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11. . ..... _ 


MxajssonMTs 




^ wpOM • BE0FORD -BRISTOL i HITCH1N " 
LUTON-AW PTH ILL 


No. 27,495 


Saturday February 25 1978 *is P 


COMTlNOfTAL SBJJHQ MtTQESi AUSTRIA SeM 5 s BBjGJUM 


for the latest Investment Trust report 
phone Mary Blair <01-409 3100) 

(Uii-K-iul .inilcu-i hi*; Ans.ipliork*} 


exclusive to Schlesingers 



Ff DPI MARK KrJJ; FRANCE Fr3.»; GERMANY PIC J; ITALY U5A0; NETHERLANDS R-2.0; NORWAY KrJSi PORTUGAL EscJfl; SPAIN riat.40; SWEDEN Kr-JJJ; SWITZERLAND Fr.2.0; EIRE 15p 


SUMMARY 


BUSINESS 


«.«. 




z 


u.s. 



'if'ci. 2 ", c,;: Iway tank wagons filled 

(■:: ’V/V rrV-.'-S -'V-Upane gas were derailed 

middle'-of 
CA Tennessee, resi- 
> area yesterday, killing 
25 and 30 people: 

estimated that up to 300 
~iad been injured‘in'the 
Much ripped through the 
. or the town of 6.0QQ 
nts, ail of. whom have 
. icuated.' Flames shot 300 
o the air. and burned 
s. 

and Army helicopters 
o ferry the injured to 
. in surrounding towns. 

i Soviet 
»for Syria 

to receive more Soviet 
-obatoly to be paid for 
i—as a result of Presi- 
sad’s visit to: Moscow.- 
mgton. Mr. Cyrus Vance, 
etary of State, said that 
- ir Administration.would 
. its S4.8bn. Middle East 
aircraft sales package 
Congress insist on dls- 
iL Page 10 


over 

r , . . 

Account 


• . EQUITIES eased .'again on 
weak demand. The FT 30-Share 
Index closed at 4443C down 1.3 
—Sts lowest closing -level since 




steps into 
lispute 

.. a. drawn-up by Mr. Len 
TUC general secretary, 
discussed-by the execu- 
be rail union, ASLEF, 

- yin an attempt to avert 
-■s. of planned one-day 

es. the first of which is 
ke place on Wednesday. 
*ge. Merchant Navy 
trike deferred. Page 13. 

lerSunday 
r proposed 

Newspapers, formerly 
10k Newspapers, may 
new Sunday newspaper 
)n to the proposed new 
evening newspaper, Mr. 
attbews, deputy chair- 
the Trafalgar House 
■ich bought Beaverbrook 
.. told 200 businessmen 
rtising executives at ', a 
uneb given by Express 
*rs.. Back Page 

snts* march 
irmingham 

onal Union of.Students 
ferred its March 3 mass 
-'support of the students 
ampaigu from London 
ham because of the 
an on - the National 
Iford march- and other 
s. Lord Thorueycroft, 
tive Party chairmen. 
!| the ban as ‘'another 
ng a very dangerous, 
the Socialist Workers 
uid stop-.the National. 

why not the Couseiv 
pberals and others? he 

e*.reshuffle 

_ S«3crei,-Spanish Prime 
last night accepted the 
rn'df .jprof., Quintana, 
(conomic overlord, and 
four Ministers- in his 
>bmet-■ Fage 10 . ; . 

le-up 

jdjdd wetfe- injured last 
a .tnixlUj^e. fdte-op on 
Hertfordshire. Police 
.. articulated iorries^a 
id several cars collided 
WJfii.oi the interchange 

v 

y - • 

is worth only 26p 
with ris 1960 value, Mr. 
'avies- Treasury Minister, 
a Commons reply. _ 

/is Carter, 93, of tbe'Bed- 
• Times, and thought , to 
tain's oldest working 
■t, has died. 

: y Rev. Alan Webster is 
stalled to-day as Dean of 
■ ‘s. 

/ink J. McGinn ness is to 
> Metropolitan and-City 
jd Police fraud squad..' 

itor has requested a new 

- the Pintn car accident 
cb resulted in a S12&Sm. 

award. 


M10. 


July 29. The. index has dropped 
26.8 over the past two weeks, jfs 
biggest fall during an Account 
since November. 

• : GILTS were unsettled by 
concern about reflationary 
moves. The FT Government 
Securities Index fell'0.38 to 
74.71. 

• STERLING fell 2.3 cents to 
51.9300, as the dollar staged a 
recovery: The pound’s trade- 
weighted index slipped-to 655 
<6517); the dollar's trade- 
weighted depreciation narrowed 
to 4.95 (5.62) per cent 

• GOLD fell $2.75 to S180L375. 

• WALL STREET rose 529 to 

756,24. ^ . 

'•fPSLT’^-public secior'deficir 
■this year in expected now ro .be 
more than, double the ceiling 
agreed with the IMF last April. 
Officials from the IMF are due 
in Rome In the next few weeks, 
presumably after a new Govern¬ 
ment has been formed. Back 
Page - 

• FRANCE’S inflation worsened 
slightly last month, the price 
Index rising 0-5 per cent- to show 
a 9.2 per cent. Increase over the 
past 12 months. 

• HOPES for smooth settlement 
of- a wage dispute in the West 
German engineering and metal 
fabricating industry have faded, 
with; employers and unions re¬ 
jecting an arbitrator's award in 
a key region. Page 10 

BP to lay up 
five tankers 

• BP is to lay up five large 
tankers far several years because, 
of the depressed state of the 
oil trading market The ships, 
worfe about £75mL. add to a 
growing list of tankers lying idle 
.throughout the world. Back Page 
Rough time for shipping. Page 12 

• UEYLAND workers voted to 
'end a 17-week strike at the Speke 
car plant., on. Merseyside .and 
production. of the ■ Triumph TR7 
wul _ begin again on Monday. 
Ley!and said the return to work 
would net affeet its plan to close 
the: Speke Number Two plant 
: aad to’-switch TR7 production 
to Coventry. Page 13 

.• FIRTH . BROWN. . biggest of 
.the :Sheffield private' steel com¬ 
panies, is asking the Government 
for a .temporary employment 
subsidy- to help save ~E50 jobs 
threatened by the weak demand 
for steel; Page 11 

• LONDON TRANSPORT lost 
£2.Sm. last year, much less than 
onAjnaHy forecast. Page ll 

•fFAfcM LAND prices in Eng-j 
land apri: Wales have risen above 
£1,000 an acre, on average, for 
the first time. Page 11 

• YUGOSLAVIA has completed 
arrangements for foreign cur¬ 
rency financing totalling $381m. 
for a new petrochemical plant— 
involving export credit from the 
U.K-. France and the Nether¬ 
lands, as well as Euroloans from- 
commercial banks and a Euro¬ 
bond issue. Barit Page 

• TELEFUSION pre-tax profit 
slipped to £0.Slm. (fl.lSm.) in 
.the fcaif-year to October. Page 

.Lex- • •; 


Agreement on U.S. 
coal as Carter 
prepared to act 

BY STEWART FLEMING, NEW YORK, Feb. 24 

Negotiators had reached a tentative agreement that could end the longest con¬ 
tinuous coal strike in American history. President Jimmy Carter announced 
to-night. 


Mr. Carter's announcement 
came two hours before he was to 
appear on nationwide television 
to outline Government steps 
aimed at ending the 81-day strike 
which has forced scattered power 
cuts and caused industrial lay¬ 
offs. 

The agreement came after 
secret bargaining between union 
and industry negotiators. 

Speaking to tbe miners, Mr. 
Carter said: " I hope you wilt 
follow the lead of your bargain¬ 
ing council and ratify the settle¬ 
ment. It serves the national 
interest as well as your interests 
and those uf your families. If it 
is not approved. 1 will have to 
take the drastic actions 1 was 
prepared to take to-night'* 

The tentative settlement fol¬ 
lowed essentially the agreement 
worked out earlier this week 
between the union and an inde¬ 
pendent company. It would 
increase miners’ wages by $2.40 
an hour over the next three 
years, raising the average daily 
wage to more than SS0 a day. 

The Administration's interven¬ 
tion in the dispute a week ago 
was the culmination of fierce 
verbal pressures on the coal com¬ 
panies td reach a settlement with 
the unions. • 

Earlier in the day Mr. Carter 
had summoned to ihe White 
House the chief executives of 
the main coal companies. 

Also at to-day's talks were the 
chairmen of United States Steel, 


Mr. Edgar Speer, and of Bethle¬ 
hem Steel, Mr, Lewis Fay. and 
the heads of Nationji Steel and 
Continental Oil. also companies 
which have major coal-mining 
operations. 

Accompanying tbe President 
at the meeting were senior 
Administration officials, includ¬ 
ing Vice-President Mandate and 
Mr. James Schicsioger, Energy 
Secretary. 

After the meeting. Mr. Speer 
said: “One thing I can guaran¬ 
tee is that there will be some 
kind of contract.” He denied 
suggestions that the coal indus¬ 
try was under pressure to accept 
the terms of the Pittsburgh and 
Midway settlement, saying there 
was pressure on everyone. 

Mr. Carter’s interventon had 
pushed the coal companies and 
the union closer to a settlement, 
but there had been mounting 
public impatience for the Presi¬ 
dent to act decisively before tbe 
midwest power situation 
became critical. 

The President had already set 
this weekend as a deadline to 
resolve the dispute or take 
drastic action to enforce a 
solution. Pressure on the 
administration la act was alsu 
growing as the performance of 
ihe dollar on foreign exchange 
markets was being linked to the 
continuing coal strike. 

Mr. Robert Strauss, the Presi¬ 
dent's Special Trade Representa¬ 
tive. who has been intimately in¬ 


volved in the evolution of the 
Carter Administration's policies 
to protect tbe steel industry from 
unfair foreign competition had 
been seeking to persuade leading 
steel companies to accept the 
Pittsburgh and Midway deal as 
a basis for the agreements. The 
steel industry is aware that it is 
dependent on the administration 
for the effective enforcement or 
the Treasury-administered trig¬ 
ger price mechanism for stem¬ 
ming steel imports. 

The President has now been 
publicly committed to bringine 
about a settlement in the coal 
strike for a week. Although the 
interruptions Lo power supplies 
in the Midwest have so far had 
only a limited impact on indus¬ 
try, opinion polls clearly suggest 
that the President has been 
affected by the Sl-day stoppage. 

Three main courses of action 
were open to the President. Tbe 
first was to declare a legal bar 
gaining impasse which, under 
U.S. labour law. allows the nego¬ 
tiations to move from industry¬ 
wide talks lo company-by-com- 
pany negotiations. 

A second alternative is 
federal seizure of the mines. 
President Truman took this step 
in 1950 but the decision did 
have to he implemented. 

The third notion which has 
been opposed by labour was to 
enturce th-i Taft-Harttey ACL 
Tbe President would have to go 
in court and secure an injunc¬ 
tion. 



SEP OCT NOV DEC JJUI FES 


Cabinet anger 
grows over 
steel report 


BY ROY HODSON 

GOVERNMENT Ministers reacted If that course or action had 
angrily yesterday to the Com- been followed, some IS.DOO jobs 
moos Select Committee’s report would have been lust and steel 
on the steel industry*. One prices would have had to rise by 
Minister. shocked by the 5 per cent. The Cabinet was also 
criticisms of Mr. Eric Varley. told of an even more drastic 
Industry Secretary, and Sir alternative if British Steel was 
Charles Vi liters, chairman of lo eliminate the 1977-78 losses 
British Steel, suggested that the entirely. In addition to the 
committee had been guilty uf older plants some of the modern 
inconsistency, inaccuracy and integrated steelworks would 
even invention. have closed, involving a total 

The public comment was loss of 44.000 jobs, and steel 
more restrained. With Mr. prices would have had to be 
Varley visiting the Midlands, his raised by 10 per cent, 
junior minister at the Depart- The two options were discarded 
men! of Industry, Mr. Gerald hy the Cabinet m Favour of 
Kaufman, said:— accepting a British Steel loss of 

“ The Government reply to tbe some £520ra for the year while 
select committee report will be pursuing a series of deals with 
published in the normal way. lhe 17 5t ecl unions to allow the 
We shall deal with any incun- peaceful closure of unprofitable 
sistencic-s and other errors in the plants. 


Dollar up 
as Swiss 
tighten 
controls 

BY MICHAEL B LAN DEN 

FOREIGN EXCHANGE markets 

were thrown into renewed_ ___ 

turmoil last night as Switzerland J report But it is important The Government has still not 

above all. that we concentrate on decided whether 10 accede to the 
the future of the industry itself select committee's demand for 
and the jobs of the workers, and a two-dav Commons debale on 
its importance to our industrial British Steel before Easter. But 
strategy” oven if there is no debate Mr. 

The charge of Invention stems Varley is expected lo make 1 
from a statement in the report statement to the House, 
that on September 11. 1977. Sir The seIect committec was bit- 
Charles and Mr. Varley met and terIy criticised by Mr. Bill Sirs. 

eed to accelerate the closure general secretary of the Iron 
2ft. e , * st stee '' Plants (the an( j steel Trades Confederation. 
Beswick list of works). the biggest steel union. The 

Both Ministerial sources and committee, he said, had picked 
British Steel last night denied scapegoats la justify the 
that any such meeting took place, “furore" it had rawed. 


U.K. bids to delay cheap 
Atlantic flights 


* PRICE CHARGES YIOTERBAY 


n pence-unless otherwise 
indicated) 

- RISES: 
ad M. B.) ,.. 86 + 4 

Hldgs. 82 + 5 

.. 168 + 10 

id Robertson 38 + 10 
? General ... 120 + 27 
ti.) . 16 + 3 


Coral Leisure .. 102 — 5 

CBStaiO.tRO .-. 248 “ 8 

Currys- .. 166 — 8 

Furness Witby .. 246 — S 

GiU and Duff us .200 — 7 

Hanfbrn- Trust . 26 — 4 




Itnfctrs. 10S .+ 4 

(U.K.) . 2515 + 8 

FALLS: 

7 Ujpc 1991-flOli- i 

] . 230 r .6 

and Smithers 217 ” 9 

Bank ..S02 -. S 

I Hilling 77 - S: 

j *thur) . 202 — 6- 

/•I.) .. 188'-' 7' 

a 


Metal Box . 

Milbury . .. 

Royal Insurance 

Samuel (H.) . 

Santey (B.J . 

Vasppr ..- 


Wilkinson' Match 
McLeod .Russet . 200.-' 8 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

THE U.K. Government, together ment, signed last summer, to 
with other European govern- veto recent applications by Pan 
ments, is asking the U.S. to halt American. Trans World, Delta 
the introduction of new cheap air and Bran iff International, to 
fares on tbe North Atlantic route offer further cheap Stand-By 
until next August, to allow time and Budget Plan fares from April 
for the effect of existing cheap 1 from London to a wide num- 
rates to be.assessed. The plan her of U.S. cities beyond New 
will be put to the U.S. at a meet- York. 

ing in Washington on March 6. Those airlines wanted such 
If, by the end of the summer, f ares , for example, lo Philadei- 
It Is clear that cheap fares have p bia, Detroit Boston. Los- 
been successful in generating Angeles, Chicago, San Francisco, 
new traffic without diluting air- Seattle. Dallas-Fort Worth and 
line revenues, the U.K. and the Atlanta. 

economy 

timp hPin" I ho c,ass rateS by m0re 1,130 i n 

But, for the tunc o0io^« ino __py nases For exzunPl£« TWA 
U.K. in particular is worried that JJSidTb’asie Stand-By fare to 

££^ 

airlines could cause a massive 0De t0 ~“ ca ~ 0 01 ' 

deterioration in tbe revenues The U.K. Government view is 

and profitability of the ache- that, while it is in favour of 

dnled airlines, including British cheap fares, and is prepared to 

Airways. permit an increase in them, the 

The Civil Aviation Authority, existing cheap Budget Plan and 

with tbe approval of tbe Depart- Stand-By rates between London 

ment of Trade, has used its and New York of £64 single have 

powers uader the Anglo-U.S. Ber- been in operation only for the 

muda Two bilateral air agree- winter period, and before their 


full effect can be assessed, ex¬ 
perience of the busier summer 
months is essential. 

It is estimated that the 20 
major scheduled airlines already 
flying the North Atlantic collec¬ 
tively lose more than £100m. a 
year on their scheduled opera¬ 
tions. 3nd many of them believe 
that tbe way to change this situa¬ 
tion is in raise fares, rather than) 
reduce them. I 

They admit that cheaper fares: 
can attract new customers, but- 
they are not convinced that the 
Budcet Plan and Stand-Bv fares 
available to New York are doing 
that. 

Many airline executives believe 
those fares are draining traffic 
away from existing hiaher-fare 
services and that the increase in 
the market is much smaller than 
the success of cheap fare opera 
tions such as Skytraln tend to 
suggest'. 

The U.K. Department of Trade 
is confident that on March fi it 
can persuade the U.S. Govern 
ment. through the Civil Aero¬ 
nautics Board, to agree to the 
freeze. 


announced a package of 
measures aimed to discourage 
inflows from abroad. 

The move brought a sharp 
recovery in the dollar, which had 
begun to pick up earlier in the 
afternoon on hopes of a settle¬ 
ment of the U.S. coal strike. The 
pound slumped in late trading, 
ending at $1.93 for a fall of 2.3 
cents from the previous day’s 
level. . _ ^ 

The pressure on the dollar 
continued during the morning, 
with the U.S. currency again 
falling to new low levels against 
the strong European currencies 
in spite of further support from 
central banks. 

Atier overnight intervention in 
Tokyo, the dollar was supported 
by purchases of $60.5m. by the 
West German Bundesbank and 
by intervention by tbe Swiss 
authorities. 


The improvement started 
during the afternoon and was 
accelerated when the Swiss 
moves became known after 
Continental markets had closed 
and just as London was ending. 

The Swiss measures included 


Pressure 

In the Commons. British Steel 


Members of the select commit¬ 
tee have been thrown an the 
defensive by this apparent dis¬ 
crepancy in their report, but 
some agree that a mistake could 

have bpen made in interpreting was charged by Mr. John Wake- 
the evidence. ham. Conservative, with getting 

Meanwhile a new row is blow- round the jobs protection laws 
ins up between the select com- at plants destined for early 
mittce and tbe Government about closure by hiring temporary 
the reasons why ihe Cabinet did contract labour to avoid later in- 
not take decisive action when volvement in redundancy pay. 
losses of more than £4fl0m. were Ruper , corn well writes: The 
first forecast by British Steel Government plans to bnuen- out 
la SL ye ?« r ' .T . the assault likely at Westminster 

The Government s explanation next WP ek over the select cow¬ 
ls that action last autumn to rnittee's report. Mr. Varley will 

reduce the mcr*.nting losses j^ve the opportunitv of spelling 

fSJfc n, ! , t ft f 7 t,,re M C . Ut I n the i W0U J d have i ,ee ". sc ‘!lr 5tit a ? out his position when he answers 
bank rate from 1.5 tn I per to have resulted in widespread questions in the Commons on 

— _ —. — .- labour unre.ri throughout the Monday 

stcelniaklng areas. The Govern- Prime Minister is under- 

meiit was af ra ,d of provoking a st ood to see absolutely no 

strike which would have cost the pounds for calling for the resig- 
week* Ce ° f paymc ' n,s £ 50m - a nation of any of the protagon- 


cent. and a further tightening of 
th c controls over non-resident 
deposits. This Involved a 20 per 
cent, reduction in tbe amount of 
most non-resident Swiss franc 
deposits which escape the nega¬ 
tive interest charge of 10 per 
cent, a quarter. 

The Swiss Government said 
the measures had been taken in 
order to shore up defence* 
egsinsl a further appreciation of 
the Swiss franc, which had in¬ 
creased by more than 130 per 
Continued on Rack Page 


Employment 


l in New York 


FHinun L> 


l B rr vhiii' 


ists in the affair; Mr. Varley him¬ 
self. the Industry Minister Mr. 
Kaufman or Sir Charles Viltiers, 
BSC's chairman. 

When the estimate of the Every sign is that the opposi- 
corporation's losses (or 1977-7$ lion will prefer to allow its back- 
had touched approximately benchers to make tbe running 
£350m. in August the Cabinet was while keeping up steady back- 
lold lhat action to cut the losses stage pressure for an early 
by half—£175ni.—before April debate on the industry's future. 
1978 would mean: an adjustment Mr. Norman Lament, a Con- 
lo tne corporation s accounts m- servative Industry spokesman, 
voicing a **P» al write-off which 5a id last night that the longer 
would need Parliamentary ap- 3l . t j on WM delayed Lhe greater 
I proval. deferment of Stage 3 t jj e damage to Britain’s steel 
wage rises for steelworkers; the 


.S|j»-r >' .-Or-OJaii 

I huhiiIi i- ]■<■■ 

.'nviiii|i« ■■ 

I2un>nlll» '-Aw 7..iU ,'X 


si.+yv -r4s ! imposition of steel import con 
-«*i. trnjs with the backing of the 
o.o7u.cc ik. EEC: and lhe immediate closure 
of a number of high cost works. 


Ci.fcVi.aii.iw 


industry and the greater Lhe 
number of jobs endangered. 

Man or the Week. 

Buck Page 


Government to limit tea price 

BY ELINOR GOODMAN, CONSUMER AfVAfRS CORRESPONDENT 


THE GOVERNMENT is to im¬ 
pose a maximum price on tea to 
force blenders to reduce their 

iprices r 

The' decision follows thc tea 
companies' flat refusal yesterday 
to follow voluntarily the Price 
.Commission's recommendation 
that prices should be cut im¬ 
mediately. . 

, The statutory ceiling is to be 
Imposed through a novel use of 
the Prices Act. 1974. which until 
now has only been used on sub¬ 
sidised foods. 

Last night the tea companies 
.were believed to be taking legal 
advice in an attempt to prove 
that the Government had no 
[legal basis for such action. 

The-control is to be imposed 
on the wholesale price. The aim 
is to reduce the average shop 
price to nearer the 2Ip and 22p 
a quarter pound suggested by 
tbe.-Commission in its report 
published earlier this week. 

-The Government’s own figures 


suggest that the present average 
price is nearer 27p. though the 
tea companies dispute this figure 
along with many other aspects 
of the Commission's report. 

At a meeting zt the Depart* 
ment of Prices yesterday, repre¬ 
sentatives of the four main com¬ 
panies—Brooke. Bond Oxo. 
Lyons Tetley. Typboo Tea and 
the Co-operative Wholesale 
Society—refused to endorse a 
general statement to the effect 
that they would agree to reduce 
prices. 

The companies repeated their 
view that to reduce prices now 
would be premature in view of 
the movement in auction prices. 
They also said that the Commis¬ 
sion's figures for average retail 
prices were wrong, as were their 
estimates of blend costs. 

Mr. Roy Haftersley, Prices 
Secretary, made it clear earlier 
this week that he would force 
thc companies to reduce their 


price*: jf they refused to co¬ 
operate voluntarily. 

Since the original reference of 
tea to the Price Commission was 
made under tbe old prices 
regime, Mr. Hatlersley cannot 
invoke tbe Price Commission's 
new powers to restrict prices. 
Thc only weapon at his disposal 
is lhe 1974 Prices Act. 

This Act enables the Govern¬ 
ment to fix maximum prices on 
certain essential products. 

Until now, it has been used 
only on products receiving 
Government subsidy—of which 
tea used ter be one but is no 
longer—and tbe control has been 
at fiie retail end rather than on 
the manufacturers' price. 

Last night the blenders said 
they could not accept the 
•’ responsibility for the disloca¬ 
tion to investment plans and 
thus to the viability of their 
companies which must result 
from a decision to reduce prices 
on the basis of inaccurate data.** 


CONTENTS OF TO-DAY’S ISSUE 


Overseas news.w. 10 

Home'news-general 10 and 11 

—labour . 13 

Arts page. 9 


Leader page. 12 

UjK. Companies .14-15 

Mining . 2 

International Companies ... 17 


Wall Street ...*. IS 

Foreign Exchanges . 19 

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


Difficulties or the 
Shipping Industry 


FEATURES 

World The Future of Higher 
■. 12 Education . 13 


China's National People's 
Congress . 10 


380 

— 

S 




12 


24 



£5 

— 

5 


i 



Ystir Savins* A Inv. 

3 

Delta investment ... 

15 

.107 

152 

— 



fc 




— 

■1 

Cotta a tag .. 

. S 

Mail w (be Wk» 

5 

OFFER FOR SALE 


ANNUAL STATEMENTS 

•JiMJ 

— 

6 




a 

Crescent High . 

15 

COSB HaMIag* . .. . 

15 

SS 

350 

24 S 

190 

- 

3 

» 

9 . 

. . Entertain mem Calda 
Finance A Family.. 
FT-ACUlftei Indices 

s 

j 

X 

Raciag .. 

Share Informal ion .. 
SG week's DaaJIns 

w 

22-23 

U-M 

A 

M&G America . . 

Piccadilly Flexible 
Properly Growth 
Schlesinger Scheme 

11 

U 

12 

» 

Crust Trust . 

Hill a Smith . 

■»c Leading Rbmo 
B uriding See. Rates 
Ls«al Avthy. Bonds 
UJC. CpnvarUMe* ... 

15 

15 

2 t 






b 

S»P U.S. Grawtii... 

J 

19 

19 

19 

IRQ 

70 

- 

6 

t 

- Hot* ta- Spend It 1 .. 
Insurance .. 

7 

4 

TV ud Radis. 

Unit Trams . 

2 

a 

Tyndall Premkun .. 
(Cemmeat pase Ml 

15 


For latest Share lodes 'phone 0I-24R S02R 


Iah-, BISHOPS 

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Cadbury 

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Financial Tim^s $^tJirday; 


week in London and 


Equities continue to slide 


New York 


Watch and wait 


ONLOOKER 

WHILE GILTS managed to 
more nr less hold their own 
over the week equities suffered 
from a noticeable lack of buy¬ 
ing interest and the Financial 
Times Industrial Ordinary 
Index fell 15 points over the 
fr« j days and 26.8 on the 
account. This represents the 
largest fall on a two-week 
acvminf since last November. 

The lack of demand for equi¬ 
ties was clearly apparent by 
Tuesday with markings once 
a.sain below the GKN/Sachs 
verdict on Wednesday depres¬ 
sed sentiment even further. 

Such had been the slide in 
equities that underwriters for 
the Midland rights issue must 
have been slightly nervous with 
the share price only just above 
the issue price and subscrip¬ 
tions of just 82 per cent, but 
after a little effort the brokers 
managed to place the shares. 

Some new time buying 
checked the slide on Friday but 
the undertone was still weak. 
He** ever, the short end of the 
gilt market received the news 
of a new tap stock reasonably 
favnurahly. 

Vr ilkinson Match 

A had deal does not become 
a .nod one just because, the 
price is reduced. This is what 
P & r> found out when it 
tri"k i.i ct Bov is a few years 
a?ii—and it may also apply to 
the :'jrrent rud by Wilkinson 
Match for True Temper in the 
U.S. Under the revised terms, 
Allegheny Ludlum tTrue Tem¬ 
pers pa rent l will only end up 
with 44 per cent, of Wilkinson 
instead of over 50 as originally 
proposed. But Wilkinson's cir- 
eiLar to iu shareholders, pub¬ 
lished this week, has done little 
to allay the continuing criticism 
of the takeover. 

It shov. s that True Temper 
ha- a bad profits record and a 
fair amount oF debt It gives 
few firm ideas about bow Wil- 
kinrnn proposes to improve this 
performance. And it has failed 
to remove worries about poten¬ 
tial conflicts of interest with 
Allegheny. 

Faced with this uncertainty, 
Wilkinson's institutional share¬ 
holders have hired Hill Samuel 
to produce an independent 
assessment of fhe takeover. 
Hambrri*. who support the Wil¬ 
kinson Board in strongly recom¬ 
mending ’.lie proposals, may feel 
Jf little miJW at this interven¬ 
tion. F.ut a? an all too rare 
examp !-. 1 of the' institutions 
ex**n*i.-.ina their proprietorial 
riant*. this intervention is to 
fc* heartily welcomed. 


Linn ever s test 

N rt x! W'-ek eoulrl he a telling 
time for Unilever's share price 
a= annl>sts updare their fore¬ 
casts for the following Tues¬ 


day's preliminary results and 
investors reappraise the posi¬ 
tion in the light of a recent 
bearish circular from brokers 
Wood Mackenzie. 

The Scottish broker’s forecast 
of profits for 1977 of £556m. 
and £644 jxl for 1978 are more 
or less in line with other City 
analysts. One London broker is 
forecasting as little as £545m., 
but is taking a neutral “ hold " 
position, despite what he 
believes couid prove disappoint¬ 
ing figures. 

The bearish report is based 
on longer term fears. Europe. 
It argues, is likely to remain 
dull in the medium term and 
Unilever's decision to concen¬ 
trate on branded goods rather 
to trade down could prove a 
poor move in the long run. 

Also the brokers are not 
happy about the long term im¬ 
plications of Unilever’s commit¬ 
ment to Africa which has sup¬ 
plied much of the recent earn¬ 
ings growth. 

However, Unilever’s shares 
have performed much in line 
with the market since the cir¬ 
cular was published. Some in¬ 
stitutions may agree with its 
long term implications but now 
could be the wrong time to sell. 
Because of the dividend equalis¬ 
ation agreement between Limi¬ 
ted and NV. U.K. shareholders 
will have some 38p of back 
dividends to come if restraint is 
lifted, plus an increase in the 
current payout. That fact alone 
is keeping some of the institu¬ 
tions holding on. 

Stormy seas 

Financial and trading pres¬ 
sures over the world's shipping 
industry are continuing to 
increase and this week the FT 
shipping index fell almost 32 
points to 408.16. 

Behind the sbarp fall In 
share prices were rumours that 
a British shipping company had 
run into financial difficulties. In 
addition, British Shipbuilders 
reported that it had been 
approached by a number of its 
customers (mostly foreign) with 
a view to rescheduling their 
debts. 

To date the major British ship¬ 
ping groups have escaped the 
worst of the crisis which has 
spilled over from the oil tanker 
trade into the bulk cargo sector. 
This is because British com¬ 
panies have traditionally placed 
greater emphasis on longer 
terra charter contracts (some 
of which will have carried over 
into the recession') and because 
the U.K companies have tended 
to enjoy a broader spread of 
interests—into general carso 
and container traffic, where 
competition has been less cut¬ 
throat. 

Last year around 10 per cent, 
of both the world’s oil tanker 
and bulk cargo fleets were laid 



up and with shipyards currently 
committed to increase the size 
of the joint fleets by at least 
10 $ per cent over the nest few 
years the current situation looks 
desperate. 

With so much surplus 
capacity, cargo rates are mostly 
at rock bottom while the value 
of second hand tonnage may 

THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM |AN. 26 
% Change 

Tobaccos — 1-2 

Insurance Broken — 2.0 

Wines and Spirits — 2.8 

Mining Finance — 3-6 

Oils — 3A 

Chemicals — 3.8 

THE WORST PERFORMERS 


All-Share Index 

- 6.7 

Building Materials 

-10.1 

Stores 

— 10J 

Discount Houses 

-10.6 

Hire Purchase 

— 1U 

Property 

— 12.0 

Shipping 

—13.2 


have fallen by as much as a 
third over the past year. No 
wonder that the stock market is 
taking the view that life for the 
shipping companies is going to 
get much worse hefore it gets 
better^-particularly if there is 
no marked recovery in world 
trade this year. 

1C / 's dilemma 

"We need sterling to he in 
per cent, lower," remarked a 
senior ICI executive on Thurs¬ 
day. discussing group results for 
1977 which failed tr» come up 
to expectations even though City 
projections had been repeatedly 
revised downwards. For the 
year as a whole ICI showed 
only a fairly modest decline 
from £540m. tn £4$3m. pre-tax. 
a fall which was exaggerated by 
exchange losses. But what is 
worrying the stock market is 
that the fourth quarter pro¬ 
duced barely half as much profit 
as the second quarter. 

The rise in sterling late in 


{BASKET HIGHLIGHTS OF THE WEEK 


the year all but wiped out Id's 
export profit margins, and the 
world demand picture is dull. 
It is amazing to think that six 
months ago the City analysts’ 
projections for 1978 stretched to 
£700m. pre-tax and more. Now 
the guesses are clustering 
around £450m. but the picture 
is still very uncertain. The 
group is bound to have its 
nerves tested over whether tn 
cut back its ambitious capital 
spending plans. And the higher 
sterling remains the tougher tbe 
group's task will he. 

GKNISachs 

The West German Supreme 
Court duly pronounced on 
Tuesday on whether GKN could 
increase its 25 per cent, stake 
in leading West German clutch 
manufacturer Sachs to 75 per 
cent. The court ruled against 
the increase. Investors showed 
their disappointment and the 
shares fell by lOp on the week 
to 264p. What is more, as the 
graph clearly points out, the 
shares have significantly under¬ 
performed the market over the 
last seven months or so. 

The court decision marked the 
end nf a 2 V-year-long struggle 
for the Saeh controlling stake. 
If it had been successful it 
would have moved GKN into a 
dominant position in the West 
German vehicle component 
market. 

Sachs is the leading'German 
manufacturer nf clutches with 
about 73 per cent, nf the total 
German market. The. purchase 
of the Sachs stake would have 
complemented CRN's “ other 
West German interest. Uni- 
Cardan where GKN has a 59.5 
per cent interest. Uni-Cardan 
makes universal joints and pro¬ 
peller shafls. 

Meanwhile shareholders have 
to nerve themselves for a poor 
set of full year results from 
GKN. which are expected to be 
around £70m., against £9Sm. pre¬ 
tax. 


U.K. INDICES 


BY JOHN WYLES 

THE STOCK market sat on its 
hands this week and waited for 
President Carter who sat on his 
hinds and waited for the coal 
employers who sat on their hands 
and waited for the miners. Not 
a scrupulously accurate account 
of the week's events, perhaps, 
since the President has exerted 
immense behind the scenes pres¬ 
sure for a settlement to end the 
12 Aveek coal strike whose prota¬ 
gonists have in fact changed their 
positions, although during the 
week not in the direction of a 
reconciliation. 

Nevertheless, the stock market 
has essentially been in a holding 
position, wanting and waiting for 
some breakthrough which will 
reduce the threat of severe indus¬ 
trial disruption in the Ohio 
valley. By Friday morning all 
the signs were that President 
Carter may have no option but to 
take some action designed to 
force a settlement or at least a 
return -to work pending a final 
settlement 

Some action, any action, it is 
thought could prove immensely 
cheering to tbe New York Stork 
Exchange although this observer 
prefers to believe that if the coal 
strike is removed as' a depressive 
weight on the market its loss 
will be more than compensated 
by a shift of tbe redundant con- 


Mining 


NEW YORK, Feb. 24. 

tern to the plight of the dollar, 
the rate of inflation and tbe 
future of short term interest 
rates. . 

Investor confidence is after all 
extremely low and there is plenty 
of reason for believing that' it 
will not start to recover, and the 
stock marekt to climb, until the 
important economic indicators 
point to a sufficient slow down 
in economic growth to warrant 
the term recession. 

Id its bi-monthly publication 
Investment Strategy Higbhghfc 
Update, Goldman Sachs Research 
points out that common stocks 
are priced by the market sp. as 
to yield returns competitive wito 
alternative investments, na mei y- 
short- and long-term debt instru¬ 
ments, Interest rates- a*® 

widely expected to rise this year 
and, says Goldman, “cooversa- 
tions with a number of chents 
suggest that until the level and 
timing of the next interest rate 
peak is clearer, the chances of a 
sustained advance ™ common 
stock prices is slight The stock 
market decline would continue 
until abort-term interest rates 

^Historically the evidence sup¬ 
ports this view since the Stan¬ 
dards and Poor’s 500. has bat-: 
tomed an average of four months- 
after rates on four to six months 



commercial paper'‘reached' 
their ‘summit since'.1957., Gold¬ 
man ' argues, hoWever, that this 

time the S and P 500 ms "read* 
bottom before interest rates peak 
because, most uausiially, equity 
prices reached their cyclical high 
in December 1976 at the same 
time as short-term interest 'rates 
were at their lowest • 

In .essence tb* peaking of short¬ 
term rates may' alrea dy^ have 
been largely discounted by tne 
stock market Goldman.. recoin- 
meets a portfolio structure based 
on quality growth stocks witn 
relative multiple premiums of 
40 per cent or less, dividend 

returns -on equity -35 to pee 


cent above, the avepg^^ar 
common stocks-. . 

This' approach favOutt sto 
in tie-fcfllowing inffustfy.gsGqu 
broadcasting and.. ; sewspajx 
drugs and hospItaV suppS 
foods, machinery, office^eqi 
ment and . technology, ; ou '*v 
services, retail trade; saps®; 
loans tobacco-ami-truck^;* 

Of . these groups, Indnenta 
featured In the, top 
favoured by bank. triBt qffi®r2 
a recent survey by the^hafllr 
magazine. Finance-:ivV-' 
' - Q.OSJNG DJIA -- -j* r - 
Mon. NYSE- closed for 
Tim- - ■ ■ 7493U; 

Wed. ' 749 . 05 — —'T'l 

■non • :' l TSO.SSyn^.-Hfs.' 


For the optimists 




BY KENNETH MARSTON, MINING EDITOR 




FT. ind. Ord. In dex 
BQC international 


Bibby I/.) 


Eoats_ 

Campari 

Dc Beers Defd._ 

Fashion & General inv. 

Furn ess W ithy_ 

Grattan War ehouses 

GKN _ 

Hambros_ 

ICi_ 

Johnso n Matt hey _ 

Lor.rho 


Oil Exploration 


Rod: ware 


Sccuriccr 


turner & N cwall 
Wigfail (H.) 


Change on 
Week 

— 15.1 

- 4 



Co. trading news aggravates fall 
Poor first-quarter profits 


General market trend __ 

Ahead of Monday's int. resu lts 

Results du e early Ma rch_ 

R eflects s hipping holdin gs_ 

Shipping ind ustry's problems _ 

Adverse Pr ess c ommen t_ 

Ruling a gainst Sachs d eal 

Reflects shi pping Interes ts_ 

Annual figur es below expectations 
Poo r third-quarter p rofits 
Steel-making sub's redundancies 
ra 


Revived N.-Sea dry well rumours 


Incre ased im port costs 

Good preliminary figu res_ 

in frg nt of Thursday's re suIts_ 

Absence of increased or rival bid 


[Fixed interest 77.73 


j Indust. Ord. 450.4 

Gold Mines _1587’ 

Dealings mkd. 4,919 


11SI 7770 
459 .4 4 66.9 

TSS.8_147.5 

5.674 5’S6I 


FT ACTUARIES 

| Capi tal Gds7 156J3 2 o6Tb1~202^46 

j Consumer 

, tDurable) 180.23 1 84.37 1E6.07 


Ind. Group 192.35 


500-Sh are _212.51 

[financial Gp. 157.S9 


All-Share 197.05 


■ Red. Debs. 6T.I2 


196.73 199.13 


2173J0_219.46 
160.91 141.75 


200.99 202.77 


61.40 61.79 



t Indicate* programme in 
black and white. 

BBC 1 

fl.Ofl a.m. Teddy Edward. 9.05 
Indoors Outdoors. 9.30 Multi¬ 
coloured Swap Shop. 12.18 p.m. 
Weather. 

12.2« Grandstand: Football Focus 

112.25): Boxing (12.50, 1.40 K 
Show Jumping ■ (1.10, 370); 
Kjcina from Kemptnn Park 
I1.2-?. 1.33. 2.25. 2.55); Bad¬ 
minton 1 1.40. 2.10. 2.40) The 
Uber Cup: Enstond v The 
Netherlands: Rugby League 
ci.oii: York v. Warrington; 
4 . 4 »> Final Score including 
classified football, rugby and 
rar.r.z result*. 

5.1!) The Now Adventures of 

batman. 

5.35 News. 

5.45 Sport Regional News. 

5.50 J ini'll Fix It. 

0.25 Dr. Who. 

6.50 Saturday Night at the 
Movies: “Joe Panther,” 
Slarrinc Brian Keith. 

8.35 Mike Yarwood in Persona. 
9.10 Starskv and Hutch. 

lll.OO News. 

" 10.10 Match of the Day. 

11.10 Saturday Night at the Mill. 
All regions as BBC 1 except at 
the IMlowinii times: 

Wales—8.40 a.m. indoors Out¬ 
doors. 9.05-9.30 Teliffant. 12.00 
News and Weather for Wales. 
Scotland—4.55*5.10 p.m. Score- 

board. 5.45-5.50 Scoreboard. 10.10 
Sportsccne. 10.40-11.10 The 50th 
“ Songs of Scotland.'* 12.00 News 
and Weather for Scotland. 

Northern Ireland—5.00-5.10 pjn. 
Scoreboard. 5.45-5^0 Northern 
Ireland Nows. 12.00 News and 
Weather for Northern Ireland. 


BBC 2 

7.40 a.m. Open University. 

3.15 p.m. Saturday Cinema: "Our 
Man in Marrakesh,” star¬ 
ring Tony Randall. 

4.45 Hit the Note ! 

3.15 Horizon. 

6.05 Open Door. 

0210 Sicht and Sound in Con¬ 
cert featuring Loudon 
Wainwright EH (simul¬ 
taneous with Radio 1 
stereo). 

7.30 News and Sport 

7.45 Network. 

8.15 The Book Programme: 
Erich Fromm I interview). 

S-45 Film International: “La 
Cecilia." 
ie^<i mash. 

10.55 News on 2. 

11.00 Midnight Movie: “Hurry 
Sundown." 

LONDON 

9-00 sun. Sesame Street 10.00 
Our Show. 11.00 Saturday Cinema: 
•“The Disorderly Orderly.” star¬ 
ring Jerry Lewis. 

1230 pjn. World of Sport: 1SJ5 
On The Ball; 1.00 Inter¬ 
national Sports Special (l) 
Sport and the Cinema; 1-19 
News from ITN; 1.20 The ITV 
Seven—1.30. 2.00,2.30 and 3.00 
from Stratford: 1.45, 2J5 and 
2.45 from Teesside: 3.10 
International Sports Special 
(2) Greyhound Racing from 
Harringay with 320 The Daily 
Mirror Hurdles Final and 3.45 
The Lad broke Golden Jacket 
Final, plus 325 Professional 
Ice Hockey from Madison 
Square Garden, New York; 
3JH) Half-time Soccer Round¬ 
up; 4.00 Wrestling; 4.50 
Result? Service. 

5.05 News from ITN. 

5J.5 Happy Days. 

545 Logan’s Run. 


6.45 Celebrity Squares. 

7J)H Kncmy at the Door. 

8.30 Sale of the Century. 

9.00 Within These Waits. 

70.00 Yew.-- front 1T.V 

10.15 The South Bank Show with 
Meivyn Braac. Edna 
O'Brien and Quentin Crisp. 

11.15 The Adult Movie: 
“Assassin." starring Ian 
Hendry. Edward Judd and 
Frank Windsor. 

12.50 a.m. Close—Psalm reading 
by Neville Jason- 

All IRA Regions as London 
except at the following times:— 

ANGLIA 

9-M am. Animal Alphabet Parade. 
1-1D Cartoon Time. 9JO Ttswas. 10JD 
Funky Phantom. 10.05 Tiswag. u'JS 
Valley of the Oloosanrs. UJ5 Ttswas. 
5-15 p.m. Celebrity Sanam 6JM Code 
R. 7.oa Sale of the Century BJO The 
Saturday Flint; "The wild Heart.'* star¬ 
ring Jennifer Jones. 1U5 Within These 
Walls. 1205 «.m. At the End of the Day. 

ATV 

9.05 lbi. The Rolf EtarrU Show. 930 
Ttswas including Dymrowi. the Dob 
W onder and The Lone Ranger. 535 p.m. 
The Stx MUUon Dollar Man. LIS Havoc. 
94M The Streets of San Francisco. U-15 
The Saturday Suspense Movie: “ The 
Dead Don't Die." starring Geonte Hamil¬ 
ton. Ray KUIand and Linda CrlstaL 

BORDER 

930 ui. Tliwae including Dmosnjtt— 
the Dos Wonder and the Beadjnsnbera. 
U5 pjn. Logan’s Run. «05 Havoc. 6.45 
Sale of the Caamry. 705 Enemy at the 
Door. 835 Flhn: “ Portrait of a Teenage 
Runaway." 1U5 Second City Revue. 
1135 Tandara. 

CHANNEL 

U 38 pjn. Putin's Plaftin. 5 J 5 Logan's 
Run. US Happy Days. 430 Pobca 
Woman. 1135 Anpolntmeni mib Fean 

Tower of Evil.” 

GRAMPIAN 

9JH »JTU Scene on Saturday Including 
Birthday GreeUnea and Dyuomutt—the 
Do* wonder. 9 OS SMaor. 130 The 
Woody Woodpecker Show. 1645 Woobinda. 
MJH cartoon Time. U39 The Lost 
island*. 1136 The Clue Qub 1230 
Captain Scarlet and the ttnwna, 


5.15 p.nt. Lu;an':> Kun followed bv area 
M-;aih..-r forvJAa:. Hitshland League and 
*h:n:r remles. 6.15 Havoc. 6.45 Sale of 

Cenrurv 7.15 Enemv m rhe Door. 

3.15 Feature Pum: ■' Dawn Ponralr of 
h Tecfljo- Runaway.” I2J5 Wichio 
These Walls. 12.15 a.m. Refleuilons. 

GRANADA 

936 a.m. Tiswas includinu 1030 Dyno- 
mun, ihi- Don Wonder. 103T Tlswas. 
LL25 Solo One and 1135 Tlswas. 5.15 pjti. 
Logan's Run. 635 Havoc. 6.45 Sale of 
The Centurj'. 7-15 Enemy at rhr Door. 
845 '' Bachelor Knifthi." U45 Stars on 
Ice. 11-45 ••The Amorous Prawn.” 

HTV 

9.05 s.m. Ussier Golf. 930 Tiiwaj. 
1845 Bsirnsn. 16.45 Tlswas iconiinui-di. 
1135 Beach com hen 11.55 Tiswas icon- 
rlnued! 5.05 p.m. Olrbrliy Squares 6.30 
Logan's Run .9.00 Srrwu nf San Fran¬ 
cisco. 11.15 Moynthan. 

HTV C-rniru/Wales—As HTV Genenl 
Service except 535 p.m. Cartamuime. 
6-80*38 Canolfan 1145-1240 a.m. Cup 
Rughy: Ebbw Vale v Cardiff. 

SCOTTISH 

9.00 m.m. Too Dot 9^0 Tiswas Including 
Winning with Wllfcle. and Batman 5.15 
pjn. Logan's Run. 645 Havoc. 6.45 Sale 
of the Cetuory, 745 Enemy at the Door. 
145 Feature Film: "The King's Pirate.” 
starring JUi SL John and Gir. Srockwell 

11.15 Late Call, U 46 Danger m Paradise. 

SOUTHERN 

130 4jb. Weekend followed by Kcglnul 
Weather Forecast. 9.00 Sesame Street. 


MINING, AS I bave so often 
said before, is strictly for the 
optimists. Fortunately there is 
usually something of good cheer 
to report, even at a time of 
recession such as this when pro¬ 
ducers of copper, nickel, one 
and mineral sands are losing 
money at the low metal prices 
and sere having to curtail, or 
elnse operations. 

The U.S. .Asarco base-metal 
group, for example, has reported 
a fourth quarter loss this week 
nf S41.27m. f£21J2m.}. Most 
of the loss stems from the close¬ 
downs of the hip Granduc cop¬ 
per mine in 'British Columbia, 
which is owned jointly with 
Ncwmont Mining, and of the 
Perth Amboy smelter in New 
Jersey. 

On the other hand, gold, 
platinum, diamonds, tin. coal 
and aluminium are continuing 
to provide buoyant earnings. 
Still reflecting the U.S. economic 
worries, the dollar price of gold 
has moved above the 5180 per 
ounce chart " barrier ” to a 
new three-year high of S1S3.75 
yesterday before the sub¬ 
sequent setback to S180.375 
which followed the- late rally- 
in the U.S. dollar. Pointing to 
the decline in South African 
production—the 1977 output 
was the lowest for 16 years— 
General Mining’s minerals 
development manager has 
described the long-term price 
prospects as being “very rosy.” 

Platinum leap-frog 

The platinum recovery con¬ 
tinues apace. The latest move in 
the price leap-frogging contest 
between South Africa's Busten- 
burg Platinum and Impala 
Platinum is a jump in the for¬ 
mer’s selling level to S220 per 
ounce from S205. Impala, which 
hopes to increase its dividend in 
the current year tn June 30. has 
decided lo hold the 5205 line for 
I the lime being; only last Novem¬ 
ber both groups were quoting a 
price of SI62. 

Tin and coal have come to the 
aid of the Gold Fields group’s 
Consolidated tiold Fields Austra¬ 
lia. Higher revenue from these 
minerals has offset the decline 
in that from the group's other 
interests with the result that 
CGFA has been able to report 
a half-year operating profit of 
$ AS. 19 m. f£l.S7m.) compared 
with a loss Of $ A 121.000 in the 
same period of the year to last 
June. 

No interim was paid for 


16.00 Our Show including 1LQI Tarun 
and 1135 Days *2.20 p.m. Wcek- 

cj 1 followed by Regional Wea'ber Fore- 
cbm. 5.15 C<?lvbrlty Square*. 6.00 Six 
1 :l!IOit Dollar Mail. LOO Sal* of the 
Century. 4J» - Shorn Oui In a One Doe 
Town. ” 3<arrlnc Richard Crenna. 9-55 
Kii for Kst. 11.15 Wlrhln These Walls. 
1205 p.m. 9quiticm News. 

TYNE TEES 

835 a.m. Cartoon. I9.Q5 Adventure 
Tunc: " The Exile.” qimn* Douglas 
Fairbanks. 10.45 Play Soccer Jacfr Chari¬ 
ton's Way. U4S Space 1999. 5.15 p.m. 
Logan's Run. 6.15 Havoc. 6.45 Sale at 
ih< CKmu-y. 7.15 Enemy ai the Door. 

8.15 ” Dawn- Fonralr of a Teenaae Run- 
Tway.” 11.15 The Pracuce. 11.45 Upstairs. 
Downstairs. 12.40 a.m. Eblloguo. 

ULSTER 

MJff p.m. The Herts. 1040 Tree Top 
Tales. 1035 Beachcomber?. UL0Q Sur¬ 
vival. 1130 Sesame Street. 5.90 ajp. 
Starts Results. 5.15 LoBan's Run 6.15 
A Drop In . Your Hand. 6.45 Sale of Uw 
Crnturv 7.15 Enemv at the Door. 8.15 
'■ All the Way Home.'* starring Jean 
Simmons ujs Manhimier. 

WESTWARD 

9.00 a.m. The Beatles. 945 Tlw Loot 
Islands. 9.50 Children's Feature FttW: 
- Long John silver.'' starring Robert 
Hewntp. UJO Gus Uoneybon’s Blrthdaya. 

5.15 p.m. Logan's Rub. 645 Happy Dm. 
9.00 Police Woman. U45 .Appointment 
with Fear; "The Creeping Flesh.” mar¬ 
ring Peter Cashing. 1245 «jb. Faith 
for Life. 


1976-77 hut there w «s ,. fln.1 H W «d Smltt' gnip-fw a trte- ^ 

fn JTASfSSS 

“e^rrlufh^r^o^d MStrlS grtmp co« At^ir;Ai 

match those of the previous sis to go from strength to strength, American^ 
months but has warned that the thanks to its coal 

BeUambi coal operation in New interests. The record operate^ .tuniedTOjAb^er^ttrea^i 
South Wales may do less well eaniihgs of ?A6.75m._£or the 
in view of the recessiow affect- year to last June should be DecembCT ^ 
ins its customers in the steef comfortably surpassed In vTlie 
Sdusur: • light of the profit 

This View' Ts“fifriaerlined by reported for the first .half of monds, haw ..paid _op. 
the news that Japanese steel the current year. The Interim Anglo’s latest;re«ilw.Iacl 
mills are negotiating with dividend has been raised by 1 those of Band Select ion.: y4 
Australia's Thiess, Dampier, cent to 6 cents; the 197ft-77_total was taJ^eir pyer hi 'Jjmaary^ 
Mitsui Coal to renew on easier was 1.1 cents. . year. Because of the ;cban 

terms a 13-year coking coal Two larger mining groups pattern;- of-^^ income 
contract which is due to expire have shown the benefits of of the meiger Aiiglo^ did 
on March 31. diversification. Australia’s Petal- expect greijp earnings;^ot 

They want the price reduced Wallsend has enjoyed tiigher past sisr mouths to Uecerphe] 
to SUS48.50 from the present earnings front its coal .gold and to matdi^those of’ 

SUS49 80 per tonne and the Tungsten activities, although preceding’ six inonths. : 
annual shipments to be cut to coal sales have been dampened .; 'In the event,' thelatiat pej 
18m. tonnes from 2 . 3 m. tonnes, by the Japanese steel recession, profit®, are R744to. 

A spokesman for Nippon Steel Inevitably,. the group’s : topper, reckons tiiat Its. pedtanpa 
is reported to have said that bismuth and mineral "SjHxd will be. m a iut a in ed-fairtiiB. 
the mills are operating at about revenue has wilted... ' ; rentihree'mbpth^jo^a^i 

70 per cent, of capadtyl. . .. On balance, however, - Peko ,thfinancial ■ yeai^pf 

has conje out on top with half-'changed to Marcus?jdra:rft 
New Kins Coal ' ’year trading profits- up to of the :mergpr anff;n. 7 .sp« 
i civ niHj SAI(W) 6 mL from $A6:03m, a : year dividend of.&25' \eeSsd- wa®. 

Australia s largest company, when ^ 12 bjoriths* total ciared'Tast Mat . follow* 


coal supply contract with . . '... -' : ' l '■ ' 

Brazilian steelmakers. The 

coal will come trum tbe new Ja^ lkci 

SA300m. Gregory open-pit mine . ':I . i»W . 1*77; 

in Queensland which last August • - : -Tonne*Tomteff 

tied up .noUter deal worth about Jf {gS ISlintbM )^: i W 

SA1.25bn. with a consortium of Ankara ........^ ilt ' III " 

eight Japanese steelmakers. All Ayer Hitam _ 4 ...... ^T5fl 157 ;. 

told. Gregory now has export .Berhintat .. ‘ 425 di&'v 

orders representing.2.4m. tonnes nmhif/V-V 

annually c.f the planned opacity cSKriTSSah"..™^...".^* - f 1 f- 
of 3m. tonnes a year. Ex Lands Nigeria.27 -^54 


' - / • *. ■: ;4-; v'. -,v % Sai 

. . r . TW*I r -'PCr 
Ja rLp Dot, . to date i prev 
197* 1)77;; Tmonths)..;. re 
'oniies Tohites ‘ Tonnes. . Ton 
im ajMfl- ao).- Xi 
; 10 2*' -- 176-; <10>- " 1 
iit ' ns?" ~ - .12 


Another Australian • coal Geevor; .... 94 

major. Coal and Allied Indus-Gold and Base; (tin) .. .V 4 

tries has increased both sales Cold and Base (colnmWto) - 'r% 

and production in'the past half .. m 'EZ *0 

year with tbe result that earn^ Kamnitlii^'Hill!!-- - 

ings for the period have Kent (FMS) .. 

advanced to SA4.83m. from Kfllingliall ...W 

SA2.1ra. a year ago. .Other good KeUas.......42 

news tor MIL is that the New g* Kamwr - - - 1* 

South Wales Government has Malayan ..._<•_;. 251 

reversed an earlier decision to PaJiang ..... 

give the State electricity utility Pcngkalen .... 9 

the right to mine coal proved ..... 

up in the Warkworth area .by St P]niD _y^ ZiZZEZZ: S 
CAIL SL Piran—U^. (South Crofty) . • 206 

CAIL is now to be allowed to St. Piran—Thailand . 93 

mine some 406m. tonnes of coal. Southern Kinta .... " 165 

sufficient for more than 40 years’- 55 aJayjm —^ 1'6J 

operations. NSW . has also^^nL®® 51 .. 1 - ^ 

issued new guidelines on foreign Tongkah Harijour ”'!!".".!!."'.!!!!”!’’ 30 
investment in the state’& Tronoh . . ini 


146 US: . M (7) - 
159 157 , 972.(7) 34 

425 4S& v4iW 1 - -34 

11 T 330i a0V ,? 3 

1 •••••' v-* ttsro 

- f : 1 . 59U . <5) r > -4 

2? --SSiV 27 •*;. •• 

94 ., M ? . :tel (1») : 1 

. 4 '3S '.335 (12>‘ :.;3 

125| . ?553i (4t -. -6 

*oi a . 204 . ar- 

« 4T -:. 413 JJ0> - : -4 
H- f.* lOJf.ill). 
m. 47 1 MS* (4) .. : -4 

42i l OTi (8V?;?3 

19 ----- 2M 

26 25 • 237 ' "X 

251 187 1.498 - 

f' 147 772." iSfr . .2 

9\ r 

1244 8«i , 302 i3H i'.'.S 

94 77 .... 4*4J.. (7)':.:-3 

20: R 

206 168 1^39 > UOiji.7 

93 »i : SOSltGfl^ . : » 
165. 143, - vl,438;ZQO> 13 


investment in the stated Tronoh ..111^; 1 

minerals and the two moves Tin of 

may well revive the plans of the Wbc f L Jane * r ':' 1 V 

Bio Tinto-Zinc arouo’s Conzlnr . +Tm metal content * Figures (ncJudeloW-ffrade matt rial.'-q 
Rintinln nr AuS yet avai,abIe - Outputs ire shoWu- in~. teetrfe tonnes of 
Kiotmto or Australia ana the concentrates. A.■'.'•'•V 


> • * 

1 

'-991. 

47 1 

421 

. 

- 18 

V 

26 1 

'. 25 

251 

.787 

. *‘ 

147 


9\ 

■r 1244 


94 

77 

20: 

*1 

206 

168 - 

93 

»i: 

165. 

143,, 

163 

tm 

’ m-* 

±67; 

m 


30 ■ 

,,33;-;; 

.211. 





l,42SV^QW-'-L2 
l7j - 

f v«rw;; : 


YORKSHIRE 

938 a.m. Tbf Rolf Hams Show. t9J5 
Custard PI-? Parade. 9.95 Saturday 
Scene Action Advc-nnjre: " Tarsan 
And The Lost Safari. ” ILfiO Fun Per 
Phantom. il.» Happy Dan. 12.00 
Calendar Kids. 5.15 p.m. Lagan's Run. 
6J5 Have:. 6.95 Sale of tbe Century. 
7JS Enemy At The Door. X35 Dawn: 
Portrait of a Teenage Runaway.'’ U-ti 
The Mary Tyler Moore Show. ixj« 5 The 
Outsiders. 


TV ratings, week ended February 19 


U.K. TOP 30: Viewers (m.) 
3L Mb) Jones and Son (Themes) 
2. Coronation St. (Mon.) (Granada) 
rW* it Your Uh (Thames) 

4. The Liver Birds (BBC) . 

5. Dave Allen (ATV) . 

6- Coronation 5t, rwedj (Granada) 

6. The Professionals (LWE) 

8. Georm and Mildred (Thames)... 

9. Mind Your LansoaiM (LWE) . 
U. Rising Dung (Yorkshire) ...... 

U. Two’s Company (LWE) . 

1L Crossroads (Tues.) (ATV) 

23. Crossroads (Vied.) (ATV) . 

M. Crossroads (TbursJ (ATV) . 

14. Starshy and Hutch (BBC) 

U. Opportunity Knocks (Thames).. 
1?. Wilde Alliance (Yorkshire) ... 
12- Sale Of Century (AnsJIa) „ 


19. Crossroads (Frfj (ATV) 15.88 

20. Maoste and Her (LWE) _ U.C5 

Figures complied by Audit of Great 

Britain ror the John Industrial Coawniree 
for Television Advertising Research 
tJICTATt). 

U.S. TOP TEN (Nlolsan ratine) 

L Three’s Company (cooudy) 

, (ABC) . S8.1 

2. Boxing AlhSpinks (CBS).34.4 

1 Laveme . end Shirley (comedy) 

, (ABC) . 32.9 

4. Happy Days (cemody) (ABC) .. 31.S 
5- Bob Hope (special) (NHO _ SS3 

6 . MAJLH. (comedy) (CBS) ...... 88 J 

7. Lore Boat (drama) (ABC). J7.S 

8. 40 Minutes Inmrt) (CBS) . SS.6 

9 . Soap (comedy) (ABC). jsj 

U. Charlie's Ansels (drama) (ABO 251 


RADIO 1 2t7m 

<S) Stnreophonlc broadcast 

6 J» a.m. AH Radio 2 , S.D 6 Ed Stewart 
with Junior Choica (Si. 10 M Kid Jenson. 
12 .W Paul GambaedoL 1 JL pja. Rock on 
'Si. 2 J 0 Alan Freeman (Si. 5 J 1 Alexis 
Horner's Blues and Soul SDmr ( 5 ) 6 J 8 

Sicbi and Soutx) In Concen (Si feararina 
Loudon Wainwrigbi HI (sinmltaneoui with 
BBC -2 television}. 7 J 0 - 12 J 3 am.- As 
Radio 2 . 

VHP Radios 1 aad 2 - 6-00 Am. With 
Radio 2 . BA WKb Radio A. 18 .N With 
Radio 2 . U 0 pm. With Radio l. 139- 
12 J 3 am. with Radio % '- 

RADIO 2 1,500m and VHF 

MB am. News Summary. 6.02 Crichec 
Second Test—New Zealand v.- Eruiland 
(report). 6.03 Tom Edwards with The- 
Early Show iSi. indodliui 7 J 2 Cricher— 
Second Test (ehMe-df-pla; report), and 
US Radas Bulletin. SM An Radio L 
10-02 Wally Whyton on die Sunny side at 
Saturday ( 5 >- 12.02 pm. Two's-Bear (SI. 
U 2 Tbe News BnddUnes. ULUS Sport 
on 1 : Football Leasne Special fl Jfl, 2 . 10 , 
2 . 40 . 8 J 8 . 3 . 45 ): Cop Yte Rugby - (L 38 . 
2 . 10 . 2 . 40 , 8 . 10 , 3 . 50 ); Racing from Xeznp- 
ton Part (l.se. 2 . 00 . 285 . USl: Test 
Cricket fUO, 2 . 10 . 5 J 8 ) -Second Test: 
New Zealand v. England. 5 JI 0 Sports 
Report: dasstffed tootiutl cherts at 5 .bo 
and 3 . 45 : rugby nmnd-op 3 J 5 . 64 B Pop 
over Europe. 7 JH Would the Hist brtl- 
nessmaa. - 7 JO Radio 2 Top Tttma 
JJ 5 Eddie Ttuunpsoq at the piano 
(Si. &jo Jhn McCteod sod hla band in 
Radio 2 Ballroom (S>. 9 J 0 SafllriSay 

nigln with the BBC Radio Orchestra-fS). 
UJO Sports Dart. UJO Alan Dell with 
(he Saturday Late Show, toctadlng . 12.00 
News and Cricket—Second Tew (farther 
reoort). jui-ufl am. News Sutnmair. 

RADIO 3 < *64m # Stereo & VHP 

*-*"■ Weather. sj» News, i.os 
«), 9M Hews. MS R>«oni 
Rdvlew IS). 1 BJ 5 Stereo Rekasea of 


yet available. Outvote are in mstrfc fmmes ■ of- 

concent rates. - • V f: '-V-• •' v 

music by Saiui-Sa^ua. ' 10-50 Cnthpoaitfs.' RR'C. Radio -txiridim =- 
Ponrali: Humphrey SearJe,(S>. na? pm. r _ 

James Galway presents muatc on records•'• : r; 5 ;:’ ->^V.;366nraiHl.S49 ’ 
(S>. 12J5 News LOG Herif»C£. r: 1^5 ' *4» Ajii.'.Aa- RadftT2.1 ^T32T Qootl 

Clement! piano redial-»S): -JJft hfwl .of Juri.-M0• 
Action: Gordon BOrrrt choos*d rtetlrtia pfiig,"-:splnrta^'iievw.‘ VnjS Tfce Lo 
•S). JJ5 Music of the Jttsttrfr-fSV Gatdaaer. .TWyL 'JCresner ' 

J«a record requests. <SV.;^5»;,.OritS£F/>Satl3£dajt-.Bce®ai' S8;38 SporUWwoe- 
forum. . 6J5 Janws/Gahrw;^ arrf^3>Wfiir VlnciMU Satlsrais < 

Mou. date and piano/rcdtal ‘ PoweB - witir - fee 

Musical Moscow . In. .ihe.'v’QMr' jrtien>i.'7.Coontry.'-.: AJO‘ • Marjorie - Bllhow 
nlscencea by. Sir Cacft Pajroir)< CT^»-;C)cBe.'Up..: &«, SwnMs G«A]7^4JP-C 
*■ Tcbereylchltx " awloJantaadc 'opera In. Aa, Radio' 
four acts; magic by^dttW .' TsS)!,. Ae( 1 :: v. _w j -‘ " - 

L25 Marxism and Lffrriej (artfletBn rbtBc.iafflludli firoafl MSi inor 

by Terry. RaglewofcO VTcSereridflT't:. \ . T/ 

An 3 (SV. .135 Interval Readint-445- '.^ „ *«mmwl97^ 

” Tchereslrtlty - to t ' IMS ■Soomte MontiBB Music. - TM A. 

Interesting tS), ■ U2S New*'-. -U rS?”® 1 

And Tbfgghrs Schubert -SOns be record; 1 L80 pa. Sarcrd»r S 

Radio 5 (VHF «oiy)-^b6 

Open' tJolveraltr. . ■ -.!**** ” OMtdea. &30 DeelacHf Jffa 

•• .■ • '..r v •'• >••. 

0 a r\iri a V- -. . ".JT"**! J? WndiBWtxl. •.• .8Jfc'5am 

-434m, 3^Jta, 2^ra^d : yHF v i^f .*'"!• 

: t Medhun: wave bSv ^ ".'l Mpitaj Rildlo 
6JO g.m. News. - 6J2 Fsrmia* Today, 

6J1 Yours FaithfuHj-. Weather, 

owgramme newc (TOfti-feastojud Newt 
?J» News,; 7J0 On ^Veur; FartB»“TA0 
Today's Paoers. 7AS Yours Palthniliy 7n* 

. WSLK J ai 8 --- 

grurane nawfl ' (VHF) Regiwui _ 

«« U 6 Spori en4. MB Tetters 
£«««• * 45 'Ydrtertay_ln PartUn»nL 
A Party PnUclcal Broadcast by. tiwc 
Uboor Part?; 49 A0 Nows.' -Mj» Hafts'. - --3 

Westminster. ttJS News Stand.' 

Daite Seivlce. 21038 pidc of Dm weak. ^ 1 ^ 
tilJB Tims for Verse. . Hue Setanca 
ST ?*-.- liaz pm, James 

flalwiy -f SI' nts «aflfO.^)., JttSS Wea&Eiv __ 

Any. Questions*:.. LOO Frank Muir Goea' 3 B'UW: ch; 

- - ■ ’5* *”? y ' Thin^miBurp S Uxi* chi JClR 

6J5 Own Island Discs.' &j» Stop-the 
week with Itobert RoUnsoo , 7J» Three 1 T-QB42 
ItSL Saturday o i 1 

2**" - Sl ' Wseeher. lflow V.M 2 . ■■ f 

Nwfc lftJS On the. Town. ^ortraiTS 
9 CUt: Utadolt. T) BB Ughsea-sur Sujtc- 
nesa. ms News. \tLT 

Open -Uutrarstty nw -.'aiohoiaisa.' 

UJO and 2 JU& 0 Q ml . 


!U i l tJfimtU) 








































such a wife is. unable to walk, 
_then she can claim a mobility 
allowance' (at - Resent £7 per 
week, but due to be increased in 
July to £10 per week). But 
this money is earmarked for a 
specific purpose. She can also 
claim an-attendance allowance 
, if she is being looked after oii 

’ WEEK we discussed 1 th^jnedifipl grounds,-, but the pro- 
jf hiring outside services' * 5 Rdnres are somewhat compli- 
place the workdone by- rated. 

. wives — a survey by The inescapable conclusion is 
: ty- 1 Life having shown that that some Jdnd of permanent 
ould amount to over-£100 health insurance is needed. But 
eek. Then we went on to if the husband looks around the 
*■ ler their scheme for life life companies, for. eover, he will 
mce on the wife to ease fiod only a limited range from 
Nuancial - problems should a few compares, 
ie leaving a young family. . Basically, thiwe. contracts pro- 
,veek we consider what can vide a weekly, beuefit, which is 
■me in -the equaHy tragic paid after a certain period has 
of such a wife becoming elapsed since the event causing 
f disabled. ; r the disability. Hus is. known 


C—t af jwwng against. disabiftty—woman aged 30 


Max. weekly 

. -’••• . , benefit 

-• • -.ny £ 

Annual premium 
Deferred Deferred 
period period 

Benefit 4 weeks 26 weeks 

period £ £ 

d Sickness 30 

to age 55 

4&7Q . 

18.50 

.'di Union 25 

to age 60 

44 JO 

19J0 


to age 55 

24.07 

12.82 


to age 55 



., iin be in dynamic form with benefits and 
*!3er cent.-each year. . 

' : ■ rred period 13 weeks. 

premiums .increasing by 



areas the death of a bouse- 
uoduces no benefit from 

- ate—unless sbe has been 
\ ig and has paid a high 
* )f National Insurance can¬ 
ons—her disablement is a 
■nt matter. She can then 
a non-contributory invali- 
snefit of £10.50 per week, 
. is paid if sbe is incapable 
rig paid work or normal 
icld duties. 

; if her husband is work- 
a claim can be made for 
rildren, not even supple- 
-y benefits. And although 

- iity benefit is better than 
■g—it only became avail- 
ast year thanks to the 

of Barbara Castle—it 
, lot go very far towards 
>. ■ s the costs of hired help. 
.. “cause of her disability. 


as the deferred period. Benefits 
will be paid untH the lady 
reaches a certain-age, such as 
60. The greater the deferred 
period, ■ the cheaper the pre¬ 
mium—and the longer one has 
to wait to get payments. 

The Inland Revenue also take 
a very old-fashioned, not to say 
ungenerous, view of these bene¬ 
fits. Once payments are made, 
they are tax free for the re¬ 
mainder of that tax year and 
the one following. But then 
they are taxed as unearned in¬ 
come. And it is . in cases of 
total and permanent disability, 
when costs will really rise, that 
favourable tax treatment is re¬ 
quired. Is there not a case for 
amendment in this year's 
Budget, at minimal- cost to the 
Treasury? 


WHEN YOU consult an insur¬ 
ance , broker or financial 
planner, what guarantee have 
you that be is not going to use 
your money for purposes other 
than investment on your behalf? 
Well, at the moment, you bave 
none at all unless you ask him 
point blank — and for true 
Englishmen, such . questions 
regarding integrity are con¬ 
sidered infra-dig. 

But it is your money, and you 
have every right to look after 
your assets. If you make out 
your cheque to the life company. 
theD you know that the money 
will be used for investment in 
that company. And if in doubt 
you could insist on this line of 
action. 

There could, however be, 
sound reasons why a broker 


Accounts apart 


BY ERIC SHORT 


should ask you to make out the 
cheque in his name. It might be 
a question of market timing. 
For instance, you might have in¬ 
structed him to buy an annuity 
at the most favourable rates, 
and he might be waiting be¬ 
cause annuity rates are ex¬ 
pected to rise. At the moment 
he might not know from which 
life company he will ultimately 
buy the annuity on your behalf. 
With the money readily avail¬ 
able. he can invest quickly at 
the most opportune time. 

Alternatively, it might simply 


be that he has an arrangement 
with a particular life company 
to pay over money at certain in¬ 
tervals of net commission, 
thereby saving administration 
costs. 

Whatever the reason, once 
cheques have been made out to 
the broker, he should pay these 
cheques into a separate client's 
account, which is audited inde¬ 
pendently. And you have the 
right to ask the broker if he 
keeps such accounts. Under the 
Insurance Brokers (Registra¬ 
tion) Act 1977, such accounts 


will be obligatory for persons 
trading under the title of in¬ 
surance broker. But it will be at 
least two years before these pro¬ 
posals become effective. 

Meanwhile, it would be re¬ 
assuring to clients to see in 
print, on brokers’ correspon¬ 
dence, a statement to the effect 
that money handed over is kept 
in a separate account. There 
have been cases in the past 
where brokers bave used 
client's money as temporary 
working capital, and having got 
into financial trouble, bave 
found themselves unable to re¬ 
pay the client There are dis¬ 
turbing repons that another 
insurance broker is in such 
trouble: so it is in your interests 
to check. 


THE CULT of the equity is, it 
seems, alive and well and liv¬ 
ing in England. That, at any 
rate. Is the conclusion to be 
drawn from the reaction to last, 
week's piece mapping out the 
disposition of a portfolio for 
the investor who plans to live 
upon the proceeds—and who 
must, therefore, be certain 
that they will grow. Among 
the protestations from unit 
trust managers whose funds 
were not mentioned, that their 
income had grown as fast and 
doubtless would grow faster 
than those which were, there 
were, however, one or two 
voices .proclaiming the virtues 
of investment trusts instead as 
way of obtaining income 
growth from equities. And as 
the table indicates, they have 
a certain amount of reason on 
their side. 

We have in fact picked out 
the top performing investment 
trusts in terras of income 
growth from Laing and Cruik- 
shank’s Investment Trust Year¬ 
book, eliminating those with 
a capitalisation of less than 
£10m., since their shares will 
be less marketable, and those 
with a record of less than three 
years, since their performance 
cannot be taken to be repre- 


Income investment 


INVESTMENT TRUSTS WITH STRONG DIVIDEND GROWTH 


Price* 

P 

Yield 

% 

Compound 
growth 
per annumf 

% 

City & International 

88 

73) 

20 

Continental Union 

98 

AS 

225 

Electra 

98 

6JZ 

242. 

Estate Duties 

266 

43 

21.0 

Globe 

98* 

63 

21.1 

Jardine Japan 

105 

1.0 

37 

Nineteen Twenty Eight 

187 

6.2 

725 

Outwich 

50 

3.9 

21 

* Thursday’s prices, t Over five years. 


sentative. Those left—which 
are ranged in alphabetical 
order—have all provided their 
shareholders with an average 
rate of growth in gross income 
greater than the rate of infla¬ 
tion over the past five years. 

That is not to say that their 
income will rise faster than the 
raite of inflation in any one year, 
or indeed, that the sector as a 
whole can claim such a strong 
performance. Our own F.T. 
Actuaries investment trust index 


suggests, on the contrary, that 
the dividends of the sector have 
risen by just over 10 per cent, 
per annum compound over the 
past five years: and shareholders 
in a couple of dozen companies 
would last year bave been 
worse off for income in money 
terms, never mind real terms, 
than they were five years ago. 
Nevertheless, exemption from 
dividend controls and big in¬ 
vestments overseas iparticularly 
in the U.S.. where dividends 


have risen strongly-over the 
past couple of years), have com¬ 
bined to make the growth in 
income to be obtained from the 
best of the sector very, very 
good indeed. 

Of course there are snags. 
The worst of them -is patently 
obvious from the table: however 
fast the income of these trusts 
may grow, anyone investing in 
them for income will start off 
from a relatively low base. 
Indeed, no one could recom¬ 
mend such an in vestment in the 
case of. say, Jarcline Japan, 
whose shares yield a mere 1 
per cent.: and even the attrac¬ 
tions of Outwich and Estate 
Duties must be a little doubtful. 

The second snag is that, in 
terms of capital perfnrmance. 
investment trusts are more risky 
than most unit trusts. This is 
because, in addition tn the per¬ 
formance of the- underlying 
investments, the discount to net 
assets at which all investment 
trust shares sell may well 
fluctuate without any apparent 
rhyme or reason. However, this 
is a consideration which need 
not weigh too heavily with any¬ 
one buying principally for 
income. It only becomes 
relevant if his decision to buy 
for income turns out to be a dud. 


Preaching conversion 


IN JUST three weeks' time 
those investors who have nut 
exercised their option tn 
convert their holdings of the 
10 per cent. Convertible 
Unsecured Loan Stock of Grand- 
Metropolitan are likely to be 
kicking themselves: for the 
opportunity will have gone for 
good. With eacb 83.2p nominal 
of stock held (worth Sap at 
yesterday's prices) convertible 
into one ordinary’ share (Blp 
yesterday), the option obviously 
has its attractions, particularly 
as Grand Met appears to be into 


a phase of strong profits growth, 
and the yield of just over 7 per 
cent, compares not unfavourably 
with the 9.45 per cent return 
on the loan slock now. But the 
real argument for exercising it 
is what is going to happen to 
the convertible price once the 
opportunity is past: it will 
probably drop to between £70 
and £80 per cent. If you really 
want the income, exercise your 
conversion rights and then 
switch back again, after the fall 
is over-assuming that there is 
still outstanding stock to switch 
back into. 



Fighting oration 


THERE WAS fighting talk, last 
week, from the managers of 
Scottish American, one of the 
biggest of the Edinburgh-based 
investment trusts. Stewart Fund 
Managers, who direct its for¬ 
tunes, hold that one of the 
greatest of the arguments for 
investment trusts (as opposed 
to unit trusu) is that they can 
afford to take the longer view. 
Investors don’t come hammering 
at their door, demanding that 
their money be refunded: so 
they car* go in for some invest¬ 
ments which might be hard to 
unload in a hurry. Investments 
like, for example, the holdings 
in unquoted companies which 
now account for almost 7 per 


cent, of the portfolio: or the 
stake in LASMO on which Scot¬ 
tish American made a killing. 
Investments like. too. the U.S. 
provincial stocks in which the 
trust has been comfortably in¬ 
vested while the Dow’ Jones 
plunged—to such benefit that its 
U.S. portfolio rose in dollar 
terms by just over 14 per cent, 
during 1977. Overall Scottish 
American's assets per share rose 
by 35.8 per cent., so that the 
managers can claim a hearing. 
In any case they should know 
about the differences between 
investment and unit trusts. They 
run two of the latter (Stewart 
American and Stewart British 
Capital) as well. 


Beating inflation 


NEWS THAT the rate of infla¬ 
tion is down into single figures 
is good for most of us: but how 
does it affect holders of the 
index-linked National Savings 
Certificates Retirement Issue? 
Last week's revaluation of the 
Retail Price Index means that 
certificates bought in June, 1975 
the first month of the index- 
linked issue, are -now worth 
46.79 per cent more than they 
were then: and that sort of 
return could not have been 


bettered with commensurate 
safety anywhere else. But rates 
of return will fall over the next 
few months, probably below 
those on other National Savings 
issues—such as British Savings 
Bonds. And assuming inflation 
doesn't take-off again, if your 
certificates are due for redemp¬ 
tion in 1980-81. it might be an 
opportune moment to switch. 
But if you d» you'll forfeit the 
4 per cent, bonus payable on 
maturity—so the balance of 
advantage is likely tn be fine. 


CAN investors tell 
• r one gilt is cheap or 
elative to another ? For 
""s. the redemption yield 
. *n the standard yardstick; 
’•investors have measured 
:;-;ld of an individual stock 
the yield curve, which 
, ^ r ;hts the average yield on 
T cks. It took a second' 
-lewton to devise this, the 
. *ed equivalent of the 
. tational theory" of 
ng; but having sorted out 
. thematics. the intelligent 
"could follow the' reason- 


Formula for success 


a second Einstein has 
ed on the investment 
•in the person of Robert 
)n. investment secretary 
•ttish Mutual Assurance 
On Monday he un- 
his equivalent of the 
vity theory" of switch- 
, the Faculty of Actuaries 
"Jand. 

Clarkson in his paper has 
in in-depth mathematical 
is of the price structure 
gilt market, producing 
is expressions galore, of 
pe illustrated above, to 
l how tiie market oper- 
XnleUigeut laymen have 
hope of following his 
But he claims that this 
d. in which the use of a 
ter is essential, provides 
h clearer picture of the 
l gilt market.. compared 


with the rough and ready 
methods based on simple yield 
curves. 

: With investment, however, 
the proof of the pudding rests 
solely with the eating. Well. 
Scottish Mutual has been using 
Clarkson's system for two years 
with apparently beneficial 
results. In particular-., he 
explains in his paper how. the 
company, -able during 1977 
to switch very profitably out of 
high coupon gilts into low and 
medium coupon stocks. 


ratios, determine the disposi¬ 
tion of funds between short- 
dated gilts and money market 
instruments; and there is, say 
the managers, no room for 
“subjective opinions” at all. 

The service was originally 
established for those of the 
brokers’ clients who. being 
high taxpayers, would normally 
put their money into a low- 
coupon short-dated gilt in r-he 
hope of capital gain. The 
brokers reckoned that they 



• As it is, anyone investing 
through the Money Manager 
Service provided by Man¬ 
chester brokers Charlton Seal 
Dimmock and Company has to 
accept the efficacy of faith— 
faith being the attitude with 
which (he brokers accept the 
switching recommendations.pro¬ 
duced by the biggest financial 
computer service in Europe. 
Dalastre&m. Data stream’s 

recommendations, distilled from 
redemption yields, yield curve 
considerations and gross price 


could, with the help of some 
scientific analysis, better the 
performance of such an invest¬ 
ment: and so far they've been 
proved right. As against a rise 
of 12.76 per cent, in the value 
of the slock they took as their 
point of reference—that which 
such clients were most likely to 
choose for their investment. 
Treasury 3 per cent. 1979—the 
value of an investment in their 
fund has risen by 30.8 per cent, 
since its launch in November 
1976. 


Mind you. the improvement 
over the latest reported period 
—mid-October to mid-February 
—hasn't been anything like as 
impressive, with what is rightly 
described as a “modest” gain 
—0.16 per cent.—in the value 
of the fund. Given [hat gills 
wen i ti\rough a very difficult 
patch during that period—the 
FT-Actuaries Short-dated Gov¬ 
ernment Securities Index, ended 
it 3.46 per cent, lower—it isn't 
quite as modest as it looks: but 
it does illustrate one of the 
limitations of the service. 

’‘Only in the most extreme 
circumstances," say the mana 
gers, " would we introduce 
liquidity and thus sacrifice the 
inherent trend to maturity of 
short-dated gilts." So if the 
market is falling out of bed the 
fund will probably’ slide after 
it. If you use this as the vehicle 
for your low-coupon short-dated 
investment, you lose the cer 
tainty that that investment will 
be redeemed, at a given profit 
at a given point in time. You 
gain the prospect of. a higher 
profit, on a rather more 
nebulous time span. 

If you gef scared, however, 
you can always pull out at 24 
hours’ notice. You can put as 
little as £1.000 into the service, 
selecting either the capital or 
the income portfolio. 


24 % 


INCREASE 

IN YOUR INCOME 


If your capital is invested 
in’ Budding Societies, Gilts 
or Bank Deposit we can 
Guarantee to increase your 
income by 24% or more, and 
protect your capital. 


Furthermore, our investment 
experts can show how we can 
make your, savings fight back 
against Tax. and inflation. 


May we suggest you contact us. 


: Gilmartin Finance Ltd. , 
Investment & Finance Advisers 
203 Victoria Street, London, SW1 
Telephone 01-834 8644 


iase send me details of your new Guaranteed Plan 


J me .. 
• dress 


lephone (day) . 

If your capital is invested 


After the Ages 


AMONG THE readers of this 
page there is, it seems, a sub¬ 
stantial minority which takes a 
close, intelligent and watchful 
interest in the complexities of 
the Briti5b system of taxation. 
To them, and to those others 
who wrote in with compliments 
and queries on our series, The 
Seven Financial Ages of Man, 
many thanks. We propose to 
deal with the more common 
queries here. 

First of all, for the multitude 
of generous grandparents who 
want to know about the com¬ 
plexities of covenanted pay¬ 
ments for their grandchildren's 
support or education, the posi¬ 
tion is as follows. Anyone who 
makes such payments (out of 
income) is treated as having 
alienated part of that income. 
In principle, therefore, such 
payments should be deducted 
from his (or her) income for 
tax purposes. In fact it is still 
treated as part of his income, 
but the payment of basic rate 
tax is adjusted between payer 
and payee. The payer is 
entitled to deduct basic rate tax 
when making the payment, and 
this reimburses him for ' the 
basic-rate tax which he pays on 
the sum himself. He is only out 
of pocket on the excess tax. AJi 
taxpayers can 'reduce, their 
liability by making such 
covenants: high' taxpayers are 
likely to be able to afford them. 

As for the payee, if he (or 
she) is not liable to pay tax any¬ 
way because, for instance, his 
income is too low, he can claim 
back from the Revenue the 
basle-rale tax paid on the sum 
by the payer. 

Those wanting to make gifts 
to children should boar in mind 
that losses established by such 
gifts for the purposes of capital 
g*ains.tax can only be used to 
offset gains where such' gains 


are established on gifts to the 
same “connected person.” Sep 
Finance Act 1965, Schedule 7, 
paragraph 17(3). 

We were somewhat perplexed 
by the letter from the vet who 
wanted to know whether the 
cost of sending bis son to college 
to obtain veterinary qualifica¬ 
tions would be allowable against 
bis tax, as would be the money 
expended by a trader oo educat¬ 
ing his son in that trade. This 
concession does not apply to 
professions, but the difficulty is 
to define a profession—it isn’t 
defined anywhere in the tax acts. 
The definition normally accepted 
is the one in IRC v Maxse. ac 
cording t6 which a profession 
involves “ the Idea of an occupa¬ 
tion requiring either purely 
intellectual skill or manual skill 
controlled by the intellectual 
skill of the operator.” Under 
that, it would appear that 
veterinary science is a profes¬ 
sion, and that our reader cannot 
claim. 

Gifts of agricultural property 
are not exempt from capital 
gains tax, but donors of such 
property can claim relief for 
capita] gains tax purpose, and 
that relief may (or may not) 
reduce the liability to nil. The 
donor must, however, make a 
claim. See Finance Act (No. 2) 
1975, Section 55. 

On term' assurance we may 
have been misleading. Where 
term assurance is taken out for 
a period capable of exceeding 
two years, it is possible to claim 
relief on the premium payments 
—it’s only the one-off policies 
that do not qualify. 

And finally, we were certainly 
In the wrong over Family Allow¬ 
ances. 'They were done away 
with in April 1977: and Child 
Benefit, which in effect replaces 
them, is not treated as income 
for the purposes of tax. 



For those seeking investment 
opportunities in America. 


Following the deterioration in share 
prices on Wall Street over the past year, 
opinion is now divided as to whether 
economic considerations could lead to a 
further weakening in the market or 
whether the present level of share prices 
has created excellent buying opportunities. 

The most recent factors supporting the 
pessimistic view are lack of confidence in the 
Carter Administration, fear of higher interest 
rates and the weakening of the US dollar, 
resulting mainly from the balance of payments 
deficit. 

While no one can doubt the significance 
of these factors, more optimistic observers 
would argue that they have already been 
largely discounted in the present level of share 
prices. On a historical basis, shares are selling 
at very low levels in relation to companies’ 
underlying assets and earnings. Supporters of 
the market at current levels are also 
encouraged by the reduction in the yield gap 
between fixed-interest investments and 
equities and, on the broader economic front, by 
forecasts of 3-4% economic growth in 1978; 
this must be considered very satisfactory 
compared to that of other maj or world 
economies. 

If, like us, you take this more optimistic 
view and maintain that these positive factors 
will, in due course, be reflected by a strong 
performance in the equity market, we believe 
that you should consider investing now in Save 
& Prosper US Growth Fund. 


Past performance 

Since the launch in March 1964, the fund's 
offer price has increased by 82%. This 
compares with a rise of 12% in the Standard & 
Poors Composite Index ('99% when adjusted 
for exchange rates and investment currency 
fluctuations.) 

While currency management is provided 
within the fund, changes in exchange rates and 
in the investment currency premium can affect 
the value of your investment as much as stock 
market fluctuations. An investment in this 
fund should be regarded as a long-term one. 

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


About Save & Prosper 

Save & Prosper is the largest UK unit 
trust group and also offers a wide range of 
investment and insurance plans tailored to 
meet most financial circumstances. 

Founded in 1934, the Group currently 
manages over £750 million for 700,000 
investors. 


How to invest 


United States Growth Fund 


For the private investor this fund offers a 
practical and effective way of taking advantage 
of opportunities in the United States. The 
objective of the fund is to provide a portfolio 
invested in shares of US companies and as such 
provides a far wider spread than you could 
readily achieve on your own behalf. 


To make a lump-sum purchase, please 
complete and return the coupon below together 
with your cheque. You will be allocated units 
to the fiill value of your remittance at the offer 
price ruling on receipt of your application. 

The minimum initial investment is £250. 

On 22nd February 1978 the offer price of 
units was 68.2p giving an estimated gross yield 
of £3.14% p. a. 

If you require any further information on 
the fund, we suggest you consult yoilr 
professional adviser, or contact our Customer 
Services Department at the address given in 
the coupon below. 

Advisers requiring further details should 
contact Save & Prosper Services on 01-8317601 


GENERAL INFORMATION* 

Trust aim. Tbe aim is to provide a portfolio invtvtod 
in.Uic bhares or US enropanie*. Income is nut a 
consideration in managing the fund. 

Units are easy to boy. Units may normally be 
bought and sold on nny working day. Howtier. in 
exceptional circumstances the Managers reserve the 
right to suspend pneo quotations ponding their 
revaluation. , 

And to aefl. The Manager* will normally buy back 
units, from registered holders, free of commission, ac 
not le» than the bid pace calculated on the day your 
instructions are received, in uccardamv with a 
formula approved by the Department of Trade. They 
may also be sold back through on authorised agent 
who i* entitled to charge commission. Payment is 
normally made within seven dnyn of our receivmE 
renounced certificated). .. . _ . 

Safefputrda. The trust in authorised by the Secretary 
or Stale for Trade, and is n 'wider-runge' investment 
under the Trustee investments Act. 1961. The Trustee 
is Bank of flcotJand who holds the title to the trust's 
inveatmeau on behalf of the unitholders. .... 

Charges- The offer price cum-ntty includes an mil lm 
service chares not exceeding and a rounding 
adjustment not exceeding the lower of I“i or 1 . 2 -ip. 
Out of this, commission of li“j (plus VAT where 
applicable) will be paid to bnniu,_ etiickbrofcorn. 
bo lid.tors, accountants and qualified iiuuranu.- 
brukers on applications bearing their stamp. In 
addition, a half-yearly charge, dut pf which Manager* 1 
or peaces and Trustee's fee** are met. i- deducted tram 
the trust’s assets. This change is currently is.75p per 
tinu an. which VAT is payable malum a taud 
deduction of ‘JtOSZp per £100. 

Income. Distributions of nut incono are made on - 
loth April each year, Tbe*-* can h.- reinvested La 
further units if you wish. 

Manager*. Sate &. Prosper Securities Limited iq 
member nr the Unit Tru-t AaouriauonJL 4 Ufcac it. 
Helens, London ECU? Ut±V 


r 


i 


i 


i 


Application fora lump-sum purchase of 

US GROWTH FUND UNITS 


I 


Sarah Prosper SoeuntlM U mi ta d, 4 GranSt. Nolans, London EC3P 3EP. Tsl.: 01-554 8899. 

Roflfcwrod In Ena rand No, 788728. Rsqlsrorod office as aboWi. 

To purchase Uinta please complsta and return this loim, either directly ot through your bank, stockbroker, solicitor, accountant or 
Qualified insurance OfOkei. WO ether wnfi voui raminance. We will acknowledge receipt of your anottcjbon and remittance and will 
normally desoatcti a cttWrcaufor the units wtihln 14 days. Cnoquos should bo irauia pavaMa lo "Save & Proper Securities UmttetJ - 
The offer a not naOabki to residents of the He public ol Ireland. (f ftse/f amount at nmnancet 

Pkase issue to me United Staus Growth Fund units rathe value of I - G 


____j calculated at the offer pdeo 

nTmg on receipt of this application. (Mmbnum initial purchase C25Q . CEOlor subsequent purchases.] A remittance is enclosed. 


Mr/Ua/Ubs 
Fnfl Wamelel 


BLOCK CAPITALS PLEASE 
Address 



1 deefara Oral I am ovar IBond mn not resident outside the UlCor other Scheduled Tctritotta and That I am not a treading the above 
units as the nominee of any person wsideni outside thou Tonitoiias. til you arc unable U make this residential dedaradan it Should 
be defined end uw I arm lodged through your UK hank, stockbroker of solicitor.) 


Sietolnre 


Eitsdno united States Growth Fund unithqlde n please tick here. 

If yoo wouW kfee dotiiboboruoFincome tobenanvBsted m furthar r~) 

units please let him. __ I_] 

II you would like deiaifg of the Share Exchange Plan pfeue tick here, [^j 


Fn j" For Ofifco use Only j 
‘ 409/FT/I 


SAVE & PROSPER GROUP 



























Finance and the famih 


Financial. 1 Tk lie£r 


Insurance 


'CS'i iy. 


Squatter*s title claim 


BY. OUR LEGAL, STAFF 

Abort 14 years ago Z had fenced and deared 
a plot of land at the bock of my house and 
then turned It info a garden. The only 
written proof i have is a fencing bill. A 
neighbour who eould have sworn that Z bad 
used the plot for more than 12 years has 
died. Can I claim squatter's rights, even 
(hough the land is registered? What should 
be my course of action? 

You can claim a " squatter's title” that Is a 
right to have the registered title transferred 


to you because you have been in adverse 
possession for more than 12 years. For this 
you need evidence of people who can state 
that you have occupied the land for more than 
12 years, even if it requites several witnesses 
who can each speak only as to a small period. 
You should preserve the bill for fencing. You. 
will need to apply to the Land Registry for a 
possessory title, and will probably have to 
establish your dais in court proceedings. In 
the first Instance a full statutory declaration 
by yourself is required. 


necessary or desirable in tha provided the time stipulated i* 
owtfapomibfobeaefldmy? reasonable for the work 
The object of the additional involved) he will be in breach 
stipulation Is to demonstrate of contract—you can write _ 
t ha t distribution is to be effect further letter accepting his 
ted on the assumption of the repudiation of the contrwri: so 
death of the person who failed have the work finished by 
to qualify for benefit. This may another builder. The cost of 
be relevant where there are pro- doing that falls to be deducted 
visions for accruer, that is, from the unpaid balance of the 
for the share of one beneficiary contract price or claimed from 
or group of beneficiaries to be the original builder if it exceeds 
added to those of other benefi- that balance, 
ciaries or groups of benefi¬ 
ciaries. It also may prevent . , , 

distribution to the estate of the i d rang 

first to die if there is a partial x 
intestacy. It is, however, not an 
essential provision. UtViMSi 


Appeal 
against tax 


In 1960 Z started a trust fond 
in favour of my son under 
which the income and capital 
are accumulated until he 
reaches the age of 23 and 
recently the Inspector of 
Taxes has charged the additional 
15 per cent tar on the retained 
Income, which I understand is 
correct for this type of trust 
fund. I understood at the Ume 
of the trust’s formation that my 
son would be able to reclaim 
the Income tax paid during the 
whole period when he attained 
21 years, but the Inspector of 
Taxes now says that the tax 
cannot be reclaimed until be la 
% 23 years of age. Would you 
* please give an opinion as to the 
correctness of the Inspector’s 


49(1) of the Management AcLI advise you in general terms. If Time to do 
apply for consent to bring this you are one ox a class of dis- 

appeal out of tune. The delay creGonary objects, as seems to ig%1% pTPPPlIPil 
in giving notice of appeal was be the case, the trustees can J***' 
caused by my ignorance of the exercise their discretion in your A builder whom I engaged to 
law and the consequent neces- favour after considering the 
sity of obtaining written advice, testator’s expressed wishes, 
which I have only received to- Otherwise the letter to which 
day. you refer has no effect You can 

We cannot, of course, be sure only claim under the Inheri- 


that your son's appeal is well tance (Provision for Family and the money paid. What should 


founded, but he has nothing to Dependants) Act 1975 if the 
lose (beyond his personal ex- provision made for you by the 
penses). If be has difficulty, he will is not reasonable. You 
may care to come back to us, would have to pursue this in the 
with more background details. Court and would not be entitled 
Subject to the powers given automatically as to any specific 
to the trustees by your deed, proportion of the estate. The 
they may like to consider Court determines what Income 
making discretionary Income and/or capital should be pro¬ 
distributions out of past years’ vided out of the estate if it is 
accumulations during 1977-78, satisfied that reasonable provi- 
1978-79 and 1979-80 (before slon was not made by the wifi, 
your son’s 23rd birthday). You would be wise to consult a 
Unless your son's income is high solicitor, 
enough to attract higher-rate 


A property adjoining my house 
in London is becoming derelict 
and I should like to trace the 
owner, with a view to buying It 
Could yen suggest the best way 
to finding out who the owner IS? 
Your best source is likely to be 
the rating lost, but if that does 
not yield any result you might 
try complaining to the Health 
Department of your Local 
Authority about the nuisance. 
As you fcve in London the 
You should write to the builder property is Hkely to be regis- 
telling him that he has well tered land, but the Register is 
exceeded the estimated time not a public document You can 
and stipulating a time which is ask the Chief Land Registrar to 
(objectively) reasonable for give you the name and address 
him to complete the works, and of the present proprietor’s 
require him to complete in that solicitors, and Ibis he 
time. If he does not (and (but is NOT bound to) dkx 


do a job estimated it would 
take four to five weeks. Six 
months have now elapsed and 
the job is only 90 per cent 
complete, with 90 per cent of 


I do? 


J**- . tax, such distributions may pro- • J 

it is a pity that you did not send duce a net tax saving. This is tltt 

us a copy for precis) of the no more than a suggestion for 
trust deed, because that would consideration—in case it may be Of VClttS 
have removed some of the helpful—because you have J 

guesswork from our answer. given us so little to go on. The 10WI * the ground rents of nine 
As time is short—the trustees’ attention should be cottages totalling £17 a year, 
statutory time limit for appeal, drawn to section 17 of the out of which I have to pay 
ing is only 30 days—we suggest Finance Act 1973 (and to sec- *11-20 to the original lessor, 
that your son write to the tion 18 of that Act if doubly What I get out of these net is 
inspector along the following taxed income has been received n °t worth the tremble. Can you 
bn i? : , since April 5, 1973). 

Thank you for your letter of 

-, which I received on-. n , y 

In accordance with section I\.C(lSOtUlUlC 
42(3) of the Taxes Management . . 

Act 1970.1 give notice of appeal IJJ'OVfwVlflV ' 
to the Special Commissioners F ruvi * L U n * 
acainst your refusal nf my in- fiy my husband's will, I was one 
come tax r ^paynient claims at a number of beneficiaries, 
under section -*8 of the Income hut shortly before he died on a 

trip abroad he wrote a letter to 
me and his trustees saying that 
he intended to alter his will 
making me his sole beneficiary 
for life, and after that to the' 


Chargeable 

gains 

In 1953 I bought 150 £1 
Ordinary shares In a private 
company at £1 each and in 
19591 received 49 bonus shares. 
In 1962 the eapital of the 
company was Increased to 
£20,000. when 1 received 296 


it is the contract date which 
counts—not the date of transfer. 


The importance 



0 iV i. 



BY JOHN PHILIP ' "v 1 ; 

WHEN Y<XT go to an imimm $5 *£ 

brotar ^“ rrwlg ®“J 6r « £ ft?** wnraa at east- claim <rf a-pait time swsUaan 

dtw easing in the case at McNeufc * Pen 

deeply^-if at all—about the tax wtasurea**®* omearced 
the law of agency on it is op to yon 

the processing of your request proposal from property «eto <*« M5?£v^3aSLl! 

motor Insurance cover is one of. reqwx* casfsire Jtasaraac* Brokers o 

the most complicated trans- Nowadays gome iDSoreffS 8 > Southport for this purpose: Tto 
actions, so let us suppose yoa so & tbs to Incorporate Sn ffertr -brokers 'had ft list : o£ uccms 
want to change your motor gj,me words saying that to-'Peanin 

insurers. You go to the broker; ^ p^po^ recognises that ttoe insurance, and this Dst Jndnde 
tell him the pertinent facts or broker is hfe agent for ties pu> “whole or part .tfme musiea&s; 
the risk and ask his pose — <Ms merely serves to but when they arranged Iff: 

choice of company navmg ggngjgaalse $£& legal position aaaci McNealyVrover. they dlffm 
regard to curre n t rates,, scope tries to gdve a sahstaiy wamiJig enquire whether Mr./fficSJtel 

You ** proposer who idgbtiy pate had any part time ecimpatlw 


treatment and 
settle for a 


narHmiar insurer bss signature to « form fiHed in On his proposal farm.Mr, U 
seLuc iw a particular insurer, 2 ^. kui 

the broker sets out a proposal anqBusr. 

form, and obligingly takes you On the other band, when-Che 

through the questions, filling in broker writes out the rover 

your answers as he goes. Then, note, he is acting is m agent 

drawing your attention to the of 4be insurer, and subject to !?rf 

declaration of disclosure to the terms of hie anthorisaaon k- ujo-i, u*n jl i 

which you have to put your rig- to issue cover, binds the insurer hla 

nature, he passes the form to ^ ^ pe^ ^ 4 ^ 

yon: at the same time be asks 030 ami so on - but m 

yon for a cheque, for part or oa! - so Ion gas the Insurer has 2 “ 

whole of the premium, and mi Aurio-™ at the ore- ft” .persona* injury.claim mat 


Nealy properly de»cra>ed his fn 
time oaajpatron aff^ ^jroperi 
repairer "—00 farther -qurottoi 
were -adeed and the Insaram 
arranged on- fills - has! 
When toe aeddest happen* 


, bad Aril aseto ggre at the pre- 

Yon have the right to elect to while you are signing the pro- ettiins stase of the transaction, 
be treated as though you had j posal, and making out the 


by the singer. 


bought the 495 shares on April 
6 , 1965, at the market value of 
such a shareholding on that day. 
On the bare facts given, it seems 
unlikely that it would be wise 
to make such an election (on 
form CG21). but you have until 
April 1980 to make up your 
mind—if the shares were sold 


bonus shares and tn 1973, there before April 6 last year, how- 


was an increase to £140.000 
and 1 received a further 2,970 
bonus shares. In 1977 I sold 
toe lot 3,465 shares, for 
£2.80 a share. Could you give 


suggest how I can best get rid 
of them? 

You may be able to sell the 

profit rent, but we doubt if you___ _^ 

would find a buyer at so low a some guidance on my capital 
figure. Your better course it to gains tax position? 
offer to assign to the respective 
tenants on their paying the 
legal costs. 


Provided that the shares were 


ever, the time limit expires on 
April 5, 1979. Once made, such 
an election is irrevocable even 
if it turns out to have the effect 
of increasing your capital gains 
tax liability. 

If either transaction was not 
at arm’s length, nr if the shares 
were bought from or sold to a 


dared: 


it w 


T ax An JP 52 for T9PS-69 and 
earlier years. The Ground of my 
apneal is the judgment in Dale 
v. Metcalfe (13TC41). 

Tf more than 30 days have 

elapsed stnee your son received grandchildren and for me to 
^tten notice of toe rejection have from capital enough to 

0f In 5 maintain my present standard 

In accordance with section of living. Under the new inheri- 
“ ;- tance laws can I claim half the 

So lefol rostonsiWKr con bo estate? Would this be auto- 


Commorientes 


nncmcfcrf TJmei mafic? Would I be entitled to 
in thow the Income from the other half? 


accepted by tho 
for the answers given 

column*. Alt Inqutrfm* vW be ... 

answered by port « toon o* As we do not know the precise be deemed to have predeceased 
P° s * ibl *- _terms of tbe will we can only me? " Why is this addition 


Could you explain to me why 
to a commorientes clause In 
a will beginning *’ No person 
shall take any benefit under 
this my will unless he or she 
survives me bv at least a 
month n there is the additional 
stipulation that such a person 
not so surviving me shall 


not purchased from a connected connected person, then you must 
person and were not sold to a ignore the actual price and use 
connected person, the charge- market value at the appropriate 
able gain will be calculated date instead. The cost nf 
along the following lines: ascertaining the market value 

As you will gee, the precise on each date, where this is 
dates of purchase and sale affect necessary, can be deducted from 
the size of the chargeable gain; the chargeable gain. 


Sale proceeds on (say) October 1 197? 
less: Cost on (say) October 1, 2955 


less: U0.55 to 6.4.55 = 3.475 X 9.552 

8l»6 


1.10.55 to 1.10.77 
Chargeable gain 


9.702 

150 

9,552 

4,131 


£3.421 


cheque (most probably to his ' c ^ s broker must “VS5£ Not liable 
firm, not to the insurer) he pre- ™s aattorisafeon — end there . - . .. 

pares a temporary cover note «w be no motor answer who the ^ 

and certificate of motor lnsur- does not lay down rates for.lfce fjSW** 
ance fronr a pad provided for acceptance or rejection <*£ risks 
bis use by your chosen insurer, journalists know to ttsedr cost, 

there are retetivefr few motor Uabtiily. Lord Denning c 

C'Jnhn farms insurers who want to “make a 

i^immjorms book?»of.Jouwiiltoto. Ttas bind 

Some months subsequently, of cudewriBa g w fe be 
long after you have received applied not oifiy to fnfi 
your policy and full annual cer* occupations but part time acteri- 
tificate you are unlucky enough ties — if you or a member of 
to have an accident Your car 


' “It Is clearly the -duly; 
the brokers to use reasc 
able care to see .that ttte . 
sored--Is property .covert 
The, brokers should have sa 
to-Hr. McNeaJy: *Yoia cans 
Jbe covered tt yoa. are-in; a 
of the categories of lis^ i 
acceptable to insurers.’ ” 
And he : went on _“The bro* 
did not. do hii duly. Eq 
go through’ tbe 'lMSt—&e 

_ . . , . . asked Mr.-McNealy-s decup^tf 

The broker, knoyring that cro ^ wis w!dW*rty^^« 

creuanciea tam ™r tune ?“ d Mr. McNealy.should.have^'be 

mation provided on your pro- occupa J lon6 ^ ^ J 1 f L . paI ^ c ^ ar «»ked if he jvro or had'bean 

™,«?z^rndmpSu.dtaj?«, -\r 

more recent daim form. if* ea< * . The warning fer motorl 

In this situation It will he of iwcfaroir ;axrangiiig their own, - em 

no use to say—as indeed ^ ^axesk is j* di 

be utterly true — 44 but I told as lor brahers arranglng em 

the broker who filled In the a member of one o£ bnnhe^ ^ mentn part-tfa 

form." oocupationa, . . .. occupations, may ^mater 

Despite his possession of tbe.. He fails to do fills atlrfa-p iwfl anin '. niiiy^gfs p^^ ' : ^iy'.'i»yyin 
cover note book, despite his —or rather, to file peril and Ing motor 

acceptance of the dieque, cost of .his professional negli- time occupation TEttast he <3 

despite aH the discussion and gence insurers. . closed. . :Va, ; i£': 


. „ . . your famfly is a part time 

sduMged aid a pasaiger is mm *er of a pop grwfl. or 

? i r d IJl 0 g ^ 1 - ln T tt . r .? i |^ dance'band it da quite lakelr that 
f ora giving parw nrt pa rBe o- ^ tefl proWems at some 

e^d so on «d s^dT to 0a " ta b “I i,I S : 

your insurer. To your conster- -j .. . 

nation a few days' later, comes DOJtfWu list 
a letter from your Insurers 
drawing your attention to dis¬ 
crepancies between the infer- 



Marriage lines 


IN A changing world, marriage 
is a fixed point. The whole pro¬ 
cess of getting wed stands 
immutable, changeless and 
repressiveiy traditional. The 
actual day itself will never pass 
without Unde George explain- 
imf. zestfnly and interminably, 
how great a tax advantage he 
obtained by marrying Aunt 
Ethel at such a well chosen 
moment Against this back¬ 
ground one might be surprised 
to find how often the taxman 
has altered his views of tbe 
happy event—but one certainly 
comes to realise, that Unde 
George's fiscal counselling may 
not be all that he thinks it is. 

