' 'tESai Vel'wknlp.l 1: 


wraoui*.;—™J . 

Tewdyne.._, v .j—T- 1 

telex.—..—_„J 3i* 
L'eneco. ———t .2918 

£aora Petjtttenxnl : : 9to 

lemco. _..—i.,]" 251® 

TeXagtdf7 6 J * 
Texas I nfm ,.,.,-, j 7.663*'. 
Texas Oil-ft iWJ 293* 
Hexea UtUitlraJ.3 196$ 
Time Inc. —'.—..1 _S 6 A*'- 
Tixnee Jlimir— 22 i$ 
riml»«i.: . ■ ;' l *51* 

Irane.__u.«J .33 

Iruumerltt 131s 

Tranaeo- - — j 19 ' 

rnuisUnion.—_J 051a- 
tnnny tnt'ml] 23ig~ 
rrans World Air l 123$: 
Cctetriere^,:.,;—J 2 B'z 
l!a UmtinontaLjJ l®5a 


Canadto.,1- _«7 i'. 
1-did. Uinf “5*. 

iou.; -l.tSBto ': . 

— k 395 b 

i BavMnat' '151e"R ■ 


361* a7to Grant y^SrikhteJ tl3l s : 
33--I aSi* GirilOUCanada...,. a7- 
221*1 22 : Hawteu Std. Oan[ rsi. * 

Bto T. -8*8 Murttiqeeu.;-J.tBBto : 

333* . 341* . Hwne Oir-A^_h 095a 

7V* 1 r '70lg ‘Hndaoo Uav Milsl' 15to "R 
8i* 33g UucUwmay^_i..j 17Sa.- 

2988: : 291* Hudson Oil 4 Gw 42% . 
.',qv ou . •t-A.'CLto —■. .: -lii*. ' 

29 s * . 29 to.* 'lfld»l_.—_ —_i .- AO la 

195a 19*8 luiaad NatoGat! lui* 1 

56i* '■ aBto ln*VyWpeLlne 14 . r . 
221$ to Kaiser Eesfoircea. -14 -! 
45*e 96. twnitn'L Pin Coni t 

33 033$ . u>bttw Com. 'UU d.30. 

131a lots MtfmUI’n- Bloed- .161* 

IS - 19 Massey FierimBoo X05s : 

05to **}n Meln£hZz!”! 21 


lull. Klainurs—...' 201* 
Inti. Harvesier..., 27/* 


_ 3 to 

iOth pentnrv.Fox 213* 

C/AL;...; 197 fl 

UAHGO..._21. 

a* 

UOP-..-^.._- .145* 

lioiwveto._—. -:473 b 

Unilever NV_ -tftjg 

irmim Usocorp „ ' li 

Uruoq CarbMe. - BB ■ 

lihlon Cdniraerce •" "cSg 
t'nion OU Calif... 476e 

Union. Psolha._ A 21* - 

Li'niroyal___• .73* 


3 lg |.‘ 301$ 


wo .- Ioann t Fin Cant t 
333» . Lobtaw Com. 3.30. 

13to Jfahiitll'n'.Bloed- .161* 

19 ; Massey Fer^nsoo IDs* 

35to McIntyre__ '21 

“S.-; MoateOaqjn...—. 311*' 

12to . .'■anraj6*Mlnen.jJ- t3ia . _ 

2898 Moreen KneiKy.:!'15 to 1 
.189*. Ntbn,Tjtoeaikm l "t^57B ^ 

* n . .Nmurk-OBA a*/ - 361* — 

DaJiwooil Pttr> 0:00 . rf? 
199* . ^?VP?!*--.-j 

Sr tassassSEl 

S>.-aassssJI? 

J® 1 * Plncta-Ueveioeon '-'.IfiBb 

'SSESS!>i1g'':;. 

ljuebeo StnrKBan J;50; 
7*to.. Hsjiffw tn, , - 1 B 41 

. 75y Kead SW— .— , 85a 1 -.- 

jig - ittoAignra— i6to 

109*' Hoynl Bit. of Can. 276a - " - 
271*' Moyw Trust..—. 16 : JJ 


71*- dtoAi 
■'109*'. Hoynl I 


Sea ^wnw —........ Dja* 

Shell Csuada— .; 16to! 
Sherri ti G. Mines : ANA 
SiehenaU. G—i.'Bl l " 

Simpsons_ -wUSfi. 

steel ra Cknorii... i3?s 
Steep Hock into.-, 'fi-il- 


wmtmmm 

' aai— 1 

Htt^s 




-IBP 

■■■I 

I ' ■ ■ ■■■■■ I 


IBIHlI 

■ 


■II 

!■■■ 

■ 


■ 

!■■■ 

m 


■II 

!■■■ 1 

■ 


■ 

1 

-gg 



!■■■ 

■ 

' V 

■ 

!■■■ 1 

■ 


■ 



FOLLOWING one of the leanest dav> course m the three-mile . 

iptlls in recent years, prospects Grouse Chaste on January 16. 
look reasonably good for a holding off Lockage, to whom he .. — — 
resumption to-day. Both Ctaep- was conceding 8 lbs by three- GERMANY ♦ 
slow (where the .Toe Coral Welsh quarters of a length with the 
Grand National dominates a fine third. Tup Priority, three lengths 
card) and Lingfield cwhere the further back. 

2 s '® J?™* . r 5 a * ur ® d » That was a fine display by the 
i« S ,d f d h , that r Tiverton gelding and it was no 

f ."!? 1 JI 1 Tj er ? ,n l surprise when he followed up 
severe frosts. There will be ower a considerably shorter trip 

- 3 t Taunton ten days later, where 

CHEPSTOW hc « ave a =ood ri,?al °r weight 

1.15—Stroiubolus aa «* a three-length heating to 

I..J 5 — Ovntle Prince Pensive Prince in the two-mile 

2 . 2 ft Top Priori tv** three furlongs Winter chase. 

2.55— High Ken However, strictly on the form 

:i.:}0—Spider Man hook there is little evidence to 

4.00—Tacaronte suggest (hat Lucky Victory can 

4.50—Double Action again erne with Top Priority for 

LINGF1ELD the Findon nine-year-old-—«how- 

2 .oo_Barley Bov ing his hest form for a long while 

2 30—Rolls'Rambler in the Grouse chase—meets his 

3.00 _Tlepolino-* Devon-based conqueror on 9 lbs 

5.20—Comet Kobontck worse terms. 

4.00—Mister Know AH Although there is no doubt 

4.30—Strathclyde**.* th 3 t Lucky Victory is a fast- 

— - - improving son with the scope to 

, . .. , make an extremely useful stay- 

ippections at both courses early - cfaaser . ] ralber dou t>r hrsl i**»etfw»u n» 

this morning. heating -Tosh Gifford's repre- ,u,,,u, “ , -. 

By far the most valuable race .tentative on the revised terms. 


igij' Ira* .. ! 141* 

D*;* lull. F*per..37U 

0 S:t Ikl-- .. ' B7i a 

22,'a 10*. Kectmer.i 10 

0Uto . .lui. Tei. * 273* 

275« Invent.I I >4 

15?s Iowa beet.. 29ia 

Z3~i H liitertuiiiwia' ■ lllj 


im lV*Uer—.j 28 


•PARIS 


ET” sit aSS saasst a »■ 

SS r:- 26lJ' 27 UGifcrarawpt ..... 27^ 271* tfqyai TrnL-) 16 - 

ebriip Dorige.— J8to — : ' -Wmww..,D3to 

HutoWphuihie. l?t* l?to fstS Rfti-. ISto; 

FDUlp »6irw..» 661a 6658. }{ .®jr* sHicrriti G. Miaoe AS& 1 

WS,***” «3 vySSSSSE: iU 

IS*; i S •. S5is - JEStS&szz ^v5*. 

riSuTTiuf lev* ?6i* J2S3Sssd-'®^ dwtock iwn.. 

PliNHrUri ADITI lb 8 I 16to Vtw-Larahen . Af> 26lg fvL' 

rt»to«oW---—. 1245a 24 SSB&SIU! •-ff* 25W ' 

FrxjaarUatn-.*.,' 77V '781* WWh Ddffi ‘'WlT'. 16to : - V 8 ' 

rittrieowlOMi..] 2258 toss ivSS^IwelUenl 17to f' ItS,.’ sV* 

Fm non-.26la -» 253* • j. -. . .r , j«;it , .lie* 1 .*ui»«u T 51 a 

_. ; ->6%r 16*a W«uypniisi=^. :'24to‘ 241* i We^<l»tTBi«* -TSaVi 

tfapki^iimriara.. 678^ 6 s * W,hirl|«oL-..:-..;. .'&Hr J 

Ilavthnra . I 30-'a 31 . White Goa. tnd- ". £0S* . 20*8 

«CA..._.J 24to 24to .William Co.. 177 B lftto " * AssmtM. T BM. 1 

Keuiidtc aiee*.~. 23 22r a ' Wtoooonn HectJ 275a 87to: — * Traded. • N*w 1 


CtaaootaitMila... 
ttoroato Dora. Us: 
ItootUoftpeU 
rnni Mount Oil* 


Ful KUUi-..I 

.; 

1J1 inker <tota..._.J 
eapki'Atneric>u,..| 

Itavtbeon.I 

, HCA..._.. 

> KepuNic aieet.—i 


tori i6*a 

^ HI* 


21 

! S— 

tiuto_ _ 




| AUSTRALIA 


| TOKYO 1 


CHEPSTOW 
1.15—Stroiubolus 
1.45—Gentle Prince 
2-20—Top Priority** 
2.55— High Ken 

3.30— Spider Man 
4.00—Tacaronte 

4.30— Double Action 
LINGFLELD 

2.00—Barley Boy 

2.30— Rolls Rambler 
3.00—Tlepolino - 1 

3.30— Comet Kobontck 
4.00—Mister Know AH 
4 JO—Strathclyde**.* 


good each-way value. 


ACROSS 

L Make *t:; deliveries ami o*er- 
whelm N. 4> 

Able to obtain key to bar ifi» 
!l Jumper with front pocket (Si 


6 The mu.<! stupid at any rate 

( 9 ) 

7 Slate of tobacco growing (Si 
S Shy at going b.u-k IS) 


II Quainlh sentimental counLryj Victory, 
wefcr lef! unfinished (4i 


Twenty-two 3 rc due to line up 
for 1 his 3v-milc event, including 
three course winners—Craigu? 
House. Beutlej Boy and Lucky 


Speedometers 
go Continental 


10 produce to. 4) 

13 How ahout right persevering 
type (5 1 

14 Brotherhood (4» 

16 Pronounced suppression of 
old priest is on maybe i7 1 

19 Happening about one old 
penny is plain *7 * 

21 Coloured sanctimonious edilnr 
M> 

24 Assume it is imposed i3. C) 

2-> Fits together number of 

game-- won (7. 2> 

27 Iniellig^nri* young Henr; 
-luiws ui nr*'over ifii 

25 decline In be dcpi'essed by 
n-vnluium 1 S 1 

29 Difficult miroinn in •crern (fi» 

3ft <.n before slake and sup up 
(S) 

DOWN 

1 Over which the Master iff ihe 
Rolls presides? < 8 > 

2 Cheerless victory over score 
at Twickenham (61 

3 Spout auracis no lax (5f 

4 Historic place? Ob do make a 
change (7) 


SOLUTION AND WINNERS 
OF PUZZLE No. 3.591 
Following are winm-rs of Iasi 
Saturday'.*, prize puzzle: 

Mr F*. A. HuiHoir. Brookline. 
4'J. Danycraig Avenue. ,\ei\ tun. 
Porthcaw'l, Mid Glam. 

Mrs. C. E. McLimock. 71, 
Ennismore Road, Crosbv. Liver¬ 
pool 23. 

Mr. A. D. A. Millington. 
Broad Margin. East Lavani. 
Chichester, Sussex. 


“ " rtu *" M KfyKlyTn: «n.!.. «n go Continental 

12 U HllibVun main ,S. *1 *Sf«““n r 1hi ,, l2laSL , lfMh NEW CARS rnaOc from Ottoter 

IS Made speech for taking down being on offer at 33 10 1 or 40 this year must, nave speeao- 
Ted at r.ID pc-rliaps fS» to 1. with most bookmakers. In meters marked in kilometres as 


Ted at CID pc-rliaps (S) to 1. with most bookmakers. In meters n 
2U Vault in direction of doctor contrast.. Lucky Victory is top- weI1 uS 


William 


I quoled at 10 to 1 . . 

It i.» not difficult to understand SS-S-V 
Ihe leading layers' caution with ■ 


Rodgers. 



23 Water holder full of holes i<51 
26 Female goes to church from 
hero l5i 

SOLUTION TO PUZZLE 
No. 2.596 


HEEuaHQHQ ; BnaSHD 
tm - j 'ra^Evn 

assasscin SEanssn 

is m q - m 

SHESH -00EEH3EQHS 

a s : a-. 1 - m 


this progressive young chaser. A 


SPAIN » 

: 1 .■r.ru-.f'i it 


•En 0 EQH 
P & 

ssaacss 
h ^ 0 n „ 
?aQ!SGEranc;5 
ra . a. -: a s 


HPJEjEHQ' 

0 s m x *. 

mmnm& 


HHSBaag 
m m i 
TEHEED 
S 7 ED 
bqb nnl 
a a 


n?SB0E BSE 

>n m % m 


IHEHfflSBQ > HQbSH! 

a e 53 0 

- m 
■m 



'tflnud 


id*; 

+ 7. 

0 hill, 10 



— 

r.Ki.i, Atbniirn 

, 1 nun. 

SOI 

- 2 

IS Ili.n I.il|l»l 


3Z3 

- 3 

Dsiikh I-'ficrior 


zra 

■+ 3 

R.tn. n n.-ral .. 



— 

IS^il. u ilrpnad* 

o.non. 

15S 

- 2 

H.riiiv 


M3 

■- 

Rah", 1 nil l.dl. 

■ 1 ihK) 1 

lfet 

— 

R (nil. M:-lU«Tani«n 

1U 

_ 

Kamo Pnpular 


in 

+ 3 

Ran..r> Sjninnder 

1 ■J.’Vit 1 

3» 

— 

Railed l-'rqiuiu 

<l.«Wi 

220 

— 

Ran>.o Vir,.j)i 


202 


Uan.,'0 XjnifcUiano . . 

300 

— 

R30V union 


136 

— 

B.inus Andalocra 


232 

— 1 

R'KorV WiK'OX 


30.5 

- 0. 

Cir . 


112 

- 1 

Mra^ado* 


21s 

- 2 

'•* I \r.i.'oneMS 


52.25 

- o.; 

K'Pnhuto Zin, 


101 

— 

v .\nl H,,i Tiiitn 


100 25 

— 



67 

+ L 

!•'• l,i'>d • 1 <Vn), 


69 

— 


Inniiihjiiil . . 
"Ijrra 

RpUB-4*' 

P-'lmlih-T 

rnrnli.os 

S. irrm raiiAT.-r» 

Snw*<* • • • 

Si» 8 <-h«* 

T. -I-fiinifi .. , 

T*rr.n Hn'i<’!"-li 
T,lba,-»>S •. . ■ 
Vmon . 


- BRAZIL 


.Jl Pf-T'i'ln' 
'IriifiM Vi.-l.l.-ljlh-? 
■M.lmla 
Oi.-rlii. rn 


A i-riia. 

IBntnUpu-.'- UP.. 
Ur-11 1*1-10, "I' 

Ihn.ll- «» 1 *. 

* -■!*. 

IVii-Mm- 1*1*. 

I’ue.iOl*. 

>1 1 no 1 * 1 *. . 

V,i,. 1. I I 

l 1,1. Kl- 


! +'yr ' Uir iVl ',1 
Cm/ 1 — r n,»- t 

1.26 +0 OS.i.l. .9.52 
2.54 a 0.14 *.lw 7.02 

i.,d . -.11- 6.74 

l.'k'S -0.03 .1-* 11.20 
0..-U A. fl.Ca 

a.60 - 0.02 .1 2 78 
H 10 -0.L4 1 7.62 

0.u , .0.23 5.82 

1 68 -0.. 6 1 7 97 

5.V0 M.riVJO 3 43 


1 hv—4:11 A. 

'art*. 

» LL«A. 

* ereiniH'est Hk 

* xiUi-uftL'en. 

■ l£4.4 

i 178 
. 118 
[ 299 
: ft 09.5 

—0.1 . 11 j 4 .4 

1—0.8 14 : 3.9 

1 .1 12 ' 3.1 

.1 20 : 3.0 

—1 ; 10 2.4 

BRUSSELS/LUXEMBOURG 


1 

1 : div.i 

Fel,. 17 

1 I'n-.u 

full Fr«. |Vm. 


i ^ 

j " !^|i . 

Arbe>1.. 

>2.330 

1+10 | - j - 

iV). Bn. Lnrnb .. 

.'1.434 

1+4 I 60 ( 4.2 

uekert "B". 

.11.735 

:-5 [112 1 6.5 

■..D.U. Ceracni 

J1.16J 

.+ 2 90 I 7.8 

L<*-serU . 

388 


l-.BK.-5.. 


!t5 ,177 17.7 

K<«:trol"?i. 

.'6.0211 

20 1430 | 7.2 

rV,rifji;e NnU.... 

.2.4 dO 

-30 170 j 7.0 

U.U. luri.-hm... 

.'1.900 

1—5 ,13u o.to 

• itviiffn. . 

.1.134 

G-4 ‘ eo ; c.b 

■ J, Ar< ,h h-ii. 

. 2.5&0 

ft 25 j 160 : 5.8 

mt-n. Onnk. 

6.. 90 

ft 20 zoo < 3.6 

I4. K,-v..o tteije. 

.'3.I9J 

+ 1U 303 a.9 

• H, H r .1-1111 —. 

,t.+ -0 

. .Silt' a.t 

• ■Ml. Hub. 

.;4.k35 

-10 .18. .■ +.M 

*.cn lJjin,j.i<-. 

J.c93 

-5J 1D9 6.5 

*■" 1 ■■'■I, H«:al>|.|e 

1.965 

-5 14o 7.1 

••Jlillra . . 

! a.v 10 

— lO 'A jb ■ 6.7 

V wi V. 

Z.4&6 

;—10 ..\2 ju: d.O 

1 * H. Il.ill |-> t.... 

r. 6 I 0 

+ 65 162 6 2 

‘ 11 . 

. »**6 


* ll.Mlll.ll Iv;. 

712 

, -3D : 60 | 3.5 

v ivil'f M-iiil-i-.iic 

1.324 

—26 ;100 1 7 6 

SWITZERLAND • 


F?*., 17 

; rn». 

1 — % : t 

.-1- 


•B".J 

Kutnl*..J 

Graiqtes (Ireel..^j 
tfanilel *bsn lc en.. j 


c ...... 46.8 0.0 WaUmn-... 

Ii Jijs aaffig 

—1 3.6 I 4 Jt ' 

+ 2 6 43 AMSTERDAM 


49.5L._ 

290 f-t-1 


Loii.Utlk -B* KrSOi 83 

1.-■•(t'ihtlin.43 

t K'r.Sgi.; 73 

COPENHAGEN * 


1 Fri« + or ; 1 
Fe< ■. 17 j Kronor — I 

AmieiMianken....; WJiji + i* 1 
Unrni'iu-W.a^...! 432 .—Jl*., 


JOHANNESBURG 

Fei. 17 * riiL*- ‘tl* ^ ^tobmary J7 M,HES . 

tet - 17 I ■ . % ™ Aiurio American Co run. s.en 

Vtai iKi.I01.mimI -_.8a.S *0.1 —.- Elsbnra • . « n. 

* ;-"iUalctF«.*O0i 348/ 4-a^ XXLb :6.5 L' "-- 7« 

AMEV (PI.I01 ' - 80.1-0 3 Ao44 6.5 T0BwSr. - .2I~IL“ 

.AniniDsaViFi^ji] .’71.4**0^S:1 b* ' 6 . 6 1 tnnnr- ■ • • " cog 


KimraN.V.kearw 138.9r+A4‘{ 3fijir4,i 'L’oiqn.ConMtriUM.-__ s.na ,. 

UuroCvmVsiPi.iq 62.0; - eij s.6 De Be«rs Dererrca ....__ s.‘h» 

Gi*t DrocaDe-*FiCj 37.61+0.2 ( 22 0.9 Biyvoandizichi . tSJO 

Helnekm fFi.&jJ lvl6^t+09 1 14 ‘ 4.a East Rand Pi*. .. fi.gft 

Bra^oveiaiPiacn 25 i+aiilO.26: ©.a GetfuW - 06.00- ' 

UnBtCrD.iF.flXd . 23Jfi+-JJ2 12 ; »;4 ■*>.»* -- 

I.H.C. BoJUujiM -w=4l-1 Steso ..— 03.W. . 

KiM *FlI00)„.J 125.Bi-tol.3l- ,-- StOtoMein -4.ra 

lot Muller I12C0.J J6.&I-1 z in no we-lKom -:-—_ tS9 . 

NttBtS 38 i-o'l 10 2 6 DrtriMtfelD --^ t34J0 

XotNarUiuLfFLM 108^1^2 46^1 A.3. JJSf™ nSSf 0 ®*'- , 

N 01 Crad 81 c(PI£k 54.61-0.7 3u I 7.3 D€ ^ , rM rn^7T, «^ ' 5 " 

NM^1dBkitl»So| 701.1-0.5 -20 l b.4 : . ^THDUSTIfALS ? f -_ 

llav'M MtMnKr.-TisdmSirz' b-ct - 

5i‘|*“— 41 10 - 1 CNA ..inveatHMipa.._0.25. 

a? ^!pL.«r15 s —--— o-3 Cuxrie'.nnanoe 9.BS 

KljndebVerKI.WO) 64.1 + 0.4 16 - De Bwa tniflttBtrial _ &S0 


Gii* DrocaDe-*Fit 
HO- Helnefcfn fFi.Sb) 


I^ns 0 ( 

B _ . 

nnaagaB^s E3Hn0ni 
a . . . m n 
aemaa KHnasoBHEs 

1 JLB JLS H a R 

igsgQErara 

sa □ d ra 


Vnl *'r 17,1 um >h.-)Fi-< TO 'tin 
Si>nr.»- Km •[,- J.iii-.-iru >K 


NOTES: iHcrwas prices lude S premium- Et-Uian (tiviDcmln are after 
wiihhulDiiu ta*. 

♦ DMW di-noni. unless oihervuie siatml. to Pi* -1 ,300 di-num. unlc-s ulhcr«ls« 
stated 4, Kr.twi Uenont. unless gthuru-iii- buipd .f. it.,.>w iiiippm. unlv-s 
Mherwii* mated * \i-n SO denotn. uiileffj nihcrwlw Mnicd J5 Prlw al lime nt 
vuspenMon. »i Muniis. t> Si^tillias',. *.■ Cents, d Dividend nlier pendme rl«hi-. 
-md or s^np i-asiie. e Per stiare. 1 KYanc.- u Gross div. r.. *1 Assumed dividend 
hier scrip and tw nadts issue, ft All,-r local lasev. ra me fr*» 1 Francs. 


Aiuniiniura.‘1.350 [—40 I 6 2.2 

liUL'.V..11,760 r -lb j 10 ! 2.6 

1'ileifJets.nFr.ift.'1.085 < + 5 I 32 ! 1.6 
Du. ft. t>r*i...-1.010 :—35 j 23 2.2 

U». I.V 4 .' 662 ,-12 | 23 j.a 

mm *nl«w!.-2.» 40 —30 1 Jo 3.1 

•vnlnitmll. 1.(53 —2J ly . 4.7 

rV lir *■■-.■■ ••■>;.. 755 — 15 3 3.3 

-I..iI,iui,i I': L,-n. 4- 2 ,U. —2 p 0 J3C j.6 
I'--. 1-1111 - - j.-8 9*3 —7a 0 a 

*.. ,•. i.i 75 —2a 8-J 2.5 

l-1,|-W ...*t.a5S — 10 . 2 j ' i.S 

\~.i - <1-.. a 710 —40 K.. 

l*-v li'-'c. 2 .*00 —10 «-i. '06 

'*ir il..,i, II.iF.iw'd 475 —lo :15 I? 2 

»*ir*rlll all'll'.rJt'J 097 .-4 ' to 5.1 

■.ui,I,,.-. iKr.^i». ;4.075 —15 26; 1.0 

ISisCciU-..' S40 ,— 13 • do 2.4 

Nliui'I'urUif-liC; 3*0 —10 1 j ; l.o 

-w «;r O* iF.I'-V.j 39* —4 j 14 1 0,b 

iFrfttft... o79 j + 4 [d.i7i 3.4 
•« Hnnkri'.llXA) 4*1 —4 ' lU ! 0 4 


K*m *«iaii,-Co„.i 230! 
Fiiunsbanfcen 116 
i P**r. brvjjECrier.j 326 
11.v 'Yiit ftr.6i|Hr—' 74 

o. '• 1 ' Han.lelwbank. 134 

i_ «J.N*ib , nH.iKri«l 2 d6: 

.N',ml Ksr«l._ 268, 

6 1 2.2! Dllefrimk- ©7 

10 • 2.b DrivuUrant...._ 137; 

32 1 1.6 HtrirlnsNmlf. .143! 

22 I 2.3 3p t lh - 2er«nd*en., 372 


104 U31* 
230S*! + 4 4 , 

116 j. 1 

326 +2la > 
74 I—is | 
134to’+l I 
236tol + to i 
2681b + to I 
87to +lto j 
187a* +1 
143i* *3* 
372 1.! 


Jl : ^'1 I.H.C. aotlood^ 
f? j uj HXM fVUOCb—L, 
19 lot Mniter I130J.J 

tf ‘i'S JfotNwUiraiKLlO 

|| 'I j &SiRSQ 


iii|iprii«<.j 1821*1+11* : 1© 


0.01 

»•*! —. 

2.7; 

MILAN 


12 1 4.2 Ito*(P1^3) 

12 1 4 5 V|U> t hm«Cren.„ 

- - SlSWM^*'. —I 41 110.1 CNA.,lavesnnemii .__125. 

11-7.0 25.5j.__-l ai t o.a Currie; Finance __- 8.53 

1 J , 7.7 KljuachYerKI.iOff 64.1:40a 16 J - De Been tiiduBtriat __ a SO 

12 1 3.2 A25r^,7.8 Edaaxs CoBBoUdmed lnv_ LTfl 

12 ! 6.6 ‘MUimtPi.W.-. . V15.2L-o.8l - I--. Edaaiy .Slows! ■ -. MU» 

lio*uuto(T lSO)...^ 129.b!+ 0,L! A4 1 a.R. EverKfedS. SA._'_tL«5 

- l(oya,uuick^iM+ 124^-O.i lAsiu i 8:0 Pedoreic VoUsbelesuiBfs... 100 

iiswnlHitg....-...^. *41^,+0S -Wi /.» aceatorrtjaos Stores 2 BO 

aietfiuGrpfF _3su»j 137.01—2 . D7*I 4 9 Oirartlah Afisaranre iSA) 'l.E. 

— r*yuPkirH»l*».t- 94,0!.'.. -30 ('0,7 .-HO 

>u- CiiUevcM *F1 .a^. i l^1.4+0.1- 0 o LTA,'u .Z .JfJt) 

? viUUij{lte*.Int.Si!.'-40.5—0.7 i 30 i -1 2 An-nmis’ Rudway 5 60 


1 , Fn'V !+■ nr j|1'v.-l.._ . .. 

11 , ,-,n . ~ [bir*. ? jvitlniflte8.Int.SI 

-ii -i. 1 :|v . TTn —: ,ss,5 ;:Hi^'. 5 fi ,i;i |-3r5Sm ■ 

-10 1-3. * 61 Uivniu *»*w.... J U6 1 (+ 11 -' IBu 12 . 8 / —-———— 1 -s---—L—; ■[ Preinfer tfilUna. .. 

“l 3 ■'i 2j | W ! * , ni.i pS 8 ;+44 • - — jncio 'j'Pretoria Cernvnt 

-4 b '5.1 ,'i»i.2.011 +11.5 I5w *.4 ° 

— 15 26; 1.0 j IH,. l*i ir. I.bB© 1+17 , iauj 9J ..* 

—13 • do 2.4 1 ,'iumiler . 83.75;+ 3 i — j- — KeH.1T 

—10 1 a : l.o iutH.*:inpnt. 11.600;+150, 8 *JO| 1.7 — - 

—4 ! 14 j 3.b Mn.-mJe-i. 138.5-— 0 . 3 : — ! - dwu«* DuiB__ 

+ 4 [ri.i?! d.4 Ue<1 Minim. 32.690i+49tn.riH)[ 3.7 Durrosa*r.l 

“4 ID ! 0 4 Uonieritoin. 144 !—42 — - Cr^iittanfa_J. 

-25 , 40 1 1.9 U.imUPrlr. 898 1+27 - 1 - K flumu , • ' 

-10 J 20 ; 2 .B Pirelli* Oil..2.a40 ! + 38 11*6.0 KrertirlouMo 

.; 40 i 1-7 I'uelli i?[m .! 1,084 1+10 80' 7.4 NantoSirriRifei.W, 

! .mlafiaoma- 1 636 t—ZB - | - -itoi«tx 


induditu Gmhc dtv p Nnm c Sh’re <pl». s Piv and Mrid «.r,.-|uile 
PJvment r Indicated div » ITnolSnal trad‘nB r MmwIIv hrlder? nnlv t 
aenduiR ■ A ‘fled * Bid J Tr*deii : Seller 1 Mimmed ir Ei riafets. 
dividend, zc Els bctId lanua. u &x oiL a lnierun atnen increased. 


irid ejn-lude spo^igi | : w i** fl(“.F.i5ifl :2.175 


*d E* I Miinrh ln«. 


ui >n .‘3.^25 —10 


Ket>. 17^. ■] 
Dwueu Dans 


" * raiea Holdings _ 1.08 

PStTForfDTvliYh‘ - :i m »>raadi 'GnKip.. 313 

Kroriei VT- i 2 ?' Serca. t..- — »•» 

_LlJLi Sjsc TToMIosn -tIMO 

S 7 . 8 tf—Llii 4 6.6 T*’-—if* 

>QAwt! ■ f ft on SA-.tinjwsnre .... 

ftfglSil ?:» 


CreutUMak—J.. 106*rf.....,.;,t U f &,q. 

tow*'*,,-...,™ 31©:a+8.S | ■BuTfiA 

(CreditInraes. 106.5j+X6 I . tl.'JIOJS 
NmwfeSTriRfin.vfi 183,6;+u^l ,12'i'3u2. 

icoiebiora^.^. 87-.B .*! --o - 1 ) 0.3 




- 7.M 

STLS-H. 

3.L7%J 




’ -1 * 8. 

■i> y-JL'.-S -' •' -! ■■^ 























































































































i 


5*vr:.v'i r ^ 




gSal Turies Satuxiiax Kebniajy 18 1978 


ternational financial and GOMRANSNEWS 



JRENCE STEPHENS 

ARD- of the Sydaey- 
istoral group Marra 
ents rallied the support 
nty of shareholders to 
. an attempt to .remove 
tan; Mr. P. E. Berner, 
■xtra-ordinary general 
to-day, ’ although the 
as carried, on a show 

rtra-ordioary meeting 
isitioaed earlier this 
dissident shareholders 
. Marra Shareholder^* 
■oup, who have. long 
csting the sale of the 
country properties at 
1 below book values, 
ilutions brought by the 
luded a motion- of no 
- in Mr, Berner, either 
in or as a director, a 
remove Mr. Berner 
3oard and a motion to' 
notber director, Mr. 
igbanns. Mr. Berner 
•d of providing share* 


holders : wilb false information, 
of being dishonest and’, of- not 
being a fit and proper . person 
to be a director, of the company. 

Those allegations, also made in 
a circular to shareholders from 
the action group, are already the 
subject of defamation writs from 
Mr. Berner. But action' group 
-members, went further--to-day, 
accusing Mr. Yiingbanns, who 
holds a- large percentage -of-the 
share-'capital, of acting, in-bis 
.own interests rather than those 
of all shareholders; 

Mr. Berner was also criticised 
for leasing a SA25.000 luxury car, 
a Mercedes.'at company expense 
during a period when Marra was 
incurring severe trading; losses- 
Shareholders complained that Mr. 
Berner had not visited alt. the 
company’s rural properties since 
be joined the Board just , over 
three years ago. and had visited 
none of them more than. once. 

Speakers against the resol n- 


SYDNEY. Feb. 17. 

rions pointed out that'the action 
groups persistence in its cause 
was destroying Mr. Berner's work 
in retrieving the company from 
a loss situation, and that the 
group should await a report from 
the Corporate Affairs Commis¬ 
sion which is investigating the 
■company’s affairs. 

Another Board member. Mr. 
T. J. f. Spencer, refuted the sug¬ 
gestion that Mr. Yungbanns had 
acted in his own interest, stating 
that Board decisions in a 
properly constituted company 
did not allow any one member 
to have his own way'. The deci¬ 
sions were taken by the Board as 
a whole. 

Although all the resolutions 
were passed on a show of hands, 
each one was defeated over¬ 
whelmingly when proxies were 
counted. The ratio of voting was 
about 13 million voting shares in 
favour of the motions and about 
30 million votes against. 


tive year for Banco Urquijo 


BERT GRAHAM 

RQU1JO. Spain's lead* 
ial bank, has revealed 
y pre-tax profits for 
Ptas. 3.3bn. (S40mJ. 
virtually unchanged 
previous year these 
■cs have been reached 
ibling of the provision 
ns. 

vision has been raised 
!0m. to Pts. 90m. The 
ders that such an in- 
■ovisioo.is essential in 
t climate of economic 

k's balance sheet In 
rdiog to preliminary 
creased 24 per cent, 
jn. The most dynamic 
the bank's balance 



sheet' was dealings in foreign 
currencies. Activities in; the 
Eurodollar market increased 57 
per cent. The major share¬ 
holders. in the bank are the 
Urquijo family and the Banco 
Hispano-Americano. The Urquijo 
family for its pan is the largest 
single shareholder in Banco 
Hispano-Americano, one of the 
Big Five Spanish commercial 
banks. 

Dividend rise 
at Danske Bank 

By Hilary Barnes 

COPENHAGEN. Feb.' 17. 
DANSKE BANK’S dividend will 


Ity OFFER 43.3 
BID 41 -lx 


OFFER 
rust BID 


92.0 

87.0 


Commodity & General 
Management Co Ltd 
8 St George's Street 
Douglas isle of Man 
Tel: 06244682 


MADRID, Feb. 17. 

be raised to 12 per cent, again 
after dropping to 11 per cent, 
last year, the bank announced. 
Nei earnings were improved 
from Kr.5m. to Kr21Bm. 

The chief factor in the 
improved result was the conver¬ 
sion of an unrealised loss of 
Kr.225m. on security holdings in 
1976 to a profit of Kr.9Sm. in 
1977. Gains or losses on securi¬ 
ties are entered into the accounts 
at market on the final trading 
day of each year. 

The bank's operating profit lei) 
from Kr.235m. to Kr.l92flb. 
Including an unrealised loss of 
Kr.film. on foreign subordinate 
loan capital.- The result arter 
depreciation but before adjust¬ 
ment for security values, tax and 
allocations was down Kr.lOm. to 
Kr.‘22l!m. 


Sabena 
asks for 
immediate 
subsidy 

By David Buchan 

BRUSSELS, Feb. 17. 
SABENA, THE loss-making 
Slate-owned Belgian airline, is 
asking the Government Tor 
B.Fr3.500m. (516m.) or half of 

Us usual annual B.Frs.lbn. 
subsidy as an immediate ad¬ 
vance to cover a serious cash 
flow deficit. This deficit is ex¬ 
pected to amount to some 
B.FrsJSOOm. by the end of this 
month, and perhaps as much as 
B.Frs.l.5bn. by mid-April. 

The Minister of Communica¬ 
tions, who has already made 
disposition in his draft 1 ‘JTR 
Budget for the subsidy, has 
already given Sabena the first 
B.FrsJOOm. in advance. No one 
Is under Illusions about the 
present situation Tor the air¬ 
line which in 1976 made a loss 
of just over B.Frs.lbn., and the 
1977 deficit is likely to be in 
(be region of B.Frs.l.Sbn. A 
slight increase in the first nine 
months of 1977 of 4 per rent in 

the volume of both passengers 
and freight traffic, as against 
Lhe same period in 1976, was 
offset by a 29 per cent, decline 
In charter traffic carried, 
though Sabena will open a new 
North America service direct 
to Atlanta on June 1, this is 
unlikely to prevent a further 
increase lit the operating deficit 
this year. 


THE QmWGVL FOR 
COMMODITY FUTURES 

This monthly investrrerrt bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now 
To: Corrwdco Commodities Limited. Bridge House. 181 Queen 
Victoria Street. Londoo£C4A 4AD I would like to receive your 
monthly investment bulletin The Outlook for Commodity Futures^ 

Mr/Mrs/Mbs-—-r—- - —- 


Address 


Postcode. 


COMETCO 

The Commodity Brokers 


Clearing house 
for Singapore 

By H. F. Lee 

SINGAPORE, Feb. 17. 
THE STOCK Exchange of 
Singapore has formed a com¬ 
pany to provide central clearing 
house and other services in 
member firms. The formation 
of the clearing house, which is 
known as Securities Clearing 
and Computer Services (PTE), 
is part of the Slock Exchange's 
second five-year plan. 

The plan also includes the 
formation of an authorised de¬ 
positary receipt system and a 
securities finance corporation, 
and the introduction of margin 
trading. 

The clearing house will elim¬ 
inate scrip delivery between 
member broking firms, and 
hence, effectively reduces the 
firms' financing requirements. 


Peugeot may co-operate 
with American Motors 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


PEUGEOT, lhe French vehicle 
manufacturer, is discussing lhe 
possibility of a co-operative ven¬ 
ture with American Motors Cor¬ 
poration of the U.S. 

Preliminary talks about the 
exchange of equipment between 
Lhe two companies were revealed 
yesterday by Peugeot officials, 
although they stressed that such 
discussions were “pari of the 

routine" between world motor 

manufacturers. 

They added that the talks were 
about technical agreements 
“ without any commercial impli¬ 
cations.'' 

Peugeot's statement is clearly 
designed to defuse the rising 
speculation that it may be 
seriously considering a more far- 
reaching financial link with the 
U-S-bosed company. 

American Motors, after a dis¬ 


astrous year in its car division 
in 1977, made it clear earlier 
this month that it was willing 
to discuss merger terms with any 
interested partner. 

At a shareholders meeting. 
Mr. Gerald C. Meyers, chief 
executive, said that the company 
would consider an affiliation "if 
The result means a better com¬ 
pany for you. The door is open 
when the right opportunity 
comes along." 

Both European and Japanese 
companies have been suggested 
as possible suitors, on the 
grounds that a takeover of the 
American grnup could give 
them an assembly base In the 
U.5. and a sales network. 

In addition. AMC owns Jeep 
Corporation, one of the leading 
fnur-whee! drive vehicle manu¬ 
facturing companies in the world. 


and a plum catch for any group 
which is not in this field. It is 
widely accepted that the world 
market for four-wheel drive 
vehicles is one or the nw*t 

buoyant and under-supplied 
existing to-day. 

AMC has become particularly 
vulnerable in the American 
market because of the flop of the 
Pacer model, launched three 
years ago as its answer to small 
foreign imports. 

This car has never caught on, 
and the company is now in the 
positio nof needing to develop 
new products with very little 
financial backing to do so. it 
managed a 63m. profit for tbe 
year up to last September, but 
has had to abandon a new S70m. 
engine plant, and arrange new 
short term credit lines of S120m. 


TEXON FINANZANSTALT 

The view from Credit Suisse 


WAJIDGATE COMMODITY 
FUND 

at 31tt January 197> £*.«»-«.« 
YVCF MANAGERS LIMITED 
P.O. Box 73 
St. Htiler, Jersey 
0534-20591/3 

Next dnlhp 28th - February 1971 


BY JOHN WICKS IN ZURICH 

EARLIER THIS week, a settle¬ 
ment was Tcached hetween Lhe 
Swiss federal tax administration 
and Credit SuL.se -in the case of 
withholding taxes outstanding in 
connection with iho Liechten¬ 
stein company. Tcxon-Finanzan- 
slalt. At the same ume further 
details of the Texon affair 
emerged. 

A predominant position within 
the Texon grnup is taken up hy 
the Winefood concern, which 
consists of 23 wine and spirits 
firms, six farms, five fond com¬ 
panies and nine property under¬ 
takings with hotels and 
restaurants. Winefood. of whose 
1976 figures almost 40 per cen:. 
was accounted for by exports, 
can look to the future with con 
fidence, Credi! Suisse claims. An 
investment and integration pro¬ 
gramme has been virtually con¬ 
cluded, enabling Winefood to 
direct activities primarily at im¬ 
proving marketing efficiency 
with a view io expanding 
exports. The bank draws atten¬ 
tion lo international demand for 
reasaaably-pricccJ Italian quality 
wines—Winefood is Italy's big¬ 
gest wine distributor—and lo the 
concern’s modern production 
facilities, favourable working 
conditions and constantly im¬ 
proving cost structure. 

In the case of tite Aibarella 
companies also acquired From 
Texon, however, the bank 
speaks of an “ill-considered con¬ 
cept " in lhe plans to develop 
the island of Aibarella in the 


Gulf of Venice as an exclusive 
holiday centre. Those resp vi¬ 
sible for Aibarella have dropped 
“ this uurcalisuc objective " but 
different plans for the develop¬ 
ment of the island are now in 
course of prepartion and'Credit 
Suisse sees many promising 
possibilities. The bank admits 
that problems remain which 
wii! call for concentrated efforts 
to solve them. At present. Credit 
Suisse foresees substantial 
investments and is negotiating 
with contractors and a travel 
firm. 

A total of IS Italian companies 
belong to the F1C1 group, origin¬ 
ally conceived to acquire ailing 
businesses and put them on a 
sound footing. Activity is centred 
on real estate and existing 
problems are rooted primarily in 
the situation on The Italian pro¬ 
perty market, where demand is 
rather slack. The group contains 
a number of excellently-situated 
locations, however, and the 
market shows signs of improving 
in general. Performance of Nord 
Italian Oil. a FICf subsidiary 
leasing out 136 filling stations, 
has been substantially better 
than the industry average and 
rising sales are foreseen Tor 1978: 
Credit Suisse is currently hold¬ 
ing negotiations with a number 
of " major potential buyers.” 
The bank has already dis¬ 
posed of Norditalia Assicurazioni, 
a third-party insurance specialist 
in which F1CI formerly held a 
large stake. 

The Olbiacard group consists 


of a number of small companies 
operating chiefly in the textile 
machinery sector, some of which 
continue to experience difficul¬ 
ties due to unsatisfactory 
management structure or in¬ 
sufficient capacity use. The firms 
arc to be placed on a sound 
financial footing before they are 
sold to buyers in the industry. 

The three dozen companies of 
the Goltardo Ruffoni group, 
engaged in international trans¬ 
portation, hitherto lacked clear 
corporate or management 
policies, the bank states, but a 
newly-formed management is 
now tackling re-organisation and 
it is hoped that the group can 
soon be put on a more favourable 
course. 

The toys division of Ampaglas 
already benefited from well- 
known products and high market 
shares and lhe co-ordination of 
efforts with other manufacturers 
is expected to lead to optimum 
use being made of sales outlets. 

In Switzerland. gratifying 
results are anticipated for 19 ■ < 
for Duap AG. of Herzogen- 
buchsee. a manufacturer and 
distributor of injection systems 
for diesel engines and a producer 
of diesel engines under licence 
and tool-making machinery. 
Initial successes are recorded for 
expansion efforts by Nencki AG. 
of Langenthal, a maker of 
vehicle attachements and dump- 
trucks. The Hotel Olivclla au 
Lac in Morcote is “extremely 
well-patronised.” 


17 




Industrial 

side 

boosts 

Noranda 

By Robert Gib bens 

MONTREAL, Feb. 17. 

FOR THE first lime in its major 
diversification programme begun 
15 years ago. the manufacturing 
and forest products operation of 
Noranda Mines group exceeded 
those or mining and metallurgi¬ 
cal operations in 1977. The com¬ 
pany's nei earnings for the 
fourth quarter were at SC30.1m. 
equal to SCI 28 a share against 
SC16.6m. or 71p a share in the 
year earlier. Revenues were 
$C329m.. against SC309m. 

For the full year Noranda 
earned SC67J*tn. or SC2.S5 a share 
against SC46 7m. or SC1.9S a 
share in 1976. Revenues were 
SC1.39ho. against SC1.23bn. 

Noranda said metal prices dur¬ 
ing the final quarter were rela¬ 
tively stable Exchange gains 
following devaluation of the 
Canadian dollar had a significant 
impact on results. 

For the full year earnings 
from mining and metallurgical 
operations “ were at iheir lowest 
level in many years ” and for the 
first time combined earnings 
contributions from manufactur¬ 
ing and forest products exceeded 
those of mining and metallurgi¬ 
cal operations. 

The Noranda group, based on 
tbe prolific Hurne Mine in N.VV. 
Quebec began diversification into 
a broad resource 3nd manufac¬ 
turing company about 15 years 
ago. It now has heennte one of 
Canadas ihree largest resource 
groups with operations in many 
countries. 


Sun Life 
appeal move 

By Our Own Correspondent 

MONTREAL. Feb. 17. 

THE SUN LIFE Assurance Com¬ 
pany of Canada have told Mon¬ 
treal lawyer Mr. Richard Holden 
It will give him a complete list 
of policyholders, which will allow 
him to mail appeals against the 
company's decision-tn move head¬ 
quarters from Montreal to 
Toronto. 

The list of policyholders num¬ 
bers 93:1.000. These are participat¬ 
ing policyholders eligible to 
vote on the proposal to move at 
a key meeting next April ^5 in 
Toronto. 

Mr. Holden will deliver his 
material appealing the move to a 
trust company. 

Then the mechanism will be 
that the material will be sent out 
by the Sun Life itself to the 
policyhiiders. 


flODITIES/Review of the week 

. . .■ ■ \ 

w selling wave hits lead 


COMMODITIES STAFF 

:ES fell to the lowest 
ver two years on the 
■tal Exchange follow- 
wave of selling. The 
lost £10.25 to £290.25 
123.75 lower than a 

ine was triggered by 
an imminent cut in. 
oducer price of lead, 
.ed offerings of scrap 
\t the same lime 
continued selling by 
. who ha'd bought lead 
inticipation of a rise 
; a result of the cold 
the U.S. and Europe 
icreased demand for 

feature of tbe market 
ade, as well as specu- 

exporting countries 
■ach agreement on a 
production by 15 per 
' were held in. London 
representatives of 
I Zaire to discuss tbe 
cutbacks, hut Peru 
: to attend and Chile 
its opposition to the 

ned to hold a further, 
i two weeks time 
But the differences 
he' main exporting 
ippear to be Insur¬ 
ance Peru apparently 
jee to any cutbacks 
; is also involved, 
market prices, which 
•ek in anticipation of 
< plan being impfe- 
•11 back again this 
tper wirebars closed 
£14.5 dawn on the 
-4) a tonne. 


. tpwtanoa 



AUG SIP OCT MV DEC JAM 

1877 «ZL 


Tin prices also lost ground 
following a decline in Penang 
and a supply situation in London. 
Standard grad? cash tin fell by 
£187.5 during the week to £6,157.5 
a tonne. 

Cocoa, coffee and sugar prices 
all reached new 1977 lows this 
week as a general depression 
settled, over the London “soft 
commodity' markets. 

Cocoa futures values in fact 
registered the lowest levels for 
□early “18 months on Thursday 
before recovering marginally to 
end the week £45 down at £1,453 
a tonne' for May delivery. 

Many traders see this weeks 
fall as a resumption of the long¬ 
term “bear” trend which had 
been interrupted by a technical 
rally during the previous fort¬ 
night. Some thought tbe decline 
was encouraged by increased 
forecasts for this year's West 
African crops. On Monday 
French trade sources estimated 


the. Ivory Coast 1977-78 cocoa 
crop at between 270.000 and 
300,000 tonnes against 240,000 in 
1976-77 and the U.S. Agricul¬ 
ture. Department predicted the 
Nigerian crop would be in the 
200,000-220,000 tonnes range com¬ 
pared with 170.000 in lhe pre¬ 
vious year. 

The May coffee price climbed 
to £1,658 a tonne on Monday but 
had slipped to a four-month low 
of £1,552 a tonne by last nlgbt 
for an £865 decline on the week. 

London dealers blamed tbe 
fall on an almost total lack of 
buj’ing interest from roasters, 
many of whom were believed to 
be holding off the market in the 
hope of a cut in the Brazilian 
export price. 

The expected cut came on 
Thursday when coffee traders in 
Rio de Janeiro reported that the 
Brazilian Coffee Institute was 
allowing a 20 cents a lb discount 
on its current $2.00 a lb mini¬ 
mum export price until the end 
of this month. London and New 
York traders saw this move as 
an attempt to break the price 
deadlock the market had got into 
and the downward reaction was 
therefore relatively muted. 

The. fall in sugar, prices 
trimmed £4 off the London daily 
quotation which ended the week 
at £104 a tonne—the lowest level 
since late December last year. 

Main cause of this week's fall, 
according to dealers, was wide¬ 
spread selling by speculators 
against earlier purchases. The 
speculators had bought sugar on 
the assumption that operation of 
the new. international agreement 
would boost prices. 


Y PRICE CHANGES 


I bum. 

| prleea 

I pei inane 
uniCM 
naiad 


|Cb'ge 

on 

mk 


SI- 

j*i 


Mb. 

E. .■ 
OX., 
ba.jj 


£»® 

S956-S5 

£1.936 

SZ.UM0 


1977'78 


■Tew I 
•go -1 High 


low 


£630 Lid* 
CM3.2& r \W , 
I-B19.5 -Is.?® 
£632.73 '-l *St | 
S17BJB&+4.& I 

£2».2& ;-23.73 


j / ' 

jxso 1 £saa ; mid 

0965-70 <01.0*0*0 6980-40 
&.1&0 j £2,176 i £1,926 

SJtaWQTbSi.OW-iOO 8^.130.^ 

SX 29 S? j ££*.26 ! £622.76 
&68.T5 I £326.76 ! £635,75 
£819.0 i £ftft>.7a ! £612 
£819 : fSM4.fi ! £624 

S 179.623 Si29.ll! 
M0L5 i Otof.ia 


i‘S9S.62fi'-£5.6ZS JMM £*W^D ! £30U> 


ea.lts EJ.28& . £2.7416 
I 12.0S-JB jSS'.lQ-.SSi fl.7-2.0 
0*7-ii*?. icnuoa: iaff.5 

i £94.15 ,£120.2 ;i£83Jfe 

| $110*3 I8L7M&1. #6-105 
290,1*1 I 28fi.9p 1 ZW.BJ. 

___ ..... 1 274.6. |AB'2p ] &0.7p 

£6.137.6 1-187.6! AS.0I2 C7.JW 
£6.092.6 i-liO.O C6.2J73 ISVI&.’>£3.302.5 


SJ^J-’.Ol - - 
*W6Jff - 
£118.3 1+3-0 

8127-32 1-3.0 
2MJj> ;+5J 
Tf&Ap t+3.7 


I*.).-: 


8142-90 

£246.76 

£240.3 

S650-0CC 


£71.46 


i-S.9 [ 817MB 
j-3.75 C414.6. 
1-6.25 ! £430.Q 
- ! 8705 


!-0J£ ; 


£SU& 


Imvi i 

*a, £93.6 £816 


I 517H-8& 

; ■ £241.5 

4 £*64-£& i£24&25 
; 37* iWCO 


£35 £73-5 


£93 I&2.K 


luteal 
ptirM. 

|per loon 

umeu j week 

■uteri 


- jcb'ge 

ie| on 


Wheat i 

X.\ l Sort Spring 
Anu H*frt j 

Winter! I 

Bnfi. Milling (ne»>;«i|*J £83- 

s &_« 

Vopper, White... 

BlAi.-k.-r-.- 

Oils ... , 

Cu-raui |Philip i e* 1 ) 

Ground n ut 6& _» 

Linseed. Crude— 

ram — 


£88.75 1+0.76 


£4.500 

S3.OSS 

82^65 

8677.6 

£611 

£273 

8637 


- 100.01 

-75.0 

+ lfi.0{ 
+ 12 . 0 | 
+£.0 
+ 44J)j 


Seeds 

Cmn* (Philippine^ *«0 +2.5 

■SoynboBn* fU-S-l —I 8242.5 +7J) 

Other „ . i 
Commodities 

C-4VM ahipmml»...j 

Ci# 2n*i pm.1 

CuITm Fni iiresn 31 s.r. 

Cmum lines.—— 

IV* Cn.+mut.| 

JiftelJAHWCgnVi 

sugp 

Xu, i L..—— 

wjg't 4*4*1—. 

rum.* Sin. I-.... 

re* |(|u*iityi kiln..J 

Kiln.■] 

Wrwinpt WAF|>wt 


Tear 

•go 


£884 

£89.76 

£5.000 
S 2.663 

32-525 

' I 

£671 

SKB 


5410 


K 


Rlfffa 

Low 

£82 

£7(Lb 

£72J 

£8fi.b 

£95.6 

£82 

Et.DOO 

£4.571) 

WpiOO 

82.27b 

fi2,8tx) 

flif-ioa 

8&79.S 

$46SLb 

Cite 

SMb 

£620 

£246 

867b 

5420 


1300 

1341 

8206 


£l,Wfl 
£1.453 
£U*62 
hW5c (+0.1 

$490 

£178 
85WI40. 

£104 

1175 

ISOj, 

. 

272p ktiu J+ 3.0 


-63.0 

-48.0 

1-66.6 


-7-0 


-4JJ 

— 6.0 


X2.3W.5 
£2i«e.5 
£3Jb3.6 
B4Jj.-. 
£1«0 
£420 
S3, bp 


£li4 

riw 

144p 

inep' 

iOOpkilo 


£3.612 

£3,12c 
£4,23k 
At* 
£790 

37.31* 

£2U 

KOI 

41130 

jaOfl 

set 

250p 

i1fipkl.nl 


£1,5] t 
£1 .*34.6 
£1.3^ 
»'t.3v 
£660 

Cl db 
$530-40 
Eftn.v 
irioo 
llfir 
fifp 

Jflmdln 


8 OBQuoML * Nam mu. v Himncu. 


1 , 


MARKET REPORTS 

BASE METALS 

COPPER—Lower »«er in acme day - « 
trading on tbe London Metal Exchange. 
Forward metal weakened to IWT m uie 
mornlnjc niduenccd by the sharp tall in 
lead coupled with expeditions of no 
change In warehouse slocks which con¬ 
flicted with earlier forecasts of a sub- 
si anti al fall In nocks. In the afternoon 
lhe price fell awar quickly In the wake 
Of Comes and (orward metal was Anally 
£840.5 on the laie kerb for a fall on the 
week of over £14. Turnover 13.350 tonnes. 


SILVER 


Silver was Used 0.75p an ounce higher, 
for spot delivery in the London bullion 
market yesterday, al 23K Up. US cent 
equivalents nf the AxiriR levels were: spoi 
502c, up 2.4c: ihr<e-month 5W !c. up 
26c: six-month 519.6c. up C.2e; and 
12+nnnib up 2.4c. The metal 

opened at 238.S-23* Sp ' 302-5040 and 
dosed at 23&-259p <502-30.’‘c) 


COPPER 

n.m. 

Official 

¥_or 

I'.tn. 

LlncdBitln' 

t+iir 


£ 

£ 

£ 

£ 


638.6 

-I 

629.5-30.5 

-6.7B 

Smunihi.. 

64&0 

-1.2B 

645 .3 

-7 

•etti'm'nt 

658.5 

-1 

” 

— 

Unit. 

625.6-6 

—.5 1 619-BO 

-7 

> DUinihr.. 

658.3 

— 1.5 

632.5-3 

-7.S5 

'Ctti'nj'nt 

626 

- .5 

— 



SILVER 

Bu ton 

+ ..if 

L.M.K. 

|4- Ol 

per 

liswis 

— 1 

cune 

1 — 

troy or. 

|<l ■•-■■as 

i 


i 


2E8.3p 

lr0.7& 

258.9p 

40.25 

i month*.. 

263.Sp 

^0.85 

262.9p 

1—0-OS 

6 months.. 

267.. 

—0.3 j 

— 

. 

12 niivnlhr. 

278 3p 

40.8 ' 

— 



LME—Turnover 89 (248i Iota of 10,009 
ounces. Mornlns: Cash 23*3. three 
months 2SL 19. 2.7. 2o. 2.7. Kerb: 
Three month? is! a. 2.T, 2.S Afternoon- 
Three months 262 3. 2.4. '3 2-4, 2.8. 2.7. 
2.8. Kerb: Three months 263. 


COCOA 


t-.s. -n>i.. — 

Amalgamated Mera] Trad In a reported 
(hat In the morn me cash' wirebars traded 
al £635.5; rbree months £648. 7.5. 7, 7.5, 

8. S.5. S. Cathodes, cosh £620: three 
months £U3*.5. Kerb: Wirebars. cash f6S5: 
three months IS4S. Cathodes: three 
months 1638. Afternoon: Wirebars. three 
months £648. 5. 5.5, 5. 4. 3.5. Cathodes: 
three months £633. Kerb: Wirebars. three 
months £543. 2, 1, 40. 39. 40. 40.5, 41. 40.5. 

TIH—A shade easier lollowtnK tbe fall 
In the Fcnanfi price and the trend in other 
base met at*. Forward metal otwm-d 
lower ai 16.160 and then dipped to £8.055 
bdore rallying io £8.130 ovine to Euro¬ 
pean consumer demand, fn the afternoon 
lhe fresh weakness of other metals 
afleclcd sentiment In tin with lhe nricc 
railing to £0.099 prior to clounfi at ££,110. 

Slocks are expected to show s modest me 
over the week during which prices have rftPFFF 
fatten by £170. Turnover, 1.699 tonnes. LUI a a-a-i 


The relurinnce of producer? lo lower 
prices h d to quiet conditions throughout 
the dir. Gill and Duflus repo ned. 


-- 

1 icf.tai ‘ 

+- ru uurtntn. 

1 . OCL* A 

Chi«e 

— J |W-.np 




1556 0 40 0 

+ 9.60 ' 544.0-SO.O 


1*52 u 54.i> 

+ 17.50 *56.v *5 D 


1*57 0 ifl.O 

+ 16.00 .440. 35.0 


1*26.4 27 .j 

+ 13.00 1*28 DJ4.0 

Ltd . 

1*02 -04.0 

+ 11.50 .407 0 00.0 

1596.0 92.0 

+8.00 .1592... 90.li 

M*». 

1:75.0-05.0 

+ 10.00 - 


and May premiums, with previous In 
brackets, all in units, ol account a tonne; 
Coinman wheat—*7.95. nil. nil. 21C 
tsamet; durum wheat—115.26. nil. nil. 
12.53 it IS 26. nil. nil 12 36.: rye—75.72. 
ml. nil. 2ts tsamei: barley—73 66. nil. 
nil. 6.67 (same): oats—72.S9. nil. nil, nil 
isanic-i. maUe (other than hybrid far 
i ceding) 77.65. nil ml. ml i samei: 
buckwheat—Alf HiK: miflof—77 T9. 017. 
617. nil .77 79. I) 34. 0 34 6 14.; grain 
sorghum—Si 48. 2 Bi. 2.68. 3.23 rSl 48. 
3.73 3.13. 3 35*. Flnur levies- Wheat or 
mixed wheal and rye—133 51 name): 
rye—117.83 tsamei. 

HCCA—Ex-farm spor prices. Feb. 17. 
Feed wheat: Kent £76.20. Lancashire 
£80.00. Feed barley: Kent £70.10. Lan¬ 
cashire £70.96. 

UK. monetary co-efficient for week 
from Feb. 20 will increase to 1 363. 

IMPORTED—Wheat: CVRS 710. 1 1=4 
per cent. Feb. March £55.7: Tilbury. 
U S Dark Northern Spring No. 2 14 per 
cent. Feb. £83 50. March S2 50. tranship¬ 
ment East Coast. U.S. Hard '-.inter 
Ordinary. West Ausi. Faq . N. S:h. Wa>* 
S.W. area. S. Slh Wales Prime Hard. 
Argenrme, Soviet, EE Feed. EEC MiD- 
lne and EEC Faq. all uotiuoied. 

Maize: U.S-French Feb. ias.50. Mam 
inn transhipment East Oiast. f. Africa 
white. S AfYiLj Vellow and Kenya Grade 
Three, all unquoted. 

Barley. Sorghum, Oats, unquoted 


WOOL FUTURES 

LONDON—Doll and 'carureless. reports 
Bache. 

tPence per knot 

^u-lmiinn TiMetilasi < nil loihiiim 
finwtev V.'.w Clime | — \ Done 


iUn.-h....... 

May. 

Julv. 

it -tniier... . 

Lie-eni tier 

M tr-M. 

)liv. 

luiy. 


254.0-58.0 
254.0-37.0 

/oa.u-e/.O 
1238.0-4 .0 
/42-0-44.0 , ... 

1248:0-47 0 t .! 

i4b.0-4a.fl ! .; 

/4B.O-48 0 l.I 


RUBBER 


EASIER opening on the London 
ph-aiea! market. Fair uurm: ihraugh- 
iidt the day. clovlns on a quiet note. 
Lewis and Peat reported that the 
Malaysian Rodown price was 293 i2Mi 
cents a kilo (borer, March». 


Sales: 1.760 r3J49i lots or ID tonnes. 
International Cocoa Organisation iU.S. 
cents per pound i—Datlsr p rice Feb. 26: 
122.09 4123 44'. Indicator prices Feb. 17; 
15-day average 128.67 fl29.I7i; 22-day 
average 129 i« 1130 17). 


TIN 


o.m. i+ nrj |'.m. If+or 
DlftelaJ l — |UnolTi-liil| — 


Kieh Grade 
Sah. 

i nninlhn. 
Sort Icm’i. 
Standard 

Ouh. 

i mi inihs.. 
L?le41 leto t. 
r -It mil v fi.. 
New York 


6180-9 , 
6115-251 
6 IBB 

BIBO-5 

6110-20 

6185 

191676 


C | E | E 

-59 l6159-8 0,-87.6 
-55 .6090-100,-35 
-55 


Robusras futures were weak anin and 
■ dramatic decline was averted only by 
the welshi ol local trade scale dou-n 
support buyinu. Drexe] Burnham reported. 
Values ai the close were lust off the lows. 


-55 

-UA 

-55 

-IS 


jVV i unlay’. 


COFFKB I 


Ck»e j +■ or 


6155 50 -S7.B 
6090-5 j-62.6 


lE yor loo nr 


Mornlns: Standard, cash £6.196. 79. 80; 
three months £6.690. 16.100, £8.099. £8.100. 
02. 05, 10. Kerb: Standard, three months 
Di.llS. 20. 20. 30. Afternoon: Standard, 
three months £6.110, 15. £6.100. £6,095. 
Hlnh Grade: Cash £6.180. Kerb: Standard: 
Three months £6.090, 95, £6.100, 10, 26. 
10. 

LEAP Sharply lower again. Forward 
metal weakened to £293 on the pre-market 
following heavy commission house, trade, 
chartist and suxHws seiuw. in the 
Rlnxs. however, short eoverin* enabled 
the price - to recorcr to £295-5 before 
dost no on the late kerb at £394. The rail 
on the week was over £23. Turnover 
8.150 tonnes. 

"“p.m. |+ o 

Unnflki* I — 


Uart-h. 1729.0-1752.0—64.5 

May.11551.0-1565.0;—553 

July. I44B.H441J9 —B7.0] 

Serneinh'ir.. ,t£71.0-1400.0—78.17 
NoWn.ber... 'lS20X-1545.0,—BO^J' 

January.11250.0-1110.0 - IDO.flf 

Uareli.11294.0-1500.0 -75.0. 


Uuxiue*- 

Dnae 


1705-1725 

1593-1545 

1494-1*36 

1459-1370 

■590-1590 

1550-1530 

1605-1295 


LEAD 

n.m. 

Official 

+ oi 


C 

K 

Cash........ 

290-.9 

-lt.B 

3 rounUu.. 

295.9-6 

-12.5 

Setl'un'iil 

290.5 

-11.5 

A'.Y.ripi't. 

— 



E j C 
290-.B 1-70.2 
39S.S-.76-tB.fl 


Sales: 3.133 (3.330) lots of S tonnes. 
ICO Indicator prices for February 16: 
fll.S. cent* per pound): Colombian Mild 
Arableas 19S 56 HU M): unwashed Ara- 
Weaa 195 no r2t0.00i other ratld Arabicas 
197JS3 rj00.5D>: Robust as I7U0 >176.00). 
Daily avcrace 186.42 (198 ^5). 

LON DO i ARABICAS— Decline con- 
nnm-d in beshani conditions and ar the 
claw Arabics* were about 25 down an 
the day. Drexel Bantam repo ned. 

Priu« tin order buyer, seller, chance, 
business i—April 294.08-205.00. —5.5. 

ab-.VK.t-J.IW: June 1HS5-1R6 59, -4.72. 

Jfldli'lKTS Aufi. I74.50-17a.00, -5 71. 

irs.hrMTS 00. Oct. 164 ld-l£4.4d. —4.IS. 

167.50-144 30 Dec. U7.10-139.50. -3.55, 

—; Feb. 151.00-133.00, -3.S6. —: Salrt: 
65 142) lota 


Si'. I tYevliurday*! Piyvvmu | BhiIdmi 
ll.S.S. i close I clow- done 

Hat-h .i 40 35 CB.St/ 4BJJ-4B.75 <9 50 49 25 
April 46.70-46.80, 47.05 41.til -E.iS 46 65 
Apr-Jm-; 47.15 47.20 4/.40 4i.5) 47 20 -7 00 
-IIv-Sen., <8 0 -48.85 J9.1J-49.I5 43.95-46.55 
ik-t-lteei a l >.S--5u.4t. 1 iu.6j-aU.55 ju.&O-m- B5 
-I in-VI ' >1.95 52 00: ^2 25-r2 SO 2.1Q.:t..0 
\pr-Jiiri >3 55-53.6V M.9S--.4.16 3 50 ;5 50 
llv-Sep.; 'i 1 *--5 20 i5.4i-a5 50 55 SO-aa.M 
Uet-Llm j 56.60-56.7a 55 95 -7 65 56 80-55.60 

i __; ____ 

Sales: 256 i2S8> lots Of 15 tonnes. 
Physical dosiM prices tbuyers 1 were: 
Sp>t 48 jp isamei; March «7.75p (4S.0): 
April 47.Tap 448.25). 

SOYABEAN MEAL 

•YijsientV- +•■> nuniness 
| Clime ' — ’ Urine 

(Epennnne- 

February.110.00-19.5 —1.25 129.00-18.00 

April.,106.60-06.5 + 1.20 106^1-06^0 

June.'104.50-04.6 + 0.5Q 105.20-04.50 

A.«u*t.1104.30-05.0. 105.40-05.50 

Uej.Uier.,105.00-00.5 —0.05 — 

lleeemiier...., 105.40-68.5 +0.10 106.50 
r'w.n.irv ‘108.60-08.5 -0.25 — 


Sales: 103 <125i lots of 106 tonnes. 


SUGAR 


Mnrnhifi: Cash £280.5. 90.5: three months 
£294. 95, 96. 95.3, M. Kerb: Three months 
£296.5. 57, 37.5. Afternoon: Three months 
£295.0 , 0. 6.5, T. 6.5. t. OJ. 0, S.5. Kerb: 
Three months £294. 4.5, 8. 5, 4,. 3. 

ZINC—Down In line with other metals. 
Forward metil fell to £252 on the pre* 
market bat Selling was only tiebt. The 
price hardened a shade In the Rimta bur 
fell bade In the afternoon as lead 
wakened with forward metal Anally £140 
an the late kerb. Stocks are expected 
to show a modest tall over the week. 
Turnover, 3,125 lonnos. 


GRAINS 


WHEAT 


LONDON DAILY PRICE far raw euear 
£164 (ZtOOi a tonne cU for Feb. March 
shipment White sugar dally price was 
fixed at ni5 <£i:3). 

The market Of».-ned at about overnleiu 
levels but later after the LDP was attain 
reduced prices fell back- Ommiwlvn 
bouse stop-loss Uquidatitm was touched 
off iu March which lost 300 points with 
May lnslng 200 points. Later, however. 
.New York h rices seined k round on short- 
covering In Iront ol tbe ions week-end 
and the market recovered most of the 
losses, reports C. Czamikttw. 


BARLEY 'Ti 



Ye*ter+tay 


Yesterday. 

+ •*- 

M'nlh 

clean 


vhWC 


llw. 

83.65 

I+0.4B 

71.45 

-0.20 


85.15 

!+OJt 

75.85 

—0.15 

aepL. 

B3.10 

l + OJO 

78.75 

+ 0.15 

Nov. 

03.55 

,4-O.lB 

81.85 

+ 0.05 

■Jan. 

67.90 

■■+0,06 

88.80 

+O.W 


fuiiii I 




l*Tf1. | 

Ynt'rday'c! 

Prvricai» ! 

Utuinea* 

Vnntm.i 

Conn. 

Close 

Uo*e ! 

tioo* 


7.1 XC 

n.m. 

Offiris 

+ cu 

P- 01 . 

Unnfflcla 

+ o' 

Cash.. 

tmnnth".- 
j'n+ii-,,. 
Prm. Wei 

£ 

2SO-1 

292-3 

261 

l* 

-1.7* 

[-2.76 

l.S 

£ 

246.9-7 

249-60 

£ 



iij.fl ai 



Morning: Cash £230. SI: three months 
£251.5. Krrb; Thive. miaUis £252. Afier- 
nmm: Three months £231. SO. Kerb; Cash 
£246. three months £249. B, 8.5. 8. 7, S. 

■ Cents per pound. t On previous 
ofluflkUl dose. Mil Per drill. 


QlDjnoa uuA4c nnwiii 

May M.25-M.8S. Sew. g3.1D-62.93. Nov. 
K5.U+IS.4U. Jan. IH’JM-S7.ft5. Sales: I3fl. 
Barley: Mar. 7l.S0-7t.tt. May 74.05-71.83, 
Sep!. 78 73-78.78. NOv. 81^5-81.15. Jan. ml 
Sales: 189. 

LONDON FUTURES fCAFTAl—Good 
commercial buying of old crop wheat 
forced values dp 90-40 points despite 
speculative and country sellout with pari 
titular loir refit in Ute spat nptlan. Old 
crop barley fiaw a «ocd two-way trade 
and dosed the nay 26-23 points lower on 
spot liquidation with bedze pressure 
apparenr on the May opqou. New crops 
were btuet alihoup'a wheat was steady 
between S-W P° inl £ hUBier, Adi reported- 

EEC IMPORT LEVIES—Effective to-day 
in order eurreni levy pins March, April 


£ l*r lunnc 

March .lin.1ftH.BI>03.M 09 55 109.50 06.00 
OJsy...-! 11B.26- 13.2 mIIB. 515 Ed 114 M- il 80 
AU4....|lir.M-l7.l. 117.55-17 6S >18.05-15 75 
UuL .... 120.10-20.2511 O.S5-.0.4O 1 l DU 13.00 
Doc.....; 122.05-23.Obii. 1.10 .2.75 1.5.M-. I 75 
March .U27.flO-27.lt 127.0-27 43 127 M-36 50 
Mat'....: 129-fi5-78.70| I O^^OJS'laO.W-SS.a 

Sales: 4J97 ( 5.026) lota of 2 tonses 
Tale and Lvle ex-refinery price for 
granulated basis white sugar was £242.cfl 
(same) a tonne for home trade and £189 
iII70) for export. 

SUGAR FUTURES. Haas Kuitp-Prlwa 
eased up to 42 polno over the week In 
routine trading Yesterdays closing 
prices icents per poundi: March 6<u- 

8 90 May 9.10-9.25. July 0 40-9.45, S*p{ 
0.70-0 T8. Oct. 9.82-9 84. Week's High-L aw 
M arch 9 06-8 66. May 0.47-0 21), s*pt. 18 «■ 

9 94, Ocl 10.06-9 AL Turnover 72 (23) 
leu. 


Sales: NU (Dili lots of 1.300 kilos. 

SYDNEY GREASY no ..r tier buyer 
seller husiness. sales i—Micron Contract: 
March 330 6. 340 9. 340.0-.TIS.5. II. tl.v 
344 5 343 0. 345.5-115.2. 5: July 'JX 0. 352.5 
—; Ocl. 355 8. 356 0. 356.6-355.5 9; Dec 
.ifil S. 362 0. 362.0-362.0, is: March 363.7. 
■IWO. 366 5-366 0. Si Mar TOS.O. . CS 3. —1 
July 370 I. 370.5. —. Total ial.-s: 31 lou 

MEAT/VEGETABLES 

MEAT COMMISSION-A vcrauc rat stock 
pn-.-en at represeiuative markets on K<-h 
17. GB—Cattle 83 61p per kc l.w t +0 Shi. 
U K -Sheep ra.np per ks cst.rl c w 

1 -I.Si: CB—Pics fil.Pp per Ks I w. ‘ +2 7i 
England and Walea—Cattle numticrs up 
25.3 per cent., average pru-e 63 Sp 
t + 1.691. Sheep numbers up 12.3 per i.-cnt.. 
nm-e 132 Up i+2 St: Pig numbers up 
47.7 per cent., price hi 9r- «+ 2 .T 1 
Scat!and—Cattle numbers i.p il yr cent 
price *2 4p t - 0 .I 61 ; sh- ep numbers 
down 464 per cent., prire im lc >+4 

COVENT GARDEN (Prices in sterltnu 
pe r package unless stated 1 —Imported 
produce: Oranges—Spanta- Navels 1 SO- 
in: Jaffa: 3.50-3 95: Cvpnot: MvaK 
approx 16 kilos 54/H’a lso-3J:n: 20 kilns 

2 36-390: Egyptian: Biladi 2.60-2 70: 

Moncrao: 2.8D. Lemons— Italian ion - 
120 3 Mi-3 20: Cypriot: 2 30-3.35 Jaffa- in 
kilo* 2 80-3.76. Sears—Span la- approx, an 
lbs 2 8fl. Saunmaa—Spanla: 1 u ft -2 l« 
Mandarins—Spanla: 2.90-3 no Apples— 
French: 40 lbs Granny Smith Cax-gory 1 
5 60-6.36. Cateitory II 4.50*5 no. Golden 
Delicious 4 80-5 60; 2d lh« 73MOO R-d 
Delicious 290 -Stark Cnmson 2.70-3.00 
tumble pack, per pound. Gnlden Delicious 
n. 10-D 13. Granny Smith otl-on: Italnn 
Per Dound Rome Beamy 0 11 Golden 
Delirious 0 (1-0.12: US.: R-d Deli* ton* 
V.M-B 00; Eastern Statra: 8 00-8 40: Hun 
sartan: Red DeUcious 7.80: Danish Soar 
tans 0 09-0.1D: Oregon: Ncwiowns 8 00 
Pears—llalian- Per pound Pav-atrawaiu- 
O.os-D 10: South African: Qapw 4 68 
Wiliam Bon Chretien 6 SO. plums—Smith 
African* Gaviotas 0 36-0 3a. Red Ace ■> 2S- 
0 30. Reiser 0 40-0 45. Crapes—CiM 
font I at): Red Emperor per pound 0 3< 
Bananas—Jamaican: Per pound 0.13 
Tomatoes— Per 6 kilos. Canary 2.M-2 yn 
Malone—South African: While 4 8'v a on 
Venezuelan: Odt's 4.0fr6 00. CucumlMrs— 
Canary: 2.90-2 80; Dutch: 3.00 Cauli¬ 
flowers— Jersey: 7.50: French: 7 .M) 

Potatoes—Cana nr: 2 90-2 50: Dutch: 1U0 
Celery—Spanish: 18/36’s 3.80-4 On Leuuces 
—Dutch: 24’s 2.80: French: l£'s 1.3> 
Capsicums— Kenyan: Per poutd 0.35 
Israeli: 0 35: Canary: 0-35. Peaches— 1 S 
Afriran: ll li'a 2 80-3.30 Grapes—'! 
Afncan: Queen o( the Vineyard « 2<t 4 W: 
Ben Hannah 8.00-6 70. Onions—Spanish 

s 40-2 Jfl. 

’ English Produce: Potatoes—Per M |h<: 
WhJTes'Rrda 1.20-1.00. Leuuces-Per 12 
Indoor 1.30-1«. Cabboacs— Per +bdc 
Pnmo 0-80. Baotrasu—per » lb' o: ' 1 
Carrnla —Per bag 29 fla D.5M3H Onion' 
—Per 56 lbs 0.79-1 ^B. Swedes-Per baa 
Devon 0 5041 60. Apples—Per pound. Cox's 
012-0.23, Brantleys -0.tl-0.lfi. 


FINANCIAL TIMES 


Kei<. 17[ Ft*. iBjilnmh vtu[ Y«tr 44'' 

224 02 [225.94 [ 230,19 

| 373.46 

(Base; July l. 185?= 

1001 

REUTER'S 


Fc*i. I7j Fwi. ISjMiutUi ru.i-j 

Ytrirai'i 

X389.fi M01.o| 1410.4 i 

1633.0 

(Bose: September 18, ixn=100i 


DOW JONES 


IVjw 

lone* 

F- ■ ] Ken. 

17 } 16 

.ttulill'J llM ' 
•MU j 

lpitt 

Falitre 

347.08 348.9^.345.47 398 86 
327.69 320.97-334.58395^0 


1 Avenge l92+»-u=in>i 
MOODY’S 


Mondv'n 



P-4 


1? 


pu« I'nmnyi |$ Q{i.4'90d.6l BB6.7 9fl?J 
~ iPecember'sC I0n=io«* 


H.mir.lV 


U.S.’IVlarltets 


Sharp fall 
in copper; 
sugar up 

NEW YORK. Feh, 17. 

COPPER closed sharply lower nn 
Commission House selling (ollQu-ing con¬ 
tinued Chilean refusal 10 reduce produc¬ 
tion. Precious metals eased on ttpeculaitve 
and local pre-week-end evening up. 
Coffi-e finished limit down on rontinued 
rumours of uncerlaindes of sales rwhcies 
bv Columbia and Brazil. Sugar'finished 
higher on .speculative short covenng. 
reports Ruche 

Cocoa—March 133.25 tsamei. May 124 00 
>123 «o>. July l2vW. Jtcnt. 1 is * 3 . Dec. 
116 49. March 114.71. May 113.22. July 

III. '"-. Sales-. S-l* lots. 

ColTeo—- C •' I'ontraot: March IS? 00- 

IV. .30 .10136.. Mav 166 2.1 asked <17011.. 
July 154.40 asked Sent. 148.50 asked. Pre. 
132.KV March 12*73 asked. May 124.31 
asked July 122.30 ask.^l S.ilt-s: 5S1. 

Capper—Feb. 30 k6 i57*B'. March 57.00 
t.isotji. April 31 36. May 54nn. July .<opn. 
Sept. 60.00. Dec. 61.40. Jan. 61.96. March 

62.90. May 6190 JuK Sepu 63.90, 

Drc- 67 30 Soles: 5.500 lots. 

Colton—Mo. 2: March 54 61-54 7n iSS.IDi. 
May .36 03-56 15 <5fi-l4i July 3(10-57.15. 
Oct. 53.30-3S 46. P(.-(i is TO. March'59 70- 
59 75. Mar M. 15-60.60, July 60.50-61.00. 
Salr^- :w.7no bains 
■Gold—F<-b. 179 70 tintent. March 

iso 09 I mi 2*1. April 19120. .inne isinn, 
August 1S6 6I1 Oct. TSB20. Pec. 191.90. 
Feb. 194 W Apnl tP7.Mi. June 2(t0 in. 
AUailSt 2U150. del. 206 3.1, Dec. 299.50 
Sales 11,000 Inis. 

tLard—Chicago loose 20 75 >2il 95 nnm.t. 
New York prime steam 22 25 nom. 
unavailable'. 

tMarw— March 72fi!-227 >72.i!». May 

2101.2165 ■2*»J’. July 22n»-229:. Sept 220|. 
Dir. 226;- 2261 . March 214J. 

'PIallnum—April 252 <p.21l <W <217 3n». 
July 111 60-235 36 <241 «i,. Oet. 241 70- 

241.90. Jin. 243 40-245 6ft. April 230 30, 
Julv 2V:i 90-234 IP Sali-S: 2 663 1 1 557 ■> 

■"Sliver—Feh. 508 6n i3fl2.j0< March 
Sltl in ■ tor .10*. April 563 111. .May 509 70. 
July 516 nn. Sepi 323 50. Dl-c. 93 JH. Jan. 
.336 90. March 546 66. May 534 40. July 
308.26, Sept. 370.00. Doc. 3*1 M. Hardy 
and Hasman mm bullion TOO on ijoowii. 

Soyabeans—March 570-5704 i567»i. May 
5764-5711 1 57311. July 597-59.1], August 
S.-pr 57.3. Nov. 5741-573. Jan. 56U-5.9Z. 
March 5W. 

MSavabean Meal— March 130 00-149 60 

149.601. Mar 152 00-161.00 il.33.10i. July 
1.33 90. August tad Hu. Sc PI 137 ’6-157 50. 
Ocl. la< 20. Der. I.TO sn-jyi 00. Jan. 166.l»- 
BO 20. March 162 69-168 9# 

Soyabean 0:1—March 21 20-21.50 <21 671, 
May 21.12-21 15 120S3., .lull 2ll B$-2!.Qj. 
AunuMt 3D BU 26 9.3. S< p 1 2 ith 0 rid 20 36- 
26.23. Dec. 2U.05-26 13. J 9n . 26 03.'March 
20 65-20 1U 

Sugar—No. II- March S 6R « 7n IR69). 
May 9.07-9.09 i9.09<, July 9.33-9 3S. Sept. 
9 53. Oct 0G5 9.64. Jan. :u.ll Nani.. 
March 16.23-10 30, Slav in 56-10.60. July 
16 76 nuin. Sales: 3.13n lots 
Tin—55.100-560.00 asked ■56.4.00-5:0.00 
asked >. 

■Wheat—March 2&51-26M '2A5). May 
2H9-26S] i2fiSi •. July 27112711. Sept. 27ai. 
Dec. SS2. Starch 2 N 8 j 
Winnipeg. Feb. ir. TtRye—May 
109.3 U710 bid-, July 106.9 bid ilM.SOt. 
Oct- 107.3 bid. XOr. Unquoied. 
ftOals—May TB.DO bid isaxne), July 
: SO (73 80 bidl Oct 72 40. 

CBarlcy—May T 8 .O 0 bid *77.601. July 
77 M bid f7T.3n aikedt. <icL 76 Bn bid. 

KFItusccd—May 219.00 i 222 00 bid». 
July 220.20 asked 124 . 0 a asked 1 . OcL 
224.36 asked. Nor. 224 50. 

—Wheat—SCW R3 13.5 per cent, prntc-ln 
conlcni cil St. Lawrence 153.66 1 251.92< 

All rents per pound «x-war<-hou'se 
unless ntherartsv staled. * Ss per troy 
nunces —100 ounce lurt 1 rhieana loose 
is iht ten lbs—Dept of As. pric<*s pre¬ 
vious day. Prime S:eam I 0 b. NY hulk 
lank cars. J Crnis t«ir 30 lb bushel ex- 
wan.-huuse. 5.000 hucftcl lois. ] 8s per 
trov ouiut 1 for 50 aunn< units nr 91,9 p^r 
ix-nt. purity di-licored NY. ‘I Corns per 
iroj ounce cs-wurehniise !! New ■■ p ” 
ounir.iL-t in 8s a short ;on for bulk int? 
nf inn short tons dc-ltvred fnh car* 
nuia&o. Toledo Si. Louis and Alinn. 

Cents wr nfl lb busbel tn store. 
*t Cents per 24 lb bushel n Cents per 
is Ih bushel ex-warehouse. 1) Cents per 
56 Ih bushel ei-warehouse. t.000 bushel 
lots. St 80 per tonne- 




































IS 


BRITISH FVSDS ( 86 ?) n> " 1 ***' ___ - ■ ■ ah | ■■ 

2 i:pc zl® s 1 o.aJ 'i. ; pc Treasury Su. 1979.81 Cfieo.) S9?i® A El. #1 

3**. l.a.wport. au- 19?<J-lW fr3<:«> a O'.® h 90, »« i._ *. _ _f ■ M 4 a V” 


--•i 


»ffl .4/4*4 3' J ,» 4- 1 * Lii 
Z-.pC Cons; MK. 24-W 'j® •s® »# 


■ L«. Cons. Un. 33 

■ 1 , 9 c Conversion Ln. 37-'i * ■'• 

Spi Lmn-'aucr in. 1976-78 99J«© 


1 SBC Treaiun Sri. 1906-89 iReo-1 70'.®: 
') 6 “ «& 71® 79*i '* Un* 's : i Si - 

, 5'jpc Treasury Stk. 2008-12 iReg.i 51N 


•» 


6,177 

6,087 


Monday. February 13 
Friday, February 10 


5,920 

-'6,143 


lv',P4 E#Cfi«<Ju<5< in- 1996 111=,® 

I 2 -; 

Jpi. Eictieoucr Stk. 19&1 87 j 'a •-* 
?p; Exchequer Stk. 1983 &2 “ib® 
i * i.O ; •* ■ *f *t 56 

•S'.pc Eschemier Slk. 1981 96-,o® 

•» 23-MthS »; 

9-40i. £*cneauor Stk 


fiilpt Treasury sik. :9B2 94> 4 * u» Friday. February 17 ... 4IJMS9 } Wednesday, February 15 . 

i* 9oe TwsW Stk. 1973 100.29 '1S.21 . ” _ . * ., ciii | F.hmarv 14 . ......... 

, 9 i.bc Treasury Sik. 193 J 97», 6 ® h i:; Toursday, February I $ ..• 5.577 | Tuesday, February i* . 

* g-ric Treasury stk. 1980 ioi >i u \ Ilsl K-.-y, mards vtsiemay'i mamma* and^ilsa'u* loud mammas M-ms the *sth •! •*» share «M dealt In yesterday. The Mtar cn M dUluH iTjhu/.by 

' 9 ;.bc Treasure 5*k. 1961 100 >,» *« ||w -|M 

cases, and the ltd camet, therefore, tie regarded as -a a an rt ata record^ at 


u:® I 


PC. i 


9 -a-: Exchequer S»k. 1981 931* U| 
to /IK ElClwQue' Slk. .1995 (ft. 

63'. \ /. 90 >4 - 

1 r}Eicncnuer Slk. *.liS. at £95”.. 
--£30", SC i IS- i,S 4-’a 


??S:iV ',t S' 4 Z 9 i’u ^ The numbei d dealings marten in each section follows the name el 

icnoc Treasury Sik. 1978 ioi’* \ 'J.« getiion Unless otherwise denoted shares are Q lolly oak) and'suck fl» 'illy 

• 1 p B |d. stock Exchange senrKtes are quaied in pounds and fractions of poands 

. or in pence and tractions of pence. __ . 

The list below gives the prices at which Bargains dene bp members er 
The Stock Exchange Have been rocorded .!■ The Stock Bxctiame Dally 
'i. official Cisi Mcnrbcrs are net obliged in mark bargains, excepi i» saednl 


1982 97J< *i SOilQi’p: Trealurr Stk 1979 lOJ'i,® 3 
lOUBC Treasure Stk. 1999 91'*® •'is 


n i pc TreMun, Slk. 1979 10 J': >» 

1 1 :;pc Treasury Stk. 1981 104'a® 


prices at which basinets has been dona. Bargains are recorded in the Oflletai 
List up to 2 JS p.m only, but isnr transactions can be in tinted la the IMOwlag 
day’s Official List. fio'iadicaUar is available** to whether a taamtla rweseatoj 
a cate or purchase by me m ber s a> the pnWfc. Markings an not aacessarfty. 
In order of execution, and only one narsatn in any one securtts at any one 
price U recorded. 


14 futmefti tw? 90 ’- , > T *« ‘-1 1 lA'nw Tr<> ' 1, . UT ' 51t 1991 10 ° -7 ® ’* 1 : , B ar*alns oi Spw?ial Knits A Barsaim done wi'Jh er be Tween mti-mrmlwrx. f Barsains nre^ous day 

v — -i ’? °Js-v-r- ..' S 

2 %t Escneouer Stk. 1994 101 i® 3;1 Sbc Treasury Slk. 1990 109'.» N».'* ,iwwl 
s' | - V. 1. » 


.. i Bargains ms mib members- of a mnsmsad Stock 
IC—SCanadian: SHK—SHmuj Kong: SJ—Blgmalcamr- IfiU- 


* I ‘ipc f*chcquef Stk. 1981 1081, 

1 Joe Emincauor Stk. 1900 JOT’,® -« 


M« fmistry.sih. I» 1 JJJ.«-WW!RS!J 7 ^,?,® V o., 7 , Tj-.KRed.S,«. me 


5 «0-: Fund ns In. 

5 

S'i5C Funding Ln 
67-'»: 70=- 
6 <jc Funding Ln 
5‘. 4-4 S 

6-;p< Funding Ln. 

' 4 : 3 ; n 4 '4 j'> - 

3 ;dc Funding Slk. 1999-2004 iRec 

5';p-: Fund-nn S:F. 1982-84 65 


197a-80 94 ,® S'r® 


= g.f;4thJ 45-64JIIS 


Kennlna 1 MTOM-* fZSpl 77 8V115.'21. 

Ln 106® 7'a® nG'Zi- 
KentOOpiM 
Kershaw T3P> 9*i* - • 

,ciark t MjHhcwi «... i25dj 74Si8nii-,h American Tobacco 1 ddcl". dosw; anion uoc» yj so nafi* - 1 • 1 Klmpher jpccn. 02 uoiar - * 

- "1 r\J mlsva ,oi:KLn - o8ir *.• .. 

6':Pi.Re-.Slk. 98*e iVSJBl I M?,, 8 ' 'fesM . j Ben«. Carbon,vno ilOo, : gtoW-«««» ggjjW «•*> '*» «. 


Financial Times.; - ; : 

International Tlmbor.^ 


imgrwk Orow I50P1 M 7a - 7 *** ai ‘ 

60 U® 11612) - • - 




JJ» Holdlhds _ISp> _SWa f16ff> 
JCrti tZS.P».27 .<1SW „ 




UJ araBb asm^.nera ^ 


lamas «JJ anwh 
jimes 'M.l hHhotriea 
(16121 


jiiftaU Howinhs 12501 BfU't* <16I2>- . 

is •« w ms-"*!-"™ » 


Johnson JSS& **• 

Johnson Mannar -4S0 limai. 

- 39'j n 512) ' 


gssTaSttBaiWffi&ni iopc- 


Ptttani‘«25D3 •B5?C! M 


P^d^ma-isri dh'uisrzi t 



Points,/TOP* » 
?5ljWm*-liio) 417 20 : 


Portoil .HUBS- (ispJ-.EZd® 

•■p*. «sdtTTfi'2» ; - 

Porrair <25 p) 8* _ , 

iMtfES* £23*7% ciMK,-,,y 

tssa^®:®' 7 ^'-'. 'fkm, 

SSwfch Parker. ,25 pV 3M> 29V 
Primrose HldS®- ‘Rfi'J.W-J}? 

PriteHanf SerrhM jSM 29® t16ffl-... : 

Pro ® rieton '- 0 4 * < iS» c * --Whan 136* .4 

pKSjlJiundrlm IBP) |® r»«ai ^ 
Pullman W.nnd ' ■' 

fcT&S&nb** a»4 nitl 

pSJrit ffSbnStml -7l5nl 41t13f20 



' I 




1935 57 83'4* 


! Rrlii-.h G« 3 dc Old. site. I990-9S H 1 ** FrtinOurqh Corp. 6« r pcP«J.Slk. 9H H6I21 DKlIllers iSDp. is| 5 5 sV^S’;- S -nctn. 1 jrltrsh Enkalon C2Sn» 12 13 
- ® " • - Giawwi CWP. 9'.ocR«fStl 96 11412- 41®. 7'.DCUn».Ln. 68..® '.® « '0-5« : grilwh Home StoresJ2SPi 18*« 

. GlSi?«terih.re Counir Council S'anCMd. 1 Ln 90-4® t. 1 ° * „ , n Lw'ood tMnii ’|* 




land Bds. 5 


6 oc Treasury wn. 1995-98 S7U 


lllj .1 FrC" Sle!* 4 --PC 

-IJ, 9 k'' j. *U*r>0 Hydro-tWtfK Board 

ci Scotland £li"rtric : tv J oc GW 


Elion Aobbms i25ai 75 
ElswId-Hopper t5oi ig'i® 20. 

Elys fWImbfafon} I25P). 89 (19/21 ' 
EmnK mwodorel ■ Cl Op* 62 <13/2* 

Emoire Stores >8radtord> i25o‘ 153® . 
Empress Services Hldgi. <10p> T2U 04121 
Ernray <5p) 5 U3IJI 
Energy Services Etccrronfcs'flop}-12® ' 
English and Overseas fnv*.-;i.SDoE~30 -t 


Kiri k-Fit UOP^ 

Kwik Sa«a (lOni.Bo, 


Do. New 8® OS/2) 

X—M 


LCP 125PJ M-* (1412). 

LRC wSSr, tlrfpi 41 40, 

- - — ip* 12 


LWT A 


iiSp> 121 05/21 1 ‘ 


Do. New 3»h 


7 '. 9 < Treasury Lr> 19-35-8C 8 bl|a® 5 J 4 
J* S 

7 -40.; Tr-aivy in. 20l 2-15 7 1-.® k 


a« 


■j.rin cl acoiiano u-uni ■ r - 

K 1973-TI 99’. S:K G,t) 

1077-90 93 H3 21 

J Ireland 6 --dc E,cheu>i»r r S« k 

J 5-4 nr.' 7oc EackeuiK' 


N-srlbO''' 


: Tr-aswnr m- .-u'.-'J /■ -»» ■ -4 , 070 .an 83-4 

Trcarur. Ln. 2002-06 -2-,:® 6>a, B3 I 4 IIEI 


1UR6-96 a- 


S’aBC Tr.-amrv L«. 1957-9Q ?C'- U ,21 5 ' ... 

5 4-• 5-4 >, . INTL. BANK (\) 

•?_:e; T-easur. Ln 1930-8. u '4® _ FPEt OF STAMP DUTV 

3 *pc* rJrasur,'‘Ln. 'l9B-J-86 93':® J4®i3DeS*F. 1977-82 86’ 

a^7?c^y : L«. 1997 79 :« > 4 * >.®. FRE£ OF STAMP DUTY 

5n.; TiOttUn Ln. 199* 8S J it® 'j® 


Slk. 
Cramp 
100 . 
Hammi 
: ■ 13/2 

Hampsli 

. Hcrllars 
• 90 'i® 

- Sik 
Hull Ce* 
. Islington 
; Ped-Sik 
107 



Ladlet Pride Outerwetr C20p>.4M j.KJWgl 
HS? I25D1 146® 06/21. DO. A 144® 


p- StV. 1-" ,w 0 J .. . A . Kcnsin^tan And CheKed iRov^l Somugh ot> j Tamaim «2Spi 97 

CORP-M *= COUiNTT—U.K. l-»9) . ll-mcRd »Fv. »*«»-► 1 Truman XpcDb. E 

___'l« al t9B Spc—ESO Pd.l 52', 1 • i Vaux Breweries i: 


6S® (16-31 


iLondon Cvun 


ry 2<:PcCons.Stk. 20,4 ilS'**. 
?si. 5 SucltV. SI . 


16 2i 

Kent Count, 5'-pcRd. 99- 
Pn. PS MS 21 


113/2). B'jPC 



. 10 - 09*. - 

i J ,3f. Treasur, Ln 1993 VIA'.® 

14 oc Treasury Ln. 1954 llp'-f "4® 


Ln. 1996 IS* ' 4 ® S’-O 


1 99S 130 '.a 


15 .-c Treaur* 
a■ ® s- 51 . ;•* '- 
15 ;oc TreaSu y '- n 

f'i ® 30 i, 

2 -ae Treasur. Siv. 'R;-el 22"iO 
I- T-easur, Sll. SJ'. I1« 2 
?ec Treasury SJ*- -9*9 96-: 


'' ^i’orVk^ Ol"-': "g^PCStir - 9a~ls. 9‘:B(S'V q 7 :. 

I Q7°B 6-. 12':PC5lk.*i9e=i I04’* 'Northampton Con. BpcRd. 98‘4 

'983' 104 1 j *a. 13 '4 oeStV. (g 0 tnnoham Cpn 6' 4 PcRd. 

55-eaths® 


1 z'incSik ■ r 

’ ,, ' s ! »y? 6 Count^ "Council 6'.ocRed 97 0612' ^ Pai»|?7'Cpn 9'rPCRd. 97-: rl6'2i 
1 Bark.np 7 - .of :00'» >14 2' .... I Mallard Cnn. 5>:l>cRd. 661 - 

• Bath iCir> o'* 1 1’atrcP-id-Slv 181® Sandwo" .Met. Broh.J iSpcRd. 1.0 

1 Bellas! Cilv Council 6-20CRed4t*k : ' Southend-on-Sea Cpn. 5'jPCRd 97-r 


99«Tu® 1 


1 Vaiix Brewerin i25o)'ino« 3® 99. di-nc Br it l a ns '250.27 (ifjz) 

. ACum.Pf. 401, u .Brodchouse I25PI 571’® 

| Watnev 
Red. 

1 Whltb 
' 65 
7,41 
Ln. 

• 62'. 

UiK.Ln. 1359 

Whitbread In*. (Z5 p) 78 5 <16/21 
Wolverhampton and Dudley Breweries 
1 25 Pl 193® 

Young's Brewery A <S0pi 148 

CANALS AND DOCKS (1) 


Evened and Co, Jtld^BSp) 17 nsiz* 


E»od* Hides- «20oi_ 

. Ewer (Gconwl (IOpi 28 ir (16(2) - - 



Brooke Tool Enpineering 
Br^wV Jackson iZOp) 39 116/23 


Brown fawse 1250) SB 2 
Brown Boverl Kent >25 p> 47 


Brawn Brothers >10p) 24 
- - , Brown i»i!l Z kiUstS. 120p) 33 (15/2) 

*’ 1 15SS ,jg&2US£%M « 

.- r25D) 1 069 


Rd 93 -13/21 


... _ . 91,PC 

12-iPcRd. 1061. <14 2/ 

114’Z 1 - 


3pc' Treasury Sir. 1932 86® 
■.-i„® 6 5-, '■ ' >« 


‘ -. • ' B.rminntjm C-J<P- 3 ;DcS'al 18-a 113 Z>., Souttrwark Cpn 6-4PcRd. 821, (14'2i. 

- ‘ * 7?o?sik 91 9-4p£St'' 98'r <14121 ! 1 i:,pcBd 101-.ffl 15ncRd. 109 a <16 Z' 

S'-.-® -r® - Bii-TTnnqham D-strtci Council T2'.-prRM SIK. Stirling CC 7-4PcRd. 97?a «14''21 

3 w IOS'4 iIJ- 2- Sunderland 'Borough' 12'.pcRd. 105 (16/21 

•Surrey County EpcRd. 93 2-, ilS-21 


; Manrheslcr Ship Canal 210 

Mersey Docks 16ij >4 17 t16/2*. SUpcDb. j Braiitons Hld«. I _£5“L,1 S*£®, 

| 58 .16 2., 6 'ipeOb. 421: 1 16'2" M fif'¥.? *3-* «1» 

I COMMERCIAL (2.417) bS«i u 't «*«» 


A—B 


9UPCBd. 


to clarify 


4AH '2501 111 

AB Electronic Products 25p- 97 
AD Inlnl. BpcLn. 72 (1G/2< 

AGB Research HOpl 84 ll* 2'. 

( 10 c 18 


&'Z) 


A <25 P) S3 



Surrey County GpcRd 
Swansea Cpn. S'-ocKd. 99':- 

i Tame-side 'Mel. BrglO IOJjdcRO. iFy. Pd.l 

• 9Bi-di i- y. tOupcRd. Mss. at £ 9 B< 4 pc—i uu=i i« i " /25nl 

Liopc Pd.l 9'. A"V H'das. IS 0 P 1 186. tO 'aPCLn. 147 l B S?*2 bS W 4S H ?14 C '21 ** * 

Walsa'I Con 6 * 4 DcRd. 97'« H5 2i. 9’4pe Aaronson Bros. MOpi 58 60 -1 6 ' 2 i. 4.25PC 1 5 «i'i- 

Hd 1 DO '■ ' PI- 58 

SHORT DATED BONDS I Abercnm (Orests. IR0.30' 34 ? .90 i14'2» 

J FREE OF STAMP DUTY Aberdeen ^onstrunion Group 

lO'-acBus <32-3 75' 100 ".; .. Abertha* Bristol Channel Pom. Cement 

g-.PcBdf :"2 7 78- 101.96S 101.968 35o: 143 '162 


Bunco Dean i25p! 64 114/2) 

Burgess Products iHidgs.) 

Born dene Inyests. <5P) 18 (14/2) 

Burrell IBP) 13 . , 

Burroughs Machines 3APcLn. 108 
New ; Burton Group iSOp) 1 24 l14'2). A <50pJ 
New l 109® 12. 9 l4PCLn. 69's M4/2) 

lutterheld Harvcv /25 p) 65-i 

5-:pcP1. 41 

C—D 


(1512) 


Farmer <5. W.i Gp. <25p) 121 >i 114(21 
Farnell Electron lea I20p» 191 . -., 1 - 

Fashion Gen. Invest iSp). "50 - 
Federated Chernlod Hldps. < 2801 - 74* 4 Bi 
6 . (16.21 -• 
Federated Land Building (25p> 34‘C1BJ21 ' 

Fenner O- H.i (Hlga.i <25 pf. T 2 B® 
Ferguson Indint. Hidgs. (25p) H7 irs/ 2 i 
Ferry Pldcerlng Gp. (10o) 72 
Fidelity Radio HOpl 71®'4 • •••- 

Fine Art Dvlpmnts. <5o» 42H® H,®. 
■FlnU* Hidgs. l50p> 112 (13<2r .- 
Finlay (J.i (SOpi 274 
Finlay Packaging (5 pi 19*2.04/21 ■; 

Firs* Castle Sacs. tlOpl 45 05/2) ...... 

Firth iG. M.i 1 MetaI 11 (IOpi 30 

FHher <A.I Gs. (5pi 104 

Ffaoms 358® 50 5 3 1 . S4(PCLn.. 48U 

Fih* Lovell (20pi 69® 75®_44® 2 i ;4 
2 69 70 694. 7UpsUl. 57*a .. 
FitawlKon <2Sni 394S 1 I 6/21 - 

Floaello Castors Wheels <25ol SO .04/2) 


BY GILES MtRRITl 


DUBLIN*. Feb. 17. 


7 I 


101.955 101.958 MS 2 
3i ocBus. >6'9'7BI 100.570 |1G/21 
3-.PCB<l5. .6 j9'478i 100.570 >16 2/ 

5 -ir.BdS. 120 9 7B 100'., 

B'.ocSds. 1 2™ 9 73 1 99■; 

5' otBdl >4-iOTB- 99 597® 99 bOO® 

5 oeBdj - IT 70 78> 99 5080 99.517® 
%'i.DcBds. 'C :l-7Bi 99':-. 7 16 2' 

5 -.prBds. .‘22 ' 1 78 i 39 ZB/O 99 237® 
T'-pcB-'S. <20 12.7a 1 TOO 1 , -13 21 
7 -K5ds. i3i-79i 99". '15 2 
T'-p- Bdr MOil-79' 99*:* >14 2 
7 '-PcBds. '21 2 79i 99- 

I 1 'jpcBdv '14 J 79' 

• 14 2> 

II -prBds <21 ? 79' 102.307 '14 2 

9--(v.Bdl '10 9 601 96-. <13 21. 

9>:ocBd( »17 9 * O' 98 

I’UBLIC BOARDS (17) 

FREE OF STAMP DUTY 
Agricultural Mort. 4'.-pc i6l-91< 60 04.2) 


- AU3« non-Dtg.A ' 2 Spi T9 es 
I 43 *. 1 14.-2 1 aptCnv.Ln. T^O 
Adams Gibbon /25ai 77 4 
I Adda inlnl ilQpi 36 ® * 

} Advance Laundries BocPf. V* 

i Adwrst Grcuo i2SO' 240® JO. 


44® 5 - 


•16 - 2'. 


1 54® (16/2 
Airfi. lnds. < 20 n 
Warrants 9 15'ji 

Arrow S'rtamlincs '25si 70 -15 2 ' 
Albright VYi.son i25pi 92® a® 50 6 ® 8 ® 
4' : ® aB« 9® 99 9\- 97 

til 1 532 103 525 AJean Aluminium 16.05 rl 4-2. 

101.04 1 U-.S = , Aj can Aluminium [U.K.I 9ocLn. 542 14 

Alivcanders Hidgs. “ 

5n- 15- : a 


25d» 93J® | CiH< industrials -IOpi 3* 

Cable lor m i5p) 67® iT6 2>- 
60 iT6-2) 

c-.nrpi ' Caobvry SchweppM .2SP) £4 •; 

5 rPCPt. , 450,16,21. 9 dcLp. 79_ 

1 Caird iDundee' <25 d 1 14 <16/2 
I Cakebrcad Robcv A_<10p) 23j9 
Caledonian 

I 2 

Camlord 
Campari 


Flight Refuel (Z5p> 104 (1612) 
Fluid Drive (20pi 60 (14/2) 

1 FOdens ISOni GO® 


!•" 


CaTrig l25pi 146® 0.6/21 

Lain! <25pl 75*®. BpcLp. 80 1 
Like Elliot (25P1.54 3 6 (16L2) 

Lambert Howarth (20p) 36 
OOP) 1SV. 04 11 
Lancaster (□. «Sj»l 4 ?» . 

ESSrt'TCT**pepf.-sa® 

Latham' JlS®' 

Laurence Scott <7 

L*wrence (WalMrl 




L L^ , Re.fc*tIon^W^®.J^«W 


New 


Lee Wrtfffr‘ViiN3T''Mg;;<t4«) .. ... 

\££9aSffyk «hX n cSS 

SfesfrwaTn-- 

Letraaet CIOp) 98® TOO 

wrts. to sob. Tor tOrd. 20 116/21- BliPC. 

Ley's F^lnori™ 2 W s 1230) 58 (1W. ' 

Liberty 20^ »a HB/21. Non Via. 20’! *4 
4. J£*5 hwJ».1 *10®} 19 (13/2) , 

tnns;PTMP-iS^ *i® 

S* %grnaw-H8 

2501 341® 


j RenoU 121 3. BlipcPb- 62U elaryff 


' s ' ,, j FSkS V _LUi 5B He|o 9 fto» ;2.-' Nm-rto.! Port 1 ^Pl 124® (16/2) 


3 : ;PC PI. ' S 2' .f, 1 ’?- 


Twit 87 Jis7i. 




Ford inlnl. Cap. 6peLn. 77 6U-7U' a3/2»-1 toeker <Thomaa)- «ldgs.» 

Cra-H^MWnr fiu52> 1U542 - 1 . 'AS-L. 1 — r94nt 130® 


Ibsl 14ii*. A 


atLn. 



-16 2 < 



til Ins Fianna Faii party's annual speech, 
conference. 

But. according lo ofiic 
sources here, the Irish 


inauai speecu. . - *i« 2 >. 14140 c iu *1521 1 TiiT-i'**"■ -vMum.wn 

flue^SS*h*!T«toSSSS? r W^”*’**. 

sources nere. im? imah Fnme p,^ r tli ^Tw°Stion l pj rty ihal MT, Wi ' w 5pt "‘ J ' s ' :De l Amamam^iif 

Minister, has decided to -i-OHi F/VI' i.n i •• nufor doru- r<?rl London a ,1 

nu-nl "'outlinin’' *. A'llX 

Anufilr Vh wllllni. Itf. 


15 -10 2-. 


Capoer-Neill HOD) 63 •: 4*7 
Caravans - Intnl. (20p) 54’: S 

... ._ _ Car-Jo Eng. Grp. (2Sp1 61 (1®'Z) 

Alnvandra' Budding Services 5 ;PCPI. BS . CarjeM Caoel and Leonard (IOPI 

Alglnat- lnds. -23di 283® ! Carlton lnds. l25o) 168® 6 


Cam re* 

ass 29 ® »!ESiiS ; »n52. - w- 

Cape lnds. 1 2 So) HO® i Francis ParkcrilOP' 11 4® (1E:il- v. 

Caolan Profile Grp. 1.10a) 77 (15 21 , preemars^tLondon 5.W.9) 256®-4-^06/2) 


French Kler Hides. *35 p* 27 
Fried land Doooart Group 12 5P) 91: (13/21 
36 Fulura Hidgs. (25DI 39® 


G—H 



,'ilhv Joe 27® <16 21-. 


.U-TH nOYTS. (11) 


Allied Plant Grp. <1 dp, 15 iai7 n 3 / 2 ) } Carran iH'dgs-i (2So> 51 

AIMed Polymer Gro. 10PcGtd.Uns.Ln. Ml : X"SI!, MOofWSIH 2) 

I Casket <S ) IHIdgS-- MOn) 43 13-2) 
u . 1 ,'}, j Caralin 25 p 48- 

64 04 z »- Caterpillar Tractor (np«) J3g (1® 22 

I Catllt'l Hides- HOP) 34':® 

Caustgn <s*r Joseobi and Sons i25o) 16>: 
(14 2) 

Csvcnham 7pc1stP! 45-) i14 2-. 7>:PClst 
I PI. 52 (9 2i. lOpcIstPf 91. 9'.ocLn. 
1 71 


. -.. .. -.5 2) 

Amalgamated Meial Corp. 270 
Amalgamated Power TPnag <2ap 
(14/2- 

Amalgamated Stores iso) B'i 
Amb-r Oav Hidgs. non) 35 ilSTi 


120; 


Gates • Frank G!i ilfpl 55' 

Geers Gross New (iap> 40® ■' * 

Gelter I A. J.) (20o) 50 113/2} 

Gen. Electric Companv Com-btk. UU52-50- 

22 116.21 T- - 

General Electric i25pi 2461®- 50«-6 S .-I 
3 2 4. 6 pcUnsac.Ln. 1979-84 77** 116/21. 
7 i 4 BCUnsec.Ln. 66 ':. Floating Rate Uns. 
Cap.Nts. 9914 ® loau 'a ...--. 
General Engng. iRaddlliei ilOpi .22h - 
General Motors Cpn. Br Deo-Rcnu. 204 
<13 2i 

Ceualnu HlrUii IIC 1.1 ,5, item. 


Anglo-Irish 

YVUlmui lucklns down from the 
slant! un Irish unity hi- i:<o!- Iasi 
month in a cunlruvfrsiji radio 
interview. Mr Lynch is ly cl.iiiry 
and even qunlify his (.lovern- 
nitni’w line on re-uniHcaii».»ii. 

He is expected 10 reiternte lii.s 
htrlief i.lul 1 lie British Unvvrn- 
ni'*nt -<hriiil(i break Jhi- L'lfler 
deadlock by declaring an imen- 
i'im to wifhdraw from the Pro¬ 
vince at some future point. 


He will, however, also attempt drawing together of his past 
t'i reassure ljniunisi nninion by cotmuenis on N'jrlhern lretanrt 


into a definitive *thLenient. 


lunch mi on the subject uf suar 
an tees for Ulster's future self- 
■’i.ivernmeirl wilhin a federal 32- 
L-uunty framework. 

Mr Lynch i* er.pecled to 
annminee thai he is also cun 

-'fierin= prenar:iii<in of a While . . 

I»;i|u r un 1 he implicaiinns of foil short nf a return to majority 



Mr. Lynch's speech, there r ore. 
will be a carefully considered 


; Goliborg [A., ;2SD' 66'rti -T- 
| Goldrei tCn.' Foucaro f2Sp) 48* ---. 


ro - .. - : 921; 116/2) . .. 

F.uf it is -understood that the FoREKiN STOCKS BONDS (3) 
main thrust of his remarks wilt coupons payable in lonoon 
concern the need for a British Buma-ian ;r-.scin«montLa. s - 14,21 
•nitiative that removes rhe Ulster £""«« soi&oKtBds. 1925 DrjwnBdi <*, 


Unionist majority’* suaranteed c'ciman mu s'.prsug.Bd». 1930 -now 41 - 
ri?ht to veto any proposals that c?eek S6 epcPuo 2 vvki tAicept-. 42 ® Do. 


it-unillcalion. But it now appear* 


1966 42* 

■ r-. . Hungarian 7 -p<. 1924 40 <14 2i 

rule by a Stormont Lnvprnnient. Iieland lReo , 9 J(K S 2 -. 

. ' Jamn *p: 1910 lEm-.n ' kUS406 t,14_2- 


Spc HM Ser.l 1US36' 


i Porugucy- till 

j siumvi 4pc 1U575 i1S/2i 

STt'KLkNt; FOREIGN 
I CUKKLNCY BONDS 

93<® 


Babcock N«serl4nd TccBJs 
I ICI lnt«rnalionjl Finance 
1997 87 : 113/21 


>16 2- 


Attoc-atfrd Daiin<“ 
Associated Eiectr 
6'iPcDU. 68 .1 
Aiiociateo E»g 
19 


f;r a ,, I CIJV Cross 7'jpcLn. 5614 .1621 
,ndl - GpcDb 82ij .. j Cl*y -Ricnardn -25 d- 6t t T6 2t 

11« iom' Effi" .c” 2 V 


; Gamin* Hlais. (25oi 75 ’13 2 i.l' 

*?9*2» B ' • E " | 9 B »« r *i ciOp). 


10W 


oroon ?Lu.«< Grp. (lop, 21 I^Z)' ' 
>ough Bros. 20 p> 50:® >■*!» 1 
ibuBh Cooper I30o> .77 ;i6 2i 
iramotan Hidgs ;25o- 57 
Grampian Television NV A POoi 34 HG 2 


Longton Transport I?S® ? O0 ^ 
Lon Hi o <25Pi 74 *® M 6 4 *l 5lg..7. Spc 
(j». 1980-85 70 (16/2). BpcLh.^ 1981 -no 


LDnsdakUnWtrul C25a) 77 (14/2) 

iSiT?Y a S'M?>w S »'«n*g' „ 

Low 6 Bonar Gn»- (SOd) 170®.. scocWi 
PK 36® 

Law (Wm.) (20®) 104 


Lucas Industries 259® 64 6 3 2 1 S. 
7 J» 0 <Ln 75 i14'2) 6'yOcLn 104®^4 

Lyon?(J.I 98® ■: B 9 100. GocIttOik 714 
i13/2l. 6pcLn. 48.12 4129- iWllk 83* 
(16/2i. 7t 4 DCLn. 82 ' 


MFI FomHuro Centre* <vOol 123® 4 
MK Electric Hidgs: <25o> 164®.. 7'iOCLn. 

7D'a® -16/2) - - - ->• — • ' 

ML Hldgi <250194.45/2) 

MY Dart (10 b) S5h S M«JU • - ■ 

Maurthvs Pfrarmeomticah <20 p) 97® - 
McCreenr L'Amle Grp.i25p) .12 116(2) „ 
McCoroiiodalP 215® 30r Ufflll' • ■ ■ - 

Mocfarlane Grp. iCIanman) <2501-63® Jo® 
Mackay <Hutlh) <250) 45 
MeKecHnle Bras (2501:91.. IOpcLa. (667*0, 
83 

Macpherion (Donald) Grp. (25p1 : S9*x. 

7'jpcLn. 62'a <15/2). - . 

Midamo Tussaod’s <Spi 64 rt3/2)- . 

Magnet & Southerns <25p>..185® 8® 7. 
5.25ocPf. 60 IT6/7) 

Malllnion-Deiinv C25 p> 43b®. . 4.2ocP1. 
44 (13/2). 16.«pc2ndPf 83 (15/2) . 

Management Agency Music <1061 74® 31 6 
Manchester Garages <iDor27. ..New (ly. 

od.) ftOoi 27.' New <1007-5b®.. 

Menders /Holding*/ I25ei 89® flStTF 
Manganese Bronze Hidgs. (2Spi 90® 2® 
Maole ‘HldOS-l flOoi IS'i .14*1. UMaBC 
Ln. 73'; 6 <15/2) 

M»ootn Webb 6ocPf. 45 - • .- 

Marcdwlel Hides. (25oi 240 (15*21^ ' 
Marks and-So*ncer '25or 140® 3 -4 -t-2 
Mariev (25ni 82® 3 
MarUno lnds. mdoi .IBb *15/2) 

Marshal* Cavendish (lad) 54w. -■ ' " 

Martha 1 1 -* UnlversO <25o» 1 93® 49 SO 
MartlA (Albert) Htdg*. .UOp* 75 ns/2> 
Martin IA.) (20 b) 75 (15.-21 


Martin -the Newsagent (2Sof 232® <(16/21. 
Martonair Intnl. >20p> 141® 1 ' 

Massey-FergmoR 6400 -1 - - 


Matthew* (Bernard, <25*.-125 011)2) , 
May Hassail (250*74® .2 1 • - - < -■ 


Mavnar-s (25pl 124 2 
Mesa Bros. Hidgs. <25«) 22 3 2i« *19(2, 
Melody Mills (25oJ 70 (15'7) 

“ 2 (14.2) 

“ 288® (16/2) 



<DCBdS. due Aud-atroni 
A 0*1 ar 0 


j Kant Organisation ai.pcLn. £8'a® UO •’v* : * u t ori . 

I ll&fZj Al/fWTlJf?d 

Shell international Finance N.V. 8'aPcGtd . OocPri 

I Notes 1990 96'tO -16121 H 6/2) 

'Rowntree MackintoMi lot- Fin. 8.V. IO'.pc . Automotive Prods. i25e- 93 ,15 2* 
' Stlg. Foreign Currency BdS. 1988 98'.® ■ Avan* Grp. 5 p- 3" 

; 116i21 

Sears loll. Finance N V. 10 'jPC Currency 
Bonds 1983 93 ;0 %® -16/2 


pw a v<- -'ll 3. 1 *■ 

Looibned Eneli.h Sicres Go. <12 ,-d] BO® Greenbank Ind. Hides. *10n' 53 tE'2i 
; 9 n so - Greenfield Milletis <10 pi 42® 2 

C SK2* t 03 , ?i V S l 2 r Ser ' ,ces '*■* • 10. Do. *■ . 