In the year of marriage, the 
groom is entitled to the married 
man's rate of personal allow¬ 
ance. £1.455, but this is cut back 
by £42.50 for each complete 
month from April 6 to the date 
of marriage. <The other way 
of expressing this wnuld be to 
say that he gets a single person's 
allowance increased by £42.50 
for each month or part of a 
month following his wedding.) 
The bride gets her single 
person’s allowance in full. The 
bonus which Uncle George 
remembers was a PAYE refund 
when bis marriage at the end of 
a fiscal year uplifted his single 
man's allowance to an unabated 
man’s allowance. That was 
changed in 1968. 

Aunt Ethel will recall the 
advice she was given, that she 
must ensure that her income 
between April 6 and the date 
of marriage was sufficient to 
absorb her own single person’s 
allowances. Otherwise, she was 
told, those allowances would go 
to waste. She never understood 
why, and well meaning friends 
feared that the explanation that 
all her income from her wedding 
day was Unde George’s would 
so shatter her romantic illusions 
that she would call the whole 
thing off. 


Once again everything is now 
different. To-day’s bride is 
taxed for the whole of the year 
of marriage as a single person, 
and no part of her income for 
that year is treated as her hus¬ 
band’s. The rules for separate 
taxation of husband and wife 
were examined in this column 
recently: under that procedure, 
the wife’s earnings are 
separately taxed as if she were 
single, while the husband's tax¬ 
able income is taken to be his 
own earnings together with 
their aggregate investment in¬ 
come. Each spouse has the 
benefit of a full basic rate tax 
band before the higher rates 


Times have changed 
since Aunt Ethel 
and Uncle George 
rushed to the altar 
to get their tax 
rebate. 


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become payable, in place of 
having to share one such band 
between them, but one of the 
costs is the loss of wife’s earned 
income relief which would free 
completely the first £945 of a 
wife’s earnings. 

Tbe year of marriage rules 
sbare those features, but there 
are certain vital differences. 
First, the bride and groom have 
no option, because the pro¬ 
cedure is mandatory. Second, 
the groom is entitled to a 
married man's allowance, 
abated it is true, but still better 
than the single allowance. 

Third, the bride’s investment 
income is taxed as hers, not his. 

The fourth variation is how- 
ever the one which is most 
different. Incomes are separated 
but certain reliefs overlap. For 
instance, if the groom's life 
assurance premiums exceed one 
sixth of his income, his bride 
can get relief for the excess 
against her income. Belief for 
interest paid after marriage and 
for trading losses which cannot 
be absorbed against the relevant 
spouse's income can be offset 
against the other's, and so also 
can certain allowances including 
those for children. 

This obligatory separateness 
of taxation in the year of 
marriage means that the option 
for separate taxation of wife’s 
earnings neither can nor need 
be claimed until the year follow¬ 
ing. In default of such a claim, 
then the taxman will recognise 
that husband and wife have 
become one flesh—taxable la 


the person of the husband, and 
entitled to the married allow¬ 
ance, to wife's earned income 
relief, and to only the one set 
of basic and higher rate tax 
bands. 

Capital gains tax for husbands 
and wives is normally thought 
to be relatively straightforward. 
Once they are husband and 
wife, each can give the other 
assets without tax becoming 
payable: the assets move across 
at their “base costs.” A loss 
sustained by either party can 
be set acainst gains made by 
the other, and this applies 
equally to the setting off of 
losses brought forward as weiJ 
as current losses. In the year 
i/[ marriage, therefore, a brides 
Josses in earlier years and her 
losses in thar year i whether the 
disposals were before or after 
the wedding), can be offset 
against the groom's gains made 
at any time in that same year; 
and vice versa. Alternatively 
if they do not want losses and 
gains to be offset they can 
elect to keep them separate. 

The exemption from capital 
gains tax where disposal pro¬ 
ceeds are less than £ 1,000 
applies normally to the aggre¬ 
gate disposals of husband and 
wife, and is calculated ignoring 
transfers between them. For 
the year of marriage, however, 
each is separately entitled to the 
benefit of this relief, provided 
that disposals including 
transfers are under £ 1 , 000 . 

Capital gains tax is also, in 
appropriate cases, capable of re¬ 
duction on the basis of the 
alternative charge; half of the 
gains are charged to income tax 
as the top slice of income. In 
years subsequent to the year of 
marriage, the gains of both 
spouses are aggregated, and one 
half of them may be treated as 
the top slice of the husbands 
unearned income. Needless to 
say, the rate of tax applicable 
to this top sliced half gain will 
be different if the wife's earn¬ 
ings are separately taxed. What 
is not permissible is to apply 
tbe standard 30 per cent charge 
to the gain of one spouse, and 
the alternative basis to the 
other. Except that is, for tbe 
year of marriage. In that year 
the bride and/or the groom 
may calculate their liabilities on 
the alternative basis, the top 
slicing being computed on their 
own separate incomes. 

No one ever pretended that 
getting wed was uncomplicated. 
But bride and groom will 
certainly have other better 
things to do than update Uncle 
George. 



Screen 

gems 

AFTER that short flurry of re¬ 
ports about Cabinet wrangles 
over what to da with the Annan 
committee report on the Future 
of British Broadcasting all has 
gone strangely quiet. Some 
would have us believe that a 
White Paoer indicating Govern¬ 
mental intentions on whether 
Channel Four wilj come trotting 
off the Stale presses soon after 
Easter. Less reverent observers 
of the pilitical scene suggest 
that ’’soon" could prove to be & 
very long way off. The reasons 



Wilson: off screen voice 


DAVID WAIN MAN 


are not hard to trace. Whatever 
suggestion a Labour Govern¬ 
ment makes for broadcasting 
there is bound to be a row— 
State control of a fourth chan¬ 
nel suggests State spending, but 
handing It over to ITV would 
provoke the Labour Left Since 
there are no votes in television, 
why bother? 

Even the delay so far has up¬ 
set the ITV contractors. The 
current franchise holders, fat 
with advertising cash, have been 
campaigning carefully to over¬ 
turn the Annan suggestion of a 
third broadcasting authority to 
handle tbe fourth channel. In 
the run up to Christmas it 
seemed that they bad won tbe 
point For both Labour and 
Conservative mainstreamers ITV 
seemed the obvious choice, ahle 
to finance and run the new 
channel without further bureau¬ 
cracy or financial burdens. 

Now, however, there are signs 
of overkill and the question is 
being asked; did Che ITV cam¬ 
paign peak too soon? 
j The delay is encouraging 
some who thought tbe debate 
I was over to start tbe whole thing 


again. The advertising industry 
has many a voice which would 
like to see some rival to the 
present ITV companies, such is 
tbe stranglehold the current 
franchise holders have over 
advertising rates. 

Perhaps unknown to the 
present television establishment, 
a voice from their past is 
whispering in influential ears 
at the moment, and not whisper¬ 
ing things that they would 
necessarily want heeded. 

Stuart Wilson is a jovial 
looking figure who was a 
founder director, and one time 
joint managing director, of 
Yorkshire Television. Some 
months ago he submitted his 
own views on the future of the 
fourth channel to Home Sec¬ 
retary Merlyn Rees and is now 
backing them up with some 
discreet private lobbying. 
Wilson, part of the team that 
brought Yorkshire in as the 
fifth network company under 
the Lord Hill reshake but no 
longer connected with it, is 
suggesting a new ITV company 
altogether. This new group 
would operate under IBA regu¬ 
lations, as do the present 15, 
out would have a national 
franchise for minority pro¬ 
gramming. 

The company would own 
m i n i m al production facilities, 
buying in wihat it needed from 
ITV and from independent pro¬ 
ducers. He reckons the new 
team would need around 
£35zn. in its first years of opera¬ 
tion, “ raising the money would 
present no problem, 1 * and only 
8 per cent of the national 
audience to survive. Daylight 
hours could be handed over to 
education. 

A couple of months ago aH 
that would have sounded 
academic. But since then there 
has been this unexplained delay 
in publication of the White 
Paper and, as Wilson cheerfully 
explains: “ I’ve done it once, I 
can do it again." 


Disney has done the trip 
before, the first time offering a 
scheme which involved national 
pavillions whose main function 
would be promotional. Few 
nations were that open minded 
and Disoey rethought the pro- 
ject. Now it is more revenue 
oriented. Present plans are for 
a series of villages surrounding 
a giant lake. Although Disney 
is not naming names at the 
moment—saving that for a pub- 



Mouse 

calls 

Over the past week, and for the 
next few days to come, many a 
boardroom table will shudder to 
the thud of a thick white backed 
document studded with glossy 
photographs and alluring text 
Mickey Mouse is in town again, 
in the form of a top flight Walt 
Disney sales team eager to get 
signatures os the dotted lines 
of contracts for a new phase of 
development at the Disney 
World site near Orlando in 
Florida. Front runners at the 
moment are “ an important 
Department Store“ a prestige 
name china group ” and a 
British brewer, with no prizes 
for the names most frequently 
mentioned. 


lie relations extravaganza later 
in the year—a dozen nations 
have signed up, including, if 
the models are to be believed. 
West Germany and Japan. 

Instead of just being exhibi¬ 
tions as was once intended, tbe 
national sites will actually sell 
products. This is no empty 
opportunity. At the moment 
Disney World reckons on an 
average of more than lm. visi¬ 
tors a month to the S700hl 
Investment The new develop¬ 
ment will also cost in 
the hundreds of millions 
and include a Future World 
area with huge pavoiions 
sponsored by American com¬ 
panies. as well as the World 
Showcase lake with its interna¬ 
tional attractions. Disney 
reckons that tn its first year 6m. 
people will visit the new de¬ 
velopment 

The trouble for Disney has 
been that the company origin¬ 
ally chose quite the wrong tune 
to launch the concept. <*it 
could not have been worse if we 
had planned it"- Now the mood 
is brightening and, with the dob 
lar weaker, Disney has high 
hopes of getting those signa¬ 
tures and wooing a few invest¬ 
ment pounds to Florida. After 
all, its only Mickey Mouse 
money. 


little sign of a rash so far* what- pies enough. . The Cpnadfc 
ever the prospects for this mag- have heen.L.striving dasperat 
nificent British device may be to Wop - domestic film moi 
in the eighties. In fact the: and,talent drifting to. HoDytrt: 
word Hovercraft, or : at least^ (where have we heard^ that 
(’Hovercraft, tends to bring a. fore)and have ' enjoyed 
slight blush of embarrassment measure pf success. Drabim 
to the cheeks of some. - g^ew infected by-lhe tilm wo 

This summer Seaspeed, ihe and went.into produetion on 
joint Anglo-French . .ferry_dwh account.' .J 
operation, was doe to be run- His emergeiuie QiL.tiie 5 c( 
ning three huge Hovercraft on’ ls'^art df a general revival 
tbe Channel tn addition to the jramarijaT? 
present fleet of one.. Unfortun- stimulated by local far cam 
ately each of the three vessels gions. In” a fihh world biin 
has had ■ mishaps, varying from . for materialyou: can’t' si 
disaster to mildly defying. $He &tar \i^ and The' Deep ev 
French-built craft caught fire week—Dfabinsky is tfeavei 
and was reduced to ashes at its away' at: providing it His. < 
moorings, the second, has been wait effort IsThe 'SUOnt'Parfi 
.so fraught with technical prob-jwith Elliott Gould,-Oiristop 
lems as to tie unlikely to/bein Kninmer and Susannah T< 
service, this, spring, .and: .the - He. i§ also involved in the bu 
British jumbo (remodelling job ring of a new IS screea cfiU 
on an earlier craft) has been complex in Toronto. ' Slid 
slightly held up and -will not project would - be virtu 
be ready until July.. . . impossible in Britain, ever 

Passengers who booked on someone were .prepared toj 
Hovercraft are being ', given .the bill; Fire .regulations, i 
reservations on normal ferrite, normally insist on a yyripip: 
and a hefty advertising cam- number of staff, per auditor 
palgn has been cut back. and you’d need ■ an .-nf 
- Perhaps the editors of Janes helpers to , comply ’•‘frith 
. did: not read the recent - com- rules. ~ : 

meats of European Ferries • '.■}> *• -.v-'. 

chairman, Mr. Keith Wicfcenden 
in a trade ^ newspaper.* Me 
Wickenden’s idea' of :the 
Channel carriers of the future 
was. airships, not Hovercraft 
Wicfcenden, it emerges, ' Kag 'PQ^TlESS-TF'. Orahir 
sponsored a research project continues sucqjgsf^ib the. 
which produced a tiny vehide too; will^run .into 

which at one stage flew, some Problems 
trial circuits of a bapgar »t how plaguing feflord compar 
Carding&m. He polled oat when. tol©vision ~ prograimne-aiai 
be rationed the nest stag© cinema industry al 

might set European Ferries’ F3erfronic gadgetry • has •’ ir 
back £ 100 m. in research iee& •" ba<ite-roam_ reproduction of c 
Vv - “-r-meiciai products in these JE 

r>lfM •• • - 'L. ’ 3S - to“?mak & : M 

nun , _ /-,. jjrnfr 

Tail"- -openctK- 

* -• ; .Vv.,devote^L™^^ 

The., -bice thing. about 

2 is' that it never ^rixns hut jfe"?*- fiction r»port#^Bfi 

laiMiMmi. 'M.i.' tllTatK prfiuoi' .l etaESa'' 


ways 


biz 


Flights of 
fancy 


»b u>« ucver.rouB nUX 03^. . . -- T-rv* vw tpai , w 

ebaractew. Thfs\Feek 

.dwindling' film- 'community was •. mure : -'tba&K 

briefly joined by one who is Ie ^^ate buaine&. petted. 
currently 1 enlivening the scene Throughout: thf^Fariffc b 
a little if only, for his apparent tape- 

enthusiasm to .fib a great, deal * n Britain; 
in a short time. Ggrfh Dr aw small hut; Uvdytlra&i&& 
(“with a .name flfce 'that he's,Cahferaiavthe >m^i JanK 
got to. be in films” : ^a5d my see- 

retary co nfirming' otirllSb » ™ conventional piiuffi '♦ '•fr for 
breakfast) sipped-fcls'xefftsfc 

fore grabbing hiq iQonocirde ^toping-^fer'play -1 

ticket and heading'; blift:; 

Drabinsky is riot. yet $ 6 ;" domestic 

already, reputedly the biggest '&&*&&&& 
entertainment todostiy \'^cK^iot r 

in Canada and was deligbt&illy "Earde^rhiL; ^ 
eno'hgb, in Britain to 


Few people were more sur¬ 
prised by the Jane’s comments 
during the week about the 
queues of ferry operators eager 
to buy hovercraft than the ferry 
operators themselves. .There is 



tii 














.",r. 


Fmaiiclgl' ,25. .1978- 


1 « 4 ;„ 









** H*r. 

** ** 


.. 

■ 

■■--*«£» *^a *. 


kf>me 

xtra 

unch 


tf" *■#<« 


i*" vT STUART MARSHALL v? 

"" a^^'.'.RCHARGING is an emu-. 

■ f -V u fiiect in which fantasy 

'« ^ * obscures fact Most people v , - 

’ v-... ^ ^ \’ale it with bellowing. 

-■■_ "* “ i- sts and single-figure petrol r ' ’ 

/ .nptions. But the Saab 

-'. ^ . r T —the latest o£ a handful exhaust flow, only starts to feed 
' :■- ‘ * sercharged cars to be sold pressurised air into-the engine 
,V -i general public—is not at wider throttle openings from 
. . . 1 ind oX car at alL about 1.300 revs, per minute 

r. : > decided to supercharge upwards. 

^ .. .two-litre - four-cylinder That represents Si) mph m top 

. to.save fuel while boost- gear, 25 mph in third. At first 

- v 'rformance. The Turbo has the acceleration is progressive 
' rformance potential of a rather than vivid but by the time 
...^ * itre six-cylinder car and the rev. counter shows 2,500 

^ r ■- • ronomy potential of the rpm (representing .50 mph in 
x ‘ 1 jected Saab 9SEMS. which top) the car is literally leaping 

.. ‘ r i’r • up to 30 mpg in response forward. In a smouth. un- 
' n ' -• . .;ht toe on the accelerator, interrupted rush, it soars up to 
■' * --i-..’ • is it done? A super- a maximum of about 120 mph. 
' : ~ \-^;r "is a pump that forces There isn’t any under-bonnet 

./. ‘air into the cylinders so clamour; just a faint whistle 
4 J' j '.rtra petrol,can be burned from the turbo-charger jI you 
"> . ?re power developed. The listen for it. 

* . ! -- . »rid War II "kind were The turbo-charger increases 

; off the engine's crank- engine power by a little over 20 
‘ nd consumed some of the per cenL (from 11310 145 horse- 
■ power they helped the power at 5,000 rpui) but its 

" - ; to produce. The Saab’s torque, or pulling power at a 

harger is driven by a tiny given engine speed, gnes up by 
’ using the exhaust gas— nearly 50 per cent- And (hat is 
. . ~ ’ ' C of energy that normally the explanation of the Saab’s 

' ' • waste. quite exceptional top gear per- 

: eu normally, the Turbo formance from 50mph upwards. 

* ke any other.Saab 99. 3t Over-enthusiastic use of full 
when you put your foot throttle in first and second 
' that it really flexes its gears, especially on wet roads, 

5. is not to be recommended. It 

, - ._ wn, it is flexible and un- makes the front end of the car 

- - -unental, pulling smoothly wriggle about as the tyres fight 

, . ' - from 25 mph. On the for grip. And too much accele- 

- ' .sad. power for extra-rapid ration from rest can .leave the 

• ' ing or hill dimbing can Saab standing still with spinning 

red on without changing wheels and the driver looking. 

.fhe Uirbo-charger, which rather foolish; Wider tyres—the 

; .ning constantly In the Turbo is due to get Pirelli's 



A $300,000 coup for Britain 


BY BEN WRIGHT, Fort Lauderdale, Feb/ 24 


THE SAAB TURBO 

superb P6 ultra low profile 
radials later this year—will pro¬ 
vide welcome extra grip. 

Fuel consumption is what you 
care to make it My test drive 
of less than 200 miles was too 
short to get a realistic overall 
figure. But the gentle driver, 
who probably wouldn't buy a 
Turbo anyway, should in theory 
get 28-30 mpg. The hard driver, 
who would spend much of fhe 
time demanding 3-litre power 
from a 2-litre engine, might 
oniy get 20 mpg, And that is no 
worse a petrol consumption 
than he could expect from' a 
typical 3-Iitre six-cylinder. 

Few changes have had to be 
made to . accommodate the 
turbo-charger. The engine com¬ 
pression ratio was dropped a 
little (though four star petrol 
is still needed), an oil cooler 
added and the final drive gear¬ 
ing raised. The lurlio-c harger 
itself, which is identical with 
those used on juggernaut lorry 
or earthmoving machine diesel 
engines, is said by Saab to 
have been the most reliable 
component they have ever 
bought. It should last as long 
as the engine and calls for 
only 30 minutes extra servicing 
time. The Turbo’s warranty la¬ 
the same as for any other Saab. 

The only body style offered 
for the Turbo is a three-door 
hatchback, with a flat rear sill 
and up to six-foot load platform 


that really does allow it to be 
used like an estate car. It is 
an aggressively masculine car. 
The paintwork is black with¬ 
out the option, there are bold 
light alloy wheels and aerody¬ 
namic spoilers front and. back. 
The interior has few signs of 
conventional “ drawing room " 
luxury though it provides a 
good working environment for 
a kten driver, with high backed 
safety seats. 

Controls and instruments are 
normal Saab 99. with an igni¬ 
tion key that can only be re¬ 
moved when the gear leaver has 
heen put into reverse, which 
makes a parked Saab unattrac¬ 
tive to car thieves. The boost 
gauge is on the extreme right 
of the fascia. The needle muves 
out of the white and into the 
orange sector when the turbo¬ 
charger cuts in and flicks back 
instantly to the white when 
you. case your foot on the 
throttle. 1 thought of it as a 
fuel consumption meter as 
much as a boost gauge. 

At £7,850, which includes a 
stereo radio/casette player ami 
headlamp wipe/washcr system, 
the Turbo is fur the driver who 
is more interested than most in 
lhe mechanics of a car and 
who can afford to be first with 
something new. Saab GB 
reckon to find 700 buyers-^-or 
ten per cent, of their hoped-for 
7,000 U.K. sales—in 1978. 


THE FIRST-EVER ' European 
Open Championship was quietly 
and unobstrusively slotted into 
the calender last December 
with (he minimal information 
that it would take place some¬ 
where near London between Oc¬ 
tober 19 and 22 with a minimum 
prize kitty or £S0.00U. lr is my 
pleasure to reveal that cham¬ 
pionship president Szen Tumba, 
who seL up the lucrative Scan¬ 
dinavian Enterprises Open, 
director John D. Montgomery 
and Jack Nieklaus. who is chair¬ 
man of the advisory board, are 
now aiming at a remarkable 
$300,000 in prize money. 

The championship will he 
played on a composite course 
at Walton Heath, Surrey, using 
15 holes on the Old Course and 
three on the New. the 12th. 13th 
—played as a par four—and 
18tb. The course will start at 
the second hole of the Old. 
thereafter move to the 4th. 
played as a par five of 520 yards, 
then take in the 5th to the 11th 
on tin* Old to reach the turn. 
The 12th and 13th holes on the 
Old Coltish will be the tenth 
and llth on the composite ver¬ 
sion. which will then move to 
the I2rh and 13th on the New. 

A maximum of 130 players 
will compete over 72 holes with 
cuts after 36 holes, to 60 and 
ties and after 54 to 50 and 
ties. The multi-sponsored event, 
which will not bear any indivi¬ 
dual sponsor’s name, will rotate 
through Europe. Over the next 
four years it will be staged in 
Italy, France. Spain and Ger¬ 
many. though not necessarily in 
that order. The St. Nom-Ia- 
Bretesehe Club in Paris and 
Pevern in Sardinia, venues 
respectively of the Lancome 
tournament and This year’s 
Italian Open, are two probable 
early venues for the future. 


The field will include as 
players exempt from qualifying 
the leading 40 in the British 
and European Order of Merit 
after the 1978 Dunlop Masters, 
all winners of Order of Merit 
ranking tournaments, and all 
members of the 197S British 
and Irish and European teams 
who compete for the Hennessey 
Cup. Open champions of 1969 
tn 1978 -will also be exempt 50 
Tony Jackim is already assured 
of a place in the line-up. 

The leading 20 acceptors out 


a feed over the Eurovision link. 
Incredibly, Tumba. aged 46 and 
a legendary sporting figure who 
was three times a member of 
his country's World Champion¬ 
ship winning ice hockey team, 
played for Sweden at soccer 
and turned to golf at the age 
of 31. since then representing 
his country both as an amateur 
qpd a professional. He told me 
here to-day that a British com¬ 
pany has yet to join the list 
of sponsors, which presently 
include six from Sweden, one 
from France and one from 


“ At last Britain and Europe appear to be about 
to get the kind of multi-sponsored golf event 
the Americans enjoy practically every week.” 


of the top 50 on the -U.S. tour 
after the-World Series of Golf 
will be exempt, as will the 1978 
U.S. Open champion. As the 1977 
South African open champion. 
Carry Player is also certain of 
a place, as is David Graham, 
winner of the 1977 Australian 
Opon. 

Sewy Ba!lo#teros. winner of 
the 1977 Japanese Open, is thus 
also already qualified, as will be 
the 1978 World Series winner, 
the Ifl7S individual World Cup 
champion, the 197S U.S. and 
British amateur champions and 
the leading four players in each 
of the South African, Austra¬ 
lian. Asian and Japanese Orders 
of Merit, presumably from this 
winter. In addition, there will 
be a maximum of ten sponsors' 
invitations. 

The ITV network will cover 
the event on all four days, and 
already Spain and Sweden have 
expressed interest in receiving 


America. Three major multiple 
sponsors are currently negotiat¬ 
ing with Tumba. 

The ben fits to be derived 
commercially from jumping on 
Tumba's bandwagon appear to 
be considerable. All the lead¬ 
ing American players here have 
expressed to me a keen interest 
in playing at Walton Heath, 
perhaps the best inland test 
of golf in Britain. Obviously 
Nieklaus will be in the linc-ttp. 

Amongst the benefits avail¬ 
able are the sole world rights 
to the film of the event, tailored 
to carry the appropriate pro¬ 
portional messages at start and 
finish in addition to natural 
breaks at the end of the first 
three days' play. Each sponsor¬ 
ing company will receive 12 VIP 
tickets giving admission to the 
club-house, a reserve seat in 
the 18th hole grandstand, 
privileged car parking facilities 
and a free programme plus 30 
season tickets. In addition. 


sponsors can print any numbe 
of their own guest tickets bea 
ing the name of their ow. 
company to be exchanged fo 
admission tickets at a discoun 
of 30 per cent. 

Each sponsoring company 
will receive three places in rii 
.pre-championship pro-am an 
the right to decorate their ow 
private tented pavilion on th 
course. Every pavilion will b 
equipped with closed circui 
television. In addition, sponso 
will receive free of char 
15 square metres of space ii 
the trade exhibition centres 
one double room with bed an 
breakfast at a first class bote 
near Walton Heath, and dail 
transportation to and from th 
course. 

As if all this was not stiffi 
dent enducement in any com 
raercia! concern. ITV is offer 
ing a discount on eomraercia 
rime purchased up to a maxi 
mum of 12 3n-«e<?oiid spots p« 
sponsor of over 3u per cent 
Nieklaus will preside at 
sponsors' golf day and dinne 
in July. 

•Sponsors will he 3l«le tn us 
the European Open Inxu type n 
all local ami inteniationa 
marketing activities in 197S 
They will receive a free half 
page of advertising in the cham 
pionship programme and a gif 
as a memento of the event 
Perhaps most important of all 
the sponsors receive the optio 
to renew their sponsorship th 
following year as the champion 
ship moves into Europe. 

•The trifling cost for t'ni 
entire package is £9.U00 an 
sponsors may purchase up i 
three units. At last Eriiain an 
Europe appear to be about 
get—and it is long overdue 
the kind of mulri-sponsore 
goif event the Americans enjo 
practically even* week. 


#tliebv 


A great collection 


."TING art on a lavish Pope that the carpets of Safavid tribal groups. Modern scholars 

• s no longer something Persia represent the supreme have realised to a far greater 
- commensurate with achievement of the weaver’s art extent than their predecessors 
Jhe English economy or and those who believe with Kurt (Kurt Erdmann excepted) that 

-vr .Ifilish rate -of taxation. Erdmann that the purity and the design of a carpet can often 
the generous tax in- continuity of Turkish carpet‘be as much of a hindrance as 
•„ offered to collectors in design represents the highest a help in establishing the 
“ r S. been available to achievement, since ' Turkish piece's origin and that dose 
7n»en of wealth who carpets, unlike many Safavid comparisons of structural 
^ Otherwise have acted as examples, never .iJbecame methods of weaving might well 
= -(leagues did fn Ameriea, adjuncts, however magnificent, be more objective guides. Here. 
■; ig great works of art t0 the arts of the painter and too, there are dissenters, those 
/ere then bequeathed to bo° k illuminator. <' who believe that design must 

—on for the benefit of all. Naturally. Mr. de Unger is a always be the prime source of 
dealers, collectors, follower of Pope, as is George information and that the 
•is, curators and the Wingfield Digby, who has " technicians ” have taken 
tors of the nation’s heri* written an introduction to this matters too far in their direc- 
. lave been arguing for a volume - Even Friedrich tion. Edmund de Unger is 
mtive sdiemc for years Spuhler, who has compiled the certainly one of this group. 
no avail. Successive catalogue, seems to favour the Hnwevcr x beIieve lhat lhe 

,. To^z en — ss y “ s “<£ 

■ 'SSMJfS - >mie 'un«-,rous. 

• ional level tor the sur- other view. To give one specific instance-' 

' y ] Br g e numbers of great Modern carpet collectors and Dr. May Beattie, following the 

- if art which stll appear scholars have also moved in two preiiminary researches of 
' world's art market every other directions. First, -the earlier scholars, has attempted 

collection of “ Classical ” pieces, a definition nf a group of 

- pvtont to which thP that is carpets made before Persian Safavid carpets mainly 

• is are losin» the stm^ele about 18 °0 au d consisting in the of the 17th cenlury. She pm- 

• rated bv one of thev«v raain Safavid Persian, posed that a number of carpels 

■ - remelv -Teat orivate coK Moghul Iildi an, early Ottoman with widely differing designs 

«tui‘ beine fanned in Turkish - Mamlu* Egyptian and had a common structure, 
ountrv I refer to ear * y Caucasian pieces, has Because this was found in one 
enificent assemhlaee of gi?en way t0 a new seneration of the most famous and beauli- 
' £n i rt hpfnn^inp 5 m ° [ collectors. fui groups of Per Sian weavings, 

■i He Tinrar They h ® vc an over-riding the “vase” carpets, she called 

interest in late 18th and 19th this structure the “vase leeh- 

' < „i r ,£ centnTi ' and village nique " and linked it with one 

■d pieces, represented in the main or more workshops in Central 

by Turkoman, Caucasian nomad Persia, suggesting the city of 

■ • and Turkish village pile carpets Kirman as the centre. Thfs 

a aa< * smaller artifacts such as brief description encapsulates 

^f a „„ ? u ,bag-faces, and by flat-weavings many years of research and 

• , from Turkey. Persia and the finely balanced argument, 

i the collection appears _ 


An incentive 
to all directors earning 
over £25,000. 


Esv 





i me collection appears r .... scn . , 

• omh.* Of the 151 pieces jS^wouId ar-ue that the - Dr - Spuh !l r ’ however ' di . s 'J 
►- ains, no less than L23 * Ma . y . 0 ,7 argue tnar ine misses it without comment in 

sen 5 acquired 5 within the co, i ec t t ° r **?#■*• one line of his cataloguing of 

. years. McMulJan was the first major the great Keir vase carpeti as 

w J influence in this direction, does . Wingfield Diaby in his 

• "SSL? f- ,thou /i * e McM “ ,,an col l<T introduction. And fhen to add 
. Sotheby’s or Christies, non did also contain a fair i nsu u t0 i n ( urv t h e snlendid 

for surprisingly modest number of very important exhibition organised bv May 1 
. „ „ classica pieces. However, the Beattic in 1976 to in ust rate 

nany respects Mr. de Ke.r collection, containing as it her thesis> an exhibitlon which 

is a traditionalist in his does only classical pieces. 15 a many W0llId consider one of lhe 
? to collecting something rare phenomenon to-day. ^ important devoted lo 

d particularly strongly The second movement ? is 0riental carets since the war. 

s carpet and textile towards a tax more detailed is named -Carpets of Central 

Modern carpet interest in the techniques of - (pp 83i 96)< instead of 

• ship can be divided into weaving, as well as in the «ca r peis of CenLral Persia” 
ncipal camps—those who ethnology, anthropology and and Dr Beattie herself is not 

. with Arthur Upham history of the various separate even mentioned by name. 

fITflP r^AOC Like aI1 the Keir collection 

.■ V I Uffv ^ VWavJ ^ . . . volumes, the present one is 

beautifully presented and with 
' ’ 4 ^Hh| a generous use of colour. The 

collection itself contains some 
quite remarkable pieces, mclud- 
" 9 jlliir*lllKMjCf*111ing. tlic noble Seljuk fragment 
iet 100% tax ralief on Ail Payments. Consult the Specialists: from Beyshehir, the almost 

AIICBCUAU complete “small pattern " Hol- 

AMbKdnAIn MUTvmO bein, a splendid "Star"_ Ushak, 

0r V°“ f BEST Tran, our rang, ot Alfa Rom eos itoSd’^hiteJSii.d "-wld* 

Alfasud 5m; £ 68.54 per month Ushak. a Mamluk fragment of 

AJfasud Ti: .£.'73,27 per month extraordinary quality, a good 

Alfasud Sprint; £. 94l55 per month group of top quality Mogbul 

Alfetta 1.6 GT: £ 118.19 per month pieces, a powerful Caucasian 

Alfetta. GTV: £137.09 per month “Dragon" carpet and what is 

Alfetta S trad a; £163.09 per month ■ unquestionably the most beauti- 

CnuHor -jnirn- % Jwfto'^ mnnfk fal Safavid “escutcheon” type 

Spyder 2000:_ ? £ 137.09 per month carpet ln esistence . 

We are Alfy Bomeo-mn Dealers hut can supply This last was purchased at 

any make or model you require Christie's in 1976 and is one 

■ ^r/KS^rs?9fr a, “' Buck " «.*•«« rec ^ nt 

additions to the collection. The 

■ text, though in places open to 

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Alfasud 5m; £ 68.54 per month 

AJfasud Ti: .£ 73.27 per month 

Alfasud Sprint; • £. 94^55 per month 
Alfetta 1.6 GT: 118.19 per month 

Alfetta. GTV: £13?.09, per month 

Alfetta Strada: . £ 163.09. per month 

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B incentive is there for a man 

naming a lot of money? 

r £25,000. o7even£100,000. 

Because the more money 
his company earn, the more 
Ld Reyenue award themselves, 
there is an incentive, 
at allows you to receive 
me when you retire, taxed 
icome. 

V;. • une tnai auows you to receive a tax free 

j• cash sum of up to VA times your final salary" 

4 .when you retire. _ • 

I One that allows your company to pay for ■ 

S you. And all contributions rank for full 
& corporation tax relief. 

M The incentive is called the National 

K Provident Institution Capital Pension Plan. 

|H Whether you’re 3 years or 33 years from 

ifi retirement, NPl’s plan can give you and your 
gra key personnel an incentive that won't be taken 
iS away by the Inland Revenue. 

||& So instead of giving yourself a rise, 

HH build yourself a future. G et a copy 
jlgffl; of NPFs booklet ‘Capital Pension Plan” 
WB k from your broker or write to 

Barry Gillman, National Provident 
Institution, 48 Gracechurch Street, _ • 
London EC3V OBB. - 

■Whichever way you do it, it's free. r . 


/ 

























Financial Ttmes Saturday 



-ardenin; 



7i 


ins 


' ARTHUR HELLYER 

ERAPIDLY "rowins habit or 
>c drinking is increasing the 
crest in wine -making and. as 
' obvious next step, in the 
.tivation ol grapes. After 
iturics of neglect, vineyards 
■. again being planted in many 
of southern England, even 
“Jar north as Derbyshire. But 
feyards occupy more land 
in most of us can ever hope 
possess. There are other ways 
growing grapes and other 
lsons for wishing to have 
im that are more in line with 

; resources and requirements 
home gardeners. 

Vines are highly ornamental 
mts and they are also very 
jy to grow if one is not too 
ncerned about them providing 
ofitable crops. I know of no 
ire attractive climbers to train 
er pari of a patio or court- 
rri to makq a pleasantly 
eluded place for use a* an 
cn a\c room in fine weather, 
ir n»t even necessary to plant 
namental varieties, such as 
tis vinifera purpurea with 
;hly purple leaves or Brant 
e leaves of which colour mag- 
ficcmly before-they fall in the 
ttumn. 

Ordinary commercial grapes 
nich, if one is lucky with the 
:ather. may actually produce 
.useful crop, are delightful in 
af and fruit which is likely to 
» produced freely even if it 
X 2 s not ripen perfectly. Sitting 
»neath one’s own vine one can 
nagine oneself in some. 

mthern country where such 
lings are taken for granted-and 
rapes arc so cheap that it is 
•arcely worth growing them at 
ome except for ornament. 

In fact vve are so accustomed 
* associating grapes with 
lediterranean holidays that we 
re apt to forget that the grape 
me is a hardy plant. 

It actually benefits from a 
airly prolonged period of 
inter cold which enables it 
1 rest properly and prepare 
jr another season of fruitful- 
ess. The fact that it becomes 
icreasingly difficult to cultivate 
ines for profit the further one 
loves north is not due to 
?nderness but to day length 
nd the shorter growing season 


HOTELS 




BY LUCIA VAN J3j£R "t^OST 


which .makes it difficult or im¬ 
possible for the grapes to ripen 
-fully. 

One can beat latitude to some 
■extent by selecting varieties 
which grow and ripen rapidly 
but there is a limit to that and 
: the Derbyshire vineyard claims, 
I do not know with what 
authority, to be the most 
northerly in Europe. Varieties 
grown there include ReicHcn- 
■sicmcr, Schdnbitrgen. PiHot 
JUeenter and Wroiham Pinoi. 

One merit of vines is that 
they will grow in very unlikely 
places. I know of one lhat 
appears to sprout out of/the 
pavement of a busy market 
place &nd grows up the front 
of a bouse, draping it with its 
lovely foliage and clusters of 
green berries. It has evidently 
managed to spread its roots far 
under the pavement to secure 
sufficient food and moisture 
and it may even derive some 
benefit from the paving slabs 
for the best vineyards nearly 
■always seem to be on stony 
hillsides. They are also usually 
limestone hills, for though 
vines will grow in most soils 
they always seem to be happiest 
where the soil is moderately 
alkaline and well supplied with 
calcium. So vines should be a 
high priority for all gardens on 
chalk or limestone and also 
where the soil is light 1 and 
porous’ for If there is one thing 
that vines detest it is having 
their roots waterlogged. 

How to grow vines depends 
a lot on the space available. 
The most economical way is to 
train them up a house wall or 
over a fence, pergola or out- 


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building. 

One tine can, in time, cover 
a great deal of space, but it is 
wise to kep its growth more or 
less on one Level since, if 
several levels are attempted, 
the uppermost will tend to 
monopolise the sap and -inhibit 
the growth of lower tiers So if 
you plan to cover the whole of 
a two- or three-storey house 
front it-will be wise to plant 
two or three vines, one Jor each 
level. The main stem will be 
taken straight up to this and 
then branch stems will be 
trained ho rum orally, ued to 
wires, trellis or anything else 
that is convenient. 

Fruit is borne on the current 
year's growth and at the end of 
the year this can all be cut 
back to within a hands breadth 
of the main rods fstems) from 
which - it grew. In this way, once 
the available space has' been 
covered,* the vine can be kept 
indefinitely at the same size 
with no problems of encroach¬ 
ment. 

Vines find much -of their own 
support by means of slender 
tendrils which coil around any 
suitable supports such as wires, 
trellis or small branches. A 
vine planted at thet foot of a 
tree will very soon find its way 
to the top without any assistance 
and will need very little pruning. 
One of the finest ornamental 
species. Vttis coigneriac, is cap¬ 
able of climbing to the top 
of a tall tree and covering it with 
its huge, rounded, heart-shaped 
leaves which colour brilliantly 
in the autumn. Fqr years I have 
had one clambering over an old 
and useless cherry tree, but this 


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Villas from CIS day (for 4). Direct 
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has now collapsed -beneath the 
load -of vine growth and I .have 
had to replant a cutting, this 
time at the foot nf an oak which 
should be able to cope with it 
for .many years. 

But if it .is your ambition to 
pick and eat your own. grapes 
or to make them into wine you 
must plant the besL of the early 
maturing varieties. Grapes such 
as Ckambourcin. Seyve Villard 
and Gagarin Blue with black or 
deep blue berries, and Scyre 
Villard iVftite. fiVisfteg Silraner 
and Chasselas Dore with green 
berries will ripen outdoors fat 
more reliably than even the 
earliest of the greenhouse 
grapes such as Black Hamburg : 
and though their berries are 
smaller, they are of excellent 
•quality for wine making. 

If you really aspire to own a 
mini-vineyard, plant your-vines 
in straight tows, spacing the 
plants at deast a metre (3 feet), 
apart and - training their young 
■growths :at t one Jsvel to wires 
strained horizontally-at any con¬ 
venient height. Prune -these 
young growths each winter as 
1 have already described, and 
the vines will be kept in bounds 
and will have a chance to pro¬ 
duce fruit of real quality, 
especially if fed moderately 
each spring with manure,or fer¬ 
tiliser — but not too much or 
you may pet rampant growth, 
but very little fruit for your 
pains. 

Plants should be obtained in 
containers and planted from 
them with a minimum of root 
breakage. It is possible to buy 
vines at any time until about 
May. 


T t ear ned lb read the small 
[ print in the. skiing brochure 
'the. hard way. One singularly 
i "ley and gloomy February day 
jl S a wthe advertisement '“Stay 
j in a chalet in Afunen—special 
bargain price. £S9 the fort¬ 
night.” I needed no further 
i urging. . I booked for myself 
'and mv daughter and we were 
| off. The final cost .turned Dut 
110 be about- £300 each. -Ski 
i passes at about £60 each, ski 
jand boot hire, ski school. lunch 
up the mountain the add .drink 
I two t for .apres-jski life, when 
' accompanied by a young d&ugh* 
! ter, is very rande&t) all -paid 
far in -Swiss .irancs at four 
Cranes Jto the. pounds accounted 
for the. .difference. 

■The -mural of Ibe story name 
home to me almost every-day 
on- a recent Tisil tD skims 
resorts in the Spanish Pyrenees. 
Since last year’s devaluation of 
the Spanish peseta we now .get 
‘about 160 to "the pound. All 
j the extras which are an indis¬ 
pensable part of .any skiing 
holiday—the passes, the ski 
1 1 hire, the drinks, the eating-out. 
/the night-life—rail these could 
jbe had at prices that now seem 
i extraordinarUy reasonable. 

j Of course, the fortnightly ski 
, j pass that Thomson Wimersports 
customers pay £25:50 for in 
! Cerler in the Spanish Pyrenees 
! does not buy them the rims 
and the slopes that they would 
get -for just over £50 in Val 
d’Isere/Tignes. So the nest 
moral is to check carefully 
that you are getting just the 
sort of runs and pistes that you 
want. H you’ve been before 
you'll have some idea of what 
to look for.-if you’re-a beginner 
make sure the sort has nursery 
slopes that are easily accessible 
either to the hotel or to an 
easy to use ski-lift and make 


sure there-are- some--easy-Tuns 
to progress 0o ' Tihc 
time I went skiing there was 
nothing between .the nursery 
slope (with .which I soon got 
bored) and terrifyingly tortuous 
mountain paths. 

But at the end of the day, 
when you come off the piste, 
then you really notice how 
different it is to be in Spain. 
You can. return each night to 
a hotel offering a much higher 
degree of comfort, an infinitely 
.better standard of food for the 
money, than in my experience 
can "be found . in France, 
Switzerland or Austria. 

Tnr instance, in Cerler, 
Thomson Winterspprts .have in 
■their -programme the /Monte 
Aifca imtel where for a sum 
■varying from £152 'to £lS9 a . 
.depending upon the season, 
you .can have a fortnight’s 
holiday with full board. It has 
the comfort, the food, 1 the 
amenities fa heated swimming- 
pool. half indoors/haif out. 
sauna, solarium, large recep¬ 
tion. areas, nicely fitted room) 
that -would cost infinitely more 
in the better-known ski areas. 

The Spaniards love to eat 
and it shows. They don’t seem 
to have heard of portion-control 
and if your only experience of 
Spanish food is -the beastly 
concoctions to be found on the 
Costas take heart and go to 
the Pyrenees. 

For instance, again in Cerler, 
we had lunch in the mountain 
restaurant. I couldn't eat it all 
but the menu of the day'■was 
. paella {and a good one,-too), 
■Followed by pork chop or 
chicken, pins chips and salad, 
-followed by fruit and accom¬ 
panied by bread—all -for 300 
pesetas (under £2,TO). 

The-mgbt-llfe on the‘Whole is 
not what it is in, say. Austria. 
The-villages, though charming. 




* ••ml.iwIk Ions runs and immense-variety 
0 f%istes in places..liiej Val 

baste!teries. and «ns. .:Most-,%>#. an d ;Davos -woOl^ aot 

the night-life find anything like/etuH^tb 

hotels/some.of^ 1 ^ 1 ^-^ ™ .'ftSf occapiedf. 

apres'-Sfufe ifwhat you. go for Hasella is one of 
ft ce^nly isn’t as jolly as of the Pyreneen resD^-^her 
llJwSre • • a Spanish Cowchewkwtth 

eisewnere. trees and.nice-yro&hms 

Spanish resorts have inm 

derive rte La Moling SusesS&Wi 
charm and you neea u>. complex (jus& ten remotes-ipsay 

ftr £dThinks 

o soufteZ. Even in January ta.W 

coriierSSorts at this, time of 1( ^s skiing foralmpsfr^I^e? 

the year you’d be .infinitely. of- 

colder .and darkness vwuld.reactedIwti 

settle.in about 4.00 pun. 

The resorts, of coarser *^7- the-Psiace^^i^b 

Bagaeire^eret ^ t0 tll ookr «i; 

:lf you xeany ^^s. 

fjiraiiy-very robnat don’t go beginner 
ttere>ritt]OUt the clothes to-rgoingto 
match vand take your -most to .ask if 
luxurious furs. Apres-ski clothes, speaking 
there-are casual but the.price-.-does matter and they_ 
taas show as frequently-found as . m -Cw 

Baqaeira-Beret is said to have mqre.festablish^rwqrfeg?^ 
the b^t snow in the whole of boot hlr ® 
the Soahisb Pyrenees, being the equipment -looked new andJSffl 
onlv in a valley “facing cient,but supplies -were/ 

nartlL' Cemiolv when we were-plentiful M-fa Javger 
Uiercie snowvzs sowe of the if. possiWe 69 
■ best ^ve-seen anywhere-r-masses shop : at ..the first ; . awabl- 
of powder-snow on .beautifully moment. . . - ‘ ; v/ 

keptiand monitored pistes. Most Forr thc piste^basher 
of the-runs are flatterixig.to even..jg row xi toihate the':ccdwds: aji'i 
im>derate skiers but : I m .told the queues Spain wTU seem ,; 
there’s-a truly hideous '-black.'refreshing - change-rSatutdiy 
run,-known to reduce grown .ft«rf-RBndays In the rQost-resort 
merLto tears, for those who: like most i accessible r -to J BareeIim 
to flirt'with fear. Thoit^ons bope. (MaseHu/.and La 'Mottnaf.&r 
to take parties there next year crowded but otbemdse. you,-ea 
but at the moment Stephen Lord |,e almost certain ‘ of plenfifL 
are .the only tour operator to.go -s mtahin e and .acres of - piste 
there. - ^wjth'Aardly.-a-tiuette in sight- ; 

Cerier ds small^.sanpje.l^ifcithe,-. r . .. 

*atela ^ are comfortable .and - it Yw wwir^nr ey ■ amai im 
.vwdd-suit beginners, and.mode-’^; v. 

rate riders. Those.used.totjhe,i^«gL jswirw/TV»b^:c»rth..^ .. 



CHESTER-LE-STRBET, 

3d. Durham 

iUMLEY CASTLE. 13th c«nlury CaSt1«. 
All atarjDmi with anvate Mtn r«Ho and 
fv fjourmcf r-stauvirt. Ehcabetftan 
Danauets held mtnt e.cmngs In ihc Baron's 
Kill. Tel: Cictievle-Streei 88S12&. 

FALMOUTH. S. Cornwall 

THE FALMOUTH HOTEL.*-- EUKulvt *nd 
lu>ur cut **itn iuurb views overlooking 
'he sea inf heach uocn all rear Excel¬ 
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Illusirjtefl oroenurc. Tei- 31Z671. 

MULLION. S. CuTnwall 

POLUP.R1AN HOTEL-*- Haonv. Informal, 
line tuisine. ir>endl» ser/ice. 1J Acres 
secluded Own sandy CO-C Hfd. 'PSOl. 
Tennis Putfing n*. 16-haie Oolr course. 
CI II x-alks Dancing. Tel. 240421. 

PORTSCATHO. S. Corowail 

RDSEVINE HOTEL AA---BAC. SUndlng 
m S aces o' b.-j-jtiful gardens above sale, 
sandy enraie beach. Noted lor -cuisine. 
M”. rooms »itn barn-snowor. Full C.H. 
Ideal lor early or late holidays. Tel. 20fi. 


EDUCATBONAL 


ST. DAVID’S, Dyfed j 

WHITESANOS BAT HOTEL. Luc. modern.; 
super views. Sale sandy beaches. Gall ' 
course adjacent. New Md. outdoor nasi, j 
sauna and launderette. Comlortable. warm 
Bedrooms, 2 cliff too annexes overlooking 
Bay. Tel. 403. 

SANDOWN. Isle of Wight i 

BROADWAY PARK HOTEL. i-Sw and. 
excellent 7 acres ol- beautiful -grounds. 
Imaginative cuisine. Pr,v entfis. Htd 
swimming pool Dancing m soasen. Tennis. 
court. Tgl. 099-384 1007. 

Nr. STROUD, Glos. 

A M BE RLE Y INN. svf-.,g!v roe. for week- > 
ends-and annual holidays. Golf and tiding 
adioining. Around, cream ol.tne Cotmeolos 
countryside within, -generous lare and 
companionable bars. Tel. Amberier. 2S65 
■ STD 045-3871. 

TRESCO. Isles cf Scilly 

ISLAND HOTEL. R.innr-„o I" " Mi?'* 
Peaceful Hotel In Bntain ** category in 
AA'i 1978 Guide in'ee ,. j,._ ■ 

Roscr.e. Superb .food and fnendtr atmo- 
snhere on one :Of -the world's iovel:c5,' 
islands. Re-ooens 1st March whrn'TreKO 
is .ablaze with mOodils One of Britain's 
'Prestige Hotels. Teleohone: Sollonia : 
■072041 BBS. 


i FOREIGN HOTELS 


I SWITZERLAND. APOOA. Hotel Valsrna. 
1st class. Indoor sw'mmlng-ppDl. Offers 
we secu- »v Irr tfwng uihl tne end Of 
Apr,I Tele* 74232. 


COMPANY 

NOTICES 


THE SCOTTISH AGRICULTURAL 
SECURITIES CORPORATION LIMITED 


TOla’L DEBtNTURE STOCK. 19891911 


NOTICE IS HEREBY GIVEN that 
the Registers ol tne Corporation's 
a bore-men boned Debenture Stock will 
be Closed lor Transier and Registration 
Irom 16:n t 5 29tn March. 1978. both 
dart inclusive. 

Gy Order Of the Board. 

H. J. McTURK. 
Secretary. 

48 Palmarston Place. 

Edinburgh EH12 56R. 

25th February. 1978. 


MONTE ROSA INTERNATIONAL SCHOOL 
LYCEE d’ARYEL 

CH-1820 Montrcux, Switzerland 'Founded 1874) 
Co-Educational International Boarding'and Day School 

Elementary. Junior and High School 
University Prep. Oxford G.C.E., O and- A level* 

College Boards AP/CtEP/ACT 
EFL (Cambridge/TOEFL) 

French. German, Spanish 
Summer Holiday language courses June-Augurt 
For brochures write to the Headmaster 
Monte Rosa Inti. School CH-1820 - Montreux 


CLASSIFIED ADVERTISEMENT RATES ; 

single > 
7 MT . column; 
line cm. \ 

.t c ! 

mmercial and Industrial Property 4;50 .14.00 : 

ridential Property 2.00 §,00 * 

ipointmenu -4fi0 14.00 ' 


Commercial and Industrial Property 4;50 .14.00 • 

Beridential Property 2.00 §,00 * 

Appointmetm ,4.50 14.00 ! 

Business 4 Investment Opportunities. 

. Corpuraliun Loans, Production Gapacily, 

’ Businesses For Sale/Vanted .5.25 16.00 : 

education. Motors. Contracts & Tenders, 

*. Personal, Gardening 4.25 13.00 ■ 

Hoiels and Travel C.75 10.00 ' 

Book Publishers — 7,00 1 

Premium positions available 

I Mini mum size 40 COllUDD CJB5.) 

; £1 jO per single column cm, e*tra 

■ For further details icrile to: 

* Classified Advertisement Manager. 

Financial Times, 10. Cannon Street, EC4P 4BY. 


Offices 
Office sites 

factories 

Warehouses 

■fefepftone: 

0733-68931 

Ext 326 

Chiei Estates Survayar 
-Peterborough 
Development 
Corporation 

F0 Bo* 3 Patatbonaysh PEI 1UJ 


FOR SALE 

Tr«U puhliihinj jrouP Woitern 
Untud Stawi. Nmu publicationt 
lotittd West Coisj. In buulneu 30 
yciri. Owner rearing. OReri profit. 
»S!« foothold in ch« y.S mirkot ajid 
ip-irt 2 hoird tar major European pub. 
i'lhrr » periearat* U.S. m Bleecraaies, 
Com outer and Induurial fieldt 
Attnenve iimi. Replies bo; Mr. C. A. 
Ffiaenrr. Bor T483?. Financial Tinjei. 
10 Cannon S*n«»r. £C4R 40 f 


EASTER traditionally marks the 
beginning of the chess coneress 
season, hut nowadays the week¬ 
end circuit starts earlier, and 
several 197S events have already 
taken place. It is a sign of the 
times that Nigel Short's victory 
at age 12, jointly with the city 
champion Victor Knox, in the 
Greater Manchester winter open 
earlier this month, merits just 
an incidental mention. 

Most eongress«?s C3ter for 
players of all strengths, with a 
minor or novice section where 
the newcomer can feel at home 
and meet others of hiscstandard. 
It is possible to find a suitable 
event in many towns 3nd cities— 
for insLanL-c Easter sees tourna¬ 
ments at Southend. Folkestone, 
Bolton. Harrogate. Newquay and 
Bangor, while March 31-April 2 
features Nottingham and Nor¬ 
wich. April 7-9 Exeter, and April 
.14-16 Blackpool. 

This is far from an exhaustive 
list; if you are interested in play¬ 
ing in any of these events, or in 
a congress in your own area, 
simply send 20p to the British 
Chess Federation, 4. The Close, 
Norwich, for the latest issue of 
the monthly “Newsflash " which 
contains full details of tourna¬ 
ments during the uc.vt few 
months. 

For very.strong players, a new 
■oven l- this Easier is. the Aaronson 
Masters at the Imperial Hotel. 
Xondon. on.March.23r29, Limited 
id 50 entrams, ir offers s chance 
for ^British .and European experts 
to qualify for title norms. 
Aaronsons already support a 
major week-end congress at Har¬ 
row in September, and the 
Masters will be an incentive to 
the many young players eager to 
reach international class but 
lacking the opportunity. 

Finally, there is the good news 
that the annual British Champion¬ 
ship. to be held this year at Ayr 
lAugust 7-19) will be sponsored 
by stockbrokers Grieveson Grant 
who-are providing a £ 1.000 first 
prize and substantial awards for 

the next seven finishers. The 
low prize money of recent years, 
coupled with the cost of a fort¬ 
night's stay, lias caused a pro¬ 
gressively weaker cnLry for what 
should be a premier event. 

The BCF really ought to hold 
Lbe championship much more 
often io major cities, where most 
or the strong players live; but it 
has never been staged in Man¬ 
chester or Birmingham, and has 
not visited London since 194S. 

Grieveson Groat deserve a 
special welcome . as national 
championship sponsors since they 
are actually involved with chess 
—and successsfully so—in the 
annua] Stock Exchange team 
competition. They.have won it 
twice running and have two 
players with .BCF .grades around 
200, one of whom comments 
that his work io the gilt edged 
market is akin to a mathematical 
chess game played for high 
stakes. The team championship 
was the scene of a neat gamelet 
illustrating both an unusual 
opening plan and a lesson in 
king’s side attack. 

White: n. Johannes lOricveson 

Grant j. Black: W, T. FranJUna 


[ ■ • in disc ov ering-whether-vre have ‘very-reasonable- indeed. -Spain-. France is ^a^tcidafij^g6od~i 

B JLm f \ CTy* spent.2p more on a cup of coffee which ’ makes my favourite tile small faxnUy-run. restaiirer 

B fly wT. than it costs at home and shud* coffee, charges from 15-25p. where, if;yDurjFr^refti-^U^ifb 

■*- dering over the price of Scotch, . ilmported spirits are always to it, they will.-be detigbteflrt 

| .gr g f even as we resolutelv grit our exorbitant and those who in-- discuss > therecipe ;*P. r 

i teeth and knock it back! But sist on their particular brand piquante sauce-as.weU/.asigrt 

\BB / / B I have come to the conclusion of poison have only themselves a personal assessments of tr 
•'•'V' that the pricing game is as taibhsme. as do wine<lrinkers in. ‘current .doings of■■.■the: 

1 much an indication of charac- non-wine-producing countries; Thre&co«Fse^^tqurist_inenns:3 

^ ter -as of income bracket. There Best bargains of all iie.on the submit £2,50-wfll b^^a^great-do. 

// f TT if MM \ are those -who only notice the shrives of local hooch in stores i.pjpre than sofflerhotted-upjpp’ 

W m/\r §/ B %MrkJ expensive things and others who or .supermarkets. We . found- csctien .and, may, weli 5 -mdne 

rejoice in every bargain. And iome.perfectly driukaWeTwiaeS a^nieasure of wme.5pain.can i 
i COMPARISONS may he often than not, we are in -France last year-at about50p ^wx- twp.,cdurse£' a^ coffee fc 

[odorous, but a Tot of us are paying Che price for those littlea Titce and, in Yugoslavia, .:a.t;3rot- mo eh ov.er-a£l.' - 
forever making them, especially habits that we insist on carry- 75p.a litre. And in.-Jamaica-I One can, followthe-same vru 

when abroad. There seems to ing around with us. refcalf : ;the very, consideraifle f&r beyond- 'the ; borders- i 

lbe-an extraordinary fascination Coffee is a.case in point As dSfferenue.between. a measnre’cf -Europe, .too. In’4Mia,-4uh 
... ,, , — ■■■. „ ■■ « , i < ; flT1 ac |dict, I -was faintlv de- local mm fn a hotel ,bat and the- sTeuthing^of sutiabJe^wctiBak/hi 

rPhllfips and Drew). Opening; pressed by the -50p it cost -in comparative cost of the wbede led to excellent fflfe whk 

Modern Defence. the hotels ofTokyo as long as bottle.■fc&rasght home;; were c a Iso'.an edneationin-ti 

l p-K4. P-Q3: *2 F-Q4, N-I\B3;! tW{ > years ago. 'But then the When -it comes -Io peals-variety -bf Indigo -foed- .' ^or 
3 .\-QB3 l P-KN3; 4 B-QB4, JB-JST2;; Japanese are not coffee drinr nothing, of course, : * can two-cooise meal with cofffee i 
5 Q-K2. N-B3. -kers; and though, admittedly, compete with ‘the all-in -fa1J- ; aD^OTer8g® rest^ 

White’s formation, already I their-green tea is an acquired board package prices, which offer- quite easily ^et .‘change fre 
recommended twice in this fea-j taste, it’s surprising how re- in cheapness -what they «ssaUy : £t.'50. ’ '-.Ini’S^ngapore. tBe foo 
ture gives a steOTgautack after | freshing it .becomes when jou sacffifiee .'ih gastroaoinjc- ; qtiaIitY stafls^^Jt|p.&^Various,'partS j 
?" pwi* : \ TPv-p ^ jUaat il 1S ,not <U5ly cheap. In any case, it is a sad- fact-jjb.at ;the^d^?;iiavebec<Bne-a meetii 

2 i v en .away in .some few tourist hotels -cater-'forjplaeefor Jtio'tiiJocals.and vi; 
finally 5 6P-K5 F>xP: TFxP. * .... feorde Wtra reaBy want to tty tore;;-ifa-yorth/gohg -for ti 

N-Kl; S P-B4, P-QB3; 9 N-B3, ihe insan aoly CQffep-dnnking local cookmgi and, with eoreep-.sheer-fnn «f 'maki^;yonr OT 
B-N’5; 10 B-K3. North ^^nerhsms/.on the'Other tions, hotel dining rooms are 'seieetion ^ro® a bewllderii 

6 N-B3 f?.). hand.It ayy thg ciriitsed habit of pretty short-on embtance. My array;pf“fiftiHese, Malay,-indo 

Sharper is 6 P-K5! when if goring free (or charging much practice is Id go where the locals erian;- ■ Indian * fare. ■■ >si 
NxQP? 7 -PxN! with three pieces less for) a second or third cup, go — local fam3ie& preferably, seelitg it^oaeked in impecczb 
for the queen, or 6.. N-KN5; 7 which mtakes the initial cost of for they are the most likely to'conmtlgiik : You dat very^wt 
N-B3, Px-P; S PxP, KJSixKP; 9 I5^5p in Ckraada, for example, be interested to \ralrte-for-money. for- £2i50’«nd -adewttitely •• f 
NxN. -N.vN: 10 B-N3, N-B3: U : _• 


B-K3. N-Q5; 12 BxN, QxB; 13 W) 
with a strong attack, or 6...N-Q2; 
7 N-B3. PxP; 8 BxP ch! 

6 ..B-N5; 7 B-K3. 0-07 
Better is 7...P-K4I with a good 
game: here and in the oext few 
moves Black plays too passively. 


- . . b*l£ pf/tha*.’ ' •.:, ; . . 

on the weaker club suit, he will tton ef food, 4s -a .cooyjlete, a 
make his .nine tricks, .as he. fonu^iof rite:ormu : . a- tradition 
cannot make a wrong, gu.ess._in reeaJ 1 may easily, cost npwar 
that suit. of S3^ -jmt it ds ia[ joyn 

In the .next rfleal. we see some experience; ".and . withbirt 


PxP: 15 NxKP. N-Q3: 16 RxN, 
BxN: 17 QxB. PxR: IS Q-B4. Q-Kl; 
19 B-B6, Resigns. Black cannot 
prevent Q-R6, with unavoidable 
male. 

POSITION No. 204 

BLACK(12men) 


N. 

♦ K Q 10 
■C 1 A K 4 
<• K 10 S 3 
+K 10 4 

- W. 

it* J 7-3 A 

j'tf .Q 10 7.2 :© 

'OA4-2 C 

* J 9-8 + 

S. 

*A 8 2 
'5 9 ? 3 
C* Q 9 7 
•* Q 7 -6 3 


*TE. 

♦ 9-654 
:0 J^6 5 

^ *r e 5 

* A 5 3 


W. 

♦ 10 9 

ri.s 2 

v Q .9-4.3 

* .Q. J 10 5 2 




S 0-0-0. P-QB3: 9 P-KR3, B-Q 2 ; TWO DEALS from -top inter- 6rst declarer pfey: ristsai yofl/can ^ yef^ niu 

10 P-K5! (dow White bas a second national .matches, both played . —■— — ■ —. ' . le®. ' '"V . "V. 

chance for this thematic break), m three no trumps, are -what ‘1 N. „ -Sightseerag'.tndrs,..'Whi^/a 

Qffer you W« start -with *Q fi 5 4 the. best way THmow 

^r: 1 n ( Rv/- p M: 1 4 RMrnf: a 

PxP: 15 NxKP. N-Q3: 16 RxN, N I K-J B 6 3 femwo otyv are ^:-gooid.-,mye 

BxN: 17 QxB. PxR: IS Q-B4. Q-Kl; ■♦ K o' 10 , * 6 4 - meot^' Whcfeea-’-titojr 

19 B-B 6 , Resigns. Black cannot « a ** 4 W. JZ. .. ariarad. 

prevent Q-R 6 , with unavoidable ... 7- * ♦ 10 9 4 A J 7 2. or^30 ^ to S^ne^.Sirita 

+K1Q 4 ? S 2 V .K to. a s-4 land tti* Sto^j^> 

POSITION No. 204 . w nr T S’? f’A v .A a. .. - whose stote^' or ^I^tipn- 

BLACK(12m«i) 4 J 7-3 * 9 '6 5 4 * Q J 10 5 2 . 

—r* — Z q 10 7 2 - 5 ?;S ? 4 • • - - -.• 

■ - f® m A ■';> ? § 4 V 2 S 3 r e l ^.:K>8.3 . .. 

TtrT W T^T *3 9-8 *rtwn* 

Bk JLy ’ . Jcj ' * B g -0 10 1 . - ' T .aL 4 & 5 a 

ft ■ ft ^ A 8 ° ' **'-A K.-9 .7 . booklet 7 listing.,things,'jwiLiq 

_s.ftl.ft -b #s 3 " 1 11 . .. 1 

\ ft-.: c* Q 9 7 JlasfcWesthadwop- one^game 

*— TSr ’TT'n' ‘— : ~w * -0 7 B -» when E^fAealtitoid-i^^ed-the: rase^www^i^jjragraniinra 

s?, A J 3 . .n — " bidding jyith ane^heart. y5km-aL ffgnmaa^wiT : ; - ^ *: -■ . 

T JEast dealt .-at - ^aree 4 IL ; and overcalted qae ^are./aipsi 

. 5 ' ■ ■ _Lli Ll *after_three passes .North-opened and iafter & .pass lefeto^ifas^ags^br. abpot ;t 

R iF • W, N* - a Precision one club, -to : 

. O. Zl, which South replied -with one with tw 0 xluhs,,- and went■ tlirec fiML^Bgenrig^-aawn^ 

r-i 3 ’-r^-O- nq trump. .North's-rebid-ofitwo no.-.tnmps «ft-er.-4)js'jjaEjaef s thro; 

L-J-IQJ- dubs asked South for riarifiea-^respotise-^ : V;' ; -tiiiristjr-cT 

WHITE(12mai) tion, and the two diamond West led tb&> Queen of ehibs, rail^ jc-'^»mpena^e/ foj:-'--th 

A king trapped in the centre/^ ponse showed a .balanced whKETrfMas -.tafcea^fey ctisi dusei, /rarely ieflecf..^cti 

often provides opportunities for of 8 to .10 points without .and 7 the^larer.-^t 4 ^.?toih^f 
tactical attack. How did Whiter* four-card major. /Noilifs f dJamond^"-^i(*.was 1 hIlhwed',te i 

1 to move 1 take advantage of this [three no trumps .closed jhe. JiffldiJEpB .waa ^ah- 

position from a German tourna-j-.auctipn. " uawlSR^ha^on^EaktTs; ^^, ^^ 

raeDt ? West led ;thd .‘two '.of -hearts, Soiith.^rehd.STtTiatidftT^rr ; 

PROBLEM No. 204 :Easfs Knave was .allowed .to fecltyVeafihecNthe chrb'KrtE?^ 

n, win. *hd the six -was returned remove./E'ast>:>6x2t 

—■■ ar t * ■■? --■ I, w v »■ I to tiie .King. The. declarer, of then, continued 1 *wtth a dianKjatr 

Zv 7 } course, went to work on the totheaSaave*ahd-Ace.i ? ? : ;./ • ’ 

TT ^ £?"■ ““ diamonds, and it was vital for '.East war^sewrMy.ea^liyed^^^ 

... : 1 5 :./V. _ him to guess which .defender ; and led .the .-two‘ ' 

if : " ft 3E' SsjaTPr -tiad the' Knave. He led dummy’s .which was-^hen fethSTQtiew 

mt U JL WL .. . pi .CT.!j.£. l . hree and played .the Queen .on the taj^e.' 

• ’ :V ■ rA Rig} A horn ban#. This was.not ..the-'Kipg wasroow,-caBh^^^&dy 

rightness,.but.he thoughtjfiat^ast threw-^*hfiart«Ba^jS 6 a£hiK® 

2 A r.;\ O ^,;.ae ,Knav«i .'jli *:i!luk,aa';tte i ’fi ! 8 r-.?jS 

jcSt —— -wqnid be well; jf .he had .the was retutftg* .iEgstBe* 

i0r-: !• ., ;-/■ : Ace, at- least his -entry wituid ,.w«it up^atrtmcjei-wiA-^lita’ jA^ 

\ ‘SflS" a a -be removed. aad- foUow'ed..with;'a^iaw- _ ^^S 

__jWest. -too, knew this. 

cc r y s tA t k a ^ t,any=clla,lge ' 6f ' pa c* ^ ^ 


WHITE(12men) 


WHITE (14men) 


ticked, -which was a lovely -which^Jicav^d^^^ 
;«feosrvo -piay. South returned : the /K5pg ..and -cash ■: 


White mates in two moves, LL b? .F 1 .® ' and ‘ ran lt - losing to .Spade;Ibut oft th* frssf&bwR 
against any defence rK ** v toasts. -Knave, a oiitpr ilia. *h<i ^r.»— a- 




against any defence (by e. ^ast s.-Knave, a ^titer dis- return the declarer fihessed/fhe 
Gross 1 . A problem with a highly ‘appointment. The contract had MWne, and when 
unusual theme—the white king no chance of success.'East the Ace'-srii 
is in check, but only one of the ted-a heart to dear his partner's -his contreeC- • 

nine nnsgihln acnanar mi.i _.. . ■ • - ^ -! ■■■...:.A.. 7 rX. 


I FAN A DO DADdFM uciw me Lumracu- • - . v . 

LLUNARO BARDEN strange to say, if South pJayi . : >.0 




s'r'rSf ■ 








7 


'Financial ;.T1mes fiota&ayl Felbraary 25 .1978 



k watch for all seasons 


YOU look at the watches, on 
e in most shops in most cities; 
Q.v of them bear a startling 
emblance.to each other. There, 
of course, a limit to the Marin¬ 
es you-can create out-of-the 
ic format of "a watch' face, 
ids- and strap but nonetheless 
s quite dear.that as soon as 
ertain model'proves to be a 
at success, either in volume 
in status terms, many other 
nufacturers suddenly find that 
y. too. surprise, surprise.have 
ilar models, coming off the 
duction lines. 

me watch-maker that; ha6 
■raged to retain a distinctive 
ige. which though copied has 
y been done so badly as to 
»w no confusion with the 
’ina). is Boles. Rolex have 
oaged to do this by concert¬ 
ing ..almost exclusively on 
'■dhicss, precisian, reliability 
excellence of design! They 
e refused to succumb to the 
lands of fashion; the most 
ous of all the Roles designs. 
Oyster, has remained 
ually the same for 50 years, 
olex watches have been worn 
le their intrepid owners 
e swum the Channel, put out 
blazes, penetrated to lower 
tbs and hjgher heights than 
body else. Sir John Hunt 
e one when climbing Everest, 
r Heyerdahl while crossing 
Atlantic and Tom Sheppard 
ie crossing the Sahara. Need- 
to say the Rolex survived 
>r. wind. cold. heat, heights 
depths with scarcely a mark, 
ecause the Rolex. is such a 
Luc and dateless design 
tey Rogers, managing direc- 
or Watches of Switzerland, 

' ded to open an entire shop 
i. New' Bond Street, London, 
devoted to nothing but Rolex 
; :hes. 

alex watches start at £200 for 
plain oyster but the most 
'rlar model of all. surpris-. 
y is the gold day-date model 
now sells at over £2.000. 
re is always a shortage of 
e—from tbc day the factory 
_ls making a gold day-date 


model until the day it is ready to 
go on sate it takes a year, so 
this is not surprising, if. you 
want one put your name down 
now. 

- "yntiLtiow Rolex Walches have 
all been" conventionally made— 
that is they all have had the 
usual movements—but they have 
just produced their first quartz 
model (photograph. hoiiom near 
right). For a. watch like the 
Rolex which keeps such excellent 
time anyway (Sidney Rogers tells 
me he has had a day-date watch 
for 16 years and it is accurate to 
within four.minutes a year) it 
seems almost superfluous to go 
into quartz movements. However, 
quartz movements are taking 
oyer the watch- industry world¬ 
wide and the extra accuracy they 
offer (they are said to he 
accurate to within -10 seconds a 
year) seems to be a great sales 
aid; 

In steel - the quartz watch is 
£560 (see it photographed near 
right, below), the gold version, 
which has not.arrived yet hut for 
which there is already a waiting 
list, will be about £2.&fi0. 

The Cellini collection is the 
dress collection 1 (that is, when 
you come into a windfall, you 
have not only a day watch but 
an evening one. or two or three, 
as well). 

Photographed, here arc two of 
the most desirable. I love the 
pocket watch (near rfchf top). 
It can be worn by either sex. and 
-is. made in either white nr yel¬ 
low gold. The version photo¬ 
graphed here is in IS carat 
white gold, has Roman let terms 
on a- silver dial and the edge is 
of diamond bezel. It is £2.:(7l. 

Far right, is another enchant¬ 
ing evening watch, this time with 
a rather 1920s Art Deco air about 
it. Made from IS. carat yellow 
gold it has a pave set diamond 
dial with diamond bezel and all ■ 
the bracelet links arc embellished 
with diamonds, as well. 1 don't' 
know what your Insurance com- 
pany would have' to say about 
you wearing it for it costs 
£9.667. 






■W; ' 

^ ■ i jn wtfi t inw i • 





Pots by 
post 

REGULAR readers of this page 
will know that I'm very fond of 
the Elizabeth David kitchen shop 
at 46 Bourne Street. London, 
SW1. However, its great dis¬ 
advantage is that the Tull range 
has only been available to 
readers who were able to get 
along to the shop or who were 
near one of the specialist kitchen 
shops that stocked their products. 

To make shopping easier and 
the range available to a wider 
collection of people, they have 
now produced a very dean, well- 
illustrated mail order catalogue 
which should make all the 
difference to those who live far 
from a good kitchen sbop. 

Besides the usual and well- 
known collection of knives, 
French country cookware, 
strainers, saucepans and the like 
there- are a few rather esoteric 
ones that I haven’t seen else¬ 
where and that I personally find 
very useful. For instance. I find 
Elizabeth David's ceramic baking 
beans absolutely marvellous for 
baking flans blind—I never have 
been successful with the dried 
beans or peas that most recipes 
recommend. They always seem 
to stick to the pastry and I have 
to dig them out individually by- 
hand. These don't stick and. of 
course, last almost for ever. 
They are £1.35 (37p p+p) for 
half a kilo. 

There's also a splendid col¬ 
lection of moulds for making 
yonr own chocolate rabbits, 
lambs, eggs and so on which 
might prove useful with Easter 
and the holiday coming up. 

There's a very nice collection of 
ceramic ware, from little cocottc* 
dishes up to a large, festive-look¬ 
ing soup tureen. 

Nowadays, such is the cost of 
printing and postage, it is usual 
to have to pay for a mail order 
catalogue and this, one is 50p 
direct from Elizabeth David 
Limited. 46, Bourne Street, Lon¬ 
don. S.W.l. 


Dingle pie 
md all that 

" ABSTRACT, I've never found 
idea of Irish food very 
a ling—it's always seemed to 
_ rather stodgy, relying on 
‘lerful breads and scones and 
‘.oes and all the things that 
't really my sort of food, 
ever, two books on Irish 
. one new and one not so 
are just the thing to 
hten people with similar 
' idices. In particular,-Myrtle 
a's The Ballymaloe Cook- 
. is not only a mouth-water- 
introduction to Irish food, 
ilso one of the most charm- 
mokery books to come out 
long time. 

rile Allen and her husband, 
run the Ballymaloe restau- 
in Co. Cork land, incideni- 
- they run a hotel as well, 
b T am told is one of the 
charming places in the 
c oF Ireland to stay in) and 
hook is based on the eollce- 
nf recipes that has won their 
urant one oF the only -12 
allotted to restaurants in 
iin and Ireland in the Micbe- 
*'oud Guide. 

e certainly shows that there's 
• to Irish rood than stodge 
mutton. Her ways with 
cen. fish tin particular her 
-j for mackerel transform 
cheapest and most del icons 
>h into something worthy oF 
grandest of occasions), beef 
vegetables, reveal a light 
delicate approach to food 
1 find very appealing, 
iwever. if you actually like 
Irish breads and cakes and. 
ion stews, you'll find those in 
book as well. Dingle mutton 
is I understand, an old tradi- 
jl recipe, and those who long 
lake it will now be able to 
. o. 

bat I like best about her 
i. is that it has an individual 
fresh approach—it isn't just 
oilectlon of recipes but a 
•ction of a genuine and 
icntlc way of life, related 
. he land, the culture and the 
luce of the country in which 
tie Allen lives, 
yu can order a copy by mail 
ct from the Irish Dairy 
rd, Ireland House,. 150, New 
d Street, London, W.l {price 
4.95p plus 65p p and p) but 
. will havo to wait a • few 
ks as a telecommunications 
:e has held up the copies, 
heodora Fiizgibbon's famous 
erback "A Taste or Ireland" 
ch is full of traditional Irish 
pes accompanied by evoca- 
pictures of old I re Land can 
hought for unly 73p (the 
price nf the old edition 
95p.t. You should write to 
- rygold, 6-S, Emerald Street, 
• don WC1N 3QA. enclosing 
. leqiie or*postal order for-75p 
well as part of a wrapper 
n Kerry gold butter or 
ese. 



Seat yourself 


l DON’T? know if you’ve looked at the price 
of sofas recently but if you haven't bought one 
for a long time and feel like replacing an old 
one you're in for a shock. 

If you happen to need a new sofa, therefore. 
The Reject Shop's spring offer of two- and 
three-seaters covered in a choice of two fabrics 
seems exceptionally good value. 

The frames are made of beech-wood, there 
is metal and rubber springing and the cushions 
have zippable. removable covers, for easy clean¬ 
ing, and are filled with chip foam. 

All these sofas are available straight from 
stock—anyone who has tried to buy from any 
normal shop, only to be told that delivery will 
be between six weeks and eight months will 


know that this is a great advantage—an 
because of this they come in only two differed 
fabrics. Golden Lily is a famous design (see 
photographed here) and is in a galden-greene 
colour combination while Elsinore Grey is 
slub-like oatmeal fabric. 

The sofas are 27 inches high by 37 inchej 
deep and the two-seater version is 57 inche 
long, the three-sealer Si inches long. The lw< 
sealer in Elsinore Grey is £109. in Golden Li! 
it is £113. The three-seaier is £152 in Elsinor 
Grey, the Golden Lily is H64. 

This special offer lasts from February 2 
until March 4 at all Reject Shops—245. Brom) 
ton Road, London. S.W.3: 209. Totlenham Cour 
Road, London. W.l: 62-63, East Street, Brightoc 
Sussex; Unit 23, Charter Place. Watford. 


Casa continental 


■ /'r'v : 

v ■ ■■ ■ . i' 1 


Bountiful 
boxes 

SOME' three years ago now, I 
first discovered the Casson Gal¬ 
lery when Pan Henry, who awns 
and runs, it, brought a fascinat¬ 
ing collection of boxes in for 
me to see. I fell for the boxes 
at once and the exhibition she 
ran at the time was a great 
success. Since then several of 
her customers have become col¬ 
lectors of little boxes so here 
she is, just about to open 
another exhibition of . . . little 
boxes. “People," says .Pan 
Henry, “just seem to adore them 
. . . perhaps because they're 
secret. ..." 

When she first decided to hold 
the exhibition Pan asked every¬ 
body she knew who made boxes 
to contribute and she decided 
lo see. if even more interesting 
things would come up if . she 
approached . people who had 
-never made boxes before as well. 
Almosl everybody agreed and 
jaid how much they enjoyed the 
challenge. 

The scope of the exhibition, is 
huge—some boxes will be in 
silver, some *n wood, some in 
stoneware, sonic in porcelain. 
Prices will range from £2.45 for 
a tiny blackwood or rosewood 
cylindrical box up to about £100 
so anybody who is looking for a 



totally individual, one-off present 
should be able to find something 
to suit their purse and tbeir 
taste. 

Here, photographed, are just a 
few of the boxes that will be on 
show and on sale. 

Top is a i-al on a cushion box 
marie, by John Fox. The cat. 
made of dark African hlackwood. 
forms the lid. The base, which 
forms ihe bottom of the box. is 
made From a light wood. Padunk. 
The cal box is one of the larger 
on show—it is about eight inches 
square, and costs £57. 

.. John Fox. who made it. norm¬ 
ally makes wooden srulpLures. 
mainly of animals and birds 


which afe very simple in shape 
and outline. 1 Wood-carving bas 
been bis hobby since childhood 
and he now concentrates on it 
as a full-time career. 

Below, is a collection «>f tiny- 
fragile silver boxes. Their whole 
appeal lies in their delicacy, in 
Ihe fine way the embellishments 
have been .related to the shapes 
and surfaces! Centre is a tiny 
(one-inch highi cylindrical 
silver box with a lid embellished 
with"ITar gold' flowers' on~the“ lid. 
Designed and made by Gaby 
Rosenthal, iris £53: 

On the right is an oblong 
silver box. two inches by one and 
a-half inches, with a delicate 




raised gold flower and sold 
leaves, for £57. It is made by 
Marian Watson. 

Finally, on the left, is an 
oval silver box by Ivar Mackay. 
Delicately formed on the lid is 
a group of trees in silver set 
against an inset of abalone. Just 
over 2 inches wide at its widest 
point, the box is £48- 

For those who don't know the 
Casson Gallery, it is to be found 
at 73 Marylcbonc High Street. 
London WJ: the exhibition opens 
on February 27 and is on until 
March 11. ’The gallery is open 
from Monday to Friday from 
10.30 to 6 p.m. and on Saturdays 
from 10 a.m. to 1 p.m. 



A leafy mould 


THE FIRST table china I ever 
bought, after we married, was 
plain white. 1 thought, it was 
terribly elegant at the time and 
indeed It was the very latest 
thing. It was absolutely plain 
and came from, one of the 
world's leading tableware firms 
with a cast-iron reputation for 
heing "progressive" ■ and 
“modern." I have it still and 
It looks very dated now. It has 
an air of being much -too 
" design-establishment approved, 
circa I960." 

However, the plain .white em¬ 
bossed ware. photographed 
left, has to my mind a much 
more up-to-date air about it. 
Yet it is made from ' plaster 
moulds that were first produced 
'in the middle of the 19th 
century. 

It is from a range or pottery 
which Burgess and Leigh are 
currently producing. The original 
moulds, and . engravings on 
copper cauie into their pos- 


session when Davenport ceased 
production in 1887. 

I happen to think this pottery 
is immensely attractive. White 
is always a very good back¬ 
ground for food and the prices 
of this range are very reason¬ 
able. Everything is also dish¬ 
washer and detergent proof. 

As "an example of the prices 
a 10 -inrh plate is £1.20, the 
coffee pot is £4.30 and the cup 
and saucer together are 95p. 
There's also a soup tureen at 
£17.50, 'a covered honey pot at 
£1.50, salt and pepper pots at 
£2.60 each, 10 -inch salad bowls 
at £460. 8-inch . salad howls at 
£2.75. An 8-incb plate is SOp and 
a 6*'inch plate, 60p. 

The complete range is avail¬ 
able from The Genera! Trading 
Company. Sloane. Street London 
SW1. who. will deal with mail 
orders. 

For. local stockists write to: 
Burgess and Leigh Ltd.. Middle- 
pori .Pottery, Burslem, Stoke-on- 
Trent Staffs 


MAIL-ORDER catalogues are 
nothing new — good, bad, large 
and small, they've been with us 
For a very long time and look 
like becoming a permanent part 
of the > hopping scene. For 
though postage has risen spec¬ 
tacular^. so. too. has the cost 
of petroi and travel. 

Casa, however, is unique in 
that besides being a mail-order 
catalogue, it is also a magazine. 
Of course, most people who will 
want a copy will do so in the 
hope that it will offer them a 
convenient way of buying things 
they need or want; npne the less, 
the inclusion of interviews, home 
hints, recipes, knitting patterns 
and simple sewing ideas does 
make it rather more interesting 
to browse ihroueh than a 
straightforward catalogue. 

The idea behind Casa. 1 sup¬ 
pose. is that people will tend to 
keep it and leaf through it for 
interest, and thus be tempted to 
look and therefore buy more 
frequently than if it were 
nothing but a plain collection or 
things to buy. 

However, as a magazine I'd 
only rate it so-so—as a collec¬ 
tion of attractive things to buy. 
I'd rate it much higher. 

For instance, there is a very 
nice small collection of house¬ 
hold items made from Lucite (a 
transluscent acrylic resin 
material), some of which 1 
haven't seen before but all of 
which are exceptionally useful 
and pleasing to look at. There's 
a soap dish, normally a utilitarian 
enough item, which, when made 
from Lucite, becomes an object 
of great elegance (and it's still 
equally functional). 

The tray for holding make-up 
(photographed below) is also a 
good and practical way of keep¬ 
ing make-up reasonably tidy and 
all together- For £9.95. and 
measuring 7 inches by ll inches, 
it ought to hold most people's 
daily make-up needs. 

Through the magazine you can 
buy china, their own special 
design of umbrella and match¬ 
ing headscarft (for £7.25). cook¬ 
ware. cutlery, a simple but 
elegant watch the edge of which 
moves around to reveal different 
colours. 

One of the most useful of the 
ideas b an inexpensive but-very 
practical attache case. It is unly 
£14.95 bui has an amazing 
variety and number of compart¬ 
ments designed to take calcula¬ 
tors. notebooks, travel docu¬ 
ments. maps and all the other 
paraphernalia the traveller 
needs 

Casa i' owned by Grolier 
Incorporated, an American com¬ 
pany which is one of the largest 
mail order publishers in the 
world, and it is now going into 
the rest of Europe as well as 
Britain. At the moment Casa 
is sent to somewhere between 
200.000 and 350.000 homes per 
issue but now that it is being 
published in French, German. 
Norwegian. Danish and Finnish 
as well its public will be even 
larger. It will be published 
about twice a year. 

For those who imagine all mail 
order catalogues to be huge tomes 
which take -a full week's work 
to get through, let me reassure 


rY, • ~.~'J 








them that Casa is a small maga¬ 
zine, with a carefully edited 
selection of attractive goods. 
Jane Tresidder. who edits it. 
sees it more as a coileciion of 
special offers, tban an ordinary 
catalogue. It is only 48 pages 
long, including the magazine 
articles, and at a cover price of 
20p it is not expensive. 

If you want lo be put on lo 
Casa's mailing list ail you have 
to do is In send 20p, *plus your 
name and address, to : Casa 
Grolier. International House. 85. 
Great North Road, Hatfield. 
Herts AL9 SEN. 


TOP: If it isn't obvious, this is 
a Ruana, a traditional Bolivian 
garment, closely related to 
poncho. You can wear it many 
different ways. It's made from 
Bolivian goat wool in subtle 
shades of brown and white and 
is one size. £19.95 ( 85p p+p). 
BOTTOM: A rocking chair that 
arrives in kit form. You put it 
together yourself with screws and 
glue and you cither varnish it or; 
paint it. £14.95 (p + p £1.25). 



THE CASA magazine has a nice 
selectioo of designs made from 
Lucite, a clear acrylic resin. 
This 7 inch by 11 inch cosmetic 
tray costs £9.95 (p+p 85p). 
Other items from Lucite that I 
liked were a lovely oval soap 
dish for £7.95 (p + p 55pl and. 
particularly useful, a cookbook 
holder. Since It is transparent 
>ou can open up your cookery 
hynk at the required recipe, put 
it into the holder and read the 
recipe through the Lucite sheet, 


which at the same time protects 
the book from the usual grease 
and stains that drop on to it dur¬ 
ing cooking. Perhaps to match the 
cosmetic tray, there’s also a 
jewellery chest made from 
slightly smokey Lucite. Because 
it’s all see-through you can tell 
at a glance where all ynur-liule 
pieces of jewellery arc and don t 
have to open almost every 
drawer «n turn. Each drawer 
ami coni part men l i< lined with 
foam, it costs 119.95 (p + p 
£1.05), 


Halcyon Days* £ 
:■ special enamel \ 
.j Mother's Day Box [■ 
< for 3978 >! 



A b3-.f-.et of Autumn 
i flower:, hjnd pa in ted in 

'* warm tone-, of yellow and 
onuigc. 1 1* diameter. 
£ 14.80 plus 40 P UK post. 

Production twuo, oniitl.\Uy, 197 E. ?j 


I* 

/ if" Thi* mart identifies a 

(5 HilejnwDsja'Enaind 

I 

j| Obtainable only from 

I;, HALCYON DAYS 

•j 14 Biwck Sired. Hanover Square, 
; London Vf iY iAA. 01-499 57S4 

K Tr s-.-. 
















• •FteaBcral ^es:Saturda^^^ 


.... , -»• .•• j ■ 






__ . . . uVw a’wfflp'rfhoUdwSmM 

Thinkinff WmmM &&Su»"*r 

m 8 $ULm &■&*,> .v::'::." 4 ■: If 'Js kji ambitious idea 

intended to cater for the 
swapping of homes in different 
parts of Europe: There u an ■ 
initial registration fee of .w, 
plus a membership subscription 
of £6. You need not actually 
own a cottage to belong, but 
as I understand it, if you don t, 
to compensate for those who 
have the financial commitment 
of property purchase, you will 
be asked to put on deposit a 
small interest-free loan amount¬ 
ing to one week's average bigh- 
season rentii!—say £50-£60. The 
Joan is returnable on leaving 
the club, which may be at any 
time. . 

Dr. Crocket tells me that the 

■ first dub is .-under way, and 
indudes-properties in Scotland, 

‘ North. Wales, the -Lake District, 

■'fipjjiriv laid' Italy;'- with confir- 

szpectations, or. if the lineage c^ipehsm n^r rhichpster in Susses, has been converted from vane ioui-ccmm.« ynatioh' awa iting of places in 

is ancient, be so troublesome St. 1Mary s.; s id 1 bedrooms 2 bathrooms, 3 living rooms, study and playroom. There southern England and Franre. 

and traumatic that before long caftwto P^Jd^ve™3 acre. A price guide of £55.000 has been placed on it by agents To find Mt jf the project could 

it is possible to wish one bad is a double^d Jad^n, The House On The Quay, Lymington, Hampshire. W ork for you, write to him for 

settled for more modern bricks jacKson ana aaaoon, a free leaflet at Cottage- Clubs 

and mortar. ,, As ; s th e ne w version's similarity sole and clay pipes (for seirere unimrited. 188 Main . Roa i 

Yet for those who with the «riy with you at all tmes. As is the i ne ^ ditiQnal single ^ U and drains». to chipboard, pla^ Rom£ord , Esses, and then if 

ancient proverb would not [J^jV^has been ta k en hou«e still to be found in parts terboard. glass and glazing, soil, yQU want t0 g0 into it further, 

change a cottage in possession cottage • d 1 oE Wales to-day. “What has sand and gravel. Grants are ^ l0 see some 0 f the docu- 

for a kingdom in reversion, tne over by the ardutert ajd specu J* J d y to ^ techno- catered for. too. with a blue- mentati0 n on the properties 

fact that one's feet catch in the aUve builaer. Tern seem to really ^ 0 matenais and print for finding your way aad how the actual mechanics 

rotten floor boards (wet rot), know what .t is a °®“ t v\: ' . r*' through the maze of local coun- Qf exchanging homes works, 

fungus flourishes in a cupboard many it has become a delgitful society . ■ ■ rfect]r cil officials concerned. . . tn for your 

idn- rot) and the common bijou residence. - . ■ Re °P 1 ® Everything is P*“ ec .- 0 n the subject of grants I- Where to 
furniture beet 1* has under- have so extended, altered and acceptable, but one thing- the n h George .Plucknett, cottage?. J?&noy a “ 

SSSf .until. ««f«. in thr modern,^ th.ir ««"!*« »« “g-?™ ° '°1ni chained of the Natfoo,. Home 


of 

cottages 

BY JUNE FIELD 

WHAT IS a cottage? In the 
13th century it signified a small 
dwelling without land. Now it 
,s a term indiscriminately 
ipplied to almost any small 
dwelling in the country, and 
sometimes it is not so small 
either. 

For • some enthusiasts a 
cottage is a state of mind, a 
romantic dream of cosy living. 
The reality may live up to 
>zpectalions, or. if the lineage 






[¥*b***3*^ 

*■ " : v.v 




Chichester in Sussex, has been converted from Vane 



taken guerilla warfare in tne moaermseu un-n jr? chairman of the Nanonai Home 

Stra of the roof, matters not they appear more like villas with all its rephtsUcation and improvement Council, is calling cote where Rose Cotta^ rv.o 
. "i 0t From within the than the utilitarian dwellings wall-to-wall comfort is often p d (0 s j m pj, fv the whole dwellings m one i ll 

ri^nthc rhp-' alnnc mo<t had once been. alien in the rural scent. And nrncess Not onlv a bathroom on 3 floors, making 

are atoned to ihe plaintive Yet in pointing out that while th is regard or disregard for con- dra P^ f(?d about , ^ ft), nesds com- 

are ... , 0 on „ seems :o want to re- text is the major problem of nou - . involved plete renovation. Tlic agents. 

cr L : , Sa ' e .J! _p „ real cottage interior building design in the -0th up «‘ lh & - ^ rrtFo «vr.nai Pearsons of Basingstoke give 




.... Ci-■■ ■ • :*•- \•% 


Stable Hod*. Egdbnry. 


l 15, further raodertiisalion. although at £ 13 , 250 , M SteE^xdsW»^« over fiveuffife 

,ve there are tour bedrooms, bath- wtateTOU wnt W' b«^ AgedB aceonra • 1 5...whfi*fS« 


retreat a 
keep it 
then the 
Book ot 
Reid (Mi 

probably 




roof) to how tn form a housing 1 


tuvw ..- - ----- t treater i*e improvement,** has 3 bedrooms, .jn * tnriy’rural location, H.ugaeapt. weaver’s^cattages in nbym* 

association. 1 Although it is ad- Inteoded to promote greater .« shower room and an annexe t bis neat^ooklng- rather-square Elder Street, London, E.l, a r^Jf^tmerback ^editk 

™L ttC , d , 52*| ,0 SS*tor°'several ^^'b^ehiSi ".T'lUeh.rd' ««» *'^ ***** U-(Bte i 


are a good way for several The oramenun 01 •*«««.» 

people lo buy. convert and Crocket, wnosc family had a 
modernise houses, the consider- holiday collage in Lhe Cairn- MaiTlS SCVVlCeS 

- u I _ ___ »( u C.rL' •■fl*TOS ftlT DldllV Vl?ars, tHO 


nstwars sac—s- • ■«»- 



warm- 


_L. '_ ' 


anon file which telis when*.ihe second-home 


to Beaulieu, both with mains 


John Gorman Ralph Pay. Rurton-on-Trent are asking 
£13,250 for The Cottage. Little Liverpool, Lu.lin^on Lan„ 
Co ton-in-th e-El ms. It has 4 bedrooms. 2 sitting rooms 
bathroom and kitchen, but needs some further improvement 
and modernisation. 


PROPERTY 


renewed interest in real estate 


ES years ase. / ' - v^- -it* JM*£3S2 


everything from voiurete. cren- ordinary .sen.-'--. V,'ii&*. wv offer New Forest, which also needs 



EMTEKTAENE8EM7 

QU8DE 

C c —Tc»«» -iiim *<;c-:ri <r»rt'l 

s*rfli by c:'t;ahbie or 4t me be* oMiie. 

OPcRA S BALLET 

COLISEUM Lr-cis :vd! .01-^O SIS-;. 
RCi*r»« - ..5rS 0’-OJO i •bl 
m a leu ur.Tin;uAi r.DPRA 


THEATRES 


THEATRES 


. -rigid work -permit paiiciey. w 

THEATRES ' thl 

»»"*' ’ Goy«=?ent- W&-&JL£8Si£. 


Me. l* Ttwis OLO wc. 


E.9b 3.00 Fr, if. SIS e-'b 9 00 : 
I OH : CALCUTTA : 

, "The I. v-'jnn*n{i D*ll» Te!. 

«t-l SENSATIONAL YEAR. 


DUKE OF YORK'S. 


01 -?3b Si=2. 


PROSPECT AT THE pLO VJC | 

Ssnr .9 viASan to Marcn 2S 
In rep SAINT JOAN Codav 1.30 A 
7 ZC ANTONY A CLEOPATRA return* ; 
Feb. 27 HAMLET return* March 2. 
ALL FOR LOVE return* March G. > 


S2«.7B»8 ! VAtHOEVILLE. 


Prers Tl'. Wei. ;t c Dac-» Tlurs. . Sundar Ma-rn 26 « 7.30 


*i 7 Su:s. c*: ?. Sat a: i John 

i C«ipu^ •>• J ai-an M 'cneT - HALF-LIPE. 
f .1 Na--jr^: Thpjire FrMUCS'0" "A ea,ulc 
a hiali cjrTVLO ' -J c T-eann • Instant 
ci'd: :n6 r3.er.a:icn-. D irer and :es 


THAT MIGHTY .HEART 
witn Barbara jetlurj Johr. Turner. 


M D.nah sherToan. DoKie gray_ deoaited from fear of.- the eon- there ts.-u-Q gpparejrt.: 

4f mes of ind "“ ^ 

K Sfc fe^Trig Reassuredv 

pw “ f FPSS^SSS'OBP-. ariiS^Ste :‘*i*Wr 5 


ISI.F. OF LEWIS 

IN all ABOUT 63.000 ACRES 

Slornoiray 17 miles 

UIG ESTATE—About 45,000 Acres 

Stalking, wildfowl and snipe shooting. 20 miles of spec¬ 
tacular Atlantic coastline. 10 crofting townships. 

OFFER IN TEE REGION OF £3 PER ACRE 
Adjoining well-known sporting estate, also available for sale 
comprising:— Lodge. 3 cottages, salmon and sea trout 
fishing on 3 rivers. 10-year average 109 salmon. o20 sea 
trout. Stalkmc and rough shooting. In-hand farm. 

About 18,000 acres. 

/s **3 20 Grosvcnor Hill, London. 11.1 

Tel: 01-499 8K-14 


ENGLISH NATIONAL OPERA « ! 12'.^ '**»•£“ TO '* 

T.ir.ov. ill Iftt-ri 30 OuV*- 3W/I- = 

Deara'-. ti*:H Out. Scnc-cii -- 

-Vi».onar% . . ■ Sflh •-Fl.”'l/ OI -II. .FORTUNE, :3b 2I3E E»5i 9 Thurs. 3.; 

Tins., Tue* a no Sa- nc: ? M Jwa: ; Sa: 2.00 am i.00 ' 

Wtfl and FH r-.rs Of Giobaor.i 10J oal- Mjr.nl Fa-ibw as MiSS MACP'.l Ir. | 
cor.v sea-.i al-iars available- tfav cl MUr.CEv AT THE VICARAGE ; 

♦ortnarco. _ • ' '_Ti.re G :ca< Ye ar_ _ _, 

COYENT GATOEN. C.C. OVCIG IOM• ■ Garrick TKCATRE. -73o, JSOT. i 

iCaraepda-s: <r?ei* mm- SSo 6?03j . k ._. so <vi<s r.,». :o. bas > i^ o 30 . 

THE ROYAL OPERA , * JILL PAHH JU^;A SUTTON 

Tcn.ght. Tu«a and Fc ' .-0=-n h abama I CR1C flyNN *..2 ROBIN ?.\Y 


Thurs 3. ■ Mann ,4 iierj. nu.-j 

“ ; Giciaud. Sarmour aor-ossTvii 


Ao». EICB4. Ald-TCh 


taMlMS: wd.vregjH^tiPJgfr -desperate peed fof woBtraeli 


PALACE. 

•t/on.-Thur-, 3 00 Fr: 
JESUS CHRIST 


PHOENIX. -GT-S36 961’ 

LOW PRICE PREVIEW T2NIGHT AT Z. 
FRANK FINLAY in - 
The LCSI.C- Briet-SSir M'SHl 
KINGS ANO CLOWNS 
Dir*r:e-i b» Mel Shas'.-s. 

Osws Marth i -ir 7.0 S«j. E»bs. 8-0 
Webs. mat. 3.0. Sa!. S on-! £ 


;i D - - b ’’. .-V-.; a^u-.; 

r.tM r -1 F-sn-.n MTA is Thurs 
Th c F:-j- Terr3e-4m;r.:-. Sbllri", V.^ 
I":r.n; Hccco F.-. a.TS f-'l r.«. '.i. 

rV-j- Tca-owawn:-. Scl»« «. — uu.mi» 

F.-'c. Ce->Ki r. French. 


THEATRES 

*;?*:”? ,VYSIf; E - Thii. 

•• LONDON bBE^N^T OUT. 


! THE R£A". CC LUNIN 

"SIMON CRAY'S bn? -la. r?r»|. na»- 
I ;■?« •’ >J> •- Tim/; 

[ir.M-, H J F OLD FI'I-EP._ 

GRENWICH TnEAI'L. C • --ir-' ”7 S3 
E/'j, ” to .!>•. aal*. 2.30 AN M3CAL 

I HUS£A?:d S' OK.r .1 d-: ' V. - apo:;.ua 
,i. e - -:-r;a n-'O ■'-T D. It'. 


"HUGELY ENTERTAINING 
EYTRAVAGANZA " S -.m-, 


Roya \ Alfred 
Seafarers Society ; 

Upper Belvedere, Kent 

Residential Home appro*. JD.000 »0- j 
fx. Hows. Bunjilowi. Flan ror *taff | 
md 11.5 .asres m imaccrt setting. • 

FOR SALE j 

00cm on or before 30th April, 197B j 
to Sole Age nils [ 

Jennings & Barrett 

Chartered Survevori, 

2 Cra» Street. Erich, Kent 

Tel: Eritfi 4244A 


COTE D'AZUR 

UFF1 NICE 

f» bank lubjidiaryi 
will lend you its special edir'on of 
SELECTED VILLAS 
free of charge upon request to: 
UFFI-a. Promenade d« Anglais 
08000. Nice. France 
Tel: 1*31 87 07 


7? Timn 


INVITATION 

A ,-rics o : th to in-,;t^:cnc dis¬ 
cussions »'* t-.’ng gi»«n B/ an 
Aciorner cn tchaif of Pan-Arab't 
Inrcscmtnt Trusts >n London. Gene»s 
jnd Me* To-lt. 

The first pret:nt*"jon 1 ‘Kluding 
colcar films slides, etc. oi one 
inv.ss-ancn: area and property ir.- 
eencory. -“<11 be gi«cn at the Carlton 
Tower Hetrl. on Tuesday. Fob-uary 
28di at I! a.m.. loliowed by a 
tctlcLaii buffet luncheon. 

Formerly a .prSeate affair. >t is now 
open to a limned numoe» of_ Trutt 
Managers o- other interested invest¬ 
ment professionals. 

Ewanco by invleation only 
For detolls phene or cell: 

Hr. Andrew M. Connally 
(ronr 9 a.m. to a p.m. on 
Mcndav. February ;7rh 

01-584 9061 01-584 7467 


THE M'Jiiii* 1 - M 1 JS I C 
\P‘ : -'Ti'CLE CA p 7lvATING TUNES 
AND PACY CCMSO*'. ' i Pecon 
IRENE _ 

INSTANT CONFIRM = 0 CFaDI' .lAKD 
BiOr.U.Ga O N O I-B26__ 

iisieY. 336 3373. Crrj'l < ?-rd 


01.E3S 7611 HlVMARKr. OS-'SSC 9T.1:. E-o-;. J Cl 

- q »*• A 0 ■ Mat A'c3> 1 3 J Sa>, - 70 -nrl i J\3. 

iHT GUT. IMG'lO BS-vWAI. 

'/■EM r HILLER 

icifA-. DE F s'h 2-7PIS FP&-ICIS 

NG TUNES GOCFRi- .fAPfc CUK» 


> PITLOCHRY F-Vjral Thearre Eool-irj 
— I opens March 6 ior 2S:h Seaien - Apr. 7- 
0 | See: ■ 30i Jenn SAE for pro; 3 hotel 
i>si Tel '075Si iSio. •• Sjbbot! our 
r:/.w Treatrt Ad: cal ■ 


>VATn. 

ln:,»n Bor-; 

r.<a.L.-jrj,- 

w'.e. 


c-r »j,i moon 

r.-.ar. i. . :.ao sia^e 

i c:c ;. • na ' D. m« i. 

ia" M rtcr 


PRINCE OF WALES. CC. . 01-930 8651. 

Moroav io Fr-dav ai Z a m 
| Sal. 3 30 and 3aS Ma:. Tears 3.00. 
"THE STAGE IS AGLOW." 

Dailr Teleflraph. 

j RICH APD RE CK.INSALE 

I 1 LOVE MY WIFE 


l-» ^"vVank'^inlay'T". w 0 '^^fjl^ 0 3l E ^ rB ^., c 5 r , ur f 1 3*^ partnor in Real Estate Sales ajui to g' ^»andiag 'flnauchfl WCt 

ri, KiNGs%No‘ clowns*' • i-JT? RfiBtaft. .Nassau's Urgest .- I T UU ^ jTO^v-, 

D.rerJrt o« Mel Suscs TIC> PAiu 1 'sON£ 0 S^n £> ^" pstate -farOkSraSC .filB. < T?pfG}£,n£TS s 'tl£X\. tQ^0K-QC 

0sw ^*"mV 4rV 80 S RA«fc^ estate.WOKerage uxm - . ^ nesff.powittUSttt p **t**m*n 

- — **’ ’ -mustwwmarch 4. The requests are coming ^ 

rest co^oy m *of J T&« year i JITS' fomeT cHenB.' /or^ap^epr.- ccm^e^ 

Evce.rs s:e. Ar,?rc a e 8 s'Air A-->aro ! OE£ e ,, .aIi* BO i A 7 *ir 4 m snnson are on a ^ rem ®! 1 , us properties suitable -for- StUffi i 

** private! 0 'on parade ! i^ jjtev_jsww> prior to world Tour real estate ^oom/’. importent.^ 

tPcHiap, "■"%».« C a C nd ?&**'*■ 

■ " open Sundays a.ao and-8 oo. paayS’: success as .r^* cooflaeneej® 4jhedeejsH)n;lftt| 

• PALJL * P T*‘ ■ resuit-of a merger ofctwj^ lopets . 

the EFiorn^xPEmENCE w the.. CO uauy's best known^Sis^ 'Cay.' due of 
■•TavejSfc smpr«ed»tM-nnois « finns, -Real '.EsBfc-;.^«MA 'prestigTous rosort corrmamiti 
9pu' , *?MiF Srii5/ r and amoite ‘m the jnore that). ■doubled its■ st aSflf and. ^ 0 . rtbiET-'^epc 

I C. M |.'^ bffl« sp«e in the. iMt .tinu 4 aita...„ S i t , en tial ^laia^ 


A5td,lor ‘ um --—- =-r—- office space in toe last. ..tour n 

YVYHDHAM’S. !M 3029. CtOdrt Card ■ V-, 

bookings 536 1071 imrewre-SaU. ■ Mon-. -montOS. -. . .. ’ gTamme. 

Thurs s - /normouVlv rich 8 ' 30 ' Although morecousirrvat|veJn -• 

very funny." .Erenins . thRMPRsmenL other -dealers _ i 

Mar« 0'F*aIlev*s smashing Comedy. - UieiX aSSeSSJircuL, inuci -usoi 

_ once a catholic _ a^ee that the postmdependence pipUIit 

Lnuur. -uir Tau, .rtw V1U-92B 6563.. «-- -_n. t_-Li_tLTun 




....—-- iven wust 

. nOY HUDD JOAN TURNER I "RATTlGA-/ P£VEAL5 l-'S MSJTERY." 
.. vnUFtrLF LUCtY TO BE 1 Sun Te^gr-lCh "OLtN S :3HN5 Pi).5 

IT U AGAi?l !: Ch M^- 0 r ' bnil.anM, ■ D„.- Tel. LAST 2 WEEliS. 

N°-W BOOKING THROu6H_JVTa.„ «,Tm WV» « 'OI -930 6606. 

“SS5S*- SHAKESPEARE 10 WM^nV ' j WYT?.* 

in reoertoire ir. Le-'-t: B.-:-:v;:4e a"<l Ar.i.icnv Mcwlev'S 

Toaav 2.00 A 7.30 Mon. 7 JO TRAVELLING MUSIC SHOW 

THE COMEDY OF ERRORS ■»»* OEPEK GRIFFITHS 

(Sold OJtl __ _ Dir«'.« S- 5'JFT 5H6VELCVE 

w:th Congreve 1 ; THE WAY CF THE I Prc-i;-.! ''cm March 15 

WOPLC ir-sirf pert. IB Feb 1 PSC al'O .----” 

rl THE WAREHOUSE '.o-.C order Wl | KING'S ROAD THEATRE. 3S2 »4E3. 
1 V 3 a: Picoid'llr Treetre 1 " Refer; Men ; 3 Thu-^ 9.0. Fri. Sal. T 30 9.30. 
Nlchellr' PRIVATES ON PARADE. I THE F.OCKY HC-P.?:OP SHOW 

-—-- MO A' IN ITS 5!h ROCKING YEAR 

AMBASSADORS. 01-S3S 1171. ; THE GREAT F.OCK n 1 POLL MU51CAL 

Last Dcrfs. t oZAf 5 A 3. 1 --- - —■—— ___ 

SIOBHAN M-.KENNA I LONDON PALLADIUM. CC. 437 7373 

as Sa-an Bernharn: m MEMOIR ! LAST PERFORMANCES 

_ with. NIALL E'JGGY. _ TODAY at 2.AS & 7 30 

APOLLO. 01-437 2563. Ergt =.0T- , CREDIT CA^pyicOK 1^3*01^-73* 8961. 