Srcs -Hosierr- -25c: 670 M6'Z1 CompAIr f2£p. 95® 1 3. 8 jocDb 7s- ' 

*108.^21® .16/2) t Compton .J , Sons Webh ,!oS- 27,. ** ! 
d W-bory Grp .2jp» JO'j , '.bnre«triC {10'.■ «D'® 'IfiZJ I 

I* 0 * ,'ti, ' S® , „ ; Construction Hidgs. I20p| TOO 1 16 2i 


Assoc-aied Tooling lnds 
Astburv ana Made'ev 

• 14 2> 

Astra |rdvstr-ai Grp <1 Dd| 
AH ms Eros 


Securlo -Hides.- -I 0 p) S 7 ‘ Cool VVairs'9‘VocUns'Ln‘ 69 > .14 a. 
FvPd.i 133 SncPrf. pm 3301 Coooer^ -Frederick- 'Hides ' ’riOpi 1 

j C*>"per Inos. 1 IO 0 J lg: : « lfti,® ir® 


Group Lotus Car Comnaives (IOd' 40® 

!> - Guest Keen and Ncttlefolds 270® 4 2 3 
6. 6 'ineCnv.Uns Ln 80': 

K " n NelUefoidS (U.K., io> ; dc 
G td.Db 89'# -i5 2> 

Gunn A.i /Hidgs.i to>;pcUni.Ln. 7g - 


BY RICHARD EVANS, LOBBY EDITOR 


Pernampuco 5pcLn. 60 «13 ( 2 
S'.. PetcriBurg 4i:oc EZ'a ,13-2 


Averts -2Ep> 153 J 
Avon Rubber 187 a 5 
Avrshire Meia' P/cds 


1 b-'2i 


2501 46:S 


H.A.T. Group (IOp) 36 4- 
1990-95 61*; >16/21 


>16 2 ). 8 pc 


Cooe Allman Intnl. i5p> 550. 7/-prUn». faoen Carnei iZSpj o7; <16,2) 

In. 77'- / 4 ' naggat (Johr.) dual 99 7 


B.A.T. Indus! 


* SPI 270;® 83 a 9 1 


Cooson F i -SO, J5g 16® 

Corah >25o> 33L-® 

_ ! Coral Leisure Grr -IOpi 107® 8 s 
ea j Cornell Dresses iSp 9 


T-t- , v-r» cnmrni PI ii'VC ' 5l. U'h-MSO- 236® 44 40 39: 48 36; ! Cornencrolt i20o> 5C.*i 

L-.K. AND C0MMTI1. Rill* «5. 40t 38 5s o 43 • Cary H<orate. Spi 19 >ri 13 2 l 


THE PRIME .Minister :*nri Mr. 

M-?rvln Kpl* 4. Homo SeiTCtary. fi*»n 
b,Mie\i Cnnservaiive lc-adiTs ar<' v a lives l n innin fc-ar in ihe 


There was .* " deliberate mien- cjnad-a^ 
on I he pan nf the Cuo»er- * ’ 


a-iijui i*i launch a esmpaian c* 
brand th« flovermnent as " safl " 
••n law and orrii*r. 

In a speech rezarded by 


community simnly in win votes. 
For the Torle-* lo use uiih phrases 
about "short, sharp shucks” did 
not am mini to j no I icy any more 


PaC-fiC >>C5 > 10 V. 

A -.Cl01 595 <li.2>. 
36 . -16-2- 

Ontario QiiePcc fine Ob 4I>; -15.« 
Central Loneen >Nei.i 38 >13-2- 


16 2, 
4pcDb. 


Min:®tecs as ihe opening shot of [ban expreysoiu, ;,I«,ul “sw.unp 
a counter-campaign. Mr. Rees inc added u;- to a policy on 
said last niyhl that ihe f.lovtni- immisration. 


FOTtKICN RAILWAYS 

Chill, Cclivia SpcPJ. 31 1 
DC BdS. £2 '13-21 

BANKS f2-HiI 

Hip-.-y jnd Rmi 475 


BBA Grp. (25o, 49 

BICC i50p> 103® 2 J 5 9*. 6'-dcDd. _ — 

76 p >16 2'. 7 p>.0-: ; 2 > a ® 2. 7-aPcDb. C-urtaulds -25 d’ 120 

70 (1 5 2i ! DH _72H« ', 70: 4 

BO>. Inin- i2Sdi 66 '-® 7 6 2 SPCZnePi. 

34 3 jpcZidPI 5 VPcDb. 75'-® 


' 50pi 911*. 


(5<J 


Anloi-mxvta 
>16 2J 
Sue* Sea-Kuhar 


•:» il6 2>. gpcTna.Of, 86'; ilb.21 

BPB Indutt. ISOoi 22-t'i> 7-apcLn 


135 


( 1 5 2 r 

B<*M Hidgs A ,2api j? (la 2) 

B S.G. Inin'. «10b- 36 , New IT On; 37 
I; i > 1 5 2>. kl'iPLLn. TO 1 2 
95ri -:0 p; 907> 2*> 1 
8TK iZSpl 222® 20 1 


Hall Engineering -Holdings) 

,4400. n- 1992-97 77 
Ha-i (Mattnew) ,2501 187 .14 21 
riJlrna Hop) 60';® * >16 2) 

Halstead -James! (Holdings, MOpj 

„ ,,, . j Hamp>on industries iSp) 12-;® 

rortam Rfchijrt) ,25o- 262* 1 I Hansen Trust <25p) 129® 9 »0 28. b'-pc 

18 19. 7 oc : t n. 1904-95 oil; 

... - /«i 3b 69/j; Hardy Cb. iFurnlshcrsl <Z5p) 17 1 13/2). 

.J*? 1 - .i 8 '*.' 15 -? 6>-PC. A ircstricied. »OL ngi :25p) 25 6 115 2i 

rff.TrJ-Mi.i- 57 **.?-._ J-'KUW-L" §£ 1 . , (Hargreaves Group <2 Op) 54>.- -16 3) 

Cqurtaulds ■Cmtvnoar T'-prpi 55 '14 2».. Harr s Sr.elaon Group I25P) 44® 1 . _ __ . 

Harris tPmlip) > Hold togs) <20 pj 65® 5®- M y*o« Go- OOp) 67 

Harrison -James) Holdings iIOpi 53! 

* 15.2) _ . ...... * -N—0—P 


(1«l 


ni-nt had 
p.-iuriiv in 


ilv.avs "Iven hiqh 
'/pvndins on the 


police, and »in law and order in success of ihe 


All-.. .... .. ... _ 

Afltoe Irjrh Banks (23 d) ISO: . Bibcock Wi'co 

Araulhno" Lalhar, Hldav. lii 60 <15 /,.• P*- 34 >Ulil 4i,p.'Db 87 
„ ... .. SpcLn. 591 t> Bailev <C. H 1 ,10c' * 

He preSlllll-.-l) (..'Jll'ervatlte dl*- Austria and N.:w Zealand Banking Gra ; Band iWII-n 1 147-6 

appointment oyer the substaotiai b'^’o* 2 ”^* j? 7 ,.. 7 .pcin. w_ 


6- -.rDb F7 ,14 2, 

CDurtnn Poo- -HIOOS I ,20ni 61 -13,2, 
Courts -FurnH-h^rsl 7ocP( 4fa 7® 
Covran dc G-oof -lOo- 60"» <15 2) 
Cowl* -T ■ fSo 36 7 <14 2i 
Craig Rose 40t>- -14'2, 

Cray Electronics -10p 19 -15 2, 


13/2) 

I ‘<14723* 

l_5tt 43ij. 


139CL0.-98 (16-21 
Mitchell: Catts Transpan (25p) STi 3. T 
Mitchell Somers (10o) 59*j ‘ *’ 

Mlxconcrete (Hidgs.) (25/0 -57» 3 T Cf3-2) 
Mole (M.) 42D<u 24 116/21 
Mallns (25p) 103 
Monk (A. 1 (25o, 82 (13/2). . 

Monsanto 5oCLn. 48'< (15 2). 5oc50g. 

Dllr.Cnv.Ln. 104 (1®'Z) - 
Montron 1 Knitting M-'UO (25al 54 (18:2) 
Monument 5eCS. (IOpi 10W (Ifi'ZF - ••= 
Mbroon Crurlble (25ol 117 (15 2) ' 
Morgan - Edwards (lOpt 26 -16-2*' ' ‘ 
Morns Blakey WaB. Papers (25P> 46 

<1312,.-- A -250) 45 -13 21 .. 

Morrison (Wm.i Supermarkets -IDtH 173 
•1 <13 21 

MOSS. Bros. (20 di 106®. 6 (16/2* 1 -. V 

Moss Engng Go. >25o) 7t.«T5'2» 

Mess (R.) ,10p). 34 14 2) 

Mr»H<erejre /IOpi 158® 8 
Mount Chariatle Invests 'IOpi.. 174 1S*s. 
MoWom (J.i (25 pi 130® 29 - ' r.— - 

Mov-twh-l 7l4PcDh. 63 (13-2)- 
Mu'rh«d >2So, 176ft. New >2Bo< 17» ■ 
Muddloron Hole's ■ 50 pi 216 <15/21. 64sk 
P f. ."EOol 19 


SS"(h“ 


Moot M»*w t Sp) 2 S^, 
and. J.) <*P) *S 


a_C.F. HM8S- MHv. UUiRJ'37 ’ • 

Roca! Electronics, OSp) - MS® .8®. l^j 

Rl^RiSwifHWi^)« 

Radley Fashions Teatflea J5 p/ 4fl® .» 
Rakose» <1 Op> . 14 
-flandullS Group.X25p).W« (THZJ.- 
Rank OrB. ‘ 

06/21. RCUi. 

■wwwtiWnsmSS 

2.. - 

Ransooie Hoffmann Pollard fZtftai ny; v 

<spr 3t ^ . w 

R «Si Mixed Concrete (25n) 111^2 


-tv 


Reckltt -ColmaB.: tSOn) - 414®. 44 

SpcPf.'45fe ■ ■ 

Record Mdgwey 0250- 03 
Red (earn., hf at lona l 

RedMoston (2Sp)_92*3® 3 b* 5 21..,'a*i 
-rieoiaod (25p) 127® »-»- • • -*y 

Redman Heenon Interal. -(1dp)--S4® S 
Reed (Austin, Gp. A .CM. U5pr 3 
Reed Exaentki* (5p)'442 : .■*:v. - 
Read Intend. 109 3*a 4 31 )4 5 7 
- 5«apcW, 41* «4fiU. 


Reed pdbnstitag Hidgs.; 4«J»(. - 

(192). 8 pcPYe#. -GTU. Lli323- 
81 »* (13/2). .~41gPCLn._.30t, g ' 
Read (WHflamr Sony (25m 74 
l25j» 711 *•* (1612) 

Reliance Knitwear .Go. 


Rgntokli -Gp. (lOp) 49*» : I11._ 
Renwlc-k Go_ (25p) 38-- • . • 
Revertav CMsmrais C25p) 83, - u* 

Rexmpra (2So) 58®..-.- . •„ . __ . Vi 

■rep). 3Qtz®^ 


RevnSS (VF - JJ^Wba : 

29Vi 9 - • 

Ricardo (25p) 100 : 


(W JJ 

19k tf 

Richards 1 Br^UrampStpp o'oo* n 
Richards HOpl 24® -. ' 

Riicv ie. j.* Hidgs. «iop» 28*« nsiaia 
R<* (Sp< 8*s H ■ , .T^Jf 

Rohgrtson Foods .<25p) .128® j«~i 

(16/2# • w** 

Robinson (T.) sop (250) 64®* <: ft® 
Rock war r Group tZ5e> 125 -'’ *-e 

Rolls- Rdvce Motors Hidgs - 
8 pcCnv.Uns.t-a. 74-IT6.-71. . 

Ropner Hidgs. A < 2 Spl a80v*^S 
Rotopilnt . ( 20 p) 47 ( 1612 )-. TCT'-lS 
Rothmans lotnl. 48fe ®-<Ux2fi 

Rotork- t* 0 o» 1 T 0 \ -' —.a* 

Rowntree Mackintosh (50M 364® 6 C»^ 
fipcf «CumJ*L. SS (14/2J. . 7<UK*dCd 

Rowton Patels (25p) 152 
Rova| Worcester US#) Itk.m^a 
Rovco Grauo , 2 ^) 32 (t* 2 »r ^.3 
Ruberph) ( 2 Sol 33-,13/21- 
Rogtnr Porttand Cement C2Sp) 7Sv 
(16/2}.-6ocUnS.Ln. S4li 4 ..,1 


S. and U. Stores- «12>V' KL" 

Ptg-Pfd- (I2i«l 17 115/2) - __ 

SGB Group (2SoJ T47. . SkDcCov Uhd 
- is7 n 5J2) : ■ ■. •: •: — is 

Salnabnry <J ) IZ5P) 183® .8"70 V.JK 
lttMtJSp. 69V.lfi'23 -., /^a 

St -“Goorgrt- .-Laundry." '(Worcasnert-fH 

Samuel (H.) -A >7Sp). 2*3.v1S-n j.t2 
Sandeman . (GeO- GJ -Sons (25nT^.:5lhr 

(16/21 % - ■ a ■ • w 

Sandersoa/. *Ca»ser" (250) €3-j>lBI2i^ 
Sandvtk, iSandoUcens r; Jem. . Aktk^W 
<10p). -48 - --CSS 

Sanaer u: Ej:i25pi/7Gu; 06.-21 
Seville Gordon -U-f Greup -ClO p)-IW 
Savoy -Hotel A HOP) 73 '.; 

Scopa -Group -25P) 99®-. ‘ ■ - - J9* 

Schotes 'Georbe H ) (25p) 282®' >f«2) 
ScoterM (25p) 75® 4*a«. 6Wfi™ 


Scott fiotwrtson OSP* 28 (15® -/' ; 

Scouhn AgrtenttoraT mriuriries■ J*f.i £1 
Scottish UnWersaK Inr. (25p) 84®- 4.^T' 
Scottish HeriUble T«t.'(25py 39C*A%;££ 
Scottish Road Service* TocDb. Si'll® * 
116/21 - - -■ • - •' • 
Scottish Tele A (top) 65 4*s 4 69 -*13 
Sears Engineering 8 * 4 'pcDtL_ 74 <a ,J. 
Sears (25p> 57*a® 8 ®-9® 8 *i 6 -B. ; Iff 
SBIa.' 7'4pcLn..61*a. - ; . ' V« 

Seflncourt iSp) 2) h <o ' 9) dY l.a. .7 
<13/21 -• •’ • • - ■ 

Sena Sugar Estate*iS0p)7)«®-06/2). — 
Serck USn* 87®.5*c® 79* Bia 
Sevalco rnpcOh. 87*^05 m -ai 

Shakespeare iSpt 37® - 
Sharpe Fisher (ZSb>-- 41® -.;jt 

Shaw Carpets OOpJ 22 <15121 V 

Shaw tr.) 5 * 4 pePf. as (14/2) _ - M 

Shecsabridge. final neon 00 (2Sp) 70®. 
-SheftoWi'RefraaWMfrt Houses-(ZSpt-48(5 


Sbermao (10p» iDb (13/21 .- 
SHtllaw fndestr/es £SOp)- 90® 90. 7<aM 

5210 

SteM'Gomiao OSP> 167®.8 I16/4J cl 
SllentnMlht -11 Op). 97- -J 47 

SilhOuMte aOpf 47 tl8j2l - - .- . 


» 12 *!•* 4PC ■ Green ijam«, (50 p, 146 <14 21 


(tenoral, even in times nf finan- 
<:i3l sirinucnc;- 
“ \\> are simnriinc uv<?r fjbn. otiier ^ 
mure in real term-- r,,i law and exploit, 
order than in 1974. Police 
nmnljfiy have ri-u/n by about tn 
s-nno m the i?>i ihrer years . . 

•ei n>i -me have any doubts. 

rder.” 


economic policy meant that they 
would 


i lOVPrnment"* 3jnk SI Munirv., i<c:' t' 1 , list'- , BamlordS -20p, J4a 
Bank Nc* Sbu'ii Wale. 'Lon. R-H* > <542' 8a"k Br.oo? Grp 
413 ' Ln 65® 


i-P' 4 .'4 5 I? 4';. 


: Crplinn HldOi -10ol 27<fi 
Crenf Nlrh-il'On 10n. 73® 3 
- Trod* Intnl MOD' 57'-® 

Cro<*a Oli'OChpnilraia Grp 7 wM jji. 

ruKhv Mow Grp *27 
.fnwhv SO'<nq rnlnrlnn -10 d- 16 


Harr.Mn a. C.) i25PI 104 H3-2I 
Harriaons CraSBeld 53% 

Harttr Machinerr International '2 Sp) 21% 

■ i»:> 

Haitarell* Group <25 p) 70® 

Hawker Si Ode ley Group <2Sp> 160® 4® 
p® 2 SO. S': PC PL 57 /14.2, 

Hawkins and Ttpsar i2Sd) 73® 

; Hawley-GoadJll Group' (So) 12 
! Hawiln (5 d) 90 -i* % *1621 

Ha* -Norman) ■ ■ Op) 40 -15/2) 


Lni-i] i wu-it-.tH ariinn.) frii* Bin) riova Scotia 17 B imet 125P- )(f —■ 30*; 1 . 

□ave I'J Jl i n aruuna tor Blnik „ 5fe ii JnC -Governor) 277® 6®, Barker Ooftson -tOoj '1® )2% 13 %. 

issues fu create or to 2 7 . _i 2 «*-n_ss® -ib ?, 1 

, Bjir7a*» 6-nk J09® 7J® *0 7 13 3 9: Birtow Rand (RO IG, 13 J <16,21 


Bpt. . (Tmcfand <R and 4 G • <5p, 38 7-- <14 2-1 Mn.dlam Slivil■ Caoolns >5 p) 31 -16/2) 

Crcxs'ny Bxlldlna Preduett >25 d 1 68 ; He ni tH J.i S'lPtDB. 1976-35 SO -14 2) 

Helene o* London . 10p) ifi-i ,16 Z, 


nn "III? 

I.ahuui -jaml.-; fur 


S'.PCLn. 74'a 21, 4 — 1 B*<< Wallace Arnold Ty*' iSSpi 69 

It is easy- for an opposition Bank l-Natfnoaf ^ B cLn. S^W^a,,* », 

make The rishf sounding arewn sh-e'ev Hid«. 205 ® 1 uncin ase 1*6 2 - 

noises, but we in 1 love m merit Ijhaso ManhilTsV^Con 20 ® naz] ' 9a?n*Po<tla«d G - a ? S r :'5 d^ 0 77^ ®* fl 1 9 
have to bear ihe responsibility cS ,SgTnW 


for actual decision makins." 


■ir 


Commercial Banv-r.g o* Sydney 135 
CommerabjnL Er -DM10/ LUS22® 
, .'D-n 10- U-: I'.!! 


RTi< vig.i (25 p- 924 


Mitchell outlines plan for 
economic recovery 


B ?aft.e -J4IA4-* 

'16 21 

Nf* Bcauiord MOp- 49® 

Be iser lOo. J9 I □ 2 

OeulMho Bank Br -D.-n.50i LUST 50':® Becchdm ,25P- 620® 2# )B® 24® 1® 

Fraser AnSOicner iIOpi 11 19;. 25 4 T o I 1.2. 6scL". 79'a® 

Gerrird ana Natr.1. o.sc^uni (2 Sp) 164. B':pCLn. 76 -14:2r 5ocLn. 244 <14,2, 
_6jH2/’dPI F2-V >4 '13 2, • BtNKh»ilOd Construct/on ,10p' 23;® 

5’^' 'A. 1 Hidgs.. ■ZSoi 38© 40 l1o*Zi , Beiam *1 Qdi 604 1 -i 1 i 12 3 

GHnrtlays Hldg?. »2Sm 115 , Oelarave CSpi 32 ' •. 7 orPt. 45>.• 11 &Z) 

G'non®-i5 Poa? Go 1 -5pi a03 ■ j 6 • BcMalr Ccvneiic-. ilOm IS M 3'Z» 

Hambrov Sh ; .. -2 Sp- 185 1. 7ocLn. TO - - | B--nlo> -20 di 27 

H6I’/ _ • Bentalls HOD- 29 ,1b 2. 

*-> Bent.m3 Indurtr.n-. ijspi 27-- M6i2» 

Berger Jenspn N.cnplion lOpcLn. 81't 


MS 21 

"rc-wn Heu-I- -25n, 47 -n- 7 -16 7) 
rrow"her < lehn) Gro f2 So 33 <16 2' 
Crowfh-i- -)nhn Edward. Hldgi.. S'-ucPl 

35 *3 2- 

Cr»ataifl>» -Hldps.i .Spi 20%. Nfv* Ord 
•5"> lO- ® 

Cullen s Stares i70oiT)9o 7 mb 2) A 
•J-n-V ?l*m 4 

Cul*-r Gua-ri hrirln.- H'dns *9';» 

("ummliw En^in* T'-prllnaLn B6 
/-|.rr%« .2Fo- 1«.s -16 2' 

C.isromaO" Mtq < I Obi 19'a <16/2) 


122 ktS.Zi’ 


87® 6. Wtt 


.SHK2 50, 


FINANCIAL TIMES REPORTER 


H.ll Samuel Gp. C25 d 
i supv:r. 4:.'0 

Hrjnqkong Shanghai She. Cor- 
‘ 250® 3 1 6 
: level Tcvnbre -25p. 70 (T3/2) 

K«aer Ultmann Hides. '2 Sdi 40 -15/21 
Kina Sha<son -20 d> 58 


32:® 

Ser.itord <2 Sd' 209 7 
Bernards /2Sp> 6) IS J. 
Berwick Timpo -25 p- 5t -1S-2I 
Bestobcll i25p- 155 c 

'i® SO 


' “’mb' 2?^ BenVan «25»i 104® T- Bc „ B .-O«.‘l20p' 64'.C 

A TllREE-FOINT plan fur expand an-1 -roair- more jnbs. uo»-is B-ni ;so® so 2 t. 7';oeLn. • SSS7 zfat® 16 ' ,1 '* 3 ‘ 

reviving Britain's ecmminy w.is New incentive^ vhniilij he offered LeAnfr/’w^tn cemVa, s^mdp*. a®-. 2jIS"S£J. ■ ;:SD, * 7Q ,,s *' 

nntliru'd yesterday hy Mr. David in make it -vnriliwhile for people „J r ? u V. Ser . 114 t'rn'd o«>ic»t >2=3 (,& s>> e- 7, :oti-n 

Miich?ll chairman nf Ihe Cnn- in invest their -a\iops in s-mall Mi'diana Ba-.i 1 V 1 * 2 s. *<-*. ,t. D - _ 6 r ^* ah . n , .. 


Hen Ott son-Ken top <20p> 64 1*5 
Henlvs <20a> 117:® '.-:® -l6-- 
Henshali (W.t l Addles tone- (IQp- 13' 4 . 
Henschnr (Furniture Trades' IIOpi 23 
(15 2>. A OOP' 23-; 113(2) 

Hepworlh Ceramic Hidgs. (2So- 7S',0 9'r® 
80® BO 7B'j 9" 

Heowan*. U.i (IOpi 60. Si.-acls,Db. 76 
He/hert (Allred- 4\pcPt. 44 \® 5® 
Heron Motor Gp. (2Sp* '100'>. lOocConv 
Unsec.Ln 1 S3 '14 2* 

Herrbur-_<er Brook- (2So) 33 (7 3-2, 

Hesta'r (2So> 112® 11® 

Hmud*n-5tuarl Plant (IOpi 54 
Hevwoad W-iuami Go. (50"- 74® 3 <16 z. 
Hirflno Peniecaar fSOot 86® (1S2- 
Hickson and Welch (Hides 1 ISOn. 522® 
IS (162) 

HlWd Bros f5p< ITIa <16 2- 
H.gas and HIM (2Sp> BZ. BpcCony Unsec 
Ln. 77'-® 

Hlghams iZ5pi 49 

J -nrdD" , B2 , “ a M5 9 ®' J * -* K2n E o ! lib «»' f” 1 2S"i.! , fV«,r 1 li^ 2 ‘ 

f sBaj^awi... 3 . 

,‘r. * ^°' L llpeunseto Ln. H lnton (Amon CIOP, 68 (13'2> 

0«ca 2bij 410® -16-2). lZ5p> 40DI. ' "R&l F " ,a^e, «3 

4SPCPI. 49-.- (16 21 
Oella Metal -Zap) b«5'-® 9-.-® Bu 9 
7 'apeOb. 73-;« Ij (16 2,. lOUacOp 92 

Ho-2, 

□emspiv 9oc.Unseca.Ln. 37«_ _ _____ ... 

Home Charm MOd' 1*8 >16 2 


! U-*ic bieclru Inti IIOpi 134 
U4m,n dl.ur A 114 (. IJ Z' 

^ar,>iiuuli> inv. vip> 1 2 
. Udvi.s rvennian mags itpp, 

I u>ns ■ L-upi,- -4ba- m j® 
ua«r I mi |2PP, aa.4® 3® 

DiMiun Inti. -4So■ 1 IC 9. A (2SD 

I lull 114 4- _ 

: Oc -.4 Rue -2 3P, 2b0® Sb® 5 60. 3 'jix. 

| r, 2 b lip .2 


1 12 


NCR" 4pcJ.lt. .59 .(16/2* . j 8'IPCLJI.' 72l> 
,T4IZi' - ' 

NSS Newiwnu (10(f> 105 Iisili 
Nash (J. F.) 50CPf <25 p) ' 7W (14'21 
Nattian- 8. f.l i25p) 52 'IS-S*. -. 

Narloiul Carbonising. (10p) 50® 3 ... . 
Nafi-ihal Star Brick Tile Hidgs. TliocIstSh. 
F6® 

Needier* (2 Sol 30 '15 2) -. 

Neqreth and 2ambra (25pt 03 4 
Neill 0-7 Hidgs. <25o, 86 ® : 7. New 
(25pi ,88 • . • -• 

Nelson David '5p> 7>i 
Newbold and Btinon Hlogs. -2So).42 .... 
Newman . lnds 125P> 70. I.OuecLn. 76’i 
7-i 14121 

NHrnnan-TortkS <25pi 63® ... 

Newmark fL I <250) TMO • .- 

'News International ■ ( 2 sm 260 ® • 

Noble and- Lund CU)o, T5I» -14<2L 
Noiero* 1 i25o< 85';® 

Norfolk Caoffal Go.-.-So) 49®- • 

Norrinaton (H i '5oi 14 
NOrtlf HvdrO AS’ (NKRBCOsZS'a -13/2*. - 
North (M. F.i nop)' 40* 16:21 . - _ - 
Northern Eng-no er‘no industries ' l2So' 

88** 90 89': 9 8 25DCPf. 97® 6 8. 

Northern Foods *2501 110 11. 6,2506-in.' 

(.n. 100(16/21-'. ••-••• 

Norton <W E.* (Hides.) (SOI 28® 

Narvlc '-JOO' 26 (13-2) 

Nnrw-nsr Hols* lilo*- 8B® 9® 7®. :16,21. 

TocUns.Lr?. 77.2(4 2> - --. 

NoWnptiam .Br'ck iSOo’i 2Z2 " " 

Nottlnahair Manufaciuri-^ (25 p) l.tD® 
6r-ocl/"S.Ln. BS*-® .',® (16 2). . . . 

Nurrfln P"acock 10a* 93®.T® 3.2 
No-Swift Industries (5a< .25® '*a 


Simon Engineering (25p) 203®. 9<4PC 

7»W i«f .'jc 

Sirdar USp)'51® 116,2, .,».»• 

600 Group. USD] 731*. • 4teocRL~-J 

*14/2) . * . : .-LV . • t 

SketcbieF «Sp) *103 *i® 3 ■ -■ • <-• - 
Sroat) asp/ 24 (14,2, ■ 

Smart ITOpL 410 iT6;2i'. . 

Smith Nephew (lOoi 574 9... Boctd.. I 

.414(2)-...... .v.s. /. ' 

.Smith - (David .S.v (HldKl.-tZOnt.-sr: 04 
Smith Hidgs.-iWhitworthi ttp) 7® <16/ 
l Thpcn. .41® VI6/2* r - 
ShHUi (W. )T.--Son.lHftO®3:A (50pi'14 
8® 4- 5. -B.dOpi .27.* AKDB. .75*: 
St^cUnscd.Lt*. ' *383s. *-•#-• 7l»ncUnacd. 

Smirhs fndui/ffiOp)- T45®--3®--4® - •> 
Smart* . (JWersOol. Gp. ^2St») -.176® 

sni* .Varna: (iizoo) tie- «a/ 2 i 
Soilcrtors- Law StoWonenr Society <2' 
,■64® . 

Sotheby Parke .Berner Gp..<25ei 203® 
Sound. OUTuSIdd »5fU .39 ' 

Sparrow. (G. W.I-.Sonii.HEOa) ,.1-12 J3.5 
Soear. Jackson Intermix C25 pi ; 3(6 
Spencer-Gears fHWbs.MSp' 33 ■ - 
Spencer.Oark k^eCaF.iadus. i20p' 39 (U 

Spender • Gears THidgs F So) 33 •. 

Swrj-^ Rand Con. -. Sft»- <SUS0J0> «2 

SplllOfVCUpJ. 271}-8i]. '70CD6. KDi 

• (Ifi 2> ■- : V . - . • .- 

Spinur-Sans-Eng-g. L?5 pj Z 60 116(21' * 
SAOOoe* Indus.. .125p) SO- 116/2) - ... u , 
.Staffordlti/re Potteriec iBldgs., <25tn 1 
(.1 a 12, - -• - . rti< 

StaBex IntlBrntJ; f2Sbj TS-h® 

Stag Furniture JUdgj. <25rt T02.3; CM 
stub - /R« 0 .) , Orgratn,. (10m-38®. 
8*a® hr -- --. i.- .Vi 

(A.. G.> Hidgs. tlOp) -.1.1 

status, D<«okiht nowra . r - 

'Staveiev Indus’ 2271®. 9> 7wU« 

'Ln; M986.91- M0p>-64 (13 2i 
Swia'.Shaosoa «25o, -71 6 - (16 2). 
125P) 56 (1*2) . .. . --. 

Ste« Bra*. Htdas. iSOp,. 358 • ■ „j_ 

ShWtlev iZiD) '186® B® >7 B 9 (|S 
^TBcUnscdTLtK. JTZ.: ..._ JZc, 

Steinberg Gp. (IOpi t6<j 17 (iS(2t 
Sterling indust* (2'.ra)-25'i <15/2* J ‘ 
/Stewart Planks -MSpJ 126® (16/2) . . 
/.SMmpMiTi-Perfciw ,-Spcpf. (SOP) 18 .(14, 
rSflrllrtgiKnlttfhg Grp (TUpV 25 -(14-21 
Stockialce HMbs . USo' 86 Sr-A <16I2».;' 
Slocks CJbsePh) (Hldgi - (2SP1170® 
Sunward (Hldos.)VA N.v rZSo) 25'* 
_t18 2J SpcPf; 35® -. 
stonehiit - Hidgs. - rasp) 92 -1 '(15/21 
Stonfi-PlaTt Indusf- f23p) .106'; . ■, 

Streeter* Gadolmlng (10o* 32 <*6-2fJ 
Strong-Fisher ~fHlB9S:i 12Spa S7 rtS.ZL 
Stroud: Riley. Drummond i25d) 24" rigf 
Sturla <Georoe) flop) T3' a -(i5J2) 1 

Sfylo Shoes15o) 48 U fltf.2, - sj-1 
Sunwar .(Francis) (Hidgs.) <TOd* 
SonfijrtM ^Service Grp- nasi 31; 7’ap, 

jupra. Gro. t10n>. 37® '6« 7 
-Suter .Clecntcal t5p) 19 U • ■• ' . 
■Swire IJohnr 6.3 dcP*. 74" (1 VTi _ - ~ -. 
Syfcooe (25 p) ■I01 i a4'2) 


O.K. -BXzaan <1929) (R0.50) 290® ' 
Ocean.:Winona "Hldga.) >Z0o) ~B» 7 


s-M-idiive Smo11 Bu-ini-s? 
nuUec 


rim- h uk in esses- 

•*Ai prewm 


ohsiacleF in 


JJO I. New 7.® S 
lO-ecLn 90 ,4 89 

* 


B-rminehan- Mini -23c, bO *15/2- 
Birmingham Pal'-l Odp- r& ,16 2, 

H-rtop 1 Stor-fi -2£a 177 ,1j-2i. 

NV 137® -16 7 



Uvfilcno st am Dins ISOP) 155 

Deaourter Bros mlogy.i IZpp, 1*0 (16I2-. 

a.23CLPi. SU ilb/2' 

0«<v iG i ,2SP> l6o® 

uu-nurM Partner iivoi 15 1 .-® lb® la's 
■ b>: A -10 p> l 5 
D"v»ni,rvl Deni l2U0, 22'; (15 2) 

□ i..v TV.Dn KOOH'Own Group i25pi * 1B. 

# -aSKUnseco Lii <0-:® 

Diulonia urn. (25p> 137 it 5 2 
Doans Pnui igrapnit tiilp 
. . u.iOr ,5p f 4 7 (14 2 1 

9DtLn. 0 a t,ig,i Park InOi ilOpt /A':® b 


. Hoflniing .(S.l (Z5p, 71. 4.SSocP( 461-J Hreana HkJos. MODI Bly fT4'2l-.;t'--.-V' 
j, 1 13/2) 1 Oce-Vas- Den-Grinten Floancb. 96 •.»l6f2L 

, Holden (Arthurr <25P' 6*® — 

I Hplfls Bros <25pt 66® 

Holt Llovd In tern, I (ion) 127 »; tia /2 


□Pica Electron'c k^acbinos (25M 3® 

□frev'-*( 20 ol IIO -• . -.* i . 

Olivers Pa»er Mill tTBP) 78-1--. 1 ■.-.- ■ i . 
Orme ■ DeWoomantt. mopi .55 9pc 

UrrsLn- 79*s -t .... 

OtHbom (Samuel) f2SPl-04® 

□wen Owen (2501 76. 16 Z) 

OvIvV Printing ,7SP* 53 h ti6'2) 


Op. 


Momfrav (25 di 53® M6-2 
I Hoover (ZSoi 350. A (2Snl 330 25 
i HotHInsonc Hldm (SOd, B2 (14 2, 

. u "r'*On Mid'and* <50 84 <*6 2 

Hpckint Horton <20p- ISO*-*:® '16 2- 
. Hn.ien ol Frjiser <75r.1 1*2t 19® *2 
, 4'-pap, ja® B'iorLn. KB'a 
, ,, ■ Hou*n wl. L»roc- I25”1 S?® HBOi 

4a® 70 5 * ] Howrinqhjm Grouo Rr»td V*u. {25n* SS .Parkland Tektlle. HldOS.) A >25o1 65 

!. >* ! Paterson'Zochoma A <10 o> .195® . H6.-2,. 

lOorPf 1061 ®. 


i D, 


Parker-PCnof) r*5oi 1.12 (IS Zi... A.(25n) 

sis. rt-s-av 


Hg-ard Wvndh>m (20 d1 22 !13 2) 


ivduied lo allow ihem lo business. 


Raval 3k Canada i»C2’ 17® Bluepirp Confer, or c -> 7501 155’; <15-2 

C.-hrr-rt'-r; 395* 16'2I. S'rDCLn 7fi Bluem-' Brgy. iJjdi t-ti ,15 2, 
ic-:com»>P Minh^i Cnma-on 227» ■16 2 *, 'S3' • w ■ >16 Zi 

5m-lh si. AiiBvr. -Hidgs > ,25P' 7)'- BMvcotr ,i-iprna;.enal -2 Sp> 64 6l)r 
• 1J 2' Ooltan Tealil* M il S -rj-Ln. 34'; -15 2, 

5tancJ.no Chartered Bk. T90 1. I ■ -oc Bond Sir- 1 * ?ibr,(. no D y 54 -152, 7*40 
Ln. T03 _ . 


Doncaster ID / I IpcDh 91* • lb 2 

DOrada Hlous. ,2bp, -1 Il4i*l 
Uj/t Cncnutai Sn». t»U52iU- al- 
□awa.no Mills >-JD, 24* 
joxniL-aric rtloua -tup) 32® (16 2 ) 
Duw-.-l-q ,G H.I t50O' 2047 
Joan, Surg-cat .10P 1 33 
Dawly (50p, 175® 5 6 


20a) 20 (15/21 
I Howard Machinery (25p> SS* 3 >16/2r 
(11.2) I Howard T-nrrvj Sarvirrs (2So) 79 
Howdan GrauB (25P> SB'-® (16(2) 
Hudson'* Bav ip.d.v) Ell 
Hughes Tool (5U51 1 £21 U* 

[H-int-na A-^nria-ed l-d-icl <23 d) 203* 
Hunt^ioh Grnun (TOD) 97 


5?7ku if° PI ScuH HldV .250) 23. j n;‘J^iTs n p) ^(t 5^1 ?13 ' 2) 

CPI. 4 68 *16 2) HvmJn (5p) Z2*: <15/21 


| Tc-ronla-Dom,n,cn Bk -SCI- 10 
Union Bincorp )i>c t'USI - 415 
■ Uniar. OiCCiS-ml London 425 (15:21 


14 2- 


over-bookins risks 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


airline p;iKsen- 
risks nf nv,*r- 
may s«ion be 


WARNINGS tn 
r;ers about ihe 
bunked Oishte 
displayed in U K. airj„,rls. i.rinm 
iny Brilaui ir iiue vilh f.S 
(•■ai-nee. 


Db. 691, 3-rpCU«<.Ln 39 (14 2;. 

Uns.Ln. 46; -15 2'. 7'mcUns Ln 55 

2‘- (15 2'. 7'iOCUns.Ln. 65), -15 2* 

76 airline .. and ir.-m*! UTifii."*' M 

. 40 

65 -® 

. . . . . _ . . iPf 

Yeilerday. i!i<- .. was wel- D ' 1 * 6 ‘ ,J5 - *'- nf0, » 77 0<: 


Bjckt^M-Cjinnwi -'Cin. 202® I® 207 2 t , S“i, l -i* r iwls' * 16 if 

5yS, , h , t , |n7 , ''H'5n , , m t , r, JUliV BltumaStiC tIODI 35 

Bnoth lint H das • ■»:.e>-. bJ 2 H4'2t Ounbee-Combca-Marv £10D* 140 J9g 

®?° l n '7 5b : 90; ® 20 t? 1,7 : Dundoman iZOpi 40 

5 9 * L- Swtf T7* 1 16 2*. 7'*ocLn.! ouniw, hidgs. (50o- B3'.-® 2® 2 3 1 

p 9 -13 2) i c - - - — -- 

Bgrthwlck^ 'Thomas) ,so 3 , 68® 9 , gi 

6/ 

■». i----- _ , , - - Duple International <50> 12ij (15/21 

2. 6'aPcDb. 33.39 69 B 5r* l « r S, c r p u >6 J ’* Ih* 70 68, 5'.-or : Dutwrl i2Spi 62 , 

. 87.02 62 f!5 Zi. 7'jPt E 1 ' . 48 t- - ^ <D <4»tDb. &■ 'la *-) ' Dl/r^pipe Inlrvl. C2 Sp> 1^0 ^16-2* 


I—J—K 


j BREWERIES Mill 

J Allied Brewrr.es i25d< 80':® 79:® 90. 

J S-.jPCPi. 32 OJ'JJ. 7i;oePl. 70 


3/.CCDS 41 :i3'2i. J I,oemi. ■ 1975-80 i 5""|5?" 

86 -. J'jpcOb. 1979-F4 75 ns 2' I Boulton WiiHami_ >iop, 13* 3 « 
5'jocOb. 76 >14 " ' 

15 2'. E'lPCDb 


,ICL 2 3B® 4u 39 *2. 4 ,4 oc Do. 88 ® U® 

. . . [ 6 p<Dbi 1975-90 «ia® 

“apeP*. 461; 7 ' 16>2). 4 lgpcDb. 1972-82 |f>c C oup ( 20 qI 112 (13(2) 

2.; II4/2J. SJapcDb. 68'4 ff6J*.i. 7BCDD.i IMI 95 E Building Pradum 7)wOb 7B8® 

116/2) 

rbstoclr johnsen (25p) 13B fisr 2 } 


7prLn 76' 5'; ■ 14. 2 1 '" _ . Dutton”FO<shaw I25P, 41 -1 'T6.Z 

Bowmarj NrwJcniPdland 4»*pcPf. 34 ' Dwek Gro I I OBI D^a 


... ■' ,l„ii l/.i-i-i -14 2: 9 ocIJi,;.Lh. S2* '16 2, 

j^ents lu disphir i,\«.-rl,rjr,kin'j «js^ chF<r,-ia*on tiso: too® :® •* 

v.-yrninq pul ilm>. nez- 3' n-rnt, 77-79 .* 3 


■ 13 2) 

Bowthorn*- Hlrla; 'IQs, 55 » 3 «15<2t 
frahy Lesl,.* <10u1 B 5 ® g ,(6 J' 
Braham Mi|i;r Iflpl 35 ,, ,14-21 


Dykes ,25p) 26 
□•son J. and J-> NV A !25pl 53 (15 Zt 


A 1No '" V,q1 f20P) 7pUndDo. 


Pi u>s' Whitea USov. T lOa'Itf^^r 2 - 1 6--2>: 
Ptwton 'W. L-J Son rsoJ S3 . 

Peak In vert menu /t.0pl_S»r <16 2) . 

Prince (C. H.r <25 p>'134® - 

WlrlBB Longman /25e) -179 81- 
Pearson : <SJ <260] ,178® 9‘ BD 76 SI. 

BpcLn-. 954- 10*»PcLn.. 102 »14 21 

Peeraoe Biragngnam tioo) ys® 
PeolerwHitteralev *ZSo) -1S8 

Pmtland Industrie* jj® 2)j® ij 

Panto* <100) 74-tl6/2* '• 

P-n-kM-EVro 4 srLn. 74 0 4 2) 

Parrv <Harold* -•ZSp) 161* 1 
Peter pan Bakeries 28 
refers Stores <iOc> 39 03 2) 

PctrtcoO H2'ap> 64 

Philips* LaP»P4-(Ff.iO) 780s OJ-ll - 

Phillips Patents fZSd) 15 ,16 2) 

Pftoemir Timber »ZSpi *S2® 3® 

PHro A-nop) 105 *16 21 
PllkirtgtOP Browcs 430 27 6 


T—U—V. 


.TAC£ .(I0PI.Z6L .7.-,.- - 
•TalbeaCGiy. *5p> 2'1. r a la 204 
-Tamic- CSOpV-131® 30 3 2- SVpc 
86-91.82® '(16.-2). Do. 69-94 66®' 

1 !«•% : W-97 -70** »I4?2L 

Tote -Lrip -132 4 go ,, .0. -WW 1 
(162)/ 4-laPCDb. 9b t15:4)/ 7ljpc 
71j.-(lJ5)2). T0Gokp.-78*, <W 

)3pcLn. 113>3 (1512* 


Tate er Leeds 


til 


PJ 49®' 


“.*1 


B ® ,r ®aas--ftSL , aaE w Viii 


Tiytor- _ 

7IW.20 *•«,. . 

Tebbltt &p (10p) 12 I’ll* - ’ 

Tecalamn_.(25p)-.107ia * < 18 / 2 ).-. -. •»•< 

TS^vs* 0 "- tSp) -M,-' ‘A (N.-VJ-U^ 


06/21 . „-...- 
Teleohone RentaK'. (25p< 126® : 6®'^ 
Tenneca Inc. TOeeLn.urn V (T5/*': 
ISS* Stores (Hl<ns-1 (5Pi J9'nt ;9 Jl; 
Tm-.A bras ves IJOoT 72 .. • 

Textured ,Jersev ClOoi '30 2S n4 J)-.V 
+tterp^»f ;Svndteate_-EZ6p) ,TTB r - .::L' 

Thomsan- ^Orgaaisatlon, T25pl ■ -193®-3 
'?8 3V2. fiLtw tZ5Dj T95® 2DO-V 

ILL*?.- -.621*^6121. 

<16 2) ^3 BJncPt 65 
XocUtDb. SB'* flS-Zl. 6J.Pt I HOB.? 
•A3 2) 7t4PcLrt 641® 7 • 

Thbmsdj, T-llne Caravanv .(25p) 45® * 
Thorn- Elec Industs. rtSpt r*a®JLj®2- 
SptLft 1041 - • 

Thoroe if. w.i-noo 63®-- *■ . “ 
Thurgar e«rdex riOoi 12 


,-ocUns 


•\i prcseni. iiMcn'lin-^ |>a»SL-n- ^ 


, ... 152' b'.-DCO** 87.93 74 

cnim-n by mr Airline Users Ln «3; _ 6'iocun: Ln 97 - 132 ,. 7'apc 

I^IHIllllillee. v -hiL‘h fa:d il ex- Bass enj.rmiTon'Uns Ln 66 'j '13 2 


Sfi- 111 

tew 


aoiit-r's div 


2 i.t> wiiii confirmed rose rv a turns ‘ n .. J h .. 

^rt.' uivrn n>« warning lhal iheir , .,'1'u, n m 'ii 1 n‘.i«-„ri n u ' ,r,#vu,lls ' 
s.'.-tte mav h P nn:iv3il;ti)U' when ' , - 


I.hi" arrivi? ;ti ih<.* aiipurt. 


Tfi,' Rfiarri *if \ii-lmc l\ppi-p- 


linn avdiluhl 
dpnied a 
fiiriil. inc. 


scmaiites lias Already asked Us to tell passeni-ers of their ri^bis. 


ih.TMT. 9-e^-rv <2So 44* 3® f; 

0*11 4nrDK 29 (14 2' 
fir" ,Arthur' Sons <5 Qd] 206 ® 6® . 
BnHHiAqtons Br-m/ t! f2SB' 136* 40T > 
<15 21 

Srowi 'Ma'lhcai "25n, '07 6 -16 2' 

_. _ Rui-l'ny"-, ftr^yieiy 4 *0-D-) 31) ' <4 2, 

p.i-consers "uim., /hn mih-i*. /zsn- 

•'Ill h,'l:;|l|-|- t,f nvpr- -"r'-'-'WTOd Rrrw»rv iFOP'-.ba'--'! -750 14s 

Maltmh -JOn* Z“ 

L.-”-n-7" Browwy 1 «J <18.2 

;Z$pi IT (16 £l 


Tlx- in'fit-i. 


hkM' 


IHe 


"raid Grp. <3 dI 33 
Grairmro 'H i iZOm 1 J 3 it5"2' 

B-avnav -. 10oi 32 ,14 

Bro-rijr Cloud H.ll L,m- Works '2Sol 52 

■ 16 2, 

Brtr.t cneni'.-.tly Inj <)a B . 1 39® 

Brenf WalLyr -Spi Jj 

Rri-khouw Dudler '1Ce> S3® 

ViQacnd prO'p-.M-s rs c ., |JI-. 

Br.rt-'n ,23 b1 11 = la. bt.pcLn 

-16 2> 

. BridPori-G'/nflrv -2Op) 35 '16 2) 

j nrieht -Jp-mi -23r> SS il5 2> 

Orlqroy Grp iJp- 7:, ,t4-2- 
Bristol Eto'lno Pd* f '7?pl 109# 

Rrntol Sfad-’im -So- i c -IT 2, 

B-ituk &l'"hi* -i-, f,prPi 17 # 

1 Rpiinh ftnpri(at< Tnhj-PQ -nr®* 


E—F 


Imperial ChemLai Indostrleo 34 . 32 ® 27 # 
40® 1® 2® 4® 5 3 E 2 1. SdcPI 
49.(13,2). 5eoeLn. 47';. 7'IptLl 
I 69Hi® •»« 70*4 70 69. 8'joeLn. 72M 
■ I'J® 2- 10'jpcLn. 91® 90 09-7 ' 

| imperial Group (2Sol 72 i, j 1 ,4 

E.C. Cast-s IIOpi lb,- .15 2, ! a fS-c-e. 3J4nC i-r* 7-Spu.n 

EMI .iOp- I7H.-C 6C 9 )S 70 2. 4.025 pl : -lO-SPtLn. 89 8':. BscCnv.Ln 

Pt. 53 its 2, SpcLn. 43 sl4 J). 7 pcI ,J4 2'j i 

Lt 66 II 4 2). S-pcLn. 74'*®. ai s gc , | wPWj4| i Mela | Inoostne* <25p, 58,, 8.71,. 

Cnv.Ln. 39>; 100 7'.- • 7UpeL«l 57 (13/2) 

ERF -Hidgs.. <Z&p. 116® 19®. New (2Sp- , . nro 1 , Ll1 : 5 la “ A Cm». 5 Hs [(lp ,j M0;# 


15*2) 


170 21. SOCLn. 205 f 14/2 
East Lancasinre Paper Group f25p, 46 
SOS , East M/dljnd Allied Pm, >25pi 77<* L 
' tl 3-2, 50CPI 33<] (14/2) 

E.-iMwond ,J B., (50, Cb® 5® 5 7 
Eccna tlOp, 62 

Eibar Industrial <50e> 230 (14 2). 

. ilDiel 150' 14 
Fkrsr* Hidgs ifflo, 4o 
• B1wrr.t4| and ,-dl 5«", '2SB, *3 <14, 2 ' 
44-- Electracomaonentc iIOpi **6 *162- 
TpcLn | Electrot-it Maihiie 'lap, IJv® a® 3<» 


Electramc Rantaii riop) I no l) 


IngiH Industries SpcLn. 53 
ingersob-Rand focLn.- 74-at r»* 

Inqram (H.i (10 d> 3G® 6 
Initial Services (2SB) 05® ( 16 / 2 ; 

Group (20p) 9 F 4 ® 

Intematinnil Bnclness 
''US5, 1 79 n5I2l 
InleniMlloMl Standard Electric com. 5i,pc 
Ln. 64iy® 

International 5tqre» 4.‘*prLn 40;, 

" 1fJ3f T *'- v"d Tel. Corp. (]() 5 i| 


Machines com. - 


20 11 (15/2) 


3«;ocln. 74 ij (15711 
Time Prads.--WOO,-ITS iTS'2v .. w r •• 
Tomkins.<F Hj. f5o> t6'?® 

Tomkincaits .(29p, 57 C1&'2> - _^ . 

TooW ZSoi 45® 1 , 6>v Spcrtr 40ft. 
4Mi iljMIlL . 7'40 cLb. 66V1 
.ToothUl. (A. W.I 4 2501*44 r!a,2 ... ,i. 
Towles A (TOO) 30®. J (Ifi 2» - - 

t Tovo t25py-48.n6(2) •:. • -> --9 

684 ;-1 rrarer Kamsley wmbdorn Ofidos-' .12 

44-3, --flgeLg, A 8 --• . . s 

--- - .. .... -. — 


FINANCE FOR INDUSTRY" TERM bEFOSrTS. 

Deposits of fl.000*£2s,000- accepted for. fixed ierm^.ef- 3-W 
yeaw. Interest pafd gross^ half-yearly. Rates for deposMs- 
• received not later than 3-178. - * -; - . ••-,;>. 

Terms (years) 3 4 s 6' -7v .. • 9 Iff' 

Interest % - ft'-V 9* JQi ‘ 

Rates, for larger amounts' on- request,- Depos^ w^nd fw 
Information from -TKe Chief Cashier;.for^Jrtdastfi? 
Limited. • 91 Waterlod Road, London SElitSte' (01-ffi^ ’785S^ 
- Ext. 177V. .Cheques payaMe to- ^-Banlc.o^Biigl 
FPI is the holding compaoy'/for. TCFC aid'/E^^- • - *f 


• - • • - 1 '• t ;-, t - % l t-: 

*’ • Ir' •v - ; - rr; 


/ 



■ ■^ ,, . l >7•• \ T^'a-VV l ', '■ ■ ' 





: wciai. Times Saturday February 18 1978 




a aoai IAhJi* 

. a. 77'»<T4.1i 
. ■vet C2J» 67*a 115,2). 

••SWBb , ?“ 65 "- a 6 

’ (Z5PI MB'" ' 

Non.»to ilOoi SM 2 'j® 2 
- « Co. 12Sot TC «5.'3l 
. forte (ZSoi IIIW'2'4 a. 
■' '}* 13 A' 15 „- 2 >- 7 25JX111 

■ 2i. S.7SncLn. 169 (13 2i. 

• Jr. IO.SocDD.-SO^ ~ 
■B6:« 69 6* 70 6G. 6>ik 

l '50p< 2*5 <16 i2< • 

“204* 8 6 S 7 
I5pi 9U 

. >25pi 107 flSOi 
(IOoi 291* 

• 11 Op) 22>i 114)2) 

,0 H OS/2) 

5PJ 66 S. P'aBCDb. SOU 
Ob. 72 ij*. 6 'iexLd. £3 2 

So) 1 S 2 *06/2) 

S OP) 6>i C1T.2J 
let (25pi 919 ■ 

10 (16/2) 

'.Mh* 1 2. 7A.K06. 74>2 

n. 53u® 5 (16p2i. gijpcLn. 

489iO 10 4* 2* 2 781 
COP. 76bO 7 (16:1). Sijpc 
«KUi. &4'a 

1 (Fll.12i 22'll (16/21 
. ) 299 (19-21 
-xPt. 441, 4 (16:2). 7pc 

lOpc APt. 76 tl</2) 

I <16(21 

CHklg*J OSpl 146 S. Bpc 

3(2) 

prchants llOo) 4BO B 
Inn (noil. <10p) 28 (1612) 
unriei 9pcLn. 83 (IdiZ) 

■ W ISP) fsij (1312) 

)«> 6 PC Pi. 48 (13.21 

: Him. (250) 263 5 
PI S3'« 

.11. tlOo! 14* 

) 32 (14/21. A NV asm 

' <Oa) 53 rim 
12) 43 (1 Sj2j 

« 3 r16J2i 
i79p) 127 (76/2) 

- oup >10 p) 26b <13(21 
1« 77 9 BO. 59cCum.Pl. 

. ’-'21 

' (WtllseruJi <25oi S9'i» 
Hlriax. <2501 17Vj .T4J2I 
<13121 

tOo> BE <i - ■ 

"«“it <2501 46 C13JZ1- 
S7* 71 

<V—Y—Z 

»». <TDoj 73 <15121 
in. (2SP. 209* 
lOp) 30 f!5 2i 

• . cntal Store* <20pi 38 8 

r lion 37ij* (16(2* 

13 il 6<Z> 

. 5d' 141.:® I, 

Goldsmith iJ5ni 84.' New 

nils. 4orOb. 33 113/2* 

' >25o) 929 
>pi 37* 116(2) 

•up .25oi 71i. 70 
' i IlOoi 201ft l. 20 118/2) 
M'rtgi.i (2501 B1 > 1 3'2i 
law'and (IOoi 41* 40 
. <iodi 27 a n&'zi. a 

55:. lOocOw.Ln. S3 5 
liftvett l20o* 30 
■7ijocPf. 52® 

■ 5pl 44 
fll.i I25P) 76 
Ini (IOpi 62 i; <14.-21 
rne <2501 154® 

Idol 28 (16.2i 
Hi* 

■tlom <5p< 311] <1 3 2* 

188 7 90 
i non) 30 

oi 121* 2* 19* 22 la. 
0 (16 2i 

oi 24 it5.2i. Biipcuntec. 

Corpn. (25pi 4 3* M8‘2l 
Swing (IOpi 38* 

:« (25PI 23 

-she Signal '25a< 46hS u 
i i2Sp< 44W* Jig 3 4 b- 
2>. 7i.pcl/nuc.Ln. 6Bb 
imtTV Props. <25P< 18<; 

■OOP (2Qpi 79>>* 

‘ftltion C (IOoi 24>:C 3* 

:5o» 59 (13 2) 
dSt* 

Anprl <2SPI 233* 
'rlbutlon Trading <2Sei 

rarnc HOp< 263* 

IHIdflt.) l5p) 11 I) )i 

M.i r25ol 30 2 1 29 

jv (25p. 76 H4-21 
185* 5 bOCPI. 41* 

)rgo 'Engng.i (SOD) B6 

7.1 I2Sd< 43 (14)2* 
Spcunsec.Ln. 74 <13<2l 
!*•«• (Hhlgt .1 <12 <jp) 31* 

t (20DI 13) 

■on ■ 25 d l 240* 28* 4 1 
■C.Ln. S3 1 1 (13 2l 
t <10 d) 23* rl6’2> 
<>DC2ndDb. 86 M3<2l 
S'-PC PI. 44 >1 <14-21. IObc 

ton^ <25 pi GG® 

Engineers* (25ni SB* 
Group (20pi 25 <14<2l 
6peDb. 68 
25p> 38 41 114/2) 

5Dl 55* <16(2) 

(25pl 59* B. 7ocPf. 
CPI. i25ni 39 (13i2> 

>) 45 I'j 
I25p) 118 (13-21 
Eno. <1 Op) 72* 2 1 

f25p) 68* ii. 9*i 70 

40's* 2 ilfi/2). 

uris >10p) 30 (16(21 

75P) IBB* 

* flOni 20 <1412) 

8 <16 2i 
.250) BOt 
pl 37 

• <75b i 95 118 ( 2 ). New 

2’jpl 31 >3 II3 21 
1 (25») 630 b. 

Pl 26 

< 5pi 12 (14."2) 

as- (IOoi 64 6 -ei3>2>. 

(IS asp) 84 (14(2) 
pollen Spinners (20a) 34 


Voaftf, Ante* Vgung <2Sp] 8S 
Xmina.iH.) i2Spi 35 <18 2)j 

Carburetter A I50o1 IDS (15/2) 
Zetters Grp. I5el 47’** B 

ELECTRIC LIGHT (I) 

CNcwtti plgc. 6 bc« 46 

FINANCIAL TRUSTS (80) 

Ahwo gna Smitnert i25pi 2 33* 

t«Pfei5 Siik <*U50.60i £23% 

An^.ContinentiI In*, and Fin. 9>iKD0. 

Armour . 1 rust i.lOai 7--g® 7 U62i • , 

A<air*l>»a Agricultural lLAO.SOI 03 1 

Tnewts. IZUPl 39® • 1 

*. 1 K.S' 7,niDo » Serrices lOpcPt. i30p) 369 < 
(16/2). 5';0e2ndP(. 44 .13/21 

Oouuead (lupi 31 1. - ■ 

BrbfBcvMter tavnt. Trust (IOpi 7 115:2)1 
ira amia Arrow Hkwt- t25s> 20* % 1 
Ciiallme Cora. (tNZU.iioe ns-u 
Ownarhoute Crow <25p> SB 60 
SSWO"* FinancJere or Suez SUSdSJiO 
Corinthian Hldat. (lOn) IB 19 A.i16<2( 

«no Gen. Trust <5Qp} 300 
A (Sop | 5ao; 

Ojlgety 2J0 28. S'rpcfio. 62 (1* 2) 
OgwiWjDw Group (25p> J2%*. SpcLn. 

(16 2j“ r, ‘ h >IM Ccn - HOP* 

SJJjJbajBl* Indus. Hldge. (12<;p) 14 <16 i2i 
G oidtbrouoh Mart <SA1> T45 

Tl '“*t ■asii 97 % 

Ex-Lands nop) 12 Cl5 Zf 
lapl ora uaw (So* 22* 

p IS"*?. tor lw *e ltr r 1*«Ln. 110 CiSTf 
F . .^£ Uo,, ■ , Finance Corpn. -<10p/ 2% 
^14/2) “ t0t3m ** ■%PS l * 

S!X*h £’•'**■ '25 p> 101, , T5IZJ 
«a» Durnnt and Murray Grp. <5pl 27 
g«Wm in*. Tsj. <25pl 621,0 
CTMtoam Truj, 6<ipcLn. 54’.o <t6(Z> 

Grmenawe H'det. < 20 ni 22 : 

ImIhm 3 SB 5. BpeLn 72 
rieJaf* 86 »«'■ 12%0CLB. 96 8 

F, "enc* S’jOeDb. 80 b 79% 
GNprDb. BO <(4/21 ?l.acADh 
£5‘. ^ **5AOD- 77'- <14-21 B'tPCLn. 
74<<* ns.21 lO'-DCLn. 97 (14-21 Use 
.7 j a V UbeeLn. 9n-, [ 15/21 

Uo-ds fconm ’ 2 ob 1 9 so a 
London Asteo. Imni. 11091 5 <15/21 

cif r S?I*f"J 3r,H| F HObi.IS is 
t?"2SS *OtUsti Finance rtOpl 360 

t2!S?" J in Vi* ,20b> «5* 

F,) l5p ' 39 '16(2) - 

■ 50b*6b" A" 1 * 1, ' SDP> 153 50 4S- 1n;p, ■ 
tffflT 9 '. 1 * Mercantile Htdua. (iDei lb 
NMC invests, nz-oi 17 »13f2i 
Park Place Invests. ;iopi 27 tl4/2l 
PrStirfI v . 'S'**'- Finance W>. 1 BbcLo. 81 , 
aC£Lhf"* Fmanclal Group i25»i 87* 7 4 
RMehauan <25o> 163 55 <1B(2( 

S (3o!* il (M 2 j -B *' tl ^“* on R n-> 

Sm4in Bros. 12501 52 
r.Ektnanoe 7<<peDb. 65* (16.-2J 

II? a^niii F “° tl Accam. 

United pormnlcn* T«. f25pl 36 4 
wagon Finance Coro. (25pl 87 5 
Wesi of England Tit. r25p< 42* Mfi/Z) 

Vute Catco iTOpl 74 (15/2) 

GAS (8) 

Imperial Continental Gas 345® 5 6 9 

INSURANCE (116) 

Bow ring USbi 101 2 100. 5PcLn. 99 b 
(142). lOncLn 140 
Brentnall Beard '10P> 46® (16-21 
Britannic iSpi 158 
ComUned <5US1> 10 (15:2i 
Commercial Union <25 d) 137* 40 1 59 43. 

SpcPf. 46: 

Eagle SUr r25p> 136 
Ennla Finance 9p(Ln. 116i.* 

Equity Law Lite (5p> 166* 90 70 67 . 
General Accident Fire (25ei 2030 5* 6 7. 
7.lapcLn. &n (15.2 1 

Guardian Royal <Z5m 224* 6 5. 7ncPf. 

6B£* iig 2*. 7ncln. 65 ® 64 4 6 ilfi<2i 
Humbro Lite «2 Sb) 270* 

Heath f20pi 252 

Hogg Robinson i25d) 16S tt6'2) 

Howdcn tiopi 150* 3 50 2 
Legal ana General (5p) I5S S 6 
Leslie Godwin (IOpi 92* 2 
London Manchester iSpi 122® 

London United 1 S 01 141 39<; 11512) 
M*nh»w» Wright son I20n> 20B <I6.'2) 

Millet (20p) 161* 6040 60 

Moran <2 Op) 64 

Purl ISpi 2SB® 6 B 40 il6'Z) 

Pnocnhi I26pl 246 . . ■ 

Provldeni u*e iZSai A i23m 125 (14Sl 
Prudential (5 p> 146* £» 4<i* 9* 41 B 8 
Radme (Sp> 1 S 2 116(2) 

Baval <25Bi 371* 20 70 3 68 71 2 

Stenhouse C5o) 990 100 

Sun Alliance London 536 - • 

Sun Lite ISpi 96 c 16.5 1 
Trade Indemnity t2Spi 162 (13/2) 

W.lbt Faber (25a) 266 7 9 

INVESTMENT TRUSTS (171) 

Aberdeen lnvt. (25 bi 51 " • : 

AbcrdWi Trust U9p) 122 116(21. 4ucPt. 
37 lICiJI 

Alisa rnv rzSol 991 . (16 21. ' 

Alliance Inv. i25p> 79 :* 

Alliance Trait (2Sol 195® U® 4* 6* 

4 S 4b. TpcPt 36 i14-2> 

Altilund Cap.Shi. (50 d) 142 

Ambrose Inv Cap-Shs. ntso) 51 062) 

American T»t. <25pj SB':. 5»cPt. 43 

Anglo American Secs. (25nl 850 4* b- 
4pcDb. 681- >14(2 ■ 

Anoip-intornationar Asset 125oi 106* 

A nolo-Scottish Inv. l2So> 37', * <16-2) 
Arcnimedea Can Shs. iSOd) 30* 1 <]6<2> 
Ashdown inv. <25pi 111® 12', 

Atlanta Baltimore Chicago Regional Inv. 
tiopi St i. 

Atlantic Assets CZSpi 72':® 3 

Atlas Electric Genl. C25n) 53 

Bankers* Inv. (25p> 52 lb 2<z OMr. 

4<;pc 39* (1612). 4pCDb 31 
Barra Eoultios 10 H6I2) 

Bishensgate 6 U 6 / 21 . 

Bishopsoate Trust i2Sn) 152 «*.2» 

Bordr^ Southern Stockholders (SOp) 253® 

Braitlye* S.A. 4US12180 12255 '15 2) 

is® aspfciy , i. , :: ,, u."w>, 

afl^fsh 1 ’!nV. 3 f5. l ra5 pI 141* 3* 
-Broadstoug^ raOPI 130* 116.2).' 

Brunner I nr. C2 Sd> 80*'?® J; 

CLRP Iny. T«. (25ol 58b 'IS'IJ- 
tO^Sub, 13’ib M6I2). SbcPI. 

CalMtornan 1st. '2591 62b. 5pcP(. 45 

(1412). 3>>KDb. 52 >1S'2* mrim 
CambHan Gen. Sect. C25B' B3® * T6/2' 

Canli<1 National Tst. (25n> 1080 H 61 ZI 
Cardinal Inw. Tit. Old iZSpi 94 2b 
Cedar Inv. Tst. (25 b) 58 b* B 
Charter Tit. Agency iZSpi 50b 'I ®' 21 
City Cml. inv. Tst. Inc. Shs - <25ol ZBb 
(1412). can. Ml. SB <15(2) 


19 


Abpctau 


.War. 

43':® 


>t sra*. 

25d> IDS 
4boePf. 


. AUTHORITY BOND TABLE 


Annual 


uthortty 
ne number in 
en theses; 

STOSS 

interest 

Interest Hinunum Life of 
. payable, sum bond, 

% 


£ • Year 

■fro. (0226 203232) 

9* 

J-year 

250 4-7 

S 5151) . 

9t 

1-year 

500 4 

1 5151) . 

3| 

. 1-year 

500 5-7 

34 592337) - 

. 10 

■1-ycar 

1.000 5-7 

11-478 3020) . 

91 

1-year 

200 5-7 

'702 49451) . 

9 

1-year 

250 3 

175 5122) . 

9} 

1-year 

300 4 

175 5122) . 

10 

i-year 

300 5-7 

2 505051) . 

8 

1-year 

500 2 

2 505051) . 

10 

yearly 

1,000 4 


Clxv Foreign Inv. (25p) 49 b I1S/2) 

TU- T «< SotPI. 42bC 1 (16(2) 

Lit* dI Oxlort) Inv Ttt. i25p< 6 < 

^ e^erliouie la. 1 Tst. <501*1 77 
£|w* tsa » , « >"» i25pi 61b. B <2Spi 6 B 
Cant menial Indus tl Tst iZSoi 179® 5 
Continenul Unon 1 st. i 2 Gn* <19 s <1412* 
crescent Japan m«. Tst. i50bi 122. War. 
to su 9 . Ji <16i3i 
Ctosslnars Tn <25 di 72-,* :,® 

^he 'ture Corpn. (25pi 79b 
OvrSr Tii. 20 a 

ggjn.mon Gen Tst. (25pi T 77 ( 1 )' 2 ) 
urivrsn Commercial inv. i25p* 112 HS) 2 l. 
OmpcLii BO* 

• <ai?o. ,2S *i ,26 -J '16 2 . 

wSBCPt. 43 (16 2 ,. LptPr. 43 1 1S 2 1 
□'avion Far Eesicrn (25 p> ±7i ilb'Ji 
Sn?P?" Jny - i25 pi 157 1 , 1 I 6 ,2». 

_ jpa rf. Itt i) 6 ‘ 2 l 

Dualvest lapifij. 191 114/2) 

London Inv. iJ5Di 50 (14(2) 

Edinburgh Amer. Assets < 25 p) 90 .15,2.. 

.?‘ -SuD Lp- ,0;w * 1 7 1 I 6 IZI 
E 0)a T,U 4'7BCPid 3B<: |14<2. 

ti« <s23® 1 A B'.peDb. 66b 11 4 2■ 

f 1 * Inv. :25pi ei® 

*(16 2, ,nlern,l ■ 12591 8 °®. 5<ipcPI. 48b 

f 0 " Vork '250* 66 

t25B! <,6=, ‘ 

5S. 1 : T «- '50d> 177® 116 2) 

FlK.'n, Duu °s Inv. 270 '13.-2* 

F 42*i- 1 I 5 VI) A,T,c, ■ |^a,, ,M * ,, B0 - SbPcPI. 

F<S?ninw"JSS Gt . n '. ,nl '- «W.25) 42 b 

jSSs^sa !^s' 2 , ) 25p, ,35h a - 7 * 

Bs-awaa'a* 

General Investors Ilja) 94 |IK ;91 
G^nm! U Ct i Uh »2 Sb) 76U <14)J) 

GUinow S i5^ k L^?J rS ,T >')P) 100 '14 2) 
GWn? . 5'0«.hnoWers >2501 B7<, (16(2) 
S '""eu. <25p) 76 <15 21 
C mir u . rr,v ,nw ? ; >25 b) 63 113)2) 

Lm BJ raSo> "* 1O0 9B b. 5 '»bc 

Co»e» European <25nl 58 7b 
2E"?" 3r “» 'I5BJ 70 (14 21 

j: s«‘B , TS.. , S3“» a, ‘ 90w 

Group Investors I25n) 50 (13(21 

^ 7o,> ® '* " 6 ' 21 - 
' 25 " 1 m 1 ■» (i5i2) 

,, 0 P , 78 114 2) 

Hill iPmiin) 165® 41-4 

p/^ 5 * 1 4< ! M i " > 75lj 5 ,,32> - 

Industrial General Tru« <25n) 44 -'«* i,« 
'» 41,-KDb. BBS (Ifi 2) 

anuil 0 "?! In "«< '35 p1 6’*t 
lm, . y w - 26 ' 1 - EboeDb. 2 B (15^1 
'14*2?° " Success EuifH'ea 

Invenment Trust ( 2 So) ’7B®. 

'14 2 ■. SkLh B9 <(6i2) 

'72S5K sWUIW 661,0 h 6 f1S ’ z, ■ 

ln "' 1 13 > 

Lake View i 2 Edi 76'i* 

Lancashire London Invest. I25D) 43® 

Law Dehenlure (25cu 9t KB< 2 i S'-pcfb 
44I-H3-2I 4bDcDb 34(15(2) 

Lonnoo lennp, ( 7 s,,, 67 nj j, 

Londsn Liverpool HOD* 17 114.21 

L ye*?! . L C mpntf , 25 P‘ 621 « 'IS 2*. 4 l 4BCPf. 
3 n (14 2 * 

London Montrose l25o< 1SB <16(2l 

rasa’ 97 M5 2* Spc 
P» "SOm 20 f 1 5 2 < 

London S-rJIhclvde '25PI 36 (13 "Zi 
Lennon Ausiril.p .<A1) 112® (16.21 
Lornon In. Ts* fSn< 2b 
London Mrrrhani Sernritles I25 d) 771- 
. 'll.' Ca-itil Che. -?<:.vi 75 (1 5-J< 
London Tn Did. '25o> 178* b 
London BucLn 97 (T6.-2) 

M ^ Dull Tar. Income Slw. (TOo< 

M^jrantUe fjsp, 34 3 *,. 4'spcCnv.Db. 

Merc nan; s Tst. :Z5 p) 63b. 4ptCnv.Um. 
Ln. B 6 <’ (14 :• 

MeIre9o:,|an 5ocPf. 44b* (16'21 
Mnnlj 43 2 . 

Montagu Boston Warrants to Mib. 30® 
ilS-Zi 

Moors'in '2S»> 90-; (13 21 
N*w Tnr oamomon Inc. 5hi l25P> 19>« 
(16-21 CaP.Ln. Bfi Warrants to Pur- 
rham £1 Caa Ln. 13 <’6 7> 

New York Gartmorc 'ZSpi 36b 
Nine-eon Twrnlv-Eight ( 2 bP) IBB (15-2* 
North Ailarvir 4*cs. Cb" (25n) 79*. 7’,PC 
Unsrc.Ln. 93<t® 

Ncrtn British Canadian Invest <25B) 57 
' t 5‘2 ■ 

Northern American Tst. t25p) 83b. 3bpr 
Pf. 44 H3 2) 

Oil Am Invest. Tst <25pl 54':®. 6 ><K 
Unset.Ln. i25p) 29 i15 2) 

P*nllintl lr-vnsf T«l. lISp) 104 
Provincial Cities Tst. '25o> 24'- (13-2) 
Raehi'rr Invnst Tst. t25o> 107® B 6 b 
<16i2) 

Beataroofc Invest Ttt iflrn 38® H6-2* 
River and Mercanll'e Tst. (2 5o< 154 H 6 - 2 i 
Rnbeco 'Br ) iFi.SQ) £51:* ■ 1 6-21. Sub- 
Shi- 1 Reg in Nat. Pro*. Bk) iFI.S) 508 
'16 2 ) 

Rolinro nv. SutvShs. iHeg. Nat. Prow Bk.) 
1 FI.S 1 361 

Romney Tst <25o) 76 (16.'2) 

Rothschild invest. Tst. <50a) 164 (16 2 ). 
7pcDb. 79 < I 3 2 ). 6 ijOCUnscC.Ln. 97b® 

■J '16 21 

5L Andrew Tsl. fJ5p> 104 6 5 b 
Save Prosper invest Tst. Cap. Shi. <10p) 
52® 4 ilS'II 

Scottish-American invest. (SOp) 771 6 b 
c. 

Scottish Continental Invest. (ZSp) 61. 
Warrants to sub. ij 

Scottish Eastern In.est. Tsl. (25o> 116 
Scottiwi^European Invest. (2Sp) 35® b® 

5 55 < 'm 4 l 2| V ' TS1, t25DI BG - « SSocAPf. 
Scottish Mortgage /25oj 98* 6 b 7b 8 
Scottish National Tst. (ZSn. 125* 
Scottish Nonncrn fJSpi BB 4. 4» 4 PCPt. 
,40b I14‘2i. 5 DC DO. 8 B ( 1 5*2) 

In » i 74 - s '»- Sbc 

Pt. 44 <14'2l 

Scottish Western Inv. <2Sp) 7S'«* 4* 
116121. ^ B f25p» 72* 1 , H6'2>. 4 boc 

Second Alliance Ttt. t25o. 163b- 4bPcPI 
37I-* (16,2* 

Second Great Northern (2 Sp> 68 b (’fi'2» 
Securities Jsi. ol Scotland (250) 157 5 
81 6 b 

CHirns Inv. '50u> 122* 

St tew HI European Ttt. ilOoi 61 
Suhrre Inv. Ttt. <2S«) 90 f 13)2) 

Standard sV-ocDh. 6 H (13(2) 

Sterling <25 d, 151 50: 

Siorkholders inv. t«, SpcPr. 41b <13(2*. 

S'-PCPt. 46 113-21 
Tnchnolooy Inv. Tst (2Sol BO I15 2> 
Tnmote Bar Inv T«. TZSr' 169'-* 

16 2'. 6 ocConv.Unsec.Ln. 73b 113/2) 
Throomorion Secured Growth Cao Ln. B3 
f I4.-2* 

Throgmorton Tst. <25P) 66 b*. B';pcLn. 
108 i16<2< 

Tor Invest, Tst. Inc. (25oi 72 «13/2i 

Cap. f25oi 9B 

Tribune Invest. Tit. (SDoi 577 6 B 
Tr'Dlevett 1 nr iSOdi 64 <13(2<. Cap. 
124® 5b l)6‘2i 
Trust Union IZ5pi 91b 
Truttees (25oi 123 4 H4 2< 
rvnrs'de Invest. Tit. I25pi 9B (15'2<. 
So-Pt. I25pi 14>. >3 IIS'! 1 . 4bpeLn. 62 
') 6 " 21 

U'd British Secs. '2Spi >09 

US Deb. '25ni 82* b 5ocLn 84 116-2' 

Viking Resources Ttt. i25ni Bl® 

Wesi Coast Texas Iny Tst. Wtrrnu ZB* 
-16 21 .• 

W'nrhmare Invent. Tsl. <25o< 40* t’ 6 ' 2 * 
Wlian Invest; (359' 7lldS 1® « B (Z59< 
6 Bb (13(21. S'.dcDB 65 I’6l2i 
Yeoman Invest. Tsl <25B< '55 7 

UNIT TRUSTS (II) 

M and G Amer Gen. Fd. me apb 
M and G Conversion Ti* inr. 56.6 (14<2i 
M and G Dlvld-nd Fa. I»C. 113.9 
M and G £*lr» Yield Fd. Inc 83.B I16'2i 
M an G General Tst Fd .ne 154 (14/2* 
M and G High Income Fd Inc. 99.1 
M lid C Recovery Fd. Inc 77.6 
M a«d G Second Gen. Tst. rd Inc. 160 fl 
■ 162. 

rRONvCOAL AND STEEL (7) 

Broken Hltl (VA 2 > 41®: 

Dun'ord Elliott BkprDb 1987-92 72* 

HawtnontlR. W.» Leslie 5 pcPI. 45b Ci3i2i 

Neeosend [25ni * 0 ® l J 6,zl 
North BrlHsh Steel Grp. iHidgs.i «»Spi 
SO- j (16<2i 


Richardson Wtftearth <S 8 pi 55',* t* 1 Empire Platts. Inv. (Ian) 2:4 
1 Ifi Zi jokai Tea Hld9»- 24 1 ;16 

Swan Hunter 1J9 I LgngbOurit* HldOl- 3:0 113 3) 

ward (T W" l25oi 62. 7 bpeUnsred Ln. 1 Lunuva *Ce»hjn) Tea Ro-rr £»•*. 

67* 6 b 

W«e««r* 1259 , 91 90 '!6 ?. 

Wnndhous* Rlvsxn .H'dav * ilZbDi 31 

Yarrgw (SOp- 275 


I *16 

j Mer.in To® Hldas 4Ci .In’. 

> aingio Hldgs. <lOo.' - ■ <11 ii 
I Warren Plants HI09. -T c-, 15 s 7 
At> vrs I w.llian.son lea Hidns. ; :o 

„ TRASWAYS AMI OMN1C 

Hamowi* Gold' M?i*g an Areu (So. 910 | ^^rCwwl DM "< 1 Mo 2/ | 

MIM HMgs -SAD.pOi 129 116 2 <_ | WATERS DltliS (fi) j tl 6 ^ ‘ 


Caraeeter fw. r.i 107 * 
Ccn-a.ners Ltd. 157 
Ei.gn Cprpn, £J1 201* 
Eu'open inv. Sank 9'<pe 


■ E-aeavnur Resources t3-.: 

' IN A TCOC 1988 SUS)e-'<0 •<£ 90 
v.a.ser 5>en< £J 0 '« 

' Lu-.kV 5101 rs 8 -;Vo 92 
MiuM Lvdl 13* 

I Merck L3B'k® 

McArthf CrdUB 32* 


<MMee9 Inv*. 'AwttrallaJ^fSO.SO) 95 


Mowiem 0.1 4 bSCCum. 


£25 


.Rangers fC 750 
[Si. Aus'nll Brew, sss 


19B8 SUS99VC 1 ®“ f *2 WarEl,3u *e iHiogs.) 2k 2*i» j Utd. Frie"dlv ins. B 71 

RULE 163 (3) 

Bargains marked Tor approved 


, Sortnerr Newraaws 2:0 
1 Soear and Jackson |n:nl. SpcCum.PIv 37 


North Broken Hill H'dps. (kAO.SOi 8: ;..V" 1 Qberavlanr Ce-rrcr* 104® 

|14;J) I Lome Valiev Z.BikP' !t :0 4 dcDb. 27i. »wirc Pat,he A F4!® 

NOr-n Kaigurli Mmei (3A0 30< S'* IJ4 2> | -I1*I _...nu I an?rriu Gcdcr. 2S5 

Parmga Mining Exploration i3p, 11 , Jt J< I East Anglian upcDa. _9 iaoitr Ins 1 33 

lw* IDpcPf. 10B .4, .* IOocDP. 86. Term Co. 128 

.. . Yukon Cons. 171 

L 3 c valley 4-3pcPi. • t- 'b:i __ ^ 

m o K-chi SocPi lot® < 1 b 2 . I FEBRl ARY 13 

M.d Suitherr 4.2prPl 7 1 .1 a, j, 

Mio Suite* ISpcDb 10*-. 2 i j Amoot P;:. 55:® 

Ncwiavtir Gaieshcie 3 Sp.Pr ja (li-Z" Auergaie Cagles .S.A) 118 20 
4 025pcP'. 77 116-2. ' ■ Bougainville Copper 1U51.140 

5. Sialoroshire 4.2puP,. f,7i. .is s,. ai,n( C,u Cr4i BpcCnv. LHB 
Ob. 78® _ ' ; Ccrso. Goifl FleISs .Australia; 23G® 


Wesiern M.mnD .'140.50' 90 B7 91 

Miseeliancuus' (.i5) 

Aver Hilnm Tm Dredging 270 «15?2I 
Seralt Tin Wolfram i7Sn( 50 
Charier Consald iR>-0 1 <2 Sd 1 124® 5 6 
CohMld. Gold Fields 1250. !B79 9 b 6 
TlipcLn. 621 1 1 b.'Ji 
EI Qro Meg. E«. IIOpi 54 (ib(2) 

Rto*Tm1_orZinC S -’ 7 ** ! klKii 5 3K Co,,, ■ 17 j ho^rv. \ 

Sutton 9{ic SO'l 113 2j 


3 5 4 2 (80 i2Sp) 154 <13 2) Accm. 

(25p< 170 1 16 2( Opt Wrnis. Br. 50 
(13,2). 3.325oCAPt, 43 M4!2(. fi'.uv 

Ln. 65 'vO 6 

Sa.nt P.ran <25ol 50® 7 8 9 S 6 3 C16 2) 

Selection Tst. tSSpj 386 
Sp/lrust Inv. 4 1 ,DC Pf. 101'* >y (13)2) 

Sllvermlnes 12'-o) 33 
Soirtli Cr-.tv (i Ooj 59 7 
Southern Klntl Consold. (SM0.50) 143 t 
)< It3(2* 

Southern Malayan Tin i1Ma.1l 250 
Sungel Best Mines (SMall 152® 

Tro«oh Mines IIMal) 163 (16>2) 

Uhodes!an (7) 

Botswana RST iPu=i 14b ilA.Zi 
Falcon Mines (=Spi IBS 
MTD (Mangulai CS 91 42 40>, >i3,'2i 
Minerals and Resources Cc.ro. ISBD1-4Q. 

136* 

Rnodeslan Coro HCfgi II'-® 

Roan consolidated Mines B >K4> 72 (14|2i 
Tanganyika Concessions (50oi 123® 

Wankle Colliery i50o. 41® 39 - 
Zambia Cooper Investments (IBDD.ZAl 1 19 

South African (Ml) 

African European Invest. bpcPI. (R2001 
45® 

Audio American Con <5. Africa) (RO.TOt 
270 

Anqlo American Gold invest <Rt) IS.36® 

BKhoosgaLe Platinum .HO.IOI 79 82 BO 79 

(14/21 .... 

BlyvoorultlCItt Gold Mining (R0.2S) 324® | Australian Consd. Minerals 1 
11 (16i2) ; Balu Kawan 43 

Consolwaled Murchison <R0 10) 240® I Blu* Metal IndS. 733 

(16/2) I dn.lgL- Oil 63 

Coronation Syndicate (R0.2S) 83 6 <13(21 Bougainvii'O Coooer 
Deelhraal Gold Mining tR0 20i 93® I Bora) 17n 


SPECIAL LIST 

Business done In securities quoted 
ia flic Monthli Supplement. 

FEBRUARY 17 <Ni|| 
FEBRUARY 16 (Ml) 
FEBRUARY 15 fNil) 
FEBRUARY 1J (,\(|) 
FEBRUARY 13 (Nil) 


Vi;ker» Da Casta 70 
Westward TV A 2d 23 

j FEBRUARY U 

' Att.tr. Vila FC Ll 2 
, B'v:t Gr»e-.n Jourgun 185 

CI.de Petroleum *30 

I Cunningham aro T and W. Thwilted dbPC 
| Cum P,. 13 
I DeiKnny 7 

1 D'-iling Toots Ncrr-v 5e« 8 doa 
lEidrid-* Pope a 177 
■ Fuller Smilh Turner A 762 
' C R.A. Prgp Trull IJ 1 * IJ 12*» 

. G'asgaw Picture stsuie 400 
iGrydon Trust 11 Or S.5 Uns.L-r £96 
‘ l9iw.cn Port Authority 3' -ocMoi-I.DM 

i £25 £23 

J lennlng* Bro,. 57 56 
. Jersev Car.nlnc 4DcCum Pf. 22 
t Johnson ana Barnes 7.;KPI IS 
I Undser Resteven 25 
Mlrj.Southern Water 4«Pert»DB. £30 £27 
I Notth 5ea Assets 900 
I Petroleum ftoyalt.es or Ireland 200 
; Rangers F C. 700 
It ADMell Brew Jen 


Bros 26 

Home Oil A E.25-% 

Mucsan s Bav Oil GAS C26>> 

Hutch i ion Wham pc a 7':i>cPt- 14 

■ nu. Ccmml HlaQS. Ord. ICOO 
Kullm Mila-Ma 3 30 3 
New Meta' Mines 2® 

Ocean Rcscirr'-rs 150 

^9?tu"f h Tr S ui?eef''Australia 215':® I6b0 ! SM® 1 . 
i:nrn Pac Props 7'« 

Trl Contirertal £12'*® 

Ubifordl Urlts 60D 
■Jti Tccnno-ogy CSS's® 
l|pi.rn(j (Pari She 1 £1 X 
Vulttn M '•erals ID':® 
wneeiecii Marne a 320 b 


{Southern Cotiniles Hotels (Southampton) 
r 23'a 22'v- 6ocCum.Pt. 38 37 


Urogate Inv. 61 


FEBRUARY M 


RULE 163 (2) (a) 


RULE 163 (l) (e) ; 

Bargains marked in securities _ 
which arc quoted nr listed im an cfoal 
overseas Slock Exchange. I JL'iS- 

FEBRUARY 17 

Aramlni £311 


Adnamt B 380 
Alton Villa FC £13 
Baiter (W H i 128 
Casl'Ctewn Brow. 171 
Cedar 5-: 5 

Channel Hprels and Prop*. 21 20 

Duncer-Argus ice Rinh 150 

AfipliraTinns granted for specific \ pISramT 260 * * 1 ‘ 5 
hargains j n wcurilies not listed ; GRA Pn>0 lrm ' ?3 ' J is 72 *« 

G-cnden Tst. Ilp-Jub Unt Ln 1076-81 


on any Stock Exchange. 
FEBRUARY 17 


r»5!ru'H<?nf 


■:c !■? a 


iUILDING SOCIETY RATES 


Deposit 

Rate 

onal . 5 259& 

. 5 23% 

. 5.25% 

Incorporated... 5.75% 

id Buigley . 5 25% 

West . 5.25% 

omic . 5.75% 

. 5 25% 

. S555% 

. 5.75% 

. 550% 

. 5.75% 

and Gloucester 5.25% 

ency . 5.75% 

don . 5.50% 

onomic . 5.23% 

. 5.25% 

. 5.25% 

. 5 75% 

. 5.75% 

. 5.25% 

i Thanct . 5.25% 

ncland . 5 25% 

ak & Enfield ... §5.25% 

. 6.00% 

i & Bradford ... 5.25% 

Spa . 5.35% 

lancnt . 3.25% 

. 5.25% 

. 5.75% 

dhau/k . 3.75% 

•bray . .5.83% 

. 5.25% 

. S.70% 

.unties . 6.00% 

’ermanent .. 

/ck . 


jtual . 


.ners 


jal . 

Country. 


\ 0.29% 

5.00% 
6.50% 
a&% 
5.25% 
3^5% 
6 00 % 
5^5% 
S-40% 
■5.75% 
5:25% 

7nOL 


Share 

Accnis. 

5.50% 

5-50% 

5.50% 

0 . 00 % 

5.50% 

5-50% 
6 . 00 % 
5.50% 
5.50% 
6.30% 
•6.20% 
6.00% 
5.50% 
830% 
5.30% 
5.50% 
550% 
5.50% 
6 . 10 % 
6.25% 
5.50% 
5.50% 
5.50% 
5.75% 
6 50% 
5.50% 
5.60% 
5.50% 
5.50% 
6 . 00 % 
655% 
6 . 10 % 
5.50% 
6"0% 
6.50% 
5.50% 
5.50% 
6.75% 
5.50% 
5.50% 
5j0% 
6.50% 
5.50% 
5.65% 
6.50% 
5.50% 
. fl.00% 
635% 
5.50% 
5.50% 


Sub'pn 
Shares 
6.75% 
6.75% 
8.75% 
7.25% 
8.75% 
6.75% 
7.25% 
8.75% 
0.75 % 
7.30% 
• 7.25% 
7.25% 
6.75% 
7JW% 
A 75% 
6.75% 
6.75% 
6.75% 
i .50% 
6.50% 
6 75% 
G75% 
6.75% 
7.23% 

6.75% 

7.36% 

6.75% 

6.75% 

7.45% 

7.50% 

7.25% 

6.75% 

7.30% 

6.(5% 

6.50% 

6.75% 

7.00% 

6.75% 


•Term Shares 
6.50% 3 yrs^ 6.00% 2 yrs. 

6.50% 3 yrs.. 6.00% 2 yrs.. 5.75% 1 JT- 
6.50% 3 yrs^ 6JJ0% 2 yrs., 5.75% 1 JT. 
6.50% 2 yrs.. 6.25% 1 >t. 

6.50% 3 yrs.. 6.00% 2 yrs., min. £500 

6-25% 3 months'-notice 
8.50% 3 yrs., 6.00% 2 yrs. 

6^0% 3 yrs., 6.00% 2 yrs. 

— • 6.45% over £5.000 

6.75% 6 months' notice, minimum £500 

6.50% 3 yrs., 6.00% 2 yrs. t£500-£l5.000) 

7.55% 3 yrs. over £5,000 

6.72% 3 yrs., min. £500 

6.50% 3 yrs. Cap. Shares 6.00% 

— Up-to 6%' 3 months' notice 
0.50% 3yrs.. 6.00% 2yrs., min-£500-£15.fl00 
7.10% 2 yrs.. fixed 1% over Share Accts. 
6 95% 3 nubs' notice, minimum £1.000 
6.50% 3 yrs., 6.00% 2 yrs. 

6.50% 3 yrs., 6.00% 14 yrs.. £250-115.M0 
6 50 % 3 jrs., 6.00% 2 yrs., min. 1500 
6 75% 3 yrs.. 6.50% 2 yrs.. 6 25% 1 yr. 
7.00% 6 months* 'notice, minimum IS.nnO 
6.50% 3 yrs., 6.00% 2 yrs., £100-£15.000 
635% 2 yrs. • 

6-50% 3yrs., 6.00% 2yrs^ min.£10n-£l5.0fl0 
7.10% 3 jrs^ 6.60% 2 yrs., min. £1.000 
7.25% 3 yrs., G.75% 1 yr. 

6J55% 2 years 

6.50% 3 yrs., 6.00% 2 yrs. min. £250 

fi.50% 3-4 yrs, min. £500, 6.00 % 2 yrs. 
6.80% 3 yrs.. 6.50% 2 yrs. 

6,50% 3 yrs-, G.00% 2 yrs., min. £100 
6 25% 2 yrs., minimum £500 
6.50% 3 yrs., 6.00% 2 yrs. min. £500 


6.73% 

6.75% 

7.75% 

6.75% 

a 75% . B.oo% 7J15% 

6.05% 635% 7^5% 

535% 5.50% +10.00% 

5.25% 5.50% 6-75% 

nalfy variable in line with changes in ordinary share 


6 50% 
8.65% 
6.90% 
6.50% 
7.00% 
6.70% 
6 50% 
6 . 00 % 


3 yrs., 0.00% 2 yrs., 5.75% 3 mlhs. 
3 >ts., 6.40% 2yrs., 6.15%3nuhs.not. 
3.mlhs. noL ■ 5-00% to limitd. cos. 
3-4 yrs., 6.00% 2 yrs. 

3 yrs., 6.50% 2 yrs. 

3 months' notice, minimum £500 
3 yrs., 6.00% 2 yrs. + Max. £250 
2 yra, 6.50% 3 yrs. 

rates. § Effective from March 1. 


Durban RooacDOort On: iR 1) }?h <15,21 
Ektt Digg.'onleln Mines iRl) 2B-.0 
Easl Dnefonlcln Gold Mining <R1) Cfij® 
E*st Rind ContotldAled (10 di 21 • ii;<2) 
E»t Rand Gold Ur.ig.um IRO SO) 302 
Eastern Transvaal Consolidated (RO.SOI 
20O: (18(2) 

Elsburg Gold Mining iR), 146* 1 16(21 
Free S'ale Gcduld Mines <R0.50i 14 36 
49 115(2) 

General Mining Finance <P2i I4';® (16 2i 
Gala Fields pf S A. tRO 25) 79 >16 2j 
Graolvfi-I Pranrlniary 90 251 134® 

Harmony 'RO.&O' 391® 

Johannesburg Consd. InvesL (R2I lib 
Klool rR I) 4930 
Libanon <Rli 5491® 5 3 40 2 7 
Lor. Inc (ftll 174'.® 30® ‘162* 

Lydrnburg Platinum fRO 12>:I 639 
Maripvalp Const] >R0 50< P92® 

Mnsslna iTransvaal) Dnvpf rRO 50' 8 3® 
Mrrfd'n Wiiwjierwand t'/esivrn 
iRO.251 150 H6i;> BpcFled Cum P' >RI] 
28 H62t 

President Brand >RO EOI 91?® It 612) 
President Stcvn (R0 SO) 721® 

Ranrlionlein Ests Wit. (R2* VUUl *. 
DuttpnHurg Plaimum Hides- -RO.IOj 92 1 . 
09 91 

V. Helena Gold tR1< 3USID'* 

Simmer and Jack rC0 02> 13 H3 2) 

5.A Land E> IRO 3Si MJSTl 961 U6 2t 
southvaal (R0.50I 4P7® 90: 

Stlt'onieln IRO 501 254 
UC Invests. IRl i 226® 115 2) 

Union Cnrn iRo.6',1 27G® 4 
Umsel 178* 

Venfersnnsi <Rt, 268® 

Wrlkom |R0.50> 235 11612. 

Wi'.i Drlefonmln iplr n19 9S 
West Pend Cons. i-Rl ■ 3U.S 2 
Western Areas mi, ?30 3 ns 21 
Western D-en >R2I 717 *15'2i 
Western Holdl-ins (RO SO' *U*?4<< tlfi.So: 
WmSe’haaK I P11 <U59 80® 9 75® 
WHwalcrsrind (R0 02'.) 64 
Witwstersrard Ninel (R0 25* 84 

West African fl) 

Amalgrnatrd Tin of Nigeria <(Hlogs.) MOd* 
28® 116'21 
Bis to I non) 7 H4'2i 
Gold and Base Metal M2 > : d) 8': 11 ST* 
Utd Tin Areas <i2bR> 9i 

Diamond (15) 

Anglo-American tnvst. Tsl IR0.50I 31 i k 
Dc Beers Br. (R5 9i : :« 116 2). Do Din. 
'Reg.] (RO.SOI 305 1 299 306 2 300 

OIL (134) 

British-Burned ilOoi 14 6* ilC(2> 

British Petroleum 765* 60* S* 729 64 
EO 2 56: 8 6 SO: 66. BpcPI. 73:® 5 
SdcDO. 98 <16(2). 6ecDh. SB 1 , 

Burmah 52 1 2: 3. 6nc1slPI. 43 (14-21. 
6nc2ndPt. 43 114(2). TCocPI. 51:*. 

8 DC PI. 59 b 7 (14(2). 7 ipcLn. 64 >, 

Bi-pcLn. 57® 1 

Century HOP) 51 <t4i2) 

Citarterhali #Sd) 24 ■* 

Esso 5‘;l*cDb. 1974-78 9E <13/2). a'lPCDb 
1979-83 79b 113,2'. 6pcDb. 90‘: *15/2) 
KCA Ini! *25pt 311-2 
London Scottish Marine i2So) 168® 5® 
71® 64 60® 60 2. Oil Production Units 
ilOoi 340 35. IdpcLn. 101 
Oil Exploration iHidgs.i hod) 232!« 2 
Premier Cons. OiH-elns 'Km 16 
R-ra! Dutch Pi-troleum -FI.20' £39b 
Shell Tranioorl Tradlno -fteo.i (25o> 494® 
B* 8to 5 8 3 2: 90! ■» 510 494 9. 
JBr.i i23oi 505 7ocPf. 66 5'j 
i")iaco fnrnl. tn. 581- (16 - 2' 

30 101,9 - 
PROPERTY (107) 


BH South 719 SUS1 
Canyd.an Pacific l<>». £.11*,.* 

Ciba Gc.gr aocCn. ; e 
Ciondaikin Paper ei . 

Conla.r.eis LIP. 107 
Cpru.nc RIO Tlnro Australia 15B 
Di-eudner Bank 3U51 12 . 

Finsidcr 9 
Grace Bros. 151® 

Hono hone Teiephj-<- 4sr 
Hutchison Whampoa i : luiO 76. 

14 SLI50.20 
ICi .Australia! 158'?' 

Jardine Maiheson 170:® e?* 

Ku'iin Malaysia 34'.: Si 
Minefield End TO 

N. .. Mutal i:» 

Nicnoljr, (/it. 74 
Oj'.bf.dic Secs. 141 3 
Ocean Qr.lling £22 . ? 

Oh.nc'C Oil 2 ’jO 
Cii Search 6b 
racme Cupuer Si® 

Pjcth; Copocr Cenara li:* 

P.rtsburgh Nat. L2: ,C 
Pn ar.e-r Conciele l 1 1 
Power Con. Ol Carur-, A 625 20 
Walker iKirami ft L'o 
Whuelock Maroen a • 7 
Whrreloek Maritime B 4 ; 

Yukon Cons. 127® 

FEBRUARY 16 

Ansclt Transport 115 
Bethlehem Steel £54 • 

Calorlal Sups' Rew-os 213 
Endejrour Resources ij.; 

Eivon Cpn. LIDw 
Gull Oil £16’.: 

Lena Lease Cpn. 192 
Metal Ev. 1 29 12 
Mnl. L v ell 15 
Nail. Bk. Australasia Ajs:. Rag.) 16 30 
N2 Forest Prods. 176. Do. 6 bo: Pf. 
34: 

Panang Cons. 4Bi.-:c> !■ :o 

Pel.0 Waliseng 4ZO 
Pcxa OH 7S® 

Srhrn Pac. Props. 7 > 

Swan Brewery 130® 

Swire Pac. A 83'. 

TV and Elet- '5- A - 5 

Thomas Natonwid* •rkrsDc^ , . 83 
Tri Continental 112 ® 

Woodside Peis. 69 59. Do. f40c) 31 

FEBRUARY 15 

American Stores £I9’< 

Australian Cons Min-raij 1 
Australian OH and Gas 21 
Beneftc ai Finance 56 
Blue Metal Inds 75 
Bougainville Cooper SI 
Brambles Inds. 137 
Bridge Oif 63 
Claude Neon Light 20* 

Coniine R.o Tmto "Susfrjlla) 155 

Dupont (Canada) 775 

Dunam UJ5.A.I 75 

E.Z Indutirles 145 6 

Eastman Kodak CS1 

Grace Bros. 159 

Hamerilev HltMs 1.7 

Hudson's Bay Minim ms Smelting 975:® 

Hutchison Whampoa 52® i». 7i : ocP'. 

1 AC* Lra £10') 

i anoet £10 20 , „ 

aroi-e Maiheson 156®i S 
la/ra Dyvclapmert 7peCorn.Pt. 1 30 
Myers Emporium i-M 
OUftfcridee Secs 1 il 


age I 
6 5 : 

_ . Pviare AC 130 

D'VibuU Valla, 'Cr-'o-r* Tea VT 
, F'.il er Smith ind Turner A 155 
GRA Proo T l. 12b 

1 Groratn Tst 1 1 ocSub.Uet.Lr. £59 58'- 
; Isle of Man Assoc. Inv 7ncCu'n.Pf. 39 
I Mcwieni .j.« d-:acCiim.Pi. £;s ; 

' NMW Compuli-rs 109 
| Ormerod ■ J r IS 7-KF'. 25 
Provincial ir.sce A 237 ■ 232b 
| 5hcihe!d Wednesday FC Do £62 

Trust Union S'-pcDb. £5v>, 55 
"ieeft TiKLtrrs.Ln. £70 
• ng 3<l 200 


I Ta 


£56': 

Hartlev Bft'rd t; 

.feenir.gs Bros. 57 
Cldham Brew. 57 
T>uvah Hignfieldc 50 
Queens Park Rangers FC los 
Ft,I d Barrat* Shore TncCum.pg. 43 42 
IM urn led Kingdom 43srCum.Pt. 46 45b 
Tr.e*n:-ot Warr 100 
, Tw-nlock 1 2pcU.-t.Ln. £73 
Viking 0,1 198 

| FEBRUARY 13 

1 Cgitlroar Brew. 176 174 1 70 

Com mi. Bk. cl Wars 55 


j De'ienne /Hiogt.) 6 
i Eastbourne aWterworki 


48 


FEBRUARY 16 

LI 


Attor villa FC LIB. 

* c.i.tletcwr E'»a. 185 

! Cnarnet Hsrei, and Prjps. 21 20 

1-21,00 Pr-treleum 130'. 129 

RraPi.jCftA p-cb Tsi. f S ; :3b -I 13 j 
1 Humeers Manures 7‘-ocCjmP! Z 5 
, l-’-estmenf Trust a’ Guc—.sc. rprCjm.P’ 


1 Elpr a:c Pope A 173 
E.ehcm mags. 20 
j Full*' Smltn and Turner A 27D 
GRA Prop. Tst. IS' : T3'. 13 12b 
loswlrn Per; Aulnpr-tv 5*:ocMt.ObS. £22 
f». Tst Of Guernsey 5ocCum.P1. 40 
| je-elnjs 57 
, North Sea Acsr:* 925 
“ Idtiam Brew. 5S 

. I Ducrn Sr-eer WaienpuSe tHfdos.) 2'j 
Queens Park Rjrac-S FC 105 


com pa nice engaged solely la 

mineral exploration. 

FEBRUARY 16 

CCP Norm ieu Associatn £3‘i 9V 
CiuH Dll L4 n 4 

5ie*ens 0.1 Gls >U.K ) 330 27B 27“ 270 
274 


Sieoens Oi 
250 278 


FEBRUARY 15 

i a-->o Gas iU.it.) 

FEBRUARY 14 


Cluft Oil 41 2-: 437 ‘3 

S.ebens Oil *<* Gas tU.ft I 2S2 236 299 

290 290 292 292 232 294 295 

FEBRUARY 12 

C C P. North Sea L9’» 

Clutl Oil 450 

S'ebons 04 and Gas >UX.I 2E6 2SD 278 
176 274 272 270 

FEBRUARY 10 
ciurr on 4 50 

5lrbens Oil ana Gas >U K.i 368 270 
270 271 272 372 272 372 27 lz 274 
276 27E 260 


ERRATA 


S';pe War Ln E 6 etc. sno.113 have teen 
36 u etc. ,13 2 ) 

AGB Reiearcn New Or; (f p i 87 n - ,: 9zs 
6a 90 snO'jln ru.c seen to ihe Or2. 

■ 1 S 2i 

Commerc.al Banking Co o» 5.nn?» snou'd 
have been marked 1320 itO :■ 
D-ccnnams 6 -sc L)nj Ln. s>« 19 J 5-°1 

3i-*i SbOuld no 0 Bejn to mg 7 bosuns Ln. 
tlk. 20J2-07 it 3 2) 

Dravign Cdmmcciai liu Co 0<d uior'd 
nor nav* been msivcd 176 "' ! 3 > 

Great Universal Stores .-i-pckle, L". s-v. 
1983-58 73 snouid nave Bern to < n * 

S'.DCUnstn S<k 19-1J.99 iu :• 

|nfl ona Ci/nm. Finance Cera. D o- Atln. 
irv. 1991-94 71'; sn; u 'o hJ-e b!cn 77 g 
il4-2 > 

LCiirno FpcCnvUnsLn srv 19J1-86 73 Ig 
sneutd ha,e been 7 3'; ,14 2. 

Montagu Burton in, Tst Q'd. snouid 
have reao 57 "5 14 2 * 

P-y?d Intrl Orrf g;.r,. should na e fv-en 
95*..: 1.4 2i 

UpdOK'n inv. Cd. Ord. snou/d nave been 
marked SB -9 Zl 

Llnru.sd Ord. 37 should nave been 34 
‘16 21 

Parian j Sen.’ng Puoner srft should rot 
na.e seen r-ivrson 4 S ; : o; -is;. 
Rothmans (n,nl B Ora «nau'fl ah? na»e 
bren mnrvea 4h--® rlS Z' 

Midland Bank 1 n linj ir sis lgoj-hh 

should nave been marled oti,is *, .14 z< 

'Bb p..Tttna*:r>iJ m i /„- ft.-, hccc 

■""mir.-i/i 




'pnconllnental 
Rembrangr Group 174 
ftev'on n)541'a 
Roll ns [11 28 
Rio Alnc-m £16.30 
S.E Banking Ccrp. 726'j 
Tcvis l-tslrumrnf SU5E7 
Tongkah Harbou- Tin 76 
Utd. T’rhnijlr^jv suits i, 
Wwiwtirth <r W.‘ Com CI2 » 
Wnolworth Hldns. Ord. 170 
Yukon Cons. 124b® s® 

FEBRUARY 14 


Acmev Hidgt 1 1 'a* 
Ampol E< 93 
Australian Paper 97 
Amerlran Eaole 23D 
Ampul Pets. 55 


Property Holdings 9',-KCDb. 73 
Al'wOjI London Proocrties GocLn. 8 S. : 

Allnatt London Prop I25p) 214 | 15 / 2 » 

Apes P.oo. nopi 221 ** 

Aou.s hecunties iSpi 16 116 Zi 
Argvie secs. iZpcDto. an- 
Arndalc woo. Trust bkPCLn. 5B.'« (16(2) 

8 ?J* 4 is* na Commercial Holdings UQpi i; 

I I 6(4] 

Beaumont Pron. rsso, B4 M6 ;Zi 
B ellway Holdings (Z5pj 48* (16/Zi 
Berkeley Hambro Prop. <2Sp) 96® 8 
Bilton iP.i 'J5p> 176 

Bradford Prop. Trust >250) 231 29 iisu.i.- -- — 

British Land (Z5pl 334® 2 41 , 4 .el!?'1 Bougamv.lie Cbpaer 78* 80 1 

133 2 D4<2. W * * * ®*Ln. Bushal'l Inves-mcrts V>D 

Bruton Estate I 2 &PI 103 
Capiici ana Counries Prop. i25p) 48® .- 
Wrm 1 '13.-2I. 6 pcPf, 35®. 9 5pc U ^ 

Carding Group iSpi 15rg 15 rl4(2) 

Ccntrovincial Estates UnsLn. 55 
Chesterfield Prop. f2Sol 303® 

ChOwn Secs. .2Sp) tOi; 

Cblman <E. AJeci Invests. 9ncl sIMt.Do. 

7b® 

Control 5etS- HOP' 27 113 2. 

Corn Eacnange (IOpi 163 5 2 t14 2i 
C.Ounirv and New Town Props ilQP' 24 
i15 2< 7pcUnsrc.Ln 83 ■ 1 5 Zi 
County District Props (IOpi 81 !■ 

66*514 ^ ^ ombln,!,, 5ecs 8-.PClstMl.Db 
Dacian Hlogs. <25pl 69® 70® 1 ig 
Dares Hits hod) 14 -i* .16(2) 

Dorrington Invest. .TOoi 52® H6I2) 

Edger Invests GotlstMt Db. 57';® HBz 
English Prop. Cpn. i50p> 37 ft ig. 6 'roe 
Uosec.Ln. B7 1 I 6 2). 12pcUnscc.Ln. 93 

EstJ A.Qrncv Hldgs. (Z5pi 38. SlgpcPt 
. 45® 116 ZI 

Esls Gen. invests. (20oi IB'; 

Ests. Proa. Invest. i’Spi 83*. 7 Lor 

Unsec.Ln. 65'• 7 il3(2i 
Five Oates Invests. I25PI 7;# (16 2> 

Glanheld Snrs. i25ci 265® 

Goofr«rv's 1 S 01 7ij® b® 

Green (R 1 Props tlDoi 31® I16'2< 

Greencoar Prons. (5pi 6b H5.2i 
Haslemnr. Estk. IIDo- 236®. 9'iBCUns^s 
Ln 120* 1 16 2i 

Imrv Prop. Hldas IZ5oi 307 <14 2i 
Inlereuropran Prop. Hloqs. IIOpi 31* 1 
<16 41 . IOpcI siMt.Db. Blij (16 2 l 
Laganvale Est. (IOoi 9 ri3-2i 
Land Sacs Inv (SOp) 209® 12® 14® 13 
J?. 1 ,® Id 11. SoelSIDb 198B-93 62>; 

113 21 6'apclMDb 1978-03 84 (T6'Zi 
BupcUns«dLn 726UocUns«d.Ln 
137 lOpcUnseca.Ln. 139 
L « ” 6 / 21 . 7pCTstDo. 

67 <1612 1 7>]P(1slDb 711 <16 2) 

7>'PcUnsera.Ln 900 

London Prnv^ Shop Centres tHIdas.) flOpi 

London County Freehold Leasehold 7*apr 
1s*Db. 69'.® 70b H6i2i 
Lynton Hldas r2oo< 119b® 200 
MEPC (25P) 11 BO 17* 2C 19. 94,pc 

Ob 79<j® BpcUnsecd L". 60® 

'16?) 5oeUnswd.Ln 93 <15(21 
Mou-rview Eilf (5 di 59 
Muck low IA. J., (2Spi 114® |16 2l 
Pearnev Prop. Con (25oi 73 2<- 2 
Property Reversionary Inv Cnn. (25p< 305 
'16'2< 

Prenerlv Partnerships i25di' 65 (1512) 

Property Sorurltv Inv. Tsr. ISOdi 132® 

Raglan Prop. Tst <5P< 4b® 5 

Regional Props. iZSpi 79. A <Z5oJ 66 b 
Hrhaoie Props. <25pJ 50 114/2) 

Rush and Tompkins Grp. >25p, 105 (13(2i 
Samuel Props. rZSDJ 83 <16 - 2l 
Scbctish Met. Prop. iZOo) 1Q1* 4. 9pc 
Cnv Uns.Ln. 162 (15 2i 
Second City Props IIOpi 39>:* (16(2) 

Slough Ects. i25p) TIB. 1DCKCnv.Ults.Ln. 

162 

5toc» Conversion and Inv. Tst. <35 p) 244® 

■ 16(2) 

Sun ley 1 Bernard) Inv. Tsi. i2Sp> 201 H9l2i 
Town and City Props. rtOp) 13 b* 14 
13b 14>i. Bpc-14pcCnv.Uns.Ln. 96® 5 
■ 16i2> 

Umieo Kingdom Prop. tZSpj 20b 
United Real Prop. Tst. IZSpi 247 50 
Warniorri Invu. i20pi 290 
Webb 1 Joseph) <5 p) 18® 17 b* 

Wesiminstcr Pron Grp. "ZOpi 17 i14 2) 

RUBBER (20) 

Abertovle Plants (Bdi 8 lift 2l 
Angle-1 rid ones, an i26pi 91* 1 tlb'Ji 
Bertani Cam. Rubber (IOpi 74 11 6 Zi 
Chersonese (FM5i Ests. flOpi 54 *15-21 
Cons. Plantations itOd) 104®. Warrant 
ZB 

Daranakande Rubber IlOoi S3 <14/21 
Dunlop Plants. 49 

Gkoek Malaysia MOD) 49 11*111 . 

Guthrie Cora. 225 17. 3 . 93 SpcW. 44'j 
<i« 2 1 

Harrisons Malaysian Ests. ilOpi 6B® a 
(16121 

Hi dung Est. (IOpi 19 «li-2l 

Highlands Lowlands Bernao (SMa.0.50) 

67® 6 O'; 

/nth Ksnnein Kalang tiOo) 66 tT5:2i 
/lira ll Op) 47 (16121 
Kin 14 Kcllas (Iflp/ 72 
Kuala Lumpur Keoong Bertiad tIMa.ii 
4 3':® 1 I 6 Z 1 

London Sumatra (TDpi T 10 
Malakofl Darn jo (3Mj.1i SB® <16121 
Malaysia Rubber tlOo) 55 (14'2/ 

Muir River tIOpi JS's* l16.'2) 

Plantation Holptiigi ll Dpi 69 
Lembla Rubber t5p) 25 113 2) 

Sennan Rubber 212 ilJ.'Z) 

SHIPPING (40) 

Biit. and Common wea I tn snipping (50o) 

258 

Caledonian <25®i 235 H 61 Z) 

Furness Withy 2»»: 5; 4 93 90 2 6 
Hunting G«W6n 195* 

Itle 01 Man Steam Packet 1500 (T3/Z) 

Jacobs (John I.) (20 p> 41 <14'2I 
London and Overseas Freighters <25 pI 

Lyle Shipping [Z5 p< 139* 9 116 21 

A 1250) 1 JO 

Ocean Transport Trading <2 Sp) 129* 9 
7 9"; 7lj 8 

Peninsular and Oriental Steam Nav, Dfo. 

110® 7 64 5 B 7>j 5<: 6 4 
Reardnn Smith Line I5CD) 117 14 <13i2). 

A r50g) 38® 7 
Ruftefman (Walter) f25n) 101 

TEA (4) 

Asaant-Dboer* Hldss. 190* ft6-2) 

Assam Frontier Tea H/ags. 116 17 <13(21 
Assam I or. 112 


GOLD MARKET 

; 17 

ren. l« 

l.«"l Bu-llrtl.. 

<fInn <11111 <■! : 


■>-<■ . -X 9 l <9A, 

-1.9U 18 J 

'(•■nin • . 1 l 9': I80ij 

•1,9 179 Ig 

•I.iroi'i',"^- -1 9 6 ) 

.-1.9 25 

i'9L' -Ol 

L 92.S59i 

uieni'nIn'- . -179 45 

i 179 35 

-L9K ilO 

C92 544 

•oM • 'nm . . j 


_«m nii,»i|-. . , 

iniccmnd. !. : 1: 71; 1891; 

•-167:« lr9l 4 

. c. 6 I 3 «7Jj 1 

£< 6 'i t7>. 

V .• 60 14 ioBM 60U 1 

iL'50 a 1 ' 

C3CI-5L. 

»HI S.v’rj). <»: 6 lz " 8 lg 

•56-10 

'• i 29 30 

C/ 8 ! t 29'-.. 

..« 1 l'<-I„». 


Inicnun'llv i 

JIBS 187 

• t 4-', -5), 

C- SU 96l«' 

i'» S.rr*Bii' ftc/ig -l Ij 

*a7i4-:9U 

L^^'C'SOlg 

CiS's adz 

IH %trr - 2 ii-(S: 6 l* 81 " iS 96 a 8 I 

1C. 9 30 

Cdblj V9l» 

; • Ka<•■««... Bl 

ft 1 70 81 

Sia-monih lonujrd dollar 
Lfi-mumh o Ci-n 3ic pm. 

a ;2 o zzc om 

CURRENCY RATES 

i anc la 

European 

1 Drawuoj 

Uni' O 

Rl«h»« 

A'-^rran 

; ... i'J 

ht-lariMM 17 

Sli-rliu^-.. .. 0t.279IB 

0.6:e0n3 

l <l.rlla».. 1.22086 

1.24018 


1.38361 

\UMru prll. .. 18 0474 

ie.3297 


39 9587 

lianish kriwi*-. 6.91617 

7.05011 


2.55442 

l)iiii-h diiiMi-r 

3.7 3386 


5.9.914 


1C61.11 

Jitr-nin-M- .(<■" : 29 A396 

CBc 649 


| 6.66478 

Si«ln |*>cit. 96 2768 

99 5731 
! 5.74325 

S»i»» fran.-. !I.*.0496 

2.34387 



Slight rise in bill rate 


Bank or England Minimum 
Lending Rate fi£ per eent. 

(sinee January 6, 1978) 

Trii* Trcasurj- bill rate rose by 


£"00m. will be on offer replacXna ihr-re was a fairly larce net lake- 


ci«lurines of £)30m 
Day to day credit was in slishfly 


.'bm-i supply in :he London money r,c ,^ circulation. 
Rvirfeei. even though a surplus of 


un of Treasury bills 10 finance, 
3 id a sizeable increase in the 


O.niSl ncr cent, tn 5.9730 per ccnf. T ™ X , 3 su , rp J u * 

at ycbterday’s tender, and Bank fj " d * v ;? h p ™ b3 ^- v The 

. 1 / x/.nimnrn i unrimn suihanties bought a small amount 


uf England Minimum Lending * . „ . . .. 

Hat-* was unchan S ed at fij P e7 ?! I™!' 1 ™ b,n * Irom <*» dls ' 
cenL The minimum acccpied bid 


cojni houses. 

Banks brought fonvard surplus 


Discount houses paid 4-n per 
cent, for secured day-rn-day loans. 
In the interbank market ovcrnicht 
In.-'n-i opened at 5i-SJ per cent., 
end eased to 4J-4J per cent, 
tin.: lunch time, but rose to 


-vas unmanned at iu®.auj. ana nanhs arou^m mmara surplus rpn . .. lh „ 

bid- at lhai level were met as to balances, and the market was also ' . p . j . , , , 

about 24 per cent. The £300m. helped by a fairly larRp excess of . F ^ ,,c ^, PCHOfl interest rates were 

bills ofiered and allotted attracted Government disbursements over SKrii-rauy easier, 

bid.*- of £529.Sm. All bills offered revenue payments to the Rales In fhc table below are 

were allotted. N'exr week a Further Exchequer. On the other band nominal in some cases. 


j M<-r>in(> !/>.«> 

Fet.. 17 ! Cnn:drat► Interbank : Anfh'.rit) 

197- j nl <1ep<»ii a 1 de|y»U« 

L»-»g- Auili 
urnni laliit 
bnn'l» 

f tiiunce 
llii'ise 

L'ompaui 

Depns<>" 

LlllUS-uDI 

niftrhPi 

•Irfft'ril 

I'nasnrv 
Bills * 

L'lcin'c 

Bulk 

In: K * 

Cine Tre'ie 
Bin-1 

"vermahr... , [ — 41; 6 — 

— 

— 


4-5 

_ 


— 

. .InVfcll-.l 1CC...I — — 5jB-5>4 

— 

— 

— 

— 

— 

— 

— 

1 .|ac« nr i 

/daT*nnlve.. | — 5V61a 5 : 5-6 

_ 

61- Et 8 

6 

SU-Ssg 



_ u 


655 - 65 ^ 

fi! : -7 

6S* 



61, 


l w.. m..n'h« ..j 6ii-6,»( 6^; 6 : J - 

65.-63fl 

7 7lj 

— 

6-6Tr 


6.Si 

6 'I '7 ; 

)-ei? 