•^n G A H J G y H s BUT Ne N Js C£ oi v ?^ H wtid LOT rosh fiy iioD^Uy t^" 1 ^ 

-say i TOR HQuffDBirtJWw ag™. load" their hoidinss 

- I- 1 -:-—■ - V Ab^T U GONE i m January: revetseiLTke upswiog ra foreign 

Sit*w*d! 3 * 0 : -r^ht.AtW, r, ; , inie&bnent is beiu«.^eIt .fU all 

weKS ; .l , p « yea-r aspects ■ of_ the .Bahamian ■ leal. 


-■RATTlGA-r REVEALS 1-16 MASTERY." QUEEN'S THEATRE. ' 01-7M I1M. 

Sun Tfiegr-irs "GLrNIS ;SHNS 3l),s' E»0S- B.O. Sal. S.O 8 30. Mat. W*d. a.O. 
brilliant!r 1 Dul- Tel. LAST 2 WEEKS, i .. ALEC GUINNESS 

--- BEST ACTOR OF THE YEAR 

IEK MAJESTY'S. CC 0-1-930 5606. Varicry Club ol GB Award in 

Opening Mirch Z 5 THE OLD COUNTRY 

5RUCE FORSYTH A Nw Play by ALAN EENNETT 

■r. Lc"-c 5.-;:v;:4e a"<l Ar.i.icnv Ncwl«v'S Directed bv CLIFFORD WILLIAMS 
TRAVELLING MUSIC SHOW BEST PLAY OF THE. YEAR 

OEPEK GRIFFITHS Plavs and Players London critics award 


CINEMAS . Jestate Biarfcet, they^ay,..; ; ■^SSSStS^SSSttBS^ 

A a«i? see* ^r^^L^stM^wtaLt. Ironically, foreign investmeot 

tVQ has started moving iaok^ithbnt SSSEtSSaSSSiff 


f calcOmBE WATERFPONT. S«9«iTh WKt APOLLO- 01-4^7 2563. Evfl*. 5.00. , 
• SA olv°n Bt cSft. i«!«r , ma.nta.nca ■ Mats Thurs. 5 00 Baft. E-.QO ana S oo. . 

i , (*t6chprl residence wish private cuiY. i l>» .nr vea t. 5 andardJ 

■ an“ 40 1 : boacicuwigaraot n □: v.- £ rt a . 


RAYMOND REVUEBAR. CC. DJ-734 1593 
At 7 P m- 9 p.m.. 11 o.m. :Oeen Suns.i 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

Fully Air Conditioned v eu may 
drinfc and s moke in the auditorium. 

ROUND HOUSE. 267 2654. Ewes. 8. 
THE LIVERPOOL PLAYHOUSE CO with 
James AUBREY and Dor WARRINGTON 
In London Premiere of 
STREAMERS 
BY David Rabe 


2 : 'abba—tiw Movie iui. wc. * sum. any overt enoDuragem^^ feiin : - 


longed recession. 





I Hat|. cloakroom; attraetlve ftrst floor SHUT YOUR EYES AND 

I 'flat o! nn» dln.no lounge with balcony. THINK OF ENGLAND 

! 2 bcorooms bathroom. kitchenette “ WICKEDLY FUNNY' T-mes 

Th.5 .merest in IrcchOlQ orooerte lo anfc - rwr atVp 

auction. 30th Mam. 197 S Price ARTS ™E A TfiE. 31-8-6 ‘13 

Qu.de about £40 OOG Details irom TOM j,OPPhpG S 

Paor & Chant F.S.V.A.. Salcombe . DIRTY LINEN 

1 iOS-t-B8 J 2S7B;22411. H.larlcus . ^ee .! Sunday Time 

— u Mcnda. to Tnurstf.iv Fr day a. 

| 5«:jr«*v .’I r.oo ana 9.15. 


1-AC12T Ot Ihe Yea-'• E. 5‘andard) ! LONDON PALLADIUM. 01 -437^373. K^njwlrtPahe • 

■■ IS SUP==B H o: v.'oria. MARCH 20th FOR TWO WEEKS _ gy djvio _ 2 , the HIDING PLACE (A). 

S 7HlNK°OF SSL!®? j GINGER 1 ROGEFtS ROYAL COURTL T30 I74S GARFUTTT VnD^* BILLY *THE 

- - Jl WIC - K ---°'- Y WHIR 1 -T met_I SiS , |A3f.t%2!A l WaSSTS. SUTHER t«A).- jam« C»n . 

ARTS THEATRE. 3i-?:-6 2132. | and CHARLIE SMITHERS Theatre Unstatn. ?._THE 'ErUELLISTS (Ai. -Pr 

TOM STOPPAPC'S i a GREAT EVENINGS ENTERTAINMENT j _ .-■—-- 

DIRTY LINEN • WITH HOLLYWOOD 3 FOREMOST i ROYALTY. CC 01-A0S 8004. 

-'H.lantus «.ee >! ' Sunday Time?.. MUSICAL COMEDY STARS 1 Mc-ndav-ThUNdav Evwnp 8 00. Friday, ------ 

Mcntfa. .0 Tn ,, rstf.i_v 3 JO ^Frday and ;_BOOK NOW—Sc.itsj2-£_6_-j 3.30 and 3 45 Saturday 3 00 and « 00- I CuflZON. Cur^n Street 1 W.l. -99 3737. 

A STOP IA THP mgr r : T—— I LONDON PALLADIUM. CC. 01-437 7373 > RURRLING BROWN SUGAR I ?* B “**?.*f?**.9*_ '??*• 

ASTORIA ^THEATRE. Chaiinn Cross Rsae ' THE TWO RONNIES I Bcs , Musie ,| 0 t ig 7 r- 

rir.r. 5 ' P ;‘?L, ,; ,r '’ sl . T “ br ' ; _ FROM may 2 5 t o August 1 9 _ . T , bv , s aV«»Bied MAlor .red'! cards. 


siund. prow i.xo 3.so. «-i0- b.gov however, si ace laM '>^i^*SAjDeri^ni/-';Ganathahs ^ 

2. IHE^ HIDING PLACE (A). *,0. PeWd. '£*£&&** 

suTHER tAA>.-j»mes ca«n. ■ and thfe -Fioaiice Jlinislep,. jjdl Benataas -or ~move i_ teT*? .j 

4 . holocaust 2 tjoo fxi Proos. 1.20 made strons appeals .tor .r-fPnriA 

AmenWinvestmeiStote^ 


Comedy.. 
Robert." 
(not. Sun 


Only £2.00 per line (minimum three lines) 

Return this coupon with details of your property 
together with your cheque and publication will 
take place next Saturday. 



CLASSIFIED ADVERTISEMENT DEPARTMENT. 
FINANCIAL TIMES. 

10 CANNON STREET. EC4P 4BY 

or telephone 01-248 8000. ext .300 


sTS.m.^rV.S ; _ FP ^ M • Tel b ujy^ccnpted Malor ■ red- c ard,. 

5,1 600 antf L ^. ^hl^lo 0 ’^ a^Ao. ! SA^v! oTIITflSSS. ._ : _ 

T:cL«r? EI.S9-E5.5C. Inilani Crid-t JOAN PLOWRIGHT I N.ahdv « 8 pm. Mali Wed. a.30 and | GATE TW 

r»rd r« Eat iV om ill". Itwa4 COLIN BLAKELT | Sat. 5 00.- .Formerly 

PQr.!Juirant or Bulrct Ear lunchtime in«( *nd P A J/?^ Jri 1 JOHN FRASER 

-r after' -.“l-etn—^bk :n c -. p,L y M f-> «nv uADbV 

iS"' b,ma * tnn ’ t * 0d !BP Pf ' et O-reciw ““FRANCO ZEFMPELLI An un«*“ df.m. 

■■ TOTAL TPIUMPH 1 Ev. Nertr.. 1 bv Norman Kraana 

1w-ubnimm inn! "AN EVENT TO TREASURE 1 ' D. Mirror. i Price* Matt El to £3 £vn £1 to £4. 


PARDON MON AFFAIRE' •>}'. tEr*R<h groupfi " 1 ''''irC 1 '’''FUjESllav- 
IdbjtrtlK-l ;; ft WJrttMlia Nw* FlgWh -■ta-WMMiBBMnF'Y 


" In'ettioui. aosealing <»t-iiompin« and! "AN EVENT TO TREASURE 1 'D. Mirror. p r i wi Matt El to £3 Evm £1 


BEET MUSICAL OF THE YEAR 
EYENING STANOARD AWARD 


COMEDY. _ 01-930 2 57 8 

Etenlnes 3.0. Mat. Thurs. 3.0. 5at. S.JO !, 
antf a. 30 

MOIRA Ll=T*». T«N V RPrTTON I 
Maroaret COUAT6NAY Dtmnl WAL^H j 
“ Th.r yrtr*firdln»ry cwnaiv'Y'ii-r ■■ dm I 
MIIODE" 4PANC FQ1CNPC ( 

"GENUINELY FUNNY" D Mali. I 

crTterion^ ccT^ oi-«;a siifi. | 

Cuenlnbi 8. ^»t< Z 30. 8 in Thiirs. 3 0. ! 

LESLIE PHILLIPS ' 

•• Impeccable * ma>ter " S. T'mer 

in SEXTET 

■■ HlLAFlOUSLY FUNNY '• N. 0? World. 1 
DP.URY LANE. 01-536 8108 E^er-' Null 
E.OO Ma:.n»n Y/cd. and Sat. 3 00. 

A CHORUS LINE 

' A rare devaiiaonq layout. .n.>cnlihlnn ; 
Stunner " Sunday Timns, 

DUKE " OF VOP-irS. Bf.ilTlTji: . 

E»en.ri9S " 00 Ma*. Y(*d ; 50. 

OUENTIN CRISP 
Titlr«ti S.Z SO inf 91 aw. at w.nn 
• Tn l is w.insu; doubt the mss. m-ri- - 
C>rh-iar. c-rrrlinm-n! ,n Lcnjlpn.’ 1 

cven-nt M". K , 

Due 'c -~r.-m-.u-. —.'I 'viVtr i 

Ambassieon Theii»» 27m Feb. 


MERMAID. 24S 7«5«. OtSI. .14 8 2835. 
Last 2 Parts. S. 50 A B.15. 

DAVY JONES MICKY DOLENZ 
in Hirst NILSSON'S 

THE POINT 

• A WINNER." D. Mirror. 

Stall situ;* Li.Z5-L3.50. 
Csmbinsr* d.nner-TiiMtre tiskeis E5.9S. 
N«: ProSuttiCi Tern CONTI Jane ASHER 
.n WHOSE LIFE IS IT ANYWAY. 
O pen; Mar, 6 7 Pre«s. irnm Mar 1 B 15. 

NATIONAL THEATRE 928 22S2 

OLIVIER r-ioen •.»)?!• Today Z.45 And 
T/tO M?n 7 JO THE COUNTRY WIFE b» 
William Wythwrlry. 

LYTTELTON iproscnnium Maori 1 Today 
3 r.JS Mb" 7 as BEDROOM FARCE 
bv A?in AvcuDourn. 

COTTESLOE -imall audlioriuml: Today 
3 3-0 3 FOUR WEEKS IN THE CITY by 
william Ma-tlh. {V/rrVsnnp production, 
all m*!;, S9f*- 

Mir, ^,p1lfn( rnt»4P -rjl!'. ’.Tl ?. ‘.ncatfafl 

da- <* oer‘ Cat p»rl F;M^ U r*rH 92B 
2335. Creot tarn h*.ci. 920 1DS2. 


■■Memorable." D. Tel ■■OutetaniRnfl.' 1 tSda 
100 Eujron R<J. 01-Hfl 1- 394. £1.25. 

STRAND. 01-S3G 2660. E*enMos 8.00 
Mat. Thur 1.00 S»K S 30 and -8.30. 
NO R«X “I.EA5E— 

WE'RE BRITISH 
THE WORLD'S GPEATFST 

LAUGHTER MAKER _ 

: ST MARTIN'S. CC. 836 1443. E*S. 8.00. 

Mai- Tues 2-45 Sat & Goad Fn. 5 & 8. 
| AGATHA CHRI5TIE'S 

THE MOUSETRAP 

I WORLD'S LONGEST-EVER RUN 
| ZG lh YEAR _ 

ITALK OF THE TOWN. CC. 734 5051. 
I B 00 Dining Oinr.nQ 9.30 Super Revue 
• RAZZLE DAZZLE 

I ana ai 11 pm 

! VINCE HILL 

I From Mon. JACKIE TRENT and TDNY 
| HATCH 

I THEATRE UPSTAIRS. 710 2554. E»t. 7.30. 
I IN THE BLOOD 

by Lerka JaniurM • 

































































25 1979 



crown 


BV- ANTHONY CtlRtlS “ 


4^1 So Mr*. Thatcher like* Bob" 
' NewharL No\ Lenny , Brace or 


5** 

s. -fc.L. 


on Sahl op . Woody Alien bat 
pb Newfcart with his routine 
ibont ^riving^nstractors - and 
_ Ralejgh discovering 
bacco- Newhaxt who coined the 
phrase — the- , buttoned-down 
id-”-Weil;'good for her. Per-' 
although ■ .1 am , an 
Idonadp of humor records, ,-I 
think. 1 .would want' ; one 
?ith \Jhtf.-_ on. a : desert . island. 
jrtand-Tjp - hnmbr.' -with all that 
•^tdjcnee^iaughter is exhaustible 
i.ir'fcay'Jhit nrusfc Isnot.' . 

J^gwhirt; was "the ■ only choice 
her Desert Islcrod Discs. 
:•£. February 18) Is any 
unexpected; for the rest 
, "was an emphasis on music 
Trv'.vpr' brass instruments, operatic 
7? -7^»i J , ^etpieces like the Triumphal 
l larch from Aida, and oratorios. 
. L /’ After explaining how she be- 
5 ,*$ame a candidate for the leader- 
.ik. s ^.,» r ,-\*''zl ; tap of the Conservative Party 
-?**"■ -•“.*.* . the decision was made, 
ieh we just had to do the best 
6 could and take what, came 
/”> Mrs. Thatcher, played 
Be not afraid, thy help is 
ear" from- Mendelssohn's 
lijah. Her book apart from tbe 
-Ible and Shakespeare ' was a 
orvival handbook. You would 
ave thought that someone in 
er job would have known it by 
>art already. Anyway she wasn’t 
ling to waste time on Jane 



f m 4". 

„• 

V-. 

• •*:. * . 


-enough to see him and likeevery- 
one else who did I retain vivid 
memories, particularly of Wolfit 
ranting away add lashing into his 
poor Pool, Richard Goolden, with 
a riding-whip. "!' used to fall 
flat at his feet while he felled 
me and actually whipped me 1 
used .to .shrink , and cower.” Mr. 
Goolden. told us~..It would prob¬ 
ably all seem dreadfully crude 
stuff now but it fitted the mood 
of 1844; the whole production 
W® 8 * great bowiv-inf protest at 
the. claustrophobia induced by 
the black-out aid :olher restric¬ 
tions of the. time. Hot even then 
beside the Macbeth of Gielgud 
and the Othello of Valk, which 
I also saw, I-was conscious that 
this was the kind of acting 
Shakespeare himself warned 
actors against and satirised. 

That certainly was ztot the way 
it appeared to Agate who 
acclaimed it'as.thegreatest piece 
of Shakespearian acting he had 
seen; - nor. how'it . appeared to 
those in this programme who 
watched it night after-night from 
the vantage-point bf the stage as 
members of the company. The 
terror inspired by. the perform¬ 
ance itself and.‘.the loyalty 
inspired by the man- in spite of 
all his absurdities came through 
the eloquent recollections of 

g iople like Godfrey Kenton, 
tlen Pollock, John Mayes, and 
Joseph Chelton. And who could 
fail to be touched by tbe glimpse 
we had of Wolfit- after that 
famous first night in his dressing- 
room saying again and again in 
triumph to his wife. Rosalind 
Idea who played Cordelia, “I've 
done it. Ros! I’ve done it!" Mr. 
Harwood cross-cut from these 
living memories to' the great 
dithy ramble roar of the discs to 
pleasing effect 

One period in the theatre when 
there must have been a great 
t*- m »oy actors like Honald Wolfit 
around was in Spain during the 
la »SL“ d ^ d heroic age, an era celebrated in 
bo came across in this inter- proiifrfainoum: of play writing. 

e JL sha £? Iy *"5 t0 % Sentie It £° a 0De has all too littte 

chance to sample nowadays and 

^S?512?if t S!?hSS r 1 was therefore grateful on Sun- 
£55? her badt- ^ night to Radio 3 for repeat- 

JSt tog their world drama produc- 

wrnmmi? 4 *“? *? tion, first broadcast last year, of 
room A durm 8 * The Wizard Who Worked Won- 
* B ”L EI ®S tl ®i!. n „!L e !»,£ dors. adapted from Calderon by 
C K ***£ n& u 1 tv0 ? ds David Turner. Its plot of. a 
ened for her by scholarships ^ man - s unwitting pact with 
grammar school and to Somer- ^ * projected back in 

le - . time by the seventeenth-century 

Due of the records which she Spanish author to the period of 
>ght have chosen but didn’t was the early Christian Church in 
~H of Donald Wolfit in his Antioch. The part , of the devil 
nous role of King Lear. The which would certainly have 
*iad archive contains the suited Wolfit was taken by 
rords of the performance he Patrick Troughton, . that of 
?e on the Third Programme in Cyprian whom he entraps by 
19. This recording-formed the David Buck, and that of. the pure 
ns of Ronald Harwood’s pro- Christian maiden Justina who 
unme Every Inch A King withstands all assaults on her 
adio 4. February 19), which virtue by Lisa Harrow. They 
k. the form of a reconstruct managed In thJs production by 
n of his Lear and. includes Margaret Stall to cope withthe 
era! people who played wifh jingling rhymes of the unfamiliar 
i when he took London by text and to create a beguiling 
rm—literally—at the Scala atmosphere in which diabolical 
?atre in 1944. As a theatre- magic art is defeated by true if 
lgry schoolboy I was lucky clandestine faith..- 


"keatres this week ... 


Radio 


MPSTEAD— Bodies . Middle¬ 
's adultery analysed in an 
lsual way, with fireworks from 
isdale Landen. Reviewed 
jsday/Wednesday. 

YAL COURT —The Bear/The 
mtzer Sonata. One-acters by 
ikhov and Tolstoy (adapted). 
!1 done. Reviewed Wednes- 
•/Thursday. 

MEDY — Murder Among 
ends. Tacky American 
iller. Reviewed Wednesday/ 
arsday. 

W VIC, Bristol—Kingdom of 
-th. Tennessee Williams’ three- 
lder to characteristic vein, 
rth collecting for addicts, 
rtewed Thursday. 

OBE — The Bear Column. 
lat happened at Stanley's 
‘k-up camp when the relief 
led to arrive. Slow but fasci- 
ing. Reviewed Thursday/ 
day. 


ROUND HOUSE — Streamers. 
Fine production of an important 
American play about young 
soldiers awaiting posting, with 
star performance by James 
Aubrey. Reviewed yesterday. 

SAVOY—Lady Han-p. Broken- 
backed American thriller about 
transvestite murderer. Reviewed 
yesterday. 

... and next 

Monday—tbe Moving Picture 
Mime Show at the Young 
Vic, and a late look at Bristol's 
17th-century The ProvoVd Wife. 
Tuesday—Athol Fugard’s Hello 
and Goodbye at the Riverside 
Studios. Wednesday—new musL 
cal, King* and Clowns, at the 
Phoenix, with Frank Finlay. 
Thursday—Hai/-Li/e, with John 
Gielgud, transferred from the 
Cottesloe. 


Tannhauser 


BY ANDREW PORTER 



Scene from the first act of the new production of TannhSuser at the Metropolitan Opera, New York 


The Metropolitan Opera's new 
Tannhauser is a landmark in 
20th-century Wagner production. 
Perhaps for the first time in 
over a quarter-century — since 
Wieland Wagner re-opened Bay¬ 
reuth in 1951—a major company 
has attempted to produce a 
Wagner opera in accordance with 
Wagner's scenic directions. The 
result is rich, fresh, and beauti¬ 
ful, and should put paid to the 
silly claim that -Wagner’s actions 
need updating for modern sensi¬ 
bilities—although his music is 
not thought to be in need of 
similar improvement 
There was a gasp when the 
curtain rose, for Otto Schenk 
and GUnther ScbneiderSiemssen. 
the producer and designer.- had 
created just the kind ofVenus- 
berg that Wagneris stage-direc¬ 
tions and his music conjure up 
to the mind's eye but which one 
had begun to despair of ever 
seeing in the theatre. It was not 
a question of painted canvas, 
cardboard caves, and daunting 
ballet girls, but a magical, 
enchanted place, just as Wagner 
described it, dream-like yet real- 
seeming. The whole production 
was carried out in the spirit, and 
sometimes according to the 
letter, of the production-book 
Wagner prepared for Tann- 
hSuser. , 

The guests entered the Hall 
of Song—based on the real Wart- 
burg—as if they were real 
people, not a well-regimented 
corps. The transform ation 
scenes of Acts I and HI were 
achieved not with the “ vaporous 
gauzes " and “ rose-painted can¬ 
vas backdrop ” that Wagner sug¬ 
gested but with lanterns and 
projections more powerful and 


delicate than aoy that were 
available to him. They were 
used to create not anachronistic 
modern effects but the precise 
effects that he described. The 
directors’ aim, like Wagner’s, 
was illusion, and this — apart 
from some unconvincing trees 
in the second scene — they 
achieved. A Bing carefully 
copied from the 1876 designs 
and executed with 1876 tech¬ 
niques might look rather 
ridiculous; indeed, some aspects 
of the 1876 Ring were thought 
rather ridiculous at the time. 


Opera 


But a Ring in which the scenic 
and acting directions were care¬ 
fully observed, where skies were 
blue when they should be, the 
sun shone wben it should, and 
trees had branches, one in which 
curtains rose and fell where the 
composer's music as well as his 
words say they should—such a 
Ring would come as a revelation. 

And so did this Tannhauser. In 
recent years the opera has been 
treated as a text for dissertations 
upon the nature of love, an 
artist’s social responsibility, and 
other things, and as a result it 
has seemed creaky, old-fashioned 
and long-winded. At the Met, it 
is a romantic grand opera not 
hemmed in by any single, 
restrictive “ interpretation "■—a 
rich adventure to whose making 
a hundred poetic, picturesque, 
and political ideas contributed. 
Tannhauser has never seemed 
shorter. 

James McCracken, singing his 
first TannhSuser, did so with 


lyricism, vigour, and passion. 
Grace Bumbry was a command¬ 
ing Venus. Leonie Sysanek’s 
long-familiar Elisabeth. a 
direct, womanly interpretation 
in which instinctive rightness 
and distinguished musicianship 
combined, shone brightly in this 
sound, uneccentric, but never 
unimaginative production. Tbe 
voice is still powerful enough 
to fill the enormous house, and 
the squalls of her radiant but 
uneven youth bare abated. 
Bernd Weikl made his Met 
debut as Wolfram, also his 
Bayreuth debut role. His firm. 
beautiful voice and romantic 
appearance are ideal for the 
part, but he misses the smooth¬ 
ness that great Wolframs of the 
past—Clarence Whitehill, Ger¬ 
hard Htiscb—brought to tbe 
phrases. John Macurdy was a 
sonorous Landgrave, and Kath¬ 
leen Battle, a sweei. pure shep¬ 
herd. The chorus was in 
excellent form. 

Two great improvements have 
been generally noticeable at 
tbe Met this season. The old 
lighting technique, which con¬ 
sisted mainly in pointing hard- 
edged circular spotlights at the 
principals, has been replaced by 
something much less crude. Gil 
Wechsler. responsible for the 
change, played a large part in 
creatine the enchantments of 
this Tannhauser. And the 
orchestra — in Pelldas, Boris, 
Peter Grimes (John Vickers in 
even more trenchantly compell¬ 
ing form than ever), Butterfly 
(Renata Scotto and Giacomo 
Aragall), and Der Bosenkacalier 
(Gwyneth Jones, Yvonne Min¬ 
ton, Reri Grist)—has been play¬ 
ing supremely well, with a rich- 


Living in the past 


BY CHRIS DUNKLEY 


Even before the first episode 
had reached the public screen 
on Thursday evening BBC 2’s 
Living in the Past bad taken a 
10t of stick from the preview 
critics. This was somewhat sur¬ 
prising because the idea of the 
series—to observe a group of 
modern people living in Iron 
Age conditions—seemed poten¬ 
tially fascinating, if not entirely 
original. (Similar projects have 
been tried in Scandinavia.) 

To an extent tbe first episode 
did sustain the criticisms parti¬ 
cularly of the general “ humour¬ 
lessness ’’ of tbe volunteers. 
Sure enough they do seem to 
represent almost a parody of the 
Sociology Generation; those now 
in their mid-20s raised in 
teacher training colleges and 
polytechnics, on books about 
meaningful relationships, on¬ 


going lifestyles, and viable 
societal interfaces. 

It would have been a relief 
to hear just one. wben asked 
why they volunteered, reply that 


Television 


be or she had done it for fun. 
Very worth of course to do it 
“so that you begin to know 
wbat you and your neighbour 
are actually contributing to the 
Jlfe of the society,” or even 
“just to prove that yon can.” 
But all ominously solemn. 

It is difficult to believe that 
they could all last out the year 
without some sense of humour, 
yet next week's episode offers 
little reassurance; they even 


manage to turn their celebration 
of the Celtic Mayday festival. 
Beltane, into a grumpy com¬ 
mittee meeting. 

Yet, despite all this, tbe series 
does have many predictable 
attractions. Manual dexterity 
and expertise have always been 
superb subjects for film, and in 
Episode X we have the interest 
both of tbe old craftsmen 
displaying their skills while 
teaching the volunteers leather 
dressing, blacksmithing, wicker 
work (for beehives!) and so on, 
and also the interest of the 
volunteers beginning to put 
those skills into use in earnest, 
not as evening class dilettantes. 

It has been suggested that 
their learning skills from experts 
is “cheating," which is an odd 
accusation since each Iron Age 
generation presumably passed on 


ness and beauty of tone far sur¬ 
passing anything beard from 
the New York Philharmonic. 
and comparable to Philadelphia 
sound at its best. 

James Levine, the musical 
director, has brought this about. 
He conducted Tannhauser with 
breadth, energy, and lyricism. 
The driving, “ unvocal ” quality 
that can make him so unlikeable 
a conductor of Italian opera is 
replaced in the German reper¬ 
tory by strength that knows when 
and how to relax, by vigour that 
is unforced. The Paris score 
was used, instead of the collage 
of Dresden and Paris that has 
become common. This was yet 
a further sign of well-justified 
•belief in Wagner’s opera as be 
finally shaped it. to all its 
aspects. Tinkering, tampering 
and modernisation are unneces¬ 
sary: they merely tend to 
weaken the work. 

" Kinder, schaff Neues " Is the 
parrot-cry raised in defence of 
the tamperers. But Wagner 
used the phrase, to a letter to 
Liszt, to reproach Berlioz aod 
Raff for tinkering with old 
scores, for trying to trick failures 
out in a new coat of a paint In 
the very' same letter, he told 
Liszt of the production-book he 
had prepared for Tannh&user. 
setting out exactly how he 
wished it to be performed. 
There are rather similar produc¬ 
tion books for all Verdi’s operas 
from Les V&pres siciliennes to 
OteZIo. If only producers and 
designers would study them, and 
use them in the sensitive, 
imaginative way that Schenk 
and Schneider-Siemssen have 
used " On the Performance of 
Tannhauser." 


knowledge in precisely similar 
fashion. 

There is. too. tbe intriguing 
business of discovering where 
the theoreticians, the archaeolo¬ 
gists and the anthropologists 
have—as actual practice proved 
—got things wrong. “We’ll need 
arm slits for working in these 
cloaks,” is surely, only the begin¬ 
ning. Already die group looks 
and acts remarkably like the 
characters in Terry Nation’s 
post-holocaust serial Survivors. 

What has still to emerge is 
the Coronation Street factor; 
who will fall out with whom, 
who will the gossips be, and will 
the exigencies of Iron Age life 
lead to reassertion of masculine 
dominance, even among this 
generation of bleak egalitarians? 
It could well turn out to be a 
compulsive series. 



The fall and rise of English painting 


IRISTTES is looking, .to its 
ning sale of Modem British 
l Irish Paintings, Drawings 
i Sculpture on March 2 and 3 
he most important of its 
■ d for several years—-with, a 
jhtiy nervous optimism. A 
e of this quality should, they 
I, firmly re-establish the 
rket in British painting of 
: first half of the 20th 
ituiy. 

Vhvays a comparatively 
dest area of the art market, 
dern British painting showed 


a steady rise through the *608 
and into the earty-TOs. to 
1972-73, alongside the general 
boom in art prices, the apprecia¬ 
tion was dramatic, some prices 
reflecting a four-fold increase 
in the course of little more than 
a year. 

The subsequent reaction and 
collapse around autumn 1974 
looked almost as dramatic, 
though in fact for almost a year 
before that buyers had been 
thinning out as the fever for 
speculative investment abated 


generally. With poor prices, 
fewer and fewer pictures were 
released on to the market, 
which only began to revive in 
1976. The March 2-3 sale is the 
first auction of real importance 
to test tile present strength of 
the market. 

It is perhaps a tribute to its 
very Englishness that English 
art of this period—the work of 
.painters established before and 
between the two World Wars 
—has remained a peculiarly 
English taste. Christies says 




y&r' 1 

sgfi 1 

. 

W*- ;>• 

IV* £ : ,' 

■i ’’T 

'vV-.w i’® 

JLw-pr 1 ■ 

i 



Hint's Bacchus and Ariadna 


that this is one of the very tew 
areas of the art market that 
attract practically, no foreign 
buyers. Tbe English collector 
has the field to himself, with 
prices generally very modest 
compared to the . art market as 
a whole. 

There have always been 
perceptive patrons in this coun¬ 
try. In tiie 1920s distinguished 
collectors like Sir Edward 
Marsh, Hugh Walpole and Sir 
Michael Ssdleir were buying 
with discrimination. An im¬ 
portant section of the Christie 
sale is made up of a portion of 
the remarkable lifetime’s collec¬ 
tion of the painter Edward 
Le Bas, RA, which provided the 
Royal Academy’s 350-picture 
exhibition A Painter's Collection 
in 1963. 

Thanks largely to tbe Le Bas 
Collection, Christie's .sale can 
offer an almost comprehensive 
survey of early-century British 
art, with Wilson Steer and 
Wyndhazn Lewis as the only 
notable absentees. 

The Camden Town group, 
established in 1911 after the 
Post-Impressionist Exhibition in 
London, is particularly strongly 
represented. A number of fine 
Sickerts include the first re¬ 
corded oil (19064)7) of his be¬ 
loved Bedford music hall, with 
a group of three large-hatted 
women in a box comically 
dwarfed by a .massive nude fe¬ 
male caryatid: Like the superb 
Harold Gilman profile portrait 
of Mary L, painted in 1914 and 
Charles Ginner’s evocative 1937 
painting of Flask Walk, Hamp¬ 
stead, in tbe.enow, it was shown 

the 1983 Academy exhibition. 


Four years after the Camden 
Town Group, and a few blocks 
over towards the Regent’s Park, 
came Robert Bevan's Cumber¬ 
land Market Group (it also in¬ 
cluded Gilman and Ginner, as 
well as McKnight Kaoffer, John 
Nash and C. R. Nevinson).. A 
fine Be van painting of ' Hay 
Carts, Cumberland Market 
which figures in the sale was 
painted in 1915, the year of 
-the group’s formation. 

Later paintings in the sale, 
dating from the ’30s and ’40s. 
have a peculiarly nostalgic 
quality for those of us who 
acquired some part of our early 
visual education from the 
monthly colour plates in LiUi- 
put — the wind-smoothed land¬ 
scapes of John Nash, the 
geometric sweep of Eric 
Ravilioiis's Rye Harhoitr, Ed¬ 
ward Seago's RAF. paintings, 
John Minton’s doe-eyed portrait 
of some slim, dark youth, 
Edward Burra’s formal patterns 
of figures, Stanley Spencer’s 
haunted spirits. The highest 
price in the sale is likely to 
be paid for Spencer's panoramic 
Promenade of Women which 
was shown at tbe 1939 New 
York World’s Fair, and whidi 
recalls the painter’s visionary 
reflections on the companion 
painting:— 

“The-Women say ichat I like 
about each other. Each icoman 
is my love letter to the other. 
Down this familiar street l pass 
through the'unknown land of 
loomea. There is no saying 
4 No ’ in my pictures. All are 
saying ' Yes.* ” 

A further group of Spencers 
comes from the collection of 


the late Mr. and Mrs. J. L. 
Behrend. The Behrends were 
also notable patrons of Henry 
Lamb, a group of whose pic¬ 
tures (many of them portraits 
of the Behrend family) are im¬ 
pressive enough to suggest that 
he is one of the underestimated 
and underpriced English 
painters of the period. 

While other highly respected 
artistic figures of four and five 
decades ago seem somewhat to 
have faded into period pieces, 
the popularity of certain 
favourites remains undimin- 
ished—the voluptuous cavort- 
lngs of Russell Flint’s pictures; 
or a tranquil Lugano scene 
painted by Winston Churchill 
in Autumn 1945; or loving Mmi¬ 
nings landscapes. 

Sir Alfred Munnings is also 
represented by one of the odder 
lots in the sale, a couple of 
pictures in the unaccustomed 
medium of billiard chalk on 
roller blind. The story behind 
these two sketches of a steeple 
chaser and of a couple at a 
fancy dress party is that they 
were done in his Bohemian 
youth, after Munnings had 
fallen into an argument with a 
fellow member of the City Club. 
Provoked by the assertion that 
an artist needed every comfort 
and facility to enable him to 
work, Munnings promptly lore 
down the billiard room blinds, 
and covered them with these 
rapid accurate sketches executed 
with billiard chalk. As a final 
flourish, he signed the. fancy 
dress picture with initials and 
the inscription “2 a.m. Nov 29 
15)07 M 

JANET MARSH 


S? 


8 King Street, 
St James's 
London 

SW1Y6QT. 



Tel: (01)839 90ft) 
Telex 916429 

Telegrams 
CHRIST! ART 



' EXPERIENCE AND EXPERTISE 


In the latter 18th Century inns 
were customarily furnished 
with large clocks known as 
tavern clocks. These, though 
they do not strike the hours 
but merely tell the time, work 
on similar lines to the familiar 
grandfather clock but were 
made to hang on the wall. They 
are characterised by large 
circular or shaped dials up tu 
three feet across with a trunk 
extending below -to house the 
pendulum and driving weight-. 

The door in the trunk is often 
decorated in lacquer or with 
a landscape or more appro¬ 
priately a drinking scene. 

The reason why the term Act 
of Parliament Clock arose for 
tavern clocks has often been 
misunderstood. Tavern clocks 

originate from about 1770 but It was commonly 
thought that these clocks were placed in inns in 
response to the Act of 1797 imposing a tax on all clocks 
and watches. There has even been a version that their 
dials were sometimes left blank without hour markings 
so that one could claim exemption from the tax since 
they were evidently not clocks. 

The Act proved disastrous for the clocfcmakers of the 
day. It was repealed the following year to save the 
industry from ruin, but the name Act of Parliament 
Clock stuck and has remained in use to thi.> day. -The 
clock illustrated above is included in Christie’s sale of 
Clocks, Watches and Scientific Instruments on Wednesday. 
March 8th at II aun. For further information on this 
sale, please contact Richard Gamier or Nigel Raflety at 
tiie above address. 


.Ad oi Clfrfc. 

M in. i i“.9C (•»•!. ■ hich. 
Sole-, Wcriru'sdM, .Vr.vh S. 



To: URCH HARRIS & CO. LTD. 

7 Richmond Hill Avenue, Bristol BSS 1BQ 
25th Anniversary or Coronation Postage Stamps 
Dear Sirs. 

Please send me. without obligation, full details 
of the special, individually numbered, presentation 
packs which you are producing in connection with 


the above postage stamps. 


Name 


Address 


BLOCK 

LETTERS 

PLEASE 




STAMPS 

COMMONWEALTH 
NEW ZEALAND 

Sent* BKCatlenc classic & modern items. 
Ext. min. increase in value 15 c i p.a. 
Privata sale £7,750. 

Freeman, I Woodew* Hall 
Epsom, Surrey 


ART GALLERIES 



Very Special Commemorative Postage Stamps 

25th ANNIVERSARY OF THE CORONATION 

OF QUEEN ELIZABETH II 1953-1978 

During the next few 
months Great Bri¬ 
tain. Jersey. Guern¬ 
sey. Isle of Man aod 
a number of other 
British Common¬ 
wealth countries will 
be issuing special 
postage stamps to 
commemorate the 
25th Anniversary of 
the Queen's Corona¬ 
tion (2nd June 1953) 

As usual with ’Omnibus’ issues of this 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 tbe stamps 
plus a nominal 25%. 

SEND TODAY FOR FULL DETAILS—WITHOUT OBLIGATION- 


SALEROOM ADVERTISING 
APPEARS EVERY 
SATURDAY 
For further information 
please contact: 
RICHARD JONES 
01-248 8080, Ext. 223 


COLNASHI-S. 14. Old eond. Street. W.l. 
491 74M. A loan Exhibition Ol Works 
by SEBASTIANO RICCI In BnUto M 
aid ol the UDINE ART RESTORATION 
FUND. Until 8 March. Mbn^Frl. 9.30-6. 

Sat. 10 - 1 . 


FOX GALLERIES. Exhibition ot the paint- 
lues bv Brlttah and European Artists 
from 1700-1965. 5-6. Cork Street. 

London. W.l. TM. 01-734 2626. Week. 

dan IQ-6. Sats. 10 . 1 . 


GALERIE AZIZA. 7. Church Road, 
wimoiedon village. S.W.19. Telephone 
946 4727. THE 19th CENTURY, an 
exhibition ot Important Victorian paint¬ 
ing*. Dally 10-6. dosed Mondays and 
Toasdavs. 


BLOND FINE ART. S3. J'ckv.lie 5t.. W.l. 
01-437 1230 PAUL NASH and jOHN 
NASH until March JSt.t. Mpn.-Fn.. IO-6. 
Sat. 10-1. 


ROY MILE5. 6 Duke 5rr«:. 51. James's. 
London. 5.W.1 VICTORIAN PAINT. 
INGS AND OLD MASTERS. Gallery 
hours: Monday to F r ^Jjy 10 is 6. 


SLOANE STREET GALLERIES. 150. Sloan* 
St.. W.l. Modern auntlngs. sculp:urea 
and graphics by lucres'mg international 
artists. Wide range pi prices. Tucs.-Fn. 
10.00-5.00. Sats. ID.00-1.00. 


CLUBS 


OMELL Galleries. Fine British and 
French MODERN PAINTINGS and 
Modern Brtttah MARITIME PICTURES 
40. Albemarle street. Piccadilly. W.l. 1 


EVE. 189. Regent Sircw. TS4 5675. A la 
Carte or All-m Menu Three Spectacular 
Floor Shows 10 -15. 12.45 ana 1.45 and 
must ol johnnv Hawhcswonh & Friends 


APOLL 



Edited by Denys Sutton 


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I 



Miller 
denial over 
Textron 
payment 


Moscow to supply 
new arms to Syria 


BY OUR FOREIGN STAFF 


Spanish Cabinet changed 
after economic chief quits 


BY ROBERT GRAHAM 


SYRIA 


Munster 



Ministry was 

anus—prooawiv iu UC < pmv ror marenauaes juco aara cmu, » ui j AdaJto Suarez lo-aigai a^eH 1 * 711 *».*■»—. 

By David Bell 

WASHINGTON, "Feb. -■»- , President naiet *i jvssaa m irom oauaz Arawa «*uu I'uwcn- {arCBltect oi apaus whhm"** “7—TilT n f ; n famiarv 

mi: wif I u\i ini i er |h,»i Moscow which ended yesterday. However. Libyan assistance can- policy and the economic over- Moncloa Pact—the pachas - * s jA ng 0 f the 

the Th « J0im communique issued not give Syria-still hean r « m-!^ rd * in the cabinet In accept- measures .agreed m October by Just after the 
chairman-desdsnjiy ot ine yesterday on.his 
Federal Reserve, said in an inter-, Leonid ' Brezhnev 
view lo-day that his conscience | l?a der, said that 

was “ super clear " about a S2.9in. cussed and mapped vwi sccavic luimi. J" *“c —■ — f i DC ITIWi ai^uiiuaau ui —tY-~*iT ~j~ ,7..A nffirlalC u*app in p mitTnenL 

payment made by Textron. the f or increasing the level oF military analysis: | ministerial changes is that of Sr. \\ ell-placed m Moncloa TTie inb as Vice-President in 

company he formerly beaded, to. military capability of the Syrian The joint communique on the; Alberto Oliart. Industry Minister, gf *at “oncio* J J economic affairs will 

its Iranian sales agent. ! Arab Republic.- This was taken Moscow summit was published. who has been replaced by Sr. Pact economm measures wouin charge ot economic 

He told the New York Timesj by diplomatic observer* as an in- yesterday in Prayda. the Com-1 Augustin Rodriguez Sahagum conUnue' by Abnf MartorelLwho' has until 

that “there is no substance " toidicauort Moscow is prepared to unist Parts daily newspaper..The new Cabinet appears to be of continue was MQe imeu^j a the Vice-President in 

an > suggestion that he may have | ste^up. -Jt-jJ tl* veingtrf SftjS*" ^ “°vIrof.^Fuentes Quintana as a -charge of political; affairs.. It is 



MADRID. Feb. 24 


nnip 1 rrwtrnNMENT would ec 4 less than.full rstB^and a-^BSkr 

thp NYir+h Sea by oil companies, shore loading system -^ B ut 
Sin ifftis meant ? reduction had. been /forced- JgPjwfe* 
rtheL^cte?lax revenues,Mr. after 56 
4 ole .Barnett. Chief. Secretary weather and return .to 
to the Treasury*said yesterday. . »- ,* 'sS£r.-zi£ 

w Mr - Barnett, speakiBg after a 1 anKCr-lOatT t . 
meeting of the British National jcearton .eonfimetiltbi 

Oil Corporation Board., which he ^ corporation >hatC sold T tf 
attended in Glasgow., commented tanker-Ibad. . of jTjrode^ i 


known that the agent. Air Taxi, 
was partly-owned by the chief of 
the Iranian Air Forced who'died 


also to provide 
_'sopbistiwled equipment. 

two vearsVe’o and ’might" have! -Present- hi Moscow during the night, 
profited from the commission Nearly part of the talks was Mr. Jurek Martin adds from Wash- 
payment. The Senate banking! Abdesalain Jalloud. the second } 0 gion: Mr. Cyrus Vance, the 
corn mil tee. which lb looking into .man in the Libyan hierarchy^ Secretary of State, has reiterated 


more hS’aSl Ttam j P» . Fuentes Q^m.oSered spedal gnomic JJ gg‘ tfgJS 


could be talked out of this move by mounting personal dif- The reshuffled Cabinet now has 


X”»TS5taSr«ilS feren« s within tt. Cabinet “* « 

.t « .. _ A. Jnt-nv. nl *9 cliQC WoTWPPn Tflim^tPrS 0V6l Si 


more uniform appearance, 

IS?(SKe™How^r£isdi^ clashes~between ministers over since ail of the jaw members 

• Jhe» aUegaiionT harsunnuoned j who stated nn for five da.« after Carter Administration | mination to resign appears to ** *%*«£* «>' SKjHLi« HSU'S olrartSfr^Prof 

tir Miiipr m xnnear before jj • the end of hn official visit last con «ifipr! its ojanned Middlethave been under-estimated, so their department, t or instance, usea tne opportunity ot not. 

.MinnnTuiSii^ j week and is believed to have par- e«i aISs sales to be a nackue producing the most serious Prof. Fuentes Quintana found Fuentes Quintana's departure to 

again on Tuesday. licipated lo the top-level Soviet- ^ilMeSdnw it corapleteft Government crisis since the June himself at odds with the Finance increase the number of his own 

Meanwhile Dr. Arthur Burns.| Svr [. m talks. ? f nd “fSJ. nV'i977 elections Minister. Sr. Francisco Fer- supporters and also to consoli- 

the outgo ine chairmen of the; To b00SI th£1 -steadfastness" ^S S. ntn n en t a^ts* ° ' 1 Thp departure from the nandez Ordonez. He also date his position within the UCD 

Fed. has been discreetly warning of svriy ln npposltion to Presi- slt « " il/onrt rime. Government^ of Prof. Fuentes clashed with Sr. Oliart when it Party. 

Senators lhat further delay iu ; dear Anwar Sadat of Egypt’s Tesufymg for the second time' ■ 

Mr. Miller's confirmation process in j Hat j ve towards Israel. Libya this week before a Congressional 


W. German wages deal setback 


will weaken the Fed and its|j s reported to have offered up Committee on the pro pos al to 
execution of international mone-j lo f or me purchase of sell aircraft to Israel. Egypt and 

tary policy. (Soviet arms. It may also be Saudi Arabia, Mr. Vance was 

With the dollar suit under'willing 10 make available equip- asked what would happen if the; 
considerable pressure Dr. Burns mem from iLs own stocks of proposed Arab deals were rf* 
has been veiling Republican! Russian-supplied equipment to moved by Congress, which is 

Senators that more delay wiUj“f.fe J n JISahBto S,bto S> " a ' S tTtSm ^daJs * ^ ^ HOPES of a Deaceful new wage'in December to DM1.9bn. Bonn: The West German Minis- 

further undermine overseas con- military caps H y- SO . . Ideal in the West German engi- January is normally a month of ter of State at the Foreign Office, 

fidence in U.S. policy. «itnin thc] incerlng and metal fabricating lower-than-average trade sur- Dr. fOaus von Dohnanyi, leaves 

i sector faded to-day. after both pluses for West Germany, and on'Sunday for five days of talks 

._- _ ■_._>_i i„_.r tk. _____ _..j xTm>. V«i4> 


BY ADRIAN DICKS 


BONN, Feb. 24. 


Fed Mr. Millers problems have 
compounded the uncertainty 
caused by Dr. Burns's resigna¬ 
tion. 

Mr. Stephen Gardner, the vice- 
chairman, wa« taken ill last! 
Friday and Mr. David Lilly, one 
of the Board members, has 
returned to Minneapolis on the 
expiry' of his term as Governor. 
One indication of the difficulties 
that all this has led to was the; 
announcement last week of a 
delay in the regular gathering of 
the open market committee. 


Switzerland 
cuts Bank Rate 
to 1% 


Sadat, U.S. envoy in 
peace shuttle talks 
amid PLO tensions 


BY ROGER MATTHEWS 


CAIRO, Feb. 24. 


PRESIDENT SADAT of Egypt Although the PLO has denied 
! to-day conferred with the U.S. any involvement, one of its 
• special envoy to the Middle Eas:. senior officials later fully sup- 


employers and union leaders had in spite of the intense concern in Washington and New York, 
turned down a 4£ per ^ent here at the ill-effects of the He will be meeting, among 
arbitrator's award in the Baden- Deutscbemark's 6 per cent, climb others. President Jimmy Carter’s 
Wuerttembers region—often re- so far this--year against the security affairs adviser, Mr. 
garded as a pacemaker for the dollar, economists are likely to Zbigniew Brzezinski, and the 
rest of the couairv. wait for more thaa a single Secretary of State, Mr: Cyrus 

Thp emolovers who are offer- month's figures before attempt- Vance. He will also see mem* 
in" 3 5 oer cent. ’ said the award in S to measure the direct damage hers of the Senate and House of 
was Too Wsh Thl union wtoh monthly statis- Representatives tau effort to 

ner ceoL olus extensive hcs also showed a Sharp drop in get West Germany’s arguments 
Tob SJsfflcaS innuMTa»d th * of Imports Into West on economic growth across to as 

i * n Tha n 72im.«i Germany. • wide an American audience as 

Jonathan Carr writes from possible. 


were, seeking to ^jeir __^ 

liability to Corporation Tax by ba . . [it ia CoatKaorasti Jo 
nvestinent. .will be • processwk'; i 

Not onlv would we not ob*, pj aT? t in the North. 
jeet to that’: it is something we *• Thistle Is. 

would .positively encourage. We tbes i' north -of t aBy:r_tteId«; 
must stop thinking of oil as if some of tbe-dfifipfiSC w gwfcffi 
we had won the football pools vrith one of the’ major- pcatfora 
and w e should have an annual Jt. is a very delicate- field-; 
share-out. There has been huge bring on-stream.- : - ' -i - r - 

investment in the North Sea and •• Until we baveTesteff Mit.t 
a lot more will be required to W hole system, which- fs- .ye 
make sure we get the maximum weaflier-sensitive, we cannot* 
benefit" • when the first oil will flow" 

The ^expected- yield'.-JW 
Ess ential Thistle was being recfrlrtilat 

Oil would run out aU jjjJJOg. w^h co 0 ^^^^ 

so n-™ ■"JSL 10 ‘SWriS ability- BhT if was.sQVAme 
other, energy •ourw nd .^ eaEl j Welds'and exp**** 

S aSLckSV;conserS ba among, the 

live proposal that oil. revenue^ — _ . 7. ■*’. 

should be used to cut income. ■... .r - i ij 

is no use;pretending-that 7 TWO OVCfp^W" 
ell we have to dio is to pay our- 


ir was too low. The regional 
leader of the union, IG-Metall, 
Herr Franz Steinkuehler, pre¬ 
dicted that the wage bargaining 
council would now call for.strike 
ballots. 

The arbitrator. Herr- Helmut 


Schmidt spy testimony 


Mr. Alfred Atherton, amid signs ported the Cypriot account and:Hum. a Stutteart judge, said he' BY OUR OWN CORRESPONDENT 


BONN. Feb.. 24. 


of. worsening relations between accused President Sadat of I deplored the rapidity with which 


iOiro ,nd the .Palestine Libera- hehavlns . in 3 - d ? n?erousl,v I both side, bad rej«wd his pro- ‘^CELLOSt Helmut SrttmWJ had^ not no®mattd 


the 


By John Wicks 

ZURICH, Feb. 24. 


pnsal The proposal, had It been admitted to-day that the full seriousness of the case, and had 

accepted, would have accorded damage to the West of the immediately acted to limit the 

nicely with the Government's Lutze espionage case still could damage and to improve security 
hoped-for overall rise *n wages not be assessed. But be assured The Chancellor also said be 
of 5.5 per cent this year. the Bubdestag Committee of In- was confident that the main 

...... _ ___ _ _ _ _ In the printins industry, mean- vestigation that, contrary to emphasis of the information be 1 

reduced on Monday from 1.5 toi iVg^of 4 Ewptian^ conimandoTVt Atherton's present shuttle diplo-{while, the prospect of fresh some report, the former East trayed had been on the internal 

1 per cent, the lowest level injLarnaca airport in Cyprus last macy is to get Egyptian- and strike action now looms, follow- German Defence Ministry spy- structure of the Bundeswehr. 


| tion Organisation ‘ (PLO) that irresponsible manner.'’ This is 
.may further complicate moves expected to make any rapproche- 
! towards peace in the region. meal between the Egyptian 
Some Egyptian newspapers leader and the PLO even more 
i have now openly accused the difficult in achieve. 

THE Swiss Bank Rale is to_ be;p^o of taking part in the shoot- The main purpose of 


Mr. 


the history nf the Swiss National $ un d a y. Reports from Cyprus. Israeli agreement on a declare 
Bank. At the same time. tb*[ reprinted here said a special tion of principles. Tbe principal 
Lombard Rate will be cut from; iqua(1 0 f Palestinians were sent stickina points are tbe Palesti- 
2.5 to 2 per cent. 

Switzerland ha< also taken 
measures to reduce upward pres¬ 


sure on the Swiss franc, which 
before the dose of trading to-day 


ins the decision by tbe printers’ ring had not bad access to rather than on matters affectiqg 

union IG-Druck. to bold ballots NATO atomic secrets. - the rest of the Alliance, 

in selected companies. Tbe In the course of several hours’ Herr Schmidt faced some 
i to the island and came out on man issue and the future'of [union i* pressing for house testimony to the committee, sceptical questioning over his 

' to the tarmac, guns tiring, when Jewish settlements in occupied I agreements on the Introduction Herr Schmidt insisted that he account of the appointment of 

(he Egyptian troops attempted to territories. ■ of new printing technology. had been kept fully informed Herr Herbert Laabs. the former 


sloruTihe airliner in which two It is understood that on his’ffi The West German trade about the case from the begin- head of personnel matters at the 
Palestinian extremists were hold- present visit to Egypt Mr.' figures for January, published nliu. JQdhad madd sure at once Defence Ministry who was the 


had led to record exchange rales [ ins hostages. Egypt has severed Atherton is asking for a written 
against other currencies. 'relations with the ' Cyprus statement of the Govern men I’s 

Existing non-resident Swiss I !^™meot as ^ result _ofJhe PrawjfjB^oriter, to facilitate 


franc deposits h'ave^hitherto been' EgypUan ° D f f fi ^ just 016 rIght 

freed from payment nf the Swiss' 3 ° ,diers were kl,led - formula oF words. 


payment 

10 per cent, per quarter negative i 
interest commission so long as : 
they did not exceed the level 
they had reached as of October 
31. 1974. 

From AoriJ 1 this year, there 
will he a 20 per cent, reduction 


Cuban build-up on Horn 


BY JUREK MARTIN 


WASHINGTON, Feb. 24. 


to-day. show a decline. In. the that NATO was kept briefed, immediate boss of Frau Renate 
monthly surplus from DM4.2bn.. The- West German Government Lutze. 


Japan ignores treaty draft 


BY CHARLES SMITH. FAR EAST EDITOR 


TOKYO. Feb. 24. 


Tbe department 


in this basic sum to an amount;CUBA has 10.000-11.000 troops in between us" 
nni below Sw.Frs.lm.. while no ; Ethiopia, double what was previ- was unable to say IF Cuba was 
Sw^sSm"'wif 1 ffftw nfte 1 "* estimated, and there is no diverting Torees. from Angola to 
ni, t IEi n ‘evidence that the build-up is assist in Ethiopia, 
negative-interest c. mnn. ^'°n. being balled, U.S. officials said Dr. Brzezinski said he was 
The National Bank said these | to-day. pleased by the assurances from 

measures—the announcement of | p r _ Zbigniew Brze/inski Pre- Addis Ababa this week that 
which brought about an_ ini- isident Carter’s National Security Ethiopia did not intend to carry 
mediate sharp drop ' n the Swiss .Adviser, disclosed the estimates its war into Somali territory, 
franc rale towards the end o''during a briefing on Mr. Carter’s The U.S. 


JAPAN to-day decided to ignore the January talks the Soviet Suzuki, took with him “certain 
the publication by the Soviet Union seems to have been hoping concessions ” offered by Japan 
Union of the draft of a treaty to see the text of the treaty in response to New Zealand's 
of “ co-operation and good neigh- “ leaked *’ in the Japanese Press demand for radical changes in its 
bourbood ” which the Russians —something that happens very dairy goods import system. The 
badly want to sign as a counter- .frequently in Japan. Tbe Foreign concessions proved Insufficient 
part to Japan's impending treaty Ministry, however, seems to have and Mr. Suzuki was told that New 
of peace and friendship with discouraged leakes on this sub- Zealand's decision to .. ban 
China. ject with- the result that it has Japanese fishing vessels from Us 

Tbe publication was nevert.be- been left- to the Russians to new 200-mile economic waters 
less embarrassing >o the extent release the text on their side. zone (due to come into force on 
that it is now public knowledge 


trad ins—are intended to reduce .forthcoming trip to Venezuela, will allow 


_ The purpose of doing so would April 1) still stands. 

annouoced lhat iti^bai the Foreign Minister, Mr. seem to be to stress tbe fact 

___ ... __ — . shipment of Sim. j Sunao Snnoda. accepted a copy that the Soviet Union Is main- ' - 

excessive Swiss franc deposits by Brazil. Nigeria and Liberia, start- worth of " nnn-iethai '* equip-; of (be Soviet draft when he taining its demand for a c i/- ' j i 

foreigners, thus depressing the i 0l! on March 2S. ment to Ethiopia, though it was visited Moscow List January. “counterpart" agreement with tVOrea SCandai 

exchange rale without impeding) q,. Brzezinski also said that blocking another jsfim. worth ofj Japan has consistently said Japan to balance the China The chairman of the House of 


commercial pajmenM. ,there were 400 Russian tanks material from an earlier con-'that i» will not even .start d»s-. treaty. Soviet pressure for Representatlves International 

A further measure, appar- and 50 MiG jet fighters assisting tract—and is stepping up pres-1 cussing a treaty with the Soviet such .an agreement is expected to Relations Committee. Mr Clemenr 
cntly intended as a concession] the Ethiopian Government in its sure on Somalia to pursue peace; Union until the Russians agree continue and could well erow Zabloeki h»« mIH 'thoi , ho 
to the banks, was also announced [conflicts with Eritrean secession- in the Ogaden. 


.in connection with the exchange 
rate development. Commercial 
banks will no longer have to 
cover their Foreign exchange 
liabilites in respect of each in- 


ists and with Somalia. 

A Russian general 


James Buxion adds: The 
named Cubans are believed to be train- 


to negotiate the return of the stronger after Japan completes doubted whether Congress would 
four northern islands which negotiations on tbe peace and approve military aid for South 
Japan has been claiming since friendship treaty with China. Korea until a scandal involving 


Petrov was in command of the in? the new regular and militia j they were occupied by Soviet • Japan bas reached a crucial aliened Korean bribery of Con 


figbting in the Harah area. There divisions which Ethiopia is rais- 
are believed to be about 1.000 in? and instructing the Ethiopian 
dividual currency, but only for i Russians in Ethiopia, be said. armed forces in using tbe new 
the liability total as a whole. In- Later the State Department Soviet equipment — Including 
addition, the National Bank is lolsaid that, tbe U.S. had repeatedly tanks, MiG aircraft and artillery. 


lift the ban on the sale tn non-1 raised the question of tbe troop 


forces at the end of the Second turning point in its relations with 5 re ssmen was cleared up. Reuter 
World War. This applies both New Zealand following tbe re P° rts - T* 1 ® Committee is con- 
to a peare treaty a D d to the. Jargel? negative outcome of a siderin « legislation authorisioe 
“good neighbourhood " agree- mission toWelHngtonSis week ? or % ™ n * ,b " ■ ™ military aid 

ment which the Russians have hv a former Agriculture Minister f0 r So i l!h *>? re8 f ’ e, P 9 om| 2 l !u' 
su 2 seated as a siihslimtp ™ ™ ^ sate for the scheduled with- 


The U.S. alleges they are also [suggested as a substitute. in rev to settle the nvn ro»n>ri«>c* . 

residents of forward Swiss francs|build-up with the Cuban Govern- heing used on the ground and After persuading: Aft. Soooda bilateral trade dispute. from 2 the counftv^mtiie SSi 

under nmuacu of up to 10 days.|meat but there is a difference in the air. ! to accept a copy of Us draft at Tbe ex-Minister, Mr. Zentaro fli jin. “■ -7 ■ 



YVONNE PRESTON examines the role of Chba 7 s National 
People’s Congress, which meets again to-morrow 


A rubber stamp for moderation 


lluu Kuo-feng 


IN PEKING, major political 
events like the meeting this 
week-end of tbe Chinese 
legislature, the National People's 
Congress, the fifth in 2S years, 
are always played out in low-key 
secrecy. 

There arc no obvious signs 
here that several thousand pro¬ 
vincial leaders and Congress 
delegates are descending on the 
capital to put the final constitu¬ 
tional lunches to thc end of an 
era of radical leadership and 
social experimentation now 
abandoned in favour or more 
mundane policies aimed at rapid 
economic growth. 

The odd firework explodes pre¬ 
maturely: ocrfcips rather more 
armed soldiers than usually 
patrol the streets at night and 
guard buildings hv day: rumours 
fiuod the foreigners compounds 
and embassies. Bui until the 
official word is given and the 
city’s population uk<*s lo the 
streets in noisy colourful demon¬ 
strations unanimously hailing the 
successful conclusion and great 
victories of the Cnnyre-a. if will 
be business a.s usual in the 
capital. 

It is a niCd-mre ..f i|n- tight 


securiiy and secrecy which sur¬ 
rounds’ tne mysterious function¬ 
ing of the Chinese Communist 
Party and government that the 
advance announcement of the 
Congress date was greeted by 
one commentator as evidence of 
more open government in China 
since the death of Mao. 

Similarly, foreign residents 
were surprised at the news that 
televised film of Sunday's 
Co Duress opening ceremony will 
be shown nationwide at eight thc 
same evening and simultaneously 
relayed by satellite to Tokyo and 
London. The broadcast is un¬ 
precedented; it marks a dramatic 
though still limited departure 
from the total secrecy surround¬ 
ing the last National People’s 
Congress—the fourth—held m 
January 1975. 


Unobserved 


On that occasion nearlv 3.000 
delegates trout all over’ China 
were fed silently and unobserved 
into the great Hall nf the People 
in the heart of Peking through 
thc cilv's complex network of 

underground runnels. The session 
went on for several days before 
observers here knew it was meet¬ 
ing ai all. 

The National Peoples Congress 
is described in the Chinese con¬ 
stitution as the “ highest organ of 
Slate power." However a rider 
lo this inserted at the Iasi peoples 
Congress held three year? ago 
added "under ihe leadership of 


tbe Communist Party of China.” 

fin paper the Congress is 
authorised to amend the Consti¬ 
tution, make laws, appoint and 
remove tbe Premier and 
ministers, and approve the 
national economic plan. In 
practice all significant decisions 
arc made beforehand, since the 
Communist Party has absolute 
authority over the Government 
and the administration. 

In the four congresses since 
1949 tbe appointments and 
deci>ion5 made have generally 
not survived tbe five-year term of 
.i congress. For example, in 1957 
many delegates elected at the 
first Congress in 1953 were Over¬ 
thrown prematurely by Mao as 
bead of the Party and stigmatised 
as right-wingers for their 
criticism of tbe regime and its 
policies during the “ Hundred 
Flowers’’ campaign. 

Tbe man who presented the 
revised constitution at the 1973 
congress. Chang Chun Cbiao, is 
now a purged member of the 
Gang of Four. Since the Gang's 
arrest in lflTfi, a number or Mini¬ 
sters elected at ihe fourth con¬ 
gress—the Foreign Minister, and 
Ministers for health, culture and 
sports—have all been ousted as 
Cans followers. 

And some uf the most momen¬ 
tous events in modern China 
have occurred without the en¬ 
dorsement or the " highest orcaa 
of Slate power." 

The Cultural Revolution was 
launched by .Mao in iSrtfi without 
any formal consultation with, or 


approval from the Congress, 
which met last in 1964, or its 
standing committee. ' - 

The Cultural Revolution then 
proceeded to overthrow State 
President Liu Shao Chi,'eight 
vice-premiers elected by the Con¬ 
gress. die majority of Ministers 
similarly elected, and ail but a 
handful of provincial leaders 
appointed earlier by Provincial 
People's Congresses. • - 

For nearly a decade, from 1964 
to J973, there was* no meeting of 
the National Peoples Congress. 
Until recent monlbs there were 
no meetings of the provincial 
people’s con 2 resses either. 

Before the purge of the Cane-of 
Four, and two-rbirds of ttih pro¬ 
vincial leaderships, the so-called 
Revolutionary Coarmittees of the 
Cultural Revolution simply 

seized and retained power with¬ 
out any formal constitutional 
approval. 

The convening ot the fifth- 
National People's Congress, 

before its due date, is purl of the 
new leadership's attempt to 
return to constitutional rule and 
widen the base of Government. 

The Provincial Peoples Con¬ 
gresses held recently across the 
enuotry, following a laborious 
and lengthy process of cleansing 
all administrative units of 
radical influence, from commune 
and district committee level right 
up to the provincial Parly and 
Revolutionary Committee leader¬ 
ships. eiected new Revolutionary 
Committees and delegates to the 
National People's Congress. 


All of them can be guaranteed 
to back the new.pragmatic poli¬ 
cies of the Peking leaders. The 
Provincial People's Congresses, 
constitutional preliminaries to 
the convening of the national 
body, have .only tbe - outward 
form of democracy. 

For the mass of people there 
is no vote, ‘ but a carefully 
orchestrated selection of right- 
thinking delegates from pro¬ 
vincial units, district committees 
and commune administrations. 
The Array also eldcts delegates 
and the consrirution provides for 
“a certain number of patriotic 
personages to be specially in¬ 
vited to take part as deputies " to 
the National People’s Congress. 



Teag Hsiao-ping 


Premiership 


Tbe focus of interest in tbe 
present congress is the premier¬ 
ship. Hua Kuo-feng, the party 
chairman, currently holds the 
post, but is espected to relin¬ 
quish it to attend to party affairs. 
(The chairman is a deleaate to 
ihe Congress, representing the 
Peking municipality, as ■ tradi¬ 
tionally was Chairman Mao Tse 
Tuna). Prime candidates for the 
Premiership are-Tena Hsiao-pina 
and LI Hsien Nien. both Vice- 
Premiers and both vice-chairmen 
of the Party. 

Rumour also centres round tbe 
likely revival of tbe post of 
Chairman of the State or Presi¬ 
dent, a post abolished following 
tbe disgrace of one-tune incum¬ 


bent Liu Shao Chi, whose func¬ 
tions were fulfilled in an acting 
capacity by tbe Chairman of the 
standing committee of the 
National People’s Congress—Its 
permanent body. 

The standing committee chair¬ 
manship ts also vacant, and 
there is some speculation tha t 
Teng might opt for such a posi¬ 
tion rather than the permiership 
-^giving him status -and title 
without - the time-consuming 
protocol demands made on the 
Prime Minister- 

There is no speculation about 
tbe policy outcome of the Con¬ 
gress- however, lx will unani¬ 
mously approve the policy 
changes under the. new party 
leadership. • hopefully setting 
China on a solid path away Jrom 
the vicious politicking of the 
last decade and towards -the 
development of a. modern indus¬ 
trial state by the end of the 
century. This arduous goal was 
first outlined by the late Premier, 
Chou En lai, at the fourth 
National People's Congress whose 
achievements and decisions were 
quickly diverted by the radicals 
in January three years ago. 


by Hay perman. Scottish «. > 





all we have to do-is to pay oui> « _ . • 1 

selves huge tax handouts and TOT / V6HIS" " 
hope that tbe industrial prob- - * : ; 

lems that have been with us-for-TWO *dviUah employe^-'-' 
decades will go away, because' Suffolk police, who haver.* 
they .will not" overpaid for-: seven years:to.: 

■ The British National Oil Cor-, extent of £2^35. will be7 ; aff<^ 
poration’s Board yesterday made to keep the money. : ; ~ 

final revisions to its five-year a report blames an admtais 1 
financial plan, and the longer- tive mhc-up^ *••'.-> ""-V V s 
term corporate plan, both of When tbe two applied' for i 
which will go to the Government they were eiven the : «rr> 
soon. appointmenr forms/'.nUefcb'-i 


bUUll. • * 

Lord Kearton, chairman said tied a salary higher . than, t 
that the original estimate that the advertised. *. - f* ~ - 
corporation would move Into ■ 


corporation - - _ 

profit next year might have to 
be'revised in view of the delays 


be'revised in view oT the delays 
to the Ninian. Dunlin and Sipt- [VT“W3V ■ apDlvYi 
fjotd' fields, in which If' "bas , . - • 

eqnity stakes. THE : Secristsirlea.- oE Sjift 

He seemed pessimistic about Transport and: the .‘EnvirOnr* 
an early start to production yesterday gave, the gOfOaettfl. 
from Thistle, where bad weather the M54.■'-tROtorway -..UMHL'-v 
has been holding up testing of between Telford. .. Shropsfc 
the production system. Winds and tbe. AIS. ' -Bat Jt wUi 
bad reached Force 12. making designed - du tf^^wi ri 

offshore loading impossible. -■ instead- pf,tbe - dual tqre£J 
One well bad been flowing, a| motorway ^envisaged., '• ;. 



I . r- * -y . 

T. 


BY RUPERT CORNWELL, LOBBY STAFF 

THE LIBERALS have killed the Voiiid then. be, handed iad 
Government’s planned but long- the regions, the'hulk pf Ub 
delayed Electricity Bill as a MPs - yfrDr^ly ^qMWsed' 
result of their hostility to a scheme. ■-iv 
lately-added provision for a sub: TecbaTcally. under 1 thfg r ft 

stantiai reoi^nisaUtHi’ of 

supply industry.- . •■. he'overturned by a-speoial n 

The origin^ legislation,-apqed ,^ betweeo:Mr„Call 3 ghan 
nnder the Llb-Lab pact>at~tbe Mr, Dkyid Steel,: the * Ltt 
start of last autumn, consisted of leade j - Rut this is cohsid 

two parts. - virtually out oftbe qjjeslSc 

One dealt with compensation . - . • n .w 

for the CEGB for the premature .With tbe.certaintv o|^(a 
order of tbe Drax *B* power .a^sr opposition. the Goverm 
station, and the other wlth-had no .chance qf rJg ^a^g 
various .European-wide safety full BHL. lt itimwup.Jcf-JB 
standards for the nuclear..^? to ^cWe^whgwt^U 
industry. . ‘ V ahead with the. iiutial^Twb 

lo the Liberal version of-measure wtHril .the ..Up 
events, legislation along 'ihe8e..woaId^sUPJ>ort. -r-*.- .:7:\ 

lines was put, off. - - . . . *■ Tfe^ 'Jneltfeht is further i 

Then, four weeks ago, Mr. ^df abUlty^Ovl 

David Penhaligoo. Liberal MP legislatfob thejridisIiKC-'TV" 
for Truro and the party’s energy ' Tbe^ElPctriciti 
spokesman, was called, jn _l?y :stmi]ar fate -to -.the -fir^iSc 
Mr. Anthony Wedgwood yBennr^ersiaT Dir^ct LabtJur «niJdt 
Energy Secretary, who outlined.-- dropped'last year, _a ; gaJD be< 
the new sectioajto^hihi/u T '&&& Parliamenfa^ *-' maj 
This involved so^PifW-the 43 ■moated:forTt' 
existing area electricity distribu- .. The - episode fias ateo gene 
tion Boards, which would .:be.?s- certain . amounf .of r -; fri 
replaced by" a new. centralized between.. |be. .partners. - 
authority. . ^ ■. * -Liberalr.' deny. Labour .-cb 


In spite of Government assur- that they are tiyin®. 
antes :that - various functions the Drag .N-S jwuject 




FINANCIAL TIMES REPORTER* 


IC1 is helping to back -a new putting up- ___ 

drive to boost smdll businesses Rowfitree'' charitable Trust 
in tbe North; Manpower': Servi^. Ccnnm: 

Britain's largest chemical com-r wiH.v^ye: research - apd adj 
pany bas seconded ; Mr, Tony ■ tratjve help. V- , >- ■; - 

small companies;. whicvS 

prise Deveiopaez«»^-a c&reed^; 

project launched yesterday• S--5SS^*8 ? g £ 

He r,,, jmn a 

to research and .report: back 

industry, and ‘GOVerninent on■ 5& Nmtb,—s^_i 

problems ofParting aueoessfi^ October. TB7BC., :is a^vbTc 
small. businesses.-- f. :. -^^>-i-cb}inselUhg*. scheme*.js«; 


Mr. .Sowerby’s- move/reflfeCted businessiaerL ; to. 
ICl’s desire to create p^.entrepreneurs.; 


the -area, the -company; Slid;- ? • The-nevrpipied^wifi^^d' 


_tpauy s 

Other hackers, ot .fife^aojBDO vrithr r afrj 
pins project include "the'Dcpart- assistance-^ 

ment- of Tndifttrj/. which . is businesses .■ 

. 

■ «• 7.1 \W 4*^-. 





CREDITORS . of. -Dawes, jbyelcs -ta npin iaf 

their meeting* for three wedlB’i?' 
before deciding Aether. 
the wmpany." 

This is to .-give 
tiona- with-dn 

fSSSS*" m4ker 

a conejusmu.. ; deficit 

Birmingham meeting ^/r1W;I9^^h^^friiTtof 


om 


mine©representing;*^ 

other •'creators ,was: ___ 

Mr. R/.R Adkins,-oFTborntQil -fait 

Baker^ chairman of the3 

would 



h 






























HOME NEWS 


TTTTiriTT 


Wh 


Farming land tops 
£1*000 an acre 


mum 


.. . BY CHRISTOPHER PARKS 

Qvm V. V 2.d^£,°. f f "‘ in been lost. The review remarks 

J . /■ _ flfH Land ta England and Wales b*s on ±he wide spread of prices 

passed £l,(M an acre for the and concludes that If indicates 
Rirt vntnn Mri i - “«* thne.^Daring the second “a selective demand rather 

Bjr Lynton Mdain, Industrial Staff half of last year the price of . than a scramble to buy land 

LONDON TRANSPORT inct **" d «**d 'with vacant posses* Irrespective of its quality." 
Efim Maw « Uii • stem *>se 9 per cent, from £969 _ . 

“• -® m - !as * year, almost. £Z2m. . *„ eijuut an art*. Ton nriroc 

less than originally forecast : . Jr" ^ . top prices 

„ Budget forecasts for last year Tbe average tor the whole Continuing purchases by city 

suggested that the deficit would year was £ L022 an acr e or 29 Institutions, declining interest 

: ibsorb the whole'of the £14.7m. P«r cent snore lhan the 197$ rates, easier credit and the re- 

ieneral reserve of. London Tran- . reports • Farmland turn of economic confidence 

;port. ■ Market a twtce-yearly re\ iew were the main Factors behind 

' Bul a rise in passenger mile- °f'fbe agricultural land market last year’s prices ooom. 
tge on London buses and on the However, much of the Another significant factor 

mderground, .up £3 per cent, to momentum' which led to a 'had been the buying power of 
!.919m. . and 1 per :cent; to rapid Increase".la prices last established farmers who have 

!,699mrespectively, helped to spring and summer has dearly been paying top prices for 


been lost. The review remarks 
on ihe wide spread of prices 
and concludes that it indicates 


small lots of land to be added 
on to their existing holdings. • 
** The upshot Is that a great 


u a selective demand rather deal of land Is sold now at value* 
than a scramble to buy land well above that justified by the 


Irrespective of its qualify.” 

Top prices 

Continuing purchases by city 
Institutions, declining interest 
rates, easier credit and rhe re¬ 
turn of economic confidence 
were the main factors behind 
last year's prices ooom. 

Another significant factor 


seeks 
subsidy 
to save 
550 jobs 


:.9i9m. and 1 per ;ceni. to 
!.699mrespectively, helped to 
tush the deficit below £3m. 

This additional passenger 
raffic brought in an extra £6.5m. 
rom fares. In addition, there 
/as another £lm; more from 
states and commercial advertis - 
ng. Economies of £4.5m. In 
evenue expenditure were also 
e corded. 

The improvement in the pas- 
enger mileage on the buses was 
n spite of a 40 per cent, fall in 
be forecast bus mileage through 
raffic congestion, which cost 


per cent; to rapid Increase la prices last 
sly, helped to spring and summer has dearly 


Menzies takes 26% stake 
in skatepark company 


raffic congestion, which cost FINANCIAL TIMES REPORTER steels and a range of engineer¬ 
ing 0 offseltin 0 ^ 1 entirelv^the * T OHN MENZIES, the Edinburgh- two families and the arrangement The company is also helping to l^ 2 ha <*1 

fleets oF more rest da^and over- based newsagents and stationers with Menzies means lhai we can build a skateboard park for tbe s^aule o? uSk- ^nd 

Ine workinTwrews group, is the latest British com- buUd more park, for more Blackpool Pleasure Beach Com- 2“^? h of 1p ^. d ^®"J/ nd 

London Transport has already pan y t0 hreak 1,110 11,0 fika te- borough councils, which are pany and has acted as design e f ls of ni1 P Drts - 

_r t :“_ 0 ? J iranspori 1133 ? ,rea r-; hurrf inrtnctrv under trem-n.im.c rn and Mnfl.it.Mc hr Firth Brown’s parent company. 

Johnson Firth Brown, reported 


well above that justified by the - a * 
agricultural potential of the Cdk i 

S,u!“. l n. r Mrcel Ti ”’ ei “ 3 jU JODS 

“ Increasingly, however, this 

means that young entrants to ' a y DUy. rj ay 5 H ■ 

the industry are being priced •- J Northtrn 

out of the market." Correspondent 

During the second half of ■__ 

the year, good quality land FIRTH BROWN, the biggest of 
was selling regularly at £1,700 the Sheffield private steel com- 
to £2,000 an acre. Small units vames, is asking the Government 
exceeded £3,000 an acre on provide a temporary employ- 
several occasions. ment subsidy to help to preserve 

about 550 jobs threatened 
because of the weak demand for 
steel. 

The move comes after last 
week's announcement that Dun- 
ford and Elliott, another big 
steel company.in Sheffield, bad 
started talks on redundancies 
and provides further evidence of 
the problems affecting Sheffield's 
Independent groups. 

. The Sheffield industry, which 
produces high added-value alloy 


me working by crews | group, is me laiesi. jdhusu com- duuo more panes inr more cuacKpooi rieasure Beach uom- 

London Transport has already pan y t0 break i*rto !he skate- borough councils, which are pany and has acted as design 

nnouneed - an exnerimental board industry. under tremendous pressure to and management consultants for 

’heme to ease hold uns ?n the Menzies is to pay £150.000 to provide proper Facilities." a park In Glasgow. Johnson Firth Brown reported 

iads. A £lto. computer-aided Skatepark* for a -26 per cent. The company will own and The group has studied skate- w ’ e ® k r 1 n w f *5! 


: A £250.000 pilot nroiect has The money is partly in the two operations is estimated ai has had experience of skateboard ®°£ths ip 1976, even though 
•en approved by the London form of a loan -to Skateparks. about £150.000. parks there. I turnover increased from £95m. 

-ansport Executive for bus which was formed six months 

■utes from southeast to north- a 8 0, ^ the" initial investment - 

London. >s a success. Menzies may pro- 

The scheme may free in- ?ide additional funds-of up to w-tr ra_ *,i g * • 

ectors. who' now spend time I £500,000 to supports construe- VV hlflirP/fiO ilPPF TIFIPP 

idins out routine information.!; Won of more skateboard parks. TT UUHflvau 

make greater use of data on Mr. Brian Lascelles. a director . •_ • ___l 

ngestion and bus availability, of Menzies, said: M We sell skate- T1CPC Will flTITOV5) I 

boards in our shops and so were * 4 44 T 444 

" .well aware of' the. tremendous 

-ppk » • boom in' skateboarding. We BY KENNETH GOODING 

9 iPPlCffin thought that the industry was 


ngestion and bus availability. 


Whitbread beer price 
rises win approval 


Decision 
on Eros 
next week 

ly David Churchill 
DECISION on a £Im. traffic j 
srovement scheme to pave the 1 
v for the long-awaited re-i 
'elopment of Piccadilly Circus. 1 
id<in. will he made next week 
the Greater London Council’s 
—nning committee. 

Jie scheme involves moving 

I * l !?,«.*. .statue of Eros about 10 

I |A;; T 4 5 ‘ ih'^ s to become part of a pedes- 
, | S ^ ' B +.\ ii j. -n-area outside the Criterion 
atre. Pavements will be 

i .. _ ; « ’ened and a pedestrian arcade 

f r* * : i f" *ited. 4 

■* ii’i i j.- ! i i>' moving Eros, traffic will 
,, 4 f % V «• * * * . » to travel around tbe 


BY KENNETH GOODING 


turnover increased from £95m. 
to £107m. 

The decline was' blamed by 
Mr. J. M. Clay, chairman, on 
difficult world market conditions 
and be said that no evidence 
had emerged of an improvement 
in the general sales outlook. 

Temporary employment sub¬ 
sidy, if granted, would give Firth 
Brown a grant of £20 a week 
fQr each worker for up to six 
months. Jobs in other Sheffield 


interesting enough for us to put THE latest of the big brewers Other companies to have given steel companies are already 
a little muscle into it" to be given permission to put up formal undertakings to the Price covered by the scheme. 

Skateparks is to build two its prices is Whitbread, third- Commission include Bass Char- Tbe number of redundancies 

skateboard parks in Harrow and largest of the groups, with T2 nngton, biggest or the brewing; at Dunford and Elliott has not I 

Blackpool and is acting as design per rent, of the. market. groups, which committed itself been decided, but it is though) 

and management consultants on Whitbread has offered no to a one-year “ freeze.” * the company-is proposing a cut 

two other parks. . . undertaking about future price About S8 per cent, of the beer of -as many as 600 jobs, mainly 

Mr. Derraot Jenkinson. a increases, although it said that Whitbread sells will go up m In its two steelmaking subsi- 

director of Skateparks. said: it would not expeci to move price, representing a 4.2 per cent, diaries. Dunford Hadfiold. and 

u The company was formed by again for at least six months. addition to wholesale turnover. Brown Bayley.- 


Third Scottish Development 
Agency company collapses 


: BY OUR OWN CORRESPONDENT 


Property group 
investors face 
total loss 

By John Brennan, 

Property Correspondent 

SHAREHOLDERS and unsecured 
creditors of Town and Commer- 


to travel around tbe a RECEIVER was called In yes- ■ Scofisco’s other factories at in the area where it is carrying “ rt™ m 

tern and northern sides of terday by the Scottish Develop- Tarberi. Loch Fyne. and Islay are our a £140m. urban renewal ^ ues - 108 ^.wm. 

new area. All westbound ment Ageacv to its 95 per cent, likely to continue operating, programme. property group that collapsed in 

nc will have to take a new‘ owae( j subsidiary Scofisco, eight although a buyer is also being Yesterday the agency disclosed October, 19/6, are unlikely to 

;e from Shaftesbury Avenue months after rescuing the coin- sought. that last year's collapse of the salvage anything from the wreck, 

an improved Great Windmill Pitn y w jt.h an £ 825.000 investment. The agency took over the Scottish shrimping industry, to Town and Commercial’s joint 
et. ' .. . . former business of W.S. Unkles gether with sbarply reduced land- liquidators. Mr. G. A. Weiss of 

ae plan, which still has toi The agency, whim in the last Seafoods) last June, when it ings of herring, caused heavy accountants Cork Gully and Mr. 

approved by the GLC and Tear has lost about £1SO.OOO co ]lapsed. losses to the company. There M. J. Spencer said yesterday that 

■tminster Council, will take through me collapse of two other j t said 8t thc jj me ]t was was no prospect of any improve- "it must be very doubtful if 


years to complete. 


associated companies, said that. it helping to protect employment ment this year, 
had to intervene when faced with - __•__ 


75 ■ • a continuing drain on ' public 

to new runway^ lfl0 worl;m 

,NS- tb build.a second mainjlargely female, at its fish and 
.vay at Manchester Airport • shell, fish processing plant in the 
; shelved yesterday by the (east’ end of Glasgow have been 
ort authority. Tbe existing)paid off.. The receiver is under- 
vay, which is deteriorating. I stood to be looking for a buyer 
be patched up. - for the company's assets. 


Government go-ahead on 
Crown Agents’ tribunal 


BY RUPERT CORNWELL, LOBBY STAFF 


i -if.k;- 

«• * 1 »■ - ti;' 

k i ,,v ; r .> 

? I h*;V.’ 
1 J j ( i»' 

i l 








APPOINTMENTS 


TAX SPECIALIST 

PETROLEUM ACTIVITY— 

STAVANGER—PARIS—LONDON 

ELF AQUITAINE NORGE A/S is active 
in oil research in the North Sea, partici¬ 
pates in the .Ekofisk fields, and is the 
operator of the Frigg field which has 
started production in September 1977: 
There is now an opening in the company 
for a Norwegian tax specialist. 

The duties of the job will cover all tax 
aspects of the company’s activity in 
Noway and the tax specialist will 
notably: . . 

• Participate in the preparation of 
the tax returns. 

• Ascertain that all tax rules are 
properly interpreted arid followed. 

• Give advice on all questions having 
tax implications. 

• Analyse new tax laws and regula¬ 
tions. 

• Communicate with the tax auth¬ 
orities in Norway and be prepared 
to explain company’s arguments as 
appropriate. 

O Liaise with tax departments in the 
group in Paris and London. 

The tax specialist will have university 
degrees in relevant matters (law, 
accountancy, economics) and a good tax 
experience gained through some years 
of tax practice in Norway. 

He wiU be a Norwegian national. He will 
know English fluently. ' 

Although the position is ^primarily in 
Stavanger, short stays abroad in Paris 
and London might take place to gain 
international exposure. 

Write to: _ 


THE GOVERNMENT is close to 
going ahead with 'he public 
tribunal, which will set out to 
determine individual responsi¬ 
bility f or the Crown Agents 
financial collapse in 1974 which 
resulted in losses of more than 
£200m. -si/' 

Mr. Merlyn Rees. Home Secre¬ 
tary, will move a Commons reso¬ 
lution next Tuesday setting-up 
the tribunal under the 1921 Act 
—a wove which was forced on 
the Government against its 


wishes before Christmas by back¬ 
benchers on both sides of tbe 
House. , 

Mr. Rees is due to announce 
the composition of the tribunal 
on Wednesday. Ministers bad 
wished to keep further investi¬ 
gations of tbe Crown Agents on 
a private basis, but the Com¬ 
mons insisted on a public in¬ 
quiry so that criminal charges 
will be impossible against any 
of the witnesses whatever the 
evidence that emerges against. 
them. 


realisation's in the liquidation 
will, after payment of the various 
liquidation expenses, be suffi¬ 
cient to_ pay the preferential 
creditors in full—in which event 
unsecured creditors. Including 
holders of* the unsecured loan 
stock, and shareholders, would 
receive nothing.’’ 

Tbe liquidators believe that It 
will be some years before the 
winding up process is completed. 

Go-ahead for 
£4.5m. Welsh 


ferry port 


Lords devolution marathon 


THE LORDS are facing a 
gruelling summer session dis¬ 
cussing the Government’s plans 
for devolution. There are likely 
to be weeks of five-day sittings 
and all-night debates. 

This is in spite of clear signs 
from the Tory majority in the 
House that there will be no 
attempt to wreck the legislation. 
Instead, it will insist on its con¬ 
stitutional right of close scrutiny 


of the large sections which went 
undebated.in the Commons as a 
result of the guillotine pro¬ 
cedure. 

The basic problem, however, 
is that the Lords has no -time¬ 
table provision for itself, so that 
every amendment tabled has to 
be discussed. The Government's 
target is to get both devolution 
Bills through tbe Upper House 
by early July, at the latest. 


By Our 'Pembroke Correspondent 
THE Government yesterday 
approved the development of a 
£4.5m. ferry port at Pembroke 
Dock, west Wales. A construc¬ 
tion programme will start in the 
□ext two .months to enable 
B and I .Line to operate its new 
service between the dock and 
Cork from April next year. 

The British Transport Docks 
Board tried to persuade B and 1 
to stay at' its Swansea Dock 
terminal and the British Rail¬ 
ways Board would have liked 
it to have chosen Fishguard for 
tbe new service. 

But the Transport Department 
said the.National Ports Council 
recommended that the Pembroke 
Dock project meets established 
investment ..criteria aod there¬ 
fore should be-approved. 


Tether complains of delays 



elf aquitaine norge as 

Foslboks 168-4001 Stavanger 


MR. C. GORDON TETHER, a 
former Financial - Times 
columnist, said yesterday that 
tbe longevity of his reinstate¬ 
ment claim hearine—in its 28th 
day before a London industrial 
tribunal—bad become a subject 
of public derision. 

. Mr. Tether, aged 64, who wrote 
the Lombard Column in the 
Financial Times for 21 years, 
says that he was unfairly dis¬ 
missed 16 months ago. 

. His dismissal was the culmina¬ 
tion, of a long dispute about the 
control of Mr. Fredy Fisher, the 
editor, over his daily column. 

The bearing has already 
spread over four sessions. There 
were previous sessions in May, 
July, and October. When the 
present session adjourns at tbe 
end of next week, there are 
plains for resumption on May 2, 
the hearing's first anniversary. 

Mr_ Tether said that the addi¬ 
tional hearing to complete the 
casa could not take place before 
May was mainly because counsel 
for the Financial Times. Mr. 
Thomas Morison, could not find 
room in hl= timetable until then. 

Mr Morison should rry to 
Accommodate an -earlier hearing. 


His convenience was secondary 
to the needs of justice, Mr. 
Tether said. 

■ His first duty should be to the 
present case, even if that meant 
handing over other cases to other 
counsel. 

Mr. Tether said that the 15 days 
allocated in tbe present session, 
for bis case would almost cer¬ 
tainly have been adequate but 
for tbe endless interruptions in 
his opening statement. 

He started making this state¬ 
ment nine and a-half days ago 
and expected that- it would take 
two and a-half days at the most 
to complete. But seven.days had 
been absorbed by interruptions. 

This meant that bis-statement 
bad been fragmented, its con¬ 
tinuity ruined and its effect com¬ 
pletely spoiled. 

’ The' continuity of bis' case 
would be even more seriously 
impaired if he now had to wait 
until May to complete the hear¬ 
ing. 

The three previous adjourn¬ 
ments which extended -over two 
and a-half to three and-a half 
months largely to .accommodate 
the convenience of tile Financial 


Times, had increased the diffi¬ 
culty and injustice inflicted on 
him. he said. - - 

Mr. William -Wells. QC, chair¬ 
man, intervened, saying that he 
did so M to a large extent to pro¬ 
tect Mr, Morison from this sort 
of criticism.”. 

He was sure that Mr. Morison 
would do everything possible to 
anticipate-the dates tbe tribunal 
had already arranged. 

He did not think with all 
respect to Ur. Tetber, that it lay 
in his mouth very easily to com¬ 
plain, about delay. There had 
been a good, deal of repetition 
and while he sympathised with 
Mr. Tether, .he certainly would 
aot agree that.tiie responsibility 
for the. delay was one-sided. 

He could dot associate himself 
with Mr. Tether’s statement. 
They all. knew delay caused In¬ 
justice and they had done their 
best to minimise this. 

“To the people who had 
derided, 1 would say: * Let them 
deride—people often make fun 
of things they, do not under¬ 
stand.'” Mr. Wells said. 

Mr. Tether denied that there 
had been a great deal of repeti¬ 
tion on hiff part. ' 


M&G AMERICAN ((GENERAL FUND I 

The US stock (iBifcct. ki stark contrastto that of the 
UK has per ta ined ifeappotminptj over the lad year, i 
with the Dos Jones approaching a 3-year low on- 
Fdwnaiy2Znd. A8boqghsharepricesln America could* 
deefine turtba, share value are today more attractive 
than 8wy have been fur many years, whether measured 
in terms ot eatings, jidd or assets. When the antiri- 
pafed recovery takes place, it is Bhely to be both 
sudrtes ami strong. Dnren! fewts on WM Street coidd 
provide a rare opportunity for anyone wrisdung to tabs a 
stake in Bs mridk dominanl economy: 

i he K&G American & General fti nd is designed lo in¬ 
vest in a wide range of American securities, *lh max¬ 
imum long-term growth as the main objective. Invest 
ment is partially through back-to-back loan facilities in 
order to reduce the elfeds tfi the dollar premium The 

esbmatedgrosscurrent yield (or Income units isO % J i 
althe buying price oi 4 l-?pjtd on ?l'r»d February. 1975. 

Unit Trusts am a long term investment and not suit¬ 
able (or money that you may need at shod notice. 

Tha pieeof units and the mcomefrom them may go 
down as well as uo. 

Pnces and yields appear in Ihe FT daily. An InifeJ 
charge ol 3i c : is included in the pnee; an annual 
charge of plus VAT is deducted (rom the Fund's 
gross income. Distributions lor Income umls are 
made on COth September and 2fth Maich net ol basic 
rete tar. and are reinvested for Aorumulalion units to 
increase the «lue of the unis. The next distribution 
date far new investors mil be 20th September. I97 S.mu 
can buy or seP units on any business dav. Contracts 
for puichaces or sales will be due for settlement 2 oi ^ 
weeks later ;-/•» cemmission c payable to accredited 
agents Trustee- Lloyds Bank Limited Th» Fund is a 
wider rangeseojnty'and is authorised by Ihe becietaiy 
pi Slat? for Trade. 

K4G is a member pt the Uml Trust Assoyabon. 

TWO WAYS TO INVEST 

As an alternative, or in addition lo investing a capital 
sum, you can start a Regular Monthly Saving Plan 
through a lie assurance policy for as little as £10 a 
month.You are nonnaly entitled to dabn tax relief at 
- current rales of £17 for each £100 paid. 

On t £10 Plan, tax rebel at present rales can bring 
down your net momMy cost to only £8 30. wlh which 
•you buy units usually worth considerably more. Reg¬ 
ular investment of this type also means that you can 
take advantage ot the inevitable fluctuations in the 
price o»-units through Pound Cos! Averaging, which 
gives you a positive arithmetical advantage, because 
.vour tegular investment buys more units when the 
price is Ion and fewer when d is high. You also gel life 
cover of at least 180 times your monthly payment 
throughout the period if your age at entry is 54 or 
under (nomen 53). and rathe less up lo 75. 

If you cash in or slop your payments during the first 
four veais there is a penalty, and the lax authorities 
reciuieus to make a deduction, sb vou should not con¬ 
sider the Plan lor less than live years. 61' f to 91'., 
(depending on your stilting agei is invested, except in 
the fits! too veais vshen an additional 20 per cent is 
retired to men sefting-operperces. 

MSG is a member of Ihe Life Offices Association 

: n?- JO'liUf *-j r*-.:i>n|i o' Ilrf P-SuNit li- i.l.l 


I S* s’ -an American fund is the place to be if I 

££ j^vant, 

The big potential growth sector remains AA 

^SsTOWVESTl 

llo- IUG GROUP LTD.THREE QUAYS,TOWFR HILL LONDON EC3R 6BQ ” 

■ TELEPHONE. 01-626 4588 This section to be completed by aff appfcanbj 

In, f ruu IGMawifciSl [■ 

Hr, im., _ | 

SUHMAME _;_ | 

I 0*|AM»*55 ■ 


■ | POST CODE 8*01 AG 530238 & 

HbJ‘ i wT .1 Complete Big section lo make i Capital 

II 1111 i 1 >T.T 114 Investment (nfanum £500). Do ml send 

* any money. i« ct-Riraet one ,nll tv sew ti vil e*jcrj fior.-Btdi y«j «:c 
| jnJ :iw uro-urcflt Caie.Viui colil-calc -.till ItOe* ah:rr, • 

■ PLEASE INVEST |C I 'in ACCUMULATION- lftCOME units 

* (delete as applicable or Accumulation units mil be issued) of the M&G 

I American & General Fund at the price ruling on recopl ol inis 
. application. 

II decbie llur 1 amnf: Ifcificrrt f'-V'd: ‘.he'J.i :.-i; C-Miwi tifaus, 

I -pc lsl— ot O'GibrdHjr ^nd I jnno:m-ihr on.-- x.!h?m>m.T.Kalary 
■jcjmi" iCerleul .idctlwv. Ii-iaui—;. ii: voj -if^,-3 jk :r,j 
- , fi.ijiJ|,c>'MC-j;npiiin *nDN If ro-^rr ,■ h;r-. m i 

| -icmLn-r _ ivr _ 

I fiV*U P|1 Complete this section if you Hish lo make a Reeular 
\ ltf-.i UJ Monthlv Saving Immimum CIO a month). 

jtVnSHTOSAVE lC 1 GSeraPFuna n lflC MSG Amencan & 

■ I enclose my chet?K for Ihe first monlWy paymenL made payable to 
I M&GTrust (Assurance) Limited. 

* I jntlwjjnd IM this wympn IS («if on-yvr.ional jmj that !h» ^ORIDMI) not 

I js sump nsk until lomul ncliliuiicn ol JcrjAdnce ru-. seen usurt. 

“ DA!€ 

I OCCUPKnON _ OF BIRTH _ 

\ NAME AMD ADDRESS 6f USUAL DOCTOR «d fthfwi leieience may he nude) 


flu you an eudig; MM Phn holder’’Htt He | 
| It you canna) vp> fan I rt llw- Drdarahon beto* f. and s^n Part li. ■ 

I DedaniiM PART II declare that lo Ihe best of my beiiel. I am m good health and I 
heeiiom disease, (lull have no! had any venous Ibiess oi nuioi ooeraMn. that I ■ 
do not engage In any luonJpus spots or puts lias, dial I do nor engage in avuima ■ 

I e>ceptasab<eH»?in{Dassentef on iecognaedioula.aiid Hut no proposal on I 
m>- Ide has ever been adversely Irealed 

I MRTII aereeihaiany declaration made by mein connecnonoith I 

ilw immoMistofl be ine basis ol ihe omracl between me and MiG TiiisI 1 
(Assurance) Ltd . and Dial I mil accent lh*> Ciulonury lorm Ol policy. I ajic* 10 ■ 

I cromdpjny lunner nlomulrontne comoany mtyieqim. 1 

(A opecmKnolloe policy icKDiaaiailabic on request.) . 


^ scnmuRE _ _ BBll l 

| wrr _ I win 

^egbieied m EuRland No IU4?3S? Rec trtiicfasaoove 



For every £ you save through our Regular Investment Plan 
before the end oi this finanrial year you wiH be able to claim 
17p in tax refief, provided you pay tax at the basic rate and 
nol more than one snth of your income is used for life assur¬ 
ance premiums. Tb help you gd the maximum benefit from 
this tax refiei we are making K possible for you to backdate 
your monthly payments lo April 1977. 

■Jucpt'Se you nan: io Hie LV 2 month and have:' :S as-ni- 
jpe tor mveslnwt By h* Fdating vuur Piur lo ij'-I Apni and 
rending ui a 1 neque for eleven moniti- payments <\2i\h. you 
■jr. c iim t li leuei or C i 7 J 0 

Awrae o.-er the age ol ran ( cun. hi! if vou are ov^r 51 
r«n vw mav onl,- bacvdaie your Plan ih'et momtr- 
HOW TOUR MONEY G INVESTED. U into i urn; J'uJ-J 
rubs:am«l r^.id ot mow; uraerled bv K&G m fairtully rho'en 
r‘pr.*', and sna*K Fohr,- hdders gel Ihe IsneM c,| uionto _-nd 
or.-dendr. ;.;cuPh«J tvvc- V them. 8k to (depending o« 
sprang agei a, invested, eicepl in the tint Ijw years ahen 
jdd-t:fir, v -i jC- , retamed '0 nee: selt-nn-uo e»pensef- 
Are: me ms: t*p vwn llv?’«ore ihe am-juni invested .-.’H 
•eore-.er: -nridSt^ises ^ore man HJj“. ol ihe nel amount vo-j 
etier ti* relief :s laren into account 
The application form belay utters the choice o< two Funds 
-toe •.lei-rjior.n M&G Recovery Fund for those attracted byThc 
-e.vardi ot mvecbnj; m shares currently out of lavoui. or 
toe M&G General Trust Fund toMhose •-•iho prefer ihe security ol a 
siJe-reread ir.eztmenl in esfatilirfted companies 
TVfO EXAMPLES. Ai an example ol *haf youi Plan would have 
oeer. sorto. 2 'T’ar; ol aho c’jrled paving LA 1 a monfh in j 
februjry I^>8 rnfo a Plan linked in M&G General, would teve 
a:curi!i!a:ec uniis valued at iS-SAl by 31sf January 197S. 
After !a. retiel fus tola) nel outlay mid have been tLMKJi. I! a 


man n| 35 tud ‘.farted panne ^ month mio .1 Plan linked lo 
M&G Recovery :n Armi IS7 1 .-.hen I he Plan sai lirsl u^ed in con- 
lunclinn wilh this Fund, a nel null^y ot U ,‘7J wiuhl have 
r«uied units of ?>6J8 b, Ihe end of Ijnuaiy 1978 This 
'“•-eolional pritomL'nce on hnto. Fund' m.v, ymll no! he ip- 
pealed bul 1 ! deec. ctemniiMrale h.,.-. elle-ine Ihe Plan uin be as 
a-vav ol building up l adiiai 

COST AVERAGING. Router invec:o:r. c.-n benutil 'ub'Jjnlullv 
horn Ihe inevitable il'jctiuliorc p. the pnceol units lour monlhly 
r«vmer,| -/vxire'. more units wlieneiet ihe pn-e fade and fewer 
when it nsec, so‘• ort a.eragms' aril ?nLi;ie lha! vour holding c 
a quired on favourable lei”-. 

CASHING IN YOUR PLAN. Urn: Hus; a''.u;jni.e i-. dr oned lor 
long term investment andvOu 'hcmld lenembe: lhal toe puce of 
urujj and .'tie income tiom them c, 1 -) Awn a:. Wll a; j;p foil 
.an ',;pp your Pirn o» cam it m a; any t.me. but you ere ad.-.red 
nil lo do » during the first four vea:: !o avoid Ihe -faib sunen- 
.tei iieiwhy or ,d the ilaiutory Inia.-xj Revenue deduction 
Higbei rate 1 st oave'e are al.vard net ;e r'.op ja,meni-. or 
•a‘li in aitoip ten vea. '• for ‘.it reasons 
GUARANTEED LIFE COVER, h you are ie". than fc. ■ '.vomer, 59i 
.■.■her. you Mart, toe juma',suied will usually be at leur: ISO timec 
vou,- monthly paymenl 1 rather Ie:up to jp-: 7 5l .toil;; you are 
pjymg into the Plan 

M&G WERE THE FIRST. M£i? were too firs! ^mpan-, m Britain lo 
nncduce the uml Irusl lorm ot ‘sum; in !“?l. Todav »w loo> 
aile 1 o-.-er £.600 mi'iinnloi about X<i 000 saver'- arid investor., 
including We asruunee funds ef about l I ?>? million 
HOWTO INVEST. Complete toe apulicJlion form and send d to us 
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is accepted *e win cend your poii-rv logetoer valh a standing 
eider lorm and a lite assurance piemiuni cerliticale co you can 
itiitnyouiuv relict. 


r BACKDATED POLICIES CAN ONLY BE ISSUED IN RESPECT OF 
APPLICATIONS RECE8VED NOT LATER THAN 5th APRIL,1978. J 

To. M&G GROUP LTD. THREE QUAYS, TOWER HIU. LONDON EC3R 6BQ. TELL p H0NL 01-626 J5S8. ■ 


r l _ each montti m ihe HtSReeomy Fund. 

Z __ ea:h month in toe ll&GGen e ralhTistfand. 

• iV'inLin - n-.r.imc m ,n .mv oruf Vjra -z ihj 1 

l endose my cheque for £_representing monthly 

payments (not more than eleven, or Une if you are over 54. 
women 5S). payable to M&fiTrust (Assurance) Limited. 

. .vr-.T.'-irff . W -. ■ivpr.i^.v. iint-r*r-r* .• -I' 

■ — -.m,.\;f A„; 1 jsuiu,,/ r* v» u.v« 

rrs~: ' .- •-■*- “ 1 

J. .V V - .■ . 

.j. 1 


_ 1= 90 BA 530228 f 

1*1 '.-Tl: i-<e—.: -r.r r-pji. .-. 1 Istl.:.: 


^ - qwtiu f;_ 1 .-.n' ■> a.i-ii 

MVE »'lb AilDyJ;'. J..ur>L0, -d cr •. Xi,MnKn . 


__ rttvI'lHi'-.'ijS i[. lin. 

:■ 1 -J-.T.: I. I 'r. In- '-r:- V . - .-r ' 1 " H 

PfcinaknIWII ie*..--- i-j: v - v.,-: r.^. .jn-.tl, r .1 

1 .iTii-tj:- r-.':r .^-i:-r-.i.T( v.a* rm -‘- iff* j:-.r 'r..-i 

11 .iv d: j. 7 •*. • 2 + *: ■■ 1 z: -.11 Jui 

• • t • ■ '•*'* :*■. i'f r*. 1 •-»^.t . j i* . Jit :n j! .1. pi; ua 

.t .:r lu. «•- '■v> 1 Ji* 'V. ;viv.' 

PMTm Air J11 'V.’l'l' 11 Tif"*- ’r 1 ws-*--. r.-ilQ 
? .tjcj ^.jii v: ~.t i- :• f*w , -.■„ .• *t i'a Viir .>? 

1 fvioi,a'b * J .r idhi^lO 

r*. .v!"/r, I/-TT •. 1V|.- ■> - 1 . t( ■„ • 

>jt ’N p.n'j . J >* a. mIiSHO . • 1 ■/': r: ^vj’ :r 




OFFER TO INVESTORS WnH 




£ 2 , 


OR MOREvgrsiSgfSHi* 


f^To: M&G Group. Three Quays. Tower Hill. n 

1 London EC3R6BQ. Telephone: 01-626 4588. U 

OCI1U 1UI UCLriUb * please send me full details of your Share Exchange Plan. 


of the M&G 
Share Exchange 
Plan by- 
completing 
this coupon. 


[*)i 

^—ii 

— i 


Members of (he 8 


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■ to Fire 




t 
























12 


S&ar® ij. 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET, LONDON EG4P «T 
Telegrams: Flnantimo. London PSA Telex: 8M341/2, 883897 
Telephone: 81-248 8080 


Saturdav Februarv 25 197S 



THE international outlook has consumer spending. As for the 
not become more cheerful. The rise in unfilled vacancies, it may 
U.S. dollar has dropped further well reflect a shortage of par- 
thm week, despite support: titular skills: while there seems 
although the coal strike there is to be no increase as yet in de 
given as the immediate cause mand for labour in general. 


for concern, there is still much there are persistent reports that 
uncertainty in the foreign certain types of skilled labour 


exchange markets about the arc scarce. The lack of demand 
economic policy of the Carter for unskilled labour, suggests 


Administration. The Canadian that the relative buoyancy of 
dollar has been so weak, with capital investment plans may 


a large payments deficit have little effect on the un&m- 
aggravated by capital outflows, ployment figures. The scarcity of 
that the Government is plan- skilled men. even when output 
ning to raise large sums on the is flat, suggests that a rapid rise 
international capital market jn output may not be physically 
and may well take further possible, 
steps to discourage speculation. . 

And our own Mr. Callaghan Money limit 
has warned the TIC-Labour The fall in export orders, the 
Party liaison committee that pn>hab!e effect of rising con- 
the economic prospect for the SU raption oq the import bill, 
industrialised world is over- and the she? , r physical difficuttv 
clouded by the risk of competi- flf inc „ Mln!! output rapidJv 
tive restrictions on trade with wilh0ut ]un hina into supplv 
France and tne U.S. most likely prohIe31s nf one kind and 
to set the process going. another are all factors which Mr. 