7Jg-7J« 

7lj 

6I| 6ftf. 

5j--o 


7 

-is m.f.rb'...! 7<? ,-H 7.1-7:, 7i< 7ij 

7'3 6 j ( 

71;.Bl« 


— 

— 

7,^ 

77is . 


7: B 7ij 

81* 

— 

— 

— 


— 

Untuftr.! 7 -7 = i . S 8!« ■ 71j-8 

8i 3 7i S 

B*S 


— 

— 

— 

— 

It*., rears.! — < — . 0:s-9 

“ 



— 



— 


Local autbonUcs and finance hnuses seven days' nonce, oilier* seven days' filed. *Lon«er-'erm local authority mnrsaca 
rare nominally ihrec years lOJ-m* per coni.: lour year* I0M0I Oer cvn*..- fire re-r- 701-1 1 per cent. 4- Uanlc bill rates in 
rahle ar..- buy ins r<ics Tor pr.ir.v paper. Buying rates tor (our-montb bank bl.-t *I5|6 per cent.: four-monUt tra-:e bills 7-7 k 
per cent 

Approximate sclliiu rare tor aae-manth Treasury hills 311(6-51 per cent: two month si-sstj* per com.: and thrce-motiib 
jissz^iaiB i?r am. Appruxrnia!,.- seUiru; ra'c lar one-mnnih Mnl' bills 5 per cent.: iwo month fi| per cen: and 'hrep-montb 
67|«4il3sz per cent. On.- momb irade bills. BUG per cem.: Kvo-monih per cen. : and also ibrer-monil) Ei p-r rent. 

Finance Houre Fasc Ra-.es 'publish'd br ibe Finance Houses AN*cn(i<n)<- 7 per ri-nr. from l■Vbrua^■ f. lf>7S Clearing 
8nn> Peposlt Rates 'or smill Mims, 31 v ten f.avs - notice i 3 per cent. Clearing Bank Rates for lenilins it per cchl Treasury 
Bills: Average u-mliT rates of discount 3 a~o pur cent. 


EXCHANGES AND BULLION 

Central banks in Europe prob- 4.S2 per cent. Its trade-weighted 


FOREIGN EXCHANGES 


ably intervene in the roreisn ex- 
chanKC markel yesterday lo pre- 


index since 1971, on Bank nr Enfi- 
land figures, fell to 90.9 from 


j Bunk■ 
Feb. 17 Karen; 


MnrLei FhTM 


DsW 

Sj.r.v.l 


Clrag 


vem ibe dollar fallins mo sharply ai.l. _ 

azainsi ihc sironeer currencies. The pound’s index, as calculated sw Y..rk.J gi-‘ 1 .B 4 io-i.basq i.ec«.i.s«5b 
The West German Bundesbank by the Bank of England, was un- .Meni'cni....! 7i5 2.iS7a-2.i7452./ria-:.7740 
bought SfiOm. al ihe fixing in changed throughout at 65.9. .\n«*tcr4»mi 4i;' ft.29-4.J5 ; 4.siH.f2i 

Efrt-S d 3 Ur To-v' hC BO d m, ‘of SlV'llw «J«wi at 51.M10-1.M20 j", SSttS , SSS8 

Lo- iovLr 3 Ih! n mvrk M against (he dollar, (he low est level Fn.nl.rint... 5 S.9S.4.C2* 4.0D--.4.0li 

DM- iMrJto a stains) the D-mark, be- o{ t ^ e day an( j touched a best Li-n... .I u \ 77.90.74.48 7s.id-7c.jo 

fore ciosinu at dawobi,*. com- , . f si 9450-1 jmro at mid- 3in*in-i.i b <155.90-15^.fo I66.B5 ise.75 

.. *»»«*«'* «-'*«*’- ,c ' el or 5 ft remained around .I m ; ' i.S60.».fiS6 . i.sea.i.wi 

ii remained arouna . B . 10 . i5 . I0 .^ ia. 4 b 4 .io. 4 ;j 

nost of the day. and INirif . j,,. 3 s. 5 s;- 9 .j 7 i 


pared with DM2.ni;2ft previously. 
The Swiss authorities may also 
have intervened when the dollar 
fell lo Sw.Frh.l.ST^n. 1* closed at 
Sw.Frs.l.SSfifl, compared with 
Sw Frs.I.SM45 on Thursday. 

The dollar’s trade-weiahied de- 
preei.ition since ihe Wa^hinston 


morning. 

$1.9450 for most 

closed at $1.9445-1.9455. a rise of iwuo.im..! 


Jrt points on the day. 

Gold fell $} lo S179-1791- The 
krugerrand's premium over its 
sold content was unchanged at 


Tf'kv. 

Vli-nnn.j 

Jtunrh..I 


B ' B.37:-9.0?i S-OU-S.DIi 
41, 460-475 466-466 

61; :ft.t5-:E.?U 26.75.2F.55 

)l 2 ' S.ES-i.bdi J.iSj-i.S/i 


Currency Asreement of Decern- 5.09 per cent^ for ^domestic de- 
ber 1971. as calculated by Mnraan 
Guaranty of New York, widened 
sli^hlly to 4.S5 per cent, from 


: Rafos cl vcd ar-? for cnmeruble frucj. 
Financial franc 61 oG-62.70. 


livery, and fell lo 3.13 per cent, 
from 3.55 per cent, in the inter¬ 
national market. 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


r«l<. I< ’I’lMK'iinjxijwl.v, 


Fmnwi..n — 2.0=10 26 . 42.F* 7* 

\ru V-rt 1 1'MfO; - -O/i .. 

r<m.. 3c$Jl n.-t^j? 

Urowcui.... < 

Uin-liT... . 1 t-iri 017 t : st 7^ '-'v. ' ■.< 

Aui-l'-lHni.. I.*( 74.i TIi. 15 ■■ > _ . ii 

/miicIi. . .. .ftl^LllbO*. I.rf.' i 4 0:0->.92 -l.rrOfi 73 rr4 ,244 p-o 


; ’ X.’tc* Petpj 

Argentina. 1390-1294 Att;ciitma.,125D-t5J0 
Aiivirgtlui.. 1.70S I-1.7 IJ! 2b = -25, 

l<nui(.■ SI. 54-J2.54 IMjiiirn.... tlj 

F in land....' 8.17-d.U 'Hrn/Il. 1 t-4D 

t'(rw:<..iS.954-10.552 < 'hiuiiIk.C. 11 - 2.21 

- Hon^KiMi". b.s5-9.?c I''"ni"rl>..'l0.9-11.1 

6^93 40J i.'AflW.O'.'E'. 92.76 ke'.tPlOS Iran.1 151-IJ8 t m». .... 1 2.J0-9.60 

i.lldlJO l.-«&■>■«« , 46.1 l*.. 0 j W 2->-5' huKdil—- D.5J7-D.54, .hcrn.nnr.. J.95-4.10 

i:.-59 9'.)3 <46.5iS76,21?.lS6:i Jr-uN-eO Lu-.^ml.-ru' 52.56-62.55 Nrwc 69-74 

- '*4.6(62.24' 14.49 64 Hue 11 Mainv-u,.... 4.57i.4.55J I,m!v '550-I7.5D 


laind.in jAniM'.rr.i .muH' l' 


— !«.Sl6v2i j.rn;.iTift /tnlan.l; 1.5879-1.s06i Ji.|«n. '450 4,5 

6w2?7p 4J17o ; , Sfc'| - |;7iix4P .' H ,„li A,*'.! 5.67-6.77 V. il.^rl'n.l 435-435 


L'.S. S :n T^rnino U.S. <= = 1112; *2 L'anwltan ■ ent*. 

Conn.Han S lu Sf» Vnrv = -.3o: J s '"i*. ■' 7 *•<" ililan 856.70^-= 00 
iierl'D^ in .Ui-au lrFiJt'.ierJ.W. 


EURO-CURRENCY INTEREST RATES 


SmzaiH.rv .. 1 4.58-J.52 %.■!«■<>• ... 10.40 .60 

-■'. .It,im.. '1.5704-1.704: l , ..ri„ 4 *l..' 7B-BJ 

l' -S.I •.-|v< - n. 155-153 

I 'm. a.In. 1 ; >'»'if. 'i«n l 5.50-3.70 

L SI.I I ■>.;I.SJ I.-Jb 

l".». i-eult.i 39.46-39.43 ,Y»i: <r -l4vin 57. 354 

Kan? given for Argcnilna is a free ra:a. 


fti.. 17 


L!«.. 


i*«i- u 
L. uimer- 


1 1 nr. 


\l ii.'imni 

no- 


1 Short iwm 
■ .in, . «■•' 1 . <■ 

(I..Hill .' 

rhrai' ii.i'iiliit. 
■US. III.-HI ll-. ... 

ilnv \<«i.I 


a.61? 
6:.-. 6:? 
b?4 VI: 


6'l.T)g 
6Ti Ti; 

1 '46 
7:,."=i 
7ri-7-» 


FORWARD RATES 


6f5-6'i 
e: ; -7 
era-7 =4 
7 : 4 - 7 :* 
7 ia ■ 7 
7: 5 6'a 


bi- Si* 

Bl-dJj 

bu-s's 

h-tss 
5 bu 
5i*ai; 


>41®r 

U-'» 

>s'« 

Ttrrk 


L*. 2\ 
'i . : 


i'i«f m.-nilr Three nmiilhy 


■< ? New Yuri. (ini'O.ZO 1 

*o*r , /Mi:-, ■ OS'* I « Ij% 1 ■»'< M.niinvil. inrO.lO .■ 

8 ■* , ' 7 r :-_7-l_7' » 6 'a _i ■ : .P.f . Amf.lnm- a .. ("n'i 

' .. Bru-n'!*... a i-'fi'b e. ■!' 

EuroFrrnch dopnttt rafes- two-dir lui-II Per cent.: seven-day lOj-u rer cent.: c..,.-|,„ i n. 7i.'-9'c .-re >li 
one-momh U-lCl per cen:.: three-mouih 13=-14 per «ni.; slx-monLh I2M7.I pit Frankiurrlo-'a i<f.r>n< 

com.: one year IIi- 12 ! per c? 0 ' f-'.l-in.60-150 <■. >ti* 

Lnne-rerni Kurodnliar dopnsne two years 7U]*-RJis per cent.; three years .Uh-in.i.... 50 10CV.-Ii* 

Si)r- 4 i4i(, prr M-nt.: loiu - jears 4 S< 4 -*S» per cent.: five years S5i6-»7| h per c. ni. >i,i*,,„ .. S-lAMr,- .ii* 

TTjc folln»iiic nomine/ rales Here gu^i.?d for London dollar certificates .•/ deonsir (,<i rt .-61 Si; <.re<ii 

one-mnnih 5BiF7nn pur ,»-oi.: thruc-Riottih 7.15-7 25 per oeni.: six-raomh 7 45-7 " P" r .... 3ig-4»* *. <u« 

rotif : one-j.ar 7.73-7 S Pvt tent. .-4|.-kli'<’l"i 41,-bl, w <li* llj'-13i .tp (til 

"•Kates art nuni.nal Lillies rale*. Vi..ri,«i .. |wr-10 ,li- <1.18 »r<> >1i^ 

t Short »crm rales arc rjii for siprfing. I'.S. dollars and Canadian dollars: two ; .„ ril |,.im 6J S -57» <■. |-n». 

days' imiir,- for suil.l'-ro am! Sw'v frana:. _- ■ ■ - - — 


< O.IOr. |'ni. («r. 
- 0.10 <•. ( 

Ii, 24s- ii.i |.m. 
i\ 5 <■. cn».-5 e. <iw 
23;'2ai ore i‘.ia 
4T.i'J'i pi. I'm. 
350-570 <-.'.1i* 
130-310 r. <lis 
.25-31 lire rti« 
. 8 ]- 10 } -re 41s 
14.15 .11, 


UJL CONVERTIBLE STOCKS 17/2/Z8 


Siar.stiei provided by 

data S7P£4/1 (ntercjEifirr.gf 


i. 






Con- 



Prcmiumt 

Income 

Cheap (t) 
Dear(—)■> 

Name and description 

(£m.) 

price 

Terms* 

dates 

jieid 

yield 

Current 

RanseJ 

Equ.S 

Conv.fl 

Diff.T' 

Current 

Alcan Aluminium 9pc Cv. S'J-U4 

9.05 

142.50 

100.0 

76-80 

6.4 

4.4 







Assonuted Paper 9tpc Cv. 85-UO 

1.40 

38 00 

20U.0 

76-79 

9 S 

9.9 

~ 2.0 

-10 to -2 

8.8 

8.8 

0.0 + 2.0 

Bank of Ireland IQpc Cv. 91-05 

8.22 

144.00 

47.fi 

77-79 

6.9 

5.2 

-U.l 

-il to -a 

14.0 

9.1 

— 3.6 +■ 7,5 

British Land 12pc Cv. 2002 

7.71 

130.00 

SSLS 

80-97 

9.6 

9.3 

18.2 

10 to 37 

U.0 

04.8 

S 62 +6S.0 

Chance Wares 12pc Nl.Cv.PL 

0.55 

0.20 

1.0 

79-83 

9.0 

4 D 

- 4.8 

- 7 to 2" 

20.1 

66.6 

17.1 

i +22.6 

English Property 6Jpc Cv. 9S-03 

8.34 

87.00 

234 0 

76-79 

7.6 

7.9 

- 3.4 

— 8 lo 1 

11.6 

6.2 

- 6.0 - 2.6 

Encllsh Properly 12pc Cv. 00-05 

15.31 

94.00 

150 0 

76-84 

13.3 

1&3 

623 

40 in fill 

1 31.7 

52.5 

36.1 -26.7 

Grand Metropolitan lQpeCv. 91-36 122JJ0 

106.00 

120.2 

73-78 

9.8 

9.7 

~ 6-2 

—13 to 0 

4.7 

00 

- 4.2 + 2.0 

lbnr.on Trust fijpc Cv. SR-U3 

4.51 

81.00 

57.1 

76-80 

S.3 

9.1 

9.0 

1 lo 9 

109 

US 

1.2 - 7.S 

Hewden Stuari 7pc Cv. 1995 

0.07 

220.00 

470.4 

75-73 

3.2 

0.1 

”11.8 

-14 in -5 

14.7 

6.5 

__ n ■, 

l + 8.5 

, Memos Tape Cv. 1985 

1.06 

!30 00 

166.7 

70-S2 

117 

9.S 

5.4 

2 m 10 

47.S 

47.6 

- 0.1 

I - 5.6 

Slough Estales lOpc Cv. S7-U0 

5.50 

160 00 

125.0 

78-87 

6.3 

2.8 

9.4 

6 in 15 

i 377 

5317 

12.3 +29 

Tozcr. Kemi-lcy Spc Cv. 1981 

7.33 

Sil.00 

153.9 

74-79 

9.2 

12.G 

34.5 

21 in 41 

12.1 

11.1 

- 1-5 -S6.0 

Wilkinson Malvh lOpr Cv. 83-98 ! 

I! 10 

93 00 

40 0 

. 76-S-'! 

10.9 

11.0 

36.8 

22 lo 37 

26.5 

40.4 

20 5 -16.3 


• NiiinBcr of Ordinary shairs imo whir. I1W nommai 01 convenible sinch is conremble 1 The osira cost <r uivtsin'.m ■<- vunvcriibk- i-aun-ssrd as pet ccnr 01 itw 
coal of ihc uuuliy in ibe convertible slock. 1 Three raonih range. 4 income on number ol ordinary shares mio which ilM nominal nl cniivcrlibti- slock u» ciinvcmbie. 
This income. omti-ssmI in pence, is summed from present lime until income op Ordinary shares is creator ihan income on tlPO nominal of 'om-Ttible 0 . the final 
<-an version dam whichever is earlier. Income « alumni to sruv at 10 per cent per annum and is present valuvd ,i: l’- ivr crm. p<r annum, f income on £100 of 
cmioruMe Ir.cmnr is summed until conversion and present valued at 12 per cem p-r annum CJ This it income pl the cwivcrnble l'» meume oi Ih- underlying egu-ty 
«ijvi , tiftd as r * 1 cent, n! inn value ol ihA un./crlvink ronnj. a The nitlnrence- fteta-een /be premium and income rffdiTcno fisriMd as per cent, of ihc value of 
underlying i-rui:* + Is an indication ot relative cheapness, - is an indication of relative dearness. 













20 



Financial Tim6s Saturday tpgl&jgjt 


m — 1 

■b 

% 


Equity leaders rally to end a poor week on a firm note ----%-" E ^ s, ?T\ , T^ g 

g~ flnunffltfrw-—"" M.66 74.71 74.11 14.M - 7B.16.75A0 

Index up 4.3 for week’s loss of 11.7—Gilts steadier ■:■■■■? S BBBh S 

~ BAA 6.89 6.89 5.61 8.71,5.70 


Account Dealing Dates 
Option 

*Flrst Declara- Last Account 
Dealings lions Dealings Day 
Jan. 3(1 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 21 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

* “ New time " dealings may lake place 
from 9JO ui, two business days earlier. 

In the quietest day’s trade for 
over six weeks, stock markets 
yesterday traded within narrow 
limits. This was in marked con¬ 
trast to the volatile swings in 
quotations earlier in the week 
following the most disappointing 
January trade returns and the 
latest money growth figures. Gilt- 
edged started hesitantly with 
short-dated stocks at one time 
showing falls to \ on the possi¬ 
bility of a new tap issue, but the 
losses were haLved by the official 
close and were virtually wiped 
out in the inter-office trade. Long¬ 
dated stocks moved In much the 
same fashion and ended near tbe 
overnight levels following con¬ 
firmation of the expected improve¬ 
ment in the running inflation rate; 
after Thursday's rally of 0.S0, the 
Government Securities index 
eased 0.05 to 74.66 for a net loss 
on the week of 0.74. 

Leading equities also started 
cautiously, but picked up in the 
absence of sellers and gradually 
hardened to close at the day's 
best with numerous rises of a 
couple of pence and sometimes 
more. Unchanged at 10 a.m.. the 
FT 30-share index made slight 
progress throughout the day and 
ended 4.3 up at 459.3: on Wednes¬ 
day, it had closed at a six-month 
low of 453.2. 

South African Gold shares made 
a good showing on the week, the 
improved bullion price helping 
inwards an advance in the Gold 
Mines index; a shade better yester¬ 
day at 137.1. the index is up 11.1 
on Hie week, its best rise since 
early November. 

Yesterday's low level of trade 
was illustrated in the lowest 
official markings since January 3: 
at 4.539. they compared with' an 
average of nearly 6.000 in the first 
four days or the week. 

Gilts more settled 

T7ie advent of single figure in¬ 
flation in Britain together with 
the Chancellor's forecast of a big 
improvement in economic per¬ 
formance this year pulled British 
Funds round from a shaky start. 
Fears of a new short tap being 
announced at the official 3.30 p.m. 
close were largely responsible for 
an early reversal at both ends of 
the market and losses extending 
to t appeared against the shorts, 
while falls of * were sustained by 
selected hieb-coupon longs. Loose 
talk wjs also heard of a possible 
rise in .Minimum Lending Rate, 
hut this evaporated long before 
rlic official indication of an un¬ 
changed 6\ per cent. Although 
trading was relatively thin, the 
losses were gradually retrieved 
and at nne stage the longs here a 


net } up in places before they 
finally reverted to overnight list 
levels. Business in the after¬ 
hours' dealings' was directed at 
the shorter maturities which, in 
the absence.of any news regarding 
a tap stock, reclaimed closing 
falls of J. The prospect of a week 
withnut any scheduled major 
events following the torrid times 
of the past fortnight no doubt 
provided relief to the market. 
Corporations were Influenced by 
Thursday’s trend in the main 
funds and occasionally rose a full 
point. 

Investment currency needed for 
the purpose of inverting in U.S. 
securities took rates up to 32$ 
per cent., but after mid-day 
interest faded and sporadic sell¬ 
ing connected with arbitrage 
sources finally brought the pre¬ 
mium back to 81V per cent, for a 
rise or just under a point on the 
day. Yesterday's SE conversion 
factor was 0.7350 (0.7440). 

Lloyds please 

Preliminary profits at the top 
end of market estimates not only 
prompted a gain of 5 to 26Sp in 
Lloyds but also belped to attract 
more interest to other major 
clearers. Barclays, the nest to 
report on Thursday, gained 6 to 
316p. while NatWest improved 5 
to 26Sp and Midland hardened 3 
to 338p. Elsewhere, Hire Purchases 
were highlighted by a gain of 4 to 
SSp, after 90p, in Wagon Finance 
on the better-than-expected 
annual results and proposed 
scrip issue. F.C Finance. 3 better 
at 63p. and Lloyds and Scottisb. 2 
dearer at lODp. improved in 
sympathy. 

Among quietly firm Composite 
Insurances, San Alliance ro.se (ft 
to 540p and Guardian Royal 
Exchange added 4 to 23Op. 

Breweries edged forward in 
light trading. Burton wood rose 5 
to 145p. while sains of a penny 
were seen in Bass Charrlngtoo, 
141p, and Whitbread A Sap. Else¬ 
where. H. P. BuInter picked up a 
penny at 138p on the possible 
benefits from higher deposits for 
returnable bottles. 

Buildings repeated Thursday's 
irregular trend. Alfred Lockhart 
attracted early speculative 
interest and w’ere standing a 
further 10 higher at 17l>p when 
dealings were suspended at that 
level pending an announcement 
Marchwiel improved 2 to 242p 
ahead of Monday’s preliminary 
results and gains fo 3 were seen 
in AP Cement. 234p, and Wilson 
(Connolly), I20p. Helical Cur, on 
the other hand, fell 4 to 23p on 
the lower first-half earnings and 
G. H. Downing, interim figures 
due on March 10, declined 7 to 
208p. Further consideration of 
the reduced half-yearly profits 
left Econa down 2 at 62p. 

Albright and Wilson stood out 
in Chemicals with a rise of 0 to 
103p following comment on the 
record profits. ICI traded qpJetly 


and closed 3 better at 343p; the 
preliminary results are due next 
Thursday. 

Owing mainly to a mark-up in 
response to the Retail Prices 
index, leading Stores closed 
firmer for choice. Britsh Home 
ended 4 better ai lSflp and Gussies 
A 2 harder at 274p. while Marks 
and Spencer, I43p,'Barton A. 113p, 
and De ben hams, 99p, were ail a 
shade dearer. Elsewhere, Cantors 
A hardened 2 more to 35p but 
Freemans remained on offer at 


found support al iUp- up 2, while 
GKt were again wanted and 
improved similarly to G9p. 
Martunalr, however, contrasted 
with a fall of 4 at 1 -JOp along with 
Bumfords, 1 $ cheaper at 43Jp. 

Foods, had little to commend 
them. Fitch Lovell, at 71p, gave 
up S of the recent strong specu¬ 
lative advance, while Northern 
Foods eased 2 to 110p foHowing 
the announcement of its £l2.5ni. 
takeover bid for James Shipstone 


interest and rose 5 to 53p, after- 
Sop. Thomas Tilling hardened a 
penny to 104p on details of the 
proposed multi-million pound' 
acquisition of Eaton Corporation's 
Worldwide Security Products busi¬ 
ness, and Mitchell Cotts Transport, 
interim figures due on March 2, 
rose 3 to 53p. Ahead of next 
Thursday's annual results, Hoover 
put on 2 to 330p. Johnson Matthey, 
on the other band, relinquished 
3 to 447p ahead of next Wed¬ 
nesday's third-quarter figures. 


F.T.-Actuaries All-Share Index [\ 


1 [ T 7 




F.T.-Actuaries All-Share Index -1- —s^. 

Adjusted for Inflation J * 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


»B2 1K3 ttW M6S fM8 «S7 


mo mt ten ms a* ms. vm mi tbI 


250p. down 4. In Shoes, comment 
oo the record profits brought a 
rise of 3 to 43p in Newbold and 
Burton. 

Despite a marked lack of 
activity, the Electrical leaders 
edged higher. Thorn hardened 4 
to 352p. while GEC. 255p. and 
EML 171p. both firmed 2. Else¬ 
where, H. Wigfail met with 
further selling on fears that 
Comet Radiovision's offer may 
prove abortive and reacted afresh 
to 222p before recovering to 230p 
for a net rise of 2; with Comet 
improving a similar amount to 
109p. the offer is currently worth 
just over 243p per share. Baca I 
continued firmly at 208p. up 4. 
while rises of 2 were seen in 
Automated Security, 57p, and 
BSR. 93p. 

Movements in the Engineering 
sector rarely exceeded a couple 
of pence. Favourable Press com¬ 
ment prompted a rise of 3 to 153p 
in Derilend Stamping, while W. E. 
Norton moved up 2 to lip for a 
similar reason. On the other hand, 
news of the agreed bid worth 85p 
per share from Trafalgar House 
caused a reaction of 3 to S2p in 
Young Austen and Young. 
General Engineering Radcllffe 


and Sons, tbe Nottingham-based 
brewery concern. Tate and Lyle 
closed without alteration at I92p, 
after 194p, but renewed invest¬ 
ment support left J. Sainsbnry 3 
better at 170p and Associated 
Dairies 4 higher at 219p. 

Ladhroke stood out in Hotels 
and Carterers- with a rise of 6 to 
lSlp. Grand Metropolitan edged 
up 2 to 96p on further considera¬ 
tion of the chairman's statement, 
while small buying in a thin 
market raised. Wheeler’s Res¬ 
taurants 5 to 275p. 

C. H. Inds. up late 

Miscellaneous industrial leaders 
closed the day with modest gains 
following a thin trade. Bowater 
fared best at 168p. up 5. while 
Beecham hardened 4 to 627p as 
did Unilever, to 488p. Reed Inter¬ 
national picked up a further 2 to 
107p, after 108p. Elsewhere, C.H. 
Industrials were marked up 3 to 
SSp after-hours following news of 
the capital proposals and accom¬ 
panying dividend forecast. Still 
reflecting a substantial sharehold¬ 
ing which chanced hands recently. 
Hoskins and Horton rose 8 to a 
1977-78 peak of 14Sp, while Stock- 
lake met renewed speculative 


Dealings in James Warren were 
resumed yesterday following bid 
terms from Talbex; opening 11 
down on the suspension level of 
G3p, the shares picked up to 
finish at 58p. Wedgwood lost 7 
to 187p following the uninspiring 
third-quarter results. 

Adams and Gibbon were un¬ 
settled In Distributors, falling to 
71 $p on the reduced profits be¬ 
fore rallying to close S down on 
the day at 74p. Charles Horst lost 
a like amount at 78p in a thin 
market while Glanfleid Lawrence 
eased 2 to 33p and Tate of Leeds 
4 to 47p. Other Motor issues were 
quiet and little changed. Lncas 
Industries, still reflecting brokers’ 
favourable circulars, moved up 
another 3 to 26?p, while fresh 
speculative interest lifted Kwik-fit 
1$ to 53$p. 

Properties Improve 

Selective buying interest made 
for a better trend in the Property 
sector. Among the leaders. Land 
Securities edged up 3 to 215p 
and ME PC 2 to 121 p. while 
English were a shade dearer at 
39p. Noteworthy movements in 
secondary issues included Chester¬ 
field. 303p. Property and Rever¬ 


sionary “ A,” 303p, and Warnford. 
290p, all of which rose 5: Samuel 
revived with a 3 gain at S4p, while 
Stock Conversion improved'^2 to 
248p and Ra&lemere closed a like 
amount better at 237p. rBaejan 
hardened a penny to\?lp in 
response to favourable- Press men¬ 
tion. Against tbe trend B- Stanley 
closed 2 cheaper at 2 Q 0 p. after 
198p, following the . interim 
statement , 

Quiet conditions persisted in 
the Oil market British Petroleum 
moved narrowly and finally.settled 
without .alteration at ?60p, but 
Shell edged up a few pence to 
49Sp. Outside of the - leaders, 
Bonnab hardened a penny to 53p 
helped by the company'B. pian to 
return to North Sea exploration 
as tbe operator for an off-shore 
consortium, but LA5MO Isaacs re¬ 
mained on offer, the Ordinary 
reacting 3 more to 160p and. the 
“OPS" 5 further'.to 340pL In 
Overseas issues, Weeks: Natural 
Resources fell 6 to 98p on 
Australian advices. 

Investment Trusts remained, 
neglected; Caledonia-Investments 
fell 5 to 228p. while tosses of 3 
were seen in Colonial Securities 
Deferred. 227p, and Edinburgh 
American Trust, 87Jp. ■. Capital 
issues staged a reaction of S to 
52p in SPLIT. Among Financials, 
Authority Investments attracted 
renewed support and dosed. 1 $ 
harder at 35$p, while Dalgety, 
still reflecting -recent trading 
news, moved up 2 further to-230p. 
Following, Thursday’s rise of five 
points. Grendon Trust 
Subordinated Loan dropped 9$ 
points to £50 on a Press sugges¬ 
tion that the envisaged repay¬ 
ment may not he as imminent as 
previously thought 

Farness Withy came under seli¬ 
me pressure in . dull. ..Shippings, 
falling to 292n before.dosing 8 
cheaper on the day at ' 394p 
following a put-through the nBar- 
kei vcsierday of a large number 
of 'hpres. 

Textiles had contrasting move¬ 
ments in YonehaL 5 off .at 45 d 
following a FTess renort of re¬ 
dundancies. and Snfa Viscose. 
Privileged, nn 5 at -38$p on 
Continental advices. 

Among South African -indus¬ 
trials. Gold Fields PraDwtWs re¬ 
rived with a jump of 8 tb 78p. 

Golds harder 

Activity in mining markets was 
again down 'to minima] levels. 
South African Golds .merely 
marked time and marginal- gains 
overall reflected the firmness of 
the investment currency premium 
rather than any buying interest. 

Shares continued to draw little 
strength from the bullion .price, 
which although 25 cents easier 
yesterday at S1T9.375 per ounce 
showed a S6.25 gain 'over the 
week. 

The Gold Mines index registered 
an 05 Improvement at 157-1 bring¬ 
ing the rise on the week up to 
11 . 1 . 

Movements in the heavyweights 
rarely exceeded $ with Vaal Reefs 


rm! 17.95 
7.87! .7.87 


Jh 

Industrial OfdtaMy,— «9.3 «5h 453.2 4|9.7 

B»inhia» Tld Z 17.79] 17:94, 17 J5 17.71 

P.ricrtH't}:. 7- 93 j w 

Dcallnga marked.- 4,389^ 3.3?* 8.1?7 6 087 

Equltytumover£m... . - \ "M M ' M J f'*® 

fadtr beraalm mJ - 1 tMill 14.617 ».4B9 

*.«■ ** ASVffrSE SS 

i Index 61-244 MTS. 

• Based on 51 per cent. “ra° r ® tton ,2f' 
Baste 100 Govt. Secs. 15/10/28. Fteed tot. 1»»- 
Mllies 12/9/55. SE Activity Joly-Dec. .-1S42. 

HIGHS AND LO WS _ 

-- 1017178 jSinca CompUsUfia J 


4,389 5.377] 8.197 6.W 
_ 6953 e0.52r 63,5 

_ 14.331 14.817! 14.41 


73.16 75A 
iim 7BJj 
469J 471J 
133.3 146J 
5.71 . 5.70 
17J9] 1737 
8.12 8.13 
.8,980 6,143 
43.58 7537 
13,481 16,688 

1 p.m. 43?X 


t.HD=7J6,. 
tod. Old. 1/7/3& 


S.E. ACT« 


~wi g h [ Low | High 


Oort. Sewi- 79.80 
|30lB) 

Find tnt 81.27 

(9/1I7B! 

Lad. Ord_ 649.8 

(14/J1 

GuM Uinee- 174.6 


79.80 60.45 

l30lB> (4/1) 
81.27 60.49 

(4/1) 

049.8 367.6 

(14/81 • (12/1) 
174.6 SS.l 

( 18 /un a/a- 


; 187.4 49.18 

(3/1/30) (3/1/76) 


150.4 
(?8/U/*7 

649.3 

a^/BrfT 

448.5 


60.65 

(3/1/73) 

! 49.4 

I (26/6/40) 

;■ 43 . 6 . 
(86/10/71) 


-Dally- - 
IndiUttiH_ 

Sp «*ri)nl.l m»4 

' Total, — 
(KtaV A.c’ngc 
OUt-Sd^ed _ 
induHrialB_ 
Speculative.,. 
Total_ _ 


and Western Belting* that 
amount firmer at £121 an d f 16 * 
respectively, while medium priced 
issues showed improv emen ts- oi 
between 5 and 8 common^to 
Winkelhaak, 670p, East Dneion- 
tcin, 660p, and Southvaal, 503p. 

Marginals were nuxed, .. 

South African Financials were 
equally subdued but they also 
tended to harden where changed 
in sympathy with Gol ds and 
reflecting the higher premium. 

Small buying interest lifted De 
Beers 6 to 308p and Union Cor- 
poration 5 to 277p. “ Amgold " 

and Gold Fields of Sonth Africa 
both put on i at £153 and 
respectively.... ■ 

Proflt-taHng prompted modest 
reactions in Platinums which 
moved ahead strongly earlier in 
the week in the wake of the sharp 
rise in the "free” market plati¬ 
num price. Rustenborg gave up 2 
to 91 p but remained 8. higher, 
over the week while Bfchnpsgate 
eased a penny to 78p for an 
week’s rise of 7. 

Rhodesians also suffered from 
profit-taking after the sharp rises 
that followed Tuesday’s news of. 
a nagreement in-principle pn the 
framework for an internal con¬ 
stitutional. settlement Falcon 
Mines gave up a penny to 194p— 
a week’s rise of 14.-, -’- 


FT-Actuarie 
indices tv 

In the development at* 
the British Government? 
ties Indices and 
Index and cl assi fic ation 
mtltee of the lnstitnte. ^ 
Faculty of Acfuaries A 
that U wonld be ^ipr®j«,v 
quote the Irredeemably 
taken from, the 
yield at an Infinite ^ctb 

This method had bed 
able for many years, b# 
so derived dirrtng the p% 
have been at .a'ln^ 
those showing on the 
able stocks: At a- retell 
log ot the /. lnstftai 
Aetnaries, It was suggest 
it would be more iyiBft 
for the published yfe 
Irredeemables to be v^mj 
weighted average.of they 
on the six irredeemable;/ 
. The committee .agrito 
this point of view. Tha 
as from neirt Tuesday^ 
the Irredeemable yield;! 
FT-Actuaries display w 
the average yield on ti 
-stocks. , - 


NEW HIGHS AND LOWS FOR 1977/ 


The foltowlno secwTUos aimed In. tbe 
Share Information • Service vrat^rdjv 
attained new Highs and Lows tor 7977-78. 

NEW HIGHS (25) 

FOREIGN BONDS 121 
Japan 4pc 1910 Ass. Do. 6oc ’83-86 
DRAPERY A STORES £2) 

Cantors A _ Pa»v Peck - 

ELECTRICALS (21 

Automated Sees- ._RecMIttoiod 

INDUSTRIALS '«) . 

Assoc. Sprayers. Stocklake 

Hoskins & Horton Watson [R. KJ ' 

PAPER It) 

Mills St AHon jntnl. • 

PROPERTY (1> 

DM,,n shoes id • 

NovrOold . 

Atkins Bros._. Mlier {PJ, ... 

TRUSTS (Ti 

Graham Im ,' A o thor J ty invf . 1 

West Coast & Texas . 


RUBBERS 151 

'Anglo-Indonesian . MatakoC '- 
Highlands PtamaOon H 

Kullm 

TEAS «» ’ 

Slantyre 

MINES «) 

GoW -Mns. K’floorlie 


NEW LOWS (8)i 


• - AMERICANS (TI ' 1 

Whe atshegt _ 

- INDUSTRIALS !»-. 
Monsanto Soc '82-86 Oce Pinanca 
• TRUSTS r»> • 
Jew External Pr». 

. OILS <»> 
LASMO - • 


ACTIVE STOCKS 


YESTERDAY- 

NO. 

Dcnomina- of 
Sinck fcion marks 

Reed lml. £1 12 

BATs Derd. 25p 10 

Shell Transport... 23p 9 

F.P . £1 8 

P & O Defd. £1 8 

Beecham . 25p 7 

Fitch Lovell . 20p 7 

Furness Withy ... £1 7 

Grand Met . 50p 7 

Midland Bk. ‘New* Nil/pd. 7 
De Beers Defd. ... R0.05 6 

GEC . 25p fl 

ICI . £1 6 

Imperial Group ... 25p 6 

Lucas Inds. £1 6 


Closing 
price (p) 
107 
245 
498 
760 
105 
627 
71 
294 
96 

10pm 

306 

255 

345 

73 

267 


Change 
on day 
+ 2 
+ 7 
+ 2 


1977-78 

high 

233 

260 

635 

966 

175 

693 

74 

354 

109 

17pm 

311 

284 

446 

86 

338 


1977-78 

low 

100 

202 

454 

760 

104 

372 

47J 

204 

62 

8pm 

1SS 

163 

325 

64 

203 


OPTIONS TRADED 

DEALING DATES and Peacock, Lonrho, Fitch 

First Last Last For Lovell, William Press, British 

Deal- Deal- Declara- Settle- Land, H. Wigfail, S. A. Land, 
ings Ings tion ment Bracken Mines, Libanon, Polly 

Feb. 7 Feb. 20 May 11 May 23 Peck. Britannia Arrow. Dnndon- 

Feb. 21 Mar. 6 May 25 Jun. 7 fan, Cableform and Rio Tinto- 

Mar. 7 Mar. 20 Jnn. 8 Jun. 21 Zinc. Puts were transacted ip 
For rate indications see end of Lofs, UDS and Grand Metropoli- 
Share information Service tan, while doubles were arranged 
Money was given for the call in Ultramar, UDT, Ladbroke 
of Consolidated Gold Fields, UDT, Warrants, H. Wigfail and Brit- 
Woarra, Coral Leisure, Nnrdin tannia Arrow. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the FmanciaMlmes, the Institute of Actuaries and the Faculty of Actual 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Fil.ur« In prantlnna «how 
number of nocks per seeilon. 


Fri., Feb. 17,1978 


RISES AND FALLS 

Yesterday 


The abnre I Lit of aciire stocks is based on the number of bargains 
recorded yesterday in the Official list and under Rule Vi3(l) (c) and 
reproduced to-day in Stock Exchange dealings. 


Up Down Same 

British Funds . 2 15 56 

Corporations. Dorn, and Foreign Bonds 20 3 O 

Industrials .-. 2B6 300 085 

Financial and Property . 1M It* 307 

Oils .....—.. 8 0 lb 

Ptantattras ___ 7 3 24 

Minos . « 29 50 

Recent Issues ........ 4 5 1? 

Totals ___—... <77 472 L580 


On the week 

Up Down Same 
90 MB 77 

warn 

L326 1.983 4.544 
440 669 1,496 

28 49 88 

26 22 122 
263 112 240 

28 42 96 

2265 3030 6X74 


ON THE WEEK— 

No. 

Denomina- of 
Stock tion marks 

BATs Defd. 25p 57 

ICI . £1 54 

Reed Inti. £1 54 

BP . £1- 52 

Shell Transport... 25p 52 

Beecham . 25p 46 

Grand MeL . 50p 42 

Midland Bk. ‘New* Nil/pd. 42 

GEC . 25p 41 

Lonrho . 25p 40 

Lucas Inds. £1 39 

Imocria! Group ... 25p 38 

CL'S A . 25p 37 

Unilever . 25p 38 

EMI . 50 p 35 


Closing Chan~e 
price (p) on week 
245 + 5 

345 - 9 

107 +5 

760 -26 

498 - 8 

627 - 8 

96 - 3 

10pm - 4 


1977-7S 

high 

260 

446 

233 

966 

635 

693 

109 

17pm 

2S4 

86 

338 

86 

347 

596 

254 


1977-78 

low 

202 

325 

100 

760 

454 

372 

62 

8pm 

163 

62 

203 

64 

176 

410 

16S 


RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 


BASE LENDING RATES 


A B.X. Eank . 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank . 

A P Bank Ltd. 

Henry Ansbacher . 

Banco de Bilbao . 

Bank of Credit & Cmce. 

Bank of Cyprus . 

Bank of N.S.W. 

Banque Beige Ltd. 

Banque du Rhone . 

Barclays Bank . 

Barnett Christie Ltd.... 

Bremar Holdings Ltd. 
Brit. Bank of Mid. East 

Brown Shipley. 

Canada Permanent AFl 
Capitol C & C Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings . 

I Charterhouse Japhet... 

C. E. Coates . 

Consolidated Credits... 

Co-operative Bank.• 

Corinthian Securities... 

Credit Lyonnais . 

The Cyprus Popular Bk. 

Duncan Lawrie .f 

Eacil Trust . 

English Trsnscont. 

First London Secs. 

First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

Antony Gibbs. 

Greyhound Guaranty... 

Grind I ays Bank . t 

Guinness Mahon. 

Hamhros Bank . 


I Hill Samuel .3 

C. Hoare & Co.t 6A% 

Julian S. Ilodge . Ti^Ti 

Hongkong & Shanghai 6:% 
Industrial Bk. of Scot 6{% 

Keyser Ullniann . 6*% 

Knowslev & Co. Ltd. ... 9 % 

Lloyds Bank . 

London & European ... si®T, 

London Mercantile. 6^ 

Midland Bank. 6*% 

[Samuel Montagu. fii% 

I Morgan Grenrell. 6J% 

National Westminster 6!% 
Norwich Generai Trust 6!% 
P. S. Refson &■ Co. ... 6i^ 
Rnssuirnstcr AccepFcs 6*% 
Royal Bk. Canada Trust 61^ 
Schlesinger Limited ... 6i°ri 

E. S. Schwab . St*Si 

Security Trust Co. Ltd. Ti% 

Shell ley Trust. 91 % 

Standard Chartered ... 

Trade Dev. Bank. 6'iq- 

Trustee Savings Bank 61% 
Twentieth Century Bk. 
United Bank of Kuwait 
Whites way Laidlaw ... 7 qr, 

Williams & niyn’s. 

Yorkshire Bank . 

1 rh * Aecpptlna lluinci 

7-d*T dCBA^Ifs t,v, m l. mo „ rh 

Hi 

on SMfns of iin.iHW 
10 - i( ™ =1*’ 

and uv«r rt>.nnn 

Call deposits oi-ftf n 0Afl 3 »!,. 

Demand rlepurify 

Raw also aopiic* *p s-cra-i* TM 
See" 


ii!ii 


n£i | r.p. 

— IM*. 
F.n. 
£99 F.P. 
S1O0 KM*. 
SlOO : F.P. 
RlOO £50 
£100 | K.P. 
R100 ; F.I*. 

" I nii 
£1Mi I K.P. 

- : F.P. 

- i K.P. 
L-99V F.P 
tS9i«' £10 

- • F.I'. 


1977/8 ! 


[ft 

--1 

Hi*jh | Lt>w j 

fltoco 

f 


■3Q/Z > 140 ; 
‘24,2 , IPbH 
21.2 1 LO*|.. 
: 5,5 , K«) , 

- i iX 

: - . , 
24:3; 

' - : looi- 

1 -- I WGU 
28,4 1 102 1 

, — ' ijWSj 

[ - £*• . 

■ — . not 1 

- -llXi.-i, , 
28,4 - lO&s' 


iAu(vtnal«it Pecs. C-’i■-ui. (.urn. Prpf._. 

lOl|><Hatley»«t Yurktbnv lu^lum. PteL....—... 

rf9p Cemrem« - v 11% Cum. Pnpt.. 

irminpraa Ii*u. l%t. 

.NutC« l«4.. 

S9^', Lh>. Del.. IW.- .. 

MJis l*CD«lnj{U>ii k Cbelst* llri . 

Ho. Uv. Vcr,*l.| C 

IOOIj.V ariable WW... 

!».• ;IV«r*ou 0.» 10'a" Ply. Cov. «,o. |3A5-3b™. 

C3F»9'K-.wntree loti. lOlj, l«et. 

£9**2 lull. 6*io. X.V. 10J ^ l *j, ; .. 

;-b*ll lml. fin. N,V. bj%i,uar. ISW- 

*•!» TanjeeUe Variable 194j. 

tlj D*i l\H% totW-S. 

104|-'ttbueliu*i«e il».i (l? Cum. Ptei.. . 


132 —) 
i lOSp! . 

!s97 • ...» 

.497 . 

1 51>< 

100 Je . 

-100U . 

100 ' . 

£98J«_ 

£»8i2. 

:S9 < !.. 

•100 -^-Ifl 

I + 

I04*p 4 I? 



Index Day's 
No. tfunge 
% 


17.77 5.84 
17.321 6.01 
18.24 

15.39 4.11 
2038 664 
18.82 638 
19.49 8.48 

18332 +0.4 18.49 5.07 
219.68 ->-0.8 16.22 3.79 
166.43 -0.8 18.92 7.12 
112.91 +0.1 21.94 639 




182.77 181.69 
218 00 21627 22123 

167.75 16772 170.42 

112.76 112.28 11332 

186.76 185.60 18933 
208.99 207.47 23183 
235A0 234.13 239.74 
239.10 237.46 243.47 
181.85 182.06 185.47 

185.78 185.07 18673 




161.05 +0.9 
182.73 +1.4 
19730 -13, 
148.92 +13 1233 
133.19 +0.2' 
125.60 +13 
309.49 +0.4 13.85 
77.08 —1.0 — 

236.84 +1.1 2.90 
10437 -0.1 24.71 


18230 -03 3.42 
8837 +03 17.64 
271.12 -03 1739 


S9 I AU.-.SHAKE INDEXi673i ..( 200.15 | -r0.5 




5.86 

— [199.71 199 41 
1Z 001146.64 146.56 

132.96 134.05 
123.95 12307 
10.56 308 41 307.72 

— 77.M 77.63 

64.99 234.16 235.94 

5.61 10439 


5.11 29.21 182.731182.171184.33 
6.63 6.59 8a.15 
7.25 7.Z3 272031271.521275.42 


21183 (zuiorm , 

236.74 (8/12/77) 
<56.45 (2902/771 1 
27282(21/10/77) 

214.63 miwrm ■ 

244.41 (27.'10.'77) 
360.82 (60/78) 
144.a (14/9/77) 
204.02 (27/20/77) 

181.41 (15/9/77) 
24386 (7(9/77) 

119.68 (27/10.-77) 
213.70 (1479/77) 
295JO (WW 7) 
262.96 (6/1/78) 
141.25 05/9/77) 

539.68 08/5/77) 
21802 (21/10(77) 


54320 05/9/77) 


24832 04/9/77) 




136.79020/77) 
14323 04/2i77) 
15605 04/2/77) 
172.97 (14/2/77) 
150.84 (40/77) 
13L15 020/77) 
20L08 020/77) 
9024 (50/77) 
10935 020/77) 
122.71 (50/77) 
19L4104/2177) 
76J4 (4007). 
144.931120/77), 
ZM26 020/77). 
24X22 (15/2/78) 
77.65 (40/77) 
405.40 040/77) 


FIXED INTEREST PRICE INDICES 


“RIGHTS” OFFERS 


f ! - - 

tMue z ~ 
Price r" 
P'. ! < i 



Dai's sd adj. j id ad], 
change To-day 

l to date 


: 31-l! 84/2| V£i i 

i 6.1! 10/3' 7B \ 

.> 23>1- 27/2! 61 . 

; 34/2 la■3■Ki#p^|• 
— , — ' 1 li|irni 
.■ 1.2- I7.-3'<2ij 
20 2< AO'i 1 Zh : 
XI 2 il‘£ r»rni' 
, n 2 S'i 'JJ\ ; 

,! 102 1031 .44 I 

• 3.2 3.3- ** 


19pm;AGB.-.. 

118 lArtinxtM llstdr........ 

W 'Othlefomo,... 

38 'Chnsty ... 

Jgpfn'Cumiii. •/( Austral a. 

pm Cry staiate. 

y L.IJ.C. loU’nian.mal. 

26J» Uao- hester Carafes .. 

'Ifllan i U»nl. 

|»| .\ail«t>al Bank ..i tunni<,M„ 

olti Nell. <Ja«.,. 

<1 Pirt-(r A'lre»<> . 



19pm’ 
116 t 
66 !-2 
42 J .... 
44pm'+2 
9 ) 31 . 11 . — I 
401; .... 
26 , . . 
101 -in: +1 
ISO 1 .... 
a? ;... 
80 1 .... 


4 

5 

1.43 _6 

141 • 
000 9 



H’eiiunnaimi, date umain last day tor oeatinu tree ->r stamp ’ini'. 0 fiuurpy 
oa«/« >ir. urtMoeaus estimate, a Asaiimen tuvidead and n«m u Knrecast divKiend: 
cover Payed .id pn/vintnt year's pammjjs. r Dtvtoenn and npio oand do prospectus 
■jt oihpr .iinaai esnmaies lot ISIS u Gnwa 1 Figure* miimm • Unser ailuvr* 
r ot conv»rsiun dI shares not new ranking for divnicmi or ranRinc only tor res me led 
dindyntls. ! Placina price 10 public id Pence unlea nirtera ise indicaled 1 Issued 
t>» i-nder. ottered in holders o( OnJmery shares a j n •• rights" ■■ Righu 
by way of capiMlisafinn. ti Minimum tender pnre. <♦ Ram»mdueed. II tuned 
>n munecTJnn with reorcamssti'in menter or far^-orer. iin IninrincUon ^ tH'ied 
to tormer Pntrvtnce boldpri ■ Allot mam H'lari inc fuJU-naid). • PnmnonaJ 
or nartiy-omd aUoQzurat Man. * Witt warraflJ*. 


isso-tt. Red, Deb, & Lous (15) 
i6InTcstnunt Irost Prela. US) ... 
17-Canl. and Indl. Praia, (20) 


Section at Group 
PUnucMtial Prod ucta 
Other Group* 

Oversea* Traders 
Engineering ContracUra 
Mechanical Engineering 
Whiu and Spirits 
Tow and Games 

am to CmipmoM 


Fn. Feh. 17: ; : 

;- 1 -; Tliur.l Wed. j Tuw.i Ui-a.1 pri. 

, linlexj Yield I leb. Feb.! Fab.. p„[,. r 
; No. ! : 1« 1 is I 14 I is \ 10 


!Un%n ¥]■£* ( 6, ? ® (81-37• HUD *81.83 
.'57.12 '12,55 |57.88 6/.08 i57.0B 57.M 67. IB 47.47 
.77.10 1)1.74 [77.15 77.1B 177.42 i/ 7 ;« iTT^lr IlH-K 


Bm Data 

sown 

3i/U/7a 

31-12-74 

31/12/71 

umm 

16(1/70 
U'li70 
U/ 1 /T 0 


Base value 

2U.n 
H.ft 
100 JU 
153.34 

153 84 
144.74 
US.T2 
121.20 


Section nr Creep Base Oat 
Industrial Croup 31 / 12/78 

Miscellaneous Financial ■ Hr 12/50 

Food Manefsmtiring ~ ‘ J9/X2/67 

Food Retailing 29/12*67 

losorancc Brekerg . 29/12/67 

SSfS29/12A7. 
•tl Other 




















































































































































































































































gpI r Tjm^5jSatiirday:' v Februar\- IS 1978 


'o.-v - 


FCE, PROPERTY, 
BONDS 


mnce Co. -Ui 

irilX4 ' oi mbsji: 


?.a M7j 

56 1513 


*9 175S ’ 

.'9.0 IStl . 

li BIv r 

« U53 

■ re mil 

'lint intis normally Tun 

■ ranee Co. Lid. - 
" I 01-437 jflK 

' 14 UOG 
■47 14 J 5 

27 nay . -- 

7 142.3 

■' kl X117> 

1 47 164* • — 

9.9 220.3 

L 2 IttS . 

4.1 iSa . 

J 2 3*4 - 


ranee Ud,V 
frigate. neipnr «mL 
5.0 131 7 } 

i| . r. 

3 7 sSaa.... — 


N5 45i . I -- 

7 wiij . | _ 

uir. Co. IML 

■ <11 .VM.'iMA 
54 U2 U 

51 11071-04 

17 maUoi _ 

D 103? 

2 2 107 & -0 2 - 

1 1 H 3 } .. - 

.4 101.01 

1 10231- - 

B lM.il 

7 1020 . 

« 101.51. - - 

. oMe K«*h LI 

ur. Co Ltd.* 

ulfliilTfW 
12* 53 | . | - 

trance Co. 
tar. Hens PBt<- :■!!£ 

571 1 . j 

1100 j j 

e Ud.¥ 

.-yHAWlKB ul OU^RSTS 

5*7 .oca - 

140 1131 -002] - 

254 13 2? j - 

251 13Z7 -ON} - 

».S 1159 1 - 


.Gurdiia B oval Exchange 

Rojal Exchange,'£ ‘73 HI 2837107 

Property Bon*. . -US 9 ’172 R . J — • 

Hjtinbrs Life Assurance fJmHirdV " 

7OM Paric tan*. Lnnrinr. hi m400001 

Fiiwum Drp “ 1123 4 13021 I - 

Egui!)-. ., ... tjSljJ 169.S . — • 

rtnjwlr... 155.0 163.3 . ..4- - . 

Managed Cap _• X294 134R ..{ -.• 

Manat tnd A.-r —. 159* 147® :[ — 

"vrFrcni .. . 1U8 114.7; .. ! — ' 


Norwich Inwm Insurance Group 

POBos 4 Nunairh NR| j.\o HMD22JWI 


AUTHORISED UNIT TRUSTS 


Ahbe» I nit T-l. Sgrs Ud. <ai m tiarimorc fund Manager* V ij.igi Perpetual l nit TruM Miigmt ¥ «a 

7200 1 iJli.hmi-< I,... -uli—hun ’IJhi.m: J V| XJi.fs Ll.'.l3 flhC ■■■ 1. . l;.,ni*. •-(■■x | •. j;-,r • 

?L J L‘ C ' 1- “1. . 11° f 3* 21 -U 1 *07 -. ■ADwrii.-Mi 1J . |225 hi; 3 9* f i >*.1 -. 11 . 1309 19 4, . , j 

Ahhei ip.-vtar [341 38« 0 1 5 70 Iirfn hT« .vi •" F‘® , n:[ j4j 

.Ahticylm 1 «i r..i Ul j 11 JJ ■ 9 1 443 1 'iimm.uliiySiunf . 1294 '.Jf 3 j 573 PiLCjdillt l'nil T. Mgrs. Lid.V g»i 

.4Mfii.cn D.I |«« 4SM -01 40b uiKarFj .1 Tr-j-l P* .267, (i '( ; j» u ,i_ j,... **..r*•. * . 


j *4 M.-r. w** Lx'.ixflW 
u 1 | « 07 •. 'ADiiiriCMi 1 J . |S 5 
01 5 70 Iirin hTa .Vi ■ @9 
0 1] -145 r.imnauiily ‘Hunt. 1129 4 


■ESF'r.mi 

XtSagrACa'p . IpI S 

ManatcdArr jliM 

^n?cas .. . Ufl 

Muni -. 121J 

Pen I I itopCa?. .11764 • 
PcitFI.Un'A«= . h«5.4 
PW. Prop '.ap. .. 1197A 
Pen Prop 4cr .. (25U 
Pen Van i'ap . -E»2 
7*cn Mac A« - K55.2 
I’eti din Ede L ap . [1245 . 
Pen 1 ;ilr L*<i|! Arc (1294 
iVo H S. Tan . 1121 0 

JVft R.S. .Vi- ... 036 9 
Pen b-\ F r*p ..;.M6 ‘ 
Pen. 0 XF .Act- ...BOO 


Manaecd Fund 
EfluHj Fund 
Propcrti F-und 
Fixed Ir.l. Fund 
Urtwn Fund 
Not. 1 oil Krt> ].’■ 


2024 213 01 *0..9 

3152 3118 -0 4 ■■ 

132 3 12* 7 *01 — 

154 7 1621 ill - 

1320 1073 - 

194 9 . ~ 


Allied.llambro (.roup ui tgi' 

IlMilito. IL*. Mullnn. Ilri'iiiuiHHl K»ri. 
III-UW at 1 .1 HI Krrnlv.HMl ,11277. .'I I4W 
i nalurrt I uit.1. 


,«6, n:l 
• J 1 * 3[ •<} J 

liiFarljw Tru*i [ 2 Jf 26 7. {i '( ;< 

Hitli In.i.nrf-T'L M6 515-4 L 1| S< 

Innitm- i'uc.l (6f C,J l b ' 

In* \„eocii> 1205 uBJ-in;, 31 

lull Kscmpl rtl ... *04 *«fc] -r. Jj 5 1 

-Inll TdAc-• B 6 D 7B0! [ i; 

ilihbs <Anton>i L'nit I-i Mo Jjti 

7J r.li.QL'IclilM .K»”U7\; •.; .v i, 

.«■ M. In. .JIlT 1 .12*9 4. J, • B 

• a 41. f.;r,.»thTT 06 5 I»7. ,4 

j. \ •< Fjrljj. 1 * B04 -. 1 , |Q 

IVdliiii! *T»r' »'’•••-I 

IfOirlt I.IfthnW 

77 London Wall Kri ... *4Bt.V. 


163.S . ..{• - 

mi j “■ 
S3- - 

“’4 ■ - 

2 M^ — 
2 M R . . — 
209? • ~ 

m.«. . - 

mu . : - 

136.3 . . — . 
12* M .. • — 

iar. . - 

iw - 


PhoeniT Aciuranra Ce. Ltd. . 

4-6. Kif.j '.Vil'iamM ECdPdUR liJJWIMTtt 
we*«h w. . nut in5* ) — 

afftto . 786 

Ehr.PhtaK .70 7 742^ .... 


Heart* of Oak' Benefit Soclrt? 

Eualon Hoad London. STWi ui 387 5030. 

llp4HauU>ak ,.• PSS .37 51 | 

Hili Samuel Ijfe A«snr. Ltd-V 
NLA TVt . Adduconbc Rd Ijw ■ 41-088 9356, 
*Prapet1yUat!* — 0450 15?V ' 

PtopcrtySawsA W5 182.71 . -- ■ 

VanModl'atL. HS70 160 ol ' 

Manatcd Serrn.l' 1*90 94.61 . — • 

ManagedSerinC B7 «5 

. Money l ure. . .1118 6 124 « . — ■ . 

Money Senes A.. i9bO ion} . — • 

IlivdlnLSiti 9 192 8 47 71 — . 

Pn». Med.Cap - ... 142 6 25021. ■- 

PnaM8dAcr_ 148 5 156 4] — ' 

pim.tui rap ..aM5 nod.. — 

Pna fltd' 5cr .008 8 .U4ft) i. ~ 


JPtop. Equih- & tile Vy, Co.V 
HS.Crait9wijSMrf-t.\&lH=Ai. D1.4IMM57 
R Silk lli.p HU j 170 J I • I - 

Dn-EQaj)>IW ui I J - 

Do. F* Mnj Hd |7i| 1510 1 ... I — 

Property Growth Assur. Co. Ud.¥ 


Xl|lnl 1 st 

602 

Ul*l 

1 T l 

598 

HriL In li Fiiini 

69 6 

63 7 

-f; v 

5 57 

i.ni> a in. 