Such restrictions would hit Healey will have to bear in mind 
Britain hard, not only because when framing his Budget. 
we are heavily dependent on Anther is monetary policy: the 
foreign trade but because target for the coming financial 
the trade balance Is already year has yet to be settled, but 
giving some cause for concern. the authorities are well aware 


The Confederation of British n f the fact that monetary and 
Industry, after its latest fiscal policies will have to pull 


monthly inquiry, is still worried together if the financial mar¬ 
about the fall in export orders: are to remain reasonably 


but the other side of 
account, the rising hill 
imparts of finished manufac 


the calm. 

for The calmness with which they 
accepted Ja-t month's sharp 


tured goods, is no more en- increase in the money supply is 
couraging. It was against this an indication that they now 
background that the Cabinet j-pcapni 1 ** this official commit- 
me; at Chequers Iasi weekend mpnT . however reluctant, to 
to discuss the general shape of monetary prudence. It is ihe 
the coming Budget. more etrikinc since ft is not 

Unemnlovment ,lpar 3t P resent "'hither the 

unemployment Government feels obliged to hit 

Although it is now widely u* original target for 19T7-7S. 
agreed that a sizeable fiscal whatever thp cost, nr will roll 
stimulus may be needed to prv- it over into the new target for 
vent unemployment from rising the firu half «>f 1978-79. Gilt- 
still further, there is a straight- edged were uncertain fnr a time 


forward divergence of opinion this week because of a Pariia 


inside the Labour Party be¬ 
tween those who want the Chan¬ 
cellor to try to push unemploy¬ 


mentary answer, which pointed 
out that the corset on the 
crowth of bank deposits could 


ment down at all costs and those be reimposed at any time. The 
who are also worried about in- point of the answer, however, 
flation. The latest economic in- was to remind the banks again 
dicalors. unfortunately, have that they could not avoid this 
little to say about where we are bv reshuffling the pattern of 
now. let alone wheie we are their liabilities—a form of 
likely to he in some months' window-dressing that is JikeJy to 
time if this rather than that is make the nest lot of banking 
done. The most striking of them figures an inaccurate and pes- 
are the labour statistics, which simistie suide to the behaviour 
show that unemployment has of the money supply, 
now been falling and unfilled Faced with these various con 
vacancies vising for five months stnetinns on his freedom of 
in a row. National output by action, not to mention the dlffi- 
contrast. remained little culty of bringing down the aver 
changed throughout 1977, and age level of pay increases still 
the fall in stocks during the final further, the Chancellor is un 
quarter suggests that the expec- likely to present the kind of 
ted upturn may not come im- electioneering Budget which 
mediately. some of his colleagues would 

So far a* unemployment goes. like. Whatever recent opinion 
the recent drop has been heavily polls may indicate, after all, he 
concentrated in the south east has to reckon with the possibi 
of the country ana may well be lity of living with the con- 
connected with the revival insequences of his own actions. 


The world’s 



’ *£•«?» 


some 




fe~£v?!! 

i- 


1 — ■ 

.■ * . J. •*I 


By IAN HAfK3?R£fcVBS and Wft.UA* HfcLL 


■ ■- - -.wJlW%‘ 

- - = ,.y-= -.s- 


I F NORWEGIAN shipowners 
have heard of the jitters 
which gripped the shipping 
sector of the London Stock Mar¬ 
ket this week, they must have 
been wondering what all the 
fuss was about. With the Nor¬ 
wegian Ship-Owners' Associa¬ 
tion forecasting serious finan¬ 
cial difficulties for 60 of its 
companies representing a third 
of its tonnage in the nest two 
years, the liquidity problem nf 
a single, unnamed British 
owner, is hardly likely lo stir 
world anxiety. 

Events this week are of signi¬ 
ficance, however, to British ship 
owners, who still control the 
third largest merchant fleet in 
the world, behind only the flags 
of Liberia and Japan. 

The significance at this stage 
is not so much a warning that 
a tide of bankruptcies is about 
to sweep through the industry 
—although many believe that 
this will happen over the next 
24 months. But it has raised 
the pitch of what is going lo 
become an increasingly angry 
debate between ship owners 
and ship builders in Britain as 
in the rest of the world. 

The ship owners’ argument is 
well rehearsed. It is simply that 
shipyards must face the fact that 
they have three times as mudh 
capacity as there are likely to 
be orders in the next few years, 
and that they must respond by 
cutting back capacity to meet 
demand rather than by suicidal. 
Government-subsidised price 
cutting. The General Council 
of British Shipping has deployed 
this argument with some vigour 
fo the Government recently ovct 
first the £V15m. contract be¬ 
tween British Shipbuilders and 
Poland <25 per cent, subsidy and 
favourable credit) and impend¬ 
ing deals between British yards 
and ship owners in India and 
Vietnam. 

In the case of these last two 
orders, a combination of over¬ 
seas aid and subsidy from the 
Government's £65m. shipbuild¬ 
ing intervention fund is toeing 
used. 

Tbe ship owners say. at least 
in the cases of Vietnam and 
India, that their own members' 
services will be directly under¬ 
cut by the growing fleets 
of developing countries operat¬ 
ing without the norma] capital 
debt burden on new tonnage. 

British Shipbuilders’ reply, 
which appears to have the tacit 
support of rhe Department of 
Industry, is that because British 
yards have not expanded their 
capacity since the 1940s from 
a base of around 1.2m. gross 
tons a year, they cannot be 
expected to contribute to reduc¬ 
ing the bloated world capacity 
of over 35m. tons, the bulk of 
which has been developed in 
the last decade in the Far East. 

The company does accept the 
need for a smaller workforce 
and hener productivity, but says 
it must have an intervention 
fund to make it price-competi¬ 


tive while this improvement 
takes place in desperate market 
conditions. 

But British shipowners, 
especially, feel there is a large- 
gap of public and political 
awareness between the prob¬ 
lems of yards and owners. The 
yards’ difficulties are obvious, 
with a world order book at 
S4.7m. gross tons, its lowest 
level for over 10 year*, and 
with 67 per cent, of thbse-ships 
due for delivery by the end of 
1978. The implications for un¬ 
employment in already hard- 
pressed areas throughout 
Europe form banner headlines 
in the minds of politicians. 

True, there has also been 
some drama in tbe world ship¬ 
ping scene. Tbe Norwegian 
Guarantee Institute is propping 
up selected tanker owners who 
have run oat of cash, the Union 
of Greek Ship Owners has made 
a general approach to Japanese 
ship builders about a possible 
two-year moratorium, on debr, 
Japan Line has sought a tbree- 
year moratorium on domestic 
debt of more than Sl5Sm. and 
British Shipbuilders has re¬ 
vealed that 10 of its customers 
have also sought to renegotiate 
loans. 

But everywhere the problems 
have been contained with vary¬ 
ing degrees of difficulty. The 
Norwegians were given a 
Guarantee Institute by their 
Government. Japan Line has 
teen given the prompt backing 
of tbe Japanese Development 
Bank and Y. K Pao, the Hong 
Kong owner who has 41 vessels 
on charter to Japan Line, has 
also declared his willingness to 
help, presumably by easing 
charter terms. 



Bibby /Lire it afiothcr ipijw 


Appears Tb be itting•'*' 
period, it he trad*ttesflflj.... 
strong ia 'the. boEk ■afcafefc 
market and has been "<i 


its latest •'most 
acquisition,: ‘the 


Being built 
Tom 
6,869,464 
5.873483 
4,673,391 
195,571 


-• begun 
Tom 
3*406,276 
.4861.990 
€779,197 
i 23M35 


Total -orders 
Ton* 

10,273,742 
30J3&293 
9.45348* 

434.006 


\ CvSUUg 4UU14UU 

into lay- up in&.if »th intifr $ 4 , 
of close to'SStau ata&frwg: 
worth of SSton. 

1976, the group needjrttf jOTfc 
duct* a healthy cash fiow 
annual 4ebt 

around £l©na. and. interest-pay- 
meats of close so P- v ^> 
Against this. 

U-K. companies, seem ; tfl fe Sfi 
mg the flw yminal 
some have .already; had- yty-iH 
bailed oul : In ’Nowtaber-TST? 
Ben Line came to the wssew 
of the Newcastle-bf^d . She* 
Steam Shipping Co. after avdsa* 
ing-bank called' -in: its" CYBfcSe*& 
And more recently, Ttefcy.Xib 
came to the aid' of; theCaBSHI 


wise Governments. faced with 
the clear possibility and indeed 
the reality of shipyard collapses 
—there have been 27 small 
vard bankruptcies in Japan in 
the last 15 months—are unsure 
of their response to the ship 
owners' cries, be they of real 
or imaginary wolves. 

Just how and when the storm 
breaks for British and for 
world shipping depends much 
on how long the crisis in the 
markets lasts. In spite of the 
cancellation of almost one-third 
of new building orders as regi¬ 
stered at December. 1973, too 


LEADING U.K. SHIPPING COMPANIES 

Approximate 


P and O 
Silver Line 
Alva Shipping 
Bifaby Line 
Ocean Transport 
Furness Withy 
Globtifc 
Ben Line 

British & Commonwealth 
LOFS 

Bank Line (Andrew Weir) 
Ellarman Lines 
* Associates not included. 


No. of 

Size 


ships 

(m.dwt tom) 


130* 

3.3" 

Public Co. 

24 

U 

Vlasov Group 

6 

0.9 

Vlasov Group 

21 

1.4 

Private Co. 

55 

1.3 

Public Co. 

65 

1.1 

Public Co. 

4 

1.1 

Private Co. 

29 

0.9 

Public Co. 

30 

0.9 

Public Co. 

18 

OJl 

Public Co. 

49 

0.7 

Private Co. 

' 56 

0.7 

Private Co. 


- Z""*, based RBardwt-Saaitb^rw^ 

Container tonnage constitutes 19,9 per cent. ton*) off tne genenu jj U yjug its‘Atl 

cargo total order book. ' ,... . . <*>**,,„ rig" This dKd,.along;¥^-« 

scarce: uori i ***««■ ** ■ arpuigBfDantfi, j?h5f 

- . will ‘‘dxusatfadiy ,£ednapfi£S 
should begin to shriok by late Their operating economics ai lossfes, makes-®eard6 

1979. the moment look-far ctjnftdeni ibouti■£ 

The process of converting healthy. A typical bulk carrier at least 

orders from tankers to bulk of 25,000 d.w.t tikding onri» ^ f er sotne ot^*he^‘btfa 

carriers and m,ore recently from spot market may oe just about shipping coamiaftaFiia 

“ bulkers ” to general cargo covering operating costs butis <w|t|ook .. ^ bleak. ;:9Nliha 

ships as owners search for unlikely to be rtWnjg soott. ^ 

brighter markets, has sent the ation or interest 9 *ar to-July tfc7Z tw&N 

shock waves of the crisis in the_ companies have a comfortable ■ khlps to^ b6&&tl r M 

markets into previously secure Kqaidity cushion to fell bade 
general cargo tramp trades. On. However, ottere^ may he Btother5> ^IzicSi is 
In spite of tbe expressions ooAe* f°“ covering from the-coll^V 

of woe. and there are many ih me« their dbbt the Newfaufidlaa^ BefisinsF^ 

others such as the rate-cutting c 5 inaftmn J e “ ts in 1976,^ lost ; mOp^ rI: 

threat of Eastern Bloc fleets, of se^ad-hand ship Pnces its last flnanaaf seM 

the U.K. shipping sector did, not. the ISsf year can only have-esc.- • tifis to 
perform dl their art JSW. 

In the first half, it did better problems. StocW>rokers whfle - Southl'^V^S^^ 
than the FT All-Share index. Laurence, PrusL Tor example , w fciKdi has 

and although Ihe market lost recently estimated that the bl) n g yrrttagA.'ftnft iwAcopp 

interest in the'second* half, the reaUkable value of the London . 

Actuaries Index for the sector and Overseas Freighters .fleet ... faghiQr , lost -vfl 51 ^ . . 4 ^ 
was 19 per cent, up on the year, has '-fallen by around a third : 

These gains have, of course, over tbe last eight months. as the cm& ffow : pitibteoifc 
been partly eroded by recent Because of the secrecy snr- the r*-— 

worries. rounifing * many private ?bjP*-wm be inittiiasiBfi r 

While the outlook for most ping companies it.is hard to both The"banks : anct' 
of the large, publicly owned, assess the financial strains they vards j. f0Ha • 

British shipping companies is are facing in the bulk shipping defcf reaeheduMnc. Uufiei^ at 
gloomy, the situation is by no markets—their traditional pre- ; as^imstinns T 

means desperate. Groups such serve. The Vlasov Group, which J 

as P and O and Ocean Transport controls Alva Shipping and Si* 1 ^ 
operate in virtually every sector ver Une (the latter .™ 
of the industry and though their inherited from Shipping Indus- 
bulk shiDDinH operations are trial Holdings) is fairly typical. , , n T 01 “ = r? 1 


In Greece, although there is 
endless talk of collapse, the 
company with the biggest pro¬ 
phecies of doom around if- 
Theuamaris. has responded with 
the very un-Greek-iike gesture 
of publishing accounts in order 
to kill the rumours. Greek in¬ 
dependent ship owners are 
private companies. 

In Uus atmosphere, hard- 
pressed shipbuilders can per¬ 
haps be forgiven for feeling 
that some of their customers 
are not being entirely straight¬ 
forward in describing their loan 
repayment difficulties. Like- 


much tonnage still persists in 
most sectors. At the end of last 
month. 41.5m. d.w.t. of tanker 
tonnage and 15.2m. d.w.t. of dry 
cargo Tonnage was laid up, and 
rates for virtually all spot 
trades continued to bump along 
at levels where owners were 
unable to meet even operating 
costs from revenue. 

Few forecasters expect 
supply and demand for tankers 
as a whole to be in balance 
much before 1984, although 
there is at least ihe encourage¬ 
ment that without a spate *>f 
new orders, the size of the fleet 


ui iuwngv»,' —--4 uum * 

bulk shipping operations are trial Holdings) is fairly typical. . - * 

undoubtedly finding the going Although it Is controlled from rtrf 

tough they can rely on the more Monte Carlo by Boris. Vlasov • 0 

profitable parts of their bust- the main tXK. company is Nay- 

ness, such as the liner trades, co t Shipping (Holdings) and Scandmayfa buLXae^iLeMi 
to cushion them against the the ships fly the British flag. ^.y^rs »re. 
recession. In 1975 It made a pre-tax loss -“**8“' f°r ;-the"-;tan^WrpU 

Admittedly, a group such as of 918.6m. and in 1976 Inst ^ » r 

London and Overseas Freighters, $ 13.8m: It has been selling off ^ Even, tte pujorjjJL oa ct 
which is heavily exposed to some of the Silver line’s tmik Mnies wnim.cantr^:tae-^trg 
tankers and lost £l4m. in its carriers built in the eariy 1970s fleets ;,«scap 

latest half year, looks vulner- which has helped cut ‘ , vt^. u nscatiiei-.-.'Y4^6ra_ay > BP- 
able, but it’s liquidity will, be group’s bank debts. Et*en so the; noirac^ tMt it was I^ 
improved when; the compensa- last auditors* report concluded’ . i®" very large“Qi 

tioo for the naiiouklisation of that "because of the depressed ;(arcidts: ;.^or stfveriti yea 
the Austin and Pickersgill ship- state of the shipping market fcbeapse of the jnasave 'oi 
builders is received. " • and the inahility to determine tonoagfng ln : tlie. VLCC uMi 

By contrast the outlook for when there will be a significant which BP. believes IWiU aaijt 
some of the larger private U.K. improvement* we are unable to in ^balance 
shipping companies gives more satisfy ourselves as to the value 398DS.’* . Among 
cause for concern partly be-of investments in subsidiaries ’will--be moth balled atife.j6ri 

cause less is known about them, and goodwill." Purpnte^^irad iferi*!^ 


Letters to the Editor 

Land 


From Mr. .V Foster. 

Sir.—Mr, V. H. Bradley's 
letter of February 20 indicates 
yet again the very real problems 
which beset housebuilders’ 
attempts lo acquire building land 
ia the lace of ever increasing 
prices. Ji is unfortunate that 
the Government itself, no doubt 
with the best of intentions, has 
contributed lo the scarcity with 
the Community Land Act which 
appears to be having the same 
adverse effeci upon land avail¬ 
ability as Rent Acts have had in 
diminishing firstly unfurnished 
and now furnished accommoda¬ 
tion for letting. 

As Air. Bradley indicates, high 
land values are harmful not only 
to domestic builders but to those, 
in the commercial and industrial 
sectors alike. His proposed 
remedy of restricting loans tor 
the purchase of land would 
unfortunately tend to maintain 
the shortage while forcing the 
price up of that land for which 
funds were available. 

A more equitable and effective 

solution would appear to be that 
provided by the application of a 
national levy on all basic land 
values fbuildings. improvements, 
etc. excluded) so providing a 
stimulus to bringing more 
unused land on to the market 
with a corresponding competitive 
lowering of prices. 

It is important to stress that 
such a tax on land values caD- 
not be passed on by the vendor 
and would bo reflected in a signi¬ 
ficant reduction in building costs. 
N. W. F. Foster. 

43. Fairlmcn Avenue, 
Bexleyheath. Kent. 


how 1 could get a porter, he 
shouted at me to set out of his 
office and slammed the door 
bard at my heels. 

Later I found a porter, but 
before my last bag had arrived 
he left me, never to return. 

The other frequent travellers 
I have spoken to agree the bag¬ 
gage handling at Heathrow is 
appalling. If you complain to 
British Airways they blame the 
Airports Authority and rice 
versa. Their heads need knock¬ 
ing together. 

And rudeness to passengers 
needs stamping out. Now. 
Starting at the top. 
w. j Mowbray. 

12. .\eu? Square. 

Lincoln’s Inn. W.C 2. 


Heathrow 


From the Chairman. 

Grore Park 
ffesidcrtfcf Association. 

Sir,—We hope that British 
Fail does not close ibe'Feltham 
service to Heathrow (letters. 
February 11). We still advise 
our members lo use this service 
for the reasons stated in Mr. 
King-Hall’s letter. The ease ol 
transfer at Waterloo is of par¬ 
ticular importance and should 
be compared with the Charing 
Cross/Embankment interchange 
which involves steep stairs and 
Viltiers Street. 

John Fountain, 
j, Prague!! Food, S£.l2. 


manufacturing industry. Directly 
or indirectly the imbalances 
resulting from the rise in contri¬ 
butions help to finance *’ excess 
consumption " at the expense of 
productive investment. 

In tbe sense that payments are 
made for non-production, strikes 
may contribute to “ excess con¬ 
sumption.” but I am in no posi¬ 
tion to judge their quantitative 
impact. One would have though 
that exchange rate changes were 
a consequence and not a cause 
of the U.K.'s malaise. 

The erosion of the U.K.'s 
technological base (technical 
education, etc.! is of serious 
national concern. This is one 
major ihenie of the review. 

In the absence of more 
persuasive explanations I stand 
by the words used. In many 
quarter* it is fashionable lo 
ittribute the decline of com¬ 
panies such as Rolls-Royce. 
Herbert BSA. etc., to poor 
management. The review pro¬ 
vides an objective reason For the 
demise of British technology and 
gives some comfort to people 
like myself who still have faith 
in the ability of management lo 
produce a better industrial per¬ 
formance. Perhaps it is “indepen¬ 
dence” rather than help which 
they require from Mr. Healey. 

M. Samuel. 

Panmure Gordon and Co_ 

9, Moorfields Hightcalk, L.C2. 


aren't losing enough.” British 
Rail is doing quite adequately 
in that direction already. 

As a traveller I miss my 
kipper very much, but as a tax¬ 
payer l miss British Rail making 
a profit even more. Can at least 
one voice, 3nd I hope many 
others, assure Mr. Parker that 
we will sacrifice our morning 
kipper if he can make our rail¬ 
ways a viable industry? 

A. F. Lane. 

19. Cloudesley Hoad. 

Islington. .\.I. 


Advertising 


Kippe 


rs 


Industry 


Porters 

From Mr. \\\ Moicirray. QC. 

Sir.—Mr. Gubbay’s experience 
(February 21) is not isolated. 
After the normal long wait on 
the morning of February U, the 
hags started to arrive on the 
'• carousel.” but no porter was lo 
be had. I did find though, 
someone who proclaimed himself 
the senior baggage official on the 
airport. Mr. Gubbay is correct 
in doubting whether that gentle¬ 
man will deliver any repri¬ 
mands for rudeness to his sub¬ 
ordinates. to ]ud?e by his own 
performance. ^\Tien 1 asked him 
fcivilly of course, aad niiidly* 


From Mr. ill. Samuel 

Sir.—-As tbe author of the 
review referred lo by Mr. P. 
Riddell in tbe Lombard column 
i February 17). “ How Mr. Healey 
can help industry.” I would like 
to make the following brief 
comments. 

The direct adversp economic 
impact oF employers national 
insurance and pensions contribu¬ 
tions is largely confined io manu¬ 
facturing industry. While the 
analysis is capable of farther 
refinement I am in no doubt that 
the rise in the burden of contri¬ 
butions since tbe eariy 1950s is 
the root cause of the relative 
decline in net exports of manu¬ 
factured goads and the rise in 
capacity uader-utitisanon in 


F rom Mr, . 1 . Lane. 

Sir.—1 read your article on 
British Rail catering (February 
22. page S> with extreme in¬ 
terest. 

My initial response is a desire 
to record my deep sense of loss 
at the demise of the breakfast 
kipper on British Rail. This f 
had always looked forward to as 
a special treat on cold rainy 
morning*, but alas it seems no 
more io be. 

My concern on another level, 
however, goes a little deeper. I 
feci someone should point out 
To Mr. Parker thar people do not 
irate! on the 7.40 to Birming¬ 
ham to sample the gourmet 
delights of travellers fare: nor 
are they ever likely to. 

Furthermore, those respon¬ 
sible for running nationalised 
industries should be gently dis¬ 
suaded from being concerned 
that, to quote, "Perhaps we 


From Mr. J. Dingle 
Sir,—Letters (February 221 
from the chairman. British Legal 
Association about advertising 
and The professions, and from 
Mr. S. A. Gregory, about the 
registration of professional 
engineers, highlight the problems 
or identification which most— 
probably all — oF the learned 

professions now experience in 
their relations with what -need lo 
be called the “lay public.” A 
very simple solution to this, and 
the related difficulty of profes¬ 
sional status, might be for 
properly qualified members of 

the professional institutions m 
use their professional labels as 
titles of address: Mr. Solicitor 
Brdwn. Mr. Accountant Smith, 
Mr. Engineer Jones, etc. 

John Dingle. 

Suite 7. b{ nr court House. 

19a. Cavendish Square , W.l. 


Consultations are continuing 
with M. Davignon and the steel 
producers on a number of other 
issues, and we very much appre¬ 
ciate the care being taken by 
M. Davignon and bts officials to 
ensure that a balance is main¬ 
tained between tbe interests of 
steel producers and users. We 
are anxious that these consulta¬ 
tions should continue in a co¬ 
operative spirit, recognising the 
inevitable differences of 
emphasis between the interests 
involved. Headlines such as 
yours yesterday can only make 
it more difficult to achieve this. 

One matter about which we are 
particularly concerned and have 
written to the Commission and 
to the Office of Fair Trading in 
the U.K, concerns the arrange¬ 
ments which the British Steel 
Corporation and other U.K. steel 
producers are seeking to enter 
into with the stockholders over 
prices. These appear to go well 
bcyoDd the measures taken by 
the Commission and to be damag¬ 
ing to the interests of U.K. steel 
consumers. 

J, F. Saffprd. 

IS Bcruijm Rond. 

Richmond. Surrey. 


Taxation 


Steel 


From the Director end Secretary. 
British Iron and Steel Consumers? 
Council. 

Sir,-^0n February 22 you 
carried an article under the 
headline “ Steel users ip Britain 
a;>sck Davignon plan.” 

I should like to make it clear 
thar tbe British iron nod Steel 
Consumers’ Council accepts the 
objectives of the Davignon plan, 
though there are certain details 
nf its practical application about 
which we are unhappy. We have, 
however, been fully consulted by 
M. Davignon about tbe measures 
taken to deal with fixed price 
contracts entered into before 
January 1, 197S. and agreed the 
statement on the subject which 
ihe Commission issued. 


From Mr. F. Comery. 

Sir.—Owing to the fact that 
the Franc started losing ns 
value much earlier and at a 
greater rate than sterling, the 
French have bad more time in 
the post-war period in which to 
adjust their thinking io inflation 
and to start developing counter¬ 
measures. such as indexed rents, 
investments, pensions and in¬ 
surance policies. 

Also, salaried employees are at 
least parti-ally sheltered from in¬ 
flation by a tax system which is 
not only simple and fair but has 
also limited the havoc caused to 
salary structures by fiscal drag. 

Take for instance the staff em¬ 
ployed by our own subsidiary io 
Baris performing a similar 
function to a number of others 
in our group, located in thp U.K. 
and elsewhere. Tax is levied on 
72 per cent of their gross salary. 
There are two allowances: 10 per 
cent, on the gross in lieu of pro¬ 
fessional expenses plus 20 per 
cent, on the remaining 90 per 


cent, apparently in recognition 
of the fact that there is-no way 
they can conceal their income 
from the Revenue! 

The 72 per cent, subject to tax 
is then layered and the bands 
are broadened on marriage-and 
according to the number of 
children. They are Increased by 
a 100 per cent, for the- spouse 
and by 50 per' cent for each 
child. In. other words, the bands 
for a married man with two 
children are three times the 
amounts applicable, to j.~.$ingle 
person. 

The scale itself is progressive 
and runs up through the bands 
in 5 per cent, steps from zero 
to a top marginal rate of 60 per 
cent. The width of the bands and 
the progression of tbe scale are 
so designed that the .basic 
motivation lies where it properly 
belongs—in the wage-packet. 

If we adopted a similar system 
in the U.K. (and our own people 
performing the same job here 
would jump for joy) ure could 
go a step further aad eliminate 
fiscal drag completely by simply 
indexing the bands. This simple 
reform would enable manage¬ 
ment throughout the Country to 
concentrate on its creative-role 
and cut out the time we have all 
been wasting since 1974 in 
dreaming up fringe benefits to 
reward merit and to retain our 
trained personnel. 

Ronald Comery. 

22 Billiter Street, E.C-3. 


Insolation 


From Mr, J. Grayson. 

Sir,-—Further to Mrs.. M. 
I sherwood’s comments on cavity 
wall Insulation (February IS), 1 
also, wish .to differ with wbal 
appears to be another widely 
held opinion on loft Insulation. 

it seems to me that if the loft 
hatches are sealed with ttie 
usual draught proofing strip fiu 
lofts are then Insulated to a coon 
standard, without usina more 
insulating material inside. 

It should be remembered that 
room ceilings are constructed 
with bad conductors of heat- 
wood and plaster, and If 
papered over provide good 
Insulation. 

J. Grayson^ 

91. Horace Street. 

St, Helens, Merseyside, 


• •* ; -v >'..; '• • • '■ 



But its effect can be lessened. Under^ 


from pre-tax profitsforyour 

Based on a rangeofsp^atis^S^^^n^^ 
Funds, Property Grovv^ havedevlse^tne 
Directors'& Brecutnr^'Pian'fwp^'^^ 
majumum advantage of c^rfttair ^ 
concessions, ft offers a iatga^ 

tax-free shsumoai^irtoe^jafbted^^S 
growing lifetime medme ; or acomfcins?fdn^R 
both - ftlus further valuable options forthKrjg 
benefitofdependents. \ 

it's a great way to convert Gurfertt tax?^ f 
concessions toypuredvantage fat$r. 


-■ - ' .vwK: 



For fell 

. . Property Growth Assurance! 

Head Office 1 *. Leon House;'I 

- . Tefaphone;6? tSSCI Gfiijeh 




_ jii^r^aaNi 

































> : * i ;• . '• • - : 

*'■- - ov. : - • 


Times Sato-day yebnia^;^ M78- - • 


* 


options for higher education 





j»:. TK. 


E GOVERNMENT yesterday 
fronted tie country with a 
leal question About itsfcigher 
cation sys tem. This it pre- 
t contains about 320,060 slu¬ 
ts on full-time or -sandwich 
j, rses pa universities, po&tech- 
.?* • « n< * colleges,' of whom -about 
. . *000 ore British. Every day. 

of these costs die taxpayer 
\ ia £9 60 , compared with a 

• \ 7 «>5t. of. less. than. £130 for 
**"» of .the roughly 9m, pupils 

State schools;; 

l.'ie question the Government 
*ing abeut higher educatiOa 

:. , ents, ^however, : .is not 
' ■’■OWE- > are worth tjfieir 

• but-whethep the country 
: ildjftWffide {daces for. many. 
' e of them. And the question 

; -Sked ■iik. a discussion ; docu- 
■ ; _ t* -which throws, open the 

• »te ti> anyone who cares to 
.part. , ‘ 

<tst people working in edu* 
/ » will -probably be certain 
/the answer should be ye* 
>' them, higher education- is 
i 'pinnacle of their profession, 
i/ e secondary schools view. 
- number of pupils gaining 
y to degree-courses as a 
measure of 1 success; the 

. - r riple laid down by the Jtob- 
Report in 1563 that places . 
’ •- igher education should be 
available for^ail who are 
ified ^md willing to -take 
-i. -has, become a- basic- tenet 
, ittcational thinkings . 

. . Gordon Oakes, -the Minis- 
■ >t State With particular re- 
. r.sibflfty: for higher educa- 
... ' is also keen -to- provide 

student capacity although 
/ nthusiasm may owe less to 
*■ -itional-faith than to potiti- 
\ ressure. As the discussion, 
nent^shows. the number hf 
- ^ -ih children reaching the 
18—-the normal age df 
to-higher education—will 
: ;nue to rise until the mid- • 
-and stay at a high, level 
... . about 1990, thereafterfall¬ 


ing sharply. The fcesujt might 
well b e -A “hump” M student 
demand; Which cotfM''be'emhar- 
rasstng to thepoliticians. . 

-If the demand were to grow 
beyond the student capacity 
already planned by-iGovemment 
— 550300 places bn full-time 
and sandwich, courses in 1981 
—Ministers could; not refuse to 
meer _lt, without ' publicly 
breaching . -flie' -^Rqbbiite prin¬ 
ciple. The poBBcifrflangers of 
that are hnaehiaW«:The higher 
educational. groups" 

wonJ d " complain-. -toadTy to . the 
public that .the..;. Government 
■wmslretfpdng^cducM^H^ oppor¬ 
tunity. for the/mtuonV chil¬ 
dren. r..-'. ;tV' 

' It is ruu'e thtf. tote coining 

student deibsindto^t-nbt grow' 
to a politically eqi&cagsing ex¬ 
tent. II the: tprofcqrdoh; of the 
l^year-old" fifee* grovb. .ljual ify> 
ing. for--.'mid c3aiming higher 
e duration were to jeoiitinue at 
the current 14 per cent or so. 
the planned capadty of 560.000 
places in 1981 ’would safely 
cover demand during the peak 
years from 1983 ttL-lBSO. 

There are, however, cogent 
reasons' For expecting an in¬ 
crease in " the proportion of 
the age group claiming admis¬ 
sion To post-school -studies. 

One - reason is that, while 
birth-rates dropped generally in 
the first half of this: decade, 
they fell more steeply, in some 
sectors of society than in 
others. The. average annual 
fate of decline in the three 
-bottom socio-economic groups 
which constitute about three- 
quarters of the popii|Ktion was 
6.6, per cent. The .correspond¬ 
ing rate among tire, quarter of 
the public in the top two groups 
was only.0.8 per cent. Since 
these provide;,abouttodf of the 
18-year-old entry, the effect of 
their relatively will main¬ 
tained birth-rate seteflDS likely 
to. be. a small increase in the 
percentage of the age group 


BY MICHAEL DIXON, Education Correspondent 


claiming admission: and even 
a^. small increas could swing the 
balance. 

In addition, the attractions of 
higher education have been 
heightened by changes in the 
employment market over the 
past couple of years. Under 
exhortton from Government, re¬ 
inforced by an efficient job- 
placement combine of univer¬ 
sity and..polytechnic appoint¬ 
ment Boards - and graduate- 
recruiting departments in major 
Organisations, employers have 
been- engaging people . with 
degrees for work formerly the 
province of school-leavers. As 
a result, -employment prospects 
for' graduates have held .up re~ 
mgrkably well,, whereas' those 
for school-leavers have fallen 

.. iw . iSe - circumstances. 
Ministers ' wtfuld surely be 
foolish' not' 'to: anticipate the 
increase in -demand certainly 
beyond the planned 1981 
capacity of 5KLQ00 places, and 
perhaps in excess of the dis¬ 
cussion document's middle- 
range projection of a peak of 
600,000 through the last half 
of the 1880s. And the anticipa¬ 
tion takes the form of an official 
offer to the public of five 
broad strategies. 

One of the fire options, for 
example; is to limit the increase 
of student places to the capacity 
planned, for 1981, which given 
the probable rise in percentage 
demand, openly Threatens a 
suspension at. least of the 
hallowed Robbins principle. 
While discussing this step fear¬ 
lessly id - theory, however. 
Ministers seem most unlikely to 
offer It Sn practice when they 
state their choice of policy at 
the. end of the public debate, 
next year. 

1 Another df the five choices 
threatens the equally hallowed 
principle by which academic 
staff engaged by universities, 
polytechnics and colleges are 





• - - ' AMl'il /U/llTlirarf . t fl-dllN' IfllKMlclil 

Students at the London School of Economics (leftJ and >lr. Gordon Oakes. Minister of 
State with responsibility for higher education. 


usually given very high -security 
in, if not life tenure of tbeir 
jobs. Under -this option, the 
growth of permanent stndem 
capacity would be held at the 
planned 560,000 places about 
three, years hence, but the pro¬ 
vision ' would be temporarily 
increased to accommodate, say. 
the 600.000 total possible in the 
peak years. Thereafter, the 
system would be contracted as 
the- 18-year-nid population 
declined. Again, whether any 
Government could impose short¬ 
term contracts on new recruits 
to academia or redundancies on 
unionised longer serving staff 
must be open to serious doubt. 

There are serious practical 
obstacles in the way of the dis¬ 
cussion document's third, stra¬ 
tegy^ which is also based on 
holding down the permanent 
expansion while accommodating 
the peak demand hy short-term 
measures. This strategy has a 


choice of two tactics. 

One is to engage the extra 
staff to cover the peak on a 
temporary basis, possibly on 
secondment from industry and 
the professions, while renting 
the necessary extra buildings. 
There can. however, be no cer¬ 
tainty lhar the required short¬ 
term lectures and premises 
would be available. 

The’second tactic is to try to 
hold dow'n the cost of the peak 
demand to the level implied by 
the 1981 capacity—perhaps 
about £M6hn. a year as com¬ 
pared with roughly £l.34bn^ last 
year—by squashing the peak 
students into the permanent 
capacity. The result, however, 
would be a squeeze of 7 per cent 
on teaching space and spending 
per student While still leaving 
the overall ratio of students to 
staff in higher education at 
fewer than 10 to one, the squeeze 


would produce visible discom¬ 
fort in many departments of 
study, which lecturers' unions 
would not be slow to brandish 
in public. 

These three foregoing 
strategies have an important 
difference from the other two 
suggested by the document. 
Those outlined so far would 
increase the scale of higher 
education, while leaving its 
pattern much as it is already. 
Bui the remaining pair both 
imply comparatively radical 
upheavals. 

The more radical of the two. 
which is openly preferred by 
Mr. Oakgs and almost certainly 
by lecturers* union leaders, 
would be to expand student 
capacity permanently to accom¬ 
modate the peak demand of, 
say. 600.000. Then as the 
38-vear-old age '-roup declined 
after 3990. the extra room 


would he filled by encouraging 
a much increased entry, par¬ 
ticularly people from the 
manual-working classes. 

The measures of encourage¬ 
ment . could include an 
attempted boost to the 18-year- 
nld entry from poorer homes 
by increasing the means-rested 
financial incentives for children 
to stay at school beyond the 
compulsory age of 16 and 
pursue the neressary Advanced- 
level qualifications for entry 
to higher education. Since in 
many of the popular subjects 
of study, the number of can¬ 
didates passing GCE A-levels 
apparently tends . to rise in 
relation to the number entering 
in the firsr place, raising these 
“sixth-form grants”—which at 
present average only about £2 
a week—might well produce a 
rise in Ihe number of qualified 
young candidates from the 
bottom socio-economic groups. 

Bur the main hope of this 
strategy would be a rapidly 
growing intake of. older 
workers. These, the document 
says, might be encouraged by 
priority admission, generous 
grants, a national system 
enabling passes in lower-level 
courses to be used as credits 
towards higher awards, and 
possibly a “ systematic scheme ” 
Tor continuing education for 
older people which might be 
’* of direct concern ” to the 
Trader Union Congress and the 
Confederation of British 
Industry. ■ The possibility rhai 
this scheme might take the 
form of compulsory' release " 
from work for further teaching 
was denied by Mr. Oakes, but 
he did confess that the increase 
in older entrants might well he 
partly financed by employing 
organisations. 

Certainly the raising of the 
intake of older and working- 
class students is a brave idea. 


of great appeal to rhe educa¬ 
tional profession. From the 
taxpayer’s point of view, how¬ 
ever. it would mean per¬ 
manently committing perhaps 
i'l.7Sbn. a year to a further 
expanded higher education 
system, in the absence of any 
evidence that the increased 
entry from the older and 
poorer sections of society would 
appear as planned. 

Indeed, the best evidence 
available seems to indicate that 
it would noL Sweden, pricked 
by its conscience much earlier 
than Britain into acting to re¬ 
duce the middle-classes’ domin¬ 
ant share of higher studies, 
has been Trying a wide variety 
of stimulants to -demand from 
poorer families, bur without 
any significant success. 

For taxpayers, therefore, the 
best choice would probably be 
the discussion document's sole 

remaining strategy. This would 
reduce the strain of any peak 
demand by such measures as 
increasing the number of 
courses lasting only two. in¬ 
stead of three or four years: 
diverting people from full-time 
to part-time study; and requir¬ 
ing large numhers of youngsters 
to wait a year between leaving 
school and entering higher in¬ 
stitutions. 

Certainly the last option 
could doi be operated “ fairly." 
a< the Government's document 
says. But for a country with a 
still far from secure economy, 
it would avoid the dancer of 
committing future billions to a 
permanently expanded student 
capacity, which would probably 
produce no return on the 
required investment, even if it 
were filled. 

0 Higher education into The 
iUHOs. available from the DES 
in London nr the Scnltish 
Education Department m Edin¬ 
burgh. 



Economic Diarv 


eyland set on closure 


iPMlLiP BASSETT, LABOUR STAflF ‘ • 

UCTION of the Triumph Production of Dolomite car 
•01 resume on Monday after bodies.' which arc ..made '*t. the 
jay's vote by 3,000 workers Jajd-off Nq. l plant at Speke, will 
‘ ritfsb. Inland's ; -Speke, also begin on "Monday, -Buifthe 
•■side car plant to end a^?.5G0 workers laid off at Conley, 
X strike. Coventry, because of the Speke 

'...stewards believe, the strike will not go back' to work 
to. work win be a powerv until a . .stockpile of,’ Dolomite 
. • oSt in their fi g h t against bodies has. been built up. Some 
df decision toawiieft pro- will return-in the middle Of next 
j Of the TR7 to Coventry, week, but for others a re-start 
loss of up to 3,000 jobs could- be ivyo weeks away.- 
• to- • • • Production of *he Dolomite is 

Veyland said again yester- to be .increased by 10 per cent, 
“Or the vote-—that the Q f .Canley after the return to 
to work would not affect work and-107 men will be re- 
cisiou to dose the Speke deployed on assembly and trim 
0 L a Jti-, ~ lines in the plaht. 

"ie 0 wond 3 'siMftbTIm P ke The Speke shop Stewarts wiU 

- on.November 2 last year. roee °?f Pg 

.1 unanimously to return Monday . to tmna in the .re- 
■ k. The 62 shop stewards negotiated line speeds- 
';veied the strike came in A jetat committee of the five 

•ougb ride from the 2.800 unions Involved at Spekfc will ba 
bo thought that the strike set up to work out the plants 

- -ofl too long. anti-closure plan.-and a , further 

as over -a dispute about mass meeting will be called with- 
.ore^ for introducing new io a. month to • discuss the com- 

ig - levels‘‘and'" production inittefe'S'proposals. 

X>eeds. These have.-now The delay in calling a further 
agreed with the unions mass meeting could, some Ley* 
d.’ ■’ • , land managers hope, delay the 


possibility of .a sit-in to prevent 
the transfer of the TR7. LCyland 
has said its redundancy package 
is conditional 6n a smooth trans¬ 
fer of the car’s production. 

National' union officials, who 
will-he meeting ■ Leyland man¬ 
agement next week for talks on 
the proposed closure, are now 
. faced with the difficult choice of 
backing any action at Speke, 
which might save jobs on Mer¬ 
seyside. but which could threaten 
jobs in the rest of Leyland Cars.: 
' Stewards believe that Ley- 
land's next move after any action 
at Speke to prevenr a transfer of , 
production would be to kill off 
tfie TR7. thus making the No. 1 
plant, producing Dolomite bodies, 
even .mors isolated. This would 
leave the way'open for a possible 
transfer of Dolomite body pro¬ 
duction dr a further jobs loss, 
'this time in Coventry. • 

British Leyland’s Truck and 
Bus division will restart produc¬ 
tion at its Bathgate plant In 
Scotland, wbere 2.460 1ald-off 
workers wifi be recalled after 44 
maintenance engineers agreed 
to tklk5 on a nfrw grading scheme 
for manual workers. 



nfair London port threat 

S? al deferred after talks 


vour^ 


: I; BY.PHIUP BASSETT r 

T il* ' Am Hint, Parliamentary - (TUB THREAT df a strike which 
4 ^ Mpondent could bring the Port of London 

1 \nSNQWRVA'MVP Private ^ thre * East c0aSt P?*? 

UpU K> a standstill was suspended 

I Tv** . until next week after talks at thfe 

1 ™ dS T««e Department y «,nrd,y. 

. failed to get a second Merchant Navy officers who 
. .tn the Commons-yester-man the cutters which - take 
. - . ■ . v - ■ [pilots'out to ships, deferred the 

• ‘ : ■ hadsbenchera -opposed(Ofl-Tuesday. -• 

. jasure. i Mr. . Stanley Clinton Davis, 

..-/Tories’ failed ’to muster 1 Trade Under-Sccretarj’. met 
-•-’essary 100 MPs whose sup-1 rdjjresentatives .of tiie officers 
needed in order to put i union- the Merchant Navy and 
. . ..Anwcmtion. 

• .p-jtheUdeue and has vir-ryesterday. 

.. '.no oh'anee of coming lup _ ■. .* - - 

. :jhisxessttm. - * Forced' 

Small Businesses Protec- ** o/r the 

-• ' ' - ^ p ? D ?“S nt ii m 1S? in Mr t strike* un^l Mr. cunion Davis 

'■**» introduced ■ by . Mr. bas .^g 6Q : Monday with 

SSr. employers. Trinity Mouse. 

■ Bam, ami provided a pre unions, and the Government 
. T procedure for todustoal a^^ents Involved. 

.. 'Ja to look at unfair dis- ^ . .. t . ... 

" -. • ' -*";3atas. Jf the sWke goes -hew!, the 

_ " ■ . _- officers action coUlfl stop ships 

. ' ades would make writien entering the Thames. FeUxstowe. 

. aons and on the strength Sarwiai aotf lpswich. 

»t the .Tribunal^ would . xbe -fibips will be forced to 
/ whether -it had jurisdiiv «ntr^ frr 'jjffishore 6 T-- So to fee 
ijVj the case. - • rcotiiK&trj k 'the union 

would mean.that small be»e»es SbPr^bttB cOuM sake 

1 /L> sses would not waste time ffipznptfb. _■ 

r *-tcmey attending lengthy 30& pilots cutters 

and employing barm- —only z per cent of the Trinity 

r Lvl'jl solicitors-to contest tiio4 workforce — aro iuvolred 

< j." - „ '• iiidih, dispute, which is over tiie- 


IK 


* , 



^,GWU organiser named 

ON Todd." a iormer shop Counties, region of the union. 
•T j at Ford’s Dagenham 

^rks, was owned yestcr- 1,5 . lj ^ 

Ktoooaljwsamsfr. of tile • present satioodl orgaolsdtSi.: 

.dm. and' General Workers Mr. Moss EvaiU. is tq take over 
- - - as.-general Jecfemry. whan Mr. 

-is tlte' regional secret Jack Jonqa retires at tfie end of 
Loddon and Home next month. -* 


Oou-paymcrtt. of a 12 » per cent, 
to. 15* per cent, productivity deal 
awarded to them on top of a 
Stage Two increase lasi 
November. 

Trinity House' has said it is 
Willing to pay the productivity 
Mfeffient of the deal, but it has 
hot yet had clearance to do so 
from the Trade Department, the 
financial authority for Trinity 
Bouse. 

; The dispute could spread to 
ftghthousemen. Also employed by 
Trinity Home and Post Office 
cable ship workers. 

. Neither the Post Office' nor 
Trinity House belong to the 
General Council of British Ship¬ 
ping, the employers’ association 
which implements pay deals, 
though both have long-standing 
agreements .that they will follow 
any pay settlements. 


Typhoo 
talks set 
far Monday 

TALKS have heed Called for 
Motidiy to avert strike action 
hy the 650 workers threatened 
with redundancy by closure of 
Cadbury Schwenpes-Typhoo tea 
packing plant. Birmingham. 

-Employees have threatened to 
go on strike unless the company 
gives assurances about alterna¬ 
tive .employment and improved 
redundancy;teim 

Cadbury Schweppes intends to 
concentrate tea packaging at its 
Mormon plant,, near Birkenhead, 
an Agisted, are*. ' 


The Times 
fails 

to publish 
again 

8 Y OUR LABOUR STAFF 

THE TIMES failed to appear 
again ihis morning for the 
second day running. Production 
of Monday’s paper is uncertain 
because of a dispute involving 
! members of the National Graphi¬ 
cal Association in tbe composing 
room. 

The association cancelled yes 
terday what was to have been 
the first ma/ *r official negotia¬ 
tions on the introduction of new 
technology at Times Newspapers. 
However, the company said there 
was no evidence that the ' tech¬ 
nology talks and the present 
dispute were connected. 

The dispute, over pay .claims 
and a productivity deal, has been 
simmering for some months, but 
grew more serious this week. 
The company could not forecast 
whether production will continue 
to be affected after Monday. 

Talks between the management 
and the union chapel (office 
branch) have been arranged for 
Monday. 

A productivity deal with the 
association’s time hands in the 
composing room has .been agreed 
with tbe company but the deal 
has been rejected by the union's 
regional committee. 

£2-£m. plan 

The pay claims are the result 
of argument about the spreading 
Of money between Linotype 
operators, case hands ahd time 
hands. The claims are. going 
through the Newspaper .Pub¬ 
lishers'- Association’s disputes 
procedure, a requirement of 
which is that there should he 
no hostile action by either party 
while the claim Is proceeding. 

Times Newspapers says that 
thh pay- claims would be In 
breacn Of the Government's 10 
per cent, pay guidelines. 

The cancelled technology 
meeting was to have considered 
the company’s £2Uii. plan for 
phased . Introduction or com¬ 
puterised photo-composition, 
starting with .The Times Educa¬ 
tional Supplement The Times 
Higher Education Supplement 
and the Times Literary Supple¬ 
ment 

The company has said that 
the introduction of the plan is 
essential for its survival, success 
and Independence. ' 

Barclays’ 
pay talks 
in trouble 

By Nick Garnett, Labour Staff 
THE staff association at Bar¬ 
clays has said that it will not 
negotiate on the pre-conditions 
attached to the bank’s offer of a 
self-financing productivity deal. 

The conditions include co¬ 
operation -on pilot schemes for 
Saturday and evening opening. 

The association had sought 
specific cash payments related 
to the pre-conditions but the 
Department or Employment had 
ruled but those payments. 

The bank is discussing* the 
position with the association and 
the National Union df Bank 
Employees, which has- also 
rejected the pre-conditions. 

The union is seeking negotiat¬ 
ing rights and a procedural 
agreement to cover 4.000 clerical 
staff - in Williams- and Glye's 
bank. 


MONDAY—House nf Commons 
debates law and order—censure 
motion against Mr. Merlyn Rees. 
Home Secretary. TUC meei*t Mr. 
Albert Booth. Employment Secre¬ 
tary. for talks on unemployment. 
Engineerint; nay talks resume. 
Publication of survey of invest¬ 
ment and financing of medium- 
sized companies carried out for 
Sir Harold Wilson’s committee on 
financial institutions. Financial 
Times two-day conference on 
World Banking in 19»g opens at 
Grosvenor House. W’.l. Mr. David 


Steel. Liberal Parly Leader, and 
Mr. .4. U'edeunorf Benn. Secretary 
for Energy, address Ilford election 
mee Unus. 

TVESDAY—Institute of Directors 
annual convention. Royal Albert 
Hall—speakers include Mr. Ennrh 
PowelL MP. and Mr. Michael flescl- 
tine. MP. Mr. Michael Fool Lord 
President of the Council, at Ilford 
election meerinp. Bricks and 
cement production (January). 

WEDNESDAY—Train drivers 1 24 
hours strike expected. National 
Economic Development Council 


monthly meetlnc. Cut in rate f*r 
interest on deposit-: in investment 
accounts a! National Savings Bank. 
Sir Geoffrey Howe. Shadow Chan- 
t-ellor. is chief speaker at annual 
conference of Conservative Parry’s 
Small Business Bureau. 

TKURXDAY—Ilford North by- 
election. U.K. official reserves 
i February). Capital issues and 
redemptions (February 1 . Power 
workers’ pay talks resume. State¬ 
ment by Confederation or British 
Industry on Budget suggestions. 
Mr. Peter Parker, chairman of 
British Rail, at Foreign Press .Asso¬ 


ciation luncheon. 11 Cnrlton House 
Terrace. SUM. Department of 
Employment Gazette will include 
unemployment t-lnnu.nry—final), 
employment in the production 
industries tDecemberi. overtime 
ami short-time working in munu- 
f.-ieitiring industries (December) 
and stoppage of work duo to 
industrial disputes tJanuaryi. 

FRIDAY—Mr. Edmund Dell. Sec¬ 
retary for Trade, in Bulgaria for 
two-day talks. Public sector 
borrowing requirements and 
details or local authority borrow¬ 
ing Hlh quarter). 


m 


investment 

lining 
lid .seenrif\ 


TYT/^ ( 1ATT T\ f 


FLEXIBLE INVESTMENT PORTFOLK ) 


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

PERFORMANCE 

Piccadilly Unit Trust Management limited are members of the Unit Trust 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 months. 

SECURITY 

The New Zealand Insurance Company fU.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 NZSi 24.3m (£69.5*11 approx.) and a record net profit of 
NZ$7,81m (* 4 * 37 Tn approx.). Its shares are quoted on the Australian and New Zealand Stock Exchanges and.. 
the market capitalisation on that date was more than NZ$37m (£90.7x11 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 
Far EastFund. 

■ 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 for 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 o 1 -638 0801 ; or 
complete and post the coupon below. 

n.' : Client Services Manager, Piccadilly Unit Trust 

I Management Ltd., Wardgate House, 39* Loadon Wall, 

’ London ECaM 5UA. 

I Please Mbd me foil details of the Piccadilly Flexible 
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■ICCADILLY 




















TO^ncfal^■ ISiBCS <ilf1,Tdav ^etrriiMy-. 



BIDS AND DEALS' 


Lower consumer spending hits Telefusion 


DURING THE half year to end 
October 1977 buoyancy of tele¬ 
vision colour rentals by Telerusion 
was offset by the depressed level 
of consumer spending which 
adversely affected trading, says 


DIVIDENDS ANNOUNCED 

Date Corrc- TolaJ 


Mr. J. N. Wilkinson, the chair¬ 
man. 

Trading profit rose from £5.56 m. 
to £6.fl5m. and cash flow from 
£L 23 m. to £4.36m. but turnover 
fell from £29.6m. to £26.Stn. and 


Anglo-lntf. Inv. . 2.2 

F. Austin (Lesion) ...iat 0.16 

Coronet lnd. 0.45 

Telefnsioo .iut. 0.61 

Textured Jersey .int 0.5 

Tor Investment ......int. 2.15 


Current 
payment 
. 2.2 
L 0.16 
. 0.45 
0.61 


pa>7nent 
Apr. S 
Apr. 14 


sponding 


Apr. IS 
Apr. 3 
Mar. 31 


pre-tax profits slipped from Dividends shown pence per share net except where otherwise 
£1.18m. to £0.9lm. * Equivalent after ' allowing for scrip issue. fOn 

A rise in the depreciation increased by rights and.'Qr acquisition issues, 
charge from £3.05m. to £3.65m. ■■■■ ■ ■ 


Total 

last 

veat 

2.9 

0.55 

0.35 

1.D5 

Nil 

4.92 

Stated. 

capital 


reflects expansion of television 
colour rental ensuring future in¬ 
creased rental profit, says life 
chairman. 

He anticipates second halF 
profits higher than those for the 
first and idles members that 
should consumer spending show 
a suitahle recovery the increase 
in profit could be material. 

The interim dividend is lifted 
from 0.5p to O.fiOSp net per 3p 
share. The total for all 1976-77 
was 1.047755n and pre-tax profits 


Confidence 
at Glass 


Glover 


came to £3.14m. 

■Jfi UMtf< 
t?r; 7.176 
Eim [Mid 

War 
29J6-77 
rp Ml 

Turnover* . 

2t.m 

21^04 

62.011 

Trauma orofir .. 

6.WT 


13.0C1 

Exch4nt!t> jirnfi; 

— 

— 

40 

Inrcson^nr KC-om-* 

Jl 

y 


tnivrosi nrcviml . 

— 

— 

'S 

D<-pr?i:laiio'i 

i< - 4: 


fi W7 

Flvd a:wis hir^ . 

PH 

?S5 

l.i»4 

imon-si paid 


vjn 

S10 

Audi* and dir J vfirs 

*: 

MJ 

UI 

PrnTrt hcfonj lax . *W 

1 Eviiuding VAT 

See Lex 

1,177 

3,142 


outlook at 
T. French 


AT THE AGM of Thomas French 
and Sons shareholders were told 
that a further increase in profits 
was anticipated in the current 
year, nlthoush it was not 
expected that the first half would 
see much improvement over the 
corresponding period. Addressing 
the meeting Mr. T. J. French, 
chairman, said he was even more 
confident of the group's ability 
to take advpniace of economic 
revivals as snnn as they occur. 

He referred lo the major 
investment programme now 
under way m re-equip the 
factories with ihe most modern 
machinery. Every production 
process would he involved and 
the programme would not be 
complete for many months, 
during which time considerable 
extra associated reorganisation 
expense' would have to be 
absorbed. 


While price fluctuations in 
certain vegetables and root crops 
can affect turnover and profit 
levels in the wholesale companies. 
Mr. Harry Glass, the chairman of 
food distributors and importers 
of fresh fruit and vegetables. 
Glass Glover Group, tells share¬ 
holders in his annual statement 
that the group is confident that 
it can continue to show its ability 
to produce satisfactory results. 

As reported on January 23 pre¬ 
tax profits for the year to Sep¬ 
tember 30. 1977 advanced from 
£323.695 to £432.689. on turnover 
ahead by 26.7 per cent to £34.I2m. 
The dividend is stepped up ro 
li‘2S6p tl.lpi with a net final of 
O.OTflSp. 

Current trading is in line with 
expectations and there is every in¬ 
dication he says that this year the 
group will be able to maintain 
and improve upon 1976/ n results. 

As a result of advice received 
last year regarding close com¬ 
pany provisions, certain directors 
have reduced their shareholdings, 
so that the group do longer has 
close status. 

A statement of source and appli¬ 
cation of funds shows an increase 
in cash at bank of £853.159 com¬ 
pared with a £28,011 decrease. 

Meeting. Connaught Rooms. 
WC.. oo March 21 aL noon. 


£16.460 and tax on franked 
income £61.854 against £ 53 , 360 . 

The directors say that strict 
comparison should not be made 
by reason of variation of dividend 
payment dates and changes in 
investments. Pre-tax income for 
all 1976-77 came to £391,000. 

The interim dividend is lifted 

from L95p to 2.145p per 23p in¬ 
come share and a final at least 
equal to last year's 2.97p is fore¬ 
cast. 

The net asset value per income 
share is shown at aoiJSp and per 
capital share at 20B.54p. 


duced very good results in diffi 
cult conditions. 

Judgment was given or 
February 15.197S, on claims made 
against the company of patent 
and copyright infringement in 
respect of galvanised steel lintels; 
The company was found not to 
have infringed any copyright but 
was found to infringe patent on 
some lintels manufactured .in 
1975 and 1976. Consideration is 
being given to an appeal against 
the finding of patent Infringe¬ 
ment but in any event there will 
be no material liability arising 
from this judgment. 

Meeting, March 2L 


Tyneside and Carliol Land of oppo 

11 il» . It i$ too early to start jfwiu^b!& in 

call off merger 3K^Js.‘5Sflf— 


significance of 19.S 

volaiHtty of the roughly- eW&xs$£k$ 

sootier or later AnWton cur ^ „ dif-htfea^ 


After a year of negotiations, the and Carilol are identical, in their . going' to that' 

proposed merger between Tyne- composition; each company haa a gJL- iJIt; atTeasf, kf^a^ra^er slower 'C§c^^ 
ride investment Trust and Carliol stake in the other; the invest- of the wit trust 

Investment Trust has been a ban- men t management is common to advertisiBg^^nH week, SSir myon e’*S!vSfisfi®§ 

doned. both; and their ftMMvn Jjbggggl 

Meetings to approve the merger, similar; hence&e attracoons of apnlicatioas for- its Lmiev into the Jjftttaiite 

which would have produced an Ini the merger. The directors- now and Iff and G. which. instead. v :.!- 

vestment trust company with say that the two company wffl . atteabonto 

assets of £27m.. were due to be continue to exist as before,..but ^ General Fund- ^Returns 

held last month. But last minute commentators in-theCity^are ‘“"JJJ'EfiL-stiff at once that Distribution 


doubts arose about wheti 
transfer of assets implicit 
scheme might create a li.al 



Cons. Signal 
puts up 


qualified assurances - which the velopment for other companies proa 

directors considered necessary, seeking to merge, but said tMt A 314 pe 

Since the potential liability to the whole situation was likely to af » f aiK ! <7 on! 
ACT amounted to £5m.. they have become clearer when the- «- -i^>-; mn ji C fltion 

J_«... _ 1 _JiwnniRntti nramisMt hr _ 


yir rrm eim uicuj iului .w* r r~ ‘1^-V:- _ 

tr-s fund yMds anct* may 

cent-* .and that .one attempt W ffijfc jjis 


decided to abandon the scheme planalor? documents promised by tymriee- back they will tri.h TOQP _ 

altogether. the directors to their shareholders *5*5^ 8 tyfc ; they - have performance hMg&M 

tiia M-hama Are- stmt nu r. nrobablv next week. ._ land, jnmrovement Ctjlerp^ , 


defence 


Good start 
for Hill 


& Smith 


Tor Trust 
at £0.2m. 
midterm 


Pre-tax income of Tor Invest¬ 
ment Trust came to £200.428 for 
the half year to January 31. 1978. 
compared with £184.111. Corpora¬ 
tion tax lakes 19.624 against 


IN HIS anual statement Mr. 
T Ha meson SUk. the chairman of 
Hill and Smith says that the 
current year has started well 
overall and. if there is no serious 
deterioration in demand, he is 
confident that progress can be 
maintained. 

.4a reported on February 3. pre¬ 
tax profits advanced from £0.83 m. 
to £0.93m. in the year to Sep¬ 
tember 30. 1977. on turnover of 
£14.2$m. (£12.65m.). The dividend 
total is 2.19p f l.9B084p) net and a 
one-for-ien scrip issue is also 
proposed. 

The chairman says the results 
are particularly pleasing in view 
of the very low demands for 
safety barrier and fencing and 
their associated contracting 
activity. The performance of the 
fabrication division was neverthe¬ 
less satisfactory overall largely 
due 10 a good performance by 
W. H. Barker and Son Engineers 
hut the contracting'division was 
unable to make any profit contri¬ 
bution. The torgina division 
recovered very well from the low 
levels of the previous year due to 
an excellent performance by 
Criterion Stampings and the 
stockholding division also pro- 


consolidated Signal, which 
counts Mr. David Rowland of 
Williams Hudson among its two 
directors, has written to share 
holders replying to the applies 
tion by one of them for a Depart 
ment of Trade inquiry into the 
company. The application. by- 
Mr. M. J. G. Molr. alleged among 
other things, the “disappearance 
of all our company's assets and 
the substitution for them oF an 
enormous deficit." 

The reply of Consolidated 
Signal's Board, which was not 
sent to the Press, states: “ Your 
Board has at all times kept stock 
holders fully informed regarding 
the state of affairs of your com 
pany . . . and is confident thal 
it has behaved in relation to the 
minority stockholders in a 
manner which fulfilled all legal 
and moral obligations.” 

The Board says that the un 
deniable losses sustained are due 
entirely to the failure of its 
investment in Veoesta and to a 
lesser extent Vickers. It expresses 
willingness to allow any stock¬ 
holder to inspect all the records 
of the company and intends to 
send m the immediate future a 
circular to all shareholders con 
tabling copies of all communlca 
tions sent to stockholders since 
Williams Hudson Group became 
interested in Consolidated Signal. 

The reply concludes: " It is of 
course possible to say that the 
Board should never have invested 
in Vcnesta in the first place but 
that is a very different thing from 
the sweeping allegations of im- 
proprietary and worse made, by 
Mr. Moir and certainly no one 
complained at the time when 
these investments were showing 
substantial gains.' 1 


a a ucuiicu ui wuuini -<*» im. ui« -- --ir. --—- —— hw 'resisted me >w***»—ee a morttfiJ- - 

Income and Corporation Taxes Tyneside dropped 3Jp to 944p. Uoula in the slide. Should little as. . _ . 

Act 1970. Should the transfer of ft a "L e continue that courage Those who want K? taker 

assets between Tyneside and nsvrrkBIf crjT T TiVfT could, of course, prove.unnerving tage. : V 

Cariioi be held to be such a ROTORK SELLUNvr . fg-.-iLjgg put their money in Is proYidinlr until 
distribution, the new company SUBSIDIARY •• now- so these are definitely not out unjHtnked,m<^a^ 

would be held liable for the pay- . ■ . SSwtnwnts tor widows, orphans polity '^S-SiS 

ment of ACT. And wtaHe most Rotork, the valve controlmenu- of. a - nervous da- of thetas ( or -sqp ffl 

companies might be able to facturer, has agreed to dispose »yhe minimum accepted since), have two strong-^ 

escape such a definition by daim- of the undertaking and cert ain and prosper is £250, tives.;^to^^ 1 

Ing. under an exemption pro- assets fo a subsidiary. Electro- whi , e *j ^nd- G requires a caa go for enner^tfien 7 ^? 
vlded by the Finance Act 1972. location, to a company controlled cash sum . of £500. or trust performer, b^the-fai 

that they were rot under common by a former director. The con- ^, CT >Hr subscription to a- Me- yeans. M and G s jKffiggK 
control, common shareholders own sideration is £49.430 cash com- policy frdm £ 10 -a month, or tor 

more than 51 wr ceoL ef one of par^d niththe^ces. of go eom- .,Thoae%ho ere 'of,, a nerjeue A. 


parties to this proposed pany in 1975 of under 


£24,000. wo£d really do much the dramatic performaBM^ 

merger. " ' "The Former dirertw-. s ' r - with a High income Invest- past couple._o^p?W?r_^_ 

Problems over the definition of Adrian Garnett, resigned, from the ^ the Regular Income Invested 

a distribution could arise should Rotork Board on January 3 for w hich Schlesmger.has on recovery, artuaootw. 

one of the gross funds invested personal reasons.” following 17 week. An investment moinen^ have had .ratpt®? 

in the existing companies claim years of predominantly overseas scheme (minlinirmi £1,000) pq blue.chip o* 

that a distribution had taken involvement with Rotork. It Is half and, half between into Its.ov^ Brt ^ 

place, and that a tax credit was proposed that he should receive the ' ma nag era* :®xtra- ■ i5» y 1 

therefore due from the Inland an ex gratia payment of £30,000- Tmst (an ail equity fund cur- 
Revenue. These proposals are subject to rentiy yieldmR.10.1 per centA. It is 

Althnurrh J.sMV.AMarc' onnmvgl at AltH- their Preference and Gilt the real .TUnjHng u ,J!flJ[^ 


Although settlement of the shareholders* approval at ah extra- ^ their GjJ* ^ ^ 

liability to ACT which such a ordinary meeting to ~be held on Ttust (which is Just what .lt says try. naraer. 
move would throw up would March S. EJectroIocation makes 

seriously deplete the net assets electronic instruments and con T L" A •. -. , A *. r^l’£?A&* 

attributable to all shareholders, a'ducts surveys for underground •; A gJ crfmTOO'P /W I il rfl 
gross fund might nevertheless end services location. Since being • Y . V* f "■ W 

up substantially in pocket. It is acquired by Rotork it has n* ' . • . ■ :i . • ' -j- 

the Inland Revenue’s inability, as ported losses of over £125,000. The --“,1^^.-— #|ri ^ 

the law now stands, to deny such consideration Foi 1 the sale to Mr. '/-JrfIff• 

a claim from a gross fund, that Garnett has been on a basis which ; ■ . invw^ora wkhinff m'ffi- 

_j:__- «* 4-v.m Prir, WatffrimiisP ' nHuantapRS of investment Invesiors wisning to m. 


has caused the directors of the accountants Price Waterhousef '$nie advantages of investihent tovwtorew^Qfto^- 
two companies to withdraw. have called “fair and reason-)gnaranteed_ income bwda the ret^v^ 

Tie Boards of both Tj-oeside able- ttther than buldincterm lo^hejrtde towraeffiM® 


Johnson-Stephens has 
other suitors 


shMM or bank depflfefts are em- condition 
^hasised by GUmartin Finance,-a ring a tax penaltjs olri.® 
SfvSSTand -finance 

orHHoorc The company points out hear phase: :4?lcC3d^JyjJ^ 


bdvisers. The company points out near P^ase:yr 

that it can improve income for Management 

‘riients by 24 per cent, or -snore The New.Zeatand-.toMeaM 

% switching into such income Pany 

if H ssisu Swgg 

SS?t S At 8 ptSsen? l Se anti trust 

SSTum llttttUffer from AfiffiV and a-«sh 


BY CHRISTINE MOW 


Life chief hits at Government moves 


The Government's proposals for 
changing the method of granting 
tax relief on life assurance 
premiums were causing consider¬ 
able expen.-e and inconvenience 
to lire companies, stated Mr. 
W. F. Ballantyne. chairman of 
Scottish Mutual Assurance 
Society in his review or 197fi. 

. From 1979. policyholders would 
be paying premiums net of. lax. 
instead nf haring the tax relief 
as a deduction from the tax 
assessment. The majority of 
Scottish Mutual policyholders, 
stated Mr. Ballantyne paid their 
premiums by direct debit and the 
amounts had to be changed to a 
net-of-tax basis. The cost of such 
changes, which the Government 
has regarded as not important, 
were considerable and m the end 
had m be paid tor by policy¬ 
holders. 

Mr. Ballanlyne emphasised Ihe 
nned to educate ihe public on ihe 
dangers in rhe Labour Party's 
nationalisation proposals for the 
insurance industry. 

It was not sufficient, he claimed, 
thai the Wilson Committee, some 
Members or Parliament and the 
financial world should understand 
the inherent dangers lo the 
general public of these proposals. 


ft was important that the ordin¬ 
ary policyholder, the general 
public and the national press 
should also understand and he 
prepared to let it be known that 
it uas not in the public interest 
that the Government should he 
given control of individual sav¬ 
ings entrusted to life companies. 
The insurance industry must 
tackle this educational problem, 
even if it involved deploying a 
much higher expenditure under 
this heading. 

The accounts or the company 
for 1977 show that during the 
year the value of the long-term 
fund rose by JEIOni. to £165tn. at 
the end of the -year. Premium in¬ 
come was slightly loner at £22 ,1m.. 
but investment income jumped 
by 19 per cent, to £L4.6m. Claims 
and expenses were 14 per cent, 
higher on the year and this time 
there was no transfer to invest¬ 
ment reserve compared with a 
£3.3m. transfer in 1976. 

The company put a significant 
portion of its new money into 
gilt-edged investments in 1977, 
especially during the second half. 
Some further money was invested 
in equities, some through taking 
up rights issues. Property invest¬ 
ment continued mainly through 


the subsidiary. Cosmas. At the 
end of 1977 the company held 
about 15 per cent of its portfolio 
in property and 40 per cent, in 
equities, with a further 35 per 
cent, in fixed interest The com¬ 
pany had benefited substantially 
by its heavy investment in 
equities during 1975 and 1976 
when the market was low. 


£121,130. Yesterday, the tax 
charge was ineorrectiy given. 


Tap issue’ 


JEIVKS & CATTELL 
PREF. SCRIP 


Jenks and Caltell is proposing 
to create 440.000 new 10 per cent. 
£1 Preference shares which will 
be issued by nay of a scrip to 
Ordinary holders on the basis of 
one 10 per cent. Preference share 
for every five Ordinary held. 

An EGV is called for March 20 
lo consider the increase in the 
authorised capital. Dealings in 
the new shares are expected to 
commence on March 21. 


CORNERCROFT 


Net profiT of Cornereraft for 
the year ended September 30. 
1977, was £138,536, after tax of 


The Treasury is to issue for 
cash £SO0m. of S? per ceni. 
Exchequer Stock. 1983 at £96.50 
per cent., payable in full on 
application. 

The prospectus will be issued 
on Monday and the list of applica¬ 
tions will be opened and closed 
on March 2. 

Of the stock £B0ftm. will be 
offered for sale to the public with 
the balance of £2Q9m. reserved 
for the National Debt Com¬ 
missioners for Public Funds 
under their management. 

Interest on the new stock is 
payable half-yearly on January 5 
and July 5 with the first interest 
payment next July 5 at the rate 
of £3 per cent The stock will 
he repaid at par on January 5 
I9S3 

The issue succeeds the Si per 
cent. Exchequer Stock, 1981, •'f 
which £900m. was issued on 
December 15 last and which 
operated as a short tap stock 
until official supplies were 
exhausted on January 4 this year. 


There H ,t least one and making a bid for GJS subject £$* iwrtT"fSw^Sr^bSd JWhujWiB! 

possibly more than one other to the preparation of a new nay^ir 7j per cent, net of basic charges.- ... 

bidder in the wings for the audited balance sheet for; the ^te tax-ncontpared with jhe 6-6* ■' Finally, 1 th^.'.<ajf-;aavqpj 

small Gloucester-based company. Services company. ; ne r cen t available on building executive pension'! 

Gordon Johnson-Stephens which That balance sheet, plus con- ^ety term shares. But Gilmartin highlighted ■ thi 5 -- week-d 
received a foreshadowed bid sohdated accounts for the period ■ t ^^1 to AMEV for Invest- National Providanf &SSit 
from Simon Engineering onto September last year was ^ n( l •• . • SSSSlSSHSB^SS 

Thursday. No company has yet promised by the year en«L It Guarantee d Income bonds got 
been named but GJS's financial has still not been published hut a u bad ta . 1974 . when the^ 

advisers confirmed that coHapse of the market resulted pietely free 

approaches had been made. advisers. Charterhouse Japhet, It { ” me jy e campanies- running nt 

In any case Simon is the has now been completed. ; S t0 ^anc£l^dSculSs Sind 
second company to announce jts , .. then the Department of Trade hM to the indivSd^^d 

intention to bid Last August STANHOPE GENL. monitored the^e bonds closely,ernes can' 

Uest of England Trust, which- AppnfiAPWPn sistingonniatching of assets with witha penrion^flsiKpafc 

controls 41 per cent, of the ArrKUALHEiJ liabilities'-and. ensuring that rim? income and - 

shares, said that it also wanted The °irender penalties are realistic. In to.four 

to acquire the company. conseqtiCnce anyone taking‘out a taJ trawsf^r'^l^a^ 

The flurry of new activity fiso/^rhL ^ an1 } leeA income bond ia Pension 

comes at a time when GJS has had^rereTJd aDoroach locked-in should .intere&t sions 

just completed an investigation {.ujL "iJ.uTI ,» a rates rise - antl the ^come advan- Growth’s J)rceriors^>and 

into “material inaccuracies” dis- J l Jj ,ch co ^ d lead t0 a take-over ta?e of ^cse bonds tmto\evsts tires’ 

covered in previous years’ «« while-mterest rates remain steady wlih mestmehtrm >^ch 


unFM!4 


Jhirh w n fhc Zl Yesterday’s statement gave no 
'r h ', c L ^ clue as to the identity of the 


pountJil "Mdtt. M 

to^htThefthe fi r °u b r e ”1 or C T S= e ^ a "orS m poiiWe U “ i TSl 

!°e,r *0 sY«h wh Sto WhA' S >a 'Sk e h,S M ad S„ Sl “S?te ,d ^ S 

When finally produced ^cy 'Liio^s are 

showed a £ 1.1 m. loss in one of cuss,ons are m progress. 

the subsidiaries, Gordon John- 

son-Stephens Services. A state- NORTHERN FOODS 
ment from the group chairman, « c-uiDcrnMn 
Mr. Ernest Harbottle. claimed ® i , - . . 

that the figures - reflect material Nicholas Horsley, chairman 


while: interest rates remain steady with inve^tmeht .'ro >t^ch 
jor continue to.fall.' ' v ^ - ’ several^fyjsKfs.■ 1 ,;; v 


carpet 


son-btephens Services. A state- NORTHERN FOODS ' ■ -: 1 - 'V^ V- - 1 ' s 

* SH1MTONE • BY CHRISTINE MOUt _ .. ; ^„ 

x b r *• “ zss^sr^j&srs 

The losses were not consolt- utat uie Arucjes of m^er 40 ^ -gn* ^ carnet Hn^ninhiMT 

dated in the group's accounts. 1 ^“ od “ t ' on . , of Sh'ijstone contain raa ker s WiS 
Instead, the auditors. Thomson constderablereatrictions onthe hasmlde anrttotor 

McLintock. did not seek r e- tra'tsferof Ship stone shares.” Sg S Tn TTB^cfo ? ^ ^ . 

election and new auditors Wright. Acceptances of &e offer wlU Celrgta, which is claK to-be 1 -• 


McLintock. did not seek re- transfer of Shjprtone shares.” ,ing stok e in E. T. Bjtfvricfc of 

election and new auditors Wright. t Acceptances of the offer wiU GelrS^ wh?Ch is claim^ to-be 

Stevens and Lloyd, were called 5* *V bje tL- t0 derations in the the tfed'lajgeri cJ™? i£ke?- 

id to undertake an investigation ArctiJes being made and there- in th^uS” caxpei.. maicep 


its due next week 


which • revealed over-statement r °re a form of. requisition ia n, e which-J r mwi nn ii 

nf nrnlirc r«r all uaom- enrlnnxt vuirh thft nftnr - u-hi^h ioner, WOJCXl ■ IS.OPHIl Only 


HAS : TO-WA# 

Roben, Flenafrtg^^A^ 
ie_ fina nda i ^anyis&rs^iyf: 


Next w-eek's list Features the 
start of the composite insurance 
reporting season «ith Commercial 
I'tiHin, General Accident and 
Royal. .National Westminster will 
be’releasing its Tull year results 
and EMI will be revealing exactly 
how hard its first half has been 
hit Imperial Metal Industries and 
Turner and New all will both be 
reportin': their full year results. 

Commercial Union, as usual the 
first composite to announce its 
full year’s results, is reponins - 
on Monday, followed closely by 
General Accident on Wednesday 
and Royal on Thursday. AM these 
croups’arc heavily involved in the 
VS. and the massive rate in¬ 
creases implemented durina 1975 
and I97fi have transformed the 
liability insurance results in that 
territory and restored profits in 
1977. At the third quarter stape, 
CU had reduced its underwriting 
Jos?e«! by more than half to 
£2M>m. and this pattern is ex¬ 
pected to be continued in the 
final quarter. The analvsls expect 
earning* per share in be doubled 
even afrer rhe dilution from ihe 
autumn rights issue. 

G.V? recovery at the third 
quarter stow was held hack hv 
adverse U.K. motor results and 
a U.S. recovery lagsin" behind ihe 
market. Nevertheless underwriting 
losses should be halved and 
eamincs per share should rise To 
■38a from 22o in 197fi. Royal pre¬ 
sented a still more buoyant pic¬ 


ture after nine months with 
underwriting in the black and 
net profits doubled. The fourth 
quarter, however, is expected to 
trim back underwriting profits 
due to an anti-inflation clawback 
by the Canadian Government. 
Earnings per share could be 50p 
compared with 33.5p For the year. 

After the respectable full year 
declarations from Lloyds and Bar¬ 
clays (although analysts are still 
scratching their heads as to how 
Barclays pulled off its 35 per cent, 
increase in pre-tax profits) 
analysts are revising upwards 
their forecasts for National West¬ 
minster’s full-year figures, lo be 
announced on Tuesday. One 
analyst, who in a circular sug¬ 
gested £l95.9m. just barely two 
weeks ago. is now looking for 
£210m.-£215m. But the general 
range oF forecasts ranges between 
£ 200 m. to £22l>m.. with the odd 
mention of the possibility or a 

ELjOm. to £240m. outturn, against 

£lS7.8m. Of all the clearers Nat- 
West has the biggest exposure 
to domestic business, and not as 
much overseas business as the 
other-. So analysts will be look¬ 
ing closely at ihe influence of 
the sluggish volume of lending, 
low interest rates, and rising wage 
costs. A rights issue has not 
been ruled out. though it is 
generally thought unlikely. 

EMI’s chairman. Sir John Read, 
shocked shareholders last Decem¬ 
ber with news that profits so far 


in 1977-7S were "running well 
below the level of last year." 
Some analysts immediately 
wiped £20m. off their estimates 
for the toil year, which had 
been pitched around £70m. 

1 £64.7 m.). The real blow to 
EMI has come from North 

America where the scanner 
business is reckoned lo be 50 
per cent, down on the previous 
year. There has been a clamp- 
dO'«n on medical expenditure, 
and EMI is already in two legal 
battles with its competitors over 
the infringement of patents. Also 
the North American music 

business has been poor. Capitol- 

EMI has already repnrled profits 
down by a third in the first six 
months, while in Australia 
profits have suffered as demand 
for colour televisions collapsed. 
Overall, profits for the Erst half 
could be around £26-27m. 
(£36.Tm..i. The figures are due 
out on Thursday. 

Imperial Metal Industries has 
already indicated that its second 
half profits will be lower rhan 
the £ISm. it achieved in the first 
six months and the market is cur¬ 
rently expecting the Full year 
figure tdue ro be announced on 
Tuesday) to be around £34m. This 
would represent a 13 per cent, 
increase on the previous year’s 
£30.lm. but would mean that 
second h 2 lf profits may have 
fallen by up to 20 -per cent, tn 
around £i6m. Demand for copper 


ia thought to have fallen away 
over the latter part of the year 
following a period of restocking 
in the first half. Also the harden 
ing of the pound ied to a reduc 
lion in copper prices in the second 
half, which may have squeezed 
margins, while sterling’s improve¬ 
ment wifi alsn have affected 
overseas and export earnings. 

Turner and Newall's fuff year 
results are due on Thursday and 
the market is anticipating pre-tax 
profits of around £50m. to £52m. 
compared with the previous 
year’s Clo.SSm. The group has 
been active in the takeover 
market over the past 12 months 
and the latest figures will include 
a first-time profit contribution 
from Storey Bros- which may be 
around £4m. to £5m. Within the 
rump of the -group's business 
asbestos mining should have seen 
a recovery assisted by the absence 
of strikes which marred the 
previous.year’s figures. The com¬ 
ponents division should also have 
advanced, while the building 
materials side vboujrf have been 
helped by its contracts to supply 
developing countries, notably 
Nigeria. 


Scott & Robertson 


5 

REST? 


of profits tor all years from enclosed with the offer "which until March \ KndiiiorS uDon Ttobwt.FI*a4MBfiSii 

1972 onwards, coupled with in- will operate as support for a a number -of stSt reaE- the-financiaLa 
accuracies in balance sheet reqiiisioon for an extra-ordinary ra entsTStSn?Soreratto£Ty *P* acfvfsfrig 

figures tor stocks, debtors and meeting of the company." q* mWeiS of&JSick and Independent ~ 

creditors. In claiming that the bid is i** hahk*ln Sumatra's It 

At about the same time. West "very generous." Mr. Horsley Sn ortheeSm^iS? 1 ” c ? nstruCT expected to he 

of England Trust, which through says that it offers a capital ° TtotMooSSSn SL th* halfxrfMarch; 

Tyndall Managers, supplies the increase of 75.4 per cent., an 0 f^an-’offerto^u?’/? Thte' leftpf 

group management for GJS. income rise of 91B per centi and of the °SZi£? ULSST ^ t- aenf ■’twr. 
announced that it intended a “free^ aaieable in^tmenf 

Barwick. Mr.. -Fergpson • Lacey. j 
chairman-of WHliaxn. Reed which -. w wn es «ay.: Mj 

Scott & Robertson 

v Bolton, Stoesses, however, that U»e .{JSL-fel ?j22ffi!S 

. ! « . n«v deal t& through -his own ^ fot ? natu ? n J^ 

may set bid * 0 ?**,, »«0^,,^, 5™^ 

" ~ '“Berwick in the uJs. is rtot, 

Scott and Robertson, manufac- from family interest*! (the family «« sort of company which » pLw- 
lurers and merchants of synthetic still retain 900,0001 and had public company ought to 

and jute products, has received an bought suflScient shares in the Mr - said yesterday. 

approach from an unnamed party market to bring his bolding to .AS 00 ? 6 '. 1 *-*"■ a turnover of 

which could lead to a take-over 20.56 per cent. S120m:_ tt has:accumidated: net ^ eodSl P e ^ 

bid being made for the company. Yesterday, he announced fur- operating^ losses of -53Sm. and 

The bcott and Robertson share rher purchases at 2Sn whirh tn burden of S55kL" h* said toasertalv--. -- 

price jumped by 10p to 38p on the creased his holding toTM^ k iMes^aSAo' 

news,which places a market value shares. 21J87'per cent At the’timeSS 5 t ? ur S?® n 
on the group or n.S8m. of hr B apnointraent as chief ex- HI® by ' r , flie Securities -arid 

Scott and Robertson reported a ecutive last month, the Board of SJr? v 0 ®?® . ■' firidwiSHi: 

decline in half-year profits from A ; S. stated that no full scale bid II?- awhswl iMk. .Baawick, 

£367,095 to £125^19 for the last was intended. . H?Tr Pitia - Offaer riirpp- -l -_- t riliiTiirii^’THTT 1 ' 

months period ending August 26. of Inflating Income figure*^am 

1977. Shareholders were mid hv _ ■ et’er js^ce^Iut ajnjpaEj went 


&*!?**$ 




Monday sees the full year 
figures from Ransomes Sims and 
Jefferies and on Tuesday 
Sedgwick Forbes releases its 
annual results. On Thursday 
British Vila will be announcing 
its annual figures. 


1977. Shareholders were Mid by M ‘ 

8X7Z 'iS£$ SS."?a - ROUP ^ w 

2S5*w5T J£?^n,TS2 «1 wigTKI S 


Showed that Mid Wynd Holding ^ re £L45.000 and \ t&Ief : eawentive^— ot 

Company had a 14 per cent stake Pre-ip^ profits for the. year to Bafwick, • . wpod BamifiE 

in the group, with' merchant ?l ar ? 1 1S J?» were-fSSJKW, prior ccoa&titinaJ tipcm the: i"* ; i'.i vA 

bankers Baring Brothers holding « Charging directon* emohiments court cases and l£g&ractfDB£ now--' £a-*ic>' 
a further 7 per cent of SWM. It is «spected; that outetandfng .against the cMapany ^ ^.^^S^i-^,- 




Arnounce- 

Dividend ip 

i* 

Company 

0 l<?nt 

Last year This rear 


due 

Iol 

Fund 

Id;. 

FINAL DIVIDENDS 





A'lin Harv<»y ana Hoy? .— . . .. 

Friday 

7 fl 

20.5 

15.7.55 

Allianw Truer Company . 

Fnda> 

1-6 

4.75 

2 2 • 

BnUih Vila Co . 

Thursday 

0.915 

9.975 

J.W 

Bnadsiont’ In-caUtont Truvr . 

Tuesday 

I 2 

3.:;. 

1.4 

Charles Eajjie< . 

Monday 

1.0 

2.0 

1.25 

Commercial L'oion Assurance Company .. 

Monday 

2 E5 

4:S7+ 

2.5541b) 

Fir&t Sr mil'll American Trasr Compan* 

Tuesday 


153 

1,0 

Ccni-rsl Acvidvnl V'rv ,nd Ufa Assurance 

Wednesday 

J.l» 

4.i«l- 

...ipCiri 

trio.rial Metal Induviri-.? . 

Tuesday 

i.jS 

l.«4-’d’i 

1.5 

" tcnej.nns »•* Success” Enmt'fs . 

Tursdas 

0-il 

LS« 

o.’M 

tnvr-sjm,m TrU*-t <*• Cucmscv. 

tvadnvviay 

2.25 

” 7.1 

2-5 

Sfcialras 'Hul4in«$' . ... . 

Tuesday 

0 4 

d V.i 

044 

Mourn Cba.-lmi-, InswmcoLi . 

Tues<lay 

— 

Xl 1 

— 

Neoanal w«no»Pftc» Baoh 

Ta-'Miir 

4 695 

:• Vt5 

.i.TSS 

Nig.-nao Hicctncuv supply Curnorsuon . 

t u-sdav 

4 . W 

fi.«25 

.‘.0*2 

Paper Mills Coitiiuat . 

n cdni sday 

— 

1.27 

l.il 

Rajiaonics. Sims and Jcltrn-s. 

Monday 

2 :■ 

.1.427'Ci 

2.5 


ConiBanT 

WwritouM and Ruuoo (Bolduizsi . 


Announce- 

ment 

due 

Tuesday 


INTERIM DIVIDENDS 

Antal. Tin Mines Nigeria iHIdgs.i 

Campari . 

Cencsfrlars Trust .. 

Diploma Investments . 

CM I.-. 

MitcHfU C«(b Transport . 

Mj-ddteton Roiris . 

Ttiinc Engineering industries .. 
ROWM M. Douglaa Hotdings ... 
Po«iU Hoiainys . . .. 

a'unsci Knan Rudder Cerate .. 
Thomas whiner • 


Thursday 

Monday 

Wednesday 

Wednesday 

Thursday 

TdurMay 

Wvdnvsday 

Tuesday 

Monday 

Tuesday 

Thursdar 

rhursdar 


Lasi year 

tnf. 

Final 

IMS 

1.038 

Nil 

2.513 

0.8*8 

0.S2T 

1.2.1 

2.05 

1.132 

2.417 

3.41 

5.93 

1.153 

2.195 

t.9a 

n 

0.2M 

0.3*5 

0.4 

!2!3B 

, ':ii 

.'•'ll 

50.U 


I. lire 

Q.M 


This rear 
Int. 
1.13® 






Brothers . 

rtor.-ii incursnc Cnnmany . 

Sed~«vieic t-ij-tjLS llold'iiis . . .. 

T K and a. u. Nrauiie » Holdings' .... 

Turner arid \‘i>«.-ali . 

Uni;..-.i fii'-s Pchemurc Corporal Ion .. 

' iniona r.iriMip . . 

Wmcriord Cl!a« ...... 


Thursday 

Thuorlay 

Tunwiay 

Tlioda v 

Thursd^r 

Wedn-.-sday 

Thursday 

Tuesday 


INTERIM FIGURES ONLV 

Armour Trust . . 

Riven Cm-snias . 

Hawthorn Ba^er . 


■-lonrtar 

Wbitnocday 

Fnday 


Dnidcuds shown nr, pence dsr share and adjusted for ary intervenJns 
W issue -include special dividend of tf.Mrp. ; Includes spend divKtand S 
®f SSp - I fnchJdeu wecia! dividend of a U?p. '.’Forecast final of fi.»o. *a> Indudos 
Special dividend of #<Mp <h. roreejsi final of j.OSlp «c Fonsrast hnal of J S4Tp 
' s t' e 7‘^ “f O-Kjb vcj inoudcs speeul dividend'of o.o&jp. 

i.d'lncludes special dnidend ot o.oaap. 


MIDLAND INDS. region of £300,000' after charging nonneefl. thit74? lasfsi 

The chairman of Midland directors’ remuneration. , been M ^ 

Industries, Mr. Edward Marsland, holder.alleging that the Company. 

who owns around a third of Mid- Q F r TTVwe ruw n - 5Sil5^! T>r?sept ®* 

land's shares, has now acquired ^tLiUKW E uOLD . .State^ents^”.-®WWf v am». 

a further 73.000 through Heng- At ’ the annual meeting 
bai s. a private company in which Selukwe Gold Htinlng and Finance, 
he has 53 per cent, and Mr. all’ resOlutions^ere paS8ed. The 
Arnold Goidsbrough. the deputy, company’s name' will • therefore 
chairman of Midland, has 10 per be changed tb‘ Minin g Invest- 

cent. ment Corporation. - ferg?uob. eomptoms -oPCTatev.but-JiS^.f^ 

T «hSL . In new -areas. - It Is-.also 'planned 

*1 was stated that Ihe directors i» Drhpide asdianpM^-hT.' mtihDi' 

ASSOCD SPRitYFR? were in the final stages of negotia- tu riiri fttnyy hs tweea- Bargit^ and 
ft® 3 tions with .a private 'company wilfi wmiinrReeff ^ .Barwicg.ana 
The newly appointed chief a view to its acquisition. Any ■ ..* 

executive oF ^sociated bprayera, agreement would be conditional ; - V- 

«'-sararEW: 



























V. * -- L ■ ■ ' 

■ T?■., • 1 ,<t - . # .' 


Knam$a| Jln^s '^tu^JRetyroxy 25.1971. 

of ( .tamar 



E5 ft 


onths 


"*■ -c * 


it , ; 


\d‘ ant 
bunds 


IS- AND difitrflratora of 
.. clothing lUmar Textiles 
sales increased to£4*5nu 
.. £8JS5m. doe to inflationary 
cs,. but pretax profits 
from £134,800 to £110*85 
hajfcxwr to .October 38,: 

irfp issue. ©f tw©- : neW- 
7 or deferred convertible 
' for every Ordinary 5p 
.eld is proposed. Again no 
..dividend is .to be pald-^ 

- it’s final was 0-33405 net 
79,000 profit "» 

-orlBSon fen- corporation or 
. I tax has been made on 

- If profits, as zt is antid- 
.that, stock appreciation 
dll be available to coyer 

^ ount on the full year’s' 
and, -will not be clawed 
the. foreseeable future. _ . 

Urectors say that the ra¬ 
tion .of. factories affected! 
r Tity. during the period 
.. signs are -that -fids will 
ger! than first envisaged. 

intended to increase 
tgr powers op to, fi.TZm , 
4- 

Saw .deferred convertible 
dfl rank pari passu, with 
inary shares except that 
_ 1 not Tank for dividends 
iey remain unconverted 
se not converted after 
1981, the earliest possible 
1- become entitled to two 

5h. 

isl date for conversion is 
'. 1993, at which tome aH 
ing deferred convertOris 
will be converted into 

shares. 

-. roposed to seek a Hating 
new ordinary shares but 
iny deferred . convertible 
sued. 

Radin, the chairman, who' 
with bis family and 
trusts, holds 1*35,900 
shares, being 36.19 per 
die equity, says they are 
' to elect to receive de-. 
invertible shares in re- 
L7Sm. of tibis holding. 


wJtfe per'shaze fc'ahown'at VMSfp 
against 17fL55p. 




do-Intl. 
is and 
$ more 


Kalfcd at 

F;^ustin 

TAXABLE PROMTS of furniture 
manufacturers F. Anstfcn (Leyton) 
were. halved from £339,400 to 
£163*00 for the six.months to 
December 31, 1977,' on slightly 
lower, tu r nov er t>f £3*7m. againat 
£4.1 m. 

. In'. October, the directors, said 
in their.annual report that trading 
tor- the next tow-month? would 
depend .on public demand, but 
they were confident of' their 
lability to.meet any demand.. 

The net interum - 'dividend is 
stepped tip from 0J47p tv 0,164p 
per.lOp. share*—for aH 1978-77, the 
company jtaid a total of 0-5465p 
from. £537,000 pre-tax profit. 

Tax for the : half year takes 
£89,000.: {£177,000} - leaving net 
profits' reduced from £153,400 to 
£74*00. 

Textured 

jersey 

dividend 

PROFITS FOB. the half year to 
October 31, 1977, of Textured 
Jersey rose from £82,000 to 
£108,000 before tax of £55,1)90 com¬ 
pared with £13*00. Turnover was 
£3*1 m. against £3*m. 

The directors say they are en¬ 
couraged by the company’s per¬ 
formance in the last four months 
and forecast that second half 
results wffl not be less than those 
for Che first Pre-tax profits for 
all 1976-77 were £126,000. V 
The com p any is put back on 

the dividend list wife an interim 
of 0*p net'.par lOp share and if 
the profits forecast Is met a final 
of not less than 0.5p is anticipated. 

Textured Jersey last paid i[ divi¬ 
dend in 1972-73. ■ •- 


dividend of 2 . 2 p lifts the 

Anglo-International Is- Turnover ___ 

Trust to 3*p net per OveKuia* wont- 

f°r 1977 compared with 8K“w0hto~ 

pre-tax earnings are up Mk .Mn not_ 

*85 to £315*88. - Ter _ 

amings emerged ax , - 

(£171*46) after tax 


lore 
sen. foeo 

MM S.MS 
384 3ST 
. ISC 110 
.40 SO 

m -*? 

55 43 

. 9J 35 
'30 

£104J39) and net asset uSm* h 


O m f jf.r 1971 

j \ J i 1 *- ■? at Newcastle. 


I.G.S.B. HOLDINGS LIMITED 

N : MORRIS : M.G. : JAGUAR j ROVER': TRIUMPhf 
."LAND REDUNE : E.R.F. : - GARDNER : CUMMINS 
. ROLLS-ROYCE DIESEL ENGINES - - 

. INCREASED PROFITS : ' 

’ from the. Statement of Mr. .Erie C. S. Buist (Chairman 
naglng Director) dreulated with the Report and Account; 

Motors Limited. The contribution to group profit ,k 
better than the previous year,. ., ,»►( 

•re is no point in my going over again the triala qnd 
Jons of British Ley land during th4 past year. Suffice) to 
tt when the market, wai strong we were chronically 
f cars and light vans, and our sties performance and 
mi profit arising therefrom suffered. • 
i Ley land Sherpa vehicle sales have made good progress. 
k of Leyiand Redtine vehicles saw little change over the 
Jsed car sates have been well main rained, 
ts and service departments have had an excellent year, 
the time of writing this report,' rocks of'new cars are 
gher figure than at any time in our history. Here b 
mge indeed for our sales force—one which I feel con- 
^-hey wIH tackle with determination and efficiency. 

m January 1978 we have been granted the Austin 
. e, bringing the Allegro and Maxi «car? into our range. 

have Rover and Triumph as main 


SUMMARY OF THE WEEK’S COMPANY 


Take-over bids and mergers 

GKN,' Britain's largest engineering group, suffered a severe 
blow to its ambitions when the German Supreme Court rejected 
Its DM220m. (£5Sm.) bid for 50 per cent, of the shares of the 
Sachs Group, of which it already owns about 25 per cent. The 
decision follows a three-year battle with the Federal Cartel 
Office, which. contended that Sachs* dominant position in the 
German automotive clutch market would be reinforced by CRN's 
involvement In the company. GKN successfully appealed 
against this wiew to the Berlin Court of Appeal In 1976, and 
hid its' offer for Sachs cleared by the EEC under its competition 
regulations. But these successes have now been suprseded by 
the Supreme Court's, judgment, against which the only appeal 
is to the Federal Minister of Economics. 

J. H. Fenner has made an agreed take-over bid worth 
£5-2m. for James Dawson, a fellow supplier of industrial con¬ 
veyor belting. The terms, which have been irrevocably accepted 
by holders of 19.7- per cent of the Dawson equity, are one 
Fenner share for every Dawson share. 

Terms of the .acquisition of the outstanding equity of 
Western Canada Investment by its parent, Scottish Eastern 
Investment, have now been agreed by both Boards. Scottish 
and Eastern’s director, who.intends to liquidate Western Canada 
as soon as possible, are- now offering 650p a share for the 
outstanding ( 2 L 1 per cent.) -shareholdings. 

Following a temporary suspension- of Alfred Lockhart’s shares 
at-170p Jast week, fee company has announced a £l.6m. bid 
from Irish Ropes. . The offer comprises one Irish Ropes share 
plus £1 for every Lockhart share- There is a cash alternative 
offer of 210p a share. , 

The Rothschild camp has made a new tactical move in its 
bid to extract London Sumatra from the Harrison and Crosfieids 
empire- McLeod-Sipef Plantations, the Rothschild consortium, 
has written to Robert Fleming, advisers to London Sumatra, 
indicating that it might be prepared to make a higher offer 
than the 110p currently on the table. 

Resolutions put‘to shareholders of Coral Leisure proposing 
an Increase in its authorised capital and in the number of 
directors, were passed on a show of hands at an extraordinary 
meeting. The resolutions are. necessary to enable Coral -to 
complete its -agreed i take-over of Pontln’s. 

' Simon Engineering has been negotiating with Gordon 
Johnso&Stephens -. and its principal shareholder. West of 
England Trust, with a view to agreeing terms for a merger. 
Dealings in the shares of Johnson-Stephens were suspended, 
at lip, about six months ago. 

- Cadbury Schweppes is planning a major $58m. expansion 
of its U.S. operations through the acquisition of Peter Paxil, 
the U.S. confectionary manufacturer, while Dimbee-Combex- 
Uarx is paying U.S.$11.5uu (around £5.9m.> to acquire the 
toy and model businesses and certain other assets of Aurora 
Products Corporation, a subsidiary of the Nabisco foods group. 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share** price"* bid (£m's)** 


Bidder 


Final 

AccYce 

date 


PRELIMINARY RESULTS 


Ba inbridge Enjr. 
BCA 

BIukey's Malle¬ 
able Castings) 
Dawson fJames) 
DoIandtGeo.) 

Ellis and Co. 

(Richmond) 
Evans (F.W.) 

Graham Wood 
Harems 

Harrison (James) 
Le VallonetTst. 
Uner Concrete 
Lockhart (A.). 
LomLAnst. Inn. 
London Pavilion 
London Sumatra 

Ponrins 

Sec. Broadmount 
Trust 

Tyneside tire. 
Warren (Jaa.) 
Western Canada 
Investment 
Whiter (G. M.) . 

Wigfall (H.) 

young Austen 
Young 


4di 

U5t 

41* 

130 

25* 


24+ 

• 59.6t 

SO* 

«• 

37* 

2R* 

31 

210t 

78S*5 

350* 

110 * 

39*55 

36*tf 

94 

38* 

650*5 

382 

24455 


83* 


t unless nlKnvbe 

Indicated. 


43 

25 

0.70 

Whin iHds. 

27 2 

120 

53 

1.4S 

A. P. Cement 

— 

44 

35 

079 

Centreway' 

8.3 

128 

S7 

3.2 

J. FL Fenned 

_ 

25 

20 

1.08 

James 



- 


(Manrtce) 

— 

23 

58 

17 

28 

1 19 
1.67 

Gough Bros. 
McKechnie 

— 




Bros. 

1/3 

5SJ 

44 

2*6 

British Steel 

28/2 

50 

70 

15.59 

Harmons and 





Crosfield. 

—. 

57 

51 

2*7 

Barra tt Devs. 

7/-S 

28 

26 

0.6 

Air-Call 

— 

31 

32 

2*5 

Thos. Tflllsg 

15'3 

1955? 

170 

1.6 

Irish Ropes 
Hooker Cpu. 

— 

114 

101 

4.35 

— 

460 

360 

0.44 

Mr. V Sandrsn. 

6/3 

117 

98 

17.52 

McLeod Rnssel/ 




Sipef SA 

7/3 

37* 

3str 

47*0 

Cora] Leisure 

1/3 

32 

28 

3.59 

Chief tan 


9S 

102 

6.03 

Carliol Inr. . 

_ 

55 

63 

OSS 

Talbex 

Scottish 

— 

650 

630 . 

0.55 

Eastern Inr. 

— 

35 

28 

1.15 

Cazenove 

10/2 

210 

163 

12.70 

Comet 





- Radio vision - 

7/3 

82 

66 

3.4 

Trafalgar Hse. 

— 


Pre-lax profit Earnings* Dividends* 
Year to l£000j per share(p) per share ip) 


Company 


Allied Insulators Dec. 51 1.460 1 1.570) 14.7 ( 11 . 8 ) 

Anglo-African Juiyl9 2441 ( ISOjJ 2.6 (2.0 1 

Aqnlfi Secs. Dec.SI 419 (355 ) 0.S (O.Sl 

Barclays Bank DecSl 287,600(197*00) 60.6 (40.0 j 

Berisfords Nov. 24 1.0S5 (810) 11.8 (10.0) 

British Enkalon Dec.31 2.150L (3,520)L Nil (Nil) 

CarrinKtn ViyeUa Dec. 31 16,522 (10.849 1 8.1 (6.4) 

City Offices Dec. 31 1,122 (997) 2.6 (2.3) 

Cornercroft Sept. 30 260 (277 1 5.4 ( 5 . 1 ) 

Felixstowe Tank Dec. 31 260 ( 224) 12.6 (11.5) 

Gillett Bros. .Ian. 31 1,014b (469>b 37 * »17*) 

Hoover Dec. 31 12*44(16*77) 25.0 (48.01 

ICJ DecSl 483,000(540.000) 45.4 (54.4) 

Law Debenture Dec. 31 SS 6 (761) 4.8 (4.5) 

MarehweU ITIdgs. OcL31 13**10(10.730) 49.0 (38.5) 
Henry NorringtonSept. 30 116 (182) 1.4 (2.3) 

Plantation Hldgs. Dec. 31 4,125 (3,524) 6.1 (4.6) 

Raldiffes (GB) Dec. 31 1,640 (1*70) 17.7 (13*) 

Rotallex Dec. 31 1,530 (1.133) 6.7 (3.0) 

Securicor Sept. 30 4*20 (3.426) 14* (10*) 

Squirrel Horn Dec. 31 488 (342) 5.3 (3.4) 

Westwood Dawes Dec. 31 114 (189) 4.5 (7.1) 


4.125 

I. 123 
0.67 

II. 128 
2.423 
Nil 
2.104 
1.72 
3.194 
12.3 
1548 
14*2 
16*16 

4.5 
3.4 
0.429 

1.9 

1.6 
1*53 
1.538 
3.443 


13.5) 
(0.75) 
(0.6) 
(9.892) 
(2.169) 
(Nil) 
(1*84) 
(1*4) 
( 2 * 8 ) 
( 10 . 0 ) 
(23*) 
(13*7) 
(14.78) 
(4*) 
(3.03) 
(0.422) 
(1*51) 
(1.715) 
(0*67) 
0-122) 
(1*65) 
(2.995) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share (p> 


. _ . _ _ _ cap] 

not already held. * Combined market capitalisation. Date on which 
schertie is expected to become operative. ** Based on 23/2/7S.. tf At 
suspension, rt Estimated. g§ Shares and cash. Based on 24/2/78. 


Offers for sale, platings and introductions 

Mid-Sussex Water Company: Offer far sale by tender of £I.5m. 
. 7 per cent.-Redeemable Preference stock* 1983. 


Rights Issues 


Milbnry: One-for-four at 50p each. 

Watmoughs (Holdings): One-for-four at 62p each. 


Scrip Issues 

Land Investors: Two-for-one. 
John Menries: One-for-one. 


Apex Properties Sept. 30 

Bolton Textile Oct 31 

British Car Jan. 51 

British Land Sept. 30 

P. Brotherhood Sept. SO 

Daejan Holdings Sept. 30 

EPIC Oct. 31 

FootwearInd.Inr. Nov. 30 

Grlpperrods Oct. 31 

Haw-ley Good ail July 2 

Jenttque Dec. 31 

Johnson & Firth Dec. 31 

Kursaal Nor. 30 

Nati.Carbonising -Sept30 
Neepsend Sept. MO 

Orme Devs. Oct. 31 

Radley Fashions Oct. 19 

Smith Bros. - Oct. 28 

Stirling Knitting Sept. 30 

Stocks (Joseph) Sept. 30 

W’minster & Ctry Oct. 31 
JVf. Wiseman Sept. 30 

(Figures in parentheses are for corresponding period) 
Dividends shown nej except where otherwise stated. 

* Adjusted for any intervening scrip issue. tFor 18 months, 
? For 12 months. § Gross. 1 To be declared in ApriL a Five per cent, 
less tax (4* per cent tax free) b After tax profit LLoss. 


189 

(206) 

1* 

<l*) 

163 

(155i 

_ 

(—i 

716 

(443) 

r 

(0.65) 

2,020L 

(2.400 )L 

Nil 

(Nil) 

320 

(490) 

r 

(1.625) 

1.033 

(690) 

1.155 

(1-1SS) 

.442 

(361) 

1.0 

(0.5) 

420 

(452) 

1.4 

(1*71) 

256 

(255) 

1.655 

(1.073) 

40L 

IlDL 

_ 

l—) 

158 

(385) 

0.922 

(0*26) 

4.017 

(4*62) 

1.3 

il 3) 

233 

(183* 

ia) 

(a) 

22 

(239)L 

0.66 

(—) 

656 

13491 

0.921 

(0*38) 

164 

i 557 1 

1.2 

I l.D 

135 

1124) 

1.45S 

11.313) 

704 

157 >L 

1.5 

(1.5) 

197 

(141) 

0.35 

(0.35) 

269 

(26S) 

1.0 

(1.0) 

69L 

. (35) 

Nil 

(Nil) 

448 

(529) 

— 

l—) 


Thos. Ward chairman 
retiring in June 


vestment being on a world-wide Motors, a member of the Hawker 
basis- Debenham, Tew son and SMdelely Group, has been formed 
Chinnocks are advisers to the into a separate company, Brook 
property fund and valuations will Control Gear, 
be performed by Driver Jonas. 


better than > the previous 




It l 


iiiy 


& Stadium limited. All records have been' broken* 
an rial contribution made to group, profit, 
e marine and industrial side of. our business has hed, a 
•d profitable year. 

current year has trarted weM. Management accounts 
refits well in excess of the autumn of 1976,. This leads 
>t reasonably confident of another good year’s results. 
& Pick Limited. Agricultural, tractor sales and service 
me well throughout the year. A welcome contribution 
o group profit. We look forward to another profitable 
-riding. 

dusion. The United Kingdom economy is making a weak 
sitant recovery. No doubt the whole scent wHI be. 
dowed by political events. Nevertheless, .wrtravel hope- 
id look forward to good results for the current year. 

Year to 30th September 


>VER _____^ 

* PROMT before Taxation .« 
> PROFIT after Taxation ~ 
ARY DIVIDEND --- 

4GS per Ordinary (Op share 


1977 
' £ 

13,704*41 

i 

WW 

57,710 


1976 
£ 

11*84*28 

184*90 

92.958 

51*68 

2^ 


Coronet Ind. 
£0.52m. for 

tion group. Mr. Douglas waiton . 7 « , & j.i_ 

anraoKnced^ his _ AMEV launches 13 months 

new funds 


After three.years chairman to be 

of Thomas Vi* ^ard; the^" steel year, 
scrap to motor vehiclfe dtstribu- - 
tion group, Mr. Douglas Walton 


ment at the age of 60 at yester 
day’s annual general meeting. 

The retirement takes effect on 
June 30, 1978. His successor is 
Mr. J. Peter Frost, 50‘, the group's 
deputy chair man. : . 

In nominating Mr.- Frost as his 


Based at Barugh Green, Barns 
ley. it w-Q] continue the manufae 
ture of electric motor starters 
and control systems for all pur¬ 
poses. Hawker Stddeley says the 
move has been made' to keep 
pace with the increasing success 
nf Brook Crompton Parkinson 
Motors' control gear activities. 