347 

17 1 

D 1 

S 39 

Dm ft int iVt 

30 5 

32 b 

O' 

521 

Xffieri» apilai 

6 b J 

70 8 

-a ;■ 

4 43 

Hum Ur. Fund 

97 0 

153 6 

0.1 

550 

liambtr* -Xr. 1 ,i . 

. 110 3 

117 81 

-0 3 

4 43 

lumr tund* 





1 ligt: Vield Kd 

1637 

681*5, 

I 

8 37 

IIUliItKomt- . 

U 12 

u :1 

-0 '1 

712 

X.ll fv<) lib* 

ms 

38 2rtt 

0 l) 

719 

1 nirrruiWnaL Find* 





1 numulnxllkl 

1225 

Orn 

-o •; 

7 39 

S***-s i.r Auu-rxrJ* 

|43 9 

* 6 « 

-p j 

3 1 < 

I'Kific Fund 

■WJ 

33*3 

-- 1 

299 


l» Perpetual l nit Trn-i Mncmt V <a> ^ v air 

i. . m ■ - — — — - 

3 94 r ' U9 4 19 4, . .4 69 

VA Pkcadilh L'nit I. Mars. Ltd.U ..*h. ""Sj 

K rr. >1 . .TH- UO1 32».* -'••.[ 900 •-.1 d.-:,:,-.. mV 

?JL ir..Jlli.»*- I •; lise 40 9..-; -0 1 J53 ■ ■ 1 : 1 Q 1 ft ' ui n,' tu 

< SI ■■-PM-Irma*. !«J Mi -C* 379: ^ Nr»i i" n • • 1 

■45 t 4901 • - — 

IIS’. jTt.ri 

19 a 0 u 

!5S 9 e00l 

!i- ■ s- • 


OFFSHORE AND 
OVERSEAS FUNDS 


ll^ .31. 
K .rr« !i . ..rn- 
ir..jll i.» . 1 

■ '.ifubil I uiiri 
I -1 fir., i v .u'l- 

i Trjii F,in.> 

S • unit*'’ Fan J 
r- 1 S 11 . • 

f j- fc-»-t i il 
Yif- a 1 d 


Jlfc.- 
40 9.,‘! -Q 1 

Mi - 04 ; 

*901 - 0 : 
3»5.ri -i> 
M 5 -v 

eOO -•>. 

:«d 

:s 1 ,ii 


-oj; j?*- 
-o: 2 « 1 


tuslralian Select inn Fund W 

".••s. 1 r* 11 S;i.| in*i,- 

-e-t.n i a-'rM.i f;,. 15:: ;*4| ia !' “g- J /y'. 

i BM Vf—.MI-H Ml a; s»! - 

i 8 39 Practical fnesi. «... Ud » ltank xm-nt* InlrroaHunai S.A. 

w4 I.I'-.I., I.LW -Il .il I » _i. - >1 f.w 1 , . 

, -*:o. *' 0Bh 1 331 . k,.: J ivr.. 

a;i Proxmeia 1 Life Inv. fo. Lidv « bL .J l* idn. A & America 1 id. 

,. ogj rj m 1 * ° ] *?'■*'- 

Ltd N,Al !n.,.n». . 1102 4 ’.09 7. . ’ 93 I -t.V, J;.. 3 ]jt K , L , • " 

" *''?«' Prudl Porllolio SlHR/f*. I.id.V »awi»ic*J 

> ii.urriim tvi\i;*;ii .iiosjsLj Uanque Bruxelles Ijmbcrt 

I 7 59 IT-.rtrniMl ..1126* 2220. C. 4 57 j iN.r 7..- u Krji ? I i,ai |ir.>> ■:« 

! IP tin iltrr Manatjemcni t «. ltd* | r ■.■.u 11 It 9*6 7 006 8 36 

i 71.. -at I .iMi. H e I.. tin Barclays I'uicurn Ini. it'h. In. IXd. 

• l! 3 ^ Vi«dr.uu..« II I >. , 101 U 1W2, 4 77 I • *.jrn.^ I f>- - M 1 U Hu lr , ll%T4 7374 

‘ : >E. -.■uj>!r»n. h :mw- .US 7 119 lit . . 7 6 i i •rr.i.-j-!:.e>un-‘ M9 7 523* -fl 41 1017 


led Kcyselet Magi. Jersey Lid. 

3177 n>n«tWM IH-'-r .ii.ft* ■£ntj'):-9X m '>“1H 
165 Fuum-V.. ”r 13-*3 14411 . 11* 

Ini‘1 CS 50 6M .. *W 

JJ8 kw«-li-, Europi £3 84 4 251 ’ 188 

lavjniilh Fu.id. . 52LK 2261| . , 

K,-. .lapen C*56 93S!-,l:s, fi 1 

* Vni 6 view i'ap ‘■13075 '-aCL. 


yiiMr !•>!. 17 *-5 0. 

I hi srcuis Unit (1430 ISO 7i 

Mr\l nejImB d»‘ 


Hank f>! Awenea InlcmaLiunai S.A. 

Sins.c.»id "<i-.«l lx\nil» r iri •#!■ 

•x; I-, »:v :y.-M5<a -jt*). i *79 

IT. 01 - u! |C|. 1 -nil ifrtt Fie.. J3. 


-1 91 

6 304 

7 • 98 

.5 102 

1 96 

1 92 

13 106 


911, -0 1 — 

3K»-0-' - 

96 U *0 ) 


Imperial Life Ass. Co. of Canada 
Imperial Ita-isc.Ouildlord. - 71255 

OruulhFil Frti IT 167 9 73® -l.ij — 

PWi Fd.Feh 17 l»7 -05l - 

> 'alt linked Portlohn - 

Manurd Fund .194 3 993| . — 

Fixed Ini. Frt . m 2 IMli . — . 

brcuterap Fd |950 UOd-Ol! —• 

Ldnily Fund *951 1M.U ) - 

Irish Life .Assurance Co. Ltd. 

•II. Finiihuri Squure FV2 nt eafttkl 

Blue Chip Feb I .HI 78? 5» 

ManatHFund @16 2223 

Prop Mod Feb 1 lib? 2 176.*) . 

Prop nod r.ih 081 1 -1M6] . ' 

King A ShdxtMm Ltd. - 

Oil timhiM Wi 111 Si'I.'iOK 

B-f.rt Fd I.tempt till 43* 11 J-JOl-l- 
Sex) dealing dgie Uirrh L 
•'.Ml >tne M .ItzJt LX 16} i 

Langbam Life Assurance Co. Ltd- 
>an(iiain)l- llnlmbr.fk lir. Mu 01.313831 
Un*hum-4 Mm |63 9 672! I — 

flSi.p Kdflri . p94 )46 7l 

Hup Man Fd|Ml 7B7< . I ... 

legal Sc General (l'nit Asxur.i Ltd. 
KmiS'itori liru'-c KinENVihv'. Tadu.irth, 
>utrif K fji 16 KI*.. r.Li.-cb llf-alb S36SS 
Cadi Initial . . r 852 M&V . I — 

th> Aceimi 55 9 101.01 I' - 

-Kqmt- lliilhl 15*9 U4?-0i) - 

I hi U-fur.l HH6 115.4] -0W 

Fixed Iniiibl . . U4 2 120i-0^ - 

no .bi-uci ns* i7iU-od - 

Manaitnl Ini'-.al 1117 U73 - OF — 

I«1 .V-cuni U2& lias -0 7 - 

ITopertj In.iial. 951 ltffl.a 

lx) \rruni 95 8 100 9; 1 -• 


Ml it I 

94.3 

92 3 -0 1, 


993 -01 

1016j . 

27 3 27 51 -05 


ranre* 

am. w ten oi»‘j rssi 1 

98 74 I I 

, 1M46 ; i - 

"tna tip.V 
idseCBdiNF 
a 368! . - 

2 30 a - 

a «S 

8 356 

1246 . - 

1516 ! 

«*t Assur. Soc. Ltd. 

l"hltMUir««* IlMl 

01 *B498M. 
• 0 12181 I - 

0 552 . I - 

ter Ass. Co. lid. 
Vhilcn«i»f Road 

0I-A84 WAH 

0 60 81 - 

V 6 1753 

9 57 7 

9 72 5 

•6 1252 - 

7„_ 67 0 .-3 

— 6 -176.3 - 

to im> IgiNnnil 
I, - 1910 ( . t - 


Lntal il lawnl iLoli hmlmm Ud 

FVtcmiiLCa-'l- Inn 195 4. 100 5) . ! -- 

Do vrun 95 7 I00R > - 

KinniAE'lii ln«r 995 loan . 

Ho Acrun. 59.8 105 IL . — 

Kxcoip: Iisod lnit. 97 3 1115 — 

Do Acrum 97 6 102 8| . — 

Ux xropl Mnrrf Inii W9 5 KMR . - — . 

Do Arciim |99 8 JQ51. •• . 

Fron Iml 195 4 I003 1 . 

Do ,U-rnr. . |95 7 IBB S| 

legal & tieneral Prop. FtL Mffrv .f-rii 

JI i^uerr. In-iori.iM H..9X4n r iil-34U*3KTR 
LAnTlTp Fd Fei< A [97 6 1811; \ — 

- - Vo»l Mil* Ha- Moo h i - •• - 

I.ife Assur. Co of Pennsylvania 
»■« Sen Bond W .WITORw il|-(B:*8rift5 
LAfurUnitx . ilOJJ 1085! . I , 

Ufljrfs Ilk. l'nit Tst. .vngnt. Ud. 

71 Lombard si.. tC3 014T2312f« 

E kempt .197 9 1030) 1 7 8S 

Lloyds Life Aostrnuice 

iSLeadenhatlSt. EC3M7L& rtl-fiEnttl 

Mh Clh-Feb 8 1126467 1 . | V 

‘•■W.-. I'rop.reh <8 1122.5. 129 01 .. ( 

nptSIkity Feb. 18 [117.0 123| - - 


leonHnu-o i.T.i\Hnn I'ROII.C li|<9irbkMI 

■.Pn>iwn> Kuwi in s i 

rvuperty t-uml, \ 17*6 

AEDCullural I'nnn 692 0 

Agne. Fund A 687 2 

Abbey Fond 149 2 

■ AMaD Nai Fr| • ]<91 

Imrilnrnilunrf. M9 06 

. tBveMmi-ni Fd i 4. 6*7 -Oh ... 

Equity Fur.U . 1620 

Eq-J rtj V end A 161 • 

More> Kurd 137 0 -0 1 

Sfonuy Fund>.\• 136 4 -0 1 

Anuarul Fund 109 3 

GiRdxl^ca Fund 1250 - 0 5 

Cin-EJS.-.ird .%■ 1250 -0 5 

ORrtirr Ar.imily 178 4 

•Iracied Ar.r. ;x 138 5 

Frep. fiTMik IVniian* a Uivilln Ud 
All Wlbi.i x. 1I-U13 11*21 

9A1! Ap.iihvr* a|i 1254 132 8 

Oltiv Fd l l U83 

Pension Fd I •- 1264 

t'Wl.lVjii K.l 140 9 

Chi- IT.- »*i. IT 129 2 

U4n Pc.15 Fd > 145; 

Shir Pen-, ■/an I i 1350 — 

•ITwp Pm> Fd 1411 

Pltip IVn.* i Mj. 1 I,- 130 1 

Edefi S*« »•«. if 127 2 

Edit Sox < nj. I i 1181 

Prov incial I.ife Assurance Co. Lid. 

2SL Bishop- ’M-; L« - nl 247il^tl 

®rm Mana.-.-i ■ r, mg 4 12041 [ 

Pnr. I'a-hF.i 1037 IMS 1 

i>|lt Fuml'JTi Jl22 5 120« I - 

Prudential Pension* I.imitedO* 

llnlhiim b..- i.i i*.r.H hi w.s~“j 

Rqull Fd I-I. I'. (£23 06 23 77, I 

Ftd Ini Fei. i‘. UJ909 19J4I 

Pnn F kei r. |f34M 24 95] I - 

RrUancr Mutual 

Tunbndgi- A-fi. ».m- l*W Ai-. 1 

Re! Froi- n i* < 747 ; ; : • . 

Rotbschild Issei Slanagemrnt 

it- l-virhir.' I.ai.r fen.iVm f.x.4 iil/MxM 
Nl‘ l*ro|< Ik. .« |U4l 1214 t - 

‘if .1 ..iii .j*! uarrh ‘tl 

Royal Insurance Croup 

y» lull IMi' * l.iu-riMl 

Rxr-aJ Shir I.i Fd (1304 1)79' I 

Save & Prosper tiro up* 

4 . tit ft Mnli.fi - Utdn f.i ;«• 3Fr (1I-.V4 atm 


Mprfllllfl I limit 
Mtullcri ii -I it 31 7 

■JmlSmlr 1 11 '- hn 39 7 

Ket-mery siv« 83 1 

Mm Min & C >11} 16 6 

'spfea> Limiiit. 49 5 

Ftmpl Smlr.i |194 4 


]L -«i:rv:liim>M 

* W Il-r an Frh |.x [}«* 

xmtim I'iiiLs. . . 2099 

516 HifinHYFehlR 1691 

SM ■ td'iun I'l.lL-. 1*98 

Sn* |gvdc-t Feh H 1J? 2 

SIS ■ Vi ms I.'nil-. 164 1 . 

5 29 •-.rneli-.lrFnb IT 76 i 

6 71 A.-iwii; T‘mt-1 718 

I Ji ft BrO* F«i> 15 68 5 
I irl knum I .nil-. pin 


ki 0 K ic Shaxson Mgrs. 

! f'lijrinc i.rn-v 5: ll.-lirr . 
! Tiiumu.' t*..ii;!.-| 1 , 1 * 

• •it* I uni* l«- r, *.\ ■ 1 10 00 IP Jti:, 
iii.' Tr j>l •! •■ XI :116 6Q Until! 
loll (ail. ire: W 
Fir-1 Au-rlinc [1% 46 167!. 

Fir4 lull .. 1^78 97 1797V 


-*-'*■’ Kislmpsjutr L 1 L 

ITiilil..* I'lnl- |7G 3 

II. All In. unn- . Il0’4 


Andrrson I nil Trust Manaerrn 1.1*1. x.-.um i.niv pin am i *bs 
i 5 Rfpiii-iu:r>-iiSt. niMo.k \ azia-iu (iuardian Royal I nil Mam. I.id 


4nrfcr-on f T 


Ansbachrr Unit Mgml. Co. Lid. 

1 Noble Si . Bi'V 7.1 A nl Cdi ■S.lil 

Iik MulUhlk mini |162 0.4 177 Oid | 0 0 


iiuaraim ivo.vbi m- ■ .-inm. i.iii itt-.iane.- .1 e 
1 9*7 Rida! Csenajiilr EtTU'.iDT i>|.p-.nut,l, I 

I MfOiiatdhlllTJ (80 9 »«•: -u i| 4 59 .”' 

L-.., Henderson AdminiMruimmuiiKi „... ' 


Arhmhnol Securities Ud. »ann 

" Quern SI U.ndnn Fl 4It IRX IU 

F.'-lra Incoiiin F.i 1110 3 119 3< l 18 45 

lliehlnr Funtl 38 4 41 Bj ■ n it 945 

e-Acrum. L nil-• 157 3 56 9) ■ 0 |) 945 


F.-lralnri.RieF.i 110 

ll'i]h Inr Funtl 314 
M.Xcrnm. L nil- • 57 3 

.HI*** WMrvrlli. .52 3 
[TWereiue Fum] 25 5 
F.Xr* uni I'mi -■ 37 9 

f'apila] Fund- 16 4 
• unimtrliiy Fiin.lR Si 4 
' Aeruni I niLsCl 72 5 
’ Hi-. Wdrwl L ipi46.3 
FliLlFruj. Fd H 16 9 
l.lanti. Funtl 35 B 

i Acmim I‘mb- 413 
firomlli fund 30? 
i.Ucum l'nit. 35 6 
Ituumi i .lb Fd — J26 I 
-Eastern 4. lull I'M 20 2 
- B*. W-rlm-l I. i „J 6 i 
F'lWeiun K.l — if { 
;N .vnu-r ft Ini Fd 23 9 
Deal tM.'fi TXie* ri 
\r.« illf —lhs r 


27 5 12 I 

901] 121 

17. S 

55 sl 51 

70S 51 

5DK 51 

183 } 

30 6j -0 I 3 I 

HU Cl ). 

J 2 *(-o. j; 
M 4 | -n; l 
i 336 9) 5 ‘ 

21 U II 

179 I I 
73<H 2! 

25 9,-6.' Il 
Wed iTliurs m r, 

: --lie.- ir. I ...I,. 


gg lvnmier I'T xdmm . Flnj 
llfi'aluetl t*-es 
;>Ausin>Iian {77 2 

‘ api.riertii ir, 181 

■ ■ jpi.iuttiii x.3*1 

10 45 q Fiir<i|H-»„ IS I 

9 45 g.Far F-tsI 591 

9 45 .■ Kiwin A IT> ‘ 23 3 

9*5 •:> IliK’if Ilirnrue 551 

2(01 C Ills ft X x*s 304 

2 08 i luerr.aiinnal 251 

■ t sill VnieV:ix.ll 318_ 


5 07 N A •Tu.sKel. IT 107 0 

snT oiift-iai 737 

5 07 »• «IU Feb :T . 72 2 

11? 'I'i’aUl 692 

3 67 i j| 4* Ktlr^ Idi [52* 

3 Ai7 -f-ixr !.»• p*PKni 4 


■JB 8 7 CT 

■‘.h! i29 t|uiltrr Manat;emi-ni In. I id ¥ 

20?! I.i XM 71.. Si V I .i. J i.sM..: , .:iii ■*! 

»* j| i ij is| vi.eJr.tm>,i n l>. .101U -Hi, * 1? | 

71*' " 055 ** u -* , lr ,nl II ■ni'f ilia 119 lie. 7 Si , 

mo! | oe Kelianee I nil M«rs. Uii.V 

il Mym. I.ld :.f-,i:tn— .1 e 1 ..r.i.r. Ui XVei,. h:. imiiiT: 

•*i m.p-.nui^i. ii» I - 61 ? ,5 97 

i l.r. .nil 4 59 'ei4 , “’(- ‘39« 4; 2'-.-.: 5 7C 

-wU.fr-ii-T !>•■ .1351 tia-.x:-! 5 70 

Kidsi-fieltl Management |.id. 

I* * IS*. 4if Haul. II-. xunr.-i: 

7*1 .‘on I _ 95 71itljrl:i-!.l Ii.: 11 |B2 b 8801 , 7 85 

4a gj _u • )9J ktiiUrficiif I.. |91C C\ 125 

Jiii 0*1 : j 4 Rothschild Xssri Mananemt-n: i>j* ' 
■' bill .1*1 2 55 T-.-in i.j.,.,.. ., eft.. .. 1 , t-.e .rf* 

711, t» ./ 3 65 ‘- * F.iifii I1S1C I6B0 2 72 , 

! 4«l •■ :[ 8 71 ■ K-.j lie-T ifct V7 E’ C m , ! 94 . 

*- ~ 'ill 605 lre.ia,t- Fi:n<- H3* ? .454, c s, 744, 

76 7; I 2 23 *. • ll.ll r-i •li.e .77 P 77 6. - J: °4 1 

*0.i . . 126 ■ r-iil i.i ;73 0 77 b W 

04 « i '• ?16 • < s-J|r . .... 1 l!l41 7 150 £ * 1C ; 

IJJ-r 1 a u 

77?l -i,! 4i4 Rothschild & l.uumfes Menu mi 
73 71 j J»l m s.,,ii .... ■ j,,. i # .,. ,.j ii. ii;».4 M i 

.561 0 l, t« s-s-f. }:.,n.fl .DISC 1200 .v 1 ?! • 


HcL of Lndn. A S. America l.ld. Kietnwori Renton l.imiicd 

*J W yLc.-i'.icln'ii.s; FT* ul RU^ll/ 31 Feci hunrhA ft.-t k: Mra 

•si-.ind-: ii.m: lf-2546 , J — Kunn•••■-! l ux 1 1015 j-CSSc *68 

%i-p dvr! talji. Ktl :.‘i uultti'i*\ lac 57 fl bl& 12 ? 

Ln». Ai’Cum TO * 75 II » 

Uanque Bruxelles i^mbert Khlntl Kbftd™ 5ri?ia« . ' [ ;ti 

l!i.r Tie i* Urji'iie F | i.b, |ir.it . :• KJI Jaiiaii Kur.C Si S26S2 . E63 

r ..-.,11 K 11946 2 006 :■ 8 36 K B I : S ilnth Fit j S1B21 | I - 

" * s, Bn .'l Bermuda 4fS4 21 .-50* 190 

Barclays l aicurn Ini. iCh. Is • IXd. *1 n.!«id<*HJl; IJ845 I94fl!-31G P 76 

-jrii.4 ■ f • M Hiller Ir . HT.-M73741 - cl L ‘' r ' lof ’ *«“' «'• 

"■-W-'W , - Io -' dfl Pk V/T Mgr*. 

' -Ft-fTe.! :o fee ir'.J ii-1,h.4.1.n k uxe* P'* «■'» Hcl.xr Jcr.. ; 


61 7 ~ b 97 i Barclays Unicorn (nt. <f. u. .ManI Ud. 

stc ! • r -.m tuvunia.- i.. v. L<si4 4sse 

5 70 I - n-r.tn, \uit U-1 WO i 434.^0 5' 210 

, .j . Th. Ui M.n 239 257 -C J. 238 

'• ,d - : I*. Urtr Fsriiit: 56 8 • 611 

'» : ->>1'. - 1 ; '*• tr.;i inrtmu- . 40 1 ■ 45 ;| I 8 ID 

880| ■ 7 85 ■ l— i .4 V...-I T*I - *6 4 499.-u 888 

95cl 1 925 " XL-r.xXti.: i.<l 72 1 ?18' Z.10 


Lltfi&.ls’-Osea* W30 MS- i 2 71 

,\exr dcnliny rfne Vlarcb ; '■ 

Uejds International MgmnL S..-Y 

T Rue rij Nhr.no MO P,-\ ]79. If 11 ■«■■■>.» ;l 
1 J.irdv Ini. <«Trtvtih I'FMit 3T1KI I 170 
Ui.yd-lm IniXiRi'. 1 '■f.'WW 7,5381 659 


499. -u '! 880 

?ia' i Z-io m & r. Group 


Rishopsgati- x ottunodtit Ser. Lid. 


•| .‘.nr OiHS' Tout- l„|- t;.V.R SPQ 


57 E' C m , J94 ■ 

-454, CE, 7 44 

77 6, - J : . °4 ' 

77 b I >4 

150 8. Sbl ; 


• • sJ Wj_,. 

•"2.1*. -.d i 

•Mllff I’.b •' 

■ " M - Fl*S 

ilstl-uil- II I 


«24i» 

£1010 I 

i> -Sill --.rt 


«>i t Xllanlict-Fs-r. 14 [SI..-24* 
*h_4c3911 At ^. K -. feb ii H.slU 


>..>ld Ex Ki*h 13 
l.-l-ind . 

■ \r*-um I 'ml- > 


llill Samuel I nit Tst Hgr* r m 


Bn due Management Lid 

I * St. . V4 *.;_-..1 ....n..., ., 

• -. I i V13 857 

*•'* !«-• ’-A* II"'.. 

t r i- 1 . |.--jf 
».* i»*e* 


Samuel Montagu Iain. Agls. 


K 
I — 


i- I 54C 

l-M/1 1 » 


3 91 4.'-beer). St F.VM2IA 


Archway l nit Tst. Mgs. l.td.P lanei 
:MT Hiiih ItnlhMrn Vk. Ik Tlsl »l rctlnX.i 
.Xrr‘iwilt Fun -1 p 6 5 81*| 1 60S 

fni— Jt h-h t.\ \h\i -ii/< -/«t t/j/ / 

Barclays Cnit-orii Ltd. laHgrthn 

1'nu‘lim III. i's! leiinliir.l l(.I )7. HI .til s-H 
t nirnru XiiM-riii. 128 4 10 51 -B II 2 60 

!>» .Xuu X.. 557 bOfl ->’*■ 2*4 


l nirnru Xint-ru ii 28 4 
til. .Xuu X,. 55 7 

r*t> Au.x Inr 44 1 

Dn i/npilul 60 3 

lin Fvempl Tsi 102 < 

Im* Etir/ ln>s*nir 27 2 

r*n Flium'iaf 55 6 

D.. ate . 673 

Ihi ijerwral 2S 4 

lHi ilmwlli -Xtv 37 4 

Jin ln*-t*mcTx« 76 8 

■ lin I'rf X'n? Tm (135 - 
Mritvei* at Jan ;il \e 
l*i Netsikerx [38 4 

Ho Tniikts*t-imt llObl 
Ho Wldwnle Tm-lWJ 5 
l'.ttl In Fd In, 58 4 

]*n Vrrum Ib56 


b> Hrtti»hT-usi M3 7 
;K ’S' ini'l Tnid 31* 
**I*«*!larTru-.| M3 
1“ in.|-a;.ilalTr.|r • 27 3 
r> -I.*Fifieitt-ial fr.i-l 86 5 
■ Inri-rw-Trust 255 

Ii i .Seeurit; Trust <89 

I.. Ili-ili VHdrlT-l 27 T 
Hog Intel * taHKi 

I : i britUrter »)/«d E i 

I Kiel Int Fut.n 18*4 

Key Fund Manager* 

i*. Xlilk Si ti'CXKIK 
14 j ftt-t F ierg> Ir. F'd 167 8 
i 44 Key F4iuu> ft'e-n W1 
4 70 f-« ,|n W F,t U37 * 


?. il 


•i.i 5 75 
'I i 1 8 13 


V IV- ..4. „*» 

I Id. laugi 


b 0 5 -Iii ;S k« th**rg> Ir.Kd 167 8 

47 a -o' ** 44 Key Fojuux ft <e-n 629 

h\ H !li SCRffll.'S.VS.eS ? s?i i it 

31? ^oi” 6 39 Benson l ms M«uai>ersV 

48 4 -fl s 4J7 Ml I-en.-lmreii si ' *r«” .1 

82 bn —01* 6 52 K.K l'n:l Fu In. IC03 

1417| 445 +K K l m'FfJ V. |1002 

"“VsT-o*" sm I. * C l'nit Trust Ma 
113 3 -O’ 5 n*e -.lurk L-hiii-ir F*. 

n . 2W I At-In. F.i [1295 
“9 -D-, Lfti'liitlft'it-r. F*l |85 8 


Rowan Unit rr«i>« Hbji Ltd 

• *if* • .-it. it • r tv l-.f s-t . ••* *■ 

:t.. 4 ..R \n- lei. U..WC b 2 i 

'I. ua'.S.s* •. *. H (151 0 154 01 

Mi, .... II- *.l I*. Utv V. i! 

‘.'•■■.T l .••!• lb* V 7?4 

S*n Mth F. h i , 6 A l 72 ■' 

k . .r. | , ... IA4 C M2. 

Kuyal fsi t an iii Mitts. I i.i 

4 1. ••■n- *if. • ' ,S V* ; *• * 

■ 7 bS ! 

Il.d-n.m- I it*- 70 1 

Saxe & Prosper i.roup 

•l . .r** j: fi Hein. Ij*i.. 1 *e. -I' .1 i 

ia*S* Kd:i l >r.* Lir. i 


Hritannia Tst. 3logrni. it.'l* Ltd. 

..Met t) J. !.*:« 

.... . Mm. « JO » I?*.: ; 71 

.-.:ei !6-2 »7 2c -:d 


I •■••! S « 13: *. 

r $4 4* 

«.T 1 liTll 


. LVril V .1.4 

!? •: 2 i 4«o 

57 2= -2* It® 
1434.-; -r il 150 

2 L 2 i : W 100 
, /!-ii.' ‘■■■h S* 


11 5 ?J IH-iiie : *.'•’ •'*: '.il A'“- -Tr nTU jji 

1 r 6 $ s«kp & PrnsjH-r Securities 
5J! Inieinaiiniial Fu.id- 
; -rSi |32 C 34 V, 

•ersV 1 rrv .’57 0 b. il 


iiuiteriieId ^laoagcmt-.Tl I n. Ltd. 

.» |o,> Ii*.. 11 jtn.iI.Mii. Ha'mi.i I.* 

: .I-.?.-... ... - Im 19?; , : 

I.. jii . fc cli ii V* 1 * J.i Vji* It 

Capital International >..\. 

.* r;-Is :ui I. .. 

-|*. 1 .-.. 11 .* F U *.*I I >1 S1S41 , ..( ■ 

Charterhouse Japhrt 

■ iMk*—ie.i.— !*■•» !■ i ....ru; 


• ::i uid Hus.* si r/2 

■.J»..|lr* FV Feh ISF44 7C 

.tapien Fel* 15 . li!lk' is 

I IT *; n * Fi-t* w; ••j:; 
IITJppm*-. Feh 8 Its 55 

1 ITJrjyl/sFet. I Jj9 40 


Murray. Johnstone tlnv. Adviser 

’rs*.. »i..pe ~* iii4-:»* * -j ■ v. jc: .■‘•;i 

■l!.’|-N t*i I :i »'231: ■0 5eJ - 

•Mi.rra* F-.t.-l * M :49 Jl -.7 ’r 1 — 

■M\ i.,n il 

\c£il S A. 

In;. H....1.-.J-1 f...-o : r-e.-t 

N XI' Feh U* y <10 2? 


4 j 7 2V F'en.-liiircnM fl'-i 
6 52 tv It Fun Fu In. 1803 e: 0 .- * 4 57 H*BS Vlvrl.! 

4 45 +K H • miFiJ k. |100 2 IC 8 5*:. ! Iliah Inrem. 

I. & C l'nit Trust Management I id.V 
rt-e sit.rk l-vhiw F*.::it- •>! '4ie :>*»». ' ‘ 

Ukt'ln* F.I [1295 133 4 .7 58 . lv ^' 

LAi- lull ft • (it. M NS B M 5.,: | 137 1 K 

Ihriee I ii 

Lawson secs. Ud. Vtan*-* t^.i i- 


*: iL'i;m»«> lirmnni InixniB- Fund 


■ f - . 1 . 1 ;’; " 


-o:| 

68.31 -0 7 


Baring Brothers & l'o. I.id.V /aWxi id,„s.nrcsi ... -c*. ; ’•’/■ 

HA. IcmlenhallM t.i .i ill .<I4 i 2F.'0 »Hnu Vjier.il BE 6 39 7, ■ i* *4 7 26 


6S l..» L £i 8 62 


1 .. -1 ■ 

!:.•; ih-- 


f - 1 -..240 2899 

|I'VE K I 56t 

istt; I S3* 

!' , **l!J 7t ‘JiC 1 ilO' 5 99 

MCDf: 6 i 6 

ti : ry ' ■ 

'* 4!!= Jb75* ( 1*3 


Bn) Jm K*l 
rr>jp»-rr> I"*l - 
(.ill t-d 
Depot-ll F*t« 
i'onp I'rus FU i 
EquttvPn:- I'*l 
■■■Prop Pro* Fit" 

- iTIiTenr F.I 
Uepa* ts-r. .. i u t 
•. r Price. 


124 6) 

154 W 
126 21 07 
127.3 

2C5 8 ( 

mw 


1 h F*im1- 

* K *■*...m 

IFier-eds | itnd-ij. 

tuil .|- 

1../.4.1 


■ '.Veebl, dealing 


B Iiisimpsfteic r i 1 
1 Il'caiePr ■■Fcl. T |162 3 172 9i 

, \n- Its -Feb T fill 7 20* 2 

111 tme Int Feh 14 056 2 166 2*d 

iXenmiiFet* 14 1721 18331 


Schroder Life 
Eq!r.-pn>» Itn-i-e 
Equili Feh M 
Equil) 2 Feh l* 
Eqiub 3 Feb 1* 

rixeil Ini ) eb 14 
Fried intaFVI* !t 
ter IT Fcl* !i 
K6 SiliH F*-h 14 
KftStll Sr Feh M 
ItMlL Fix F'el* 14 
lined »Ft-b 14 
8«ll*i Frh 14 
Morn* H Feh 14 
(lepuvitFcl* e» 
Fro pens FV*to 14 
Proportl 3 Feh 14 
BKPo I p Feb 14 
BSFn Xrr Frh t-l 
StnPaCp Fill* I i 
Mn PnAcr Frh H 


(•roupV 

I'lirt-rnuun 


Stniu.ii Tm 1166? 173 2] I 4 07 ti Xetfum I int-• 38 5 -l^-O" 

Dn .Vitim 203 5 212.W 1 4 07 -i.f.vnh F i«m 5*5 >9 3, 

Next uk dak Fd* 22 •• Xn-uni l nil* 59* >4 o 

n*;iU ap.fAiirxnl 32 9 H. 2! 

RiKhopsgale prag res site Mgmi. Cn.V :.M*i-n* nr. t .1 20 J ::s| j 

B HislnifisRjlr F 1 £ l.:.4»t».. Si ,5? , 

tl'calet'r ■*Frl. T 1162 3 1729i | 367 Xo-uni Umt> |66 1 726. 1 

Xrr Its ■•Feb 7 fill 7 20*2 187 Lh.jI JM.ii, -Tnr 11 V..I -11. jr “T 

11 case Int Feh 14 [156 2 166 2 j 3 . 121 , , , , , _ , „ a 

■ Xenini 1 Frh (4 |l72 i 183 J] I J/l IJ’Ral A General T« tidal) | itnd¥ 

Nesl -lit. *thk F’eh 'JH "Fel. 21 'H.I e.iiicniuA krii’.') if'TJ . 


Lh-jI 1V.ii, -Tur. nV..i -n.jr 


7 26 vrw Futiil. 

Jll * ■*»i' i-U:lv jsS? 

211 Fni-r. f 

1 98 l •* in. i.i! * 

I ! jf It *sh-Minimum 1 *in*l- 

|J®» vM , i , . 1 ,r .307 

"hn Scothils Seriiritier 
Dr »eu,i.. 135 a 


Hat Ai • t 

5? SI - 0 ! 

Id.V 


1 212 6 
P0J4. 214 2 

111] X 116 9 

*140 3 147 8] 

1150 T 158 H 


Bridge Fund ManagersViaiiri 

Kine n, ll!*HinM K»-4rtJ.*K **i 

Bridie Im • 47 2 51 4) 

Nndeexa|. lit. f 315 33 bt 

Ptidgi' 1 *1* Aetsi 34 3 36 51 

HndEi-h xempti 1260 135 Old 

Hrtdce lntt In .-1 13 5 U.« 

BnricrInll Act* M7 15 71 


•H. t * 1.1 URi- HisiR. Hrijle! 

Ill- 1*11 i:. 15* 0 57:i 

v/.-iim I'r.ib* 167 2 1 -• 

\ru sub da- •*..-■ • I:. 

1 .ronine Admlnistraiiuu Ltd 


*rjT 2 zr.-a l 

■ 509 

I SO* 


-.-..T'lel-j 

•i . 1 - l...te- 

>•/ V . I.IK‘4 
-«si l-s X *.t •* 
•Pri.-*-. Frb 


:-8D-! -.- , i£.b 
515 -i!! '!! 
55 9 -or 4 74 
2*1« 5 : i CS 

-73 2, ; 7 19 

1 - 1 - 2 / 


(tornbil) Ins. iGuemsevi |jrf. 

( )-. llasO 177 5 '. I — 

' Oefia (.roup 

] ‘ -■ K- I-).* .j--- ^ jr..,rr. ■ 

[ i-;-i In- FVh 14 '5177 1JJ . i — 

llcut.srlier In vest meat-Trust 

".- *• 2*41’. iiii-i.er.-a.-. .. f r:.k: :rt. fl.-rlliw: F 

in rlie ]l*VH«£ 73 75 

• .. 1 .-:Ptt tss: • •• 

j ilrevfus Imen-ontinentat tnx. Fd. 

i \ •( *i-i, :4 ip 

Knisun &- Uudlet Tsi.3IgUrsy.Iad. 

j i" ■ 1 I.*-. . s* H-.n r 'itwi u.VM I'f-n; 

•ii* 1 * i U17 1 :»*: i 


*09 Acgit Ltd. 

,i-onk >n lb-rn 

fvi. .- 


Old t’ourt Fund Mngrs. Lid 

;■ • • av. Ji.iijr • * ; ,k.usr*_.-o. —w* ;-'.t 

V <1 F'r .Inn ■ [48 .» 511 ? r.} 

!n>- F U Fel* l 11562 ’.6i 5i 6 3° 

Int I r.l Fd* 86 5 42 0^ 

-IT.• F.I J..- IJ404 1493! ■ J22 

Old Court Commodity Fd. Mgrs. I.td. 

»*.. p.. M .luiun-i': I.b.er—e. ruh: lpT». 

I .smrti.. T»:- 1121J 129 3i* ; 5ro 

■ I* Mir*'Rirsi> |S24<» 2oOW ! 

•Pri.-t-. >*ii FV*- 14 -."-.i s)eat:-p fc' .17 

-|*r,«-i- -in F'.-l- T '.e-.t W.-aiirC ih!i Krt 21 

Phoenix !n;crnational 

tsi i:-., ~ r-:,-r r-.-i u.e.r!" 

Ji.ii-r lifl'ar I unit IJ’ 2)4 -0?." — 

Property Growth tixcr-ea? Ltd. 

-Kln-h ;.<*r. ilih-.itij- -.if ‘..41 

’ f is,I (nr Fund ( Jl -*88 2? 1 

f l 'r!Inr F I--I.1 112SC0 


Schlesiugi-r Tritnl dinars Ltd. iaN/i 


341 ri.jkeM LondunWlM&il' ..1484W.: . T p,, T .,, . 

. -in. i*s .n.T.ri«iriiiirc Truiv-iil i:u.-:. 

*28 'n£j S '40 SeUlh <1re-l. tl„7t n.^ 

*28 LMMUi 1711 .«b| 510 A3 . R . ctu1 . n 8 9 ns 


Price* Kell M I.*. iVitirc -TUCF tier) l.lofif Rk. I'nif Tsf. .Mners Lid.¥iai 


137 9 1451 

105.8 11151 


118 2 
1270 

188 * m< 

2210 2321 


J itn Group 

jfl F 2 .T 1 nt (B3 T^Xl 

49 89 .-G *71 - 

. 17 25 ] I - 

e Inauraare (a. 
-—’A (IIK 01 3*:««s 

•3 1540) 

'7 187 B 

6 741 

234 J 
1996 
■ 178 4 
124 6 
. 3614 


igliS'&VPi JSI - S3 I 

OntSDept Feb W 11199 1Z6S| I — 

^ ^ . ' ... Scottish Widows' Group 

London indemnity«Gnl. Ins. to. lul .puBoxstc-EUinhurchEHissBi: tBt-tUftfloni 
1 A-»MtieKt>rbui> .»te*<liog582511 Io« Ply -Senes | 195.2 95 21 

aiDDP* Staaasrr [2?3 3J« lir. P[i SerUv2 190 0 94.8 

The London £ Manchester Ass. lip-V .. .... 


— Fixed intetxril 


XXtll 

%% -r-- 

361] *0lj —— 


29*5 iSsy.-ia 

3L3. - H»i| -ffil. - - 


The tea* Folkestone Kent iKMOHKKA 

<'-6u'iroMth Funtl 2M7' -0 4j 

eFSempt Ftp* FU 1275 'O.y - 

oKxcmpt Prop Fd tt5 ■‘Ofl — 

♦Rv.pl lit* TM. Fd 1391 -IS — 

Flexible Tund 59^7 eflh..-- 

Ine Tr*c4 Fund. - 1230 --M — 

Priipert?' Fluid 798 ' < —0 

M If G GruupV 

Thrvx- sfiia.k Tower Hiil Kt'aB tiEKf 01-B.H 1«8 
Her> fVntinn— (1992 J - 

Im-. ticpoMt • 1163 12 22 

Lquiiy Ikniit’- • 1249 131J . — 

Fsunifi IB tKl rw — 1476 - 

F'mxiili 81 88" • 1623 — — 

Gill Bond— . J 1052- 110 6t-17 - 
fmrmauil Bond-*. 846 . **9 „, — 

Mamuted B*i--- -1212 .127.4 -0 J* — 


■e Co. Ltd. 


Con-. ttcpo'K*. 11*3 
Liguih Honri’- • 1249 

Fmnafv 78*11*' — 

Kami Iv 81 88" 1623 

Gilt Bond— . 305 2 

Intcnuunl Bond-*. Mi 
XI a a HU eU B*i™ - 12X2 
Propr riv tid"" Mil 
Ks Yield FC Ud ■ 765. 
Rreo.rr- Pd Rd 1 578 
American Fd M". 438 
Japan Fd Rrt * --«i 
FncBLs jjo "F'i-h **i 


;Soiar Life Assurance Limiird 

liCLTn-opsidr fcxav.etlf Vl fibAtHTl 

solar Managed H 1123 5 18811 -02 

.■M*lar Piupertv S 187 0 112 7 -- 

S**!ar E>|Uilv S 149.2 157J D.3 - 

solar F-serl Int s. U7.5 123 7 -1 1 - 

5u1ari1ash S 99 0- 185 2 - 

Solar loll s 941 IBfig - 

SHiiar Manaced P 123* 1299 -n? 

Solar Pnipeny)' 106 7 U2« 

-jnLirF'qoii) r . 1490 ISfcV 0.3 

'i.larF'ydlrtP 1173 123 5-17 - 

Sal or i*o'll P - -18} 1853 - 

Solar Int) P -W1 IPOBl - 


Britannia Trust ManagemenUaMpi 

.: London Welt Pul Id mss Louden Woil. 
lava don BC2M 5QI 0NO8 'HTS <H 

\M«l» 164 1 69.7| I 5 1 

Capital ACC 46.8 50jj -0 2 4j 

i nitimA Ind . 586 54.401-0.2 4j 

CiMTunniily 67 4 73.0) -U.l 53 

Ibimedu* 355 3821 -0 2 44 

exempt. . *4 0 98.71-0 4 Si 

E-.fnr Income 37 3 48 2d *3 

FarEarf. . 16.6 1783-01 4.1 

Financial Sco- 61.4 66H-D1 4.4 

Gold 4 General 96 9 104 S -03 17 

Gromh. 732 78.3 -0.4 4J 

Im-. ft Growth .69 0 74 3-0 2 7.2 

lnl‘1 drouth . -iO.T 54^ 34 

InxeaLTvt Shwnj . 393 423oi-02 3* 

Mineral*. . 302 4LIJ -01 2.1 

XaLllIrhlnc - - 726 * 78«-V3 0J 

NVwUxur 335 36 0^-01 45 

Norxh Ataerirjf) |26 2 28 21 21 

Brllaniua Trm4— Crniiioued 
profmieKinal V453 J 467 7 5? 

Prnpom Shares 136 14 6 -0 1 35 

shield 418 44 9« -0 1 4 2 

Statu* ■ tinner 27 4 29 5rt-0 2 1.1 

MilvEnerti 29 5 Jl7il(-0l| IC 


Ri-Bi-u-ar - Dept Gonna 1 
w onhlnp. West Kuwex . 


OI-«38il478(M19 Tin i.'tccum.i 


69.71 529 Seeond*i.1ap* .. «8 *9 3 -IJ 1 3 67 

* 031-03 4J0 ••o.iArcinn.i. . .56.4 *11 -01 J67 

*3-0 2 439 Third/Income, 76 3 31 2 - 0 3 611 

/3«Nu i SSI Dp. Actum,* . 1026 110 3 - 0? b 31 

laja-0 3 4 48 l-urthfEalnc • 56.2 60 d 0 1 7 86 

98.71-04 850 l*> * Acrujn.i. m2 4 t 1 W-0 It J B6 

?a3 -P: 4 « LInyd'h Life ln»l M. Mners I.td. 

66M-01 449 T2flM.G-uibauselsa.Akt*- —.r; .eel.Ml 

OjS-03 3.71 F1qiiir> .Vi-rura 11383 W5«i i *38 


in rcaiass 
50 01 I 463 
57bj -OH *60 
*9 3-01 367 


r. .ciui-i 
lai \n> *»/•■■!zfi 

ta.-mt i tlici Yl.l 
Kxcn.;*f .x;i.l tars 
l*** Extra In, f.i 
jfS Inroau-1.1*4 

In*^ ivu n dr>* I 
3 67 Ij.jju iTp... 1!: 


ii ir, -t-w 

. 3D6 


j-| i - ' 11171 12*7 1 

— ! F. A C. M”ml. iJd Inx. Advisers 

lN/i ; ". _• i^jn-n, arnnnini-- liill i** 41.-'r»*. 

| •*. *"-.•.-. « 8 r' 

r.44 i •l-’d - • I «• i !• FiM . ' - 


-0 7| 367 , ni T-i I.- 
?52 -S3 631 XIurU-t Iv.xdcr 


6 31 -i.iY.ci.r 
■ j* ITri ftOlltT-kisI 


262) -bJ- ?»4 

2%*l ' E 5" 

24 9; ■= 50 

30 6U. | SB 

43 4* -Cl 4 35 

4J 3^3 >4 

24 4i : 4 w 

«71 


j Fidelity Mg ml & Res >Rda.i I.td. 

E 57 Jr-- l ii - ** Humiif.ii Narm.i.l.- 

1 ,':,*i:l> Xr. .X*. i S1S20 21.? - - 

5 M j, iiicii-;. In' Fu.id , ilS!S35 -5-fl — 
9 29 I I i I|-I*T> !‘b. F d ilF34 70 . -. 

... ( F-/1e!:!« U.-ht 2 d Sl'SlT 13 j-OOT-i 


t 1 0 ) - 0 It J B 6 ;?unem share. 


F-.1r!::«X\.-MJ(1 SUSIT13 j-00-i 
Fi*!«nl* X*f Fd * ’ i 

A ll Mil tJO? -097 

•.•ripe): l a. iflr ! 16 29 

>-r.c- i* An* A".I 0321 I 

Firsl Viking CmmntQdit.' Trubf* 


Royal TruM il l' Fd. Mg>. Ltd 

Hnx IIG III'-.at r-1 Ms. . .'si| .'-l 

h t tin -1 f.i v5ji ; ion 

?. I In't .J-t Ft 15* .Wl 321 

I —l•■*.— a' FVl. 1.. Ujh. : 

Save & Prosper International 

(‘•jbn. :«». 

iG lii*»..,lst. *U H.-li**r .. . 

t s Uotbr-riaiiBtniiiai'-d I und' 
fir F-.o IM ’ 35 4 94 . 7 M 

.'.Tvnk.it •: 613 6 60 

K.rF.vt.-r.i-: 33 4? 36 13. - 

Ni>.-t!i Xnk-ri*-an‘s J44 3 73' ■ 

sapre--; 1246 1416, - 

.sirrlinRuIrnirmliUled Fiird* 

hannel * upital* 208 5 Il“5.r 182 

* hannel I-'.ind-* 1346 147 31 5G7 

i emin*>dir>'**s 114 2 120 3c; ; 

MF-vdlnt— S 139 0 125 4 1104 

m.. -Fi t- i.i -Feh ].-* ’F. S IK 

JVV'ceklv r*e:ilm 4 - 

SchTrsinger International >lnc« l.ui. 

4! Lj xiaf'r <' at Hehrr 'erje: WM7.-W5 


n.T\ -0.4 438 

74 a -0 2 7.2S 

54.9 . 348 

4253-02 398 

4LU -0 1 2.90 

. 78«-V3 882 


!W Si G GroupV iyKchzi 


.-h IvitSo 71S 1 sd (H M f„-orR.->t lMu.*fi-.lnXr 

• F . rti h i..'i Im 1 -til eu 887 « , snt-ur ft * ■■ I :<t 

1. F. ..m I'lt |U! .951-3K 5 94 | on .|..nV.\|7jj|t n; BWTiBT 

. ^ ‘ — . . If -t •.:« * II. T-i [413 43 3< * 2 00 


"» A I 1. *74 

s.M'l. S 0 80 

•*ilf F'd 2*1 

Inti Fd.J it-ci 14*0 

I ntnl Fd L» mf-rs ISO u 


79 -IP' 118 
-0 Oil -003' 4 7L 
2*3{-n2 11 52 
♦obi io: in 

4 44}-'■•I'' . 


J. ilemy Schroder Wacg & to. Ltd.If ! '*» xV. Uoi'i*»* Tu W 7 0 


Three <.Hu.iv. T.-uer Hill F.< .!ft -my imo ftue 13 i.-IhJju-i.io E.C 3 


nil soSS **ee «l»*u SlivW E«d.an»lu l* 06 lu.- 

iSa an V"~n«n [38 7 . 412x4 -0J 

ft a 5-S ‘Actum Units' -19 4 42fl-03 

“ 0, 1 ^ ,xu.<tr<kla*iar. . .. »0 «3O-al 

' ‘ 62 '.veeum lnite* . 487 43 3] 

i-nmiiioditj ... 410 65 6J -0 4 

. . _ * Vecum. Lnir«* ..658 .07] -0J 

■«?1 Si? CnauinuniiGixmll. 939 10O9i-ni 
-0 11 281 i.UxTO-ersinn Grrmih *7 t 514 • 0 1 


Shield . 4443 -OU I'lmciion Inr 

hiatu*' hnnee B7 * MSiS-Oa 5.38 Dividend 

I'tilvKnerRx |Z95 317il[-0l| 303 ,Aecum.Unn-> 

The Kritish Lift- Uffire Lid.V lai ju^nunl’I'an,, 
KdJiaun- Use TunlindscWelb. Kt OW3333T1 ^traVicIil 
BLBnlL.h IJI. 1463 49.01 -0 2) 5.83 

SMnvK'-' Ss S3 1 52? S25SFS&I. 

•ITIer* Feh |r. •)evt deuluiR *i.ix Feh “• 


803 

452 
, 4*9! 
Feb. lfi. ** 


ce in hit ran cr 
WIK5FF. "14.»7-)AI 

•0 132 01 ! - 

cc Cn. lad. 

PI. LO I'lflWRXTI 

5 TJ*( . 1 - 

Utdlamt .Ux 
7 0t.W*2l2 

3 50 li -0 *1 612 

e Am. Soc. Ud to 
W|«mhe 04M 3*177 
.7 10911-8 4 

•3 107 6 

4 115 II -0 2 - 

7 182« 

9 IMOS 0 ? -- 

Lifts Ins C I0d » 
•ltli:il.**ie-s WVKtGI 
129 9 ; .j 

5 43 7' .1 — 

*. s«. lad 

R fbdurlr. 'U 1 : Td 7 d »5 

1 168.11 ' -- 

1 101 if. r — 

.! 71* 5,- | _ 

4 1013 — 

I 100 It . I 

le Am Soc. lad.V 

u.fns H..rW« lei (d28t 

0.097 ' • 

5611 

10 1221| . - 

•0166 1 - 


Merchant Investor*; Assurance* 
US HlRh Klr«4 I.Tlirdm. Ml dA4 


I'nnv Uwp Fd • 
■Vliinrk .tint Fd 
M,*r lai Man Fd 
Mer lak .Ptk .Fil . 

F^juhr Fund - - - 

Prow Pen: ... — . 
Man Pen;. 

Friuli;.* Pen' 

I’um Dei; Mfix- 
Mon MWt Pen, 


III f*W‘"7| 
I 


■Sun Alliance Fund .Mangmt. lad. 

si.n.X)lianrn11o , i»e. Harapam U40WB414I 

K,p F*l Inf Keb 8 .0153 90 160JO) | 

Ini Hn Feh J* P UB 64 | . | - 

Sun .Alliance Linked Life Ins. Ltd. 

Sun AUian re.MxJUfe. Horsham n-WSHWMI 

Fatuity Fund : ... pMf 106 3) 0 J 
5Vve«llntei*MI FU Ul 0 1065 • I 1 

f*r,-prnv F und _ 98 2 183 4j 

■ li.lt*raa;innftl Fd 868 91* 

Ih i«*.l Fund .954 l®oa-01i 
M.xnaprfl Fund .. W7.8 1010) *-0 2 


Sun life of Canada tU.K-i lad. 

" J 4 1 rs.-k.-pur *«|. sW IV iKII «1 •«, -btfl 
liupJ.- U GrtJi . I 1841 1 I 

Mapl.-lJ Uaiifd .1 132 7 . - 

Mapl-U Emx ...1 1215 - 

Per«r.) Fn Fl.. . | 196 2 I ■ • I 


Rrown Shipley & Co. l.td.¥ 
Mnitm. Founders 11 .Ki“J 
BS Units Feb 13 [»9 7 223 Id 

Do 1 Aee * Feh l:i P58 4 274 9) 

Uceanlr Trovl* lav ■■■ 

Financial |33 I 35 lu 

Genera) . 171 18 2 

Growth iXrcum 42.2 44 8 

Groaih tncam.' 348 361 

Flleli liH-nnH- 29 0 31 6 

IT I Ul 143 

Index 22 7 34 7a 

IKersCjr 15 4 17 0 

I’erfixrniiiin-c . 51B 56 0 

Rbcvvery . 20.8 221 

HvBrf Feh lu 571 54 5 


I 8 61 i.X-TUin. Unit', 

. ..J. V, 1 "undn) Inv.TM ■ 
1 Xorum. t'aib*. 
Groeml 
• .Xet-iuiL L'nils 
"IflOuBI'JO lllah Iixrt.me . 

| 4 65 lAeeum Inlfti 
| *65 Jnpixn Iitronic 
lAeniia I niui 
, „ Hnimum 
4 m 'Aeetim Uuil-* 
01 cm Midland . 
ft 1 2 xx 1 vecum Llkils. 

la 1 « ia *6«WJ 
^ 1 ,15 i.kTum L'nixs. 

ft 1 ixl vrenriGen 
:R 4 15 *Arcui» Dmi'.i 

Sx If! i|*cl a) • 

.ni et! 1 Accuia I'mi** 


65 6^-0 4 4 99 

10T\ -04 4 99 
100 9) -n I 413 
5l4'01 403 

57M-01 890 

1157; -0 4j 8 30 
21441-07 8 30 

484| -02 263 

445| -U 1 263 

84 9) -0 2 861 

UOS -02 8 61 

41A4 -0.1 313 

45.2) -0 2 3U 
589] -0 U 473 
79B-0! 473 

162J*4 -it 1 614 

347 71-0 1 6.14 


• Htiitiil Feh 14 
0 07 .xc-jm 1 
0 87 ln.-xxme Feh '4 
252 ■ Xceum Unn*- 
2J3 General Feh if. 
jqq Acruttl t flit.' 

4 49 Europe F«-F, 9 

413 • Xwum. .. 

4 03 -PVi IC Jan W 
*e|*rcl£x Fcl, T 
> 30 'Recroi-rx Fel.- T 


“■ 'r'‘s1if Fleming Jap«o Fund S.A 


:-T -.!• .Vill'e l*j3ie tji - i-pxF-ii iri 
Ffn/ »%■>* |4 - 1— 51 ‘MOBl : 


her tux (-.-.••inp* fun.:, •**xl. 


; 3*5 Frw World Fund l.ld. . . 

I i'jt 2-1.:t. ril« l,l KI*L IIji Ill’iVft tyaafir. 

! i» ■•'■3w*d* 1 '/Fs-16419 ■ - 

) 4 01 f; -T. .‘vlanagetneoi Ltd Ldn. Agin. 

J 516 IIj*- In L .r. bi.rx i ni lv L,*>ih*n F* 2 

... ti. v nwji'io 


0 70 Schroder Life Croup 

Ki.u-rpr-.'*- H*niVf. PortMnc.'h 

Inlrraaitonal Funds 
ihnirty 103 4 10 

5F.vjii:lx 113 3 1? 

l Fi si-d I nl< ru si 13* 7 14 

SFivcdlfiuresl 132* 10 

•■Mnpa.vd 1214 12' 

- 3\Ian„n.si 'IDS 1 il- 


Scottish L(|Uitahlc Fnd. Mars- Lld.¥ j ’tweijji iniernm.immi ud. 

861 libxime ;„.L- W81 512] I |« i xn.-h.4-lr.: F.I 1st.*30 40>d < 199 


M‘2-? xfl ln*x*me i*,i*L- 148 1 512J ( j \„. !,r.rlr.: f.i Ill.OB 41 

V1A4] -0.1 313 Xi-v-uni L nil- (5* 2 5< *. 1 5-0 . T ... 

S 3 : 8 f 1% le -Iinc dftx Wron-sd..- Hi! iTSSSS-l^l ron. M Mamhn l-m.l., 

“fl-Sil 3 t 5 -Sehag mil Tsi. Manager* Lld.¥ *a. ■' I ' ] 

ttJ*J-0l 614 DOBaxMl HiUbr? llsv E* -» *>; Sjc. 5<s*. ■* 1 - 1 '* I »» M 34 | ' 0 

M 07 -'ol Si? .SehjK. bi.I'ilFd (31 ft 331; -orj 3 71 {G.T .Hgt i.Asial Ltd. 

uSoj 01 8.91 IU9 38j , *« \ . }U r* -rt Rd 

H23 _ 2^ i-2 Security Selection Lid. I'lr.Uvi 1 |S'i-J79 7 

Basra! ^0 1 in 1 S-l».r.HHvlr.»lr.r Ficl.|. W..L .itHHltH. r.s ;*■ * HMi-IFtm-l I 5I.M2.02 


J. Henry Schroder Wage St Co. lad. 

lai.iTu-jp-uik- f ii: sts.,n«i 

■ h.-opS FVh 16 | jl. j>)049 -ft s-j 2&T 

rrof^urJan III I V-*10716 
A>i:ir. K«J F«-l, 6 'JiT' 15T 

lihrllnr Fn*) i\J 76 1 87 ( SM 

Japan Fd F.-M0 !Sls5«2 ifl0n! I 0 IT 

Sentry Assurance International Lid. 

5-*.* Box .“J6. Hamilior. '■ Burr.-uda 
MioACvd Fluid 111 -J xT. ;;ii 


Canada Life ViiH Tst. Macro l.td.V 
2-8 Mich Si IMleisHat lletx.- 1 ' i'uir.M llE: 


5 75 1 "" 

5 74 -Kpecl*llr*vl Fnndv 

Tnibtcr 

d.V -Artum. ITnitsi 

., ,-H. '• hjrlhoitd F'eb 14 


1332) -0 4 
133« -0 *9 
186 5d -8 1 | 
2 K-M -01 
163-3) 

264 6 ] -0 II 
78 Bo -0^ 
79 6 J tO’I 
163 4] -0 • 
24* « -P L 
151 *d -0 S 
1905] - 8 1 


453 Uuvl >.ilh Til *\*-A 1 ? * 7 23 7? ^ (j T *\1an ntf pinpnt I l(TSf*V I 11 ri. 

7 J 5 f'avIGvliTMlKc 1196 209> 1 9* i*' '■Jersey I las. 

4S ... . . l/7o-.»/ r>* Hw » nlvnli'-rn- Jxf HflirV 

in 5slewan l nil TM. Managers Lid. 'ai }«; i *,jaCert.nc ifiObO 11181 « 

478 45. Charlene mi Edinr.urq». *C*I ataXTl ! Bisk si Brmwda ir.L-eraseri Ud 
3J7 !=imrt Mix-rlua Fiin*t } ,ki. ! j- I--IH-I •••i.-i; 

5i! Siandfttxl L*i.li> )54 4 57 V , 1T0 T-* - .MSP 215» i 

*22 Acrun I’n-ls K. 1 6 67 S' -• l >ni!i»-*.ili Wf,- I-1S54 1058|-J<'.', 

9 33 UxSKjuM ,r nlli &J8 47 J- ( ; X-Khorl.-.J.-. T-.I ,22 4 2*Cl -5:1 


1 OCO MioAgx-d Fund (il-dn ;?3i 

Singer & Friedlander Ldn. Agrnl** 

Rd llon^ (•«.-.c 2U i.'jnntTi •:.!•.*.4 "1 lMf5*.*4 

, 7 W| , !97 I■ekilt'xr.rl- intLlSli 7437,-01*- 1 6 42 

Z02 [-Ofil 5 30 lokyoTxl Feh I ! SIS30CD 1 ! 2 DO 

rsey i Ltd. Surinvesi i Jersey I Lid. im 

• Sr Ht-lifi' '«.'*.• i'it Kniftl M liriier Jrrei ■'•'v1~L5S 

11181 • 179 K^.-n.-nn ln*iT.-t |i6.7« tW- f-Ci; 1*8 

ti Lid » npprrTri'-t jt^Qi 10 20J-CC-1 

wWl Mt'iM ,l:ip liiil»-\T>l IlC 75 B 

iio£ Suriuvcst TfuaI Manager* I.td. i*i 
24 cl -Oil 3 26 IE Athol MircL L<a Klu: I "JJV'C 

, , plv Tin*SillerTru- 1 >95 6 101 0) -9 1. 

loin /Xgis. i:i,.nnu>nd H..n*t6T 186 4 1962l -. V 10 2* 

l nisciny.l lu. riatinumB-l 3122 210 li - 3 - 

Fast* lid lH*i3nIdFW 199 J IM 5, 1 

rw *fii^x[ ;h JM TSB L'nit Trust Managers .fl.' Lid. 

.'iJS, - ; - foist "lie Rd *sf iixjj 'cr-’ -iV-niM 

««!• •• i Jrrw Fi:nrt (*js 4* Sr J 4 19 

“*"■■■ ' ....r-m'.-* Fund [43 5 4J5x' 4 19 

. l.ia IVi-.es -*fk Fel* R **t- • «-.ft ij* F-.r 

22* . 13 50 Tokyo Pacific Holdings NY 

501[ -5 32 Intimi- Xt.in.iet nx-nt *'<• X f ■"»?«-*** 

i xiomi \ XV i*-r f-h.xrx F*-f 1» 5L 2 s -*-' 


manm i-ncieisixn uerE . r.hcnlri Feh 14 

i an ibrnlil-i )]4 7 36 64 -u 3 4 44 .acismb Unlt>i )1T0J 172*1 I 7 71 

Do i,«n Ax-ram faj *4.4j-oa 444 iv-ju Ex F-rt, 1122 2 128 91 1 5 97 

IV).Inc Dht [33 7 355) -0? 775 ... „ .... 

IVI Inc xcnim W 2 4 45 2] -0 5) 7 75 ManuLiie Management Ltd. 

• .1 „ i ,j „ m i.eeree'sw»« **•--.i-Mgr ucnmiu: 

(apel Ijamea) Mngt. IddAf Growth Knits 146 9 449|-?2I *11 

IWUUil Hroad Si UEfVlRb «. -JWWin __ ... 

I'apiul [79 8 M J | 4 01 Mayflower Management Co lad. 

Incame [732 77 9) | 7 43 , 4'i8GrTxhjKi.'''' B.'-'Y 7*1' "lCD6At* 

Prtrt-f rtf, F.-b IV s—x« rtealin* Maret: 1 Incfimc I’rl, ■ 007 7 113 4, | 771 


111 (W 

3401 14Z2n 

1703 172* 

1212 128 9 


NCI. Pensions Jail 

Mi linn Gnu it. Dorkifu: Sur-'F ? * ; '- 

Velex En l ap 180 0 . [ - 

NeJex Fo Ai-cxim 104 5 130 m, ■ — 

\ele.v Vlonex I "ap 62 7 659 

Xele. Mon An 631 68 5) . — 

\cle»••illIn** Vri 475 58 0| .. -i — 

NelexGfhlm rat* (47.6 58^ .. . 7 — 

Xt-'l —lb , 1 a- Feh 

tar Kf» i Mil Pvxipeflx «ee under 
RollucftJM Awe* WanaaetneBl 

NPJ Pensions Management Ltd. 

« Graeeehurehf . IV.ie.tHli 01 kWi 
Manafii-d Fund .1146 3 1524) ‘ 

I'rir,-, F.-b 1 M*«J dsalitig Varoh l 

New Zealand las. Co. il’.K.i IJd.lf 
tUillod ll**usi. SoulhemlSSIlh ffltlSSl'i 
Krai h.-i In Flan |1M16 }M.9| ; - 

small fix"-. Fd _.m 180 g j ■- 

Tv-tinclocv Fd K5 70001 . j — 

F.xirsi Inr Fd .. iff 0 1000 ... I — 


Target life ’Asm ranee Co. Ud. 

Target Hraixe, GalWiniisv- IM A>l**>hurr. 
Hiirks Xkleshur. i.<MS8.6ft4l 

Man Fumllm:. (93 8 993) [ 

Mar. FimdAcr. 1111 117 6 I-- 

rmp Fd lir .... 1868- 1U1 | - 

Prop Fd Vcc... 1318 J — 

7Vi*ii Fd Ln-: . ^ 1020 ! 

Fixed Ini fd Inr 107 4 . 113 5 1 - 

:vi* I'd Arc Inr 972 1826 _ \ -■ 

Ki > I’Un V Mrf . 673 
H-i IlmnCap FVn . 55 7 
Bel FlanMan. Arr 1178 
lix-i FtaiiMan Cap 109 8 
•«li Fro 4.x.. 134 8 

Gill I'en '"a|, _ . 128 3 


Trans]nlernallonnl life In.e. I o. I4ii. 
•J Bream Bldgs . FA'4I\ X Ml +«* -«7 

tub pin tea F'd (131? I38 2j . i 


478 45. Charlene MJ Edlnl.uri*i. *t‘l S 
337 smart AiwrlMD F'un*l 

in SVaftdird L'nit* )54* 57 V 

*g .Xcrjpt I'ntix jii 6 67 5; 

Uithriraual Fmta R* B 47 7; 

Sti-nn Rriilsh Capital I und 

6 78 -sundar-i |127 7 1J5 2I 

,5 74 Accuri l'nit- 1344 b 156 6, 

10 51 

7 71 -Sun Alliance Fund Mngl Ud. 


J2 Sun Xllintic, lire 1'ir.ii.n fCCitrlu: : Hh ft f'.-- ' T-i 

5,1 ExaEqTx*. I-.-l-.h (‘19180 2ft0 9C* ' «57 U" |, * r , 1 . r7 ,. l{, .ijg* -sSSlS^i 

•The Family F'd |H4 » l\ -«il 3 94 |} .’l* ^ 


ManuLiie Management Ltd. «The Family F'd 184 4 89 7 ,3 94 

-i iforce's wax si.-,i--,.ige nCNMiu: Target Tst. Mngrs Lid.V ia*'g> ! 
Growth I'nibv 146 9 49 4 J- 2 H 411 3i.i jre xhair.Ft. FiV Hyaiu 4: fCSVi '04; | 

Mayflower Management Co lad. Target coiu.t«vJic, |7l| ”w * i 

. . . ___Target Flnxntial ,55* lAV-C’t -Si 


Cariiol L nil Fd. Mgrs. Lid.V talH'i 

.tlllblirn Hoii.x*-. .Neivra'tle upon Tkiir Jl 165 


■ 4 '18 i>rcshj m Si F/.VV 7*1' 
Income Feb T 1107 T 113 

i Awrol Feh 7 167 7 71 


i urlinl 1621 63 3) J 4 72 

I in Act nm l nil- (74 7 77 2 [4 72 

Ho Hmh Yu-lit »04 *3 0 814 

I Vi Ac rum I'en* [49 I 51 6 [8)9 

•iesi .leattna .tale Har*-h I 


i'.im Lnr Fti 
Vrnencan F'd.. - 
F'.xrFjsl Fd .. 

Gilt Ftlfii*d Fd 

>'nn nepxiFit Fit 


5 0 1000) .. -- 

5 0 100 01 . ! — 

5 0 lOOOj . . ( - 

5fl inoy ...i — 

5 0 IMS--, 

50 10QOI . — 

so loom ....[ — 


Tulip Hand FH. 
Man KonifFd. . 
Uiu Im Kd.rap 
Xian Fen Fd. Acr 


.131? 138 2j . 

1. 105 ? IM I 

187* 113 5 . 

Ip llB* 1162 

:r 116 8 1221 . 


trt fll-351 34lifi- Three month Copper fi37j-643 
London SH IP OHS. 


• Building and Civil Ensineering psge 
heri in lhe Financial Times every 
and carries news ilrms relatin'; to 
> and iniporiaht development* in 
struct inn Industry. 

/ detail* of the advertising space 
. ; on the page each week, and co?ts, 
inviied tu.telephone 

■; 01-24S -SOOfl; Ext. 360 

• . rite to The Advertisement Director 
Financial Times 
10. Cannon Street, London 
EC4P 4BY. 




Tridrut life Avsurani'e Co. Ltd.' 

H>ii.-fw4* Hixu»y.Gli.iii-i~ror 1145a.' 

V4MMFB-. . t .. 117 7 124 7) . I 

i ;:d Mrd . 147 4 1561| 

Fropprlv .145 I 153 81 

F>iull»'Ammrnn 77 6 CO •. . 

I K Faiunx Fund 100 * 106 ^ - I 1 

lliet, Yl*.-ld i. . U7 4 145* . 

G.IrKcto-il . _ .. 122 2 124* 

Vui,m ■ J20 4 1264) .. 

l.ii.-TTBlionjI ..92 8 98 31 

F'lhtal. 123 6 1M9) ■ | 

Gli.xxlhfair. .-_ 126 3 133 ?[ I 

GnintliArv. 129 0 136 6| . . 

T-ns Xtngd Cap 1128 1194] 

Frikv Mnjd Asr. .. 1151 12ZW . . 
IVrtsirtdImpUap 1807 MOW . . 
I'aT.strfri |iyp A<S- 103* 4045) 

{*.„■ pp;, I'ip . 1H-J 1178 . 

IVn* i*l> Ara .. • 114 2 121 8 

riff? kimd. ■ j* 7 36 7’ j 

■Ttifl G i Rond .. 181 2 I 

*Ca.xF..xBliiv jnr l 10“ prvmiivnL 


f hart erh oust Jap hr IV x-um t> 

i l*air*riio-i<*r Icuw- FJ * rti 2«A.t9fO Midland Bank t>rau|i 

it J lmv-muii Mi 21* 159 L'nil Trust Mfcnagrrx Lid.V lai 

.- r i r V. nJ L nl1 " Si X 9 ? ins rrairtwoou Hun?- ** 11 .d Mrr«t 

I J lm.-uiru 33* 35Hi >84 ,.j.i„|i vi->ni, ~ 

.•J hiiro Fro 25 0 lh.t\ 378 . 

|>PL5IV*|4 hrl.n 28 6 MU 3 78 ' onuwflir. ft l*9i 

i-J F'd In*. T-'. 24 8 2b M 44)2 

xn-uih riiitl |28 2 M2] ' 4 02 

ITi.x- Frl. 15 NM lira I i ii H F*xb Jt* ,>pulj ^ 

Cbicftain TruM Managers l.ui.Vtaiifi) 


’i/ua Mrrrur > Fund Manager* Ud. 

4 72 Mi.iUnliBiftM FXai"it.V’. ft! 

4 7? .Uf*IV Gyn Fl-:. 11 lb5 2 175 7; 

814 As-- L'ls Kn.n 112 7 225 7 

|]4 Him- InLFph I.'. 56* UV 

XPcni fix Fol, |v bl 1 65 0| 

Mi-rs txt .l.ift-Jfi '2114 1207^-, . 

k-i-ubi l'p l.ui if* 1252* 263 4j 


ss hi .1 « i. 31.Grexhair.St. F V-' 

Co lad. Tarsrt C“iu.T»vJilV |31 6 

■uAiKihxm TarKrt FlnxiiffiDl ,55 4 

"I4Hxi*k» TBrsetaium 

} 72? TareelS.F9F.jr* 204 1 
713] I *03 #Lo Acr Full. ,270 9 
_ , Turpi Gill Fund |U*4 

* Tarjri >;ruo»h 27 9 


*75 II" IK-in-. I nil 
4 75 Taran !-*i 
189 I ari-«*t11 Fri 1 1:* 
1 89 Txi Ini- 
4 15 Tel l'r**i 
4 15 ■'.•:-r,»-Gr<*-xll F'd 


IA 5' - C : 5-. 
37 3i ! 6 34 
JUT i b'-9 
25071 , 6 39 

12*4 -0 4l 100 
30.01 - r, 4 «rj 
24 41 I 28 7 
26 6 - C " 2CT 


iiaimgrr Inxf-UBimil flnel. I.i* 

As‘OF. 1 l'* , x'Jtl Lnjuela■■ )••'! 

- 4 cq rx -i.-r:.; I.-..- J23 0 22 4j . ; 13 

; ! Is* • r.r- 1 . [Mb 501) : 5 

i 619 jHanibro Tarifir Fund Slgint ltd. 

, 639 '.-■•r.iaailil • rnlfp IIiBIE Kmi> 

I 3 00 | .‘ . r u I ' . I. 11 ^64 10 201 

; s*3 !Js*:-:if : Vj >5'.flW IOl*t.' - 


Itianiriorr Invent. Ud. loin Agis. P^Mw^JliTill 
]? s- '.j ar X\c I'ill hi 2fti:i>Sl lu. rial mum B*1 

if.anuiorr luml xingi 'Far Frad lui Is* i3old Hd 

| l.VT* Hiitrt.ifh II- i*i tureiiin R-i hnr: ,. . — 


150 E 150 7 
279 30 


1 Ha ir.hr o' 'Gurrnsrxi I JdJ 
I Haiuhro Fund !Ugro. iC.I.l lad 


3OlV-0i! *38 
16 q -C il 1 'jM 
IS 5; - il J; 4 4J 


Tokyo I’arifir Slldo 'Seahnard' N.V. 

ii.-in-i - V.Jr.jS«*m*fi*: < - 's X • i,-.x- a-. 

NXX p,-r stare *• *. i': ;iW! 4* 

1 vndali 1 3roup 

I-il Bax 1256 llaimltfte RemvKli 7.7'.M 

•'ft.T*I"I..Fl-I- I.V is. «tTI 3 34 - 6 04 


Target TM. Mgrv. i^rotUndi iai*M ‘; 

\th*.-i ..ii KJn. .* -"I 3S»>*S' j :'l. 

LrtrlEjgir 122 E 24 6, j 159 | 


r JZ?I 

II. 137) 

-rF*S [581 


-ii UvnJ 

v -*t '.l* 

Sii. r.fc.- x 

>aJ ■ r "^ I 

r«* 


1 UIVI.#..! MUAV .. | l4i . omi . <6 fti 01 4 54 

.Hkfll wui-rrxM «'4R1Un UIJUiTO Ofl.Xix-iun 531 56 9) -01 65* 

1mrri.HH |*/il9« I09ra-01| 2 72 InuirratlPnal 34 3 «.* J02 

Ifieh Icinmv laao t3 0{ n 3 9*4 lv» .Xj«in/ 43 5 44* iol 

Ifllemoliuitnl fsl Pi21 8 23*-0 1) 146 HlghVield 573 6ls[ 860 

Bark- Iv.rre T«1.123 9 25 7| | HI In fterum 59 b OS B60 

Equil;. Excmpf' 1034 10911 526 

Con [ede rat ion Funds Mgl- Lid.V lai u.» Ac.*;im- 10J-* I09i[ 526 

'NUHtwIw WiTlAHtK "l-s*: woe: mpr,r "' * . ! N- *■ *-».« »-l. > 

• .ro-ail.F-'inil 1383 4851 - I *37 Minster Fund Managers Lid. 

_ , „ _ Wiu..b-r Um- snhux si t r.4 >u ni.**' 

i osmopofiUn Fund Managers unisirrF*b i.i 1335 JSS[ | 562 

i c-iuhatl \s«* 1a*ii.Joi] fcJ*OHTIN A2nB221l F.xemin Um- HI [854 89*j .1 592 

• .ismaiKxliiGM. F'.l 1771 18 51 | 506 «.. . |-_ if -rrii«t Meemnl Urf 


Ki && - 3 '.! JJj 'Henderson Raring Fund Mgrs. Ud 
gj-» 2 SK Trades Union Vni. 1 st. ManageroV 

Ji.fi .n ] 350 |iB‘.Uoo*l sin-rt F3*'i mflaiKi:: | I— n-. t-r. F**fi *t \i-.i -li-.ihr./ dale > • *• - 

-01 J96 TVITI-Vi. I (48 9 52 11 I 522 

-0 1 3 96 _ . ... . _ I tltll-samuri 6 f.O. i(.u*mnyi I Jll. 

OI 65* Transatlantic and i.«-n, sees t o.V v i*..rt *i<u.rnx.-* • t 

-01 65* -i;.m v* l.-r^ion Rrt ■'Mnto!i:"M.’-'-i'-'.'. 1,;,,.^.,- 7 1 i!4J7 1537|.-0’.i ?5 


■- ■ hi-r*i'>.. t i-t- t.s -ev 

90 Ai*cum 1 n-.t 1 VS15: 

50 1 u .11 in: J.ro ip [li-cro 

SS :X-« sl.si ll.-lirr J«rsr» 

£ ruFHl.Feh ):. i 6 » 

, l-s ’tm Shari*.- f .9 75 

' , Vs. *F' F'i-1* IS 76 5 

-.X-ciiiti Sharf?- *73 * 
Ii-rsux Fd Fc-h !;■ Ji 
. 'son J Acs- Ft.- ■ 21 

• .'ill Fund Ke*- 14 1 

. Xci-um Sfiarrs 1 


X^"m' Nix-.iL Hahiuna/ 

:1*87 15 52! 

r. F«*f. *t \,-.i .l.-.dir,/ tjait- I • •• J- 


..X-ciitn Shan-?- [76 5 M5; 

Ji-rss-x Fd F'ct* 1:. 191 0 202 6; .7 00 

. s«m J Arc l't.- • ,2t? 6 ITS 4, 

'.'ill FundKet- IS JJ0 4 ll?4r; ' 30 68 

. kp-um Sfiarrs 1138 8 1412 

V Irian lloaw. IftHiela*. i*le"l War f«4 
M..r.«e*s1 I«n !0 '127? 1540i 


drain.; I ■> 


IVndall .Vjxsd ranee/Fens inn sV 

;u ■ .nn(f Hvad Hrcti.l ifc""3MMI 

- A4S F'-l* !«•- 119* : 1 

F„ *iix Feb IB. 150 6 !. ) - 

Hx.ndlrV Id., . ](6 0 ) . -- 

ITx-lft-H f«+. IB, lOOli ; [ -- 

l*r|mxil Frb 48 125 6 . [ -• 

ttj-. net. i», id 1411 -(• 

■ 1 S.-J- In-. FVh IB 62* 1.1 — 

Mnro tXX Krti. I., lb* 6 ; | • 

i*** »>rl*|x Frh ] 2442 1 

ft.- II3||I|>'<4..I. .. ISO 0 | •[- 

|h> Prop Krii.Ih.. # 1 * l - * 

Vanbrugh life Assurance 
41 -ClWeMrosI ldn U'lKM.x "1 4W»vRJ-i 
.U.uuuiixi F ti. _ .... 138 S 146?] 'fl 3j 

Ffjimv Frl c ... . *128 W « 0* - 

Inlol F3*«id. 85 4 199l •• 

F.xeillni««tFd .. 1692 17# *i n ’ - 

iTi.urnv F'd.^. 13*6 I43l| . . .|-- 

I'asM'ind 1162' l.'?* I -■ 


« owiim fDDD xnanrrj MHWerF*b I.I |J35 1S5( I 562 

1 c-iuhall \s«* l«*ii*Joi] fcJ"OH TIN A2flB22^ F'.xemin [Mr ill [854 894) . | 592 

. xnaH" GI». F.I R7) 1» W | 506 L'sil Trust Mgemni. lad. 

Crescent Lnii Tsi. Mgrs. Ltd. laHgi old Queen sirn-i sxx in kh*. m iio-n-i 

4 Mrli illr * 'r«- F'ranlnirahi Ml 2*WI ML A I. - nil 135 2 J7« I * 59 

■ Tt-s.mw■ Jurath I25J J7b| -0 ij * J4 Mutual Vnii Trust ManagersV iaHgi 
''r*-* lnTk*n,*i 1 45 9 4901 -JJ 0JC . -hi 

*'rrs I Pli'li I hr I . «1 4 4*S -fljH 81b ia-t xUJthnU ,*vr -I!* HI «l «64Bt« 

— , r *. Hrsrrxrs . J7 6 40 3 b 4 -O l( 4 65 MllUU. sat- Plus (47 6 514) H> 


J", Bari-u-nnl'-l. 10 
au 1 Ax-cun Ciur.. • 
JJJ Bari,J'.u..x lir 25 
!S Buekir- I t-l- ,ii 
1^ A.Vl.l*' -'hi • 
'••Innui* '* iT 
r mu l .iii«- 

• ,»mrM ! *-r- ! 
Alt'iHi 
ilieftFi-l. H 
562 ; .Vcun, 1 nil- 
5 92 MarlWi.F-h U 
A*s-uin I n.l-i 
1 an iiHll F t-b 14 


15371 - 0 ’.' 1 id. Intnl. Mngmni iC.l.' Ltd 


Minna) In*- T*x 

llisrreiionarx Unit Fund Managers Jf M ! u “lV fi?* **.»' 

^ HI.aa.mM x.'» 2 MTI,. *., 4-BS " ,,!h ' '' lS? ‘ “ 

Ikxs. Inr..n,- 135*2 16*5) i 521 National ami t oninirrcial 

. .... , _ . , . '.I -J Mulrru r-mi.ir.. K-!ii.hure' 

lx. F. xxini'hesier Fund Mngl. Ud. i,„„ia,*tei. 1 ; . |I**0 1*9 

iil.l.lr»Tv FV'2 "i OSjiC . Xri-uiu l'nil. jtM# 202i 

I■•rval.WliH li*-Mer 117 E 19 4^ j *7* ‘ “H* 1 **■ U’J J H? 1 


iiIUIOmCVI .Acctsf 1 * t : niL-> 
37 01 I 4 59 Van'll; F'eb 14 
1 ” leana F«- Frl. 

agersV iaHgi \<cun. I'-ni* 

x,«. 'VivunT I'r.ils- 


ii 4 ff| ; s 74 Hj/I Samurl Overseas Fund S. 1. 

7AX ' 15 ff '-' Km:c Pair.*- I Ei<-mlxu:ir« 

92fI _■ sjo j »«!-»■.• • 

1 I 3 T-4c| 579 -International Taclflc Inv. Mngl. Ud. 

J*b[ . b»7 MUTT V- h*m Skrin.-x Ai. 

58jj ! 6 5^ j?.:s.,Fo-j*1- M 15191 2011-3 03. 

" w j! I jJ.I-T.. Managers (Jersey) Ltd 

SK 1 J 77 tlS’leixiSM fir-, al T-1 H -r I-rMI.WO. . T441 

49 J 3 32 IF.xl.-nl lx: I10C0 lid0| ' 

tft T in XX- '.r. SI s. xl .Jl. 44V Feh 


'il 523 H's-L IIJ* I-el. IT 

I a 6 86 ll " ‘ 

ix) 8.53 1 vndali Manas 


Jardinf ITeming & Co. lad. 

4fi;|. n...i 1 ..-n.vi ’I.* 1 t*nin llur.r 
I ft r. bn* r.sin Tsi i 5G)^07 90u ■ 

'sr ..-.i- I ; 1 Fdf :liF 27492 ' 
.'ar...nf. .. r. 1 i J :,11 79 ■ 


•J kliiJrj'fei- s.jrs-j Hrlu-r J - r-*x 
' IK I und ( >'5100 1 : 8 25 

l nrted Stales Tst. Inll. Adv. Co 

14" P.,.' Mdrn.ip-i Uirmi.s'k ~ 

1 > T..I Inx F'n.l I 4IS9 54 ,-j >■ 0 95 
%.-l :,*.sef I'.-nru-jr*- in 

s G. Marburg Si Co. Ltd 

.■« Greshams:r»-.-» P'— '•.•SO'jassS 

••.IX i.f) Frl Feh ir, I 51 S941 

Inr.lUlVMH ! SI'A15r4 9 0* — 

*.r SFd J-ir. M j SI Si 47 *- 

v|«-r r ur Fit Feh ia il *ii£i .015J — 

Warburg Invest. Mngl- 4r»> Ud 
1 • t...nnsi'n-*.M H-i.-r J * *'i 'G4 


i Managers I.id.V 

t>- hvj .1 )iri-l*.i 


1 h -r t« »s 18 7 


.1 si Mulrru siUiiri* Kdllxhlircl ,1 
I.X..M.* Irl. If- . 11440 1494) 

Xei-uln I'mi* [194# 202 0 

H|U I el. 1176 122 O] 

Xirun* 1 Hi- Il4*4 147&, 


In- .im- Frf, f.'. 

• i • 

• .111 Fel. IT 

A> tux t .I'T- 
F. ,-nk|*f J 411 J. 
Vinni Lnii.. 

• 'am uur F M h '•'* 


• f rx >i„. . Nalmnal Frovideni Inx. Mngrs. I.id.V , ’ . 

I'.nlson & Dudley 1st. Mntmnl. lad. .• Xrx-uni I n,t*- 

„ tll , , JLU -*i.i « **r...-e*-l„irri.s| I.i Jl illll • *"«JiOw l n( Fmn. 1*1. J. 

a. lrl.ntfl*.i.si vtt I "■ ..il n l-i (44* 4fr , ] 7 J vn,n-. I’m. 




Vanbrugh Penhions U mi led 
4: a.'* visriilot V Jjfr uikm.v 01 *W* 1 R.*‘ 
Xl.iRagr.1 .... |95fl 18$ Jl | " 

Hl'iiix _nS 0 1001: .J 

rrsrdInterr*s .. M 3 4 98-0.. -• 

I'r..perl. . (940 1D00! 1 -- 

•'.*l»r.iMref| «<**. In** Base Kjfe>’ :ali|r. 

Welfare Insurance Co Lid.V 

fgi- b-i- FnH.ex3.ime. Kepi itlMSTW* 

MidiymiikcrFd., |- 909 | *011 

Fur nilroT bind" plva^e refer In Tm*! bnrtnn ft 
MuachisliT lirnur*. 

Windsor Ufe AuKir. Co. l-ld. 

; H'Bh stmt.'' Windior vxibotor Mi 44 

Lite Inv PUr.X-- .J69B 72 fcj ) — 

F3ftfte.4*?d<jfi'4i 1 19,0 [ .... 1 — 

FulurrA>vd Glhfhxj '4?0- ■ f j - 

Rft A»ul ran, ... £26 U J • • j - 

Fie*, lav, tjrawui „|UU 1U.I1 .—4 — 


Fiusi.n limllek Tvf |a7 6 72 7| | 5.10 

Kgititas Sep*. Ud Vfaugi 
41 Bi.ln,|*ei;ale ITS 01 NM JKM 

Hnwrorsixe |401 6l4| n7| 4 49 

Equity J< law Co. Tr. M.V lallhHci 

Amrrshani B.l High Wjrumle- MjaseGT 

F'ui.iP M3 W«1 011 453 

Cram linden Unit Mgi. Ud. ui 
,.T.Ireland Y-r.l R>'4h.dill. «i| BWUWTl 

Ul'iullsi (1050 111 bj .. f 4 00 

Inr MW Tsi 46 4 102 fl 6 34 

Ini lilx.iMl.Fd ' 916 92 4 2 56 

is. x.-eiim Hi 8 9961 . [2 63 


V* rum (‘aiil-e [S3 J 561. . 

K'lnilVpj. Trii-I 1114 117* 

Leiiiis L'fxit-i” |lJ7B 324 7) | 

•■JT;ro.- nr J.m 2ft '»exi d*.viin2 Feb 

■ l*. lee*. |V». 12. ’.e.I .l.ulllk* XU.rs-1 

National WestninsterVIgi - 


nil. i. hruu u:i- 

i 3'. hl'.l 

570 

tll-t!()6 hub" 
6131 -o:| 

480 


63 7 

-0 ll 

7-43 


320 

34 4,3 l 

5 31 

*.rni*H< In - . 

798 

B5l3 *02] 

5 65 


340 


664 


65 I 

69? 

3 77 

i niiMni F.i..*- 

47 3 

509) or] 

1 00 


3 75 V*l i ,1. I I i* j 

120 »• run. f. uri- | 

320 sent Jli F.-f. | 

iMldrn 11 >11 1 -ruup 
* ' Jpll.ll l.i.**All* J 

lx. \. ••■ 111 . 

Kvualnr .bi-kxll, [35 3 

. „ 1*. k. k-un. |J9 3 


;jr 1 • ..■ r. X | 79 • 2 « 

889 !’.ir.'mc r:. a> II," ! 5l!KB93c I I 
-.x’. "I ■ F'n.iit.ilx-nt SL5HIT7 
**>■' I J'- 1 * 1 ' l.’* 

Kemp-tiei- Management Jcrwv Uri. 

' * "F-f 11,. • f..s- s| l|fl.|,|.f l..f.g, brC4 7T4i 

h—.-.p ■ "P'l! IB* I 86 71 | 

r *-~ipi'.e* 1:.isipn [»5 0 67 9f I 3 22 


j Jl? .'*.IF'i-’il.Jan 27 jii;3:r Jl.'i • .. 

*90 . -.tr ) :d J.xr. U7 [ill 48 1177 

L 1W»b11 I'Sb ti* 93 11201 1 - 

i.xn i-x-b:' H' "a 9 V| - 

SMI ltd F-».-< 191? ° v • - 

I-’* 1 - lVorfd Wide r.rauth VanaKravnl*? 
1 • ■■■., Fu..|e»j-1 V..; j. L .xorT’.i-jrr 

J . ,, kk.irl* *i*1e Gil, F.ii SI S12 ?v ‘-.91 


notes 

Pnci*. .Io m*' T ..-1 irfc i 7 -rcmiam. tun' 1 f.- r- indie-ucd <t. an .1 an- in pence anlev ..iheroifa 
ir..V,i-jp»f V.i-lg- *c • -'.jan ir. la>l i-ol nuft .ill**'* lor all hu; me *•. iix-r,:.*:-. a Cibei-rd pee«« 
• rrly.j,. 3 ;: I- jH-ne- h Tp-riv> s pnr'c- r . icld bawd n OOffer pnec d Kflnr.Mi.yl fi Today's 


B 0 3' -Oil 629 
Bl6j , 6 29 • 
J7 4, Cl 18 09 1 
« 2j -0 I 1CJW 1 
17 1] -il i 4 56 I 
208: -VI 4 56 I 
bid* Cl 8 09 I 


Friends' Ptovdl. I nil Tr. Mgrs V 

l*i tham F.ii*I lairhxnr iftllw* 

1 TinmU Ito. It- .D9I 41 9| fi 1} 460 

Ii.. -».-«■*,ip Ml 534| (1 l) 4 68 

f.'.T. 1 nit Managers Lid.V 

16. F'ro-.liurv - iex- 1 .- Fi ■?»( Ttifi I*'. >C»M.I1 
GTi'aeJe*- 78 2 I31ri|-I9| 580 

lfcx A.T . 939 99 { -7 :i 3 80 

i,T Inr "M l'i, L7 7 3677 14 B.uO 

1 ST lT.K.ftilesi • UM 148J -Oft 2^0 

G.T. laptmftijen .227 3 239.9 * 0 1 1.30 

«r.L Pom Cx.Fif. 1318 137 Sn 4,10 

GTlnt'l Fired . 1069 1137 -11) 2 TO 

GT HwirYoirH &2 95 5] .. 7 40 


2 56 Mil. Trust Managers Ud.V laligi 

Xl||i|,i>i'.ii,rr lh.rk.ii; *-«i. :«*x 4li; 

, 'ii-l.it .ir )57 9 60 9, u si 5 08 

\ftl Jar llipn lne K8 0 Wvj | 4 47 

air, For Vw l uun I nail Managers Ltd. 
a fS syr iUthschilri .\s»«*i M .nigemeni 


xR Lnii Trusts 1 x 1 

i.lr* XV .11 XniiuiW II Jill . irjIG 

Is-u'ings lu U2FG iWs.' i 
Tsi: i.-ra! |409 43fii.l-(]3; J99 

IL .-'i.r, 51 B 55 5 ! - fl 3‘- J 99 


•'I I w \i ,'iM. 
1 . TM: !i. ■ m 

• h, 1ft. Vrillll 

Ts>* hr lUisF. 

I. I ft. 1,'iUlf 


Vimich l moil Insurance Group (hi . K _„ w , 
f.i Hn*4. \i.rvti. b Mil -■*; URdUSain * 

Group TM FU 1129 0 VU|-0 5I 307 

3 80 Pearl Trust Managers 124, laMgKl) ’L,‘' . J 


1381.1-0 3! 399 
55a-flj! 399 
bail -oil Tdl 
6li| -O il 7 4! 
758;-0W 2.E5 
50 5]-0« 2 85 


■apiial 2 unb n*rt*--s indPVicil *•« 9 * i.u<rv 
' '. icld Wur* 1-r.-e ia' • F.-.: utflltisinn 


CLIVE INVESTMENTS LIMITED 
I ft Mj a i Exchanys Avc.. Lend fin EC3V "LU. Tel • iU-JS3 1101 
In tie Y fi ui tie a*» ai 7lh J-ehruary. I37R tBasc HJQ ai l-J.1.77.7 

Chvy Fixed Inieres'i I’apilal ••• . 135.CR 

Clive Fixed Interest income. .123.17 


banp.MRri. iv-U*i. : *cu.w.-i: 

is-l I .ii*r ..refttl, |349 37 5x31-0^1 4 90 

l'nil 7rt..i Av-counl Se Mgtnl. l.ld. 

Kim- ‘.Vtliiu:r. *1 t> 4HwNFi ui iC-fiM 

Friar H.p I'udi. 11360 144 0r*i t 4 77 

Meier-nh J-wl HB6 30 2) i 3 «2 


*C. * A. Tru>i »ai *gi Pelican Lr 

S Rfvi"ilh Fd , Mi*n»'*pd 'tJ27T >2S;T.VIii «! Fo*jnl*;r Fl 

G.ftA.——.[29.8 U.I) -00] 4J7 Pah can L&ita 


.vmir. xmif -i - so u»eler f.vewih Fund 

Pelican Units Admin. Md. i R> ,xi x ir . ( n, lllkai > ; r.-;»Rflvi: 

02TT.2i:.V«i Ik! fo-jnl*;r Ft. W*r.r^r»i«r . im.JM.Via* iprnm*.i r .*i (28 b 

- >1 m ml H.I_I -.IH] J? ft. . fl Cl ■•• l_,,. 


U.I|-rOJl SJ2 Mnn L'nm—_.|J2.4 34 2[ .] 3*L 


CORAL INDEX; Clone 137-4«2 


INSURANCE BASE RATES 

t Pi'iiperiy (irotvih . . \: ,r n 

i'.nnnon Asmmnrr . il'% 

? Vanhrush tjuaranierd 7 125% 

■ '.’idrosx «h»xk-'. n-.*i»* n<-r?r. <■ ir.'! P-f«p'rf*' ^pr,*! T»s)«. 











22 


■Financial Times Saturday 



FT SHAKE INFORMATION SERVICE 


^BRITISH FUNDS 


19TT-T? 
Hirfi Lira 


&«* 


- ..rl \ i-ld 
— 1 In. : Itai. 


104., 

lOOi 

IN 

«7Jj 

106£ 
075 . 
107" 
105-1 
% 
90*. 
112 A 

“W'4 

104 

Si 

O'l, 

96 ; i 
□13 V- 
IflflA 
"31s 

U?.’« 

faB'. 

a 6 ' : 

102 '; 


375. 

114'* 

1015. 

95b' 

}W\ 

67 T c 

aj 

Vfa'a 

121 '. 

oj;, 

112 

76'; 

118 

"fa* 

113' 


Ufa'. 

1291. 

114'j 

■*p 

110 ’* 

51 7 : 

50 

120 A 
721; 
15J*i 
124 
50 

3221; 
06 V 
3?>: 

” 2 'j 

L'p'; 

97 

«6*4 

• 44'. 
62>« 
59 
8 C 1 


36; 

3S* : 

39i 4 

2 SS 

J41. 

24' 


•■Shorts 1 Lives up to Five ^ ears 1 

•10.31 | 
504 
1107 
3.10 
4 35 
10 17 
365 


97- 

S* 

64,’ 

65V 

92 

84"; 

57’. 

88V 

32-i 

£» 

9?y 

77 ^ 

86' 

OS'! 

971; 

871; 

96'? 

9fa*. 

82' 

71V 

101 '; 

95V 

93'; 

93V 


Treasury. UPjjj: "73;:. j 
E\e*i aptT6-<.’tT. ..' 
Trca..uc- Jiyie'iSJt-.. 
Trei-ur; 3p. T9ii „ 
Electric li;pc 74-79 ... 
Treasury USbjK'T&ti-. 
□eetncOtac TS-78 ... 


Treiiur R*:1B61£ — 
Treasury 9bpc 8j)g...... 

Treasury «•■*> 
Fundinj: 3Vcc Tft-STlft 
Exchequer 13pc 19Mra 
jTrea'Uiy It'd*.- IBSltJ. 
ft rea-urj 3|;pc 1979451. 

I Treasury Pipe iSfiliJ- 
L'.ch E-.pc 1981 ... _ 

Ewh. 138!_ 

E*.ch 3pc 1061 .._ 

Tax; I'anahleVIft— 
Ewli ICVp.-188] H. _ 
'Treat- flbpcWMS;. _ 

P " 2 >ur- IpcTEit__ 

asui> HpcREt _ 
a; Variable 824}— 
asurvffjpcTE ._ 
Lich.9-.pc 1962 ..._ 


101 '- 
99'-.«d 
103',I'd 
Wad 
m*d 

103>4 

95-5 

101 vd 

101+j 

94 
95*; 

107 V. 
304V 
90'; 
100U 

99V 
87?. ui 

iS? 

96U 

85" 

lizirf 

95 ft 
94'1 

975.4?! 


-1; 


886 

9 35 

3 73 

5.50 
12 06 
1102 

367 

973 

8 55 

9 52 
3.42 
6 58 

11.T7 
8 81 

3.50 
12.42 

673 
8 71 

4 46 


Five to Fifteen Years 

Evil Jtpc 83_ . . 

Tiwuo l"pe ISTOfJ.. 
|Trea-ur-9 1 ;p*:'ir. . . 

[Fun-iinc^'Pc TL'-W*;. 

[Trsasar- ffjpc 'flJ-Wit 
Tuiv+in'jtfrpc Sv37jt. 

(TreiMir T^pc 
Tr.wri>Tt3pcTWB- . 

.'Treamij Spe W+S. . 

|Trei-ur; I?pcl99fa{t_ 
T'eaiiirvfr'jflTftKt _ 
rti jr. 11'.pc 1591 - 
FuihlincSjnc TT-81JJ 


81 
951; 

45V 

7> 

77 j; 

66V 

68'; 

441. 

55'; 

90 
67': 

58-'. 

5.V. 

86*. [7+evui> 12-.K 'Ktt.. 
S3'. 

691; 


Trca^un I0pclM2. 

Er.ctL . 

Over Fifteen Years 


SZ'jri 


3 65 

lOtVnf 


1117 

97b 


456 

86 


644 

93b 


9.14 

84b 


7 91 

85b 


91i 

64*-„ 


4 69 

70 b 


7 26 

109V 


11 ?9 

85*s 


9 67 

101 


u n 

70'; 


8 42 



12 06 

&9> 4 m 


11 71 

102<;*d 


1198 


24i’ 

Troaiun I3:w JQrf - 

105b 


12 04 

SI 

Fnndmcfipr iKCri- - 

65yi 

114*. 


915 

°6 

Trearon L’-vpc iKSrf 


12 35 

99 

94- : t 

TT?asuiy !P;P 2 

llb'.io) 

103*^0) 


1241 
12 07 

66'-; 

Trea.iuo6pi 1 'WS.- 

85 >4 


1079 

<}77- 

Trea-vUT- lipc 93. 

101b 


11.93 


•Ta.’3pc PC Si 

49 


6.24 


E’.ch.lfr-.reTri'UOpdiJ 
Treasur. IJanc 

25 


1144 

31 

lO&ti 


12.11 

6&A 

Tre^urvPi^ SlJfitt.. 

Sr - 


10 84 

mi*- 

Troa ur- - IS'ipc — 


12 56 

89!- 

Exchequer '3-ipc "Wit 

112'. 


1219 

il ! * 

FlcieTprinnlp<:19K95 . 

47^ 


646 

fill- 

TreafflO 13bt>r f»7“ 

109 

9i>d 


12.18 

50b 

Ewhniwr I'Hjpc 1907 


1154 

64- 

Trefrvn i.WiJ . 

791 . m 
67*. 

.. 

20.95 

50-'. 

T rea r uri 6’iiw "PS-PSti. 
Tcea* 1 ftp? Sfitt . . 


10.28 

I0>b 

130b 


12.49 



86*4 


11 14 

q r ,i- 

Trea»ur ltP;pc llw - 

91b 


11.58 

17'- 

Fundi nc3*->: 5004 _ 

39*. 


8 59 

57!, 

Tn.-a.un Six- iC-06ri.. 

76 b 


10.91 

401- 

Tr^;;r i!;nc 08-1 at 

s r»J 


10 55 

53'. 

Treasury ■ .pc 12-1514 

71c 


10 57 


569 
5 62 
753 
517 
5.74 
837 
6.03 
8.12 
8.68 
632 
7 39 
973 

9.72 
708 
9.64 
9.49 
939 
7.C1 
748 

10 . 6 ® 
9 59 
713 

10.11 

757 

9.73 
9.87 


720 
1010 
10 04 

8 70 
983 
4.45 

10.19 

8.24 

9 49 
11.66 
10.67 
11.79 
1017 
1189 
11.56 
1192 


1195 
1054 
12 10 
1210 
12 01 
1121 
1191 
8.98 
11.65 
1200 
11.27 
12 27 
12 05 
897 
12.05 

11.69 
1132 
11 02 
12 25 
1135 

11.70 
1012 
13.09 
10.81 
10 95 


AMERICANS—Continued 


Undated 


26V IConii’IHEC 

3* ' 


20*; 

17!. 

17V 


Aar Lwr.5f:prfi- 

Con-. H.ivfil \Il — 
Trea-urx 3pc« Aft — 

Cewnl«2*jpr- 

Trea.-uiy2»jj.,-.- 


35U 


1142 

36b 


990 

38 


955 

27 


TL60 

225, 


1L21 

22'; 


11.61 


^INTERNATIONAL BANK 

38'. I 75'; l^-c Slock—-®:_| 87 |... .| 5.75 | 8.33 


100 

441. 

107 

112 

1021; 

94 

OOl, 

192*: 
?»•*« 
J90-!. 
49 1 » 
9h>; 
<Ji|- 
85'; 
74 
74 
271. 
93*; 
100 
107'. 


^CORPORATION LOANS 


82 

81*; 

93 

45*. 

R5-; 

76'. 

<W; 

7 r -:, 

22’. 

a® 

75 
85*; 
70*» 
60'.; 
521. 
51 "a 
20 
76'. 
84'. 
90V 


Bristol TVpe — 
'll.'/ 12';pc IS. 

I.. 12'itc . 

;i*j:<i ,T 9VW4C .... 

Hcrri 5 ;p-7l«0. 

I.r.orpurl.^n "TOTS. 

Do •»;?( ai-54- 

l>.-3.';P<ln^4- 

iLon t hrp P;pc 1>78 - 

[ic O'.pr ■«#>.- 

L-'C .^v 78-70 - 

i-^l-- 

'El-«_ 

lv,.V ; p.-a r Wi7_ 

rv-A.pc 'fi ?1 wv- 

E-V 20 AU- 

yuM- -y.pv i».i— 
NeucasUeP'jtv 784*1 
V.arui..k I2i ; "< m ... 


97 


994 

91?, 


847 

104*, 

-’4 

1194 

105 

-1 

11 91 

95*. 


969 

91*. 


5/2 

98*. 


582 

98'. 


10 25 



12 20 

6 53 

97'; 

+1; 

982 

95*.«d 


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COMMONWEALTH & AFRICAN LOANS 


100*4 

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93-4 

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Public Board 

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10 76 
1130 
1219 

11 20 

1140 

11 48 

1180 

12 20 
12 35 
12 30 
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BOLDING INDUSTRY—Cont DRAPERY AND STORES—Cont. ENGINEERING— Continued 


. ifn-w 

High Lpiv 

' Suck 

* 


Di*. j 'fid 

r<roa$ !C«|Cr 5 

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SI 42 


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24" 

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467 p 


D’C 

— 

09 

12*. 

753p 

Zapata Corp 23c— 

lib 


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— 

1.5 

S.E. List Premium 36b*v (based on ?LS1.9445 per £e 


1KT-T8 

High Lam 


Conversion factor 0.7350 (0.7440! 


CANADIANS 


1971-78 
High Lon 

Stork 

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* or 

Du. 

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BL Montreal 52 . . 

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fan.Paciiic35 . .. 

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97c 

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— 

111 

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16b 

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— 

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430p 

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345o 


40c 

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18*4 


S2.06 

— 

56 

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SI 60 

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175p 

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InL Natija’Sl . 

650p 

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— 

63 

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86.4c 

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S.E. List Premium 36i- r > (based on S2.1715 per £t 


BANKS .AND HIRE PURCHASE 


1577-78 
High Low 


*lrrk 


Price 


MS 


lid 

Cw Gr 1 ! P/E 


337 

737 

AN7SA1 

260 

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305 

180 

Alej.ander* D. £1 

240 

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£88 

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£10/ 

+1 

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545 

350 

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475 


168 

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105 

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160 


19 25 

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£15 

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145 

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380 


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£165 

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£34*. 

350 

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88 

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400 

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450 

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170 

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165 

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FOREIGN BONDS & RAILS 


H';h l/>" 


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I Price J + or) D)i. r >{ Red 
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AMERICANS 

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51.00 
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51.90 
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109 

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162 3£ 

Ih 

152 iireeneKme. 

2L5 

. 

+6 53 2.8 

46 

12 * Cumrew 

168 

-1 

7.02 Zb 

fa 3 

52 HilW d Pin J*p 

142 

-2 

:9 2 j 

J.i 


89 


♦203 3 0 

35 

41 Irish KstiUer* . 

119 

-2 

3 55 4.2, 

4.0 

115 Macallan Glen 

285 


4.62 13 

25 

255 Morland £1. ._ 

420 

-5 

12 45 2.6 

4,5 

33 Sandeman .. . 

60 


234 06 

59 

46b Scott &Neu20p. 

65b 

-li. 

+31 2.0 

7.3 

43 Tomatm 

98 

-1 

272 16 

4.2 

57 \aux. . 

101 

t3 

4 02 2 4 

6.(1 

59 KnithreadA 

85 


+3.57 2 6 

64 

111 Win-. Durflei 

192 

574 3D 

4 5 

88 lnur. Kre* t'Wp 

145 

. 

♦289 | 3 8 

30 


111 


504 

254 

14B 

287 

79 

29 

174 

?9 

42 

-177 

43 
58 
52 
33 
25 

122 

91 


£12H 
131 
300 
U2 
100»; 
96 
47i. 
f54' 2 
246 
205 
29 
61 
17 >. 
51 
49 
£94 
£104*, 
ElOfT 1 
78 
80 
77 

?• 

48 

60 

397 

17'; 

603 

553 

£144 

446 

51 

73 

130 

£441. 

85 

168 

62 

92 

212 

151 

21 

36 1 . 

176 

148 


Stack 

Feb Ir.ti ’.Up. _. 
Do \ lOp 
F«] Und& Bid 
Fel.c Jor.r Iuji 
France Pkr idp 
Frs.ni - ? lilt- 
French Kier 
fbaUiturdBr 5p.. 

LribbiDdyAlOp 

Glectaa Ml. lOp 
GltwopW kJ .. 
Cjh Cooper l!0p. 
'H.A.T Grp 10p- 
iKarrisonJ lOp - 
Helical Bar . .. 
Hend'ni .V 10p_ 
Hpsaertoo J « 
Hewden S. J0p_ 

PoTpcCcnv 
Hej-wa Wn 50p.. 
Higgs & Kill .. 

Horen rghsni_ 

Do Res Vtg ... 
Howard Shut lOp 

I.D.C.ato_ 

[bswckJahdJHL 

Im Timber_ 

JB Holdir.ebSp. 
1-C.Efi . . 
JanlsiJ •-.. 
Jennings S.V1 JO.. 
insn-RchdsjIki . 
Jones Edwd. lOp 
r Kenti3I.P'lttp.. 
Lafarse SaFIM 
LajngiJohnr'A" 
iLaihamiJ.iLl ... 

Lawrence iVC >_ 

lieech'^iiLiaOp. 
iLeriand Paint ... 
|yflC5 FJ C . ... 
Liner C.JTchlOp 
London Brick_. 

LoieJJfY.Ji_ 

McNeiJi Group. 
.Masna&SLhDf.. 
>MaQj on n-Denny 
Minders-HI dg i- 
Marchwiel. 

Marle> .. 

.Marstolls'Hfxr _ 

May k Hassell_ 

Mears Bros_ 

MelrilleD 6W. 
Me?er-MoflLLi. 

Mil bun_ 

Miller 'Slao-lOp. 
MiTconcrete.. _ 
Mod. Engineers. 

Monk* A>- 

MonlemiJi._ 

NcnarthlllEl. _ 
Nom-estHolit... 
Xott Brick 50p_. 
21*; hlinneD^-!. lOp.. 


9m 

11 
13 

12 
4 

28 

15 

31 
141’ 

19 

34 
37 

261; 

17 

20 
•17 
88 

, 18 A 

|£B0 

26 

35 
2 7 
20 

19 
75 

73 
66 

27 

24 
9b 
70 

1144 

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21 

£18*3 

69 

84 

53 

42 

28 
34 
15 

40 

43 

32 
110 
28'; 

36 
113 

44 

74 
47 

18 
34 
44 

25 
9 

43 

20 
23'. 

44 

45 
52 

105*; 


62 

64 

42 

11 

71 

86 

37 

51 

40 

14 

17 

46 

54ij 

27 

23 

21*; 

6 

27L 


1102 
21 
40 

*¥■ 

11 |wi 
3* 


Price M V*H IcsrlJrtlp'E 
'tril69| 17J11-2J 8.3 

ifdi 59 ! 1 7lii st 7.9 


PirkerTmibcr . 
Phoenix Timber. 

PochliK-. 

Rawlings Bros.— 

Reriland'I 
R'ch di. Wall lOp 
Roberts Adlard- 
Rowlinson 10pr.. 
Rorco'iroup...- 

Roneroid-. 

RustaP Cement 
SGB Group... . 
Saoah Tinner I4p 
Sharpe & Fisher 
Smart (J.i 16p. . 
Southern Con ap 
Streeters lup— 


220 [127 ^amucoOp - -. 


244 [TailorWoodrow. 
1176 mfburynsEl. . 
, 76 [Travis & Arnold. 
139 [TunnelB30p—. 

CBM Group_ 

Vectis Stone lOp. 
Mbroplant... 

. IWardmdgs lOp. 

17 hVarruiclbn_ 

Watts Blake . _ 
|We«4brickProdi-. 
WenemBros .. 


WhatllnesSp— 
Whil'gh'rn l?j>_ 
Wicpru-Con. lOp 
WikuvConnoUyi 
37 iWimpeyuleoj—. 


211; 

201; 

38 
23 
l»j 
48 
28 

58 
25 

44 

54 
78 
35i 2 

59 

23 
64 

140 

53 

£220 

72 

01 

67 

55 

24 

113m 

138 

U4bI 

58 

25 
178 
100 
322 

13 

39 
£28 
145 
118 
104 

77 

82 

77 

32 

85 

83 

42 

IK 

45 
92 

242 

83 

96* 

71 
22 
42 
83 
98 
11 
55 

39 
83 

129 

150 

87 
222 

55 

110 

154 

88 
IB* 

110 

129 

81 

98 

88 

32 

34 

72 
148 

33*2 

42 

40 
71; 

30. 

132 

24B 

69*; 

& 

38 

42 

155 
34 

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30 

23«d 

120 

69 


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1.65 
1.34 
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1195 
♦t:54 
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.f7 54 

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♦312 

71.89 
Tl.89 
tL56 
8.98 
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*6 ^9 
mQ97 

lio 51 

a? 

0.92 
2.06 
tfi-T's 
*3 86 
,th6.72 

6.5 
5.0B 
g3 7 
u2.5 
♦131 
72 93 

3.89 
*2.89 
18.12 
7254 
7231 
731 
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72 7B 
176 
2A8 
td.lB 
<ll 59 
±al.i7i 
72 9 
♦dh24 
th3.19 

16.5 
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74.12 
11.55 
2.62 
5.44 
73.38 
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0 63 

as 

id41 

73.96 

,Td2.23 

♦1.01 

107 

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5.25 
1.48 
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,10.88, 
frhl.53 
8.91 

18.19 

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4.25 
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td° 51 
r!2 64 

1 

{4.0 

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15.29 

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0.99 

tl.55 

7126 

0.62 


171 Bi 


2 q 10.7 


3.5 


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♦I 


+1 


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?;F ?i 


12113.4 
3 51 9.4 


23 
40 
240.4 

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33 
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3.8 

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25 

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% 

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50 

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16 

2.6 

3.61 

5.4 
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4.5 

34 

1.4 
4.0 

131 

5.1 
03 

2.8 

3.4 

1.7 
33 
B.9 

18 

15 

33 

6.5 

24 

4.6 
09 

4.8 
22 

6.1 
22 
7 2 

2.8 
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25 
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05 

3.7 
1.1 
0.8| 
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9.7 
123 


116 
87 
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6.5 


8.Z 

3.7 

0.2 

53 

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5.2 

9.9 

120 

62 

8.4 

1 

10.81 

8.U 

109 


4.1 
10.6 
27 
4.1 

7i 

6.4 

4.9 
87 
6.4 

20 

7.9 
103 
. 26 

3.0|110 


8.81 


951 7.8 


10.0 

a 


6 . 210 .® 


6.fl 9.4 


l| 

45 

fir 

123 
8.9 
7 6j 
4.01 

as! 

9.3 

5.8 

7.7 

451 

1M 

am 

531 

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45 1 

7.7 
21 
39 

9 ! 

6.7 

5.5 

6.7 

7.8 

6.9 

4 ) 

7 ? 

10.2 

291 

11.5 
3.7 

5.9 
9.3 
9.0 
8.6 
105 
115 
3.9| 

e*8j 

5.2 

105 

2.9 
L4 


10J 


27 


5.4 

123 

4.9 

7.3 
65 
4.8 

!'7U» 

61 

4.8 
85 

7.8 
115 
63 

72 
7.2 
4 2 

4.6 
45 

•121) 

5.1 
21 
3J 

73 
. 29 
*93i 

75 

45 

126 

26 

8.4 

3.4 
83 

4.8 

1D.D 

4.1 

6.7 

а. B 

5.9 

5.7 
8.6 

146. 

6.7 
98 

2l,l 

104 

109. 

4> 

« 

б. 7 
55 

9.2 


CHEMICALS, PLASTICS 


9.0 

15 3 

149 
12 2 
121 
47 

iiS 

8a: 

16 0' 23 

"«S 

99 «- 
11.0 

12 0 54 
7.9 b2 
21.2 31 
Ul- 
81 
205 
127 
487 
10 2 


,600 
, 78 

45*. 

41 

15*. 

£401; 

122 

91 

14 

29 
4 

30 
38 

£79 

£84 

£89 

43?i 

49 

45 

12 

43 

9 

43 

33 

44 
[280 

6*; 

295 

376 

£111 

[325 

39'; 

73 

34 

64 

il50 

74 
12*2 
14 
105 
B4 


AKZf 

700 




_ 


Mbrieh»wil«oB 

103 

+9 

»61 

d3.C 

7C 

65 

Aljmaielnds ... 

288 


td!269 

2.1 

6.7 

11.1 

AJida Pack lip. 
AJId Colloid lOp. 

S 


♦5.75 

idiiL54 

2.3 

44 

97 

3.1 

6.4 

103 


65 


tril.75 

2 C 

8.7 

77 

BaJl'WW t 

47 


♦1184 

4.7 


6.1 

Ba-er AG D3LV) 

£47', 

-b 

fQUj 

U2.0 

14 

3.2 

21J 

Blajden Noakes 

224 


4.7 

8J 

85 

Brem'.'hent: lOp 

191 


♦2»6 

6.1 

IS 

14 t 

BriL Berool lOp. 
Brit Tar Frd.lOp 

20 


tu 

8.6 

4- 

J.( 

47 

-1 

U4 

2.S 

5^ 

IOC 

Burrell 9p- 

13 


10.92 

J.I 

10,1 

6.1 

CarletiCaael I0p._ 

36 


+11.03 

4.2 

J.5 

10.4 

Catalin. — 

49 


+2.72 

24 

84 

7.6 

CihaG syTbMjt 
Do8"2m*lS4. 

£92 

-I* 

(?"** 

* 

tb.l 


£97'; 

r5 

CB*. 

4> 

18.4 

_ 

Da8‘.‘ s Cm.82ffi 

£97 


tjh'.% 

4> 

18.1 

_ 


67 

-ti 

42.7B 

33 

6J 

69 

roates Broe... 

68 


t?.ll 

4.7 

4 .1 

6S 

IwVNT_ 

66 


+2.11 

4.7 

4i 

6.7 

Cory 1 Horace i5p. 

19b 


0.60 

37 

4./ 

81 

rodatrt.lOp— 

56 

-b 

+1.98 

i.l 

5.4 

7.6 

CTystalaieSp— 

I9*’jr 

-1 

t0.b6 

b2 

5.J 

5.5 

Eralon Flardics- 

4ft 

-2 

4.51 

11 

14.2 

8.7 

Farm Feed 

38 


*3.62 

IJ 

7fo 

IOC 

Federated Ch.— 

7Z 


♦+3.34 

JJ 

6.5 


355 

-1 

tll.69 

2i 

5.C 

8.2 

HakieadiJ.'IOr. 

16 

+1 

0.32 

37 

3J 

•109 

Rksn WelchSJp. 

523 


10.38 

8.7 

3.ti 

4 7 

Hoechit DM5.. _ 

439 

-7 

016% 

1.6 

4.8 

12.5 

DoFitlOM'CfLa.. 

£117 


010% 

— 

18.7 



345 

+3 

tl5.01 

3.1 

6,6 

7.0 

Do .ivPf £].__ 

48 


35 

974.1 

1111 


!nt Paint .. .. 

65 


+H2.06 

43 

4.6 

5> 

^a;»’VEwti flip 

% 

-i 

46.76 

2.1 

10.7 

4.7 


£23 b 


<?1Z% 

1.5 

4.2 

* 

Plysu lip ... 
R.m-<imwn lOp 

78 


fdlJ!6 

6.2 

2.4 

10.2 

160>ti 


+2.79 

73 

Lb 

76 

lenlekil lip - - 

50 


thl.43 

2.1 

4.4 

13.7 

le'ersf .. 