Pre-tax profit of Coronet In¬ 
dustrial Securities for the 15 
.... months to September 30 1977 
AMEV Life Assmmice, the li.R turned m al £ 319*32 compared 
subsidiary Of AMEV, one of u1tb £ 436 *!? for the previous 
leading insurance y ear> an< j interim is lifted to 


insurance 
three new 


4p from Lampa 
liquidator 


» - 

' r » e" 


!#*■»' 

>■ ~ '■ 
m 

ar 1 ?'- 

m? ■ iw " 


». ’ ^ 

' 

&■' ' ' 


LTA INVESTMENT 
)MPANY LIMITED 

ffncorperottd under tilt /ow* of tho Bahamas J 

Interim Statement 
(Unaudited) 

le for the six months ptrrod ended 24th' January, 1978: 
128 (U5JS123*«). 

s u it 24th January, 1978 U**4*15*29 aquWalMt of' 
' par share. (Nat assets as at 25th January; 1977 
1*26 equivalent of U*41^7 per share). 


E GRANGE TRUST LIMITED 

ts from the Accounts for the year ended 30th November 
the Statement by the ChalrmarK -Mr^ C, ;AUn McUncock, 

nue available for ordinary stod0hd5^^4ncreased l2% to 


ngs per ordinary- stock unit-rose-from 2I2ytb LUp . 
mm ended total dlvldand of Zip, an-Incruse of Ifi%- 
tuit value per ordinary stock unit increased 43 % to 98Ap. 

*S the year a number of diverse influences, in particular 
ciation of sterling against the dollar and the sharp dedine- 
interut rates have affected the Company’s results to .1 
ment. There has bean a greater degree.of recognition of 
■lying worth o‘f invescmenc trust companies resulting In » 
reduction of discounts on user value. 

Mlicve that U.K. equities art not intrinsically overvalued 
• none yardsticks and our own instincts are. a guide, then 
Will Street must be even-less overvalued. 


The liquidator of Lampa Secnrf 
ties (in voluntary liquidation) is 


Holland's 

- groups, has launched mreo new Q 45p (0J5pi net per 10p ^are 

successor, Mr. Walton emphasised funds—equity, property and feed f Qp period. 

thM his decision to retire was by interest. Investors can now link uu iwumai# i.qumauu..# is 

his desire and the Board's agree- their AMEV investinent bond to Tax took EZ.8 60O against making a fifth distribution of 4p. 

' - “ addition to fpS^jMiing_a c net profit down payable on March 17. This makes 

122 p so far. 

. The liquidator says he Is not 
in a position to indicate the 
pattern of any further distribu¬ 
tions to shareholders, but .he. will 
continue-. the policy of making 
of maximum payments at the 
earliest possible time. 


ment He considered that it was these new funds in- .ru-fiso. 

essential in the best interests of the existing two— a managed and at £240,632 i£24,,S82i. 


the group for btere to be a long¬ 
term continuity of senior manage¬ 
ment available to control and 
operate the schemes of reorgani¬ 
sation and rationalisation In- the 
group, and to see these through 
to fruition* 

In 'recent months Ward has' 
been, engaged i n an extensive 
disposal programme in an 
attempt to improve the return on 
capita] employed. The pro¬ 
gramme is regarded by the com¬ 
pany- to be in the first phase of 
development. 

Last night Mr. Frost said: “I 
knew it was his intention to 
retire, early. It . was the tuning 
that 1 was surprising:®, J3C,.added 
that Mr. Walton' had:. told the 
Board of litir intention 'after the 
announcement of the year end 
result?, in . January. 

Mr. Walton, explaining his deci¬ 
sion last night, said: “ I’ve been 
thbiMng along these lines for 
over a year. When I thought the 
policy of rationalisation was 
waiting O.K. I thought it was 
time to make way for a younger 
man." 

As to the timing Mr. Walton 
said:' “We are just at the 
beginning of the rationalisation 
programme. There's still a lot to 
do. In those circumstances dfcris 
difficult to pick a moment to 
depart" 

In his statement to shareholders 
Mr. Walton said that the first four 
months to January of the current 
year-were running in line with 
budget and that in spite of diffi¬ 
culties in the trading markets for 
scrap' he could see the Ward 
group as a whole achieving the 
previously indicated improvement 
over 1977 results. Earnings after 
extraordinary items are expected 


a money fund. This new launch 
will provide' Investors with a 
wider spectrum of investment 
media. 

The equity and : fixed-interest 
funds wilL be managed by Bankers 
Trust Company, with equity in- 


BROOk CONTROL 


GEAR 

The control gear 
Brook Crompton 


division 
Parkinson 


HILL & SMITH LIMITED 

Steel Stockholders ■ Manufacturers of Safety Barriers and Steel 
Lintels • Drop Forgers 


Summary of Results 

1977 

1976 


COCO'S 

£000's 

Turnover 

12,732 

10,902 

Profit before taxation 

927 

832 

Profit after taxation 

932 

834 

Earnings per share 

18.94p 

16.96p 

Dividend per share 

2.19p 

1.96p 


Points from the Statement by the Chairman Mr. T. Sampson Sifk 

. • , Ninth successive year of record profits and turnover. 

• Confident progress can be maintained. 

# Dividend maximum permissible. 

% Further one for ten Scrip issue. 

Annual Genera I Meeting to ba held on 21st March at Chamber of Commerce. 75 Harbome Road, 
Edgbaston. Birmingham l5. Copies of the Report end Accounts are avaitabe from: The Secretary, 
HiU and Smith Umitad, P.O. Box No. 4, Brierley Hill. West Midlands. DY5 1JL. 




roupof 


Observe 



Help for 
higher rate 
taxpayers 

An especially attractive 
SingJeRmMmBiicy 
fixtfnlyndall 

If you pay higher rate tax and/or the investment 
income surcharge, investment income could be an 
embarrassment. This may exclude you from a large 
range of high income investments which you 
otherwise would prefer. 

With this'in mind Tyndall have produced an 
answer - a single premium policy linked to either of 
their successful high-yielding London Wall unit 
crusts. You can choose between Extra Income 
Growth or High Income Priority. This combination, 
not only gives you the benefit of a high yielding unit 
trust of proved performance, but also the advantage 
that the income is not the income of the investor for 
tax purposes. 

For details of this attractive policy as well as the 
generous Tyndall Share Exchange Plan, send off the 
coupon below or telephone anv of the following 
offices: Bristol (0272) 32241, London 01-242 9367 or 
Edinburgh (031) 2251168. 

— Tyndall- 

Single Premium Policies 

Tyndall Assurance Limited, 

18 CanyngeRoad, Bristol BS99 7UA. ■ 

Please send me details of your Single Premium Policy and | 
the Share Exchange Plan. j 

Name- 1 

Address___ I 

~ " FT25D2SPP I 


ft TjC» QIRrec 

JftjqylWtBBtr. ._ 


INVEST REGULARLY Wlffl OtEKBfE 
ITMYSASYOUEARN.il 


ffPWS-aENWHFmiTll^ 

Recent years have not been easy for 
Bramwth the caintiy sufteingtiie worst 
'financed crisisfor forty years. Nevertheless, the 
Cresratf High Distribution Find on vtfrich this 
regular savings Plan is based lus shown an 
increase of no less than 100'S in income 
' (jBirwKtedonsiiJScribe^ behalf) sincelEffl, 
plus a substantial capital appreciation into the 
bargain Nowwe are tolerably certain of good 
firpas ahead and this Plan presents an 
opportunity forthe modest investor who 
. doesn't want modest returns, but who does -• 
want tax relief and substantial life cover. It is 
. smTpfeitheintE^oftheMana^ 
been established for more than 75 years and 
• the Ran can be cashed-al any t me. 

■ Curatf commencing gross yield£&74% pA 
REGULAR SUBSCRIPTION 


Distribution Banforas liffleas£5 per 1 
. or as much as you lika You can also pay 


Hnuestedfrom tfiestart dependingonyour 
age-see table. 

Ao.nL Up|a [28/30 31/37138/42143T471«£/60 
*Ww 2B*n *13 vs TO V s T™ 


Theseare mudi hi^ia-proportkris than' 
- those invested by many companies and this is 
beca®ewectonrtinck)lgein‘frontend 
loacfing’-le. taking a high proportion of total 
rrBna^neta)Stsaffnwfirstyearorhra> 
premttmUterthe^untiiTiffist^risffi ; • 
to 97%. 


TAX RELIEF AND LIFE COVER 
Because the Plai isa UfepaUcy you get 
£! 7 per £100 tax reltef.This means ampf/- 
lef s say for a man'trf 30 next birthday-that far 
every £100 he subscribes we invest £94 from 
ffiestartandwithtaxreliefheactuallypai's 
only£53jnd Ids life is covered for a substantial 
sumThetimeto invest is noK'Subsaptions 
paid nowquafflyfar tax relief in the year enrimg 
5th ApriU97£ There is tiiereforeaparticubr 
a&antage at thislimein paying armurfly both 
from the tax relief viewpoi nt and in receiving 
sfitfyeafsimitalkJcaticmatthesulBtanUai 
cbaxmtratereferredtointjiecoupoa 
- As far as Bfe cover Is concerned, Die Ran 
prowdes a guaranteed miramum retumin toe 
eventof death d the subscriber before the end 
pf thesavir^tam Experience has shewn us 
thattoe mostpopiMarsawigstermislO yeas, 
toerefore^orperaonsagedlStofiOnext 
birthday this guaranteed return isatleast eight 
times theannual subscription and for those up 
to age 50 next birthday at entry, at least ten 
times theannual subscription. (Detoils of ic-n&r 
term poliaes are ?va2ab!e on request) 

CAN YOU LOSE? 

\Ve don't think so in the long term, and 
voustajTdtogamaer53tde2LThev^[ueofvour 
Ftan is finked to penormanceottheCrescent 
K^i Distribution Fund invested only in top 
quality UK. shares vvfth asyou can see) an 


* IN VEST 

howfor 

affls 


that share values can go down ap wal as up but 
afafitnshfljepricesmeansapasitive 


advantage in the long 
tarn since your money 
bi^moreuntsattoe 
to«rpnce. 

HOW MANY PEOPLE 


Thousands. And the mvestmerrt teams cf 
toe British parent company which was 
touided in 1902 . have funds under 
management of £125 mfflion. 

CASHING IN 

You can rash tire Plan at anyfina andfte 
costs erf done so areone fifth done year's 
. subserfation-again much less toan most 
companies. If you cash in withnfoinr years, the 
Inland Revenue may want some ofyour tax 
refiefhack-and tf you makeacapital profit we 
are fiaNe for capital ^ins tax on your behalf, 
and rmist deduct this from the proceeds. 

B/ff.gnATE INVESTTaCT - 

Yourini i est7T)CTtbe^isas£Oonaswe 
Tecai-eyour cheque and appfle^oniorm and 
the latter B3CDehted.Vte will send you our 
brochure which -Ae fed sure will corfirm your 
decisontosferta Plan, but if it doesntoryou 
are in any way dissatisfied, we will refund your 
subscription without question provided that 
you advise us wrthinlO days. We do not employ 
salesmenso toerevwllbenomwelcomecai!ers 
atyourhomeatanytime; 

Remarfier, in toe next tavyears. Britsn 
is going up inthe economic %wid. Act newt and 
fioupwrthit. 


1 

I 

I 

I 

I 

I 

i 

I 

I 

I 

I 

L 


nriSrf43amijne^24thFA.1978. 


This offer closes on Tuesday 7th Mar., 1S7S 


7bCres»ttL3eAmrenceCaUdLr 
Acre House, Windsor, Berta SL41EU. 
Telephone; Windsor62443. 

I hereby apply for a 

•CRESCENTWGH DISTRBUTKWPLAPT 

assurance policy at £_Monthly 

a subscription of * L __ QaariErV 


tf YES, please give details. 


THIS COUPON ENTITLES YOU ■ 

TOA5^IAillfTROINICTORTDISCCNRiTOF10% J 

Subscribers to fids offer wiH receive their Date of Birth _ i 

fc^^otationoftgii^afi^ priceof^ Harayouhadawmeffcala^ | 

I 
I 
I 
I 
I 

I 

i 
i 
i 
i 




-Yearly 


1 ertrbss a rerrfttence for the firstsubscription, __ 

1 dedans that I am in good hea Bh and a^ee that 


SnmamefBfc.Mrs.Msa 


HgtMamesflnftD 


SGNHURE 


Addtess 


DOE 


A reniU au re forthe first paymatiiTiud 
accompany this app5cation.AI payments 
ttereitfer must by banker's orderorGtfO 
sfandin^ trder. N'ot available to residents entire 
Irish Republic. FTn/lJj 



CRESCENT 

HIGH DISTRIBUTION PUN 



fcgjriersd nEdriurgh, Nrnoa S555. Registered CttfvK 4T^MiCr^eT, Etrtuiv, 






f -rr 




^7 























PRICES 




Up 5 on coal settlement hopes 


OVERSEAS SHARE INFORMATION^ 

1 Feb 1 rob. 1 ™ - 25 - —- Stocx 

NEW YORK i i «jf ft. I ft tpgjB 

StocV i 2* l -* CPC Ini'ntiowU; i 21 £ Johnson ControO 80 »"» (^VuTMot 


Frem-^ 

Effective rate y~ 

. \ » i 




4 is *.1 

*«al *£!« 

•55!*(*2SS i- 


BY OUR WALL STREET CORRESPONDENT 

HIGHER LEVELS developed over each reported lusher mid- 

a wide front in active trading February car sales. 

on Wall Street to-day. when buy- Chrysler sbed «« to $11—it lost 

ing was encouraged by hopes for money m the 

a settlement in the Si-day-old expects another current quarter 

cofil clrikfi deficit. . , 

' TTieDoitf Jones Industrial Ramada nas were active and 
Average moved up 5.29 to 756.24. up S* at # . f 

making a net rise of 3.55 on the Fwancisd of ^nta 

week, while the NYSE All Com- Barbara advanced f 1 ^ » 519* on 
mon Index, at $49.19. rose 46 a dividend of 30 (IS) cents per 
cents on the day and 20 cents on share. 

the week Rises led falls by Brown and Sharpe advanced St 
1012-to*408. while the trading to $101 on a doubled dividend, 
volume expanded 3.79m. shares to THE AMERICAN SE Market 
22.51m. Value Index rose 0.85 to 123.S7, 

Market support also reflected making a rise of 0.92 on the week. 
an unexpected decline in U.S. m 

Money Supply, and official Foreign MADICCTC, 

Exchange Market intervention toQIHt K iWtiHllfc■ J 
prop up the dollar. 

The White House said President « * 

Carter would go on TV to-night ChU^uR IlIOYeS Up 
to announce action he will take Canadian Stock Markets also 
to end the coal strike. moved up in active trading yester- 

General Motors rose SJ to $588 day. 
and Ford Motor Si to S42i—and The Toronto Composite Index 


FRIDAY’S ACTIVE STOCKS 


Charter . 

L?ar-Siesl?r . 

Chrysler . 

RamaJi Inns 
Reward Johnson 


A men csn Tei-TeL.. lbo.SOO 

Boeing . 1G3.7BO 

Aetna Lire . IH3.UO 

Texaco . 132.400 

Squibb . 130.700 


Si to S42i—and The Toronto Composite Index 
--■- gained 3.9 to 1,013.3, Metals and 

e STOCKS Minerals 4.9 to 795.2. Oil and Gas 

E STOCKS ij}4 tQ 1336 4 utilities 0U9 to 

ciocH ciMins ^ 182K1 and -J Banks 0.39 to 241.49. 

'traded price day But Golds dropped 29.8 to L340.O 
... S'jj.-wu) -u + t and Papers shed 0.38 to 9358. 

... M 2 .WI 141 + * pyriS—L ower in dull trading. 

- 2M2 *!, I ] Constructions and Stores were 

147 . 001 ) i.i + ; worst-hit sectors. _ 

lislsoo m +i Chemicals held out against the 

1 G 3 . 7 WJ 7 9 general trend. 

>£? fojj I 1 U.S„ Canadian and Dutch 

it. ,oo * ^sues mixed, Germans and 


Indices 


NEW YORK-dow jokes 

"" " " . , j t j ■ 1371-78 /since cnmpibit'n 

j j F g~ i F £'1 j F n ; r fr 

Indu.^...; 7B6.2-17M.«| 7«.«sj NUlj 788 .Wt •£» j 

B'meB’nds*; U.61 69.56) 69.4* 69.69 KL» 8?.«| MM •^9-M J - I 

Tien sport.... j 295-85' 295.79, £95.94! 295.01 203.B4 295.60 MLM j gMJ [ *g“ Jffi 

.1 103 - s », '“•«! ,D2 - w : ,02 - M , 05 - B 21 “^ l ^;5«»JialSSi aSA 

“"SSH 2S.51fl ! lo.729; 1 8 . 4Soj 21.890 IB.SOOj 21.670'; - j - | - — 

■ Basis of Index changed from Yogost 24. __ 

“ 1 j Feb. 17 j Feb. 10 ' Feb. i j Tew a«o (approx, i 

Inrt. dlv. yield * |—— -I 5g4 [ 5,99 ~~j 4.46 

STANDARD AND P OORS _ , 

.-- --— 13 77-7e inee i.vnipnat n 

. i~ r ^— 

tUrfortna,*. 97.381^! 86.18 95.45, 99.81! *.« rS&xA 

{Composite ' 88.43 87.61 87.56. 87.69 57.95' 88.08 Wff. ( ! ^ 


Foreign Oils lost ground. Coppers 
steady to firm, Golds higher. 

BRUSSELS—Mixed in quiet 
trading. 

Asturlenne rose Frs.43 on one 
buying order. 

U.K. shares little changed to 
lower. French issues mixed. Ger¬ 
man. Dutch and U.S. stocks little 
changed. Gold Mins steady. 

AMSTERDAM—Generally steady 
although Dutch local issues 
firmed over broad front on 
some favourable company news. 

Dutch Internationals slightly 
higher. 

SWITZERLAND — Mixed in 
fairly active trading. 

Leading Banks easier. Finan¬ 
cials little changed. Usego 
improved on turnover Increase 
for year. 

Insurances slightly lower in 
quiet trading. Industrials gener¬ 
ally steady. 

SPALN—Further losses, with 
Index receding to a new low for 
the year. 

GERMANY—Mixed trend. 

Leading Banks. Chemicals and 
Electricals mostly little chance, 
despite concern over effect of 
dollar's weakness on German 
exports. _ _ 

Interest focussed on Bond 
Market where Public Sector 
Loans gained up to DML 

Regulating Authorities sold 
DM14.2m. worth of stock. Mark 
Foreign Loans little changed 


g. T.S.E. ALL COMMON __ 

t : < | 1977/iif 

Feh.; Fi*. Fob. I Feb. -- 

54 • 25 • 22 J SI ! Hij;b • L:-ir 


Feb. j ■ r«f (approx, i 


49.19 48.75; 48.69 4B.B9J 57.07 j 48.69 


NEW YORK, Feb. 24. 

mnd Cnnoers OSLO — Industrials slightly 
is W«her.^ easier. Banks barely steady, lnau^ 

i in nuiet ances and Shipping quiet •. 

I m quiet yfENNA — Market continued 

? rs.45 on one c “ , q^ EN haGEN — Generally 

■ susyrsa «&■!:£ 

f “SSSK ZS Industrials maW, up, 
U ™ Shipping, Commodities and Com- 
stea J sr *. munications firmed. Bonds lower. 

nerallysteady «n<M _ Mixed in modest 

local issues 

d front on M g onc ( S fairly active and steadier. 
m, ?“ y n»SS HONG KONG—Slightly firmer 
nals slightly ^ - et ^ featureless trading. 

, TOKYO—Higher in active 
- Mixed in ^ by Electric Power 

?■ Plants on increased capital outlay 

isfer. Fman- fop ]ant and equipment, volume 
ged. Usego {4Wm .) shares, 

jver Increase other s hares rose on in 

, creased expectations oE a cut in 

tly lower in Bank of j apa n’s Official Discount 
istrials gener- Rate sootli ^ u t some turned lower 
following the yen’s appreciaDon- 
Josses, with JOHANNESBURG—Gold shares 
i new Jow for rab . cd ^ ygbt trading, following 
a -higher bullion indications, 

:S!kls and Financial mostly eastar 

Httlp chance in modest trading- 
„e"efrSof AUSnWUA-Woaker m 

on German m ^^ ti Su* i 1 <™eTer, added 

fl ubl ™ s 2 l?.SdrVe»een«oS 
> DML and Central Norseman sned 50 

liorlties sold cents to S.70. * „ nts 

stock. Mark Coal and Allied firmed J cents 
» (>hani»(i to 3.SS on results. 


fiifias and Fails 

0M Fet>. 24 I Feb. 25 Feb. 22 

I 1977/7 * laumndnlZi 1.8211 1.830 1 1.852 

! H4 , h!W 1 'Soi! || «| 

ij 57.97 j 46.69 .! 401 ! ^g 6 4 f| 


' ! £ CumUmGi.46 I 681, 5SJ, { W, 

^ CPOlnta-uoo&l; 441j , Job iiroo cSoSoO 8 | | 0 U I SOU 

--- «», ' is Ctwj,-..-- %*. JoyXUaukcturV, SfJ Bodrwall InttfcJ §5*4 -1 |S» 

Abboto Labs. ..... 5213 ! 52 Owdstr^tj-rJ gj* | Cbcp-^ §J T * Kohm4HMi~H 50 ; . , »»4 

l*lree«m|* - J® 1 * • Growo&ilfcrtacU Z|“« : 33 K»iBerAtunuiil w »■ *5a® - . ‘ . 

. ntifeM' 3& . ’ninminc Vn^k4lll*l 1 T n Ji»tiiAii 4^* ^4 TlifteK: ' B.rARi I ■ ®°Ta 




.\meov w ' , “' a “~- Toil' 185 * Uenuiay mwr...j , t6 - ...—1 f. Coma re . 4 ,mt 

Allied . iSlJ. S& Detroit Wtinn... | gu wT_.-—» : tit- Saullnvwt- 0.' f ** 

Ull« CbalrtW*...•; | Dmoiwidchamrk 265» , 86 I 4 jaeger Co»«— SaxuoIflde-.-^* " g* . 

AitAX......-! 32 Jj DietBpbuDe. iA* 6 Lei?S6nw»- »»*. *28 a gehUUBrewfa® - *£„ 

Amanda 24 s “° Durttal Equip— 40‘E |9 UWyOtrJVwd^ M 1 * I sdrtnnil»t£W-.-« f.7-. 6«8 

Amer. Airline -...1 9*6 ( WalW.- g |3 -• -• v- fiQM-^ 

iVinei - . Brawls.... 44>a 44 j Dover Corpa-... 40 || a L^gett Broup—I Z75ft t SoottRipW- StJ 

rVmer. Bn*dfii*t. |74 a . 37 4 Dow Chemlf»l-- i uK(Eli)_ [. 401*^ Scoril Mrg-— - a S*'-fi5 

Arwr.Cm- f® 1 * . 2Sl Drawer - {E* 37 uSaliU !ft> .» Scadr'Dnor.Y^ ** 6a « 

Amer-CymnariW , =| “ --- .5?^ 1005. ^ckbaedAlra^ 15*4 135* rnabvimsnuJ 22U 1 . 


sans, 1/ ?/> 8rsr=d«g5 sassac is 'ft 'ft-i 

Amer. S.XPTWI-. gj* . S, 4 DyTnoIndiwtn«- Long laland Ltd. 18Be; 181*. fst- 13 

fflsassa ft: i SgMSfcn, l 3 W ■ ft MS ' 

iss-%Sa«« «5s 4Q 58 gf™ ■ “ ‘m 3 . »• ■SBSSfcsr-.'fe g ; .‘ 

^rl^nWl g 5 34 ”., .195, ? 1|4 ^SSSHT. 101.f lS' ff? 0 - 

®0 8 I 59*4 BlftwSai-Cw »U '. Jg, m^^b. S-... ' - IStoSSI-. '53=4 ' : 

• 4 ™^ 30 2953 AW.s:.VI 12L 3 I S3 MtnBuioier.-.' Wfr: fj 3 ® "> 

■S5= ss' SSt ssa^ft-ift ^SSSSs^sl'&^r: ^ ft- 

SiisrdftlS IS 


Anchor Itekuw. 26^3 . ^ |3£taS:i“- 23«2 ^ ** 

Aubeiuer Bosch.. 18|8 . S6I a 251 r 

ft: ft SSEt:— » 1 «j « 

.\samera. Oil.-1 9 ‘ 8 ®‘* efi^huTcknoa 26I« 246e 


lSf U^DepLSt^r®! ‘J .DOWBHni.wo__ cr- . si,- 

qo2 ^cparnwtt.-— ST* 8SS lfiadUMA'Iwae.l ,nih-|. » 


.Si-.Ss^ofcr*;® ,S2 


Auto D-m Pro--■ 

,\VC. ® 12 I ,l 1a 


Fled Van-— 18 17 

Flint kote - 20 J, EOla 


atarmT^ndu-. tej S , J4S9 
.Mew Petroleum. §Va ; 

MGM_ eo3 4 ?2r* 


B3J* 5MT8; o,_rt BmiBbares. l *7, 

ft ft 


!?* I ft JSSs^s? 1*. «? SSsrsaJ-ft g|- 

tsssiszr. 115 i {asasr-i ft 1 a- as522= ft. ft ssS'.a.|. 

BSfe-: Ss S ES=SL“3 ft I ft 83Bii= •»" S • SSSShd .Sk, 4' 


»j. 11,, KKs-iE ft iSSSSS 

K3as=: ' 3 ft ft ft sSssaz-Sir;® t£szr~ 

Bella Howell. K* . SSTfcz:: 10 93* .vX»l Can- «*v 1** , B^rauid 


Bendl’t... 34 • 33 

Benyuel l(u> ‘O. 3 1 ~ 

tieiMebem sttel. 21U 1 21 


33 lj Fuqua I mis——J 10 | 93, 

2 ! U_LF.:. 10 * 4 '! 19 ?* 


7is Morgan J.*'- OtUo--_| 

.73, Slurphy Oil-34fle : |4 e Starting Drag—J |3*»r. i|^ 

9 Nabnro _ _ 49,- 4S1« aBd «t«tasr.4|&a 

!SU NaJco Chemical- 86V .• 26ia Bnn C a— ■ ■ .. — l S? • 

93, .National Can- »*l 14 *» BonflatiMid-i-^.^4. ;§*£ 

:£?* DirtiUorr—l 4#R l ?! 1 * " JP* 

>84 Natl Service Ind- J® Tektronix 

NariomilsSel— M 30 TetMyne- 

St sa- ... :SSt -ft SSS::::=a ft ft 1 


sss£m~~>. aij. 1 21 i5u HSgjgssL !£," ir fflSKrajSr'" l, 

Btaeki D0*er„. ; gj. Gem Anar. Int~ 9l 8 91* 30 30 Tetodyne— l™'* ^4^- 

w.; y* g± T ciVir":: | ^ gC-:n.‘.S 5 £:::r3 sag ». : 

26,.. 26.9 fcgs-at| gji fa jssyass: si 5 * ffls. 

ssrto. gsift asaasdft ft gssfe ft ft issfcd ft ft 

ft ; ft g£!£u c ±: ft ft sSri ft HI SSSft S ft 

Bromwlik- 1 WJa 1 » aTtLBIent- 29 2?9 SSShaS^ 34^ 34Sfl Time loo -—_ 35a* |{ ■ 

Hucyrus bne.» 17i« j 1|*4 GemTjw-.- 9ZU 235* jJSm States Put 8669 {. 26J B Thnee alinor ' |2fie 82g 

Bu-W 32 Tb 32H bS, |5a Airline- 84*8 «!» Timtc*.-L-J ^ 


MONTREAL 


Feh. < Feb. [ Feb. I Feb. 
24 25 22 21 


Indualrial i 164.44, 164.10 184.83! 164.82: 186.47 «17% j 168.02 MflA 
Combined } 175.5^ 175.19( 175A8- 175.19 1B7A6 flfl/l/T7)| 1B6.B0 >25/10) 

TORONTO Com police'^013.5j 1009.4; 1010.6, 1007-6; 1067.4 (19<7> j 86T.O IM/10) 


(julova Uatcli.—' 01, ! _54fl Gtoreia Fkd6o-i 24^ 24 \tbratl 

Burllngion Xtbnl 371, j a7Ja Q^ou-1,185 I 152 jf^SSsi 

Burroogha.615, 60lg _ a5u 2B , o^Menta 


2b% 26 ®a*B« DtillllBi^- I® 1 * 

34H l 34 Sfl Time Inc —~, 35a* • 

265g { . 2 &*b Timiw allrror—. * 285 b S8Jb 

24Be I 2378 Timwat-i—. 411, ,41^ 

B0>4 22L, Tntim. - -v— 34^4 ^ 

177 B 171b Tcusmenca-^J 13Sa *|JB 

226a : 22k Traneco.-Wg ^ 

383d 1 57»d Tanj Cnlm-- 34*8 XT 3 * 


JOHANNESBURG 

Gold 

iDdu-trial- 


— 207.3- 298J! 209.5 216-7 C1/2/7B) 

— | 292.81 202.4! 203J5 214.4 (4/l/iB) 


159.4 (24 fin 
189.1 (22/4) 


e <fi neerCSipilai n 

Ix-w j Ulgb > Ujw 


•I Feh. 22 


F-b. b Yc* r aj?j (appro, .> 


lad. di-. .neld % 

Ind. P.'fc Ratio 
Lons Govt- Bond yield 


I Feb. , 

i 24 ' 

Australia(*“ij 449.66; 
Belgium 93J!4| 

Denmark 96.M 
France < T, > 31.9 

Ger man y,—I Cffi.6 _ 
Holland <!'• '^■9. 

Hong Kong 411.46 
Italy i!:» 61-81 
Japan -a, 554^5 
Singapore 338.37' 

(/•i 


Frev-il97(.7*! 1M77-78 
lout . High . Low 

465.10'419.43 4 L«J* 
l5/l/78)(16/2/77 
95.24 • 99.12 • 90.43 
il0(l/T7'(12/l/78 
9eJ26 107.92 ! -M.00 
(9 19) \6i2iW) 
62.6' &5.4 > 43.(5 
,7/1/77; 110,(?i 
608.9 alAA 71iA 

ili.U)' ilO.-oj 
78.8 93.2 70-6 

(4;o> i29.9i 

403.02 425.17 583.44 
,ll/6t i15/1.75 
61.71 75.71 04 S<1 

|6.'1/77, ,22/12) 
383.62 ; 380.93 3oC'.43 
. 129/9) (24/Hi 
'269.85-271.63 ( 242Ja 
, (iId/2/78 i3/&i 


1 Feb. i Pro- IW77-78 |L977-7t 
I 24 1 viou s I aigb | Low 

B ff.ni idi; 9ij43 I 92.51 ! UXi.OG | 92.43 
! 1 1(30/12) t2*£i1h 

Sweden b- 345.17 349.89 1 416.68,286.68 
; j <22/5/ 1(24/11) 

Switzerl'd-rj tUA ; 315.7 ; *23.7^ | SOA 

indices and base dates (all base values 
lOo exeepi NYSE All Common — 50 
Standards and Poors —10 and Toronto 
M0-1.00J. tbe last named based oa 1975a. 
t Excluding bonds, z 400 Indusmais. 
5 400 Lads.. 40 Ualilles. 40 Finance and 
20 Transport, iji Sydney All Ord. 
iHi Belgian SE 31/12/63. (•") Copenhasea 
SE i/L’73. i - 71 Pans Bourse 1961- 

' Commerzbank Dec., 1833. (SS' Amster¬ 
dam. IndusmaJ 1970. ITS) Hans Sene 
Bank 31*7/64. «llii) 9fUtCl 2/1^. 'OI Togn 
NVu- SE 4/1'6S. tb) Straits Times 1966. 
ic' Close, ta i Madrid SE M/12/7T—hlsb 
and low for 1978 only. let Stockholm 
industrial L'l/58. a (Swiss Bank Corn. 
(ki Unavailable. 


Burlington ^tun * i -.-a Getty OU-l.iws 1 Nomm Simon.... 17 t b it b Tmaanenc 4 7^ 

SSffed ft £ »■»»;,,- SIS SI" SSKSttS! ft : ft g* ft 

ssaa ft sss sac2r= ft ,! ft ssi?=3 ft i ft ft ft 

ssrass ft ft-grcskas ft *, , «u. 

ft ft isefc 1 m sssl! ft Os afc»id:S S 


LBS*" .. 441* j 44 5 a Greyhound-1 127s 1278 Owens Illinois— IfJ 8 ® S3?* 20tb Cattoiy Poet237 b £4.. 

SSB 37is 3?i» GuNfcWwteni... 11 S 4 11*4 -^ - 2?*0 » . 

Central A S. w!!J 1S1 8 15is L>uif Oll_.. 241a 2446 Pacific-nigfatin*. 2018 |OU n,4 nnn - - 1 glls : 

SSfBisr! lilt i IV s m gj SS£w5Sji(.-yy! ^ mzrszz 

asu-ssr &.• n gartscz « 8 wz issss^.'s s » -sa. 


C JS2gr-i i 16U Hewlett Fsii&l| SSu2fcgI3• I J}* uSSSohcSq [ ** ' 

h ; !i! fiS5SE=-; Ik i & ^. 12468 W 

ClStai?”::::« 20 ‘ : 1944 Z2r, : ll PerkmElmer .....1 173, i 171,1 PeltedBrsmu~.r 


F.T. CROSSWORD PUZZLE No. 3,603 RACING 


BY DOMINIC WIGAN 


Apprize of £5 will be given to each of the senders of the first 
three correct solutions opened. Solutjons w*irt be re cewed bu 
next Thursdav. marked Crossword m the top left-hand 
the envelope, and addressed to the Financial Times, 10, Cannon 
Street London. EC4P 4BY. Winners and solution iwil be given 
next Saturday. 

Name ....... 

Address . 


Fort Devon’s class 
to tell at Kempton 


Colfna Aikman.... 10*a I it IX.V..... 1 365s I 36*4 Philip Motrl»__ ■ D/ig X 34Ae- . 34. - 

Columbia G*».....l 2Bla . 27/a fugertol Rand— 1 H3U . 53 Philips PettoCm 28 | 28 ijV InduBtrieo -185* 

sEiaiBrJas ft ass5= k ft agsfe-ar- -ft; 

S5! Si B5 s;; SSTsisd .8j > ft SSSSSS'fc.. Si 

C oi n th L-Iammi. 27U 271a 20 Waete-Man'mart 1»* 18H 

Com'w’thOIlKelj 2'a j 2h f 01 !* 27 i£ 277b Polaroid..„J 241a 24Se WdUft aiO__ .26'.’ . 

Comm. Satellite. 347 a ; 33’a |“h«taJ^cSSmsi 3S*a 55 Potomac Elec—. 15l B . lfsu wSS^tomp 30U ;. |S| 

CtnopatvaeMncv IntJ.31m A C^ni| oq^ PPG indoshnas.. 24 . 23S t WesternN. Am» h 23^4 S|Js 

Connw. IS 5 ® i„l 4 loti. 3U(iltltooas.. ( b Procter Gamble.. 78 774i WesteurUnion— ■ 1618“ 16t(l - 

Con.EdiMmN.l. 22* |2^ 37U 37 Pub Serve BectJ 226a Mlj WtatSftoeElet*! >7*6, 

I? 4 ! §K 374 27=8 ^ 5?n v5S 

Consumer Power 22^4 | 224 } n ‘«S* i 5^r“' o 7 u 874 QnakarOaM_211* 214 Wayerteeoner^ 223* 22*8 ; 

Continental Grp. 2BS* | 22=9 ^ TeL — “.J* *14 BanSd AmertcacJ 7 55* Whirlpool-—,—. , 31*0; ‘"•SS? 

Continental OIL. 274 l 27S S Invent.-- 14 *4 sit- v snS - Wbite^nA*S- -Z1H- ■■ 20%.- 

Contlnenul Tele- 155* ; lfl a loan Beet29=4 294 tonbeon ^ m ' lnSSSSSlS i- 4 l»* i*'JglC 

g^jiSSt::: lt\l 1 1¥* SilS!!: lh* «J Rep^ sieeL... ■ 234 229 * 





GERMANY ♦ 


ACROSS 

1 Remove misconceptions as 
dockers' leader is getting 
sailor employment (S) 

5 Going to share bit of wood 
(67 

9 Suckling's own words (4. 4) 

10 Overskirt wins physical educa- 
tion prize (6) . ] 

12 Pole who became Prime 1 
Minister f5) 

13 Household manager takes J 
officer to party with doctor 3 
(5, 4) 

14 Frenchman involved in fuel 2 
swindle f6) 

16 Row went ahead and can- : 
tiflued to give pain (7> 

19 Sketch axed railway (7) ; 

21 Mv dear ii could be so fanciful ; 

<6i 

23 VIPs among the Everest con- ; 
querors t3, 6) 

25 Scots leader in church seen 
from that time (5) 

26 Test alternative transaction 

( 6 > 

27 Pub with one sound singer 
(S) 

28 Tom the private eye (6) 

29 One had the French cape for 
mdolence (S) 

DOWN 

1 Get out of bed to remove from 
pedestal (6) 

2 A bit of grim reality unpala¬ 
table to drunkard fa, 4) 

3 Run-maker honoured com¬ 
panion with set f5) 


SOLUTION AND WINNERS OF 
PUZZLE No. 3.597 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. A. J. Dechant, 40, West¬ 
minster Drive, Harrogate, North 
Yorks HG3 1LW. 

Mrs. V. Sargent. 40. Berry- 
field Road, Bradford-on-Avon, 
War, 

Dr. John Semple. 6, St 
Johnswood Terrace, West Park 
Road. Dundee DD2 1NR. 


4 Wise man shares card game 
with Scotsman (7) 

6 Eggs naturally laid without 
charge on cooker t4, 5) 

7 Electricity supplier, love, will 
provide the instrument (5) 

8 Fool finds cat peculiar in New 
York f3. a) 

11 Just open a pot f4) 

15 Caught frost on roller during 
epidemic of dishonesty (5, 4) 

17 Fruit exclusive of fish (5, 4) 

18 Flattery making one foam at 
the mouth <4. 4) 

20 Catch sight of agent flora the 
east f4) 

21 Pass on firm ihafs'reactianary 
It) 

22 Holiday cove (6i 

24 Stuff about to be given to 
minister ta) 

25 Hit by uncertain times (5) 
Solution to Puzzle No. 3,602 


MIDNIGHT COURT misses 
to-day’s Yellow Pages Chase at 
Kempton in favour of next 
Saturday’s Morgan Grenfell- 
Geoffrey Gilbey Memorial Chase 
at Newbury’s charity meeting, 
so Fort Devon could have 
matters very much his own way. 

The former American chaser, 
considered by Fred Winter to 
be the main stumbling block 

KEMPTON 

1.30— Pardon 
2.00—Funny Baby 

2.30— Night Porter** 

3 . 00 —Fort Devon -- ** 

3.30— My Captain* 

4.00—Tragus 
4^0—Dark Room 

STRATFORD 

1 . 30 — Am hr em out 
2.00—Over Acting 

2.30— 'Wovoka 

3.00—Jack Madness 
3 JO—Hinterland 
4.00—Willie Wumpkins 

between Midnight Court and an 
historic Gold Cup victory for 
Uplands, has just four to beat 
here: April Seventh, Arctic Heir, 
Parkhouse and Jimmy Miff. 


None has shown himself to be 
in the same class as Fort Devon 
and it is not surprising to find 
the Saxon House 12-year-old 
conceding upwards of 25 lb. 

If a respectable pace is set 
from the outset. Fort Devon, 
easy winner of the Fulwell 
Chase over to-day's three miles 
course and distance at the last 
meeting, should win without 
being given anything approach¬ 
ing a hard race. 

The Yellow Pages Hurdle has 
a far more open look now that 
Rodman has been switched to 
Huntingdon for Tuesday's Ward 


Hill Top Table Hurdle. The way 
could be clear for that apparently 
high-class recruit to hurdling, 
the Auriol Sinclair-trained 
Night Porter, who justified some 
heFty bets at Windsor last time 
out. 

There, he beat the more 
experienced Mount Pelle from 
whom he was receiving only 3 lb. 
by 10 lengths in the Rays Hurdle. 

No trainer had his string in 
better form when the freeze-up 
came a fortnight ago than David 
Morley and I fully expect his 
successful run to be maintained 
in coming weeks. 

Two possible winners for his 
Bury St Edmunds stable here 
are’My Captain, among the bo1> 
tom weights in the 2} miles 
Portlane Chase, and Tragus, who 
has a fair number of rivals in 
the half-mile longer Rendlesham 
hurdle. 

My Captain seems to stand out 
as a good prospect A close third 
behind Number Engaged and 
Rough and Tumble in the slightly 
shorter Hurst Green Chase at 
Folkestone on Jan. 25, My Cap¬ 
tain will relish this trip in what 
is sure to be holding ground. 


£I2m. hoverport 
‘topped out’ 

THE **topping out" ceremony 
for Dover’s £12m. International 
hoverport was performed yester¬ 
day by Mr. J- Bosworth. British 

Rail Board's' deputy chairman 
and chairman of Seallnk and 
Seaspeed. 

The hoverport is expected to 
be in operation by July 4. 


aoHEnHEM^ssaBaai 

0 H E El f H El Rf 

ransoo EsaanEQaE 
a Eh- E9 H 0 0 El a 
!30Q30EflQE QDQ0E 
0 0 0 0 0 9 a 
Hanaas Banana 
n m ci m mu 
rntDESEiHEh snoEcoa 
a a m □ 0 e ci 
gnaea FKiEsmanci 
a a g □ ci am a 
□HFSSCJDnEa nCESH 

n 0 ei □ a 0 oh 

□nEracjH nnnofgBBk 


igHEsaannia^BHacaas 

n ■ b a 0 n a 
i nH siisnH Baat3sin 
las s a.a 0 a 

I0000B0CS FS5E1QE 

□ n 0 e n a 

B0H3H BSBQaan 

53 n . s n e 
innEana shsei 

Cl H El B _ 33 _ Ci G 

araSsn EHsssgHas 
SClf3^QgSE 
l^anEiciB 

g 0 a (3 0 Q 0 

10005333 Hnssassg 


Feb. -44 Per tear. 

.island .— t£t 

Banco 9111130 - » 

Banco AUanUco (1,0001 2N 

Banco Cuntral -— *“ 

Banco Kxtenor ™—- f™ 
Banco General .—-•■■■-■ ** 
Banco Granada (1.0001 IB 

Banca Hisoano . £* 

Banco lnd Ca:. <LOOO> 

B. Ind. MedJterraaeO M2 

Banco Potmlar — ® 
Banco Santander <3301 «■ 

Banco UrqaUo (1,000) i 217 

Banco Vizcaya .— 282 

Banco Zarasozano 300 

Banknnlon .»«»• US 

Bams Andaluda _™„. 230 

Babcock Wilcox-- » 

cic - m 

Drasados .-. 222 

E. 1. ATigonesas .. S3 

Espanola Zinc .- lQl 

Espl- Wo Tnuo . 100 

Fecsa (1.000'' .. *7.75 

Fmosa <1.0001 .. *A30 

Gal. Prectados . W 

Gropn VcOazquM f 400i 1*5 

Eiidroia .—• 75 


rberduero . 

imnobanir -- 

Olarra . 

Faneleras Reunldas ... 

PeiroUber .. 

PelrtrfeOS .. 

Ssmo PapaJera -- 

Solace ---- 

SogeflM - 

Telefonica .. 

Torras Hostendi — 
TubaoBX — 

Union Elec. ^ 


BRAZIL 


H + 0J0 
99 - 5 

70 - 8J» 

56 — 

134 — 

1M - 3 
6S-50 - 0J5B 

ao — 

120 — 

8*^0 4- 030 

106 -1 

48 + OJ50 

ta - 


1 Craz j — [Cruz 


Acesira —.. 

Banco Braml pp.J 
ItanL-o Iiau PN.— 
Bclgoilineira CP, 
Lcjifr Aiucr. OP... 

.Fctrcbra? PP.! 

Pirelli OP.: 

S-iuzaCrusOP....; 

Uniy PR.• 

Vale Ri.i Dwe P V 


+O.05'AlZ 5.Z3 
i-O.OS'O.17 I (.42 

!. '0.16 lb.O. 

!. . Io.12i8.4S 

I.,0.20 [6.2b 

-0.06iD.10 [2.97 
,4-O.ltt 0.16 IB.22 
'TO.2Lil.23 ib.54 
U0.03.0.30,3:32 
!.0.13 '7.51 


VoL Cr.rilJra. Shares 40Jm. 
Source: Rlu de Janeiro SE- 



NOTES: Overseas nncea exclude S nremiiun. Beteian dividends are alter 
wlikhotdlns lux. 

4 D3E0 denoin. unless olherwzje stated. V PLis^OO denoni. unless otherwise 
siaied. 4> Kr.ioo dennm. unless otherwise stated. 4> E'raSOO denom. unless 
oiherwfie seated. 0 Yen SO denom. unless otherwise staled, fl Price at time of 
suspension, o Florins. 6 Schillings, c Cents, d Dividend alter pending rights 
and/or scrip i.'sue. c Per share. /Francs, q Gross div. ■«. // Assumed dividend 
alter scrip and/or nshts i c ,Bue. fc After focal w'i tax free, n Probes, 

including utilise dlv. p Worn, n Share spHt. s Oiv. and yield exclude special 
payment, t indicated dtr. u Unofficial tradmo. r Minority holder* only, w Merjwr 
pendlnn. * Avk'ed. tBId. 3 Traded. ; Seller, z Assumed, sr Es tl&hts- xdEx 
dividend, xc Ez scrip issue, xa Ex alL a Interim since Increased. 


Kicetiwratt_1.800 lO 

Fwheri.Georeei-. 745 -.i S 

Hodman Pr.Cem 1 87.000.-1.SOOlBBO 
Up. (email),.. ‘8,735 i—75 55 

Intrrt>»l 4.000 i+25 20 
VeUn-nlt (Fr. IOC 1 /...: 1.500 —B5 30 

.\catfolFr.L»/....3.670 ‘.. nS5.i 

Uo. Ueu-.M..2.325 —5 {kBqJ 

l.fortlfcfn-B.lFJfiO 2,490 —25 ./IS 

PlKlII 51 P(P.IOO)[ 299 !t1 [15 

sondAi. (Kr.2SO)...4.oaa :. 26 

Uo. Fart Certs..- 806 i-6 . 26 
dofalndherUaFlOOl 335 2 • 9 

o'ulzerOtBiP.lOO) 373 1-4 I 14 
ijwiesalr (P^fi(ft._l 867 |t 2 !8.51 
d-lnaBaaiiP.KWil 411 «-7 1 10 
dwlss (Ke.F^0>..:4.990 1-10 \ 40 

Union Bank._3.440 .-20 ; 20 

Zurich Ine.11,775 -75 i 40 


55 l 0.6 
ZO I 2.5 
20 1.3 
.nS5.i> 2.3 
\niiJ3\ 3.7 
.fl5 15.0 
: 15 l 5.0 
, 26 l 1.8 
. 26 I 2.6 
[ 9 I 1.3 
14 i 3J8 
:8.57| 3.5 

1 10 i 2 j4 
! 40 ; 2.0 
; 20 2.9 
I 40 ! 1.7 


Aniu.......... 

UuekKi 

Puit_ 

Uo. Prlv_ 

Pfoeider...... 

Ifea lpe mant. . . 

italstder— 

Mediobanca_ 

Montedison.-. 
OllvwttiPrhr.-. 
Pirolli & Oa..... 

Pirelli Spa_ 

dnla Vlaoosn... 


, 145 k-3.7 
. 54B +10 

,L»82 -18 
.1,598 \~9 
, 88 
. 10.900 
- 140.51+0.8 
,. 31.5301+130 
. 173 +4.5 
. 850 +10 
. 2.230 +49- 
.. L040 I—SO 
.. 631 -39- 



ivV-pTLvTl 






































































































































































































































































w 


5Smes Sateday- February 25 197? 



RQU£3J AND BRIGHT 
*• a sub-group of Guest 
snd Nettlefolds, has- made 1 
uw senior management 
Intents. Mr. Brian- Ness 
23 divisional bright stcei 
. r at Exors of James Mills, 
group company At Slock- 
reviousty director and chief 
er at EJM, Mr. Ness suc- 
tLr. Douglas Allan, who has 
nade director and deputy 
j manager (general mana- 
$ignate) of the Castle rod 
if GKN (South WaJesL 
- subrcroup company based 
liff. Mr. .Minn joined GKN 
and later became divisional 
r of the rolling mills divi¬ 


der Matthews is joining 
oard of COURAGE on 
I as personnel director. For 
jt 13 years Mr. Matthews 
' rked for the Ford Motor 
Ty and since 1974 he has 
e position of manager, per- 
deTelopment. ‘ Ford of 
Mr; Richard Raworth, per- 
techpical director of Cpur- 
to be appointed to the 
of Recode and Speed as 
‘mapasing and personnel 


. Veror ■ Hall is to become 
. n of the . Northern and 
Advisory Board of fhe 
AND GENERAL ASSUR- 
-SOCIETY on July 1. He 
ceed Mr. Andrew Rintoul. 
ires from the Board at the 
’ime. Mr. Colin D. Donald, 
icr in McGrigor. Donald 
. joins the Board bn July 1. 
★ 

iomtan Lesscls has been 
•d a director of the 
tHD LIFE ASSURANCE 
>IY: He is a partner in 
.* Murray 'and Co. and a 
of-.Anderson Strathclyde. 
★ 

Y B.\LLA\TYN£ AND 
; ates that Mr. Peter Lay he, 
past four years finance 
of Dawson International, 
i appointed group manac- 
:tor from March J. Before 
lawson, he held successive 
j)in Tootal. 

★ 

KRISTOPHER JEMMETT 
;ome chairman of BOCM 
L the Unilcvor animal 
npany, in' place of Mr. 
Saint, who retired on De- 
. St. Mr. JetmnetL who 
bis new appointment on 
was until recently presl- 
Unilever Japan. 


posts 


Mr. Derek C. Hayward has been 
appointed to the Board of WHITE 
HORSE DISTILLERS from his pre¬ 
sent position _as the .company's 
marketing manager. 

. * 

air. David Heppell "has been 
appointed a director of W. w. 
HALL. _Hc^joined the company 
iast-year-aod has been responsible 
for . purchasing'and marketing. 

- - - 

Mr. Clive Bradly. the British 
Printing. Corporation ■ director 
who was the. chairman of WORD- 
WRIGHT when it was founded in 
1976. has returned from other 
responsibilities in BPC tn take 
over again as chairman or the 
company. Wordwripht J* 30 per 
cent, owned by Cornered Jn- 



First Viking 
modity Trusts 


Mtlty OFFER43.6 
BID 41.4 


« 


OFFER 93.0 
Trust BID 88.0 


Commodity & General 
Management Co Ltd 
S St Gaorga's Sveat . 
Douglas Isle of (dan 
Tel 7.0624 4682 


Mr. Peter. Matthews 


corpora led California. Mr. Edwin 
Carter is now managing director 
of Word wright and combines 
responsibility for the company 
with his position as managing 
direcior of Waterlow (London i. 
He succeeds Mr. Jeff Thomas, w ho 
has left Wordwrighl for a position 
with another concern. 

•* 

Mr. Deryck Hannaford and Mr. 
Timothy Rowley have been 
elected to the Board of TELE- 
MOTIVE U.K. and retain their 
responsibilities as chief engineer 
and general manager, respec¬ 
tively. 

•k 

Mr. Michael Martin has been 
appointed managing director of 


PLAYER MITCHELL AND 
BREEDEN, a member of the com¬ 
ponents division of Delta Metal. 

* 

Mr. John Luce has become a 
non-executive director of KCA 
INTERNATIONAL He was 
formerly head of th# industrial 
finance unit of the Bank of 
England. 

* 

BRITISH FUEL COMPANY has 
appointed Mr. John Johnston an 
executive deputy chairman from 
April ] and on the same date Mr. 
Jim Brown will succeed him as 
managing director. British Fuel 
Company is a partnership 
between Amalgamated Anthracite 
Partners, a subsidiary of AAH 
and the National Coal Board. 

* 

Mr. Glyn Lloyd, a member of 
ihe TUC General Council and an 
executive committee member of 
the Union or Construction Allied 
Trades and Technicians, has been 
appointcd-lo the OCCUPATIONAL 
PENSIONS BOARD in place nr Mr. 
J. G. Haley, who * resigned last 
October. 

★ 

Mr. John Ouone has been 
elected president of the GLASS 
AND GLAZING FEDERATION for 
1976 and Mr. Theodore Shepherd 
has become vice president. 

*■ 

Mr. Richard Brain has been 
appointed managing director of 
the newly-formed SCHOTT PRO¬ 
CESS PLANT. Executive directors 
are Mr. Robert Draper (sales). Mr. 
Kenn MrEweo (technical! and 
Mr. Brian MtUwanJ (engineering!. 
The parenl company is Schott 
Group, Germany. 

k 

Mr. R. A. Noakes has been 
appointed marketing controller, 
international division. MIDLAND 
RANK. He was formerly a senior 
executive, international division. 
k 

Mr. Brlou F. Oencrr is joining 
the SINGER COMPANY I U.K.I on 
Monday ax dircctnr and general 
manager, consumer products divi¬ 
sion. He was previously director 
of marketing with the British Mail 
Urder Corporation. 

k 

Air Vice-Marshal Norman Hoad 
is to become director of the AIR 
LEAGUE on March 1. 

★ 

EQUITY & LAW (MANAGED 
FUNDS), a subsidiary of Equity 
A-Law Life Assurance Society, has 
appointed Mr. R. A. p. Booth as 
property investment manager fol¬ 
lowing the retirement of Mr. John 
Creaion. 


INTL.FINANCIAL AND COMPANY NEWS 


ABN profit 
in line with 
forecast 

By Charles Batch* I or 

AMSTERDAM. Feb. 24. 

ALGEMENE BANK Neder¬ 
land (ABN) Holland's second 
largest banking group, lifted 
nel profils by 14.4 per cent, to 
Fls.2S5.am. in 1977. The bank's 
supervisory Board proposes 
raising the total dividend by 
FI.l to per Ordinary 

share. 

Gonxeiidaled profit before 
prut Lsions and lax rose 10.5 per 
cent, to Flx.563.3m. The bank 
will set aside Fls.l25m. to the 
general reserve compared with 
F!s.ll5m. the year before. The 
share capital rose lfi.7 per ceol. 
to FL.483.5m. and profits per 
share, adjusted for the capital 
increase, rose to Fls.48.69 from 
Fls.47.99. 

The final dividend of FU.12 
may be collected either fully 
in cash or itt the form of Fls.5 
in cash and Fls.2.50 par value 
of Ordinary shares' from (he 
share premium reserve. 

ABN gave no Indication as 
to Ihe increase in ils balance- 
sheet total in the 12-munih 
period. It stood at FL.59.8bn. 
in June. 1977. ABN's result is 
in linp with ils half-time fore¬ 
cast that, allowing Tor (he 
increase in share capital, pro¬ 
fits per share would nol sub¬ 
stantially differ from 1976. 

The bank’s nel profil per¬ 
formance is very similar lo 
that of its major Dutch rival, 
Amsterriam-RoHerdam Bank 
which earlier (his month re¬ 
ported a 15.3 per cent, profit 
increase lo Fls.212.5ra. for 1977. 

ABN also announced lo-day 
that it will issue Fls.laOm. or 
8 per cent, subordinated capi¬ 
tal debentures priced at par 
and due 1989-98. 


Five-man committee to 
watch over options 


BY CHARLES BATCHELOR 

THE DL1TCH Minister of Finance 
has set up a five-man supervisory 
commission «o watch ever the 
European Option., Exchange. 
.The aim «f <he commission is lo 
protect the interest of pariici- 
. p«nl>. in particular the general 
public. 

! In a -separate announcement 
j the EOE named the third British 
! company, the option.-, of which 
j will be traded on the EOE. as 
- General Electric Company. It 
I earlier said that British 
•Petroleum and 1CI would he 
(traded. 

| Before ihe -.tart of trading on 
i April 4, the commission will re- 
[view the EOE's regulations and 
wjll "draw up . a prospectus 
describms the exchange’s opera¬ 
tions. This L meant tn ensure 
'that the general public is fully 
| informed. 

| When the EOE begins opera¬ 
tions the commission will make 
sure the regulations are fol- 
I lowed. Too enable it to carry 
: nut its dultes. all organs of the 
EOE are required tn provide it 
(with information un request. The 
I commission may order the EOE’s 
internal control bureau to carry 
out enquiries and report back. 
The E4-E--M*nauHtg Board is-»ixo 
| required lo inform the lenimts- 
ision of any disciplinary procced- 
I mgs it takes against its members, 
j The commission also has the 
power to deiermme the opening 
■ hours of the exchange and to 


decide how trading is to take 
place. 

It can also indicate, with the 
approval of the Finance Minister, 
which options may be traded. 
This gives the Minister a voice 
in ao.v expansion of activity. 

The chairman of the commis¬ 
sion is Dr. P. Kurteweg. Pro¬ 
fessor of Monetary- Economics at 
the Erasmus University in 
Rotterdam. The other members 
are Mr. H. Severs, the Finance 
Ministry's money market agent 
in Anisierdam. Mr. J. van Pjaag 
Siguar. a lawyer. Dr. E. Tevnoren. 
formerly the financial economic 
manager of Esso Nederland and 
Mr. W. Verhoeven. general finan- 


AMSTF.RDAM. Feb. 24. 

cial economic manager of Neder- 
lands? Gasnnie. 

Two new members of Ihe EOE 
council have also been named. 
Mr. Christopher Whitehead, a 
parlner in W. I. Carr and Sons. 
■ and Mr. Gerard Stevenin of 
Paris. The council already has 
six Dutch members. 

Trading hours of the EUE will 
be from 10.30 a.ni. to 4.30 p.ui.. 
Monday in Friday. Reuters will 
provide financial news to Uu? 
trading floor while the Swiss 
company. Telekurs. will provide 
share price information. 

The exchange floor will be 
ready for simulated trading at 
the beginning of March. 


Mitsubishi Motors 
plans for the U.S. 


BY CHARLES SMITH 

MITSUBISHI Motors Corporation 
has pot made a firm request to 
Chrysler to assemble its cars in 
the U.S.. and is considering a 
number of other possible ways 
to esLtbti&h-a ILS. manufacturing 
presence, the company said to¬ 
day. It was commenting on Press 
reports which TproreiTitfTt sobishi’s 
president. Air. Tomio Kubo. as 
saying that Chrysler bad been 
" sounded out ” on the assembly 


TOKYO, Feb. 24. 

of Mitsubishi cars. 

Mitsubishi says that it will he 
in a position to start thinking 
seriously about manufacturing or 
assembling in the U.S. when its 
sales reach 20.000 units per 
month. This is expected to take 
•another three to five years. Last 
year. Mitsubishi’s U.S. sales 
averaged 8.750 units per month. 
Its target for 1978 is 12,500 units 
per month. 


VIEWS ON DU PONT 


Selling on Wall Street 


THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now 

To - Cometco Commodities Limited. Bridge House. 181 Queen 
Victoria Street. London EC*A 4AD I would I** 1 o rec«ve your 
monthly mveslinenl bulletin 'The Ouitook (or Commodny fWuies ^ 

Mr Mrs Miss ---:-——- 

Address !-:-- 


COMETCO 


Postcode__ _ The Commodity Brokers 


Arbed capital plans 

ARBED SA, the Luxembourg- 
based steel group, has called 
an extra-ordinary shareholders 
meeting for March 17 to win 
approval for plans lo raise ils 
capital to L.Frs.7.7bn. (around 
$25Am.) from L.Frs.8.6bn. The 
company earlier reached 
agreements with the owners of. 
two steel companies in Ihe 
neighbouring West German 
stale of Saarland ou a take¬ 
over with new Arhed shares 
In he used as pari or Ihe agree¬ 
ment. 

AP-Dow Jones. 


WAKBGATE COMMODITY 
FUND 

at 31 k January lt7« 4».4F-£*.»» 
WCF MANAGERS LIMITED 
P.O. Box 73 
Sc. Halier. J«ney 
8534J3S01/3 

Nnet dealing* 2ldi February 1*71 


BECAUSE OF THE wide-spread 
nature of its business. Du Pont, 
the (J.S. chemical giant, ranks 
high among companies that are 
hyper-iensitive to the overall 
U.S. economy. 

Wail Street analysts believe 
this is a primary reason for the 
setback in the group's stock in 
t*v-ent session* -on the -stock 
tnarkeL 

A Du Pnni spokesman could 
not explain the decline, but some 
analysts said much of the weak¬ 
ness can he attributed tn the fact 
that * growing number of econo¬ 
mists are expressing concern 
about a slowdown, in the next 
year or two. 

In addition, the Commerce 
Department last week revised 
downward its estimate of the 
U.S. real growth for the 1977 
fourth quarter to 4 per cent, from 
the original estimate of 4.2 per 
cent. 


Basically, there is a fear uf a 
peaking in a number of business 
areas that are important (o Du 
Pom. said Mr. Aris P. Christo- 
doulmi of Blyth Eastman Dillon 
and Co.. . 

“ We are looking at a. down 
year for auto sales and lower 
housing slari;. and. obviously 
you will sec this reflected in a 
rather sluggish demand Tor 
plastics, chemicals and fibres." 
he said. 

The analyst suggested that 
investors also may be becoming 
concerned about the impact of 
the cual strike on Du Pom's 
opera lions. 

A Du Pont spokesman -said ihe 
coal strike ix no problem at 
present, but that there may be 
difficulty if the slrike continues 
after the beginning or March. 
"If we "are faced With 10 to 
30 per cent, reductions in power, 
it will impact production opera- 


NEW YORK, Feb. 24. 

lions to some degree/' he said.! 

Recent forecasts from some 
economists are for a weaker U.S. ■ 
economy in 1979 than in 197S.! 
and Mr. Chri.nodouloti said this 
contributes tu"investor concern, 
about. Du Pont, ...... .. _ 

He is looking fur flat earnings 
from the overall fibres business, 
with no. major improvement -in- 
fur eign fibre, operaliuus._and a 
small earnings increase in 
plashes and specialities areas. 

Mr. Christcidoulou said Du! 
Poni's earnings will probably. 
peak in the second quarier. and 
then show slower rates of 
improvement in the third and. 
fourth quarters. 

He forecasts a 1978 per share 
net or between 811.30 and SI 1.50.! 
hut admits to holding one of the! 
more conservative estimates. Last 
year, (he company earned $11.06 
a share. 

Reuter 


Heerema 
interests 
buy into 
Ballast 

By Charles Batchelor 

AMSTERDAM, Feb. 24. 

FOR THE second time within a 
week a major Dutch construction 
company has been surprised by 
news that a private businessman 
has acquired a substantial hold¬ 
ing in ils capital. BaDiist-Nedam, 
ihe third-largest Dutch const rue- 
lion coin pa n>, m-day said Mr. 
Pieier Heerema. a 69-year-old 
engineer, had bought about 
50 per cent, of its. equity. 

On Tuesday. Sicvin, a company 
wnh sales of Fls.LSbn.. and 
number two in ihe list of Dutch 
const ruction companies, said .Mr. 
Heerema had bough! a 40 per 
cent, holding. 

Borh transactions were carried 
out ihrough Antillian Holding, a 
cumpanv t>a>cd in Curacao on 
*ke Netherlands Annies and in 
which Mr. Heercmas family has 
a majority. ] n both cases Mr. 
Heerema has told the manage¬ 
ment oT the iwn companies that 
his holding j* an investment and 
that he has no inlemiun nf 
involving himself in ihe day-la- 
day in aiiage men i. 

His large holding—worth al¬ 
most $3;iin. on tho open market 
yesterday—-would, however, place 
him -in a strung position to seek 
a seat on ifie supervisory Board 
of (he company, where he would 
have some say in the business. 

Stock buying 

Mr. U. .1. De Bruin, financial 
direcior of Hecrema's Engineer¬ 
ing Services of The Hague, said 
Antillian Holding, which was al¬ 
ready known in have a small slake 
in Ballast-Wdaui. had increased 
the si*e of this holding by slock 
market purchases Balliist-Nedam. 
which has forecasi nel Profit of 
Kls.l6m. on turnover nf Fls.l.2bn. 
for 1977. only heard to-djy of 
the'TuII extern of Mr. Heere'ma's 
purchases. Mr. B. Mc-erman. 

financial director, said._ 

ll has now been revealed that 
Minefa Holdings, which acquired 
16 per cenl. nf Ballast—Vedam's 
capital Iasi October, was acting 
for Mr. Heerema. It was an¬ 
nounced at Ihe lime lhat Ihe com¬ 
pany represented Arab imprests. 

Mr. lf**erema has not been it 
prominent figure in Dutch busi¬ 
ness circles since he helped set 
up a pirate television station off 
ihe Dutch coast in the early 
1960s. The transmitter was shut 
down by the Dutch authorities. 
He now lives in Friebourg in 
Switzerland. 


MODITIES/Review of (he week 

issian rumour lifts cocoa 


* COMMODITIES STAFF 

RICES climbed sharply 
oodoo futures market 
. despite general selling 
!efs- Dealers said Jibe 
as-absorbed easily as 
rumours of Russian 
os ted nearby values by 
a tonne. At the close, 
position was quoted at 
i tonne, up £89-5 on the 

market sources sug- 
at Ihe latest market 
v London merchants 
Duffus, published yes- 
lay also have qncour- 
upsurge. It estimated 
B produciion/consump- 
»lus at SfiiOOO tonnes 
tjDOO tonnes in Decern- 

jnces fell m the lowest 
IS months in mid-week 
ered a little to. end £19 
balance at £1.533 a 
May delivery- 
of Colombian sales to 
tars..-depressed prices 
the week and chartist 
■loss selling took May 
nj -t*HEL5Q4.5 -a-tonne on 

y- 

of -serious damage -to 
crop prospects because 
ecent drought, which 
e been expected lo push 
ber. were received with 
in. Rio dc Janeiro as 
London and New York 
•Fore had little effect 
. sentiment. 



The world sugar market had a 
quiet week although prices were 
briefly boosted when an official 
of a French sugar company fore¬ 
cast lhat Russia would need to 
buy lm- tonnes of sugar on ,the 
world market this year. Prices 
were later hit by reports of a 
low-priced sale’ to Egypt and 
signs of reduced world demand 
for surplus EEC while sugar. 

Base metal prices came under 
renewed pressure this week. 
Copper fell U> ihe lowest level 
since February 1976: lead to a 
14-montb low: and zinc was down 
to the lowest point since mid- 
1973. Tin values also Ml back 
following the trend in Penang. 
But the rise in the dollar yester¬ 
day afternoon helped halt the 
downward trend- 

Copper was depressed by fears 


that ihr U.S- coal strike would 
hit; demand and force other U.S. 
producers .to follow Ihe Kenne- 
coti price cut of last month. 

. in addition' U.S. producers con¬ 
firmed they are going ahead .with 
demands For restricting imports, 
which they claim are damaging 
lie domestic industry. 

Cash tin lost £102.5 Jo £6,055 
a tonne following the downward 
trend in Penang, where prices 
fell heavily on Thursday night. 
The market was thoroughly con¬ 
fused by lhe*laiest Congress sub¬ 
committee hearings on lhe,jpro- 
posed release of stockpile^ tin 
as the U.S. contribution to the 
International Tin Agreements 
buffer slock. 

Lead came under further 
selling pressure, with the cash 
price ending the week £13.5 
lower ai £276.75 a tonne. 

Zinc was hit as more producers 
lowered, their European price to 
S550 a tonne, and this week U.S. 
producers cut Iheir domestic 
prices by 1.5 cents to 29 cents a 
lb. 

However, the market was held 
up lo some extent by continued 
buying interest, and " borrow¬ 
ing” ibuying cash .and selling 
forward) that has almost closed 
the gap between the cash and 
• three months prices. This buying 
triggered off rumours lhat the 
EEC Commission may lake some 
steps to aid »be beleagured 
European zinc industry possibly 
by restrictions on imports. 


MARKET REPORTS 

BASE METALS 

COPPSR—Inw on balance on tiu> 
London Ueiat Ejctunfir bid Isrwartf 
meial Mms al llifc ilun.Irani iRIO 1 * VW 
on a works decline /nr«a«i U (ell 
back in ££.'3 a Her a Comes open- 

ins hul lhen moved erraU.-allj upward* 
nn current* unteruunuc*.. M rime on 
ihe Kerb ai f»«5. The nci fall on Ihe 
week was I IS. 3. Turnover 17.173 mnnes. 

r-nVpvp "Tin- | 4 -ot: K»i. if»fcw 

i OpPkK ufcW | _ ; L.KOIctal | - . 


SILVER 


Silver MM Fixed D.eSp an miner tower 
tor spat delivery in ihe Leaden bullied 
market yraicnjajr. -U.S cem equivalent 
or thr dims levels were «ooi 303i do>cn 
ns*.- ihrre-memh. 3U-V down 0.3c: si*, 
month Slide, down tJe: and 13-aiemh 
341Ac. deuii file. The meial opened at 
?371-'Jj»lP i.VC-SBiCi and closed *j C54.7- 
MMP <«S-4»4iCi._^ 

SII.VBK Uuilloe + -t LJ4.S. |+ 
pei liTIm: • — •■to** . “ 

iwyr-i'. prteipc 


iran»fiipuienr Ea-t Coajf'. S. African 
Yellow April 68 09. Kenya Grade Three 
April OLIO tnh. 

Bariey—L’uauoied. 

HCCA — Lm a linn rx-farw apoi pnees. 
Other milling wheel—No price*’ Feed 
herleg—Kern 70.TO. Laara-hire 70 Ml. 

The L'.K. monetary rorfRornr for rlu- 
m rek nr^mnnu: Eebniary 27 Mill ipcreace 
in 1 ::is. 


RUBBER 


-4 

-4.3 


-4.5 

-5 


r £ « 

Wirobars! 

i.'a-h. 612.5 -3.25 611.5 2.5 

7 iunnrl».. 625.5 —35 62A.5-45 
^ettl'in'ni 612.5 —5.B 
Cathodes . , 

».a>Ji.603.5-4 -3 602 3 

•• iii<iiiI In... 615.5 6 -3 614.5-5 

•wui'iii'ni 604 -3 - 

I "-ml,. — . .... — 


Amalaamated Meial Tradine reported 
«hai in ihe mornlDB cash wirebgrs iradt^I 
ai nil three nnurlc. lKi5. ri.3. '-*• -7. 
”4. 26.5. 26 25.3. 23. rillinde>, V*>h 
IiU3.j. three monin- In. Kerb. 

WircbarK. Ilire'p niuullv. M2i j. 24- a; 
AlirrmiM- Wirehurs. three m»nrh« 1+2*7 
25.a. 25. 24.3. 25 Ca«tinrle>, Hirer uwniti- 
i £614.5. Kerb- Wrefurv. Ihrrr mimihfc 
1 M26. 2«. 27. 2*. !J. 23 5. 2S. 27. 2S. 2S.3. 
2S. 27.5. 

TIN—Reoevtred all or forward Iijelal 
toll trom E52M tn I5.92U foHuwmp ihe 
veatan* in »hr East and a MnckN in¬ 
crease Inreca-ii. . Price* tlien ■<le#nird 
M'llh phi’Mcal cbverinc and later U S 
. tmereai asulnM - ihe hackBrniind of 
! rnrmwv iniabi|U7 m itoe nn ihr Kerb 
1 al 16.070. The nei fall nn ihe week w»a 
575. Turnover 1.090 lonoe'.. 

| "a.m. or ... .P+oi 

TIN j l)(ftrial | — | I poffi-ial, — 


.. . . 257.95f. -4.65 255,55,. -2.0 
Smnnih... 268.25i' -4.65 269.75j. -JL» 

► ni-vnlh*.. 267,8,. -0.S6 •• .. . . 

L' ii*iii1Ii* 2783j< •—6 -- ■ • 

LH*—Turnovex ITS .135' lots nl lU.OUo' 
ounce*: M«rn:n».' TUr«- month* 242.6. 2.7. 
2 >. 2.7. Kerb Three mouihs 242 «• 2.7. 
AJiernoon Three month* 2fi0. *0.1. 39 4.1. 
9 2. It 9 3. 9.4. 9.5. Kerb: Three 
mnltlfes 2Co 

COCOA 

Values advanced pronely Ihrmiphoat 
ihr dir an commisinm-hmise huyins 
Ongin* nude modest sales scale-up but 
■■gnauwero r-mamed- quiet, repani Gill 
and Dudur. 

f eeoentar'p; + •»: tin»ints* 

« in OA ‘ iUt.ee — lame 


EASIER nprtiine o" :llr Londuri pbywal 
markei: F*ir imereoi Throughout ihr 
day. ..leiins no a steadier not.* Lcwm 
and Pea I re-mred iba- :h» Malavsian 
ioAow n.prh-f bis 2 # >207■ cenrs a kilo 
nuyer March. 


Vi. I V<*i«.av 
K>.>. -l.-r 


!'iei|i.|j* lliisitiee: 

•I*.ir-nr 


LY PRICE CHANGES 


. Iciest 

priori Lh'se.. 

I per t>mne - ' on Tear 
■ ualfl*t . neek W 
■IpLeH i 


1-ljCK 


Hi^h ' 


-. Cnatv - »53u XMU Jtolv 

. .i.r . n«cw=0 -5.0 . SSoSiiO iSlJMitoW. 

LC-.... £1.32? - . i^-lsO • Sli.l.o 

A2.120t0 --302) '83000^i0^^i.O^O-lCJ^2Lla>c-- , 

4»i2 -i4Tjj! axil* lasikss. i>yi _ . 
•.■K4.75 -Kxi , »TL5 7s 
CfOTj -HJj - £t35^ j i 

*S 14,75 -16.0 OOeSb N9l*.fc . Lcl-'ih t 
Bl»-375-t-L0 1 6I40J25: «I83.eqf(Td-l -. 
EZn.1b —15.5 I £414.%' 061. to i . 

£281.15 -13Jftu -CWLas AigL.2,- 

_ : ly+ Hint* .- • 

kt-e^ly ! - 6E.oo-2te C.IOJSS:' tlAie* ' 


in. —| 
nr..._j 

. jJTib.' 

r w_i 

'JH OIL.: 

1611'kh 
H ru... 


J4I6>.- 


-0.2= I 

S15c-20 -2.0 ■ S17--W) 
35T36p -u.4o 

v -U. - .b 27Ls ■ 
£6.025 -IK2> 3S.7H2.5 


\ Plfti-le=; 

'• ’2Sfc.jp . iS63u 

■N4'Up iO.if. 
U7Jh= fcrJSSs 


£fc!o’l7.3 -7 q.O - 3S.2&.D • jgc'jkiy, r gajK.; 


6135144 -5JS SUS-lol 
£2 kJ3 -IL- ; SKSbA 
1257!? -IL.Tt 1 £452^3 
Sill - • 


41<b-«n M»t 04 

£401.5: uZSi.Td 
57tD etao 


, • ■ . -- Clip 

£HUb —I.i £6U.5 1 C&t.i: ttldJ 


YeHm* 

erlean: -fr- • aJS-s.-s 


£100 


latot i 

(n-h-^i 4;b'*e le«r 

per tonne on aE f » 

nnle** • weel' 

'toted .• 


NTYiiK 


Hl«h . L..w 


X.b ! lied Spring'. £t* s -0.75 , £99 

Am. Bent i 

HTianv ■ — r 

tnu- MillHiB iiuurtit>|»i £94 —1.0 XR9 

..I./I ES.SUJ . — . £RlW 

Pepper. While...' S3.0S5 ; — i 

; fliU ... I 1 

Loceput fPt,HlD'i'e» Sbftj J+17-5-' : 

Oreuietnui. %.•_ £«01 *—10-0' £510 

Unwrl. Crude. £297 +2».0i S. 

Palm . . Sabfi , * 19JJ fhlS 

(Ptiiiippinei, .S41s ■+ tb^l! 8420 

snral*»B» iU.S.'' SM7.-1-'—! 

OUJBT , 

(tonmwdititt . 

Lirnu -alnpmcni*. ■ 

L'l* toi iesn 
i.vitot- Vurure^ May 

( nUin |lhk!C. 

lie* i ju-vuui. 

-Idle LIAlin Cfiri* 

liutoKT ..— 

-sns-j 1‘cnrl. 

■Stall >••. * L. 

?ns*r irtWr. 

lapnr-n I . 

tw .^nsliiv 1 kiln...' 

> plain i Kil". 

II «4« Uerp. 


IX 


£75.h 


• Xh*.D 
£Aj.l> &£ 

' i>V«U'' £4.5/5 
I M.30O . *L?75 
S2.UDJ j 

K3b ! «43?.h 
ITIuo ! £A3n 

1 £630 1 JC2M 
: Ufa ; S42a 


5560 ' >3l» 
A»4I ,-*208 


£1.620 ’*J#U3 

ri.&4Z.a ,+eojr 

£1.UAS -18.0 
66£t*-- 
£-4k' 

S4Sh 
47.2o|i 
£178 
KdC-ou 
- £105 
JCI3S» | - 

/ lMJ P 
«a,. 1 - 

Zi Ip Min' -1.0 


+0-4 


'-5.0 

40.76 


■fl.0 


£8JJ7I.P 
- 4S.a41-h 
C&.732J1 
83.9e. 

; £WD 
£420 
; n4x,i 
£205 
MUJ 

, £l21 

. £148 

lh£»r 

nr>p 

28Pj»Hln 


£>jl- 
£5.12c 
i iJAate 

£i»> 

*4A' 

fit 4 


£UMt 

£l.40i).p 

Cl.bM.b 

. £63d 
: !si!- 

i r ■ l. 

£17* 


.Vd. U 'n*i'i 

.Man h. I655jt-|B.B +4B.0 lblD.B 16-« 

\1»C.I540.I-4S.0- -70.8 1553.0 14IB 

J.,U .'7517JHI.0 *-»I.O 1511J 1441 

.bent.1505J1M7J -7D.0 1510.0 1435 

i/e.I475JJ0.P ‘75J 1*75.0 J4.D 

Maich. I4BO.O-K.O - 75.0 I45S.0 I4M.0 

.Uav_ U45.8-50.0 4 75.0 • __ 

Sales 6.733 (4.034 • tou. ns 19 tonnes. ■ 
InurparJeaal Cecea OrpanKailM rU S.. 
o nto per poundir-paily price heh. . 2 *. 
123 2IL''12J.jW>. Todlcaicr jpricei Feh. 24: 
I.Vday acetuac 127.10 ■ 127.39 1 22-dar 

average t?7 So » 128 , 081 . 


High Grade £ ' «? ! *’ 

5u 3T..i 6012-16 -41 J, 6050-60 

i nfcin(hi.| 8970^5 ,^7.6i 60J5-?5 
:(eirlem’t.| 6015 '—85. — 

St anda rd' 

Cash_ 60106 :-7S | 605060 

■i months..' 59oS-76 .—90 • 6015 80 
Ljfitlrmt. 1 6015 —75 

rSln.ll* ts..'i 2!>1638 1-40 , 

Xnr Ymk. — i . *548.50 


' £ 

-35 

-35 


rg 


-8i* 


MnmlDR: Siandard. Ihree mnndu ia.9M. 
to. SO. S3. 30, W. *S. 70. 73. 70. Hlsli 
tirade, ca-h 18,000. W.0IS. Kerb: 
Standard. Hirer momlv- i3.9>a. <0. m. 
Alterannn: Siandard. llirex monih* I3.97H. 
73. SO. 90. 95. M.W. 10. 13. 10. 11. 13. 
20. Kerb. Siandard. ihree imwilw la-WO, 
36. 30. «. 30. 70. 90. «. M. 3". "70. 

LEAD—Sleady »nh prices eanuiic 
iltriiucIbMii die rta> ■« kJwt-wircriup in 
a m.irkei tonkins uvarwM and prmnpied 
m ihe afieriUHju by fiirclsn eat+ianse 
ninvemept*. Knmard meial ataried ar 
077 and diwd un ihe lair Kerb al Css. 
The nei fall on die week was iia.s;a. 
Tarvner s,423 innues. 


COFFEE 


Robuc&m remained fairly' firm after 
early threat* of a dacltoo were averted 
by seod trade buyiag *r the tows. Drejel 
fiumltaoi Lambert reports A» New 
York’s - C J1 Contract traded ai lunn-ns 
in the jfirrmnon. locals In London covered 
■heir ahorfii. 


\j.nl . .. «f fa-SB.4C 47.65 46 ^0 

3J*c. ae.50*8.SI, 46.3040.50 

4m-Iin 40.53-4*.56 46.40-49.50 40.40-40.00 
Jlr-eci■. 50.40 30.43 50 15-50.20 50.40 49.60 
n.-l Ud- slb35I.M 1.10-51..'5 52.M-SI.S5 
J.n-H.. 55.80 55.43 S-SS-aLSO- 53.5852JU 
SnrJiir -4 90 5* 95 *.#0-54.58 5* 30-54.60 

-llr-Via. 5b.*0 36.50 36 Z5-5b.30 56AO-55.S0 
nn-I in 57.35 50 00 37.7557.00 5* .00 57.55 


Sales' 2 S 2 i.ktli Inis of 13 j nones. 

Physical vlu^n* prnvs ibuycra - were 
»oui 47 .‘ip »47 fn" March 4Vp isainn: 
April as ito i same • 

SOYABEAN MEAL 

The markei dpeliwl UMriianied but Siwa 
vomnerQjl o'lL-iuc »uou poshed values 
some £1.39 lower. SicrL-ns urakneis 
ai^adled the mark-' sliamiv 1 L the rlo»e. 


‘£:.-*i luiiiu--- - 

A|ieil. 105.20-053— O.S5106.10-04.70 

luce.. 104.10 04-? -0.05 f04.10-0i.30 

SuauW~ . I05.»D5.4—0.40 105.40 04 M 

IVXidler 103.20-05-3 —O.I5 — 

lientoihe-... 105.30-66.3-0.20 — 

rrhnnir... lfi6.5O-O0.B — 

April .. .. .... lBfi-59-IO-O- 0.50 - 

Sales 100 1 57/ lois af fM toonpi. 


SUGAR 


L'OFPKh 


Yeeivtlnj'a 

Ctonr 

-£|*r tonne 


■ + m- Uuunnt 
tWwie 


Mii.-h. 1601* 1.1. rlU 1700 1841 

AUv. 15SL0-1554A +8.5 1354 ISM 

Jnh.1*40.0J4SO.-0 *- 1.5 !*/2- «* »• 

*ei*wiiber . 1408.0-14IBJ -9.0 IIS H» 
Wemt*!.. li 75.0 13904) + 5.0 - 

-l.nian .. . 1S35A 13MA ,5.0 - 

if■>.-<._ .. U 00.0 (335.0.1 7.5 


* LONDON daily PRICE tor raw aiesr 
£J05.M isinif a tonne nl. Inr Feb.. 
March 'hipmeni. White •vutar daily price 
Va» fixed ai £114 36 I.,aiuei. 

Ttie market ’firM iraded around near- 
mslii level-, but vmn toll a wav under 
renewed tons Uqiudjliun. rennriy C. 
Czarnrknw. Lo»»e-> nf un to 13* pomis 
were recorded, bui later rne weakncEs 
nf yreriins made Rood all ilic h9P. 


.-usar 

Pi el. 1 e*l "ilai » 

urilui. ■ I 1,—f 

i'.am. ’ 


rirriamv ilnvilira 

■ l,«e UiFlp 


Sale-.. J.4*’ i .l.flvj i Into fit 3 tonne-. 
ICO Indkcaiar prices f>ir Feh. 2* iU.S. 
rn*.i per iwiuadi: ilulnmbtau .Mild krabna- 
101 an itaPU' - unwa-dted kratnra- liSini 
• I9J jo.: uflK-r iljld Arahica- HW90 
. i«4fi:i: Hqinaa- 172 .'a» ni4 3a.. Daily 
| m.ui.' " ■+ <t'[ p.ui. 1 +ra averace 1-1.73 ■ 164.2:i 
l.kJU) I iifiltiai — !l'no«cu. LONDON ARAtICAS—Firm rrinline 

_•_-— --iubh,-r riruuMakuht and ihr -iirenRib in 

It ’ £ . £ A* Vcw Yurt. The markei cln-ed up iu 

IV. I,_' 276 .6 -i-Z 276.5-7 .* li *2 so hlsher Iron last mcht Oreul Buru- 

5 mom I w.. | 881-.6 +2 1 281.62 -1.5 ham Lamto-n 'epon^ - 

wetriw'ni! 276.5 +2 j -- . Prices-^in order, buyer, seller, .tuner. 

V. Y.S^a.: — _. - : - 

Morning: Cash £276.3. diree nionib# 

£278. M. Rl. M. 79 3. SO. Rl. 50.3. W. 

80.j. 91. 51.3. 51. Kerb Three mnailw 
£2St. *1.5. S2. Atterruun- Three mondis - 
g&L KJL 83. 83.5. as. SL\5. >2. 81.3. IT. 

Kerb: Ca^h 1277. ihree monih# £282, 83. ~ 

S4. S4.5. S3. SS. ST. GRAINS 


hits)ncKSt—.April JOe.BfidH.ie 

-6 23: 

•2P0.B5- 

96 J6. 

Juue 

IS2.03-82J5: 

+ I.Srt. 

JrtS.Io- 

*1 JO. 

• Aik. 

U5-M-7S2B; 

+ •36: 

17.1.06- 

72.60. 

Oit. 

HO.0O-SL25: 

tO.1V 

Ifil.Su- 

«.1U. 

Dec. 

lJtB6-33.5fl: 

-6.13: 


Feb. 

1*8.00-30 06: -6.73: 

nil. bales » 

• 1341 

HUB Of 

17.538 tal«r. 




gl|IC--P6U back . after forward metal 
liad advanced Ironi #2Si te J243. Inilnn- 
m» thr pattern In lend. In dip alter- 
noon the price (dipped IP L'toaC m Hie 
Kerb al £239. The oei tall on rhr week 
wps 111.73. Turnover SJ75 topper. 

«.UI. f (Hi |l.m. '+ «a 

XI\r I OHM* i UniNUriA. -- 


WHEAT | BARLEY 

1 faterdayV + nr Leatrrdav » + •“ 


i. ].-■ l-amr 

Mai. h . 107.U0 07.25 lb< 40 U7.50-108.25 BE.05 
Ma«.. . I le.M 14 06 I '5.45 13.50 114 50 13 00 
\i.-;.. 118.85 18 40 M7 *0 I7.50 IU.0J If 25 

thi.121.80 21.16 120 90 21.10 121.75 20.50 

IW.. . 123.30 24.08 125.75 24.00 124.35 95.60 
March . 127 M 27.«0 127.73 28.10 120.08 
Mat. . I2S.75 30.00 130.40-30.60 130.50 50.80 

SjJra 2 17# •:.’4fi' 5*tf 'j I 3* inane-. 

'Isle and l.:le pr-rtiinrri price hr 
^raiinljto'J Iut. lilmr .iiaar U"a- r.*42.4ii 
• —antei * l-.niu- l.ir Iwnu- iradt- and llTu 
i -jmi'i l»r ril’Wl, 

Internahenal Sugar Agreemml—Indi- 
«-al<w nriirn tU ai. ivnt* par twutvl tob 
and -Jwued Caribbean pun ■ tor Feb 23* 
Daily price 8.37 >8.33-; 13-day average 
8.46 ift.4»*. 

EEC IMPORT LEVIES—The (olMiu 
limurl tevies lor u hire and'raw ,-aipar 
are etleciive for Feb. 24 m wills ot 
acenum per 1 P 0 fci)<"> iwilh nrerlou.' In 
brackM* 1 - White ii^ar •deoaiored ■ and 
jirm-denanred.—*4.72 Raw sucar 

26.63 namri. 


Camraci—Varrft- 33S.3s3W.f. SMULSK.0. 
57; May 344.4-344.5. 344.5-343.6. 49: Job 
34*6-350 *. 330 5-349.3 16: Oct. 333 5-3iS.R 
383.MIC.' s. 4: Dec. 35P .VSP.a. 3nfi.fi- 
339.V 46. Starch 9H3.0-3C1 3. ml. nil: May 
1 hh.(I- 3«7 S. ml. nil July 3tt 3-IW9.5. mk 
nil. Tola! vales: 17.4. 

MEAT/VEGETABLES 

COVEHT CARDEN—'Prices Hi .vlerlniK 
P*-r packagr -escepi where oihrmiie 
i'4'Nji—Innitcd produce: Oranges— 
Shunur Navels *,.n0-:i.4o. KI.mmIh 3.0IF3 3fi 
Saluvuan as 230.3.4*: Jaffa- ~.ilLl.9j; 
Cyprus 'avals approx. 16 V ito's 34 Sut 2 60- 
7 26 20 kilos •l.00-:i.3ii: F^ymiaii Da lad i 

i. 4‘i-2.l>0 MoriK<jaii 2.862.70 Lemons— 
Kalian to) 120 3 dfi-.l 2». Cyprus' 1M- 
ifiii: Spauia “. aO 13d, CrapefrniL— 
Cyprus 15 kiSis L , .44-2.i6l. 20 kilns 2 6U- 

7 iifi. .lad j 21) kilus 2 Ml-: 7u Sauumas- 
Spuiiij ‘I. to-! Ip -Mandarins—.Spanu 
- Ivi-2.il. Apptoi— l-reiu'h' 40-lb C.raniiy 
Smuh i:aiexory I wi-i. .Ml i.ad'Kury 11 

4 40-3 00. Coldcii DHIciimis 4 (ul 5 66. 20-11 

72 1U0 Ned Tjehciuiis 2.SO. afl Crmisun 

L'MI-.T.H. juiubll- thick. Pit pull lilt llpldrli 
D> litmus a.to-fiM. ilraunv Snilrh nu¬ 
ll l'l. Italian: Prr« pniimt llonir to-auiy 
n >2. iLnldi-ii O.-In-ioinc u 11 - 11 1*1; US: 
K, >< Drill iuus 6 jfl 9 'W. nrraun Xr-ariuntv 

5 00. W»shllu:liin: 1 iuldrn Dr In mils 7 Ml 

Ea«irrn -lair-* 8Wi.Hl. Iliinuarijii 
Hrd DMiiknIs 7 611: Daui-li. Mir 
Inipj-b 0.16-6.11. Pears—I i-jIuii: P.-r 
piiuwi Par'4crjs>ane 0 !_■-# 13. S-■ml 
Alncao: Clapp's 4 UII-4 2U. William- 

K"ii Ctamtimi B'.*d Phimt—Sniiili 

African: Vaviutas 0 34-0 30. Ned 4»e 
a 2 .Vrt. 2 s KHsi-> 0 40 Crapes—Calilnriiuii • 
Red Kmprrur per pnund a.34-0 '17. s 
.Uricau: V.'aliham Cross 7 Aluturv 
l.avalW is <0. Banana *—.1 am j 11 «n Her 
pound 6. l'l T|innei—Ivr h I iius. 

Canary t.jn.'l no Melons— 1 'hiiean: tireeii 
10 rtrt. while 7 tin Cucumbers—'.alljrv 

I .nfi-2.UD: Duirii -tor). Canlillawers— 
M.-raeT: 0.3BT"FTaiu-h 1 Sinn- Pgiaiadt— 
‘Catian- i'l kllu* '5.:dt: Cypru, 4 ihi 
.C etaiT—Spanish- IK.SAs 4 OU-t Capsi¬ 
cums— Kenya: Per pound d.".u: Canary 

ii. Ji. Eihiopun: 036 Peaches—S Ainean 

21 24s 2.art-2 60, Onions—Kpainsh- 2.4U- 
2.1.0: Dutch. 1.30: Palish: 1 2U-I .ill 

Strawberries—Californian- Approx 12 07. 
per punnet 030-1.UO: 'srarlr Approx. 

8 or 0 56-0 GO 
Eaplish produce: Pwawes—Her K-]h. 

While*'Reds 1 30-1.76 Lettuce—Per 12. 
Indoor l 30-1.30. Cabpaie— P-'r i-bac 
Ptibib fi.Sfl. Beelroat—Per '26-lb IM 
Carrots—Per hag 26-lb u.Tfi-i 2». Onions— 
Per jfi-th 0 60-1.36. Swedes—P>-r h jb 
Y orkshire 0.98-1.00. Apples—Per pound. 
Cox's 0.1 J-U.72. Brain ley's a.lt-e.la. 
Sparians n.io-p.u. Edward VII 012-B.14 
Pears—Per pound. Couferriue a.D9-0.14 
CPtnivc 0.M-6 Is. Sproul*—Per pound 
0.67-6 as Parsnips— Prr as lb 1 2u-l JB 
Turnips— Per 'iS-lh 1.66. Rhubarb—Per 

jiuudil 0 . 20 . Cucumberf—Her trai 12 3.N 

■2 20-3 40. 

SMITHFIELD—No carca-e meat price 

quiitod. 

MEAT COMMISSION—AVeraie lj|d.<ik 
priii.-. al re»iv-ei»l alive nurki'l*- »« 
Ki'h. 24 CB I'julf M.llp ver lit. IW 
i-9 '2*i: U.K. direii 133 111 per kn. 
hxIcv. *—fi2i; CB files 62Up per 
I v. ■ -» l.?>. England and Wales—Caul 
number-- ii» eliauar. aveiam- prue M.viu 
i-n 24 >: Sheep numbers up 7*i per ieiil . 
average prise 132 4p «—0.4.: Pia iiimibi-r 
d-i'.vn 10.1 per cent.. erase pme «!.>-p 
.* 121 Scotland—Collie oiinibi-r-. 11 P 3 

t>er cent., an-ravr price M.«r.:p > ■ ft'.?' 
sii«-p iiiimbiTs up lo 6 per cent., average 

pnve lli..4)i »4".:u. 


INDICES 


s*OJ ;5 pA1-44) 
£lo0 K-.-.l 

1 tufa . £175 

! . i toll 

l ieOp S8p 

3»7w»ito 


t Umimm. » Mwninu. ( Muoacaacjcr. 


1 1 ; • v v r 

1 anil.. 240.5 1.5 +8.75 S35-.5 -2.5 

4iu>inlhs..i 243 .5 237-9 -2.75 

tTfueitl..,.. 1:41.5 1 5 — •• • 

l*ian- Wnh _ — .. 

Mprnlnc: Three mOHiim JJ79. 48. 41. 
42. 41.5. 4'2. 45 42.3. 43. kerb; Three 
m«mhs 1343. 42 3. 43. 45.3. 43. 43.3. Alter- 
noon: Cash f&i. 33. S5.S, three wiwihx 
tr4S. 42. 41 . 5 . 40. 39 3k. Kerb: Three 
mrarhi BP. 37. US, *9. 

•OeuH- per pnonn. »On prsnoofi 

lUietfieiai close. 1 8 H oar jucuL 


M'ii.llc 

vk*e 


,-hve 

— 

Mai. i 

82.95 

'■ -O.S0 - 

70.3S" 

-6.46 

Afa.i | 

84.30 

•—OlW 

78.55 

-0.60 

1 

82.70 

-O. IS 

77.80 

-0.56 

,\or. > 

86.25 

—0-25 

80.60 

— H.*B 

Jan. 

87.90 

-o.» 

83.00 

-0.40 


- WOOL FUTURES 

*' LONDON—The nurVN wa*> uiKbansed 
m licbi trading, report EaUie. 

tPerwe per kilu> 


Hu-jnea- done: When— March 82 93- 
85.'20. JU7 44.3M4.s6. Sepl. 52 SVJ3.M5. 
NhV S5.3rW.70. Jan. ST.MSS^e. sale-- 
Hi tots. larky— March 782*3-76 65. Mav 
>'2.43-73.63. Sm«- 7720-78.13. Nor. 80 50- 
SO-75- Jjn. KBWQ-33- SaJa.: -*26 tots 
IMPORTED—Wheat: CWR9 So. l. 131 
per I'fih. and March to w Tilbury. 

II 5. Dark Northern. S#riu^ No. 2. 14 par 
tem.. Eeb. K.30, Mart* 81.36. tranship- 
mont F.a« Cnasi. O.^. Hard Winter ord. 
mutuaud. Aufrralan unnamed. SSC 

wheat imonoirtt- 

Maha: U.S ^French Feb., Ua:ch IM 


AiMtalUii 
Greut W-«“ 

Iriii’iM -r ■■! 
(."loan — 

hn*i»fs- 

Itone 

Map h. 

226,0-30 J 

- 1.0 

228.0 26.0 

Mai..._. 

233.B-»S.a 

-1.0 

236.0 

JlliV. 

233.0 37.0 

-1 5 

-- 

ik-oartier.. 

US.0-42.fi 

-1.0 

— 

Uerentber 

Z41.0 44.0 

-0.& 

- - 

Hairh. 

244.0-47.0 

-2 0 

— 


■Uat.— .244.0 47.0 -2.0 

Inly..-.B44.M7.fl -2.0 247.0 

Safca: fi t's. itU d f l-oW kilff* 

SYDNEY CREASY—>71fise mb order 
buyer, neHw, burmess,. oalea): Micron 


FINANCIAL TIMES 

Teh" L** - Fe | -I 23:Month tn Vp>' 

8^4.44 lafiiftT 229.98 : 277.35 
iBaxe: July”..’liL'=i00i 

REUTEH'S 

"t'H-. 3*-' Kid". 1-^1.. I“i J'tai "«'■ 

1379.9 1592^9 1403.0 1661.fi 

iBaar: St-piernber lX. I»U=180) 

DOW JONES' 

Tlnir ' Ke>-. te'.. M.-mli' te«i 

t-inef : 24 m-i- i ." 


.... 350.72347.64 347.73*08 B2 
Fnm to- '333.87 529.75 330^5*03 51 
1 Averako 1924- - 25-26= inDj 

MOODY’S 


Kel -. h- .. 1 U-ull h:\rai 

1»ly'i . 24 . '23 *C" a^>. 

-I,ie r opipavjBB 4. MM.0 S02.5 921.7 
iDeoemher 31. 1931s. Ififli 


US. IVIarkets 


Coffee and 
cocoa rise: 
cotton firm 

NEW YORK. >eb. 24. 

ill'tD anil |ir«t‘l»u.> meial- declined but 
s.'\dheaiii aaain ni'ivcd hiKher. Cunnn 
alvi >iat,iM a rally 4'n0ii- and <.fii:na 
were ihe nlrnnavsl markets ot all, Cache 
rri'i'n 

Cocoa—11 ari'h 145.nu ■ 129.I.i.. iJav 134.53 

• i 26 .u(ii. jui. 1:11211 s.-pt. l:s.&b. oec. 
IJfi -lii. Mar.-ti Ii't.vi. May I22.ua, July 

126 all -rllli-nu-u:-. Sail-.. 2,297. 

Ceffee— " Omirati: March IS5.36 
■lin'd!-. Maj IrH.56 .!o2.17-. July lKTlO- 
I.72.5U. &-l»l. 1 11 ..73. Div 1.14.Oil. March 
l::n 1 :. 121 .5U- r?r.7«. July 126.00- 

127 mi Sail-': Nul atail:ihl«. 

Capper—Kt-b i"..lu ■ ainv. April 35.70 

• iioUi. Mai .Vbju. July iJJU. Sr pi. 5? 210, 
Dw. 38 711. Jan uli.26. March 0!2II). May 
02 2* Juli 1132,’n. A. pi *4 26 Dec. S3.70 
-'■lllrlll'-lll'.. Sail-/. S."iU0 lrtl>. 

Canon—N'«. l- Mar-.li >3 53-53.t# 'S5.L"*‘. 
Mav ra..SHU-.;.n;, ,j b 77-. Jut? 3S 0IL59 65. 
iM. ja.:i5. Di-._- 59 .iu-59.77. March on tm- 
IiM 95. AtaV «l :aiM jil. Jul*' til.50-B2.lKI. 
silo, is-t.inin naif'. 

'Cold—March !>fi 20 • lf31i'i. Abril 

I»1 .W -1S4.IH'-.. June 1 s4 .ii. Aus. L«o.M. 
'1C. IS9«ni. Dec 162 5». bc-h. 193 to. April 
l»> 18 . .Imp- 261 l«. 4ii2 .'IM.IU. rifl. 
2n7.Hi. !»•*". 2l*i.In reHlriii-rii'-. Sale*: 

IU.UIM Id- 

tLard—i.'liK'aa.i 1. 21 25 Cl.Otli. 

New V'irl prim,- -ujiii 22 .-•> 

IMaite—Mal.li '2je:-226. i'.'WI i. May 
j:0>236: ■ 22102 ■ I||I> 228,-226. Sepl. 2Sol, 

Dec- 223-22H. March 2J*>;. 

iPlaiinmn— \pril 2'-'926-230 on i233-'Ui, 
Jul;' 2:CJ.3y-2Jj.M .227.26>. riel. '237.30. Jan. 
J4l.b0-24I.MJ April 245.CK1. July 230.10. 
Sail-.: '2.IS6 Iul». 

Silver— l-'eb 48.:.|»> ■ 499jin 1 . April 

4!nlM rdlMay 300.70. -Illb' ■"■OS. 10. 
S.-i-f. 31'i.rai. Ur,- 327 2*. Jan. .■.(! Ou. 
March 5-K.7H. Mav 54'i.5(i. Juh 534.3d, 
sepl. Suj.ln. Ih.-v. 77.1 Ml M-iilemvnls. 
Sa]t->: H.inii l„|. IIjnJi and Harman 
stint bulh .11 4:rJ «fl ■.'■at 5n>. 

Soyabeans—M.irdi SMI-.'ififi ■5N|i. May. 
5Sr..:-.Vt4 1 559 ■. .lull AUK ■’79J,- 

Sr|il. .■■!».». N'.v. 35 : Jan. 383-594. 

AlaiiHi iilll.. 

Soyabean Meal—March l.ilAs-lal/M 
' 171.711 1 . Alai i 1>.70- , .V» *1* •Jaa.fH*. July 
I1M*I>IP. Auk I59l'0-1»MI Kepi. 
TiVINl. "H 157.5V. De> . •I5a.0u-l.'4..'i0. Jan. 
Ihli iHHMl.'.u March Io’.Bu-InA 56 
Soyabean Oil—.'.larch 22 2i*-22 to • 22.03■. 
Mb' 22.II.--22 W. 121 f>:-. July 2l.rt.V2I.PS. 
All,. 2l.il*. | 21 Ui. iUI. 21.IMI-2I 

[in 2U 9V2ii.ro. Jail. 2«i.SH 20A3. March 
26 -U-2H **n 

Sugar—Nn 11 *'.iiilrj.a. March S 5S-flff4 
s.nli May rt.'Vyrt 1*1 .91*1*. Julv 92!3-fi2M. 
-,.|,| 9 4ie4 44 IICI 1 "VP "J. Jail. 9.73- 

yj.; Manii lu.i’i. May iu.5v-to.iM. July 
!U 1 , 11 -16 ill. .sale- 2.4ml hilv 
Tlu —1411 IHI.J45 lirt asked ' "-40 **" l-ltoli. 
•-Wheat—.March 'Ji.'-JV-: *2*J». Slay 
Jh'1,-2-4 .2-71-. July 2.rtJl-2*rf. Sepl. 276*. 
Dec. 2777. Mar, li 284. 

WINMI’EU. 1-,-h. 24. ttRye—.May 107.311 
bid ilOTW) IiiU'. .lul* l«i5 J*l a-kod 
I65 30 bids il,-l. I0k2*n a.sked. NdVi 

i oh 26 bin 

fiOats—Ma*' 71 ..JHI <7n.3n bid'. July 
3W bill • 73 . 761 . 1 Jc-1. 72JB bid. 

UBarley—May 78.70 .78*11' July 7S.Id 
Pul -T.rt.4l* hid-. I'd 77.1,0 a'kcd. 

4f Flaxseed— M-j* 22« Ufl bid i219.00 bidi. 
.till) 724 06 psfc.d .222.00 bid'. "Cl. *223.30 

i-kcd. *■■«. ' 2 ;'•.no hid. 

'■Wheat— SC WHS 135 per <int._ nrniein 
■micm dl Si l.awrem i- 150.96 -I3u»7i. 

AH iiHir per i-uund ex-tiarebo use 
miles'* uiii-rw is,- staled. ’Ps per troy 
nl,i„s-—I 1 W 1 on:i..- Inis ■ ChJcun loose 
■s per 1 no Itfcc—Ur-m. ul AS. once-, urr- 
inus <IjV. I'rtnii* Su. alii I ■■ b. SY hulk 
jilt car-. i'cdIs per 5i> lh bushel (■*- 
a ari-JioiLs.-. i.quti lui-.h'-l lnl». I Ss per 

iruy uuiiic lur jn uuiiu- umis of W.9 per 
ivui. purity dvliicr.d NY. ' Cento per 
irnjp oiinii - rx-u-an-hoiiM. •! Ni-w " 8 " 

nniruvi in Ss a short ion lor bulb lmx 
if inn shun iuil> ,lvli* 2 red t o.b. vara 
hicaoD. Toledo. Si. 1 .ouk and Altnn. 

1 I 1-11 is prr *ifi lh rnish* 1 ui More. 
-Cenil* Per 24 lb mirth-1. . remc p or 
f |h tuiH.ti-.-l ex-w orchou.'- 1 . . J* ‘''Ptc par 
..* lh hurthef cx-hari'hiiuyr. I.imu huchel 
lots. •SC per tonne. 



'.T- 







'xmmm 


IS 

BRITISH FUNDS (731) f 

IhP* Ar.i'l 2!B 
2-ntx Anns. 25 

Jot BnVsh Transport *1k. '97B-6B 64 "i»® 
v i.. 5 1’, : : i-,. 

J*:oc Com ;2\<s '• ; 

4ec Caw. Lr. 55'* 5 • l 

3';04 Conversion In. SG';® *» ’* '« ■; 

jo* Exhequer Ln. ?97fi-7? 99‘» ’i» f 

13 *oe E»cfteau?r Ln 1996 112'.® » 
<23 21 . ; 

3ue Evcicoucr iU. iSSi 37•• * »: | 

3oc Ejichiqucr stk 1953 82 «® 3'in •* l« , 
i- 3 2’t 3U2 .... . | 

S'*bc SjCKCcuer «*:. 1981 96'V * .. 
4,«0C EKHCOuer »|l. 1982 98"i.: •*«. : 
:*,. *» -i., ■* 

9-*d< 1 E*c<leaucr ?:k 1 9 R1 IOOi.O U 

I0W Eithcoucr ill- 1995 :U nd.< 90'*® 

10'sOC EvtlJnquer n*. 1995 <1S'. t95»e. i 
C30 pd.' 25'* .-. 'in 123 Zi 1 

10.;or. Exclicaucr ilk. 1997 929 1 ':A 'll 

1 2 UiK Evcheouer Ml. 1992 102 *9 3*' 

;: s ® j ’ii 

12.-IK. Enerteaucr *«-. 19921 104 I 

12-'.ek cuthtnuer ME. 1931 tOB-'ir .23 2) 
1AOC ElCtfCUir «» 1930 tOS'* 3;£4fh4 

S-iQT Funding i.n, 19T8-30 9S l «0 ■» 
ll, ft fl IPI 

S'.oc Funoim Lr.. 19ST-9, 711 TO'« *j 
(ioc Fundine Ln 1993 65-» '' ’* 

■fi B pc Funuinc Ln. 1965-87 82- i*4 *0 

j W Fondifiq Sn 7 999-2004 .Reg.t 39 m i9 , 

5*«ik* Fund inn JiL. 1982-E4 36 l . '• • I 
6*.oc Treasury Ln. 1995-93 68U 7Ji I 
T",bc Trfisurv Ln 19S5-BB 36 >» S « 6 * ■ 

7*rpc Trossurv Ln 20;2-1 j 72' ®_ '•« '« 

3d; TraaSuir Ln. 2002-06 76'.O * 

8'iDC Treasury Ln. '9S7-90 as'‘is® 6® 

S t *. ■*. • "i. 1* 

8 -pr Treasury Lr. 1980-32 97'i«* V® 

R -Bt 1 Treasury Ln '914-86 93‘t 4». 4j 
J\ 4'. 

B ■or T.easury Ln 1997 BO*-® '■ .'■ 30 
Oa<: Trci'urv Ln. 1932-96 82 * ** *® j 

nor. Tr^tju,, L" 1992-96 32'• '- '•* 


4 -OC Treasury Ln. 1999 871-*® 6*- > 
13m T>-a;urr L" 1983 107 D -*•* *> 

12. -iM Treasury Ln 1993 1D5-"« *« ■’* 

)2*.oe Treasury Ln. lg?r 'D” 1 "® •: '• 
lZ'-oc Treasury Ln 199 3-109 

13-tnc Tr"»sur* Ln 1997 J»0»® •; •. 

•« 10 

13. e; T-easurr Ln. 1993 115 ■« *. IS 

14 -or Treasury Ln. 1994 1171.® i, 17 
151-SC Treasur- Ln 1996 I26"i® ,® :.• 

13:00 Tteasur* L". 1993 123'® ? s ' 


sifc 


■ Reo ■ on nr aller 


3 .-DC Treasury 

U7: :iy$ ■ •: 'i* 

•*K Treanurr «l 37 - .® R ■ 

3oc Treasury t:L. 1979 97'.-® 6 > 


1932 R6‘.® -1 ! . 

1977-80 tRcq y 93 t 
i. 1979-81 90 s® ‘.0 


3m Treasury sit 

y'-or Treas urt srl 
4 3 :-, n 

>*.□« Treasury »* 


5M Treasury Ml 1936-39 iReo 1 71 'i® 
“0-«® it a TO'- * *• lO 1 '!* I1 5S'.- 
' -e< Treasury stk 2003-12 rRrg.* 521;® 


R'.ot Treasury 


«iv 


5982 95‘<® 


r,nc Treasury wk. 1953 98 =7® « : : 
o -M. Treasur, v.l. 1980 101". 

9'iK Treasury s‘.l 1951 10. -544111*® 

1001 » 1 I00 _ i l’s 

lOu-: Treasurr Mk 1391 89 1 .® 90'i-O 

-:® 39'.. 90 33\ “O:. 39'> 907 
10 s: Treasu.-y. v.K 5 97? lt».' ■»« 

410 -nc Treasury sll 1979 103"i-.O ; 

10‘ n- Treasury «:V 1999 9' ‘ !•' ■ 

2 1 ■■ 

i|:.oc Treasury <!>. 1979 104*. ’• 

1 1 >-m Treasury sH 19!* 104-. "i. ,- i« 
n‘.pt Treasury siS 1991 101 . "i- 

2 1 •; 

!2d'-. Treasury «l l?93 102 t-O *. - 

1 *. 

13oc Treasury Ml. 19?0 110*1® 'i® '.® 

5 4p.' Treasury srfc J9S2 JlS'i.:® 
27 64 tn>n 

9k Treasu.v Cn». Mi 19 80 ion*., ''i- 

vani b'r Kate Treasury *|1 1W’ 

Variable Rale Treasury slk. 138. 9b 

J':PC War L-l.r 36 .. .. *- 5 ■ l i-i 61 

British Elfctrloiy 3 .nsGjd.SiV. ’976-79 
BS'i 6 5". i:.. 4 id: Cld.slS '974-. 9 I 

97'yffl *i • 

Bnti'h Gas JpcGld Stl. 1390-95 49«« * r I i ' 

fjnrth at Srcjland M/qro-Eleeirie Board 
ra oi V-oKard El-cmoty 4acGid s:k. 
1971-78 95 -0 

Nertncrn Ireland 6—®c E.chcsuer *tl. 
1070.30 *9’i® 7pe Escneauer stk. 

1962-34 a.a -21 2» 

tr- ReCeinntior stk. 10B6-96 46"t :2S‘2» 

CORPS, it COt'N’n—L'.K. (48) 

FREE OF STAMP DUTV 
London County Sue 25 • 5PC 82 .- 5 ;Pt 

1377-B1 59 . 90 >21*21. 5..-PC 1982-B4 

PI • -232/. S'.-oc 1 9BS-87 739 3. 
Bar. 95 *. 6-.0C 74 .23)21 

CerD at London 5MK 95% *23 21. 6 ;P£ 

99-|. -.22)21 fi iftc 661.. 9‘rOc 97 -® 
fi". P -pc 100*- i23 2l. 13‘.PC 112 . 
Greater London 6 .pc 69 7\pc 9S -® 

3 ‘-. 9’.o< 93'. 123.21 9 ;pc 93. 
12 -pc 1932 10S 4 - .20(2/. 12 .-pc 
1953 106 

A.r County 6 -pc 97'. .20 21 

Barking 7*<pc 59". .22,21 

Beth 1 T.dc 101 : 1 23.'2 1 

Birmingham 7-.pt 90 -ZT2i. 9*.oc 97 

Birmingham DlS. Council 13«c HO*. 10 

. 22(21 

Bootle 7pc 93 j® i23,2i. 7*.pt 98® 
Brighton 6':nc 971. 

Bristol ‘Citr W) 13PC 107 .21.21. 13*.pc 

107.® 123;2l 

Bristol Cora. Deh. 3 ;nc 27 B'< >2112). 

7-.pt 92 *. .23.21 
Camden Bi ; pe 9S .. 120.21 
Cardifi City Hoc 'Of. 1 
Cardia Coru. 7oc 37 - .21 2] 

Coventry Coro. Gpc 9B • i2J-2i. 7pc 

39* > 23(21* 

Croydon 6*.pe 55*. 123 21 
OunhRrton County 9':ac 97'- 
DundCC Coie Annuities 6'. '24,'2i 

Edinburgh 6 '.pc 98*s® •* 

Gloucestershire 5:-oc 92-*. 

Grampian Regional Council 10 ,«k 100 
Greenwich 6'-pc 99.'-*-; .23 2i 
MampshKc 9 4 pc 99 '. i23.'2) 

Her-.lordshire S -pc 91 : 5 ck BO. 

■23. 21. 6-at 78*. .23 2/ 

Islington 10pt 100 . .23 21 12'.Oc 106-; 

•20 21. 11 pc 107*. -23 21 

h-ns.ng;on Chelsea ll.'.at 'Fy. bp . tot 
v H*.pc uss. a: £98.5oc E5o oo.- 

Krnr*Countr 5';PC 99»i- 9'a <212l. 9'.oc 
*>9. '53 2i 

Lanark -hire CC 3 Bt 97. '23 5 -. Bp,; 
"i'll 1 >23 2* 9-pc 100 : :® : 

Leeds 7: ;P c gg*. 123 2* 

Lincoln 1 Ipc 105'. *23 2' 

Liieracol iC.'.y et' 13 ;ac 108 
Liverpool 3 -DC 93-i 21 2. ° -o^ 98 

Manchester 3nc 22 -. «20 2*. 1891 3oc 22=. 

21 2. 4oc 30 *21 2* 

Middlcsr.s CC 3"-PC 92-. 

Me-«faille-uopn.Tyne 9:.ac 98 .P \ -23-2■ 
Norrhampton Bdc 9S |.,0 h.-® 

Rnad-ng 3a-. 22L® .23 2-. 3-.sr 27® 

23/2* 

i-. Helen- 11 .Pc 101 <23 2* 

Sal'ord 5i-pc 67'. 

Soulhend-on-ica 9'.0C 93"; <20 2>. IZ’.pc 
105-'. 2t 2. 

Suuihwari b'-ac 27 .22 2. 9'-ac 100’a® 

•23 2 I. 11 1.PC 103 2 ; iZZ 2* 

5t.rl.no CC 7 .oc 97'. >23 2. 

Turoerland '2.pc 105-'.® 
fnrrc* 6ec 93‘. "• 4 J- <20i21 
Swansea 3 :oc 2S'.® i23'2i 


Taitw-Jde ’OVk 98it» HIV*: 

Uss. a; £99'* or El Dec nd.i B't J. 

Walsall 9 -«pc ifiQ't (22.2* 

Warwickshire CC 12^PC 104-*. -5L rZ3 2> 
West Herts. Main Drainage Authy. 9 : aoc 
96 122 2* 

Westminster I3PC 107 
Wig*n 3oc 23-.® '23 2' 

SHORT DATED EONM 
FREE OF STAMP DUTY 
11-peBdS 100IN: i23 *■ 

1 D'.-pcBds 100.283® 100.285* lOOU.; 
9-«3dBds. 101.965 101 968 101 9S5 10 
*23.21 „„ , 

tOPCWs- '01 
JOpcBds. 101 ■« '21 -' 

aiipcBdi. 100’- *202* 

E "ipcBps 100>.; '20 2. 

S'.PCBdS- 99- '.* '* 

6'SPCBdS- 90'■ '*? 21 ... eg. 

71'PCBdv IQ9 100*Hi 1M.52* 

100.S2? '2A21 
7-‘«pcBds. 99 * ■;* 'JO 2.- 
7'ip:Bds. 99'. *221 21 

f?- l !2fcdl 00, 6 4 -160« 104.16 3® 

g -PCSS-.. RCB 98'.® _ .. 

10*--.nc BdS- R« '22 9 *21 M-; 123 21 

Pl : BLlli BOARDS (21) 

FREE OF STAMP DUTY 
Aoricuiuo i M art Cars 3 OcDd. 97 *. 
,11,31 ± -pcDa. 7a i21r2^ »p:D^- 1959- 
83 62 3kDi 1979-83 77>.0 * ‘. Sj# 
Db. 7T-. <22'2'. 6'iacDO. b2-i0 -. >2 j( 2*. 
EWtDe 671* y.acDb -.981-6* 64 s 
Ii“i ?1K»- I99T-93 bp-. 2C.2' 
9 oc0j 94 *! i21.2i 9':PtDb. B3 «® 9 
9‘iaeDb 93'-® 123121 1*'.PCOn. 113: 

■ 20‘*2i 

Finance Induitr. IDS';© '23 2i 

Meir?oal'Un , v / ,r *, . _*?;• 

.20*2. 3at5St*. 31. Si;p>S.k. 88. '.J|' 
Port LdndJ" Authority a .PutL. 30': 

• 20.2i 5-.ocS«l. 981. .29.2. 

P-rt Tyne Authjr.ty Mbit. 37 8 *72- 2 * 
Scottish Agr.cultural 10'rtJC 97 >22-2i 

COMMONWEALTH CO Vi'S. (7) 

REGISTERED AND INSCRIBED STOCKS 
Australia IComcinweattbl S' : pc Res S«L 
g>i. a <23 2i. 5-:« 19.6-*« iOT'.- 

(21 i;I S BC 1976-79 97®. 5 <w 94':^ 
122 2/ S‘in*: 1981-82 B7', 6b< 1977-80 
92'> *. 6sc 19B1-B3 84® a i23 »1. 

7dc* 90*. 1 722:21 
Jama.ca 7nc 99 (23.2) 

New Zealand-3'.P.C 79® >23 2.. 40C 97 .® 
ran 2) 9UK Sai; >23 2:. 6 pc »j® 

.22;.. 7 .PC 36 * -22 Si 
f/yasaland Sue 90-.-O 

Snuuirrn Rhodesia i ,g= ®0 2 'f 1 2.‘- 

3pc 68 121 *2). 3'-pi 1967-69 6. 1-1.>i* 
31-DC 1980.35 -B'l- i21 21 4pc #6 

121*21. 41-pc 1958-68 63 '21.21- 4 -Jt 
1977-32 77--I-. (22 2. 5oc 87 21.21. 

Goc 900 

FOREIGN STOCKS (R) 

* COUPONS PAYABLE IN LONDON 
Bahia 5PC Fund Bnd> 191S ao ;®,_ ... 
German Intnl. 5-:pc SUP BdJ. 1910 3S5 

■ 20*21 

Japan SpcStlB-Ln.- 1983.SE 86 
Bctteham Fin b -or Bnd:- 97 • /20 2> 

I Cl intnl. Fin. 6 *.pc Bnds MUS62-92 
87 •» 120 2> 

Rani Org a:-pc Ln. 58 '21 21 

STERLING -FOREIGN 
CURRENCY BONDS 
1 Finance oi (na. 9 .-p-: 9S>® 

Flsons Int. Fm. lO'.K 101U® '*• 

Stars Int. Fin. 10‘.pc 9B'i® '*® 

U.K RAILWAYS 13) 

Canadian Pac he nCSl II'- '23 2. 7'.pe 

; PI. iNCIO' 605®. ape 49 <21 2>. 4oc 
Db 36'. 6 

FOREIGN RAILWAYS <—) 

Antolagaata "Chllij A Bai.-ia Rr. 18': 
.21,21. 4pc Ob. at <20 21 

RANKS (19X) 

Alexander: DiMiur.t 235 >23 2. 

Allen Hinrt» Ron 465® 5® 

Allied < oh >'25 b, 154® 6® 3 

ArbiKhr.Cl Latham MldSS: 153 i22 21 
Australia N2 da Grp -5AI *■ 260 
Bk. America Ci>r.. >»U51.56 2 51 14-. 

Bl. Leumi-Le lirael 16 i2l;2i 
Bk. Ireland 330®, 

Bk. Montreal 3C2) 11'« —2» 

Bk NSW ‘Lon. Reg.I -1A2I «I0® 1! 

>23 2' 

Bk. Nova Scol.l '\C 1 * kUSl . t 
Bk. Scotland 255 73 _,y« 

Barclays Bk. 312© 30 15® 8-::® 1*0 
10® 9 7 3 5 2 10 o: 6 Z%"‘ 

Barclays 8k ’Uhl 7::ocLn. 70-«® ..0 
, Brown S-iiolcv Htoos. 200 
Can. Imp. By Commerce /tC2l 16 -.23-i 
Cater Ryder 2*0® '23 21 

Chase Manhattan Cnn, .1US12 SOi 19 it 
C.litcrn .‘SU541 13-.- 

Clive Discount Hidg». '-Op* , i , _^ . 

Comm] Bi. Australia '*« 

Do. "Is*. SAt.751 113 Do- t'A ; ‘ 

Co^npacn'e Fmanctcie. Oe Pari* Et Das 

DetucK ■H. F Art?crg*ie«iscna« Br. .DMaOi 

Fraier 4 nsbacncr 1 Dp 1ll 

SiSS, AYd. g- 2d™. 

- GnnriMvB H&‘.25o. A’»* ‘£4. 10 9 
Guinness Peat -«ll . Ln 70'5 

i Sf Va^u’e^Groul^'sp'^-*» "■ ’ 

! Hongkonp Shanghai BkB- Con. i>HIC2.30* 

] JoMifn ^Leopold. Hldgs 165 
' Kcvsar Ullmann Hldgs i25p* 37 : • *pc 

K^mw^rt' 2 BMison Lonsdale '250* 

I klovds'"Bank C -53« ?© 5® 5 7 as SO 3. 

' MnfrL^Hanover iU* Com Stk. 'SUS7 59. 

■ 20*.: »23 2 


This week’s SE dealings 

iFryrftau February 24 . 5.173 f Wednesday FAnuir 22 .............. 5^7 

■BS])':::: *» l «•»«. "■ 7U 


Monday. February » 
Friday, February 17 


4.5W 


.w •~»»» -u. .t. — -..-»“ r —r**^. w 

CM. •»« •» “"n 1, ^riJSl’m'uiebfflc'S 

da,*s Official Ljsl No S JSwi- ML «ce*n»lY 


rite Itw MIBW retanlf *11 
i the dote (In »arenLhr*C4>- 

The Hum bet v dcal'PB* marked m each Httftn feileuw »* «4»w «* »« 
• urti.p Unless otherwise denated sharp* are El fully paid on® «*ck UB6 rully 
: »a,c ' suck Exchuiie Ktainii®* aimed in pounds and rracUona er p«i«®* 

. or Ia pence mill (ractians of pence. _ .... « 

» The litt below hiym (he P«i«* ■■ D »f n » fj" J?, 

■ The SiocV Edclriiisc h»c bten ncBrtid *n The Slack chchan^c “ a ^ 

. .r! . . ' ... ... ®Uine*4 «n mark haranM. UCMi til <0(da 


in order 9* execotroo. mid only one MW^ 1 
price l» recorded 



'.Financial limes' Saturday ^ 

8.*.' SI-PCLO. 471-. <aa.2}. TUpcLn.^S^ f P^V- 

ft™? 

quern* - euro, 




ciussi ; ISSS BiirflDBifc 





Utx. Business MaehWM -Coro, 

A'Si'd <20(21. auwuhNbi 
ao/2) 


aO/2) * ■ - lar .CnVn. S4'xQ '23121 

imirnik ©' i50p> 65 f;_ . f- 1 * . LPhjliS* Lamp; 

j. b. moss. 

15PC.PI- <09!* . , ,2 Sb|- fO~r2U2) l Plastic- CcUMnwian, .-■ iyy^._ou 

Jamaica Suflar Sstalo 23P PU*i0n’s-f5carbcrcOCWT*23B? 

JSS i5 


Highland DlMlIlerlre 'Z0P_ 

Higsona Brewery '25oi BO '22(2■ 

Home Brewery 5 - *pcP* 51 «■ i*2;2. • 

• Invergoroon DiMiiler* <Hld«* » '-an- 8*® 8 
123 21 

inih D.StMen Group -75P* 116 
//■.acaCan-Glenlivet (ZSpI 290 20.-' 
Macdonald Martin Disl.nenes a -50p> 310 
21.2 


Bristol Evening Po»l U5 p- 10P *22 2' I C ?}"I* **n *7® * 

Bril. Alum.nlum 'Is* at 1800' Z 1 ®'* • u yioSl^30 

20 <22 2.. 8pcPl. 47< : <212' /SSfcSJ EwTr.rol 

Brit .-American Tobacco SpcPi. <6 '3® 2 ‘ ; C fl!"hlncd Electrical 
SocJiJdP, 57'.-. 7pcUMcd.Ln. 32 i20(2't _•*'.« . 

Bnt. Amur Tobacco Inn. lOptnud.Ln. B5 
10 -:pc Unuid Ln. 87'; >23.2i 9'jPC 
Unscd Ln 1*0 


' : Elec. Machjne i2Spl 23 (23)21 
1 EJee. Rentals Grp. (Jflrt 


Manu.anurero 6i j IIJlSt'&kS^Tf^' ” 

(,2 iB . 76. W|gB.tSS?SaS! , ^fi .. 

I Ellis Goldstein iHidSS-J .tSoJ (9 1 * (•* 



! British Ic/iand Motor 6t»L 

7'iPCLn 47. BpcLn. 4B : ® 8. 


Tomalin Distillers i2Sp/ 

Vauu Brews. (25P) 97® „■ . pck , 

Warner Mann Truman Hide* SpcLn. SB-*®' 54 50 

WmLbreiid A <25o*< S2 ! - 4 3. 4 ;pc1stPf : British Mohair Spinners i25o.‘ 37 6*. 

JS-, (23 3. SerSrdPI E6 (20 2). * ’.BCDh ,21i2i 

*;:* 12=21 6-.BCDD. 6S 122 21. G'.;pc13b. British PnnUng >25P1. *0*-. 4.2pcBPI 
S7*.- f20-"2i. ?:«DtOb. B*1 t :r2D-:)'. 7i*pcJ 43 723/21 -t . 

Ln 67'* : •Z©2\ Do. 1995-99 641,®. British Shoe 6 -pcPL 57. 


.21.21. 6.;pcP 1. ' SB *20-21. :. 7D*Db 

8S'1 121.21 7|KLfY. 65:.-® 

British Sugar 440® 35 

. 20p) 5*'-® *® 4 


llDCLn. 155 -21J2 

. Whitbread Innt iZ5p. 74 (20 2) 

WotieeftanuKon and Dudley r;SoJ (90® _ 

6p"7Pf. 5i® 49'- ; British Syphon i20p) E*>-» 

Young and Co A fSOpi 150 <23 21. Do. 1 British Tar MOD) 47 <21(2» 

. NV. ord. (SOP! 124 (21 2j British V|« <25pl 79® 8® 8 9 Bl- 

Brlttams '2 Sd1 Z9-’ 

•*ro*:bDnn^e niSwA 57 ■* G'- ■* ***> 
Bran' Engnp Ffldgs (10o< 35 ‘-0 -* 
Brook Street Bureau Maylair MOO' 
/2D 2 > 


CornoM Drwscj f5P> 9’z (2I>2) 
Corn^rc^oJi i20o) 47 a 

gsysujs;. ja 

i C»taln "(R^nardl jZ 2^nr 3 b 700 ** 
s *«pcPr 48 ; Country Geni'emen s Asa«- 0/ <WJ _ 


CANALS A- DOCKS (2) 

. Br.stal Channel Ship Repairer* MOpi 
Manchener Ship Canal 210 i23'2. 


fW ^iK "ipcDt'H =:• BlaucDtA 7ij*- 
TocDti. 72-V 7 '2W1 ' r****, . »«■ 

EDiCure HldV (Sp« 10 h -**«« 

f®p) ID »1 10’s ai.2>- Do. *«-5.j 6 

41;pm <20*21 _ . 

»y**h liSpl SO C22J1 *17*5119* 

E&oennza Trade Trans-J l 2 ■=*' ^ 

^ "QOl£ 



. Mersey Docla Subord.t/ns.Ln. 17; '23 2*. Brooke Bond L.ebio i25p. 4S:;® S’;, 

• JlyptDi. SO® <23 2-. 3-apeDb .1979-89* S 5 *.«Db 75 :. TScUnsec Ln. SB'*® ■ 
37C '23 2>. 5'*oeDb. 72. 6*-«eDb. 42- 7:-pcUn*ec L". 631- •** r20 2* 

: 21 21 _ _ _ Brooke Tool Engng.• iHldQS-* '250* H : :l 


I Courtaulds Knitwear SUPcOb 68', 

I Courtney. PWt '*?! * Z ® 

i Cowan, d Groot (IOpi 5B® 

57 i Cowie IT i i5pi SB's .„ ,, 

Cretlon Hldqs MOo) 26’: (--*> 
■Crest Nicholson IIOd) 72 


E^ed ”w»fc'V2SDl 17® rz3fl) 
B »ode HldoS- <2DflJ 71 • _ 

e«y.allMir jewellery i5o) 19® 19 
Expanded Metal t2Sol 6® 59 

P.M.C <25P) 70 (2312) 


COMJMERCLAL (2,909) 

A—R 

AAH (2 Sp> 107® 7 
AB Elec Prcas Grn .'25 d' 96 
. AC Car* >Sp) ao <23 21 
i AcCl 5-:PCP|. ■ R21 30 -212/ 

ACB Research -l Op / 35 4 3 *: A- 

. .23.2). New d.OB) 19 20 
APV Hlda*. >'5bOl 133'.. 10-'«pcLn. 146 
AVP Prop,.. 7LpclstDb. 70'. f20 2> 
Aaronson Bros- MOnl 53 a. *.25PcCnv.p(. 
-5*; :23'2i 

Atercom li-y*. .RO-30. E6 
Aberdeen Con G.-p. >25*11 


Brooke Tool Engng. iHldgs- 

121-2". 12pcUnv?C-Ln. 50 '23 2' 

Brotherhood /Peter' fSOPl II* *23 2* 
Ay-;*.n TvrFcen Ton' 36 
Brown Tawse >25pl B9i- >23 2> 

Brown Borer) Kent <25pl 445 
Brown Bros. Con. ilOpi 23*. 

Brown (Johni 291* 87 91 86 3 S 
Brownlee >25pi -49® 

Bruntons 'Musselburgh> *250* 

Bryant Hldgs. '2 Sp' 52® 50 • 

Buldin ■ A F." I5pi 23 A <SP‘ 23 i 
B ulmer Lumb * Hldgs.' >20p. 43 /23 2> 
Bunzl Pulp Paper i25d> 10 
Burco Dean 
Burges* 

Burnett . _ 

<22 2. A '25a IS9® 

Burns Anderson >10p. 35'- *22 2 
Burrell '5pi 13L> 13 <21 2- 
Burraunns Machines SL-PCUnsec.L 
22 2 


Croda^.ntnt. . 52 3. ID aPCLn. ™ j 

Cr||a‘ , D.OChem.c»l* G». 7pcPt. 53 95?“^ " — 


' Crosby 1 5Drinp. Interiors f JOB! 15® 
Crasslev Bu ld.no Prods. *260/ 65-. 


, Farm Feed Hides- £50) 

' Parnell Electronics CSOrt 7®2 '23/2) 
Fan-el Brldoe BpcPf. 2». Jt^oraj 


4®-5 


CrynalVlV iHldnS.I .5p' 19>® =0. ; (23 2). j F- ; S»|^J. ( N 
Cui?rn-s 0 5lores P i20pi 85®’i23.2'. A * XM 'i KSSSS" S.S&S'pf. 


3-BSPC 


ean >25 pi 631- 120 2- 
Products /Hldgs.* *7io> 36 
Hallamshire Hldqs '2sni 


.. . HMvi. (Z5p) 93® 

lr 8 f c *rH Br one Hldos i25»i 19's 1 FOrfy^PIckiS^ng^rmio* (lOpJ 70® SBti* 
Scuii-Vs uSEt 170® 3® “*70 «* 1 1 Fidelity Radio.nopj 70 1 


Currys I25p) 
Custamag'c Mlg. 


.-I0p> 21® (.23:2 


*wvTif a, ?A kriBld' Channel Pori Cement . B u‘ r fon Gwo .SOp, 170® A >50p. 
Abwood' Machine Tools 'sp. 12=. .23 2. 7 6- Warrant* to sub. IB ; 9-« 
Acro« -25o) 112 N.-Vlg.A i25ci 74 ‘ Bury Ma*co .Hloas.i - 17i-p. 80® 


ry Mi_ _ ... 

Bull.n s 6:;ac1s1MLDb 71® 
Butterfield Harver 'ZSo. 62 


SpcCnt.Ln 

Adda Irani. MOnl IS® Z-- I 

Ac.sn-- Laundries rlCol ■ 23 2> 

Aowest Grp. 25 b> 230 
. Aerl.rae Elrann Teoranaa 10-ocDb. Bs.i 
(2121 t 

■ Alrhv Inds .2OP> 43® 4. Wrnts. 9 - 
7 ":3CLn. 61- .10 21 

Airflpar Streamlines >25 p> 6B <25 2) 

] a. cion -lOni 7." 

; Albr.gnl Wilson s25p* 97 5 9 .. 5ptPl . . 

. 40:. 7:*p-:Db 70: >'21 2". SjcDb. 74 cHSviis > 'iov*”?J IjT'l. 

• Alcan Aluminium (U.K.i 9peL» 141.. Caledonian As'scd. Cinema* <25 d. 44J: 

.Callender 'George M.i .top. 23 2 *23 2 
16-.® A Rea- Camtord Eng ilOni 61 2 


161 i Dale Electric /I Op' 131 •: 123 2* 

I Danish Bacon a 112 
I Dartmouth Invest*. , Soi18^® '% * 
B3>- I Davies Metcalle tIOol 30 3 i2D 

flOpi 25 120.2/ JO _ 

I02D, Davie* Newmah rZsnl 3. '« a 

dcU nsec. ' Davi* "Godlreyi '25 p> 81® *^. * 
j [>avy Inin! f25bj 2 18: 

Dawson Intnl. (ZSfli 10- 


, Findlay (A. R.) Group <i5pl 23? 

!Elr6. A 7j.,°17Si 

! Firth iG. M.I (Metth) HOPi 27 iZ2/2).‘- 
' Fisher fA.1 Group (5 p) 1 Ola " 

■ Flsons 34BA SO® S 50 S *. SpcDb.-BB. 

' Fl^Clf C tm«fi B /20or*4-« 4 -31; 5: 1 Ji! 

A ,2Sd» 1000*. pnih? W, ReiueIlfn« <2 «l^ler«-J ' ^Sp) TOS 
<23(21 - 


C—D 

. C.H. Industrials M0 p> 29 10 
I C.N.A Invests. >P2> 35 i2I2> 

I Cabellorrg GrouD <5p. 66 2’ 2>. New 

>5n> 64 

Cadbury Schweppes iJ5p. 51® 2 1 50 I: 
50: : 1*.-. SdCUnsec.Ln 78 



Lx mg Oofta) 

tJjrd Grp <25p) 76® l>. SUbcDd- ?* 

LM* Elliot R5 p 1 55® 5 fZ*? 1 ' „ . 

Lambert Howarth- Grp. *2Qpi 3€ fa! *1 
Lament Hides- .V10c>> T9® HBI21 

Laporte industries. 'Nidgs-i tSOot 90® 3 2- 
-.BpcDb BB*: IZV-ai - 
Laurence Scott <2 Spi 109 II- ■ 
Lawrence LVrt«**■’■ - rx5o .‘J,® 7 
.Ltad Indusarie*-g£B. • CSOoi 136® 

ii^Bas^td?SJni» S 'lsPI 41® I23’2r. H‘:p* 
'lmSms^^bmS^T^OPI 4£^a «® CZSlDJ 

S . Arthur' najnw 21«; * ■ -. . 

Lee"Cooper- Giw. !2 Sp) 1070 9- 
Letch rWllllam> 'FButiderel -120Pi T8 (7tK2) 
L«Wrf» lavteeeirts. rspl-157 . .. * 

JSFSItS'I-w.l'SS.w oml-- 

LeSnev Products (Boi 61 123*11 • 

LetrasM ItrtenwMottai (1 Op/ 9B . , 

Lox**Svvlce ^ droiip* (2S» 9SH* 

Second Series wrnts. tn sub For 

LLwland Palm Wallnaoer (S® fjjt- 

^Ley'S Foundries Eng. [25p> 60 (2T*-2i 
Liberty ZOU (2021- _ 

Llden CMldoS.i rjOP%73li . 

Udston* (Spl 70 (24*3* • • 

Lilley ’F. J. C.l (2S.pl 76 '.23 21 • 

ilncralt-KUudur Grp. (IOpi 5S £21rt' - ' 

Lindsay WUUams J25«0 36l«-22 2. 
Uodustries I25ni 12B®' *S-J 6i*«d3b. 6SH 

UneV^Conerete Machine by (lOlti 30(25.121 
Lin food Hldgs. 425PI 1 *S 


410 >22 2*. 


Aleva riders' Hldos .Se> 


>lg. I5a< IS'* >20 2>. 9-:pePt. BO . 

,21'21 

Alennora Bldg Services a^pcPi 86 >22 21 
Alginate Inds. <25pi 2B4 5 >22 2> 
Allebone Son* *10ol 18 
Alida Packaging Grp. i10p< H : 120 21 
Allen .'Edgar/ Balfour i23n> 59* B 123 2*. 
7 *.e:Dh. 71 -22 21 

Allied Colloids Group >10p) 68® 9 >23.'21 
Allied Farm Foods BpcDh. 74'. <2112) 
Allied Insulators i25p) 63 >■ 4 
Allied levs. 10pcCnv.Uni.Ln. 132 >22 2) 
Allied Plan; Groun .IOpi 14 <22.2> 

Allied Polymer Group lOpctlns.Ln. 93'* 
< 22 ; 2 > 

Allied Retailers *10ni- 193 6 12121 
Allied Suppliers 6pcLln» Ln 64’*® *, 

<2 3.'21 

Allied Tertile >25pi i 31 <21 2. 
kmalhjmi'M Industrials >25o> 19': *23 2i. 
7cx.Pt. 431;; 

Amalgamated Metal 270® 680 >23 2' 
Amalgamated Power Eng. <2Sol 111; 11 
Am»til 1 (AT) 170:9 
Amber Day Hldos. MOpi 23: 

Anchor Chemical i25p'i 65 i20-'2i 


■ 20pi 950 7 


•20hi 90®. 


• 20pi 69 
■ 25 pi 60 


■23:21 


-r:Ln. 


<20p> 33 


6 7: 

„ .. . _**pcUnsec 

La 910 I 7 -pcUncec.Ln. 80 79 
Mm*t«- Asset* '2 Sp* SS - 

National Comrrerc.al “J*?- 0 Pl® u , p , iT 3S 
7Q;<U 63 :* 8 6 llbCPI 91® 23 2J 
Natioral BK. 4 
'\A1 ■ 182 


Anderson Strathclyde <2Sp/ 48® 
Uns.Lo^ 661* <21/2/ 

Anglia 
Anglo 
Appley 
. Aaaise 
. tSp) 

• Ariel 
Arlington 
Nc*# (2! 

Armltase Shanks Group '26pi 65 
Armsvong Equipment tlQpi " 


Campari 

90 

Camrcv .Hldgs. 

Cann.ng -w 1 
>23 2. 

Cantors . zrjpi 

Cape lndustr.es Z5ni 113 .23 2i. T '.pcDb. 

72 : |23>2I. 7 i.pcLn 64 -20 2* 

Capital and County Laundries -IDpi 500 
Caplan Prohle ilOp) 7? 

CapDcr-Neill >10 p1 SB® 

Caoseais <Sp' 43 ; * 3 
Caravans International i20n> 79; 80 
Caries* Cane' Leonard .100' 330 
Carlton .25p> 1650 i23,2i 
Carpets International i50p) 41 
Carr (J.j 'Doncaster 
■ Carrington Viveila 
. 7 . BU 9 75ncDb 
Carrnn Hldgs i '25 b 1 *8 '23 2 
I Carr s Milting '25o> 43® 

[Cartwright ,R i .Hldgs.l -10n. =r. -21 2i 
Casket -S.) iHh*qe.l -1 Ool «2 *21.2s 
Cato [In I35p. *8 >20 Z> 

Caterpillar Tractor n p.v. 35‘- *21 -21 


DCCCI i25P 
*D0 365: 

Delta Metal 25p. 68* 9 - . y-,-,. 

54:- i20'2). T UpcOa. 74 3'a (23 *J. 
lOlpcDb 92- 
Denbyware -25 p* 77 
' Dcfltsolv 9ocLn. .86 p: '-D-' 

6ja , Der.tend Siamamo *5Qo' 153 
Derntion (IOpi 17-:® 

Desouricr Bros. i25p' 1170 
DewMrsi H. J.> HOP' £<® 7 *23 21 
Dewhurst Partner .10 p' 16':'16. A (10oi 

Dickinson Robinson i25d'j 11 B>® 13 16. 

7*ipcLn. 70U® • 123 2) 

□lOloma Invests, dspj 137® 6. 10>;pc 

Ln. BO® <23*21 

D>«on iDavidi 6pcPJ. 55 <21 2> 

Diaons PbPtPO >10 p> 137® 6*c* ■ 
Dcbson Park Inds. >100' 73: ; ® 2:j 
Dorn Hides. ‘lQol 66 


i i25p'. 44 *20 31 _ ' Diradfl H'dgs. '23p 69 =; ‘23!2i 

*Z5o' 39;-i- 5:« !, Douglas iRobt.' M.< H/d?s i2Sa- 96 <23 2. 
In 7 ®.'' *22 2* Oowd.ng Mills iSp. 23*-® ‘;® 


A 12S0J 402® j ^231^^ ild|j . 123I2J . 

pcDb. For* HltWC. 7.7nr Ob 7* *20(2) . 

' Forrnum Mj®n BOO <2j/3J , 

Forward -Technolomr lnds. (SOrt | 7 >n 
roceco Mm»n >25 b1 134 S 7^ <|S/21 

Foster Rro« CloUiine ,52/5, 7 

f others! 11 Harvey '2S0) (2312) ... 

Fronds IndiWS. <25ol- 5S . . . - - 

Franr.g Parker 12-t® <23^1 
Franklin Mint Corpn. HJ57\i (*3 2 )<■ ' 
Freemans . ■ London SW91 <2501 243® 5® 

Prench K*f HldQS. 'ZSbl 2B » . 

Frenrb n"homasl Cl Dp' 85 _'*5W. -.7 - 
Fricdiand Doggart *25o> 91 t21-2> ; 

. • - ' *G—a,.”- J v. 

GE1 inwL. -IZOBI *tii® 

G.R. <HldJS-i '.60Pl ^2Z--* 2 3.'? J Wa JoV.'m 
Gal la her SpcUoa-Ln. -1983 B5 JB i23J2) 

, ballifoni Br l no lev lSp) 58-« , 
jiGartord Liiloy iSo/ 16 <23.2. • - 

Garnat Scotblalr <250/ 96; <a. Ul H 
■ 23,21. BpcLn. bo; u: 


I Garten Engineering i.l Dai 35 I22j2> •- 
‘ Garton* flOpi 8 .22-21 , t , t • 

I Gates tFranlp G.) <25pi 54t; -27.21 - 


7 -PC Cattle s . Hldgs.1 *10pi J2 ■ 



sSk ir»ar , 2i , w« v *.«7 S ;*w»«Tsw”a 1 &2B. 202 noci 

M 30- 27. B New 333 30 lO'-pcUnsec. Asscd BISCu t Mire -ZOpl 70 *23 Z). ! CnamberHin Cryjp i2Sc> 43; .21.2/ 

Ln. 910 1 7'-pcUnieC.Cn- 80 79 3_.o5ocFM U:. -L 6ncDb. 81 ■ Chamberlain p j*acs ilOpi 59 



SchroderV 360 *23 2'. 8 UocUnsec-Ln. 

_~2:- '20 2i ... „ 


Simc Darby London 'JOo* 5b *2 
Standard Chartered Bk. 37S 5 
I Unsec.Ln. 103 ; '23 2' 

Union Discount London 400® 390 i« 


13-.-0C 


BREWERIES Oil) 


Allied C25»i 80 78 j 9 ': 7';pcPl. 70 

.22*21. 4'iPCDb. 1975-05 88-.. Do. 
1979-34 73L. SHPcDh 75*;. 6-oc 

Db 1984-89 65® *i® - 6*-ocDa. 6a 

■ 23'21. T'-piDb. 68:- Bi.ptLn. 4S 
-l.-pcLd. 53. T.--pcLn 654. '21 2r 

Amai. □.'-tilled Prods. .'IOpi 32® 2 '23'2) 
Bass Charrlngton <25n* 14.1® 2® «0 35 
41 39® 9. 7otPl. 6 3 S'-ntDh. 19i7- 
1975 93';® '« Do.- 1987-92 47 

S.UdcOB: 1977.79 961. • Oo. 195.-92 
74' a'ipcLp. 44 1-. 1 '-ocLn 65b 

Kellhaven -125 b 1 - 42o 3 ; '3 4 
Bell iArthon Sort .SOnl 20S® 1 B 
Baddlr.gtpn* '*5 p) 141® 39 
Brown 'Matthew) *15o' 102 
Buckler’s -2Sol 45 -'21 2i 
Bulmer 'H. P-> (2Sn) 141 2 39 8 
Burtar.wood <25pi 141 
City o' London Did. *25n' S5 .23 2* 
Caura9C 3‘.PC®B. 76 *20 2. 4 .PLDO. 

1982-37 74: ; -21 2/. 6 -acDb. 69'- 

>21 2 - ' fipcDb. 73 '21 2' 6'iDCLn 

53 :0 (23 2). 7 1 ocCn 62. <23 2* 

10 ircLn 87’; .21 21 
DarcnP-srts (2jp> 91* 3:0 20 
□■Stlllers Co <50PI 167® 4 ij 5 '.' 4.. 

5 6 4. 5 ,-aCLn. 41':. T: 4BC Ln. 68:C 

; f*. I0 5;cLn. 9t:.-® ** 

Greenall Whillev >25p. 105'.;® 10 9 


Downing. *G. H.r'SOp} 210'i22/2 
□ owns Surgical ■ 10o« 32*: <20 2} 

Dowry Group <50 p; 16a 9 7 
□rake Scull Hldgs 'Zap* 23’:®. S.6oe# I w— 

P* SQ -® 1 Geers Gross . Nw» iIDp) 39U- U-f23.23_ 

Electrical Apoliances <10o> | Geller ,'A^ J.l .' 20p^ y _C?jf 2 J ' '■ 

General Electric <2 Sp) Z47i;« S® fi® 4® 
53® W s 3 ( 1 i: 7. 40CUni-Ur. 89 
■20 21. BprtJM-Lii. 1979-84 78^ (23<2). 
7 uucUns-Ln. 67=.- 123 2/. Floating Rant 
Una. Cap. Notes 1986 ipoa. 99«:® lOOHa 

General Er»glne«rlnol10p)21®19h 
Gestotner. Hldos. &5t»). 169 <71X2). • A 
(250) 172®. lOpcUns.Ln. 116 
Gibbons Dudley .75t» 60® -597 60? 
Gibbons 'Stanley) Intnl. <25o)-1G3 
Gibbs Dandy Ti Op) 33 <22:2} 

Glddlngs Lewis-Fraser 551 122-2}* 

raf| W Du8U5, D, (2to? 205* 7* 4S 

.IOPI 63 *. 

Glaxo &/-ocUns.Ln. iSDp) 3H; , 2T.'2). 

T.'-pcUns.L-n. <S0o) 34V. 

Giaao Hldgs. <50o) 527® B* 35® 2 25 
? S: 7 30 28; 34 28 3. 7>pcUni.Ln. 

C *G*t->nV " !2 ° 01 ,,3 “ 13 S- ocUriS-Cri.' E.C. Cases >10 bi 15--0 i G<e4Xn 'M.J.i /Contractors) M0B)'n2® • 

r 7 h 6 urr f h 2 ° f2 2 ^, 17, 70 . 20 2 - Ts^pT If* =* RiLM ’ S3 *78? 2 ^\•"*» H « ,d *"« S 5 '^ 

q.rk* ‘CiariT'N%V* cSmb* 69= 87 > 7^65U gl 2 YJtLn“l989-94 %%Db.*'# fW«i? 1 offil 

Asscd,_New,papere Grp C2 Sp, 14, 2 4-. CI ^*. T , ll3 o, 27 .2,(2. \ mV*’ ^ ^ \ -25p, 65 

E- ’5PI 1 H 12* 3 1 58 , *'®' N ! Cpldrel lOi.i Foueard tnd Son (250/46® 

'Lancashire Paper Group .25o1 47 .23 2 
Midland Ariicd Pr-ss -25n. 74® 0312. 

A .Limited Vtg.) .25pi 70 
Eastern Produ'e .H'dgs' tSOp) 82* 

Eastwood J. B . - jp' M 


rhamberlin Hill -ZSis. 34 .20'2* 
Chambers Fargus So' ts*- '23 2 


As*cd. Book Pubs. C20P1 1900 90 

. ,.m. ■ __ • Aisd. Bril. Ens. *,2 : ;pi S*- Change Wares'.] Op) 20r-.' iZpcPld. 19 

Australasia >Lon. Reg. A*scd. Bril. Food* l£Pr 56. 6'.PcOn. 79 Channel Tunnel Invests- rSnj 47 
<7; 2'- S'.PCLn: 2J.; .23,2). 7' : pc Chloride 05 0 i 94^.® 5® 5 
UhL-n 20 -22 2) -Cnnsl.’s mini .'Op. 74 5 

Asscd. Dame* -23ol 215® ,7® 16 , J , Chrlsrlc-Tylcr 10p) <18.-0 "35 


Durap.oc Intnl. .2Sc 112® .23.‘2) , 

llocPi. Duttgn-Forshaw Group •ZSin 411; 40'j | 

Ow-»-*'GraBO - IOpi 9*«. <7I<2, . 

Dvkcs -J.1 Hldos.i .23 b) 24 5*i .22/2). 
SorPi. 40 '22 2. 

Dvson -J J ' <250- 52'.! -2,l2». ANon- 
Vta. S2':® » , K2* 


2001 1 & 11 
AiKd. Eiec inds 6pcOo. 82 :® ,, 

A**Cd. SnS. I25P* ,1"® 14': 1 3 : 14 
Asscd. Fisheries -25p' 4« .21 2i 
A**cd. Leisore SB/ 47-.; a 


Asscd. Newspaper* C*rp (iSPI i«i 4 •--Clark-. .T.i i 10nl 27 .2 II2> 1 

6 *wLn. 54 ,. r't3i 5-nr ~ ! ** : 7n Dewandre Hldos 68 <2121 j E. 

A4*«f..P4Par (r.d». <*.bP< 49 <*3 2». a :PC ri herd Snell '5 p 13 '212' ' - 

PI. 3P-7 22,2i. 9--PCL.. 9. C'lflord's Diaries A t25r* 39 -22 2. .1 

Asscd Portlar-d Cemen. M!r*. -3*® 1. ciutcom-Penn interna*,a tal 7i:ocDn. 74'.p I E 


E—F 


IG 2 I _27. a -PcZltuDB. E2 *.20 2l. 5® . 2 J 2 *. 


7 pc CL 67'. 23 21. 9pcDb. 77 23 21_. Ccalit* Che.n.cal Prortu:,' 25p. 65 6 

lO'iscDb. 59 . -22/21. 6:.PcLn. 4 B r.cate* Brothers A '25oi 67 


*2 3.'21 

ASSCP- Soraygra .IOPI J1 

Asscd. TV Cpn. A i2£n 
Aitbury MadClev <Hld9S 


Coats Pi ions <2an> 67:® 


fi. 


7 6. ECora >10P> 61® -23 21 


130® 100 97 
iSo- 40 41 


it 


£1,250 PROFIT 

in iust2 hours was my record” 

il md I made £19,250 

last account” 


Astra Ird. Grp. UOp) 19 '22-_2' 

AtKlrs Bros. 'Hos:ery» -25pl 5. '.0 !l 
. Audit- Fidelity -IOpi 30 ‘212* 
Audir-fomc Hldgs >10si 36 < 

Ault Wribura Grn. >2anl 29.- <21 2i 
Aure-s Hides. '25*/ 82 1 

Ausc.r (E.) Sons '.London/ .-5 b' 64 

Austin 'F / .Levinni -Its* 120 -232i 
Automated Security 'Hldgs • *)0p. p*®. i 
!dcP< 131® . ‘ 

aulomot.ve Prods. '25 b) 89 ,® SpcPI 1 
43 -22'2i 

Avans Grp. '5p* 29 *« •• 

[ Averrs '25p. 'I'l-r 2-:f _ 

A.or Rubber 131®. 7*«a<Db. *0® 

! Ayrshire Metal Prods. '2*5nl 47 r23-2ij 

BAT Industs. .25p. 287:® 8 90 87 92 ! 
39. 6 91 901. Old .23 p* 2490 4 00' 
52 AS) 50 48 53 47i Bi. 6 5: 50 45 , 

BEA Gp. lOpcDb. 54':® <23 2, , , .: 

■ ICC I50P 99® 70 B 9 !00_97 . _&»:)« 

PI. 53': <2Qi2'. 6 ipcDo. -• . .BcDb 

- 73. T-’.ncDb. 71 70/. 1212- 
BOC Intnl <25p> 62* hO 3*«® * 3’- 2 :- 
41. 2 4. SpcTonnageDb. 1958 

39~r- .23'2'.. 9peTonnageDb. 1990 85 ; 

BPB Industs. "SOp. 215® 10. 7-ocDO. 

BS 12, 2'- 7-jPcLn. ,32 

BPM Hldgs. A i25p> 46® 

BaC Footwear 5acDb. 35:.« 6.-9 6 S-: 
BSG Intnl. 12 *;pcLn. 100 .-« _ 

BSR UOp- 92-;® 90® 1 90. 5 ,-p<Ln. t>6 

BT 2 R -2 25P' 220® 12 17 16 
Babcock Wlicoi <25P' '08. 7pcLn. S- : 
<23 2 
ailey 

Bailer .. - , 

Ba.rd *W.' 14 6* 4® 6 


Jailed liquidator 
freed to finish 
company returns 




Coral Index offers a free market for you to 
exercise judgment and foresight-a big opportunity 
for gam. 

The index is based on the FINANCIAL TIMES 
ORDINARY SHARE INDEX and a client can buy for a rise 
or sell for a fall, any number of £1 units up to a maximum 
of £250per full point fluctuation in the F.T. Index. The client 
can close his position at any time, at the prices quoted 
daily by Coral Index Ltd. The maximum period for holding 
is 30 days, comprising 2 fortnightly accounts, when the 
position if not already closed is automatically closed at 
the precise F.T. Index figure. 

Coral Index also makes a'market on the fluctua¬ 
tions of the Dow Jones Index and you may Deal daily 
from 10 a.m. - five hours before the New York Stock 
Exchange opens. 

Accounts opened on approved references or * 
margin. 

Accounts opened immediately for members of 
recognised Stock Exchanges, Commodity Markets, 
Partners or Directors of Merchant Banks and Exempted 
Dealers. * 

External accounts, may deal freely on margin. 

Our closing price is published daily inTheRnancial 
Times on the Money Market page. 

r™ Write or ‘phone for full particulars " ™ | 

j CORAL INDEX LTD. & • 

J A inemberof thcCoTal Leisure Group vA/ 1 

I Eerkelcy Square House. London, W.l.Telephone STD 01 *<93 5261 ] 
a T4l#gisphicafldr9so:Cer3i'Jp7, London. ’.V.l. z 


A CHARTERED accountant, who 200 rases of company insolvency, 
spent three nights in prison rnr He blamed his delay? on over- 
his “ jitrsisit-ru failures” as a work, shortage of staff and raov- 
company liquidator, was released ing his offices from Southampton 
conditionally yesterday by a Row to Baker Street. 

Hteh Court.judge. Mr. Fisher said in a statement 

Sir Robert Megarry. the Vice- read to the court tbar. if re- 
Chancellor. said h<* would allow leased, he would submit his coni* 

_ _ Hr. Anthony Dennis Fisher three Pleted returns within the nest 

^ Jc''h'°m^b' C 7 °" ' b^iqf-V^z'V 2 . ' j wks to cun,pick* his returns in two weeks. He also undertook to 
B».rd r *wii 146® a® 6"' m ‘ m *' the winding-up of two companies submit returns in other outstaud- 
Blma*A* r re l, f 25 p , ? S 44 i , * fl0p ' 91 := 2 ' j before the court decided what ing cases by April. 

Binrior-d* <».. 42 U3 2 . further penalties to impose. The judge said that the office 

tenro E con B *it,jk n indt*£ zoo> 57 'j Mr. Fisher. ;< chartered accoun- of liquidation was both impor¬ 
tant since 1952. ts in practice as tarn and responsible. Statutory 

A. D. Fisher and Co., of Baker obligations must be complied 

Street. London. An order for with, orders oftbe court must be 

i his committal to prison was made obeyed, and orders for committal 

llBt .lhis week after the judge found must be taken to mean what they 
_ M1 . , him in contempt of court for say. 

MfeTrortun'd “ '&&• 76 . 7 M. 6 4 . ; Tailing to cum ply with orders to "Liquidators who do not obey 
«, Yru-t-hir^ .mo. s’™ 2^2 submit return* in the compul- orders oT the court must expect 

foscpi. 'oe® <23.2') ' ' sury windins-up of Richard Aron, committal r<» prison or fines, or 

■SSMn J ciwh a ? 25 ®f ! 'iie s .s l 0 2 . and (h «-* vftlunlary wmding-up or both, unless they have some 

Be»ttie .j # . a >Re*r-*ts.. *25e* 92® ao Carcforrt Plant. genuine explanation, ' said the 

Bbecbi”' &?iup , i25i»i 6 i2'i B ® 'is® 2 o it The tom in ill a l was sought by judge. . 

15® 12 17 15 19 14 10 11 ior 6 u: Mr. Patrick Howell, counsel for After referring to Mr. Fishers 

Uns.Ln C'C. b *.PiU ni.Ln.. C4 — B ;oc M __ c 4 ., , ( __ 

Lns.Ln 77. 5acCnr.Un*.Ln. 240 


Barset 125P-. 30 >23 2 . 

Barlcr DoO*an ,10 b' 12-. •: 

Barlow R»na <RO.iO* 186 7 

Barlows 120 <23121 

Birr iA. G.. <2SBl 200 -21_2* 

Barr Wallace Arnold Tsi .Zap- 65 
Barratt Dvlu".nti. "IOpi 103 2* 6 4 
Barrow Hepburn Go. "25 di 45 4 b 
Ln. 87 9 -21 2‘" 

G ■ Hldgs. *25a 


Bclam Gs. *10 p' 61* 2® 

Bemrcrie «25p. 66 <21 3> 

Benlord Concrete Marn.n-rr -I On 

tZSIZ'. 

Btflloa Hldgs. -20PJ 2S .21.2- 
Bfttin Brel, '25n! 58 ■: :2Q:2l 
Bengali* HOP) 26 *23*2) 

Benilma lndu*ta (25n' 27 '25.21 
Berisford ‘S. W.; '25pl 203® 2 19E 200 
Str'.ilntda <2So 1 63 '2S2: 

BH!oee<l *25o) 151 <23 2< 

BeMwooO 'I5 e) 131 <23.2/ 

Bett Brw '20p! 64® 

Bevm lO F) 'HldSil *5p< 16® 23 21 
BUSY 'J 1 Sons 197: 2 4«otOp 88*: 
<21 2J 

Bifurcated E«9.ne*r<re 125 b) 48 >22 21 
B-llam .'J.J <10 d> 42 
Bird f Africa 1 '25 b1 14 

B.nnld Quale.:: '2 50, 66-:® M ) ; l | 
7':pcUns Ln. 64'. 

Birmingham Mint '25pl 59 "22 2) 

Bishap’s Stores >2S»l 180 »20.2) 

Wselt Edoinatsn .50ol 102 -00 3 
Black Arrow Group MiOpl 26® 6 4 
Bljrir 'Paler) Hides. >25s) 129 23 2) 
Blackman Canrad 120 p> '*-23 2} 
piatkwoed Hedge <2 Sdi 76. 9ncCiv.uni> i 
Ln. 98 123 2) i 

Wandefl Noakci *H1 «iei '2Sp» 218 i 23*2) 
BlJkev’s (Malleable Casiifigsi 25P' 43t* • 
BlocWevs <20pl 6S <23'2< 

BIuMird Contecrionerr Hldgs *2 pPI 1o3 , 
12112 ) . | 
Bluemel Bros. i2SP< 66 .13121 
BlundcH-rtrmoglaac Hldgs. ; 23i»l 62 <20*21 * 
Foardman 'Hr O.' irtnj. <5ni 17 
Bodvcote- Ir.tnl. !25o) 610 >23r21 
Bohon Tevtlle Mill ISp) 10'r 
Bond S*«MT Fabrles '1 Qd« 35 : -® 3. 7••me 
Unscd Ln. 64 ‘20121 
Bonser iTns'fl. <20o1 21 1; <20 2' 

Booker McConnell <500. 195. 6pcPt. 45': 
Boot iHenrv. Sons 4.2pcPI 43 <22 2. 
Booth -'Internal. Hides.) <25p> 63 l 
Boots <25p> 139’a® 5® 1 5 2 4 j «i. 
6ocUn-Cd.Ln 78: >23 2'. 7=.ncU<iscd. 
tn. 69 

Borthwick <Thoma*i Sons .SOp* 67® 7 
Boulton ■Wllllainl .Gp." HOP" IB :, a-ac 
Unscd. Ln <23‘-2' 

Bourne Holl ings worth -2501 82 
Bowater Con 166 ?Q. 3 -«jc1 SIDd. 59 

•23 J). 7pcLtnscd.Ln. 75 4i s 
Fowtnorpe (IOpi 54-- '22 21 
Brahe Leslie <!Op> SO® 

Brrid Gp. '5P‘ -T7 -23 2< 

Frame <T F and J. Hi 6pcPT 3* <23 2> 
Branmer iH.) .20 p* 122 20 
raswar rlOp' 33 4 2 


Gomme Holdings 81 79 80 
Goodwin fR.i Sons (EnqlnAet®. <10pl 10 
^ocHvear Tyre and Rubber AJapeDb. ®Oi 
<23|2 i 

Gordon (Luis' Grouo (T0i».19 (25(2< 
Gough Brothers <20p) 50 '22,2< 

Gough Cooper (ZOpr 78': C22iZ! 

Grampian Holdings <25p) .53 2 
Granada .Group A (25pi 85® 4 
Grand M«). (50p) 9D-.® It-® 90-*« ,• '*2 
Z>7 3 2': SOt:. Wrr*B.:i1.10.(23/21. 
SpcPC. 40*:®; 6 (.pcPr^SOi-®. B'-pcLp. 

99® 102>. 10/ttLn. Tqzi-® 2 3 

Grattan Warehouses-T25pi iTOi* 9 8 ID 
GUS (25ol 2580 A <25o'. 205® 570 61® 
54 6 60- 50 2 5: 9® "9 5 23. SljpcUi. 
40W (23(21. SUpcLn, 70'.. <23/21 

. Greatnrinan* Stores A (RO.SOi 107 (20'2> 

■ Greenhank 'Industrial Holdings <10pi 524 
' (22/21 

I Greenfield Millets* JlOpl 42® _ 

I Green's tcooohiiser Group (25p‘ 75 (20(2) 
Grinder rods Hoi ding* . tl Op, 52 

■ Grouo Lotus Car (IOpi- 41 (20/2) 
Groveball- Group. • 5osi 16 - 

Guest Keen and Nettle (olds 262® 6£® 5); 
1. 2 3 4. 64-pcLn. 62 (20/2). BAipc 
Ln. 80® BO , . . . 

Guest Keen Nettiefoids (U.K.i 1-OicpcDta. 
90I-® - 

Gunn (A.•. HJ'.yjcLn* 79-*4® 30* a3''2/ 
.80* (23/2) ' 

H.A.-T. Grp.' (10P) 35 .- . " 

LlLT.V. Grp. (250) . Ill _ 

I Habit Precision Ena. <5p) M® 

Hadeti Carrier C2 Sp) 90®. S5;pcPF. 38’ . 
Haogas rjonn) ilOp. 961 
Hail Eng. (Hldgs.) (50p) 060- 
Hall (Matthew). (25P> ■ 178® 

Hal lam Sleigh and Chasten .Cl Op) 21 'a® 
Halms (lopi 60® 

Halstead (James) (Hldgs.) ClOp) 16*® 
17 (23,-2) 

Hampson Inds. CSp) 12L (23:2) 

Hanger Invsts. (lOo) 24'a (22.2i - 
Hanson Tat. (25p) 126® 5 6 
Hardy (Furnisher*) (Sp) 26 <22,-2) 

Harris and Sheldon Grp. <25p) 43i-® t- 
Harris (PhHilp) (Wdgs.i Uop) .65 (21,2) 
Harrison and Sons (23 d) -61® 

Harrison (T. C-) <Z5p) «B 
Hamsons and Cross eld Lz^tO ta; 

Hortl*. MecAtoery (ntn/. C2Sp) zi® 2ot 

H p7 k< 5 O ? d a02) <i/T> ’ 17 84 ' S ' :PC 

Hawkins'and Tlpson (2Sp) B6® 

ttt 11 ,2 

Hrionc oi London (lOn) isi, (22 at 
itenoerson-Kenion C20o). 61® 

Hcnekey s 7-»c1 st^S4^® 

Hentvs i2ap) 1 ,€■:*-.23.2/ 

S2I2IBIP {Arihur) (,0 p) 22 <22.2/ 

H l?- (23;2) J 50,14 (Addleatcine) t,Qp] 

H n , So r 22 t f- Urn, “ r * TrwleaJ * Non-V. 
Htpwortn Ceramic H/dgs. tZ5o) 76® S 
o L 

H ?Sr? r ?l_<-!■) Son "Dpi ss... JptAPf. 

“•iLCZSZt- lOPCBPf. (SOp) sale 23 2) 
Herbert CAlfred) 7LpcDbs: 65 1 «.20*2i 
Herman Smith c 1 op) fi 
Heron Motor Group i.2Ssrt- 930 mot 
Cr.v.UnsJjt. 147® 

Heiimr (JSp) 109 8 


the Secretary uf Stale for Trade persisient fnilures. he added: 

and the Rcsislrar of Ccihipanie.*?. “The time of solicitors, officials. 

S3 The hearing was .Mr. fisher's counsel, and the >-ourt must no. Hctvocn t-— - 

second aticmpi tn sain his re- longer be spem in Ihis extrava -1 Herwood wiiuams'craupisopi'.'Vo® 
Ic3*-e. On Wednesday, a similar 2 ant way ^ or oofurcina liquidators I 

application had been refused. In do whal. in law. they are H obs hiii ,25pi 7a® 7 U 
His counsel. Mr. Ebon Hamil- required tn du." ;Hifi h *smit® 2 (? 5 g?° 42 4 aoii ,a) 

Lon. fold ibr judge (bar tfie corn- Although Mr. Fisher had given i 1 *!?? <c/urf?s, a < Bristol -i 129 ( 2 SH 
mittaj had had a salutary effect "proper expressions of regret.’' IIunk ri'L' G 7^«' 100 ' ,s 

on Mr. Fi-'hcr. “ It -vas a classic he had n«t purged hip contempt. . 

ease of a man taking on too much said the judge. He said he would 
work.” he said give his final ruling when the 

Mr. Fisher was dea/ing wrirh case resumed on March 20. 


Women’s pension rights 
will be preserved 


BY ERIC SHORT 

WOMEN WILL no longer have bringing up a family and this was 
their pensions curtailed because equivalent to normal working, 
they slopped working in order to 
bring up a family. 


Therefore, the proposal was 
that time spent bringing up a 


Hi V ns Footwear 120n) "70® '25*2! 

Hinton (Amos) Sons non) 68-(21 2) 

Hirfl MaWinson i20o) SO® rZ3/2) 

Hoechst Finance lDpcGtd.Uns.Ln. 1990 
wltjLnqlrt to sub. for S8s Of Hoediu AG 
* 19 *2 (Z3f2) <■ . 

Hoflnung (5J 25p) 7t .(21/2). IZaeCny. 
Un*.Ln. 99 <23/2) 

Holden (Arthur) Sons (29a) 6S® (23123 
Hollas Group <5o). 55 (23*2) 
HdmsBrttt.BJS.A. C25s) 64* 4. SocUrts. 
•Ln. 94® >23.2) - '* 

Ho/f LJoM Intnl. HOff) J20<i 
Home Charm ■ ri Op) 104 3 
Hoover A <25 bi 320® S« St® . 
HopUnuns Hldgs <5Dp) 77 bm 
Horlun Midlands <W) Si . . . 

Hoskins Horton <20p) T35* 

House of Fraser OSp) 124 6 6 7 5 1. 

Haverlnffhtm Group QSot 60 (23/21.- 700 
Pf. 75® 

Howard Wyndhim <200) 21 <23 2). a QRL 
(20o) tf l i J 1 <23 , a. 18PCU1. 991 (23 21 
Howard Machinery,(2Sb) 31 ..*•'■ 

Howard Shutterins. * (HMOhigs) <10:0 24 
<20'Z) ‘ 

Howard ten ens Services: i2Soi 27 U S« 
Hotfdan Gnuo'(2Sp) h9. t2V22 ' - 

Hyd«m'1 Way Co. Ord Vo- of no.Nr v»lg» 

£1Q/i® Od®' 


Mr. David Ennals. Secretary of necessary contribution qualifies* 
State for Social Services, yester- (ions in determining the ultimate 
day laid before Parliament the pension paid. 

A married woman can now 


ramily would count, t^waWthe! 

necessary pnntrihimnn mmltfina. 1 rZ3’2i : ■ . 


<23 21 • 

Huirdoigh Grouo-d Op) 9fi£ <23:22 i 
Hyman <1. j.) f9p) 24. <23 2) . y 

I—J—K 


Pleasuram*'L 
. 1 FIKM< (S0«J SMf 



j icfS’ut*' fi'M 

Johnson Go. ClunvS 

Johnson. MjttMY 3E3 7®a 

Jqhn30n-Richard* . (K. - - „ -.-. - j- 

janes Stroi«»_ Bo CO,* 3 .J Pratt- «f.) 


raoinTrhWx'ioiu v 

K- Shoes o25p> SO '22:2J 
KBUmazoo flOP) 30® 30 , 

X®fa»y JMS. (2Sp) 101 

kSh3m ' M«or a*- USo) 71->- 
ioo r»2;2> " 

t*W,*!AEii« w. 

S3® 50'i 1- -1 * 


BpcLn. 


UOp) 


K«ik Savr' 

-Mm |10»1 M8-6..4. yZ3.2) 


'TOo' 55 C32). 


• - . E—M _f . 

LRC t Intnl.' 'lOP).. 55 
' ^1 i2 HldBS.) A’-. N.-Yti. RW) ”9^0 
lidbroke ’Cp- '1 Op) J?j L 8 ! 


7-raCLn. 60-• tZilTI- .M 

ss&’epu'svaite 

(2025. PC NFw;Om.'-f2*h, 

Primrose • I^USL.' 

(-Pr^'ol W8M«.-HNrir%Aii 
Pritchard' Spr*h*.es-G0^9ftp»r 
Proariotara of Hoy’s v#Wl/>r2 
PufirtMn' iR. sad - Jiy. oSBrrjte, 
Pyr* HldSB. <2Sp> 104® 3C? 
■ei/ce CW JJ- 

Pyramid -GTB- <F.<t?1i?*»<7sl’;'fyjO 


ft =9 

■Tf0® 55 97 73 -70 66-7T2. Wrntv- 87. 
.6': 51 1 9 8- 3.':* -BpcLn.- iWcrteJ ! !_8® 


„ V. V , Owws Moot-^HnBsed-iSpLAf 

iw^ioo). w{:<l»*ck (Hr «"<r 

R-C.w Hides.- .'ast/T J &.l'vv T 
R.F.D. Grp. norti^s? 712145 
374-J25-2) - 


! Kajal. Elearom«;_f2Spl 2(0 

i Rid .a Rentals 


atJat'aftTESPi'ia«» {a.ieums 

- (20 2) -:.r 

Rakmen Grp. ri(k»t IfSb'-Os, 
Randall /J. a«*di-) CIOoJ^ 
Rook Drpanisatuut i25s>«3® 
± 6. A9 1 sa., '■ 6'dKPiT J 
BpcPrf . 69' &ncL"CYHJir 'a 
Ln. ss t 4®- 

Rank Preetyton Indsi-^HU^a 

: Kanks- -wgvit McDo<*o»0“T2sj 
BocBPrf. 53'i®.' jS'xdcLA'-- 
• ss^ 8'jpctn.70 Ifri<2 3.2)2- 

Rsnsorrw' Hoftmaii- -' pionofeVr 
' BpcLn SIOI/B'Y ,li:*i2. 
-RateHite imtust.- C5s 

Ratcliffs (Great ’.Bridge) <»& 
Ratners <JMve(it»'s< 1 nod) ■« 
Ravbeck.r.lOa)-G5t:* 2J£'-Tn 
Readtcut lotenmiarcd (SoJ Ji 
Ready Mixud- Concrete- T256) 

- Uu.Ln. -TOT (22(217:V J ' 
,R«c*itr'-Corniati- Kool-408®- 

Recor Ridpwav (25oi ST.'Kxt 

RedtegrR. NsMwict GHai (2S 

RnllSlISlmi <2591 ,JMK~ SKPI 

RedHTusiOB Televisa... -5.5St>c 

Redland. C2SM- 123®. K.Tj 

(22^) . ..- ■■ - -J -*-i. T i- 

ftet/PMA' Heenaa ' MM; * J»p». 
Reed '(Austin) A .(25*^ 68®-. 

Reed international - 99:® ,01 
8 5 s; 4:6'x; '-.*v«bck 

-•.pcTJh.. 87-92 . d9U. (20,-2 
Ln. 55 <21 2l.":,?'c!PcU«s. 
56 << 67. - ' QpcUnv,Cn: 72 I 
Reed PubDsbjnp ■Hfdes.'-PKDr 
?hocUns.U*. 634 OOvUKS.tr 
Reliance Knipyeui' {2D^'-’4».: 


*• -8- 

Ord. 


-- IRerwnt Mot«r-(Sg>-e-t2lf21 

tiv1ra«5 S &ltv Post- echo -W ise*'. -134 1 
lS^<T.t..H1- P .i <5pr 14V01.-2L.- A 


Non-vig. -T44* '73(21 


uiiSiuoSa Foods U8P»~ ’j&ol 751*® 6 4* jSemSS. <25n) 

m (sasaa-R-s 1 

LgSoo Brick .2501 63.:* *!^DcU^.R^nolcjs yvfr -ftWot V C 

4s§ 

T9*1-86 67S (23/21 
lookers '2J50' S1-:.c21 21 
Lovell rY. J.l iHttfOAl-raSb* 

Low Bo nor Gp. C50p> *66 U» -j Rht’lCHhTet* 'isTSh«l>A l 

<25,2i-’ • l Robertson-food. (25 b>'T£ 

', RoBincon {TJiommi 5dn ‘(7 


Low <W. a *l20pi IttS® 6 


l owe ,R. H.J rZSdl 70<212' . ■ ’) i&kw*£Sr<23irtJaS% 

Lucas industv- 252® 5® » 3 3. 7»ipe. tn.- 66(*r j Sr . 

Ln.- 743.® MTCJ-JL, TD-'sOcLn. 88it ** . RoHSrRdyce* -Motofr KUfri; 


.UfOpl 97 


2221 ’6<rpcLn ■ 1 03>: 

Warrants 54. . B-spc 

Ln. 63<i® 

MFI Furniture Centres.<10W .119 
MK Elec. HWflS. 2 ® 1 

ML Hldgs. iSp' 96 8 U0-». 

MY Dart t,Oo*56<: . 

Macarttiys Phonnmceutfcsls 

McCleery L'Ande Gp. <2Spi J0*« <22i2U 
SptPf. 250 ^ -a. ; 

«£ssasarfflVp.. 

••• 

Madame Tussaud’S (5p.i. 64 \20*2> - . 

MMD«t M Souther^- nMov _1M (?3J2). 

MMOnl?* j“ PwMlfls *.£5ot 75 (20821 

Mpii/SwUwrVwwts.., T(e 

ts^n&s^as 6 : .v • 

Marley^lzSpi 77 5 4 BUKDb Jl f22.il 
Marshall Cavendish UOP* 5S 4tl- 122:2/ 
Marsnatls-(Halifax* (25pl ?6j22.2,._. 7UPC 

Martin The, Newsagent C25p. 236 ' 
Mapaey-Ferguson Com,Sirs. 660® 

Mu»n; Ferguson -Hk&i. - '7l;ncUnseCLnf 

iBcmardi. (25 p*. 122#. 

May Hassell (25 p> 67_ 

Maynards (ZSM 122® 20 'z'.. 

Mcara Bros. Hidos. tZSi»* 231-S 4 - , 

Meat Trade Supplier* ,25 p‘-B6 5 . - 

Mecca 7pc1stMt.Db. 71 422.2/'. ... 
Mcdmiitster <10p» 21" - • - •. • 

MeWtfle . Dundas and W.Wtsoil *,25 w- 39® 

K entmorc Mfg- CSpi'lt " ' <• 
ernies Uohni-(Hldgs.>-(25» 3150 13. 
•BocPf. 72 h (2i,2i , 

Meta/ Bo/r 293* 4® G® 8® 90 .3- *2 -4. 

lOflcUasec-Ln. 89 • ■ ' 

Metal- Closures Go. <2Sp) V5 121721 7* 

Metal indhstries 3-'(PcPfi BSh C20(2>-■■ -' 

Metiirax. (Hldgs-J ,5p< 33® 2*t®.Zr. 

Men or (25p* 37 •' - „ 

Mover (Montague L.« 7>?pcPld. (30o> 16 
Midland industries.<5p) 57® 6»: (23J* 
Miner cfj (Textires, <iop, 40 czo/z; 

Mlln Marsters Go. (SOP* 141® 

Minins Supplies (IOpi 57 

Minty (2Spl 82 •••-.. 

Mluhcir Cotts Gp. [2S»I .42,;® t, Z. 

'3ncConv.Unsec.Lfi 98® 

Mitchfll Cons Transport <25o»-56 (2a'2i 
Mitchell Somers tiop* 55*-#^ 

Mfxconcrcte CHIdM.1 (2So) 54 .CZ2/Z, 
MoCns (25P> 100 (ZSiZ* 

Monk (A.*. (25p, 82 (23<2»- J ' • - - • 

Monsanto Co. Shs. Com. Stk. (SUS2» 33U 

122/Z* - . ... - - — „ 

Monsanto 5ocStg.DollarCdnv-Gtd.Ln. 102 
(21/2) . 

Montfork (Knitting Mills) (25a* S3'i (ZH2i 
Monument. Securities 11001.9.C2X'2> 
Morgan Crucible (25 p< 1*11® 11 TO. 

6iislrnl.Unsec.Ln. 45 (20(2) 

Morgan Edwards (IOpi 24. (20 2* . 
Mornson [VKm.l Supermarkets UOp) 172 
03,0 -v 

Moss Bros- (7OP) 97 
mom Eng. Grp (25o) 70 a321 
Mofhenarrp (IVp) 1474 51® 490 84 50 
46* .4 B - 

Mount Choriotta I runts. COM 16'^) 15 
1& 16 

Mowtem (John) (25p) 126® 5® 3 (23(2) 
MtHrtiead <25a) 169. New J25o) 168 70 
Mvddfettm Hotels (SOb) IDS 

Mysoo Grp. (lOo) 61 

N—O—p- 

NCR 4pcLn. 59 aaji .. . 

N55 Newsagents UOp) 103® -_ v _ 

Nash- (J.. F.f Secs. (Z5 b 1 67 |21'2T 
National Caroonlstng (IDp) « 31 SO. 

lUtncLn. 99: ; (23.2) 

Neeofcre 6ocn. 17 rzz'Z) 

NeareM and Zambra (25 p> bo -J • 

Neil and Spencer SocLn. 63 02:2) 

.CJanws) Hides. (25o) 86 (25(2).. 
Npw (25rt BS (25:2) 

NOlson David (Sp) *t; -<20fe», — . : - 
htewall Machine Tool Ti.ptDb -gSi,^® U® 


.<23 21 

NeMTirthlJI . ,4B« 

Nevjtwld and Burton HldBs.-(25n) 45 > 

Biwvey ufP. 5Z'' - 

Newman. Inds C25o) ' BS24 9 - 
Npwman-TonkAV.-CiSpt62 £r (2512/—7 

New mark <Lduli) r25pi - 162s» -x. 

New* Intnl. (SSp) 2520 Ig'-. " . 

NoWe J andHmiI UOp) 1€]v®-- ,. .. __ 

XH^rps (2SW ai-.'HS 20 Od.il 2 BO. -SpiPt-.l 

Nortqfk Cad. Grp. (Sp) 30 (21'2) ' '“’T 
fZOP* .tfQJUOtty 1 

VSi. F - J 0oi 38 1 czo’2) ; _ ■ -. * 
NorW^MJdla/id Constructh»» ...l0pi,T6;1y. 

N i’. ru, S! n ' ■"«- *6*.' <35o)- 
Sh:32. 8.25oc%I. .9670 9.' MwcLrr.i *TS*< 
N S r 3 i l ef1 } (250) 1DBOV FTi-S6r1 

8 aSKLn:• 97V. (22/2) . - :'.'•*• 

Norton -fur. t .\. THldgaLl^sSp). Siirr 
Nonrlc Sew. Cl Do) 251,. (ZMv ‘ : 

Norwrft ffeist.ilSpt.8ff iZZ:S) . 

Nonfnghan) Brick (5Qe).220;< ?-'V - 
Nojunaham Mn)g. us P /.. rtsa n*«...2. 

Il VCUI. * . 

“vrdl^PKtcotk’UOp/tel-Z^. 

Nu-5wift inds. (5o‘» *26^(^212) •;-V * = 

O.K. BaiWrs (19294 -CRO.S® 300 (20'Z). 
oeewi wiisoftj- (H|d9djrU20o> 72 Bim] 
Oceam Cons.-: TZSifivSb cism : . 

' DM " FMwie « SocLn.- «6'y 

Ojno»_eloctroflkf Macbinefi <2Sni go *.•*'• 
Ofrw Group-flOn). 1DS4-4- 1. .. 

Olivar.(George)yrootwean C2Spj ■ 4S 
OJbrta Fmr Mill (2tta).27.^ -- 

Cgme^eji?.; ’tTOoJsSwj*. 4 

Osborn 


lag* ; 

r- =-! * 1 *. 


:ja5p3.;5s.^«;o0, 

’ (21VZ). AXA2S9t 61 

tes'spr-tv 

166.: ibftfil 108 - 


gs. )^25o7- 7i:j7» 


. BpcL'k-- 75 rzSz’r ■' 
Rooner ■'HldflS.-*25 dVl 3B ,*aj 

ssSii'miijw'iifS 

sasHWs».'fc.«*s»? 

HcWKnsoo Cod. Gr p.’-?J&D^ 
Rowntrae -Mackintosh-. (SO®) 
6ce1 Sfflf. 52' (2®rZ)*,-". *: 

- <2®.2>. ;7' 3 pc3rdPf^:B4r 
Rowtpn .Hotels 125« W-- 
Roval Worcester CzSoSjJM 

Poyco" Grp.'- 

Rub?raid -CZSg) 

Rinibv Portland 

.Russell .lAleataPder) (ihpl^SJ 

SaattW 1 SaMdM 
Sabah- Timber j 
SMnsburv'J.J, < 

IStOb.- 69)ji t 

Samuel <«.' A 
70* (2312 
Sandensan ri) 

sssssrasas., „ 
■ig8s.--%4f aaf^ 

SaviUe" Gw dorr (J.V Grp. (I 
SavaYuRotet'-A Mw 
r.’50)- J2D C2T.-Z).; OVDCLr* 
Staoa tir».-»25br 



.jxantr 

Unlver 


Mortlsh Universal lr verts. 
Scottish. English European 
-65-/20(2* .... . _ * . ' .. 
Scottish Teleihaon A (lOp) 

e: •• 

Soars Hld« <25p* 541^) 
7UPCL1T.. 62«rtl ,85/21. 
Secdricor (25 p*~ -6B-~ A'<2! 
Security Secs. C25oi 77-GT 
76® ’ • " ' 

cokers Intnl (I.Op) 22 *r- 
SpUnCourt 'Sd) %2T*.y^^ii, Wi 
Sena 1 Sugar 'Ests,-<S0ac;7^ 
Senior Eng. ‘LiOo) • 22:rf I 
Serck -125 b>- aW. V^.y! 
‘ <20*21. *.•. 

ShaVespear? (Josedfri "(5n); 

Sharna. Ware . rzDol 72®' 

Sharpe Fisher.'>25o'..VO % 
Sharpe. (W. N.) ,(25p*-13' 
Sheepbridge .'Engioewsnd'.- 
6H 8 

SMidiy- Inds '-(SOp) 4974V(j 
•52<; (20‘2)'- 

Sid ray B'jpcLn. 49 CZ3(2J- 

Siebr- Gora>aw <25n) -T70 f 

Sllenihiglrt nop* 80 -2,0 

Silhouette' rLpndOpi.^Mis*-. 

Sllverthartie (IOpi.-IB®Icil 
Simon .Eng,'. <25rf) "20* - 
Simons 7:?pcPf,^J lLLI 22|2; 
Sirdar r2Sp* . rT? 

600 GrpuB_ JZ3pjL~72 Jf fa 

Sketchier (2Sp) B7®: a< : ‘- 
Sllngsby (H.^CL) (25Pli7l 
Smallshav/. .(R.). ftOo) 53 
Smarts CW XIOpfc'iMf t!" 

Smith .Nephew Assoc- <3Op 

-SmHh rw.' H:i .-Son *m*oo». 
B nop/ 26® (2J7>. 

I 

Sothebji FaraeTjWn® .Gtr \ 
Sound - Ddf us/bm(7 Spl : ; 37-<a' 
Sparrow <G. W.i: twificUpacd 
SpevrJJ&mt-hiumtLJx: 
Spencar . ClArt Metal Vllutu 
j!®--. -.«/■■* :• -'-i 
l5pedC0>€aai£. ( (HIA£1' (Si 


Stakfc CRcoi 

'Srardeic: <A..(_ 

Statin - Dfacoune. 

SUVdsv /nfiuv? 

Stead someo/r-Vk-'d 

Steel :|Bror. Hldur 

-4(Ii.:Ff.-’1SSt r 

Sfeetlcy <250*^_... 

■ <-70ctiicd L«*. f t.w -421 
-Stofnberg, Goi ilfe 
■SfwKna indust^ 

I _5 : JPO*tP’.'-3ZrfL __ . 

StorkkHco-HVig?:-' 
Stoddard, tHidgsJ--- 
jWRawn Htdo,. ©! 

•StonesPlats IbdftttS,': 
St^Vt .PRtvW^ 
Streeter;. or G ’ 
!^trbng-.naM)r<- 
II r P WwwM B d P^ 

Suirmof LTftands)* 

Jumrte J3dtb**<*J . 


necessary Regulations under the 
Social Security Pensions Act 1975 

10 implemeni the proposal, one of ■•»••>■•*. »**« mivuvius me >raa «.iu intarnottoi 
the main features in Iho Govern- Tull contribution record over the ,J£hi«5 u 1 ? 1 1 5iR. 7, l£“- 

life ! rfj/2) '""W.FTOdi 


spend 20 years bringing up 3 1 ‘Ci-aso zb & 9 7. t'upeb'ab: Bso u'srsi 

family, and providing she has a | !u C inra^o?a^co^^'-^ NS ,. ot c«n r 


tnentjs new pension plans. 

The new pension proposals aim 


remainder of her working, 
she will get the full pension. 


um-79ipcD4b, -E77&0 


Brueo an ciouu Hiii L,me*wvs. >2Soi az ] -Tor " omen qualifying for a State 
B?emner 2 J iS pi 49 >2i j, pension in their own right, rather 

Brem chcmwio iirtemti. nop* ibs ,zi,zi. than relying on their husband's 


Brcnl V/alker /5p) 82 /2'2,5 

Bnckncuse Dudley *lopi u m j, 
BridSMid Proccsie? *5p> 11 
Brtdon ,r.5o, 112® 12. 7 •eeUpscd.Ln. 

63': '11,2/ 


contributions. 

Bui it was arpppteri that untnpn 


i llUngviorth Morato QOpi 27, (22/2). A- 
I Ord-.-(Non v.)-(20f») .2714 (21/2) - 

lr GE®d* l „ c b 8, r tt 5 l J ni iuttrrt«_334® S_^6^4l 

'M. 


| wouid spend part c£ their Uvea pension payment. 


The new proposals also apply to 
men who take time off to brinpr tip 
a family— hut they do not apply. 
m women who have ejected to t? 

nay i he reduced contribution and , "22^ 7 SS U, < » :a oi**-: 
rrl.v n„ ih.ir husbanC'. rMOrt for j 


to SpcLn. 89L. BocLn. V*l* 4 s & 
imganat MdOT (nduttriaa 05?) SO** 7H 


T^E Vlf-’ 2 ' 
tSS»'.gi 

Taraat i 

_ 

■Tnv -2>VtenT«® X’ZT*. 
Zii5S&?j£rh 
(23121 "V v-T 
Titevflf “ " 

Tavfltw 


ispyTi 

A*** — ". W * 

■WWft .. 
■" r X2jiri: .. 
Tera^onBiAab* 
.tbK«.*ac»*eF:’" 

vTmTur*0... Jinn. 



deposits iwKj^s 

years.:,.mtereati-':gahj .gnssiwhhltF£^Iy5--'^atBa^o 
..rec«iYe<l -.dor 

Terms -fy&ars) ; : 3i ;^ r : 4. 

lUtes for iarger amoutits 

foaa.'Ri^ Chief.'.Ci^^ : iEnna«e6‘-'7tft 
Lfmitedi 81 Watdrroo;.eoad,^XMdQi£^all^^^ 

FFl Is. the hol&pg company 


l 






















































































































Ti li ngs -Saitiinfey Ifehrua^y 25 107 # 

St jfiS*7 


^Ujw- Gw^ns jZSb) .<S,K*km 

: ®‘ 

^"ssagsss^-^* 

nga> sent -sj 

S"*«» noii)' ti>u. 

CsutTKttns Group 
Tbtt U (3U p)_gBV 1 00*8. 
fc 6 kdd. -9U «• ej/n 
.gjua* •»«p)- -fif . 

»ou» T.TJwUnkUi. UI. 

jtF. H^J U§>) 2>* .» 


tiOtzj 

tt»r^v3 e& 


Syn Alllanc* IM London Asa ze, 51Z 20 

Sfr>*&a-SttaFL.«rt_M* ». 90 


- botisstmjsnt trusts mu 


NV iBrJ _FU2. Sab-sits. iN«- Pw>'. ok.) 


,M> rS3 



TffHJUm* aim Jsnws {Engineers! izsoi ss 
WUrtami Oohnj of Car**. CZSol. 57 hS 
OWl 

WHS (Georgel arid Sons .m(ggs.« *Z»«1 


Ralinccr iFLSOr As. Wraw b W .tot' 
iui-sft. -tut. Ph,v. STfSPsm 
... , - -— .Romney Tit. C5 di 77i-,23(2). c-'xpe 

>*-**■■ *"’-rtge5& r " a * > "’■=• «"■ -twbss 

AcOrn SKS. (Ttf 70 iZCTSi. UK.. 7CB * ?» J-&OCP.. 27.; 1,-aciji. 97.-.;.M£Pt 25«. 11b lb. 4 

- - - -- ,21 »i SQ.p. J •**>.*» _ .121 2). b-«>st~-s:M:g.D 3 

■ bpe _ ‘ 15.tMts.Db. bo 1.21 r 


10 1 125 21. 7-;seyi*«.Ln. 65 , Allied Chc«i. I2t’i 51* 



19 


Buarn (25ei 67 


czam sj ' eez. 


SPft3*.£3S!”?- TZi *' cam 

«mtwy MrUtmirp -ttHtfoi J <zopi 


om. Paper ,£Sp) -SW izsSr 

^Ceant. Gnu® uasp) fi5>j. : Shpc 

1 tSR»o'cfin> «ii* 1- aim . 
Television A. .dap) 520 


or 

. -Wl- 

I WUnn Bras, ffign 42 
-Wllnn- ^CftsmUy) Him. CZSpJ . .12*8 

yjjfc c*' 

.sg^gasT^rvSfy « 

WHntprbPtham. Etrdchcn. ARd VU>frr But PI. 


‘ Wnlfti I »■ --« 


TO 1 

“^JirwPwvOT!- 


-gi* 1«2 

Tii 

(Sul 


- — lg.«u . _ 

Al/lanee 7*f. i2Soi igs:. 4' 4- ■*fh.ftPj’ 1 '*!* iZSpl >04 1 22(21 

V&*. ¥«? 5 “ h - “■» «•*•: ■ 3SS? ZWSs.i?' 11 ™ l2i21 - 

. iS»i ^ 


1 TSffl 13 14. 


AJHh. ra l nir l5 S^r» iJSL. Cap..ibOp.j|glS ^1 lW 

I=sm sat*, a B taso. ISSSS; TSiK ,l * l A» a> *- w 
S 5ii =S &;? 40 ’ ‘ : ® <212'-!swt|5? Eu^iea5 S .'|L» 54,. 

AAjfoWimiSh ■»«* . T«. . 250 ■ 57 .i : S^aKSigg 37*" z/t?' 

Alii down Invest. Tsl. <25 bi HDS'ID 9 j «4®?f23IZ) , ** a * 96'!® 6. 


l, 4 ^ B y . i ) P B a l 50 i ^S»S W S!g2 i ^’ *$jn»ep ***;iosr-* 

"ft’agsff £rr-'o T s 5 “ o,ui RPaT^ss 8 ^ M3 ^* 

M^h.urM Wmte H.oas. .10« J:. 4a lg , %JSffu*L* 0 

J,) ;:je ,os - 7ec, “- “«*;fffi-? v a^ fl Sr 

Petehev Prooeriv .2ip> 67;. ji, : [ 1 AC tusrs*• 

Prop. Sot Invnt. Tai. r50ai'T47 -2Z 2 1 

I. prf< •“- 


I Western Union £11?,«• 

| Wnim Creek JO 

' FEBRUARY 21 

I Ansi ft Uta. Oak. 35 
i Ansdt: Trsnsaori 119 
. — • Australian Paper w7 
757 Brldfte Oil 66ft 

C.ba GOIQV J.DtCn., IBli; 

Coniine Rio Tina A usual 4 166 
! Ereeoveur Resources ia.s 

■ Hu>nv Oil iC ana ail £17 !■ 

' Illinois Power £17‘*i 

■ Imp. Oil A LI 1 '- 


I Kathleen 


Inrs t Austral. 41 ,&AO.50) PO 


r; 

Homi 5 n Astern 852 
Ou«ah Hicnhelss 51 
[Queen Street Waa-»bu»e 


HIQftS.) z% 

FEBRUARY SS 


>p.'rsasi‘t7>’*i2) j, J insutptp Nauonaie iramv.e Bpc IM? 


intm. Minerals U7« 
» 1 Le Rlene stort* 5.0® 


3 44';-l22i2> . 

Aojiranair ineftl, ^st rsttoi 74-1-fli 123.2 
Sukers Invest. Tjl 12511 4fL> 

•sssaBr*?*- *"'• **■ 

Ihan opafta te Prop Oen. invests 5 


59;;. 


AHKTPmOS. OOP) JCf 
Tobin XHtOsU tap 140. 

■W n j *e i«¥r Uiig faes I25n> -1*6 4.123 23 
Wotst eoftaHee BlSnSe- -Pawdera fcStO 
™»9- no Jtons [UMai.) .(&! 2*» 

“?»*• ir»iPe«, aSSTt-SiS" ’ 

**»p tArtbur) and .Spa i C e i a w i 

'ifcsa»w«i3SE^ 

S, 560 « e 60j 5 3. Slascuns. 52S««l2 u ? 

2012).. S.BpcUns.Ln. S6>; UIO),! iS??54‘wf---—-, --- .. ... . 

'tJns.Ln. BA'jA 7', • K32) ftroaestone invest. Tsi. i20p 

H 1(1 OS. ft '56u) 2<4ft -3 I2U21 ( u 5 'cpcOb. 62 '4 >: |22‘2 

-- ,0^! li^L •.«- 61 


p'Mm. • gjgy »**£ H'«p. ¥ww v n w i25 2 .: Mg .jaraa. 4 

I ?>*i. jsn 'ispi roi •• *2121 ; {^^“JS^T^sbo 5 


St Cathartnr s Col'esr C amiP 'a w e 6ft 

■ Samual Preos. >2Spi fa:-3 7'• 

! 5cottisi Met. proo. .zooj tan 42321. ■ 

■ 9kLh. 153: 175 2> > 

■vastors l25tn 74^0 Ji«. , Second Otv Props. >10o> s 

2l aacOB. SS>. Slouen Ests. -Zha- 111 to-., io 7«cln 

• 2SP1 74® *. ft (23 b) ‘ Dh. 74 t22 2. lDoeLn. ; 54 


I Lam*. _ 

wiePeita intm. 73 
Oakompee Secs. 13EO SU5i.86e 
onshore Oi )'■ 

Pic Copper :o 
Petroftna ESS 
SMIri Inaa 33 q 
S cumer OuoveRt 4i5ft 



21121. 5 pc 

/S cowli n' OnjtM"in S «« 0 rs 
| 5 ?S2“'* Western 

' t&yms?ja&.«sa », ^rrsanj^?MiVr m ' 

*-- — ' Town CUV Prop,. 10c 12ft ..ft -« .. 1 2 • ?S!f***2L Pw 7 '** V 

It -tf 1TV Warrantsj'p «23'1. 6ocLn 
I Ta •23 21. SK.tSpeUn. 94 2 -22 2< 

j Tom. Centre Sets i25bj SSAift sza ____ 

lirrtow Park Ests 25*,. « = 2***7’L ~C*" :. Klt| * 

|UIC Prop. Ser. B Warrants 5c : 'n-elnrv M—itft *.u 

169 j Ufa Real.Proo T,t rjsp^ .tjC ■_»T 2 


. ... Stans 5>oe 

(Mesa Pets. CIS.. 

I Mla-Contirynal Telep«onc £12.05 
I N? Fore,, Proas 152 
j NWInt Toly CemmuriLOflona £1 « t mO 
Owns.Corn Fioreeiass uvs 
Paaconti'enTH 812-ft aooft 
1 “h ll'n mas 48t 
!1 PU"»e*' Cor C r«-e SOci is® 

■ 'hiretwK srumeon too® 

Sears Roehucv sgs2s’>e 

FEBRUARY 20 

Alliance Oil Devei*. 13ft 


Swan grew. T24 
TH'esa Hldos. T2» 30 
,. Tea- A 330® 

Walter >H1rami £19: 


-Jlj 423f2). 

■wall 194® 6 S 3 7 9. _ 

53'j (2112). iibgcUns.Ln. 9913 

aa ' 2, ‘ ,6prt:n ' , ■ 

Hg. I-2SD) 9BW 102 ' 

UK. 125b}-6A (2012) 

in* (250) S2iji# 6 7*t. Idnefcn. 

ip mSol- 62‘: J 1K1 40. ,7tapt 

1. (25pv i22 4 czarii 

fnl. AoeLn. .with emrts. eft- gub-i 

eHUan ■SwvAAft.A (Z5P) S7W ■ 

— • ' (2591.85 . 

*5f, .5>i«Da. «ia aittr. 

l3}l « n :4&V^?S 

25b) s*87ft 715 21. 

SlipeDb. 77 ij. (23a 1. SKpc 
asa.. 74wcLn. «S<*ft 

ft-V^Su^Sht (Fi.a> 1U623?0 

M." oftcPT. 

Opi 91 

'its rtHIdn.) (25 bi 145.3. ape 

7l|7l 

M e iU i a i KS nOd> *t® *7 3 BS-.fi.. 
48® (23/21 

leerlnft ir.as. 4TO0) ZS 
Indu s tries ULStf) 530 iZSIZ). 
75 C2TJi OocLtl. SI ifj/H 
Papers iJSp? 332 0 • ' 

.IM Hlttas OS® 2E9 (ZX2J 
y. steel Group. 11001 24 
n^rauB i25p) 5So 

Intm: >-ioai 1G>:9 (2312) 

Sons '2S« .38 

»r. nOp> S3. SpfPI. 30 122 

5> ;34^:;ft 4 123721- S.WKl 

idth 120ft 1. 20 2 a. 123 2V 
-n. 100 ' <20 21. 14pcUns.Ln. 

Sdi 2 123.21 

.shlon HOd) 65': 122 21 

6®. Sbc'Tm Free TB"-3tiin Pf. 

5p(Uds.Ln. SBU (20:2) 

adutts iWaUseTui) (2Sfl) 91% 

1) 30 '23 2J 

at Bd'rft- 90 2 SB |23 2> 

01 164ft - (23-2) 

W—1-—z 

Hldgs. (loot 73ft <23'2) 

■John) U5o) 208 

riot, (1 Opi sot 12312a 

■fit. A 12001 39 (22,7) 

ringer (IOdi 35 I23'2) 

01 113 14 (2212) 

nor. rspt 14 

antes) Goldsmith SUmneorni 

(2312). Non.VtB asm 79ft 5 

s U.K.) 30 (ZTlZ) 
una 1 ] (Sp) lOHft (23i2l 
Mjenatactorers 4 dci MMaj-DO. 

Rone- i25p) 99 (21 123 
TOO) 35 (2312) 
r (25b) 68. Bpcumc-Ui. 82 
mini) r»0P) 79\ (21)3}. SoC 

)» (Hldgs.) CZ901 77 (21(2) 
aht Rowland HOP) 40 
•daws. HOB) 28. >2012) 
n«) F3* 4 123 2V 4.50CPI 
* Oortins.l n 94 170-21 
Mass £5o) 44 (22/Z)' 


T-rJXft. -- .. 

r *“^rAu8»|i -and 

Voung (H I Hldgs (2 Sal 


Yourb- -fXBPI ELI; 

_ He 

EERCJttlU EIGHT (3) 
&3SS2. A *. ,ta ”$ “960 60ft •- 

flee Supply 260 (2T’2J 

?U«ANC3AU TRUSTS (101) 

Abfnytf. SmMteift (ZSpi 226® >23-2) 
■Afftlo-Airtc*- Pin, r7ign i«- oid 
A nsR^Contmeotal SimcDb, 87ft -• 
rt Off) ®5® 

i-AaRAnrlt* invesr czon) 35 
g <h?t ea ri fnioi 291^8 
HrtdW wa ter Hnr. Tit (10p>-7 jGtar3i 
WTOnroe Arrow Hkss*.- QSn) 1ft® 20 X9 

■» 

■OdareerbotMe Co. tzfis) rSB b 
Coma egme- Ptaendcra ett Snt. daman 

sb. a 

NS53twSBr-aa«S! ,, i!-: 

%-. 1 *85-95 6OI5 C20(2). SKUmcd.ln. 

So‘t .«l!4l _ 

c? l 2* r ?^ y . Gl *- COBl 34L BMDnaodJpi. 

67ij; (Z37ZI 

EJcrtj-a inv. rsr izsp) «7ft-t7l*an 

? r^ST* 6 * 

+fold»s 530 5 (2(T2i 

aamtOMtlon (So- 13 (2021 
TiC Finance dSpi 70 (21 2). 

Efrst Mali. Fin Con. tlftoi ?'»- K_ 


|p> 127ft 7.1 1or^2 , . ort T« : i?,^l 65 r- ‘ Wemtord Invests i20n~'SsS : 'f21 2* 

4 awLn. 60': 1 7i..' b gpjpj Capita! c25oi 96®; Weoo >J.1 i5o> 17 >21121. accDc. 75 

Brunner inneu. Tat >£5d> BO': 80 -23 2' ■ Tr>pii'!,«,, 5 ^„i®? jr 1 ~ 3 ’._ ; Westminster Pros Ga. >ud. ib 15 j« 

Try court Invests. (50 c 67: «23 2i Shs Tie =‘ ns - 'SOpi 6I: ; ®. Cap 

CLRP Invest. *«. Zip) 57®. 7pcDb. BO® Trui-' iJ>7o„ 6 -.c« o, , 

GUA^IlaP Tit. L25P) 60':. 8 .250) 89 ' if. =. 

JjWlfff ; ‘ 5 °' 8Z - 5Ct ^ 

Resourres ;2Sp 1 81 'Zt 2. 

Coast Warr^mc tQ cy»|. -»s -s-* 21 

w^r^rTniHo 175 ?a3 *» 

?S2SV» 5 ?A*?V ? ,.=?*,. 

UNFF TRUSTS (8) 

*40*? a*2* T,e * r Sfti. Fund income Units I j^niudi Low?a’'Ms n 8e e rftJfl*?jMaA50r t 68 ! 7r * Corr-nertal- E)2':-® 
M and G ft.™ --CIO: t23=. ..Woolworth -F W > C 2 , 


Cana m a n Foreion Invest. Tsv «25p] 9b 

CaBitai National Tai. 8 i25p< 101 w 
AJfdmal Invest.' T-st Of. i25») 93. 60c 
Una.cn 85 (70 2) 

CarfMt Invest, fa- (33o) 9b 4Z2 2l 
Cedar Invest. ‘Tat. USol 58ft 7*.-. 9pe 
^Unaam-_14T >22'2) 

CnarMk Tat. SpcPf. 44 

C Sp. s u^> Bfc 1nc '«** ** ,ai2x 

cirr foreign Invest. (25n> 4b'i» 
cibf Iqtn^ tSL (ZSol BOS. 4 >ux.Uns.Ln. 


Uwertwse-lowest. Tat rtom ?7«- i20 2i 
Xlvdesdal® Inv. (2£si SO (Z3.22. B >2So) 

JT'a^TSSr teoa,m) 

Continental Indust. Tst. (25o) TUB 70 
C cmanw ai iw-on Tat. rzap) ioojztzj 
Er^eut Javan i n ve u. taftnSOM t2_8ft 16; 

CfTftSJrlerv Tst. (2901 TTv K (20Jtl 
Cuauliis h i it w . Tst (2501 25 
Dana* Invest. Tst- Cob. (top) sb 1 Zl>2}. 
Wimirti 19 iih &*> Tsjiii 
Drtjnture Caron. (29p) 79ft (2333 
.Drrfty TBt. Inc. 21 a 
DomWoi (SeneKet Tst. 'Z5o) 174 i23’21 
Onwiop Conroe mil Invest. ISpi 111 h 
■ 23121. 6'«a'.UnLLn. B7 

Consd, Tst. <25p) 125. 


Z3a> 

RUBBER (19) 

dprrtovle IB Pi 8 . 

Anglo-Indonesian i25p 93 .20-2- 
Cascieieia KUng >1001 177 8 
ChcrsonKP ih M S.l Du airs > I Qpl 52 
3*: *2a*2i 

ConsolMaiee Plantations rtOoi IDS. Do. 
wmti 27 «2i !■ 

Ooranakandr Rdbher tap; 52 (ZQ-2i 
□ unlee eocPt. 48*:® 

Grand Central Hiags. :iod> 11* 20 
Guthrie Caro 
68> r20/21 


2220 5 32. «amcUns.l.r. 1 
I 


FEBRUARY 23 

dmerican Teieg. Tetesn. E4li 

Sore) ’73 

".alien l£5ft 

-turn* Cl £!l ,! w 

Califam-a Ed.u- £3 8)* 

Tonijlnm 1580 

Crvd.i En> Brussels £1352ft 

(urouaiai- £30'* 

Ge«. D*nm es !2B's 
Honnulcf M»ne* E22K2 

Hatmeen Inv. so 
New Meta< 2C 
. — Freest Proof*, ta* 

| Pe6p pillunt 438 


C Q'woewo Fund Income 
G |uw*e»en Sdnerai accuiti. 


(inns 

Ureta 


anti id Bii fra V add Fa. Int. urns 79 
issPsft® Go " wal Ts T- fund Inc Units 
^ High income Fund Ine. Units 
M 132 l <'’2 : 2^ JPa " ®*' ,er * 1 Fu *i° Inc Units 

*•»"? c MW*"d General T», Fund Inc. 
Umts 752.B 'Zt r: 

C ttmcQvcrv Fwnv tncomr umca 

f Row 

CRON. COAL & STEEL (16) 


Koala Lumpur Kepono Berned tW80.iv 
44ft 

Lendu-Rubber Estates ISol- 24W 
London Sumatra PlantatiusL tttun 1 rs® 
TS-> _ 

Malaysia CTOo) 54 20 2i 

Plantallon' HldBs. dOdl 67# t*. 20ocUns. 

Ln. 110; 

5c«emaRP M9BI B >23'2) 

Swnad Bahru -TOdi 47 (2021 


FEBRUARY 22." 


, Bra 1 tnwaite Engs 141 <23 2> 

SpePt. | Broeen Hill Prep ilAS- 400 10 8 
’Ellis Me Hardy (2S P v e>6® 12321 


ACT- £47 e 

Arrunterr £37*^. 

BH South 67 
Bulct Sembavrang 57© 
ftresdner Bk. £85';® 
Hang Kong Lena 99<s 
intrl. Oil i50c> 39 
;onnso« Jonnson 147's 
Kimberlev CUrSe £30 
Kuala S arn 37 -ft 



Hampton Tst ApcSec.Ln. -TO- (23 2. 
liMcaoe 338 5. -Bljpem. 7US.. -fincLn 
7Jv.t 1i> BM1. 1.2'rdcLn 98 
ln d Comm, fttsance . Sepcoa. .yi. .7 >;pi 
f»b. OB'. 9«Ln. ,.T7 TQ^prUL 97® 
MftcLn. 97. 11 vorui. 93i ; £23 2) 
H °Tds. -Scet tteh iZOdI 98® TB <33 2} 
London. Eonnsan Grn Hop) TS« 
London Scottish. Finance nnp) 33® 
Manvon-Piaaneer Tsi. (20o) 43 • 

Mutt I n <n. p;j 

,n mtnat iSOcri ' -140(0 8. 
-®». Ora. Sh Warr. 1ST CZ323. Da 
Cum. Red. 1st Prf. igc4 i5oa).fi*ft 5:« 


Mercenpla HidOC CtOoi II 


MWWU! 

<Z2 2) 

aaWWWWfa 
jssisa.^s?-,^-- f,s ^ m 2 

SS,. 0 ^ M W«» (lOp) 96 
Smith Bros, i25p> 55 

*\ SE^HSVi" -- '■* 51 UZ2J - r ‘* K 

UnHec Grp. (RO.aj 590 (23<I| 

UW. Cpn. nov P6O0 <2312) 

^ * V* %=- 

+**1 OO’Z' 

SwTffilT:sS’’*" 5 ' 21 

GAS- ffl 

l vS8£^SS mml . mm " T *• JpaCm - 

l&!SlH>JMf| (U2) : 

c.) 12so) ltn toev \ 99 . 


S'ecrtic Gen Inv tasbl 6Z _ r23 2> 

; EnglHh Iml.- Jst. <2Sol 80 v20-‘2> 
English New York Tsi -12901 6S>- >22 2) 
. English Scottish invemars >2Sat 62ft 1 '.- 
| 1 23.-2) 8 (25di 62 >20)21. SacPr. 44 ■: 

<23121 

. Ecroitv Income Tst. <SQp> 1790 
Estate Duties Inv Tst. 26S -2012) 

■ F ana C eurotrust >2Spl S9':» 9 <23i2l 
Family Inv. Tst. F25 di 73 i22:2> 

1 First Guernsey Sore. Ta. 118'-® 20':: 
First Scottish American Tel. >2Sp) 79'-®. 
I'rocPl. 44 (2212). 5ocCnv.Uns.Ln, 72 
<73l2) 


id (100) 260 

Di 18<! 

illeatfons (So) 301* (21.'21 
250) 182 4 
-rrtes flOoi 30 (lSK: 

.'25pi 110® 11=:® 9® 9C 7 
BtLrr- 24 (21 (Z) 
iras- (50) 24 

-gindvrIng Corp. >25oi 43 
ich Soring MOpv 38 
PdOCtV C2901-32 
Brake and Slflnel CZSfft 44i;ft 
rcialt (2 Spi 45<i. 6gcDfa. 

v Group <3Opi 30 (23!2 j 
- levtsian C NV (100) 24>* 

bers (25») 55 (23)3) 
r urnlshevs noai 22 i21/2» 
Spi. 43:; . 

IISTrlbutidfl and trading 125pi 

stauranls (1 dpi 265 ' 
son (Holdings) (Sol lfi® 

1.1 iZSp) S3 
■PcPt. 421* -<23'2 i 
S. and W.l <2501 44 <20131 


25e) 137® 
Snc85t.CaiB.Pf.. 47:* 

1A2® 3® 1® 


Bownng IT. 

___ , ygtcg cuweaif. 98 g« .a® ® is • czs"a'fc 

rwohnnos. (25b. w z r* tr0o) ^ 

Pnll.o (1001 55 B 1-Britannic Assurance >5n> VS4® 

Kstvini (lopi 96'* 7 (2112) l GammarclaJ Urnon 
Bearn* (35p> >50 ! C21/2J * 3S ‘ 

j Eagle Saw- Inaurwco (25 b1 

| C nr- F (5'm) ^U ■ ,C ’ , 9ocEo *- Gt d Uns.Ln. 
j Eaultv Law U»e Aster. 50c. isp) Tfiil 4 
Genera] Accicfmt Flrv Life Aoce. 42art 
» 2?; «• 200 IM^ThPcJS: 

Ln. bo*: r 23.2) 

C Jf5i*S ..!!*& J*** 1 ?** ASace. (25m 
222® 4 r® 20 T9 19 TocCWnirt. B9 
TacUits-Ln 87 G':: v 
Hasnbra JJfe A urx. '2Sb1 267 . . 

Heath iC. E.) 2001 238 
H^g ftTOmwiI Group <290. VBWB 9® 

Howden (Airymow) Group (1 On) 3-52 3 
Leanl and G-nwat reu) 151 4ft 52' - 
Leslie and Godwin (Hldgs.I <iOal 92® 
London Manchester Asace. (So) 1^4 
London United Inuass. -So) 1.35 (2312) 
Matthews Wrightson Hldgs.-OO p) 203 
Ml net Hldgs. <20at T64® <23 2) 

Mor*n (Christopher) Grouo (2001 60» 
iFfdl Adunicr (So) 237- . • 

J 5%DWnnr Assurance '25p‘ 343ft -4® 2 3 7. 
' PrudenOe* AseuMnco Sfl* t/a® 5 J IS 
Reluge Assurance - (5p) T2E 2312) 


Whessoe >2Spi 87 
Woarmousr fli.son < Hldgs.) i12;p> 30 

Yarrow iSOpi 270 65 i23 2, 

MINES 

AuslraJlon (7) 

Hampion Gold Mining Ara* >s P ) 85:9 
M.l M Hldgs. *»A0.50l 126 
New Guinn GalafxUf (tAO.SS. II >22Zi 
Nortn Broken Hill Hloev. >40 50> SS 
- i North Kalqurlie >5A0 30 


nda Irfrastnam Trust (25o> 


Firif Union Gen. Inv. Tst. (R0.25) 43 

•2112) 

Foreign Catena' tnv. 1st (2So) 1530 4>i. 
CUPCDP. 31'* 2«: (21'12) 

Funnmvest Income (25oi 38 i22(2>. 

(250) s 09 y 

General Font 
130® .123121 
General investors Trusnees (2Soi 91 (23 2. 
General stockholders. Invest. Trust (12':o) 
96 (22) Z) 

.Glasgow sttaWufltWrs- Truer (2*oi 36*7 

(23 "21 . 

GfenpevOfl Mujlnw it . Truer <Z5t0 TT 

&£ 'Vnvg e t wfcW Trust <25p) 9P|, 5WC 
Ln. 82>s 

Govert European Trust (2541 00* 

Gramas Trjtft (2SM 7D (20725 SoePf. «3H 
( 20 , 2 ) 

Great Northern Investment Trust (2So> 


sgsfcffi*, 


6*'P(Ln. 67if® \9 (23(3). |.Rov? Insurance i25p) 157® 50-62 SSft 9 
«I»® 3 49 56 4 2-471 S61 

CW.l I Hot dings) MZljo) 31® i Seagwich Firms Htuas HIM 3 2ty 20 17 
IStgmnuar KldBSL (250) 1000 99 ® 10® 
tings (ZOpi 130 (20-21 ‘ (23-21 


--—- 




’ m 

I 

al mimvt 

BOND TABLE fl 

' 

Annual 




Authority 

cross 

Interest Minimum LifenT 1} 

phone number in. 

interest 

payable 

sum 

bond 







% 


£ 

Year 

Metro. (0226 -203232) 

n 

fcyear 

250 

A-7 ’ 

2013 5151)... 

& 

>year 

500 

4 

2013 5151) - 

9* 


SO0 

.3-7 

(0734 5923371 . 

10 

±year 

14M0 

3-7 

e lOi-Gs scan. 

10 

bS&r 

200 

5-7 

(0702 49451) . 

9 

4-year 

250 

2 

(0373 5122) . 

91 

*-s«ar 

.300 

4 

(0375 5122) .. 

10 

byvar 

300 

5-7 

0952 505051) . 

8 

i*ycar 

500 

2 . 

0952 505051) . 

10 

yearly 

2.000 

4 ' 


Investment <25 p> 71': (21=2) 
Gnartffcm Investment Trust, afiol TO®. 4nc 
Red.Oeb SOI 14 (23*2) 

Himbrn Investment Trust >Z5di >1. b'rrx 
□<® 73 H® a3'2i 

Hartros Investment Trust MOP) 78 (20‘21 

H>ll (Pniiipi investment .Trust 162 5_ 

Hume Holding*.A 25 b.) ?5>r 8 '3S&I -73a 
123-21. 5*jft»A. rfeb-64'. (ZO'T) . 
InaenerocM . Ihvest 7ocPI ■ : 53 ' 

Industrial General -Trust (2So> «4'* 5-i 4 
60-BOCrw J’,orDrt SI S'*ecOeb 49'* 
120 21. anpcDen 89';' i22'2i 
international Invoi. Trust (25o1 66I-0 
Investment Trust Corn. i2Sn) 176® 6 
4(.prPt 40 (23'2i 

Investors Capital Tcusj i25o' 65':® 6»r® 
4-i. 5U0TPT 45 ■ (22 2i 
Jardine Japan ' Investment Trust >25dl 

1031. 

Jove I nvestment Trust Income (10a) 49 
■22 2). Capital (2b) 6 (20'2) 

Kevsinne Investment I50ni 128 (23 2) 
Ringside Investment (25d) 48® (23 2) 
KFe.nwort Benson Invest. Truer 5'tpcDeb 

88 i* 120'2i 

Labe View Investment Trust I25pl 77 
123 21 

Lancashire London Investment Trust i2Sd1 

Law Debenture CorOCfTtion (250) 91 ■? 
Leiard Brothers Sterling Reserve Fund 
PI <1b. 11.22': '21 21 
Lada Incruoe i20o) Id. >64«ii» .21,21, 
Capital -So) 20 >20121 
Le Vallouet <250) 78 -30i2). 

London Cartmore (506) 55: (21-21 
London Holvrood <25ol 97ft (2317* 

London UonnoiC l2Fol « 5') *21 '2) 
London Lomoird (25a> 63 
London Mantras* i7Soi 157 
London -Provincial I25 d) 95 
London 5trathclvde SacPi. 43 *20/2) 
Condon AusDftlta (5A1) 113 ■23. , 2l 
Lontfon Inv estm e nt Trust .Sgl J 2'r i22'2i 
L yndo n^ /aerchan^ SecurItles i25o1 70 S t. 

London Tr«t CMd. IZ5B) 177® l23l2V 
6pcLn. 97!- (2112) 

M. and. G. Dual income (18 b- 133 iSS'Si. 
Cawwi (Tom 94ij 

M.-and G. Second Dual income -lOp) 87 
*23>2i. -Capital K4p> 17a <2S-2» • 
Mercantile i25d) S3U. 4 LocOb 30 

U1J2\ 4i?pcOb. 71V 
IerChants (25p> 62':. 4*-ocPt. 30>j 
MbUopdUtMt «':0C 37v: 

Monks (2Sol 42U 

Manta do ftonon dDBl 5440^3. Warratrts 
32 (200) --- . . ' • • • 

Mooiova'42t»: s :. - \ 

New Throgmorton 1heome;j»2ao>;.iBi*. 
Caw. ln:we 7SL . 

I'liieLV" Twentv-EIgM 1230) W> *: 
NotfiL-jOtontic.J«wrtfes (28 p» >l-w 

lac. ^.tffl(2) • : . 

Ira thero . Amar t gen Trim -ZSol-gZL. Shpc 
Ff.-43® *23(2). SdCVn. 75 
Not then ) Securities Trust i23cn 97 
®l-end Aaaoriated Investment Tnm-l2Soi 
54® 3h 12312* 

intwWr Ho e atm enr Trust izioiafth (26(2). 
SPCW. 43*». 6PCP1. B1VS® 2Jft 
■entlend Investment Tnist- i29o) toss® 
,41- 0312). 5pcPL 43^ 

inosMte Securities Invest. Tdul i5Dp) 
<2112) 

fnelal. Odes Truw |25*»* 23 
rorn Inv. Tst. <2Sat ro6*r iZO’2). 5te 
Pi. 44 (2312) 

taebrealr Inv Tst. <2Sp»40 i20i2> 

Liver Mercantile Tst. f2Sbi 157 SncPt. 
43<t I2ia» 

Dver Mate & Gen. Inv. T»t. Did. »28 bi 
F34VI23 2I 

Macs (Wnttertfemsch fie/egrltracgnsoijrl um 


Parlnga Mining & Evoloratlon <5o) 120 
Western Mining Cora >3A0.50i 84 

MisceUaneouB (69) 

OnrMr Tin A W Oh ram iZ5r* 5Di- I i2i/2) 
Otarter Constdtd. (25p* 123ft 6® 5 6 4 

F,oltu '250i 191® 5 4 1 
2 90 3. 6'mt Ln. 61ft i23<2). 7J*oc 
Ln. 63 • 2212). 8'dX Ln. TOM h 
Geevor Tin Mutes i25p) Sqo 12J71 
Maftyshui Tin (5p) 29 i22 21 
Petatlog Tin Berhifl isMal' >68 (20i2) 
BonojO' Tin Oneoglng (tool 95 (28 2) 

Rjo Tuitd-ZImiCoro. i25p. 1720 4. 89 73 

2 1 Si- Ord.rar.) rasp) 179 *21 2>. 
Atxum. Ord. <2So» 171 2 70 GUDZ). 
3.325k A Pf. 42'i (23I2J 
|e nt Pi ran (25o) ss« 7 
Seliwlaw Tst (2Se. 3B0® 40 76 5 
Sllwirtnlnes i2':0i 36 
South Croffy HOp) 54>?: i*S 4 
5«hern Klnta CorulOtd. iTMO.Sfl* 148 

Southern Maftven r.n Oredaliig ismii 245 
Tanlong Tlr Dredolng (15d1 95 '22'21 
Tnhidv Minerals .100* 42 (21 21 
Tronoh Mines Me'evsla Berhan i%MH) T71 

‘ RilOfleslan (7) 

Falcon Mines -Z5ai *9a 8b 
M T.D. iMangulai i25q. 42 <20 21 
Mint-(alt. Resources >\8D1 40i 116 7v* 
Rhodcs'sn Corp. nb^pi 22® (23 2) 

Roan Con. Mines B iK4) 70® -23 2i 
Fangenv.iu Cancrvuons -50 b) 126® 5 
WanUe Coldery iSObi 38*, i30 2) 

Zambia Copotr iSBDO.24) 111.0 11® 1(H- 
•23 2< 

Soirth African (41) 

Annio American Coron. Sin. Africa 1R0 10) 

ICO) 


SPECIAL UST 

B of in ess done in securities quoted 
Id tbe Monthly Snpplemeni. 


Angl^ American Gold Invest, .ftf. ISOJI FEBRUARY 24 (2) 

Anglo-Transvaal Como. Inv, A 1ROSO1 Spnrati >C 0' Unn Soetia- Apcncv 
883 i22 21 ; ollO® 

Bishopsupte Platinum iRO 1fi> 76® i23.2» ! 

BlyvooruIniCIU G01 d <RO 35> 320 | FEBRUARY 23 (2) 


Bracken -R0 90) 701 


Tsi JoctstOb 1969-79 


FEBRLiABY 22 (Mi!) 


Botieisiontcin'Goio”<Ri, 868 .22 21 I Craes-Ocewiic 

CunUf Murtnitan <Ra.U» 2ao« ( £931- 

I Coronation Svnd RO 25) 84® i2.H2» 

' Dae I kraal Gold |R0 ZOI 100 121.21 
: Doomfoniein Gold • R11 290« SU64.20 

I ® r ' ,,on, P , ' 1 Gold 'Bli 670 -21'!' I ITHRIliRV 91 (9« 

East Rana Gold Uranium iRO.SO' Jio!' rLBRUAKl 21 (-) 

■32:2* Cnepktow Racecourse Co. Ltd. SbSDCQ 

E fj2)!" n " Jl1 Conso. 'RO 50) 2t0 20 j 711® 

Eisburg Go'a >R1) 143* 7« 


Elsburg Go'n >R1) 143* 7>j 202 
rree State Gedula ipD 50* 5US20’.: £14.7 
Gold F.efds Sth Alnea R0 25‘ 12 Q 


„ 22(2 

Gq?d F-elds Property 


• R0.02i ; > WJ51.14!- 


FEBBUAEY 20 tNU) 
RULE 163 (1) (e) 

Bargains 

ch ar< 

overseas Stack Exchange. 
FEBRUARY 24 

Abltlbl TOO 
Atmos Hldgs. 95 


GOLD MARKET 


(«. .-3 


BUILDING SOCIETY RATES 

i •'*Tenn Stares 
■&s0% S s^^-H%2 yoz. 

6.30% 3 yrs., g.0!I*t : 2 yrs. v 5T3% 1 yr. ■ 
65TP5 3 yrS-:'t9.(W6 2 yrs„ a75% i yr. 
&30% 3 yrsL, S.ao% 2 yrs^ rmn. £300 

6. 23% 2 - mqntfas* notice 
630% 3 ym» «08*& 2 yrs. 

8.30% 3 jxa„ 6-00%. 2 yrs. 

— ••• 8 ■&% uoer £5,000 

.-825% 8 mantas* notice, m£ntjmm £500 
&50% 3 5HU 6.00% 2 yrs. (£500-£154H)0) 
T.63% 3 yn oi«r £5JM)0 
6 l 72% S-yra^ Tnin. £500 
9u3% 3,Jts. _ 

— Up to ff% 3 mouths* notice 
650% 5yTX^&fl8% 2yrsJmiii-£500-£15»000 
l- 10% S i% over Share Aects. 

■ 6j 95% 3 mths-’ tiDtice, minimum £1.000 
£56% 3 yrs^ 6.00% 2 yrs. 

6J0% 3 yre.,'6.00% 1* yrs.. £250-£15.000 
6.50% 3 yrs., 6% 8 months’ notice 
6.75% 3 yn.;-6.-56%- 2 yrs.. 6.25% 1 yr. 
7^00% 6 months notice, minimum £2,000 
6.50% 3 yrs.. 6.00% 2 yrs.. £100-£15.0«0 
625% 2 yrs. 

6.56% ayrs .6.00% 2yrF.. oiinSlOO-US.aao 
7.10% 3 yrs., 6.60% 2 yrs., min. £1.000 
725% 3 yrs., 6.75% 1 yr. 

6^5% 2 yr&» mfn..£3X00 
6-50% 3 yrs., £00% 2 yrs. min. £250 

6J^% .6 monfiis -• , ’- 
8.50% S-4 yrs, rrrtTT SfKJ. 6.00% 2 yrs. 
-6j 80% 3 jT8L, &5S%2 yrs. 

£50% s-yts^ 6,00% 2jyrs, 'min.'iu»' . 

. £25% 2 yrs:, mini mum £500 
<L50% 3 scL, EJHJ%/2_ycs. .mtaz. £3J0 

£50% 3 yrs^£00%£ yri. 5.75% S mths. 
£fio% 3yrs«,6-4W*2yia^6^%3mth9Jiot. 
. £30% 3mths.JiaLa5£Hl%. to Umitd. cos. 

£58% 54 yis., £06% 3-yta. 

&50% 3 yrs^ 2 yrs. . 

6.70% 3 months’ notice, minimum £500 
£50% 3 yrs., £00% 2-yis. *»Mux. £250 
■£00% 2 yrs., £50%-3 yrs. 

lonnally v ariable in line with.changes tt ordinary shore rates. § Effective From March L 



Deposit 

Share 

Sub'pn 


Ham 

Accnts, 

Shares 

fautraar .. 

525% 

5j0% 

6.75% 

'...i... 

5.25% 

530% 

6.73% 


525% 

3-50% 

fl-73% 

end Bingley . 

525% 

550% 

673% 

nd West_........ 

3-23% 

550% 

633% 

pflnflTTilt 1 .._ 

5.7i% 

iotf% 

7.25% 

| .... ._- rtn .... 

525% 

550% 



S3JJ5% 

550% 

6.-75% 

_ IB - B - 1 

3.73% 

6-30% 

.750% 


550% 

*850% 

TS% 



350% 

673% 

am and Gloucester 

*25% 

350% 

673% 

Regency... 

5S% 

550% 

730% 

Jordan .. 

5-50% 

550% 

973% 

■ Ermnmnie .- 

3 23% ■ 

350% 

750% 

re . 

a .25% 

350% 

6*9% 


5JB% 

5.50% 

&73% 

-h ... 

5-75% 

6JB% 

750% 

...... 

5.75% 

655% 

650% 


3J5% 

5.50% 

675% 

and Thanet. 

5.23% 

3.50% 

6.75% 

England .. 

525% 

550% 

6.73% 

r Oak & Enfield ... 


o.i 3% 

725% 

... 

fi.00% 

650% 

— 

icid & Bradford ... 

5J25% 

5:50% 

6.75% 

on Spa . 

5-35% 

5.60% 

7.36% 

ermanent . 

3 25% 

550% 

675% 


523% 

550% 

6.75% 

l . 

3-75% 

650% 

7.45% 

Gold hawk . 

3.75% 

6.25% 

7.50% 

Iowbray —.. 

§.333% 

- 550% 

6.75% 

9 ..«,d^..J.fspsss>ps0 M « 

-525% 

; .a50% . 

.0173% 

on .. 

3.70% 

-6:76%- 

— : 

Counties --...» 

5-50% 


_680% 

de . 

525% - 

: 550% 

673% 

t Permanent_ 

5:0MB 

5j0%" 

&50% 

ss ____ 

650% 


-■ 

Rock__ 

.325%. 

550SS; 

=875% 


525% 

.550% 

7.00% 

___ -- - 

523% 

550% 

fltX3% 

Mutual —. 

5.50% 

««o% 

— 

_ _ _ 

523% 

350%. 

■675% 

.ve .. 

546% 

5®% 

. 675% 

Owners -- 

15.13% . 

650% 

7-73% 

I .. 


• 550% 

€•«% 


325% 

550% 

6.75% 

lutual . 

505% 

05% 

755% 

4 Country. 

5 25% 

' 5.50% 

«o.uo% 

t . 

3.25% 

6.50% 

■ft75% 


MJf 

SlrSa'i? fiSf ino?5o”j7i 4 .*2?21* 1 Bargains marked in securities 

i ^^Ton^T.'nli 1 wUeb are **«««!«*, or listed on an 

Kinross -Rli J-34: —*- — — — 

KlDor Gold .Rli 4D1 *23121 
Leslie Gold -RQ.bb) 35: 

LI ban on Gold -Rli SUS7.80I 7.70 S51o 
Loralne Gold 'Rli 123 IZ3.2. 

Lvdenburg PI41 iRO.12*:) 60 
Me*,lna .Transwaall Oer. .RCL901 71 
Mltldli- Witwatwvand <Weai«n» Areas) 

_(R02Si 160 >21 2i 

President Brand Gold «K0 50i 950 20 

Presurmi &tdvh Gold IRO.SO* 893® 

1US9.90* 680eft 1UF13I* 

Rene LorooiT- Cbipil <RO 15i 54® 

Rana Mines Prabertles iRD 115 20 122121 
RaPdionte*** Bits Go'd Wirwarersceml .R2> 

*JS47V» 

Ruetonburg «*L Hiaos. iRO.IOi 882 90 
St Helena Gold (Ri i 7S5 b 
SM fi African Und (RD.3S1 50®<2S'2> 

SDurtwaal Hldd*. (RO SO) 5D7p 
Stillortein Gold IR0.501 W5L70 (31 2> 

Trmcvaal Cros. Lend «KD HA (72 21 
U C. Investments (PI) ZSfle- B 2 SI 
Union Coro IKD.OB''. 2720 <23 2- 
Venter5Dost Gold 'Ri> 1U53.B0 (21 2* 

VioViunteln Ddtd "Cl v 59 (71 - 21 
VoaelsmilsbuJi Metal (RO.OZHi 40 <20 2» 

Welkom Gold 1 DO.501 243 -20 2> 

•Whi Dridfonteln Gold *RH O1870® 55 
>23 2: 

Western Areas Gold *Pil SUS3.25 226 p 
W estern Dees Levels -R2) 1U510’v (32-'2l 
We«ern Hldgs (RO 50* sUSZT- 1 ^® 25 r *: 

Winkelheav Mines rill) 665 <20 21 
W»w*t*rir»-d N,^i .ann. «> 57 <222) 

West African (2) 

Amalgamated Tin <1Qg) 2bij 

Bill cm. Tin itOpl 6 (22 2) 

Goht end Base Mewl >1 Z’virt 9'-j 


Diamond (16) 

De Beers Con. Mings Dfd. .Ro.ns- 3roab 
17 15 18 16. BocSncfPt 27« (ZfSl 

OIL (226) 

British Petroleum Tbll® *ZU2 b® B b 
so 4 40s si :: 471 S2. aecPf 

Boonah Oil 4a»jft 9 SI SO *9*t 6j 
S 9 ’*«? 6; 9l »* ‘fft- 6pcP». 43 4 l23)2) 
-JW*. 51V 80CP». 57® <23 2) 

7*«Ln. 651. <22 21 Si-pctn. 561^ 

Cemuiry 0*15 Group dOe) SO (102) 
Chert arball <50) 22 i« 3 3: 2-'a 

ifrtrDicum _98*j-lil |2>. 5>tfAOb.79. 

SpcDb 91 (21Z) 

1CCA lirt. <Z5o) 30® 291? 30 
London. ScortUh Merino 0.1 i25a> 151* 
49 7 52. OH Production (IOdi 322® 20 
_S 14PCUL 101A 

OH £>0Jarstlen (Hldpv) MOp) 208 10 3 

Premier Com OiHVaids. 15o' HW H 15 
14 131, 

RftMl^Dulcn (Bv.i (FI.20* sa*v '23 2'„ 

Shell Transport Trading i25ol 492« 

90® Ttft 7 6 3 2 iZ 1 #0 89 95 90S. 
(Sr.) 4259) 505 (20/2). 7ptPf. B5*» 

t 2»S > IntnL Financial 4%neLn. 58 03*2) 
Trieeirtral >25 d) 140 37 8 9 41 SMJ. 
■FgretgR Her® (23 d) 144. 7ecLn. 1*7® 

uTtramai- OSo) 207® TO® 9 199 200 
5 19K 201. 7dtPM, 122 

PROPERTY (134) 

An nett London -(25 pi 2D6_ 

AdUH Secs. (Soi 1&»*« IS1 «e _ _ 

Argvle Secs. 69: (Z3 2*. 1 ZotDb. 81'^ 

IS® >23 2i 

8*. and Commerd. HltfBJ. (TOO* 3WB 
(23 21 ‘ ■ 

Beeunom i2So* 79 *: t2Z 2*. New .2 Sb> 

Betlwav .Hldgs. (25a) 48 >20'2i 
fierkclev Hambi-o l25oi 91. SacPf. 15'? 
<70’Z' 

iBHton 1 Percy) (25ol 17Z 

8-aefartf Prop. T*L *25ol 22fi *23"2l 

British land '2&p. 31'j® J 1 ® J: 1** 

S 2 1": 2»: 1. lSeclslDb. H2i- 

1 aetUnsriLLn. 124 
Brlnon EsI. (25p1 96 *22-2* 

Capital Cnunlles (ZSpi 47 j 8 7. (Wl* 
k> sub. (Or Ord . 0‘* <21 '2*. 9 ’.pcUnscd 
, Ln 72 ’20-21 

Earning Go (5ft. 14® «.3 3*_ 

Cenrral Out 6>,Dtun»rrt In. 80 '-1 *j 
B arSuti Ln. SO*; (2121 _ 

Chesferbe'd i25p» 302 [21 J> 

Choral Sea. i25oi 10 120 2- 
1 C*tv Odlaes tZSpl 53® 

Cemmeroai -Props. kkM 
r-ontriii Securities d.OBl 27 
Cora Exchange <10P> *B4*^k 4® S« 
Country and bra Town Prop rlOe) 2e 

■21 ’ll 

County end District Proo. ilOm 7B-3P 
Otelan HI dps. <2Spl 65: S’; 
ftnnSwgnn In* *ia*j Si J2S2) ,, , 

English Prop- Carp fSO». 36 SH. C’epeLn 
82 ®--A 123-21. 12ocLn. 93® 'SS'S 
tjWn eng A gewe v Hiaoe 3*socPrf 35 

ftjReMsWJeew) in*. <2001 18': (2Z>2) 
Estates Proo. Inv. (2So* 861® St* 

Ln. 65*9 f21.» , 

Evans of Leeds iZSp' 821? <23-21 
Five Oaks Inv i25P> 7® as® >23.'2) 
Sagire v S 45p) 6' » 

’ Groit PiJJ flei'U (lints if061 798 
Graen m.9 Proo. noo) s&zsi 3 
Gre^ncBarProp (So) 7* 

Guildhall Proo- (25o> Ta. (totPrf. 

Haies Progs. 'Zbpl 34 <23 21 
H rui i w i iun Proo Die To. iZSo) 
iJI-5) A i3Se) 547 

Haslcmerr Estates (I So) 233':® 30 i 

(252) 

liflrv Proa. Hlsov l25o< 300 (22-2 1 
inmcurooeen Proa. Hldgs- HOP) 29‘j 
leganvje (10n) Bft 2X21 
uano Invgsiors >25a) '24 e 125.2’ 

-.and 5ecgritu» invest Fsi. iSBo) 20s 
*. 4. 7Gac1UMtaDo 630. 9oc1grMl« 
Do. T91* 171 2'. B'llKUnvin. 74® S«* 

5 vStUns-Ln 15R® 7 dGdPUns in '15; 
IOKL)nSJ.n. 134 

Lew Land. >20 b) 43. 7':0«1«Mta.O(T. 


41 


5 » 


ioi'i Buifioo.] 
jt tine iron.-ei ' 

.'-ra*_.^l.ttO-lBOSa 

ipenlnz:. *lt3 1’ 

tfonrincfix' ■ -IB3 79 
I.C94 183 

siidro'niix* , It D 7 
I L-53 997 
•1*1 Lmn..,.' • 
naieeiKftllt 

■iruaerrsaii.. *lt7 '89 

Hr. 6h-97*«. 
vewsfiv'ifu*. ; 7)j B9I* 

1 29^4-404(1 
llit hm-'r^n • -. /I* 09li 
‘ 291, 3> l x 


!el82V189l? 

181H 
-*182 60 
XSA8Q0 
5183.20 
*>4.0X6 


• ■90i« 1921« 
, *97i-. 98ia 
it&Bij 6O1* 
ikLc0 3l 
I »57>i 993 S 
f 9Ii oOli 


Jtu-I l t’lUk.. . 

ItHeraei'ilj 

•sru^ei'ieo.i . »lc5 It? isIttS-lSO 
*.'e»3, «U 4 -. l ilebl* 971* 
s'i*S L ivr'iru- Oil) J * j 2 

-iW,.,i|j | L'yBbj.Aflij 

Oid bi.er'Bo- »o7I* (91; 1(47'* i9Ai 

5 V 1 >1:912 301- 

"'fsi'h,. . -■'89 -68 -i/63 # B8 


CURRENCY RATES 


sHwiing.... 

L'.d. duller. 

Canadian 
Auetrte. veil.... • 
ftiglni tvanr., 
Lhuilaix Wrrw.' 
Ueatacbesoarli' 
Clutch gui-dor 
.•’rwicb treou.. 

Italian lire.j 

lapaoeae Ten. 
Norway kinno- 
Spain pe*«B .. 

snedleti Lroni* 
Hsriwv Iran."_ 


j Sneciai 
I Ors. trios 
RiftHra 
1 P-Snuai » 


0.630986 

1-28137 

1-57596 

17.8735 

38.6718 

6,87412 

2.48412 

ZJS 65S3 

5.87025 

1048.20 

293.066 

6.49917 

98.6951 

5.69260 

2.19615 


EuropeBD 

Uuld 

A-rtyg n 

Febnaury"£T 

0.644811 

1.29533 

1.39S82 

18-2902 

39.6623 

7.01711 

2.63831 

8.73X99 

6U31680 

X069.76 

298.493 

6.63804 

100^76 

5.76319 

2.25B03 


M-»rrs Empgnum SOSO 
Powq, Cun Ca-aav 4 640 
Swire p at . a 8S ; 5 
rra«sndrf £)*:.. (Assrraiial III 
e.-aike* .Hirami 0 £19; 


SHIPPING (84) 

. Bnt. Coirmnurm Vnsgrng 'SOP' 2590 3 Z 
1 CHeanni* invests -25a> 21J': 

! Common Bras >S0 d. 170 Bl «2X 2. 

: ? ?*K* b £'? ,, :.v 2M ® ’• 1st> 480 6 971 LlrtOh Ir.cfi. 950 

6 40 55_i 

Hunt.ro Ggsor 182 'B3 2». &ocPt 45 

i73'2. ‘ 

Jacobs IJOhn I • >210- 40 
London EJ**r»eJ» Freipo^ri iZSp. 3ff.. I 
I.v-e Smddii-q A iSSo- 1A1 >25 S> 

OcH" Trefiseorr Trading >250' i21.-ft 
14 2: 1-: •*. 

Peninsular Orlentai >te*m Nav D’d 9ft>- 
i,:® 7'.* F-® 3 6 S-- 7 u s 

B'; 1 ;pcDb ’fi-O >S1 2i. S-'-ecZna 

Db. 25ft ill 2- 

Rea’dan Smim L n- s,n 0l 102 '23 >■ 

>500. ism 6 4 >25 ?- 

Runr.mar rWalt-i • .JSn. 1003 IF It 
SatHhampron isle g> W’dhr South _ 

England Rovai Mul steam Packer 'SCa 
164 '22 2> 

TE.\ (3) 

Assam Frontier Hicuji i 00 297 <22 2 / 

Assam In.s '07 .22 21 
'amelia In**, -top- 20Cf: 

Deund. Hh)g*. -5 d. 150 , 22-2i 
Empire Plantations 'in iioo) 21(22'2) 
jgUi Hldgs 24S >31-21 
LenBOOurne Hldgs 250 >22.-21 
Lunuva rCdvfaii' Est* TS2 
Slnalo HMRI -fOoi 22'- >20/23 
Warren Plantation* Midas. <2SB) 188 

i23*Z) 

Williamson Hinge- i«o 

WATERWORKS (11) 

Boumemouua apcPt .105 zi'2 
Bristol Wererwork* 4'SSt"C*9. 83® 

Cfthbridge giaocOb. 80 (21 2) 

Colne waller 4.9er 52 v (23-21 
but Ana I Ian J.SSoePi 86 (2VZ> 4J*c 

pe. aa» 

East 8 u Hft> 7acDt> 645 (232)_ 

best WdktdStefih'ra 4 fiSocP* WlO 
Esses X.FSpePr 74 ; ,21 2 *.02 SdcP* 

92ft. TyocUtJ. I94F-9? 7T« (23‘22 
Mtd Kent Water 4 2acPf. 890 
Mltf Southern l.^pr S3 G (23-Zi . 4.2a> 

Pf. 7T rys-21 5 dcO h. 27t I2S 2J 
Mid S'isser 4.90CP* SQ. (20 21 TH^cOh 
111 Pft 

mewtestU- ana Getetnead «.2 dcP* * 14® 

Por-SmcuTh Water 2 SpC SB (23 2* 

Sunn—iand Somn Shields VSbcPt 820. 

V850t>* 7S .ft 
Wwl Hemuehirr- B 400® 

W-jt Kent J Sue XT - -2S-21 
York d.ZerPi 440 ,23/2) Cone.Pi. *1 

■ 23(21 


Arno l"v*V. 117® IS 

AttantK RiCheWd SUS44S 
Associated Pulp Pacer s4 
8 H South 70 > 

CiB* Griegv B'vPC Conv. £.971* 

Com lmc-.t. 7® 

EEC 8.K 7 6 82 SUS106-. 

Eastman Kodak tUSdXir® 

Esso Oversees 8 pc 'S il.SG SUSIOZI. 
General Motor Accept. 9t:P« 1 2-86 

SUSBB'm 

Herald ano Weekly I-mes 181 

Kanso E'er. 29S 90: 

Marne M-Ckl-si 150 2® 

Metal E»- 13 

Nat'anal Bank ot Austral»<e (Aust. Reg., 
184 

Pioneer Sugar 97 
□ l> Search 5 

Tnomas Nironwist Transport 77A 

RULE 163 (2) (a) 
Applications' granted " for specific 
bargains in securities not listed 
od any Stock Exctaapgel 

Clyde Petr oleum 125 

FEBRUARY 34 

part : Valley Ligitt Railway 35 
Eld'Hsc Pope a 177 
G48e« (Indonesia) 47 
GRA Prop. M. 12 lit. 

Grendon Tit. 11 BeSwb.Um-Ln. £50 
Kenmare OH £»lgrat!on 27 2fe 
Oldham Estate* 107 las 
OutJlt Uphheldt. 40 
Southern (UewsaatMtrs 220 

FEBRUARY 33 

1 Bk/rrougn 'Jamgsi IQB 

I Orvsta) Palate f and ar i *n 

Oeltenm, Hidg*.-. b 
EbL-'hem Hldgs. 20 
dome Brrw-- 220 
lcv.wicn T(*. FC 9n 


! Dpigsweiia Hicv, 01 

1 Gunn ■ A.) .Hides 1 32 29 

I 1 f?"VS th P ° M A> " n ^ ri,v 4-lPFMt.DbS. CS5 

i L?i£_ Mf" ***(.0. inv. 7Pttpm.pl. 45 

I "S* CourT " ,a,ur - , l Resiurcds 69ie 6^ 

' Oldnam BreMgrv S7 
lute os Park Rangers PC 110 
Rangeis FC 750 700 
jiar ottsnote services 11 S-* 115 
TPG I nvs. 1 
Tncentrol Wrnts. IBS 
T-Ident TV 44 V 44 
/-king Oil 196 

FEBRUARY 21 

| Blair 1 George, 149 
Bu.ruuSh ■ Jamesl 109 
Cedar Hldgs 4t; SPCDdCnv.PT, 2D 

I Cowit 7 ■; Di.Cum.pt 42 
Drilling Tool* Harm Sea 8 400 
Fuller Smut, ana Turner A 250 248 


FEBRUARY 20 

Bristol Stad'um c.2acReoCum.pt. 30 
Crvlgn ^anp Indian Plartcr* 4^pcCum.Pf. 

O.M." Hiaos. S.-pcCum.Pr. 25 
Dvkwella 4 

Star Onsnore Servires 11SL 115 
Trident TV 44 "v 44'. 

Wvnnsjav Props SIS 

RILE 163 (3) 
Bargains marked for approved 
companies engaged solely io 
mineral exploration. 
FEBRUARY 23 

MObens On tnc. Gas .U.K.1 LAS 2.50 
« 9b 2.b0 

FEBRUARY ZZ 

CCP North Sea Asses. £10K CIO'. £10 
Gas and Oil Acreage 100 100 98 97': 
Sevens Oil eng Gas (U.K.) 266 254 2B2 
2S0 

FEBRUARY 21 


ciuit on 4i2- 
Slebuna Oil ano 
2B4 


Gas rtJ.JCO 27 D 289 


FEBRUARY 20 


“lu*> On £4 <s 

sieoeng oh ana Gas 

268 270 274 J76 


• U.K.i 254 26B 


FEBRUARY IV 

C C.P Nortn 5n Associates £9% 

C'ud OH £4's 

S ehbens On ing Gas 1U.K.1 278 

•Ru (K-rmivutn m jli»- Itn.-ir Grrhnno* 
t~.iull.-ll' 



Bill rate steady 


Bank of England 3Xmuaani allottofi, - . Next week £40f>m. will be Banks carried over surplus 
lAsndtng Rate Si per cent. op oftr. replacing maturities o£ balances from Thursday, there was 

(since January B, 1978) ~o00m. a slighl excess of Govemmem dls- 

The- Treasury biJl raie rose by Day-lcxjay credit was in short bursements over revenue pay- 
0.0025-per cent. to55V55 per cent supply irr the London money mar- menis to the Exchequer, and the 
at yesterday's tender, and Bank ket yesterday, and the authorities nJarkst was also helped by slight 
of E n gla n d ATinimum Lending gave assistance by buying a large net maturities of Treasury bills. 
Rate was u n changed at 6V per amount of Treasury bills from the On the other hand there was a 
cenu The minimum, accepted bid discount houses and a smair very large rise in the note circu- 
for 91-day hills was £98.50, .com- amount of local authority bills, la lion, and settlement u as made of 
pared with £08-501 last week, and This should lip re been more than silt-edced sales 
bids at thar lerel were met as to enough to take out the shortage. Discount houses paid at least 
nbour 12 per cent., and for 02* bu' interest rales, remained high 6$ per cent, for some dosing 
diiy- bills £9849. The £300m. bills an til the clove, and some houses balances and interbank rates 
‘Offered and allotted xtiracieti bids had difficulty finding closing touched S'.-9 per cent., and dosed 
of £$9&K>yn. All bills offered.-were balances at levels below MLR. a) 8 per cent. 


K»i. 14 
i». 


r:-r -n^ 

'-i-ri :h.»t( 


IriKTIwOk 


lm *• ; U.« Anil' ' 

AihIk'cih I ntawivn i- 
>mvwii» ! trai.i» 


fl 11*11 r 

Hull** 


(-•■niidiit 

Livn-^ii - 


I*W->.||||. 

in-*rkei 

''*I,i.|' 


I rv-tvurt 
Bill* ♦ 


Liil- 1'-'- 
h«b* 
Hi"* <t‘ 


• Kill*, liailg 

Hlllr ® 


nekiiUbi . .. 
■1*1- 0--4ICV.. 

■ .Ur«i-i 
i .t4T>»mn«-... 
UlM-tfU«llli_ .. 
I w«? m> itii li*.. 
rhim iiL.-ni b» 

TS DMIllb,... 

Xinem.imh.. 

Jnr \ . 

1 V \IHI- . 


6 ’-6-.V 

Bi? 64, 
PiSm 
7.7. 

7 7,-i 
8 7: 4 


59 


Sip fii» 

6 .. 6W 

6-,.6-n* 

b-» 7 
“!? 7., 

7 s a 
58., 


STff 6 


fi»8 


61* 

711 71; 

7*a-B 

a;»-9 


6:-. 6'« 
6&a-6l« 
6(, 61? 

76« 
7 J 4 7 V 
8i«7; 5 


Si 3 6ij 
6t? 6i« 
6>i 7 
6: S TU 
8 

8l« 

aJ: 


6-6l 3 


6I ? 
6 in 

7'n 


5 61; 


5-12 5ii 
Si. 

6 

S'4 


5;s 5-. 
S. 5-. 

5-e 


6-'--611 

s?r & 


7 

7 

7 

7 71, 


Ukui miUiutr-es am hnuncc nmiv-ii sewn d*w ru.n-.-a. firnerp wwn day* jix?d - Loru-'t-nn mc*l 4iuhum> monsai* 
r**- n tun hi j Hi *h(er v-uri ifij-io* or c«*ni.. Jour Vvur* JOf-tOS per cent., flw yvars Io;-)! per o*nt -t- BjuL hjJJ rates 19 
Uhl® ar mirnu rales 1 or arime oiD-r: Huwns rale* Mr rour-momh baak bill* 6;^iSi„ otr cent : Inur-month trad* 
•hi!* > ,i cm. 

Apimnainarr srllins rar^ :or on^-maniti Tr^jsury om« i2-.il$t6 p*-r eeni.: twwnonrh Sliif .S-'i.tc per tviir.: ana tfirpr-tnomh 
i2k.(j-ii5ia pi-r l-i-ui Aporuxiniaie >riiinit rale *nr one-munch bank bill, 5is )fr n-i tvni.: lun-uiainh n : p,-r cent.: and three 
months o.irftiifs p-r cent nne-nu>n'h rad- ml If dl uer cen'.: tvo-mpnth 6i per <en». and ahn Hir ,-ninnih >.- * r ceni 
Fmanor None Base-Ram louniWiea bv th Final.'- Houses Assncution- i per .rm : Irem K>hni.irv 1 l*)M Clearing 
•anfc 0*00411 Rate* -lor small ,am* at seven daps' n-inct': 3 ner cent. Clearlnp Bank Rates for lendins ri; p»r tvni. Troasanr 
Bilb: Average lender rale* or discount 59753 per ceni. 


EXCHANGES AND BULLION 

Currencies moved sharply in two currencies finished ar DM2-05 
very volatile trading, m the foreign an«* Sw.Frs.L£550. 
exchange marker yesterday after- Sterling touched a best level of 
noon. Hopes ot a settlement of StR530*lR550 during the day, bur 


FOREIGN EXCHANGES 


F*b. 24 


Hum 

Ubiv> 


JlHif-ei Kate* 


lie __ , . , fell it* «iAiivi.«iiu on ine re- \„ 

‘ "l"*” la „ de ~ newed demand for the dollar. The M.mtrem.. 

mand for the dollar, and matters pound closed at 8L92S0-1.9320. a AnronUm 
became very confused and hectic fall of 2*36 cents on the day. Us 

after news of. moves by Swiizer- —-—-* 

land to curb InHows of forefen 

capital. European-central'banks _ ..._ 

Intervened to support the dollar at noon and in eariv trading. The .. 

earner in the day, as the D-mark dollar’s itides, on Bank of Eng- VCh. 

climbed tu a record DM2L0I land figures, rose to 90.S from iuv-khmm’ i 

against the dollar, and the Swiss 90.1, while Morgan Guaranty’s ToLi-o. 

franc ro a highest ever calcolation of the dollar's deprecia- J’mup* -i 

Sw.Frs.Ln. lion narrowed to 4-95 per cent. Zur,nh . 1 

The improvemm of the dollar from 5.62 per cent, 
pushed the D-mark down to Gold fell 82} io J 
DM2.8730, while the Swiss franc remit of nerrons selling. In- 
was quoted on. a very large deal- fiuenced by the improvement of 
Ing spread of SwJ’rs.l 84*1.89. The the dollar. 


Urn’- 

-praa-i 

^ jf -'«« York... eV 1.3210-l.:65C I. 2BD I.B420 

/ Ij i. I&0J-2.1785,2.1:00*3.1140 
41*. 4.714.2b I 4^2*4.24, 
bl?' Bl.M-al.40 j bl.lu-bl.iil 



111ft l.tiFl.BtS 
a l-j.26- ll'.al 
si<- f.27-9.fi 

» • *..-.».a.97 
4I«. 1S0-4/U 
51?' 2b.2J-2n.40 
1 ; 5.45-1,56 


■ 2 $. 
l.t4B.!.i 60 
IU.3T7-lb.29 
3.51-3.i5 
9.544.K 
4*0 4t5 
2S.2b-2-.5S 
i.544.56 


„ .. . j - Rates BJven are Mr cunveruble Iraocs. 

Gold fell S2J io SIR0-1803. as a fugnatl franc (ti.tiwuin. 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


. ^ I'raiikli 


VC I 


e«n- 


raubturt ..1 

New York 4 E 7: ftj 

KSlHv . iac.lfc 6: 

_. 

U^uIod_ 

(nr I '.(•tu ;0,^75^2: 


! Luulmi Ai.ivi '.i'qi | ZuTTTl 


Atj^Dlun. 150 b- 1512 _\r?enl!n* 
Auvtinii*.. 1-7051-1.7202i.\ustn«... 

bitc:i'. 51.45-32.46 .Heipum . 

fidian-:... i.OEM^.OnSO Bm;ii u .. 

(* 1 eece.68.844-70.542 auirta.... 

Hom-Kvos 8.95-1-8.96 .Or&mark. 
Iran. 152- 758 feaPL-e ..... 


‘wot Baip. 


/.lltV-ll. 


2.KO-52S 1 »JQ 4C r.416-,o0 • j*<2&.93£> -*5.10*0 

0.75 97 3.133156 1.9£»ft.3;'; 4d SO 80 ^.»)64.Ci> 2’, 1 .S’S'V^iS nrnnHo r- 

■.7ei2-i75i l?.tiA208 BJSO-aliJS 2tat01-:l ' ^.0565 . 

■!J£ , p.r7-(0 - c’LIi-W 14.46-r2 • IT.afi-Si 

..a.-a862 Ail-si 1 -l-WJU - 4.j2i-24- 5^4 -c6 ' 

- <£• 6; ' if.4i r-Bs io 4.:22? io - CI.135.loi 


Luaemb'r^ 6l.lD-SI.50 Oree-e.... 

M«ia.r*>n.. 4.56 ID-4.6739 Inly.! 

>. &e*‘nuo 1.88671.9045-1m pan... 


12581350 
26i-22i 
tl5-b4- 
56-40 
S.l 1-2.51 
W.fll.l 
r.SD-S.M 

5.: D-4.ES 

Bs-75 

1550-17.50 

460-475 


rsurti \i*» 6.57-6.77 SetherCiutl 4SD-4«D 


el.-Ait 675 l.i'L-7:.- ' n.60'^-‘3 ?.67v*t.6Sa)4.46ffiv471& 8SL512 615 - 


l.»; ■» t 

Uuiitwi 8 ui lew 7. ih i ®*.ri.!S 


v 11 LWfl vu 11 mu tin* 

rn 11 1 In d abUMa&SA 


l.-.*v 


ateriio-.- in M' au 146D.IAF 1560.50. 


EURO-CURRENCY INTEREST RATES 


(fpU i* 

amnizu 

Ifi.'IIU 

U.S.Ui. HI 

L<UI .U 
l».ii>. ier» 

•nun- 

" • Uciuuu 

wir* 

rSbjn i«rm... 

6-6)3 

0*1.734 

6V7 

513.534 

I# St 


1 .l0V« n>K'.-ri 


bhllx 

61 B -7lfl 

612034 

»« Sb 

its 

-tfrmrfa-' 


Big-'/ Ur 

714.715 

5IS-53, 

Uit 


rtirt« axmtM-i 

7 is 734 

(-,aa 

7l4-7io 




Sts moncUh.—' 

8l»-8iB 

7^7*4 

76fi-77 B 

O.rt-6,1 

>a-7 a 

Slfi-SLi 

Onrrfti'—. 

814-0)5 

7*-7,y 

7i e 8I S 

56fl^? a 

D4 ISfi 

5la-ai# 


?luua(-ire..4.4915 4.504D Nm-na v ... Ib.30-.5D 
*. lirm.. 1.6527-1.7DB71'-iiiumi.. Ia-«* 

L.S. siaid. 1pfa.|E5 

laasiin.. . aniC'hu- a.oO-5.60 

* M. L..S.jl.?fi.ljb 

1-4. willt. 63.6FSS.64 Viiuo-bivml TE^-68 

Bate siven far .vr^enuna is 4 [res rale. 


FORWARD RATES 


I'm- rtkintli Three mroib* 

New l'wra -AS i-.pio- J)7i-.'tp'0.15-0.05 1 .| m 
M.ntnn .'i*r-0.1ij nr iO.XO . 1 m.-(«r 
im>f(iiiTt Vg . |idi. lg - lb..3*2-112 .- MM 
Bru-i-ei ...' iiir>-a . <11* ;10 . (in.-i«r 
Cpp’abcn. 9-11 pre ill* jK5-27 ure <ir- 

_ . PisDL'furt; 1*4-41 pJ.pm .45a-35a til. i-m. 

Euro-PrtacSi deposit rates; rwiwJav IW-lM oer ceni^ save onlay 108-11 per cent.: UjUh _5 -1-aO . .ns la..... )u i.di- 

one-PHunb 12i-lS« per cent.; ticeo-mortU) IS*-134 pep ceni.: sia-nranib 12J-13 per Mvlrf-l ... 5 -13i*-. .ii» 1180-260 r. dm 

cent.; one M» B-W per cent - . Jlii«u„. ...'7.13 hi* rflg ;jf7^b ire dm 

Lons-term EnrodaDar depowts; two year* Siit-SJit per cent.: threa pears O.lo_'. J4 b ,lDp-l2* .-tv dU 

8M4 per cent - four veers SJ-SI per cent.: Gve years SF-®F per cent. ttu-i,_. .ii* J3 i- ji» 

The UUowns ootnuta: raves-wire oumed for London duOur ceniGcMew of dt-k\*in'iRi'Zl4-4ly .vrerti*. laig-lOp *.*• dm 

depostt; one-month bln-’-Jb on cert ; three-month 7.I3-7J5 pvt arm., fiwiwmb Vmibl.. .2-12 mriu- f!0~20 rod** J 

.««.33 per c*ar: one-rear 725-7^5 per cent dun.-n.<3a.i3fi-.nm '6*-<5 ?1 m 

* Kates are wmaai caniw raxes -^— -— 

t Miori.tpr® rare* an* rail lot. wrung U.S ooilary ami Caiwdian miliars, two Sia-mninh forward dollar Q ro-djoc ora. 

1aw 'ii-n** tnt aiiilitvn »nt» XratK 12-mnn;P 0 TfFO NW iim 


U.K. CONVERTIBLE STOCKS 24/2, 

ns 


lunms 
data iTS£0M 1 

prQv.ded o? 
'nernaoenal 

Name and description 

Size 

(tin.) 

■Current 

price 

Terms* 

Con¬ 

version 

dates 

Flat. 

yield 

Red. 

yield 

Premiumt 

Income 

Chcap(-i-) 
Dear( —)■> 

Current 

Banket 

Ecpi.g 

Conv. 3 


Current 

Ak-an Aluminium Bpc Cv. 39-84 


9.IJ5 

141.au 

100.0 

,' 6 -SO 

6.4 

45 








Associated Paper »4pc Cv. 83-90 


1.40 

9S.00 

200 0 

76-79 

9JS 

9.9 

- 1.0 

-10 IO 

-1 

85 

s!s 

0.0 

+ LI 

.Bank of Ireland 10pc Cv. 81-96 



14050 

415 

77-79 

7.1 

56 

-10.9 

-12 to 

-:i 

14.9 

9.1 

- 3.7 

■+■ 7.2 

Br/fiih Land 22pc Cv. 2003 


7.71 

moo 

3Si3 

SG-97 

9.9 

9.7 

20.0 

10 to 

37 

0.0 

95.0 

90.5 

-r-70.5 

Change Wares tape NLCv.Pt. 


055 

0.19 

1.0 

79-K1 

9.5 

5-7 

— 5.0 

—14 to 

27 

295 

66.7 

IBS 

+235 

English Property 6 ipc Cv 9S-Q3 

&84 

S3u0Q 

234.0 

.76*79 

SO 

8.3 

- La 

— 8 to 

l 

11.6 

62 

— 65 

— 5.0 

Kngli&h Property tape Cv. 00-05 

1551 

93 . 0 a 

iStO 

76-84 

135 

13.5 

7Z2 

40 to 

72 

S 12 

527 

3S.7 

-33.6 

Grand Metropolitan HJpc Cv 91-96 


102 . 0 a 

1205 

7=1-78 

10.2 

10=2 

- 6.7 

—13 10 

0 

4.7 

0.0 

- 45 

+ 24 

Harwon Trust 6^pc Cv. 88-93 

451 

79.80 

57J 

76-K9 

8.5 

9.4 

ms 

— I to 

ri 

1 L0 

11 ^ 

15 

- 9.4 

Hewden-Stuart 7pc Cv. 199a 

0.07 

‘J20.00. 

479:+ 

75-79 

92 

(LI 

—125 

-IT to 

-5 

14.7 

65 

- 35 

.+ 9.3 

Pen jos iapcCv. 1065 


156 

I2S.OO 

issr 

7firS2 

I l.fl 

JO* 

aJt 

3 to 

to 

475 

47.7 

- 0.1 

— 5.4 

StoutA Esiaief lOpc Cv. S74W 

550 

13S.00 

125.0 

7^87 

66 

35 

S5 

a to 

15 

S7R 

53.8 

LLS 

+ 4.0 

fozrr. Kem.iley 8pr Cv.'1981 


7.3i 

89.06 

1*7.9 

74-79 

9:4 

13.1 

Sft2 

2 t ro 

4i 

ia.i 

il.l 

- 15 

-37.7 

WJkJn.ton Malcb JOpr Cv S9-9S 

11.10 

9150 

40,0 

76-SS 

1 IT 

1.15 

300 

£1 Jo 

38 

26.5 

405 

IW.S 

-JO, 2 


* Numbel ul urti&ar* sham into woil-I) EIDu uuinmai ui couveruble cut ia luim.-iiinii 11c *M(r >um uiveattnet,: u 1 v.'inv*nibic ^inrrw-r as oe: w*ni m rh* 
cost oi Ibr lenity id thi- i-onterUbu stijuis. Three month ranue. r locunr .in nunrtiri ui Ortin^ry shares mm u-hs.-h non nunrjial ni rnnv^rnhl- *iu., h u* civivemnlr. 
This lUyimie. csnreswil in pence, is 8uonm.-a irwn ureseai rnnr unnl rnturno on Ordinary shares » ereaxei Own income nx- villi' imimna 1 ni .sHiw-rtihie ,i r rm* final 
ctmtUfti dale whichner is earlier inunxir is ussomed »o unw a* 18 aer «-<mi per annum and is orvsi-m -valupn ai I - * oer i mb. oer Annum r Innnnr on £1uA of 
,iwjerrtitBe memn* it. smnmco unnl -onyrrsidn job pn-sejir rallied at oer omr p«t annum ^-Thn. is menme of nn> .mnvemine less m-onu* m the uiueMnna pqiuiv 
eyrm-SH.'ri as per ernr o' fOe value nf (Be .ei^rlvtna etjury a TH- Hiff-fence &*rive.-r. (he prwnnififr arrt Income rt(Herein"e <rXPITI*C(1 as .1,-r cs-nf it >he value of 
ituiprlyine pOHII v ^ u an iniftiamm nl rglarivr . heasness. — nr an tmiratifm or ralatiue 'learn.*.* 


■ * t 


f 

H 











! 


Financial. Times-Saturday 




Stock exchange report 


Index a shade above worst but 26. 

Trade subdued again—week’s markings 





on Account 

this year 


Account Dealing Dates 
Option 

‘First Declare- Last Account 
Dealings ttons Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

* " New time ” dealings may uke place 
from 4,30 a.m. two business days earlier. 

Equities remained quietly dull 
yesterday after making a tirm 
showing ai the opening and fad¬ 
ing quickly in the continued 
absence of demand. A few intcr- 
pid buyers were reported to bo 
about in the late trdae For the 
account srart'mtr nest Monday, and 
some of the leading issues ended 
above the dsy's lowest. Prices at 
the close showed a majority of 
small losses, however, and the 
FT P.Q-share index gave ground 
for the fifth successive day. 

Down 3.3 at the day’s lowest at 

I n.m.. the index was finally only 
1.3 down at +M.2 to bring the 
loss on the week to 15.1. Over the 
past two weeks, the index has 
dropped 20.8. its biggest fail on 
an account since Ia«l November, 
and yesterday's closing level, its 
lowest since -July 20. is JO ? points, 
or 19 per cent., off the in > erven- 
.imr ail-time high—recorded in 
September. 

Scattered features emerged -in 
another quiet trade which was 
reflected in official markings of 
5.173: brought the week's daily 
average to the lm» est so far this 
year or 4,nj9. Shinoinss remained 
weak on continued worries ahnut 
th«* industry's current trading 
difftcii»‘ies; p and n Detorred. 96p. 
and Furness Withv. 24fi. closed 
the work with falls of 9 and 49 
re^nectr ejy m and over the same 
period the Shinning suG-scctinn 
or the FT-Acinar'os index has 
lost over r per cent.: this com¬ 
pares with a "'C-.'k's fajl of 3 per 
cent, in the All share index which 
was only margmaMy easier yesirr- 
dav at 194.24. Th*- h*U? hardening 
tendency in the leaders failed to 
spilt over to' second-line stocks 
and the falls-rises ratio in all 
FT-pnntod enni-ies expanded from 

II to nearly 11 : 2 . 

New short tap 

The Chancellor's optimism 
about money supply coming back 
within the target range this year 
hod little effect on sentiment 
which berame unsettled by the 
strengthening possibility r.f refia- 
ti unary moves and Gilt-edged 
began newr the laic lower levels 
of-the previous evening. A tight 
two-way trade was effected ait the 
longer end of the market but 
quotations subsequently drifted 
easier to be ? down .iust before 
tlie official business close. In con¬ 
trast. the shorts rallied to over¬ 
night li«t prices prior to easing 
again in the la*t half-hour of 
normal trading. The announce¬ 
ment of a new short tap stock at 
3.30 p.m. caused surprise, but 
when business resumed after 
dealers had been allowed time to 
assess the £Sn0m. of Exchequer 


S{ per cent 2983, to be Issued at 
96J, the tread was steady on 
thoughts that the terms were fav¬ 
ourable: the building societies, in 
particular, could be attracted to 
it. Corporations were relatively 
quiet and ended with occasional 
mixed changes. 

Revived institutional demand 
absorbed arbitrage and other 
offerings With the result that the 
investment currency premium 
moved higher in thin trad in”. 
This was particularly so during 
the late business when stertinij 
weakened on the face of the 
dollar's recovery and final rates 
were quoted on a wider dealing 
basis at aroundS 4 per cen-t.. up 
21 points on the day. Yesterday's 
SE conversion factor was 0.7261 
(0.7324). 

Geo. Sturla wanted 

Favourable comment on the 
preliminary figures failed to 
inspire Barclays which fell away 
In thin trading to close 6 off at 
302p. Lloyds declined 3 to 248p: 
while Midland softened 2 to 32Sp. 
NatWest also save up 2 to 25fip; 
the annual results are due next 
Tuesday. Overseas issues had 
Hong Kong and Shanghai 2 dearer 
at 257p ahead of Tuesday's pre¬ 
liminary results. Union. 400p. 
and Sec com be Marshall and 
Campion. 220p, both lost 10 among 
Discounts where Cater Ryder 
cheapened 8 to 265p. Hambros at 
168p, retrieved 10 of the previous 
day's decline of 13 which stemmed 
from concern over its substantial 
shiDping interests. In Hire Pur¬ 
chases. George Sturia were 
prominent at a IP/?-78 peak of 
16 p. up 2. following buying in a 
thin marker. 

Apart from General Accident 
which edged up 2 to 202p ahend 
of next Wednesday's annual 
results. Composite Insurances 
£*»»■#■ ground on fairly sizeable 
selling and Jack of support. 
Royals. 350p. and Sun Alliance, 
5l6p. lost 6 and 7 respectively. 
Commercial Union, with results 
due on Monday, touched I36p but 
closed unaltered 3t 138p. 

Breweries again closed little 
changed. News that Us applica¬ 
tion for price increases had been 
annrnved bv the Price Cimmission 
failed to simulate Whitbread A. 
which remained at SHp. Daven¬ 
ports' however .eased 3 to 80n 
and Matthew Clark lo«t 4 another 
to l38n. Distillers had an easier 
bias. Hfehlcnd slinking 3 to 132p 
and A. Bell 0 to 202p. 

Buildings ended the week on a 
quietly dull note. Richard 
Costain. 24Sn. and Taylor Wood- 
row. 352p. Inst S and fi respec¬ 
tive! v. while Watts Blake and 
Rearne declined 7 to 147p. Cement 
Roadslone shed fi to 119n and 
John Lsrfng cased ■“ to ]3.1p. Re¬ 
flecting the proposed rights issue, 
Milbury receded 5 to »5p. Sus¬ 
pended a week ago at 170p pend¬ 
ing an announcement, dealings in 
Alfred Lockhart were resumed 


following agreed bid terms from 
Irish Ropes;.after opening at 2Q0p, 
the shares closed at 195p. 

A few pence harder at the out¬ 
set following comment on _ the 
fourth-quarter figures, ICI drifted 
back down to 330p on lack of 
follow-through support before 
rallying late to finish 3 higher on 
lhe‘ day at 33»p. Elsewhere in 
Chemicals. Albright and Wilson 
shed 3 to 97p. 

Jewellers’ lower 

Secondary stocks bore the brunt 
of the selling in Stores and some 
further sharp falls were re¬ 
corded. Jewellery concerns con- 


moved within fairly narrow 
limits. John Brown, however, met 
with selling, initially and reacted 
to 284p before recovering to close 
only 2 cheaper on balance at 288p. 
Vickers ended 3 dearer at lSlp 
and Tubes a few pence better al 
366 p. after 3C2p. Sporadic selling 
was evident in secondsry I®*”**- 
fails of around 5 were recorded in 

AdacsL 3S0p. BrallhwaUc. i3Sp. 
end A. Cohen. 153p. while Corner- 
crort wore also noteworthy for 
a loss Of 4 at 4fip. Manganese 
JBronze rallied to 80p in the early 
dealings before reactin'.', afresh vj 
close 3 lower on the day at TSp. 
Smaller-priced issues to give 


eoo. 


550}- 


F.T. INDUSTRIAL 
ORDINARY INDEX 



1974 


1975 


1976 


1977 


1978 


tinued to display weakness with 
tt. Samuel A down 9 more at 
24$p and James Walker a further 
7 off at 70p. taking their respec¬ 
tive falls on the week to 1C. Else¬ 
where. Home Charm were again 
on offer at ifl3p, down 7. while 
Currys became vulnerable and 
shed 8 to 16«p. Apart from Gussies 
A, which gave up 4 to 2 56 p. the 
leaders managed to close little 
changed following a lats technical 
pick-up. Among Shoes, Newboid 
and Burton were marked up a 
penny more to 4fip in continuing 
resonnsc to Press comment. 

GEC fluctuated between 24Rp 
and 244n before settling af 24flo 
for a net loss of a penny. Modest 
fails were also recorded in other 

Electrical leaders including EMI, 
a similar amount down at lR5p, 
and Plessey, 2 cheaper al 8Rp. 
Elsewhere. MK Electric met with 
sporadic offerings and gave up 3 
to I52p. while Forward Technology 
fi?p. and AB Electronic. 94p. 
Decca eased 5 to 403p. with the 
“A" similarly cheaper at 393n. 
while Tele fusion gave up 2 to 
3Sn fallowing the half-yearly re¬ 
sults. 

The Engineering majors often 


ground included United Engineer¬ 
ing, 2 Up. Habit Precision. 2tto, 
and W he way Walson. Hip. ail 
down -about 2. Against the trend. 
Ratcliffs (Great Bridge) hardened 
a penny to 5fip in response to 
the Increased dividend and reenrd 
annual profits, while Davy Inter¬ 
national were a - shade better at 
220p following an investment 
recommendation. Shipbuilders 
came on offer. Vos per falling R to 
tfiOp and Yarrow 5 more to 270p. 

Apart fro mJ. B. Eastwood, 4 
higher at Sfip on the prospect of 
dearer egg - prices. Fonds vgre 
easier where changed. Small 
selling in a restricted market felt 
Barrow Milling 9 cheaper at 77p. 
while Geo. Bassett. I34p. and 
Joseph Stocks. 160p. lost 6 and 
10 respectively. J. Bibby eased 
7 further to 18Sp on declining 
bid hopes, while Squirrel Horn 
shaded 2 to 37p on further con¬ 
sideration of the results. Super- 
markets had an easier bias. Kurils 
Save losing 2 in 83p and Hillards 
3 to 1770. 

Ladbroke finished 7 rhoaper at 
lR7p. after Ififip. reflecting a chart- 
sell recommendation and the 
warning from the Betting Levy 
Board of higher charges next 


year. Myddleton fell S to 200p to 
a thin market, while falls of 2 
were seen in Adda International. 
31 $p.‘and Savoy A, 70p. 

Gomme up again 

Miscellaneous industrial leaders 
failed to hold on to an early 
modest improvement and drifted 
lower. Prices picked up a little 
after-hours on demand for the 
next Account but Metal Box still 
closed G down at 290p and Rank 

4 lower at -2X2p. Boots ehepened 

2 to tS4p, after ISIp. and Turner 
and Newell were a penny easier 
at lfliip: the latter's preliminary 
results are due next Thursday. 
Reed International picked _ up a 
pennv to 107p in anticipation of 
Monday's trading statement from 
the troubled Canadian subsidiary. 
Elsewhere, Coral Leisure declined 

5 to 102p. arter 101p, reflecting 
the Home Secretary's demand 
that the big bookmakers pay 
higher rates of levy to the Horse¬ 
race Betting Board. Renewed 
criticism of the True Temper 
acquisition brought about a fall 
of 5 to 170p. after 165p, m 
Wilkinson Match, while ICL gave 
up ti to 226p and Steeiley shed 5 
to l.$2p. Gomme. still on bid hopes, 
moved up 5 more to 82p. and 
further buying in a thin market 
left Harcourt Irish fi up at 45p. 

In Motors and Distributors. 
Chrysler were marked down 63 to 
a 1977/78 Jow of SOOp following 
the sharply reduced profits. Lucas 
Industries fell 4 to 230p. while 
Associated Engineering eased 24 
to 114p and Airflow Streamlines 

3 to R7p British Levland closed a 
penny off at 22p: the company’s 
workers at the Speke plant in 
Liverpool yesterday voted to call 
off their strike. Turner Manufac¬ 
turing. at 10-Ip. regained 4 of the 
previous day's loss of 9. 

North Sea oil-orientated stocks 
gave ground in Newspapers where 
Associated cheapened 4 to 140p 
.-> n tl t»a(fy Mail A 3 to 2Sop. 

Siebens (U.K.) bought 

A reasonable amount of activity 
developed in the Oil leaders. 
British petroleum traded for most 
of the day aroujid 750p before 
moving ahead in the late dealings 
tin currency influences to finish 
2 belter on balance at 754p. Shell 
edged up fi to 498n and Royal 
Riffcb pu; on to £40j. Elsewhere, 
Sk-bcns tu.K.i advanced to 264p 
on talk of ? bid from the parent 
i-iimnanv before easing back to 
finish at 23$o, a rise of 8 on the 
dny. Other North Sea issues, 
however, were not helped by a 
broker's forecast of a lower return 
on new oil fields. Lasnio gave up 

4 to 148p, after 14fip. with the 
OPS fi cheaper at 32 flp. CCP were 
?4 lower at S63p and Cluff 121 
down at 4fifip. Ultramar rallied 
In 204p initially, but fell back to 
settle at 200p for a fall of 2 on 
balance. 

Properties made a rather drab 
showing. Anart from MEPC. 
down 2 at 21->D. after H4p. there 
was little of interest in the 


leaders. Scattered selling else¬ 
where left Jmry 6 lower at 2Mp 
and B. Sunley a Similar amount 
down at 10Op. Avenue Close, 
Blp, and Haslemere 223P, both 
gave up 4, while Stock Con¬ 
version eased 3 to 233p, and 
Peachey 24 to 6Sp. Regional 
“A." down 2 at 634p- wer ®. 
settled by adverse Press 
comment. 

Still reflecting unseTtlement 
over the planned redundancies at 
D unford and Elliott, Lonrhq 
eased 3 to fi9p. Other dull Over¬ 
seas Traders included_ S. and W: 
Berisford, a off at 393p, and-Gill 
and Duffus, 7 cheaper at 200p. 

Stanhope General featured, in 
Investment Trusts, closing 27 
better ar I20p. after I28p, on the 
announcement that the company 
is involved in-bid talks. FoUow- 
ing the statement that the pro¬ 
posed merger bad been called off, 
Carlio! Investment and Tyneside' 
Investment lost 2{ and 34 respec¬ 
tively at the common price of 
944p. Camellia Investments were 
also dull at 200p, down 5. In 
Financials. R. Kitchen Taylor re¬ 
acted 5 more to 65p and stock¬ 
jobbers Afcroyd and Smilkws 9 
to 217p. Hambro Trust fell 4 to 
26p mirroring the recent fall in 
its major asset Hamfros, but 
renewed speculative interest left 
Authority Investment 2 better at 
a 1977/78 peak of 3Bp- 

Shlppiags gave further ground 
after recent marked weakness 
caused by concern over the 
industry's financial situation. 
Farness Withy remained on offer, 
losing 8 to 24Gn for a loss on the 
week of 48. while P and O 
Deferred were actively traded 
down to a 1977/78 low of 9op 
before closing 2 easier on balance 
at 06p. 

Scott and Robertson featured 
late in Textiles with a jump of 
10 to 38p on news of the bid 
approach from an unnamed party. 

BAT Industries Deferred 
resisted the easier trend, helped 
by newspaper mention, and 
closed unaltered at 250p. 

Among South African Indus-, 
trials, Abercom Investments edged 
fodward 2 to SSp despite the first- 
half profits setback. 

McLeod Russel provided an 
isolated duR spot in Plantations, 
losing 8 to 200p following small 
offerings in an unwilling market. 

Golds below best 

The sharp afternoon decline in 
the bullion price which reflected 
the upturn in the U.S. dollar 
brought the metal price down to. 
$180,375 per ounce at the close—a 
fall of $2,75 on the day and a 
week's rise of $1. 

Consequently South African 
Golds were marked down substan¬ 
tially but they were stttl higher 
on balance on the day in One 
with the firmer investment cui> 
rency premium and the higher 
securities Rand. The Gold Mines 


FINANCIAL TIMES 


fforernmffljr Sec*-- 
Fuad Interest-...,.-..- 
Industrial Ordinary,- 

Gold Mines- 

UhL Oiv. Yield——. 
Honda***’Id SPWbH 
fl/8 Bottodwtirtk-- 
Deal hip marked—. — '■ 
Kqirity turnover 
Equity b argains kitol. 


a . 1. a i 


T4.7W 


„ , _ "?SE09i 74.731, 7457 ,74.73j;'7.4.^p 
7-7.631 77.W 7l8ti '77.81] 

444^-4^9.5>'448.91. 


444^1'- 4^5.5' 449-9!. :464.'t'J _ 

• s.oa e.cof e.B4). 

17^31 'ia.01! 17.84j l7j9bl . S7.pM Wfl 
- 720} - ;f.s 


.-7.83 r-is3‘ : ^80L ;7.« 

■ 5.173 • .8,227 5.3271 4,762 ■ 4»«r 
• 96.3SI' B£L93j ' 62-T4| 

. ^ . 12S74112,644? 11.349! lftl97i 


Latest Index JB-2« SE6. - ■ 

» -J^^ssrgrz: .a^/i 

S2/9/SS: S&.ActltUy July-Dee. .... .... 


HIGHS AND LOWS 




“ 

•1977/18 f 


High 

' W - 

Uovt. slea*~. 

7930 

' .60.4HT l 

(aO/SD. 

, t«l> 

fixed LnL.„ 

S1.2Y 

(B/tyw. 

60.49.1 

(4/1) 

Ind. Ord,— 

5493 

: 367.6 

i m 

.'(12/1).' 

Geld Mines. 

174.G 

96.1 

(18/10). 

11.121 


Compilation 


High 


#tim 


S49_2 

a?, 


Low 


AU 

79/77J 

tB.d 


49.18. 

(3/1/75) 

60.63 


40.4 

(26/6/40) 


44B.i l 4S.6 
(32A/75l|C26< 10/71) 


—fialr? 

I ems-r 

i (wii 
Saeaibtft&j 
I. YouuS..J 
! -o-siAji 

QilC-Bd*ed -4. 
t. lertiuCriaU 
{. dpeeafktiw™] 

1 Tom 


m : 



ISO.5, 

118* 


index at 158^ diowed a lJ gato 
on both the.day and the week. 

Among heavyweights- »«™- 
fdntein closed i. easier at 
after £33 i, while West Driefon- 
tein ended the day J cheaper at 
£188. after £19. Hartebeest, £lli 
and Western Holdings,. £17, man¬ 
aged to hold earBer gams f>I 
around £i- ■ 

. South African Financials gave, 
ground in sympathy with Golds. 
Anglo American were unchanged 
on balance at 270p. after 272p. 
while Union Corporation, gave-up 
a similar amount to 272p. Profit 
taking left De Beers 2 off at 3l7p 
but still 11 higher on the week: 


the. 1977 resuttsjare ^eSped 
in March; _ 

The iate • weakness ^ 
bullion price pramptod-p 
selling .of- Gold Fields;-^ 
Unquisbed 4 to;- I3 8p;:,ag 
while -jtoe ' cotzbaxirtog;-^ 
base-metal prices cadSedi 
2 fan. to. R». TtotoSSsae? 

PtetiHums hardened -joi » 
In response-,to Riai^ihbii 
Increase to its. producer; 
$220. y-< 

Elsewhere' among.SM 
Oa kb ridge were another^ 

134ff ‘.despite.r.Wedii^l 

uouheement of. 'a-higtaei 
dividend and tocnedsed’-i 


British fbjmJs .... 

Corpus. Dun. and - FwehiH Bonn- 

Industrials ..- 

Rnancial ud Prop. ..-.. 

Plantation —---—. 

Mines ...L.........— - 

Recent Issues 

Totals -—.—...—^— r~+ 


RISES AND FAII^VV ^ 

Yesterday- --Onti 

'. *7 

w .1W 
• 53 

■•'v'7#4—a 

:: ,vt 


Up 

Dowd 

Same 

1. 

60 

is- 

10 

5 

n 

133. 

T87 f 

. 720 

4A 

Z36 - 

30 

' - 5 

M 

U 

2 

-- - T 

J 25 ‘ 

33 

» . 

57 

0 

19 

17 

. 226 

non 

1M4 


■ ••=■1 r--: 

MO ’3, 


NEW HIGHS AND LOWS F0R107) 


The lollowlnn Mturitres 1 ■nuottd hi _the 
Share intormattaa Service : 
attained now Hlgbs and Lows foir 1977 a ««* 

NEW HIGHS HZ) 

COMMONWEALTHS It) 

Australia Siipc n). ^ ■ 

Serial) BURS . 41) . 

Border .... .. ,- 

N^be/diBurt^^^ ■; 

Leeds Oyars Rohcrftp* 

TRUSTS 13) • • - 

Stanhope General Authority Wv. 

RUSHERS (1} ... , .- 

Maiakofl ' _J, L. . ' 

MINB .CS). • V— ■■ 
Wlnkelhaalc Falcon 

Wclleotn ' • - 


Chrysler 

Tarmac. 


newlowsjM 

<- ; ; AMSRIOBNS/tlT 

build iNta.^ti);' 

*7?^-. i'- '' stores \n : .. 

ials ;w 

r* 0P ?fci0T1* AKMCAkS i 


W: • • 

dtr NorthS«a ---JdPj&Q'-. 

•MINKS 

a. H—5outh. .... .- ;V,v, 


ACTIVE STOCKS 

YESTERDAY— 


No. 


Denomina- 

of 

Closing 

Change 

1977-7S 

1977-71 

Stock 

lion 

nnrlcs prir«(p) 

on day 

hiqh 

loiv 

rcr . 

fl 

12 

.733 

+ S 

446 

825 

BATs Dcfd. 

23)1 

11 

2^n 

— 

260 

2112 

BP . 

£1 

11 

7.74 

+ 2 


730 

Rumv.h Oil . 

£1 

n 

-in 

- 1 

S3 

41 

Ladbroke . 

lllp 

10 

167 

- 7 

215 

S9 

Shell Transport.. 

2Sp 

10 

4ftS 

T 6 

635 

454 

Glaxo ... 

.jOp 

u 

530 

+ 3 

6*17 

4fil 

ClUS A ■ _ 

i'Jp 

9 

276 

- 4 

34/ 

176 

P A. O Defd. 

£1 

9 

rtfi 


173 

951 

BOC Inti. . 

SSp 

S 

64 

— 

S3i 

624 

Barclay.-- Bank ... 

£1 

S 

3i>2 

- 6 

350 

22S 

Bcecliam . 

-->l» 

$ 

613 

_ 2 

6S3 

372 

Grd. Metropolitan 

5lip 

$ 

32 

+ T 

ion 

02 

Bccd ?nt 1. 

£1 

S 

1117 

+ t 


100 

Royal Insurance .. 

-’-'P 

s 

350 

- IS 

4«n 

280 


TUe chore list of iirtiirc sr-n'ks /.-: huseri t>u iiitf ulimber of 
jv-iriir\l mi .»“':li{i -ii O'li.-i,-! h n'li'l -i-r'cr fliil*: 163i 1/ 
reproduced lu-iiay in .stock Erchanoe dailinif-t. 


bnrijoiK., 
Ici cud 


ON THE WEEK- 


Denomina- 

or 

CTosins 

Chance 

1977-78 

1977-71 

S Lock 

lion 

marks 

price i pi 

on week 

hiuh 

low 

ICI . 

£1 

53 

33» 

- 6 

446 

325 

'Jhell Transport .. 

23p 

32 

498 

— 

635 

454 

BAT; Defd. 

25p 

31 

250 

+ a 

260 

202 

BP . 

£1 

51 

i»4 

- 6 

966 

750 

B'-echam . 

23 p 

45 

613 

-14 

693 

372 

GEC . 

25p 

45 

245 

-10 

284 

163 

P and O Defd. ... 

n 

45 

96 

- 9 

175 

95] 

Burmah Oil . 

£1 

44 

49 

- 4 

S3 

41 

Barclays Bank ... 

£1 

43 

302 

-14 

350 

223 

Distillers .. 

30p 

42 

16G 

- 1 

193 

120 

Grd. Metropolitan 

50p 

41 

92 

- 4 

109 

62 

Reed IntL . 

£1 

41 

107 

— 

233 

100 

Boots . 

25p 

38 

194 

-17 

244 

115 

Libannn . 

Rl 

34 

535 

+ J 

556 

175 

Marks A Spencer 

23p 

34 

136 

- 7 

173 

96 


BASE LEND6NG RATES 

A.B.N. Bank. . 6'% O Hill Samuel .? 

shr, " "" 

G.!«o 

6!% 


A/lied Irish Banks Ltd. 
American Express Bk. 

Amro Bank . 

A P Bank Ltd. 

Henry Anshacbor . 

Banco de Bilbao . 

Bank of Credit & Cnice. 

Bank of Cyprus. 

Bunk 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 AFI 
Capitol C & C Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings .. 

■ Charterhouse Japhet... 

C. E. Coates . 

Consolidated Credits ... 

Co-operative Bank. w 61°n 

Corinthian Securities... 6? 

Credit Lyonnais. 

The Cyprus Popular Bk. 

Duncan Lawrie .II 61°^ 

Eagil Trust . 

Enslish Transctmt. 

First London Secs. 

First Nat. Fin. Corpn. 

First Nar. Secs. Ltd. ... 

■ Antony Gibbs. 

Greyhound Guaranty... 

Grind lays Bank .t 

■ Guinness Mahon.. 

■ Hambros Bank . 


C. Hoare & Co . 

Julian S. Hodqe . 

Honckuny i- Sbansh.ii 
Industrial Bk. of Scut. 

Key scr UJInmnn . 

Knowsiey « Co. Ltd.... 

Lloyds Bank . 

London & European ... 

London Mercantile. 

Midland Bank. 

Samuel Montagu. 

61 %B Morgan Grenfell . 

8>% National Westminster 
Norwich General Trust 
P. S. Refson & Co. ... 
Rossminster Accept'cs 
Royal Bk. Canada iS'ust 
Schlesinqer Limited ... 

E. S. Schwab . 

Security Trust Co. Ltd. 

Shenley Trust. 

Standard Chartered ... 

Trade Dev. Bank . 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 

Williams St Glyn’s. 

Yorkshire Bank . 

S % ■ Memhi’rn or tin* Aeccpun-; 
gicr Coouaitwc. 

deposits '■. 1-month depnslis 


G! 

6; 

7 % 


71% 
6J% 
61% 
6i% 
9 % 
7 % 
S % 
6jj% 
7A% 
fi'% 


fii% 

61% 


6:% 

* 

i'.'V, 

6 Vo 
^ % 
fi;% 
8!% 
61% 
6‘:% 
6j% 
6i% 
61% 
6j% 
61% 
61% 
61% 
61% 
81% 
7J% 
9'=% 
61% 
6|% 
61% 
i% 


1 : o 
61% 
7 % 
61% 
61% 
Rousts 


i « * 

Sl% 

s %t 
61% 
6*% 
fi«% 1 


Zi 


i-fiaj drposlij on suras of £10.000 
and under Z~\. up Uj ES.IDu ai ; , 
and over X25.M0 4J ! i. 

Call depanrs over n.ooo 3 
ci it ’ Deniand deposits f 
° ■ ™ 1 Rato also 
Secs. 


fi?% 


applies to Sterling pid 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Seltle- 

iogs lugs tlon ment 

Feb. 21 Mar. 6 May 25 Jun. 7 
3Iar. 7 Mar. 20 Jun. 8 Jun. 21 
Mar. 21 Apr. 10 Jun. 22 Jut. 5 
For rate indications see end of 
Share Information Sendee 
Stock favoured for the call 
included T. Cowie, BP. Newarl- 
hill, Siebens CU.K.). Adda Inter¬ 
national. Consolidated Gold 
Fields. Premier Consolidated OH, 
Lonriio. Turner Manufacturing. 
Furness iWithy. Savoy “A." Filch 
Lovell. Hartwells, Currys. BTE, 
Briiiannia Arrow, Ladbroke War- 
I'snls. James Walker " A." Horace 
tor?, Lihanon, P & 0 Deferred. 


William Whit'Zngliam, I!. Wlqfall 
Furness Withy. Chari erh».H 
Robertson Foods. Ultramar. KC 
Drilling. Burton “ A.” Celtic 
Haven, LOFS. Bnrmah OH. Dart 
mouth Inveslmenls and NatWesI 
Warrant*. Puts were dealt 
C. E. Rcsirii. Gussies “A." and 
GEC. while doubles were 
arranged j»i p & O Deferred 
T. Conic. C. E. Heath. Charter 
hall. Turner !\lanuf»c!urim 
Rrili«.h Land. Town and Cii 
Pronertses. Lourlto. Premier Co; 
«olIdaied Oil. Reardon Smith “A. 
Fiteli Lovell. Lr-dh ,- oUe Warrants 
and Siebens tU.f-.l. A short- 
dated rd I was lran«:i«:iefl 
Omi!' Deielnom-w.ls and a pul 
wa» done in Gripn. rad.s. 


EQUITIES 


= - ? = i. id; 

lew lyrjgJ- 

^ ~ "sT Hi«li UlU 


Sro* 




_ ! _I - i - 


FIXED INTEREST STOCKS 


&r ' 

= =• 

|.i.| 

1 iv r 

i.’*? | 





MM 


- — 

' 5» r -5 




btix-u 






Hiali 

Kiw j 




1 

GOBI 

cl 

■ KC 

2 u 2 

Ui> 

1:2 

Vil-iamlv-t f“ii 

>r*. c 1 

*s M» . 1 . 

• tin. I'lrl. .. . 

132 

— 

i-.i* 

24 A 

I'^f 


Lbl k". - id \i'l 

1 . b'l. 

K-n' 

*.|«. Ki.-t . 

IO 61 .. 

" 

l-.l 1 

212 

)•>'( 

-MC 

LVliir.-n.n 1) 

• t U>»l. 

. Ci n. 


IO 61 . 

lS9 

1 . 1 * 

. i-a 

101 

JJi, 

> ll,illl|jlKII l!l-V 

. lu.-t 

H-: . 


100 l- l- 

'luu 

1 .C 

• -- 

■*ac 

>3r Ij 

Ii".--' :i% N 'l'- 

: liTi., 



'•it 

'1UU 

Kl* 



S3** I 4 

M... 

1 .*f: 



>67 

i :ioo 

KfiO 

] Z4 3 


cOic 

liVii--j||"|..li A 

tl'iln’i l'„ 

. 

52ir .. . 

•: 1 U 0 

r . 1 * 

1 — 

Iw.ll" 

***» 

L>-. 

Li... 

\ HI 

I*»l-K- '. 

liA-id .. . 

moa 

KC 



IctUr 

I^-HV-M/I W-lll-K 1 '• 

.*1 .. 


10O'4 .. . 

€€ 

tin 

28.4 

\<£ ■ 

kv 

r,n i'.-h (>..< i - .. 

•i-jJ, Cl 

1 * r« 

> l.n la*? 

100 ... . 

CIOU. 

KC 

- 

X-Ws. 


iilli 

. Iv« 

k; . 


Cdei; 

« . 

F.r 


iHV 

I-Oll , 

Wli • III'.. Hi 

\'i, 

1 

1 -»'■ . 

•98', 

- '• 

KC 




lit 1 . lilt- Kin 

i.M, 

' \ •, 

'-U-f. '•••(• ! 1 J ‘ . 

r97 

CS9», 

f.K 

— 

100 ., 


1 Hnie-inr \ m 1 

Hi IV IS*-* . 


100 . 

C9&U 

JC 1 U 

284 

lOsB 

11 ? 

Iw 

■ J • . . 



4:- - l 

“ | 

, f.r. 

■sJ42 

IVJC i 


U 11 

■ II; 

1 . .mi 

Cr,t 

IW-.|. .. 


“RIGHTS” OFFERS 


! 

“ — ! 

Lai mi 



Insue. 

B - ’ 

HfmiBr. ; 

1977/8 

Price; 

53 ! 

Bate ! 



P'- ! 

■5 “ ' 

• ! 


Hicb 


65 ■ 

an - 

1.3 

31.3 

Slfini. 

lWpni 

70 ! 

nil - 

— 

— ' 

l’Jprn 

9j«ir, 

50 , 

F.r, 

6(1' 

10:3' 

l.n 

-» 

£ A 1.7b 

F.p, 

24/2. 

103. 

l»l S 


10 

«« , 

3/3 

51:5. 

li*pw 


10 1 

F.P. 

1.2, 

17.5 

421; : 

A 

81 , 

KP. 

2(J-2 

603 

22 . 

24 

4du : 

F.P. I 

21,2 

41.-3. 

M'i : 

350 

*A i.7b 

r.P. 1 

17,2 

4/3i 

2PI < 

hi 

o4 • 

f.p. ; 

lu.2 

103 

94 J 

irl ij 

56 | 

K.!'. 

3.-2 

5/3. 

<4 1 

il , 


St-.-k 


Atiti... 

Bvwim'ini .. t 

Lai’i^tiirm. 

L-•raiiii. tVallk vt A'l-lnlu.. ' 

Ctr-tiM* ... 

LIU. InliTUaliL'Cnl.. 1 

.llHinrhustcr (inrun." ■ 

'I !■ ilnn -1 lvinii.J 

.V4(iMiini Hsnfe m Amtraliiiia...!."]]’ 

\CII |.luv.).. M 

..Vfrwli... 


I ( . . 

, l*i u* ; *■ 
!■: “ 

19,‘ii i 
9i>in 
05 
190 

10 pm 

33 
24 
330 
190 
85 ; 

81 • 


„ , Renunciation flare usual Is issa das for daumi »rw m 4am p dura e> ^ 1 ™,^ 
Oasea on prwDecius vsnnu.ro o AaKumyd mnoenn and mid . Mn-raisf dw,^,..? 
MM «. m. suar'n carnmus - nivirtend -rad yrrin i a s-d „n orLaw* 
* a * c,a ' rsamaras lor ion „ Grow r imup, -ssum-d , (>„ o\ n £ 

^ B0, ■»' -rmUrn* -ralv .nr^USSS 

21 ,«2 5 . 4 “ J wWlf ** '' nl ^ «Hherwis- .nd.raiefl. 1 | M .,-d 

&>. renflyr i.OH^rrti »n holders ot ordinary shar-v , ■■ rnhi, ■ mlih., 
«PtfalUtao«n « Uinirpim i f nd^ pnc» n Rrinfruduvnil. M iMn-d 
r 1 h wrganna-mn meraer or raiw-over i|n (nifriuu-nnn <~)issued 
'"™r„ .H■ A " n,n, "n f Nwr» »w Oills-paMh « Prwuiimai 
or partly-paid allouneot tellers, i With warrantf. 






FT-ACTUARIES SHARE INDICES 

. .. '... ..... v,v-i.• 'V; 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the ” ^ 


EQUITT 
GROUPS 
aad 

SUB-SECTIONS 

Flipim 1-1 p«rcn!ic;-« show 

number of stocks per t*cuoc. 


CAPITAL GOODS 1178)..., 

Eufidius Materials >27' 

OHCacliag. CouTilfiKn 36)—J 
Electricals ll5t--- 

Eigineeric* ■'.’oraacSos f 14). 

Mechanical EneineeringiTli. 

Seialiaad Mas! FiraingilD—j 
CONSUMER GOODS 

■DURABLES (52t 

Ll Ei/KDvnics, Radio TV iijj. 

Household Goods Il2)_._. 

Motors and Dismbuiois (25)_ 

COrvalUES GOODS 

'NON-DlUABLEXlTfil_| 

Breweries 1 14 1 - 

‘•Vines and Spirits (S'-1 

Entertain noil. Catering ( I8i- 

Food Manufacturing (22) 

Food Retailingilfi)- 

Neivspapers. Pnblidung 113)- 

Pastaging and Paper (15i _ 

Stores 1 38)- 

Textiles i25l. 

Tobaccos (3). 


Tors and Games (0)— 

OTHER GEOUFS (97)_j 

Chemicals Hill 


Pharmaceutical Products 171- 

Office Equipment (6)_ 

Shipping (10)-1 

Miscellaneous (55)— 


INDUSTRIAL GROUP H85) 


Oils (5)- 


5MSH.4SE INDEX 


FINANCIAL GROUP (100). 

Bants 16 )- 

Discount Houses 1 10) _... 

Hire Purchase (5>.. 

Insurance (Life) (10) 

1 nsu ran ce ‘ rompofiiei (71_ 

Iera ranee Brokers (10/ 
f'erchantBanfcsi!4).„ , 

Property 1 31 1 __ 

Miscellaneous i.7l 


lcvMtmentTrusls(50)_. 

Mining FinanceI4i_ 

Overseas Traders >19).-. 


ALLSH.VSF LNDES (672) 


Fri^ Feb. 24, 1978 


lodes 

No. 


192.69 

173^7 

302J9 

414.46 

276.78 

153.13 

155.50 

177.12 

212.75 

163.95 

107.85 

182.73 

206.73 
234.08 
230JO 
17723 
181.43 
30439 
119.84 
165.72 
166 JH 
229.19 

9528 
176.54 
244.02 
23658 
12051 
408.16 
IS?JO 


189.45 


43350 


209.78 


154.32 

17358 

193-28 

142.67 

120.45 

12025 

308.47 

72.66 

225.88 

100.12 


17957 

87.43 

26527 


19424 


Day's 

Change 

tt 


-0.9 

-LI 

-2.0 

-0.7 

-0.8 

-0.8 

-0.7 

-0.9 

-0.9 

-02 

-LI 

-0.4 


-2.0 

-0.4 

-LI 

-1.4 

-0.7 

-05 

-L4 

+L9 

-L4 

-05 

+03 

-03 

-L7 

-L2 

-13 


-0.6 


+0.7 


—0.4 


-LI 

-L6 

-13 

-1.2 

-23 

-05 

-02 

+02 

-1.1 

-17 


-0.4 

-12 

-03 

-0.6 


EsL 

Emista 

VMM 

flUax.) 

Corp. 

TnJW 


18.40 

17.92 

19.05 

15.98 
17.94 
19.96 
2020 

19.32 

16.75 

1920 

23.48 

17.52 

15.74 

17.67 

18.28 

2232 

1537 

1104 

22.02 

1158 

2181 

2425 

2166 

17.98 
2033 
1163 
22.80 
24.13 
17.29 


17.98 


16.00 


17.68 


26.68 

1287 

13.90 

3.02 

25.73 


3.47 

17.83 

17.53 


Grass 
Div. 
Tidd % 
i ACT 
4»% 


6.05 

6.22 

4.21 

4.27 

7.28 
6.68 
8.79 

5.28 
3.91 

7.43 
6.94 

630 

6.41 

6.14 

7.44 
6.02 
5.04 
4.10 
9.70 
4.77 
8.06 
8J7 
6.24 
632 
7.08 
4.19 
513 
737 
6.69 


635 


4.50 


5.W 


5.75 

6.11 

8.63 

550 

6.45 

6.69 

4.44 

6.58 

3.05 

7.87 


5.23 

6.70 

7.38 


5.89 


Est 

WE 

Ratio 

(Net) 

Corp. 

XtaBK 


7.66 

7.95 

7.64 

8.97 

7.63 
7.12 
655 

7.50 
a£3 
7.10 
6.26 

&00 

9.63 
8.58 
8.05 
633 

9.51 
13.46 

653 

1354 

5.70 

4.92 
6.17 
757 

6.92 
1103 

5.82 

4.91 

821 


7.77 


7.60 


7.74 


5.70 

1150 


10.52 

6259 

539 


28.79 

652 

7.10 


Thnn. 

Feb. 

23 


Index 

No. 


194.48 

172J5 

308.71 
0735 

278.96 
15428 
156.64 

17B.78 

214.72 
16427 
109.07 

183.45 

206.77 

233.96 
233.08 
178.02 
183.41 

308.72 
12067 
167.08 
16830 
224.91 
96.61 
17750 
24322 
23723 
12254 
413.07 
184.70 


19059 


43053 

22043 


156.08 

176.46 

19455 

144.41 

13153 

12050 

309.07 

7252 

228.40 

10152 


18027 

88.48 

26732 


19532 


Wed. 

Feb. 


Index 

No. 


196.12 
173 J£ 
309.08 
424.01 
280.77 
155.44 

157.46 

180 J6 
21622 

164.80 
110.16 

18520 

207.80 
236.61 

235.47 
179.29 
18429 
310.88 
12055 
170.92 
17057 
222.42 
9655 
179.15 
244.99J 
23928 
123.40 
42191 

186.47 


19232 


433JJ 


222.44 


15822 

17854 

19539 

145.82 

13329 

12356 

30858 

75.02 

23037 

10201 


18L04 

8806 

266.76 


197U5 


Toes. 

Feb. 

SI 


Index 

No. 


19BJ0 

17511 

31528 

427.041 

28407 

15703 

16176 

18254 

21S05 

16639. 

11168 

186.65 

210.66 
23656 
239.46 
18002 


184.96 
33259 
12129 
172.78 
17157 
223.00 
9830 
18054 
24755 
239.41 
123 JO 
429.86 
188J9 


19403 


435.78 


21434 


159.99 

18000 

29695 

14954 

13405 

125J76 

310.60 

7650 

3208 

103.04 


18220 


8851 

269.99 


19826 


M«e. 

FWj- 

38 


Index 

Na 


19958 

17558 

315.79 

43253 

28454 

157.45 

16188 

183.03 

21921 

16655 


112.42 

18752 

210.61 

23551 

240.79 

18056 

185.42 
31458 
123.01 
17450 
172.25 
223.00 

9759 

18207 

24934 

24153 

12431. 

43858 

18955 


19524 


43526 


21535 


160.84 

18179 

,196.71 

149JB 

133.77 

125.94 

310.48 

76.73 

23532 

204.02 


1BZ2B 

88.95 

27053 


199.77, 


Year 


Index 

No- 


130.77 

20751 

294.41 

19850 

142.08 

13154 

13825 

15422 

148.45 

9054 

147.00 

15829 

16622 


185172 

16122 

148.69 

23758 

10266 

12053 

14251 

20198 

8239 

15424 

2312b 

050 

9454 

439.93 

153.92 


15527 


47B.73 


I8L01 


12652 


145.75 

16225 


11133 


10750 

1D0J4 

25920 


6557 

16623 


79.91 


36153 


9050 

24355 


16730 


' ■ ■ • tti oh« and. Tai 


ii.. -J 


1877-78 

High 1 Low 


22853 (14/9)77} 
214.72 (24/10/77) 
379.99 C4/2B/77) 
48369 (21/10/77) 
33222 03/9/77) 

187.45 (14/9/77) 
177.22 (14/9177) 

213.75 (21/11/771 
26L72 (ZWO/77) 
299.07 (27/10/77) 

130.95 ,05/9/77) 

WJBMtom) 
23674 /B/32/77) 

256.45 (29/12/77) 
27252 G0JW77) 
214J& (23/10/77) 
244.41 (27/10/77) 
36052 (6/1/78) 
14421 QAlWJTt 
204.02 (27/18/77) 
18L41 (15/9/77) 
24356 (77*77) 
il9i0 (27/10/77) 
213.70 04(9/77) 
295.10 fM/9/77) 

262.96 (6/1/75) 
14125 05/9/77) 
53958 08/5/77) 
2ifl52 tzuwm 


12232 


54120-05/9/77) 


24632 0.4/9877} 


184.48(6/10/77} 

20436 (23/1/78} 
24920 Q&Upi 
199.47(3/10/77) 
15955(21/10/77) 
16172(6/10/77) 
37153 05/9/77) 
9752(780,77) 
25529 <20008)- 
: -u33Smmm 
20922^/10/77), 

10556 (20/9/77):: 
29753 Q&977) 


226.9? <23fll/7^ 


13513 (4/1/77) 

21211 (5/V77) 
167.99 (4/1/77) 
26535.01/1/77) 
168:98 (4/1/77) 
125.42 02/1/77) 
11325 <flW77) 

11721 (12/1/77) 

12*69 020/77) 
127-si mm 
772702/1/77) 

136.7902/1/77) 
14323 (1432/7?): 
156J5 04a/77) : 
17257 0.472777). 
15054 (4/1/77) 
13115 02/1/77)- 
201.0a 0211717) 
9824 (5/1/77)'- 
10935 02/1/77} ■{ 

122J1 (5/1/77) 

19tfl04(Z/m 

7634 mrrt, 
02/1/77); 

2042k Q2H7ff$ 

23630 GW2J7®. 

7755 (4/2/77) ,, 

40*40(1^22^ 

m6102/D77) 


142.08020/77) 


42253020/77) 


264/5(120/17) 


3393 0 (40/77) 

1363604/2/77) 

147.9404^77} 

- 8432 (4/1/77) 

100.97 (27/7/77) 
:-9534 mtn 
225J5020M 

jmm. (4/1/77),- 
:i42L69- 0/1/77)4 
' 9184070/77)4 


^4907/1/77} 

rOtatiS/lftJt 
214.8b ^50/77) 


WWP2/I/77). 


‘ Since 
CoBwpXatfi 


HI eh 


220.03 (14/9/77) 
23184 <2/5/72) 
38933 (19H5/72) ; 

48559 (ZlOO/ml 

-33222-03/9/7731 

187.45 : 04/9/77) I 

277.41 (2774/723: 

2znsmvii\ 

XU2W/MI) 
2632? i4Bf72f- >! 
17039 (15/2/69) 

ttMCWr® 

znjLMnm: 

257.4803/7972) 

3299fh027Sff2h 
21463 (ZS10//7) 

■ 24(41^27/10/77): 

34Ca(»Rf77)- 

20439(16/8/72) 

TSSttQJOI&l 

3993 

m 

m.- 

63*68(10/5/77)] 



22232 tflfflB/n)'i 


54330.a5/a7S, 


2483204/937)) 




•sitTK.mm I 

as 





FIXED interest price indices 

• 

FIXED INTEREST ■■ 

Br. GovL At.- Gross Red.... 

: Fri. 
Ft*. ■■ 

M T: 

::thbȣ 

\ ■ \ 

:• Yttttt ■ 
r. ojgo 
(amtouO 








1 



7,77 

»37- 

>3038 

v 731, 

:K***:, 

'ML* 

■: BJf: 
' 1157. 
-12.99 

KM 


British Government 

Fri. 

Feb. 

« 

Day's 

change 

tt 

xd adj. 
TNsjr 

xd adj. 

1S78 : 
Co dtit 

2 

3 

Coupons 

R—J5i 

m. 

1 

2 

tlr.rlpr 5 soars 

5-15yeare.._. 

10811 

229.96 

-0.01 

-8M 

H 

2J9 

L4J 

4 

fi 

Medium 

Coupons 

5 years...__ 

.-. I5.ieato._X4. 

' 9Mb 
: 1164- 
..2120- 

9J9 
■ mb 

1132’ 

w* 

T2J56. 

1333. 


s 

3 

4 

OverlSrears— 
Irredeemables_ 


-833. 

-0J8 

H 

222 

1 « 

1 

ffish 

Coupons 

. 5. years. 

:; 15 years. 

..2J yeato^XXX 

1BJ7 

. 12J» 

yjzu- 

vawr 

1 JM#:’ 
^izoo 

•H® 

■<uA 

Pfii 


5 

All stocks. 


-031 

IPri. F 

B 

199 

‘•I. 1 

□ 


3932 

; 1*27*; 


awa&aagaifc^ 

.5Sr^-‘ 




Tubs. Mon. 
Feh. Feb. 
21 


md-yr.aed. Deb. & Loans (10) -.;8um 
leinvesunaat Trust Pngis. (16) B7.il 
it’Cmnl. and. Inn). Frets. (20) ... ^..'77.87 


t1Z.17jSO.91 IEI.10 

'-157.17 

17/.43 


I81JE7 W2S 


57 M 
177.27 


Ion. f FrL ThiicLiwid^Y'eir ''' V'^ 

80 1-17- • H‘ 15 ~ iepyrit, : ■] 


1G7.0S 

7742 


1.50- )&L2L J6045 163*1 


Section or Croup Base Date 

Pbamocflutlcal Products 30/12777 

Other Croups 31/12/74 

Overseas Traders 31/12/74 

Engineering Contractors 31/12>71 

Mechanical Engineering 31/12/71 

Wines and Spirits 16/1/70 

Toys and Games Ifia/70 

Office Ewipmcnc 

Industrial Group 31/12/70 

Miscellaneous Financial 3l.’l2/n 

Food ManuTacwrins 29/12/57 


BUtfi __ ___ 

57-12, Sm;j57j«'-ln.84 167.71 f 
77.10 i77.I5 177.10, tft JO J.TO-BS 


Base Value 
80-77 
. 53.75 
UOJW 
15344 
15344 
W4.T6 
135.72 
. 128 JO 
12B4B 
123.06 

114 A3 


Section or Group 
Food Henning 
Insurance Brokers , 
Mining Finance 
All Other 


Base Data 
24/12/61: 
24/12/W 

29/12/67 • 
-10/4/64 


.. . __,J^Ll 

J6aa6i4i5af:a^ ; . 

Base Vah». ■ 


• mp3' 

: WAT 

-.-100^0- r-. 


t ^.odgfft Ption yield. A now fist oT thc cniEtltacflte. 

Ur available from Bw Publishers. The Financial Times;' 
Brachen House. Cannon Street, tondbn> ECO, prico 'Up.: : 
by oast 22n- - A fortnightly recant nf-stoop and «abw.‘» 
Section Indices, dividend yields atid^oai’ntimr Pneras i- 
since 1962: with wruerly blgba anff laws of tteteiaws^lTtex- 


Cswt^;,t,VWI«VS^ri 

* .CChenticalsF*- 

'■CMoaro^ andr- Dtarif' 
r'.£ i(bmkhm.ii r lonrf./r.ic.-jr+^a-^ 

•^v^suas- .Tradn?*i%to - tt ‘ 
.NorfflpT^jgngfafcrWg 












































































































































































































































PROPERTY, 
RONDS 


AUTHORISED UNIT TRUSTS 


j 4 *- Stawcen ? (aK4> Farpete*! Unit Trust Hague* fa) 

MM a.a.MBTAw.HaASHP. ouraisn 48Hart»-31irti3toO»7h~ 


— |AM*7C*>*I«I_I 


OFFSHORE AND i 
OVERSEAS FUNDS 


nv.Aec_. 


XSSSaHES- Jfldl} 

Allied Hnbra Group U) tgj 

Hatm. BmiHpd, Eton. 
Of-UB 9851 or Brentwood lOTm 2 J 1 «* . 


Allied ut. . 

Brit-lad. Fund-,_ 

CrULtme._ 

Elect. Sc lad. Dor. 

Allied Capital_ 

Hunbro Fund __ 
Hucbro Ace. FcL— 
I ncnrac Ftaeda 
High Yield Pd._II 

High Income 

aJT Eq. Inc._h 


_ OV988U31 48 Hart S£.B*il«r on Thames MnzaM 

It? IS -pi.9 3tfi-1 4B* t 

3*5 3ij 377 Piccadilly Call T. Men. taj? mai f*?**®" 6 Becnrttt " UrfWI Keyieiez Huge. Jersey Ltd 

”d Hfcf £3 3to torfeu Wril EC= 838 0801 TO Bny a. lleUe ^J^r. ^HWmj 

If*-jog U| gS^StzzlB 4 iS“ 0J M7“■■ 1 JJI S3 ET: 3u 

L« ■ 411 “SSSSL nv ■gESte«IL!»a a 

Ifl -14 Kin* * She™ 


WM-ax 
300.4 -IX 
I14.fi -13 


3f sg sssssat-. 
si js sises^s; 

HEgb Income Tit. 
t) Income Fund-. 

j -- Ini. Agendas.. 

InH Exempt Fd. 

' lxUnU.Btf.fAec.1 — mw «.|- r mo g4WS^ T--.r- 

-S3I 488 G1W * (Aataop) Unit Tot. Mgs. Ltd. Aeeumltr. Fond— 

-M 533 23. Btamfield St, ECZH 7NL. Dl-W8«m gjgjgglqggWd- 

-flJ 530 (11 AC.Income-_U79 40.JI_ I iu •?-*? ”—: 

-OJ 5x3 wiAC.CPDwthrr~E«? S7*| I on AmericanFtaud 

-«A <UAG. Far|S_3 21 3_| 0 J 0 Practical Invest.. Co. Ltd.? (yMc) 

-H 03* _ * T «to ttWto OO.Bloamaburi'Sq.VCIASRA OWES 

GOttett (John)? Practical Feb. 22_0342 1 « 2 *J_I 

-0.71 *S 77. London Wall, E.C£ nT.ea p y m Accom. Unite--11*73 19921 1 


52; Oatbvalte. X27, 

I" USS1 Shuras_ 


clo trito Young * 
C_S?dae7. , - 


Japan Cth. Fund 521X3 22.7 

Kejwlcx Japno ±336 9.4 

CenL Assets Cap_ 039.01 


3H S 


_] 1- 

Sct asset tbIho February A 


King £ Sbasson Kgra. 

J Chorine Cron. St Roller. Jc 


WM§; 


<y\ 










>T ,-f 1 








lrnemaiionsl __..1223 

Bees, ol America_MX 

Ptotacpand_[31 a 

Hpectollst Finds 

tomllerCa.-iPd._BU 

2ndSmlr.Co-sFd.-P9J 

B eras err Sits_(tlx 

Mel- Min. J. Cdtji. _ p*2 
Overscan KartiltiEf.Maa 
KimpL Smlr. CWa...095.9 


2 c£3 +ofi Mi BTild R Feb .,17-|U9* u*.« ....J 235 Provincial Life 1 st. Co. Ltd.? 

: Z* ” “““wLflri “ aasaeaa 

\ *524*“"! IS Grievmnoo Management Co. Ltd. HiKhincmoe-- [993 uSfi-ijj 


.Net asset TBlne Febnuir 33. iBcmi Street. Deuetas. Isle at Ksm 

Pi 01HBSB0BBS ? nk , of ATOricm la fen u M o gal Gilt Trust uSeS] !-”| 11a 

; B(J , Hr 35 Boulevard Royal. i n M .he i T t CUD. - >ntL Gort. .Secs. Tit. 

ln3- fM WRUawstlneonie-tCSUKl UUU4O301 M6 Ef2 SWrlinj;-- 117.15 17-22! _...J —‘ 

—_| prieeo st Feb. ZLninftauth dsy Marsh L First Inti-—[slBlO 121.79 —-1 — 


!^t denhn q dir a toli 3 . * ~ «Md.Oneen 

zn GHctohd MankCetnent Co. Ltd. HlKhlncmo*! --p93 USaj-uj &20 AIe»nnderFnad._miS5*l — I __| — 

Sm 25T h S5. S h Ea '^=^ ^ 0WKW4433 PrndL Portfolio Mngrs. Ltd_V feHbXO vaJu * ^ *■ 

.^.lActStrStr:;"^ aS:r; «J8 SS!"S B, ' Ecl! J,Sf? Buiqne BnneUec Lambert 

KSSyTiESta?-—SjJi •T&i-— J-JH - — P33 J 12MI-1.0I A71 ^ Rue Is Kegesce B MOO Bnaamls 

538 aSSS’rSbzfZ: 1 S 7 1 S 3 — i2 Qontcr Mnugunent Ca. Ltd.? ReaaaPmidU!-—&.*«, zooU -5| ut 

531 ,A«-™ ig| i« T£*j£Ez£Mag. EON- 1HP. . ei.«©4m Barclay. Unicom fat (Ch. fe.> Ltd. 

82^ +02 1^ SnadrMt lacome J .|llM iMiJj ~*~{ m I,Charing Cram, St Seller, Jnr- 063473741 

Sl| r”r. £ 9 ? Erfianco Unit Mgn. LtcLV “^ 3.99 

■ "Snbjcfl to fee and aitUoMuig taxes 


f-S lAccnm. Units >- 
Oversow Earnliigs.Mae 57.71 -0.«I- 5.41 GntehstrFU2< 

ExmpL toilr.Con...jlfe.9 29M -li| 531 (AcramUnlt*, _ 

LaJkBndi. Feb. 22. 

Andersen Unit Trust Managers Ltd. tAccum-Ualtsi 
158F'enchurch St. ECSM6AA ; 0230231 Guardian Ken 

Aadw*onU.T.-1453 4t5|437 r 


> ia 9- Klelnwort Benson Limited 

01-6302313 ■ZlFeocImrchSL. EX3 0141238000 

• _i _ EurininL Lui. F 1,013 —31 LH 

i Guernsey Inc._5*3 6&< ..._. 435 

Do. .Accmn._692 733 4JS 

• S, R Vl5 ,t J d -— SrS936 ._... 1.4* 

JCBlnU. Fund- Sr;si024 . 105 

wh M. J ?P5 n . Fu “i~ SL'S2*31 —. 030 


U9 p-^?K Sl si3^ :d “ 

^ *^7 Signet Bormuda SCS424 Uo.ofl 1M 

(Ch, Is.) Ltd. "I'ltgoiidsIDMi—18.45 19.401 .....J 83* 

... 'KB act as London paying Mena only. 


SH *83 IS SnSdremESm^EEi lMid ZZ in l.CharlngCSP0«s I SLBeUer 1 Jr«y. 068473741 .. " ‘ ” - rav * 

p. I*L tAMiim. UBltai —|7Lh ^ =3 S ««>**»» « »».. Ui» 82 ^8^ ^, ^ ^ >» {^S 

; 8230231 Guardian Royal Ex. Unit Mgr*. Ltd. gfjfy” Hse-Tunfay^cffclla.m. 080382271 'Snbiect to fee and arithholdmg uxe> UeydaTm Oir^Wai/ sOS? 

■“■■■I 4Xr Royal Escbenae.EX3P3DN. oi-osaoiz sSSSgT^iAfelSa g3 |g Barclays Unicom Int (L O. Msn^ Ud. Nen dcoi.u date 3i*.-cii il 

jjj (asiCuardblJI Tk...(7S.7 SUM -D.9j 431 SekfordeT.lae.— 1330 4031-031 537 1 Thomaa St, Doaeias. LoJt 00244890 Liovds Internatlnanl Mpmit H A. 


Ansbacber Unit Mgut. Ca Ltd. wousniwii *134 -Ml 

i Noble st- EC 2 V 7J a ' 014230970 . Btmdersou AdmlnlsCntlontsHi) 

lne. Monthly Fund. |162.0ri 17234 ...-.| S3 Rramier VT- Adnrin. Ray lei xh Road. 


ArbcUuKri Securities Ltd. fi)(c) 

37, Queen St. London EC4R1BY 01-2309381 

Extra Income Fd..-(1088 117.71. 1030 i 

Hiob Inc Fnnd-37 7 41.0 . 9 64 ixiKsr 

♦jAccura. Units) —51_5 56.1 964 leff'inimAITU 

S’! SI . ,362 iffHiSlSSSe 

■ Hi ™ Jaaafisa 

|| ^cl^F>bM 

Zi ::::: IS 


Brcnnmed. Esiea. 
ijaAndfsUsn . 
wvm Cap Growth Inc 

io» gggr*** 

9 64 Iprar_ 

964 (KJFinonAITU 
9.M igl High Income 
12JS3 igjJnc.Oi Assets. 


IsUz) Ridgefield Management Ltd. 

toad. POBee419LBankB sa.M oncbstr. 00X3300321 

0377 Z17235. TUdgefloHTat.UT.182.0 88.0_I 2JB 

[-031 2.41 Ridgefield Income. |933 9?5j_| 9JS 


430 Rctbsehlld Asset Mstzagement (g) 

0.9Z 72-80.Gscehcnue RtL. Aylesbury. 02009 

IS WSSSSSM* «:« l 


Dnicnrn AnOL Em ,159.9 

Do. Anal. Min-23.8 

8326 DOLGitr. Pacific 56.D 

2JH Dm IflU-lncDme— 583 

IK Do. 1, of Man Tst__ S64 

Do. Manx Mutual— ZL5 


11096 Jfifrwl.lf.m 46.0 49* .... 

nnJtPropFd.17 16.6 1BJ .... 

Giants Fund-353 . 37.9 -0 

lAcrum. I'nltsi-40* 43.1 -A 

Growth Fund-29JJ 32.1 -Q 

fAcc um. Unite)-35.1 37.9 -0. 

Ionian CULPd.-126.* 136.9 .... 

‘Eastern S InlLFd 19.9 213 

■'8% WrfrwJ.Uta.1163 174 .... 

FoKienFd.**-_153 Bl_3 *8 

JN. Amer t InLFa j239 g^( _<j, 

Dcoljtnan. -Tuet Wed. gThura. . 
N«rt tCi3.*"Dcc. 22. "Dee. 11 Daily 


— , iglNth. American 
511 N A Gross Feb 14 
511 OU&Nu_ 


gjq -0-4) 850 %- r- Income Fact}. 
“H 3 K64 saiML Fd. (InC.l 
26.« +0.1 2.09 jj.C. IntL Fd. iAec.1 


_a 
77« +o: 


f9«. 511 w.wi-i FebJ4 

18JH ..■■■I 32 IfilCabot 


-i-V N.C. Smllr Ctqrs Fd|l38.4 147^-14 > 

7.- 263 Rothschild ft Lowndes Mgmt. (a) 

StSaUhlniUnaLda-EC*. 0I-62S‘ 

*?4 14' —--■ imiA mnl > i 


Mgai. Blshwpsgate Commodity Ser. Ltd. 

-IB 513 PXXBOV42.POU41W.I.O.U. 0824-23C 

—0 ij 198 ARMAC* Feb. 8_I $i’S2669 1_I — 

-O.fl 7S7 CANRHD** Feb 6. £1810 I_ — 

+o3 194 COLTP.T-Feb.C_. | U.336M J .I - 

+0-2} X94 Originally untied at >510 oca —F1.00. 

nt t»\' n Brl ^^8® Wsnsgejnent Ltd. 

w P.O. Box 500, Grand Cayman. Cayman Is. 
ai-raCCMC N-hoshi Feb---.-[ Y1M57 |_] — 


—— £-& 7 Rue du Rhone. F.o. Box 173.131 Geneva IX 

-™ _ F|B4M 30*00 -1 (STS4M »LM | IB 

_ - B.40 Lloyd* Iw-Income.ISFSUO SSI—4 M9 

aSSE: I5S M&GCmap 

Thnf Qubji. Tiw Kill K3R CBQ. 01-631 4680 
V Ltd. AtlanticExFeb.2l-l51.S247 173]_] _ 


oe ^ 3 ^ n 

——| Island - 

—— lAccuml 


nticExFeb.21. 5LS247 173]_I — 

. Ex. Frh 22 SITITJ 199 I —. 

IKx.Feb.22.- S.-.9B2 1593 1 — 

id.. 104.7 111 4 -0 a| 95.9 

um I'oiutp-146J 1557 -OJA 95.S 


Samuel Montagu Ldn. Agts. 


Sfl IniJ 5-S ‘For tax exempt fund* only 

3L9 -®> 3 St Hill Samuel Unit Tot. Mfcn.f 

336.9 - 591 49 Beech SL.EC2P2LX 01- 

m — lS ibiBritishTnua 

m3 ifiji aS is) lull Trust.- 

<bi Financial Tram. 
hoc. 13. Daily __ ibUneomeTnisl.. 

_ y .. lb)SecurityTrrnt 
A L ULf fsXc) ibiHigh YWdTst-. 


912 C - !. Ex cap*—1013.0 32MH -—I 3.73 G.P.a Box 800. Hone Kong J iJ-lSS- 

Price an Feb. ULNaa doling Mur. IS NipponFd. Feb22.. W5U67 1LS_[ HB7 

• Rowan Unit Trust Mugt. Ltd. » '' Sn *°' 


Archway Unit Tst. Mgs. U±¥ fatfc) {biwihYWdTS-. 

347.High Holbom.WC1V7NL 01-8810383. 7-4.1 m taMa\ 

Archway Fund_I71J Ol* ...J MS ““-P *Wi 

Prices at Feb. 15. Next mb. day Mar. L 35.Chrirt®sAar Stir 


53 Hill Samuel Unit Tot. Mfcw.f fa)' Kowao Trnst »*««. Ltd. 

591 49 Beech SL.EC2P2LX 01 - 823*11 Clty-Goto BDmC. Flndrary Sq, ECS. 014091088 Britannia Tst Mngmt. (CD Ltd. 

MMf-L9f SSB 5 OWBn ^ m ' ,“3- is 30 Bath St, st Heller. Jeraar- 053472 

8393-03 iS «4° ^ Grwrihlnveat-Ml 5LTt*-Ly 4 

MM 7 1B7 WWuRv.r'eb.Zi. 50.4 SIM —7.77 in ml FA 6DJJ MM-13 1 

28 . 4 S-OJ A86 Si Si- J2 JerseyEne«yTst. 138 0 150^3+0 3 

eSii _n a ji n KwnAtm.Frb.20— 60 .7 72.4]_ AM si re i,nd Dir Tst_147* *fnj_nya 

"■fllg-f if? lAecum-Ualti;-(S* 88J| 429 {jSiS.' s Ti. §£Z am IjS^aoS 3 

Value Feb. ZL Next dealing Feb. 27. 


114. Old Broad Sl-EC.2. □ 1-353£464 

ion I*. Apollo Fd Feb. 21.. SF412S «B9(_- 4.BS 

1 _ Janless Feb. 15-SHK911 ?*al_ U0 

- 1 UT Grp. Feb. 8R-SU2 1UB. 2J2‘ 

I 0 B 7 H. Jersey Feb.8__ £455 4.971 _ 054 

—I ®“ 117JrsyO'sFeb. 13-JE9.77 1028]-... — 

Mtsiray, Johnstone flnv. Adviser) 

0S3472U4 ’53, Hope St, Glasgow. C2. Ofl-2219321 

,U1 «B ■HopeSl.Fd.-_._I SL32ai7 1 .—t — 

-O 1.M ‘Murray Fund -J SL'S951 ].»_.) — . 

iS ■ ■SSArJnn.SL 



Barclays Unicorn Ltd. (aXgjffel 

Unicorn Ho.252SomfordRtLE7. 01-S3455(4 

Unicorn America...(28.4 303-001 2.U 

tTuafaridgn Wells, Sent 000122271 no.Aurt.Acc-g.9 SOM -0> 251 

lRel.Prpp.Bds.—-| 1922 |.| - |jS 32 

' Do. Exempt TU.__1B0.9 lMj] -Ojl 631 

dhschlld Asset Management R" at™income.. 26.6 za'y -ojd 039 

Swllhto*lane. London,EC4 03-82S43M ^ soo“ nc,i! - %il 6« 13 IS 

Fro». D^2M>-I1U.L 1214 .—I — Da Genial.— 2*2 305 -03 656 

Next sub. day March 31. Do Growth Acc.—.. 363 m3 -0.5 450 

Do. Income Tst._MS 80 451-0.7 6.70 

mi r.Mw -Do. Pri.A ns.TB... 135.3 MM.J 4^5 

lyw InflUBBCe Group men at Jon. 31 Next sub. du Feb. sa 

w Hall place. UverpooL 0879274422 Do. Recovery—,-.B7.6_ 407] -0J| 5 86 


hlld Asset Management 


N.C. Prop Dm. 3D- QX4.1 1214J __| — 

Next sub. day March 31. 


26h(-0!z gU lAccum. Uuiti)— 

~s3 * 1 ? R *y i1 Tst * c **- Fd - “S"- ^ • —— - 

01 - 881 8383. , M ^ ^ .94.-JennynStreets w.x. . - . oi- 8 » 82 S 2 BntterfieM Management Co. Ltd. 

Zj kae Capital W.- KL7 . HJJ 1 481 p.o. Bo, ioa. Hamillw. Beramdo. 

y Mar. L 35. Chri it ophw Street. E.CA 01-2(772« 1-03 Buttress Equity [203 1.971 I 109 

InteL Inv.Fund.—|B1.9 CS.4] -0.9] 7M Prices at —. Next dealing Buttress £99 £«| ,.| 7.4* 

yf(C\ Key Pnag Managera Ltd. (D(g> Sw * K»sper Group - Prices « Feb. e -Next sab. day March 13. 

25kUllk5t,EC2V8JE. 01-0007070. Grr . a !' ^ ^ ele ^- x ^ gdt ” 3 EP Capital Iufemafiona! S-A. ' . 

i 1 1§ isaspflSrK! 2^:3 sasrasstf^assa. _ 

:Si o P*fd 1374 1461..., fcM Save & Prosper Securities Ltd_V ■! , 1 — 1 

Jj 6 M K%F'l‘Zn'£ a Fd 6i'j Ss 22 w w Charterhooae Japhet 

3i SS S?SS!5f.¥!i:iS3 fW -&i Hflja-M ».gp—»- .gt, - H "7jg 

Klelnwort Benson Unit Managers^ um-.- Growth—(56* mb] -03] 236 Adi verba._ Dv«a aTtf-Mu'd 553 

-05 450 20.FendmrchSi,KC^ 01-C3£000 InaeMiag lacome Fond -SSllsw ?S 

-OJ| ‘JO-—,—. — — - -- ...-un <■ n4_an L IQ FondlS-PUllJO 23991-0.10 622 

_|5Lb »4|-aj] 6.99 Emperor Fund-51SL63 2m . — 

odi Hlspano_(u'SC77 45.94 __ 1W 

Zp?‘s «4^ - f: Sj an ConifalU Isa 1 Guernsey) Ltd. 

P.O. Box 157, SL Peter Port Gornucy 
-139.9 <2.94-051 5.03 IntnL Man. Fd.-]163A 1775]_J — 


Rayal Insurance Group - ■ u JonT3ii , N™ 

Now Hall place. UverpooL 0812274422 D°- Recovery-(37.6 

Royal Shield Fd. —(128.9 136«| ..-..| - 


6T0 TLB Unit Fd Inc.. [768. 8S2d-38] 47S High-Yield-|5LA 

4.45 *K_B. UmtFdAc... N5 8 103 9^ -4.6) - High Incami Funds 


|Sove te Prosper Grenpf 
k GLSLHelen'a, Lada- 75C3P 31 
Ba). Inv. fid. 


Do. Wldmdf. 7 
BUtOn-Fdinc- 
Da Ac cum._ 


5 «6 LAC Unit Trust Management Ltd.* High Return-. 
1095 -LI 539 The Stock Schoage. EC2N 1HP 01-588 2800 “SJTL^r" - ' 

463b -O.i 255 IACInc.Fd._|1262 13SJLo4 -351 7.79 

595 -0.3 554 LfcClntlfcGc3Fd.p6 5 895id+0A| 259 11K Equity- 


4. GLSLHelen'a, Lada, EC3P 3B>. 01-954 8800 
Bo). Inv. Fd.-0375 IMS -051 — 


Baring Brothers & Co. LtdV (aKz) 

68. LesdenhaQ St, E.C3L 01-9882830 

Stratton Tst._U&L2 ZASJhd_I 3.96 

Do. Aecrnn.-MO0 MaS 3.96 

Next sub. day March & 


ruder life Group? 


Next *ub. day March B. .riGUI and Warrant 32 7 

Bishspsgate Progressive Mgmt. Ce.V bd^cum Unitai__ [20 6 

D.Btabopsgote.E.CJl. 01-5886280 “High Yield -469 

U'KfllnPr.*"Feb.21.11641 ,174a] _| 3*1 •’'Accajii. Umtfi--164.6 

Are!l3la!-*Feb 21-.ll93J 2S6W " 3 63 Dcal - *““*!- *Tues tl 

B'gate InL Feb. 14-Q565 1662nf_I 351 LM|I A General T 

lAccuml Feb. 14- 0725 D03 151 f 1 

Next sub. day Feb 2a —March 7. 1A Canynge Road. Bnsu 


Lawson Sees. Ltd. VfaHe) Eump 

83 George St- Edinburgh EH22JG. 032-2283011 JpP“- 
*R*w. Material 1 — [35 J 3&4I-0JI 72* u - s — 
*(Accum. Units-—Sj 4L6J -Oj) 72k Sector 


Omtni Fhadria) 

Europe — 


53 41-051 *.99 EmjSJror FundH! 

HlspanO---__ 


j_5q > • -aav Jin. 3L 

T~we Neglt SJL 

r, 10* Boulevard Royal. Loxectboms • 

NAV Feb. 10-1 5u 510.22 |_[ — 2 

Neglt Ltd. 5 

209 Bonk ot Bermuda Bldre. w—dteai. Bnata, ' 
M* NAV Feb. 17.-f£4.H — | *0JJ — 

Old Court Fond Mcgrs. Ltd. 

P.O. 53. Sl Julians Ct_ Guernsey. 1 048X2631 
7Cq.FrJan. 31_148 3 512]_| 253 

— Inc. Fd. Feb. 1_15*2 I *59 

InU FdFct-. 15_865 92.0 tq_— 

Sm.L’0 Fd. Jan. 31.. 140.4 1493] .I 322 

Old Court Commodity Fa. BSgrs. Ltd. 

5J3 P O. Box 5& St Jultan'-! ClG ucrnney 048128741 
?S DC CrmdirTit *.._[1213 129 04 1 5 00 

622 OC.DllrCm.T5it_.|!K4B9 2*471 1 — 

—■ 'Prices on Feb. M Nnt dealing Feb. 28. 

1.97 tPrtcc on Feb. 21. Next dealing dam March T 

Phoenix International . 

PO Box rr. SL Peter Port. Guernsey. J 

— Inter-DollarFnnd-ISraUl IPS .—1 — 1 


irtnsth Fund- 52.9 575 _ 322 Commodity_1645 -0JJ 431 

AectuallniU)_57.6 *25 . 322 Energy-158.7 63.Id - 0_3 301 

GUI and Warrant 32 7 36.0 _ 252 Financial Secs._.[624 67^ -ttj] 334 

Lmencanra.-—19.8 215 - 0 27 HlBh-Mtelcmai FOnto 

ACCUIQUmKlI_20 .if 224 .. 027 _ irnic «mc« n ni n«■ 

High Yield_4*9 51J -10 10.7D ^ Zfl]T 7 5 

lAccum. Unitfi-|M.6 70.5 -1_5 10.70 5elpctlB “ m *-5231-05] 7.98 

Deal. SMon. *Tues ft Wed. tThurx. -Rri. Scothlts Securities Ltd.0 


2 S*a "7: 3 63 “**■ Tues ftWed. tThura. “Fri. Scotblts Securities Ltd.9 

— 2-S Legal & General Tyndall Fond? ■ • S«rtbits-B«7 373ri -o.4| 

~MUh\ «. Canynge Road. BriatoL 0272 32241 --g* -g| 

DiiJu. 15 . [54 0 57.fi.| 5.09 5 C0 “?* r ”“-EL?, -fv] °- 5 ' 

riHaMel lAccum. Units' [67 2 713 . 559 5**-§•■ ■ PSS-i S’SSI- 1 

Neri 5ub. dey MarohlS bc£ Ex -“I 3 ? -vi- 



■iHiiS 

mRm 



MMpMim 




Bridge Fund Managers*aMc) ’m^s . 1 

King William SUEUR BAR 01-8234051 , “ 

Bridge Ine.*.~H*J 58.4J. 7.13 Leonine Administration Ltd. 

Bridge Cay. Inc.t — 38 § 32.0. 399 2 Duke St. London WTM&lP. 0I4f 

RndSSftS^SV*" rasa iJo^— am heoWst__|«» 70.4J-O5I 


Bridge IntL ,\cc.f _ 
Price* Feb. 21-22 


45 15.M ..... 

Dealing -Tues, 


428 * Am. EremM 

428 Lloyds Bk. Unit Tat Mngra. LitLV (a) Am. Growth 


■Prices at Feb. 22. j.’ext sub. day March & 

OMB 05 M 1 T™ 5 * Mngra. Ltd. (a)U) 

nu tu Hncorperating Trident Truoui 
Igfl 5^9 140.South Straei,Corking. 10308)68441 


Britannia Trust ManagementtaKg) FintiludnetL: 

3 Lond on Wa ll Bondings, Laadtm WAH DaiAecum.)- 
Lood<mEC2M5QL 01-6380478/0470 SecondiCapJ 

Assets-KU 56.7] —L0{ 552 DMAeeumJ. 

Capital Aee_fc3 ■ 48.91-0.«l 458 Third flncotai 

Commlrlnd_ m3 

Commodl ty_(672 

ri nmndli- . , Ra x * 


Registrar's Dept- Goring-by-Sea, 
Worthing, West Sunn. 

First iBalnedJ_U5.1 48.41 

rki lArtiim I Ul g *551 

Second iCapi)_W52 4B.U 


• it *-.*. ; 


Widows' Graap 




■ t 


[r, \ ^:] 

p 






- * . J j 







mm 





jrl 
















UC>_ 






53 




gg 



lErfralnCi 

| Far East. 


Ipe. & Growth——. 67.6 

Ion Growth_- MS 

Io«ert.TMJ5harae_ 38.9 

Minerals_37.9 

Mrt High tot,,.,... 78* 

New taue, 325 

North A m eric an — 25.7 
professional —~ 4405 

Property Sbarea 133 

Shield .— 40.6 

Stains Change..-26.6 

tlmv Energy-129 0 



458 Third flncwme] 
4.75 Do.IAccitm.i_ 
S.si Fourth OBxIneJ 
43/ Do.(Accum0— 


jS Lloyd’s Life Unit Tat. Mngxs. Ltd. 
4JB T2-80.GatehooseRd-AylesbutV- 02M9S 
4tS Equity Aeaun.-II37.9 I«2j-1 4J 

ist MAG Group* (yKctf*) 


Exempt Hlgb Yitf- 

01-8231388 

-0.71 4J9 — 

-L0 *79 

-0J 3.77 

-03 3.77 __ 

J5J Market L-adezn 

"S-S Mi *Nil Yield 1 _ 

fg PretiGOtTrout— 

*55 Property Shares— 

X. Ltd. f^WSp-asE 

____U-K. GrtIL ACCICOL 

O2M90U TJJLGrthJmst-;-.. 


10306168441 

2|:d m 

2*3 . 8.70 

24.6 _.._ 453 

296a -03 1020 

42.7 -OJ 9.95 

32.9 -02 — 
43-2 .„. 355 
24J -03 5.05 
283 -02 4JB 
28.4 -03 8.01 

24.1_XL64 

2*6 —05 23* 

255 -05 2.9® 
2X1 -02 *09 
19.t -Al *09 


7^2 Three Quart. Tower RllL EC8R 8BQ. 8U38 4S8B 120. C3i)!ap«hIe.€lC2 


"Nest sub. Much 8 

J. Henry Schroder Wagg Sc Col Ltd.? 



See also stock Exchans 




Ctpitnl Feb. 2I_-915_ 

fAccunu ■■ —109.9 
Income Feb. 21— 1*88 

lAcetuiL Unitai_245.7 

General Feb. 22.— 732 


lAccum Unitai—,[199 0 


The British Life Office Ltd.* (a) European.-_! 

Reliance Hoc .TonbridgeWell*, KL080222271 Uoitsi — 

WEr¥==9l ™ 

•«*»'aw**i doyiiiMhL Vgn&ftsz 

Brown Shipley & Co. Ltd.? &SSS U ° lt3, '~" 

Mngra: Founder* CL, ECS 01-8008830 ^LeeumUniisj— 

B5 Unite Feb. 21 _gl?5 23L2ri.i ** JfiSM&Ss- 

D0.tAcei_Feb.21—-J 485 

t. vul .* ._ fAccum.Units)- 

Financial-PiJ 30* -03 AJ» Magnum_ 

2 c J® lAccum. Unite)- 

Growth Accnm.-UXO 435 —0-3 551 Midland——™ 

Growth Incom e-JMI jKX -OJ 5X1 (Accum. L'nitsj-- 

gW.^S!=B| S3 ~*.i 372 EJSSEtezz 

Index-Bao 2*Jbi -02 5*1 SrcoodGm!ZZZ 

Ovoaeat-E5 1*5- 354 (Accum. Unite*_ 

Performance—,—J50.9 55.C _... 520 Special __ 

Hecoverr-pLffl 2X2 -02 5-8# (AtvtujI. Unite!_ 

ExmpL?cb.lO.._lHa m^Z] 5.74 

Casada Ufe Unit Tst Mngra. Ltd.* 3^™=— 
XAHigfa SL. Potters Bar, Herte. P. Bar 51122 Shari bemd Feb. 21- 

Con. Gen DIsL-,[3X9 3SM -0404 Charifd. Feh.2l.-._ 

Do.Gen-Accum_[4X2 • 43 J *04 tAccum. l-nllsj- 

Do.Inc.Dlst_fo* 3451 -Oil 70* Pens.Ex.Frt 20... 

DO. Inc. AccunL__|410 *4.0] -0.1) 7.86 M-, n iir. iu»a 


Recovery .——Z 
EympL Feb. 10— 


Cape! (Jamas) Wng t. txd.f 

100 Old Brood SL.EC2N1BQ 01-5886010 

Capital_1790 84.91 40# 

tncomo-1732 7T.9| .—| .703 

Prices on Feb. 15. Nest doailng March X 


CarUol Unit Fd. Vgn. LtdLV (aKc) 

liilhuroHtnw.Newcastle-Hpoti-^no. 21106 SlfTCTUT Fund Managers Ltd. 


'Carflol--1620 

Do. Accum Units- n.7 

DOl High Yield-«5 

DO. Accum. thrlte- *9-1 

Next dealing dote' 


545 American-ga.7- 4X2d-0J, 0.99 JAecum.»__ s -109-t lllfl- 2a 

■ lAccum Unite)— »3 4X5 -03 0.99 Income Feb. 21 __ 1*8 ■ 1745 — 758 

JS Aastnlerisn—B19 41fa -0.7 zU fAcennv Ualtei—M5.7 H4£ 7.68 

3-S (Accum. Unite)-395 . 425 -0.7 2tt General Feb.22 — 73^ 7 ^?E ■-■■■ 3ft 

H| Cemmodhy->4.7 tfiXi -0.1 5.W tAeran-Unlte'-W.2 «9 34* 

50, lAccum. Unite)_._. 653 70.2 -0.1 5 09 BuopeFeb.0-»4 303 129 

JH£, Compound Growth. tl9 9BD -0.7 4X9 faccum. Uiuts.™^ 3X8 329 1X9 

Contenilqq Growth 47* 5X0 .... 4.89 *PnCyyFrt.3I.. £4.7 • IM.to . *27 

nil iu Coovorsioo Inc.— 5*7 583 -OX 957 •SpectEs.Feb.7 _ 2318 2183 . 4 03 

BU] 2*4 Dividend—..1073 1143 -03 8 49 ‘Recovery Pcb.T. J77J ICjM --- 5.1* 

lAccum. Unitai-199# 2114 -05 8.40 -For tax exempt funds only 

KSttfi.— £l «3 ij IS Scottiab Equitable Fad. Mgrs. Ltd.? 

Extra Yield._76* 83 7 -0J 875 28 SL Andrews Sq. Edinburgh 031-5560101 

(Accum. Unllsi-.1822 10SI -03 *75 Income Unite—_Kfi-9 49.91 | 550 

FarEoatarn-37.8 *1 (ht —0.1 329 Accum. Unite- _— [529 563f I 550 

lAccum Unite!.— 414 44 9 -0.1 329 Dealing day Wednesday. 1 

FuDdaflnv.Tste.— 5*2 583 -0 4 4 95 _ ._, , 

lAccum Unttsi_ 15.1 7D.« -o.4 4.95 Sebeg Unit Tst. Managers Lt<L? (a) 

.ASSSitolS-SS ZlI ta PO Box 51X BEtibf7. Hs*. E.CA 0X083000 

S8c K a 1 a sasasssa:®! ss^ia 

&oa= n isssusss^L.»»«=» 

CGcarn Unite)-214J g9J -X* 452 UnvlGthTW.Acc_»7 24fi -1 XW 

Midland_15X4 1 *X 2 - 0 .J 7.18 UnvIGlhTslInc—1199 _ ZXfi —4 3.98 

^gmm L-aite)— wj -12 7X8 stewart Unit TsL Managers Ltd. (a) 

I Accum. unite 1 _72.9 7M -0.5 *89 45. (Tiarlotie Sq, F-diab urgh. 031-2283371 

NkccumiSitei—1. SI 24X3 ^05 55* ^^^duSte” 57 w | X78 

kt— ggi ^ 1St SSS®£=:k2 m zdt^ 

(Accum. Unite!---.D7*2 iar b|-XU] *46 withdrowai Unlts-pM 2 4771 .._T| — 

Stewart British.Capital torf 

Trustee- - - 13X8 139JS -0J 6.89 - kiwiH. m nrer - 13621 ......I 350 

ShSitoid 1 ®Feb!2n ***— 1^5 Accum Unite--^4 — 

Charifd.Feb. 21 .-.- 13*9 139M. 7.93 San Alliance Fond Mngt. Ltd. 

— bbI mfl 1 2 Sun Alliance Hue. Horoham 04B3MI41 

Pens.Ex.Frt 20...P20 4 0Z7.fi . Exn EqTrt. Feb.6-[09X30 200901 . .1 457 

Manulife Management Ltd. fTfco Family Fd—[62 B SfLfi -D.«J 3.91 

Sl George's Way, stovenage. OC385B101 Target Tst. Mngra. Ltd.? (aggl - 

Growth Unite- [flkS 48.9»d-05[ 4JA 31. Gresham St. EC2. DeabngB: 02085041 

Mayflower M anagement Co. LtdL . Target Commodity-1314 S3 "S-3 5^2 

•.*, 1 .^_v— c. svn.-r*i> nij»Bi« TargrtFUmncteJ- J544 5951-0.4 JM 

4 38X1 +0j *21 

15 20KH .— *27 

72 276 W *27 

HE 6 1245] -0.4 XD0 

783 -05 5X3 

24.0i ..... 2X8 

Z61J-0X 2X0 

J9fi -0J XB4 . 
XS**rt .... 4.48 

- • » fi -(U 927 



13*5 -02 
JH.9c -13 
229J -X* 
15X2 -0.7 






115 Iri 
k.9 into 
lS 1*9.1 
)4 327.0 


Manulife Management Ltd. 


ikmWf 1 lvu GrwhamS l.EC 3V7AU. 01-6086060 SSSf 31 

on Fob. 15. Nast daiiliig March X )nconH , Fcb = , __i mj . *29 ?Sg|SK'__ 

Unit FA Mdra. I1<L? (Mci Ce««!Fcb.=l-...|**2 69.53 -I «OT 


Cbarterhonae Japhet? 

1. Paternoster Row. EC4. 

CJ.InteraalT_B98 ZU 

Accum. Units-23.0 2*4 

CJ. IncomeB4 355 

C\J- Biro Fln_— Z5.4 27J 

Accum Unite-W 2 3X3 

CJ. Fd. Inv. Tst_ 24.4 2*6 

Accum Unite__ 175 29.4 

Pneo Fob. 22. Next dealing 


rns _I *72 30. Greaham St-ECSPSEB. OI- 

77.fi *72 Merc.G«u.Feb 22„U60 4 170 6]..-. 

8X9 AccUte.Fob.8-_.. M51 2193 

5XU-1 8.19 MenJnL Feb. 15 — 57 8 6X5 — 

latch L . Accra.Lila. Fob. 22.62.0 Mil ..... 

Mm-ExL Feb.33— 197.7 285 9u -1«J 

AccumUte Feb =I.[235.9 - 2« 7 -17. 


~ „„ Target Growth 

01-8004555 Target 1 b LL 


4.79 Do.Reinv.Unite 

*79 Thrgetlnv- 

X95 TantctPr.Feb. 
195 Tet.iuc.. 

459 TgLFret 
459 Coy ne Growth Fd. 




W 

m 

oil 


& 


Chieftain Tnist Managers Ltd,?(aKg) }£*£ 


mrted 01-351 3466. 
ad. London SW10 0HS. 


Hay Cocoa 1436-1419 


ie Building and Civil Engineering page 
isbed in tie Financial Times every 
y and carries news items relating to 
rts and important developments in - 
nstruction Industry. 

>r details of the advertising space 
ile on the page each week, and costs, 
e invited to telephone 

■ - j~ 1 

01-248 8000, Ext aeio;- - : : 
write to The Advertisement Director 
Financial Times- ”- — ■ 
10, Cannon Streetr London - 
EC4P 4BY/ 



MW31 Queen St, EC4R IBB. 

Aatarican__}fi)19.1 20.6x1 

High Income [39.4 42.4 

IiiOTmaiionoI Trt-..J<xCX6 2X3 
Bine Renve. Trt.|233 25.2 


‘ 01-3483800 Midland Battle Group 
na ..... 35jj Unit Triist Managers Ltd.? (a) 
Of — |£J Court wood House. Silier Street Head 

&S . V5? Sheffield. Sl 3RD. Tel ori* 

fii -In Commodity * Gen (5*3 *0 6] '01 

2*8 ”' *25 Do. Acrum-63.9 *88 -0.1 

294 *25 Growth-3Z7 35a ...- 

Inc Marc l L I>0. Accum_ Mi 37.0 .... 

lug MATCH i- c^pjtaj_ 236 25.3 -03 

n TM WaVvl Do Accum._.... 25 5 27 3 -OX 

nua.maHgj Jncora4 . _059 49in -03 


Cm'DeGrowihFtL-]U.B _ 18X|-i-OXJ *57 
Target Tst. Mgrs. (Scotland) (aKb) 

18. Athol Crescect. StLn.X 031C2S8B21C 
Target Engle-122 7 243) .1 1|9 


Confederation Fonda Hgt Ltd.? (a) 
50 Chancery Lone WC2A.1HE 01-242 0282 

Growth Fuad—_07.7 • 39.M_J 445 


01-8482033 Do Accum._5Z2 

-OX] 197 International-- 394 

—BJj 9.74 Do. Accum._(X* 

-OX] 3 6* High Yield-570 

—Si] 0.95 Do. Accum_53 9 

Equity Exempt"_1834 

UaL? (a) f>» Accum.'..-103.4 


Tel VMTVM TargetTtaiSie.--- 067 X95I -0 * 6fl7 
*06]-0J *02 Extra Income Fd. _ |57.0 *X3c< -0J| 3059 
648 -ox 6 05 Trades Union Unit Tst. Managers? 

37.0 :::: 354 H».WoodSireev.ECl 01-6388011 

IS TULTFeh I-ME.9 521) ... ( 5J2Z 

9 in —0 3 t *5 Transatlantic and Gen. Secs. Co.? 

S3 “ D - 4 01 -WXbwL ondonRd. OicteufordOSM51651 

■ S-] . H? RarbicnaFeb.£3_,|7B5 MM.... 5.0 

S 7 5 3SJ lAccum Unite 1—WtJ IL-fi - 5.BZ 

Si If 5-S Barb Euro Feb.22.fc 9 WJH .— 3J7 

1D91 15 Buchm.Frt.3— m 3 52. 

iSi . lAccum Unite 1 -P81 - OJ ... JD 

109.1] ..... 576 rv,ini.— m r* hu ??o fi —0.9 5 90 

14251 -U 590 
53 fi — *78 

56 g_ *78 

52« 561 







fJWJJ™-giS «71 Barb Euro Feb 

SS Buckm Feb.33 
Sr“iSLSf?'*—RS52 Got] - —I S» I Accum. Unite- 

-pJSS to Calcmra rcb.3* 

’Prices at Jon. JL next dealing Fco. 28 , (i n iui 

Minster Fund Manason T *d cumrid M» : 

hButerHse,ArtburSL,E.C* 01-6331050 QtenF^S-. 
Minster Feb. IX.. I3U 35 9_| 5A2 (Accum Units 


Growth Fund—_07.7 ■ 39.6] —4 445 Minster Fund Managers LUL l A^Tm rmti 

n-ui MlnolerHse., Arthur SL. E.CC . 01-6331050 Ijlcn Feb 21... 

Connopolttm Fouanumwem. Minster Feb. LL.„.|XU 35S—I 5A2 (Accum Ln.te 

3a Pont Street, London SW1XM24. 01-23583X5. Exempt Jon. 3J (85.4 89.*] ( 592 Mnrihoro Feb. 2I_ 

CtotennpohrtWiW. 116.7 lUf-OJI 5*0 jha Unit Trust Mgenmt. Ltd. VvSxSrt^rta- 
Creaeent Unit Tst. Htgnu Ltd. (a3(g) Old Queen StreeLSWIHOJG. OIB30733X fAccma. Unite], 

4 Melville Crea, Edinburgh3. 03X2904831 MLA Unite- 1X2 J7.8|-1 459 Frt 3a. 

CrCTCTOtGrowth_.g4 ZXfi —j 4^ Mutual Unit Trust Managers? (a)(g) lAccumuniiaj 

gS:aS?w2fe.r;g| J||3 *« j&ssi&szW 0 - 

Zin WtekDiv Feb. 34 


Croa. Reserve*- 


DlacreUonarT Unit Fond Managers to! 

22.BlomlleIdSt.SSCaM7AI. 014B84485 Muuml High «d-. SM *M 
Df sc income_(15*0 3i«j|-4.4| 547 Nadana] and Commercial 


■ 7* 15CopUuUEAve-EC2B7BU. 

*69 Mutual Sec. Flu*.—(to.9 5*7 

Mutual Inc. Trt. — J62.T *7.4 

vh Mutual Blue Clip-1*20 *534 

ZJL, Mutual High VW- p*Z *04 


-fay VIHMV l-cu.ifl 

^7} Do Accum- 

8.75 Tyndall Managers Ltd.? 

18, t'onyiige Rood. Brutal. 

■131 Income Feb. 32_]94 4_ _99 

.Z l Accum Uutsi - S* 

3 S Cap Feb 33... 

,3 (AccumUnite 
IT! ExemptFrt 2 


53 — *78 

56 g_ *78 

52« 5*1 

6A7j_5*1 

*iM _... 26* 

53l_2*6 

*8« __ 338 

SB.y ..... 33S 

TVS _ 8.04 

44% ..... 5*7 

447} _... 5*7 

5&3_533 

*9fi .... . 533 

66.fi —0.9 8.99 

72.fi -L0 599 


E. F. Winchester Fond Mngt. Ltd. gtSS* 

saafir HI» SqSSSH 

GcWinrh'er O'ieastu.7 2>.S| —-1 ** lAccum Lnite>— ..|M24 1*7.4| .I 3.44 lAccum. fans' 

EMM A Dudley Tot. Bfngmnl Ltd. Nationid ^vid^n^Mng^ SSSSS ^ 

ErosouDudleyTrt. pfc/* 727] - 1 -5X0 lAccum Unite!'— p33 5*3 - 1 175 Scot.Cap. Feb.32 

c ___ 1 .j NPi ffieti Trust —ROU. llUq-.I 370 (Accum Unim 

GfiUitas Seem. Ltd.?(B)(g) (Accum Unitai”., IllAl 32291.. „| 3.20 ScoLlne.Feb : 

41 BtobutteKato. ECS 01-5682851 "Price* on Feb. 33 Next dealing March 30 , H , n r__ 

*231-05( 458 ’Pnee* Feb. 15. Nnt dealing March X ^3,5?SSto"** 

_ _ _ __ . National Wntmindrrihal * Do. Accum.—— . 


20. Arlington SL. 5.W.L 01-4»7«5I 

Etoaon Dudley TU-1*7* 727] ......| -5X0 

Equitaa See*. Ltd.?(a)<g)' 

41 BtohopMoto, ECS 01-5682852 

PTOgromlce_(58J *231 -0*1 458 


•w * vc. -rr. KT ww»» “serraSi 

A»eraliamRd,Blgfa W yco»rta. 048433377 Capital fAccum'_1567 60.9 

Equity* X-xw-(59.0 *24-0.5) 4*5 Exrralnc_E9 6** 


FramHngton Unit MgL Ltd. (a) 

^7^Ir ^ andYard,E C«B5DH. ■ CUMmm. 

lot^owthFd. - .M4 jfcw-X*! 2-g 

Do. Accum.—(924 9521 -24) 2*7 


FltumctoJ 
Growth Inv, 

IdCOBC _ _ 

Portfolio Inv. Fd 


16080. 

—0X9 484 

- 6*1 7*2 
-5x1 5X3 
-53) 5 x 2 

-ox! *97 


Extra I nc Growth— 
Do. Accum 


GoarnalMd *eo *lna. Bom Kale*' tabu. 
Welfare Insnraaee Co. lid.? 


The 1*05. Fo0tesloa*KmL 090357339 
MoocymaJterKd-.-I- ‘ 987 1 - ] -Ofi — i.-t ,-. w 
F or other Hindi tdcoae refer lo The London & I 
Manchester Oroup, 


Friends’ ProvdL Unit Tr. Mgr*.? 

Phcbarn End, DorUng. '03005009 

SH^I iS 

G.T. Unit Managers Ltd.? * 

18, Flaohurg arena EC3H7DD 01-0288131 


fit International 
*-*£ Special Site.. 

-fa. Jg ttoiraraalfur(hJr)SJ Sox) 3.00 TSR Unit Trusts <yl 
1x3 2*7. NEL Trust Managers Ltd.? faHg) - axchonby War. Awfcwer.Hanu. 

Q,rrsB F en^Sl^&' EM Sg 

**25™ SS ;&3§£ES£s=§:i 

For New Court Fond Haugen Ltd. <h> Do.Accum-567 

~S'H /2 see toikufciiii Asset Management 750 Swetish —to * 

-M „ r_ . . ” T _. (1* Do. Accum-(75.0 

• - Norwich Union insnrance Group R>) . _— , - 

_P O. Box 4. N(BTrich,NRl 3NG. 06032200 

M-® 8 *® 1 GawpTK-W._13173 3340)-4fi 55* 

-2X1 3.90 _ P . .7 ibiUJrterGrowtb^|341 


027333341 v 
99fi ...... 7.71 

173 fi . 7 71 

11981 ..._. 439 
16*2 * 59 

11 lS_ 774 _ 

1512] . 7 74 

95*1 _.... 535 

117 U _ *55 

2342 5X4 _ 

2596] —5X4 p, 

135M - 5X0 

1582 —5.10 
ias|_9.02 

78fi-0.fi *43 
79.fi-0.fi 6*3 
37.fi -0 jj 1022 ' 
4XH -0.fi 10-22 ib 
2*3 -0.fi 4.95 
20X1-03 4.95 
*03-53 *64 

27 fi 487 

22fi-0xj 520 


NOTES 



Do. Acc- 
G.T. Inc- Fd. Un 
G.T.U5LAGM 
UT. Japan 1 * Gen 

1 High SlrecL Windsor. WndK>rttl4i|^rinnfFufS >1 ’. 

[jfcrnv Plaux-.-—MM 72M...—I — lG-T.FosrYdaFd-.1521 


3 .9# Pearl Trust Managers Ltd. faMgXs) 


42.9a —0-5] 408 
5U -0*1 4.08 
592 -fl3 7X2 
UA -D.fi 7X2 
75 2 -0.fi 287 
79* -0.fi 287 


033235331 
367fi-0J] 5*0 


ndmr Life Assor. Co. Ltd. 


■-S 2*2High Kolbcan,'WriV7EB 
fS Pearl Growth Fi—Bll Z2tt -03 *40 gog Will i* ro g.S CJ R^8A R 

Accum Unite_W1 26« -Ofi *40 G?. a 

5^ Pearl lac_B9« 317| -03 723. WieierGrTh.Fad_^* 

£3 ■ Pearl CmtTa_{321 3*iJ... 7] 530 Do.Accum.- 1»4 

(Accum. uaiBi—148-5 41*1-0 4] 5X5 Wider Growth Fund 

Pelican Units Admin. list. (gM*) xiturwuDamSt.EC4K.BAK 


Unit Trust Account & Mgmt. Ltd. 


?G- * A- Trust (aj (gj 
5,Rayic!gh Hi, Bnutwood 
CL&k -MX . 


(U4EB«51 
344.fi ..._.] 4 72 

302_j 342 

■3*9 — J 5.42 


wtaood ,j n»8HlBgnOO M Foonlaln SL. Manchester 00^538 9885 income Unit*_(28* 39fi J 3.42 

gift . 3X01-0*1 5X0 Pelican Unite_L74JS 89J]-0J( 5 j 48 AeaimTIaite_fiB.4 344 —4 3*2 


CLIVE INVESTMENTS LIMITED 
I Royal Exchange Ave., London EC3V 3LXJ. Tel.: 01-283 HOI 
Index Guide as al 21st February, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital . 1.14.8 

Clive Fixed Interest Income . 121.46 


CORAL INDEX: Close 441*446 


INSURANCE BASE RATES 

t Property Growth . "4% 

Cannon Assurance .. 4l% 

t Vanbrugh Guaranteed . 

t Address shmrn under Insurance and Pm,-»rr- Bend Tafj(». 



























































































































































































































































































































































22 


-/.•£«bsk 


: : r/V. 


Financial Times 




Saturday FeBftt^JSgg 

. ■ ,• «. 'V-VST’.-. 


Oldham 
for industrial 
development 

mdiKtfial Civic Cemre 0616240505 

Development WestSireei 


FT SHARE INFORMATION SERVICE 




AMERICANS—Continued 


BUILDING INDUSTRY—Cont. DRAPERY AND STORES-Cont. ENGINEERING—Continued 


Otdham 0L1HJT 


lOMhamonoai 

□ 


ir:-:* 
Kijfb Low 


**BRITISH FUNDS 

Swk | C | InL |'J 


■'Shorts ” (Lives up to Five Years! 

, 97% TreasutvIOijWW.. 1Q1% 10.32 

l <W',i Eirfc.5prTS7Ilr. 9?,i»rf 503 

95,’, rrewur> IUjk 104W -i U-02 

trsasuiv .Ipc T9{t_ 97rf ... 3.09 

85Hcclnc-Pape 1+79 _ 97’,at 435 

t 92 Treasure 10*;pe 793.. 103A10.14 

84’, E]«inc3bpc 16-79 - 96 ... 365 

87?, Twns'Jivfpc 188K±._. 101\al .... 183 

i 8% Treasury!^■»*♦ — Ml’, . 5 34 

827, TreaiUrt3ljpc7T-8).... Wj 372 

83,; Fundi 95% 549 

, 96i’ Exchequer K)pe 19803 107% -A 12.05 

, 92Treasury 11 tpc Witt 104% -,i 10.99 
77* Trea,ur.-3ipc I97MI. 90% . 3.86 

86,; rreasup-9V 19813 101«1 .. 165 

95', EwhSUpelWl_ 96%-% 854 

. 47u E';ch !Mjpc 1831. 100 9 50 

87% E'.rh .'.pc ISM- 87% .. 342 

961* Trets Vanabie Rift.. 961J .. .. 6 69 

l 96% Etch. 124pc ISBltt. .. 108* -% 13-71 

i 821 Treu8ij)c»v82tt- ■ 97% -% 8.74 

71% Treasure apcRStt-.— «86 349 


1077* - A 12.05 
204% -,i 10.99 | 
90% . 3.86 | 

101 m.. 9.65 

96% -% 854 
IOC 9 50 

87% - 342 

*tt~» 6 69 I 

108% -% 11.71 1 
97% -% 8.74 : 

•86 349 


IS77.T* I I 

H«h Lm j Sock ] 

34% 20 Manf.llan.lSSTSn 
43 26% Huiwn-JMsSla 

17% 12 Voron Simon Inc II. 
25 13% Ouens-111 55 IB . 

22 14% Quaker ftus f jjJa. 

21% 14% Reliance SOS. . 
24 lb% Rep N Y i.'urp 35 
16% 101; RecnordSS. 

22 14% RiehdM) YttM Si : « 

406p 247p S*iM3.F- Si. 

33% IB*? KhdIOilSI. 

20% 11% SinsenSliii. . 

36% 22 Sjxrv Rand 5030 

33 18% TRW Inc 51%. . 

31% 18% Teonecn 

151 L33 Du 10*« La Sjx 91& 
14% 505p Team Pi USW l£r- 
24% 16% Texaco StLS 
31% 22% Tuk Im- - - 

13% 865p TniuaicencaSI . 

34 21% U(dT«/i.$liS._ 
41% 17% U.SSleelSl. . . 

19% 938p VrtcoSO-V)_ 

22 11% WcoluortbSlBj .. 

49% 28% Xerox 1‘orp.ji . 
13% 3SSp XcujipsJdc ]0c. 

12% 758p ZapalaCorp.Zv: . 
S.E. List Premium 37%*V ' 


]- ad Dit. I i™ 
t 1 - ] lit** ) C»t| Gr'* 

20%»d -% SI 92 - 5. 
281. _i, S236 — 

12 76c - 

14% -% HS106 - 
14% *% S2.W - 
18 -% 15c - 

20*4 -% 51.00 - 
U%ul -% 80e — 

14% -% 90c - 

31 7p -18 - - 

2-% hSl.60 - 
13% -% bOc — 
23%rf *1.12 - 


IJ7T-78 

llijth Unr 


|+ ori Die IVWI 
I - 1 Net l-rrlfir'^l 



21% id -% 

134 3 -1 
651p -8 


134 -1 10% - 

651p -8 SI 00 - 

17% m -i, S? - 

1 24% a! . 51.30 - 

977p *9 SOc - 

25* rtf +h 52.00 — 

18%nl +% SL60 - 

14%«d . 20c - 

: 121..HI . 5140 - 

30% -% S2.00 - 

467 P 7'jc - 

U ->0c - 

ibased on SUM.34 60 p< 


13 
66% 31 
23 14% 

54 19 

57 34 

84 37 

44% 261; 


Conversion factor 0.7261 (0.73241 


CANADIANS 




101% Treasury Upe'S2».. - 113%i(J 

®5-V Tre* linifyle 82}#.. 96 

93% Treasury 8',pc'82- 95*j -% 

93% Etch 9*4?c 1952 . .... 98l,al -% 

81 E\ch3nc83 __ 8*% -% 

- Ex. h 8»pe l«a#_ E96i; . 


Five to Fifteen Years 

951; Treasure ItJpc I!«£i 107%id -% 11.13 

95% Trcasurr 9%pc S3_ 98% -% 951 

72% FundinjiS.pc-ffi-ttS 86*a -b 642 

77% TrearunSiipc BMAS 93% -% 918 

66% FundinstjUpe'85873.. 84% -% 7.90 

68% TrcaHirx7%pc'&8Ri4 S5% -% 9.11 

491, Trjnspnrt ?pc "iS-38— 64*, -% 4.68 

53% Tre.wury 5pc'8M9 — 70% -% 7 26 

90 Treasure 12pcI90Cftt— 110% - 1 ; 1L97 
67% Treasury 8%87»m.._ 85% -% 9 86 
88% Treasury IlapelSSJ _ 101% -% 11.77 

53% Funding ftpc'&r-9i£ 70-% 8.40 

86% Treasury 12%pc'923 .. 107 -% 1106 

86% Treasure ldpc l£Bl 89% H^Zl 

89% Ej.cn lfUpc'SC_ 10:%*d -% 1197 

Over Fifteen Ye£rs 

Kiatj.. 

99W... 
pc 1993S 

*eWt- 

KM_ 

94»._ 

■ffi_ 


93% -% 918 

84% -% 7.90 

85% -% 9.11 
64*, -% 4.68 

70% -% 7 26 
110% -1; 1L97 
85% -% 9 86 
101% -% 11.77 
70% -% 8.40 
107 -% 1206 

89% -% 11 21 


1377-78 I 
High Low ] 

13 10,’. 

i7* lo,; 
42% 30% 
24% U% 
163 825p 
C2” 13% 
15 940p 

39% 26% 
22% 16% 
430p 320p 
2 b 16% 
13A 935p 
33% 21% 
18% 11% 
28*4 980p 
875p M5p 
W 4 b25p 
27% 20% 
70p 32p 
24 15 

22 14’,*. 

19% 13% 
16* 9S5p 
490p 840p 

S.E. List 


| ♦ Ori Die. 

| - | Grow |r»T)C 

i . 5106 - 

M-2 - 

10c - 
-45 SI 00 - 
. SI 44 - 
*it 97p - 
-% 4N, - 1 

-% 5106 - 
40c - 

*} s S2.0S - 
-% 65c - 

+% 5160 - 
-I* 86 4c — 
-2P SI. 25 - 
-10 80c - 

-15 - - 

-% 86 4c - 
+2 - — ■ 
-% SI. 03 - 
-% 51.46 - 

-A til - 

.. 16 c — 

-10 103c - 
oa 52.1745 per I 


bk. Venlrea! 52. „. 
Bk. NocaScouaSI. 
Bell Canada 2V. . 

Boa Valley! _ 

KrascanB- . 

Can Imp Pit 52 
Can Pacific Si. 

Lro 4pc Deb Cl«J. 
'.iutfiqlCanil .. 
Haulier Sid Can II 
Hoilingvrib .. .. 
Hudson's Ray ll.. -- 
Hud.B.t)ilC 52*; . 

Imperial Or l|_ 

Inco- - 

IaI NaLGas 11 .. - 
Masse* Fe« II . - 
Pacific Pei 51 ... 

Place Gas 51- 

RioAlsnm. 

Royal Cki'an SI. 
Srepramfo CM.. 
Tor. Oom. Bk. SI... 
Trans Can PipeJJjC 
Premium IT 1 . 1 * 


BANKS AND HIRE PURCHAS3 

1877-78 | 1 |« wj Mr | lYTdl 

Rigb Low j Block [ Price | - | Net ICrrlorsl f 



Manson Fin.20p 
Mercury Secs.. 
M,dland£l_ 

r» 7i : s»n_ 
Do. WA 93-98 
ADnslerAsseU- 
NaLBIt AuslSA.I 
Njl C«n Grp... 
NaL IVesL £1. . 
SdinMersfL.. 
Seccombe MC £1 
SmirtSLAub.. 
Stand'll Chan £1 
Trade He* Si 50 
l nioo Disc il 


92 
238 
76 
92 id 
67 
24 

JIcl*il!=Ii*lV l 40 

80 
95 
10 
54 
39 
82 
122 
145 
86 
220 
54 
110 
153 




1917-78 I 

Ritffa Law I Stock | Price 

66 43 Hou-wof Lenrse- 55 

16 5 KhOttHiilWp . 16 

50 29 Ladies Pride 3ip 49 

29% Lee Cooper-- 207 

♦50 Ubert*- E20 

425 Pd Sm £20 

30 LiflcrohElOp . 54 

31 MFIruniiturelOp. 120, 

5 Maple 10p_ - lfj 

96 Marts 4 Spencer 136 
98>; Martin News-. 236 
102 Memtt'Ji- - 313 

6 aicfiflel'JiJOp - M 
70 Hid. EdncsC.50p 8f 

35 MumsSlakc? - « 

101 % Sfothetra-TlOp. 248 
48 SSSN'ewlOp- 104 
44 ChreaCnren. . . 72 

16 Paradi*< BilOp 20 
U PflVfon'WL'—. 29*j 

IB Pdem Stores lOp 37, 
3 Polly Peck 10p . 10i 3 

30% PreedyiAlfred*. 80 
5U Ri mar Text. 5p .. 12 

lfb RatnenlOp- ?5 

36 Raj beck HJp ... .64 
23 Readicnlap — 30tj 

32 Reed Austin'.V. 67 

27 13 RililfliIMSi 10p - 14»; 

13% 4 Royaliap- If. 

20 8% S*U Stores ISItf 36J: 

12 SJ; pc 12%P 17Jj 

273 111 SamueliH>'A'.- 248 

28 10% Sdincoortap— 22 

U 3 SbennaniSilOp- ,10 

168 67 SmilhW H A 5Up. 138 

140 65 Stanley AC. 5p. 310 

38 Status Diicc I0p. 224 

9 Steinberg lOp. - 16s 

12 Samnc2Up-_25 

39 Time Prodi lOp- 112 

53 VnSGroup — 82 

17 UptoniEi'A— 30 

77 Vaniona 20p ~ - U8 
27 YentB Fask lip . 64 
27 Wades "A"20p.. 36 

32 Walker J as. i— 70 

31 Do.».V- 67 

33 Wanis lOp-48 

46% WarinjA Gill on 76 
11 Weamell5p. — 19 

15 Wharf MiinOpr. 21 

71 44 Wilknso Warbtn. 62 

69 48*2 Woohawth- «»: 


U arl Hr Vid 
*e I - 1 Set T\T Gr * 


1177-S 1 

High Lot I Sort 


Price ^-“t S |o-T 


1 115.7J Z 
h0.97 


61% 1+1; I 4.01 



ELECTRICAL AND RADIO 



AJbrifchi Wilson 
Aisuate Indr 
52 lAlida Park Wb . 

S' 

£401; 



CibaCf 7%*La 
Do 6 : >t'fu8LW 
Po8*>Ar. S55 
fnaliteChim.... 
Cuu'.- Br.i, 

45 [«'■• XV 

12 ''or- 'Henrc'Sp 

43 '.'rcaa Ir.u I Or 

9 I'r-^-alat.. . 

4; Kaalan “laiUC* 

33 Finn Ff-1 

44 Federated CO 
397 280 Kiamril. . 

17% 6 h Hal-lead J . lOp 

608 2?5 lik-n. VTokhSC-p 
553 376 Hoetbs.-r.-U 
CM4 cm 6-.r>.b-',tt,lji 
446 325 Imp ■>.em £1 . 
?9% Pa 3 c »ri Li. 
4JI; Inl.l'air.T.. 

84 Liiur-.- ii-1- %p 
£22% :;.ir-kl! IU-80 . 
Pt'-ru lOp. 

73 RaccmV.'n. I9p 

34 Riniotil lOp 


jiniri fTi'tk 


56 A.B Bectronic. 94 

42 Allied Insulatws 64 

22 Audio Fidelity Hip 30 

5% Atrto'ted Sec. lOp 53 

£5 aitXSDp_101 

86 BSR 10p._ 

34 Ben L May 10p_ 

35 iBowiborpe lOp. 

41 

14 

M l 

91 IChlorideGrp. 

29 
13 

15 


50 
18*2 
254 
036 
365 
24% 

124 
14*4 
210 
242 
90 

no 

284 
26% 

90 
106 
136 
90 
215 
198 
75 
130 
45 
E8S 
202 
£64 
£18% 

132 
109 

U7 62 IPtesseySOp. 
79 36 Preasac 10p. 
114 38 . 



60 
96 58 

15 6*s 

41 14 

44 19 

92 28 

66 24% 

27*2 10 
132% 9« 
74 45 

45 30*; 

93 66 

40 16 

71 33 

39 9 

90 40 

209 152 
18 9% 

127 5l 

72 49 

79*2 46 
£91% £65% 
46% 21% 
18 12 
66*2 50% 
152 96 

30 30 

76 38 

•92 57 

27*2 



[ . Stack 

ML CbadoUe »?Pl 
Myodleion 50j>— 200]- 

.Vorfuit/'ap^P-- 3^4-^ 

. North OLF.UOp. , J[- 
P®rins 10p=—- “V 

Pnoce«tWsiI«- 

Queen's Jfcwt5p Tgi 7*' 

Saiw"A"10P— H .. 

StahlsiReOiiOp- ' fj. ~h 
awen fcinlnLafL IV ri; 

Trust H. Forte-- 7 I«» "?■ 
ttarwr Sois •.*. *«P- Jg". v-- 
WheelerslOp-r 27? ' 

l . '.i^C \ 

joiiHJSrfflfflllf 

' flHfacd}.^g£2 


114 
39% 

36 
.37 
80 
40 
16 

16% iSetuorEnB'glOp 

f 

25 
55 
128 
53 
7 


*ir€i 


m\ 


Btt: 




\m 


K 



Jrrf 




m 






Sv^ 


mdgs-iopw 



Duple lntSp.-._ 



19%W|-% 151.601 - 


BPB Indi 50p . 
Darceridge&rt 
Biiley Ben I0p_ 
Rjmbndce Hip.. 
Bamberjers . 
BarratlDev lOp. 
BeMehaaod 10c 


Hertford U lOp 
Bed Bros ZPp. 
Plocklejsajp 
Blundell Perm 
8 reedcn Ijme . 
Bnl Dredginp.. 
Broun ."tin. 
Brounlee . 

Bn ant Bldgs. 
BureouA. II . 
Hurt Rouhnn £1 
C Robey A ;r,p 

16 k'a. eder CM. Hp 
10; ICarr'Jobni. . 
JO 
St 
13 



57 
42 
113 
48 
33 
112 

AsiBritisO 12%p 6*; 

Assoc. Tooling -. 27 

Astia lodLlOp. 19 
Aurora HUs .. . 81 

Austin iJamesi . 94 


Can's MiUlng-. 


126 
37 
62 
6IW 
58 
M 
55 

Casttaps lth> — 27 
30 hJmringSp— 46 
28 [dinsty Brof _ . 41 

42 hlartonSonrOn. 68 
a3 
155 




4 t4J4 2 6 5.^113 



























































































































































































































































































































































































































































































































































































rebmaxyZS 1S7R 


NDUS1RIAI >S—Gontinned 

11 : ' 'w-t-isuiaii 


Log fc.Nnu.Grp— 

LanjBmhly. ]Qn 


INSURANCE—Continued 

| Prtee i + -"] Srt IcwiSflire 




wn.n i 
ffltt Um 


PIWPEBTY—Coatumed 

| WCB | + -*1 3£ |c»]3| 


INV. TRUSTS—Continued . # FINANCE, LAND-Continued 


Bfb Urn 


Price M Kt | Ctrl Si 


1I77-7S I 

ffllh Um 


M Ss l< 


MOTORS, AIRCRAFT TRADES 


Regional Prop— 


Commercial Vehicles 


u. [YarkTrailerlOp 58 


SHIPBUILDERS, REPAIRERS 


SHIPPING 


is® 

115 

Formas Wi thy £1] 246 


654 
47 1-1 
-2 
-7 
-1 
-2 


: i»L Heritable. 
ie«.tUn.lBV£. 


27h 

105 _ 

37- 

33 _ 

46 -2 
29 _ 

212 -1 

56 ..... 

CUPz —.. 

198 -2 
26 +2 
7£ —_ 


Jolta-LawSOp. 


ubnfiddLatr- 
Hanretlnu 10p 
BamswiT.C , ' 

Huriwells. 

HenifsIOp . 


49 

35 
26 
23 
1®. 

$2 (.Nelson Band 5p 
2i; WaudneKtr.ir 
6l iPenyiB-'iHtrs 
Pride* Chrte 


i 


m 

ifOT 


91 
75 

S'Udrs. 132*1 97 
85sl 

62 
60ic 
98 
614 

67 
91 

68 


133 

1251; 

143 
26 2 
49 
5., 

140 ] 83 [Ketnrflelm SOp 


“'8 
24 
69 


■ fully Integrated banking eurvtea 


23 L 
LI * 
43.55 1. 
163 L 
437 
81-45 


21*2 
S" 

34 

32 ( Do Resinr 
122 I 86 Bnrcl Palp 
48 19 k£psea!s5| 

25 I7l» ICausonfSjrJi 


Vhiieeroft 
mietyRSfcW 

VUketiJ.j- 

YUkins Mitchell. 
eUk’snJftehil 
Do. lOpcCov 

TiUiamsiJ.i. 

fills iGeergri. 

iibonffflitofl K 
Pinn IB* 30p .1 411; 
VUteriTTioniM).[ 3Qh 
VoodtSoni5p. 
ToadtArthor5p 
food Half 
tcnen bp 


35 

78 42 

6 7 U* » 

£ * ft 

Z-3 S-5 ISO 94 
2 fl H 248 137 
MU’? 78 50 


INSURANCE 


%nin(ii]5n 


4.6 

5.4 

6.5 

5.6 

12.75 | 32| 6.9j 9 J 


TRUSTS, FINANCE, LAND 

Investment Trusts 

IZQBl 111 61123.9 


! 


0 . 

, — 0. 
161X1 6 

2.01 I? ya: 

4.82 I 15 36 27J 
3.71 Q.al — 


w 


»! 




USTraa Pttnd Sl_ 


Finance, 


8 3 

39 12>! 

25 ■ 6 
2713 10 
163 102 
66 42 

£U>2 B50 
“1241 196 
35>a 13 
[18.0 23 12 

Si 39 27 

^ 56 36 

J- 16 12 

S-5 27 15 

2X7 1B0 64 

*c* 22 17 

13 21. 

J. 37 B 


US 2^ 

«S 


Sea. . 

Lon. Brco Gip._[ 16 

34 |Lae.Merehflni_74. 

60 pLtGLHUgs.Sp.1113 |-i 


3.45 
73.05 
L7 } 1 
2.4 * 

7166 1 


V, 

«}115 1. 
62.05 L 
}3.4 L 


£64 
06U 
66 44 

34 18 

084. 024* 
550 
170 
12 
45 
295 




Head Office: Osaka. Japan 


MINES—Continued 
CENTRAL .AFRICAN 

JgM* I I l+OT I Dir. [ |YTd 

Ogh law) SMcfc J fti« | — | .Net IrvrlGrt 

70 Falcon Rk50e. 198 -6 Q5Dc 13(23 4 

9 Rbod nCorp. l£?ip. 21 . 0.37 43 41 

52 Roan Can* K4_ 73 .... _ _ _ 

115 Tanganyika50p 128 QUO 11 8.6* 

70 Po.Pwf.aOp- TB . Q9%16.4 92 

27 WaaheCol.PJiI _ 38 ... Q7ljc 1416.8 

10 Zam.Cpr58D0^_ 10»g -h — — _ 


AUSTRALIAN 


10 {Acmes 5e_ 

57 BrocajmiIJe50T*i 
67 BH South 91c... . 
119 CaiancRiounUJ.NV 
18 GM.KaipkVri.oSl. 
77 Hampin Areas op. 
10 Metal; Ex 50c . .. 
125 Mi.MHldei.50.: . 
ID Mount LycfliSr . 
1 NcmnelallOf- . 
79 NorthB.RiQ.iQc— 
4>) Nth.Kaigurli. _ . 


81 -1 Q8c 36 62 

67-1 _ - 

152 . ... QlOc * 41 

69 -2 — — — 

89 -1 145 4.1 2.5 

13 . — _ _ 

129«f -1 Q9c 17 4.3 

2 '. Z - I 

84 -1 Q8c L5 5.9 

101n _ _ — 


Vi SUi.Kafgurli. _ . loin — _ — 

8# OakbrideeSAl-.. 134 -4 tQUe L9 5.1 

20 Pacific Copper . 33 — — — 

575 Panecmnsc_ 775 -25 — - — 

I 8 Paringa MfcExJp 12' 2 . — _ — - 

345 iPeto-WaUwnd:* 445 -*1 Q15c 4.0 21 

I 85 Wests. Mining50c. £5-3 Q6c L4 4.4 

35 Whim Creek 3Jc_ 35 . — — — 


. 251 16 13.6 

.... Wli7r 0.9 32.6' 

. 3 75 2310.9 

.... 7060c * ± 

-5 IB 05 3.4 5.5 


... 75 * 12.6 


TENS 

18 Anal Nigeria_ 28 

240 VerHiumSMl... 275 

25 Be rail Tin.. 52 

155 Ber] until i SMI_ 220 

260 Geeror_ 500 

8 Goldfc Ba.* Uijp.. 9 

190 OojKTigCons._ 260 

72 HwigSaag_ 150 

60 Idris lOp_ 90 

7 Jan tar 13 jp_ 11 

30 Kanninl)nclMJ50. 69 

260 KUbnehaii. . . . 453 

237 Malar CiretUing5V: - 300 

40 iPahan;. 49 

50 PtctrhJiT l.'p _ S3 

133 !\-ai.3xS):i_ 170 

35 Sai.-t: Pirrit_ 56 

55 Sojin Crdtj I9p . 56 

77 Sojtr Ktn:a 'a1-u r 4 150 

148 Sihn Mjln.iacS’U. 250 

57 Sunpci Pin SMI . 153 

19 SupreaieCor? SMI 64 

42 Taojo.-; lio. . 

45 Tonstlh rirbr.SMl SO 

93 TronohSMI_1 173 


CGPFER 

72 iMcssinaROia_( 72 |.(tQ30c| 1.9| % 

miscellaneous 


.ZtJlSJc 

•. Q125 

.Q9s5c 

... TQX5 

. 65 

.... mQI2fc 
-1 Sl.99 
-1 b4.12 

.IV-77 8: 

... :«lL3c 


0.7 4.8. 

1 * 27.8 
I 0.8 6.8' 
06 5.1 

I * 18.6- 

10.9 1.6 
46 5.4! 
L510.4 
1.4 HI 
1.1113 


10.42' 

2.4 : 
t5.25 
t3.05 
t2.44 1. 
L38 L 
tS.Q 1 
21 L 
1135 1 


Hanunnsffif-Ett Up 
Highlands M50c._ 


£10U|5angei Brian tt. 


50.77 | 17| 3.3 


TEAS 

India and Bangladesh 


Lsrgbouraeil — 
McLetid Russel U 


1E5 i 59 |Lacu-a£l: 


195 6961 5.91 74 

290 -5 41:823 4.9 4.2 

108 . 7 0 37 9.3 

22: 3 . 41.98 1.6133 

245 . 12 0 3 5 7.4 

250 . 10.0 6.8 61 

200 -8 10.0 27 7 6 

410 15.08 4.9 5.6 

22i s .4F1.72 32 121 

138xd .... P13.0 3610.5 
140 . 9.0 4.7] 97 

Sri Lanka 

• I 135 (.|363 | 1.0| 4.1 


Africa 


(190 iElanrjreil. 

1 50 iHaoZaaie:- 


... 23.35 
. 13.0 


MINES 
CENTRAL RAND 


360 *7 ] — - - 

385 *-281 iQ5c 16.4 * 

£33>4 -i 4 Q35Dc 3.H 6.3 

147 . Q13c * 5.3 


80 L 
13 .75 1 
FI 5 L 




tN RAND 


302 -2 N25c - 4 9, 

1«6 -3 Q24c 9 98 

350 -4 Q34c .LS( 58 

451? +U Q3c 1.3 3 9 

88 -21? Q46c 1.5 312 

52 -Sij tQ2ljc 10.7 t 

54 -li- Q25c * 27 7 
680 -2 QBfec 17 76 

60 -zi, _ — | — 


“ Recent Issues " and ** Rights *’ Page 20 


FAR WEST RAND 


32Q -2 

892 +8 
W: ->c 
297 -3 

660 -1 
219 -5 
143 +3 
£1114 
485 -5 
535 -4 
507 +14 

262 +3 

£12la . ... 

269l r +3ia 

227 . .. 

709 

196 +4 


This service is available to every Company dealt in on 
2Jl 86 Stock Exfhanger throughout Lhe Vnitcd Kingdom for ■ 
1 -^ fee of £-100 per annum for each security 


REGEONAIi R2AREETS 

The following a selection of London quoiaiioni of shore* 
preriouvljr lislcd oa!-- ir. rrgion.iJ r.iarkols Priees of Irish 
lr.suoi.. most of which are not offieiallr lislcd in lamdon, 
are as quoted on the Irish exchange. 


. QUc 

... Q240c 
+2i a - 
+7 tQSOc 

-24 Q& 
-4 Q20c 
+17 Q115c 
+4 — 

+7 Q?5c 
+J« Q2S0c 


.\lhanylnv.20p 23 
Ash Spinning.. 4? 

Hert.un. 15 

Bdp'wtr Est SJp 277 
ClovcrCrod.... 22 

Craig* Rose {J 400 
Dy&oo <R A. i. .. 40 

Ellis* Mcildy. 68 
Evans Frk.urp. 58 

Eve red. 15i; 

Fife Forge . .._ 47 

Finlay Pks 5p.. 20 

Graig Ship. £1.. 1M 
Higsons Brew. . 60 

IuM.SLm.Cl... 150 
IloltfJoc i25p... 245 
N'lhn Gold,mi Lb WJ 
pL-urceiC. H.i._. 132 

Peel Mills . 17 

Sheffield Brick 47 


Shejf Rcf'<hml. 51 

.vhiioh Sr.inn.... 19 

SindaMiWm >... C5 


Conv P D » 1 60. , 32. 

Alliance Gas. 

tmo'.t .- 

i.'arnilJ *P J.l. 

•.'loo-JaLtin 

l'e:ierx.:e I’r.f.'i. 
ili-iUir. • Hides. ■ 
Ir.v .. .iro . .. 

Iri -li [topes.- . 

Jaroi- - 

Siir..>vJiD. 

T.t; . 

Vninarc—-— 


FINANCE 


|!TTr 


455 _ 

m : _ 

O&nl __ 

680 . 

125 . 

188 -4 

22 _ 

£1«W ...... 

155 . 

136 -1 

105*. 

960 -10 
56 .. . 
378 -2 
196 +4 

34 . 

£12*4 . 

232 . 

272 -2 
42* . 


OPTIONS 

3-month Call Rates 


DIAMOND AND PLATINUM 


was 4J 

(146 [2.1 


£324,.twite 1.1 76 

79 +1 Q7.1e * 5.4 

317 -2 tQ?5r 2.4 66 

£Z0>4 .QMfc MSI 11.6 

62 +1 Q2Te ID 2 6; 

W y2ijc L4 1_7| 


IndnUriala 

A. Brew-... 

AJ. Cement— 

B. S.R.. 

Babcock.- 

Barclay; Bank. 

Beecham__ 

Boots Drug _... 
Rowaicrn...... 

B.AT .. - 

Bniish Oxygen 

Bn.'im 1 J I._ 

Burton A - ...,. 

Cadbury s- 

CourtauJds _. 
Debcnhams.... 

Distillcn. 

Dunlop.- _ 

Eagle Star.. 

E.M.I. - . 

Gen. Accident 
Gen. Electric. 

Glaxo. 

Grand Met— 

u V S. ‘A - -.._ 

Guardian —.. 

G.K.K- 

Hawker Sidd.. 
/fcwseo/Frarer. 


I.C.Z--- 

Sf SPT— 

9 fnvecojL-.— 

10 KCA. 

25 Ladbroke. 

33 Legal * Gen. - 

15 Lex Service - . 

16 Llo’.d.iBank.. 

24 “LoK" 

6 London Brick. 

2D l.onrho.— 

■J 3 l.iu j) I itrt.. 

5 1.' on- .. 

10 .' 0.1 m:." . . . 

10 'Irks fiSpnvr 

13 Midland Hank 
Eu M El. 

11 Xu Mua K:nk 
18 Uu Warrants 

17 P&ODfd 

10 I’k-sri-y.. 

40 n.H.M.. 

9 Raufci'irc '.V. 
13 Reed In'J- 

18 Spiiler*- 

22 Tescn__ 

3D Thom.— 

12 Trust Houses. 


A scIcriiHt ni iljdionv irativ 
Lundon Slock xlsuUhge 


23 Tube Invest.— 38 I 

7 I'm lever.. __40 I 

20 Utd. Drapery- 7i»[ 

7 Vickers_15 I 

5 Woo [worths— 6 i 

14 Property 

L Knt.Land_3>4 

c -.'.ip. Counties. 5 

I F F. 5 

5 tntrcuropcan 4 
7 Land Secs...... 18 

^ -liij 

~ IVnehev__ 10 

S.imue? Props,. 10 

Tovvn4iCii>-_.. 2 
20 Oils 

ID Cnl Pcirolenra- 35 

20 RurmAb Oil...,. 7 
9 Chanerhall._ 3i, 

5 Shell.. 2 s 

12 I'lirnniar_ 22 

J* Mine* 

4 ChanwCons..! 12 I 
22 Con* Gold20 I 

15 RioT.a n e._...J 14 | 

il is given on Lho 
Ue^ori page j. 


67-5 - _ — 

240 +15 Q30c * 76* 
250 -5 - - - 

171 -2 18.5 q31 75 

35 . _ _ — 

831 . - - -1 

45 . 121 26 4.1 

120 .... Q7c « 36 


NOTES 

Italcn athenrfse lifcolid. price* and ad dividend* axe la 
pence and dtuRaJaalwi arc !Sp. Estimated price/earning* 
ratioa and covers ere baaed on faucet aannal reports sad occeonta 
and. where possible, are updated on half-yearly flgnres. PfDim 
ihIi'hIbimI h the basis of net dlrtrlbudaa: bneldHl flgares 
ImBcace II per cenL or more dlHercnce if cskmlmled on -nll"- 
dlKtrl ballon. Covers ire based on -mazfamun" d Ut rih a ttoo. 
Yield! are based op middle prices, ere gross, sdhutedlo ACT of 
34 per seat, and allow for value of declared distributions and 
rights. Securities with denominations other than sterling are* 
quoted inclusive of the Inrestmrat dollar premium. 

A Sterling denominated securities which include Investment 
dollar premium. ' i- 

• -Tap; stock 

■ Highs and Lo* . marked thus have been adjusted to allow 
for nchtv issues for caMi 

* Intenin ante increased o- n-nmeti j 

t interim since reduced. pa.«ed or dc r err«L 

« Tnx frec to non re'icert on ipplicalica. . 

4 Figures or report aval tod ■' 

H L'nlislod seeunb- -j 

0 Cnee .n ume of -uspenuon } 

9 Indicated dludcn.f .tf:tr pctdin; crp ar.1 nr rights Ixmee • 
cover relates id pnrvti-jf dividend r.r fororn.M 
Free of Stamp Dulv * 

♦ Merger b:d or reor/tsaisa.ion in row 
3 Not ctuonarahlv 

f .Same inienm. rtd'irvl final ar.d or rcitured eammga* 
ind tested 

f. Forecast dividend, cover on canting; updated by lafra 
I uteri d; Moie-nenL 

: Cover aliens.', for ivnioraun of vharo ntn novr nuiUng for 
dividend* or ranking only lor retsrirted dividend 
X Cover does not cllow for shares which may alto rank for ' 
dividend at a future dale So P.E ratio ilmiaII/ provided. . 
V Excluding a final oiwdend Jeclaration. I 

* Regional price. 1 

K No par value 

a Tax free b Figures bo>ed on praspeerjs or other official 
estimate c Cents d Dr.iderd rale onid nr payable on pa ri¬ 
el capital, cover based on dividend on full capital.* 
e Redemption yield f Flat yield g A burned dividend and 
iyield, h Assumed dividend and yield oiler veiip is*ue_ 

IJ Payment Crtim cnplla! raurrev b Kenya, m Inienm higher 
than previous total, u Rights issue pending q Earnings 
based on preliminary figures r Australian currency, 
s ['ividend and yield <v.c!ude a T’Cfial parmcr.l t Jndicnled 
;dividend - cover relates lo previous riivldcad P E rnLio based, 
on latest annual earnings a Forecast dividend, cover based 
on previous year's earnings » Ta< frvrt> up lo 3hp in lhe L 
n Yield allows for currency clause y D-tidcnd and yield, 
based on merger terms i Dividend and yield include a 
special payment Cover doc- apnlv W special payment, 
j.l Ncl dilidend and >leld 8 Preference dividend passed or 
deferred C Canadina. D Cover ar.d P.Eraiiu exclude profit* 
of V K. aerospace subsidiaries E Iv.uv price. F Cnvidead 
and yield based on prcspecius or othrr afftcla! estimate*- for" 
I3T7T3. C Assumed dividend ar.d cield after penning scrip* 
antfi'or nghu iscuc II In-idvnd -iad yield baaed un 
prospectus or other official efiimn:-7f for ’97^-77 E Figure* 
Loscd on prospecruv or rtliiT etficial estimates for Iw.o. 

M Dividend and yield ba.*>.*d on p-especlu; or olher offleiaf- 
estimulMfnr '.STL N Dividend Jndv!c!J b^redon prospcclua 
or olher official estimates for iSGP r D?i idend and yield 
hosed on prosper! u.v or other "[fici.il cm male; for 1BT7 
Q ijro**. T Figure* arrumed. I- So ifn.’ilCU CorponUii'n 
fax payable Z Dividend tola! *.n dal-.*. 1 icld based oa 

awumpLiMi Treasury BiU Rate *Uy.-unchanged until malum? 
of stork 

Abbreviations- dev dividend. C.»* vcnpiisiie.nevrights, an 
all. d cv capita] dlrtnbatino. 





































































































































































































































































































































































































































































































































































































































































































































24 


Cruising means 



FINANCIALTIMES 


Saturdav February 25 1978 


MAN OF THE WEEK 


A test 




BY ALAN PIKE 


AT THE iron and Steel Trades 
Confederation Conference last 
summer Sir Charles Villiers, 
chairman of the British 
Steel Corpora tian, drew a 
comparison with Wellington 
signalling the general advance 
at Waterloo. He said that Mr. 
Bill Sirs, a British trade union 
general-secretary, could to-day 
similarly give the signal to set 
a new fashion in the steel in¬ 
dustry's industrial relations. 

The recent history of BSC 
mav not make the battle of 
Waterloo the happiest source o 
metaphors. But Sir Charles 
remark illustrates the extent to 



Italy faces deficit 
of Lire 30,0001m. 


BY DOMINICK J. COYLE ROME, Feb. -4. 

—U-Y’S. .overall public sctfur grt on vSSfSKed Ta.*”** iL^confederaUonfShen^ey 

bSTof^unSg^poUcles. be « Spending cute ainotmting to ‘SJTSf 

more than double the ce'lmg of another L3,000bn. m part at least “ e in CODU i D iQg unit wage 
L14.500bn. f£ 8 . 6 bu.) agreed with through higher charges for SJJPP 0 ^ ltaly this year, roughly 
the International Monetary Fund medical services and fUT 2 h *r in i|n e wit j 1 y t j, e average envis- 
tot AprU. A review mission increased tariffs for a range of >" ivera ’ 

from the Fund is due here in public services. " ^ 

thp next few weeks, presumably 9 A postponement to the 1979 The. Communist Party, which 
after a new Government has been fiscal year of L3.000bn. in planned has been privy to all official pro- 
formed. State spending plans. Sections, has made no public 

g _ to The-se proposals, with which comment on the proposed spend- 

^nv^ than So OOObn —was the Communist Party is thought , n? cuts, and additional taxation. 

PartiestoS? to be generally in agreement. The party has. however, called 
put to °PP a ** t J|® !, par lh Lfme would reduce the public sector on Sig. Andreotti for an early 
Oniho Andreotti. th ® deficit this year to about collegial meeting or all main 

Minister, at private talks L°4 000bn. to which a further parties to determine finally 

week. ( and SQ far not included) • whether a new government can 

The all-party L2.000bn. earmarked for State- be formed by all-pariy 

tended primarily to try to secu |® sector companies in financial ment. or if fresh elections are 
a parliamentary difficulties should be added. needed. 

the formation^of a ‘ 0n lbe basis ,°j ten ^- tlve The Communists arc calling 

Vnfnnw understood to have tvil in,. +Hic vi-nniH f° r 0 clear and explicit p 


BP will 

layup 

five 

tankers 






are also well 

Yesterday aftenwooV «£ .r, f.jj 13 to 4442 of last Septembefe ; 

nouncement of a new short gilt uHiex * __ Ti|f, 

BRITISH PETROLEUM is to edged UP stock—£800m. of S$ 
lay up five large tankers for per cenL Exchequer 1983—high- 
several years because of ue —.l-tive steadiness-of 


By Ray D after, Energy 

Correspondent 


several years-- 

depressed statu of the- oil 
trading market.^ The stops, 
worth about Eiom., will add 
to the growing list of idle 


t --... tn havp h«“ b * ul -rnr a clear ana exp 1 u. 1 L tor ui *«=•»* ~- 

uon are now understood tohae nsion tbls year, this would a new parliamentary majority big Rotterdam refinery, 

resulted m agreement—with tne ffective cut ovcr jgTy in - p ;„nnortinH in the group. 


The cost ot laying-up to BP J example, the FT GiwMnment- 
is expected to be over £300,QW 

a year. It was emphasised uwi ._ — _ . . 

yesterday that the operational Index has weakened 15.1-pointy 
a^re -j j osses would be greater if the 4440 the lowest 'level-seen- 

£. d^d w 

for at least 1 - the 7 per cent, against a comparable 


Tetefnsioa 

A first half prdfife:,S 

^ssiS , !KdSsrtte 

ass -gsssteta mm 


™E r Sr 

SffdeSit by L8,000bn. 3'bif^^bc^riiltc^ec^or. mis Democrat administration. 

The measures agreed include: bas caused the national em- The, ^ h on 

• Some LSJWObn w h. rel-d ^oyere' 'S'In th. 

in new taxes, both direct and dustna to reject tne oumne resjRiiation of the Andreo tU 

SSTSa "r.”n 3 T»"e C T« It if likely to be rejected, too, Government lest nun*. 


fall of under 2 per cent (almost 
all in tlie first week of 
February) for the gilts index. - 

There have been no important "V 
statistics to disturb 
the 



per cent, to: £ 10 . 6 Khf-j-. B 
electrical, 

:Trident;:Chain,: 

Jems. ' Sales Jtf-rae M 
quarter were depressed 1 
moo with the'.trade.asra 
and though *spme repov 
tered through in the hp 
month* 'overall.; intenoc 
over from Trident Tell-by 
to 115.3m. • • 

Profits have .also ^ 
strained by. the cost «ETei; 


Rail union to discuss Murray 
formula to avert strike 

BY NICK GARNETT, LABOUR STAFF 

. K,. u, British Rail «aid it hoped the He apparently did not refer to 

A FORMULA, drawn up by Mr. British cpnior officiaIs would Thursday's Ilford by-election and 
Len Murray. General Secretary B it j sh Railwa v S Board the damage a strike could do to 

of the TUC wiU be discussed by hdk wig^ British Ramating llr the Labour vote, as he had done 
ihe executive of the rail union, immediate j previous dav in conversation 

ASLEF. on Monday in an attempt Rodgers. vaih Mr Bucktbn. 

to avoid Ihe senes of planned These developments were part . _„ tlBJ1sl , 


thTSed Ster«t S rnarkeT this monetary resold may weaken' OD ^ rental sid^t 
^Li^nd e r Governmen t has as the Election draws closer. £ 3 im _ haa. been invested 
week, and . . ^ . ntu e performance of equities tal assets durtiig the stx;i 

has lacked an official Jndex has now fallen almost 20 aflon.fdr-tke : BBr<te»:o 
W h.eb ‘V|“ e 1 Sj“ t Zb«r^;«nL since 1 « 



Sirs: into the deep end. 

which the Corporation is relying 


Secretary 
nisht 

S?srsrtto d*u«”” an °£':,Z'Z^ to provide of the National j 

Earlier, leaders of the three ^uid Union of Rad way men. I 

1 wm°i5ni h Rodsers ?he Trans- not S° ahead - The regional strikes, beginning; qJ 74m . Vadwcighi 

r. William Ko g .... Mr. Rodgers asked Mr. Buck- with Scotland on March • «mdj opprales 0Q per ind charter a 

. nf 7 Sm 


with 

about 20 per cent, of its total 

BP already has one 260,000 
deadweight-ton tanker, British 
Resource, laid up. She will 
now be joined by British 
Inventor. 215,474 ions, British 

25 |™“od Of'imoa'wormonte in^.more woirylng.Tfte grew* fadndlnt; nart- ^ffl. ■ ■ 
British Purpose, 224.989 tons, P, hich it h,e tanked an official Index has now fallen almost 20 ation : for the purdmse, 
and British Progress, 224,989 | shnrt tap 
tons. a , .. 

The first of the five to be 
taken out of service will be 
British Scientist, due to unload 
a cargo of Middle East crude 
in Scotland next month. 

the move 
affect qualified 
enced staff. 

deployed. The number of sur¬ 
plus crew wonld be reduced 
bv natnral wastage. 

‘ Bp is Britain’s btggest 
siticie-fius shipping operalor. 

With Ihe six ships lying idle, 
the company will have 18 per 
rent, of ite tonnage laid up. 

Most of ihe remaining stops 
are slow-steami tig on their 
voyages 


aimed primarily at the . 

societies, whose intake of fundsJAll-Share ^dex is onIy_^ per. incranmopwah-C^ 
has continned to be substantial'cent, off the top), duifng\its bid 

so far this year. And it will have tympany profits StSS' r.miktoS.- 

the effect of talcing some of ttre^rt of the mistlc heusefe 

nressur^off thTlong end of tHe^hek’s results*f«r 


Ltaly j. .a. 




match.the' 


rail 

upon Mr. Sirs. 1STC general- p Id* "\V Ji k e Minister of ton" to SlI^^thTTtrikes.’ say,ng London Midland.on Marchi^9. willj JJJJJeT i“ vessels "of 7.8m. 

secretary and chairman of the HdK S,e- Department of they would be futile, unnecessary disntpt not only »cn»jw »J BP said th al it was un- 

TUC steel committee, to help ^peeled and very damaging for the rail- single resins but also long- ^ ^ re( , uc „ the bcr af 

resolve some of the enormous 
problems burdening the 

industry. L 

If hp had been allowed an;, 
choice Sirs would scarcely have 
selected 1975 to succeed Sir Dai 
Davies as general secretary of 
the 1STC. Almost as soon as he 
had taken office the Internationa 
and domestic crises of the steel 


on Monday. 


Employment, was also expected 
to be there. ways. 


distance services. 


_all 

gL of looKniat the 

?o 5 rc h ne ^i"t® 

“ " pera,ing ^infu'srs U £• 

companv owns 71 ships ment a Httie at the long , end, controls come off .this, aunnmer 

arssassrrsa.'sssiiiWifi* 


Express 




chartered tankers at this stage, 
as they were all subject to 
long-term contracts. 

On the past year BP has 
sutotantiallv reduced its total 
fleet. At the end of 1976 it 


BP’s sb’nping opera lions 
have been atfpcted nol only by 


* .— , . BY JOHN LLOYD nav<i ^ ... 

industry had led to the corpora- NATIONAL Sunday news- Express executives believe that decision to change the name of ; an „ niI nB recession in Ihe 

tiun demanding ; * T™y be punched by toe new evening paper ehou d be the wm toAwm HiJ. n5! market. The areun 

* M Whi " ^ " ime 0- up™*;* ---"MS, - F„id I. the North 

hn fine Lotd Beavetbiook. He| - T ’ ht , v ields uil at the 

and worsening financial toss naslining piiper/ ~ Initial target circulation is was richt. _ . . • rate of ahmM 450.IHI0 barrels a 


cut «h. m prt« SSSiK years. At aT^ when iuflatibn thau ^^ co^a^ 

Meanwhile tasUtutional liquidity is falling and the prospects for £3m. pre-tax^g^a, 
Meanwniie luau m rnmnanies are uncertain, invfes- more than a short-tsnu: 

* “er mM let.wlUhtj to 
p«.nt have more attractions now incur an income penalty^ in appointed 
thJt'rhe inflation rate is moving order to-hold risk assets.! The shares are selling, 93 
Sown into sfngle flmirS. way it is. turning .out at the 

market is however, still moment,-this^adjustment iseota- 

one rated 7«"of its own tankers I concealed over'prospects for a ihg about through. a .foH •m of . 

and f» chartered vessels. . ^"way Budge?and there afe equities rather than.tJrougM 

- tm that the Government's rise ii giitedged prices.: : *hich ..euougfe for the present. 


still scarcely known. aTread’v it ^s^xamTrTing the pos- cent n 

This same backarou id or deep ^ Qf laUTlt . h i ng a London News, 

and worsening financial 10 i?> nas n ;: npr lnttu 


been with Sirs rlitrina recerii 
weeks when he has been put. in 
the unenviable position of seeking 
wage increases which the er.i- 
plnver in simple terms could not 
3 iforil lu pay. The ten per vent. 


settlement with which he emerged f 
in the early hours of Thuivday . ‘ 
owes ai lej<t as much to behind- “*• Vf* 

the-seenes pressure by Sirs on __ _ 

seuior ministers as n ,.hwi :-ritao* advertising executives, 
around the negotiating tame ut Commenting on speculation 
BSC HQ. He successfully con- . __:.j,wo n™. 



last year. He was speak- sells at Sp. with the Ne** Matthews said that since coming; 

a London lunch given by on Saturdays, when the Munaura ^ Fleet Street he had found) 

,-i „ a ...uv.i w .."IIExpress Newspapers for more does not publish. work oractices “ unparalleled in 

th e-scenes pressure by Sirs on j th .; n , J00 businessmen and Plans for the Sunday news- Bnt j sh industry.” The fault was 


paper arc less well advanced. j ar! . e j v with management—” bat- 

.. _ ion but Express believes that a gap lered ' ;in d exhausted, it grasps 

Ha u/-i< /■nntiriprinE the pos- exists between the Sunday , ^nintinrx' 


The Daily Express was ?row -1 da> . (|Ver , 2.5 per cent, or the 
" 1,1 1 group's c r ude supplies. 

In 197B RP lifted 177m. 
tonnes of ni!. compared with 
242m. tunni-s in 1972. before 
the energy crisis. This drop 
in oil movement, common 
throughout lbe indnstry, has 
bad a largv impact on the 
shipping market. 

World shipping industry's 
difficulties. Page 12 




We 


The Times hit. Page 13 


special treatment below the ten , ibllilv ' 0 f a new national Sun- and 400.000. the possibility of a new evening 

per cent, going rate for pay \ n ' ewspa p e r. It depends on a decision on both projects paper. He rejected the claim 

settlements. a variety of factors, including will be taken soon. Express that the Evening News had cone 

Sirs, married with two children h attitude of the unions. People Newspaper has the printmc upmarket. The Evening Man 

and two grandchildren, conies there are too manv papers capacity to publish both news- dard has a bias upmarket. ^ 

from Hartlepool and worked in j • , there are not" enough papers within . the next six cover all sections nf Lnnaon 

the steel industry for 26 years pci . s F]eet street is rfot months^ ._ .. . 

before beginning his progression ^n^ped it is underworked." Mr. Matthews said that the 
through the union as an official 
in 1963 He looks much younger 
than his 5S years and is. one of 
the most physically fit members 
of the TUC General Council 
maintaining a regime of regular 
swimming, running and squasn 
despite the demands of his job. 

The 1STC has sometimes 
seemed a narrowly 



You will receive eight equally spaced distributions a year using ScUesiugera ae?^ 
Regular Income Scheme. Your investment is divided eqiisflly-Tjetween the Extra Iocota 1 
and the Preference and Gilt trust, giving a well balanced portfolio of equities a«d^ 

fixed interest stoics. 


U.K. to finance Yugoslav plant 


BY MARY CAMPBELL 


under Export .Credit 


_ . industrial YUGOSLAVIA'S Privedna Banka A total 0 ^ 19801^15 being pro- Jowerer^^ arran?e - ment i. the 

and rather anonymous union and Zagreb has ^mpleted arran^e- id d 0 fojn ^ th ^ #— lending banks have a commil- 

moves to merits for a SSSlm. foreign cur vreaiw. .«r , u(n inanj ment only for st-ven years—the 


Sirs has begun 


half oF this 

encourage a broader role notably rency financing for a ne ' v u^Td"”' l: bl^^BriiwnV* Export EGGD will take them oul at the 

In the international sphere chemical plan* being built h> backed ^ BnUin s end uf lhat peri „d if they wish 

where he has a strong personal INA at Kutina Croatia. Gredii r- 

interest. year ho celebraiod The financing — one Of the laubui. ^ _ .. _ 

the union's diamond jubilee by biggest in Yugoslavia 5 historj f- or the first time banks out- Eurodollar ii 
.- 1 annual involves export credit from the sjde t j,e UJ\. are participating yhe difference 


receive interest at 
1 per ceot. above 
nier-bank rates, 
between this rate. 


conference Which, unusually, the m.K.. France and the Nether- jn ECGD-backed credits—rbanks which will change with money 

lands as well as two medium- frorn Luxembourg. France and market r; , tes during the life of 

term Eurocurrency [nans from Singapore are providing part of the loan, will be made up or 

commercial banks of 810am. and funds. The two loans were c i a wed back by ECGD 
oso— ,n<l ITiirnhnnH issue. _i k.. » „,rHc and m-~ <_i.- .i__ 



IS T C had never had. 

Inevitably however it is by his 
contribution to overcoming the 
problems of the steel industry 

that he must expect to be 
judged. As part of this week's 
pay' settlement the union has 
undertaken to put to its members 
the possible advantages of 
advancing the closure of the loss¬ 
making Beswick plant by up to 
two years. 

Early next month S'rs will eo 
to the condemned East Moors 
plant Cardiff and suggest to his 
members there that instead of 
waiting for the planned closure 
bv the end of th* decade, they 
should opi for more generous 
redundancy payments now Since 
most of the Beswick plants have 
virtually empty order hooks and 
earnings are low this anproach 
is showing strong signs of 
success. 

But more must follow. Fart of 
the solution lo BSC's problems, 
as Mr. Sirs regretfully admits, 
involves ” sending intn the ranks 
uf the unemployed many 
thousands of men whose skill 
;ind training equip; them only for 
wni’k in the 1101-1 industry." 

This 1 -* somethin:- which 0 
union I-litter won 1.1 relish. And 
yet if Sirs, a mud.-riilf* louder of 
a moderate union, can deliver 
the lO-upcration nf stool worker, 
in fM-mg lhi.--;i» urnhtemc with in 
rrcjscd urgcOf-' hf* iv ll help 

juslify lus -uere-s-ifii.l Sj;ht fn 

tire ID p»-r *.—»t. increase. 


U.R. TODAY 

CLOLtDY with showers in 
areas after bright .-tart. 

London, Midlands. CenL N. 
England 

Prolonged showers, wind 
strong. Max. 11C (52F). 

S.E. and Cent. S. England, 
Chanel Islands 

Blustery showers. Wind strong. 
Max. 12C 154F». 

E. Anglia, E. England 
Ruin later. Wind strong. Max. 
11C tS2F». 

S.W. England and S. Wales 
Rain. Wind strong. Max 12C 
154F). 

N.W. England 

Rain. Wind strong. Max. 10C 
C50F). 

Outlook: Mild and changeable 
with showers. 


Extra Income Trust, 10-1% p.a. 

This fund, invested entirely in equities, 
provides high income and prospects of,. 
most growth of income and capital from a broadly 
spread portfolio of over 100 shares. Dividend 
payments in March,.June, September and 
December. 


Preference & GiltlrusLttS 

This fund, invested eotii^y.mfisi 
interest stocks, provides very higfrnK 
defensive portfolfd-aittd long ternr.eap 
growth prospects should interests^ 
generally. Dividend pavpienteia^S; 
. October arid Januaty. . 


'• :-^, 5 


Regular I ncome I Mary. 1978 9 


650m. and a Eurobond issue. arranged by Lazards 
The plant is to produce fer- mig3a Grenfell. 


tilisers and associated chemicals 
for import substitution purposes. 


The banks are thus effectively 
getting a 1 per cent, margin for 


Check the income you should receive for each £1.000 you in\ est now 
The figures, net of34° lt basis rate tax. are based 

onO-S 0 


net estimated 
income 1 
per £ 1.000 | 

invested 1 . 


1978 


on the current estimated combnwd^E^ 
Your first payment will be on Jane 12tb. ; " " 

- ; -- a 


Jun 12 

£8 


Jul30 

£9 


Sep 12 Oct 30 
£8 £9 


Dec L2 Jan-30 
£8 - £9 


Mar l 2fA.pr.3pj ^ 

1: & 


BUSINESS CENTRES 


cent. for n What ^ctively^l- 

Kellogg. 


The borrower will pay 7J per seven years on British Covern- 


Continueci from Page 1 


Dollar’s sharp recovery 


continued in uncertain 


ment credit, substantially more 
lhau the Government would have 
to pay if it borrowed the 
money directly. 

Bunkers in London said yester¬ 
day that this would encourage 
banks to participate in the Euro¬ 
currency loan. 

In an unusual development 
for the Euromarkets, which 

seems likely to become more 
. nM «;nuc common, involvement in the 

cent, against the dollar in the 6 o. 5 . against W.7 on the pre s ECGD , oan m made condi- 

last seven years. da \T h wTS mV'I tmsfreni effeVt ^iona, on lhe participation in 

The pressure on the dollar had 'Iji^dled marini or, r ! ° r the Eurnc.rrency loans. 

marlieli and the Bank = of En° 5 land look ,_ T _he tenn^of^h^Eurncurreney 

Privedna Banka 
include a final maturity 

nDeration* «• =»=* rrt =nd a margin 

for the U.S. economy. a J The Banb ^ be?n wllhou1 a over inter-bank rates of iq per 

Last nichL however, the dollar short-dated tap slock .«ince the cent, 

rose iiv late London dealings to j^sue ran out early in Gumplciiim »f the terms nf 

end at SwFrs.1.85S0 after being jypuarv and the present long tap this loan ccmit^ at a time when 
as low as Sw.Frs.1.77 during the j ias hcen sold only on a the whole picture of \ugoslav 

and in DM2.05 after touch- p ew month. The new liormuiue is expected to change 

stock is £S0ftm. of 6.‘ per cent, as a result uf new banking Iwls- 
Exchequcr 19S3. with £200;n. lalinn and rules »m Forcian 

reserved for public sector invest- borrowing. » 
ment. Bankers said yeslerdav that a 

It is heing issued at £96.50 per joint venture set up by the Yugo- 

cent, fully paid in yield 907 plav com pan;. IN A and Dow 

per cent. Hat and 9.66 per cent. Chemical will alur.e require some 
to redemption. $500m. of financing in 1979. 



Bahrain 
BarMuna 

RrUasi 
Bvlsrads 
Bi-riin 
Bmujhm. 
Bristol 
Brussels 
Budapest 
B Airts 
Cairo 
Cardiff 
Chicmtf) 
Colocne 
Connhaiiii 
Dublin 
EMmbnrsh 
Frankfurt Dr 
rieneva C 
Glasuuw R 
H-'Nlnkl 
R Kune 
Jn'burs 
l.i.ibijn 
London 


aa\. 

in? DM2.01. In New York, the 
Federal Reserve was repurted tn 
h«' mten-emne on both rides of 
the inaiket to maintain orderly 
trading. 

The pound's trade-weighted 
ind^x. taken lie ore the lale fall 
in llie rule, was slightlj doi'n at 


Vday ■ Y’daj' 

mifl-lav; nud^Ju 

‘C ”h' »C “F 

1 ii (/'llanchi-str. S II Si 

14 5* I Melbourne F 29 S4 

10 5<i j Milan Dr 4 3B 

7 431 Montreal C 21 75 

Hi 50.MOSV.W S -S IS 

M S2. Munich C S 41 

12 54lNeircastte S 11 52 

H 3ajN--w York S 1 W 

6 n | Oslo Sn -3 23 

3*1 .Hi I Paris R 12 34 

Cl 70 Perth C 24 7a 

W SOiPrague V 4 39 

C -1 TOln-rtiavik S -3 27 

R 8 4liiRlode.ro S 32 89 

F .1 37 1 Rome F 18 64 

R 10 SliSIncatJore S 57 8t 

C 9 48,Sinrtholro Sn-3 27 
R 46|StraNbrs. R 3 41 

S 4fi|.Sydney C 47 SI 

9 1*1 Tehran R 10 -50 

C -9 1S J Tel Aviv S 16 61 

S ’9 iM Tokyo C 7 44 

C 24 75|Tnromo C —2 2S 

F t:. Silt Vienna C 2 36 

F 12 34T.uncb C 7 43 


HOLIDAY RESORTS 


Amwio i.* 
Al«'ers V 
lliaml; r 

Blact'-p-Ml F 

Bord.-;niX K 
Rnulnuno !■ 
Casahlnra. i’ 
Cap-Town < 
Curin S 
D<ihn>ci!ik s 
Kam F 

H.br.ilur r 
c.uertR-ey I- 
Iniisbniik K 

lll»-TI!C>W F 

Wi- «if Van C. 
J--r«-v R 


19 iW’Las Pima. 

-’2 1 Locarno 

I? lit \ljiprra 
in .in*Mal»ta 
17 i>'i: Malta 
17 "4 Nairobi 
H *»4 Naples' 

•'i 77 \|i-v 

14 57 Xleocu 

15 .v- oouno 
in nl' Rhirt-s 
1' *i4 sjiibur? 

9 4 ? Tanvt-r 
14 3;:T..mrtfe 
7 43] Tunis 
s 4-. Valentin 
9 45 Venire 

S—Sunny K—Fair c—'.lourtv 
Dr—Drizzle. Sn—Snow. 


V 2U GS 
P 2 -M 
I-' 17 t? 
C in til 
K 17 13 
S 24 
C IH fii 
K 15 :n 
R in m 
C 1.5 
S IK 
r s if 

c u 

F 17 u3 
P 15 M 
ft i:i 55 
C r. 4 * 


R—Rain 


A current opportunity 

The downward trend in interest rates,- and 
the growing relative attraction of equities with ■: 
verj' high yields, suggests that the yields, on lliesc'.- 
funds may not be available to new investors 
indefinitely.' , • ' • \ 

Unlike many variable interest'investments 
this scheme secures your - level of iucomeandalso 


.. offer*, the prospea of i.heceiteihgfe^^ 
; many iovesfo rv have recognisect'th^^ 
- securingthe ppportunfty^^ 
:£Jfm in Ifaesgfdhcis ih iece nt 
Your investment should b& 

. long-term. ^0 

■ Remember that th e p ric$< 

income frdm.tfaCTi;ma^ gio dfo 


General Inronution 

TolmeM. use 4L« coupon rtotUlcd. Arplicaii-'M wiltl't. 
a*5m*>w1edtf<!d. nnd oertirfc-Aie*. will bH ««ni mil Ourlns AprlLThe 
minimum inidimencb C l.iKKt. Thrcro** ylchbot III. II.. onU 1 
arc hased on ibccurTcm utter pnfot'iSI.up sd lor ihe EsmtLwme 
Tiusr wiiil 24.—p far Ihe Pretbaia: ■JtCilliTriat.Tb* Unit. Prfcmand 
j Idkh are puMisJied cUU> In luillns new^iunen. To mD unlu, (drapl) 
return >uurixnl(kalC£KPrroprlaiel| endorsed onlhcboek"— paymcnl 
n nvrniall) madr * ilUA ’4M 1 * nf .JUf rt«i»in|rllic rcllull|ued 
iKTtlueaia. Otarjre*: Initial dan** a! jJ>-: nnilS*-, aw liK loO w l In the 
mocctl>c otter nr*a» bt «Ua Preteraoce and cih TltM a Mitae Eojra 
IncomeTnM. CharB«ttiiweaH'eamiUiiln-ic*of4i l, -t - VAI)aml 
1‘.VATioftbeealnet<fiheFurutsareiledu«ed.froiiiBro«» 
income luuardsadndnblnlt-e uocmes. CmimniliM f 1 J*i wf Ifbe ', 


TUtfipreeoimiHdaaenc,? . 

■ In ihe cvdH nl cfiinte is liudmi ivWA^ 
ilpcidt^muc&itu; iiC4imsrni of stilt riwbmtlUi' 
t-rihecyrrMfo nf the Prefi-rence 
hl«tt ViekfOifi Brlil-cn Otre epH BCM ScCtilWiCS. S 
ouae i-nlii.ii. In ifie nnJnctnmt.nrih^niiili 
dtsodmnunrcoui o-'iintirioMen an J.Htrf 
■ of iiK Teo'i #'iuIJjIm be rtnnenl to "Sc 
- Jp "W! MullanJ Rui Trust Co 
MunuteL. M-ttiell fcCo.-MmnacmTSrfv 
: .^ •^WH’ w Suuare. London W:i^cgicli 
L'nii TntnWH*ckuln. , ~ 

,.iMWBSWrtl uk KtmuMu-onnRamL 


SchfesihgerS'Specialists in the nian-dgement oi prwatc<instiiiui6H^ pi 


i 


To:Schlc5ingsrTrusl Managers Ltd.. 144) SoutlLSlrcct. 
DorkJng.Surrey. ' ; 

Weekend nnti&filing An^phjnr 7>T forking (03661864-1! " 

I wish to invest 

(min. £1,000.) 

aiually divided bviween the SehlcsInBer Rrerere«»and Gilt 
Trust and Extra livume Truuai iheprKas culin^^an.^ 1 K^!ipL , 
ol' my ctieauc. 

1 'would like further information*. * . - - -f 
including details of Share Exchacge . • I 

A cheque is enclosed in remittance, made pu>abtc40 
Midland Bank Limned. . . .... 


1 declare uid. I __r^,w„ 

Territories and Uat I am nai acquirihtS 
-oLui jqjenon residem oiasidt theTchit 

uideclaratWqjt'f 

Bfi^idd.theateJ " 
:K6rrtifror. tolWwr.rt 

, - - 

: Hnj^rtam w v.-- j 

- . , -=.r :• .-i a'.- r-Ti-j -is..-_.-ii.7C7?; 




r.-. 


■-Sgoauire, 


t |n 4bCM»mr ajo^it 


X-.-BWterctl at ihu- Po$J.-.Office. Printed .liy-S< . Clambni's^- ^ha^ iMf'tfi^ri 
i^v'flnauclal. Tunes Buckea He use. Cjrnwo 

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