& 

-1 

4 93 

211 

9.1] 

5.8 

* 

Scot AilniEl. 

zcHhn 

-3 

120 

4> 

4.1 

Steutari FI ait ics. 
WardleiBeT >10p 

120 

20 

-4 

TdZ.81 

L27 

53 

* 

3-6 

10.1 

17 

Alflmrc Frn. aip 

35'. 


h0.84 

ii 

3.6 

82 

Vplstenhelme . 

166 


ft. 84 

3.G 

12 

62 

lertet heni: _ 

84 

. ... 

+4.33 

3.4 

70 

5.8 


13T7-T8 
Rigfa Lew 


66 

16 

50 

137 

£20 

£20 

60 

126 

17 

173 

244 

305 

11 

85 
54 

210 

117 

86 
28*. 

36 
43 
11*; 
84 
121; 
112 
71 

37 
98 

27 
13*2 
20 
Z2 

273 

28 
11 

168 

140 

137 

16 

28 

128 

99. 

32 

132 

70 
40 

103 

102 

60 

91 

23 

23 

71 
69 


43 
s 

24 

29!. 

450 

1425 

30 

51 

5 
96 
98*1 

1102 

6 

70 

35 

ioib 

48 

44 
16 
11 


Stack 

HOL-eofLeT.-e 
Knott Mil![idp -. 
Lad 1 w Pride lOp 

LeeCuope:. 

(Li hern 

IL. It,: iKEoftt 
,bn<ruttK.Wp . 
IMF! Faressre Idp 
Maple iup. - 


30b 

17b 
3b 


32 

13 

4 

8*; 

10\ 

3 

67 

65 

38 
9 

12 

39 
53 
17 
77 
27 
27 
32 
31 


48*. 

U 


44 


I I- arl Dir I (flit 
j Price j - ! Vet jCitlGf'stPtE 

5.4 
27.7 


Menaes'J •- 

[Michael .J-IOp... 
Hid. Sducat 50p. 
MomiBiakej - 
llrtbercare top 
l\55.\e«; :0p.- 
iCfcenOnen- 
Paradise 1 BilOp. 

Pawson‘WJ.i.. . 
18 Peter* Suras IQp 
P 0 U .1 Peck lOp — 
PreedyiiMfrtur- 
RamarTealap- 
jRattersl'to — 
Raybed lOp — 


23 Readkttap-— 


ReedAostin'A'- 
Rnlit lEiASltfp- 
Roseiliop. — 

S41 Stares 
Da ffl?«P£ 12® 
Samuel «F:'A'— 
SeliucounSp— 
Sherman 1 S'10p. 
fnhhW R A 3(9) 148 
Stanley AG aa-l 
Status Duct 10 
St ember; lOp. -j 
Sumrie2pp. — J 
Tune Proas. 10p-| 

CDS Group . 

Cpwn-DA- 

Yantoaa3ip- 

VenwaFash l'tp.. 
Wades‘A"20p-_ 

(Waiter rJas. I- 

Do XV.. 


33 (Wallis JOp- 


Waring tGillow. 
|Vearweil5p- 


15 (Wharf Mill lOp?.. 


hARknai Warttn. 


4£i; (Woolworth_ 


56 

.!td3.92! 25 

10.6 

16 

-1 

_ — 


49 

-1 

232 * 

7.5 

110 


ft hi. 65 9 8 

?i 

£20 


+2975 8.7 

2.3 

£20 


+2975 8 7 

23 

54 

-7 

349 * 

102 

125 

-1 

♦4396 20 

4.9 

15 


_ _ 

— 

143 

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386 2.1 

4.1 

235 


6.6 4.8 

4 3 

288 

-2 

+4 26 5 6 

U 

11 


_ • _ 

— 

85 


+424 t5 

7.6 

48 


4.17 1.0 

13.2 

196 


+h2 66 3 6 

26 

706 


2 12 5.1 

All 

77 

-1 

+26 3.9 

5.1 

20 

-2 

*107 ^ 

* 

32 

-1 

_ _ 


38 


dl00 13 

4.0 

lib 

-1 

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_ 

80 


12.85 5 2 

5.4 

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063 53 

8.D 

104 


+h0.58 12.6 

Ot 

65 


+3.03 2.1 

71 

31b 

—b 

+144 32 


73 

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+2.6 3.7 

5.4 

15 


1.19 0.fl 

120 

11 


_ _ 

— 

16*; 


- -' 

— 

17*' 


- - 

— 

264 


+7.61 24 

4.4 

23*; 


bl 22 4.3 

79 

146 

ii" 

hi 98 4.4 

71 

117 


Td5.3 16 

IL 

130 


4.06 6 

4 7 

16ul 


d0.87 IS 

8.a 

79 


L27 12 

7 7 

115 

-1 

+1.52 8.7 

20 

86 


4.87 13 

86 

30 


228 0.1 

115 

178 


P4.68 4.2 

5.5 

67 


+279 15 

6-d 

36 


+101 3.5 

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86 

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d215 46 

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83 

-7 

dZ15 4.6 

34 

48 

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231 4.4 

7.9 

78 


h3.23 3.D 

6.1 

20'- 


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__ 

21 


1.44 13 

104 

66 

-1 

437 22 

10.5 

64 


4 01 12 

95 


1977-78 
High Low 


92 
25?. 
* >121 
III 34 


7.7 
77 
d> ’ 

15.6 

17J1 

5.6 
12:1 

To 

1L3 

183 

9.6 

7.7 


293 

lfj 

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10.6 
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6.9 
7.6 
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12.1 

47 


17. 

13.4 


163 

8.7 

12.4 


50 

6.8 

65 

43 

75 

20.1 

9.7 

85 

13.4 


ELECTRICAL AND RADIO 


CINEMAS. THEATRES AND TV 


10.3 

41 

113 


BUILDING INDUSTRY, TIMBER 
.AND ROADS 


46 iheraerm.nnfUl 93 
74 Ahertfij«f«n 1*A 
7'’ Allied Plant lOp 15bnl 
3 i*j Ai-miiageShnlii 65b 
153 AP l emenrtl 234 

15 BC.VJDp. 120 

104 RFBIndy.snp 224 
21 BajceridieBrii.. 34 
7 Bailey B«r, ]ijp 13 

23 Rain bridge Kip. 43 
28 Bamheruerj 48 
55b BarrdttDta 10p 113 

15 BcechwiXid I0p 24'; 

10 BenhnSOp. . 2B 
24'. Berjnnl M Wp. - 52 
27 BctlBrw3llp..- 65 
38 BlocklcysJip _ 68 

38 Blundell Perm.. 61 

39 Breeder Lime . 83 

16 BriL Prerlrin"- 24 

24 Rrev.-n .'ksn. 2b 40 

37b Brmmlee .... 50 
13 P-ryani Hides.. 52 

63 BurnetiiH 165 

130 Bun Bouhon f 1 19(hd 
C BoheyX'lOp. 21 
■alader 'iMl'.u 23 
Can ■ John > 43 

•'ar-’n_. 53 

i>Bcni 3(e1.-;cr/ 123 
uonL-rn Up J up 30 
CutU»ir. R 262 
1 tijr.iri.-ide ip 35 
i.'ro>’l>J> Bide - 67 

'.rnu-.F-D 3*p 86 

1 Tuut-h Group . I 67 
Dew->7 .167 

-- 1 " ,&Ki;1a»7Wj| M J 97 
2s0 103 D«ii!n;.:H3b 208 

on 'r *■ . . I a A 


lfal 
17 
77 
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1277 
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15 
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52 
128 
271. 
31 
5? 

69 
77 
71 
87 
29 
51 
611; 
55 

183 

1190 

2b 

:« 

48 
64 
123 
39 
3 J4 
41 I 

70 

V, 

11 
16° 
105 


16 

16'; 

40 

i; 

13 

132 

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6* 


, C5 [Fauna Tilt- 
64 tali’-iFseraro 
50 EniF. 

; _7 |FP A i.m-r n 
[ 37 Iraircluuii "on* 


62 

78 ro 

79 
24 
67 



+4.18 

.. 

ffa 14 


thO.l 

+i’ 

4 26 

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♦+2.26 

-3 

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... 

2 33 

.... 

dO 55 

♦♦Lfafa 


+.■*9 


t8.06 


1.33 


tO 75 
hi.62 


ril.7 


+346 


2.89 


h4 45 


*03. 




4203 


226 

.... 

♦d2 6 
dl015 


152 


il 22 

-1 

hd091 


3 bl 


Qfa 25 


+2 47 


[3 4b 


dl 19 


a 19 


+3 53 
+d2 74 


♦d5Q8 

dhUl 

-7 

10 18 

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iHofAtnsoiisaOp- 

las^anDJaclw,--, _ 

Fo«deniSt(|ojx„l 58 i-1 
HuntMctKTOpnp 
It ati - . 

JacksuJ4HB5p_ 
leaks fc Cattail— 
JevoosCnerUta. 

Johnson tThtk. 
Joust^DuplOp. 

Joneb Shipman _ 

Laird Gnnip._ 

LaketHItet.— 


{ 5 !Orl6rt|P/T] 


ft 

19 

28. 

24*2 

10 

94 

45 
■30b 
66 
16 
33 . 

48 
9 

40 

152 

S 

49 

46 

£65b' 

9 

9 

30 

38 

57 

9 

40 

16 

I 6 I 4 

42*: 

25 

25 
55 

128 

53 

7 

110 

27 

13 

136 

26 
40 

162 

93 

45 


44b 

24 
(710 

10 
, 50 
310 

25 
20 
20 
12 
38 

144 

51 

II 

82 

73b 

39*2 

S' 4 

20 

14 

72 

40 

38 

51 

8 

3 


LaneiPfensIlOp. 
Lee; Arthur] 12 L, 
Ley's Foundnes. 

Unread—_ 

UiwdfFjH.i_ 

Lmierrpsp_ 

^Dcr.VSp —„ 
London SrMidIU 

MLHoWingiu—. 
3&usanBn)iue_ 
Marfimair2ta—. 
McKeefaneffirw. 
Meggttt5p._u_i. 

wStosSp.^— 

MkOandlsds.dp. 
MitcnetiSomK 

ksstz 

rNefflyasrHdjis. 
Newman Gr.lOp. 
Newman Tanks.. 
VmanaTbs.lOp. 
Norton IW.R. 1 5p. 

OsbornfS_ 

Pe^er-a*nisler_ 

Penrad . __ 

Pester Chad. 20p 
PnauFi; m .._. 
PriestrBenJi-. ... 
PreeorHhMSOB 
R-GF.Bolt-iiRS- 
BatneEi^'g lijp_ 
RJ9 lP* * 

RhfioroesSlmil 
Ratcliffelnfc — 

RatdUfelGR.1_ 

Reegsdlfidguay. 

R'dnmH'nanlOp 

RarfdO._ 

Richards of Lek. 
Bich'mWatll^ . 
Robinamfnws .1 

Hocwiltto-_ 

smdetjMSajser. 

Savoie G.CMpi*- 
SenicrEng'g lOp 

Screk—_- 

Shakesp'reJ.5p- 
Shwffimriaap. 


Simon ilifg.— 

aSQ Group_ 

SnilbfWrriUSp.. 
Speart Jackson, 
Spencer Clk. 30p. 
S parer Gears 5p. 

Spirax-Saroo__ 

Spooner I ndf_ 

Storite20p_ 

Stavetoli&£l.| 
Sone-Platt— 
Sjifcesflfenry)— 

9b _ 

40 TflyfeffPallister- 

Tecalemit- 

TetAbras-IOp- 
nffsenDmlO-. 
TonftinsRB.3p. 
Triples Fddes^ 
Tafielm««&£l- 
Hanffi- 


foackWAHO. 
fMEne’glOp .. 
iLU^glOp-. 
UtL^ettoup. 

iTckersG.. 

Alrtar Products. 
W.G1- 


9 


WadldnSOp. 1M 
Wagon Industrl. 12# 
WaliteriC.kW).! 

[Ward (T.W.) __ 
WarneWiizhl 
Wrwick&s . 

Weeks .\isoc40p 
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Wellman Engj 
W Broo Sp i.lt 


24 


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Wesfn-EtaM2Bp_ 

Whesaoe- 

WbewjyWtmSp 
»hi te house 50p_ 
WillianeiW»t_ 
35 WTmsilames- 


58 Wolf Elect Toote 
93 Wolsly Hnebes-. 
14 WTiweUWlOp 

29 Wood rSW.i3to_ 
26 Wh'seRhoi IS® 

30 Young A'st’n&Y 


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15 n.4 1 Q .1 
2.3116 i.2 
2.5( 5.1196< 

28{ Tmaj 

29 GB 5.8 
24 86 U 
112 „ 
.17135 67 

2 5 6.7 .7.4 

2.8 5.310.2 
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, 18 8.7 60 

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LO 9.6115<: 

3.9 4.1 93 
Z.7 86 6.2 

* 55 „ 

8.1 15 7.4 
b25 7.7 7.9 

26 116 1 4.4 1 
'19 6013.0 
3.0 6-7 7.6 
4.0 5.2 5 2 
13 9J117 
3.4 9.0 3R 
19 99 7 9 
1711.2 8.1 
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2.410.3 63 

3.1 8.0 61 
31 8 0 6.1 

2.7 9 6 6.0 

3.7 6 4 6.5 

8.3 32 4.1 
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3.7 83 5 0 

* 4.3 7.8 

3 8 4 4 73 

J 45 * , 
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I. MjddlannSOp- 
I Norfolk Cflinp— 

;. NdnhiaF.nop 
u Pontii3'% Itta-i.-i;. 

l' prince^ Wales-. 

. Queen's Moat 5p. 
r KflWton Hotels—• 

I Sav®" r A , '-Wp'— 

I suHsiKeoriOp- 
SMOfl*wlni9P- 
! TraAJfcFoiW.-. 

!. ffandEitf.'A' i9?- 
I WbesterwilOp.. 


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INDUSTRIALS 

(Misceijy 


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201 , 
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mu 


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15104 
31 9.6 
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5.0 4 5 
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3.4 53 
9 78 

1.4 71 

to H 

4.8 5.9 
7.7 L8M.7 
1 2 5.4 
9.9 
24163 
17101 
18 5.7(15.2 


FOOD, GROCERIES, ETC. 


-133 

% 

77 

295 

71 

344, 

76 

15 

210 

100 

157 

58* 

83 

230 

230 

205 

183 

510 

33 

56 

59b 

47 

50 

39 
96 
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133 

107 

15*, 

35 

117 

14 

74 

26 

51 
66 

69 
300 
109 
£42*; 
133*; 
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202 

116 

40 
132 
128 
1641; 
92 
100 

45 

242 

126 

121 

27 

420 

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19 

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434 

253 

58 

40 

37 

182 

Z79 

137 

52 
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177 

70 

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141 
35 
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65 

68 

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30 

99 

145 

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60 

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35b 

28 

42 

30 

67 

51 

91 

57 

6 

22 

45 

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47*; 

13 
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39 
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47 


62 

50 

23 

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64 

43 

17 

124 

23 

?A 

, 75 

9 

32 


Alpine Soil D trip 
.Ass. Biscuit 20p. 

A» Brit Fds.5pl 57 


fiiSL Dairies ._ 
Ass Fisheries.... 
[AvanaGroupfp- 
(Banks 1 Sidney C.j 
Barker &D 10p_ 

BamA-Gi_ 

IBmtw Millings 
Bassett (Geo- 
Baileys York It® 
(Bejam lOp. _-.. - 

|BihbyiJ.i£I_ 

Bishop sStorei- 
Do.-.VNYc-. 

Bluebird Cora_ 

BnLSuqar£i..„ 
Brit iend'g Kip. 

Brooke Bond_ 

(Cadbury Sch ps_ 

(Carr's .Milling_ 

(Clufonl Dairies- 

, Do. A -.Y V_ 

piUens2Dp_ 

Do “A"20p_ 

Danish Ecu.*A'£l 
(EastwowtiJ Ri.ip.. 
‘Edw'dsLou C tip . 

Ei^landiJ Ei.ip 

FlsheriA.i5p 7! 

Fitch Love! 120p- 
Gtasv Glover 5p , 
GoldreJ FoucaitL 
Hadew'rfsPatp. 
jneh&eiJ.50p.. 

Hillards 10p_ 

ffintoniAilOp— 
Kraft ELS) _ 

KwikSa^elOp_ 

'LennonsCp. lOp. 
Linlood Hldgs..- 
Lockwoods__ 

[UnelliG.F_ 

Lowi'Wm.iSOp_ 

Lrons'J.i£i_ 

HK5K?!^: 

Morgan Eds. JOp. . 
Worris niWiiOp. : 
konlwn Foods. ; 
N'urdin PI 10p_ 

Panto iT*.i lop__ 

Pork Farms lOp.. ■ 
"-keiWJ.itop— 

Robertson Foods i 
R*wwreeM.H^. ? 
Salnsbuiyo.)_: 

SqumelH'aDijp. 
LShKfcs (Joseph)-, 

u.---? 1 **** 

United Bisemw.. 
WaLswiPhln idp 


i-U - - -I- 


-1 


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42 
1131 
36 
118 


£ 


+2 


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th2 73 
+2.1 
h0.78 
3.0 
tO. 98 
tb.6 


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l+b jfft° 


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4.41 
+2.62 
137 
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d+li 
MJ3 
369 


13 


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7.7 5.7. 
ll.fi; 8.4 
10.4.3J 
133 W.7 
4i6 9.4 

1.114,4 
4.2 9i! 
2^119 
7-0 


hotels and caterers: 


41. 

£361; 

52 


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6.9 178 


14 

109 

024 

861; 

21S 

68*; 


12 

nib 

24 

82 

10b 

62 

£76b 

75 

84 

17' 


AddalBt lOp_ 

BoreliJiFrlOO. 

Brent Walter 5p 
CtfyHotekata.. 

Dev®e Hotels., 

Epicure 3o. __ 

Grand Mb. 30p... « 
Do. Wpe Cnv HP* £W7 
EnrsaaliSriLda Wji 
IJdbrokelflp-- 181 I 
Insure G«r.lOp. 68*2 { 


+6 


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4.25 
Q10*4; 

. Afiki 
WO - 
. 4t2J 


2.1 •- 
2.9 12_5 6.6 
b24'3.3190 
2.3 6.2 BB 
13 4.1 
bL'9 4.8 
19 6.9 
'7.4 f9 4 
'1.0'.71 
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33 53 


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A GBTtey arcp.. 
larjnsufl BmvWp 
Abbey Ltd — 
AbrashK InflOp 
Airftslnds 20p_| 
Allied Inti 
.AljaiK HMgs. 
AmaL Indnstt-— 
AaaL Metal (£1L 
AefcAeiAiptott- 
ArensonTAiWp- 

Assoc Leisure Sp_ 
Asi Sprayers Idp. 
AnstmPileyilifoJ 
Awn Rubber £L 
BB A Group-. 
RET.befd- 
BOCTntnL- 

Baird (Wtni£U_ 

Bareettii.- 

Baric® fid. B 10c. 
Barr* WAT.‘A’ 
Barre.' Hepburn 
Ball) Sr Pwrlaud 
Beats n dark — 
Beecham— . 

- BeUalrCus-lOdu 

Bentxma_ 

Beridords—— 
BenrickTimpo- 

Bestohell- 

Biddle ' 


Miami J7> 10p_- 
Black .Arrow SJp. 
Black EdFtn50p: 
Rhck'PtHldas-. 
BaJj’cotalffll,'- 
BosodPri-.viep-- 

BoatiHrarriSOp 

Hcab-- 

Borg-W.rSELS) 

Boater £1- L 

Bra by Leslie lOp. 
Eodj;lBds .. I-l 
, Brun3DeriB.ra».-' 
BndMCProrSp 
Ehufim—— , 
Bridpoft-t?2Dp.J 
' BBfcEA -—„• 
Brit GneT !2bp 
Brit. Steel Cond 
BriL Syphon 30p 

British V M- 

Brit tuns ■; 
RH"PTOpiA2-: 
BrookSt Br.lOp 
Brooks WaL3)p. 
Brown Rot. Ken* 
BruntonsiMusi- 
Bprro Dean..,. 
Burndene 5p— 
Burnt .Audi o 1 Dp . 
Bnrv Masco 17*ji 
. r.Hindis 10p- 


Da 

lirarexSOp 
: C^iudnciwv 
Cape Industries- 
(.'aptanProf. 19p. 
C^ravanslnL2Dp 
Carlton lnd& *_( 
Cawpods" 
CdestionlntLSp 
Central Mfg-lOp 
Cm Sheered. 5p 
Catfrewra.-50p - 
1 Chamberlain Gp. 
iTamhlaaPh. Wpi 
Change Wares top 4 
1 [BCmOaiFlfiipJ 
chrirfknrwp— 
CteisritsInLlOp 

Chubb Op_ 

Clarke iCfeneqf 1 
Cote(R.KX.„.v 
Cn 9 tnWebb 20 p. 

; Ajon.Grp31-- 
Co« SoturaylOp. 
CoBe/UlTOii»- 
Cop 5 desBki..u- 
CorarLeii.iOp;.^ 

Cosatt. 

Cosrah'deCftT ) 8 pr 
GreanUjSOp— 
CrestNiehnUOfi; 

Crosby Ikmsefl 

jDane<.&rv wnin. 
DawsamJas.'*—. 
DeLaRue. :... 
fcnWiare 

tSSdkjll^ 
DroWeHeelSp-i 

Diploma Invs._ 

Dobson Park lOp. 
DoraHJdfR.ltJ- 
DaiwfdniFSfi J 
Owns &ngl IQn 
Drake It Scull— 

(DunbeeConi.lflp 
’DundonianJOp. 

Duple UiLSp^-. 

lDnrapipe____ 
llhrek Group Mp. 
mytearJ*-..—r 
DioontJ.&Jt-- 
Da-A'.-.;... - 
E.C. Cases lOp.^, 
E 3 fierBP:-) 4 -S 9 pJ 
EeaRlde-lfti „ 
Elrarlndiwii.-, 
EJbiefap ..JL.-. 

dccolOp . 

E3ect liuL Sec— 

[Elbatt PhTo.lop.' 
Qsoc&Rdtinit. 
BswirisFperap 
rEmharl Corp ST. 
EopiFS5SeriJ0p.; 

Eng. Si Overs lOp 
Eng. China Clays 
Esperarcaiaiji'. 

53*r Euro Ferries 
42 Evodemdf*.20p 
15 Emr George top 
65 Extel_. 

2®. FabtaLcnLawson- 
Feedcx 10p_ 

Fenwr^l U* 
Fereusoirind..- 

19 Fenleimii3)p_. 

20 Ftndlaji.VRi_ 

12 First Castleipp.. 

25 FitniKon.-^. — 

28. n«eHpr,i» J 

JOh Fogarty (Eri^ 

(337 . FosecoMinsep. 

, 70 FofiterpaaaneyJ. 88 . 
|485 FranMitillfthdtJ[545 

40 French ThoS, 1 ^) 

, 53 FnedlandDgi.-: 

1225 G.P^tHdgsJa^r..; 

1126' GestetnerWi^ 

32 GibbonsDiidley 
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36 

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. 40. ■■ Gfunme Huts_.' 

GmoptanHdgs.. 

Granada‘A 1 - _ 
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: HailanSteigb 10 pJ 

telma lOp.*j 

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3»; (wpiwithCnw. 

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34 HoUisBms-_ 

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(185 BuOTerA’_i 

24 iarfajoHctts ap 

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-74 HunrincAsajc.^ 

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PROPERTY 


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110 
117 

§ 
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62 
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1 
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100 J 45 
91 I 26 
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320 1«1 

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93 30 

29-o! 15 


(INSURANCE 


8 

271; 

33 
£73 
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38 
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32 jEranS Leeds— 

28 I7araes Lil llv 


HiHdhiur 5 p 


lU'jpnrlli M. 2 QP.J Z8 


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75 

34 

35 

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12 
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38% 
30 
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34 
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203 I 1.11 5? 


Q“C « i 3 4 


NOTES 


nli6: IM 3 9;2B.6 
? 4? !J 0 5 1 292 


eohroloiT 


8 4c. i <? ir> 


12 4'18 2 


138 ! 0 9|I1 E'13 6 


LI ID :■ 13 


l.W 3 111 


r« nf h “ n ■» 


» 59*3 M 


no l-i- * h 


0 'Yer'^r.ya 


yj .iT'-pi: a 


Unless Mherwlsc Indkaud. prices sad net dividends are In 
pence and denominations are SSp. estimated price/earning* 
raztss «wt caver* are based on lamr annual rrporu and accenniv 
and. where pccalMr. are updated an half-vrarly ligurrt. F/K* are 
calculated an the hash of net distribution: bracketed flpimi 
Indicate 10 per cent, or mote difference if calculated an “nil" 
distribution Cavers are hied on “nuxinum" distribution. 
Yields are baaed an middle prices, are (tiki, adjusted u> .ACT of 
34 per cent, and allow fsr value of declared distrfbatkras and 
debts. Securities with denominations stber than Sterling am 
quoted inclusive of the investment dollar premium. 

A Sterling denominated securities which include invostftmitt 
dollar premium. 

• “Tap" Stock. 

* ffzghs and Lows marked thus have been attuned U» allow 
.for rights issue* for cash 

t Interim since increased or returned 
I Interim since reduced, pasted it deferred, 
ft Tag-free to non-residents on application- 
O Figures or report awaited, 
n Unlisted security. 
c Price at tune of -uspension. 

9 Indicated dividend alter pending scrip amS'or rights issue; 

cover relates U> pniioui dividend or forecast 
— Free of stamp Duty. 

♦ Merger hid or reorganisation m progress, 
r ’;«* comparable. 

•a Sane inlcnm. reduced flrjj and'or reduced earnings 
indicated 

4 Forecast doidobd. txr.cr on earnings updated by latest 
intenm -talemen! 

I i.ovcr allows for camaruon of shares not now ranking for 
rinidend- nr ranking only for restricted dividend 
t imer doe/ not allow for -hire: which may alro rank for 
diti-lcnd Jl a iumr«- dale N«. I'l retlu usually provided. 
w K'.rludtnc j iinal dividend acrUruUon. 

•? Recioiial pnre 
So nar taiiife 

j T>- free b Figure* based op pr.- tcyru* or other eff.cial 
Tir-uitc r < d DiMdeiid rate paid or payable tv. part 

of up its) 'rnpr r.j «e*j on nr. tdead nr lull capiru). 
e rfr.dcinpiion ytL-lif. I Flat yteld s 4 «sunwd dividend ar.d 
viHd h \ ■ • •itric-Ll dr.ideud anc ■ iclrt i‘t»r -crip i-uj*. 
i P.tvn..-nl -.nen espilal -ourcc' k Kenya a intcr.m higher 
■fab iirvMuu- mini n Rtphta issue pendwc q Eanin;j 
fo-fd on preliminary lipire- r Austn>iun ruirrnij, 
s lii'.'fiewl ;>"J ; ivl.l cwlaiv .< . r^yi.il pavmcnt i Indicated 
■mvfcnrf eoicr n-'uie- to picuu:. dividend p£ ratio baaed 
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•• Recent Issues ’’ and ■■ Rights ~ Page 20 


Thi* service M available in every Company dealt in on 
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REGIONaAL AIARKETS 

The following tvu relvctt-sn of London qpotutinnr o! shares 
are- biuriy li-feil mill in regionoi markets. Pnces of Inm 
issues, moil t>! which are not officially luted ir. Lundon. 
arc u. quoted on the lri-h exch-ingv 


117 7:204 


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A^h SptnDtne. az 
Benam . . . .! _16 | 
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CloivrCrofr... 22 ; 

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Dy»ou hi- . i 40 
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Fil<- Fnlif . . »7 j 

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1 O.M Sun Cl . 150 
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N'lhn ir dd* in Uhl 63 |- 
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Sucifie/d Brick) 47 j 


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ICi -! 23 Tutelmesi. JM' 

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B S.i: - .• 9 Imerexk .„...7 i ivker.. if 

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i-uiiiiuii blurb t+rbj.i n r Repon 


































































































































































































































































































































































































































































































































































































































































24 






Saturday February IS 1978 



-M ftr tlie job •fim-23m- 


istt «l tM.Cgtns ■ 




Of THE WEEK 


How Ali 
met his 


atch 


BYJUREK MARTIN 


BSC lays off half 


Ebbw Vale workers 


BY ROBIN REEVES, WELSH CORRESPONDENT 


I HAVE met Mnhammed All only 
nrice and then briefly. H was a 
hot summer evening on the lawns 
nf the British Embassy in Wash¬ 
ington at a reception in honour 
oF the Queen's visit in 1976. At 
the time, 1 was off to one side 
discussing this and that with 
Elvio (the Bis El Hayes, the 
hasketbaU star." when suddenly 1 
noticed this magnificent familiar 
figure, flawlessly dinner jacketed, 
striding towards us. to exchange 
pleasantries, 1 assumed, with the 
distinguished brother black 
athelete to whom 1 was chatting. 
Not so: the imperial presence 
ga 2 ed at my ancient and undeni¬ 
ably English black tie, graciously 
accepted the preferred hand, 
bent down and whispered: ** How 
do 1 get out of here 7 ” l waved 
vaguely at a path between the 
marquees and muttered some¬ 
thin? like "* that way. champ, and 
he nodded and marched purpose¬ 
fully and unforgettably off. 


; .t. v • \ /• .. 1 







Leon Spinks 
"Made /or PV" fighter 


Muhammed Ali. warts and all, 
is an original: but the man who 
took bis heavyweight title away 
in Las Vagas oo Wednesday night 
is a product. Ho could stili be 
plying a modest trade in the back 
rings of America but for one 
factor—television: Leon Spinks 
is a “ made for TV ” fighter. 

For many years, boxing was 
one of the great staples of 
American television, but the 
relationship had gone bad until 
the charisma of Ali resurrected 
it. In his great days, before and 
after his self-imposed exile. 
All’s promoters relied largely on 
the closed circuit cinema 
arrangement but when the time 
came for the champion to take 
on the patsies—Dunn, Evan¬ 
gelista. Coopraan — the home 
screen took over. There was. 
aFter all. no better showman and 
presenter than Ali himself. 

But if Ali revived box¬ 
ing on TV. the Montreal 
Olympics turned it into -even 
bigger business. American 
TV' coverage oF the Games was 
both exhaustive and intensely 
chauvinistic and the trumpeted 
achievements of the five U.S. 
boxing gold medallists swamped 
whatever love and affection was 
inspired by minuscule Romanian 
female gymnasts. Tbe promoters, 
the TV networks and the boxers 
promptly capitalised on tbe 
opportunity. 

Oddly enough Leon Spinks was 
by no means the most generously 
sponsored. Both Howard Davis 
and Sugar Ray Leonard of 
Olympics fame signed far more 
lucrative deals with CBS and 
ABC respectively, with Ihe net¬ 
works obtaining exclusive rights 
to televise their fights. The 
Spinks contract, signed when be 
turned professional towards tbe 
end of 1976 with bis then 
manager. “Mitt" Barnes, a St. 
Louis Teamsters Union official, 
and Top Rank Inc., Robert 
Arum's promoting firm, nonethe¬ 
less earned him a gross S100.000 
for his first seven fights, six of 
which were shown on CBS. 

But suddenly last year the 
love affair between boxing and 
TV turned smelly. A much 
ballyhooed series of fights staged 
hv ABC m conjunction with Don 
King. the black promoter, 
prompted allegations of fixes. 
The denouement came when one 
Scott Ledou.x. a journeyman 
performer who happened to hold 
Spinks to a draw last year, was 
so enraged at losing a TV fight 
that he had so patently won that 
ho knocked off the toupee worn 
hv Howard Cosell. ABCs 
notorious sporting commentator. 

At this stage, Robert Arum 
began to assert himself. An old- 
promoter of Ali fights hefore 
being supplanted in the cham¬ 
pion’s Eavour by Don King. Arum 
began pushing Spinks towards a 
title fight and working his own 
particular magic with CBS. with 
whom he has extensive though 

apparently informal contacts 
The network Put up 54m. fnr the 
rights to the fight, reckoning to 
recoup that, and more, by gains 
in its ratings, in which it had 
fallen bellind the heavily sports 
minded ABC. Spinks’s cut— 
SSJO.OOO—was modest compared 
with All’s 53m . but after Wed¬ 
nesday night Arum is going to 
he in the coniraciual driver’s 
seal. Television has made a 
champion our of Leon Spinks: 
it is true that be actually bad 
m boat an ageing Muhammed 
Ali in the ring, bui it is just as 
true QtaL but for television (plus 
All’s insatiable yen fnr money) 
the two oiishl never have laid a 
glove on each other. 


MASS LAV-OFFS at the British 
Steel Corporation’s Ebbw Vale 
works were announced last 
night. The three-day-old “dirty 
job.'” strike by 750 maintenance 
engineers has halted production 
BSC' decision to shut the 
plani and to lay off at least 3.300 
of Ebbw Vale's 6.300 workforce 
From m-tnorrow followed the 
breakdown of talks on Thursday 
between management and 
official*' of tbe Amalgamated 
Union of Engineering Workers. 

Tbe plant normally produces 
10.000 tonnes a week and is 
responsible for a third of U K. 
tinplaie production. 

Yesterday, the engineering 
workers agreed at a mass meet¬ 
ing io continue their action. 

The dispute began on Wednes¬ 
day moraine when a fitter 
refused to carry out some work 
on a piece of machinery. He 
said lhai it was dirty, ereasv 
and hazardous. 

He was void that he would not 
be paid. The dispute spread to 
Ebbw Vale’s other Al'EW works 
grade -laff. Withoul safety cover 
fnr the plant, production was 
halted. 


Tbe industrial action began as 
a sit-in but turned into a strike 
when, according to union sources. 
BSC management withdrew time 
cards from the clocking-in racks 
while talks to settle tbe dispute 
were going on. 

The move provoked a good 
deal of AUEW anger and sug¬ 
gestions that the union should 
press for a public inquiry into 
the management’s handling of 
the dispute. 


Shutdown 


Mr. .Jeff Edwards, the AUEW 
works convener. yesterday 
accused BSC management of 
deliberately trying to escalate 
the action to hasten an end to 
sleelmakin? at Ebbw Vale. 

Ebbw Vale is one of the BSC. 
plants where sleelruakin? was 
given a stay of execution under 
ihe Beswick scheme. 

Talks to secure the shutdown 
of the open-hearth steel furnace 
still working there, and to settle 
reriundanc:- terms for up to 1.600 
nf the workforce, are to start 
soon. 


Evidently, unhappiness among 
Ebbw Vale's maintenance engi¬ 
neers about working with dirty 
machinery — without extra pay. 
ment. at least — has bean sim¬ 
mering for some tune 

Once, industrial action was 
avoided only by bringing in a 
company of tndusrrial cleaners. 
Union sources say this was not 
kept up and conditions have 
deteriorated. 

The equipment initially con¬ 
cerned in the current dispute 
was in the primary mill which 
produces hot rolled coil for tin 
plating. 

Some 4,000 tonnes of tin plate 
is estimated to have been lost 
since the dispute began. 
Although the market for tin¬ 
plate. unlike steel, is relatively 
buoyant, a BSC spokesman said 
there should not be any immedi¬ 
ate effect on tinplate users. 

Customers' needs were norm¬ 
ally met three to four weeks' 
ahead and BSC intended to con¬ 
tinue shipping nut tinplate 
which had already been pro- 
d uced 


BSC chiefs warning. Page 13 


Dunford and Elliott plans 
to cut steel-making jobs 


BY RHYS DAYiD 


DUNFORD & ELLIOTT, the 
Loniho-owned Sheffield steel pro¬ 
ducer is planning what could be 
a large-cale jobs cut at its steel- 
making subsidiaries. Dunford 
Hadticld and Brown Bayley. be¬ 
cause of ihe world steel :eces- 
sion. 

District officials of the main 
union.-, involved met directors 
yesterday. The subsidiaries em¬ 
ploy 4.700 people. 

The number of job losses the 
group is seeking has not been 
disclosed, but the total is thought 
likely to be substantial with 
Broun Bayley possibly the hard¬ 
est hit. 

The company has announced 
that SO maintenance men at 
Bruwn Bayley would lose their 
jobs. 

After yesterday's meetings, one 
senior shop steward said he 
accepted at l<wt 300 more jobs 
would ?o. and the figure could 
well be significantly higher. 

The job losses come at a lime 
of very weak demand for steel 
and world-wide dumping. 

Most of the Sheffield steel 
makers have been operating at 
about 50 per cent, to 60 per cent, 
capacity across the bulk of their 
product range, and there is no 
sign of an upturn. 

Most Sheffield steel makers 
have managed to remain profit¬ 


able. including Dunford and 
Elliott, which made a small con¬ 
tribution to the £S0m. profit 
announced recently by Lonrho. 

But tbal has bceo achieved 
only as a result of substantial 
i eductions in overheads and, in 
particular, in manning. 


Japanese 

exports 

still 


rising 

strongly 


BY DOUGLAS RAMSEY 


TOKYO, Feb. 17. 


JAPAN'S exports still are rising 
strongly in spite of a seasonally 
low trade surplus of $350m. in 
January. The Tokyo foreign 
exchange market to-day antici¬ 
pated large surpluses in Feb¬ 
ruary and March by pushing the 
U.S. dollar to under Y240. 

The Bank of Japan responded 
by intervening to soak up 
SlSOrn. and prevent any rapid 
rise of the yen. which closed the 
day at 239.7 to the dollar. 

Japan's unadjusted trade sur¬ 
plus shrank in January from the 
record S2.67bn. registered in 
December. But. statistics pub¬ 
lished this afternoon by the 
Ministry of Finance also dis¬ 
close that'exports on a season 
ally-adjusted basis shot up to an 
all-time high in January of more 
than S7.5bn.. compared with 
S6.9bn. in December also on an 
adjusted basis. 

Evidence of continued trade 
surpluses can also be found in 
ibe steep 20 per cent, increase 
in January exports in dollar 
terms on the year -330 level. 
By contrast imports were only 
10 per cent, up on the January. 
1977 level. 


Three years 


The Austrian and Swedish) 
steel industries have been j 
blamed for the alleged dumping 
of special steels in the U.K.. but 
the Sheffield industry is con¬ 
cerned at a growing threat from 
West Germany, where steel pro¬ 
ducers are facing a similar 
demand crisis. 


Total employment in Sheffield's 
private steel industry has halved 
since 1971. 

Some 2.500 jobs have been lost 
in the past two to three years, 
largely as a result of not replac¬ 
ing workers who left. 

Over the past three months, 
about 500 jobs have been axed- 
At least one major Sheffield pro¬ 
ducer other than Dunford and 
Elliott is thought to be consider¬ 
ing redundancies. 

Tbe major problem has been 
the very high penetration of the 
U.K. market by low-priced 
imports at a time when customer 
industries are depressed. 

In some sectors, especially 
stainless steel, imports account 
For more than 60 per cent, of 
the market. 

In the tun other Sheffield 
areas—tool and high-speed steels 
—the figure ranges between 25 
and 45 per cent. 


Dunford is affected by those 
problems, but has the further 
difficulty thaL unlike most of 
the other Sheffield groups, it is 
in direct competition in some 
of its major product lines with 
the British Steel Corporation, 
which is losing some £10m a 
week. 


Most nf the private sector pro¬ 
ducer* have sought t* ?et out of 
areas occupied by BSC. moving 
more into production of very 
high added-value special steel 
Dunford and Elliott remains a 
major producer of bulk alloy 
steels. It is highly dependent on 
sales to the depressed motor 
industry. 


Private economists point out 
that export contracts in January 
are estimated to be up about 
17 per cent, on the level of a 
year ago, indicating further 
strung increases in shipments 
until mid-April. 

Given the trade and payments 
outlook, one analyst reckons that 
the March Foreign exchange 
market in Tokyo will be strongly 
influenced by a Slbn. surplus 
from Japans balance of pay¬ 
ments. and some dealers are 
inclined to think that the glut 
of dollars anticipated in March 
may drive the dollar down in 
Tokyo during the remainder of 
February. 


Trade surplus 


The company said yesterday 
that discussions would be held 
within the company on redun¬ 
dancies. with ihe aim of main¬ 
taining a viable and successful 
operation, safeguarding the jobs 
of the maximum number of 
workers. 


Texaco 
drivers 
to consider 



ewood 


resume 


new offer 


By Our Labour Staff 


work on Monday 


TEXACO tanker drivers, the last, 
group still involved in the petrol; 
dispute, were last night offered 
a revised pay deal still within tbe ■ 
Government’s 10 per cent, guide-: 
lines. i 


BY PHILIP BASSETT. LA8OUR ST AFP 


This followed an 18-11 vote re¬ 
jection earlier yesterday by shop 
stewards of an offer which would 
have given them a £10-a-week pay 
rise. 

They will now consider the new 
deal at a meeting in'Loadon on 
Tuesday. 

The revised offer followed talks 
between the company and nego¬ 
tiators representing tbe 700 
drivers, at the Transport and 
General Workers’ Union's Lon¬ 
don headquarters. 

Tbe rejection came as a sur¬ 
prise after Shell, Esso and BP 
drivers decided this week to 
accept their pay offers. 

The Texaco men were also ex¬ 
pected to accept and end their 
overtime ban and work-to-rule 
from 6 a.m. on Monday. 


Similar deal 


It is understood that Lhe 

drivers said the overtime and 
shift payments offered were not 
in line with the other deals. 

A company spokesman said 
laler be believed there bad been 
a misunderstanding—but that the 
revised offer was now " very 
similar” lo the others, and the 
best ihe company could make. 

Mr. Jack Asbwell. TGWU 
national secretary for commer¬ 
cial services, said he doubted 
very much if Ihe Texaco men’s 
action would affect the decision 
hr other drivers to return to 
normal working. 

Midlands shop steward. 1 - are 
-coking a merlins with shop 
■stewards at British Lcyland over 
ihe use of Gnniinenral oil sup. 
olios by the company during the 
■ivvrtime bin. 

The drivers have complained 
that both British Ley I and and its 
shop stewards have been unco¬ 
operative during the dispute and 
have warned that tinier the com¬ 
pany undertakes not tn receive 
Continental oil during anv simi¬ 
lar dispute, they will impose 3 
Fuel blockade. 


PRODUCTION AT Ford’s £110m. 
car factory at Hal ewood. Mersey¬ 
side. looks set to resume on Mon¬ 
day following the acceptance by 
shop stewards yesterday of a 
peace formula to end a six-week 
strike which has halted Escort 
output. 

The proposals, agreed at an 
all-day meeting with local plant 
management, will be put ro a 
hastily-called mass meeting nf 
the 1.000 striking pressroom 
workers in Liverpool to-morrow. 

Hopes for a return to work at 
British Leyland’s Speke plant, 
a/so on Merseyside, for the final 
months before its closure rose 
yesterday after an all-day shop 
stewards meeting. 

The HaJpwond dispute -*on- 
cerned the issue of hourly job 
rotation. Production line workers 
want to change jobs even- hour, 
but Ford had said hourly rota¬ 
tion would he wasteful and would 
cause chaos. 

Ford is believed to have 
agreed to hourly job rotation in 
return for signed commitment? 
by the employees on quality and 
production levels. 

Ford estimate it has Inst 24.000 
Escorts, about £60m., since the 
strike began. Nine thousand 
workers have been laid off at 
Halewood and a further 2.000 at 


Ford's Southampton plant 

At Speke, Ley land, which 
announced the impending 
closure early this week along 
with plans to transfer TR7 pro¬ 
duction to Coventry, has agreed 
to tbe shop stewards’ interpreta¬ 
tion of a 1972 work practices 
agreement. tt was a dispute 
over that which caused the 16- 
week strike. 

Tbe stewards are negotiating 
over the production line speeds 1 
which Lcyland tried to bring in 
last November. 

Little difficulty is expected in 
agreeing acceptable levels: 90 
per cent, of the plant’s sections 
bad agreed in principle la the 
new line speeds before the strike 
began. 

The peace proposal will be put 
to a mass meeting on Friday, so 
that production for the 90 days 
legal minimum notice 'period for 
closure could resume on Monday 
week. 

British Leyiand’s Truck and 
Bus division last night said 5.000 
hourly-paid workers at the Bath¬ 
gate lorry and tractor factory in 
central Scotland are to be laid 
Off. 

The plant has been at a stand¬ 
still for most of the week because 
of a regrading dispute involving 
41 maintenance electricians. 


The Finance Ministry pointed 
out to-day that the steep increase 
in exports in January on a year 
ago was largely the result of the 
dollar's appreciation. In Yen 
terms, exports, unadjusted, dur¬ 
ing January were YL345bn., 
down 1 per cent. 00 a year ago. 

None the less. Japan's imports 
during the period declined to a 
much greater extent—down 9 per 
cent, to YlJZfilbn, 

As a result the trade surplus 
was YS4.4bn. instead of being 
in deficit as it was in January 
1977. 

Looked at in dollar terms, the 
January figures seem a big im¬ 
provement on Japan's trade and 
payments account of a year ago. 
As converted by the Finance 
Ministry at the predominant 
dollar exchange rate in January, 
Japan rang up $5.6bn. in exports. 
S5.2bn. in imports, a 8350m. 
ti-adc surplus and a relatively- 
small current account dificit of 
$240 m. 


Continued from Page 1 


Ministers 


Bass 2p a pint 


in recent months about the pros¬ 
pects reflects the favourable 
trend in commodity and raw 
materials prices, largely as a 
result of the rise in sterling. 

This is expected to offset some 
of the impact of the acceleration 
in rhe growth of earnings. 

The continuing improvement 
in the underlying position is best 
shown by the index for all items 
except seasonal food measured 
over six months and expressed 
at an annual rate. 

This was 12 per cent., in tbe 
period to mid-January compared 
with 7.4 per cent, in the previous 
month and 20 per cent, as 
recently as last May. 

There are relatively few major 
price increases in the pipeline. 

The index for mid-February 
wil} be affected by rises in the 
price of beer and whisky, the 
possible impact on petrol prices 
of the tanker drivers’ dispute 
and lhe higher cost nf some items 
of clothmc and duraole goods 
after the end of the winter sales. 

On the other band, there will 
be the effect nf the reduction in 
the mortgage rate. 

Seasonal food prices are also 
likely to go up from now on¬ 
wards. though it is too early tn 
gauge the impact oF [he severe 
winter weather. 


increase approved 


BY KENNETH GOODING 


BASS Gharri ngtott. the bigger 
brewing group, which has IS per 
cent, of the market, will make 
2 p-a-|iint price increases but ha? 
given the- Price Commission an 
under! j king ihat it will not put 
up prices again Fnr a full year. 

It seems clear that the 
rom mission will make only 
one investigation in the brew¬ 
ing industry—that into Allied 
Breweries, the Ind Cohpe, Tetley 
and Ansells combine 

Of the major brewer* still 


to make price announcement?,) 
Whitbread and Watney-Trumao. 
the Giand Metropolitan subsi-. 
diary, apparently . have been! 
given approval by the commis-- 
■sinn. This leaves only Guinness; 
waiting io be cleared. ■ 

Bass, which makes Carling i 
Black L«*bH. Tennenls and! 
Tuborg lager, as well as beers j 

n ■ ■ nrl ■ 


under iho Ba«. Worthington aQd| 
Charringlnn labels, is the first 
io give a full-year guarantee on 
price*. 


The 0.6 per cent, increase in 
the all-items index in the month 
to mid-January was slightly 
above the range of 0.4 to 0.5 per 
cent, of tbe previous half-year. 

The rise reflected increases in 
the price of milk and some other 
foods, cigarettes and cars, and 
higher rail and bus fares. 

These increases were partially 
offset by lower prices for coffee, 
as well* as for some articles of 
women’s clothing during the 
January sale?. 

Food’ prices have risen by 7.1 
per cent, in the last year, 'the 
smallest increase fnr five and a 
half years. 

The rate OF inflation is now 
coming down towards the level 
of the U.K'S main competitors. 

The average in the mam in¬ 
dustrial countries was S.3 per 
cent, in tltp last year. On an 
underlyiss hast? the U.K rate 
is already in line. 


THE LEX COLUMN 










Thursday's money supply 
figures brought a run of unex¬ 
pectedly bad economic statistics 
to a close. A sharp rise in elig¬ 
ible liabilities, a sudden, swing 
into the red in the balance, of 
payment figures, and an accel¬ 
eration in the money supply 
beyond the official targets-have 
resulted in some wild gyrations 
in tbe securities markets over 
the last fortnight. But the strik¬ 
ing feature is that at the end of 
it all. gilt-edged prices - have 
emerged pretty well unscathed. 

The ¥T Government Securi¬ 
ties Index is more than.half a 
point above where it stood be¬ 
fore the eligible liabilities 
figures set tbe alarm bells ring¬ 
ing. Prices at the long end are 
just about unchanged,, while 
some of the shorts have actually 
moved ahead. 

There are two explanations. 
One is that the authorities have 
done a remarkable public rela¬ 
tions job in persuading inves¬ 
tors not to overreact to Indivi¬ 
dual sets of figures which, they 
suggest, might be distorted by 
exceptional seasonal • adjust¬ 
ments. The other is the steep¬ 
ness of the yield curve. The gap 
between money market rates 
and short dated gilts, which 
now yield over 10$. per cent., 
is exceptionally wide and yields 
of over 12 per cent, at the long 
end are a powerful lure now 
that the rate of inflation is down 
to single figures. ■ - ■ - 


Index rose 43 to 4593 


flOOi 


U JL 


LLOYDS BANK 

M PRE-TAX PROFITS■■ 



rn _. _ 

1972 '73 ’74 75 76 -77 


quite an : expedition. -/Yestt/ 
the group followed up ;ite 
$15m. Interned co acquit 
ana the _ receipt. S26m f j£' 
/offer for ‘ Clarkson: India ’• 
■with ', the rieWs that'It.' 
readied. understandin.. 
principle ’.to acquire Eafai- ’ 


potation's vjorldwide . sec 
proi u cts business, The-/'’ 


j tag has adt yet -been disc . 

. bqt will probably be m e:!' 
of $50 hl And there is mo 
' come.- . =. : . 


profits (not -juiSt LBI) have 
been rising.; sharply over ihe 
past years and now account for 
around 4& per cent, of she total. 
There is a good cbance Ihat:the 
percentage wiH rise to"'50 per 
cent, in the currerst year. 


Overall,..- Tilling ,^cnrr 
capitalised r at £218nu ~ A -. 
.to have-set; Aside up tq £i’, 
for acquisitions in fha JXSl. ’ 
it' made r itS ' £32m. rights!'• 
itt May iasfr yes*;;' -TSratjjg; 
there areTstifl. deals wormf 
£4Dm. - which '-have- yet : 1 
announced. Apparently 
aanbOnpesneut- _is just 
the cprnfiTi aitt - twb -Or^ 
more are on tfx$.way. 


Among, ’the;--■ areas'.^ 
Tilling, seems to have idea 
-for the ’future acquasitif- 


Llovds 


Although Midland jumped the 
gun by rushing out a. profit 
estimate with its surprise rights 
issue three weeks ago, Lloyds 
is the first clearing bank to un¬ 
veil its full 1977 results. And 
tbe outturn — pre-tax profits 
rose 12.5 per cent, to £166.2m. 
— is much in liije with 
Midland’s experience., A drop 
of close to a third in average 
base rate between the' first and 
second halves, and sluggish 
lending has not hit bank profits 
as bard as once seemed possible 
and the shares rose 5p to 26Sp 
yesterday, where they yield just 
over 5 per cent 


The other key factor has been 
the 50 -per cent, improvement 
in associates' profits. The con¬ 
tinued recovery at Grindlays is 
helping 'here, as is the' rising 
contribution from Lloyds and 
Scottish. Oh the domestic bash¬ 
ing side/ sterling lending -has 
remained fiat. The group, man¬ 
aged fo increase its average 
margin between base and seven 
day deposit rates from 3.74 to 
3.88 but a rise in operating 
costs, .roughly in .line with in-, 
fiation, depted the impact of 
higher bank: charges and. com¬ 
missions. On the' liability , side 
the proportion of current 
account money rose to 56 per 
cent of retail branch deposits 
but the high cost of servicing 
this money eroded any real, ad¬ 
vantage here. \ - ' ■ *• 


offshore o3 supply* educafi 
publishing and transm^ 
engmeeriagi The bhjeetjvgt 
have around 40 per cent. 
group’s' Srssks’overseas; em 
at least the same'prdpottit 
profits,'when the'programr 
complete. . Hrrefe years arg * 
per cent of its business w. 1 
■tiieLLK;.' . i 1 -: 1 "-':* . : ■ ■ 


•’ Tilting has^yeiVto ma^ - 
its: mlnd abopt exactly-hi 
will fund ail this U ; S. £ • 
meat _• The Infennedoo de& 
financed through a medium-' 
Eurodollar Joan, and raw- 
tfce same is being consider* 
are a whole series -of.J 
options including issuing,*, 
in.the U<S. The benefits si 
begin to show through in 
current, financial year L 
Tlfling maintains that it w: 
happy .witti a debt/equity 
bf jiist under one to one. ? 


Whereas Midland’s profits 
were cushioned by the strength 
of its non-banking interests, 
Lloyds’ salvation has been its 
international side. Stripping 
out exchange rate differences 
LBI’s profits nearly doubled in 
ibe year to end-September and 
its balance sheet total increased 
by 26 per cent. International 


Meanwhile the group balance , 

sheet, swelled by the grOWth tn vV eugWOOd. 
foreign currency lending. ; in¬ 
creased by roughly 15 per cent 
and the free capital ratidslipped 
from 3.5 per cent -to '3.2 .per 
cent. The debt equlty^ratio.im¬ 
proved over .the year jand the 
balance - sheet could .easily 
accommodate a hefty chunk of 
subordinated doilar'debL This 
will have..to .quite if LBI con¬ 
tinues .to expand at its present 
rate 


Thomas Tilling 


.Thomas Tilling’s U.S. shop 
ping trip is turning out to be until next-year. 


• Sterling appreciated a : . 
Ifl per ..cent against the' 
dollar during Wedgwood’s • 
quarter and wiped.' ronghlj 
sariie percentage—^TSO.OtK).. 
its pre-tax profits for the;* 
months to DefcembeL These 
emerge ardtind.^ quarter i. 
£6.3m.:. The" sterling appi 
tion aiso . 3 ?au^ht ; Wedgw) 
pricing pqii^ on the; hop. 
althoughzap; average pria 
crease of around 20 per cei 
being contemplated: this wfl. 
sho.w through at -the bottom 


Weather 


UJL TO-DAY 

SNOW SHOWERS in N. and E. 
Dry elsewhere. 


London. S.E., Cent. S„ S.W., N.W. 
and Cent N. England, Midlands, 
Channel is., Wales. Lakes, I. of 
Man, S.W. Scotland. Glasgow, 
Argyll, N. Ireland 
Mostly dry with sunny spells. 
Max. 2C (36F). 


E. Anglia, E. Ehglaod 
Snow showers near coasts, 
sunny intervals. Max. 2C (36F). 
N.E. England, N. and E. Scotland 
Snow showers. Max. OC (32F). 


Outlook: Cold. Mainly dry. 


BUSINESS CENTRES 


Anuidm. 

Bahrain 

Barcelona 

Belfast 

Belgrade 

Berlin 

firm&hm. 

Bristol 

BrusscLt 

Budapest 

P. Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

Copnhiun. 

Dublin 

Edinburjtl) 

Frankfurt 

Geneva 

Clnasow 

Helsinki 

H. ROW 
Jo'btxrg 
Llnboo 
London 


V'du | 
mid-day 1 
-C *F| 

S —- Loxemb'a 
C IS €-1 1 Madrid 
s 61 MariLbestr 
3d. Melbourne 
341 Milan 
33; Montreal 
34 1 Moscow 


SI 1 
C -5 
C 1 
S 1 
S -5 
C n 
S 31 
S 28 
C. -i 
S—12 
S -2 
C -1 
C 4 


Munich 

Newcastle 

New Voric 

Oslo 

Par» 

Perth 

Reykjavik 

Rhi de J'o 

Rome .. 

Stnsaporc 


5 -3 =7iSWckMlar 


Sn —2 
R * 
S 1 

Sn -S 
$ 12 
R 19 
Dr 15 
S 3 


Stnsbrs. 
Sydney • 
Tel Adv 
Tokyo 
Toronto 
Vienna 
Warsaw 
Zurich 


Y’day 
mid-day 
°C •F 
C -4 25 
F 16 81 
S .15* 
C 19 68 
F 2 38 
C -1. 30 
S—14. 7 
Sn —3 .271 
S 1 '34 
C 4 3» 

S -7 19 
C 8 32 
C 36 97 
P 0 32 
C -29 B4 
F 18 El. 
S 31 SS 
S -S 31 
Sn -2 23 
S 29 34 
R 14 37 

C 4 38 
C -7 !9 

5 -1 30 

6 -5 33 
C.“l SO 


HOLIDAY RESORTS 


Ajaccio S 
Algiers C 
Riarrnr C 
Blackpool C 
Knrdcairx Dr 
Boulogne C —1 
Casihlnca 5 2.*> 
Cape Town S ?,T 
Dubrovnik C 3 


Y’day 
mid-day 
*C *K 
> IS t3 
: 21 79 
■ 14 
3 
13 


Karo _ ... 
Florence C 9 
Funchal C 2n 
Gibraltar P 22 
Guernsey C 3 
Innsbruck Sn -1 
IrvomoM Sn -4 
isle of Man 9 3 


Istanbul 
Jersey 
371 Lab Pints. 
^71 Locarno 
55| Majorca 
HDlMalau- 
77j Malta 
Nairobi 
Naples 
Nice 
i"i do no 
Salzbure 
..Tanslcr ' 
37 Tenerife 
3fij Touts 
23 {Valencia 
37'VejMM 


Vday 
raid-day 
■C "F 
9 4S 

J 37 
S3 73 

2 as 

20 SS 
51-71. 
17 m 
24 7a 
!J 54 
19 59 
13 39 
Sn -1 30 
S 22 72 
5 Ifl tH 
S SB SS 
F 21 S9 
C 3 37 


5—Sunny F—Fair. C—Cloud?. R—Ram. 
to—Snow, O—sect. Dr—Drtede 




The steady decline in interest jWtes.ha^ not been'vejy- 
cheerful news for,.taxpayers; .vvhcr rely on deposit;, 
accounts as e source-.of^’-investment..ihcome — 


With the Financial- Tiitie$ : ^hiduetifalfOrdinary Index/. 

, rising by 32% from 4ih January T977 ta1 Tth Feb- 
ruary 1978, substantiai/gairis/beijig made in GtttO 
edged -and Property Funds,, and-the £ rising against .. 
- theLl.S. $ r ;NOWisthetirh'e/ioseek'adyice. . .. 


Joseph Sanders & P^rtaelh, specialise iri investment: ' 
schemes which, are life ^assurance linked, and ean// 
provide a high rietspendabieincorne,'whi]st creating 
an' oppoiTunity-for-capital growth with the measure ■ 
of security demanded by today's investor. • ; 


If 'fouhB ve£70,000or mo re to invest and wouldffke further ' 
, please campfeteandreturn the coupdn befoW. 


details. 


-.-V -Ntft APPUCASbE TO tifl£. 


3a PONT STREET. EONDONSWlX 9£j/ TEL: (01)2358523 £ 


Name- 


-Age- 


Address. 


i Income; 


Day (cl. no. 





Registered ■( the-Pom OfKcr: 'fiijnted'iy 


Hr tta .Finudal Timas Ltd.^ GEBtcKaa ;( Bi 


tdnttoo. gap 4 




/ 


•'. • .. . ':• v;^-- - -: