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No. 27,453. 


Saturday January 7 1978 **i 2 P 


<$> 


& Arnold 


Timber, Building Materials, Heating and 
Plumbing Equipment for the Construction 
and A’lied Trades. Northampton 52333' 



OPWTtM&nrAL SEL1MC AUSTRIA fcb.»I Fr.15; DOWARK Xf.3.5; FRANCS FrJ.&i GERMANY PH2.Pi ITALY LJM; wmiBUANPS R.18i HORWAY Kr’JJ; PORTUGAL E»-M f SPAIN Ptw-401 SWEDEN Kr4.2Sj SWITZERLAND FrJi.O: ORE I2p 


news summary 


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BUSINESS 




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war 


St. 

below 800 ; 
in 




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AM SEP OCT ROT BEC JAM 


• WALL’ STREET dosed 11.43 
down at 793.49, on apprehension 
about- higher interest rates a( 
In beavyfighting between Indo- home and a weaker 'dollar 
ehina's two Communist States, 

Vietnamese.forces, have crossed 
deep into Cambpdla and are 
believed to be dose to Its. 
capital, Phnom Penh, 

Vietnam has thrown an esti¬ 
mated six divisions, armed with 
captured American weapons, into 
the battle which* - 'it - claims, 
follows a Cambodian offensive 
last September. The Cambodians, 
now outnumbered," are using 
inferior Chinese and North 
Korean arma. Back, Page 13 

Letter bombs 

Mr- Adnan' Omrau, .the Syrian 
ambassador to .Britain, told the 
Financial . Time* yesterday that 
police In France had intercepted- 
letter bombs addressed to- the 
Syrian and other Arab'embassies abroad. The last time the index 
in Paris.' Mr. Omran is believed closed below 800 was October 
■to have been the target of -the 2,1975; * - ■ 

bomb which hilled two of his _- 

staff in a .car- on New Year's # EQUITIES were quieter, 
Eve. Pagein.. .. with the main interest in 

- -second-line shares. Gold shares 
TTBIIC S raiOTIl rallied with the rise in the 

In a -colourful ceremony in bullion price, and the Gold 
Budapest, U.S. Secretary of State. Mines index put on W to 136.6. 
Mr. Cyrus- Vance, yesjerdgy The FT Ordinary Share index 
returned to Hungary its most rose 2.8 to 497.3, a Eaili 

precious- national symbol—the ofii» on the K 

1,000-year-old golden crown, of St of 11J ' on ffle wee ^ 

Slephen, which had been in U.S. • GILTS rallied after early 
custody since 1945. Page 13 falls and losses? of t left the 
(Ajnf inr'ifino J Government Securities index 

inomjljr 0.21 down at W<WL 

. An Old Bailey jury decided that __ - - ■ - ■ 

Mr. John.. Kingsley Bead, a STEELING rase.420 cents to 
former chairman of the National SI.9300 and its trade-weighted 
Front, had not been inciting, index rose to 65£ J6A7). The 
raaai halredin .a speech in which dollar’s widened to 4J» per 
he called coloured immigrants ___* ; - 

“niggers, wogs - and coons." • ■ v 

S2F ~ *»*> A 

Read as “ rubbish*:- ta his June, * GOVERNMENT plate :tD >rte- 
1S76 speech- Rfeafi. had * alsp-.com- trict the growth of-public Spend- 
mented - oqe down a million to-tag to. 2 per cent: a year from 
3n ’on the murdpr of an Asran now until- the.early 19804: will be 
youth,. disclosed in detail In toe annual 

■ Expenditure White Paper next 

Uneasy editor Thursday. Page 15. 

Mr. Donald Woods, the banned _ 

newspaper editor who fled from'# POST OFFICE/Staff Super- 
South Africa, said in Britain animation . Fund,the • largest 
yesterday that he still did not. pension fund in ,the U.IL, has 
feel totally safe. His arrival an actuarial deficiency of over 
with his wife and five children £1.7bn., Page 15 and Lex 

ended six days of travel since, he . ...' J. _ , . .. 

fled from his home in defiance of • NATURAL GAS exploitation 
a banning order served on him •$««■.Bangladesh could 
last October. He is to be invited bVu ?£5 60n,! of P ro S esrin « 
to address the UN Security coatrtBta.; to U.K equipment 
Council about South Africa's suppliers. Mr-Callaghan has been 
rare policies. told, after the Prime Minister 

, • took a personal hand in negotia- 

New Lucan hunt li£ « & . WRe 

New police inquiries are being # LEYLANfS CARS new product 
mode in the hunt for the missing phms will involve substantial 
Lord Lucan, wanted in conneo- changes to the Marina and 
tmn with the murder more than Princess models. Page 12. 
three years ago of his children's . 
nannie. A man in prison in Italy LABOUR - 
has claimed to have seen Lucan " . 

in South America and that be • SWAN HUNTER boilermakers 
was receiving money from an on .Tyneside have said they will 
English resident-in Barbados. end' their, .working agreement 
... because of the erosion of pay 
Thatchers guess differentials following the award 
'iHintuhor to outfitters. Meanwhile hopes 

Mrs. Margaret --^^f^er. the for an end to the three-week old 
Conservative teader, told SMtoj^offieiaT strike of Liverpool 
schoolchildren dockers faded after local arbitra- 

°2|. aIready • RETAIL FOOD industry. 

Bianca, rage workers are to get wage rises 

_ - -*»_ oF up to 13 per cent, awarded by 

BrieTiy • • *- the Retail Food Trades Wagtej 

* _ m _ r Tr„jj.- E L Council, in spite of objections by. 

lift. fLrstaS Department of Employment 
that the increases breach govern- 
ins ftres which • • esused ucsriy m ont enidelines Pa^ p is, 

£370,000 worth of damage. ment S« iae,,ne , s - rage w. 

Poison is thought to have killed 


Three banks cut 
overdraft rates 
as MLR falls 


Sper£ STERLING 
3001 



h 3 i r 

-ffiC JANUARY 

1977 1978 


BY MICHAEL BLANDEN ar\d MICHAEL CASSELL 


v*t 


The cost of borrowing was reduced yesterday as three of the big four banks 
announced cuts in their overdraft rates. The trend in the U.K. contrasted 
with a renewed rise in the U.S. Citibank, the second largest U.S. commer¬ 
cial bank, raised its prime lending rate from 7$ per cent, to 8 per cent. 


m 


92W 

J 


n 




BANK 
BASE RATES 


ffiH— u - LJ — L - 
1977 



BAM OF ENGLAND 

MINIMUM 
LENDING 
^ RATE 


RATES 



1977 


The moves in the U.K. followed 
the expected reduction In the 
Bank of England's minimum 
lending rate from 7 per cent to 
61 per cent after yesterday’s 
weekly Treasury' bill tender. 

. The downward trend in rates 
makes it viftuaily certain that 
tbe building societies will bring 
the mortgage rate down again 
next week to -its lowest level 
since early 1973. 

The mortgage rate could be 
cut by i per cent or 1 per cent 
from the present 9? per cent, 
after falling from 12J per cent 
last year. 

Tbe council of tbe Building 
Societies. Association is expected 
to recommend a reduction 'in the 

of*! pei^cent^fwm^^e^esen? 10 eliminate the disparities which T ?.f re 15 a fair chance that they 
6^ IW ^beL when iS have existed among the banks as ba <* with 

next Friday a result of tbe increases in their ia x n , re * 1 - _ 

Tbe fail in bank lending rates rales in late November and early * D 

-yesterday was led by Barclays December. NatWest had pre- widely expcLted in the money 
Bank, which announced that its viousiy been on a 7{ per cent. ?“}£*• ! J e 5® rli ®I 
base rate was being brought down base rate, but with a deposit JJ “• If, “tr™ 
by l per cent to 64 per cent It rate sf only 4 per cent. Lloyds downward pressure on 

cut its rate on seven-day deposits had been using a-7 per cent, base 

from -44 per cent to 3 per cent rate and a 31 per cent deposit shari 2 rt ^r? r0 r. nd 

Later’ National Westminster-rate. 

and Unyds fell into line at the They left Midland Bank,/bow- * nma , tlve on Wednes * 

same levels. The changes mean ever, still offering overdrafts on a ^,„ _ _ . 

that the. top-quality^ corporate a base rate of 6J per cent- ?PP e "V d . *® r b ® 

customers of these banks will previously the cheapest—with r^♦ t«> 1 ^J? 6 ett« 
pay 7* per cent for overdrafts Williams and Giyn's on a 7J ReLtmg the new circumstances. 
Other customers will pay up to per cent base rate These two .JL , k e „ f, 1 ? 1 
11-111 per cent ' banks are expected to consider SILR ***** the nte was pushed 

Tbe. changes went some way their rates early next week. Continued on Baek Page 

Carter pledges 8,000 


THE NUMBER of U.S. troops in cast serious doubts on NATO's Just as reassuring was his 
Eiirope would grow by 8,000 In defence capability in tbe .event decision to ask Congress for a 
the- next 18 months,- President of a conventional war. ' real increase in defence spend- 

Carter said to-day. The defence A study by U-S. Government ing in fiscal year 1979 slightly 
budget to be submitted so,on to agencies revealed that ‘ the above the 3 per cent • norm 
Congress would provide for a security of Europe would con- agreed last year by NATO Mini- 
3 .to 5 per cent increase in real Unue to be a major priority for sters. 

terms over the planned S117bn. the U.S. but added that the* The 8,000 additional troops 
Tor 1977-78. chances of western Europe's re- would^ include an extra brigade 

At the same time, Mr. Carter, covering ground after a Soviet in Germany, a new F-lll 
who also visited the EEC Com- attack appeared remote. . squadren in Britain and additions 
mission, sought to soothe anxuity _ v . .... to existing units, 

among Europe's NATO members 'TVothini? to hid© During the meetings at NATO 

about the U.S. handling of tbe _ ^ .. . ..v • -. and EEC headquarters, Mr. 

strategic arms limitation talks Pr^^ent did riht give Carter underlined the impor- 

with -Russia, promising that they sP^cibc undertaKin^ on how the taiice attached to strengthening 
would be consulted as the talks u s - wou, d approach the question the solidarity of both organisa- 
moved towards their final stage. of nuclear arras in Europe', or rions. He made clear that, un- 
He added after a meeting with the related issue of the transfer like some previous U.S. Admini- 
NATO. ambassadors that he o f “cruise" missile technology siraiuras. he did not- regard 
.believed be had relieved soTn'e 10 ,ts Euxopean NATO partners, tighter cohesion of the Com- 
concerns, which had been But. apparently he succeeded in reunity being against American 
mreused- particularly by his allaying some Tears that the U.S. interests. 

unexpected statement in Warsaw might negotiate away NATO's The EEC should do more to 
last week that be hoped for a prized tactical nuclear defences strengthen links with Japan, 

new; third round of arms limita- against* its will. while continuing to co-operate 

tion negotiations with Moscow Stressing that the U.S, had closely with the U.S., so that a 

which would include tactical nothing to conceal from NATO, more effective approach could 
nuclear weapons based 'in he said that if governments had be taken to questions such as 
Europe. questions or doubts about any world economic recovery and 

-- At the same time as Mr. aspect of American defence -development of the talks 
. L „ Carter's disclosure, on the policy “they have only to con- between - industrialised nations 

the for an end to the three-week ol(H defence .budget, a report pub- tact me directly " and they would and the third world- 

lished by the New York Times receive an immediate answer. U-S. defence report Page 13 


URANIUM shipments from: 


27 foxhounds belonging to a Australia have been baited hy^jranwttlantic air 
hunt used by Liam Cosgrave, t he government pending a union.* 
the former Irish Premier. ; po n into the export of reserves.' 

Skateboarders in Ilkeston, Derby- Page 19 
shire, have a odw* craze-rtymg 


blazing' rags to their boards. nnupaiiiFQ 
Skateboanl lobby. Page 12 UUBirRBIth 

Government methods of forecast- • SMALL COMPANIES and 
ing traffic lovelsfor road-building recoyeiy stocks held the. I 1 ™®*, 
schemes are strongly criticised in light on the stock market in 1877- 
a new report :Ba*e IS * according to latest performance 

Brother of Saudi King Khalod is unil tra5 ^ 

suing Sir David- MeNe?, London’s nausay, i*age a 

police, commissioner, for *he ^TRIANG-PEDIGREEReceiver's 
return of his Rolls-Royce, . kept, report has been banded to tbe 
in police detention since its Welsh Secretary, but he h» 
alleged theft last, autumn. ' decided tP defer action on the 
Human skull was found inside a Merthyr Tydfil toy manufacture? 
tiger'shark caught in nets uear until after a ufiiou delegation t>a 
Durban, South- Africa. : Tuesday. Page 12 


CHIEF PRICE CHANGES 

RISES ... 

Artuthnot Latham.... 160 +-5 

Asscd. Dale tea . 2*2 i" ? 

Asscd. P. Cement. ... 272 +. 5 
Beaumont Properties 99 + 6 
Britannic Ass. .-—i...'. M 1 * ■+ ? 

Bunzl Pulp' V... 108 + 6 

Burtonwood Brewery 157+12 
CemfrntiRofl'ristone ...128 + 6 
Cenirovncl. fets. Cap. M + 9 

Clarke NickoUs- . 60 + 5 • 

Cnrnet Radiovision ... 168 + 6 
Dale Electric ......... l«0 + f- 

Dorada ....7.. 7S + 5 

£RF. ...137. + 8 

Hasiemerc Estates — 25$ + 6- 
Howard Si . Wyndham 22J + 4 

K:L . 244 + 12 

Irish Distillers I® + I* 

Keyset uilraaim •—'■■■ • ® Z -» 
Leisure Caravans U6, + J 
Lucas tnds'.3BB +..6- 


YESTERDAY 

Pauls and Whites ... 114 + 6‘ 

Sainsbury (J.) - 207 + 9; 

Vosper.. 154 +14; 

Watmoughs .. 91 + 6' 

Yarrow ... 290 + £ 

Clyde Petroleum ... 13S + 6 

De Beers.Dfd. '. 303 + 17 ; 

Charter Cons. ..136 + S - 

Cons. Gold Field® ...'lBa + 10 

Pres. Brand, .- S47 + 97 

Randfontein .+ jr.'. 

St. Helena .7Ba + 62 

Wankac Colliery ....« 39 + 6 

* falls ' 

Treasury lOjpc 1999 , _"• 

(£15 pd.) . .-....'.JEIdI — f 

Coral Leisure ‘....... 1® “ * - 

Bsperanza. Trade ... 156 — ; 
Fodens .-.••• “ ~ 1 

Bp. .. ...... 842 - 22- 


more 



m 



BY GUY DE JONQUIERE5 AND DAVID BUCHAN 


BRUSSELS, Jan'. 6. 


Dollar 
slips 
again 

BY MICHAEL BLANDEN 

THE DOLLAR slipped yester¬ 
day against leading currencies 
after the sharp .recovery on 
Thursday on the strength of 
the new U.S. policy of active 
intervention in the exchange 
markets. 

Hr. William Miller, recently 
designated as chairman or the 
UB. Federal Reserve system, 
added hu> support to the. change 
in the U.S. approach. He said 
that the dollar was under¬ 
valued and active intervention 
was justified to build con¬ 
fidence. 

U.S. measures to defend -the 
currency are expected to be 
one of the main topics of con¬ 
versation at the monthly meet¬ 
ing of central bankers in 
Basle'on Monday and Tuesday. 
Dr. .Arthur Burns, retiring 
chairman .of the Fed, is expec¬ 
ted to make a vaiodirtnry 
appearance at this meeting. 

The hankers also may dis¬ 
cuss the subject of gold and 
the debt exposure of the less 
developed countries. 

Yesterday's exchange market 
dealings brought a sharp rise 
in the pound against the U-S- 
dollar, with other leading 
currencies also gaining ground. 
Sterling rose in thin trading 
towards the close of business 
to sffow a gain of 4^0 cents on 
the day at S1.9300. 

This contrasted with the 
.drop of *.40 reals recorded,on 
the previous day. The pound's- 
value as measured by The 
trade-weighted index against a 
basket of other currencies also 
.rose, to 65.3 compared with 
64.7 on the previous day. 

European central banks were 
reported to have given support 
to Ihe dollar which, neverthe¬ 
less, fell againsl tbe West 
German D-Mark to DM2.1255 
compared with DM2.1560 on 
the previous'day. 

■Editorial Comment Page 14 
Sterling catches the holiday 
spirit Page 15 


Whittaker 
resigns 
Leyland post 


BY STUART ALEXANDER 

MR. DEREK WHITTAKER has 
resigned as managing director 
of Leyland Cars and will not be 
replaced, Mr. Michael Edwardcs, 
new chairman of British Leyland, 
announced ycste-.Uay. 

Mr. Edwardes also gave His 
time-table for drawing up plans 
for reorganisation' of Leyland's 
management and manufacturing 
facilities and .the rationalisation 
of its range. 

Control of the company as it 
formulates its new plans will be 
assumed by Mr. Ray Horrocks, 
recently appointed, as deputy 
managing director of Leyland 
j- Cfl rs. 

i Kir. Whittaker is the second 
senior executive to resign from 
Leyland within a month. In 
December—a month after Mr. 
Edwardes look over the chair¬ 
manship—Mr. Alex Park an¬ 
nounced that he was leaving his 


j job 


as 


chief executive and 
director of the whole 


nianagin; 
group. 

According to Leyland yester¬ 
day. Mr. Whittaker told Mr. 
Edwardes early in December 
that he would like to leave. Mr. 
Edwardes said that Mr Whittaker 
had had the “unenviable task" 
of having to wrestle with a* host 
of formidable problems. 

Even successes like the Rover 
3500’s winning Ihe Car of the 


Whittaker succumbs and Car 
chief backs progress Page 12 
Unofficial strike threat to 
Ford, Back Page 


£ in NeiD York 


Janimrv 6 


VreHom 


1 WmllJ) 
3 month- 
12 nwHitli, 


|s 1.9150-9300 : si.qw-flion 

E roo.ai jtnpm. 0.G3JX07 prom. 
38J1.43 [ircm. 0.17-G.21 prrm. 
ttO-LIG preni.i0.4&^i^5 |ir*m. 


Year award had been over¬ 
shadowed bv the difficulties 
facing the cars company, in JHuiy 
this year Rover produced only 
three cars. 

Mr. Edwardes defended Mr. 
Whittaker’s record and said 
there had been no difference of 
opinion over model development. 
Mr. Whittaker- had been closely 
involved in the current re- 
nrganisation . ami generally 
supported the option's being 
considered. 

Lasi njghi Mr. U*h"laker said 
the main reason for his resigna¬ 
tion was tbat he wanted to be 
a vice-chairman of the icslruo 
turod group with special 
responsibility for cars. How¬ 
ever, he had not hecn offered 
that job. 

He emphasised, however, that 
there bad been no clash between 
him and Mr. Edwardes, even 
on points of detail, and ^dded 
thar be haib hiah regard for 
Mr. Hnrrocks “ from what I have 
seen of him.” 

Mr. Whittaker said: “I will 
be working flat oui until the 
end of January, as I have been 
asked to do. 1 have no idea 
what will happen then, bui in 
the meantime I have been 
beavering to keep Leyland Cars 
on course." 

The decision not to make a 


new appointment to the £35.000 
a year job reilccls the efforts 
being made to strengthen the 
management before its structure 
is changed and plans for new 
models finalised. 

.The most likely outcome 
appears to be separation of the 
volume cars sector from specia¬ 
list and sporLs cars and exten¬ 
sive changes to ?hc new Mini 
project. 

Wbilp a decision on the Mini 
needs urgent attention — Mr. 
Edwardes confirmed in u state¬ 
ment tn all yesterday 

that the rar was to be modified, 
but in a way that would not waste 
work already in ihe pipeline— 
the most pressing problem in he 
considered by the British Ley- 
land Board was the future shape 
and size of the cars division. 

Mr. Edwardes said that all loss- 
making areas at home and abroad 
were being given special att«*u. 
Uon. Consultations with em¬ 
ployees' represent:!lives on re¬ 
organisation were eximctcd to 
start next week with talks un 
the major questions such as 
manning and tbe lulurc nt plants. 

The Board would be asked to 
approve the corporate plan tn 
early February. This would then 
be passed on to the N.iMon.il 
Enterprise Board, which hold- '-!5 
per pent, of Leyland's equity, 
and the Government. 

Employees were inld th.rt ihe 
debale would he Thorough hut 
warned ihat it could not he 
prolonged 

This again emphasi^-s tbe 
speed with which Mr. Edwardes 
is tackling the problem. The 
hew managers now being 
recruited and expected to join 
Leyland over the nexr few weeks 
will not be given long tn 
familiarise themselves before 
coping with the mainr problem 
of splitting up Leyland Cars 

Some of the new managers 
would move on tn their specialist 
areas while others might form a 
central management core around 
Mr. Edwardes. 

The question of m~nning Is 
more difficult. There has hern 
a considerable shake-mil already 
on Ihe clerical and management 
side—in 1975-76—ail hough the 
numbers employed are thought 
to hare crept up again slightly. 


FINANCIAL TIMES 

The price of tbe Financial 
Times will he increased from 
12p to 15p ou Monday, 
January 9. We. have given an 
undertaking to the Price 
Commission that no further 
cover price or adveriiscmebt 
rate Increases are planned for 
the newspaper during 1978, 
and that furthermore, unless 
the rate of inflation- turns, 
sharply upwards over the' 
period, no farther cm er price 
increase is planned for 1979. 


TWA plans cheap air fares 
to Boston and Philadelphia 

BT LYNTON McLAIN, INDUSTRIAL STAJ-F 
ANOTHER salvo 


in cut-pnce TWA w.as likely to he offering London. On the New York to 

. fares battle the stand-by seats “at below London run the "return fare is 

has been fired by Trans World cost price.** £149JO. 

Airlines. With the news that TWA said the popularity of British Airways said it was 
■fit plans to introduce no-reserva- stand-by fares an the . run be- “not wise" For any airline to 
fiod cheap fares between London, tween London and New York gie fare proposals in view of the 
Boston ; and Philadelphia on bad encouraged passengers from imminence of tbe nest meeting 
April L Boston and Philadelphia to of the International Air Trans. 

The airline said the equivalent travel to London via New York por t Authority. This will be 
of. one Boeing 747 Jumbo jet a rather than to use direqt flights, {n Geneva on Tuesday It is 
week would te available to More than 16 000" people bought hopefl airlines will agrt* to fares 

passengers Stand-by seats TWA „stand-by seats between- after April 1 on the North 

would not be offered if all New York and London between Atlantic. 

Seats are booked." September and December last , . 

The move has been welcomed year. TWA pointed out that its 

by Laker Airways, whose Sky- previous stand-by fares on the 

*rain service to New York, wise New \ ork, ran had been put into 

which began last September The proposed TWA fares are effect without LATA approval, 

sparked the current round of £63 between London and Boston. The airline is awaiting approvdl 
fare reductions.. Laker said the £83 from Boston to London, £66 from the UlS. Civil Aeronautics 
move could only be good 1 for from London to Philadelphia and Board and the Civil Aviation 
the consumer, but suggested-that £88. between Philadelphia and Authority, 


CONTENTS OF TODAY’S ISSUE 


Overseas news. 13, 19 

Home news—general... 12, 15 

—labour .15 

Arts page v .8 


Leader page . 14 

U.K. Companies ...'.16&17 

Mining . 2 

Inti, Companies . 19 


Wall Street '.. 18 

Foreign Exchanges -.21 

Farming, raw materials ... 19 
UJv- stock market.22 


FEATURES 

House prices pick up hut a Thin year, fine car—Car of FP. REPORT 

boom is unlikely 14 . the Year review ......... 8 

Sterling gets the holiday J Vital stage In Vietnam's The international boat 
spirit ...15 battle with Cambodia ... 13 industry. . 10 *11 

Appointment* ........ 9 G intoning.—- 6 Share In f orm ati on - 2*25 LAMmi -High Yield 17 

■ Bridge ... 4 pelf .. ■ 5 SE Wook's Dealings 20-21 U4al and. General 5 

Chtft ... V Maw »» SFCBC » ■» Trawl ...' 6 K A G .Recovery ... B 

Collecting . -. 8 insurance .. 4 TV mod Radio ........ 2 S^ibMOtBar Interest 

crananl PuzOe. ... 18 Utters —-■ 14 (lofe Tmb__ .23 (Centtnent* Page U) 

Economic Diary. 15 Uw .25 WuUt«r . 25 

. Education . A Hao.af tbe weak ... 2b Vow Smrtvss & low. 3 Ben UwUo« jutes 22 

Enterabimant Guide- > Hourim... 5 BoBdtag ■ see. Rates 8 

.. Finance *. Finally .- A Prop er t y .. 9 • OFFER FOR 5ALG • UKdl Attby. B«de 2t 

~ rr-AowHu lattices 20 Racloa ..- to OUeftaJo IbU. - -9 U.K., CenvwUWeo... a. 

For latest Share bid&s 'phone 01*24$ $026 • . _ 


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fruet 


To: Arbuthnot Securities Ltd., 37 Queen St., London EC4R1 BY or phone; Ol -236 5281. 

Directors SirTrevor Dawson Bt. (Chairman).M.G, Barren (Managing), A. PicWes, O.B.E..JP., A.R,C. Arbuthnot 
C.D. Lawton, F.CA, M.P. Renton, Prof. R. Smith. BA, IfySc. Ph.D. (Econ). P. Ashley Miller. F.C.A. 

|/We wish to invest the sum of E (min.£500) in Arbuthnot Exin Income Fund Units and enclose 8 

cheque payable to Arbuthnot Securities Ltd. 

, □ SHARE EXCHANGE SCHEME. TICK BOX FOR DETAILS 

I/We declare that I am/we are Ovar 18 and not residing outside the scheduled territories nor am I/an wo 
‘acquiring the above mentioned securities as the nominoefs) of any personal resident outside these territories. 
(If you are unable to make.This declaration, it should be deleted and the form lodged through your Bank, 
Stockbroker, or Sdicttorinthe United Kingdom.) 

Signatures)_ _ _ 

Joint applicants, all mustsign. State Mr/Mrs/Miss or Titles and Forenames. 

Pull Name(s). 

Addr«s(as)_ 


E1I8FT 


ARBUTHNOT Established 1833 


h 


■ : 'v 


’Vi 





















































Financial Times .Saturday 


The week in London and 


MLR cut boosts gilts 


ONLOOKER 


THE MOVEMENT of sterling the current - deal would have 
and the prospect of a further preferred Coral's ,to have con- 
ent in Interest rates were centrated its diversification in 
strong influences In the market hotels which produce a better 
this week. Gilts opened with quality of earnings and assets, 
rises of up to 5 point on Meanwhile Nicholas Coral is 


a cut in 


a little surprised at the stock 


Beer & spirit prices 


the hope of 

MLR bjit the effects of a marker's reaction. “I expected 
stronger pound on the overseas shares to falL, but not below 
earnings of major UJSv. com- i30p” he paid, 
panies meant that equities were 
in little demand. 

The story was much the same 
in early de alin gs on Wednesday Distillers has gone forward 
but once it. became apparent with its application to tbe Price 
that buyers had to take up Commission for a big jump in 
larger than expected amounts whisky prices. When the EEC 
of the short “tap stock” gilts Commission declared the 
finished the day slightly lower, group’s dual pricing policy un- 

But the pendulum swung the lawful just before Christmas, 
other way on Thursday follow- Distillers announced its inten- 
ing the overnight decision by tion to withdraw some brands 
the U.S. authorities to support from the home market and 
the dollar. The Financial Times apply for price increases on the 
Industrial Ordinary Index rose rest of £6 a case. 

6.7 on the day while gilts fell 


85i 


80 


75 


-Sper£-f2-001 


STERLING, 


ET. GOVERNMENT 
“ SECURITIES 4 
INDEX 



1-90 


-HI-80 


*1-70 


„ But Distillers look to be playr bv the Prire Commission under 

3 point. However the } point ing a political game. It is very 2 new wricSe brief 
cut in MLR and the lack of unlikely that the Price Com- LastCommission 
any new tap stock left gilts mission will entertain that sort undertook a eomolete review of 

vesterdav ,r ° n,er “ C '° Se o£ “?!■ *• 

7 can justify a £2 increase but that easily be used as a bed rock 

Cnrnl hnliAnvt* would still leave U^K. prices f 0r a f ur ther study of a single 

L-Oral holidays out Of step with the Continent. group . A brewer is probably an 

The stock market was hardly *“ eQ Distillers might withdraw j(j ea ] company for an investiga- 
enchanted by the news late on m ° re brands but that would tj 0I] f rom a pgijficai point of 
Thursday that Coral Leisure only aggravate relations with V j ew especially if there are 
was bidding around £55}m. in ™ e Commission, which are not thoughts of a General Election, 
shares and cash for Pontin’s, exactly good following the gQ none 0 f t jj e brewers are msh- 
the holiday camp company. removal of Johnnie Walker u,g t0 first w j t j 1 an a ppijca. 

Coral's share price, one of t™ 111 the U.K. market. It could t j 0n 
the top performers last year fae a prolonged battle. ^ idea of a fuu^^ie ^ 

(rising 149 per c^nL), fell 9p _ - vestigation is not at all inviting. 

134p as the bid was Companies have to reveal a mass 


to 134p as the bid was _ 

announced and yesterday more THE TOP PERFORMING SECTORS 0 f financial data not otherwise 
than £1 Jm. was knocked off the ^ four WEEKS-FROM DEC 8 available to outsiders. This has 
value of the deal as the shares o/ 0 ™™. also meant a breach of the Stock 

tumb.ed another 6p. .. 4 -ine Exchange rules on price sensi¬ 

tive information. So far the 
Exchange has turned a blind 
eye, but no doubt it is unhappy. 
Companies themselves are 

, ... , .. . ._. „_. _ . . evidently full of complaints and 

EB " rt * ,nn "" t ^ “ + U «* ™ is drawing up a list of 


The bid represents around 15 Discount Houses 
times Pontin's forecast earnings Property 
and buys net assets of around Office Equipment 
£43m. The market Pontin’s Newspapers, Publishing 
shareholders apart, clearly re- Insurance (Composite) 


+ 9.1 
+ 83 
+ 8.0 
+ 7J 


Say that the deal will dilute its All-Share Index 

earnings by around 9 per cent - 

The motivation behind Coral's THE WORST PERFORMERS 


+ 23 


grievances. The Commission has 
come in for a lot of stick re¬ 
cently, though individual com- 


hi J,:lh“ y n 7‘ THE WORST performers panies are obv iously reluctant 

nlrive thp'flu?nre B n?5! Moto ” and Diltributora “ 0-2 to discuss their experiences. 

Chemicals - QJ However some insight as to 

away from the politically sensi- ,nsuranc « (Brokers) — U) how the Commission is thinking 

MMu£ sum areas ■«—»—* frosts - 13 will be revealed next week when 

of gambling and casinos — T °r* Md Gam« - 16 u p “ hhs *£ s first . h s f n ^f 

“something which the City and Breweries . - 3.7 reports. MM* is the likely 

the financial press have been - J 

te'ling us to do for years.” says rFr’R 

group chairman Nicholas Coral. Elsewhere Allied Breweries. Bankl M 131 Bo * and thCEGB ’ 


But some City analysts were when releasing its preliminary foLw fn a week or*?' 

saying yesterday that the deai figures, confirmed that it was 1 kely t0 fouow 1 


was a retrograde, step with a on the point of applying for 4' D rgt „A 
large slice of Pontin’s profits price’ increase. No doubt all the 


coming from camp-site activities major brewers are determined There are serious implications 
including bingo and other forms to make an approach: what is for the bread industry in the 
of gambling—and that Coral’s surprising is that they have not profit forecast contained in the 
image as a growth stock would made any positive moves before annual report and accounts of 
suffer by the takeover. especially as the meeting with Ranks Hovis McDouga'l pub-. 

The group's first major diver- Mr. Hattersley took- p'ace a lished this week. RiTM is fore- 
sification came last summer month ago. Presumably they casting full year profits “close” 
with the £16.7ra. takeover of fear that the first one in will be to those of last year. Since this. 
Centre Hotels and the critics of subject to an in-depth scrutiny year's figures will indude a £Cm. 


tumround out of losses at the 
Wessex finance subsidiary plus 
say, a film, increase from over¬ 
seas business, bread looks like 
making a loss of £5m. The losses 
could even be greater because 
the forecasts are based on con 
diiions in ' the bread industry 
getting no worse. 

• Excluding ’ the cost of the 
strike, around £3m. as far as 
RHM was concerned, this leaves 
a farther loss of- £2m. or so 
directly attributable to foresee¬ 
able conditions up to March 
There is little prospect of im¬ 
provement beyond that, particu¬ 
larly with the labour problems 
not yet fully resolved. Asso¬ 
ciated - British Food is, of 
course, facing identical condi¬ 
tions. 

For both these companies 
another 2p price increase would 
probably put things right, but 
for Spillers it is another matter. 
For the year to January 31 
Spillers is already expected to 
show losses of around £7m. This 
estimate may now be on the low 
side and the following year 
already has a built-in £3m. or 
so loss, based on the RHM fore¬ 
cast, before it even starts. A 
price increase to follow would 
probably hit volume again 
leaving Spillers even further 
behind. Already it is. carrying 
accumulated losses on bread 
over the three years to date of 
at least £17m. . •* 

As James Ferguson, an 
analyst with James Capel, points 
out, all this brings much closer 
a major rationalisation of the 
bread industry. If Spillers were 
to pull out of bread it could 
expect to pick up milling custo¬ 
mers from AJBF and RHM. They 
in turn would be employing 
more of their own milling capa¬ 
city internally to service the 
increased market shares in 
bread taken over from Spillers. 


MARKET HIGHUGHTS OF THE WEEK 


U.K. INDICES 



Price 

Change on 

1977/8 

1977/8 







Vclay 

Week 

High 

. Low 


Average 

Jan. 

Dec. 

Dec. 

Ind. Ord. Index '• 

497 J 

+11.9 

-549.2 

357-6 

Hopes for exporters on $ move 

week to 

6 

30 

23 

Inv. $ Premium 

24i% 


47}% 

231% 

Exchange controls relaxed 





Algemene Bank 

£93^ 

- 10 } 

£114 

£88 

Investment premium weakness 

FINANCIAL TIMES 



Associated Newspapers 

172 . 

+ 15 

197 

120 

North Sea oil enthusiasm 

Govt. Sees. 

78J3 

7736 

7735 

Bcrjuntai 

205 

—20 

260 

155 

Dollar premium weakness 

Fixed interest 

81.15 

8032 

80.09 

Conzinc Riotinto 

wr 

-25 

325 

119 

Lower premium, currency upsets 

Indust. Ord. 

491J 

4883 

478.9 

Davies and Newman 

122 

+ 14 

130 

72} 

Hopes of 1978 holiday boom 

Gold Mines 

134.5 

1363 

132.7 

F. S. Geduid 

U2i 

+ i 

£14 

787 

Erratic gold price movements 

Dealings mkd. 

5395 

3,623 

3.508 

Harcros 

83 

+13 

83 

37 

B^d from Harrisons & Crosfield 


Honj Kong & Shanghai 

239 

-20 

341 

236 

Investment premium weakness 

FT ACTUARIES 



Horizon Midlands 

88 

+16} 

88 

24 

Hopes of 1973 holiday boom 

Capital Gds. 

211.64 

209.48 

20530 

London Sumatra 

80 

+ 11 

81 

40 - 

Bid speculation 

Mills and Alien 

120 

+ 10 

122 

25 

Persistent speculative support 

(Durable) 

19433 

194.41 

190-25 

Peko-Walisend 

405 

-40 

555 

345 

Lower premium, currency upsets 





Pontin’s 

46 

+ 12 

46 

22 } 

Bid from Coral Leisure . 

Durable) 

205.41 

205.14 

20031 

Rank Organisation 

262 

- 1-21 

276 

128 

Ahead of results due Jan. 23 

Ind. Group 

21032 

209.94 

205.95 

Stanley (B.) 

212 

+24 

216 

■90 

Revived bid speculation 

500-Share 

23232 

23244 

22833 

Thomson Org. 

715 

+35 

765 

365 

North Sea oil/share split hopes 

Financial Gp. 

17537 

173.20 

16939 

Vickers 

188 

+ 13 

242 

144 

Spec, demand/Compensation hopes All-Share 

216.13 

21534 

21238 

West Driefontein 

£17 

- 1 

£23} 

£13f 

Erratic gold price movements 

Red.. Debs. 

6334 

6244 

6233, 



A bad start 


BY STEWART FLEMING 

NEW YORK, Jan. 8. 

WALL STREET'S unease about vided some relief. But by 
the implications of the fall in Thursday the widespread 

the dollar for business and that Federal Boom 

™ * "T_ ~T support may be no more than.a 

share prices turned to paranoia p^tive and does not tackle 
this week. Any hopes that the t he fundamental issues—the 
new year would get off to a balance of payments problem^, 
buoyant start were dashed on eroded investor confidence 
the'first trading day of I97S again. 

when, on Tuesday, the Dow mm looked like another 
Jones Industrial Average plum- blow at share prices was struck 
meted 13.43 points. first thing on Friday morning 

Although volume of trading with Citibank's announcement 
was low this was more a reflec- that it was increasing its prime 
tion of the market’s anxiety lending rate From 7j per cent, 
than any new year t^ngover. to 8 per cent. It is Tar from 
The range of concerns included clear that other banks will' frl- 
fears of rising interest rates and low the Citibank lead. Some 
tightening credit, the uncer- analysts were arguing (hat; the 
tainty over tbe change in the move cannot be-readily justified 
chairmanship at the Federal in terms of credit demands but 
Reserve and what this change musr reflect the bank's judgment 
might for the inflationary of where short-term interest 
outlook. rates are going—a judgment 

But it is has been the dollar’s not universally shared, 
performance that has domin- But the prospect that Clti- 
ated Wall Street's thinking this bank’s moves will provide 
week when the currency came further impetus to recent up- 
under further pressure on Wed- ward movements in interest 
nesday share prices slumped rates and the implication for 
again. News of the reversal of Ordinary shares of rising bond 
the Carter Administration's yields cut yet another support 
change of heart on the question from under share prices, 
of supporting the currency pro- Thus after la$j year’s 17.3 per 



cent, fall in the .Dow Jones In¬ 
dustrial Average, the Index has 
started the year by sinking, at 
least temporarily, below wbaT 
has been seen as the crucial 800 
support point It has been 
argued that smaller second-hue 
shares quoted on the American 
Stock Exchange and " over the 
counter” have performed much 
more strongly than most shares' 
in 1977. The Amex Index for 
example rose 16.4 per cent, and 
the Nasdaq Composite Index 
rqse 7.3 per cent. 


however. End-year stuff 
suggest that the drop in 
total market value of stocks jj 
year was more than ten tiff 
larger than the gain in the « 
blned market vaiue of shares 
the Amex and Nasdaq, t 
•* over the . counter " .mark 
And now 197S has got off to 
bad start. 


These trends provide little 
consolation for most investors 


DOW JONE5 AVERAGE - 
Tuesday 8T7J4 —tj 

Wednesday 81158 ~ 4 

Thursday 804.92 - J, 

Friday 793.49 "-n 


Mining 


Gold share enigma 


BY KENNETH MARSTON, MINING EDITOR 


MUTTERINGS of “you cant 
win ” may well have been heard 
from bewildered holders of 
South African gold shares this 
week. They could hardly have 
been prepared for the wild 
movements that have taken 
place in both share and meral 
prices, espe'cially in view of the 
rather more hopeful picture that 
gave out a glow aver the festive 
season. 

After all, the troubled South 
African political scene had 
quietened after its recent 
traumas, the price' of gold was 
edging above $160 per ounce, 
the requirement that a UJC. sel¬ 
ler of overseas stories should 
surrender 25 per cent, of the 
investment dollar premium had 
been dropped and cheerfully 
awaited were the December- 
quarter mine profits. 

And to set the happy scene, 
the gold price moved up sharply 
in New York at the beginning 
of this week. In London on 
Tuesday ' it advanced $4 to 
5169.125 an ounce and non-pre¬ 
mium prices - of gold shares 
jumped for joy as the overseas 
buyers moved in. Bur there was 
not much joy for U.K. 'holders. 

Prices of their shares were 
inclined to ease, if anything, 
and tbe Gold Mines Index dosed 
0.5 off on the day at 132.7, The 
answer to this paradox was 
simply that the investment 
dollar premium had fallen, wilt¬ 
ing" to an effective rate of just 
under 30 per cent Zt was 25-5 
per cent yesterday. 

Barely a fortnight earlier it 
had been over 40 per cent prior 
to the news that the premium- 
“tax’* was being dropped. At 
that time a share .costing, say, 
lOOp plus 40p premium would 
have fetched only ,130p on a 
sale under the surrender rule. 
But the lOp tax-saving had dis¬ 
appeared on. Tuesday in line 
with the lower premium of 30p. 
Furthermore, there were fears 
that the premium would 
dwindle further and perhaps go 
altogether. 

On Wednesday, however, a 
fresh rise in the gold price to 
$171,875, its highest since May, 
1975, touched off a renewed 
overseas demand' for non- 
premium gold shares which also 
pulled up the' UJC. cum- 
premium prices with the result 


that the index gained 5.6 to 
138.3. 

Thursday brought news of 
tbe U.S. support measures for 
the dollar and a consequent 
reaction in the gold price to. 
$166,125. Inevitably this 
sounded the retreat for gold 
shares and the index. tumbled 
to 130.3. Yesterday it recovered 
to 136.6 in line with gold which 
rallied to 5169.S7, helped by the 
news that a be st-ever price of 
$171.26 had been obtained at 
tbe International Monetary 
Fund’s latest monthly auction 
of gold. 

- If you look now at the 
accompanying graphs you will 
see how the weakness of i the 
dollar has influenced the price 
of gold, particularly over the 
past two months. Taking a 
base date of October 28 last and 
expressing the gold price as 
100, the graph- shows that it-; 
has risen much more in dollar 
terms than in terms of Special 
Drawing Rights which are 
international units of value 
in terms of major world 
currencies. 


UJC. investors on the other 
hand may remain uneasy about 
the premium,» although some 
feel that the worst of its fall 
has been seen. They key to Lhe 
future remains the course of 
the U-S. dollar and that country's 
economy. 

If there are still difficult 
times ahead, we may reasonably 
expect a further rise in gold 
and continued overseas buying 
of gold shares. 

On balance, a U.K. holder 
may decide to sit tight and be 
prepared to make averaging 
purchases in the event of any 
further fall in the premium. 
New buyers must just play 
things by ear, hut at least they 
can hope to take a short-term 
profit when it appears, now that 
the premium surrender tax bos 
been abolished. 

Talks have been resumed 
latween Charter Consolidated 
and the Selangor State Govern¬ 
ment regarding the State's 
huge tin deposit which is 
currently the biggest in the 
world. It is expected that 


Selangor will have at least ' 
per cent of equity in aii 
development venture and it 
possible that Trouoh Hla 
may also come into the pictui 
* * * 

Cornwall’s Geevor Tin Mia 
has boosted its half-year pr 
tax profits to £604,000 fro 
£145.001) a year ago. An inter) 
is declared of 8.415p net ar 
it is intended to reconi my r 
the maximum permitted fin; 
The total for the year to ti 
March was 18.05p. .■ ■ 

* * ★ ■ 

The -Botswana Governtner 
has given Jthc go-ahead fc 
De Beers* potentially majc 
new diamond mine at Jwaneq 
in the southern, part of .Ik 
country. Details of the. ventnr 
are likely to be announce- 
next month, but it is expect* 
that tbe mine will be in pri 
duction within four yean 
Meanwhile, the Central SelliDj 
Organisation’s record wwk 
diamond sales figure for ME 
is likely to be disclosed oex 
week. 


In other words, gold has not 
risen all that much in price 
to the European buyers who 
play an important part in the 
industrial demand which 
accounts for all the newly-mined 
production of the metal: in the 
1974-75 boom when the price 
reached nearly 5200 there was 
a marked falling away in 
jewellery and other industrial 
demand. 


As the larger graph shows, 
gold share prices are lagging 
well behind the past year's rise 
in the bullion price, a discount 
that reflects South African 
political fears. Dividend yields 
are quite generous—especially 
to the overseas linn-premium 
buyers—but U.K.. investors still 
have to live with the fear of a 
further fall in the investment 
premium. 

A gold share investor now has 
to take a view on. the \J.S 
dollar. If be believes that this- 
is now out of the. wood, he will 
not expect any sizeable further 
rise in the gold price in the 
near term. If he is an overseas 
investor, however, he may stil* 
take the view that shares are 
worth holding on to for income 
in this now prosperous industry 




! i 

> 1 1 

BOLD MINES INDEX 

( (cum-premium) | 


-*-T 


4 . EOLB MINES INDEX 

1 If 




WJ 


-1-1-1 I ,1. I_L 


ism 


IMSSS 
ffiS F 


150 


130 


120 


Iff 


100 


» * *> 
Dec Jen 


90 


-muw-fiOO 


GOLD PRICE 

IETT-HAMD jSCAU? 


FT.GOLD MINES INDEX 

-]ggL RIGHT->uutD SCALE (CUhPRBMUM) 


140?; 


< \ A 1 

\ .*■ V.- 

M.. V / 


-MO 


120f- 


10 * 



1977 



Scoreboard. 5.45-5.56 Northern 
Ireland News. 12.05 ajn. News 
and Weather for Northern 
Ireland. 


BBC 1 


BBC 2 


t Indicates programmes in 
black and white 

8.50 a.m. Flngerbobs. 9-05 Canoe 
(part I). 9-50 Multi-coloured Swap 
Shop. 12.13 pan. Weather. 

12.15 Grandstand: Football Focus 
(12.20) FA Cup Third Round; 
Racing rrnra Haydnck 'Park 
(12.50. 125. 1.55. 225); 1J0 
Tug of War: The Worid Cham¬ 
pionship: I 40 Squash Rackets: 
Alauddin v. Jahan: 2.L0 Surf¬ 
ing; 2.40 Rugby League: Wigan 
v. Bradford Northern: 3.30 
American Football: Michigan 
v. Washington; 4.40 Final 
Score. 

5.10. The New Adventures of 
Batman. 

3-35 News. 

5.45 Sport/Reglonal News. 

5.50 Jim'll Fix It. 

625 Dr. Who 

t6J0 Saturday Film: “City Be¬ 
neath The Sea," with 
Robert Ryan and Anthony 
Quinn. 

8- 15 The Two Ronnies. 

9JJ0 Starsky and Hutch. 

9- 50 News. 

10.00 Match of the Day. 

11.05 Parkinson. 

12-05 a.m. Weather. 

AR Regional Programmes as 

BBC-1 except at the following 
times:— 

Wales—8.40-9.05 a.m. Tellffant. 
12.07-1222 p-jh. Broadsides. 

Scotland—4JS5-5J0 pan. Score-, 
board. Sport in Scotland. 5.45- 
5 JO Scoreboard. IO.OO-1A35 
Sportscene. 1025-11.05 Songs of 
Scotland. 12.05 ajn. News and 
Weather for Scotland. . 
Northern Ireland—5.00-5J0 pm- 


2J5 


420 

5.05 

525 


625 


8.10 

820 

9.10 


920 

IL00 

1L05 


p.m. Saturday Cinema: 
“Bathing Beauty," starring 
Esther Williams. 

Play Away. 

Horizon. 

International Indoor Bowl¬ 
ing: England v. Ireland. 
Don Carlos: Verdi's opera 
from La Sea la, Milan 
(simultaneous, with Radio 
3 stereo). Prologue, Acts 
1 and 2 . 

News and SporL 
Don Carlos (Act 31. 

Opera Books discussed by 
Robert- Robinson. 

Don Carlos (Acts 4 and 5). 
News on ‘2. 

Midnight Movie: “ The 
City," with 
Lem, Sean 
and Yvonne 


Frightened 
Herbert 
Connery 
Roma in. 


from Harwood Hall; 3.50 Half¬ 
time Soccer Round-up; 4.00 
Wrestling ' from Harrogate; 
4.50 Results Service. 

525 News. 

5.15 Celebrity Squares. 

6.00 Man From Atlantis. 

7.00 Sale of the Century. 

720 “Battle Of The Bulge” 
f 1966) starring Henry 
Fonda. 

1020 News. 

1025 Saturday Celebrity Concert 
with Dionne Warwick. 

1125 Prn-Celebrity Snooker. 

■ All . ITV Regions as London 
except at the following times:— 

ANGLIA 

9JO un. Animal Alphabet Parade 9-10 
Cartoon Time. 9J8.TJStv-.is 1DJD Spider- 
man. 2IL45 Tteitas. II 25 Valley Of I ho 
Dinosaurs. J.1.55 Ttswas. 8.M p.m. Man 
from Atlantis. 12JD a-m. At die End 
of the Day. 

9JS a.m. Tbe Rolf Harris Sbotr. 930 
Tineas. 535 pjn. Man from AUanna. 
535 Get Some In! 5JS Celebrity Squares. 
730 Lagan's Run. 835 Sale of the Cen¬ 
tury. 9-25 City of AnsoU- 1035 Ansels 
Defence. 1135 Celebrity Concert. 


HTV 

90S ajm. Ma«*r Golf. 930 Tlsvas. 
1035 Batman. U 4S Tlswa* 11-25 Beach¬ 
combers. 1135 Ttswas. 1135 Pain. Glbbs- 

vflle. _ 

HTV CymraWales—As HTV General 
Service except: 5.15-530 ml Cartoon- 
time SJO-fUJO Sion 1 Sian. 1135-1230 ami. 
A Glad Day. 

HTV West—As HTV General Service. 


ULSTER 

1030 a-m. Sean the Leprechaun. 10.2a 
Baldmoney. sneczevnrt. Dodder and 
Cloudberry. 1035 Beachcombers. 11.00 
Survival H30 Sesame Street. 1135 mm. 
Mantaumer. 


ner*i Bines and Son! Show (Si. «jo In 
Concert with Joan Baez (Sj. 7JO -1233 . 

As Radio X 


SCOTTISH 

9JH) Hones In our Blood- 930 Tiewas. 
1135 Late Coll: Rev. Dr. Arthur Gray. 
Assistant Minister at Croltfoot Church. 
Glasgow. 11.40 Danger In Paradise: Tbe 
Sun Children 


WESTWARD 

U0 a-m. The Beatles. 935 Survival. 
935,,Curtain Raiser. 1035 HncUeberry 
Fimfwlth Ron Howard and Jean Howard. 
1X30 Cos Honeybnn's Birthdays 1135 
Snace 1999 UL35 o.m. In a Balloon over 
tbe Alps. X2JU Faith for Life. 


SOUTHERN 

830 »-m. Weekend ».» p.m. Week¬ 
end followed by Regional Weather. 7.30 
SS Days at Peking 1135 Southern News. 
1130 Quincy. 12-.5 tn. Weather 
followed by The Russian Orth odor 
Church. 


YORKSHIRE 

930 a-m. Tbe Rolf Harris Show. 935 
■■ The Crimson Pirate." 1X-09 Valley of 
the Dinosaurs. U30 Happy Days. 1ZD0 
pjn- Calendar Kids 13-33 Kathy Karufes 
Is a Grtesly Bear. 


TYNE TEES 

931 Survival. 1930 The Saturday PUm: 
"Holiday Cartm." it n Batman. 11-35 
West Side Medical. 1235 yjb- Epilogue. 


RADIO 1 ■ 

CS) Stereophonic broadcast 
530 a - m . As Radio 3. >36 Ed Stewart 
with Junior Choice (St. 1030 Kid Jensen. 
U30 Paul Gambacctm—ton pop and sail. 
131 tun. Rock On—The mean scene. 
230 Alan Freeman fSi. 531 Alexis Kor- 


LONDON 


820 a-m. Fun Food Factory with 
Nanette Newman and Terry 
MancinL 825 Junior Police 5. 
9.00 Our Show to include Sesame 
Street and Cartoons, fll.00 Satur¬ 
day. Cinema: “ Belles Of Sl 
T rimans" (1957) with AJastair 
Sim and Joyce Grenfell. 

1220 p.m. World of Sport: 1225. 
On the Ball; I.OO International- 
Sports Special; 1—Arm 
Wrestling from Houston, 
Texas; l-io News from ITN; 
120 The ITV Seven—120, 2.00, 
2.S0 and 3.00 from Sandown; 
1.45,2.15 and 2.45 from Market 
Rasen: 320 International 
Sports Special: 2—Showjump¬ 
ing: The Marten International 


BORDER 

930 un. Skimming the Surface. UU5 
Border Weather. 1030 News and Border 
Weather. 11 35 Police Surgeon. 

CHAIVNEL 

12.18 p.m. Puffin's Birthday Greeling*. 
US Keu-s' followed h« Channel Island.*; 
Weather. 1030 News followed hy Channel 
Islands Weatbiu-. 1035 Aupnintmcnt with 
Fear 


TV ratings, week ended'December 25 


GRAMPIAN 

9.00 a-m. Scene on Saturday. 935 The 
Woody Woodpecker Show. MI-15 Woobmda. 
10.as Cartoon 71010 . U3fl The Lad 
Islands, n.30 The Seem Lk--.-s.of Waldo 

Kitty 12 00 pjn. Captain Scarlet Jutd 
the Mysterons O Derail on Time. 535 
Cartoon Time. 5-30 Haopy Days. U35 
The Maharajahs. HJ0 Reflections. 1135 
Tbe Fnudde Vaughan Show. 

GRANADA 

930 a.m. TiSwua. JUS pjn. Second 
City Sente. 1235 in Midnight Meric! 
“ The Guestor Tapes. ■* 


U.K. TOP 20: Viewers (m3 

L Mttrc Yarwnod Xmas Show 
(BSC) . 

2. Moiwmbr and Wise Show 

(BBC) . 

3. Brace Forsyth and the Genera- 
Moo Game (BBO 

4. George and Mildred (names) 

5. WsdncflUy at Etg hi (Thames) 

6. Coronation Street (Monday) 
(Granada) 

7. This Is Your Life (Thames) . . 

8 Crossroads (Friday) (ATV) 

9. Crossroads (Wednesday (ATV) 
lfi. Coronation Street (Wednesday) 
(Granada) 

U- Crossroads (Tuesday) (ATV) .... 
12 This England (Granada) ...... 

13. Crvsreadc (Thursday (ATV) — 

13. The Liver Birds (BBO —. 

15. Happy Ever After (BBO -. 

U. Oh No it's Solwyn Fragaltt 

(Yorkshire) ... . 

17. Pub Entertainer or the Year 
(Thames) __....io——■ 


21.49 

21.30 


IS 00 
IS .fin 


17. Dick Emery Show (BBC) . 13.55 

19- Opportunity Knacks <Thames) 13.70 
20. Charlie's Ansels (ITV) 13.33 

FIbuiys compiled by Audit of Great 
Britain fnr (he Joint Industrial Committee 
for Television Adrerrlsiuc Research. 


RADIO 2 l^OOm and VHF 

630 «Lm. Hews Summary. 0.02 Tom 
Edwards IS) with The Early Show m- 
dudJUB ,7.03 and 8.03 Test Cricket- 
Pakifflan v. England. «jh Racine 
Bulletin. 836 As Radio L Ifl Cricket* 
10.03 Wally WWnon IS>. 1232 p^i. Tesi 
Cricket. 1239 Two's Besr (S, YB 
Tribute to Ted Ray. 138435 Span On 2 
Cup Tie Special (130. 2 . 10 , 2.40. 3 in 
3 45. 4.43. 5 . 00 . 5.451. Racing; Sandown 
Park <130, 2 08. 2.25. 235. «50i with " 
dassifled check at 4.50. iblcket- Second 
Tost (138. 2,18. 5.301 Pakistan v Erie La ml 
Rugby Union (1.30. 2.40. S10. 5331 

Tennis <130. 2.10. 530 1 The Cnlgaie 
Masters Tournament. 530 Sports Ri.-pnrt 
Birthday Special. A celebration at 30 
years no the air. Classified foorball a i 
5- » and 5 45. Rugby Round-up at 3 29 
633 Festival. Excerpts iram lasr years 
Imernational Slovene Sons Pesuui 7 <0 
Tbe Peter Coodwrlghi Show rab Radio 
2 Top Tunes (S). X1S BUI McCuflii- ,8i. 
830 Take Tour Partners tS». Radio 3 
Ballroom. 930 Saturday Night with the 
BBC Radio Orcheeu-a tS>. 1232 Smn« 
□calc, luo Alan Deli (Si with rt»« 
Saturday Late Show. Inclndlng 12.00 Mid¬ 
night Newsroom. 123M233 a.m. News. 
RADIO 3 


leuan Maddodk. 138 Don Carlos (Si 
(Act 3i. 930 The Romantlrism of 

SchQler. 930 Don Carlos 1 Acts 4 and 5). 
1130 Sounds • Interesting isj Derek 
Jewell. 1US News. 1130-1135 Ttadabfi. 
Schubert Song (S). 


RADIO 4 

434m. 330m. 285m jmd VHF 


London Broadcasting 

28 lm and 973 VH) 
530 a-m. Morning Music. 790 All" 
ttreeK-ond news, reviews, features, spsra 
JUKI Jetiybone. 130 pjn. Saturday Sport 
6.00 ' Brian Hayes In re mews k* 

Decision Makers. 730 Geer Mala: M* 
lnfotmaUuii. interviews ip HittdHWa 
830 Saturday music. 930 NioMUne. 


UJ. TOP TEH (Kalfawa Rating) 
re Jan. L 


16.M 
i:7«l 
15.85 
15.40 


1535 

1435 

14.73 

14.70 

14.70 

14.60 


ti 15 


-L Laventc and SWrfcy (Comedy) 
(ABC) .. .. 33.6 

-2. Happy Days (Comedy) (ABC) 31.5 

3. U Minutes (News) (CSS) . 283 

4. Three's Company (Comedy) 

WBO .... 35 .I 

5. Alice rComedy) (CBS).24.1 

6. One Day at a Time (Comedy) 

(CBS) . 223 

7. Barney Milter (Comedy) (ABC) 23.5 
L Barnafay Joans (Drama) (CBS) 23.1 
9- ABC Sunday H<aht Moirie—Serpica 

(Film) . . . — ... 210 

U. Caret Burnett Show (Comedy) 

(CBS) .. .... ft * 

A KeUaaa Rating la not a totaL 


RADIO '3 464m, Stereo & VHF 

tMedium Wave only 

_ 1730-930 a.m. Cricket: Second Tew 
Pakistan i- England. TJB Weaihcr 1 VIIK 1 
S.no News iVHK• 0.05 Aubade tS* IVI1F» 
Cnnci-n Vfeliw. Prokofiev, Bcnnen. 
ThoodnraHs 930 Nett's fVHFt. .<n 
Record Review |S> tVHFl. 10.15 Stvreo 
Release 1 S 1 nf nraslc by Wldor lojo 
BBC Srmptiony nrrtipstra (Si Conn-n- 
Brinen. Wood. Dvorak. 1232 p.m. JobA 

P 1 S? eni ? PWl«r cimsic*. 

11SS News. UO Alban Berg Quartet t Si 
Concert I pan 1) Schubert. Bcrs. Lqo 
T^fc us Alban Borg Quartet mart 31 
Dvorak. 230 Mao of Action <3> Lord 
Jamra of Rnshholme chooses records 
335 Music or the Masters (Si by Mozart 
Scarlatti. Haydn. S3fr Jam Record 
R«westa fSi. SJ6 Critics' Rorum. j* 
Dan Carlos fS> (sritmltaneotm with BBC-2 
Opera U H*e act* by Venn. 

Acta l and 2 . 830 Personal view by 5 * 


530 lb. News. 532 Farming Today. 
530 Yours Faithfully, w. g Weather 
VHF Regional News. 7.00 News. 730 
On Your Farm: 7.00 Today's Paper*. 
735 Yours Faithfully. 730 n'j a Bargain 
1339 Weather. VHF Regions' News. 
030 News, boo Sport On 4 335 Today's 
Papers. 030 Strange to Relate. 930 
News. 930 Pick Of the Week (SL U30 
News. 1032 From Onr Own Correspon¬ 
dent • 10-38 Daily Service U>3S Between 
The Lines. U30 News. 1133 TaBdne 
Politics- 1130 Science Now. 1230 prfn. 
News. 12.02 John Antis tSi ns Radio 3 . 
£235 Weather. VHF (except London 
and SEi Regional News. J3T News. 135 
Any Questions? 230 Frank Umr Goes 
into . . . Public Transport, 230 TUrty- 
Mlnute Theatre. 330 News 335 Does 
He Take SugarT Programme for tbo 
disabled. 335 Uustc of lhe Uaotere (Si 
as Radio 3. 530 Kaleidoscope Encore, 

530 Week Ending . . 3535 Weather. 
VHF (except London and SEi Regional 
News. *30 News. *35 Desert (aland 
Dia» *30 Sim. «te Week with Robert 
Rob tenon. 730 Three You Rave Loved 
fS) Christopher- Grier 030 Saturday 
Night Theatre (5) "The U-Boat that Lost 
Its Nerve." 93B Weather. 1030 News. 
1035 Hancock'S Halt-Hour. 1035 The 
Thirty Tears Peace (part 1>: Reflections 
a: PassdHndMte. U3Q ushito Gw 
Darkness, 1135 News. 


Capital Radio - • 

194m sad 9S8 V01 
*3S a-m. Kerry Juby's R-eafctafl 
930 Peter Young's countdown. BJ 
Kenny Everm 2.00 pm. Duncan Jfl» 
sod— Afternoon Delighi with totnlc »* 
awn* remits iS> 533 Jaao Sbeoiooi 
Person to Person (Si. 530 Greg Bdwam 
Soul Snectruin IS). 930 Nicky HOfWjN 
Mummy's Chart. 1130 Mike AIM; ' 

American Dream. 1230 Ulke AW” 
Baricscn Boogie. 230 mja. F»HI» 
Convcndoa. 530 .pour Young's W 
FUgbL 


BBC Radio London 

206m ao4 945 VHF 


UQ 041). AS Rodin 2. 732 Gone Fishing 
130 Neva, weather, traffic, shopping, 
sports news. US The London Gardener. 
UO David Kramer with Saturday Scone. 
1139 Sportscene. 1130 The Hobble .VlDcenr 
Saturday Show. 230 pan. Sob FowcD 
with London Country nraslc. 430 Marjorie 
BiHwv with Cfcwe-un. 530 GuMeiina. 
030 Close AS Radio Z. 


CHESS SOLUTIONS 
Solution to Position No. 19? 

<b). Black wing by L‘..P*n$ 

2 K-B8. R-B4; 3 KxP <or3 K;Nj 
K-Q5; 4 KxRP; K-K6; 5 
P-B6)» K-Q5; 4 K-N4..K-K& 

RxP, K-B7 and the NP quee?sv 
No Better; for White is 2 K 
K-W; 3 K-NL K-Q5: 4 K-BJ- , 

K-K6: 5 K-N1. K-K7; 6 K-W- : 

P-BB: 7 PsP. K-B7 !V\ 

-lo the eame Black chofle , 

and the game Was drawn anJUHW 
1 P-B6 ch: 2 K-B2 (not 2 P*ri XS : 
P-N 6 ). PxRP: 3 PkRP • ^ \ 

Sn'tirton to Problem'No. *9* . ‘-W-^ ' 
1 H-Kl. PxN; 2 N4J2. P*N: ; 

P-K4 mate, or if 1 PJ* 4 
R-QL P-K4: 3 P-B4 mate, or » 

1 P-K4; 2 P-B4. ehL KSPr 3 R-U‘; 
mate • i«., 


m FOUMOAi. Tmo, pnbUfbed d»lt> ggg.V, 
SowUr* and hoHdns. 03. .. •oJjJ'Ef'S ^ 

SI7B.W Mr /retain) SJ34.W) «»lr WMPJg 
anrntn „ Second cins pnaiue raid s' 

York. N,Y. ‘ 



V 
















T^aiutta! Times. .Saturday January 7 :iS78 




resolve 


HAVING RESTORED your moral fibre yvitfct 
:a week of work, not to liqentton nervous con¬ 
templation-of a battered bank account, you 
should by now 'be in k a.state, sufficiently 
chasteneti yet-resolute, to consider the follow- 
tag specifics -agaiist the year's flaancia] ins. 
like prep school food, they are simple, whole¬ 
some and effective^ 

j ^ 

- V i I - ^ (1) J toili take advantage of <41 the forms of 
‘ tax relief available to me. That the energies. 

’ of the more enterprising part of the population 
of Britain should be directed to limiting the. ’ 

- taxman’s take.is a .singular waste of time 

talent.' However, as things.stand any rational 
being has to recognise that tax avoidance (not ' 
tax evasion,.kindly note) is the mainspring of 
all financial planning. * • 

Therefore I' will, top itp. my mortgage r- 
perhaps by moving to another and more expen- 
", sive house? perhaps by obtaining extra cash 

- from ipy building society for improvements to . 
zny existing, house: In either case, 7 will do it 
as soon as,possible: time and price rises wait 

' for no-man, and as investments go this is likely 
: to be one of the best this year. 



>ow 


Mis 
1 o; 

^ J -n 


Also r win step up my life assurance- cover. 

' 5 flv '£fcr Assuming that you have adequate cover already 
' —and -if you :have both .dependants and. a 
mortgage, that means at least' enough to pay 
off the mortgage if you fall under a bus—then 
you might weir consider being a little more 
'adventurous in your topping up and going for., 
unit-linked life, assurance rather-than, say; a 
with-profits endowment policy. You can obtain- 
- tax relief at half the basic rate (that is, 17 per 
cent.) on premiums.-up to one-sixth of your 
total income, after charges but before personal 
reliefs. - - > . - 

Also 7 iittZI, if self-employed, increase my 
pension provision.- Thanks to the changes 
announced by the Chancellor last year, you 
cao now tuck away up to £3,000 a year, or' 
:1 *> r; is per .cent of your net relevant income 
Vl ’! (whichever is the less) in a Revenue-approved 
annuity .scheme without paying tax on it 1 


lM&t 


1 • !•*. i 


r.. . 


Also I will steel.myself into giving money 
1 away this year. No need to give your kingdom 
k away, like Lear: butif you have property worth 

- more than £25,000—and most people who-own 
their own homes, have that, these days—then 

- there will be a liability to capital transfer tax 
r . when you and the.extra part company. Unless, 

that is, you take:advantage of the exemptions 
under which you can make, gifts—any amount 
-- to your wife (or husband), assuming that the 
recipient is domiciled here; up to £2,000 a 

• year from each of you to other persons; “small 

- gifts ’’ of up to £100 apiece to any one indl- 

- - vidualr and gifts in .consideration of marriage 

• —up to £5,000 if the bells are ringing for a 

- son or daughter; up to £2,500 if it's for a 
- grandchild; and up;to £1,000 for anyone else. 

(2) As o corollary, l will beep, my tax affairs 
■l up to date. I will inform the Revenue if my 
'circumstances change—it may. take- thfem 
months to sort out-the consequences, but at. 
least it will be me who gripes, not them. I 
will send in tax- when, it’s due. The 9 per 
cent, they charge on-tax overdue is not a 


penalty to be lightly incurred—an overdraft 
will cost you little more, and there’s less 
acrimony in that. ' • 

_C3}_Much though. -I appreciate my bgnk 
manager’s. help at times of crisis, 1 will not 
leone money in my current account. Certainly 
leave more than the £100 (more or 
toss—-check with your own bank) necessary 
to ensure that my cheques won't cost me any- 
thing. Even in these days of declining interest 
rates, it isn’t worth it Rather I resolve to 
-manage my liquidity with the same.tender 
. ..loving care that I devote to my investments. 

(4) 1 imU review my portfolio . and I will do it 
■ forthwith, in doing it I will temper imagina¬ 
tion with commonsense, and both with resolu¬ 
tion. I will bear in mind that the ILK. market 

, outperformed all comers last year, and that 
it is unlikely to repeat the performance. So I 
will look to increase my investment overseas— 
but'I won’t necessarily be in too much of a 
bony about it 1 will turn out all the stocks that 
I bought—the export whizz kfds and the over¬ 
seas earners—on the view that they would 
benefit as sterling declined. 

(5) I xmil remember that no man need be 
ashamed to have taken a profit 

(6) .I will pester my MP about: removal of the 
. dollar premium/abolition (or at least indexa¬ 
tion) of the investment income surcharge/ 
abolition of capital gains tax/introduction of 
wider-ranging tax reforms. - Poor. chap. But 
that is what representative democracy is all 
about 


(7) 1 Kill purchase an annuity forthwith, if I 
am. lxkely to need it in the near future. Other¬ 
wise I Stand to lose out -if rates are cut to 
reflect, a further cut in interest rates. But if 
possibleT will wait until the end of the year, 
to see what effect a renewed rise in the rate 
of inflation has on the cost of ten-year money. 

(8) In the meantime, l wiU remember that the 
real cast of many forms of credit continues to 
be negligible. I w01 continue to shun hire 
purchase; unless the price of the goods on 
offer Is -dramatically cut. But insofar as I 
am able to pay back speedily, 1 will use my 
Access and Barclay card'to obtain credit which 
is free pr nearly free. I will patronise the 
department stores for my consumer durables, 
since' many‘qf them are offering extended 
credit interest-free. I will open up some 
accounts, m order to be able to take advantage 

, of their offers with the minimum of fuss -over 
.my. credit rating. But I will never entirely 
. forget the adage that I learnt- at my nurse's 
knee: “Never a borrower, nor a lender be.” 
will-be a'borrower, but a careful one. 

.(9)1 will gather me carpets—likewise cookers,' 
cars.televisions and such other consumer 
durables as I require —while I may —and while 
piices last. But I will not be panicked into 
the baked beans and bicycle' syndrome. 

(10) l will review my household insurance. 
Some insurance companies can be remarkably 
businesslike-^ab oat the careless claimant who 
is underonsuretL I-.will not spoil my ship, for 
that ha’porth of tar.- 


THE BIRTH of a child is a 
cause for celebration: but it is 
not generally: regarded as an 
opportunity for saving money. 
In fact it is both of these. For 
a baby is the perfect subject 
for some long-range financial 
planning. And not simply 
planning for 'the costs of 
education (though we consider 
that below): A baby is also a 
near-perfect recipient when it 
comes to passing on money. For 
it is likely to be a long, long 
time before he (or'she) passes 


Jn this first week of 1978 this page is starting a new series: The Seven 
Financial Ages of Man. In it we plan to look at the financial considerations 
which arise through the stages of a lifetime: those relating to babies , to 
students, young adults, young families, in early, middle age , in the approach 
to retirement, and in retirement itself, the series, will be written by 
Adrienne Gleeson, Eric Short and Helen Whitford. 

First the infant 


it on again. 

Why does that matter?'Well, ing for a family by way of 
since the introduction of capital settlement, will from 1980 be 
transfer tax any distribution of very harshly treated for capital 

wealth (above an initial £25.000 trans£er_tax. 

and anything within the annual It is also .worth bearing in 
exemptions), is going to be mind that direct gifts -made 
taxed So the fewer the distri- during the parent's lifetime for 
buttons, the better. That's why the education’and maintenance 
anyone considering 
capital to adults might do much so a parent could, for example, 
better to give it to their child take out substantial policies for 
instead—particularly if the that child’s education. Even if 

adults in question have adequate there is nothing as specific as 
capital for their needs already, education in view, the £2,000 



relief on your outlay (up to 
one-sixth of income), and life 
cover for your family should 
you die. And the burden will 
be spread over a lunger period. 

One ‘ plan that can be 
adopted is to lake out five with- 


S Way cue cuuvouvu aiiu lutiimciiaiiwc \ T 1* J 1 profit endowment assurances, 

giving of a child are exempt from ett— MeiOtlflg ana pllkuig- - which mature in successive 

in the nurse's arms■ 


child’s future. 

It isn’t any longer possible which each parent is allowed to in “to^uence 


for a parent who is a high tax- transfer annually exempt from 
payer to reduce his 

income for tax -purposes by assurance cover: a policy vested .. , . . - 

allocating some of it to the in the child will not be liable to , Iees . . ve t0 

education and maintenance of ett on the death Df the parent 1 1 nc . t ! rae ' At 


years to coincide with the fee 
paying period. For your new 
born child, you will require 
contracts maturing from 13 to 
17 years hence, inclusive. .You 
can pitch the sum assured at 
fee levels, and the 


And you may 
decide on pri¬ 
vate education at an jndepen- 

own ett can be used to purchase life 1 Sut private b onus 'additions will provide 

education is expensive, and hedge acainst | nflatinn . 

found iph e table below shows an 
a top echelon of five policies issued 


his children. It is, however, ett on the death of the parent. now ® ver fS e by Equitable Life—one of the 

possible for him to cut his tax Grandparents—or other fv? 0Ut :+ , ''[ w . a 30 - w « at leaders over this range, and 

bill by transferring capital— would-be high taxpaying bene- “ m 13 years 1)1119 15 one of the life companies that 

into, say, an accumulation and factors—are more fortunate . yooe s Suess. - do not pay commission. We 

maintenance trust. than parents, in that a commit- Private education will mean have assumed that current 

The income generated by the ment to provide out of income financial sacrifices. If you are bonus rates will remain in 
assets put into the trust will be far a child (by way of a seven- 110 1 prepared to accept them, force. 

taxed, not at the parent’s rate year covenant of income, for then rely on State education. It is usually advisable tn 

of tax, but at that of the trust, example), can reduce their own Providing you start at least seek specialist advice on school 

so long as it is accumulated by tax liability. ten years ahead of time, how- fee planning at the outset. The 

the trustees: and that means A :seven-year covenant must ever> you 030 u$e life assur- two specialists firms that 

that it will roll up faster. Bucta be for a period capable of last- ance rontfacts and obtain tax dominate this form of financial 

income as is paid out for the j n g f 0r more than six years - - planning are School Fees In- 

children’s education and main- although it need not necessarily Cost to a man of 30 providing for suranee Agency of Maidenhead 
tenance will, however, be added do s0 , and it must be for a hh child’s education, from 13 yea« and c - Howard and Partners of 
to the settlor’s income for that specific amount each year, hence* through with-profit endow- London. But Equitable Life 


V 


■V-’ 


DON’T MISS THE NAP 
SHARES FOR 1978 

See how IC News Letter selections 
performed in previous years 






-r 


ST-" •• 
rlD r 





• FT INDEX 

I.C-N.L Naps 

1957 

. ' : - 7% 

■ + 38% 

1958 

i -h 34% 

+ 54% 

•• 1959 

': +--50A.:. 

.+ 112% 

-I960 

- n% 

- 10% 

1961 

. '• ' - i% - 

f + 34% 

1962 

- 6%. 


1963 

+ 14% 

+ 36% 

1964 

-■12% 

+ 10% 

1965 

+ 4% 

. + 1.5% 

. 1966 

- - 11% 

+ 22% 

1967 

+ .24%,;. . 

•“.,•+ 42% : 

1968 

• -K 29*0 • • 

• + 58% 

1969 

T - - 20% v 

. - 4%*' - 

1970- 

- 18% 

- 22% 

1971 

+ 39% 

+ 56% 

1972 

+ .5% 

+ 74% “ . 

1973 

• - 32% 

' — 16% 

1974 

- 52% 

, - 27% 

1975 

+ 131% 

+ 300% 

1976 

— 4% . 

- 6% 

1977' 

'.+ '36% - 

+ -71% 


AVERAGE 


+ 9.2% 


+39-8% 


A"- 


'Asal itie dose December 28. 

‘ At the beginning of every year the Investors Chronide News Letter selects a 
number of shares for capital gam over the loHowing twelve months-its 
Star Nap Selections. 

The table above shows Hwl2-»n6nth performance of each year’s Nap 
Selections over the last 21 years, jf you had invested £1.000 m the 1957 Nap 
Selections and reinvested thejpnoceeds at the end of each year in the annual 
selections your miteTa.OOO would now be worth £203.980 (before gams tav and 
expenses) against amere£Z220 tf.ypu had invested m the FT index. 

In addition to rts traditional Nap Selections, the 1C News Letter gives regular 
weekly recommendations. The overall record shows that these selections "have 
beaten the index by a wide percentage nwgm averagjng into double figures on an 
annual basis Thetfews Letter-also has_.ari impressive track record with its general 
market and selling advice over the years. as confirmed by the many appreciative 
tetters received from sutritnbers. and it has extended this to othei important 
investment areas indtidiog overseas stock exchange, fixed-interest deposits and 
securities, and other markets of interest to investors. 

• The fC News Letter, published evay Wednesday, is available on postal * 

^inscription only. Use the coupon below to otter yoix-subscription, now. 

Many regular subscribers describe'it as .their best investment ever. 


Please enter my name as asubstmbP, wtb (he January 5..1378,. 

Wap Selection issue iWkse: 

ri£> 3 ui fur one year (£32.00 airmail Cut side UK) (induoes'frimg binder) 
DU5 00 lor a six month Uial subicnolori (£17 00 aroadf 
□Please invoice for £2&00-'fl500 (detete as-apprbpn«e) 


ICML.j 


----- 


<8L0CKLET7EI5FLEASEJ 
Address _____ 


.Postroae. 


L To- MARKETOKDEPT. JCNl. INVESTOR? CHkf (NJCIZFREETOST; LONDON. EC48 JQJ 
fts- Adtfie,-. ivry.iu^Pii^ i ten L»fcU*aiHL'.-MW ga&No 9K6S6_ 


fe 12 weeks' you can be 
in stocksand shares more profitably 
tlian 2 million other investors 

. uibk ot 1 »»* million iuweMorx... 

HOW YOU GAN BENEFITS. 

Simply through « unique 12-wttk «•*«*■ The Art of InwMUnens. 

written pnffcnlMuH iinenwe* 

*»P they xhow you. **»” w . «dE1 

e_ iuIlium, imuiiin, loww+n*—on wWi i np’c;i- at ipw u t iuo—— 

STcSftasB t£& SThTSS. ae^kiR w~fa’ rime. 

Stml aider for lr« foil detail» (n« «*»? r«nnw(»! - ■- " _ 

‘ RELIANCE-SCHOOL OF INVESTMENT (?M) 

' - FREEPOST, towton WIT 3Wt. : . . , 


T 



arid Pru 

IF ANYONE eventually gets 
round to writing a history of life 
assurance, then 197.7 may well 
go down as the year in which 
unit-linked life assurance be¬ 
came respectable. For last year 
several leading traditional life 
companies decided that linked 
.btislness was' not only here to 
stay, hut was the growth area 
of the future, at least as •far as 
Individual contracts were con¬ 
cerned. Sun Life's subsidiary 
Solar attracted £3.5m. in just 
under 12 months of operation, 
whale Legal and-General did 
£1.7m. of business in a matter 
of'weeks-. A 

..But linked business is 
still very much up-market, and 
it is not a field in which one 
wquld expect the home service 
companies to be at all interes¬ 
ted. The' ; Prudential’s traditional 
image is that ©f the “ Man from 
the Pru.” calling at the policy- 
holder’s home to collect £1 per 
month on his industrial life 
policy—;-an image that the Pro 
Itself is trying hard to dispel: 
And this image is possibly even 
more ingrained in respect of the 
Pearl. Yet these two companies 
are active in the linked field. 

The Pro entered this sector 
in a big way by taking over the 
ailing Vjtvasseur Life, renaming 
it Vanbrugh' Life, and thereby 
acquiring a ready made field 
staff to service insurance 
brokers. The success story of 
Vanbrugh, under the Pro’s 
wing, is -a rags-toricbes one. 
Last year Vanbrugh expanded 
Its single premium business by 
nearly 50 per cent., and funds 
Under management passed the 
magical £100m. mark last year. 
But the Pru has takeu a cons* 
rious decision that Vanbrugh 
■win only operate through insur¬ 
ance brokers. Even top execu¬ 
tives have to use a broker. *■ 
•'.The Pearl, on the other hand, 
thas built- up its linked business 
from scratch. It started in 
v 19fi9, in • conjunction 1 with 
Samuel Montagu; hut it has done 
its own thing since that group 
became part of Midland Bank. 
For years the amount of 
business transacted was negli¬ 
gible. Then last year it decided 
that., linked . business needs 
[special sales techniques, since 
the life agent -is not usually 
equipped . -to operate . in this 
field,. So it hired specialists: 
and In 1977 single premium 
business rose from £174.000 to 
£12m.,. and annual premiums 
from, a derisory- £6,600 to 
£200,000. This year it hopes to 
cstend its product range. So 
maybe- we need to reassess our 
images. - 

EFiiC SHORTI 


year and taxed at - his marginal though this can be defined by. ment assurance. 

. reference to a formula—the. in- 

Transfer of capital into a came on xyz stock, for example, Net cost 

^k-^’* 100 ' seneraliy create 0T for a fraL . tion of covenan- Yea „ l u " n * 

a liability to capital transfer tax t0 r.’s annual income. So grand- theye,r 

—although accumulation and father need not starve for the 
maintenance trusts are in fact sake of little Tommy, even-if he 
given favourable treatment for h as committed himself to being 
capital transfer tax. and are an generous in rather • more 
ideal way of providing for a affluent times 
family if a trust is to be used. 

It is worth bearing in mind IF- YOU HAVE just become 
that discretionary trusts, once proud parents, you should 
the most flexible way of provid- have great ambitions for your 


Payment 
'received 
at start 
of year 
£ 


0-12 

622.10 

— 

13 

479.77 

3,915 

14 

347 A0 

4.071 

IS 

224JO 

4,227 

16 

108.66 

4397 

17 

— 

4,565 


now offer a school fees plan¬ 
ning service, and most leading 
life company branch managers 
should _ be able to advise on 
plans of the type outlined in 
this article. 

Finally, a word of warning 
regarding flexible endowments 
—where you can cash in early 
if need be. The promotion 
literature sometimes suggests 
that these contracts are suitable 
for those saving for school fees. 
But you have tn pay for their 


flexibility of cash-in, and you 
do not really need it You 
know when fees are likely to 
be due. 

THOSE OF YOU who have 
read so far in the growing con¬ 
viction that the wife will bare 
to go back to work, should bear 
nne or two points in mind before 
you make any dramatic' deci¬ 
sions. There are, in the words 
of Mrs. Smith of Nannies of 
Kensington, “never lots of 
nannies." And those that there 
are wip in consequence cost you 
plenty to employ. 

. Except in those cases where 
someone is employed on a tem¬ 
porary basis, trained and quali¬ 
fied nannies are very rarely" 
self-employed. That means that 
you have to pay their income 
lax and their national insurance 
contributions — making due 
allowance, if you're meticulous, 
for the value to them of living 
to. So while the net figure for 
nanny's emoluments may not 
look too intimidating, the 
grossed up figure is likely tn 
be formidable—not less than 
£3.000 a year, says Mrs. Smith. 

Of course, if you arc employ¬ 
ing a trained and qualified 
nanny you are employing the 
creme de la creme: maybe you 
don't deed to worry. Even with 
unqualified girls, however, it's 
quite likely that you’ll have tn 
pay their tax and insurance. 
Any girl who lives in is going 
to have difficulty in persuading 
a tax inspector that she is self- 
eipployed, and the going rate— 
upwards of £30 a week in central 
London, less elsewhere—is still 
likely to lop the £18.10 a week 
at which tax becomes payable, 
never mind the £15 a week at 
which she—and you—have tn 
start paying her National 
Insurance stamp. 

Only if you employ an au pair 
—going rate £S-£10 a week, and 
no shortage of supply—will you 
avoid any such brush with 
British bureaucracy. But you 
can't employ an au pair to look 
after a brand new baby—not 
without abusing her, neglecting 
the baby, or both. Moral: you 
need an extended family — nr 
motives other than monetary 
ones—to justify a prompt return 
to work. 



EXTRA BONUS 

far with-profit policyholders 

Everyone dreams of a windfall. The 125,000 with profit policyholders of UK Provident have just 
received one in the shape of a record breaking bonus. - 
’ - Record breaking is nothing new to UK Provident. We have been steadily increasing the bonuses 

we add to with profit life and pension policies ever since 1840. 

As a mutual office we have no shareholders; all distributed profits go to our with profit policyholders. 

If you-aren't already one of them, ask your life assurance adviser how to join. 


Record Bonus Announcement 

For-eligible with prof it life assurance and ppnsion policies, 
new ordinary bonuses have been declared for-the three 
years 1975 to 1977. These are the highest in the history of 
UK Provident. 

ADDED TO EXISTING POLICIES 

UfePuliries £4.30 p.a.for every £100 of sum assured and 

existing bonuses. 

Pension Policies.. ' £4.30 p.a. for every £100 t?f pension (or sum 

‘assured) and attaching bonuses. 

PLUS SPECIAL' BONUS of 15% of all ordinary bonuses, life end 
pensions, earned t^» to and including 31 December 1977. 

In the past marry life assurance companies have also 
offered a variable bonus known as a terminal tonus. This 
has been payable only at the end of the policy term or on 
eailier death. The amount of tonus depended upon 
investment markets; it could-and often-drd-go down as 
well as up. 

But not In the case of UK Provident; even during the 
depressed years of1974 and 1975 we never reduced our 
terminal bonus. Now we have had a better idea; we are 
consolidating part of our terminal Sonus. A SPECIAL 
BONUS of 15% of all ordinary bonuses attaching at 
SI December 1977 is going to eligible with profit policies. 

This is a major benefit. In effect, we have added 
increased bonuses to our with profit policies-bonuses 
that are guaranteed. Like the pew declared ordinary 
bonuses, the special bonus cannot be taken away or 
reduced-no matter what happens in investmentiTiarkets. . 


Extra bonus means extra benefits... 

A savings policy taken out at the beginning of 1975 for 
£10,000 has now increased to £11.483 with bonuses— 
and should continue to grow. A Self Employed Pension 
Plan starting at the same tipie for a guaranteed pension of 
£1.000 p.a. will now have an extra £7 65 of pension- 
\vhich should also grow to give more on retirement. 

Bright prospects... 

With profit policyholders can look forward la continued 
growth through bonuses added to their policies. Because 
they depend on future profits, future bonuses cannot, of 
course, be guaranteed. But UK Provident view the future 
with .confidence. We have a good bonus hisiory and a 
reputation for Financial stability based upon an impressive 
investment record. 

Bonus rates for the next three years: 

The following rates of bonus will apply to with profit 
policies paid our on maturity or death in the next three 
years. These are interim rates, subject to alter ation at any 
time up to our next full tonus declaration on 31 December 
1980. . 

INTERIM BONUS RATES 

Life Policies ■ £4.GQp a. for every £100 of sum 

assuredand attaching bonuses. 

£5.10 p.a. for avery £100 of pension 
(orsum assured) and attaching 
bonuses. 


How can your policy grow? 

The following table illustrates how UK Provident with 
profit policies may grow, if these new interim bonus rates 
continue; Self employed 

pension plan 
guaranteed pension: 
a TOO p.a. 


Endowment assurance 

Fora 

sum assured: £5,ODD 

term of years 

£7,975 

10 

£9.990 

15 

£12.540 

20 

£15.i5SO 

25 

£19.530 

30 


NOTE: these l inures show the Inlaid tuna led proceeds payable, 
including 10’ o terminal bonus. They are not guai anteed. 

Ask your life assurance adviser to tell you about 
UK Provident, our highly competitive bonuses and the 
attractive range of policies we offer. This is the life office 
to depend on. Join us now! 


Pension Polities 
(including self-employed and 
individual arrangements) 

PLUS TERMINAL BONUS of 1 Q!$ of ail bonuses, declared and 
interim, for life and pensions policies. 


PlWLosond me tn-j FREE guides I hove ticked below: - | 

I [>V1»DS □S« S D SMPl ™ 

| Q PROTECTION □ CTT Q 

| NAMEJ_ 

ADDRESS_ 


EH PENSIONS 
i INDIVIDUAL 
: PENSIONS 

FT/178 



our 



adviser 



.TELEPHONE. 


mi 

i 

-, UK PROVIDENT. u 

l ! FREEPOST, SALISBURYSP.12YZ. I 

(nostampiequired) 


s. 


% 


& 











•Fifownciar Tito® ^toffdir? J&nttaryT^ 



Executor and estate 


BY OUR LEGAL STAFF 

Referring to your reply under 
Executor and estate 
(November 29) yon referred 
to the position of an executor 
in Scotland. But what is the 
position If a will is interpreted 
according to English law? 

■Hie position is very nfuch the 
same in English law. Although 
an executor can deal with the 
estate before probate is granted 
Xas executor de son tort) insti¬ 
tutions such as banks will not 
■operate accounts without proof 
of the executor's right, that it 
office copy probate. An 
informal arrangement as indi¬ 
cated should be capable of 
being negotiated. It will be 
borne in mind that once pro¬ 
bate is granted the executor’s 
title relates back to the date 
of death, so that dealings with 
the estate before probate would 
be validated once probate is 
granted. 

Restrictive 

covenants 

I live on a private estate where 
restrictive covenants 
Initiated in or subsequent to 
the 1930s are in force. One 
of these restrictions debars 
the original owner of each and 
every plot of land from 
greeting more than one house 
per plot and these restrictions 
apply also to subsequent 
owners. An application has 
been made recently to the local 
authority, by one such owner, 
for planning permission to 
erect a second house on his 
plot; and has been granted. 

Can the would-be developer. 
In advanee of building appeal 
against the force of restrictive 
covenant? .Does the Residents’ 
Association, which has formally 
taken over the restrictive 
covenants from the original 
developers of the estate, have 
any means of verifying the 
present-day legality or otherwise 
of the covenants, in advance - 
of any flouting of them by such 
a developer? 

If the developer wishes to have 
the restrictive covenant modified 
.or discharged he msy apply to 
the Lands Tribunal under 
Section 84 (1) of *he Law of 
Property Act 1925. Alternatively 
he may apply to the High Court 
for a declaration that the 
covenants are not now enforce¬ 
able (Section 84 (2)). If the 


association which you mention 
claims the benefit of the 
covenants it should write to the 
■developer setting out that claim 
and wamin| him that the 
covenants will be enforeed. If 
building is commenced an in¬ 
junction may be sought; or a 
declaration as to the effect of 
the covenants may be sought in 
advance of any building 
operations. 

An order for 
maintenance 

My daughter has a baby whose 
father, Mr. A, Is a married 
man. Since the baby was bom 
three months ago. A. has given 
her some odd sums, but no 
regular payment. Is it still 
possible to obtain a Court order 
for a regnlar payment? What 
do you advise? 

Your daughter may still apply 
to the court for an order for the 
maintenance of her child. This 
may be done at any time up to 
three years after the birth of 
the child. The application can 
only be made by the mother of 
the child, not by any third party 
(other than the Supplementary 
Benefits Commission). Mr. A 
should be informed that unless 
he enters into a deed covenant¬ 
ing to pay for the child's main¬ 
tenance an application will be. 
made to the court. 

Wife’s earnings 
and pensions 

t recently retired and am in 
receipt of a pension from a 
Fund approved under Chapter 
H of Part II of the Finance 
Act 1970. Payment is on a 
longest life option and is 
made monthly into a joint 
account operated by myself or 
my wife. My wife has a small 
earned Income which is 
received free of tax as it is less 
than the wife's earned income 
allowance. Con I return part 
of the pension as her earned 
Income to reduce my tax 
liability? If not, bow will 
the tax position be affected if 
I pre-decease her? 

No, the pension does not attract 
the special allowance for a* 
wife’s earnings. Subsection 
2(a) of section 8 of the Income 
and Corporation Taxes Act 1970 
(as amended by later Finance 


Acts) says that: ** any earned 
income nf the claimant's wife 
arising in respect of any pen¬ 
sion. . . given in respect of 
his past services in any office or 
employment shall be deemed 
not to.be earned income of bis 
wife.” 

The pension wiU qualify as 
earned income in the hands of 
your widow (that is to say it 
will remain exempt from the in¬ 
vestment income surcharge), 
because-section 530 of the Taxes 
Act defines ‘‘earned income” 
as including: “ any pension. . . 
given in respect of the past ser¬ 
vices of the individual or of the 
husband or parent of the indi¬ 
vidual in any office or employ¬ 
ment or given to the individual 
in respect of past - services of 
any deceased person, whether 
the individual or husband or 
parent of the individual shall 
have contributed to such pen¬ 
sion. .. or not” 

Defective work 
by contractor 

Does your reply under 
Defective work by contractor 
(November 26) mean that if 
I have my car repaired by 
a dealer and the repair is 
unsatisfactory or abortive, . 
there is no obligation on me 
to give that dealer an 
opportunity to rectify bis 
defective work? 

In English law there is no 
requirement to give the 
repairer a second chance—* 
although it may often he 
prudent or convenient to do so. 
Failure to do so would not 
invalidate the claim against 
him: it might, however, affect 
(adversely) the computation of 
-damages. 


Invalidity 

allowance 


Several years ago due to-ill 
health I bad to cease work, 
and have been drawing 
invalidity allowance ever since. 
Next year I reach the age of 
70. The normal pension will 
he less than the allowance. 

Can I continue to draw the 

latter? 

You cannot receive invalidity 
allowance after the age of 70. 
However, your retirement pen¬ 
sion will be increased' per- 


‘*V-*‘i 

••c •* 


manentiy by the arumm: of any 
invalidity allowance m which 
you bar*.' hnerf entitled iT you 
were entitled to invalidity 
ailowanc.’ on a day which 
not mor< than 13 week* before 
your "65m birthday. 

Maintenance 

losses 

I lived in a home, part of 
which 1 let, and bad an 
accrued loss for maintenance. 
This I sold and about a 
year later bought another 
house, part of which also I 
let. Can I set the accrued 
losses against my- present 
rental income? 

Provided all the properties con¬ 
cerned are or were let on leases 
at fall rent and are not tenants' 
leases, you can offset your 
accumulated loss against your 
rental income. 

Gilt-edged and 
tax ■ 

(a) As Far as the private 
investor Is concerned is there 
any difference between a 
(Treasury) Stuck and a 
(Treasury) Loan? (b) I 
recently sold some“3 per cent. 
Treasury, 1979, and the 
contract note included a 
number of days accrued 
Interest. On buying 6 per cent. 
Funding. 1993, I am apparently 
entitled to tbc full amount 
of interest. Can you explain 
this and does the'accrued 
Interest count as income nr in 
capita] gains tax calculation? 
(c) Is a Government Security 
which Is Inherited- and sold 
within one year liable to CGT 

(a) No, the words ."stock” 
and “ loan ” in the titles of 
gilt-edged securities arc 
synonymous. for practical 
purposes.- 

(b) For practical purposes, 
you can simply look at the final 
figures on the contract. notes, 
and disregard the manner in 
which the net proceeds of sale 
and total cost of purchase are 
calculated. Your puzzle results 
from the Stock Exchange prac¬ 
tice of quoting the price* of 
short-dated British Government 
(and certain other) stocks un 
an unusual basis: as explained 
in the Daily Official List, the 
amount payable by the pur¬ 
chaser Is the bargain price plus 
ah amount equal td the gross 
interest accrued to-the-date for 
which the bargain was done 
(or, in the case of transactions 
done ex-interest, minus an 


Insurance 


amount equal tn the gross' 
interest accruing from the date 
for which the bargain was done 
to the interest payment date! ” 
Too interest calculation is - 
mere.y an element in determin¬ 
ing the consideration money.' 
and n dues not affe'et the 
respective income-tax liabilities, 
of purchaser a ad seller. 

<c) No: subparagraph 2 'of 
paragraph 4 of schedule 10 to 
the Finance Act, 1971. confers 
- exemption without any mini¬ 
mum period of ownership; 

where the person disposing 
nf the securities had acquired 
them by devolution on death 
or as legatee or. if they were 
settled property, on becoming 
absolutely entitled thereto as 
against the trustee.” 

Unused attics 
and rates 

I have been told that if parts 
of a house (attics for example) 
are shut off so that there is 
no access, then these are 
grounds for a reduction in the 
rates. Is this correct ? 

There is no statutory provision 
covering the point which you 
raise.'Rateable value is assessed 
on the notional letting value 
of the hereditament in question. 
Thus if the attic (or some other 
part of the house) cannot be 
used it should be discounted 
for the purpose of estimating 
the letting value of the house. 
It is a question of fact in each 
case whether the unused part of 
the house -is unusable. 

Joint house 
mortgage 

I left my husband 18 months 
ago and he now proposes to 
sen our house, in which he 
Hves. lt Is in our Joint names 
and he is asking for half the 
mortgage payments for the 
meantime. Is he entitled to this? 
Your husband would be entitled 
to claim a contribution to the 
mortgage instalments over the 
period since you left him. This 
.would normaly be taken into 
account on division of the net 
proceeds of sale, so that you 
would receive something less 
than the full half share of the 
sale monies. 




JOHN PHILIP 

WTTH SIGNS ihat the firemen’s 
strike is likely tn end sooner 
rather than later the time.is 
coming' ' quickly when the 
immediate direct cost of the dis¬ 
pute. could be assessed. At this 
stage it is clear that insurers' 
funds, derived both from com¬ 
mercial and domestic premiums.' 
must have taken a substantial 
battering over the past eight 
weeks. 

Each month the British In¬ 
surance Association publishes 
an estimate nf the cost of Sre 
damage in England, Wales 
Scotland. This estimate covers 

both insured and uninsured their annual accounts for 1977 
damage, but does not take into w fli be lacing a fire claims hill 
account any consequential loss 0 f around 2ft per cent, above 
due to interruption of business, t h Clr reasonable earlier expoc- 
loss of orders and so on. Anff tation. This must bid fair to 
Che BIA’s estimate for Novem- put most companies’ enmmer- 
ber. announced last week, was a aa j gj* accounts into the red 
remarkable £42.7m. keep most companies’ 

Of course, o comparison irf household accounts firmly where 
fire wastage in any two or more they are already, unprofitable, 
particular months will show as the result or subsidence, 
that monthly estimates vary crime and weather, 
considerably. BIA quite rightly Towards ^ end 0 f January 
says that it is impossible . alch for the publication of the 
accurately to asses the extra » cn p , estimates 

cost resulting from the with- ™ verin \, h(>rh December and 
drawal of fire sersices .But the w hole of 1977. and then from 
throughout 19*'. up to the ebd pir | V March onwards watch what 
of October, the average monthly individual companies have 
estimate of fire wastage was a JJ* 1 hm|t rhcir l97T results 

month 3 rnUCWy and ?he comments their chair- 
£18.301. a month men ^ chief executives have 





No legal responsibility can be 
accepted by the Financial Times i 
for the answers given In these 
columns. AH inquiries will be 
answered by post as soon os. I 
possible. | 


“SfV Z™>'r had Been ™ -d have 

another averajfe'lSGT month'to t 0 ™’* ■ hnU ' ^ 
for the firemen's strike, it is m 6 ™ 80 ** 
arguable that the extra cost of British insurers, much more 
destruction due to the strike than many nf their overseas 
was £24.2m. Remembering that competitors firmly believe in 
the strike did not start until keeping premium Tates stable «in 
November 13 arguably the far as claims experience and 
extra cost in the second half operating costs allow. For 
of the month was of the order example, in the domestic sector, 
of £10m. a week. On simple the basic rates charged by the 
mathematics this predicates an majority nf mmpanies for 
extra £ 80 m. worth of direct fire buPdincs and contents cover are 
wastage sustained during the still l?lp and 25p per cent, 
eight-week strike period to date respective!v—what Thev were rn 
—much, but not all, of-which prfMirrirnal £ « d pmjivsilpnt 3n 
will have-been insured. years acn. With property jnsur- 

In 1976 the total estimate nf ances. he thev commercial or 
! direct fire wastage was just Onme^tic. sums insured con- 
short of £232m. At the end of stanrtv h»vp te h» revised and 
October there was hope that the so insurer* obtain extra on?- 
1977 total would, perhaps run mium each vrnr hv amoving 
out at around £220m.—a very standard rams to ever incr«ws. 
real reduction taking into in« nrrmpriv values. Such 
account the effect of 12 months* reliance on hasic Tone-Standing 
inflation on reconstruction and rates is fine «n long as poticy- 
replacement costs. Now it holders resvlarlv move their 
seems reasonable to guess that ships insured unwards and so 
the total fire wastage hill for lone as the incidence and size 
the year will he around £300m. of claims ewrieneed does tint 
However one looks at figures change adversely and pennan- 
nf this order, it seems likely entiv. 

that-insurers in drawing up Permanently is the important 


word—for in a stable insurant* 
market, hy the very nature .q 
their business,'insurers have t> 
accept temporary disaster 
whether natural or man-made 
Fur this reason British insurer 
usually take the long-term vies 
that provided both incidence am 
size of claim quickly return u 
normal levels. temporir; 
adversity must be paid For Iron 
the substantial funds insuren 
have accumulated - over tbt 
years against such eventualities 

Principally ftfr this reason 
provided the firemen’s strike fa 
soon over, and provided the 
country dues not seem like!; 
4o suffer further similar strike* 
once the Future course of pa; 
review is established. I do not 
expect the strike of itself to be 
a cause of substantial premium 
revision in the commercial 
sector. 

Traditionally the major insur¬ 
ance companies review their 
previous year's experience 
during the slimmer and roach 
decisions on -rating changes 
towards the autumn, which are 
usually implemented, if down¬ 
ward at once, and if upward at 
the, surf of the nest calendar 
year. 

Sn, if tradition is followed in 
1978, none of the effect of the 
cost of the firemen's strike wiU 
he translated into rating 
c ha rises for close bn 12 months, 
if indeed it is cycr translated, 
at all. 

In the domestic sector, fire Is 
hut one nf a number of perils 
covered .by household policies 
Currently insurers are still 
much more concerned with the' 
cost of subsidence claims op 
building; policies and of crane 
claims on contents policies. 

It is these factors which are. 
assuming characteristics o! 
permanency, rather than the 
temporary upsurge of domestic 
fire losses. 



To-day’s lesson 


BRACE yourself, then guess 
who said this: 

“No time should be lost lest 
the situation gets out of hand. 
It is high time the schools, 
further education, industry and 
representatives of the com¬ 
munity got together, especially 
locally where it is easier to 
achieve, but also nationally to 
examine what we are doing 
with our senior pupils, to dis¬ 
cuss both curricular and train¬ 
ing needs 1” 

It was not Mrs. Shirley 
Williams or any Junior or 
Shadow Minister for Education, 
although these have made 
similar statements, several times 
in the 14-month course of the 
‘'great” dehate. Lately a note 
of desperation has sounded in 
their repetition:-. For while it 
has always been clear that the 
Government was not prepared 
to take the firm action required 
to rebuild the education system 
so as lo serve national needs, 
there seemed a fair chance of 
piecemeal improvements. But 
hopes of even these appear to 
have gradually foundered on 
the National Union of Teachers' 
solid resistance lo any lay 
interference with what is taught, 
and how. in schools. Which is 
why 1 said “ brace yourself.” 

The ringin'* summons to 
industry and other lay interests 
to Involve' themselves urgently 
In the curricula and conduct of 
schools and colleges was spoken 
in London this week by Mr. Max 
Morris who, as well as being the 
head of the big Willesden com¬ 
prehensive school, happens to 
be a past-president and a lead¬ 
ing executive member of the 
National Union of Teachers. 

Since he spoke it at an official 
NUT conference, I feel that the 
speech must have had the 
approval of a majority of Mr. 
Morris’s 43 colleagues on the 
union's executive. And the 
burden of what he said was that 
the steps proposed by- Mrs. 
Williams and her Department 
of Education and Science are 
far too superficial to bring 
about the radically different 
system needed to contribute to 
this country's future social and 
economic welfare. On a person 
long inured to the NUT's stan¬ 
dard cry that nothing is wrong 
that could not be corrected by 
giving more teachers more con¬ 
trol over the spending of much 
more taxpayers* money, the 
effect of Max Morris's state¬ 
ments was startling. Here, for 
example, are a few more of 
them: 

** it would be hard to find” ah 
economist who would forecast 
anything but a high level of 
permanent unemployment as an 
integral feature of a changed 







mi 



Max Morris 

technological pattern of the 
economy. This has shattering 
implications for the schools, yet 
nothing but banalities, irrele¬ 
vances br even nonsenses have 
emanated from those who pre¬ 
sume to guide the education 
service’ from on high. And 
teachers themselves have not 
adequately grasped the enor¬ 
mity of the’change." 

The biggest problem is how 
to ensure in the content of the 
curriculum basic understanding 
at all levels of this changed 
technological basis of our liveli¬ 
hoods with its demand for 
skilled and semi-skilled people 
to the virtual exclusion of the 
unskilled .. . We arc faced, not 
with the issue of changing from 
one pattern of subjects to 
another, but of looking at the 
curriculum as a whole and see¬ 
ing how we can reorientate our 
teaching throughout, not just to 
break -down 'barriers between 
school and the world nf work 
but positively tn ease and 
smooth the transition between 
them so that it becomes part of 
a continuous process of school, 
vocational guidance and work, 
and does not involve a leap— 
often in the dark—between one 
world and another. If we are 
honest with ourselves, this is 
something the education service 
has never really addressed itself 
to satisfactorily in a systematic 
way.” 

-The biggest wwikness to 
overcome is in teacher-training 
. . I am thinking of a funda¬ 
mental overhaul of the content 
nf teacher education . . . . 
Teachers need an education 
which will - enable them confi¬ 
dently and competently to guide 
children, whatever they are 
teaching, through the maze of 
subjects that have tn he taught, 
whether individual nr inte¬ 
grated, into the outside world 
of work.’ 1 


“ Adequate preparation ■ for 
employment is not the same 
thing as specific job-training, | 
which is the employers’ respon¬ 
sibility working along with! 
further education in a sensible! 
way. Tfie schools must pro¬ 
vide a broad, basic education 
which in the nature of social 
demand must also be broadly 
vocational. Beyond: that, the 
schools cannot and should not 
go or need to.go. They should 
play their proper part in the 
continuum of education and 
training . . . But they cannot 
solve the problems alone.” 

Well. I never imagined I 
should find myself sn much in 
agreement with Mr. Morris, and 
must confess that the shock of 
doing so leaves roe still baffled 
as to what.*in practical terms, 
this week’s event might mean. 
Almost all nf the brave pro¬ 
nouncements 1 have-heard about 
what needs to be done with 
education, have come to naught; 
and whatever the NUT might 
say. its weight has hitherto been 
against sensible change. But a 
shift nf its position could well 
be pivotal, and this is the first 
education column of a new year. 
So I feel inclined to be optimis¬ 
tic and take the speech, For the 
moment at least, as a pointer 
towards the path-that could lead 
to effectual reform. 

Even so, I have doubts about 
the Department of Education 
and Science's (reaction to the 
speech. After all. when saying 
it was high time that Industry 
and other sections of the com¬ 
munity got together to discuss 
school curricula and so on. he 
was describing something which 
the DES thinks it has been try¬ 
ing to do for many months past, 
and In which it doubtless thinks 
it has had precious tittle help 
from the NUT. The depart¬ 
ment's officials may well find 
that more insulting than Mr. 
Morris's calling them " mentally 
restricted, public schnol bureau¬ 
crats" and accusing them of 
espousing outdated, superficial 
remedies to educational pro¬ 
blems "with all the enthusiasm 
of a neophyte in a brothel." 

All I can hope is that the 
educational mandarins—If they 
are really interested in chang¬ 
ing Che system as distinct from 
merely increasing their own 
power uver it — will swallow 
their pride and go in the NUT 
saying: “ Right then. If we are 
doing it ail wrong, what prac¬ 
tical help are you going to 
guarantee In dotng.it right?’’ 
Then the unton will have the 
choice nf delivering the goods, 
or-publicly making an unprece¬ 
dentedly largp fool of itself. 

MICHAEL DIXON 



Goodbye 
dollies ' 


’■v n : f 

T \: ** m J. i ,' f . r a ■ H yiL \. 


Radio- City Music HaU, famous 
New. York landmark. 6,000 seat 
art-deco movie palace, and the 
last theatre to preserve the stage 
and screen format in America, 
will close its doors after the 
^traditional Easter show this year. 

I For 42 years Radio City has been 
a tradition with many families 
in New York and at one time 
tourists found it a " must" when 
visiting New York along with 
the Statue of Liberty and the 
Empire State Building. 

The famous Rockettes. the 40 
girl chorus line whose 80 legs' 
have been high stepping ip uni¬ 
son for the 42 years, attracting 
young aspiring dancers ro run 
away from home, will give their 
last performance at Radio City 
on April 12, but will continue 
as a troupe on tours. -- 

Attendance has dropped stead¬ 
ily from 1967's 5m. to this year’s 
2m. With operating costs at 
5*176,000. a week the losses for 
the past two years have been 
S1.2m. each year. 

Alton Marshall, president of 
Rockefeller Center fnc,. which 
wholly owns Radio City, said that 
the audience has be-»n lost not 
only by changing trends in movie 
tastes, but also the exodus to the 
suburbs, which makes it incon¬ 
venient for his patrons to come 
Inro the city. Commenting tijat 
two-thirds of bis business'' is 
before 6 $.m. Marshall suggested 
that- people are afraid to travel 
to their homes outside of Man¬ 
hattan using the underground 
and the trains at a late hour 
due to crime. 

The city of New York, through 
Mayor Kncb. has offered 
sympathy but has not come up 
with any concrete help in the 
way .of tax breaks or subsidies. 
Marshall hopes to see the-Music 
Hali used in the future and has 
put out plans for department 
stores, many cinemas housed in 
one location, more concerts (jarz 
and pop), and a closed circuit 
TV set-up that would link the 
performances of Radio City to 
homes all over the country on a 
regular basis. 


Surae tiny trickles of electrip cur¬ 
rent “ of the same order of mag¬ 
nitude” as (he current used by 
the human brain. Interesting, but 
what will these tiny rircyits 
etched on slivers of silicon the 
size of a tea leaf actually .do? 

Weil. says. Dr. Roberts, you 
should first compare the capa¬ 
bilities of existing computers 
with those of the human brain. 

In terms of sheer logic, com¬ 
puters are now acknowledged to 
be superior. In terms of memory, 
they have vastly greater capacity. 

But at present the computer 
loses out on mobility. Machines 
which can -rival the human Intel¬ 
lect have to spend their days in 
air-conditioned offices, so at pre¬ 
sent they can only collect taxes 
or run factories. There is not 
much chance of designing them* 
so that they can skip downstairs 
and post a letter for you. 

That , is comforting for people 
who prefer to have humans in 
their family and who don't like 
tfie idea nf tin characters like' 
those from Star Wars taking up 
the spare bedroom. 

However, these assumptions 
are changing faster than most Radio City's Rock«ttes: farewell the lovelies 

people realise. In the next 

decade more than a million television receiver into a com- Mediterranean basin and by 1890 away, but meanwhile some off- 

memory'cells wiH be packed on puter terminal in every living there may be 15Qm. people'pack- shore areas are “almost a bio- 

an electronic chip a few miUi- room. mg themselves into the area in logical desert," say the Swedes— 

metres square. Dr. Roberts's When that happens, Mr. Aver- the peak months of June, July its not far from Cousteau's dead 

point' about packing densities age will be able to automate the and August. sea. 

and current consumption means paying of bills, all travel The one bright hope is that a .... 

that computers will soon be arrangements, buying and selling 16 nation investigation if going Contributors’ CflTOliD© 


I : 

[iiiyi, 











m 

. * a lA 

u" 


IV. -.\ v ; /. ■" "-t, ^ m w*-v, 

L'. ^;v:> r -:: V/ • ■ ; 


The frighrening implications required for twiddling a knob in some son might not be too far 

have also eluded most people. .‘ ron l °* the television set. And -” 11 *—-——-— 

The dangers have little to .do h ® no longer needs to make the — . . . 

with the science fiction ideas of 10 r*pniiAs-viAM - . 

rsvSi 5 =^ Mffit i.°s educational 

laser guns. Indeed it is possible to predict , ■ . 

It is more a question of how ,- n ten yea rs' time the major 
we humans wall be. corrupted by part of maoy peoples lives will , MONTE ROSA INTE 
the opportunities for idleness require very little effort at alL ' 

whqn much of the hard work is But there is one comfort; no-oae LYGEE 

done by non-unionised unfran- has devised a computer which 

ebbed electronic slaves. wfll be able to laugh at us—yet. CH-1B20 Mantreux, 5wi 


e, Max Wilkinson and 
Arthur Sandies. 


MONTE ROSA INTERNATIONAL SCHOOL 
LYGEE d’ARVEL 


GOURMET 


Brain 

work 


If you want to be frightened by 
Robots, or more especially if you 
don't, you should listen to a few 
technical Facts given to the Insti¬ 
tution of Electrical Engineers 

this week, it was all very soher 
stuff, outlined in the Appleton 
Memorial Lecture by Dr. Derek 
Roberts, managing director of 
Plessey Microsystems. Hcreckons 
that electronic components now 
being developed will have tfieir 
elements packed together with 
about the same density as the 
honran brain. 

What & more they wiD con- 


ebbed electronic slaves. wfll be able to laugh at us—yet. CH-IB20 Mantreux, 5w 

The point b that these robots Co-Educational Internacior 

are creeping up on us from .. ' ■ - Fiem<m*arv lunin 

behind, infiltrating our factories H30p¥ . Umr«*|cy P«?ol!for 

offices and our armies. Often ■ . College Boirds 

they do not look like robots at IvaIo - EFL (Cambi 

ail. - more like typewriters or llUla French, Gei 

little tin boxes that control raapbi- Itm - . hal , eat , _ ... - ’ 

-R llf u-horpvpr thpv -inni>ar . w . as sora . e um ? ago trial I Sat Summer Holiday langu 

ii ul Vkft ^5 eVBr i,, eJ K P 51 ar ‘ sipping a late mgbt drink with . . . . 

they allow more workto be done Jlicqu ^ Cousteau on a Monagaa- M For V" 1 

with fewer people. This process que ba t CO ny overlooking the Monw Ros » ,ntL Sch ' 

of automation b familiar Mediterranean. " In ten years.”- '■—:- 

enough. But in the next few he declared. - It will be a dead ___ 

years-the advances of technology sea." Well, there arc two or three _ * 

will change the scale-and qua.ity years before the decade is up. GGURMET 
of this advance dramatically. but Lhls week the Swedish, 

Even if there are still ample Academy of Sciences seems to galufom restaurant, -cm om 
jobs left for humans, our pattern have endorsed Cousteau's pessi- Street. E C.2. Open c*erv d*v lor lunch, 
of life Is certain to change a roistic.view. mnw ana dancme until s «.». cabaret 

great deal. Some people call it According to the Swedes the 
leisure. Dr. Roberts railed it visitor to the Med risks not only 

indolence. However you regard sunburn when he takes to the _ ' 

ibe hours when' you are free beaches- There is a little too ~ 

lo sit In an armchair, they are much, cholera, polio and hepatitis 
likely to Increase. What is f° r Swedish comfort. The 
more, the impact of electronic Academy has advised Scandina- 
brains will mean- that even lei- vton® to head inland rather than 
sure will require less effort. Cars . wafy e . aKn U 

will be more automated, yachts lhan J t * t0 nNlv .. . .-rre^p,-' 

ssjsrassssttaa; “ CTfflW s HAEH8IB ; 

a^usssss.^ wameam^ 


KTC^ESES. ■ ma ^ 0 T„® t ;°' h 1 e n ?l uc 5i“? r - iiMO&EUWIS 

.i 6 ^ !S"«.*¥apTs , «jr- 

of mental effort will be taken ^j at many tourist areas have all maei nr nw »nd- «« - 

over bv machines The elec- areas nave onwe anctins.. Ob' io.ouo m tmek. 

over ay maemnes. ioe eiec jgpg sewage systems COi- hmumm • cu*mnuw -Ow irfc» 

tromc calculator has already i&pfie under the burden of the a onus ew» irrm 

made mental arithmetic largely summer rush. The Academy savs 
obsolete. In a few years’ time that a third of the world’s inter 
it will be possible to convert the national tourists head for the 


CH-1B20 Mantreux, Switzerland (Founded 1874) 
Co-Educational International Boarding and Day School 

Elementary, junior and High School. 
Uni*enity Prep. Oxford G.C.E.. O and A level* 
College Boards- AP./CLEP/ACT • 

EFl (Cambridge/TOEFL) 

French.- German, Spanish 
Summer Holiday language courses June-August 
For brochures write to the Headmaster. . 
Monte Rosa inti. School. CH-I82Q Montreux 


ANNOUNCEMENTS 


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Times SatuitiayiJamiaiy 7-1978 


jO'S'SK^;- TS' 1 . f'S ... 

Car- of r thV Yearl97? was the all-raw V8 engined Porsche 928. This civilised supercar has 
is _ *Sa5 j ■ : " self-repairing" front auid r rear ends. 



- fine car 


BY STUART MARSHALL 


' 1 - !i 

1 *ISn. 
I,! ' 

1 


"i..„ 



AFTER sm embarrassment. of enough, for the press-on type of 
riches in 1976; it was a thin year driver combined with near 
for new models, in- 1977. For silent cruising at three-figure 
the Car of the year competition, speeds, - which is what counts 
there was only! one obvious with passengers, 
candidate—the: Porsche 928. The in tfairtf place was the Ford 
main interest-lay in how many Granada, -which seems a little 
more points it would score than surprising because it is hardly 
the runner-up. In the event, the more than a reskinning of the 
Poreche beat the .BMW <-senes previous model and the Ford 
into second place by-261 points Cortina was excluded last year 

on these grounds exactly. Fourth 
I" 1978 (theyear of the Rover was Matra Simca Rancho, 
3500) there were at least five stm unknown in Britain, 
cars worthy of the title. But «... • . . , 

then, good crops are often fol- 18 wi extremely clever 

lowed by bad ones. -..*■• sbufiElmg of. Chrysler compon- 
or,-,* a-™ “*» into a part steel, part glass 

Quite apart from its intrinsic flbre rA1T , fnrr ^ plastics body 

^niv^whoiw 01 ^* w S* that looks like a facelifted Range 
ifeA Rover - The Rancho has front 

JSr^fyir Wheel, not four wheel, drive but 

the other contestants were ’ , „ . • , i+ ___ 

awarded some points; the 11 th ^ ose haye biri say 
thJcirn*-. goes very well indeed on rough 

th^ Skoda EsteUe, got none. tracks and motorways alike. Ob- 
lVTien I drove-the Porsche m viously. it couldn't iive-with a 
France last spnng. it 1ook ®** * Range RoverIn hub-deep .mud— 
likely Lar of the Year. This but how many Range Rovers 
supercar for the safety-minded spe^j more than a minute frac- 
Seventies is so forgiving it tion of their workjn «, lives off 
makes an averagely competent TOads a ^7 • 

driver feel like an expert With , . - .. 

its 41 litre VS -at little more At . £5,000^ the 

than idling speed, it will trickle promised figure when nght-hand 
along High Streets at 25 m.p.b. ^ rIv ® examples urive here later 
in fifth gear. It storms up moun- {he year, the Rancho will be 
tnins swiftly and. serenely and, little .more than half the price 
on open road high-speed bends', a Range Rover. It will go 
the rear suspension antomati- d.own well with people who want 
callv keeps the car on line if a ® tough estate car with lashings 
driver loses courage and lifts of space for outdoor sports gear, 
off in the middle. ; Wd * «“ d d ° 8 s and who are pre- 

The entire front and rear I"**® to drire round odd 
ends of the sleek 2+2 body are ■»?”« "fter than Jnragh Uie 
made from a plastic material 1011)1116 <* Jf * 1006 f 11 
that deforms when struck hard j™ m °« th “ keOT t0 my 
and then recovers its shape tin- hands on. 
scarred. When the 928 reaches Fifth place went to the Opel 

Britain later this year, it will Record, which is ‘another 

cost close to £20,000 on the reskinned and refined version of 
road. A rich man’s bauble? I the previous model; Like the 
suppose, so, bnt it’s one that Granada, the Bekord is typical 
adds a new dimension -to motor- of to-day's German medium-size, 
ujg... +,= . ... .saloons and- estates^ /Both -cars - 

The BMW. “7 - series well have styling that is smootiy and 
deserved its second place, even understated, engines and jrans- 
if it is ranch the same mechanic- missions designed for aujfobahn 
ally as the 633 coupe which ap- cruising speeds and thykind of 
peared late in 1976. Though a interiors that keep driver and 
little softer in character than passengers happy for/hours un 
previous . BMW -saloons; the end. / 

7-series cars have muscle It is unquestiona^y a sign of 


the times that the remaining 
five cars-to be placed in the com¬ 
petition were ail Japanese. 
However, only the Honda 
Accord (139 points) came 
within striking distance of dis¬ 
placing a European car from 
the first five places. 

Mazda’s 323 hatchback (39 
points), the Colt Sigma (19), 
Toyota Cressida (16) and 
Datsun Bluebird (10) are all 
familiar to British . buyers in 
the highly competitive £2,300 to 
£4,000 price brackets. Their 
appearance in the Car of the 
Year lists demonstrates two 
things. First, the lack of new 
European cars this year worthy 
of consideration. Second, the 
increasing Europeanisation of 
Japanese cars. The Honda 
Accord, with' its front-wheel 
drive, precision rack and pinion 
steering and five-speed gearbox, 
is the kind of. contemporary 
hatchback any West European 
manufacturer would be proud 
to put his name on. 

So, come to that, is the Honda 
Civic five-door I now have on 
test The Mazda 323 is not just 
comparable with the Vauxhall 
Chevette and Chrysler Sunbeam 
but is in many respects superior. 
Colt Sigma, Toyota Cressida and 
Datsun Bluebird are all con¬ 
ventional 4/5 seaters offering 
Ford Cortina or Cortina Ghia 
performance and equipment 
and the same standard of ride 
comfort at equal or lower prices. 
Two new Toyotas replacing 
the existing Carina and Celicas 
will be announced shortly. 

Next week, 1 will be looking 
at some of the Japanese new¬ 
comers in more detail. For the 
moment, suffice it to say that 
the emerging generation - of 
Japanese cars are going to be 
.a bigger, headfflshe than ever 
for Europe’s motor manufac¬ 
turers. The only way -their 
pegeration of our market will 
be \kept down . to its present 
leve\ in .1978 will he by political 
pres^re or a spectacular 
revaluation of the yen against 
sterling. 


Golf 


Price cuts and throat cuts 


BY ROGER PAUL 

THE PROFESSIONAL Golfers’ 
Association,, a venerable and 
largely venerated, body of men 
recently has been having a 
series of cut-price convulsions.' 

A small body within the 
association are incensed by the 
fact that they are not allowed 
to advertise either nationally or 
locally, the prices they have 
decided upon for their goods, 
because of a FGA ban. 

To be precise, the rule says 
that they may advertise M manu¬ 
facturers’ reduced prices" but 
they may not advertise a line 
which they have themselves 
decided to reduce. Nor may 
tbev advertise a simple “sale” 
except within the club to mem¬ 
bers, nor even discount or cut- 
price rates. 

All of this is seen by some as 
being “ a restrictive practice 
and a violation of normal trad¬ 
ing rights." Those are the words 
nf David Sutherland, the pro¬ 
fessional at Rugby golf club and 
the man who recently called a 
Special General Meeting □( the 
PGA. with a view to getting 
the rules on advertising thrown 
out. 

His resolution was seconded 
by 25 other professionals from 
all over the country including 
Peter Tupling at Boldon, 
Stephen Whymark (Ipswich). 
Archie Laurie (South Shields), 
Alan Bridge (Bramshott Hill), 
and Jim Lynch (Stoke Poges). 
It was, in the end, defeated by 


$3 votes to 55 after the chair¬ 
man, of the PGA’s general 
division, Bryon Hutchinson, 
had circularised the whole 
membership, appealing to them 
to turn up and vote against the 
resolution. 

There is in existence, there¬ 
fore, what appears to be a 
decidedly unfair situation. A 
professional, or group of pro¬ 
fessionals, who see an oppor¬ 
tunity to buy cheaply a line 
of goods and sell it cheaply 
to both dub members and the 
public, are forbidden to advert 
tise it to the latter. And there 
is do point in having a large 
amount of capital tied up in 
stock if you are not allowed 
to sell the goods at the price 
you believe to be profitable, 
rather than a price decreed by 
the PGA. 

Sutherland and his suppor¬ 
ters feel that this has “ resulted 
in the erosion of the standard 
and quality of all our lives." 

He means, of course, the lives 
of those who support his 
resolution. He admits, in the 
letter asking for the special 
meeting, that if the ban on 
advertising were lifted, there 
could be trouble ahead for 
some members of the PGA. 

He says “ we sympathise with 
the fact that there could be 
serious repercussions for some 
professionals who would not be 
able to cope with dealing in 


a free trading market situa¬ 
tion." 

He adds: “However, we are 
of the opinion that these 
repercussions will take place 
whether the ban is lifted or 
not." 

Very broadly, that means 
that some of the more isolated, 
some of the less able, some of 
the more idle professionals, 
would go to the wail. And again 
very broadly, this is why the 
PGA wants to retain the ban 
on advertising cut-price goods 
to the public. Not that they 
want to protect the idle or the 
less able: more that they want 
to ensure that the traditional 
club professional’s job remains 
in existence. 

The PGA accepts that they 
have a problem on their hands. 
It believes very strongly on the 
one hand that the good club 
professional offers the best 
possible service through lessons, 
repairs, maintenance, tuition 
and playing. It recognises, on 
the other hand, that too large 
a minority don’t do enough to 
help themselves. 

Malcolm Mitchell, soon to be 
working full-time on public rela¬ 
tions for the PGA. admitted that 
“ a lot of professionals want the 
full mark-up and just sit back 
and wait for the punters to 
roll in.” 

He also added that “ if it 
comes to an individual cut-price 


war among professionals, the 
less business-like would not 
survive." 

But Mitchell sees the answer 
in education. “My wish for 
1978 has been that professionals 
will become more professional 
and that the PGA will help 
them become more perceptive, 
more aware.” 

The PGA sees nothing unfair 
in the ban. It says that when a 
professional accepts a position 
at a golf club, he does so having 
taken account of his basic work¬ 
ing conditions. 

There is a retainer; he has 
a number of members with 
whom he can expect to trade; 
and there is a dependable 
number of visitors. 

“Consequently, when a profes¬ 
sional takes on a new position, 
he knows the present and future 
potential with reference to the 
furtherance of his trade,” says 
the PGA. 

“It therefore follows that 
any form of cut-price advertis¬ 
ing to improve on the situation 
which he knew quite clearly 
at the time of accepting the 
position, poaches trade from 
fellow members of our Associa¬ 
tion. The executive committee 
is also of the opinion that in 
the absence of any restrictions, 
professionals at smaller clubs 
might well be put out of busi¬ 
ness by extensive cut-price 
advertising by professionals 
able to afford to buy in bulk 
and reduce prices." 


Colin Snape, the secretary of 
the PGA and a progressive and 
far-thinking man, explains the 
ban as an extension of the 
traditional role of the profes¬ 
sional in golf. “ If you go back 
75 years,” he says, "you find 
that J. H. Taylor and the others 
formed the association as a pro¬ 
tective thing, to tell their clubs 
and members that they were 
not just shopkeepers, but pro¬ 
vided a whole range of services. 

“That is still the position. 
The golf pro is not meant to 
be running a mini-Wonlro, nor 
is he meant to be cutting the 
throat of his Fellows down the 
road. And bear in mind that 
it was the game of golf and the 
club members themselves who 
determined the traditional role 
of the professional. 

“Buying clubs, after all. Is 
not like buying sweets. You 
have to know what’s best for 
you and the professional can 
determine that far better than 
any cut-price shopkeeper. We 
find many members nf the pub¬ 
lic are being conned by discount 
stores.” 

The PGA. it seems, sees 
itself primarily in a protective 
role, arguing for progress within 
the current regulations. It has 
won the battles so far. but the 
guerillas on the other side 
mostly remain convinced of 
their'cause and The evcnhi.tl 
winners nf the war will shape 
the future nf club professional 
golf, in this country. 



My money on Borg in final 


NEW YORK. Jan. 6. 


AS THE $400,000 Colgate 
Masters enters its third day at 
Madison Square Garden, an 
intriguing situation has 
developed in the round-robin 
section where the winner cf 
each group will play the 
runner-up of the other in 
to-morrow’s semi-finals. 

Last night the 25-year-old 
Argentine left-hander, 

Guillermo Vilas, scored a 
second point to assure himself 
of leadership of the Red group 
(which, due to a temporary 
attack of colour-blindness 
yesterday, I described as the 
White group), with a magni¬ 
ficent ■ 6—4, 3—6, 7—5 win 
against the U.S. No. 1, Jimmy 
Connors, before a record 
tournament crowd of 18,590 
noisy and excited spectators. 

Earlier, another left-hander, 
the Spanish holder of the 
Masters title, Manuel Or antes, 
who on Wednesday had lost to 
Vilas, kept his hopes alive with 


a 7—6, 7—5 victory over the 
double-handed player, Eddie 
Dibbs. 

Thus, with Dibbs* hopes 
ended, the second place in the 
Red group will depend on the 
outcome of this afternoon's 
match between Orantes and 
Connors, also a victor over 
Dibbs, who each have one point 

To-night, when the two- semi¬ 
finalists who have already 
emerged from the Blue group, 
Bjorn Borg of Sweden and 
Brian Gottfried (U.S.), meet 
to decide the leadership, they 
will each theoretically be able 
to select their semi-final oppon¬ 
ent. : - 

Gottfried, after two early 
season wins last year against 
Vilas, suffered four crushing 
defeats at-his band, none worse 
than in the French Open final, 
where he was beaten .6—0, 6—3, 
6—0. and would probably prefer 
to play Connors. Equally, Borg, 


who twice beat Vilas last spring 
and whose career record shows 
an 11-4 advantage against the 
Argentine champion, had made 
it clear that he would prefer to 
face him again to-morrow rather 
than Connors. 

The last match tonight 
could therefore be a non-event 
This is the only potential weak¬ 
ness .of the Masters formula, 
which otherwise is the finest 
method of determining overall 
standards in the ultimate con¬ 
test of the Grand Prix year. 


Yesterday's clash between 
Connors and Vilas was a classic 
of its kind. Both men came here 
after several weeks' rest, men¬ 
tally fresh and eager to settle 
arguments about the ranking 
order in the top three places 
of the world game. The setting 
was perfect. 

The slow Supreme Court sur¬ 
face made it possible to con¬ 
struct long rallies — even at 


the punishing pace both men 
generate from the back Df the 
court. Vilas with his heavy top- 
spin and slice, Connors with his 
low, flat trajectory. Despite the 
minimum seat price of $10, the 
arena was packed to capacity, 
with partisan spectators whose 
vociferous support of both men 
made it necessaiy for umpire 
Frank Hammond to call re¬ 
peatedly for quiet The situa¬ 
tion, a rematch of the U.S. Open 
final, where Vilas won a rugged 
match in four sets, was poignant 

The deciding set was superb. 
The pace of shot was at times 
almost suicidal, the retrieving 
breathtaking, and the control of 
the ball under pressure almost 
miraculous. Somehow Vilas 
forced himself into a 4—1 lead 
that soon became 5—2; but the 
indignity of trailing so far 
behind merely'spurred Connors 
to greater effort 

Volleying now with punishing 


purpose and catching his 
opponent with some beautiful 
top-spin lobs, he roared back 
to 5—5, saving a match point 
on the way in the ninth game 
with a backhand volley that 
dropped dead off the top of 
the net 

The American was in full 
flood, and now it was Vilas's 
turn to stem the tide. After 
two deuces, the Argentine 
went ahead 6—5 with an un¬ 
believable cross-court backhand 
pass of great pace from a fierce 
Connors approach and finally 
clinched the match after nearly 
three hours. 

. It is still possible that these 
two will meet again in Sunday’s 
final; but I fancy Borg will have 
other ideas, and despite his rela¬ 
tively ordinary performance 
yesterday. I still see him as 
the likely winner. 

JOHN BARRETT 



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Financial Times Saturday January 7 1$7S 



Hying 

starts 


BY PAUL MARTIN 

WHILE the idea of flying off 
to a foreign airport of your own 
choice, picking up a car and 
then touring around is far from 
new, several different schemes 
become available each year. 

Virtually all national airlin es 
link some form of fly-drive to 
their own operations but the 
scheduled carriers have not yet 
finalised their summer prices 
and those I have been given are 
approximate. No airline expects 
a major increase and I have 
been given figures varying 
between 6 per cent, and 8 per 
cent over 1977 rates as the prob¬ 
able overall figure. 

Although cross-Channel car 
and passenger ferry rates have 
been stabilised, picking up a 
left-hand drive car at your 
arrival airport saves a great deal 
of time and makes Continental 
driving all the easier. How¬ 
ever, conditions of hire do vary 
considerably and there Ls no uni¬ 
formity over the insurance that 
comes with the package. 

I found collision waver 
covered on a Fiat hired from 
Europcar in Italy but not per¬ 
sonal accident insurance. If 
you plan a fly-drive holiday in 
Spain or the Balearics, do check 
that bail bonds are included. 
Spain also requires an Inter¬ 
national Driving Licence and 
you will certainly ensure your 
own and your family's holiday 
peace of mind by buying the 
most comprehensive insurance 
available. 

While I have considerable 
reservations about many so- 
called “free” offers, that avail¬ 
able from Dan-Air and applying 
only to their Bournemouth- 
Channel Islands route until the 
end of March, is commendably 
straightforward. If two people 
travel together at the normal 
scheduled return fare of £31.60 
and stay for six days or longer 
in the island or include a Satur¬ 
day overnight stay on a shorter 
visit, six days' car hire is in¬ 
cluded with the scheduled 
return fare. 

. Dan-Air also now operates 
year-round services to Clermont- 
Ferrand and Monteplier as well 
as to Strasbourg and some 
attractive fly-drive arrange¬ 
ments, with optional overnight 
hotel accommodation, are avail¬ 
able in these less familiar areas 
of France with the normal 
proviso that it always works out 



Two wheel trip 






cheaper for a party of four than 
for a couple. 

A small specialist operator, 
Paragon Holidays, gives an 
option of either taking your own 
car by sea or using a fly-drive 
package for their mptoring holi¬ 
days, also covering less well 
known areas of France. 

Bearing in mind the antici¬ 
pated increases from April on¬ 
wards, British Airways operates 
a comprehensive series of “Free- 
wheelers” to their wide range of 
scheduled destinations. Under 
this scheme, which applies to a 
minimum of two people travel¬ 
ling together, the length of hire 
period can vary according to the 
□umber making up the party. 
For example, four travelling on 
BA’s scheduled services to 
Belgrade could hire a small car 
to tour Yugoslavia for ten days 
for around £150 each. 

Chancery Travel quotes £75 
per person, again based on a 
group of four, for their fly-drive 
packages to Corsica throughout 
June and £92 in early July and 
September. 

Unlimited mileage at a wide 
range of destinations, including 
five major aiports in Spain and 
the Balearics, is one feature of 
a new series of fly-drive holi¬ 
days introduced this year by 
Intasun. Prices, starting at £77 
for a week and £93 for a fort¬ 
night, are based on four or five 
people travelling together. 

I spent a few days last 
summer driving through the 
lovely Austrian Salzkammergut 
and Austrian Airlines allow you 
to vary your route and pick up 
a car in, say, Vienna and return 
it to Salzburg without additional 
cost Unlimited mileage is in- 


Vmtr Week-end E: Austria 28.75. 
Bdfllmn 62-50, Franc* H.W, Italy 1A55. 
Greece 78, Spain 154.75, Switzerland 3JO. 
U.S. Lins. Saurce: Thoms* Caak. 


eluded and the hire period 
varies according to the number 
travelling together. 

On my own visits to the 
Algarve I have been fortunate 
enough to find a succession of 
sunny days and TAP's “ Sun 
Drive” again varies the period 
of car hire according to the 
number travelling together. The 
per person rate, for four people 
and 14 days' car hire based on. 
scheduled day flights to Faro, 
will again be in the region of 
£150. 

Air France Holidays use 
different French hotel chains to 
provide really inclusive arrange¬ 
ments on their a la carte system 
which operates in association 
with Europcar while Cox and 
Kings, using the same car hire 
company, operates a voucher 
system far accommodation v/lth 
a minimum hire period of three 
days. 

The same a la carte 
designation applies to a series of 
individual arrangements avail¬ 
able from Thompsons who have 
theif own fly-drive programme. 

Should you feel a hit 




adventurous at the. turn of the 
year and if you can form your 
own party of eight, John 
Morgan have an excellent 
arrangement under which you 
tour Crete for fourteen days by 
mini-bus, taking tents along 
with you, at an inclusive mid¬ 
season price of £146 per person 
with flights included. 

Finally, nearer home. British 
Caledonian can supply informa¬ 
tion about fly-drive arrange¬ 
ments, linked to their own 
scheduled services from Gatwick 
to Edinburgh and Glasgow, for 
a holiday in the superb Scottish 
scenery. 

ADDRESSES: Air France Holidays. UL 
Bruton Place, London WIX 7AA. Aus¬ 
trian Airlines. SUL Conduit Street, Lon¬ 
don, WX British Airways. West London 
Terminal. Cromwell Road. London. S.W.7. 
Britts li Caledonian,. Gatwick Airport. 
Harley, Surrey. Chancery Travel. IV, 
Campden Hill Road, London W3 7TH. Cox 
and Kings, Vulcan Ha use. 06. Marshall 
Street. London W1V 2PA. Dan-Air/ 
Romanic Trws, 76-*3, New Broad Street. 
London ECM 7AA. Intasun, Fairway 
House. Dartmouth Road, London SE23 
3HP- John Morgan Travel, 35 Albemarle 
Street. London Y/1X 3FB. Paragon Holi¬ 
days, M, Guildford Street, Cherts tar. 
Surrey KTZ6 SAD. TAP. Gillingham 
House. 3ML Gillingham Street. Louden 
SW1V IIW. Thompson Holidays, Greatw 
London House. Hampstead Read, London 
NW1 7SD. 


BY GROG SMOSARSK! 

THEY WERE cracked. The two 
struts bolding the luggage rack 
onto the back of mv son cc four 
cylinder motorcycle had started 
to give way under the combina¬ 
tion oF the gear I was carrying 
and the French roads. 

Just before midnight one day 
last September I was waiting 
for my wife and passenger to 
come back from the municipal 
campsite washroom in Grasse, in 
Southern France, with the one 
bar of soap and the one tube 
of toothpaste we were carrying, 
when I noticed that my luggage 
carrier was less than horizontal 
The bolts might be loose. I 
thought. But they were not. 

The day before we had been 

Kid’s stuff 

We are now entering the sea¬ 
son of school trips to the ski 
slopes, with probably well 
over 100.000 British children 
making the trip during the 
next three months. It's a sur¬ 
prising number and could in¬ 
volve the parents concerned in 
considerable expense. 

However, several specialist 
hire agencies have emerged 
which deal particularly with 
school parties and young 
people. The ski suit on the 
right was rented for £10 as 
part of a party pack from Bill 
Kent Ski Equipment, 19, 
Aylmer Parade Great North 
Road, London N2 OPE, who 
will send details of various 
clothing rentals to inqniriers. 
A group of more than five 
makes a party, and some 
weeks notice is usually 
required. 


directed to leave the main road. 
to go round a “ deviation.” This 
entailed going over coarse 
gravel covering a roughly con¬ 
creted path consisting largely 
of ruts and potholes. The grovel, 
almost as lethal to a motorbike 
as ice. slowed us down consider¬ 
ably, but even so the suspension 
was frequently up against Its 
limits. At one point wc had 
.to stop because the small suit-, 
case and holdall held down <m 
the rack by clastic straps hji& 
started to come loose. Thfe 
tent strapped to one side W 
the rack, and the two sleeping 
bass on the other held firm. 
Fortunately we had our mnst 
fragile items in a bag on the 



» ■'■V- > 


vfc 

~ i 


; m 

pm 


• V#". 




t/ii-.-. 


tank. 

But the broken rock ww the 
first major problem after more 
than a week of driving around 
France. 

' As soon as I had forgotten 
the RAC sign just outside Calais, 
reminding English speaking 
drivers to drive on the right, 
it became second nature. " But 
I must confess that a motorbike 
rider does have the advantage 
of sitting in the middle of the 
vehicle. I had built up enough 
courage to start overtaking the 
odd car after about 10 miles. 
And the 276 kilometres to Paris 
where I was meeting my wife, 
took four hours. 

We headed south. From 
Grenoble we took the so called 
“Route Napoleon” across the 
Alps. This is a very spectacular 
road, but makes for very frus¬ 
trating driving. Much of it is 
“either winding its way up one 
side of a mountain or down the 
other, and full of hairpins. Most 
of the corners are blind, so 
thev should be taken slowly. 

However, such cowardice can 
pay off. We eased into one of 
the corners, admittedly passing 
a u tTttvaux'‘ sign as we did so. 
to he confronted by a sea of 
gravel. I straightened out Imme¬ 
diately. and braked as hard as 
I dare. We stopped with a foot 
or two to spare. It Is a long 
way down some of those moun¬ 
tains. 

We were stuck in Grasse until 
we could get the rack mended. 
The first garage we went to sug¬ 
gested a shop in which to buy 
a new rack; the man in the shop 
did not have one, so he sug¬ 
gested welding the broken rack; 
but neither he nor anyone else 
had any gas to do the welding. 
Going down one more side 
street looking for another 
“ carrosserie ” which might have 
gas. I found the local Honda 
dealer. Yes, he did have a 
luggage rack for a 500 four. 
I said I would have to bring 
my bike round to make sure 
it fitted. Of course it would, he 


Taking the scenic view 



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\ SUMMER ’78 


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SUN and SEA of EXPIDRERG HOLIDAYS TOURING IN RUSS/A TRADITIONAL 

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Springtime also cavers ow famous May Day tours and faster 
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.MorrMar af A B. TJ\. ar uk your fatal trarat agutt. 


A VIEW of the Abbey Church 
of Aubazine graces the l£5frs. 
stamp which goes on sale in 
France on February 20, to cover 
the lowest rate for letters going 
abroad. This carries on a tradi¬ 
tion established half a century 
ago, whereby the higher 
denominations of the definitive 
series invariably depict scenery 
and landmarks. Since 1929, the 
aerie touristique has run to 
several hundred attractive 
vignettes publicising the rich 
and infinitely varied. Freni* 
landscape to the world at large. 

Britain, by contrast has been 
extremely niggardly about 
flaunting its landmarks on 
stamps. In face of prolonged 
agitation for oictorial stamps 
the Port Office grudgingly 
included a view of the White 
Cliffs of Dover on the 5 shilling 
stamp of 1951, a precursor of 
the long - lived Castles high 
values of 1955-67.. In the much 
more liberal atmosphere of the 
sixties landmarks figured none 
too prominently in the increased 
output of stamps and even when 
actual scenes were reproduced 
there was a tendency to adopt 
a stylised treatment. The Post 
Office made amends between 
1968 and 1972 with the splendid 
thematic sets depicting bridges, 
cathedrals, churches, university 
buildings and cottages. 

‘ The Palace of Westminster 
has had more than its fair share 
of the philatelic limelight on a 
number of stamps from 1961 
to 1975 and in recent years we 
have had admirable sets honour¬ 
ing Inigo Jones and European 
Architectural Heritage Year. 
With -the first special stamps of 
1978, however, we have reverted 


to a stylistic treatment of the 
landmarks of vital importance 
to the economic survival of this 
country. A set of .four stamps 
goes on sale an January 25 and 
highlights the four principal 
sources of energy — oil, coal, 
natural gas and nuclear elec¬ 
tricity. Although presumably 
the artist Peter Murdoch drew 
bn actual examples of coal¬ 
mines, North Sea oil-rigs and 
nuclear power stations for his 
designs the results are quasi- 
symbolic. The lip- stamp, 
devoted to natural gas. merely 
shows a symbolic flame rising 
out of the sea. 

The Crown dependencies of 
the British Isles, however, have 
more than amply compensated 
for this neglect of our archi¬ 
tectural heritage, ever since 
Jersey, under German occupa¬ 
tion in 1943, produced a set of 
stamps featuring local land¬ 
marks. Scenery and landmarks 
have dominated the definitive 
sets of Guernsey, Jersey and the 
Isle of Man since their postal 
administrations became inde¬ 
pendent. Guernsey has even 
used scenic motifs for its postage 
due stamps since their inception 
in 1969 and now Jersey has 
followed suit. 

The series of 12 “to pay" 
stamps, which comes into use 
on January 17, was designed by 
Gordon Drummond arid litho¬ 
graphed by the House of Questa. 
Each stamp depicts the arms 
of one of the bailiwick's 12 
parishes together with a scene 
from that parish. The vignettes 
range from Jersey's oldest 
colombier (dovecote) on the 
manor of Samares (Ip), Quetivei 
Mill (5p) and Sl Helier Har- 


•V,Jj 

A 




hour (12p) to a fine view of 
BouJey Bay (£1). 

Neighbouring Guernsey, 
whose definitive and postage 
due series have been augmented 
periodically by short sets 
featuring churches, lighthouses 
and even prehistoric dolmens 
and menhirs, is issuing a set of 
four stamps on Februaiy 7 
reproducing antique prints. The 
stamps have been beautifully 
engraved, in keeping with Lhe 
spirit of the originals, by 
Thomas De La Rue, a firm 
which is especially proud of its 
Guernsey origin. The four prints 
selected were taken from the 
extensive publications of 
Matthew Moss a bookseller and 
publisher who flourished in SL 
Peter Port in the early 19th 
century. Moss prints were pub¬ 
lished at monthly intervals and 
enjoyed immense popularity in 
the United Kingdom in the 
1830s, greatly helping the 
□ascent tourist industry of the 
island. 


The Isle of Man is replacing 
its definitives this year, begin¬ 
ning with a series of 13 stamps 
representing the low and 
medium denominations which 
go on sale on February 28. 
Emphasis has shifted from the 
general landscapes of. the 
obsolete series to more specific 
landmarks. A further series of 
four stamps will be released in 
October to cover the demonlna- 
tions from 20p to £1. The 
stamps have been designed by 
the local landscape painter, 4f. 
Q. Nicholson, and printed .in 
multicolour lithography by the 
House of Questa. 

Several of the landmarks 
have been shown on stamps of 
the previous series. Thus the 
Laxey Wheel, which appears in 
the centre of the obsolescent 2p, 
is now shown close up on the 
new 9p, while the Tower of 
Refuge (12p) can be seen in the 
view of Douglas Harbour on the 
old 9p. Tynwald Hill appears 
on the new 7p and old 2ip but 
the improved layout of the new 
series and the abandonment of 
the Celtic ring-chain motir 
brings the motif into much 
greater prominence. With the 
emphasis on lighthouses and 
lonely towers (mostly built by 
19th century philanthropists to 
perpetuate their memory) the 
splendid architecture of Douglas 
is all but overlooked, though 
the 6p shows the lofty frontage 
of the Government Buildings, 
formerly a - branch of the ill- 
fated City of Glasgow Bank 
which crashed exactly a century 
ago. 

JAMES MACKAY 


Happy 

returns 


told tuft. ; 

Well, It took a few minute ‘ 
to work out which way the rod'- 
should bo fitted, because th ‘ 
attached brochure advertise, 
other goodies for bolting ont 
500 fours, but did not nice an 
fitting instructions. Then w 
discovered that the roar t]gh 
units on U.K. model 500 font 
are much larger than those g 
French model. 500 fours. He se 
to work bending the rack lot 
shape. My wife went off to ba 
food for our “pique-niqne 
lunch, and then sat on th 
pavement getting more an* 
more fed up. 

We left two hours latei 
apologising far having disrupt* 
the man’s lunch hour, with th 
rear blinkers wrapped in pa pc 
and held down with insulatlxt 
tape. 

Fortunately he did not charg 
me for labour. The rack ha. 
already cost more than f.tf 
whereas I had expected to pa 
£ 20 . 

What else could go wrong 
Well, it started to hail, although 
it stopped before too long. Thej 
we came across another “devU 
tion.” After crossing someone' 
farmyard wc came across tw 
cars towing caravans comity 
down a sleep and narrow gras 
track, and two cars towing cart 
vans in front of us trying (j 
climb up. With some arm- win 
ing and aggressive discussioi 
the people going our wi; 
decided to back down, so we tg 
the others pass. Then it wit. 
my turn to climb, but my bad 
wheel just spun in the mod 
Only when my wife helped bi 
getting off and pushing did tin 
bike make it to the top. 

The value given by the hotel 
and restaurants was one of th< 
impressive things about Prunes 
In almost every town we wen 
able to get a very good mea 
for some FrsJ20 a head (abou 
£2.50). especially good bccausi 
food prices in the shops an 
slightly higher than in thk’*’ 
country* 

precision. The objects rangt 
from an exquisite crystal foun 
tain erected for the Great Exhi 
bition of 1851, through scientific 
instruments, hooks, toys, prints 
to a sinister collection ol 
erotica. 

Somehow their existence de¬ 
pends on the will of the 
dreamer; they do not actually 
cease to exist when he. stops 
thinking about them, they subtly 
deteriorate. . . 


IN THE END one falls back on I sense that there is a power* 
the old reliables, the enter* ful movement growing among 
tamers who have seen one detective story addicts to elect 
through many New Year Mrs. P. D. James to the thnu& 
doldrums in the past. You can left vacant by Agatha Christie, 
number them, the really trust- Her latest book available, so nyr 
worthy ones, almost on the only in hardback. Deaf ft of Aa 
fingers of one hand; and for Expert Witness (Faber. £3.95) 
me Mr. J. B. Priestley Is their has had some enthusiastic re¬ 
leader among the living. I was views, but she is a much wordier 
delighted to find what appeared 
to be a new work of fiction from 
his pen in paperback. The 
Carfitt Crisis and two other 
stories (Pan. BOp). Closer 
inspection showed that the book 
appeared in hardback two years 
ago; closer inspection still that 
the two main stories were in the 
author's words “originally con¬ 
ceived in dramatic form ” which 
I take to mean that they began 
life as plays which were for 
some reason abandoned un¬ 
completed or never performed. 

At any rate my pleasure in 
them was enhanced by seeing . . . 

them in my mind's eye as new Agatha Christie . 

Priestley plays. Hie Carfitt .. 

Crisis, was in fact turned into wnter tfa ^ n Mr& 

a radio play and performed a more senous, and (apart 



arde 


Going for cover 


Half-bored? 

Being hilf-bored on holiday Is the 
sort of problem Travel Workshop 
can help you avoid. Perhaps your 
wife likes beaches ind you like 
archaeology, hi II-climbing or. er. 
fa'rd-watching I Or she likes night¬ 
life and you like peace and quiet F 
Travel Workshop's consultants have 
travelled widely and can track down 
somewhere you will bath like—or. 
at worse concoct a two-centre holiday 
where you will each be bored only 
half the time- You can study tome 
suggestions (B & B. full-board or. 
of course, half-board) in our pio- 

{ ram me of INn Holidays In Greece, 
ea]y. Spain, Morocco, Portugal and 
Corsica. Or you can drop in here, 
browse In our cellar amongst holiday 
display boards and then talk to a 
consultant. He may advise one of our 
own holidays or a standard package 

_wr are agents for most ABTA 

operators. 

TRAVEL WORKSHOP 
“ We KNOW where you're 
going " 

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Our booklet also includes tours 
through Classical and Northern 
Greece, and to the lovely region 
around Volvos and Mount 
Pelion. 

Suggestions for less active holi¬ 
days include some of the most 
attractive 'hotels on the Greek 
islands and mainland. 

May we send you details? 
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6, Harriet Street, Belgravia, 

London, S.W.1. 

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JERSEY. Saend a lew days Uils winter 
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GROUND cover, so it seems to 
me, has come to bave two rather 
different meanings for garden 
makers. To many, and I am 
among them, it means those 
sprawling or mat forming plants 
which cover the ground so 
closely that they make it diffi¬ 
cult for weed seeds to settle and 
germinate. The bugle, Ajuga 
rep tans, 1° l* 8 various coloured- 
leaved forms, is a perfect ex¬ 
ample of this, a plant able to 
thrive in sun or shade, good 
soil or poor. The little purple- 
leaved violet from Labrador, 
Viola labrarlorica, is another 
and is just as easy to grow. In 
America the evergreen pachy- 
sandra is the quintessence of 
good ground cover, a plant that 
is propagated and sold by the 
million, but it Is less successful 
in Britain though it docs well 
in some places, including the 
RJLS. garden at Wisley. 

But this is only one interpre¬ 
tation of ground cover and it is 
not the one that most of the 
experts use to-day; certainly 
not those who write books about 
it. I have been reading Graham 
Thomas' encyclopaedic " Plants 
for Ground-Cover,” just re¬ 
issued by Dents in a revised 
edition price £8.95, and find that 
he includes in it almost any 
planting that results in a dense 
covering of the soil It is the 
spacing of the plants rather than 
their habit that really matters 
in this interpretation of ground 
cover and many of the plants 
that Mr. Thomas recommends 
are shrubs, and not always 
specially dwarf or prostrate 
ones. 

He includes, far example, a 


number of the shorter rhododen¬ 
drons such as Creeping Jenny 
and Rhododendron William- 
sianum and also a couple of the 
wide spreading forms of cherry 
laurel, Otto Luyken and Zabel- 
liana, which can easily reach a 
height of three or four feet. 

Now though I grant that 
plants such as these can dis¬ 
courage some weeds it seems to 
me that they positively 
encourage others, brambles for 
example. Birds eat the fruits 
and then perch on a convenient 
bush to digest them and dis¬ 
charge the seeds which ger¬ 
minate safely and unnoticed 
until the seedlings are already 
too large to be dislodged 
easily. I speak with some feel¬ 
ing about this as I grow these 
shrubs and others like them 
(Coloneaster conspicuous is a 
particularly bad offender where¬ 
as C. dammieri is ground hug¬ 
ging and harmless) and am 
constantly having to lie on ray 
stomach in order to get beneath 
them and chop out the brambles 
with a sharp spade. 

This kind of dense planting 
has much more to do with 
aesthetics, or a particular view 
of them, than it has with labour 
saving. It was fashionable long 
before labour began to get so 
expensive that it was necessary 
to think of ways of conserving 
it. Gertrude Jefcyll. who never 
seems to have had to consider 
cost in anything she undertook 
her clients being invariably 
wealthy, used dense planting 
freely and effectively and so did 
a great many other garden 
makers in. the heyday of 
"natural planting." 


Some of the best examples 
of this kind of ground cover 
were at Wakehurst Place in 
Sussex before the gardeners 
from Kew moved in and began 
to thin everyth mgr out so that 
they could introduce a greater 
variety of species. But on my 
last visit I found the beds fill¬ 
ing up nicely again and a whole 
new plantation of barberries 
below the great natural outcrop 
of rock spaced, so I was told, 
to form a continuous thicket of 
growth as they do in their native 
Himalaya. I entirely approve 
of its as ‘ a landscape feature 
though I feel a trifle sorry for 
the labourers who will one day 
have to penetrate that spiny 
thicket to remove the brambles 
and other tough weeds that will 
undoubtedly grow in it. Maybe 
they will receive a special issue 
of leather breeches. 

Whether the inteation is to 
use ground caver as a genuine 
weed suppressor, which means 
sticking strictly to the car- 
peters with harmless unarmed 
stems and non-prickly leaves, 
or to plant densely just for lhe 
love of seeing plants jostling 
one another as they so often 
do in the wild, Mr. Thomas will 
be found an excellent guide. 
For many years he was garden 
advisor to The National Trust 
and' he Is responsible far much 
of the planting in its gardens 
although I do not think he has 
always been given full credit 
for it The lovely enclosed 
terrace at Knightshayes Court, 
Devon, planted entirely In greys, 
silvers, pinks and purples, is 
his and so is much of the delight¬ 


ful walled garden at Wellington, 
Northumberland. 

H'e also designed and planted 
the garden of old roses and 
herbaceous perennials ■ at 
Mottisfont Abbey, Hampshire 
which has, in a few years, 
become such an attraction to 
visitors. 

In these and many more can 
be seen the practical application 
of the principles be advocates 
of planting so closely that one 
can be reasonably certain the 
plants will link up in three of 
four years in a normally fertile 
soil. 

But thereby lies a difficulty. 
To the garden maker who in¬ 
tends to live In the same place 
for the next twenty years or so 
three years will not seem an 
unreasonable time to wait but 
how many of them are there 
to-day? The elderly are in a 
hurry because they feel that 
their time is limited and the 
young are also in a hurry 
because they are hoping to move 
to a better house directly their 
income permits it. 

There are two possibilities; 
one to plant more densely than 
Mr. Thomas recommends, at any 
rate for the shrubs, with the 
certainty that there will have 
to he drastic thinning later on. 
the other to fill up with tem¬ 
porary plants such as annuals 
and inexpensive perennials. The 
first can be costly, the second a 
little tricky if one is to get a 
satisfactory mix in the early 
years but it can be fun trying 
and one learns a lot about 
plants in the process, 

ARTHUR HELLYER 


a radio play and performed a more senous and 
few weeks ago. As a play it a penchant for the macabre 
belongs to a well-tried genre in whlc * ^sometimes^ damages 
which a mysterious stranger plo * s ] less ^^-apist. You feeth^ 
suddenly appears among a burden might often havejjp- 
group of middle-class English P ened m the wa * she descrU5 “ 
people and teaches them how t * ie . ra - Many of them are w* 
to reorganise their messy lives, sorted to a dosed community 
I think it was A. A. Milne of the mentally ill. 

(now forgotten as a dramatist) ^ *h® se features emerge 
who perfected this type of play, strongly m an early 0°°*. 

The catalyst was the butler her s A Mind to Murder whKn 
usually played by Gerald du ha * J ust appeared as a Pengorn 
Maurier. His sorting-out of the aud whlch make ® a T W 

lives of his masters and introduction to her work. It in- ■ 
mispresses was performed troduces her rteulth Supenntefr 
according to Christian prin- dent Alan Dalgleish of WJ 
ciples; in Priestley’s story. Yard, whose only eccentricity u 
where the whole thing has been 11131 he writes whlch Z 

unconvincingly up-dated to the ( ? veo succeeds in getting pan- 
near-present but smacks of the iished, and it shows him invw- 
1930s, the butler called Engram toting a mysterious death m 
sorts them all out according to a Psychiatric out-patient clhuj 
Jung and the time theories of where it ls mainly members ot 
J. W. Dunne. None of this 01(5 ***& rather than their 
obtrudes unduly on what is Patients who come under sus* 

intended to be read as a simple Picitm. Mrs. James brings 

mystery story and works well the tendons between them, 1M 
enough at that level. envies and loves, with a nK® 

Priestley’s other long story authentic touch, likewise the at 
in this book, “ The Pavilion of mospherc down to the last nisr 
Masks,"* set in an imaginary “8 filing-cabinet 
German principality during the A closed community where 
nineteenth century, must have QOt everyone by any means u 
been originally intended as a “entally ill is provided by tb« 
romantic costume drama. University of Oxford. Over the 

It is a charade but a clever years both detectivertntf 

one and shows Priestley’s dex- writers and “straight’" novefr 
terity in sustaining period >sts have found it irresistible 
material when he puts his mind on c of them . being . Michael 
to it. Beneath it all I felt he was lanes. Under his real name?or 
hinting at something about L M. Stewart he has n 
identity. written four non-detective novels® 

A story which really does of Oxford quintet The third® 
work brilliantly on several one. A Memorial Service 
different levels at once Is Brian ^ ctam Books), may be snapped-UPHft 
(pronounced to rhyme with 111 paperback for S5p. It teHs t "W 
Behan) Moore's The Great a.delicate situation for the play-i’^ 
Victorian Collection (70p). one wHght-narrator when he retort^im 
nf a number of novels published to' his old college as a fellow.all 
recently by Penguin by this The. style is a cross: betwee n |« v 
Irish writer who now lives in late Powell and early Janw*^ 
California. . (Hftnry not Phyllis); for. ij^ 

A University teacher in that stance, during a rafter; sticky 
State whose passion is. for Vie- luncheon, the. Provost, takes ajfij 
toriana dreams while staying in .deep draught of claret, -"- - 
a mntei of.a priceless collection no doubt-, in- the., interest, 
of Victorian objects: when he converting into a 5waUo_wab I | 0|p' 
wakes'up ho discovers that the bolud the last of hts pheesapt- 
dream has become real, that.the I found this-novel a 
objects exist in time and space lowable 'bolus. Mr.. Stew*r t fi*' 
on the parking-lot outside the energy as a lrteraiy;eh*wt|W er J # 
motel. Mr. Moore establishes is second only to BtriiPnert^5r*I% 
their reality for the reader as 

well as the dreamer with .great ANTHONY CuRTW * 


fj 























Ff^riGia] Times Saturday January 7 1978 




by Lucia van dcr 1% 




Cl 5 ’ *h.- 

ftr i.,» 

>‘“"i'«>- - 

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‘‘-••ri:. 

'■•1 «*■.." 

i'K ■;. 

t. i -t . ;• 

i 

*fv U-II.. 

•r ,;. ;r 

•‘lliS jt 

•» .. .. 

• .‘i ■ 

t :n 
I r ; ■ 




3 r*.. 

i•. 

i 

r.- 


«‘V\- 


V . 


1 


:V- 


timed 


i"i'" •>; OLD HABITSrthey say, die hard, 
i !'i.. ?* ve ^ Qun ^ that some die surpris- 
1 ' insly fast A short while ago, 

• .. *1 was given'. the opportunity to 

" r ai try out a tea-maker-cum-alarm 
.clbck-cura-beside lamp and it has 
n ' % definitely changed my lifestyle. 
■ v. In the old days' I used to leap out 
H of bed at crack-of dawn to act as 
, a latter-day Jeeves to an all- 
'•k. female household (wife and 
three daughters). Now I can 
J : savour, the delights of a hot 



My wife; .- of. course,. wins all .*?}:* x. >jS| 

;, m v found as she gets a cup of tea as ■ 

'' ! ij.'well as a living-in Jeeves! B *^* Jj * -^a .-.j 


■'v’- Mind you, learning to live with 



n • -- «v iiYC kVJLU ■ J A . . 1*. . . 

•''".r, a teamaker is not-without its “a *,%hii n ,S!i^? y r° ffee the bedroom to turn it off when you are feeling 

•'I. J hazards. -I tried very hard to' ^ word <*uuon. If myself. . most frail, manifests i 

a.-/; follow the instructions and -JV: *f e one who regularly My wife, of course, was still mediately and it really 


S'. V, 

1 ■ 



at your 
itself un¬ 
real !y requires 
make the 

however, 
tested 


” ; r when your sleep has been rudely h™ h.S2 * m « no *«“ I™™ Home and that.it is only JasiheEkM Hostess foirtured 

shattered by an insistent alarm— ™stead_a cup of hot water because she relies on me to wake Sel at the K tiE'SE! 
to wake up rapidly enough to go io ** a bad ber U P when I am around that MO nK 

.. thmueh ™ way to start the day and guaran- she remained so firmlv in the F??.?.®, at „ a P° ut f40 .- .P th ^ rs 


■ *iS . : 

.‘.a::- y 

:• i- .1..,, 

VO , ... 


. f^d« d - in “*• a**- «- w 

enSUriDg tl< Another problem arising'from baling {^™« h popping Lound 

«* sSM&SfWfi %& ST" Sss? .st 

22 ^^ .s-jejb 


very 

• : r v should use very 
: <i? want to make two 


!«■ i 1 r - _'i 
!--■ 

1,1 '■ ] I 

i' ■; . 


1 __ . „ JL ut a COULL Ih Uitti Hi- UHPClIi JULUi^llCLCliL lb UU1 U1UU- - nm - . . .. _ 

H«?r <p tea ‘ Y< i u stead of boiling water in the tea- lem I suppose) it is merely li ££} n ®** Jj®*7 substantial 

rti« 1 ®i.™ y0U ^ nIy P 01 - yoa E et a horrifying hissing meant to illustrate bow such a fr< ”T* about 

^* IS n« t rSiA , ^U^fc^ er ’ “Pise that sounds (when you are simple device can change your ??? T 

*' ■*! get, as L did, something harelv half awake) tost like a life in so manvreseeds. machines do, so T am told, 

M. , v akin lo Brown Windsor soup. about to mnlodT f flni ♦ have a very long Iife and th o^ 

A,.;. Then again, if always helps If sa^that b one at b^JuSST Sd 8 °S^ « SS* 8 " nd ^ overa !i 

there is tea in the house. There respect the machine - failed us. coffee, so beware—it could bean ^ot^wl^nfprpat 11 ^ ^ 

is (almost 1 nothing more frustrat- One morning. I was out of bed expensive purSTe If toe price £? "l°S s m of ^ reat beau y 
‘... H ,n 8 than getting hooked on a tea- when the alarm went ofE. so I left of coffee doesn't come down even !£- Hlfil jS ch ess ^ y 
:i - only n jsht that it to my wife to turn off: .Two further TbtiSSmSSS. ™ ^ dJd ‘ 

•>. ; • tbfre.isnone to be had. Only one minutes later I could bear:the a nice hot cup of tea, requiring 
■ ^ thing is worse atidtnat Is if you noise no longer, and rushed into no effort at that key moment 


NICHOLAS LESLIE 


Petty problems 


• : 


W" 


■ - TT W.\SNT untiL our very small 
dog baTked at. an. elderly woman 
v on her bicycle causing her to 
fall off and enrage her 
sufficiently to make her ask our 
. local police to prosecute us. for 
. keeping "a ferocious and tin- 
znuzzled dog ” that. I realised 
: •’ just how expensive keeping a 
pet can occasionally turn out to 
• v be. We were lucky. The police¬ 
man took one look at our small 
. Jack Russell and started to 
. laugh before -he could finish 
reading the summons. 

It could, however, have been 
a lot worse. The elderly woman 
could have been injured (in (he 
event she was, justifiably, just 
cross). She. could- 1 havfe' been 
" run into by a following ear and 
1 . the resulting damages could 
have been high. ■ 

So as Christmas is the prime 
retime for the giving of pets it 
. seems a good moment to, look 

ti n nour onhArnn f nr {nciirina 



“Luckily; he had 
medical tnsvrancf' 


Operations. . of course, are could claim compensation. For 
correspondingly more. the sake of peace of mind 

Both the Pet Plan schemes would think it well worth while 
offer cover of up to £100 of taking out the full £10.50 scheme 
veterinary fees, resulting from which gives full cover for third 
each and every accident and ill- party claims, as well as cover 
ness—though toe first £5 is not for up to £25 of legal costs in 
recoverable (this Is to prevent case of prosecution under the 
too many small claims and as it Dogs (Protection of Livestock) 
is in any event a sum most Act. 1953. (John Philip, our in- 
people can find relatively easily surance man has pointed out in 
this is not too burdensome an the past that you probably have 
exclusion). some cover under your general 

The pet-owner may use any household policy.) 
veterinary surgeon. He should ” y° u need any further details 
pay the bill and then send the ? r ™t an application form for 
receipted bill plus a statement of i° surin | y° ur Pet write to: Pet 
the illness,' the date of the com- ™a° Ltd, Syngrou House, 
men cement and termination of L Fernhurst Road, London, SW6. 
the treatment to Pet Plan, which 
will then refund the full amount, QUIZ 

less toe first £5. . ^ 

Pet Plan does not refuse cover ^ cSX ” 1 ? w v 0 I° 

. to older animals' provided in- oifJ“ji 0 b-,^MvX ea f 

surance with them was started be j 10 

hpfnrP the mimal was ten vmm Januar > and we shall publish 

ffi It bSS e Eo™ , f |, t r 1, “gu p iS « 

SS?Vob te<?me"(3derif)° n “ boa'qulTDIgeif. 

their flogs became elderly). w jj 0 prov id e g us w jyj q ujz ^ 


>■» 


• : at a new scheme for. iDSUidng We have,- obvious!^, so far While vets’ bills can cause a and ourselves, apologise for a 
•them. Pet Plan . has -been been lucky with our dog's iD- steady --drain on the family mistake In No. 5 of°the Trees 
! designed to provide cover for nesses in that our > vets' fees finances, it is the major accident question. Several learned readers 
c most of the expenses that dogs seem surprisingly low. However, that can be toe stuff that night- have alreadv pointed out that 
. or cats can incur.. There is a I’ve just seen a li{ft of typical mares are made of. If your dog Mohammed received his revela- 
•. choice of two • schemes—toe vets’ bills-and it IB quite clear rims into a road, causing a car tions in a cave, not in a tree. 
. more expensive one (£10.50 per that they can cause a great deal to swerve and damage either Buddha it was who saw the light 
annum) includes cover for up' to of expense, particularly in the car- or a person, you could be under a Bo tree. To be fair to 
- £100,000 of third party claims case of older animals. Enteritis, liable for the resultant damage everybody we will simply cut 
n (plus-legal costs in defence of a a common enough complaint, to car or person. Similarly, in out question No. 5 of toe Trees 
- i claim) while the cheaper scheme can cost anything from £10 to the. country, if your dog disturbs section. 1 hope It hasn’t sent too 
(£7.75 per annum) excludes this £3L depending on the severity or molests livestock, you could many of you on a wild goose 
: ■ cover! and the treatment needed, be prosecuted apd toe farmer chase. 


CAULIFLOWER CHEESE 
WITH A DIFFERENCE 
serves 4 


Venerable vegetables 

BY PHILIPPA DAVENPORT 

ONE OF my New Year resolu- selection of really beautifully 
tions is to make more and better cooked vegetables with a meat 
use of vegetables. 1 already eat dish means people enjoy eating 
a lot of vegetables. I love fresh vegetables more, and they want 
lasting vegetable dishes served less meat Altering the propor- 
as a first course; and I wrote tions—I mean serving meat or 
recently in this column about fish accompaniments with a main 
making vegetables into more course vegetable dish—can pro- 
interesting accompaniments to duce equally delicious results; 
the main course. But now I plan and it works out quite a bit 

to take the vegetable theme a cheaper and makes better supper dish, I stand the dish of 

step further—to use them as the ecological sense. cauliflower in the centre of a 

basis.of main course dichP-K. Winter vegetables make large round plate, then arrange 
It is clear to me that, once healthy eating and their dean grilled bacon rolls and tri- . 

you decide to treat vegetables fresh tastes and textures are angles of fried bread around JJL n er 2I L 
as being worth a dish in their particularly appealing to palates the rim of the piste. wla ° - ria ‘ten each piece with 

own right, you have to choose jaded by the richness of Christ- 1 medium cauliflower, 2 


for 1 minute, drain well and 
squeeze dry. Chop both vege¬ 
tables very finely. Chop the 
walnuts quite coarsely. 

Make a thick smooth sauce 
with the butter, flour aud milk 
and simmer for a few minutes. 
Away from the heat, add the 
grated Cheddar and, when 
blended, stir in the vegetables 
and nuts. Season to taste with 
salt, pepper and nutmeg. Turn: 
into a souffle dish of 1H? pints 
capacity and smooth and level 

To serve this delicious lunch or the top ^ the back of a wt - 

spoon. 

Sprinkle on the brown breads 
crumbs and Parmesan mixed 
together. De-rind the bacon and 



and cook them with greater mas eating. So January seems 
respect—and that means They an ideal time Id turn over a new 
taste much better. Serving a leaf. 


STUFFED CABBAGE 

serves 4 -•* • 



and shred the remainder. Gently 
cook the shredded cabbage and 
finely chopped onion in toe 
butter. Stir and turn frequently. 
After 15-20 minutes the veget¬ 
ables should be softened and 
lightly coloured. Away from toe 


bunches watercress, 2 ozs wal¬ 
nuts, 2 generous tablespoons 
each butler and flour, 1 pint 
milk, 3 ozs Cheddar cheese, l 

tablespoon grated Parmesan, 3 
tablespoons brown bread¬ 
crumbs, salt, pepper, nutmeg, 
S rashers streaky bacon, lots 
of trustless bread cut Into 
triangles. 


wise. 

the back of a knife, then roll up. 
and place, cut end downwards,, 
on a baking tray. Fry the tri-'. 
angles of hread. (Everything, 
up to this point can be dene' 
well in advance.) To cook, hake' 
the di.to of cauliflower uncovered- 
at 350*F. gas mark 4, for 35 to- 
40 minutes. Place it near the-, 
tnp of the oven and put the. 
hacon tray on the bottom shelf. 
The triangles of fried bread will 


Divide the cauliflower Into take less time to heat through: 
heat, stir in the parsley, bread- sprigs and steam until tender, put them in a single layer on 
crumbs, nuts and lemon zest Strip the leaves from the water- a baking sheet and place it on 
Add the lightly beaten eggs, cress stalks, blanch by plunging the floor of the oven for the last' 
season generously and mix well, into boiling water and cooking ten minutes or so of cooking time.- 


Line a mixing bowl with 
butter muslin. Arrange the 
reserved cabbage leaves In the 
bowl, stalk ends downwards. 
Overlap the leaves slightly, par- 
This is far easier to prepare ticularly at the base, so there 
than it sounds on paper. I like are no gaps. Pile toe cabbage 
to accompany the cabbage. mixture into the centre of the 

with some sausages: salameile, leaves. Pull up the cloth round 
chorizo, smoky frankfurters or toe cabbage as tightlv as you 


MUSHROOM PUDDING 
Serves 4 


•cod English pork sausages. 

2 lb Savoy or other green 
cabbage with firm, crinkly 
(eaves, I small onion, 3 oz 
butter, 4 tablespoons chopped 
parsley, 3 tablespoons fresh 
breadcrumbs, 3 oz chopped 


can so that the original neat 
cabbage shape is re-formed and 
tie securely with string. 



salt and pepper. Blend well, 
shape into an oblong, wrap in 
wet greaseproof and put into the 
ice-making compartment of a' 
fridge. 

Meanwhile wipe all the mush¬ 
rooms and slice toe flat ones. 
Grease a 21 pint pudding basin 
and line it with two-thirds of the 
pastry. Mix the whole und sliced 
mushrooms and pile them intn 
the basin adding knobs of cold 
flavoured butter here and there. - 


Suetcrust pastry made with 
}-lb wholewheat flour, ijlb flat 


Top with buttered and pleated 
foil, tie securely with string and 
lower an to a trivet in a large 
pan of fast-boiling water. Coyer, 
and steam for two hours, topping 


SPINACH COULIBIAC 
• serves 6 


Cultivated mushrooms are ___ 

Everything up to this stage available ail year round and this J 

can be prepared ahead if wished, makes them into a warming and a7ld sw " lb r a, ‘ ^ 

Lower into a pan of salted boil- well-flavoured dish for a cold pa “ „ 
ins water and cook for 20 day. 
nuts, the zest of a small lemon, minutes. Let the muslin parcel 
2 eggs, salt and pepper. drain for a few minutes before 

^E&SS ----«-« 

~ pepper, coriander seeds, i-pt ^ ■ ilh 5 f nmi™ hQt 

t0 ^ ndle * ? en v squeeze out al! donble cresun - sauce: boil the 8 cream until 

moisture and chop roughly. Crush the garlic clove with reduced to 1-pt and season w-ell 

Meanwhile cook the rice in the salt, add it to toe softened butter with crushed coriander seeds, 
spinach water, boosting flavour together with a squeeze of lemon salt and freshly-ground black 
with a stock cube; sweat toe juice and a good seasoning of pepper, 
finely chopped onion in 11 nz ■ ■■ ■ ■ 

butter. Saute the sliced mush¬ 
rooms In the remaining butter. ARTICHOKE AND PRAWN PIE point. Pul the peeled and thickly 
drain well and sprinkle with serves 4 sliced artichokes in the steamer 

plenty of salt and pepper. 

Away from toe heat, stdr the 
cooked and drained rice into the 
ondon pan. Add the squeezed and 
chopped spinach plus a generous 
seasoning of salt and pepper and 
mix well. (All these preparations 
can be done well ahead.) 

Roll out toe pastry very thinly 
Winter varieties of spinach to about IS inches square and 
have tough stalks which are best cut into two oblongs, one slightly 
removed before cooking. This larger than the other. Put toe 

means you may lose up to half larger oblong on a greased bak- -A swivel peeler minimises 

the bought weight so use the ing sheet and pile half the wastage but you will inevitably be*done well in advance 

larger quantity given in the spinach, onion and rice mixture lose quite a lot of the purchased Ro ii out the na «trv verv thinlv 

recipe. on top, leaving a dear l inch artichoke weight, so it is best Us ini large P fifn5er plate arid 

rim round toe edges. Lay half to weigh after peeling. Remember ” biLd and hutler date as 

2-3 lb. •-***•—*' ■* — *.«««»» -4— dha *.„«* kTh-j __ j„ a nrenn ana DUUCT P»aie 05 

4 hard 
rooms, 

I chicken stock enbe, salt and hard boiled eggs and the rest of peelings to flavour the sauce, 
pepper, 12 oz packet puff the spinach mixture. Cover with 
pastry. 1 beaten egg, i pint the second oblong of pastry and 




basket, place over the pan, cover 
and reduce to a simmer. Cook 
until the vegetables are ju«t 
tender: this takes remarkably 
little time so keep an eye on 
them. Set the artichokes aside, 
strain off and reserve their cook¬ 
ing liquor. Finely chop and 
sweat the onion in the butter. 
Sprinkle on the flour, blend in 
the milk and 7 ft. oz. of the 
artichoke liquor. Cook the sauce, 
stirring, until quite smooth. 
Everything up to this point 



sour cream, 5-6 tablespoons trim to fit. Brush the raw edges 
yoghurt. with beaten egg. roll and seal 

firmly. Cut steam slits into the 
Wash and thoroughly drain top, decorate with leaves made 
the spinach,' discarding . any from pastry trimmings and brush 
tough stalks. Cook the leaves ail over with beaten egg. Bake at 
until they wilt. Steaming is 425 deg. F, gas mark 7. for about 
definitely the best method for 25 minutes, until golden and well 
this: don't overfill toe steamer, risen. 

but cook the leaves in batches Serve with a cold sauce: season 
turning them occasionally so the the yoghurt with salt and pepper, 


1 lb peeled weight Jerusalem 
artichokes, i lb boiled and 
peeled weight Mediterranean 
or Dublin Bay prawns, 9 oz. 
packet pnff or flaky pastry, 

2 oz. Spanish onion, 3-4 large 
dried fennel stalks, 2) table¬ 
spoons each butler and flour, 
} pin! milk, 1 small egg, II oz. 
Cheddar cheese, salt, pepper, 
parsley. 


mings to make fleurons, 

Brush with beaten ecg and bake 
at 425 degrees F. gas mark 7, 
(or 25 minutes until well risen 
and golden. Reheat the sauce 
gently, stir in a good grinding 
of pepper and the grated cheese. 
When smoothly blended, add the 
prawns and artichokes, cover 
and simmer very gently until 
thoroughly heated through. 
Turn the mixture into the 


„ . m . _ , centre of toe puffed up pastry 

Put the artichoke peelings and riTJg . sprinkle with coarsely 


steam penetrates evenly. Turn then vigorously stir in the sour fennel stalks into toe bottom chopped parsley and arrange the 
toe cooked spinach into a colan- cream until smooth and well half of a steamer together with fleurons around the ed°e. 
der and leave until cool enough blended. some water and bring to boiling Drawings bn B<»wn note* 



A If you have got the strength 
w to face the sales (which, 
frankly, I have not) This year 
seems to be a particularly good 
lime to replenish your wardrobe. 
It is no secret that many of the 
shops did not do quite as much 
business as they had hoped in 
the lead-up to Christmas and 
so there are really good. buys 
to be found if you can just get 
enough energy together to go 
searching. 

■ Most of you- will probably 
remember that we had; a very 
long, mild autumn and coat sales 
suffered disastrously. because of 
this. Well, if you think you 
need a winter coat either now or 
next year" you- would be weil 
advised to go to the sales 'now. 
Most of toe shops we . spoke to 
are expecting large rises in the 
price of some coats next winter 
—for instance, the price of 
camel cloth has.trebled. Though 
British-made coats are not 
expected to increase- greatly in 
price,, imported ones are likely 
to be over the £100 mark next 
winter. 

The best .buys are -likely to be 
(he classic coats ■— A qua scutum 
for Instance, do not change the 
look or style of their-coats very 
much from one year to the next 
but the price of a coat in this 
year's sale (started on January 
5) is very much below what it 
will he next autumn. 

Jaeger sales have been on now 


since December 28 but you might AQUASCUTUM’S own 

still find one of their beautifully- . , nn 

cm • velvet trench-coats which sale fit 100 Regent street, 

were reduced to £30. London, W.l started on 

Hacking. jackets are, I think, 

going to be with us for some Thursday 5 lb January but 
time, and they are a very useful tbeil* shODS-withiil-shops Up 

item to have in our changeable ■ _ v. ._ r 

climate., Several shops still ana down the country will 
have some backing jackets left nearly all be having sales 
that will be reduced in the sales; . J . 

in particular Harvey Nichols will at-SOnie t i m e round about 
have Jeff Banks designs reduced -qow as well. They are a 
from £43.50 to £30. Look out, , , . , , - 

too, at Harvey Nichols for very, good place to look for 
Stephen Marks swing back coats coats and suits of classic 
selling at about £27 each in a . . w,,!, 

host of different colours. design. Of high-quality 

If you need or want cashmere materials, that should last 
sweaters now is the moment to jr- . 
buy them—they are not reduced fpT R long time to COme. 
by very much but even the £4 off If this is the Style you like 

& 11 and'aim for and fed in need 

Leather boots have now be- of j new coat then you 

2Eho<£ JSffis TpLwVose should certainly have a look 

should have a good look at toe among their sales rails. I 

££££ 'JS^RSE' particularly like this very 

ment stores. . Often they are lassie trench-coat style 

reduced because they are an odd v . of 100 ner cent 

size (so sales are particularly; coat, maae 01 AUU per cent. 

useful to those with feet that pore WOOL This particular 

kirgeror smaUer than . model is made in a rather 

So to sum up—buy mainly , strong check pattern hiit 

buaftt u£ Sd ^ other checks or plains are 

getting something that will give .also available. Reduced 

X r Pl “T. ^rSSJS:^'ri M to«J«in*r 

keep to high quality and tote: be sure that similar coats 

sale time could .siw you “i™- will be costing a lot more 
of the best bargains seen for a ° 

long time. next winter. 



AT 
ALL 
160 
BRANCHES 



.Tire price of leather boots 
has been one of the shocks of 
this' winter. “ Only £85 ** say 
the''sales tags and we all 
wondex who . can afford them 
at that price. If you stBl hanker 
after some and haven’t bought 
them: the sales do bring very 
worthwile reductions; For ln- 
" stance, this pair of Charles 
Jonrdan leather boots arc 
brand fully-made —• they 1 are 
lined Inside with leather; come 
In brown or black, and are 
reduced from £79.50 to £50 at 
Harvey - Nichols of Knights- 
bridge flheir sale starts to-day) 
There .are several pairs avafl- 
aNc* in most sizes. 

DrawtHO* (w Jon WJrcrter 




Harvey Nichols of Knightsbridge is 
one of my favourite shops at the 
moment—it is the place 1 would 
indulge myself in should I win the 
pools. Their sale which starts to-day, 
consists mainly of reductions on all 
their norma! stock—they have bought 
in a few items for the sale hut these 
are all io line with- their normal 
merchandise. So if you've been eyeing 
something all season that you haven’t 
been able to afford, it is worth going 
along as soon as you can. 

. Among the items they'll be reducing 
are Pringle cashmere sweaters which 
were £39 and will be down to £25, 
Cacharel shirts from £20 to £10, Mary 
Quant Viyella blouses from £14 to £9, 
as well as the Jeff Banks hacking 
jackets and Stephen Marks coats 
already mentioned. 

There's a lovely soft pure camelhalr 
coat by Bodes reduced from £165 to £82 
and, on a more light-hearted note, there 
are leg-warmers from £11.50 to £7. 

A particularly good buy seems to be 
the 100 per cent wool. Marcel Fenez 
two-piece suits (above) in soft paisley 
patterns of mainly brown or mainly 
red. The skirt is soft and flared with a 
frill round the bottom, the top is frilled 
at neck and sleeves. Normally £68 
they have been reduced to £34J50. 



BENETTON Is a fairly new 
shop that opened last June 
at 6, Sooth Motion Street, 
London, W.L Although there 
are 300 branches in Italy and 
one in Paris, this Is the first 
one in England. Basically, 
Benetton specialises in a wide 
variety of high-quality casual 
or leisure clothes, all of which 
come In matching colours so 
that a co-ordinating outfit can 
easily be pnt together. There's 
a very large selection or 
colours (we photographed the 
trousers and sweater, above, in 
a bright coral pink) and yon 
ought to be able to find a shirt, 
trousers, skirt and sweater, all 
In matching colours. 

They specialise in cord jeans, 
ordinary Jeans, sweaters, skirls 
and accessories like scarves and 
belts. These are all available 
daring the year at normal 
times but starting Thursday 
January 12 they will be haling 


a sale during which there will 
be many reductions. 

The 100 per cent, cord 
trousers shown In our picture 
come in about 12 different 
colours, are normally about 
£20, but during the sale will be 
£15. The scarf comes in colours- 
to match sweaters and trousers 
and is normally £5.90, reduced 
during the sale to £1.50. The 
sweater, In pure wool, up to. 
a size 14, comes In about eight 
different colours and will be 
reduced from £19.90 to £16.00. 

Benetton is useful for the 
very small because their sizes 
start at size 6 and go up to 
size 14. 

The Jacket we put with the 
trousers and sweater Is not 
from Benetton and is not avail¬ 
able in the sales. Made by 
the Italian firm of Cloo Cloo in 
100 per cent, pure wool. It costs 
£59.95 from The Shop at 
Mtchaela, 44, Harrington Road 
Loudon, S.W.7. 















8 



Financial Times Saturday 


The Arts 


Harold hits back I Music in 1977 



by RONALD CRICHTON 



Visions of Kerouac] 

by w. I. SCOBIE j 

Vtamu Of Kcrouac by Martin armour. To Mr. Duberm*' 


•. f; • 
rj : i* 


Public events—anniversaries 

BY ANTHONY CURTIS and deaths in particular—are 

reflected in musical pro- 
grammes, but the way in which 

Even former prime ministers fascinating detail about the the reflections appear is not 
must be granted the right to pedagogic aspects of Grossman’s always madly interesting. The 
reply to their critics and Wilson mind: u Dick was an unrepentant Queen’s Jubilee led to ixumxner- 
on Crossman (January 1. Radio Platonist. driven into a still able performances of Handel’s 
3) was a fine way to start this deeper concept of the ends justi.- Coronation anthems and of more 
year's book coverage on radio, tying the means by his wartime or less jubilant British music of 
As a book review pure and work on black propaganda ” many periods. Of new works, 
simple I would not give it all which presumably is a way of one at least or what was heard 
that many marks, only about sis saying he could occasionally tell of It in an Incomplete condition, 
out of ten, but it was more than whopping lies. But if a pupil seems likely to have staying 
that it was a spectacle, a piece at Oxford produced some half- power—thi Mass of Christ the 
of free-style solo figure-skating baked Plat on ismin an eSS ?¥' King by the Master of the 
(over some pretty thin ice at then “ Dick annihilated him with Queen’s Musick, Malcoln 

times) worthy of Master Curry at devastating Aristotelian logic. Williamson. Another happy 
his best Here the mark for Sc ** wa * m h ? abin ?V. Tb ^ s ,, as event and. the recent memory of 
performance would be more like an educator he could be a bully. a ^ one towar ds the end of 
nine point five. but from Sir Harolds point of ^ prev ious year, led to 

view what was more tiresome anDroorfate musical tributes— 

It began to a slow roll on the was that it made him blab to waltan\s 75 * bkSdav and ^ 
drums with the skater describing his newspaper friends the most RHtSm 

a noble backward curve in the confidential cabinet discussions 0 5 ol Dn 
manner of an obituarist: M Dick (as over whether or not to The subsidised opera bouses in 
Crossman’s death was a great admit the Kenya Asians) all in London had their brave moments 

loss to British politics—and, in the cause of their higher educa- in spite of the ckmds of Indus- 

a far wider sense, to our national lion. As Sir Harold showed in trial troubles gathering during 

life, not least in his own con- this talk, radio offers an excel- the .second half of the year, 

stitucncy of Coventry." Having lent opportunity for someone leading to some frustrating 

got that safely out of the way. pilloried in print to hit back: abbreviations and cancellations, 

the tempo quickened as Sir why not a regular slot where Weber was celebrated at both 

Harold dug the toe of his skate authors can take up the more houses. Covent Garden’s 

into the ice and prepared to serious criticisms levelled at Fretschutz was the more bril- fcabt,- P IIWBWBWBIW nifajM—i—NaiM E-p*. ■'"M X— 1 ' gramme note that the plav is the Free opim, woo was em 
make the first of his leaps: "He them by reviewers? liant achievement of the two. . T « an 3 malsam*of mi- words and rently willing to copulate'*§ 

was essentially a political Imp, Sue MacGregor is an ex peri- The ENO Euryanthe at the A suceess * or Covcnt Garden * sccne from Weber's Frcischutz Kerouae’s Some events are anything that moved — was A 

challenging everything in an eneed non-belligerent interviewer Coliseum started uncertainly but p e ter Diamand) down to a William dock’s successor as offered uniquely varied and wholly imagined, much of the a non-survivor. He died a 1 

a myriad university on fringe Head of Music to the BBC, came valuable niches: this time Miss -:- months before Keren.-.? 

Wan*. nmmit neglec ,!S? events, ranging from such up with an enticing mixture of Lalandi’s main coup was perhaps overdosed on baituturales « 

musically snperior occasions as old (some of it very old) and the belated London debut of froze to death one night teal 

lirm pLrp ear^^thk^ w«£ °i^ritoe uncut Caesar at the new. Luce his predecessor, he Harnoncourt's Concentus musl- M tlM * *P**MhB 1 a railroad track la Mexico^? 

ISt-JS? lSto4>;*l hafa BKiSFiBd bf p^crini’s Ba i b fJ “““ft, Birmingham. does .not neglect the pleasure cus group from Vienna. . ^ is The first major pn*£ 

effort to elucidate everything, carefully prepared 45-minute SSSL So did the ENO by SSSjES**'! £d£3* as well fSLuEZ 5“ There are still too dialogue is invented, certain tion of Visions, apart from mm 

Whatever he was, he was never conversation with Emlyn Massenet’s Werfher, while their Shii th£®« "SSS 1 *?rdei?d * mVShJTrirSSt man - v chamber orchestras "and characters are composites. I workshop perfonnaDCM in ; iS 

a serious politician . " (Voice Williams. If nothing startling English Ring reached even more bSfallworthtte SriVjs SSas MeanwhileSir WiKf ensembles “ 'UotOtm competing have aimed at truth of mood, not York, and it moves along «f, 

from the back of the hall: "Then new emerged about Mr. Williams impressive heights than before. ll & Hr‘fE.’ with one another for dvrind&bl 


uiojjjjKuci a yvermer, wniie uieir hitmhlpr t-hinoe mi-roA irrlvaA nrnorp««ii.-p anH Afhor virhmnc aiauy enumoer oxcocauaa ana cnaraciera am uui * -uiwwd- 

a serious politician . . (Voice Williams. If nothing startling English Ring reached even more bufallworthlhe Sri™. 5?*™ thfnssitoanwhitefflr WiStam ensembles in London competing have aimed at truth of mood, not York, and it moves along sf, 

from the back of the hall: "Then new emerged about Mr Williams impressive heights than before, ewer’sattStioiT- the SSrit line S hk JEESi retiSLenfS with one “otoer for truth of fact." Mr. Duberman f BSt Uck under expert direct* 

sas h £iWJ5WS -*Lssi ’covint KB we s M.ss^'tfSa 

a serioas ardent add. iideed. a SST&SK' VSS&. IS SSS^SSS fSST ^ S X g/Eg. « W £ dis^.s^d ponraUs of ^ £& 

mssjssr& SWJ32 fsf •slss* w m ^• , «rS5,sr , {K? , s &sk 1msSs&sszi 


to i r H - 7 
If f • i. % t 

■ . i.;; ■ 

.. . 


A 1977 success for Covent Garden—a scene from Weber's Frcischutz 


Radio 


toSir recent past, not unreason- learnt to driw^vho drankl 
aWv SO bafflinc. This time it is excess but feared, drugs. J 
S *^eat Generation" that’s made love to women, bat .3 
^der sSutiny? and os they obsessed by a row. Gadfly. 3 
Jt Los Angeles’ tirelessly sang the song of the open pqj 
IJStiarfe Odx4sey Theatre, but spent hlsjast years taomt, 
S2?rl m intriRiing lot—comle. with Ws raoj.hcrhehind the vtf 

SZ&E .“SSSBl their pin bland ^ 

Sr^bSJrissB! 

■ sssE msbjss 

£ Uh Sn g nW rr e '"dO. ISSSSSh" -Tu'aSSg 

; iJSte. “ raS in V me * ^ 

iSSS Such d 5“/Serta P l!S Mr - D s ?ran'S* c ^? n PllM uS i !» 

kpb-m; £*% . h cis rSatri 

of 23, and takes a serious look htm^elf from superatirtons 
at a group which, whatever one the meaning of m a tones*: 4 
may ThHk of ihclr urillnss. had ~ , 'S£P2!S £ 

. helped to change American if not 
mores and brine on the sexual feelm-i. fur Cassady, fie taljfi 

revolution Of the late 60S. Jilrhans iven*in4HM 

Jack Kerouac was their liter a rj- li!' c v.^ erba ^ 3 eTCn written Bcm 
king, by general consent, and P e J* ha P^ M ‘-4 

■* Mr. Duberman explains, in a pro- But Noal Cwsady — Mr. Uf 
gramme note, that the play is the tree Spirit, who was im 
“ an amalgam of my words and rently willing to copulate 


a serious student and, indeed, a 
serious teacher of politics, 
analysing, first, from without, 
later, from within, In an intensely 
serious way, Britain's problems 
and cabinet decision-making less 
as a politician than as a philo¬ 
sopher-king." 

After a few more spins and 
spirals of this kind. Sir Harold 
made his first b.g point which 
was that Crossman's view of 
rabinet government, that it is 
son-existent beside the almost 
presidential powers of the prime 
minister, was totally false. In 
refuting this view Sir Harold 
^ave an interesting glimpse into 
the way the records of cabinet 
are kept by the secretariat. The 
PM “ at the end of the perhaps 
long discussion, writes out by 
hand the minute himself, perhaps 
60. 70,100, 200 words, and reads 
it out for approval. There may 
be amendments, which if the 
cabinet agrees, he then inserts." 
Thus not only is it quite impos¬ 
sible. as Crossman alleged, for 


, —last work for the lyric stage. 
R (At the Coliseum neither Hamil- 
'j ton’s Royal Hunt of the Sun nor 
Blake's Touasomt made a com- 


or some of ffiS* “*£_ * the ™«er ££ 

. Tinndnn rnnpprt nmflMinmPs British Festivals W3S OrkUEV-—- thnm om halninn vit<illv fA I han/idnma anal rivAAVVlif* ***. 


ra i imnrpccffin than <u«uu me auiuuuu to uiat pruu- ine existence oi permanent some sense, me soui oi ms sen- ^—r, " ,r V .* 

work) P sS5sh Onera and wSfh lem Ues more subsidies (at By all accounts this was a pre- choirs in cathedrals and big eradon. As "Dean Mnriarty" he vc £*** n embarrn 

National cnSinued to flourish Ieast - rm afraid the orchestras miere second only in impressive- churches is threatened-some- lives as the hero of On TO** Road » n S- Lano Smith works his tea 

(and Scottish ooera added snice tWnk it does). The choice of ness t0 Tippett's Ice Breofe. The how the choir schools manage and oiher seminal Kerouac out as Kerouac, to great rite 

to th« vMr*c diet hv invitine the repertory works has in fact English Bach Festival yet again to survive, but for how long? novels. Many of Ginsberg’s finest Michael Cavanaugh makes 

Simor.rtrtnftT? Wririv e *h»w been rather good — a number __ __ _ poems were Inspired by. or gallant stab at the very 


Crossman—by Wilson 


i_ ^--1. It- ' -- icewus *u 1*1 ■ uiiml jiusij 6“ oucaiva iu ouuituiiUa 

“ e . rt t0 . ca P I °?“f to Kent Opera for their simple, unusual. With regret, it must be 

DOOKs. nQr f can^ muunas give Avenue, none the less the ground practical, but gaaeraHy distin- said ’ that Sir Georg Solti (one 

nntrfifhlnlf “ c ? ve ™ A agreeably. I guished Eugene Onegin and concert excepted) failed to do 

view of what went on to cabinet thought she might have pressed iphigenia m Tauris. When a this with the series he so bril- 


Welsh National Onera have ww-u mi, i/ui wmem- _ iy«c adorns » appvar ccrwiRiy. .«iw.. uhi. 

nnu, octaKiicW ■> Midland, hie*, porary music in these circum- The Royal Ballet’s repertory a Royal Gala Performance in the time to time throughout literary tremendous energy. KefdK 

at Hip Blrmineham ffinoodrnme stances is too often and too during February/March 197S presence of the Queen Mother, history — an animal spirit, crary, tragedy is h. airge for3P 

—that, and the Enslish National’s meanly served by timorous, face- includes the world premiere of On February 14 the cast will spontaneous, fun, to whom every- American Dream that he and fit 

announcement of a new romnanv sav tog commissions. Kenneth MacMillan's new three- include David Wall, Lynn Sey^ thine might be forgiven, friend Neal tried so valiahtfe 

to be based on the Grand Theatre It would help if the leading wt ballet ilfcjwrffeg. The music, mour. Merle Park Georgina Visions is a chronicle of to carry forward to io aS 

at Leeds, are the two brightest conductors took a firiner siand worics ° f F if ns! L if zt " Parkmsoa. Michael Somes and Kerouac s life from its hopeful plain. It is tho stuff bad-dm» 

points of light for the operatic —if, for instance, they followed ^aLj b l_ a ^fi? se ?« “ orcb ?' ^ e . n£ % y E ^ Subsequent casts literary heqinnings in to® mid- arc made on. Perhaps -that' fi 

future. For present achievement, tie lead of Riccardo Muti, who ^ a , i? cl S e: on r Fe , brua %,,Vi^^ e X ortics 10 « n ^ dea 2 1 t ,n „ 19fi9 why the Kennedy Centre, bav^ 

the palm for opera in the for his philhannonia concerts wU con ^“ ct the first perfora- Eaglin 01 Lesley Collier, Ann the a^p o. 4/. But its roam emnanissioned the play for ih 

re^innT in 1077 must surelv eo often sneaks in somethin^ an®® 5 - designer will be Jenner, Vergxe Derman, Michael theme is one which has occupied 

to^Cent Onera for their simnfe unusual With recret. it must be ^ ic holas Georgiadis and the Somes and Wendy Ellis, and on Mr. Duberman. a professional 

S.S?Si 0 ffi l So2S Sft ?«“?« lighting will be by David Hersey. February 21-Stephen Jefferies, historian as well as the author 


intetaatfonai. success,- n 
r be 'fiearing more Of 


play “? } u V*£J^ °S muslcai ^d“ artistic' "standards, city. Courage and .' foresight 
that victory enshrined in the stage and so it proved in Say Z"_; ‘ ousht not to be confined to 


mans uwu (icnuaueuL cuuuiuu- out at least tms was tne ™fnniptta smU thp Park T dip 

tion was to extend this process American vaudeville stage in the beat — make the best of it wtule JjL _ Lz!, n r1.ZZ 

of cabinet-monitoring by institut- 1930s, a period when the corn the supply lasts! The variety 10 name ™ 0 01 uie 

ing "a network of select com- was at its greenest Producer last year extended from the aev on «- 

mittees on various aspects of Glyn Dearm an and his team brilliant Carmen at the Edin- Not for the first time, the 

administration." harvested a heavy sheaf of vin- burgh Festival (not a ready- Proms (and the BBC) saved 

In the latter part of this 30- tage gag-lines, such as " Faint made import, but patiently London's wobbly reputation as a 

minute talk Sir Harold went into heart never won fair alimony " planned and pieced together by musical capitaL Robert Ponsonby, 





CC—.These theatres accept certain credit 


OPERA & BALLET 


Collecting 


LEGEND has it that Alexis 
Soyer, famous chef to the 
Reform Club, got the idea of 
writing cookbooks when observ¬ 
ing in the library of a distin¬ 
guished nobleman that the 
works of Shakespeare, Milton 
and Johnson, were " wholly dust 
clad and overlooked” while a 
book on cookery "bore every 
indication of being daily con¬ 
sulted and revered." He forth¬ 
with took up his pen to write 
The Gastronomic Regenerator, 
which was an instant success. 

Soyer (1809-1858) was a 
French shopkeeper’s son from 
Brie who in addition to his 
culinary triumphs at the Reform 
Club where he pioneered steam 
and gas appliances in their kit¬ 
chens, also invented sauces, 
drinks, pots, pans, kettles, and 
a " Magic Stove," as well as 
going to Ireland during the great 
famine to organise soup kit¬ 
chens: and of whom, because of 
his catering under difficulties in 
the Crimea, Florence Nightin¬ 
gale wrote: “His death is a 
great disaster. Others have 
studied cooking for the purpose 
of gormandising, some for show, 
but none for the purpose of 
cooking large quantities of food 
in the most nutritious manner 
for great numbers of men." 

Actually Soyer's first publica¬ 
tion was in 1845, a year before 


Cooks and their books 


THEATRES 

■240 SZ58. COLLEGIATE. 01-037 9629. 

1161. international Stars In Family Shaw 

1PERA THE MAGIC CIRCLE SHOW 

. neat 7.30 Jan. 2-7. 3.00 and 7.30. Book Nowl 

■ nos. & Frl. —.—^ 

Ol COMEDY. 01-930 2570. Evenings B.O. 

S * tfc 3 0 - I LytUC TWAIHO. 01.437 3686. Em. 8.0 | 

Winiwr ot all .1676. Awards Mats. Thun. 3.0. Sets. 5.0 and 8JO. 


Winner of all 1975 Awards 
. Best Plav of the Year 

_ _ _ __ _ _ HYWELL BENNETT In Simon GRAY'S . w ., n 

#_ _ _ M CO VENT GARDEN. CC. 240 1066. OTHERWISE ENGAGED IU»5 PaSlao^lave/ln 

fa /h /I ff rjl (Gardencharae credit cards B36 6903) Directed hr Harold Pm ler HLUMENA 

t am MB a BA vU _ THE ROYAL BALLET LAST WEEKS. Must end Jan. 21 . by Eduardo deFlIlnoo 

W MM MM Today 2 p.m.. Weds. & Thun. 7.30 pan. — . ----—- mrtrtnrt tirr "”ri f n ~^Tl nil 11 

^ ^ ” M •'kJ |*mn Lake. Mon. 7 JO p-in. The Sienna CRITBRION. CC. 01;B36 3Z16. " TOl^L TRIUMPH." ^Bv. 2 ^News "“n 

Bl “ uty - THE ROYAL Optra Ereirlnoi 8. saa. 5.30. B.SO^Thur*. 3.00. EVENT TO TREASURE." D. Mir. "MAY 

Tontaht ST*r 7 vi DU flBlwnoK. ... LESLIE PHILLIPS IT FILL THE LYRIC FOR A HUNDRED 

basement at 80 SackvIIle Street, FS! h V , p.m. T u s iaS, D d1i wST^bs Sun - years.- Sunday Time,. _ £ ..oo. 

London. W.L '■** ,rom - hilariously funny." n. qi world, mavfair. 01 - 4932031 . l«« oens. round house,/ w. mm. . ev»^. 

_ _ _ M ^ _ ~~~—“ — -- - today 10.30. 2.00 and 4.00. ACTORS COMPANY - »i 

Two other postal operations I royal.™t.>al hall. na »n. ^r8^ N ^an. ,>1 - 8 M 3 f w ^ 08 wed. E ^ , 3 sooty^ Christmas show T UTBKS 5r ar ; iv 

know of are T. A. McKirdy’s uimi jS^ r i^ N E^^to. T5«^ati. 3 . a rwMutuME mayfahl ■ 01-029 so sb. - ■ - ,»», wnd *' ^jjlpN 

k n.., . *1 iim n, d-i J ir:_ **' . A CHORUS LIME THE MAGIC Man 1 lluoM almttt vritMQl 

Cooks Books," 161 Elm Grove, Today T SLilS T N , i^M?comhi & -voted best musical of ibtb.- _ Morwiio« m» 0 sJi mu.i«i nnawui ximey._ 


v>r JOAN PLOWRIGHT , 

KS?_ GRAYS COLIN BLAKELY i 

•“* Hayes In 

F1LUMENA 

nd Jan. 21. by Eduardo de Flilopo 

~~ c Directed by FRANCO ZEFFIRELLI 

01;B36 3216. "TOTAL TRIUMPH." Bv. News "AN 


: - 5 •• ■■ 


Event nos B. ,S|W. 5.M. 8.30. Thura. 3.00. EVENT TO TREASURE." D. Mir. ■■ MAY I 
^LESLIE PHILLIPS IT FILL THE LYRIC FOR A HUNDRED 



LE5LIE PHILLIPS 

ImnccntHe ... a matter." Sun. Times. 
In SEXTET 


YEARS." Sunday Times. 


S5ji ”Si. ^ iSE'm fiuSSS: 2 jS: 8 00 - s#1 . M fab Wed - 3 -°° " nd 

12-1B THE PIRATES OF PENZANCE. SIAN PHILLIPS 


Two other postal operations I O1 ' 8 “ t( ^ ! 0 w 

know of are T. A. McKirdy’s umujon. to. Evm. 7 . 30 . Mat. sau. 3 . a otoRus°uNE 

Cooks Books," 161 Elm Grove, Today - voted jest musical .oF- 

Bnghton, Sussex (I bought Tonlatrt EvdoklmovA’Breuer. _ DUCHEML^ B3B 8243. M<ml i 

Helen Morris’scholarly Portrait Sadler's wells theatre, Rosebery .*”* M ^'oh i CALairrA'i 

Plf a rtk«f TL. t -r J~,r A*e_ E.C.1. 837 1872 Until Feb. 16. The Nudity Is ‘Stuimlno. O- Te - 

UJ A Chef—The Life Of Alexis d : oyly carte opera _ atn sensational year 

Soyer, 1938, from their last list), E _ 7 so 2 30 duke of yorits. oc. jbi-bm 8122 . 

and D. S. Gunyoa’s “Books On ao ^ M J^ 

Food And Drink" 49-51 High 1 il a ... TOE ”™ a S j,gW2A,,|<:& miLujp^ 

Str^t, S^dwicb. Kent. Mr. THEATRES spine‘chiller, 

B. E. H. Gunyon, in the wine ad el phi theatre, cc. oi-ase 7sn. tn*SS*c«I{»r , md , ^^iat 
trade until he retired six years E ' r ° 1 -- lo^don^’best^igSv^V. 4 - 0 ’ 6<Sr¥jp.?i^ *£« t 

ago, and who now helps his wife, sfECTAcu=. captivating nwis ells « lui. cc. 51-437 

« sana n i ANQ RACY COMEDY. S. Peoole. Walker’s Court. Brewer Street. 

a general second-hand bookseller irzne , Twice wshtiy b.is and m. 

4 n - naar r v sn +*1J~ ttio — _THE MUSICAL MUSICAL. . PAUL RAYMOND prwem 

ior nearly ou years, tens me - slick, sumptuous — irene has penetration 

that rnnut of thpir liete nrp a EVERYTHING." Oally Eonress. An erotic adventure In Fnmdi 

mat most UI ineir IlSIS are a , NST ant CONFHtMEO CREDIT CARO B raobv. - Good-looking men and 
sell-out, regular customers ring- BOOKINGS ON 01-836 7811. perform^vanmis ^permutetloni^ 

ing up immediately so they can albery. bsb sbzb, credit card bims. ^“iink arm snuike n °n tug qndRo 


THE IMPORTANCE OF . ’ 

■SING. EARNEST _i_;y 
- oy Oscar vtndc • 

HkI ilmoit «KMM aUUIlF* 


"I luuuhed ulmoht without 
Financial Times. . 


,vlcy wr - Monrnilow Magical Musical rinanctai Miw> 

DUCHESS. 836 8243. Mon. to Thur. i "STUNNING n TRICKS" Dally Tcfcorapjv. ROYAL COURT. 736 1 745.. L«* PF^V- 

E«n. 6-0. Frl. and Sat. 6.15 end 9.0. Mon.-Tburs. 8. Frl^Sat. 6.1S and 8.30. tonlBht and tomorrow, 3 Jr B z 1 - . 


OH I CALCUTTA I - - —T~T - 

Th« Nudity IS -StunnlnB.” D- TelegraMi. MERMAID. 2*8 7636. Rest. 248 2839. 

8th SEN5ATIONAL YEAR Ev0s 8.00. Mats Mon Wed Prl. 6 Sat 5.00 

lu . M -ZT-~' c DAVY JONES. MICKY DOLENZ 

fKE OF YORIPS. CC. 01-836 5122. In HARRY NLIL&ON'S 

Ian.-Sat. B.OO. Mats. Wed. 3.00 and THE POINT 

tmiLMPe *’ I dwM cwi9i.mil songs which linger lo 

PA l iii n»ir m*n „ <ke memory," D. Express. 

PAUL Stoll tickets £1.25. £3.so. Combiner. 

kimmb , -d mnner-Theetre ticket £3.95. 


7:8* Scotland In -- ,-r- 
TREMBLING GIANT . .. S. _ 
by John McGrath - - •. t: . 

See alio Theatre ihwtalrs. _ 


PAUL DANEMAN 
In 

SPINE CHILLER 
Tickets Irom fil .60-33.60. 
instant Credit card Reservation. 
Dinner and Top-price Seat £7.30. 


ROYAITY. CC „ . -Mt-tBr 

Manday-Thundoy Evenings 0-0- f™" 

5.30 and B.45. Saturday 3.0 aM^. 
London's critics «}■ Jz 
BUMUM SHOWN SUGAR 3^- 
Beft musical ol 1877. —_ 


I NEW LONDON, Drury Larue. 405 0072. SAVOY. CC. 01 -836-8888. Evenh 


DIrm^- and Top-price teat £7 30 InterDattonal Spectacular with the Mato. Thurs. 3.00. .Sat- 9.QO. * jy 

—P hwer gnu _ ipp-pnce seat ar.J g.— magical ingredients at Theatre. ROYAL Shakespeare COMWgK. 

ELLZ « LUI. CC. 01-437 2661. Cjbarat and Circus. RICHARD PASCO. SUSAN HAMftglS' 

walker 1 * Court. Brewer Street. W.1, .SURPRISE. SURPRISE NICKY HENSON, JAMES CCOO^gJT 

Twice Nightly 8.15 and 10.15. Until Jan. IS. Mon^Frl. Be-n#rd Show’s'MAN AND.'StWW??? 

PAUL RAYMOND presents Sots. 2.£. 5.0 ana 8.0. £1.50. £3J0 Directed bv CLIFFORD WILLIAMS. 'V 

PENETRATION REDUCED PRICES FOR CHILDREN sat In a dm.d of JOy from baglnjHjJff; 

An erotic adventure In French porno- - ; —----— -—-— end." S. Times. RSC also at .MEJ 

graobv- "Good-looking men and women NATIONAL THEATRE. 926 2252. and. Piccadilly Theatres: Credit Vr^. 

per f orm various oar imitations of the OLIVIER. Copen stage): Today 2.30 6 hooking s a ccepted. _ . ' 

L^S f£2- iaaJ!“ COUNTKY SHAFTESBURY THRATRI. 01-636 MS 


inter national Spectacular with the 
magical Ingredients at Theatre. 
Cabaret end Circus. 
SURPRISE. SURPRISE 
Until Jon. IS. Mon. Frl. 

Sots. 2.^. 5-0 and 8.0. £l3so. £3JO 


REDUCED PRICES FdR CHILDREN 


wdiTw? 


drink and smoke In the andriorlurn. 


bywHlUam. Wycher.ey. 


secure any plums there may be I rhur i . 39 “ts ( %.3a iU- sa^.“ , 4.3o' l A l fortune. > 3 ^ 22 ^. em. b. Thur. 3 . r^? m ax^-s 

Essential for the serious col- A 15 —«XsfSf clSsfeff" a^g>« &oiM. MorWmw - .. 

lector are the cook book biblio- M " u ' cutous JSWIgr- F “J"“ ira^TSUTSr'SSi JSS 

eraohies Thp Hollanrt Prn« 17 nOY WJOD ' s Splendid performance/- - ■ lnirp IK- — - m but YOU'RE A WOMAN. Today 3 & 6 "Bouncinq Vtgow 

grapnieh. ine nquana dress, U s _ Trt . •• Talontml jo AN TURNER.' D. GARRICK theatre. or-836 4«01. half-UPE bv Julian Mitchell. Mon. 6 "Seeetarular Prrse 
Little Chester Strppr ' S W1 Man "Capital fun . . . the show Is a EH B O. Wed. Mat. 3.0. Sot. 5.15 6 6.30 Lavender Bine. and Too Prtre'wtf 

c wiesier oueei, o.yy.a, S,iom." nT TeL olives I returns JILL MARTIN, julia SUTTON. Muy excellent cheap see ts all 3 theatre* Card Rttervat I on. 


-- " ; . I™ 1 *. “■ ; <Ml IBM." D. TeL OLIVER I RETURNS 

does reprints of Vicaire and triumphantly .. consider your- 
Andre Simon’s reference.works. again.^dT nhJ.“ A8lE T SE€ IT 


MUOIUBURT InnAlHI. U 

Evs. 8.00. Mot. Thurs: 2.30. SaL *r“ 
TlCKrra^t\'°5Q-T4.QO. 

A NEW IBHi.MNTuJIy'iScK MUStfl 
DRAKE'S DREAM . -1^ 
-Many Merry. Retrains-" evening s 
'■Bouncinq Vhjowr." Ewnlnp SWW 
^oectarular PrrtsenieTion. stoma '.'Se 
and Too Prki ml CT-75. 


FWTH aa-f ROjBlNJAY In the day ot perf. Car park. Restaurant 926 chaw 
"BRILLIANT MUSICAL ?no Credit card hkgt N> »<:t I HUtf 


but as the company only issues ncw booking thro ugh L™rs -- UH WoriS"^^ 

them in limited editions whidi ® MJRbm 
soon get snapped up, it Is best 55STSS SSlM\lA'iESR 

to send a stamped addressed '"IS® ° ? 

envelope for a leaflet to find out summer nights maim iiwrt p«rt. bv^JIciiXEL^RAYN ■ 

what is available. Bowker Pub- houm eec w mo the best cc£«dy of the year. 

itetiinw -on E ""S Savoy ThetlUres._GREENWICH THEATRE. 858 17BC 


" BRILLIANT MUSICAL 
ENTERTAIN ME NT." People. 
SIDE BY SIDE BY SONDHEIM 
-GO TWICE." MOTley. Punch. 


DONKEY’S YEARS 
bv MICHAEL FRAYN- 
EST COMEDY OF THE Y 


lishing Co., P.0. Box 5, Epping, 


THE BEST COMEDY OF 
GREENWICH THEATRE. 


AMBASSADORS. CC 838 1171- Lost JS'ti 30 ' J*"' 1* 2.30. pinch: 


perf* .todav at 5.30 * 8.30. 
Hilarious Whodunit Musical 
SOMETHING'S AFOOT 


ME-NOT. A new Comedy by Richard 
OKeelle. “An excellent brat play." 
Time*. . “ A^consIderaWe achievement." 
D J. TI PPITY FLIP FLOP CUMDROVS 


2033. Credit card bku*. 928 3052 

OLD VIC . 926 761G. 

Christmas mats, for ehll6-*n. 

■■ Shrieks of delight ... 

THE GINGERBREAD MAN Is a hit." | 
DNly Telegraph. 

" Splendid." The Times. 

” Lovely atuB." Daily Ex ores*. 

Today 3. p.m. and 5 p.tn. 

Seats amiable. 

PROSPECT AT THE OLD VIC 
M repertoire Jan. 16-Mar. 25. 
HAMLET 
ALL FOR LOVE 
SAINT JOAN 
ANTONY 8r CLEOPATRA 
Bookings new open. 


Last 2 !><£». Today 2-30 art < , 

^ A RIGHT CHRISTMAS--CAW ffit.c L 
A new children-* ploy by WILUS Jg rg 
"Magic Irom start to guttering.W* - ^ - 

F.T. Cheap price*. Up partdiW^ __ _ v >- 

3TRAND. 01-F36 2660. Erenjflffl ^ 

Mat. Thur*. J.oa. Saturdays 5 30 **1 “ JU -- 
NO SEX PLEAST 
_WE'RE BRITISH_' . . 

. THE WOUVO'S GREATEST. ■ - 
LAUGHTER MAKER. - --- 
ST. MARTIN’S. CC. 836 1*43. IW-W 
Mat Tue*. 2.45. Salur*a<n S aN> .*■ 


AGATHA CHRISTIE'S 

WORLD S loWwiwHl RUN. 

26Si YEAR. __ 


ttszszszz*- &TSc , j5 Bi sa6 -- 

Actually Soyer's first publica- * OEr ^' ° ^ ™ * JSSSl* Entertain H3?!pSW.3fiHSW ^ SSPSAWt £&&£&. WR *“ 

tion was in 1845, a year before . > E «J crta,n ’ 55d ^ jSS'ihipAySTgr SmU- haym ar ISt. - oi-Wbb iT cawso r k.ng Sc ^ 5SI reoM v 

the p^rwHwrvYrfnr rho npinccf. he suld the recipes to his friends collecting old cookerr books. ,n ff winch lists reference ambassadors. oi-m* 1171 . E vs*. 7.*s.jwi!d. 2 - 30 . sol 4.30 a 8.15 -Mon^tniMiy enlovable." nme*. buddy grico —. 

mLts Culinaire -(CuliZy Mr. Cresse and Mr. Blackwell. Soyer's works despite their large and resource materials both Sr aldr.p^^ palace. —— ZhsTSS* ■ 

Recreations), a slim brochure Much of toe success of his printings, are relatively scarce. ■ A “® r ‘ cai “■ directed b?^l1ffo 0 rd m wiiuams m ^‘B^ b «i&ct sBptwr^ "' 4 ° : n^~^ EUTZ£R ' 90WATA g ^-15^? 


CENSORED SCENES FROM 
KING KONG 

-MofUfrustlv etiloyable," HbM 
MUST END SUNDAY 


W22L* DAZZLE 
and at 11 p.m. 
BUDDY GRICO 


uttiwiwiu/, a. antu uivuiuic “ . -—. .— . ’ -, — - — , Hni-n.. .. .I. __ ph »m n uggy. tv*, a. Mac. me . J. s ac. &. rvRrrTFD BV ri rcfiDn wn I i..„ - ¥ 

elaborately printed in blue, each numerous business exploits was Copies of Soyer s Paper Bag apollo. 01-437 2553 . Eras- 8 . 00 . 1 'a murder play more exciting phoInii 

page ornamented with a fancy to the chef s eye for pub- Coofe^ry by Nicholas Soyer. the ^^ald^sinmn^supprS^ now! o Ew ‘ 

border whidi the critics termed Ircity. He sent sauce-bottles for great man’s grandson, presum- publishes Orford English Lcn- smut your m and -for a limited season m 

an ingenious blend of poetry. revlew t0 the newspapers, and ably the offspring of his natural *■ gmat^I^r^nmW^ i C f,»ritv> a n 9 a M jan S8 ii: ” 

pastry and politics. sot rave notices about their son Alexis Jr., can be bought Bo °^ and De Voes —ggg-gpSI = +*& 

Sauces were a Soyer sped- shape. “ A most elegant sped- quite modestly for a £1 or two, htmket Assistant as well as the tom sropPAgS's , ’wuior B mLL£H N 

ality: in 1848 the first ones men o£ art manufacture," but the Regenerator fetches mdI spensable Sitting's Gastro- « H n.rtau. . .'f’Je^Plund.y rime*. JgKS£ Y f**n«s - 0ut st* 

appeared priced half a crown, declared the Sun, while others much bigger money. A copy Bibliography. tff 9 . 1 s. ““ 

and the demand was so great eulogised, over his Relish, turns up occasionally in the Recent interesting publica- astoria. cnvtng x Rd. 01-437 ezsa or bv n c. Hunicr/- _ 

that he could not cope with the aromatic mustard and Sultanas catalogues of cookery book tions which could become col- Fk»a 2 ig fe - B °° >C ' N ^‘ „ n - "m a ?9 

immense quantities required, so Sauce, the latter subsequently specialist Janet Clarke, who has lector’s items are Anne WiUan's ao °- Frt - ‘"leSns" 00 * nd 8 ' 4S ew ,n« S l ?.oo"m b“S' rdy vH 

-advertised after his death by recently moved to 3 Woodside Great Cooks And Their Recipes SSH* e . rt lee monSSge? L , WMY 

Crosse and Blackwell as "The Cottages, Fresh ford, Bath. The —From Taill event to Escoffier, no*. e« in our fuiw-i^l«M RnuuSam ln T cSjm e cleS5 ans 

Best In The World," good for massive Pantrophcon was £8.50, Michele Brown's Food By ^”S3-^t«i , kS , i; tl ?jr or s j A ^' < ^ c 55? / ^ A ?, E 52;; 

digestion and indispensable for reprinted last year by Padding- Appointment, Royal Recipes ~ tfl feetioiw. __ john s bnniantiy/- d.t. 

the dinner table. ton Press, full of impressive Since 1066, £5.95 (both from hwt-thum^io," jawewer. he* MAjsgrrvL^ Mj|U( 01-930 sgos. 

His most erudite work was food lore, splendid value at Elm Tree Books), BTA’s British *• 1 •»* objoiBtojy might w in il cam«i brucs fdrsyth 

The Pantrophcon or A History £6.95. Cookery, £10.95, which describes ■‘SUWJSSCWtS'iJr AT 

of Food And Its Preparation In A good source for culinary our national eating cfaaracteris- •• kihm^JSSw ti»«. " ro a^Wtr^T ^- 'hi ,..r 

? ub , lis ^ ^ totormation generally is AbigaU tics from the Middle Ages to the - «,* Y!E£ rare h. Mon -f& T feY 0 Ho^ t iia%-”“- 

1853. What cooks! What a Books, acquired last year by 20th century, and Myrtle Allen’s ’SSIS& ePZ**™ ILT 3 "*"** T m! now in . n 

table! What guests!” Two bookseller Paul BJinet who has The Ballim aloe Coo h hnnk fAeri- 'em*' is meryc'i'jcs.-’ sumt^* eaww. .casu*?. 437 ea 77 . iwir. 

UA,w Ms* Cstts. .1.. A _ rm nr-. . . . . . , r. .isDmr.r ■niri*..""—n, m-mm aal LT irt 7.30. La if 2 WMI» 


_Kr.rT. 6 . 1 * 1 ?., Sunday_ th. upstairs. 730 3554. u«. 

PALACE. _ _ 01-437 6834. lon't. * lornw, 7.30. David SucMI?' 

Mon.-Ttvuf 8.00 Fit.. AH. G.DO and 8.40. THE KR EUTZER SONATA by LeoTOj*™: 

5; _J55DS_CHRIST SUWgSfAK_ VAUDEVILLE. 636 9°88. Evs. iT** 

c PHOENIX. 01-836 8011. Mats. Tee*. 2.45. Sat*. 5 IM A 


SHUT YOUR EYES AND ™R A LIMITED 5EASON 

. THINK OF ENGLAND HAYMARKCT -~q- n ~=; 

ssr 

"" ™ SA ?g& stopparSV 836 21S2 - M4, ‘ B is - 


FINE STAMPS 
AN ALTERNATIVE 
INVESTMENT 

• for tallf detcrlptlw firoeflora 
write tor 

U. H. RNE STAMP 
INVESTMENT SERVICE 
(F.T.) 

9 , Christmas Steps, 
BRISTOL BS1 SBS. 
Telephone: 0272 20442. 


a.--—-a^wauaiai, VOUWL nuu UiU O UGUU IUC AUU6 WJUdU O rt ELV15 n 

advertised after his death by recently moved to 3 Woodside Greet Cooks And Their Recipes -m™. 6 , JEftPL. *!2Stt c 8bft5 *■— 
Crosse and Blackwell as "The Cottages, Freshford, Bath, The — From Taillevent to Eacotfier, no*. e« if* our Vuiiv-iicentM Restaurant 
Best In The World," good for massive Pantrophcon was £8.50, Michele Brown’s Food By St*f u S^%*^LJr‘k^ie l 'iJr or 


L*ei- 841 Mat. WJI JO, Sat- eorfj. 
KEITH ' * PENELOPE 

-“W stoc K k E,th 

JUNE JAGO ROY DOT PICE 

U* the Chichester >estival Theatre'* 
oraauctlwi at 
THE APPLE CART 
. by Bernard Shavr I 

"Outstanding revl'^al. Ot buoyant Shaw." 

Di ^L l ^.?ff ,1 |5" LAN1) ' 

ROY^W^ESP^RE^gMApNY in 


rriC“ ” pl’ --.-w *.‘■‘•"Y'-v Tickets £1.50-55".50.' Instant Credit Card “ e IH'TmtSSiry’ BltflniuSP 1 *^ coniMV^ 

The —From Tmllevenf to Escoffier, no*. e« in our <uiiy-iic*«t*d Re«aurant T rSB£ lt r5^J21?l AN s wild"oats , 

was £8.50. Michele Brown’s Food By ^ i 

ing- Appointment, Royal Recipes -mraetioa*. aooJw 3 foot-stara«Hn 0 and - JOHNSNa w, brilliantly.- d.t. *m«m J£S_ig, NkSS? amn 

eirra Sinrp 1 flS/l FSOP (Vnm hMrt-ttium~*no" Observer. HER MAJESTY’S. 01-930 Miu Winning Comedy Private* On Parade, 


hnart-thum-^no ■■ o b serve r. 

“ ELVIS - 

vra* absolutely might up In il carried 


HER MAJESTY’S. 01 

Downing March 2a 

, . „ BRUCE FORSYTH 


n , —:..t I Winning comedy _ Prlvi 

01-930 6608. I perta. hcre from Feb. 1. 


Dinah Shsr din, DiHcie Grav. 

Eleenor Summerlleld. Jame* Grow I 
A MURDER IS ANNOUNCES 
THE NEWEST Whodunnit 
„ by AGATHA CHRI5TIE ' 

"Re-enter Agatha vrtth anowier. JJK 
raitmll hit . . . Agatha Christie. B-flE • 
Ing the West End vet again with 
ot her ftemJ'Miiy ineenloui ..eitre" 
myturles," Fetbi Barker. Er. Wev ^L-. 

VICrORIA 'palace. ai- 834~1 J17 ‘ 

Trrtee Dally et 2.30 and T-SJi * 

BASIL BRUSH'S NEW Ravil* 

BOOM 1 BOOM B8RT MEEKM 
HOBBY CRUSH AND STAR CO. 

A tree family ahnw.~* D. 
warehouse. Donmar Theetr#. 836"»J|2S 
Royal Shakmpoere Cambiny. To" t 

a&' < maLarndML^ 

seat* luo, aqv. bo*. Aiesreeh. . \ 
WESTMINSTER., 634 02U3. Mon.-Thy- 3 - 
Friday and Saturday J.oo 
.JBUPElOrs CHRISTMAS ADVENTUlp- 
Tha Family MW cal. - K'« 


Itoiwi by It. rHnrioonrted by -be «heer I" L *S5r. 1 ? 1 ! , ]"P. 1 * * Anthony Nowlev'i 
rerre and sufrT—i. nf Il“ Sen. Tel. TRAVELLING MUSIC SHOW 


“ ELVIS ' 
"Staggering''' • 


_FTPYl ews trom March 18. 

WJtiSL 74«« 


RINCE OF_ WALES. CC. 01-930 8S81 WEMBfJEY EMPIRE POOL nntl! Feb. * 5 
Mon. to Fo. 8. Sis. 3.30. oral a. 45 -LAVISH ICE PANTOM WE 

Mat*. Thursday at 3,0. _ HUMPTY. DOMPTY _ W 

•TNE STAGE IS AGLOW.- 7? l,a * r “arkling suactacle.- P- S, 


1853. “What cooks! ^Vfiat a Books, acquired last year by 20th century,and Myrtle Allan’s fSStSS^ tm’ now wWm! 55c 

table! What guests!” Two bookseller Paul BSinet who has The Ballim aloe Coo k brink (Aari- "ews 5 is mervciioM.- surtJ* ewwi! mmdbn olsiim. 437 
years later Soyer produced the put Ann Tribe in to run this Books, £4.95), which Includes 'AfiBTOfc susan naSIyc»k 0 r, 

contrasting A Shilling Cookery side of the business. Mrs. Tribe snatches of Irish history and art a—*!’ T ,thre “ Tfi ' ww. i chnS? u |,A e J 

r— Diumld “ >n ..J I— _'l ___ _. . , _ i . . . "«*2rri Gg^djm. | al , T;IbO« tewn." Evnnlnn « 


Danv Tel-mraiSr Mon. to Frl. 7^«S. Man. WedL.-.^jS 

RICHARD BECKINSALB « f 3.;Sat*. at 2. S 6 8. CMdn. a STJ2- 

, I" — __ CUN hair Drier <racaof sat 2 4l J£- 

luiis^cnlirBv Enwitrle* 902 1234 S' saeW ** 

IOU5 COMEDY MUSICAL. ' Sun ear- nark. •• • : 


I. LOVE MY WIFE 
"HILARIOUS COMEDY MUSICAL." Sun 


7S0 W S^i WINDMILL THEATRE. CC 

,ws ^sg,N# F iHrwjangdf^ ww 'Bfc’ttt. 


for the People, “ to bring whole- issues a mail-order catalogue introduction by Len Delghton toad of toap" hall ~ -jvc MnB SMmurti. n 

some cheap food to the notice of every few months with a special himself a compulsive collector ca m 5E!? g S- 55?® BSff- *° mw . 1 wms'mb ££ bli¬ 
the poor"—which sold over section oi Mrs. Beeton, and also of cook books. ' ' ipi tombi^ limited season to-f« 25 onVy 5 ’ 

100.000 copies in four months, welcomes callers with a cup of „ plJL * A ™m m great , ’ye«?- w ' .- 4 5 ANTH 0 NY N vteS?,NT 

Now that there Is a boom in coffee in her new domain in the JUNE FIELD D «iiwr* t an 8 ri MD-price 0 M*t £ 7 : 73 ' me. ^ hatb‘anb«r 3 m? SI “ ,E 


aatvrtiinmem | n OUEEN’S THEATRE. 


01-734 1166. 


Evgs. B.O. Sat. S.O. 8.30. Mat, Wed. I. 
ALEC GUINNESS In 
THE OLD COUNTRY 
A New May bV ALAN BENNETT 
Directed bv CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAH 
Ployi and Mayen London critlra award. 

One. pf tho mow notable ttittatrlcif 
•vent* in tms eeuntrv fo- • nood many 
years.” 8. Levin. Sondav. Times. 


PAUL RAYMOND praRClRa '■ 

THE EROTIC ■F3?pff|«n«iCI OF .t»« 

- MODERN EHAv- - •. - 

“Takna.tp uMrecme-tM " 

pereilsriMa en oor rtagoL" fVr KT 
Ytm-mov smoke and drink W 

• . AutHIbTlBHL.— —• 

THE ENTERTAINMENT GUlPp> \ 
IS CONTINUED ON 






























r 


{ _ypil3 1 Q-c> 


WjfiHM-‘ jSaturday January 7■ 1978- 


° i <di 



PROPERTY 


LONDON AND COUNTRY PROPERTY: OVERSEAS PROPERTY: 
ESTATES AND FARMS: LAND FOR SALE: INVESTMENTS: 


ish country house 


»* 4 . 
I rt 

v.hn . 
* 

>HJ {, , 
Vr 

K. , 

• it .! 


• JUNE FIELO 

v- m;,.A: 7 * • " 

"•T Axe v?e_ copying the Ameri- 
. J-7.CM* and changing oiir houses 

-‘.r-Tijusf as ve ehange our cars?' 

Judd, one of the senior 
: ; i. 1 partners in Strutt and Parker. 

: . * ■ f .thpfcs that we are, "particularly 
the higher bracket, “The 
j t'- ,ol8 conception of the family 
. . * htuse occupied by successive 
•* .'-•gipwrations is fast disappearing. 

' . ... Top children leave home, the 
' - 1 ' hcase becomes' too large , so it 
' ■• •• is. sold, and the parents move 
...’v-^istQ a cottage.”" 

' ,j. A sad reflection, hut even so 
Kr. Judd feels that the English 
^oontry house (the well-pro- 
, ,. jnrtioned dwelling with a good- 
: .' A; sized garden rather than the 
•!...‘ If • Srger stately borne or historic 
■; r , x louse), still has an important 
" jart to play In a property-owning 
• h P> democracy. “It is more than 
. " iij La borne—it is ’a way of tife.” 
■ v t ■" i.Who, then, are the new genera¬ 
tion of country house owners? 

'" 5t•“ The successful:politician or 
v <i .businessman who wantsto move 
.•m i 1 '"” °ut of town and into the coun- 
'■■:.tiy,* F declares Mr. Judd, while 
': admitting that when anyone 
takes on a huger house they 
•j. V'iij' may be forced to accept lower 
{.^ 'standards of housekeeping. He 
g considers that it is not the size 
the house but' the number 
of people who Jive in it,which 
: makes the housework, although 
,-v ;m S'* I don’t know if I can agree with 
•.,/y the sentiment that it. is easier 
... , n ".;to clean a large house than a 
i ;. .i f *‘ small, one! 

S As far as the outdoors is con-_ 

• cerned, gardens, .hn the grand 
.»'jf scale are fairly .rare, with her- 

:• baceous borders, and rose walks 

• ' ,7. that need- constant attention. 

" • i-t j’j very often a thing of the.past; 

’ in these days of do-it-yourself 
; ‘?ifr gardening, it appears that we 
' are reverting to the 18th-century 
' : ’ h wild garden, of thie kind referred 
;■ 1 « to by Lady Catherine de Bourgh 
( . when visiting- the. Bessels in 
Pride and prejudice: there 


seemed to be a prettyish land 
of a little wilderness on one 
side of your , lawn." 

Most of the country houses 
on agents’ books this year have 
eventually found, a buyer, even 
those "chestnuts" which have 
been on the market for some 
time, principally to those with 
their own funding arrange* 
ments. .Some of course-have 
gone to foreign buyers, anxious 
to take advantage of Henry 
James’ commendation that “of 
all the great things the English 
have invented . . . the most 
perfect, the most characteristic 
. . . is the well-appomted, well 
administered we-li-tilled country 
house." 

Bernard Thorpe have sold 
several houses with land to 
Butch purchasers, and SavilTs 
report that. Norfolk is popular 
with Dutch and other foreign 
buyers as .they can commute 
with ease to Amsterdam and 
thus the continent from 


Norwich airport Although they 
are finding that English -pur¬ 
chasers are re-surfacing, they 
are much more fussy than they 
used to be. “Location is 
important, and the houses 
where the amenities are spoilt 
by roads, airports or. other 
intrusions upon privacy, take 
.much longer to sell, and 
usually have to be reduced in 
price." They have a suggestion 
for dealing with “ gazumping " 
that price-raising practice of the 
boom days which has reared its 
ugly bead again now that there 
is a shortage of the right thing. 

“ One solution is ‘ best offers ’ 
by an appointed day, or efee put 
the property to auction. It is a 
pity -that auctions are not 
resorted to more nowadays, 
since they provide a lot of the 
character, excitement and com¬ 
petition which has been- tradi¬ 
tionally part of the residential 
property market, and now that 



• ' ' ?. 

■- ■ : ; T 
. «• 


Sedgebrook Manor, Grantham, where the Belvoir Hunt meets oh 
the lawn. The manor is in IS acres with 3 paddocks and 7 looseboxes, 
£100,000, Savilk London office. - 





v THE LATE'Dr. Tartakover, a 
• noted chessboard wit. was once 
asked by an admirer how'he bad 

- come to lose five games in 
, succession. " It’s quite simple," 
..... was the reply. 

• - “In the first game,-1 had a 

■■■ . ;• terrible headache; in die second, 

, there was so much noise in the 
tournament hall I conldn’t con- 
.. t. centrate; before the third, I was 
served a badly cooked fish course 
in the hotel; in the fourth, my 

- opponent bad a hacking cough 
which put me off my game-^nd 
as for the fifth, well, you.- can’t 

’ i expect me to win every time!” 

.i A more sophisticated version! 
:■.£ of this story seems at the root 
of the strange goings-on at the 
Korchnoi-Spassky match in Bet 
grade, with, its interminable 
'•TJ arguments over the presence of 
7 special boxes, and demonstration 
boards for the players, and hints 
■;* •*' of magic rays directed at Korch- 
" noi by KGB agents . in the 

audience. 

The extraordinary course of 
the match , has dearly created an 
■,": s atmosphere of great nervous 

POSITION No. 197 ' 
BLACX( 4 men) 



tension. Korchnoi was five up 
after ten games, an almost un¬ 
precedented lead in a- match of 
this class; while to find a parallel 
to the swing back to Spassky, 
who won four games in . succes¬ 
sion, one has to go back to 
Alekhine v Euwe is 1935 (when 
Alekhine took matters too lightly 
and started drinking), and.to the 
oscillations of Stekutz v Zuker- 
fort in 1886. 

Neither the players ,hor the 
organisers can escape criticism 
for the events in Belgrade. The 
organisers' idea of giving each 
player a box at the edge of the 
stage with fa personal demonstra¬ 
tion board was a foolish innova¬ 
tion,-made worse by the fact 
that at the start the buc for £ach 
player was-behind Ms opponents 
back. ■’■ ■ / ■ 

During' the' tenth /game, 
Spassky started to - desert the 
normal chessboard .for ■ the 
demonstration board,/ emerging 
only to appear from behind 
Korchnoi’s back ta ; make his 
move. I 

Given tte desperate state of 
the. match, this pould be ex¬ 
plained only as an attempt to 
change the normal behaviour pat¬ 
terns. It - would perhaps be too 
strong to call it a deliberate 

PROBLEM No. 107 







KBS? 


MOTE( 3 men) 


Black (to move) failed, to solve 
this puzzle when, it occurred in 
a Russian tournament - game. 
Black can choose between (a) 
PxP (b> P-N6. and (C) P-B6 
-eh; which is right and why? * 


I* H ' V-BS^H 

BKB^H^B^: 


WHITE (Hmen) 

White mates In three moves at 
latest, against any defence (by 
F. Giegold). 

' Solutions, Page 2 


attempt at psyching the oppon¬ 
ent; during the Fischer match in 
1972 Spassky also often preferred 
to study the position on the 
demonstration board. 

But the extent of bis doing so. 
given the disturbance to 
Korchnoi was a questionable act, 
morally and perhaps legally a 
breach of Article 19.1 of the 
Laws of Chess. The official 
English version, published by 
Pitman, states that “whilst play 
Is in progress players are for¬ 
bidden .... to analyse the game 
on another chessboard.” 

Upset by the interruption to 
his course of victories, Korchnoi 
over-reacted; while the always 
excitable crowds at chess events 
in Belgrade became even noisier 
than usual Korchnoi’s protests, 
that the spectators should be fur¬ 
ther away from the players and 
tha^ Spassky should be in view 
rather than behind his back, were 
justifiable. 

But \xnade to the accompani-. 
ment df vague hints of KGB 
agents 'carrying secret rays, 
of demands to exclude all spec¬ 
tators and of threats to abandon 
the match and seek a new 
country to stage it in mid-contest, 
they were carried to extremes 
which could only heighten the 
-tension. 

After all the hullabaloo. 
Spassky is now clearly back with 
a chance of saving the match- But 
a sober assessment must be that 
both have shown weaknesses on 
and off the board which .increase 
' Anatoly Karpov’s chances of 
beating the winner with some 
ease this year. 

.. ?In my view, the chess contest 
.which really matters for the 
'foture of the game is not the one 
hi Belgrade but next Wednes¬ 
day’s replay of the BBC*2 £5.000 
. Master Game series. Tony Miles 
drew in this week’s game by 
brilliant defence, thus avoiding 
defeat for the first time in an 
. to dividual encounter with 
■ Karpov. A good performance in 
the. replay (BBC2, January 11, 
r"0 pjn.) will imply that Britain 
has.a real contender for the chess 
-.throne in 1981. 

LEONARD BARDEN 


there is more strength in the 
country house sales field, it is 
hoped that auctions will once 
again become fashionable." 

In spite of the agents’ con¬ 
stant cry that they are so short 
of property, there is a fair selec¬ 
tion of country houses stfll for 
sale in desirable areas. They 
currently include: 

Bedfordshire: Ampthill, with 
hunting with the Oakley and the 
Vale of Aylesbury, golf at 
Bead low Manor and Bedford 
and County courses, is com¬ 
muter country too, with its one- 
hour train journey to St. Pan- 
eras. Dynevor House is an im¬ 
portant early Georgian house 
listed Grade U with a star. 
Although it is near the eastern 
edge of this old market town, 
it is on a comer of Church 
Street and Rectory Lane, which 
' is a cul-de-sac, and once you 
are in the 11-acre garden with 
its ornamental rock pools and 
lawn with spreading chestnut 
trees, you could well be in the 
heard of tfie country. Five bed¬ 
rooms, 3 bathrooms, and a sepa¬ 
rate s.c. flat, £70,000. (Strutt and 
Parker, 13, Hill Street, London, 
W.l, and Johnsons, Nether-field 
Centre, Milton Keynes, Bucks.) 

Buckinghamshire: Little Mis- 
senden is popular commuter 
country too, being 30 miles from 
London. (Great Missenden 45 
minutes to Marylebone, nearby 
Amersham 40 minutes to Baker 
Street, or just under an hour to 
Moorgate). Trout Hollow is a 
4-bed, 2-bath Georgian house on 
a quiet lane which connects 
with, the A413 Amersham to 
Aylesbury Road, in 2-acres, with 
a heated swimming-pool, a lake 
stocked wdth fish bordered by 
the River Misboume, and a ter¬ 
race said to have been laid out 
by Lutyens. £65,000, John D. 
Wood. 23, ' Berkeley Square, 
London, W.l. 

Cheshire: Meg Lane End, 
Higher Sutton, near Maccles¬ 
field, is a 5-bed, 2-bath 18th- 
centdry house with superb 
views over the Peak District 
National Park, about 850 feet 
above sea level. Trains take 2\ 


hours to Euston. and the M6 
motorway is at Sandbach about 
15 miles away. In 6£ acres with 
a paddock, and cottage, £70,000. 
(Strutt .and Parker, 13, Hill 
Strefi. W.l.) 

Essex: JHenham, near Stan- 
stead, five miles from Bishops 
-Stortford, and Liverpool Street 
52 minutes. The 6-bed, 2-bath 
Glebe House is of 16th century 
origin re-fronted in the late 
Georgian-period, situated in a 
conservation area. In 1$- acres 
with heated swimming-pool. 
£67.500.- (SaviUs, 20 Grosvenor 
Hill, W.l.) 

Lincolnshire and Leicester¬ 
shire: Sedgebrook Manor, 

Grantham (5 beds, 4 bath¬ 
rooms), is on the borders of 
Leicester and Nottingham, 95 
minutes from King's Cross. The 
Belvoir Hunt meets regularly 
in the area and has a meet on 
the Lawn of the manor .which 
has a history dating back to 
1240. There are good shoots in 
the surrounding countryside, 
with, racing and golf nearby. 
The manor is in 15 acres with 
3 paddocks and 7 loose boxes, 
£100,000. fSavills.) 

In the delightful village of 
West Deeping. South Lincoln¬ 
shire, not far from Peter Scott’s 
Peakbird Sanctuary, is St 
Andrew’s Lodge, a former vicar¬ 
age built by E. P. Loftus Brock 
around 1869. There are. five 
bedrooms, a s.c. flat two stables 
and a wild water garden as-well 
as a formal rose garden. Strutt 
and Parker. Spitalgate House, 
12 London Road. Grantham, 
together with Vergettes of 
Peterborough, are looking for 
offers in the region of £45,000. 
The Old Rectory, Market Over- 
ton, near Oakham. Rutland,- has 
6 bedrooms, 3 bathrooms, a staff 
flat heated swimming pool and 
hard tennis court, for £60.000 
(Strutt and Parker). Another 
old rectory near Grantham, also 
in the Belvoir Hunt couni«r. 
with paddocks, stables and a 
swimming pool, is on offer at 
£45.000 with three acres, and 
nearer £80.000 with 23 acres. 
(Through Strutt and Parker’s 
Grantham office, which has a 
good selection of country 
houses from £35.000 unwards. 


RIVER WYE SALMON FISHING TO LET 

As * result of 1st* csnseUsoon on bus under msiHEeraent and of recent 
inscructrons, err un alter rads an i one day per week basis on the following 
beats of ibis famous river. 

RIVER WYE. A well known beat possibly one of the best on the river, ever 
I mile of single bank. 5 year average 151. Good hut. easy access, services 
of gbillic and easy Ashing. £600 -i- VAT per rod for 2 out oi 1 rods only 
on Mondays. Thursday 1 rods Cl.800 + VAT. 

LOWER WYE. A well known beat in unsurpassed woodland surrounding*. 
2; mile double bank, good hut and access. Shu-ed boats and ghiille. S year 
average 106. 2 rods only out of 4 to let at £300 per rod 4- VAT. Fridays only, 
MIDDLE WYE. Over j mile single bank, port of well known beat Good 
access. 4 pools. 6 year average 17.6. 2 rods £100 per rod weekdays. £125 
per rod Saturdays. 

MIDDLE WYE. 1} mile single bank, 5 pools, £200 per red tar 2 rods. 
Monday. Tuesday and Wednesday only. 

TROI/T FISHING on rivers and streams on Welsh border also to let by 
arrangement. 

Fall details of the above and other fisheries: 

BERNARD THORPE & PARTNERS 

Thorpe House, Broad Street, Hereford. Telj 0432 6202 


BREDGAR— 

BETWEEN MAIDSTONE/SiTTINGBOURNE 

HISTORIC QUEEN ANN RESIDENCE 
.One Acre walled gardens, bams, tabling, two reception plus unusual 
and attractive dining room, five bedrooms, two bathrooms, large kitchen, 
all modernised with full oil eentrai heating. 

An imposing, yet easily run home, one hour from cencral London by rail 
or motorway. Oflen around £50,000 

Phone weekdays WORMS Hi U. 200 or SHEERNESS 61255 


& Chasemore 

WEST SUSSEX 
Aiiiborotigb Station 2 miles 
(Victoria 70 mioatet) 

Tudor-style Country Hoots with 
Cottage in acres. 3 reception 
rooms, domestic offices. 4 bedrooms. 
2 bathroom*. Oil heating. Garage. 
Two-bed roomed Cottage. (4; acres 
with Development Potential.) 
FREEHOLD £69,500 
Apply Pulbo rough Office: 
07982-2031 


AGKICUli URAL 
INVESTMENT 
Cambridgeshire — Hear Oundle 

5-4% gross 

402 ACRES 

Let A Producing £11.300 pi. 
Price £210.000 ftegton—Frhld. 
joint n{em: oicuoc o oon 
Thrapston. Kettering 
v.i. T*-,wi /nan 151 TMi 

BIDWELLS 

chartered surveyors 
Trunfungton Road Cambrige CB2 21X1 
Tekphong: Trunpngion (022-021)3391 


EAST SUFFOLK 

17th Century Farm House 
To Lot on Long Lease 
part furnished 

3 Reception, Kitchen, Utility, 
5 Bedrooms. 2 Bathrooms. 

Workshop. Garage 
A Fine Grade II Listed 
property recently modernised 
and for which highest 
references required. 

Full detflifi from 
THOL. WM. GAZE £ SON 
Chartered Surveyors 
Hoyden Road. Diu. Norfolk 
Tel. 22«l/3 


SALMON FISHING TO LET 
RWer Tay—Stanley Fishings 
for 5/6 Rods. Weekly periods 
Jan. 23-23. Jan. 30-Fcb, 4th. 
Feb. 6-llth. 

Apply 

STRUTT ft PARKER 
13. Hill Street. London W1X SDL 
Tel. 01-629 7202 (Rtf. J.W.) 


[APARTMENTS. U'te lYii.kanc-.lc-. cwn- 
) lortabie rrom*. i jnd 2 nrdrerm'.. ia<- 

lmocirun; r*ccu’ »cs. available <n Central 
I London. Apalv: Prc*i3onr.3l HauiC. 

| 1 Un.wirwtv btrret. earner of TOTtt.-tn.un 

Court Road. London. WC.t. England, 
in. 51-S88 IJ12. 

DEVON. Between Eacicr idm.i ana Tl*«- 
U.T HOm.i STOKE CANON VICARAGE, 
with 21 acres Inc. rnier.bounded oa - -- 
tore. • S reception. 6 beds. Main and 
o t. Agai. Suit modernisation as pleasant 

lamllv home. Aucr.on mid-Fen Details 
from CHAMBERLAINE-DROTHERS ft 
MICH ELMORE. 1. Barnheid Crescent. 
EXETER. iTcl. OS**2 7S31B>. 

SUFFOLK. Aldcborgh 8 mile* ? House*. 
Cortao*. Flat, d acres land. Buildma Plot 
with OFP. £71.000. Full details ohona 
07=8 5316 

FOR SALE Luxurv Bungalow ovcrtM*:"!* 
iwautiiui Yougnal Bay. Southern Ire¬ 
land. 5 BeCronms. 1 acre Bardens. Oil 
Hcatinn. leieohono. Many extras. Idcti 
home lor Baiting. Shooting and Fiin.no 
Encnuilssr Pnce £30 OOO _ . . 

COTE D'AZUR villa apartment dcflghtluliv 

situated. Three dauSIc untroam* two 
I tMthroam*. swimming oool HYFLEET 

; sissi. 

ILKLEY. Moving North High Qiuhr* Dc- 
, t wheel ExFCutue Homes in ares re¬ 

nowned lor its awgniftcm! scene-v. 
IS minutes Leeds. B radt: r a Arpr-i 
I Brochure it am Yttcs Buiid.ng Co Ltd.. 

I 45 West Street. Brighton. 


WOODLAND 

Attractive small plots of about 4 acres 
of established' conifers in Scotland. 
Freehold. .Trees range from 10-50 
yean old. Young trees about £200 
per acre. Management arranged. 

Trouble-free investment. 

Tel.: Mr. Hose good 01-629 2731 or 
Maidenhead 'CS2H4 711481 


Only £1.25 per line (minimum three lines) 
Return this coupon with details of your property topeiher with 
your cheque and publication will take place next Saturday. 


FOR SALE 

PARIS—BUTTE MONTMARTRE 
1st floor, one-bedroom flat, all 
amenities, attractive view over 
Paris. Write to: 

Mrs. Hue. 

37. rue St. Vincent, 

75018. Paris. 

Tel: 254.61.65. 



CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES, 10 CANNON STREET, EG4P 4BY 
nr telephone 01-248 8000. ext. S90 


Chieftain InternationalTrust 

A World-Wide 

Investment Opportunity 
ForThose Seeking LqngTerm 


FIXED PRICE OFFER CLOSES ON 13 ™ 


LY1978 



THE HARPER and Queens/ 
Philip Morris 7 Tournament, 
which was held over the holi¬ 
days at the Europa Hotel, was 
once more a great success. I 
have chosen two deals from one 
of the Pairs events; which I 
found interesting. Let us look 
first at this: • ^ _ . 

: -s.-Z 

• K9B4 

•' ~ ' 

<>KJ109864 

. *43. - - 

..W. E, 

* 75 32 * A 6 

<59842 ; QAQJ753 

OQ: . 6 7 53 

*J962 . V *KQ 

• • s. ■■■-. 

‘ *Q J 10 

O K10 6 
. OA2 

* A10875 


North dealt, at game to North- 
South, and East opened; the 
bidding with one heart, South 
doubled, and West raised to two 
hearts; North- now made a 
sputnik double. East bid. three, 
hearts. South said four t ‘clubs, 
and North said four diamonds. 
Now, assuming that North must, 
have- spades, South bid four 
spades, which ended thee bizarre, 
auction. Five diamonds. is, as 
you -can see. cold. 

Against the spade contract 
West led the heart nine; and the 
declarer wisely discarded a club 
from the"; table."allowing the Ace 


to win. The King of dubs, which - problems. North responded with 
came next, was won by the Ace, two clubs, and South rebid two 
and the declarer now cashed the- diamonds. North now gave jump 
diamond Ace, dropping West’s preference .with three hearts, j 
Queen, and switched to the anil South said three.no trumps. 
Knave’of spades. West followed;which became the firial contract| 
with the two, and East won wfth r In spite of South ? s diamond j 
the Ace. rabid West led the diamond! 

At this stage East can see Queen, which was allowed to 
that five diamonds is cold and-win, and followed with the 
that four spades is also a make three to the King and Ace. 
if South has a four-card trump. Chibs were at once attacked, 
suit. The only hope of defeating' tod West bad to win the second 
the cohtract is to return tbe-round. Forced to switch. West 
Queen of clubs and force a how led the five of spades, and 
trump from dummy. East. how--7East’s Queen was taken by the 
ever, did not give sufficient-Ace. 

thought to the position and led-: -Now at rubber bridge the 
a diamond for West to niff,., declarer would simply ron for 
This ruined the defence, and'home with his nine tricks, but 
620 for four spades as against? *t match point scoring this is 
600 ‘ for five diamonds did not^not- good enough. It is clear 
swell East-West’s total of match;.that three no trumps Is a 

points. .'.^“popular" contract and that 

The'next example illustrates 1 -no one is going to have any 
the tactics peculiar, to match- .difficulty in fulfilling it 
pointed events: ; Therefore, the only hope of 

' —:--7obtaining a .good score Is to 

. N. • '-risk the contract for overtricte. 

*32 ■ ’ That is to say, the heart finesse 

•9AJ9 7 ' must be attempted. If it is 

OS2 ’ wrong" and the contract is 

♦.KQJ10 9S . defeated the declarer will hot 
W: ' E, . . . suffer unduly, because all the 


The aim of the Chieftain International Trust 
is simple enough. It is.to provide investors with 
sound long-term capital growth prospects. 

A professional investor with very substantia] 
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attentions to only one country 

Chieftain International offers this same service 
to the private investor; removing from him the 
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world prospects look best. _ 

The Pick Of The Worlds 
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"fundTheir objective is to maintain a comprehensive 
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opportunities for growth. 

To this end, market conditions on all continents 
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We believe this lack of geographical and 
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Portfolio Stratecy 

The Managers' investment aim is to limit the 
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deployed at present- 


doDai; the failure of the long-expected rise in 
American share prices to materialise and a lack of 
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all UK-based international investment efforts in 1977. 

That Chieftain International stood its ground 
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The Managers expect the USA to play an 
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Investment overseas has its obvious attractions. 
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♦ J87.5- *.Q 109.4 . other experienced competitors 

: PK103 ©874. ‘wil> be taking the same finesse 

OQJ9S OKT4 \ and going down as widl. 

* A 7 . ' * 6 5.2 ' • So at the sixth trick South 

. - , . S. - ; leads the. heart Queea, West 

♦AK_6 - eovers with the King, and the 

. . SQ'6o2 Ace wins. Now the clubs ^rre 

o A10 6 5 _ run off, 'and at tbe eleventh 

*48 trick a .soade to South’s King 

- 7 - ' ■ -' s qnop»pg wmi .-mil the declarer 

- With North-South vulnerable. toakes two overtricks. 

South .dealt .and said one heart, P. C. COTTER 

the only opening to avoid rebio- 


U.K. 

USA 

Australia 


HongKi 

Canada 

Cash 


It is here that we must emphasise the long- 
term nature of this type of investment. 

. Whilst you can seO your units at any. time, it 
must be remembered that sound and steady growth 
is the object, rather than short-term speculation. 

In its first year the performance of the trust 
has beenhddbackas a result of the weakness of die 


¥)ur Reassurance 

. Chieftain Trust Managers Ltd was established 
in September 1976. Its four trusts, dealing m overseas 
as well as UX. markets, have already attracted funds 
worth £6 miflioaThis exceptional rate of growth has 
owed much to the considerable support Chieftain 

Application Form 

Fill in the coupon and send ir now to-. QiidtsinTrasc Managers 
Limned 3d SI Queen Street, London EC-lR IBR. 

I. 'Si would like 10 buy Chid:am International Units to the value 

iY E_. ___ at24 7p cadi. 

(.Minimum initial holding. E25u> 

J-Vic enclose a remittance...payable to Chieftain Trust' 
Managers Limited. 

Tick box: 

I 1 If you want maximum growth by automatic re invest m ent of 
j—j net income.. 

1 | If you wont u law how to bay Chieftain International Units 

□ on a rcguhr monthly basis. 

If you ■would Mm details of qur Share Exchange Pbn. 


has received from stockbrokers and investment 
advisers. 

The Trustee of Chieftain International Trust 
is Midland Bank Trust Company The main duties 
of the Trustee are to hold the title to the Trust's 
investments, and to check that all purchases made 
by the Trust are in accordance with the Trust deed; 
to ensure that the income is distributed to -the unit- 
holders properly; and to approve advertising and 
literature. 

Tax Advantages 

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

If you are a basic rate taxpayer; you will 
generally incur no tax liability when you come to sell 

Ifyou are paying a higher rate oftaxatthe.time 
of sale, you will be liable to Capital Gains Tax. But, 
even for the top-rate taxpayer; there is a maximum 
liability of only 13% (against the normal rate of 30%). 

Closing Date 

Until 13th January 1978, units will be available 
at a fixed price of 24 .7p each, to give an estimated 
current gross yield of 3.35% p.a. Your applicationwill. 
not be acknowledged, but you will receive a certi¬ 
ficate by 24 th February 1978. 

FiO in the coupon, or talk to your financial 
adviser without delay 

General Information 

. This offer will close if the underlying price of 
. units should rise by 2 1 a%.-After 13th January 1978 
units will be available at the daily quoted price and 
yield published m most newspapers. 

Chieftain International Units were .first offered 
on 8th November 1976 at 25p each. 

There is an initial management charge of 5% 
included in the price of units. There is also an annual : 
charge of a 8% (plus VAT) which has been allowed 
for in the quoted yield. 

The Managers will pay the standard rates of 
commission to recognised professional advisers, who 
are invited to ring 01-248 3612 for further details of 
International and other ChieftainTrusts. 

Income is paid net of income tax, but this can 
be reclaimed by non-taxpayers. 

Distributions and a report on the fund are made 
yearly on 31 st August. 

This offer is not applicable to Eire. 

The Managers of the Trust are Chieftain Trust 
Managers Ltd., 30/31 Queen Street, London 
EC4R IBR-Telephone 01-248 2932. 

The Directors of Chieftain Trust Managers Ltd., 
are R L Potts, MA (Chairman); R j. D. Eats, MA, 
MJ3A; J. D. GiDett, B5c; I. H. A Hazeel, F.C.LS.; 
ALF.ICTod ..iiSssN 


QUEFIAIN 

TRUST MANAGERS LIMITED 


. l/MLic declare that I am we -vc over IK .ind not rc^dcnc outside I 
die U.K. or Scheduled Tcrrirorics and (hat 1 am wc arc nut * 
acquiring the units as norrunetis* fti ,inv person!*) resident J 
outside the UX or Scheduled Tcrntorie*- (.If you arc unable tu cjgn i. 
rhh dcdar.Ttk.tn it should be deleted and your application lodged { 
through an authorised dcposuny) i 

SURNAME >JMK MRS MS?'-! 

HRSTKAMBSUNRJL1-1_ _ { 


SOWTLKE^---- — ... . J 

(If there are joint appficruits aD must sign and attach names and ■ 
addresses sep arately* iRcg'd nUke as ahme. Rcg'd N o.7Hilts') J 


































• Fina 


Boats 


Marine Mortgage 

For all types of new and used dinghies, small boats, yachts 
and motor cruisers - in fact almost any size of boat whether 
registered or unregistered. 

Where the advance is over £2,0C0 our Planned Mortgage 
combines the advantages of interest calculated day to day, 
with fixed payments that are easy to budget. 

Marine Budget Account 

To cover your annual sailing costs for such things as 
moorings, iaying-up fees, insurance etc, open a Lombard 
Marine Budget Account and repay by 12 equal monthly 
payments, so spreading the cost. 

Marine Loans 

Loans can be arranged for full or partial refits, replacement 
engines, sails and radio and navigational equipment, all of 
which will increase the re-sale value of your boaL 
Freepo 5 tthe coupon for full details and an Application Form. 

/Lombard 

f North Central 

Limited 

Credit for Boats 

Lombard House, Curzon Street, London W1A1EU 

Further details of aJI our credit facilities sre available without obligation 
tree of charge upon request Credit or hire ter ms are not available to persons 
under 18 years of age. 

1 Marine Finance Department, Lombard North Central LUL, j 

I FREEPOST 4, Cuizcn Street, London W 1 E 8 UZ. | 

J Please send me full details of the RYA Members Finance Plan. j 

I I am over 18 years of age. I 

| NAME___ | 

j ADDRESS___ 


1 - m [ 


New rush to the water 

BY STUART ALEXANDER 

WESTERLY MARINE sold 84 of poor sales the bis yards weather. So far the latter has ever, very few people are bow 
beats at the Southampton Boat have to straggle to maintain been kind. buying this type of boat for 

Show in September last, a good profit margins, while some There are those in the in- pleasure sailing. Once again thi* 
enough result by any standards smaller yards go into hiberaa- du£tly wfao wouId Uke lo see A camo al ufc ' tirao of ^ 
especially when compared with tion. and the whole industry instead a raa j or European show tor rant VAT Since then 
the much larger London Boat has a generally poor time. at tiTOn , in *h e Amsterdam. P ° r cen1, . ™ 

Show of a year ago at which Then, when life improves, the DusSfdSS Hamburg triangle S raanufactunng costs have riasn gg 

ttj S *Zl COmpany SoId ab0Ut ffl y riad nf small boatbuilders weU as a major show in the U.K. SlgJ- ^ Mv ab?ut £LOo3^r V 
five more. re-emerges, ready to undercut B ut London is still a good place “SlJfJL 1 -rfflf has out a ; ^ 

But more significant was the the big producers. It only takes t0 launch new products, J^!?off T !_ S bearinc in mimf 
fact that all of those S4 were two men, a bandsaw and a will- especially ancillary equtpmcnL fSf !hi,?5wiii 

? Kn - -5 jsszssstls SSSSS 3 

marked the end of the great individual matter—as opposed “ sn -u ic 4._ rwt «o 7 0 c „7. ^ - S- 

famine in borne boat sales and to the hnlk orders placed by ‘ ro uni L.M with _ k .!?T5SJ! forwa 



ssua rsA'nSEi rsss a *^ *».*«**««*■ : 

famine in borne boat sales and to the hnlk orders placed by m ’boats* are «in* sold with fo™ard and are operated by whereas two or three years a 

may have signalled a revival major overseas agents - the '££(££ «uW targe or well-established » the pmqm *» very Weak, 

which wtll continue all the way market 1S quickly fragmented. ^vaise the manufacturer has !” c ev-pected to provide the P^ies. With any luck at all t 

3 “ l™?’ ™' s j. always done it that way in order cni ] S i ns boat buyers of a few „ - industry-should be n roving ba 

Show, which Advanta&e to keep the basic price V ears time. FcLVOUVttC into prosperity for t 

opened two days ago at Earls attractive, sometimes because * __,.__ remainder «»r the decade. T 

Court, therefore takes on new 
significance. 


t ..Hm _ * j • itjoc u um'. ui wuvi cruising otiat ouyers oi a lew ■*-* • ‘....'WM.- ---- 

l,nndo i J . Ba 5 Show, which Advantage to keep the basic price vears time. FcLVOUVttC »nl«» prosperity for t 

opened two days ago at Earls f r attractive, sometimes because * „ Bnil „ r rhe remainder of the decade. T 

^.ourt. therefore takes on new In ^c past vears the customer# prefer to finish off ™ The Norfolk Broads have been pilSJfl h,ii t y 0 f a genera! elccii 

5 ; ^l fic ? nce j , _ • major producers of both boats the boa: themselves either with a favtmri,e boatinu area fur in 197 s preceded by so mo | 

•v T ^?- ec !! le of . u * lcerta,I ? t yand equipment have looked to equipment of their own choice, SJh.S man ! r years, with the canals u. e ,,» s a nd m.uv relaxation on p 

mdU5t ?' !I i sales overseas to carry them «v«h equipment they already ST? “2 S2S?VtoJ. BP JE22 .*>&* «“• Seutland nnrt llrei 1, arL , a |j bnnsls t.» eonfid^j 

1970s has taken another lurch over th e i ea n times ar' home. own. l!anr boats are available S longhoats more rewntl.v coming whl(?h g i,„„id be translated j* 

which will require those com- The latter began with the hefty in ail stages of construction J SS.I5? into popular favour. The Solent liloro signatures on the bo«( 


In the past three years the customer# 
major producers of both boats the boat t 


because tee manufacturer has he expected to provide the 
always done it that way in order cruising boat buyers of a few 
to keep the basic price vears time, 
attractive, -umetimes because ' , tco „„„ „ r rha 


bothrapidiy anddeverly ma 7 *5 ™ lenT VAT—now * the Strnn? mark t ! in «««* m^sailmg SaL, f^hancr «**? 

bid to make boats available to thankfully reduced to 15.5 per But the show is not just about nJSSriSd EuroM® ^ ^ which as wril as morc vju' hav^to^put n someSS 

a resurgent home market At cent . but still a bone of con ten- boats. Engines and radios, bilge n, ^ land Europe^ expensive need more expertise ™ - |M JJf 

the same time they must con- tion—and then compounded by pumps and oilskins arc all dd d is- This in turn has led to m- to sail them. To these have . a >^ ar bcautrfal 

tinue to nurture those export a faUing p0UTld and a severe play l0 entice the e:usting or creased competition aiming been added the canal boats of n "•! no j ^ 
markets so hard won over the incomes policy. ootential owner More and more y^ht . brokers. who have France, which offer safety and ; e « 

last five years but currently also Now the overseas producers people a re now fitting ship-to- recognised a lucrative market at overseas cruising, and the fleets “' £**''■ ' 1 * 

going through a lean patch. have responded to the enmpoti- «here radios and Guv Dixon of a time when their traditional 0 f the Greek Islands and, more . ,UI - - n 

One spin-off for the potential tFon Britain. Thev are Electronic Laboratories, which hunting ground in the UJC has recently, the Adriatic „ , „ ... 

buyer walking round the stands able T0 take advantage of the nroduces the Sea voice range, been rather thin. The brokerage Those who really feel like Monruic* are nvam looKina 

at the show will be the willing- strengthening pound and reports that these are now being system, whereby the yacht, is splashing out should talk to Utile wraree in «.. m n are 

ness of some of the smaller strengthening market while, in installed in boats anything from sold by an agent on the owner's Camner and Nicholson. David sitnouvn «>tn ni« »rignt 

builders to snatch eagerly at the the case of the Sweden, thev 15 feet-Ume upwards. behalf and a commission paid Halsey or Castiemain. But Marina now open ioroii#iM 



BY ROY HODSON 


charging f!4-pius per foot n 
annum plus, of course. V.i 
and other charges. Even rtii 
you may not be lucky. At 
with boats, from the minute yi 
own one you need all the lu> 
you can get. 


. 


A complete range 


s aura njgni-c‘uD». \ . .... 

ches» Swifwmng-poot», Tenets courts, swopping <beittra.' -. •?: 
aol. two m&gndlcwrt goif courses stretching thiough frififtwiKxSc. - 
a -umist- on your route. For your beat. For your (omff&For yborsefL 



time for the season" and the j n a into line again with the own for the first time this year, broker is a reputable one. fn r that superb 98 foot ketrh si.giwy. 

inevitable stretching of that comoetition. The idea is to attract more If you do not want 10 buy a in Monte is probably enough It is best, however, to roa 

wait for an unlucky few. Meanwhile there will be the people into buying dinghies for boat, but think you’would enjoy to make your hair turn grey and sure you have snmevvhcre 

But with interest rates down, usual emp of new designs and the first time following a serious a holiday afloat, then the show your bank manager reel back- put your pride and jov bero 

prices rising.at about 1.5 per products at Earls Court with drop in sales of this kind of also offers many opportunities wards in a dead faint. you buy it rather than afti 

cent a month, salaries and wages a heavy leavening of boats that boat. to charter or hire the craft of Most nf the show will be for There is already a nerd for. 

higher and the prospects of a we have seen many times Although the dinghy raring your dreams. Most of these ordinary buyers who can see extra marina in the Snlent a, 
boost in property prices around before. fraternity is still as dedicated as holidays are very straight- now the opportunity to buy, waiting lists are Ions for pi 

the comer, the continuing flight Theme nf this -rear's show will ’ lie mooring. Marinas a 

from capital is likely to lead a he Scotland, with the Scottish charging £14-p!us per font p 

good few to pluck up courage Devrionment Aeennr. th? Hich- j V f* • • annum plus, of course. V/ 

and buy. hnds and Islands Development § /WA JT#f 4Tkt f* Vli 1 Cf and other charges. Even Th 

The higher cost of sails and Bnard, the Scottish Tourist UWVifl f 79 i/f Mfkjl'llj££, you may not be lucky. Ai 

most initial equipment—with Board and the Strathclyde mF with boats, from the minute yi 

the exception of some engines Regional Council joining forces own one you need all the lu< 

where a fierce battle is breaking to sell Scotland as both a holi- _ v Drw unnenw you can get. _ 

out in the UJL—coupled with day and cruising centre an'd a Br KUY nuu;:>uw 

higher wages in the boatyards region for industrial invest- 

Jhwu^Vtel^whltaMyrlM "me show is still the best W*nLS RACING gives yachting will always be a r.adv market navisation equipraont and ndio 

in the cost of nil will he reflec- vehicle for ssles over the whole ttat «*» of exeitemem it is to for the weli-msde .special to facilities are now miptovins 

ted in increased resin costs. year, although there are increa.c crui * Il g that , rhe b0 . at ' ^ Ign 5J 1 ? 5. ver y rapidly and offer much 

However, there remains the ing rumblings about tite timing, builders and .he marine equip- designer and bunt bj crafts- better safety factors for inex- 

one great dilemma of the U.K. Southampton has become very ™ enl manufacturers are looking men. perlenced sailors than were 

boat industry, which all thought popular, comil^ as it does at ‘ or vo ^ urae business. Q ne casualty of the growth available only a few years ago. ^ COIB&lfitG rfiOQS 

would be resolved over the past the end of the summer, but it is One current trend is for a in family cruising as a week- The GPO and the other Euro- , 

few years. That is that in times vulnerable to the vagaries of the boat-build:ne compan> to hit the end and summer holidays pean authorities responsible Of reliable* 

-:- 1 headlines with a fpt boat, often activity is the sport of dinghy ior ridio have put considerable ~ nf 4 

1 . as not crewed by a "works sailing. Ever since the post-war f Unds j n t n exnandin" the \"Hr SCCliraTe ana 

team *" aad t0 tMmg up-rhat boom in dinghy sailing it has radi o-tdephone network for rn L., e x 
i ^V* vanta §e without delay by pro- been axiomatic to a generatiort m arifie US e. This is probably ^ObUSi 

ducing a de-tuued version which of sailors that a sound th Wjusest single new factor plpctronic 
V- .. h »»■* pwcticil for apprenticeship in sailing starts [j}* cutthiff down loia^of lUe at eleCtfOniC 

family sailing. with crewing and later owning sea _ ^ ts are reasonably instruments for 

»Meanwhile, by far the biggest a dinghy. But now many priced are expected to nnr i 

?! ISt&'-Ab-i - proportion of b-^st-builders both aspirant sailors begin with he come cheaoer because of navigation and 

at home and overseiS are °>n- ° r h ^ek-end keea intern ational competition o a !lina 

• fent to rely almost entirely upon racing round the buoys and fnr what is a WO rld-wido sailm 9 . 

the cruising market. A good never sample the dubious raarket n^rformanrs 

example of a go-ahead company's Pleasures of sailing in boats Fina ,, „ enefa , ioi . P 9rT0,mancB 

approach -to the yacht market, is that can capsize. equipment for yachtsmen to find measurement. 

' provided by Westerly Marme of their portion at sea by radio- 

Waterloo\die. Having built a Fl&bft beacons is now starting ro BROOKES 

.*• -Sf reputatl0n »"««"“» j appear on the market It will & GATEHOUSE IXC 

1 f • . an nn J ??^ 1 ? range of Acknowledgement that the make life easier for experi- nanw- jrrf Mi** 

cruising yachts Westerly expert- dlnehv sector of sailing is Cn ced navigators and, it is «* ^coie wst-uamw for . 

' :•'*'’**** •’/*■-*• V- -V- VI*-• -v> ! vV? " rented by adding a racing shrinking has come recently h 0De( < should help some treos Bath Road. Lvmington. Haws. 

,V. v . *,%>:?" •' fe’V.*'-.-. 7V/*; ••• Ml-.V'*/ design, the GK24. to its range, from the dinghy sailor's tradi- SSSEt’-SSS- ,S/ P S * Tsl: (0S902 74^52 Teles 477724 

• ■••••'. •' -'v. : Phased with the results, the tional friend Yachts and Yacht- - ^ 

ViiFJ.*••• *•''*%* •'••V//.Ui •; cnrr P ar »- v is going into pro- ing. A survey conducted by the ' 

H) M • , • .\V - ' .- ductiou this month with a half- magazine shows that entries are ^ ■■ 

orivate tourlW u-ictertsVlnos, •! ! ' ' ' 7 ‘ Conner racer, the GK29. It is down for the majority of 

. v;.. y; ... likely that more builders will dinghy racing events. A.K| 

7 "' v foUow this path by including But the healthy development ’ «i 

s^iscci»t&: ' .X-7-,.--s- 'V? 3 ; V.^ S!*° fof the cn,isin S habit must \ % vVY\\\U(| 

iurscs stretching through pinewiKx3s. ' 'j b ° at ^ w,t hin a c com * depend upon their being some- 

r your beat*For your bnydi^For yowrseff, p -iJI 8 tSL m ,ta. where to sail to.- Already this 

!T V: s.: - • j C -y.-'C The day of the true cruiser- becnme a problpm , R 

*'r. l;'r, racer design is oyer, at least favoured parts of tte Meditcr- W 






performance 

measurement. 


Finally, new generation 
equipment for yachtsmen to find lTl©aSUrem 
their position at sea by radio¬ 
beacons is now starting ro BROOKES 
appear on the market It will & O AT E H C 


«nsr.v- >;- ;. A - W/rf . "V)f-;-v}v> . 

* : -V <' '*0Y-' 

" 

fifties-.*. •••Vv --v 

priwote tout1®«-..; ; \•;. • : . s .*. • • L r -.' 

id v ik as. -. .. i- v: • ■ • . ., • • *«' :■ "4?-^ C 

liar courts! K. 


& GATEHOUSE ZXX 

Pioneer- jrrf m yld hj-Jet 1 
in tfee licnic mst-umeity.^i fa _ 
Bath Road. Lymington. Har.is. .. 
Tsl: (05901 74P52 Teles 477724 


' • .-.i-'lc ’ J 






. *; 


\ ) i S->• 

; i j t*:- 




“ e WjXk 

points of reference 

Latitude 37” O-i 32 N - Longilufle 8*.07.18 W 
Distances tin sea miles): 

London . 

La Rochelle ." 

Vigo , .. 

Lisbon . 

Tangier. 

Gibraltar. 

Porto Jose Banus (Marbella) . 

Cannes . 


VILAIAOURA MARflMA 

VILAMOURA - ALGARVE - PORTUGAL 

Tel. 65404/5 Telex 16348 Marina P 

Please send me. without any commitment on my 
parr, your folders on VUamoura Marina, and general 
details on prices. 


under the present international mneaa where people are some- 
rule for rating,y actus. It is times reluctant to abandon a 
necessary for the prospective mar j na berth because thev mav 
buyer to decide whether he nnt ^ ec , lia „ 00d facUitlrs 

W i?S ^racing boat which has _ water . elertricitv and even 
strictly limited potential for te i ephone facilities to each 
cruising purposes, or a cruising herth _ at the nejct marina down 
boat which can never be ^ pQ^t. Even worse, thev 
senousdy raced. might not be ahle to eet a 

bePth St 8,1 3nd miBht fa ave to 
offshore and on inland water- *>,«{- Pnr hor« w^r 
ways has been the most impor- ge ! ™ ow weL T , 

tant single factnr influencing 111 British and European 
the boat industry inter- waters the circulation of boats 
nationally during the past ten * s rather healthier and it is 
years. Looking, ahead, percep- rare t0 be refused a place in 
Live manufacturers are doing a harbour or a marina. Never- 
their best to discern what new theless over-crowding is being 
factors will influence that experier-ed in some places. As 
trend. fast as the authorities of the 

Bailiwick of Guernsey build new 
/’i-ajisf/pjaciV/n berthing facilities at St. Peter 

rv/lCf dflijj Port, for instance, more British 

Clearly the growth in boat and French yachts arrive to fill 
ownership in the more them. It is good business for 
sophisticated markets—Europe, the island but disconcerting to 
North America, Australia—will the cruising family looking for 
not continue at anything like ® quite island stay to “ get away 
recent rates. There are already from it all.” 
signs of market saturation. The continued growth nf 
Price resistance is to be expec- cruisine will depend to a ran¬ 
ted also as the cost of glass siderable extent upon new 
reinforced plastic boats (now investment in port facilities, 
the almost universal material) Not every seaside town can 
continues to rise owing to the aspire to facilities on the scale 
high cost of materials and the of the new Brighton marina, 
labour intensive nature of pro- Nor are such lavish facilities 
ductinn. needed at frequent points along 

Manufacturers foresee a coasts. In many cases it will 
growing replacement market suffice to improve the layout of 
for boats. Once bitten by the moorings and anchoring'berths 
boating bug families tend to in rivers, estuaries and bar- 
keep a boat in the family. It is bnurs — and manage them 
also true that when changing efficiently with consideration rn 
boats pennle almost always buy all water-users: sailors, fisher- 
something bigger. But that will men, naturalists and rammer- 
be a discriminating market of cial users. A model of .the new 
people who are already ex- approach is nrnvided by the 
perienced sailors. Only the be.st Chichester Harbour Omrerv- 
and most competitive products artcy which, with the minimum 
can expect to survive. nf fuss, has managed to make 

Those manufacturers offer- improvements in that hi- 
ing reasonably comprehensive natural harbour for aimnst ail 
nroduct ranges uf sailing yachts interests, 
and power boats expect to The equipment makers arc 
benefit from this Irene! at the doing their best to cut down 
expose of the more limited the risks in offshore sailing in¬ 
troducers. Nevertheless there families. Safety equipment. 


$k 








r^ — 


Come boating on /^==== 2 s- 
Bntam’s beautiful NsSisV 
Waterways. ‘ 

,. Only Hoseasons offer you Britain's Ste 

biggest and most modem Hire Fleet of / r5! 

over2,000top Motor Cruisers, Yachts / wj 

and Houseboats. / „ ,>s-/ 

All boats fully equipped to Hoseasons / ,. .1 

guaranteedstandardsandfixedprices. / 

You choose from: f 

Norfolk Broads, RhierThames,The Fens, f 

The Canals & Rhrere of England & Wales, JULfei 

Hwer Shannon, Satond'sf^iedw^Cana^T^^^SIg^^P 

fig*•* 

1 M lorestoft|05C2|M10S Day or NSgbt 

i rsi 11 ycu S 5 ? eded - J . ust complete and sand 81 is coupon for 

J your FREE 164 page Boating Holidays Colour Brochure. _ 

I Name_ 

ipiwsecrmh - -— ■■■- - 1 ~~ 

I aajhks_____ 

lOleJM prmtj 1 - ■ • ~ “ 7 

FaatTswr.___ ■ 

! ------ FpsICode.,_—--- 

y HOSEASONS 138 Lowesiotc. Suffolk ' 


■i 



















































Tunes- Saturday Jamtary 7 1978 


of the gadget 



Every boat-buyer 
needs a first-rale 
financial navigator 

Question for everyone buying a boat afterwards will answer the rest And 


BY STUART ALEXANDER 

U yoSf *£ fte “ an S^^hh" 4 Part tti beC ^ 

' _ ., competition is getting suffer as 

, , _ ■■ ® glittering Besides its GK29 half-tonner the Japanese move into yet 

which ? ^“P^ent the GK24 J- another section of the motor 

^Fjjqurse absolutely^essen- tanner, Westerly also introduces market There will be new small 

- 0Be a small family cruiser, a diesels on the market this year 

* M * more expensive 33-foot cruiser and a 35-ft to rival the popular Petter mini* 

** c ® u ^ cruiser. It has also taken a far.twin, notably from Yamaha. 

Ptas. VAT.^ tory at Poole to produce the J24, while outboards are likely to be - 

r ... _ . boat show uncovers a ?° American boat which has the source of cut-throat com- & 

nv more and every year owners selling well in the States, petition. £ 

.>yingly add gadgets and bright W ? steriy has the sole agency to This can only be good for' 

• ts to otherwise very average ^ttild an ^ market the boat in customers, who are. likely to 
. ills, causing their wives to tear Britain > Europe and the Medi- he offered good discounts for 

.,. ,eir hair and chandlers to rub terranean littoral and is hoping firm orders. It is not so good 

' jur hands in Relight. . *? r successes over here to equal for British industry, which has 

' •There is also every vear a h 04 * 1 ’ 55 home country. fallen behind its European, 

. '. 'itch of new models w Siy. Another smaller boat now American and Japanese rivals in Some of the Westerly Tange of yachts. 

. itensibly to **A11 a gap in the available is the Stuart 26, a i e ran se of products it can * 

• .arket” hut also to - help per- cnuser racer from the same oser 80(1 the market penetra- some time or other had to turn fiddling of the printed card One long awaited development 

, t*de existing owners to trade ? tabfe as the Stuart 27. This is tl0 ° lt; can a O“ lcv ®‘ to his faithful Seafixwhen other varieties. has been Brighton Marina, 

, ? another step and spend a f«w sold through Coral °* course there is always the more sophisticated equipment in fact ail the electronic which is now in use It offers 

.. ! iowmd in lhe-process. Marine, part , of the J. Coral f°? d ° ld has has gone wrong, the company goodies merchants have vastly I ’ “ - Tf 

Among the bigger hosts 1 ? SU 5? d,vision - The company channed “ d ^«™ted its that makes it has been steadily improved their earlier models, fjT™ m 

: -sps-vi 0 , tt Lh°s semmmkjs siaMssswis srt r j>« ssr^ 

■ "■-"-SSsH'S “wrsrs i-.t,-: s?s ~ 

Bargain LS"2 £5 XSfZ SS& - y JJ-- 

- r tap as Drese „ t m™, marketing, but the only major It has already produced a hydraulics, sail tweakers, mast complex outside the US. and is 

• ... .art of the U.5. Admiral s present Coral is not concession so far is to offer low-cost shiu-to-shore link that benders and the like due wben flashed to have a 

£0£n "Lm. 15? *LtiSEm “?!!£ d ? alers if^n days credit instead is finding its way on to boats But perhaps the ‘ accessory hot f' rf 0 ** f ub - sh °P s - 0 

»* *“5 much^ n *4. of mafa ng them pay cash m of all shapes and sizes and bas most required Is a mooring. 3013 °^ eT lelsure amenities 

. »t ju^tor ^ colour scheme of ® u «[- “ 'fiSf-5 * c s ntJ look ad7a nce. followed this with a radar sys- While the established marina built io - The operators will. 

... irih-riiades of green, but for « »• possibility of any new But if the world of British tem that most middle to upper operators have now become however, be anxious to see a 

•- I s pretty lmes and consistently „“^_^ rojects ff m ft f Seagull is solidly traditional range owners can afford. It is much more professional—some good “tix of boats, rather than, 
• K»d petfpr^ance. concentrating on the advances being made in the now working on - a new kind of of them even care about their becoming a large park for week- 

• ...j There will'also be quite a bit Zf itc huSni^ 6 b ^°^ era ^ e electronics field are equally as direction finder that will he customers—the number of boats end floating cottages. Whatever 

.Vemphasis-on half-tonners as a hrannb »i pi lt_ 5?* open ® d impressive in the way of being tuned using a liquid crystal dls- coming into use has meant that happens the base should be a 
Britain is host to the World o n j hn rL_recently revolutionary. . play to read out the wave band, they have not been able to keep good one for London owners! 

t,«ni«iu!hin a* tlml, «... _ ° UOpCS 10 Open more. soon. While everv vaehfsman has Hine mdiwinv tKa rinuKt anr? nnM> with ripmartii anrt ,rrtifnre fram Ai-awaiic 


on credit 1 remember, we offer a fast friendly 

Which method of finance sutta you service and the confidence you are 

batten: flat or variable interest? doing business with a member of ttio 

That's just one of (he answers you National Westminster Bank Group, 

need to know. A chat with one of ' _ _ 

Lombard North Central's marine^ / 8 ^R*WlV%Ay l /l 
finance experts will put you wise'on A 8 1 

the merits of both methods. » > ■ n m > 

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f North Central 

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rryr:.-. 

fc.-'-i.' 1 • 




' lamploi^ip alt Poole this year 2 «oot boat^^thto^a ^ BV617 yachtSman *** 

very ““PeStive section of the 
... .at there wUl be more half- market, but the company hopes 

.. ., nners in.the racing fleets than ^ sell about 25 ^ ~ r% « • 

Raising 

' 5£ engine department. Following 

■r.£4 be the oil shortage and price rise ry ray unnsON 

. , *en to get into the final tnals coupled with the 25 per cent. HODSON 

, t the British team. VAT on the hull, sales of power 

• , As well as the usual clutch boats dropped very sharply and THE yachting authorities and 
' one-off hopefuls. Camper and with them the sale of ^engines. j° urna is regularly analyse the 
-.-icholson. Westerly, Shamrock, These have stayed low. yet the National Lifeboat Insti- 

.‘terson. and the half-ton Con- manufacturers have been hot- tution _ (RNLI) figures for acci- 
ntion are all in full, produc- ting up their sales organisations dents in British coastal waters. 

-an, and as well as being avail- in Bri tain . The primary object is to keep 

to. the .out-amd-out racing This is partly because they things In perspective. When the 
..•vj-.-‘.4n have-considerably widened see great possibilities for a ^« ures are broken down into 

, ‘ . —. - - types of mishap they invariably 

^V: 1 t r show that properly equipped 

2 A. 1 Arm S ' . yachts with experienced crews 

^ /' ' do not place an unreasonable 

^ • - burden upon the' rescue 

5 “ ^MeSwhile the RNLI returns 

• - \\_ b*. w. ^ ^ 7 * . ■ ■ * consistently show how serious 

W —— —-sj-i- ’ * are the attendant perils when 

- ;\ ( — MS ...^ , people treat the sea with dis- 

Do you meet many millionaires ^ II loom large. Inflatables blow from 

A team of LUXURY YACHT INVESTMENT CONSULTANTS. |5 Ja *«JiUn2 

' w now beng selected by one of Britain’s leading designers ^th children on board. Sailing 

-r and builders of craft costing up to f120,000. If you ^re in dinghies and tenders capsize 

regular contact with people or companies for whom the because they are mishandled or 
• purchase of a luxury yacht seems desirable and possible, over-loaded. A third category of 
you could substantially augment your present income, sources, accident which concerns the 
Vo would rather appoint people who know their port from boating ' industry consists of 


While every yachtsman has thus reducing the doubt and pace with demand. 


and visitors from overseas. 


Raising safety standards 






Marine Finance Department, 

Lombard North Central Lid., FREEPOST4, 
Curzon Street, London W1E 8U2. 

Please send me full details o( your Marino 
I Finance. I am over IS years of age. 


v?iu 


Do you meet many millionaires ? 

A team of LUXURY YACHT INVESTMENT CONSULTANTS. 
. ts oow beng selected by one of Britain’s leading designers 
1 7 and builders of craft costing up to £120,000. If you a,Ce in 
regular contact with people or companies for whom the 
-;v purchase of a luxury yacht seems desirable and possible, 
you could substantially augment your present income, sources. 
We would rather appoint people who know their port from 
their sherry than Jolly Jack Tar sailors in their, yachting 
«i caps. - j 

Applicants should be well conversant and experienced in high 
r V finance, already employed or financially independent, and 
willing to attend a one-day training seminar at a location 
approximately two hours from London. 

.- I'.Pleaxe scud your C.V. for full information and possible 
appointment to: 

Box T.4795, Financial Times, 10, Cannon Street, EC4P 4BY. 


SAILING IN GREECE 

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in all except the most ele- 
" * ! K mentary courses an element of 
practical training is also being 
ii stressed so that ideally no one 
r in future will take charge of a 
*Vj boat armed with theoretical 
knowledge only. The National 
%% Sailing Centre at Cowes and 
-.’"Hf clubs and the schools are all 
^ offering opportunities for “people 
to get afloat for week-ends or 
longer periods for instruction 
right at the start of their sail¬ 
ing careers. 

Winter- training is becoming 
an important part of activities 
in many sailing clubs and has 
proved to be a useful element 
in attracting new members. 
Members who have studied 
together through the winter 
months tend to arrange cruises 


ruh 

ieht 



*L U 


Designed by Ruin Holland In conjunction . 
wtah Camper and Nkiiolsona 

The winning combination 

This new % Ton design, developed by 
Ron Holland from his all conquering IMP, is 
being fully tested in the prototype stage 
this season. . . 

The winning combination of Ron Holland 
and Camper and Nicholsons, already proven 
■ with the many racing successes of the 

Nicholson 33"; "is once again repeated in this 
new design, which is available in two 
different forms t— ' 

Complete with tun raring equipment including: 
iron kwl, foWtnp.propeller.d**elengine.spinnaker 
gear, Hoodfotl, gnml Lewraar «ineb« dtroushout, 
rod rifapng, h>-dnubc faresiaj' tenaioD«r. 

■ Part Assembly Hud and bended together. 
Bulkheads mstttdiu. Alltirpcwral s^ringwssnd 
rtiUenmg fitted. Various additional option* 
are available. 

LONDON BOAT SHOW STAND H2. 

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Camuerand Nicholsons Ltd^ TbcCwm, h«op*iiw. volt ***** tinonj mszl t^: sstia . 

■ CaWWnten Y^cbt 116 Huf* Sw~t. GIbcow,^ 


Builders of the famous Maxi range ofwridcbss performance cruising yachts 
. Maxi 68, Maxi7^ Maxi 84, Maxi 95, Maxil20 

Pefle Petterson UK 


A division of Fella Fettezson AB 
”Woolveretone Marina, Woolyemtone. Nr. Ips wich . SuffoDc. 
Telephone Woolvcrat^je€20 Evenings EYE 747 . 


. ; together in the summer. In 

—__ r _ —„ —-- turn this is encouraging dubs 

over-loaded. A third category of to organise **cruises-in-company" 

accident which concerns the Instniction On a Churchill Motor School yacht. on which experienced sailors 
boating \ industry consists of shepherd the novices and 

thc«e unnecessary tragedies now squire certificates of per- confident that the majority of encourage them to venture to 

wb , beca ^ ise P e °P Ie *re sona j competence to be held by aspiring boat owners have now . 

untrained to go to sea or have yachtsmen, or licences for boats accepted that there is more to Whether or not legislation to 
not equipped their boat and their equipment, and in competent ownership than c °7 r t f e competence of sartors 
properly. some cases both forms of simply driving away down the f", ^ e . ?5“, ipm ^ Q ! v . of t * ieir 

err • ■ control. river or canal or out to sea. ^ “ 1 * rod “ ced th e Present 

Training . In the U.S. spot checks upon ^ nf thp teuning drive is already having 

® yachts and their safety eatrin- - I?. 6 * tre ^ gth of “f 130 *?® 1 an important impact on safety 

Thus the importance of proper S \Ze «Xiv SE instructJ0 .» 1 Pregramme by the by raising standards all round. 

tejmin* for all sailors STS* fte °.°oSl UtlSSf l- 

S^thfSlSs Ti E ^' m is now night schoo* Leans that a 

oflSo^Jf P f lt,0n *“ ong li natl0IUS ready-made educational Lnstrn- _ 

®°. oasnore—is increasingly where sartmg has become a men t exists should some future aw w 

tamgracogmsed by the boatmg po ?u i, r activity In that in S, *41 ■ I 

^ Germany, France and Ot BIS iYl 

times heard round^yacht elub ISSrSed'"?tmrITSSiuSS’SfSTS! \\ 111 1 I 

bars about the freedom of the i eve i n * s wji or however nidi- l *« pU 1 * con « ^ Vj m 

«as and the liberty of the sailor £££ w Soft ^ EL 0 * ^ b ° atS ° D a formal H • 1 - 

to go as he pleases fai^ to take A consensus of sailing opinion V p ar - *>,« B 

account- of the changed circum- at oresen t time would Droh- „ y ears . &2b the Royal 9 ■ TB ■ 

stances that already exist in f W l b ^d„^f e Stion to Yachting A£SOC L a ? on * ook ov « r H mVB>^ 1 SB 
many parts of the world outside ^LftheSdaXofyachts CrtmTS Se 

Bntain. The majority of the and yachtsmen . It is a fair Ya eht Ser’s v\\yL^ 

^tiona of Continental Enrope a* so many of the *$£££ S „f a £“d^ ^^4^^ 

I accidents result from people who which was Srigin&Uy intended \\\\ 

>" --:- are ^° per J y amft^rrailors t0 ^ de a trained reserve of \W jHUBMI 

mtOnnSi 5 aejns foolishly- Never- skippers which could 

pnmmjmnmmmrm theless attitudes towards legisla- ^ ^Ued upon bv the \V8»SJl ; 

~mm ,i0 1 “■? changing and the con- AdmiraJt y u, times of National HWIfi 

cept is less objectionable to the p m « r0 pni?v ' .n„. \ 

^ majority than it used to be. w^ency. 

The "boating industry whose C' nn MPti>rU'P 

• livelihood depends upon boating L(lni/fcl6«Cc & 

' remartni^suffiaent^ ^etobe gjnce ^ be yachtinaster 

: jES*&i n S „ 0C ,^ The^?w Certificate syllabus has been 

!?!!' i« 5 S , . < ? ri n Ui h* iVZZ modified more than once to Yfif ‘vV^ /I f 

that legislation will be intro- brjng lt eomp i eielv jmo i ine IHL '\ JS 

duced into Britain sooner or wilb modem' requirements. Y 

' lat ^" *> i v A_ enA a. Some 1.600 have qualified and I II' \y Vra 

the certificate is recognised as 1 \\ l -\jy ' 

‘ t,0 J ^ a measure of competence. I \\ ' r-VQ1 

KE'-V WiZBIiT and the yacht clubs are mvolv- _ VA . . , . i \\ 

' - in* themselves heavily in a new , f 80 devoted a 1 • JI ! 

■ training programme for sailors ,t>t: of to encouraging I 11 jggS 

fL" : -V ^ -* ■ : at an levels. During this winter coure^ for MJhng novices and \ 1 ^ 

more than 200 night school peopto with only limited ex- \ 

courses are running" thronshout £ en *f} ce : For them the Coastal ! WTnrlF\dt r 

TTK . . Britain on navigation and sea- Certificate Parts l Md --has 

‘ilL’ -Ww! manship. The sailing and the b ^ ,'L , J fer 9* J <^ d ; Fi " al} y. a 

motnT cruiser training schools special National Motor Cruising I i 

are looking forward to having Certificate was nitroduced last I 

their busiest year ever in 1878. year for motor craft owners who I f 

*- with more husband-and-vrife Previously felt the courses were l jjyy-jfk 

teams learning to handle family weighted towards sailing people. U k Jj.-J’ fo 

boats than in any previous year. The RYAas now looking once 111 I ill 11 a. 

itn^ooddnsHfaea Mr. Henry Harris. r bead of the again at the structure of courses lr 

fllmjxjjtji.** Churchill Motor Cruiser School, and certificates and has in mind M 

dlOISOIl estimates that between 3fX per some further changes so that 

rent and per rent of the people anxious to study naviga- 3 Ȥ^l 

’Gi»port (inoi 7 ) 80221 . Tri«: 88714. students no.w booking for his tion and seamanship can pro- ^gt 

w f .n 2 ««.Tf!fphefw'; 04i-t52i-34fi6. conrses are women. gress smoothly through a series * xiy •** 

* .. 1 1 1 * The schools are reasonably p f training steps, usually over 1^ 

"" a period of several years while \u TMp 

Swiji practical boating experience is . A| I Jp _ 

I^WIp . The newly-styled courses 

Wtfm& m recognise, tiiat there is much _ 

^Olid class performance cruising yachts Ag SarT being 'abffVmake ttio 1 might like to join the ftm. 

fo A \> - * qct P or fix its position by dead reck- Please send me a brodmre and det 

tOH>iViaXl yD/ iviaxiixu g onin? or navigational aids. The Reduced Winter Rates fA Loner’ 

I HZ' 1 C J UrSeS t n a « ”° W ^ 9 ! nS em ‘ SummerRarea _ 

5reai A yK j 

■ K <= «urv B rescue equipment and to the Send this coupon ta- 

M n ? e . d • for . ^f'Oyroers to act Briehlon Marina, Brighton BN2 5 

with courtesy and consideration - - - 

yfT'iT'. r '' ' to other water-users.' ' 






TfietcJs oothfaas Hbe a 



I A 




m 


1 might like to join the fuh. 

Please send me a brochure and details on.* 

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Annual Rates ■ flats 

Send this coupon to.— 

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Financial Times Saturday January ? 1978 



Tories ‘must seek to curb 
rowth of union power’ 


BY PHILIP RAWSTORNE 


By Terry Dodswortb. Motor 
Industry Correspondent 


CONSERVATIVES must seek a suggested changes in party nation ” or the Labour Party to Communist Party held seats on' 

mandate at the next general policy or legislative proposals. restrict individual freedom the executives of the country's 

election to curb the growth in But the abrasive tone of his through the closed shop and to 13 largest unions, 

the political power of union speech contrasted sharply with hold back living standards by "Small comfon here for those 

leaders. Sir Geoffrey Howe. Tory the official policy statements hostility to private enterprise. who pooh-pooh warnings about 

Shadow Chancellor, said last made recently by Mr. James If a Labour government were the leftward march of Britain’s' 

“ifibt. Prior, Conservative employment returned, union power would be labour union leaders," he ; 

“ We must invite the electorate spokesman, who has been re- used to secure further massive declared, 

to demand a fundamental change building the party's relations nationalisation. penal tavpg . Mr. Callaghan’s links with the' 

in the objectives and role of with the unions. defence cuts and extentaons of union movement did not suggest '■ “5 

Britain s trade unions." he told Sir Geoffrey said that the right State interference into almost that he was the man to check. - , “* reaicnK e , , . . 

a party meeting at Swindon. question to put to the people was every part of the free enterprise still [ess reveree, the growth in p4fln \ no ,* 1 7 .* *° 

The aim should be to ensure not hov.- would the Conservative system. political power of the unions’; ff* Cars “"’“Sh “ 

that it was much less easy for government get on with the sir c->m «>•» hw^.» 1 the 1980s. 


C^r chief PUBL,C troubles of a private man 

backs WMttaker succum 
re-styling ! to Leyland blight 
projects 


4 

li 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


. . , . -- - . . — - Sir Geoffrey said the prospect "medieval barons." < -.* 1 .-** 

trade union leaders to continue unions, out how could the Labour was one of “an increasingly “V®t *hnt <• coin mese projects are 


__ 4 Yet that is what the great mere project are 

the pursait of socialism regard- Party and union leaders go on Soviet-style future." “ “ mass of the British people wonId i hand, atihongh 

less of the wishes of their justifying policies and attitudes The TUC General Council was wish to see. At the nest elec- EdMrfeh, ft* 

members. which had left their members so establishing closer official inti- Hons we shall be inviting the -iJSS 1 

Sir Geoffrey, one of the arch I- much worse off ? raacy with the so-called union electorate not just to reject 1 P^ped *nead as rapidly 

tects of the ill-fated Industrial Union leaders had used their leaders of the Soviet bloc and socialism bv securing a change i Ti. face ' 1 

Relations AcL did not spell out “profoundly undemocratic domi- about 50 members of the British in Government.” 1 llft : , ™ wUI $' e “ e . 

1 entirely new styling, is due :as a for pvishirJ ^ him into 

next year and the new Princess 


THE JOB that Mr. Derek nover come home and cry on my in 1973 to run l.eyland’s aswmh 
Whittaker hus given up at shoulder." she said. and body works at Oxford, whe. 

British Ley land is probably one He had left for work yester- Jj* 

of the most thankless and diflL day morning saying he would he «* t * 1Dul 

!cnlt in the motor business.. home at 8 p in and. 'aid Mrs r £*£ d ;L n " ! £SJ 22 ?'-Vm. 

SUBSTANTIAL face lifts of 'especially for a man with little Whittaker. “I could nut tell from f The urfu.d planti. t«^e atth 
the Marina and Princess , previous experience of the his manner what he has been ”^ h _ a . ^ 1 T?9 d * 

models are two of the main public and political world at tho thinking because he. completely constant U P. eav 

of the product top of industry. . switches off when he gets home." and i 

1 vw-ntev th*>n> w P ri w But she was sure that his move trust about W t) 

' poofte wM baS "tMr work” 1lad = “"“P derl ' ! "’ n man r ™“ 1 '" d - 

with him or met him during his 
two and 3 half years as manag- 
■ ing director of Leyland Cars 
| who were not sorry about the 
] way his career there ended. 

Equally. almost everyone 
blamed the Ryder Report on 
car ; Leyland, and the decisions taken 


Thatcher sets a cracking pace 


u ff» a ..u i an impossible situation, 

should.ako be ready at the . Mr> ^y h irtakers problem was 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


DURING HER last vLsIt to 
Scotland, Mrs. Margaret 
Thatcher was taken to task by 
the Inverness Courier for 
arriving early for her appoint¬ 
ments. Had no one told her, 
the leader writer demanded, 
that it was considered the 
height of discourtesy In the 
. Highlands to he ahead of time? 

While Mr. Edward Heath is * 
still remembered in ihe North 
for the good-mannered way be 
was alwavs late for everything, 
his successor as Gpoosiilon 
leader proved again yesterday 
that she is still sticking to her 
southern punctuality. 

Mrs. Thatcher arrived a few 
minutes before schedule at 
Lawson's bacon and pie factory 
at Dyce, near Aberdeen, and 
set a cracking pace on a tour 
of the production tines. 

It was fast enough for her to 
be able to Ignore the worker 
whistling “Flower of Scot¬ 
land.” anthem of the Scottish 
National Party, bat not qnlck 
enough to avoid the lady 
sausas? packe- who recognised 
Mrs. Thatcher’s dress as iden¬ 
tical to her own—a neat 
woollen style bought by her 
daughter in Marks and 
Spencer. . 

A f'er searching for a copy 
of Mull of Kintyre in the 
record stand of a supermarket 
in Calls, where the Conserva¬ 
tive leader went on a walk¬ 
about, she was taken to 
Invenirie for the high spot of 
the day: lunch at a eafe famous 
locally lor its tatties and mince. 



same time. 

Among the plans for the 
Princess, a model with a great 
deal of potential, but so far a 
bitter disappointment to Ley- 
land, are a new engine this 
year, plus a diesel variant, and 
a hatchback body styling, in¬ 
corporating a rear door. 

For the longer term, the new* 


; that he was promoted rapidly, 
; following the Ryder reorganisa- 
1 rion, to pull together, for tile 
: first time, all British LeylamTs 
■ car production facilities, a 
130.000-stronj* workforce end" a 
mass of financial, production 
and labour troubles. 

His background for this job 
was sound because he bad jjeeo 


__ 1 souna uecau&v mt uau.peea 


Mrs. Thatcher learns of tije mysteries of haggis production. 


She pronounced them dellcfons/ 
At Tail's paper mills near 
the town, Mrs. Thatcher was 
sufficiently impressed by 
samples of wood grown in 
Scotland and in Sweden show¬ 
ing how much faster the home 
product grew, that she called 
the Press into the manager's 
office Tor an Impromptu lecture 
on the need for Britain to plant 


more timber. 

By the end of this visit, her 
ninth to Scotland since becom¬ 
ing leader, Mrs. Thatcher hopes 
to have covered nearly every 
constituency In the country. 

She told party workers on 
Thursday evening that she 
wanted the next election to be 
a splendid victory, not merely 
a stalemate. To achieve this. 


she admits, the Scottish party 
trill have to recapture many 
of the 20 seats lost to Labour 
and the SNP over the last two 
decades. 

The party now holds only 
16 of the 71 Scottish consti¬ 
tuencies and the latest opinion 
poll shows the Conservatives 
in third place, with only 26 
per cenL support 


Natural choice 

But. then in his mid-IQs, fa 
was recognised as one of Le 
land'*, brightest younger man 
yers and scorned a natural rboid 
as managin'.: .director nf the cai 
division 'when the Ryder Repot 
re com mends such an organic 
Hon anil that it should ha head? 
by people from inside the yronj 
and not outside. 

Bui he was never ruffled b 
the sheer sire of the company' 
problems, and he did rul 
Leyland Care together as ai 
entity with in the difficult pah 
meters of the Ryder plan —3 coo 
siderablu achievement. He & 1 & 
made a good star! i*n rationally 
tiorj of the models and com 
pnnents. 

He was then surrounded a 
the top of Leyland Cars b 
people who were also promote 
very quickly am] almost from th. 
start his abrasive style seemer, 
to create prnhloins. \ 

Labour relations were high or * 

.... .. .— __ his list t«f priorities aiu 

MmL Mr. : character with aniincomprnmte because “ he certainly isn’t a hot- he made a series of threat 
vesterduv 1 attitude 10 industrial prob- headed person.” about cancel led investment ptcV 

; lems. and a soinewhar withdrawn Mr. Whittaker's rise to the top grammes, plant shutdowns am.»' 
approach, which made it difficult of the motor industry began slimmed workforces that wen 
for him to present beliefs in a when he joined Brians Motor sometimes unlikely to be carrict 
I way that would encourage Bodies in 1$46 at the age of 17. out and so lacked tile cmvictiui 
| support from manv managers and Briggs later became part of Ford to induce fundamental change 
i union officials. where Mr. Whittaker was con- He now joins the growing Us 

i Those who have worked closely trollcr of the transmission and of men who, having made rhpi 
; with him respect him highly, but chassis division. In 1967 he left names as managers and expert 
< his gem-mi stvie was too private for GEC-AE1. where he later in subjects such as finance an? 
and withdrawn for this respect became managing director nf production, have fallen victim oi 
to be communicated Far. the London Electric Wire Group the Leyland blight They nieludi 

He lives in a village between At Ford, he was spotted by Mr Mr fienrqe Turnbull (now biifld 
. . Henley and Oxford with his wife John Barber and was one of ins cars in Irani. Mr. John Bur 

at Longbridge, Birmingham, {and famiiv nnrf Yesterday, when several ex-Ford men recruited to ber mow running a nieihuo 

■iamxm. he was refusing to be inter- Leyland when Barber become sized encmeoring companyi. Mr 

viewed, his wife was the only first finanev director and then GeofTrwy Robinson {now .1 Labour 

source of Information about his deputy chairman and managing MPl. and, of course. Lord Slakes 

mood. “Derek has always been director. —and most recently, Mr. Alia 

a very private man—be would Mr. Whittaker then went on Park. Sir Richard Dobson. 


lowing the general aim estah 
lished by the former team of 
a three to four model line-up 
in the volume division; sapple- 
men ted by two specialist cars 
in the luxury division. 

The major difference of 
policy will be the move 
towards a new kind of replace¬ 
ment for the 
Edwarde* stressed yesterday 
that the new vehicle, code 
named the ADO-SS, had net 
been abandoned bat would he 
stretehed from the original 
plans. 

This means that it will have 
a final length of between 
11 feet 6 inches ami 12 feet, 
which is in line with the size 
of the super-minis such as the 
Ford Fiesta. 

For some time, at least, the 
aim is to produce Ihe new car 


this father used to run the Ford 
assembly plant at Dagenham) 
and he was a financial and pro¬ 
duction expert. 


Withdrawn approach 

But he also has an abrasive 



Mr. Derek Whittaker 


Licensees 


attack 


law 


By David Freud 

BRITAIN'S 30.000 independent 
licensees have munched a cam¬ 
paign against the law governing 
social clubs They say the clubs 
“ enjoy all kinds of concession* 
which pubs are denied.” 

The National Union of 


Arab envoy to U.K. 
warned of threat 
of parcel bombs 


Government 
may ease 

political ban 

By David Churchill 

THE PRIME MINISTER is 
studying the draft report of the 
Armitage committee, which is 
expected to allow a limited 
extension of political freedom- 
now restricted by law—for 
about 150,000 middle rank Civil 
Servants. 

The report, expected to be 
published soon, will be several; 
months late because of a split i 
on the committee over how far 
the rules should be relaxed. 

key advantages enjoyed by clubs] in Paris containing explosive zin e Events, Mr. Arafat was- „ Barbara Cacri* Lahn.ir 
is that they can attract people chemicals which would be «"der virtual house arrest ; *>y! MP for aSbura MriMr 

. . - gaming detonated on openinc the sealed hard-liners _ of the PLO ^ring 1 

I,according to Mr. last month’s^estrleted summit 


BY RICHARD JOHNS 


| MR. ADNAN OMRAN. Syrian assassinating Mr. Yassir Arafat. 
Ambassador to the U.K., yester- chairman of the PLO, “by proxy." 
day received a warning from his This follows reports of a deep 
Licensed Victuallers sa v sTbat in; colleagues in Paris about the division within the Palestinian 
1904 there were 90.000' pubs. of! dan S e r o f parcel bombs and movement over how far it 
which only 65.000 have survived.! letters posted from Strasbourg, should go in condoning or con- 
Bui the number or clubs has! The French police had Inter- demning Mr. Sadat's initiative, 
iin'-n fr-ini p W 0 in JH.flOO 1 cept“d muil addressed lo the According to the latest edition 

The puhlicans sav nne or the Syrian and other Arab embassies the Middle East news maga- 

1 - - Events, Bdr. Arafat was 


Fund-raising campaign planned 
by skateboard enthusiasts 


BY ARNOLD KRANSDORFF 


alongside the original Mini, 
which is about 10 feet long. 

Phased out 

Presumably, this vehicle will 
eventually be phased out. al¬ 
though it is not clear whether 
Levland intend*; to *.r> to tp n- 
tain a position in this sector of 
the market. 

Above these vehicles, there 
will be a medium range car, 
the LCIO. with a number of 
derivatives, and above that a 
larger Princess replacement. 

The specialist car division 
will be represented by • the 
Rover and Jaguar ranges. 

tine | A GROUP of "public spirited malllies would be completed by awaited fer parks in Enfield, 

! Citizens” Is frying to solve the the middle of next month. Bromley and Oxford. 

Th. cH n i problem of insufficient facilities Pressure is mounting on local There appears to be no siiori- 

be ^?ed Ites % i n « timal ^ 2m. British authorities to speed up apphea- a ge of* fiSSSce lov lomn.S 

ue rcsoivea ues in me sports i skateboarders. They are form- tions from vanous sources for skateboard parks. At least 13 

jng a society, registered under planning permission to build companies have been registered 

the Charities AcL to raise funds skateboard parks. in the past six months to advise 

for local authorities to provide Parents and skateboarders and finance such parks, a few of 

specially-built parks. have been signing petitions and which have first investigated the 

The finance will come from Mr Greville -lanner. the Labour U.S phenomenon, 
public donations and other fund- MP for West Leicester, is to One compsny. Arrow Skate 
raising activities, such as lot- table a motion in the Commons parks Construction of Welles- 

teries and raffles, in areas which next week deman din a extra bourne, near Stralford-npon- 

lack facilities. The money will Government powers To make Avon—a consortium of business- 

then be given tb local autbon- i 0 cal authorities, provide proper ra * n ' c the Midlands—is adver- 

ties to set up skateboard parks f ac fljties. • " rising in the financial Press that 

m 1 rSfprc 1 !,hS e JSSi T*»ts is seen as the only way \\ ba * upwards of Elm. available, 
vided free to riders whn. until fQ SQlve ^ problem, bur until ** currently investigating more 


with high jjp'ipnj ..... 

machine.-? Pub*, can instal amuse- ] containers, uuuruins iu nir. — .-*— -- i secreterv nr tho 

ment machines with prtre& worth i Outran. meeting m Tripoli. Professional Civil Servant*were 

only aOp, paid out mostly ini As tho investigation by Scot- A member of the three-man!H ,vn ^rvants were 


tokens. 


Oil output 


North Sea oil production fell 
in November by an averace of 
37,439 barrels a day. largely as 


to commissioning work nn the 
nearby sister discovery, the 
Claymore Field. 

Price in creeses 

THE number of pr:c» increases 
notified to rci.iil trade buyers fell 
io the pre-Christmas period, the 


land Yard’s anti-fraud squad PLO delegation which arrived 
continued yesterday, Mr. Ornran from Beirut to collect Mr. 
refused to subscribe lo the H annua mi's body, denied that 
widely accepted theory that the they intended to pursue their 
, murder on Wednesday of Mr. °wn investigation itno his 
I Said Hammami, the Palestine murder. 

Liberation Organisation's rep re- They attended the inquest held 
a result of a cut m output from 1 tentative in London, was the yesterday at Westminster 
Occidental's Piper Field. Piper’s I work of extreme left-wing Pales- Coroner’s Court at which Pro- 
interrupied llnw was mainly due j tinian elements. fessor Keith Simpson, chief 

The Syrian envoy—evidently pathologist at the Home i.fiice, 
the target of the car bomb in said that the cause of death was 
, Mayfair which killed two of bis a fire-arm wound to the head. 
! colleagues on New Year’s Eve The inquest has been adjourned 
|—asserted that nil possibilities until March 1. 

, would still have to be considered. Mr. Hammami's body will be 
Despite Mr. Omran's guarded (town to Beirut after a funeral 
I reticence, the feeling in the Arab service at the London mosque in 
J community is ih-it in shooting Regent's Park, planned for 8 a.m. 
Institute dF Purchasing and j Mr. Hammadi the killer was to-day. 

Supply reported yesterday. The 
institute's monitoring of prices 
for December revealed that 
those suppliers whn notified price 
rises sought average increases of 
8.2 per cent., compared with 7.5 
per cent, in November. 


Newspaper p!an 


Smaller companies help 
to boost unit trusts 


j believed to favour a general 
freedom for most civil servants, 
Including those at senior level, 
unless tha** r work was considered 
too sensitive. 

But other.members of the com¬ 
mittee felt there was little real 
demand among Civil Servants for 
freedom to engage in political 
activities—suen as being elected 
to local councils—to warrant, 
relaxation of the present curbs. ( 
They felt that too much freedom 
could be open to abuse 

The compromise believed to 
have been worked out by the 
committee—n o w being con¬ 
sidered by the Prime Minister— 
is that middle management 
grades should be allowed-to take 
part in politics, but only with 
the specific approval of their 
Department. Senior civil ser¬ 
vants would still be barred from 
political activities, but clerical 
grades would be given virtual 
freedom to take part in politics. 


George Outram. publishers of the] 
Glasgow Herald and Evening; SMALL 
Times, announced j C7m. plm 
yesterday for the introduction 
of computerised production fur 
both newspapers. 


BY ADRIENNE GLEES ON 


sports 

car sector, where Leyland re¬ 
mains the only big volume 
producer in the world with a 
wide range of specially de¬ 
signed products. 

These cars—the TR7, the 
MGB, the Midget and the 
Jaguar S—are all aimed chiefly 
at the UJS. market, but coaid 
also provide the spearhead for 
an attack on Japan. In the past 
UJS. sales have generally 
proved lucrative. 

On the other hand. Ley- 
land’s Speke plant at Liver¬ 
pool, where the relatively new 
TR7 is made, has a record of 
Industrial nnresi <ud Is said 
to be unprofitable at present. 
On these grounds it could be a 
candidate for the axe. parti¬ 
cularly since Its product range 
is highly self-contained. 

H supplies other plants with 
bodies for the Dolomite, which 
is dne to be phased out in 
about two years. 

• The Maxi model will also go, 
most probably when the revised 
Prineess comes on stream to 
provide the competitor in the 
hatchback sector. 


Ford puts 
up prices 
by average 
of 4.8% 

By Stuart Alexander 


now.have been able to use only - “Je bawauenw of “oca 20 sites throuqhiiu. the 

S2J* STVS* * 3 fCW GoverLnent has held back many «g™»* *>r crested parties. .1 

The prime mover of the pru- British* Satetv ™Sumill**which - Another wwftpany. Skateonla. a 
ject is Londoner Hr. Ronald «Tppnrt* the new sport! urged all venture between Morns 

Koss-Stantun. a parent and skate- loSl^ authoritite in^ Bnlain Vuican .<»>* principal mumibr- 

board enthusiast, who said yes- ™ ,,I turer of Rkatebod^ :n the UK.l 

. ° r £j!!! ■ 0D unuied and Weienhall Gnnper. pan of 

land or car parks. t j, e cooper Industries group,. 

• > reports it Is conducting feaal- 

commercial bmty Studies of about \R sites. 

So far there has been little Planning permission has been 


terday that if the problem was 
! left entirely to private develop¬ 
ers, “they would price the kids 
back on to the street.” 

About one in every four boys 


Steel wins 
support 
over pact 


aged between nine and 16 now response — only about 30 autho- received for projects in Wolver- 

*" rities have acted. Luton and haropton and at Knehworth Hail. 

Bexley have given permission Other companies in the field 
for winter use of swimming ^ Skate city Bnvu:. Jolf'MJ 
pools, and various sites have Skate City and Boris 

been made available in London. 

such as, under an elevated pSJri 

section of the M4 in Hammer- -1^ 

l5l?and d Quewi’i^W^lk E * iaa * >eth National Car Paries and Tate and 
afford to provide facilities. He ana vineen s walk Lvle. 

estimated that “to build any- Commercial pwks in London ‘Skateways ia hoping to open a 
thing decent” would cost at ar ® a ^Southwark rSkate City) park ad j a re nf l0 P a n, g bv ctab V 
least £25.000; this would include and Putney (Wheelles Skate in west London and another in 
slalom runs, kick turns, half Space), both of which charge 75p Birmingham, while other sites >, 
pipes and practise areas. per session and 50p for safety are being planned for Leeds and 

He hoped all registration for- gear hire. Permission is still the West Country. 


owns a skateboard. Mr. Stanton 
said few would be able to afford 
the minimum SOp entrance fee 
to commercial parks, plus other 
costs such as rental for safety 
gear and transport costs, for 
every session. 

He said many local authon- 


Further talks on 
Tri-Aug troubles 


f 


BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 


COMPANIES and show a rise of S7.2 per cent for 
recovery stocks made most of Discretionary (managed by 
the running nn the U.K stock Greene <md Co l. and one of SO.3 
market right up to the end of per cent, for Anderson Unit Trust 
1977. and the latest performance (managed by Anderson and Co.l.j 

figures from the unit trusl in. The Framlington Funds and Di*-i 

dustrj reflect the Fact. . cretionary tend to invest in I 

Trusts specialising in such smaller companies. | 

areas dominate the ton of the over the past t 2 months. 1221 
performance tables, with M & G unit trusts have outperformed 
Recovery Fund continuing to lead (he FT All-Share Index — which 

all comers w’th a gain of 117 3 rose by 46 3 per cent. — while,.__ __ ..... lu 

Der cent, over the 12 months to ifi»j bettered the 41.8 per cent. ■ ensure that the pari v’s special i bu 

January 1. The si me trust ha< improvement shown bv the FT! assembly on January 21. will j be 

put up the best performance over industrial Ordinary index. {leave Mr. David Steel with room 

two years (with a gain of 124 S _ - 

per cent.), and over six years 
(with a gain of 214.5 per cent.) -j—i « 

The figures, c-omnlied by tbe rCWCF ISftlilirCS 
magazine Planned Savings, show 


FORD raised its car prices an 
average 4.8 per cent from mid¬ 
night last night, the firsj price 
rise for nealy six months. Until 
the end of last July car makers 
had been increasing prices. 

quarterly, but theD gave an [THE REPORT of tbe receiver four owners in as many years 
undertaking to try to hold prices {into the affairs of Tri-Ang and, after the collapse of Lines-4 
for six months. j Pedigree, the Merthyr Tydfil Joy Brothers in 1975. was saved by a 

Last month Vauxhall raised Cs! manufacturer, was handed yester- package pul together by Airfix 
prices 5 per cent., saying it could j d ay to Mr. John Morris, Welsh and the Governoient. 


Christmas TV 
ratings battle 
won by BBC 

By Arthur Sandies 

VICTORY in the Christmas 
television ratines battle once 
acnin seems to have cone to tbe 
BBC. 

Latest figures from researchers 


» '"WO'. W!lh F ortJ : Serrc«ary. . He ^ ^ ^ «**, j ^ 


for manoeuvre in ending the Lib- 
Lab pact. 

All IS local Liberal councillors 
have joined the principal officers 
of the Isle of Wight Liberal 


Submarine ban 

Naval dockyard workers at 
Portsmouth have warned thai 
they will black all future repair 
work on the submarine HMS 
Oracle, after the Ministry of 
Defence decision to refil the 
submarine at Clyde commercial 
shipbuilders Scott Lithgow. U 
is the first warship for several 
years to be refitted at a non- 
naval yard. 

Unionists angry 

The mainly Catholic Social Demo- 

aneered an Uisiirs !)Q Unionis r is V w^fh i clos «J. v f " 1,0 *}E d hy AlHed Hanl ‘ P°5 lod , in J ?? 6 - the Tra l! i between' ending the"pi.c'nmn»dr- 
S B firm ooonXn In an v i ^ ro Smaller Com names (with a indemnity Company said a iely or when the Finance Bill 
its firm oppnsitinn^in^ iin^jr, nf n „ r pnfH , ani| , hP yesterday. [ban completed n 5 passage 

"““lefunl Gmuo Growth According to their monitoring: through Parliament in the sum- 
or ini per cent ). nf bankruptcies and company imer. 

Stnrkhrofce^ Vive vim nui an liquidations, there were 4401 The resolution asks the special 
.'a very'strong showing, with four failures in the last quarter of! assembly to recognise that trends ] two-floor £2.646 (£2.523) 

; nui or the next five places 1977 compared with BOO ui the 

The go-ahead was given yeater- Framlinajon Camtej and From- same period In 1976. i uoveroineni policy is proving jwpn imu.tn jawi:;^Pri, ha!! been'hit by the hlzb cost of rromApCX.rheotbertwo unions 

- - — The total of company failures" generally effective, and urges 2000 Ghia .£4.697 r £4.47$)., j t s products and the difficult are thVAmiaSon ofScicnK 

ted in 1977 was 1.970. which j continued support for the [Granada 20Q0L £4.347 U4 .143):' nme that the toy indavSy has IwJStanSS 
. , below the level of the. Government in matters that are j Granada 2.8 GL automatic £>.9l2(heen racing recentlv at one mri the Am-Uo ama t»rt Union nf 1 

, cent, respectively, and the tables previous two years. 1 not alien to Liberal pollcy." | (£5,636). ’ ' R - one and - Uie Amalgamated Unloo of. 


having followed suit Leyland j »^e no action on the report until hgrd since , he a ^ noun( ^ menf -“ f indicate that on ChristniB 

land Chrysler are expected to fall i be meets a delegation of union receiver to keep the firm in Ik" Christmas Day the com 

Unto line soon J representatives and other p nnn ,n bined share of the audience for 

_ . ^ , f Last ni^hr Ford said ii would organisations io London on utf,u s; BBC-1 was 51 per cent and far 

By Ivor Owen, Parliamentary Staff , h oId^ii!e new price levels for^as Tuesday Mr. Morris inld the organisers BBC-2 S per cent .ITV* share 

I 1 KFRAIC in id Af wiokt Ion * 1 as Dossibie hut could Rive Wr - Graham Saunders, area of the depuiation that a decision I was 41 per cent. 

Inr^S thni hP^lndd secretary of the Association of on the receiver’s report would IT1 , « 

have taken the lead in trying to ( no assurances that there would | p rnf p„ sion . Executive rlericr.l nor be taken until after h*- had 1 ° n c *» r »*tnins tvr. ITV had 46 

d n«,ira ihnt hi a further six-month delay I r rn **lo s *o n ai wecuuve, v-iericiii nor oe w»rn unu aiwr ne Dd . Q ■ nnr rent n « iv D „^i Dnn „ RRC -1 


\ 


I‘hat unit tni«i ^rouos provided COMPANY FAILURES in the I Association in supporting resolu- 
i 'he best three performers of last quarter of 1977 dropped j tjon designed to provide tbe 
• 19*». wrb M & Reroverv sharply compared with the same j assembly with a halfway bouse 


increase in the 
Northern Ireland seats □( Weal- i 
minster. 

Second bridge 

The qo-ahead was given yester-■ . .. u "“ * *•«» 

dav bv [he Government for the listen Income, both nF which Thi 
building of n £Hm. s-teond : man'.tmi hv Laurence Trust, listed 
bridge fiver the River Foyle, have coined 9 , 1 and M.. ner was 

" , . ___ .Art? racnat'ilYOll 1 -in** rti n 1 ohlne neavi 

Londonderry. 


further qir-monfh delav erm^ssionai wecuuve. ^.lencni nor we unui .mer ne naa . . “ - ^ onr-1 

before another price riS. y I ™ d Computer Staff, said that ihe met them at the Welsh Office it J| r ® ? Sr 

Ford raid the ItilnSh of the i deputation had a strong care io is expected lhai an announce-1 40 pPr cenL jnd BBC 2 9 per 
toro said tnc strengtn oi me | puf , 0 Mr Monis “ 0ur objec- ment on the future of the works 

live is to keep Tri-Ang going in will be made towards tbe end 
Merthyr.” of next- week. 

Mr. R. P. V. Rees, the receiver, 
a partner in tbe Cardiff office of 
Deloitte. was called hi on Tkp fear 
December 15 by the Government, 1 ,,c ** 

,ii I which owns a third of the capital. One issue concernine the 

hrackets' , r J. l Tlj,s was taken after Airfix deputation is-that it will not 
Escari Ponular 1100 two-dom-' Indu f tn S s - which owns the other know whal is in tbe receiver's 
£2 122 (F> P 0 ,J ))- Escort 1300L : had decided not to report ‘until it sees the Minister 

two-cioor £2527 i F' 409 1 Fins?a • u P a ” °P^ ,on 0,1 fwriher and, by then, it fears if mfchl lie,- ^ Colrtrit*"is? w”p*ri tBonier)' 

050 iqfi li’t »"■" Fiecti n nnr I sh,ires ln the concern unless the too late til Influence Mr. Morris, i a. Dachas or o«nc atwt ibbo ..jms. 

1 Government put u P more The main umnti concerned d i; * ra w fATin ( 

- r: financial assistance. the plant is the General and! “ T® . 

• -‘Ortlna , Tri-An^ pmtllnvs 491 npnnlo Af 1 ,,ntelnnl Wni-bara* urhi,.l* h„. ^ TtfWHnT HI 0 W (SBC! 


pound and slowdown in the rise 
of component and material costs 
helped it delay the price rise. 
But labour costs were up 12 per 
rent., steel 12.5 per cent, and 
rubber 10-13 per cent- 

Exomples of the new Ford 
prices, including 
old prices in 


com. On Christmas Day, however. 
ITV’s share, fell, to 36 per cent- 
while BBC-1 had-56 per cent, and 
BBC-2 8 per cent. 

The figures are prepared • by 
Audita 'of Great Britain for the 
Joint. Industrial Committee tor 
Television Advertising Research. 


■ TOTAL AUDIENCE 23.15m. 

Christmas feme Toe «**s viewers t«J 

L Dlcfc’ 1 ; Emery Show (BBC) 


73.10 


£2538 (£2.442) 

For 1978 indicate ih-T mrrent ' IfiM^rnurSor 1 T ? -An 8 employs 491 people Municipal Workers' which has| 

rnwcimnnni Siteii l' rSPi-i /Z t«Si *«P rod , ucm S toys and prams it about 350 members there. Apari ! 
Government policy is proving. Capri 1300 .-.792 (£L. 6 bl). Capn ; has been hit bv the hleh cost nf from Ano* tho mhpr ttmnmnnc! 


.and Wise - Shew 


(BBC) 

2 . MnrccwnlM 

(HO .. .. .. . - 

i The Cmnilw 6a«e [HO. 

A Sal* Of tM CoaUUTf («*«’■*) . 
5. TM HnppM SMW (ATV). -. - 


7LH 

"L49 

* 1*0 

lBJEt 

lt» 


time, In the early 1970s, it had Engineering Workers. 


Other-TV ratings Rage 2 





^Financial Times Saturday January-7 1978 


OVERSEAS NEWS 


13 


CARTER’S VISIT TO EUROPE 


e 


na 



against 
alliance with Co mmunis ts 


Report foresees problems for NATO in conventional war 


BY JUREK MARTIN, US. EDITOR 


BY ROBERT MAUTHNER 


PARIS, Jan. 6- 


''USS^SZiJS^, CARTER men and most of aU those from The hostility that M. Mitter-, 

£* !25* £ e - US * 'J**" rand's discussions with Presided 

io-aay with what was widely Kissinger, the former U.S. Sec- Carter has orovoked in Left-win* 1 
considered here to be another retary of State, -profferred simi- circles was* underlined earl Sr 

iodaliift He ipS2? e<l M the B , ™ ren< £ ! ar ^ dv5ce ' n an outcry { o-day when a bomb exploded at j 

Socialist, leader, H. Francois in France. - the former Socialist Partv head. 

^inst an alliance The fact that While House quarters in Paris* onlv'a few 
with the Communist Party. officials made public-President hours before the’meeting took I 
White House officials said the ? ie *\ ** also Jikely place. Both The Communists and' 

U.S. President -expressed his seriously to embarrass-M Hitter- members of the Left-wing of the 
concern about a Socialist. ™ week, Socialist Party consider That 

Communist alliance during a made it clear, that be was still President Carter's visit lo France 
25-minute, meeting with. M. ^ J 0 fonil £ a government only two months* before the 
Mitterrand.;, before- leaving for with the Cemmunfsts tr the com- general election, has been en- 
Brussels, . the last, stage of his toned forces of the Left wen the gineered by President Giscard 
current world tour. . Mr. Carter ^ 6 ^ Seneral election, in March. d'Estaing as an election boost to 
also expressed' -similar sent!- • Reporters present at the the government coalition patries 
men ts In a separate mppijno. meeting between Mr. Carter and n- ., # n . , 
with' M. Robert Fibre, 'ftieleadef^ ‘Socialist leader, heard the "reported* iv 

of the Left-wing Radical Party T' S president warmly praising J • , 1 , 1? rrana ’ 3 * reported by 

Union of the Left, whose unity . You have played a good aod Sit to F?an?e which hJs 
was shattered .when talks on beneficial role in France, Hr. j, e _ martgrt k v a new warmth 
updating, its common pro- Carter raid. “We have many in ^ reiSSns^etween theTwo 
gramme broke down -last Sep- things in common. . -• countries 

temher. : . .M Mitterrand, for his part, • * . - , ' 

Mr. Carter's'remarks are cer- «M after the meeting that there , "resident discard himself ex- 
tain to- upset not only th« Com- was no reason why Franco- of ™ ™ a "? rc a * on * 

munist and Socialist parties, American relations should suffer 
but probably-■ French public if a Left-wing government came ^ f CB » 

opinion, as a-whole. tp power in France. A Left-wing U £l X 

The French, whatever their victory w.ould be completely coni- m 0 difJ SHfdenendent defcn« 
political views, have always patible with good relations «L' orSrew£ SS 

been -particularly sensitive between traditionally, friendly . .*■ fhJL^from^fr Carter's 
about any interference in their- nations, such as Fiance And the {miieiL^indeedThe U S Presi- 
mternal affairs*y foreign stales- U.S., he said.. .... >• gem Sd gow out of his to 

underline the positive aspects for 
the West of the existence of an 
independent French defence 
policy, said President Giscard. 

Given the U.S. recognition 
and even approval, of France's 
autonomy in this and other, im¬ 
portant fields, any differences 
that might exist between the 
two countries would no longer 
preclude normal and friendly 
' _ relations, as they had in the 

BUOYED up by record pur- efforts to combat imports, they pas t 

chases of Imported models, new continued to capture a rising The French President said 
car sales In - the United States share of the total US. market that on the Middle East, he had 
rose 11 per cent, to 11.2m. units. Thus, while in December sales emphasised in his talks with Mr 
In 1977. just short of the record . domefit i M iiv nroduced vehicles Carter the role that France and 
11.4m. recorded m 1973 before ded?S3f j£tJ5E Tver cem other Westerfi European coun- 
the Arab oil embargo. .£?£!? tK for^ore ihan two Wes could play in the final 

But the latest statistics re- velrsThat the iSdiSoVs monthl? **«» of a settlement when it 
leased by the motor industry talleabffiw thoseof cam e to discussing • guarantees 

contain some worrying »ends fJ^{L a e®n‘iu n in b ^e W D ^ 0 e s | in * for the. froohers and security of 
for . Detroit's big three pro- ™ r the countries In tte area. 

-ducers. General Motors, Ford year * sports continued to surge. ^ ^ir discussions on Africa, 
and Chrysler -- Imports took 19 per cent, of he had proposed a new political 

Sales of domestically-built the UB. car market hi December, initiative for the economic and 
ears in December have-shown op from 16 per cent, in Novftm- social devetomnent of the con- 
further signs of Slackening, in her. and exceeding their market tinent, but M Giscard did not 
the wake of the weakness which share of 18.6 per cent for the specify exactly what he had in 
emerged in mid-November but T*". ... mind. Referring to the various 

in. sharp contrast sales of For-..thy whole of 1977, im- conflicts on the continent, par-; 
imported models scored new porters sold a record 2.1m. ticularly in the Horn of Africa, 
gains. vehicles, w 40 per cent, increase he said that the fundamental 

Some importers reported re- From the 1.5m. they sold .in. 1976. principle on which any solution 
cord sales in December. In spite The previous record import sale should he based was In resnect 
of both price increases, stem- was t.7m in 1973. The shire of of the frontier* fixed at the tjme 
mmg in part from the derhne' imports in the market in 1976 these countries became- Indepen- 
in the dollar, and Detroit’s was only 15 per cent. dent - 


NEITHER THE UJS. nor the 
Soviet Union can expect to win 
a nuclear war hut the UJ3. and 
it$ NATO allies could- face 
problems in a conventional 
conflict in both Europe and the 
Far East,- according to an 
Important U.S. Government 
study. 

This inter-agency report, 
details of which were pub¬ 
lished in the New York Tunes 
this morning. Is believed to 
form an integral part of U.S. 
strategic and tactical planning 
tinder the Carter administra¬ 
tion- 

The current U.S. policy of 
improving the quality of NATO 
forces in Europe may well 
reflect the report’s conclusions, 
since It was completed last 
summer. The report also puls 
some' flesh on the partially 
released bones of the contro¬ 
versial Presidential Review 


Memorandum Ten, which 
appeared to imply, according 
to newspaper leaks at the time, 
that* hi the event of a conven¬ 
tional attack by Soviet forces 
in Europe, the OS. should be 
prepared to cede as much as 
one-third of West Germany 
before making a stand. 

The report specifically re¬ 
futes this, according to (he 
New York Times, Quoting 
directly its says that a central 
premise b that: “the United 
States witi continue to view 
the security of Europe as a 
vital Interests and will con¬ 
tinue to participate actively 
in the defence of NATO." 

Although it concedes that 
the Soviet Union and its allies 
enjoy a two-to-one numerical 
superiority In the European 
arena, the report copdndes 
that: “ this advantage as a start¬ 
ing condition Is considered too 


small in itself for the attacker 
lo bare any expectation of 
quick or substantial victory-’* 

Nevertheless, and stressing 
the underlying concern, the 
report goes on to say. that: 
"there is a distinct tactical 
advantage accruing to the 
Warsaw Pact due to tbeir 
ability to mass combat power 
on major attack routes of their 
ehoosing while employing 
economy for force elsewhere.” 

The report says: " the chance 
of NATO stopping an attack 
with minimal loss of territory 
and then achieving its fall ob¬ 
jective of recovering that land 
which had been lost appears re¬ 
mote at the present time.” 

The report paints a rela¬ 
tively pessimistic plctnre of the 
condition of Western defences 
in Europe, noting critical defl- 
clences in ammunition and 
spare parts. While the U.S. 


five-year defence plan calls 
for provision of war stocks 
for a 90 • day conflict, 
the study observes that; 
" other NATO countries have 
only about 341 days worth of 
slocks and do not currently 
plan to buy more.” 

Indeed, the report feels that 
substantial improvements in 
Western conventional forces in 
Europe may not be easily 
achieved, in spite of the uni- 
lateral U.S. efforts. 

Noting the reluctance of 
European countries to spend 
significant additional amounts 
on defence, ii said, in addition, 
that any attempt by the U.S. 
to persuade its allies to rely 
less op nuclear capability and 
to strengthen instead conven¬ 
tional forces might have the 
effect of provoking a basic 
debate over strategy that could 
even prove counterproductive. 


WASHINGTON, Jan. 6. 


It says: ” It would be divisive 
and might guarantee that the 
United Stales would not be able 
to persuade the allies to make 
further force improvements." 

On nuclear confrontation 
with the Soviet Union, how¬ 
ever, the report finds that the 
preseal balance is such that in 
tlte event of a nuclear war. 
"neither side could conceivably 
be described as a winner.” 

it estimates that an all-out 
nuclear war would produce 
UOm. American fatalities and 

112m. Russians dead, and 

with almost three quarters or 

both economics totally des¬ 
troyed. 

It also expresses the view 
that Ihc U.S. continues to eu- 
joy significant superiority in 
key missile sectors and appears 
to provide justification for 
President Carter's decision to 
cancel the B-l bomber project. 


U.S. imports of cars 
at record in 1977 


BY STEWART FLEMING 


NEW YORK. Jan. 8. 


Rhodesia 

settlement 

discussions 

postponed 


By Bridget Bloom, 

Africa Correspondent 

SALISBURY. Jan. 6. 
IN A SURPRISE move here to¬ 
day, the leaders of the four 
delegations currently engaged in 
so-called internal settlement 
talks decided to postpone their 
twelfth formal session, which was 
due to be held this afternoon 
Instead, they met privately this 
morning and have agreed to meet 
on a so far unspecified date early 
next week 

Although no official details of 
this morning's meeting have been 
released. It is understood to have 


More Overseas 
News Page 19 


Vance returns 
crown to 
Hungary 

By Paul Lendvai . 

BUDAPEST, Jan. 6. 
AT A TELEVISED public 
ceremony held to-day In the 
main hall of Budapest Parlia¬ 
ment, U.S. Secretary of State 
Cyrus Vance officially returned 
the crown* of the first Hungarian 
king S! - Stephen., and other 
coronation regalia to Hungrily 
Both he and the President of 
the Hungarian Parliament. Com 
munist Politburo member Mr. 
Antal Apro stressed that.-the 
return of the traditional sym¬ 
bols of Hungarian nationhood 
and Statehood ' reflected im¬ 
proved U-S.-Hungarian relations 
They also referred to the spirit 
of the Helsinki final art " on 
European co-operation. . 

The ceremony was attended 
not only by Premier • Gyorjsy 
Lazar and olher Cabinet mom 
hors but also by .Cardinal 
Lnszln Lekai. - the R:>man 
Catholic primate of -Hungary, 
leaders of the Protestant do no- 
urinations, the Jewish commu¬ 
nity. 


■ —:- 7 -t* 

Callaghan seeking defence 
orders at Desai meeting 

BY RICHARD EVANS. LOBBY EDITOR 

DELHI. Jan. 6 

' ■ * 

THE SIX-DAY visit of Mr. 

James Callaghan, the British 
Prime Minister, .to India which 
began yesterday with a cere¬ 
monial drive through Delhi,. is 
regarded by both the U.K. and 
India as of major importance 
because of the closer long-term 
economic and politico! links it 
could produce. 

There Is unjikely to be any 
announcement of major new 
initiatives or contracts at the 
conclusion of Mr Callaghan’s 
talks with Mr. Morajl Desai. the 
Indian Premier, but the signs 
are that the visit should achieve 
the modest targets set. 

Jn a speech on bis arrival at 
Delhi airport, Mr. Callaghan 
complimented his hosts on the 
remarkable progress made since 
independence in becoming the 
world's tenth industrial nation. 

He admitted that, ihe country's 
potential had been released by 
British withdrawal, and looked to 
India, tn maintain and develop its 
position’as a leader of the oon- 

cooimilted Third World. 


covered the possibility -of com¬ 
promise over the remaining 
major disputed issue of principle 
in the current talks—thaT of 
white representation m an inde 
oendeni Zimbabwean parliament 
Six of the 11 sessions held 
so far have been .concerned with 
this issue. Mr. Smith, the 
Rhodesian Prime Minls»«r. in¬ 
sists that whites should elect 
33 MPs—a third of the total— 
who would have the power to 
block key legislation The black 
delegations led by ’ Bishop. 

Miixorewt and the Rev Siibolnj 
maintain that thev.cannot offer! 
more than a " blocking fifth j 
to the whites. > 


Israel to prepare land for 
settlement in north Sinai 


1 The two most delicate topics In 
the talks will be the growing 
trade surplus—currently of 
about f 150m—that India has 
.with Britain, and the issue of 
non-proliferation of nuclear 
weapons. 

Although Mr. Callaghan will 
urge Mr. Desai to meet tbe ( 
problem of the deficit by placing | 
substantial defence orders with 
Britain, including a contract for 
up to 40 Jaguar strike aircraft at 
a cost of up to £260m.. he will 
not press the Issue of the deficit 
too hard. 

On non-proliferation, which is; 
certain to be raised during the 
talks. Mr. Callaghan agrees with 
.President Carter’s “view that 
there are dangers from the 
spread of nuclear weapons, but 
he regards the issue as an inter-! 
national one and not one for the 
Indian Government alone. 

_ A- distinct danger is that anj 
gvent outside the talks—a brief j 
-audience granted by the Prime [ 
Ijlfrilster to Mrs. Indira Gandhi 
:00' Monday evening—could; 
’dominate the. entire visit. 


S.A. oil threat 
by Nigeria 

By Oar Own Correspondent 
UNITED NATIONS, Jan. 6. 

A FORMAL DEMAND that the 
Security Council impose a man¬ 
datory embargo on oil sales to 
South Africa, as an extension of 
the boycott against Rhodesia, 
which gets its petrol from the 
Republic, will be submitted later 
this month by Nigeria. 

Disclosing this to-day,- Mr. 
Leslie Haniraan, the Nigerian j 
chief delegate, who is also the 
Council President, said the South 
African government was enabling 
“the illegal regime" in Salisbury 
to survive by supplying its oil. 

The 15 - nation council is 
expected to meet . shortly. 
Brigadier Josepb Garba, the 
Nigerian Commissioner for 
External Affairs, plans to arrive 
in New York on January 20 and 
will take charge of some of the! 
council meetings and private | 
negotiations. - . 

The oil embargo proposal.' 
endorsed by the Assembly last! 
month, is expected tp be fol-, 
lowed by a call for the cessation 
of further foreign investment in 
South Africa, it was not known 
to-day whether the. Western 
members of the council would 
vote for an oil boycott. 


BY. DAVID LENNON 

THE ISRAELI GOVERNMENT 
confirmed today that it has 
ordered the levelling of a stretch 
of land in northern Sinai for 
Tanning by the settlers In the 
Rafah salient south of the Gaza 
Strip. This is in line with Israel's 
intention of leaving Jewish 
settlements in the area even if 
il is returned to Egyptian 
sovereignty under a peace agree¬ 
ment 

The area where the settle¬ 
ments are located will be under 
UN supervision, and the UN 
flag will flv there, according to 
Mr. Simcha Ehrlich, the Minister 
of Finance. He added \bai the 
Jewish settlers would be pro¬ 
tected by an Israeli military 
force. 

It was also revealed today that 
under Israel's peace proposals 
the three Jewish settlements 
along the east coast of the Sinai 
neninxula will also remain in 
position. Israel also wants to 
keen-two of its military airbases 
which will fall within the UN 
zone operating as civilian air¬ 
ports. 

M»anwhile a government 
spokesman said ’ that Mr. 
Monahem Benin the Prime Min- 
ister was himself ihinking of 
settiine In the northern Sinai 
area when he retires He and 
his wife have joined the N»*nt- 
Sinat agrimilloral settlement 
ne®» M.Ari*h 

Defence Ministry officials told 
the Financial Times to-day that 
the joint Eiypt-Israel military 
committee will stari its delibera¬ 
tions in Cairo on January 16 as 
scheduled They said it was 
highly unlikely the meeting 


would be brought forward to 
early next week, as had been 
reported in the Egyptian Press. 

The Israeli military team has 
been selected,. and is expected 
to be approved by the Cabinet 
on Sunday. It will be beaded by 
the Defence Minister, Mr Ezer 
Weizman, and will include the 
Chief of Staff General Mordechai 
Gur as well as the Chief of Mili¬ 
tary intelligence and the O/C 
Southern Command. 


TEL AVIV. Jan. 6. 

The U.S. ambassador has asked 
Israel to explain Its intentions 
about expanding Jewish settle¬ 
ment >n the occupied territories 
This follows a spate cif uncon¬ 
firmed reports about new settle¬ 
ments being planned in secret. 

The Ministry of Housine 
announced yesterday that it had 
started registering people who 
wish to buy Hats in a new Jewish 
urban centre being developed at 
Maale Efraim on the West Bank 


Sarkis firm on refugees 


PRESIDENT ELIAS SARKIS 
said to-day that Lebanon would 
reject any Middle East solution 
calling for the continued pre¬ 
sence of its large Palestinian 
refugee population- 

In a toughly worded address 
to Beirut’s diplomatic corps. 
President Sarkis in effect 
answered Israeli Prime Minister 
Menahera Beg in's proposal for a 
seif-ruling Palestinian entity on 
Jordan's West Bank closed to 
virtually all Lebanon's 350.000 
.Palestinians. 

“The world conscience-should 
not tolerate such stands.” Presi¬ 
dent Sarkis said. He believed 
the Begin plan would both deny 
the Palestinians' right to an 
independent state and undermine 
the fight by Lebanon's 2.5m. 
nationals to rebuild from a 19- 
month civil war. 

“Such a solution is harmful 
to its (Lebanon’s! essential 
interests in as much as it is 


BEIRUT. Jan. 6. 

beyond its own possibilities. In 
addition, it inflicts more damage 
on the Palestinian cause itself," 
said the President “ It would 
be oppressive to solve the 
Palestinian issue by creating a 
new problem for Lebanon and 
the Lebanese people.” he said. 

President Sarkis has been 
fighting a losing battle at home 
against galloping inflation and a 
virtual absence of major foreign 
investment since the war. 

President Sarkis was careful to 
stress that his rejection of a 
Palestinian presence was coupled 
by strong Lebanese support Tor 
“the legitimate rights of the 
Palestinians on their own land.” 

This was seen as an attempt 
to divorce hi« cali from earlier 
demands for the expulsion of all 
Palestinian* from Lebanon made 
by Christian Rightest factions 
that battled a Palestinian- 
Lebanese Leftist alliance in the 
civil w ar. 


Mulley in weapons sales talks 


BY MICHAEL TINGAY 

MR. FRED MULLEY. Britain’s 
Secretary ' of Defence to-day 
wound up a four-day visit to 
Egypt which included a meeting 
with President Sadat in Aswan 
and the signing iti Cairo or a 
memorandum of understanding 
with the Arab Organisation for 
Industrialisation (AOll. The 
AOl was established in 1975 with 
capital of 51043m contributed by 
Saudi Arabia. Egypt. Qatar and 
the United Arab Emirates. 

This is the first visit by a 
British Defence Minister to 
Egypi and Is being interpreted 
here as a public sign by Her 
Majesty’s Government Th3t 
British defence sales policy.to¬ 
wards Egypt ha6 changed follow¬ 
ing President Sadat’s peace mis¬ 
sion to Israel in November and 
the subsequent negotiations. 

British embarrassment at 
being a supplier of arms to both 
Arab and Israel) sides in the 
1967 Middle East war. led to a 
derision more than a dpcade ago 


to restrict the sort of military 
hardware sold to states involved 

Three British companies are 
already involved closely with the 
AOl—the British Aircraft Cor¬ 
poration, Westland Aircraft Ltd. 
and Rolls Royce. BAC signed an 
agreement to produce Swingfire- 
anti-tank missiles jointly with 
AOL Westland and Rolls Royce 
are finalising arrangements 
under which two joint venture 
companies wilj be set up with 
AOl to make the Lynx helicopter 
which uses the Rolls Royce GEM 
engine. 

The companies Involved, hav¬ 
ing observed numerous visits by 
French politicians, promoting 
rival .defence products, are 
delighted at the trip, regarding 
it as strong public backing by 
HMG for their efforts in Egypt. 

While the discussions and 
agreement with the AOl provided 
the immediate reason for Mr. 
Mulley's visit to Egypt, ihe bi¬ 
lateral- aspects must be at least 


CAIRO, Jan. 6. 

as important. BAC already sup¬ 
plies Swtngfire missiles to the 
Egyptian armed force.-, and these 
were used against Israel durtnj 
the 1973 war But now that Pre¬ 
sident Sadat has publicly com¬ 
mitted himself in Jerusalem to 
** no more war ” with Israel, 
British defence industries should 
feel able In soli offensive as well 
as defensive weapons. This 
aspect is believed to have been 
covereo by Mr. Mulley in his talks 
with Genera) Muhaoied El 
Gamassi, Egypfs Minister of War. 
• The Shah of Iran will make a 
one-day visit to Egypt 0 n Monday 
for talks with President Anwar 
Sadat on the Middle East situa¬ 
tion. the Egyptian Middle East I 
News Agency tMF.NAl said" 
to-day. reports Reuter. 

Sources insisted that Kina 
Hussein of Jordan would be _ 
coming to Aswan on Tuesday Tor i 
talks with Mr Sadat. Jordanian! 
officials in Amman have denied 1 
this. ! 


Japan ‘will 
settle 
dispute 
with U.S.’ 


The U.S. and Japan are drafting 
a joint statement that will 
announce the settlement of their 
trade dispute nest week. Mr. 
Nobuhiko Ushiba, Minister for 
External Economic Affairs said 
in Tokyo yesterday. AP-OJ 
{reports that Mr Ushiba said that 
the wording of the statement 
would be complob.‘d in talks with 
US. deputy trade negotiator Alan 
Wolff, who is to arrive in Tokyo 
on Sunday ahead -of the planned 
visit'on January 11-13 of U.S. 
special trade negotiator Robert 
Strauss. 


Lockheed cleared 

Lockheed, the U.S. defence con¬ 
tractor accused of bribery in 
several countries, was officially 
cleared lo-day of the vague 
charges that have for some years 
hung over its dealings with the 
West German Defence Ministry 
in the early 1960's, Adrian Dicks 
writes from Bonn. 

Herr Franz-Josef .Strauss, who 
held the defence portfolio when 
the controversial Starfiighter con- 
tracts were signed, must also now 
hope to seen an end lo the steady 
How of rumours that he and his 
Bavarian-based Christian Social 
Union were in some way the 
recipients or funds from Lock¬ 
heed. An interim report issued 
ip-day said that no evidence had 
been found that anyone in West 
Germany had been directly or 
indirectly bribed. 

Italy exchange record 

Italy’s available foreign exchange 
reserves at end-November stood 
at a record Lire7.153bn. iSSJ2bns.) 
according to official Bank of Italy 
returns published here to-day. The 
figure is an increase of more than 
L550bn. over the previous month's 
level, Dominick J. Coyle reports 
from Rome. 

Baltic fishing zones 

The Danish Government is ex¬ 
pected to establish a national 
fisheries zone in the Baltic in the 
near future, writes Hilary Barnes 
from Copenhagen. Fisheries 
Minister Svend Jakobsen said yes¬ 
terday that the Government .s 
discussing the issue hut that it 
still has some technical problems 
to solve. The Government said 
Iasi year that >f other countries 
established Bailie zones Denmark 
would follow suit The three 
nalinns most important to Den¬ 
mark in this respect—Sweden, 
Poland ’and r>st Germany—have 
already established zones. 

Polish debate call 

A letter signed by 14 Communist 
Party members, including Mr. 
SdwHrd OL-hub, parly First Secre¬ 
tary for a time in IPSfi and later 
Head of State, declares that the 
source ot Poland's present difficul¬ 
ties lies in the nun-democratic 
way the country is governed, 
reports (Jhrislnpper Buhinski from 
Warsaw 


THE ESCALATING WAR IN SOUTH-EAST ASIA 


f 

■p» i 


0 



in Vietnam’s battle with Cambodia 


BY A SPECIAL CORRESPONDENT IN BANGKOK 


T hail l 






"V 


Laos 


^ / 


jTiibb 


VIETNAM'S MILITARY thrust According .to Western and topgue of Cambodian territory 
Into Cam bndiv characterised by Thai Intelligence sources Viet-'-jetting into Vietnam's Mekong 
Hanoi as defensive action, and namese forces have reached the j5elta If the sources are cor- 
by Phnom Penh as outright tn- strategic river crossing town :of xeet. it reverses the position of 
vision, ha® reached a crucial Neak Luong, which straddles the two months ago when Cambodian 
Mage whereithev have the Choice Mekong just 35 miles lo the forces were crossing the border 
between pressing on lb itte. Cam- south east of Phnom Penh similar distance from Ho Chi 

hodian. capital or trying fnr.an It ties-at the extremity of the^nh City (formerly Saigon) 
amicable solution to the conflict, so-called Parrot's beak, the r -,Cambodian claims that they 

iive turned back .or surrounded 
L. Vietnamese troops nptwiih- 
.standing. Vietnamese successes 
’pn. .the battlefield were only to 
be expected. Il is believed they 
committed six divisions along 
the 90 mile stretch of border 
from the Parrot’s Beak to the 
Gulf of Siam tn the south. 

I-:-Cambodian forces have num¬ 
bered less than half this, and 
according to the Thais they 
have been forced to draw rein- 
' forcemen is from their wesiem 
bonier to meet heavy casualties 
.! Vietnam has drawn upon its 
cornucopia of captured Ameri¬ 
can weapons and Soviet 
supplied hardware, while the 
Cambodians have, for the most 
part, been relying on inferior 
.Chinese and North Korean 
weaponry... While they .have 
been reluctant to ■ risk their. 
Paltry airforce of aged turbo¬ 
prop bombers, Vietnam .Has 
thrown \n US Phantoms and 
Sky Raiders..- 

The question now is not so 
much, who can win, hut what 
.the Vietnamese plan.to do. and 
-what factors will affect their 
decision. • 


Cam bod i a 



"S 

V 

\ 

/ 

< 

v . . \ 

KunpanfOwn^J.IMi Nfenwtw/ . 

•' ^ fr- /fuefe* . 

Phnom ^ 

* “ A 4 




BmMtThflot 
W *1 

Of 


It is clear from the repeated 
ealts for talks that they have 
gone as ..far into Cambodia as 
they wish. While many 
observers are * prepared to 
believe that their action has 
been a response to sustained 
Cambodian provocations, the 
capture of Phnom Tenh would 
be a different matter altogether 

The background to the present 
fighting^ as giPen by Hanoi, is 
quite clear, and independent 
sources endorse the bulk of what 
they say. 

For two years. Cambodian 
forces along the border probed 
Vietnamese defences, raided and 
shelled villages, and attempted 
to nibble eastwards. Sources 
believe, with some justification, 
that during their role as officials 
to the French colonisers, and 
while enjoying sanctuary inside 
Cambodia during the second 
Indo-China war, Vietnamese en¬ 
gaged tn.de facto redrawing of 
the border. 

But the full scale assault, 
which the Vie’n am esc say was 
launched against tbeir southern 
border purine late September, 
saw an end to Vietnamese 
patience "Cambodia was still 
drunk with its. victory of April 
1975,*’ said a Western diplomat. 
** Vietnam is waking them up to 
the hangover.” 

It might he as simple as that, 
although former Indo-China 
hands tend to support Cambo¬ 


dian allegations that Hanoi aims 
to dominate an “ Indo-China 
federal inn.” -But while Vietnam 
might wish to install in Phnom 
Penh a government which, like 
that in Vientiane, would-he sym 
pathetic towards a “ special 
relationship.” it is thought 
unlikely that Vietnamese'would 
go that far. 

On one leveL the rich rice 
lands, offshore . fishery' reserves 
and (perhaps) ' oil. might be 
attractive to a Vietnam banting 
to reconstruct a shattered eco¬ 
nomy. vast unemployment, and a 
ltn. tons shortfall In the rice 
. harvest. 

On the other. It is difficult to 
see how they could expect to rule 
a country where even the 
brutally downtrodden ponul3tion 
has less affection for the Viet¬ 
namese than the Khmer Rouse. 

Of more import, it would do 
nothing to farther Hanoi’s efforts 
to build an-. Image of respect¬ 
ability an dresponslbilify in the 
eyes of the aid-rich financial in¬ 
stitutions and Western countries. 

The diplomatic offensives 
launched hv the two sides have 
been a« fierce as the military 
offensive. with each un¬ 
precedentedly anxious to win the 
support and approval of the in- 
ternationai community both 
ChmmunisT and non-Gnmmuntst 

But the grayest questions are 
posed of the Cnmmunirf rnun- 
fries. especially China. Friends 
to the much-vilified Khmer 


Rouge regime through thick and 
thin, the Chinese have already 
given millions of dollars in aid. 
and the late Premier Chou En 
Lai himself pledged to maintain 
their territorial integrity. 

Few observers in Bangkok 
credit reports of Chinese nr 
Soviet advisers in the hattlefield, 
or suggestions that it- is a proxy 
war oo behalf of Peking ' and 
Moscow. 

The Soviet Union has tost no 
time in taking advantage of what' 
many consider the gross embar¬ 
rassment visited on China by her 
wayward proteges Moscow Radio 
has accused Ihem of orchestrat¬ 
ing Cambodian aggression and 
reiterated Vietnamese calls for 
talks. 

At the same time, the vehem¬ 
ence of Peking’s support .For ihe 
Cambodian position has eased 
since the end of December They 
too have publicised Vietnamese 
proposals, realising perhaps lhai 
a stern lesson has been 
administered, and Thai to keep 
in step with Cambodian allega¬ 
tions and denunciations would 
threaten their already chilly 
relations with Hanoi. 

How the two. sides can be 
disengaged or how suspicions 
can be allayed is *Mll unclear 
tf Peking has anything to do 
with it ihey will he working to 
clarify the questions as quickly 
as possible. 


HOW THE TWO SIDES LINE UP* 

CAMBODIA 

VIETNAM' 

Population 

8,570,000 

Population 

46,855,000 

Total armed forces 

90.000 

Total armed forces 

615,000 

Army 

Apparently same strength as 
1975, viz. 4 divisions 

3 independent regiments 

200 Armoured personnel 
carriers 

320 guns/howitzers 
mortars 
recollless rifles 
anti-aircraft guns 

Army 

25 infantry divisions 1 

2 training divisions 

1 artillery command 
(of 10 regiments) 

1 engineering command 
approx. 15 independent 
infantry regiments 

20 SAM regiments 
each with 18 SA-2 launchers 

50 anti-aircraft 
artillery regiments 

15 independent engineering 
regiments 

900 tanks, armoured personnel 
carriers, self propelled guns, 
anti-aircraft guns, 

SA-2, SA-3, 5A-6, SA-7 missiles 

Navy 

Navy 

Some ISO smalt patrol, river 
and & landing craft 

3 coastal escorts 

3 guided-missile fast 
patrol boats 

22 motor gunboats 

4 motor torpedo boats 

30 small patrol boats 

20 landing craft 

10 search and rescue helicopters 

Air Force 

Air Force 

ThbugM to include 

10 transports 

9 C-47 and fi-123 transports 

15 T-51. 20 T-28 trainers 

25 helicopter guruhip* 

310 combat aircraft 

1 light bomber squadron 

8 fighter ground attack 
squadrons 

& interceptor squadrons 
transport aircraft 
trainer aircraft 


Figures do not include former forces of South Vietnam, which are 
estimated to have included up to 550 tanks. 1,200, armoured personnel 
carriers, 1.330 auos/howiners, 76 naval craft including 42 patrol gunboats, 
800 riverine craft, 1,000 aircraft of all types. 

‘ Infantry divisions normally total 8-10,000 men, and include a tank 
battalion, infarmrv and artillery regiments. 

• Source: Tfte Military flofone* 1977-1978 fISS. London/ 






14 


Financial Times Saturday January 7 J878 


r INA NCI ALIIMIS 


BRACKEN' HOUSE. CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantlmo, Loudon PS4. Telex: 886341/2, 883897 
Telephone: 01-24R 8000 


Saturday January 7 1978 


Respite for 


the dollar 


THE WEAKNESS of the US. 
dollar became suddenly more- 
marked at the end of the old 
year. The foreign exchange 
markets took a gloomy view of 
President Carter’s decision not 
to renew the contract Df Dr. 
Arthur Bums when it runs out 
this month and to replace him 
as chairman of the Federal 
Reserve with a businessman of 
limited banking experience. It 
was assumed, whether fairly or 
not, that this would mean a 
lower priority being given to the 
control of inflation and the 
maintenance of the exchange 
rate. The new year opened with 
the dollar moving down sharply 
further against the main indus¬ 
trial currencies, and the rate 
against the pound was all but 
back to $2 when the U.S. mone¬ 
tary authorities announced and 
introduced a complete reversal 
of policy on Wednesday after¬ 
noon. 

The U.S. Treasury has main¬ 
tained until now that surplus 
countries like Germany and 
Japan should prevent the appre¬ 
ciation of their currencies 
against the dollar by stimulating 
home demand. The U.S. authori¬ 
ties have not until now inter¬ 
vened in the exchange markets 
but left it to other countries to 
bear the cost of intervention, 
even while arguing. that the 
markets are behaving irration¬ 
ally and that the dollar is 
fundamentally under-valued. 
But this week's decision is the 
culmination of a gradual change 
of attitude. 


reluctance of Congress to accept 
the President’s proposals fur 
saving energy, which in turn 
throws some doubt on his other 
proposals for cutting taxation, it 
is in the general interest that 
the U.S. should seek to maintain 
its present rate of economic 
growth, but the weakness nf the 
dollar has made it more difficult 
for other countries to reflate. 
Unless Congress is willing to act 
soon on oil imports, the choice 
may lie between continuing 
weakness, a lower rate of U.S. 
growth, and a hardening of the 
existing trend towards protec¬ 
tionism. 


interest rates 


Bear squeeze 

At the beginning of December 
there was a concerted attempt 
to talk the dollar up. which 
failed when the talk was un¬ 
accompanied by action. Then, 
just before Christmas, President 
Carter announced a couple of 
minor measures intended to 
help the dollar, which had little 
effect because they were stated 
to represent no real change, of 
policy. This week, however, the 
Administration has decided tn 
make active use of its own 
foreign exchange resources and 
the network of swaps with 
foreign central banks “to check 
speculation and restore order in 
foreign exchange markets." The 
move was well timed, a number 
of bears were dearly squeezed, 
and the dollar exchange rate 
recovered sharply. 

That the U.S. has now acknow¬ 
ledged a joint responsibility for 
the behaviour of the markets is 
a welcome development, but it is 
too early to say whether and 
where the dollar rate will 
settle. The fundamental prob¬ 
lem is the large U.S. payments 
deficit, which is not expected to 
fall much this year and which is 
largely due to very heavy im¬ 
ports of oil. This is due to the 


The UJC authorities must 
themselves be relieved at the 
breathing - space they have 
obtained. The pound was 
allowed to appreciate fairly 
freely to discourage a renewed 
inflow* of funds that would have 
jeopardised control of the 
money supply, but too great an 
appreciation would have harmed 
the competitiveness of exports 
and produced strong pressure 
for a change of course. In fact, 
the readiness nf the Government 
to let the rate rise will probably 
work together with'the prospect 
of a handsome payments sur¬ 
plus (due to North.Sea oil) to 
keep the pound fairly strong in 
any case. The fact that the U.S 
is now operating in the 
exchange markets does not 
mean that alternative means of 
preventing the pound from ris¬ 
ing too far will no longer be 
considered. 

Stimulation of demand in the 
coming Budget is likely, but 
the scape for it is limited- 
industry has revised its invest¬ 
ment plans for 197S downwards 
—if it is to produce more than 
a consumption boom. Further 
relaxation of outward exchange 
controls would be sensible if 
trade union objections can he 
overcome. The imposition of 
inward exchange controls is a 
possibility, but they would prob¬ 
ably he no more effective in 
the long run here than in other 
countries which have experi¬ 
mented with them. Interest 
rates can be lowered to some 
extent, but too sharp a fail 
would threaten monetary con¬ 
trol. In the event, the Bank nf 
England saw tn it that minimum 
[ending rate fell hy only l per 
cent, yesterday. At the begin 
ning of the week, when the 
pound was racing ahead and 
the short tap was exhausted, a 
sharper fall seemed possible. 

That cut. however, has 
already led to fresh reductions 
in the base and deposit rates of 
the clearing banks. It now 
seems virtually certain that a 
cut in reenmmended building 
society rates will be announced 
next week. 


House prices 




up 



a boom is 



BY JOE RENNISON 


A T THE height of the last 
house price boom in 1972 
—when in that 12-manth 
period alone prices increased 
by an average of 47 per cent, 
—the phenomenon was wit 
nessed by most of the population 
with the same kind of rare that 
some. would have given to the 
final- stages of a horse race. 
Nobody was going to get hurt, 
the spectacle was fun and there 
was a kind of macabre fascina¬ 
tion about who would win. 
There was a great outcry only 
at the end of the race when it 
was realised that nobody had 
won. 


This time round—and there 
are plenty predicting that the 
same sort nf thing is about to 
happen in the coming year—the 
prospect is viewed with alarm 
and despondency. It is a re¬ 
flection in the change, not 
always salutary, that has 
occured to the national well¬ 
being and expectations since 
the traumas of 1973. During 
the price boom almost every¬ 
one, particularly if they owned 
a house, agreed that the rise 
was a good thing and there was 
little thought that anything 
could happen to rock the boat 
The market crashed in 1973 
simply through over-heating 
which was the natural course 
of events. The following oil 
crisis and depression which 
affected all walks of life and 
virtually all altitudes of 
businesses left a deep scar and 
nowhere was this more 
markedly shown than in the 
properly market. 


Percentage of Owner- Occupied Homes 


index 19704th Quarter = too 


56 H 


55 4 


HOUSING TRENDS 

Source NATIONWIDE BUILDING SOCIETY 


54 A 


■53 A 


‘ House Prices -*► 


52 


51 A 


50. A 


49 A 



«**’’ Owner-Occupied Homes 


H 200 


as a percentage of the 
UK Housing Stock 


✓ Retail Prices 


2S0 


260 


240 


220 


180 


h 160 


140 


120 


• Individually styled residence 
aver £35.000, 

In each category, the prlc 
‘ncrease during the quarte 
has been greater titan at an; 
time since the “ boom " years a 
the early lBTUs but the figure 
are still regarded as ‘•no 
unreasonable " bearing m minr 
the domestic property market’ 
earlier failure to keep pace will 
the general rate of inflation. . 

In the lowest price range, thi 
first category, the averag. 
increase was 3.2 per cent, and 
in the £12/500 to £20,000 cate 
gory, prices jumped rather mun 
at 5 per rent. In the higbe 
price ranges, the third ant 
fourth categories, the increase, 
also showed signs of accelera 
tinn at 3-5 per cent, and 2.5 pe; 
rent, respectively. 


Builders’ 


costs 


A healthy 


turnover 


In the last part of 1977 it 
looked as though snme kind of- 
normality was finally returning 
to the house market. Prices had 
at last begun to rise—althnush 
still not keeping pace with the 
rate of inflation—and there was 
a healthy turnover in the 
market which had been absent 
since the loss nf confidence in 
the previous four years. To talk 
about a rise in prices, however, 
still’means a very slow increase 
in house prices in historical 
terms. The overheatins nf the 
markPt in the earlv 1970s com¬ 
bined with the decline in living 
standards of the fallowing rears 
still means that prices are ris¬ 
ing at a moderate rate only. 


Strangely enough the same 
ingredients for a boost to prices 
are here again hut it is most 
unlikely that the ri«e will be 
of the same proportion as in 
the last boom. . Tbe budding 
societies have more funds at 
their disposal than they ever 
had—far more than they had 
in 1972—real incomes are aaafn 
beginning to rise, the mortgage 
interest rate is now hack down 
to 91 per cent (with every 


prospect of being reduced by as 
much as 1 per cent, by next 
weekend) and the ratio nf huuse 
prices to incomes is almost at 
the same level as it was in 
1972. 

Money is flooding into build¬ 
ing societies at unprecedented 
rates. In the last few months 
of the year the monthly net in¬ 
take was over £500m. a month 
and even December, tradition¬ 
ally a lean monlh for the move¬ 
ment, is expected to show net 
receipts of around £400m. This 
massive inflow, caused by an 
investment rate staggeringly 
out of line with other deposit 
rates, coupled with repayment 
of capital from existing 
borrowers has enabled the 
societies to fund home loans at 
the rate, by the end of the year, 
of almost £800m. a monlh. 

During 1977 no fewer than 
750,000 loans were made to 
borrowers by the building 
societies representing a cash 
commitment of nearly £7bn. 
This is the highest level ever 
reached but the coming year 
will no dpubt see new records. 
Estimates given recently suggest 
that lending could be as high 
as £8.5bn. 

This In Itself could, be seen 
as a classic recipe for disaster. 
And the Government is known 
to be concerned about this par¬ 
ticular aspect of the situation 
fearing that such massive lend¬ 
ing could fuel another house 
price spiral. But it is neither 
the beginning or the end of the 
story. The availability of build¬ 


ing society* funds in itself will 
neither hinder nor help a rise 
in prices. It can only accelerate 
the inevitable rise or fail. But 
the nasty (unwarranted) beat¬ 
ing that the building societies 
took last time over the tear¬ 
away inflation in house prices 
has already been anticipated by 
the Chief Executive of the 
Anglia Building Society. Mr. 
Peter Wilkinson, who in his 
annual review stated that 
"Popular comment is already 
getting itself geared up in 
advance to lay the blame on 
building societies for price in¬ 
creases which are bound to grow 
in some sections of the market. 
It is forgotten that house prices 
depend simply upon the balance 
of supply and demand. Demand 
is strengthening as witnessed by 
a return of the gazumping 
phenomenon and the supply is 
not assisted any by an increas¬ 
ing shortage of rented accom¬ 
modation.". 


Ability 


to pay 


Mr. Wilkinson has a good 
point but. while not wishing to 
diminish the status nf the build¬ 
ing society movement, they are 
not the be all and end all of the 
housing market. It is people's 
ability to pay for what they want 
which is the ultimate deciding 
factor. General price inflation at 
a time when incomes dre held 
down pre-empts funds which 


otherwise might be available for 
housing. Thus, paradoxically, it 
can be argued that unless infla¬ 
tion is brought under control 
there is little prospect of prices 
rising a great deal beyond the 
1977 level. 

Although prices rose in 1977 
at a higher rate than they have 
for the last four years there is 
little justification for thinking 
that the increase will accelerate 
into a boom spiral. Both the 
Nationwide Building Society 
index of prices and the Anglia 
Building Society suggest that in 
the last year prices rose by an 
average of about S per cent. 
There is strong evidence to sug¬ 
gest that most of the increase 
came in the second half of the 
year. 

This naturally reflects the in¬ 
creased confidence in the 
economy as a whole and par¬ 
ticularly the lowering of interest 
rates. Minimum lending rale at 
15 per cent- at the beginning 
of 1977 ended the year at 7 per 
cent and yesterday fell to 6J 
per cent This puts further 
pressure on the building 
societies to reduce their rate to 
borrowers and lenders and it is 
probable that this will happen 
and the Council of the Building 
Societies Association (BSA) 
when it meets next Friday will 
announce a reduction of 1 per 
cent in the mortgage rate which 
began 1977 at 12J per cent, and 
finished at 9J per cent. 

The sharp reduction in rates 
coupled with a sagging of in¬ 
come restraint should have 


given the boom merchants 
.ample evidence for their pre¬ 
dictions of a strong upturn in 
prices. But apart from the latest 
Government suggestions of a 
fourth phase to the pay policy, 
they ignore the fact that the 
erosion in living standards of 
the last three years will have 

to be reversed dramatically be¬ 
fore prices can rise at anything 
more than a moderate rate. If in 
the comms months and a couple 
of years ahead we manage to 
earn and keep a lot more than 
we have in the last four years 
then prices will rise to meet 
the demand — a demand fuelled 
by increased real income. 


?l-\: 


,1'i i 


Quarterly 


survey 


The fact that record lending 
by building societies in the last 
year has not yet caused panic 
is evidenced by the latest 
quarterly survey of the slate of 
the market by the Incorporated 
Society of Valuers and Auc¬ 
tioneers, published to-day. 

As in previous surveys, the 
housing market was broken 
down into four different cate¬ 
gories for analysis: 

• Terraced and semi-detached 
houses up to £12.500. 

• Semi-detached, detached and 
town houses/bungalows from 
£12,500 to £20.000. 

• Detached and town houses/ 
bungalows from £20,000 to 
£35,000. 


In the light.of there figures 
an overwhelming : Dirmaltsi 
response to the quest on “An 
house prices now increasinj 
generally?” was hardly surpris 
ing. 

More than 90 per cent, a 
the agents questioned afiirmet 
that prices were generally rs 
ing with forecasts on the rati 
varying from a cautious 2 m 
3 per cent up to 20 per cent 
for the reining year. , 

The view of an agent ir 
Scunthorpe is typical: "IdklQj 
account of the fact that Hn nnr... • —• 
the past two years, although 
inflation has dramatically “r; 1 

creased the prices of nau . 

other items, the props® 1 :.7 ’ 
market has not been afltecMftiu '■" " 
to any major degree. It is. how¬ 
ever. now becoming obvious 
from new prices received frumy>\ 
builders for the early part at \ 
the New Year, that they arc nn 
longer able to absorb these 
increased costs." 

But there ts still insufficient 
evidence to suggest that prices 
will take off. The general 
opinion is that prices should 
move by no more than 2 or 3 
per cent more than they did ia 
1977. 

The most disturbing feaiun 
for the future is the prospect 
for new house building. After 
reaching an all time low of new 
house starts of 137.000 in 1977 
the prospect for the new year is 
for starts of 155.000. This is 
simply not enough to meet the 
demand. The problem is ,that 
builders cannot build at a suf¬ 
ficient profit: houses are unique 
commodities in that the price 
of a new product is fixed by 
reference to »the second hand 
prices. Snme improvement is 
necessary in the latter if the 
builders’are to be enenuraged, 
particularly as building land 
prices are rising steeply in some 
areas and this musi affect the 
price of new homes in subse¬ 
quent years. 




Letters to the Editor 


Mobility 


From Mr. VV. WhaUcy 

Sir,—Ray baiter (.Tan. 3) 
reports nn an impending tight 
oil supply position by the late 
1930s. Every day numerous deci¬ 
sions are being made by 
individuals and governmental 
aguncics at all levels, implicitly 
based on the opposite assumption, 
that the mobility of both goods 
and persons will continue as at 
present into the foreseeable 
future. 

Surely it is ume to grasp ibe 
nettle and to warn people that 
in ten years only, they will be 
facing a major reduction in 
mobility of aM kinds, insular as 
can be seen at present. A national 
pian lo establish priorities and 
promote alternatives is called for. 
Dr. Kissinger slated that an oil 
embargo would be the equivalent 
of nuclear war. Surely a deep¬ 
ening natural stringency starting 
quite soon will have a similar 
effect. 

Common observation shows 
that very large numbers of 
people travel long distances daily. 
Recent centralisation of local gov¬ 
ernment has accentuated this 
tendency. 

The major food producers of 
the world, both West and East 
are highly mechanised. an ml 
snurtage can only be reflected in 
higher prices Tor food. We in 
Ibis country are particularly 
vulnerable in respect of food, ns 
su much is imported. Lei us not 
suppose that North Sea nil will 
insulate us from any stringency, 
for sure we shall he obliged lo 
export the oil in order to buy 
food. 

W, C. R. Whalley, 

I On High Struct, 

Hungerfont, 

Berks. 


that for “ the majority of 
employees " a similar combina¬ 
tion win produce benefits which 
are greater than those from a 
pension scheme contracted-out of 
fhe State Scheme. This is surely 
not true. The reality is that most 
employees will receive an overall 
pension (whether contracted-in 
or out) which is competitive 
within their industry and within 
the area they work. 

If there are any differences In 
pensions these will be because 
employees have chosen smaller 
rewards now in return for a 
greater benefit at retirement 
rather than because their 
employer bas chosen to par¬ 
ticipate in the Slate Scheme 
instead of cantracting-ouL 
J- E. T. Morris. 

.3a, The Avenue , 

Clifton, Bristol. 


Mergers 


Pensions 

From Mr J. Morris. 

Sir,—Hooray for Mr. Froggatt 
(December 24) who is to receive 
an occupational pension and the 
new slate pension that accrues 
from April! Tf the combination 
nf these two benefits produces an 
end result which is competitive 
with pensions offered to other 
people in his position then there 
Is nothing remarkable in his 
letter. 

In fart Mr. Froggall says he 
docs not expert this to bp the 
case and lhat it is ‘'probable” 


From Messrs. C. Adamson and 
C Pratfen. 

Sir.—In “Mergers—a riposte” 
(December 30j Gay and Geoff 
Mocks ((.i&GM) persist with their 
claim that their own and olher 
studies provide evidence, that 
efliciency gams are not a typical 
outcome of mergers, and ;n con¬ 
junction with doubts about the 
effect o[ mergers on competition, 
justify a chunue tn merger policy. 

A quote from one of the studies 
they refer in recognises uur 
point. " Any attempt to investi¬ 
gate the effects of mergers on 
the performance or firms has to 
acknowledge the basic limitation 
that in the absence of mergers 
the record of The firms may have 
been quite different.'' A control 
group must be used which covers 
the same time period as that 
studied. Adjusting profitability 
figures by utilising industry 
group averages dries not suffice 
because there could have been 
systematic changes which, for 
example, favoured the largest 
companies lnut synonymous with 
companies of greater than aver¬ 
age sizei over the smaller. Our 
evidence, which was not rebutted 

by f.i&GM. suggests that such 
changes did occur. 

The restrictions an 'multiple 
acquirers specified by G&GM 
imply that a company has lo have 
a four-year period free of other 
mergers to ho included at all in 
Disappointing Marriage's analysis 
amf-a sevpn-year period lo he' 
included in the analysis which 


shows a significant decline in 
profitability for merged com¬ 
panies. It is thus not possible 
to claim that merger intensive 
companies (frenetic acquirers) 
are included in DM's analysis or 
that there may not be a bias to¬ 
wards selecting companies with 
“ bad experience of one merger." 

G&GM now stress tbe pre- 
merger rising trend of profita¬ 
bility of the merged companies. 
Three years, however, is a very 
short period for establishing a 
trend. More seriously, profits of 
the acquired companies fell prior 
to merger, and the pooled pre¬ 
merger profitability for merged 
companies only rises after an 
arbitrary adjustment to exclude 
outliers TDM p. 22). Companies 
may time takeovers to coincide 
with a period of rising profita¬ 
bility (and hence a high share 
price). And surely it Is neces¬ 
sary to carefully adjust for 
changes in tbe book valuation 
of tangible fixed assets after 
mergers before claiming evidence 
of a decline in profitability. 

G&GM's views on competition 
are also surprising. Competition 
in manufacturing industry has 
probably not decreased over the 
years of merger activity, but has 
been greatly strengthened by the 
mushrooming of international 
competition. 

Finally, we accept that it would 
be ideal to permit only ’••good" 
mergers, but this seems naive. 
Fortunarely managers and capi¬ 
talists will have learned from 
the experience of past mergers 
and will apply this knowledge 
when sifting proposed mergers in 
the future. 

C.live Adamson and Cliff Pralten. 
Trinity Hall. Cambridge. 


side oT Clarendon Road, about 
150 yards west of Watford Junc¬ 
tion Station. On May 15, 1961, 
tbe (then) Watford Head -Post¬ 
master issued a statement: 
“Watford's sorting office will be 
transferred temporarily - . . 
from tbe old Clarendon Road 
premises To the newly adapted 
one in North Waiford . . . the 
old Clarendon Road office ... is 
to be rebuilt" which “may take 
four to five years." If that is 
not a promise, what is it? 

1 am accused also of having 
suggested that a sorting and 
administrative head office com¬ 
mands the same siting priority 
as premises with counter ser¬ 
vices. Where and when have 1 
made this suggestion? 

F. P. Thomson. 

39, Church Road, Watford. 


Taxation 


Fairness 


From the Hnn. Secretary. 

South West Herts. Post Office 
Addsoni Committee 
Sir,—Mr. P. H. Young, of Past 
Office Central Headquarters 
(January 3) accuses me of 
being less than fair and of 
departing from the facts. He also 
claims that the Post Office “never 
at any time 'promised' to build 
a sorting office on a site close 
tn Watford Junction Station.” 
Let me refute that claim first. 

'The redevelopment plans fnr 
central Watford published in 
March. 1964. shnw thp future site 
of the bead post and sorting 
offices as continuing on the south 


From Mr. D. Brooks. 

Sir,—Financing the increased 
amount of debtors caused by 
Inflation has to be achieved Trom 
after-tax profits or new finance. 
It cannot be claimed as an 
expense against corporation tax 
and financed from the tax saved, 
as Mr. Cole asserts (December 
31). 

If he implies ihar extra turn¬ 
over necessarily brings better 
profit percentages lien that too 
is wrong, because the greatest 
efficiency of a. business unit 
depends on an optimum size 
which varies from industry lo 
industry. Ask some of the big 
businesses if their latest extra 
turnover brought a better profit 
pen-entage. 

Capital expenditure on say the 
bricks and niortur of a new office 
building has to be financed from 
after tax profits or new finance: 
there is no relief for It from 
corporation tax. As to stocks, 
many businesses have none of 
any consequence, especially 
labour intensive industries. 
Indeed at the present Ume of 
high unemployment a serious 
fault of this lax is that relief 
is given if labour saving equip¬ 
ment is introduced, but you are 
taxed to the maximum if you 
only employ more people. 

Small companies are reluc¬ 
tant to allow such a serious 
matter as rendering accounts to 
the customers Lhey know per¬ 
sonally, to pass to an impersonal 
factoring company. ThB cost.of 


factoring would make the whole judgment by Mr. Justice Kerr in 
project even less worthwhile July 1977 in the reported appeal 
and prevent tt starting in the iu Lawrence v. London Borough 
first place. of Newham. 

The disincentive of the 68 per tt is. I suggest, the absurd 
cent, band affects the small com- degree in which some tribunals 
pany approaching it much mure attempt to introduce informality 
than the big company which is c °upled with tbe fact that the 
beyond it. The effect on com- majority of each tribunal is 
pames of having different tax “* d 5 U J» of « hlch ^ill- 

bands is not the same. The com- rnmmlnH r 

nanv which marie £im nrnfir Vkhlch Commander Ramcock has 

JteUs a nro^oective received. An industrial tribunal 

has t0 decide ofteD complicated 

firm* a Jn?frph? r rt ma Hers of fact and law. a situa¬ 
tion tax entirely differently, and £j 0IJ w faich does not Jend ttse if 

from a higher amount of informality :f justice is to be 
retained earnings base, than the done to both parties 
£40,000 profit company facing Very recently I have been told 
that same growth but at 68 per by an official of tbe Employment 
cent, corporation tax, and from a Appeal Tribunal, the appellate 
smaller retained earnings base, court so far as industrial 
This Is what the correspond- tribunals are concerned, that a 
ence has been about and Mr. copy of tbe notes of evidence 
Cole shows be has appreciated taken by the industrial tribunal 
tbe point by writing that “ what appealed from can only be made 
Mr. Brooks is trying to say is available to an appellant as "an 
that the corporation tax rate of indulgence." Have none of these 
42 per cent, should become 52 officials read George Orwell's 
per cenL at a given point, with- “ lfl 84 "? Matters would be im- 
out the relief on profits below pro 7, ed , ,f . le S a l ald was made 
that point being clawed back.” a Y?£ la ^ e t0 aPPhcants so that 
— which ■ clawback creates a RS w,lh the spread of Employers' 
per cent band Thaf S exactly Promotion Services polices for 
wha? I ,;m I 2 employers, both parties would 

e if d be legally represented in most 
0 ?„ lh t cases wilh a corresponding im- 

P, oilxt - The tax sbouW be provement in standards of 
aoonsned. advocacy before tribunals and 


Some of the worst 
wounds... 


David Brooks. 
Greenzcays. The Drive, 
Belmont. Surrey. 


Tribunals 


in the administration of justice 
S. P. Best. 

29 Church Road. 

Royal Tunbridoe Wells, Kent. 


F rain the Chairman. 

British Legal Association. 

Sir,—I feel that Commander 


Fast 


From Mr. k. Cummings. 

Sir.—As a footnote to Nicholas 


Brian Raincock, managing direc- Owen’s article "Murder on the 
Vp r ™^L'7?^.?. y ™ S ^x Prolect,on Express" (Dec. 23) it may 

P/rHif mu imfno 1 hi. 4 “;.i no be added that another vestige nf 
mi r «ai c d - 1> ; the pre-war timetables will bite 

tribunals baveVco!ne "n%"a 7^^ r S d “ C,i0n “ f 

sa-H-Tirasr js! h7" n s * non. 

in some cases irrelevant matters ®*°P i™lns between Victoria and 
and hearsay evidence are ad- Brighton, every hour, on ihe 
ini tied without regard to the “Our, us there have been since 
rules of evidence; rules designed e *ectrification in 1933. Instead 
to bring about a fair (rial. In there wiil be a “fast" train at ten 
my experience and from the minutes pasi the hour calling at 
collected experience of others, East Croydon. Changing travel 
it appears that tbe way In which Patterns may warrant the altera- 
proceedings are conducted as Hon, but the remaining glamour 
between one tribunal and an- of this famous line will be lost 
other varies* far too much. While for ever, 
one tribunal chairman will apply K. T. Cummings, 
the rules of evidence, for .5, Mom Court, ffmintmoor. 
example, another will not. WtMiphton-te-JSjwiBo, 
despite the clear words Of the Co. Durham. 



It used tn hr i-allcd sliell-shix-k. Now \vc know more. We know tlut tlx** 
arc limitations tn the human mind. 

Soldiers, Sailnrs and Ainnrn all risk montjl breakdown from oivr-cxposurw 
to de.Tth ami violence whilst in the service of our Country. Survive.••h* 
keeping tlie pcare nn lex-, tli.ia jn nuking war. 

We devote our efforts solely to tljc welfare nf these men and wnulen trrw aft 
tin? Services. Men and w, mien wlm have-.tried ro give more tlwn tliey roiihi. 
Smie are only IS, a few are nearly .90 years of ago. 

We help them at home ami in liospiraL We run our own Convalescent Home- 
For sonic, we provide work in i sheltered industry, bo lhat they ran fiv* 
without charity; for others, a Veterans' Home wliere they ran mv wit their 
days in peace. 

These men and women haw given their minis to tlwir Country*. ^ vve * u . e 

to help them, we must have funds. Do please help to repay this debt- it 

is owed hy all of us. 


“They’ve given more than they could— 
please give as much as you can ,r . 


'Mil 


in [„ 

' l H \\ 





irKirrfluwLFflue socKfy 

37 Thurloe Street* London SW72LL 01-5548683,. 




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4 






15 


t 




^Financial Times -Saturday January 7 1978 



by Arthur sandles 


't ■ * r. 


Bi 


f.Vi' 

: f :. 


THE CHIEF . executive of a 
medium sized British tour opera¬ 
tor was wandering obviously 
worried through the corridors of 
a conference centre in Lisbon a 
few weeks age where the U.K. 
■• .i travel industry was-having its 
annual gathering. He needed an 
.aircraft, almost any aircraft, for 
. . '' t a charter series in. the summer 
’ ' ,’of. 1978. Ho was hot the only 
one. Several companies have 
".-rbcen searching for jets to carry 
1 ^. the increased amount-of traffic 
that many pundits are predict* 
. -.ins for next summer. - 
c; At the moment it looks as If 
i:, l- the customers will be. there; .the 
. ‘ hotels will be there; but the 
1 s charter jets to bring the two 
. ' ’ r~ together win, not be.'available, 

'-"t The British - medium, haul. 

• • v charter fleet' no longer. is big 
i 1 ' enough to ;handle a major 

. , increase in .demand'for foreign 
;1 . holidays. Dan Air /“ the stinrt- 
• ; ( .age is severed),. Laker ("it 
is desperate’’) arid British Air¬ 
ways (“ it will particularly hit. 
the smaller operator looking for 
■ i . part charters are ainpng the 
nders' air ltoes confirming that they 
cannot meet demand from tqur 

IlSK c0D1panie5 ' 

** For the tour gronps them- 
'v^. selves this Is not entirely bad 
;. , • news. Artificial restraints on 
•< enmoetitive expansion mean 

•i.that many operators will .be 
running at uretty well full 

capacity this vear. This, com- 
. b?n®d with the fact that the 

passengers will be full fare 
, ^-'pavers- means it -cnuld he a 
profitable year, even if not one 
_7 ■' in which the market grows 
•r-sp-ctacularly. 

^ Last summer was one in a 
series which.the travel industry 

• i would like to forget. A price 
1 . war erupted in the early 

summer because holidays were 


not selling we>L' Perhaps it was 
the fine British s umm er of 
1978, or perhaps it was just 
that the British were basically 
still too broke te. fly anywhere, 
but predictions, of a recovery 
appeared to go sadly wrong. 
There was a -sudden revival 
towards the end.of the summer, 
but. it was . hot. enough to 
reverse the overall position. In 
May and June of last year 
cheap : flights to various Euro¬ 
pean destinations .were widely 
promoted; with scant regard for 
the intent of. the licensing regu¬ 
lations even if they fell within 
the letter of the rules. 


Full price 


Cheap tickets are likely to be 
much less in evidence this year 
than last. The supply is unlikely 
to dry up completely, but any¬ 
one searching for cheap flights 
to the more popular centres at 
the height of summer is likely 
to be disappointed. Tour com¬ 
panies.and airlines are in busi¬ 
ness to get as much revenue per 
passenger as- possible, and are 
not Likely, to indulge in charit¬ 
able offers If they can sell every¬ 
thing at full price. 

Clearly the message has got 
around. This time last , year 
business was remarkably slug¬ 
gish, and people were talking 
about the long Christmas and 
■New Year holiday holding up 
decision making; now there is 
a rush to make reservations. 
Horizon Midlands, which is 
dropping the “ Midlands" 
part of the name for marketing 
purposes, last week managed to 
take 4.000 bookings on one day 
—a record for the company. All 
the major operators are finding 
the most popular destinations 


filling up fast for the summer 
months. Warnings from the 
Consumers’ Association that 
people would be well advised to 
book laier in the winter, when 
escape clauses in tour operating 
small print become inoperable, 
are obviously being brushed 
aside. . . - . . 

Various reasons are being 
offered for the boom. Clearly 
the rising international value of 
sterling has played d part The 
appreciation against the peseta, 
the lire, the escudo and. of 
course, the dollar, may have 
been counteracted somewhat by 
inflation in one or two of those 
countries, but the traveller 
believes that he will get more 
for his pound. Weather is 
another factor. Just as the hot 
summer of 1976 depressed the 
foreign travel market in the 
first half of 1977..so the rains of 
last summer here encouraged 
more Britons to look abroad this 
year. 

In spite of the reversal of the 
fortunes of the pound, it is-pro¬ 
bably naive to believe that any 


tour operators will be giving 
refunds this year, in spite of the 
sudden rise of sterling. The tour 
companies argue that in their 
attempts to stabilise prices most 
of them have bought substantial 
quantities of currency forward, 
and are therefore committed to 
exchange rates less favourable 
than those available now on the 
spot market Besides devalua¬ 
tions are frequently followed by 
immediate demands for more 
money from hoteliers—Spain 
was an example. 

At first glance Spain emerges 
as the country with the most 
attractive change' in exchange 
rate for the British, and there 
is little doubt that the Spanish 
tourism Industry will benefit 
considerably. However, Spain 
has one of the highest inflation 
rates in Europe and the tra¬ 
veller who is delighted by the 
number of pesetas he collects 
when he goes to the bank, may 
be less pleased by the number 
he has to part with when he 
buys a meal. Labour costs have 
rocketed and many hotels have 



HOW EXCHANGE RATES MOVED 

(Units of local currency p«r pound) 


July 1977 

Jan.1978 


July 1977 

Jan.1978 

Austria 

2830 

29.00 ! 

Netherlands 

424 

4J6 

Belgium 

6135 

62.90 i 

Norway 

9.15 

9.83 

Cyprus 

0.75 ' 

073 

Portugal 

66.13 

76.15 

France 

8.41 

8.99 ! 

St Lucia 

434 

5.18 

W. Germany 4.00 

4.03 {Seychelles 

1333 

1333 

Greece 

63.45 

65.7) 

Spain 

119.75 

155.10 

Italy 

1,522 

1,670 

Switzerland 

4.19 

3.81 

Jamaica 

2.15 

239 

Tunisia 

0.73 . 

0.77 

Malta 

0.73 

0.75 

Turkey 

30 

34.70 

Mexico 

3936 

4300 

US. 

1.72 

1.92 

Morocco 

. 755 

8.15 

Yugoslavia 

31.42 

3370 


Rates based on World Value of the Pound table published In the FT, 
on Tuesdays,, using the first Tuesday of each of the months concerned. 
The rates quoted, are normally those available for large dealings. Tourist 
rates are usually less favourable. 


m 


turned to self service for meals 
in an attempt to hold costs to 
a level which tour companies 
feel keep them ' marketable. 
None the less Spain will prob¬ 
ably consolidate its position as 
the main destination for 
British- holidaymakers in 1978. 

Oddly enough one of the 
fastest growth areas for 
tourism from the U.K. is one 
of the longer haul routes. A 
considerable effort is being put 
into marketing the U.S. in Bri¬ 
tain during the next few months. 
Britain already is the biggest 
single overseas customer for 
the mainland U.S. as far as 
tourism is concerned (Japan 
sends more tourists if Hawaii is 
included). More than 500,000 
UX residents went to America 
last year. 

The. U JS. is one of the few 
major destinations which was 
not seriously affected by the 
overall down-turn in British 
tourist travel. This year a still 
larger number of tour operators 
are offering trips which, in 
comparison with destinations a 
similar distance away, such as 
the Middle East, or Africa, are 
surprisingly inexpensive. The 
profusion of tours on offer indi¬ 
cates - that ' the market has 
shifted somewhat from the days 
when- the U.S. was regarded 
mainly as a business, or relative- 
visiting. destination rather than 
a holiday spot. 

The appeal of the U.S. is 
further demonstrated by the 
way in which air fares across 
the Atlantic have been 
tumbling. Mr. Freddie Laker's 
appearance on the scene has 
produced a confusion which 


may be alarming airline 
accountants, but makes U.S.- 
UJC. routes something of a 
buyer’s market at the moment 
Even Mr. Reg Pycroft, who 
heads Jetsave and is a dedicated 
rival of Mr. Laker's in the lew- 
cost air travel field, expresses 
delight and admiration for what 
his opposition has done: "He 
has made people aware of how 
inexpensive it is to get to 
America.” Mr. Pycroft, like 
others in the Atlantic passenger 
business, is taking remarkably 
high forward bookings, and 
increasingly selling onward 
packages to people who are dis¬ 
covering the U.S. as a tourist 
destination. 


Fat years 


There is a similar recovery 
of the Caribbean market as far 
as the British are concerned. 
Much of the area is dollar- 
linked and destinations such as 
Jamaica have also devalued. 
After the fat years of the 1960s 
many Caribbean islands have 
begun to learn that if tourists 
are overcharged for too long 
they go elsewhere. In the early 
1970s the Americans started to 
go to Spain and Hawaii, and 
the Europeans looked to Africa 
and the islands of the Indian 
ocean. Now the Caribbean looks 
tempting again—and destina¬ 
tions like the Seychelles are 
apparently catching Caribbean 
price fever. 

The major worry about the 
currency changes is. of course, 
that Americans will travel 
abroad even less now that the 


dollar is worth less. Obviously 
that is of some importance to 
the U.K., where tourist income 
is a significant contributor to 
the economy. Figures produced 
by the British Tourist Authority 
last week suggested that tourists 
spent £750m. alone nq shopping 
in the U.K. The shopkeepers in 
Oxford Street* reckon that 
£250m. of this was spent in their 
stores. 

American travel abroad ’has 
been wobbly for the past three 
years, partly because of the 
domestic recession and inflation 
in resort areas, but also thanks 
to determined efforts by the 
American tourist industry itself 
to get Americans to stay at 
home. The weakening or the 
dollar can only strengthen this 
trend and few people seem to 
expect a resurgence of U.S. 
travel abroad this year. 

A glance at the currency ex¬ 
change levels again will show 
that this is but one black spot 
for incoming tourism in an 
otherwise fairly rosy picture. 
Exchange rates for most of the 
travelling nations, notably Ger¬ 
many and the Benelux countries, 
have remained pretty stable. 
There is, therefore, good reason 
to think that the residents or 
those countries will continue to 
consider Britain a good bet for 
holiday making. 

It is an enenuragina sign that 
European tourists are increas¬ 
ingly taking to the by-ways in 
Britain. Foreign number plates 
are to be found in ever growing 
numbers in the car parks of 
small country inns, on the 
coastal caravan sites, and stuck 


with the British themselves in 
the traffic jams to the West 
Country. 

Where London is concerned, 
there has already been some 
doubt expressed whether the 
capital can handle many more 
tourists, particularly those de¬ 
manding de luxe and first class 
accommodation. During the 
past two years the onetime over¬ 
supply of luxury hotel accom¬ 
modation in London has become 
one of desperate shortage. This 
has pushed up hotel tariffs and 
caused a call for another round 
of hotel building. Meanwhile, 
London might do with a year of 
minimal growth in its up¬ 
market travel and open its arms 
to the European visitor who 
wants less plush accommoda¬ 
tion which, it is claimed, still 
was in ample supply m the peak 
of last summer's tourist flood. 


Currencies 


It therefore appears that 
Britain can hope for the best 
of both worlds in the coming 
months. The pound is strong 
against the currencies of the 
countries that they most fre¬ 
quently visit: and with the ex¬ 
ception of the U.S. the countries 
that send them most tourists 
also have strong currencies. 

It is almost inevitable, how¬ 
ever, that a solid and broadly 
based revival of the fortunes 
of sterling would have an im¬ 
pact on incoming traffic. The 
Swiss, the Austrians and the 
Germans have already dis¬ 
covered that. 


LABOUR NEWS 


Mersey dock talks 
fail to end strike 


BY PAULINE CLARK, LABOUR STAFF 1 


w ('hi 


. An early, end to the three- 
week-old unofficial- strike by 
Liverpool dockers seemed doubt¬ 
ful yesterday after local arbitra¬ 
tion talks failed to produce a 
peace formula. 

The strike—the first signifi¬ 
cant industrial disruption in the 
Merseyside port for more. than', 
four years—spread, to a major, 
part of the workforce earlier this 
week in a row over 60 men who 
forfeited their pay over the 
Christmas period . for absen¬ 
teeism. . 

Talks between a port employ- 
era arbitration committee and 
shop stewards representing some 
4.000 strikers in the Mersey 
Docks and Harbour Company 
broke up yesterday after only an 
hour. 

The shop stewards will re¬ 
port back to other union leaders 
in the company to-day wbeir a 
derision will be -..made • on 
whether to recommend a return 
to work to a mass meeting of 
strikers on Sunday. Efforts may 
now be made to seek support; 
from 2.300 men in independent 1 
stevedoring companies so far 
unaffected. 

Last -night: - the- two sides 
seemed entrenched in their re¬ 
spective positions- The company 
reiterated Its view that. men 


should not be paid while they 
are absent from. work. It also 
strongly denied the strikers' 
claim that- it bad broken a joint 
agreement In a subsequent re¬ 
allocation'of work to the dock 
jan'Rs. - 

Strike leaders claim that the 
industrial action, which has now 
affected nearly 30 cargo ships in 
the port,, stemmed from the 
“high-handed" action of a 
supervisor. 

. Mr. Dennis Kelly, chairman of 
Uie shop stewards' committee, 
mid yesterday, that the pay of 
two gangs had been stopped over 
Christinas when they left their 
shift half an hour early because 
of transport problems. 

The supervisor had then 
organised, fresh gangs on the 
quayside; contrary to correct 
procedure. “They herded them 
up like cattle, as in ihe old days, 
instead of through the control 
where the right men with the 
right skills are allocated the 
right jobs." Mi. Kelly claimed. 

_ The company argues that 
under, the agreed rules on work 
allocation. It is recognised that 
transfer of work must be at ihe 
employers' discretion, according 
to requirements and in the 
interests of. efficiency. The 
rules were followed “ faithfully:" 



Boilermakers terminate 
Swan Hunter agreement 


MORE FAY -troubles heaped up 
last.night for Swan.Hunger; The 
3J50Q .boilermakers, in the Tyne 
sbipbuilding. yards - served 14 
days’'Notice on the management 
to end their present working 
agreement. • - ..; - 

This la .their region to their 
pay differential^*. being. eroded 
by. the recent SSM **- fair wagds " 
award 'to the .cobsortiumV 1.700 
outfitters and:’ ttift prospect of 
the outfitters ' jumping ‘-weU 
ahead- of them: rfi learnings later 
this month , when their Phase 
Three; settlement'.falls due. 

*. The outfitters are negotiating 
with .the management .to .settle 
tlielr. claim for .pay parity- with 
the bolkrtnakeas. and lift their 


pay parity with other iraaes. out 
if'everyone was to be on the 
same, rale ‘then so fa* as JLhe 
boilermakers, were concerned it 
meant one man doing one job 
and nor helping nut with others. 


Wages council hacks 13% 


- BY OUR LABOUR STAFF 

MINIMUM. WAGES for about 
300.060'-'workers in the retail 
food industry i are to rise by 
tip to T 3 l>er cent:,- despite- 

'Government' objections.that the 
increases are outside its pay 
guidelines. • „ „ ■ 

The Department of Employ¬ 
ment objected to the proposal 
bv the Retail Food Tiades 
Wages Council , to Increase the 
statutory minimum rates . of 
workers in the industry . by 
between 11 and 13 per cent, 
after it was ‘ put forward' ° n ' 
December .fig¬ 


ment, pointed out that wages 
councils fix only basic minimum 
rates, and that these never 
amount to more than £40 a week. 


Safety ship men sign deal 




THE FIRST formal union agree¬ 
ment covering North Sea oil rig 
safety ships.was concluded yes¬ 
terday in Aberdeen between the 
National Union of Seamen and. 
Safetyships, a subsidiary, of 
Christian Salvesen (Oil-Servlces). 

The agreement covers .two of 
the North Sea’s- newest multi¬ 
purpose standby ships, the eqn- 
verted stern trawlers Hsrlaw and 


Kilsyth, built at Manchester dry-! 
docks at a cost of £400,000 each 
Mr. Harry Bygaie; Aberdeen 
secretary of the union, said. 
“This is a breakthrough, being 
the only: British safety boat- 
agreement - for the North Sea.. 
The; union is recognised, and we 
satisfactory wages, and 


Traffic-level forecast 
methods criticised 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


CRITICISMS OF the methods 
used by the Transport Depart¬ 
ment in forecasting traffic levels 
and assessing the value of road¬ 
building schemes are contained 
in a report to be published next 
week. 

- ’’The Leitch Committee will tell 
th# Government that it is paying 
insufficient attention to non-road 
solutions to transport problems, 
that .its forecasting methods 
often have overestimated future 
traffic flows, and that, its coat- 
benefit analyses contain signifi¬ 
cant omissions and are un¬ 
balanced. 

The committee was set up by 
the Government last February 
uoder the chairmanship of Sir 
Georeo Leitch. chairman of Short 
Brothers and Harland, after 
criticism about the department’s 
methods at public inquiries into 
road schemes. 

On -the question of public hear¬ 
ings; the report criticises the 
unnecessary complexity of depart¬ 
mental presentations and says 
that supporting documents on a 
project should he freely avail¬ 
able to those affected by a 
scheme. • 

- Bm. the most basic attack on 
departmental practice Is. directed 


against its nse of simple extra- 
polatory techniques for forecast¬ 
ing traffic flows. The committee 
recommends a switch to what it 
calls a causal model, into which 
could be buift critical policy 
assessments of such variables as 
future fuel supplies or changes 
in public attitude. 

It says the actual cost-benefit 
technique is sound, but criticises 
the department for failing to 
apply similar analysis to possible 
alternative transport solutions 
such as rail. 

In addition, the cost benefit 
analysis should be set in a wider 
framework and, Id particular^ 
should be made more sensitive to 
environmental, factors. Although 
the final decision between a par¬ 
ticular scheme and a "do- 
nothing" alternative inevitably 
would be a matter Df personal 
judgment, at least a full pre¬ 
sentation of alternatives would 
have been made. 

Other main points 

The department is criticised 
also for not checking the accuracy 
of its traffic calculations by doing 
before-and-after studies. Such a 
programme should be imple¬ 
mented immediately. 


Other points from the report: 

• Reliance should not usually be 
placed on the argument that 
trunk roads are critical to 
regional economic developmeni 

• More research should be done 
on the effects of road building 
on land use; 

• Consequences of a new road 
for other forms of transport 
should be assessed: 

• Schemes to the programme 
should carry a merit ranking a 
number of va.’ues. such as loss of 
time, fed into the cost-benefit 
analysis and should -be re¬ 
assessed; 

• Traffic counts should not he 
carried out in August, but in 
April Dr October or both: 

• Noise contour maps should 
give more information about 
alternative schemes; 

• Effects on local employment 
loss of agricultural land, sever¬ 
ance of farmland, severance of 
communities and loss of- the 
“intrinsic value" of an area 
should be more carefully 
measured: and 

• design standards should be 
mi.de more flexible, the workings 
of in* department's £6m. 
regional highway traffic com 
puter model should be subject to 
outside scrutiny. 


Limit on public spending 
growth to be set at 2% 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

19-week-old overtime ban m the 
hope of still saving part of the 
Polish ship order for the Tyne. 

One report .last night said the 
.outfitters had been offered £1 
oo. top of the £5.40 to settle. 

But Mr. Bob Glass, district 
official- of the Boilermakers 
Society, said the outfitters could 
be £7-£8 a" week ahead of his 
members- after getting their 
Phase Three settlement. 

nnt^aealns^ H*** Thursday. restored,-, as was indicated last rise more rapidly than costs and 

trades bull '^Thls probably will be about October. Bui this still implies prices in the economy generally. 

13ip : pages long, judging by last a much lower level of public Consequently, the projected 
year, and give details of indivi- sector investment to 1B7&-79 than share of the public sector to the 
dual spending programmes. in the mid-1970s. ’ Gross Domestic Product at 

:Id addition, there will be close The Cabinet has accepted that market prices may decline only 
;t in the capital spending the. growth. in public spending slightly, and could stabilise 
financing plans of national- should be relatively modest, after the sharp fall in 1977-78. 
industries for the financial although Ur. Denis Healey, the The plans for the later years 
1978-73. This applies espe- Chancellor, hinted recently that will be provisional anyway and 
v .ly.- ro the British Steel Cor- there might be scope for some reviewed again in the . normal 
pwation whose borrowing in the additional spending to be an- wav this summer. 


THE GOVERNMENTS intention current financial year has tested nounced in the Budget 
to" limit the growth in public its cash limit ceiling. However, this is unlikely to 

'Ing to about 2 per cent a The spending plans have been make a significant difference to 

to real terms from, now agreed with almost none of the the fact that the present pro- 

4mtil the early 1980s will be lengthy argument which charac- jected growth in public spending 

disclosed in detail at tbe end terised the Cabinet debate lead- in real terms will be lower than 

if'next week. ing up to the series of cuts in the forecast expansion of the 

/The full plans for 1978-79. until 1976. economy as a-whole. 

I981-S2 were finally., agreed by Most, but not alL of the cuts It Is necessary, however, to 

t£e Cabinet just before Christmas in public sector investment plans take into account the relative 

will be disclosed in the for 1978-79 made in July' and price effect—the fact that-publtc 
npnual Expenditure White Paper December, 1976 have been sector costs, notably wages, may 



, - • ■ fcV 

Although wages councils allow v.'v.. A j • _ _ J.*, 

a. Stotutory period of 14 days r:fllJiriPC j 1 

for-objections to be lodged. H;fe : J. JkV* iUitl 1VJ 
is tare "for them to change :a 
proposal and» to this case, - the 
council decided tif-go ahead. 

Since the Employment Protec¬ 
tion Act of 1975. Government 
Ministers have no power to veto, 
flections - of a wages council,: 
which arc legally binding. 


iate Post Office 
pension fund deficit at £1.7bn. 


BY ERIC SHORT 

. . .T-SHE POST Office Staff Super--to a funded basis from a pay- fund invested heavily during 

The Department of .^^P'^Uhpuation Fund, the largest as-you-go system, causing a mas- the depressed'market conditions 

pension fund in the UK., bus an sive liability in respect of past surrounding the IMF negona- 
-aoluarial deficiency of more than service pension rights. tions. A further £51 m. was in- 

£l.7bn., according to the annual The recently published Carter vested in gift-edged securities, 
report for the year to March 31, repar t on ‘the Post Office bringing the market value of this 
1?^* analysed the position thoroughly portfolio to £l29m. 

iSria" «lSn mid, by t ‘ ues . h “ ed =<“* Th, fundi other major invest- 

R.' .Watson and Sana, consulting a . *ent a*** property, in 

petuaries to the fund, as at The report shows that the which nearly £6lm. was invested 
March 81; 1976, amounted to a v »toe of the fund increased by during the year. Tbe programme 
deficit of £1.92bn. in respect of £330m. to £lJ22bn. during the of improving the quality, balance 
;t service liabilities. The Post year and that £174m. was paid and geographical spread of the 
ice- paid .off £205m. of Ibis to more than 150,000 pensioners portfolio was continued. The 
deficit in the year under review, and other beneficiaries. main emphasis was placed on 

This deficit arose when the The fond managers invested .office and shop properties. This 
Post Office became a-nationalised E87m. to U.K. and overseas took £33m., with £i3m. being 
corporation, instead of pari of equities during the year, bring- pul into industrial holdings, 
the civil service. This meant tog the market value of the nearly £6m.- to agricultural land 

The and £Bm. -in North America, 


b*ve a - . 

conditions agreement, as wen as 

a one-on,. one-off leave system, [pensions for employees switched equity holding to 1565m. 


MONDAY—House of Commons 
reassembles after Christmas 
recess. Mrs. Margaret Thatcher, 
Opposition Leader, addresses 
.Scottish Conservative Party in¬ 
dustrialists' conference, Glasgow. 
Sir Charles Villiers, chairman, 
British Steel Corporation, speaks 
at Coal Industry Society lunch, 
Hyde Park Hotel. S.W.I. Cuile-y 
Industry delegation meets 
Ministers for talks on Govern¬ 
ment support. Wholesale Price 
index (Dec.-prov.). BP statement 
on motor sport. 

TUESDAY—Meeting of crafts¬ 
men's committee at British 
Leyland. Hire purchase and other 
instalment credit business fNov.). 
Provisional figures of vehicle pro¬ 
duction (Dec.). Housing: starts, 
completions and • renovation 


Economic Diary 

grants (Nov.). Retail sales (Nov. 
—final). Third-quarter figures for 
personal income, expenditure and 
savings: gross domestic product: 
and appropriation account of 
industrial and commercial com¬ 
panies and nei acquisition of 
financial assets. White Fish 
Authority statement on Fisheries 
of the European Community 
report. 

WEDNESDAY — South Wales 
miners* delegate conference on 
productivity deals, Bridgend. 
London clearing hanks' monthly 
statement (mid-Dec.). U.K. banks' 
eligible liabilities, reserve assets, 
reserve ratios and special deposits 
(mid-Dec.). Centra! Government 


financial transactions (including 
borrowing requirement) (Dec.). 
Mr. Roy Mason. Northern Ireland 
Secretary of S.tate, at American 
Chamber of Commerce luncheon. 
Savoy HoteL W.C5. Mr. John 
Silkin, Minister of Agriculture, 
speaks on Britain in the EEC, 
National Liberal 'Club, S.W.i. 

THURSDAY—Fire brigades con¬ 
ference meets to vote on call 
to end strike. National Union of 
Mlneworkers executive meets. 
FRIDAY — Building Societies 
Association to discuss mortgage 
interest rate. Building Societies 
receipts and loans (Dec.). Usable 
steel production (Dec.). Sir 
Jeremy Morse, chairman, Lloyds 
Banks, speaks on Scottish 
Economy. North British Hotel, 
Edinburgh. 



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This offer enables you to start a Regular Monthly 
Saving Plan with the Recovery Fund through a life 
assurance policy for as little as £10 a month, and you 
are normally entitled to claim tax relief at current 
rates of £17 for each £100 paid. On a £10 Plan, 
tax relief at present rates can bring down your net 
monthly cost to only £8 30, with which you buy units 
worth considerably more. 

Regular investment of this type also means that 
you can take advantage of the inevitable fluctuations 


in the price of units through Pound Cost Averaging, 
which gives you a positive arithmetical advantage, be¬ 
cause your regular investment buys more units when 
the price is low and fewer when it is high. You also get 
‘•life cover of at least 180 times your monthly payment 
throughout the period if your age at entry is 54 or 
under (women 58), and rather less up to 75. 

If you cash in or stop your payments during the first 
Tour years there is a penalty and the tax authorities 
require us to make a deduction, so you should not 
consider the Plan for less than five years. 81?6to 94°i 
(depending on your starting age) is invested except in 
the first two years when an additional 20 per cent is 
retainedto meet setting-up expenses. This means that 
with tax relief the.amount invested is between 97% 
and 113% of your payments. 

Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at 
short notice. 

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

M&G is a member of the Life Offices' Association. 


_ 

f B Recovery w 


veers 
tour years 


M&G Recovery '^77 

99 


The figures show that MAG 
Recovery^was also top over one year, two 
and six years. It was second over 
SUNDAV TELEGRAPH i9.: 


To: M&G GROUP LTD,THREE QUAYS.TOWER HILL, LONDON EC3R 6BQ.TELEPHONE:01-626 4588. 


I run (th/v.y 

1“ flWflWWt'S' Mr.M 


SURNAME 


hi 


ADDRESS 


POSTCODE 


90 


TR 530118 


FROM £10 A MONTH 


I WISH TO SAVE Te 


L__._ 


each pionth in the M&G Recovery Fund. 

enclose my cheque for the first monthly payment, payable lo M&G Dust (Assurance) Lid. 
understand that this payment is only provisional and that the company will not assume risk until' 


I 

I __ 

| NAME AND ADDRES5 OF USUAL DOCTOR (to ajiom roterpnee miy be nude) 

I 


I 

formal notification of acceptance has been issued. 

OCCUPATION 


DAI EOF BIRTH 


A/r- yiU] An MfiG Plrin hnlriff ■ Yes Nn 


li you cannoi sign Part I of ihe Declaration below delete it and sign Part II. 

Declaration PART 11 declare that, to the best ol my belie!. 1 am in good health and free Irom disease, that I have not 
had any serious illness or major operation, that I do not engage in any hazardous sports or pursuits, that I do not 
engage in aviation except as a fare-paying passenger on recognised routes, and that no proposal on my life has ever 
been adversely treated. 

PART III agree lhal any declaration made by mein connection with this proposal shall be ihe basis of 
the con)reel between me and M&G Trust (Assurance) Ltd, and that t will accept their customary lorm of policy. 

I agree to provide any further information the company may require. 

(A specimen ol the policy form is available on request) 


SIGNATURE 


DATE 


Regisleied in England No H34S3S9 Refi Ofiireasabovi* 

This, offer ir. no! available to residents ol the RepuW'c ollretonij. 



THE M&G GROUP 



’k 














C OM PA W NEWS 


Financial Times Saturday January T I&78 ” , * c 



BIDS AND DEALS 


Hollow ware closure at Burco Dean 


IN A MOVE which highlights 
the difficult market prevailing 
for hollow ware. Burco Dean is 
to close its Hague and McKenzie 
subsidiary which markets n wide 
range of pots and pans under the 
Eastham Pyramid label. Manu¬ 
facturing will cease in the 


DIVIDENDS ANNOUNCED 


Geers Gross £1.8m. 
U.S. expansion 


property sold off. 


boost market share in an indTisrrv Equivalent after allowing for scrip issue, v On capita! 

differing Sot only from eSmpS J^ 0 rights aad/or acquisition issues, i Including supple- 

tion from the UJK. leaders such menta ' 00 ~ i> * p - 


as BSR but a I so from Spanish 
and Italian imports. 

Despite the new range Hague 
lost £227,000 in the year to 
September, its second year of 
losses. Closing it down and sell¬ 
ing the assets will help to reduce 
bank borrowings which will prob¬ 
ably be marginally higher in the 
next balance sheet (due out at 
the end of the month) than last 
year's £2.6m. Hague's assets stood 
in the books in 1976 at some 
£700,000. 


Standstill 
at Stead 
& Simpson 


3®? ,he M "" CAptI PWlim 

ANNOUNCED No °" inM f'£S? l S 5 £ -5T3 *r kb™ lews 

of* sponding f°o? l°S SiffSiS b * ha,f ° f huaM g* A MOVE which will alter Manor* annual profits before 

oavment div vear vear _ dramatically, both the size and management bonus. employee 

Feb *24 6 s’ — ‘iROS BatIl » on February 6 structure of the company, adver- profit sharing and taxation,- -will 

Mar’ 14 2 62 3 6 340 31 noon * rising agents Geers Gross has re- be subject “to the disposition and 

Apr' 27 165 141 i so vealed a 53.5m. t£l.Sm.l VS. control" of Geers Gross with, the 

Feb I? 041* — i'cq* XT ITT* yi take-over bid and fund-raising nest 5700,000 being applied as 

— i'g .34 ip 54 lu-u I—I \A/ifTrTO(l package. The announcement, management bonus and profit 

, , . T t 12L1.HJJL which follows a suspension of sharing. Anything in excess'of 

let except where otherwise stated. dealings in Geers Gross shares on $l.4m .will also be under control 

for scrip issue. vOn capita! i _ December 32 at 31 p, incorporates of Geers Gross. Under a similar 

sitlon issues. + Including supple- C-lllTYlTlC Tf| profits and dividend forecasts indi- structure for the successive five 

v -IV eating a doubling in size of the years the first SI. 2 m. will go to 

.. . - company. Geers Gross, with the next 

irunilTHTr I ACC Geers Gross has agreed W pay $800,000 going in bonus and profit 
the directors say-that the strength ilULU IT dl. V IIJSj S3jm. for Richard K. Manoff Inc, sharing. Anything in excess of 
of .sterling is now eroding margins . * New \ ark-based advertising $ reverts to Geers Gross. 

and rhe company's position in INCREASED COSTS coupled with reflitri nt the The 1 S 77 profit forecast for 

export markets. pressure on profit margins at ? uced . Sfioo.uoo. reflectuic; tiie r r.m*« r^soowi whw-h 



Date 

Corrc- 

Total 

Total 

Current 

of sponding 

for 

Iasi 

payment 

payment 

div. 

year 

year 

.int. 8.42 

Feb. 24 

6.5 

— 

18.05 

. 3.03 

Mar. 14 

2.62 

3.9 

3.40 

.int. 1.41t 

Apr. 27 

1.65 

1.41 

3.69 

.int. 0.46 

Feb. 17 

0.41* 

— 

Ifi9* 

. 19.64 

— 

19.34 

19.01 

19.34 


the directors say-that the strength 
of sterling is now eroding margins 


H wxr* f» ii take-over bid and fund-raising next 57 
AAf IOTO11 package. The announcement, managen 

• TT |e|Yi III which follows a .suspension of sharing. 

° dealings in Geers Gross shares on 51,4m w 

December 32 at 3lp, incorporates of Geers 
k, •llllTlTlSk lO profits and dividend forecasts indi- siructurt 

k - — It/ eating a doubling in size of the vear* th 

, , _ company Geers I 

iiTOTT Iacc G* ei * G ™J" h 3 Sr™* 1°^ ssoaooo 
mill wav lOSS S3 - ot - *° r Richard K. Manoff Inc, sharing. 

J a New York-based advertising $ reverts 



ana rne companys position m INCREASED COSTS coupled with SK'-g., refleefinn the The 1977 profit forecast for 

export markets. pressure on profit margins at ? uce ~_ bJ snoo.ow, resecting the G eras* is r?,mi 000 which 

Also production budggls are not "^led £$l £"«SSed te the ien'd^ compares with £273,000 ' in the 

being achieved and indications {*? a lop of ^353,000 for the 2S _ . . acouisition Geers previous 13 months. Total dlvi- 

ar B that the second half will pro- , £JJ71L c ? m : Gm te imT^iS Sends are forecast at 2-S2536p a 

dure a relatively poor result with pared wiith a profit of £464.000 last Gnancillg ^mL ^Tiicfv includes a share, the maximum permissible 


the end o f the month) than last & r SJmiWntl duce a relatively poor result with W1 “* ° f toSZSTl the .S"*-** 

year's £ 2 . 6 m. Hague's assets stood ijHTl HSOIl tbe fuU years profit, they say, _ „ . .- rights issue of Ordinary shares under current restrictions., 

in the books in I976ai same ^ thsm mSsfis fliS iKfficuUuS a aedium^erm bank loan. Manoff expects to show profits 

Frag.000. TURNOVER excluding VAT of the fa42 '° s:j the 1976/77 year. rand 'j{gR dOut of a total proposed issue of before profit sharing, staff bonus 

The news of the Hague losses Stead and Simpson expanded by Turnover for the six months 1976-77 year whm a lowpr orofii 2 * , 3 °t 0M new Geers Gross shares, an d tax or £593.000 for the year 

also puts a different complexion 19.5 per cenL to £10.67m. for the was ahead from £Im. to XlJSm. of riosm. fil 4 lm_i*w« rennried esi5tjn fi Ordinary shareholders to November 30. 1977. against 

on the group's recovery half year to September 30. 1377, Tax took £137,000 against £90.000 continued in the first half of the ^ offered 1,421.400 at 41 jp £604,000 the year before. The 
announced in December. Pre-tax but after higher net interest leaving a net profit of £127,000 current year each on the basis of one-for-on*. amount attributable to. "Geers 

profits recovered to £Llm. from charges of £55,000 compared with (184,000). Last year's dividend The nolicy of increasine tnm. Institutional shareholders have Gross for the 13 months ending 

a mere £440,000 last year. It now £15.00(1, pre-tax profits were only was 2.90588p net per 50p share, over produced an unlifi of 19 4 &i Ten undertakings already to December 31. 1978. is expected to 

™*t the new range of 1.3 per cent, ahead at £956,000. The company manufactures per cent, to £15^7m_ he states. a PP Ij ' f . Q F- 690 - 000 •»* t* 105 * shares, be at least £462.000. 


I5 ted si!£ hen 5*iS d , cookcr ho , b ? Turnover of the motor trading brass and other metal products. and with the containment of costs . ln addition, arransements have Manoff whlc j, w jh contlnoe to 
h> been partcularly successful side advanced by 33.3 per cent- to and turnover levels beine suv h®™ through stockbrokers ‘ "le indencndently after the 

and that sales oF tumble driew £4.05m. and trading profits were ^ . £lned the mb now iradfa? Sheppards and Chase to place the Jf d era £ wSSKd as a leadlnc 

SctSr ***" **"* than ^■ 9 f ^ r r Ce ret t ‘ P eUe f 31 anMKL FvnQncinn profitably- HTT^fident of a “"if' national adreriSingweSlc^hiS 

Slxt ed 'Year's fieuree , hn .iiH S°S?»?%!!•*»2S f/AUauMUll sufficient second half surplus to SSL^HfST 731,400 h ^ concentrates on package goods 

wext years ngures should up 12 J per cent, to £6.61m. but ffr »nM>t tn return 9n n™™n nmRt nnnenvraten. h nnnciimai 1 nrnrin/ifa Thfi 



may have been better than 31.9 per cent, better at £170,000. 
expected. Footwear retailing turnover was 

Next year's figures should up 12.3 per cent to £6.61m. but 

continue to show improvement, trading profits fell by 1-5 per cent, 
according to the statement made to £841,000/ 
by th? chairman last month The directors say that third 

though there will now be a quarter turnover has shown an 

terminal loss from Hague— increase of 245 per cent, for foot- 

described as * not materialwear and 25.1 per cent, for motor 
following the sale of the assets, trading. 

The loss will be treated as an The interim dividend is effec- 
extrordinary ltem - lively raised from 0.4125o to 0.4fio 


f rrUdlr MonMIc 

Mr. Bob Gross, chairman of Geers Gross, who. yesterdp 
announced a bid and fund-raising package. 


Robert H. 

Lowe 

advances 


k^^5 , sa5?s Exnansion aa&'jsjrafflajj■: 

.. --------- 

“Scors say tha, thM strategy at s,able * mnomic cu ■ Clpnlivpf £4m forprast 

!n««as r e of'MSMpe/oenf.hftir'foot ^|- TJ • 4 .S«Ip'*,£?£?#,£,V“ r ™ SSffftyS VjlCOllVei ±/»m. IOreCaSl 

wear and 25.1 per cent, for motor IlilVPrKlY The second part of the £l^m. * , . •" 

trading. V^UYCl AVIA •comment package is a £700.000 medium- 5?“^ Ji hr ia r?i fnirnlnnflAn 

The interim dividend is effec- ™ n , D „ P .. (:nv ^ ™ , - , term loan of five years, reducing re^ 1111 ® on February 1. fJVlf QQ 

lively raised from 0.4125p to 0 4fip A - K - h STEPHENSON, the Wlgfalls hrst-half results—£0.Sin. by annual instalments. This ^ V v 

net per 23p share costing £I32.4S0 Chairman of Oliver Rix.« tells tumround to losses—have fol- facility, plus the cash raised ® COIlinioni _ > 

(£118J800). Last year's total was shareholders that while not dis- lowed the same pattern as otter through the share issue, will make Geers Gross has proposed an un- THE OFFER documents in the bid able within three month* a 

equal to l.S884775p after the one- regarding the fact, that contlnu- high streer electrical retailers. In up the sterUng deposit for the usual package to finance Its take- by Seagram for Glenllvet DistlW either be in more cash or shx 

For-three scrip issue. Pre-tax mc .consolidation is required to a similar penod. the retail division back-to-back loan to pay for the over of Manoff. comprising in part lers, which were sent to share- It is intended to merge John 

profits were a record £lJWm majamlse the benefits already of Electronic Rentals incurred a acquisition. The sterling deposit an effective one-for-one riahls holders yesterday. Include a profit and Sons tato the Clares w 



expect to return an overall profit 
for the full year, given only a 
reasonably stable economic cli¬ 
mate. 

The dividend for last year was 
4.S425p net per 25p share. 


comment 


and Co. advanced from £353,273 
to £440.333. 

At midway when the profit rise 

was from £169,113 to £233.865 the _ __ _ _ ______ 

foTihe^sl^iri^ B-4Q11 CPPTl co waged and supported by both mas, trading in the ^cond half sa agretld'Sit for the would" leave "the" group^on^a^p/e Increase in stocks* (at cost”) Yrom lhe”Howden Paraons ’burineS 1 

Ind niSSEri 5CC11 the company’s bankers and far has continued flat but the S rst five Tears Sirig December of around 7 while the forecast £112 itl lo £I&75m. these lift the Canada. 

j r e economic ~ _ suppliers, and is vital, the chair- company is now trading profitably. 1000 J the first S700 000 of yield Is 10.95 per cent. book value of net*tangible assets Howden atrrcntly owns 51 1 

SSfi e ^” a, ^ cd . faV 0 ^ bIet, ]f y C llAnfli man adds if the directors are to and a second-half outcome simi- 31 ‘ 1B8Z ' 57UW ' UUU F ^ to 192p. cent, of the Cinadian subskft 

.mother saris- V )J« flwalll recommend future dividends. Jar to the comparable period of This figure does not include any but under the terms of the b 

Factory year h trading. *» Mr. Stephenson says that the last year is possible.- That wnnld A M" PIJ Ol iO m • element or revaluation. Mr. merger it can now exerdse-i 

„ J ear , ] y pe , r m 2ap ■* har ® DESPITE AN uphft in tumble company achieved trading profits put the shares, at 150p on a p/e A P( A/1 nTlGrS 11 .4oIHa Tennant admits that 192p does not right to buy the remaimngWi 

are 8 ,v fn at I2.92_p (I032p) and profits at Samuel Heath and Sons for the first time in three years of 28 (nil tax charge) while the xAX V^iT X VFAJ.VJ. tJ cVX»"HJAll« . reflect the company's true value, cent, formerly owned by Reyral 

* n “9"“™ 15 302ap net for from £174,000 to £264.000 Tor the and that borrowings have been yield is 4.9 per cent on an un- but believes that present worth Parsons, 

a 3.9P (3.492P) total . half year to September 30, 1977 reduced by a further£0.8m. show- changed dividend. n A ^ r ' would be impractical to assess. However the Howden Cni 

TO I* /\ -Till II Oil IV Although market value or the reported, with its interim fioa 

1 I x * 1 1 ¥ AVri A. ilUAivi stocks is known as is the replace- this week, that Howden Par» 

(jilts boom boosts jobbers bonus o™,.«.h., d... ^ ir, 

^MUVUitJ JvR/MVl kj MVUUiJ ManuractHrere, which already ever, it is anticipated that the needed to reflect goodwill, and or completion dates within* 

. owns 77 per cent, of the equity revaluation will show a surplus the benefits or Government grants Canadian power station const* 

OPERATION OF the profit-sharing of England’s Minimum Lending management of Patau! - Para newly formed subsidiary of Legal of sand and gravel producer above book value. and taxation spinoffs. tion programme while pvchan 


Group raroovei*... 

Half rear 
1S77 1IT8 
£ono moo 
10.667 8.K4 

Year 

1B7S-77 

cono 

IS 506 

Footwear 

6.61.7 

5.517 

r* 061 

Motor trading: . 

4.054 

3.017 

6.437 

Trading profit . 

1.011 

959 

1.913 

Footwear . 

841 

954 

1359 

Motor trading ... 

ITS 

103 


Irttt-rest chartws* ... 

55 

13 

37 

Pre-tax profit . 

156 

KW 

UU 

Tax . 

497 

491 

946 

NX profit . 

450 

453 

040 


Hip com- valuation of assets. Edging!on. 

1 price- of The chairman, Air. Tain Tennant, 

vidend in- Is forecasting pre-tax profits in wnwnriV TATV . 
cenL But excess of £4m. — a 19 per cent. ril/WLJlii\ UN 1ALK 


• Excluding VAT. 
income. 


tern Engineering Ini 
the power engineer 
created last year by 
between Reyrolle-Pan 


Fall seen 
by S. Heath 


___._-__r- i.__u~- _1 ,—■ j-» -- —■ 11 nas Dcen azreea rnat rar uie wouia leave me riuuji uu a i<wow .m. »»»»>. > uwun 

company s bankers and far has continued flat but the Brst five „ eara en ding December of around 7 while the forecast £13Jm. to 116.75m. these lift the Canada, 
here, and is vital, the chair- company is mw trading profitably. 31 1000 the first S700 000 of yield Is 10.95 per cenL book value of net'tangible assets Howden atrrcntly owns 51 1 

adds, if the directors are to and a second-half outcome simi- * 1 to I92p. cent, of the Canadian subside 


Yearly earnings per 25p share DESPITE AN uplift in taxable company achieved trading profits put the shares, at 150p on a p/e 

are given at 12.92p (H>J32p) and profits at Samuel Heath and Sons for the first time in three years of 28 (nil tax charge) while the 

the final dividend is S.025p net for from £174,000 to £264,000 Tor the and that borrowings have been yield is 45 per cenL on an un- 

a 3.9p (3.492p) total . half year to September 30, 1977 reduced by a further £0.Sm. show- changed dividend. 


Gilts boom boosts jobbers bonus 


APCM offers £1.48m. 
for BCA minority 


scheme of Akroyd and Smithers, Rale after its long fall is men- Plantations to Malaysia on January and General, is offering both these! BCA. has made a £1.48m. cash 

fVin Urrtn I is_a 1 < i_. _l : _«- 1 — _. . j 1_* I. - . ^ .. _• no 


, . - - - w ..— ---- and General, is offering both these BCA, has made a £1.48m. cash The Glenllvet Board and its rates were operating against ) 

the large London stockjobbing tioned.- but he also points to such 11. contracts to interested Investors, bid for the remaining 23 per u.oivtoc o Tiocniu • advisers., Hamhros Bank, content group. 

concern, in a year of more than favourable present influences as Ti, e seir-emDloved net very cent* minority interest. Holders HAWJUNb & llriUn themselves with saying that the Howden stressed that prolrf 

doubled profits strongly boosted the Jower-than-expected public __ _ ji tt j e f rom ♦},« state in the wav of ,he 1.182B91 BCA shares still BUYS HAWRJER . offer of 5lOp per share "adequately in Canada may he only short ti 

the pay of the company's em- sector borrowing requirement, the lv Tlflff IVllll of pension even under the new oustanding are offered 125p in nFF^HflOT reflects the value of the shares in but <nid that full-year (fair 

ployees tn 19.6-77, the annual re- balance of payments surplus and AVllUll Ivltll , scheme stanine in April But thev c® 5 * 1 ' or a sha™ alternative urranvui relation to both earnings and should remain depressed lead 

port and accounts show. falling inflation. l#vc-c< can make their own pension ar- worth, at yesterday's market Agreement has been reached in assets.” total group, nrofils around \ 

No fewer than six directors and Mr. LeRoy-Lewis confirms thaL lUtrediSeQ IUSS> rangements by means of a con- P™®* L 32 -^-,. . . . principle for Hawkins and T^ara. The docuroem* also contain same level rs last year's £4; 

35 other employees received gross as already reported in the Finan- . « ' tract with a life company, fn a The sha r^?|J er I?j^f 15 ba<sed manufacturers of ropes, wire and details of the offer for the Tfowden Groun is an ensniw 

remuneration of more than cial Times, Akroyd is considering .2X n3 llTHTlP moat tax efficient manner. Their ° n one APOl Ordinary share furniture, to buy tte garden fur- Preference shares. At 75p it values me company snermhamg in 1 

£20,080 in the year to September —following the Government’s contributions will rank for tax fo L JfTf™ P" 0 BC ^ shares. niture division of R. A. Lister them on a gross yield of 9.19 per de«cn andI manufacture of oh. 

30, 1977. when pre-tax profits of recent abolition of the 25 per Carpet retailers Knott Mill Hold- relief at the top rate. Investment , 5 , sb a ,^ Pf! lCC r.^ as ,.5, nft Fai ?! 1 l cwj S i,f ur ' c^K. .. . • . cos and fluid handling equipme j j 

the group—active in the boom- cent surrender rule—whether to Jngs incurred an increased deficit bs made into a tax-exempt fund. at 130p re 5.u y P artHawfc c 5 aiadetey. Holders of the convertible loan _ i/y 

ing gilt-edged market—jumped to bring trading in South African for the 24 weeks to August 15. and the ultimate pension is taxed S* Jffif Sn lNora®!.-® are to receive £373.90 for rjpft /\\rn r ntt'5 \ 

£15.5m. from £7Jim. The average cold mining shares, which were 1077 of £93.000 compared with as earned income, with the option announced, compared wtoi jwp take 1 place on March L, 197a, will every £100 nominal of stock. Since M L . LLv/W 5 . !# 

remuneration, allowing for the formerly traded in by Stocken £19,000 last lime on turnover to commute part of that pension J7!?r‘ rSilSliJufi 1 E> e i- r a . “ , 5 y ni °. &50 ; 000 ' this figure is directly cbmparoble FR 4NCfS 

profit-sharing money, of the 358 and Lazarv. and which are at slightly down from TlBlm. to to a lump sum that, is Completely December _2 pending Hawkins jcajMto enter into a to the offer for the Ordinary Guinness Feat Groan Ins 1 

employees (including those taken present dealt in by only one £i.74m- The net loss for 1976-77 f re * 01 . la xes Legal and General th ^^ 0U1 J?l men h t :' ri __ v look IfelS?* “{u* 1 “i shar 5 s ’ J stockholders are recom- acCPDtances of its offer f 

over with Stocken and Lazarus) London jobber. was £30.466. is offering this sort of scheme, its bfd ftf , n L £ e ' 2* mended not to exercise their con- the OrdSnaKTcMrtS of WB* 

in 1976-77 was £9,945, compared He also refers to the plan by Again there Is no interim Personal Investment Penaon Plan S&8 pe™ai. B Sere ! “to! version rights but to accept the jrranSs (a 7 imued byt 

with £6,973 for 333 in the previous Akroyd and other London jobbers JMdjwd - tbt■tail payments ^ Q StlS.' blL, a^nS^t reral^Uon of ffbSEFo? &5u ^ capItallsaUon issue) in resect 

year ' ,0 establish a market in a London totalled 1.3lap for 1973-74. ‘Mf ”1 cnotce ot eqnines, u-hicb in the Hawkin'* will “nvpr a mn. - jne ooon'nonps also repeal that 3 ^>3527 existin'*’ and nt 

A spokesman for the company vendor 1 of traded share options that they Vgg*,. mterest or man- StlSS^Sk at S.7m. veSdem Sriod^tranTer the S" f“JS" cAoSf^ln m** °^ 3ry ek 

said last night that salary in- and adds that it is hoped this „ tb ® Executive pension arrange- APCM intend that BCA, as a den furniture business from its Ljjul Sr^J^'iwit nf 87 fntai tk)n h®*" 6 made 10 

creases bad been restricted in ^drng will begin in niid-HTB men" Sectel S3S! serriratebi wbolly<iwned subsidiary, -will current base in Dursley, Glouoes- 5KSJ o¥tn U P t anS^so rir listing and « > 

accordance with the pay policy, The a f' c '?- u " l , s *!l ow nrt ha io— 'Iw® P r a J 3 ;^, from "a company’s mainstream c° n thiue to operate as a separate tershslre. lo the factory in PHI- l r ° ft? rtenHvp?” Ordinary shares and the Sta l. 

company tad'h^thTlSt ’‘to had[buli r positlot^ of tTjroS SS^Se^purchJIe “will .'"aLow gSrtSffSi JffdlSS eogSie >-I- 

^'Stj^Ser ffs & * EfeEt ' 1 bbs fiun-r ? 5 much s° “ p ' it3 a8sreRaie at s ^ as ffiK vt::: 

in Mr Pr °D a S ^ rin &Roj*ii e wls. the ecquK^hroug 0 h the'take^veTof benefit of ^o£ SKnhS'^^SSSfit » fiSSiK ^th^ctafrman ?%[ ASSOCIATES DEALS ' SSd°'TcpfSentW '" 

chairman, describes the last vear blocken and now holds through the new policies adapted over the f r j nc _ benefits to controlling Chesterfield who is also a director On January J Cazenove and Co. TOHNtOIV Cl FAIVFPI?<2 the issued Ordinary-capital. 

as a remarkable one and retails a ■ rccenll ? 1 ,I. 0 T ed P“^ h >£ ub ’ Sf* 8 , mon * anticlpate a dimtonrenior exSires "5 APCM. are recommending purchased 200.000 Malaya lam LLLANEERS The OrdinaiybKrh?slhcr' 

that the gill-odged market par- fS?JSn«'iJi r0 ? A Bd BlBIt JL* 1 ? return 10 Profitability. * H most tas efficient manner. If is shareholders tn accept the bid. Plantations Ordinary lOp shares Following completion of the fore became unconditional in «.. 

ticularly benelitert from the |?JfI3Sr ,,0 i« a , -vff- v--L' a very effective means of prorid- Th e P intend to accept the offer at 30p Tor Harrisons and Crosfietd. acquisition by Johnson Group respects. The Ordinary offlk; ;' 

record total value of £14.3bn. of a r smal I , ev% _J °. rk XT 4 . 4 ing against Capital Transfer Tax in rospfot of their own holdings L. Muse! and Co. on January 4 Cleaners or the capital of Zernya, remains open until further jiotii 

new Government stock issues. INCW COIltfRCtS and traiisferrinB money rroro the antountine to 70.000 shares, purchased 190,000 Ordinary shares Johnson has. as part of the con- in respect of both the cash ele 

The mmnanv'it roenlt« and Kaufman, which owns a scat 1 ^ ^ * T renresenUng 5.9 per cenL Of the In Lnisnrf. and Ronaml H«ldi.« srideratlnn. issuwt In -iho .in- .w_ vk 


FRANCIS 

Guinness Feat Group hns 1 
4ved acceptances of its offer f 
ie Ordinary capital of WH* 




chairman 


The company's results should nn -h^ RnTtor,' ftnib 
be considered against the back- on fi° ston - s ri>ck Exchange, 
ground of the year's exceptionaI See Lex 

economic events and very favour¬ 
able market conditions, he 

remarks in his annual statement. PATAINI PARA 
However, 'the current year has 

begun in a confused atmosphere, Following the receipt of consi 
scarcely, conducive to profitable from the Treasury it is propa: 
jobbing.'" The upturn in the Bank to transfer the control a 


St t n 1 company to the executive. Such 

trnm I J tv I w schemes are particularly attrac- . _ .. . - -- - ---- , 

** ■*-* x - p live to the smaller company, and Factors. 3 wholly owned sub- Ordinary shares at 78.5p, amount- stand at 51.3 per cent) renuik.. 

Sales of pension contracts to Legal and General's answer is its RFYIAfflRF FYPANTIC sirtiary of Lad broke Group. ing to f60,000. open until further notice. .. ’ 

the self-employed and to.execu- Executive Investment Retiremenl V . c j . ,u ? Cazenove and Co. purchased 

tives were the two main growth Plan. _ "*** ,,orc *' as t0 ac< i. lJ, , rc 68.000 Malayalam Plantations • r , I _ B __ .. . ; - 

areas for life companies in 1077, In both cases it is advisable for PouIton an <* NIcholMn, whole- Ordinary shares at 30p for the BLACK & EDGENGTON GLOBE & PHOENIX ' »... 


PATANI PARA 


equipment, canvas jjoorih and the Phoenix Prince Gold Minina CM 


Results due next week 


The post New Year lull comes profits of £103.7m last year. lower beer sales for most brewers firms, offering scaffolding and 

to an end next week with about For English China Cla>s (pre- hut the impact of cooler weather related sen-ices to the building 

40 companies reporting results, liminary re.sulIs due out on on S and N wfll not be as marked industry, which have, gone put.;- 1 B SJXJ2T 

Moil interest «ill he concentrated Thursday), the market is continu- bSSS Sh™ ^ ** *** leW l 8S3CtS ° f tile cwnpany as tIon of £2,3 ' M4 ' 

on Thorn Electrical but other ing to expect about £30m. JJ®' £f sSes ^xoerK , . < j 

majors arc English China Clays 024.am.) after the cautious first Inred better weather than ract0 . rS p bo ^5 led 
and .Scottish and Newcastle half statement which caused MtSn w«?hlvJ t . p .L oflls . 11 Letraw J 

Breweries. analysts to downgrade their fore- In ‘®™ aUonal - the stronger pound 

— — . - - — — had some effett but there should will depress results in the current 


■200.000 new Ordinary shares of Butlhuah. ; - - VZtJrZ™ a, ? a rnomix Prinee-Gold Mining w 

25p in Rexmore. Arrangements Singer and Friedlander acquired '5 bas becjl lemporarily «h| 

The audited ore-tax DroBt of Panmuro rinrnil hb* * e !52? ..terms not later than March B. 107 


institutions. 


Industries ar 35p per share. 


A.:sum of £200.000 ha s already Phoenix for 1977 or a profit fofK. 
been paid and the balance, pay- cast for that period. '• JX - - 


UNIT TRUSTS 


■JSf ,«%rE MSriT “Ka ocmesinger's gui-eagea novelty 

d£ M^r,e S ' 0r a lre a dV' 0n pUlX“,' 'Ti'r.how mXd S|l?' SS“ P «SSS r - u, B “i R T 0UB T* “* ‘ , " ka *4 i J- 1 ; «" line* and Ifesd Inters, cash In ,«i.hin the W four J« 

dined while the lighting division show a volume jump of 14-o per 111™* marked results ^ ^P^ted to show unit trust industry, that there are pioneered by ArbuthnoL offering which implies a limit to income And ii would tw» Tm^Ttinn fate 

has been affected by industrial cent for the period. In addition ”"**»*-^ beuer-than-esoecred esSllf in number ° r ^ps poised to eight distributions a year. growth hut a reasonable assurance “‘Vk 

action. At least one analyst, how- there was an export price rise of fir S h a if £3 5m (C! 76mI fU S in mTrket the mm launch S^ReS funds as soon The new fund i s - and ° f mcQme etabflity. At the offer f ssum * * h « “■ and G ' J 

ever, is looking for full-year l* Per cent. Trom January 10«. " profits foT'SGBGroiro due pany h2ld about half the J?rTd *• . *■* Government blows the Schlesinger makes no bones about price Ai-buthnot offers an ™ a V2. ta,n _?* to 

profits or around £I20m which and a 9 per cent increase at ^ Tuesday.are ox?e«ed To nurket in dw Jlnafer aJSrt?' wh,sll ® : « soaa - i, hat & as the It-going to turn into a gilt fund cstiI ? ated *£* Pgf with half. 1 

would take earnings per share up home, effective from April. exceed the 1974-75 rerord £6 45m material^ ^ ^ disadvantages are should the Chancellor move Z . distributions. while 


Schlesinger’s gilt-edged novelty 


lines equities and fixed Interest stocks, cash fn within the first four ; 



would lake earnings per share up home, effective from April. 


exceed the 1974-75 record £6.45m. materials. 


PINAL DIVIDENDS 

Hfti Brothers . Thurwl 

Capital and County Laundrtra . Thurw 

Ensluh China CU« . Thurw: 

Epicure Holdltms . Rvrirn- 

Grsrwe Trust . £l Wa * 

nick son and Welch •Holdnnisi . Thot-vd 

Investors CatHUl Trust . 

Kenning Atolur (irmio . ' 

McConuodale arid to. ••• '.. 

M. and U. Dual 7ruw .. wv'™ 1 - 

M. and iJ. tTroun .fiolclintai . Th'irsn 

Midland Intlu«ri.-» .-. 

J K. Nash SeturiU -s . I hu ^ 

Norfolk Capital Croup . Toewu 

W. J. Prkc •Ho|d,m». Monda 

see Grow . TurfO* 

SMIaw Induces Friday 

Bon Static OrRardsaUnn Wedivi 

Tnrocr Mamrfaciunnc Company . rridav 


INTERIM DIVIDENDS 

ago Research . 


Announce¬ 


Dividend tp 1 " 

ment 

Last rear 

This rear 

due . 

In v 

Final 

lot. 

Thursday 

0>TJ4 

0*99 

new 

Thurwlav 

_ 

1 r.sn 

—. 

Thurwlay 

I n»7 

1.342 

I.7S 

(k'vrinnata; 

— 

XII 


trlrtair 

0.71 

l.l 

078 

Thorvday 

.1 3 

3 99 

3 Si 

Tte’dty 

O.Sj 

8 R3 

n a 

Wrdnsrt.iv 

in 

- 2 416 

2 5 

WrUtteertav 

4 0 

1 75 

4 i 

Wi-dn.-srt.ty 

4 3 

5.0 

a.n 

Th'irsdar 

l.'Ji 

1.847 

1-123 

Thntxtav 

n M 

■1.445 

0.40 

Thursday 

? tt 


m -.3 

TuphIjj 

— 

0 J 

n ? 

Monday 

— 

Nil 

— 

TnrMlar 


2S"4 

? 5 

Friday 

1 1 

3*83 

• I 3 

WediK-stUr 

n.Ififl 

n«3 

0-J73 

Friday 

1 S3 

•» 

1.7 

Wednesday La 

a.796 

?***»=« 

autAo; 

j}rjj 


SB 


Brown and Titwo .. 

Burtcrfield-narvcy ..- .... .... 

ER|- ' Roldinpsi .. 

Hahna . . ..... 

Hour Robnunn _ .. 

Hollas Croup .. 

.tones. Stroud irtoldinRst . 

Lerrawt lmornailon.nl .. 

Rather* .. 

Reardon Smilh Lino . 

U Samuri 

S.mtish and N."vca«1e Rrewrncs 

Mrourt Rili-y nrununund . 

Sjitiwidt EnmiKvimp Compms.... 
Thorn Klvctilcal ladustnnv 
Krirwdi . .. 


Annouoce- 

twnt 

duo 

Monday 

Taesdav 

Wednesday 

Thursday 

Monday 

Widortrlay 

Thursday 

Tuesday 

Thursday 

Tuesday 

Momtar 

Tburvlajr 

Thursday 

Thursday 

Friday 

Frida? 


Div'dond «pt* 

Last year This year 


Int 

Fluai InL 

1 872 

3JSU 

1.0 

1 161 

1 5 

1 777 

0.3* 

0 998 

3 :3 

3.f75 

0.894 

.1238 

I A 

2 38 

OSIfi 

2.011 

nj«i7. 

2.106 

B 913 

OS 114 

1.1 

fi« 

1.2 

1 S32 

Nit 

1 0 

n.173 

0X3 

2 121 

1 rut 

#.88fi 

Nil 


‘ndividual looking to such Invest- N ‘ lh _ = " ' " u To go by the figures brought out jn search of somewhere to 1 put w. 

ments Tor income would do much s -^ ch yesterday by the magazine long-term Mvjngs on whidi tM 

better to go and buy them him- S .£‘1 tL^,^ b r thL l , 'T' U Planned Savings, both of those a ™ m 1978 •»““ d0 ' 

self. And in consequence there hs Mmurnfai ihuSf”!™ t the runrf9 have , marginally under- «reat fieal worse, 
only one eilt-edged unit trust in .« hi B hSr XiJi 0m performed tiie FT All-Share Index And finally, another offer ft 

being at the momnnl. Target Gilt: Itocks^ Srfhil nrnbh^i^*” 8 ove L P* P as * 12 months, in those looking for caphaf gro»^v 
and that concentrates on buying r u8 d f or 5 ?h^ noin f ^ n 1 u 8 capital terms. By contrast M. and rather than income, hut this 

for capital growth. L“®? !? r " eed . fo *» G- Recovery, which is also Inviting on a rathtfr less parochial 


Now. however Schlr«in*er canttji? f irotM^e & -V 5 f ? r WTestment this week, hasr teen Chieftain is inviting application -Clj laQi n' - .. 

Trust Mana J/r' have come u^ fhe exient t^r th f **¥* Performer, with a for units In its Diternatlbnul Flint, u “^{PC t . 

tSUi* ST’S. «£ AS g ^LWt.Ty .j^.,"rA!!:55^JSSTJ-JH.X; u; - U 

■ 

r ff-j; sr" | *Sjj k fix sa-ssr js, sssf^ssx . 

^istributinn, au,r,er^ WtarJ ""SK !X.'!SSS*.S ,, “ ,,#n .Sfl' ' I 


INTERIM FIGURES ONLY 
D. F. Sevan iHoidlnnsi . 


»vr {S,^{W^.fKsaS 


• BMM pence per . hm . awJ .driutred tor aB , ,m e re«ltw prop SChlesineer Evtra Income Treat. w«k:ArtuthioVr Exirafncom^ ta of rourse B hSSUSk S3' ™ 














|b Fisaftd&l Ticcws SataWay January 7t 

*108 & DEALS (contd.) 1 


17 



’s shares Jbove bid 



[ s:-. parties.' stretching »,„» , 
prior to .the Coral bid. a 
f?*osi of - the more obvious 'eon- iacfai 
cMiflers havenow ruled th erase!?ea ■ perio 



{■ 

■X-ep TOMBX^ 3n~fte>h«re prie^our-offhe pict/' ; Cyi ? 1 

Coral Leisure. Group to 128p Stem, dmirawn P adbrot:es > « 
fha* dropped tbo-vaJue of .the quuMedaaSyii^* 1 ^«rgaoi- 
^roup's take-over bid for Pontln’s,' ration S rjatereated in 
Announced the riav hnftmv ^ Jlfrice." Others 

tthat they are 
de Bank Qr«- 
rbvms Butlin’s), 
, orte, ESC and 
ft is also under* 
try to some sug- 
las been no firm 
anyone outside 

,Jo brought - the in- 
udd statement from 
lax profits for the 
to October 31,2977, 
. 9-2a'„ against £ 82 xn. 
Spending period of 
'nv the group has 

_____ OMWW __. that ft -wfD nxke 

there jadbeea talks wfrh--pre-tax#?? 8 • not;less than 

oar He* ' stietehino’ bade £735m#«£ e year ending March 
31 , 1 g#'?5P Anal, five months 
winter loss-making 


^ 487 to jtrst Turin's “at a 
flST -, mua c6m Pare?to have said o 

vSrinv iP* 106 -■"*«■ not interested 

!w Pontui £, m which dealings were nisation t\t 
J^egmed-yesterday. . Trust Ho us. 

tdw *V Imperial Gro 
r-.r t0 g^tote^that a rival bid stood’that, r 

It *^4te£2rti,fe- £ c *?? er 7" a notjon Bastions, tb 

^ fact ***** tbe ■ interest 
QX * a m ***»“*« tbe UK. 
-‘fOHtm’s directors and families. ■ Yestexd 
O.", 2JL Pontin, only tferim t 

:> /• - **9uni lO.feer cent of Poniin’s. 

^ ^ c- < ; seven hk 

jJw&lv • »£. ^n^on. *are dhow 

fe-V- . -.»'•? J'*NP*g» Admaers to Pontin's. said in the 
PT-~ *“ .’:-j raafetetilay -that far no further 1976 • 

rpaches' had been received, already 


. The directors propose to pay an 
“terim dividend for the year end- 
mg March 3U1978. v.bieh, together 
with the net supplemental divi- 
dend declared on September 8, 
will amount to 1.40759P per share. 
In accordance with the terms of 
tne offers from Coral, this figure 
represents the martinimn dividend 
payable in respect of the year 
ending March 31. 1878, pro-rater 
to reflect the elapse of three 
qua raters of that year, of 1.3S219p, 
to which has been added the net 
supplemental dividend of 0.0254p. 
•II the offers from Coral become 
unconditional the next dividend to 
which accepting shareholders will 
be entitled will be the interim 
pf Coral which is normally paid 
in November. 

Ponlrin’s reports that bookings 
and inquiries received to date 

both in the U.K. and overseas 

indicate that the company should 
enpoy another successful season 
jnl978. In addition the Prestatyn 


vident jumps 64% 


jb.'/T • *5 A DRAMATIC growth of 64 per ft** 31 sums Insured per annum £7ra. to £6Jnu the company 

% * -^a^a-cent to .new azmual premlams last (£30.7m.). Overseas suffering a 23 per cent reduction 

... . -T^i!r p £i*— by % itn ds’_Pxovi- /res are.included at exchange in sale! of whole life business 

i. * I "| u. ^operationsMs ruling af each year end. so following the change in com- 

. .. ™ ILK. and the Republic offcause of the improvement in missions structure. Sales of the 

These amotmted t° n.1mpT\m&, - the good growth .company’s flexible endowment 

, coni P* r e« w»V* £4.7m. ipneved in Australia and Canada contract were lower than in 1978, 

1970, This pattern is in.complefas been diluted. _ .a year when it wax one of the 

general trenSim Ltfe Assurance Group company’s best sellers. Annual 
|0| inflow business lf*c&ved a record level of new premiums on group pensions 

' y I k.1 JO year, when most life.eompan/premium income in 1977. of business fell from £14JSnK to 


saw ve y low rates,of growtW£45.7m. compared whh 133.4m. in £12.7m., but single premiums rose 
shigte figures. Permanent Hq 1976. But this growth came from £3.7m. to £S.6nu the 


New annual premiums on/" lumped from £8.1 m. to £2L3m, Albany Life 
vidual life assurance mcreaa/7 Nearly £3^m. ot this increase wholly owned 


f IA FT) remaf entirely from single-premium life increase' arising from sales of 

* ■ * j s B steady at iO-3m. - • * and annuity business which executive pension arrangements. 

Assurance, a 

__ . _. __ _. _ subsidiary of 

39 per cent, from JESJJm. to &}-• came from linked business trano- American General Insurance 
again a trend in-eontrastf^ 1 acted by the subsidiary Solar Ufe-Group, which writes both unit- 
>. ; . tbe general pattern whicP w Assurance which commenced linked and traditional life 

.... , ‘ “i? 1 ® or Tio growth' lh"this/ Dr - operation on January. 17. 1977. business, showed a considerable 

.. • • ■ The company has been r ely The remaining growth came from move forward in 1977 in its 

changing its marketing the sale of Guaranteed Growth market penetration. New annual 
following the changer. a Bonds which were very successful premiums more than doubled 
)\> \ iv T Premium-related coifS ion in 1977 because of tbe high from £0.79ro. to £L82m. in 1976, 

j,-.* . *' H structure which cut returns available. The company over half these premiums coming 

14 *' 1 l on long tenn policies an/ofed does not expect ibis sort of from self-employed and in- 

ilMDI VK1 , on „.abort team Pacts, growth to be repeated, this year, dividual pension contracts. Single 

"bole life business f. Dy a. Animal ■ premium ;.. life and premium business rose by nearly 
1 V ■" ' 1111 ts* quarter on. the jear,A‘ vras annuity business declined from 30 per cent from £4.8m. to £62m. 
.. more thaif jcompen^it/ 101 ’ by 

/aviiwoSSiMM'S' tam OTHER LIFE COMPANIES REPORT 




The lamest growtrflflf was 
i- in individual peosiS 0 °tracts 
• for executives—^the feral ex- 
perience of life busij#_ last S^r~ 
Annual preniiuniV"/® ase d by 
Jlh per cent from Jf- to £2.4m. 
.The company wrd of 
•• premiums ' on lts? w 'annual 
v premium self-erapp* pensions 
- cotilracts, while /^ngie Pre¬ 


mium business 
mained compare 

The company, 
most other 
suffered from p 
tions in. wri 
pensions basin 
premiums w 
than in 1976 
.. On its won 
group wrote 
. premiums ( 
new single 
for new 
f£75Sm.) t 
annum of 


pre- 
leld re- 
static. 

ion with 
companies, 
ilicy restric- 
new group 
In fact new 
Jwcr last year 
L5m. (£7m.). 

Ie business, the 

m. .of annual 

n. ), £6.2m; of 
lums (£4.8m.) 
jred of 1695m. 
annuities per 

(£S.5m.) and 


CONFEDERATION UFE • INSURANCE 
COMPANY—-New ptemlama for 

1977 f3.5ra. ic.imi.) and new tingle 
nremlmu £623.708 <£44SS3A>. 

PROVIDENT LIFE-New uumal 
prsnuoai iiissk tor tans-teno insunnoe 
bnsloen In 1977 £2.3sm tSLiBm.V and 
single premiums of £9(3.000-(£984.0001. 
These secured sums assured of "XI 78m. 
lisonxu. and anneUies ot :XSSSJh00 
(if)19.600) per annum. All flames are net 
of reinsurances.- 

YORKSHIRE-- GENERAL" LIFE 
ASSURANCE—New life assurance busi¬ 
ness In 1077: Net new sums assured -were 
written amoundaf' to i7SS.ws.soo 
(£773.301,649) Of wUdt £S83j86LB09 

0594J&73S4) was In respect of Ordinary 
Wc business and £2UJO&JOO (£i««*UKj 
In respect of pensions business.' imme¬ 
diate annuities £474.000 <£388.MSt per 
annum-, deferred • annuities of naysSMt. 
(□0J73.OS81 per amram and 'permanent 
health benefits of £5,064.000 <J3.6M.Bin 
per annnm was wnttea New' annual 
premlnma anloanted to I7RS.IM 
(£8.081336) Of Which £3.551.OOn (£3,760,504): 
won'I d respect' of ordinary. Mi' bOstorea,’ 
fS.048.OOO (£L32S,3lt> In-respect Of pen¬ 
sions baalnass. and £136,000 095.8811 -in ■ 
respect of permanem beslih business. 
Immediate anmrinr considerations and 


noh-recurrlnc slntfle premiums totaSod 
£4.409,000 i £3.073^53). The overseas 
figures (Induded above) have been based 
on average exchange rates for each year. 
Follewlni; the sale of the company's 
South African business In October 1977 
aQ reference to tnefa business has been 
omitted from betb (be 1977 and 1973 
figures. Mr.- Norman Graham, assistant 
general manager, said that although tbe 
year saw no real expansion beyond tbe 
records set In 1971 then? were some areas 
of progress. On. tbe ordinary' business 
side, with-profits business was up by 
around 26 per cent.—oOsetnng a rail in 
without-profits business. Marginal 
increases " also occurred In' Straight 
"cover” type business and business aris¬ 
ing from build log society lending. On the 
pensions side. besfaWa was held back by 
a " watt and see " attitude, he adds, on 
the part of employers. Decisions were 
hard to obtain and a substantial amount 
of business remains for completion in 
1978. Services to tbe self-employed 
proved particularly popular during the 
year, he -says. Demand- for personal 
pOffllta” mad Tetrad fiefshfial Ifle asSur 
once prodnetn was afmmd 50. per cent 
BP on the previous year’s record levels. 
Ho expects to tee a remm to.expansion 
during the c u rr en t year. 


Holiday . Centre acquired in Octo¬ 
ber, 1975. will be Fully operational 
for the 1978 season and should 
also make a useful contribution 
to group profits. 


GO TO BUY 
CAVENHAM*S 
FRENCH ASSETS , 

General Occidentale, - the 
French parent company of the 
foods group assembled by Sir 
James Goldsmith, has decided to 
take over the French assets ot 
the British company Caveaham, 
now its 100 per cent, subsidiary, 
to avoid paying unnecessary with¬ 
holding tax. 

It was only in 1976 that the 
purchase by Cavenham from GO 
of full control of these assets 
enabled tbe Ifrench company to 
acquire a majority holding in 
Cav enham.- 

This hew move, explained the 
managing director of Cavenham, 
Mr. J. Greenhalgh “ became very 
logical once Orcidemale had 100 
per cent, control." Generate 
Occidentale then found itself pay¬ 
ing withholding tax on- dividends 
transferred from Cavenham’s 

French interests to Cavenham and 

then more withholding tax on 
transfer. of these profits from 
Cavenham back to GO. 

So Cavenham is to sdH these 
French interests, by setting to GO 
its shares in the French company 
Generate Ahmentaire at their 
book value- At the same time, 
Cavenham will keep GA's assets 
outside France — specifically its 
businesses in Sweden. Austria and 
Spain. Management control of all 
these businesses will remain with 
Cavenham. . 

The net payment by GO to 
Cavenham will-be £31 m. in tbe 
form of a GO-secured Loan stock 
1682, with a floating rate of in¬ 
terest li per cent, above the 
London Interbank- rate for six- 
Toonth sterling, and secured 
against the assets being trans¬ 
ferred. This payment, virtually 
an internal payment within the 
GO group, is being made out of 
regard for the Cavenham 
Preference shareholders. Mr. 
Greenhalgh explained . 

Sir James Goldsmith said last 
night that the deal did not change 
the fundamental position of 
Cavenham. The interest on the 
Loan stock would more or less 
compensate for the income on the 
assets which Cavenham was pass¬ 
ing over to GO. 

As well as the savings on with¬ 
holding taxes, the new arrange- 
merit will also help with the 
Advance Corporation Tax liabili¬ 
ties on Cavenhara's Preference 
shares. Cavenham is effectively 
swapping overseas income for UJC 
interest receipts, against which its 
ACT liabilities can be offset. 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Com 
bid for 


Value of Price Value 

hid per Market before of bid 
share** price** Vij * 


bid fJEm’5)** Bidder 


Final 

Accrue 

date 


PiAa in peace anlen Mherwtsa indicated. 


Take-over bids and mergers 

The New Year got off to a good start in the bids and mergers 
field with Coral’s agreed £55m. cash and shares offer for Pontins. 

The terms. 4 Coral shares plus 240p cash for every 17 poniins’s, HoiTcineinas 
value tbe latter at about 45*p each with Coral priced at 134p per Lafarge Org- 
share. ‘ 

The last bid of 1977 was made by overseas traders Harrisons L^v^onetTsi 
and Crosfield for Harcros Investment Trust in which the former Lndn. Axul inrs. 
already holds a 19.7 per cent, stake. In a deal worth around 
£14m., H. and c. is offering 3 of its own shares for every 13 
Harcros and there is a-cash alternative of 73p per share. wainvaiam 

Having already recommended shareholders to ignore an 
approach made on December 22 by Colophonium. London . . 

Australia Investment's Board announced just over a week later 
that Mr. Peter Yungbanns, a Melbourne businessman, has joined pontin’s 
forces with Hooker Corporation, the land development company, Reed i-Smith 
to launch a $A9.75m. bid for LAI at SA1.30 per share. The 
bidders have-a 26,38 per cent, slake and are the largest share- ) 

holders. However, a battle is envisaged following the Board’s Trostfc Agency 
immediate rejection of the offer. 

Hie bidder for Newman Granger, the precision engineers wSowwfI* elm 
and jack manufacturers, emerged this week as Bullough, which wuwws u-react*» 
is making a cash offer of 35p per Ordinary share, valuing Newman • All cash offer, t Cash alternative. % Partial bid. § For capital 
Granger at flfm. The Board of NG has recommended acceptance- 110 * aIr °ady held. F Combined market capitalisation. I! Date on which 
ot th<, Q«n together with Raymond Baggaley (Hddiags) baa tf3?mAECS% %JT«1LSE8! K * Shared ca.lv ’' ^ 


Harrison (James) 

CtJl 

64 

al 

3.45 

Barrett Devs. — 

Hail Cinemas 

1S2* 

12S 

40 

0.73 

Mecca 12 1 

Lafarge Ors. 

95- 

92 

88 

5.3 

Lafarge SA 2ti -1 

Leisure & General 

(ill* 

60 

48 

6.2 

Ladbroke 13 1 

Lennon Bros. 

467 i* 
7S?*§ 

460 

77 

1.4Q 

Palmer & Urey*— 

Lr Yaflocet Tsl. 

104 

101 

4.35 

.Air Can — 

Lndn. AusL Inrs. 

2l*’5 

26 

26 

0.6 

Hooker Corn, — 

Madame Tussauds 

6fl rr 

604 

52 

12.62 

A TV . — 

Madame Tussauds 

43" 

60| 

30 

9.51 

S. Pearson 19 1 

Malayahim 

251* 

30 

22 

6.93 

McLeod IRnssel — 

Malaya] am 

30* 

30 

25 

8.15 

Harrisons & 

Mills (A. J.) 

100* 

9R 

75 

3.44 

Crosfield — 

Antony Gibbs — 

Morgan Grampian 

200* 

197 

155 

20.52 

Trefalgnr Use. — 

Newman Granger 

SB* 

344 

37rf 

1.65 

Rulloadi — 

Pontin's 

451*1 

38?t 

SSTT 

55.53 

Cora! Leisure — 

Reed & Smith 

63* 

62 

35 

5.07 

St. Regis Paper — 

Sec. Broadmonnt 

Trust 

3K.3S5 

33 

28 

3.50 

Chief tan — 

Spink (G.) 

400* 

383 

285 

4.79 

Andrew Weir — 

Trust & Agency 

172*S$ 

176 

145 

13.8 

Chnrtrrhanse 

Tmeslde Inr. 

1094 

10$ 

102 

6.06 

Japbet — 

Curliol Inr. — 

Willows (Frauds) 

lQS* 

106 

74 

1.41 

GDinner Peat — 


accepted in respect of 45.5 per cent of the shares. 

Compared with a bid of 28p per share made for Graff 
Diamonds just over a year ago, Sandsbtr, the privately owned 
company of Mr. Laurence Graff, returned this week with a 50p 
per share offer for the outstanding 3.7 per cent of Graffs shares. "" ■ ■ ■ ■ 

Metal merchant D. F. Sevan has added a share alternative Company 
to its existing 17*p per share cash offer for Leon Berner, steel Allied Breweries 
processors and stockholders. Tbe terms, which are being recoin- a. G. Barr & Co. 
mended by Berner’s Board, are 4 Sevan Ordinary for every 3 S. & W. Bcrisford 
Berner, valuing tbe latter at nearly 23p each. 

CompAir announced that it has reached agreement with 
Watts Regulator, of Laurence, Massachusetts, whereby it will 
acquire the latter’s fluid-power division for $15m. f£7.?m.). 

Burglar alarm specialists. Automated Security (Holdings) has 
acquired the security division of the Brocks Group in a f21.9m. 
deal which will result in tbe number of ASB’s rental contracts 
doubling to around 40,000, putting it second behind Chubb in the 
burglar alarin field. 


PRELIMINARY RESULTS 


Pre-tax profit 
Year to (£000) 


Earnings* Dividends* 
per share (p) per share (p) 
Ser>L24 77,200 (OSJ>00) 7?R (6.4) 3.033 (3.521 f 

Oct.29 1,180 (2,150) 26.fi (57.2> G.462 (5.7SG) 

Sept AO 23JS74 (13,564) 57.5 i34.7) S.J5 OL5) 

B*hara. Pallet! OcLSl 142 (153 ) 6.0 ( 7.0 ) 5.R (5.5) 

Tbos.W.Ward Kept.30 7.610 ( 8,080) 6.0 (7.2) 4.084 i.2.636) 

Westland Aircraft Sept. 30 5,844 (9^42) 56 (13.0) 3.184 (2.S5) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax 

profit 

(£ 000 ) 


Interim 
dividends* 
per share ip) 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
shared price** bid (£m’s)** • 


Bidder 


Final 

AceYce 

date 


In pence unless othirwln Imlicated. 

Unicorn Inds. — 
BTR 13/1 

YVreneate 13 1 
D. F. Sevan _ 

Greenbk. Sees. — 
BICC — 

Adrian Volicer — 
James 

(Maurice) — 

MK Elect. — 

Dalgety 


Abrasives IntnL 

26* 

251 

25 

0.62 

Allied Polymer 

50* 

49 

37 

9.30 

Assam Frntr. Tea 

400* 

385 

305 

22 

Berner (Leon) 
British Industrial 

174* 

39* 

22 

37 

31 

028 

52 

Cohen Bros. 

3S«$ 

52i 

47 

2.19 

Dew (G.) 

170* 

164 

156 

7.05 

Boland (Geo4 

25* . 

25 

20 

1.08 

BgaHldgs. 

148 

140 

140 

9.ZS 

Federated Chem. 

78 

71 

65 

1127 

Freshbake 

20*5 

.194 

15* 

1.1 

Glenliret 

510* 

500 

440 

39.66 

Graham Wood 


83 

70 

16.45 

Harcros 

57 

44 

2.4 


Austen HIdgs. 

B. Cinematograph 
E. ElUot 

Esperanza Trade 
Fodens 
Hollis Bros. 
Howden Group 
Rainers 
Reliant Motor 
St. Georges 
Laundrv- 
Tomkins (F. H.) 
(Figures in 
vldei 


OcL 5 

83 

(S3) 

0.75 

(0.75) 

July 31 

20 

(7) 

— 

(—» 

Sept. 30 

63 

(45) 

0.65 

(0.3) 

Sept. 30 

1,747 

(2.748) 

2.0 

11.4) 

Oct. 15 

1280 

(343) 

-— 

1 — 1 

Sept. 30 

1,030 

(1.110) 

1.18 

(1.050) 

OpL 31 

1,560 

(1.540) 

0.033 


Oct. 6 

421 

(375) 

0 341 

m.279) 

Sept. 30 

229f 

(t> 

Nil 

(7) 

Aug. 31 

20 

(16) 

02S 

(0.28) 

Oct. 31 

656 

(52n) 

0.35 

(02 


_parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated 
Adjusted for any intervening scrip issue, t For seven months. 
No comparative figures. 


is^' MT) = Scrip Issues 


Brit Steel Cpn. — 
Harrisons & 
CrosfloMs 


A. G. Barr and Co.: Two-for-one. 
S. and W. Berisford: One-for-one. 





Barclays Bank Limited and 


announce that with effect from the close of 
business on 9th January, 19783 their Base 
Rate will be decreased from ?}%to 6j% per 

annum, 

The basic interest rate for deposits will 
be decreased from 44% to 3% per annum. 

The new rate applies also to Barclays Bank Trust Company Limited 


BARCLAYS 


Reg. Offices 54 Lombard Street, EC3P 3AH 







QUARTERLY DWIDENDS-INVEST BY JAN 31st. FOR T5tll MARCH PAYMENT. 


Please remem b enhat the pries of unite can so 
down as weff as up.but as a motSum to tong-term 
investment the managers confidently expect an _ .. 

ultra-high incomewfthaibstanfialgrDwthprD^^a.' 

For example, initlaJ investors of £1 iQOOin June 74m 
accumulation irtts have, seen their investment more 


than doubfelo £2T^; income unit holders 
wiD have received loqtarteriycBstributionstotalling 
■ £342, arxl theiriniSiliiveslinentcf £1,000 is now 
worth £1602. During an dfler, units may be bought 
orsold daily—otherwre© weekly, on Fridays. Settle¬ 
ment for unte sold foltows within a few days. 



FIXED PRICE OFFER g&XSSSSi- ^ 

Offer cfbses 13 / 1 / 78 : Fir$t issued 22/6/74at33.3p. ■ 



Th»Uanasers«s8n« theilgMlo ■ 
dos« mis ofler KUt« Hue pocertao* by 

more ihan^att. AwidBrnmo 
tn^co seoaDraulhOnsOd by Iho 
Department dTf«J#. A 5%Wtol 

saaeoetssstss^- 

’ r o»riiyo36'ncomg.com«WBapn 

K» saws, Tnotoc 
Ud (MwawotMldiandBankGroort- 
UaraguKljBntii SaotfftfM UtL. 

S3 GralaeSB«eLEd<*u9R 
EH22jSI-W:a3i-Z263Wt. - . 

Re^NartdmEdnbughSSlSS. 


wmWM ■■■ I APPLICATION TORMi ___ 

"To:L«i»sonSeciif!iiEaUd, 63George Strew, Edinburgh EH22JG.. _ 

■ Ten a31-2263« 1 (24 hr J (Not appDcaDtew Ert). F.T.7/1778 ' 

ixwto onriosearemmanca payabte to Lawson Sacurates Ltd. aj be inresied 

I m Lawson High YtekJ Fund units»the vatacf c 1 min. 

(UnteStotod lo the nearest whole nqmben.t--f«300 

I HRflMWiillwVH iwU HdW Ffaoa Xu bo< ter Amimutafton Unas 

ou^ff. me aehwuad teireoiiee lanrf 

■-WBa*TWInoqMmgOWW«6MthB- . • 

■ iwniineastrfanypegtrtglreaeeM. . 
m buSktetfMSOtwrwnes fthoseiMKBte 
■ -matt*bdeidaR&*TStiwJdflprtr — 

Saetswi^rr. ssr __..— 


OlUtaMBM Whw 9 »w <«il-Uh»g 
Samos rian assui «d by flmaUnsmra 
Cd. , - n 

MtfMrsW: 



BANE OF SCOTLAND 


BASE RATE 

The Bank of Scotland, intimates that, as from 9th JANUARY, 
1978, and until further notice* its Base Rate will be reduced from 
7% per annum to 6^% PER ANNUM. 

• LONDON OFFICES—DEPOSITS 

The rate of Interest on sums lodged for a minimum period of 7 days will he 3% per 
annum, also with effect from 9th January. 


Sc 

Pr 



11% paid quarterly 


In order to help investors pfen their income, the 
distributions will be paid quarterly on the 30th of 
April, July. October and January, starting July 1978. 
The tabic shows the approximate level of income 
(net of 34"-„ basic rate tax) you would expect to receive 
every three months, based on the estimated 
gross yield ofll % on the fixed offer price of 25p. 


Initial inveslmeni AnniraT gross income 

Yourrnel clre^ue 1 
every 3'mon(h's 1 


£550 

£90 

£2500 

£275 

• £45 

£1000 

£110 

£18 


£55 

£9 


The distribution dates have been carefully 
selected to complement those of Hie ail-equity 
Scblesinger Extra Income Trust. By investing equally 
between these two funds, shareholders can obtain eight 
ereoiy-spaced and approximately equal distributions 
per amuna. 


Many investors choose to place a proportion of 
their portfolio into fixed interest investments which, 
have the benefit of providing a high. ; predictable 
income, and are likely to have less risk and be less 
volatile than equities. The Scblesinger Preference 
& Gilt-Trust provides a well-spread and efficiently 
•managed veiude for this purpose. 

High incwne-lowTrfatility 

By investing only in preference shares and 
British Government Securities (Gilts), the managers 
are able to obtain higher levels of income than could be 
expected from a managed portfolio of eq uities. Whilst - 
equities would provide greater opportunities for 
growth than fixed intereststocks, the latter are likely to 
be less volatile. The proportion in preference shares 
and Gilts will be varied at the managers' discretion. 

ScbJesiDgers also expect a useful degree of 
capital appreciation from this trust, as long term 
interest rates continue to fall. 

Investment in Gilts 

Under curreotlegislalion. most interest 
received in an authorised unit trust from gilt-edged 
securities is subject to corporation tax which is 
disadvantageous tp unitholders when compared with 
direct investment in such securities. 

For thisreason Initially some S&°<£ of tbe fund v® 
be invested in preference shares, and 20% in Gilts, ot ' 
which level Schlesi tigers estimate the disadvantage . 
wQl be minimal. Should tbe legislation be changed, the 
fund will be invested entirely in Gilts (see General 

Information.) 

Schlesingers 5 FTMS serrice 

Investors of £2,500 or more will receive the 
Scblesinger Personal Investment Management Service 
QHMSVwhich includes regular investment reports and. 
invitations to meet tbe investment managers. 

Your investment should be regarded as long term. 

Remember that tbe price or units and the income 
from them may go down as well as up. " 


Schlesingers-specialists in the management ot privatc-mstimuonal anil pennon funds. 


An initial offer 


Units are on offer at the fixed price of 25p. for * 
investments received by January 19. 

The offer may close before January 19 at the 
managers’ discretion. In this event units uill be 
available at the price quoted in the daily press. 

General Informs Hon 

la the cwcai of » chjnae In laMnJoo a (rich would : era ore the 
dEMdeunuceciK raimeni nf nil income. Ii It Muroled Hui Uk art:Ms 
lhe«i>rtfalio will be retatnied in him yidUins Biliish Gcterantrni 
Sectu-lllev Such a efannse would be made only if In ihe fudanomi« 
wc manaacrt.ti «c,jU iu< t>c diu Jemuaeuus lo unJrinildm and 
ihsTruMEavdoasriGd. The rums ol ihc Tru»i nould aL-..i becijjafnl 10 
'Sehtolnser Oil! Thim 1 . ToIbwoo. ate the oin a prmidrd. ApoUtoik-ni 
willhca^CniiwKUecd.andimnlilcaieE win be-«r:i jih durtac Februan-. 
Tti aWM iBMtimm la Om Food It CSflO. Tbe Uoli rrirc and yield ora 
ymbiftted daily «> leadmc rxw>r.<rcn. Tu sou i<u|it.tMiri>-rciiini ranr 
. ccnUkacduBCmWIaiei: eodoned rra (be bode - ooinem u normaUv 
mode within * day* nf our resetting ihc renounced ccriUVcjie. 
CMnhllw df l|” ; Wlir be paid lu reeofnlidd tfuu, Ovm:- Alt 
buibl cnarte of .‘I-V h included ui tbe Direr price. * ciurzo.il an- 
annual rule o!US ip- VAT)o( the taiuc ol ibe Fund 1 > dedncuil from 
Eton ineone lovnnlt udmtehnranre npemes. TniBM: Midland Hank 
Trim. Co Lid- Aizfiur*: PeK. Slandck. MKdadl *Co. Macazaw; 
SchhahucrTruHMBiuzcTsLLd. I St Hanom Suture. London W.l. 
Reziiumi br Ena land. Wrahm □! Ue Liu l TnM Anofi. 

Tbit otter is not available i v rnMenl&of me RcpfltHcor Ireland. 


Tor'Schltsingrr-Trust Managers LtdL, 

140 South Sited, Dorking, Surrey. 

Weekend adrf Ereaiag Aautphoae 7ft. Dmldag{0306)S6*4t 


iTOshtefevest 


fai tbe Sc M c tinsery T ric rc uu ! and GSlTrusi (giwimum £ 500 ) 
at the freed, pnsx oF 2 ^>. 

I vrish to have my dividends remYested p~| 

I would like further information, including | I 

details of Share Exchange I J 

. A cheque is enclosed in rcnuilunce, made payable to 
Midland Bank Limned. 


rank, stockbroker or bolichor.) Minors camioi be rccisicrad^ * 

' but accounts dnigiiiucd withtnek Initials wiU tie accepted. I 


1 declare that I am notreudent omsfda the Scheduled 
Te nitty iet and that 1 am not acquiring iheunm as a nom ine e 
of any person realdeni oouide (be Territories. flEyou are 
unable to make this declaration, it should be deleted and this 
application form should then be lodged thro ash your UK. 



ge 



ABE YOU LOOKING FOR 

NEW YEAR TIPS? 

INVESTORS REVIEW, the City's fortnightly magazine, only tips 
shares as and when it believes the timing is right. For that reason 
you won’t find any “naps for 1978" in this week's issue. What 
you will find—as usual—is one or two well-researched recom¬ 
mendations which we think are right But we don’t believe share 
tipping should be a game: investors' capital is too important for 
that kind of exercise. 

We also believe that 1978 should be a good year for those prepared 
to trade actively and take advantage of the special situations that 
both INVESTORS REVIEW and the weekly IR MARKET LETTER 
have specialised In. Last year the magazine highlighted a number 
of fast movers—takeover stocks like Redfeam Glass and Mann & 
Overton and hotels stock Adda international—and was never slow 
to tell readers to take their profits. The same goes for the MARKET 
LETTER. It took investors out of Saint Pi ran for a 50% profit in 
four months: the shares have since come back. 

All in all. a joint subscription to both magazine and letter—casting 
iust £20 a year—is the kind of value that's hard to beat. 

INVESTORS REVIEW 

ESTABLISHED 1892 

ORDER FORM. Please send me Combined subscription 1 year 
Investors Review for 1 year £20 post paid. . . . 

£9 post paid. . . . Overseas rates available on 

IR Market Letter. £15 post paid. demand. 

Name ... 

Address ... 

FT2/7B 

To INVESTORS REVIEW. 100 Fleet Street, London. E.C.4. 



An especially attractive 
Single Premium Iblicy 
fomTjmdall 

If you pay higher rare rax 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 
Trusts. 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 die 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 any of the following 
offices: Bristol (0272) 32241, London 01-242 9367 or 
Edinburgh (031) 2251168.' 


Tyndall 


Single Premium Policies 

Tyndall Assurance Limited, 

IS Canynge Road, Bristol BS99 7UA- 
Plcase send me details of your Single Premium Policy and 
the Share Exchange Plan. 

Name_I_ 

Address ._ 


Aurmln rfthe l.8c Offices Aswcubwi, 

Vf arr!ual^ fine._ 


HTOTHISTP 






















18 


Fnancial Times . Saturday 


WALL STREET + OVERSEAS MARKETS + CLOSING PRICES 



Dow drops below 800 level 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. Jan. 8. 


SHARP AND widespread losses The D-J’s steep drop was led by BRUSSELS — Belgian shares MILAN—Mixed, with lower 

were recorded on Wall Street such Institutional favourites as mixed In quiet trading. turnover confirming investor 

to-day and the Dow Jones Indus- Da Pont, down another $11 at in Foreign Stocks. UJC. higher, cannon over uncertain poli tica l 

trial Average plunged through the SL11J and General Motors, off $1 Dutch, U.S. and French fell, Ger- situation. 

800 level in heavy trading. to 5595- -’*— - - i— 

The Dow Jones Industrial Aver- Allied Chemical lost S15 to $40} 
age dropped a further 11.43 to —it dosed a coke plant because 
793.49, making a fall of 37.68 over of *_*“•- JGmberty-Qaik fell S3J 
the holiday shortened week — 


Royal 

in 


the last time the Dow closed 
below 800 was on October 2, 1973. 
The NYSE All Common Index, 
at $50.64. shed 61 cents on the 
day and $1.86 on the week, while 
losses led gains by a more than 
five-to-one majority. Trading 
volume expanded shares to 

26.15m. 

Part of the weakness stemmed 
from foreign s elling in view of 

FRIDAY’S ACTIVE STOCKS 


Lepetit, however, recovered 
slightly, reaching JLJrel3.450 in 
after-hours trading against 13410 
at close. 

Bonds mixed. 

SWITZERLAND — Narrowly 
mixed, with sentiment more 
cautious after the dedine on Wall 
Street and a slightly lower dollar. 

Banks and Insurances generally 


offer. 




Ghanrro 


Stocks 

Closing 

on 


traded 

price 

day 

Amerada Hess 

... 473.300 

264 

+* 

American Medieorp 315.790 

221 

-1 

Budd . 

... 300.200 

31 

+7 

C,cnrral Hast 

... 289.000 

58} 

~U 

Genera] Electric 

.. 239.500 

471 

-1 

Georgia-Pacific 

... 235.600 

26 

-ic 

Amerada Bess Ptd. 215.600 

58i 

-u 

K. Man . 

... 191,700 

25* 


Kennecon Copper 

... IT8.T90 

3U 


Exxon .. 

173,300 

45* 

-* 


mans little changed. 

Gold Mines higher. 

AMSTERDAM — affixed. 

to $39s. General Cinema Slfc to lost Fls2-a0 to 127.8 

$284 and Marshall Field $11 to weaker Dutch Internationals. 

$311. Shippings rose, with Van 

Armco Steel shed $} to $27}, Ommeren up FlsJ.5 at 138a. 
despite its forecast of higher Pakhoed gained Fls.4 to 44.5. 

fourth quarter earnings. Banks mostly fen. Insurances_„__ J 

But heavily-traded Budd spurted generally higher. Industrial and steady. Financials mixed, 
ahead $7 to $31 on an acquisition Trading shares marginally mixed. Dollar stocks generally fell, as 

State Loans firmed. did German and Dutch shares 

GERMANY—Mixed, after early apart from firmer YW and steady 
weakness stemming from profit- Mannes m a n , 
taking. TOKYO—Higher in active trad- 

VW added DM430 at 2143 in jug—MOm. (370m.) shares—led by 
active trading. popular and “ big capital ” issues. 

Steels gained at most DM2 but steels and Heavy Electricals 

... _ ... , . , Banks, leading Chemicals and rose throughout the day on active 

. A . ■ sectors declined m active Electricals dipped, while Stores institutional buying, 
trading on Canadian Stock Mar- were mixed. JOHANNESBURG—Gold shares 

kets yesterday. The Toronto com- Public Bonds gained up to ^ in-line with bullion price,., „ 
posite Index feH 153 to 10223, 011 DM030. with Regulating Author!- London and local demand 1 *** 

and Gas dropped 38.3 to 1365.4 ties selling DM15m. nominal of m sporadic dealings, 
and Metals and Minerals gave way stock. • Financial Minings mostly 

13.7 to 8613. Mark Eurobonds mixed to higher in line with Producers. 

PARIS—Shares Fell, chiefly on firmer. In Coppers, Messina rose 5 

OSLO — Bankings, Insurances, cents to RL.70. 

Shippings and Industrials quiet. Asbestos share GEFCO put on 
V T PNN ._ nn „ l , 30 cents to R230, while MsanU 

VIENNA—Closed yesterday. gained 17 cents to RL52. 

COPENHAGEN — Higher in Industrials mixed. 


OTHER MARKETS 

Canada declines 


technical factors and erased 
Thursday’s gains. 

In Constructions, Bouygnes lost 
Frs.113. Podain were down 


the uncertainty of U3. policy in Frs"53 and Mietaelin Frs.45. 

the Foreign Exchange Markets. Electricals weaker, as were moderate dealings. Banks, Com- AUSTRALIA—Lower with lead- 
Another damp ening factor was Metals, Chemicals and Hotels. muni cations. Insurances and ing Industrials and Mines attract- 

a new round of prime rate rises Foreign stocks also lower. Shippings rose, while Commodi- ing profit-takers and buyers with- 

to 8 per cent from 7J per cent, except for Golds and Nestle which ties and Industrials had Isolated drawing on concern over 

triggered by Citibank. tended higher. weak spots. exchange rate. 


OVERSEAS SHARE INFORMATION 

Vl\ 

} 73 til 


Investment premium baaadw ' 

$3,60 per £ *— «*% * 


.,. * 
S : . 

•: i ■ 


NEW YORK 

■ -Its. 

Stock . * 


Attou Ldt— 
vMreoscoraph 
IMS* Lite* Cot 

.Vxr Prudnrta-_ 

Viren-' 

A ian.V lasaBlcn' 

VL«w--- 

ABc^henr LndL. 
.Utejjbcay Hearer. 
Allied CkrmiaS.. 


SZii 

l4% 

34i« 

25 

3*3, 

Z6% 

46 

19 U 

2UU 1 

401" 


An __ 
.Uner.3iK.Gn.. 
Amer. Standmd. 


Amer - TtLi TeL 

\zaerdt -.—— 

AS1E..: 

AMP- 

Am pet-—_..., 

ait-hre BoctaoR. 1 
Anhpttser Busch. 
Axnuo SteeL.. 


AafllB* Oil 
Aaoron—.......... 

Ashland OU........ 

*n. ElcfaHefcL_. 
Amo Data. Pra_..- 
AVC_ 

A rco. 


Indices 


R.Y.S.E. ALL C0XX0R 


Hi—Pint Vo He 


NEW YORK —DOW JOKES 



j , 

Jan. ! Jan. ! 

! 6 i 6 ; 

! Jan. j 

i 4 

Jan. j Dec. | 
I 3 | 30 1 

I Dec. ' 
1 23 ; 

1977-78 

255 



' High j 

( Low 

| High 

| Law 

lodostrsal... 

BH 



HH 

HS 

1061 JO 

(1 lilll&f 

41.22 

(2/7/32) 

H’nteB’ncU* 

90.52, 90.7^ 

90-89 

80.78| 90.35 

215.nl 217.10 

I 

80J4, 

907 
( 118 ) 

90-62 

(6,1/78) 

— 


Transport-... 

210.17; 215-97 

215.4K 

ST7.81 

2A8M 

om 

135.6a 
(25 10) 

279.08 

(il2/63) 

15J0 

(8/W3) 

Utititiro—j 

109.24j 1W32 

110.7B| 

DOJfij (I1J2B 

111-28 

118-67 

(2Zfl 

104.97 

(25/2) 

160 JZ 
(30,4^) 

prrw 


| 28.ibo! a jro 

24JMoi 

l 

17,720| 22.660 

22.810 

! 

- 

- 

1 

i - 


Jan.i 

e 1 

Jan. i Jan. 

t 6 I 4 

1 

' 1077-75 

Jan. 1 ■■ -- 

3 | High | Low 

60.641 &I JSj 6130 

i 1 

61.82! 57.01 1 49.70 
| I (4/1/77, | (2,11) 



Jan. 6 

Jan. 5 

Jan. 4 

Issues traded_ 

1374 

1.884, 

1.866 

Rises.. 

241 

54T 

487 

Faib.. 

1^72 

834 

936 

[’oc hinged -—- 

361 

503. 

443 

New Big bn_ 

14 

13 

9 

New Lowe.- 

’ 81 

16 

39 


M0HTREAL 


Industrial 

Combined 


T0R0FT0 CompoBite 


JOHAHVE8BURO 

GeU 

Industrial* 


Jim. 

fi 


Jan. 

S 


Jan. 

4 


Jan. 

3 


1977-78 


High 


Low 


1M.7«! 17T.B9i T7J.12 774.88 18&47 U7£> ■ 
17B.3&J 178.311 ITWTj 780A4j 187.96 09/1/7?, 


15SJ2 t2b.H0, 
I6&J3C |25;13. 


1022.9! 1088.4 UJ48.7, 1047Jj 1087A (19/7, • SOU (26,10. 


208.7 I 204.1 
21S.4 ! 21S.0 I 


274 

214. 


204.7] 

2123 


114J (17,1£H 
214.4 (4,1,78) 


159.4 i24.-5l 
165.1 (224i 


• Baals at Index changed from Ansnst 24. 


Jan. 

6 


Frev- J07i-78 

ioai i High i Law 


Jan. 

6 


,*n- Dis-le .ISil-it 
vioui ' High List 


lad. div. yield % 


I Dec. 30 


533 


Dec. 23 j Dec. 16 | Tear ago (approx.) 


5.54 


5.64 | 


4.08 


STANDARD AND POORS 


Australia 47334,47433 
Belgium (5) ! 9239 j 922b 
Denmarkoj 


97.88 97.14 


| Jan. 1 
! '6 ■ 


Jan. 1 
4 ; 

'Jan. 

, 3 | 


Dwr. | 
29 ! 

-BTTT8- 

brace Gompllat'n 

b \ 


High ; 

Low 

High 

Low 

[Industrials! 100.60 
5 Cora posite J 

101-97! 

: 102.91 

108.22 

H 

104 SS 

naj2! 
,3/1/77) 

08.BB 1 
(2/11) 

184.64 

(11/1/73) 

8.62 

(30/6/32) 

92.74 

90^2 

95J2j 

! 96-Wj 

1 

94fi4 

107 JU 

, 3 , 1 /n)' 

90.71 

(2/11) 

126.86 

ai/L73) 

4.40 

(1/6/32). 


France (ttK 6L1 


797.7 


Germany! 

TThIIhtiiI 


q 


808 


IntL dir. yiekl * 

Jan. 4 

j De - a ! 

1 Dec. 21 

Year ago (appro.) 

4.96 

| 1.90 

4.99 

3.71 

Ind. P/B Batin 

9.01 

| 9.13 

8.97 

11.36 

Lmm Ron. Bomi view 

8.04 

j 8.02 1 7.96 

• 5^7 


6630 


Daly Oft 
Japan lay. 370.16 
Singapore 


479.43,4lE8t> 
(3,1/73). (16ffi) 
90.12, 90.71 
(10/1) «D/12> 
10732. 36.54 
(9/6) <20,U> 
56.4 1 433 
(7,11 | (10/6) 
815.3 7125 
(17,11), (10,3) 
80-7 i 93-2 I 75.6 
I (4/5) (29/9) 
38250 i 426.17; 388J9 


62.0 

798.0 


Spain (rfll — 97.58.100X0! 97A3 

1 1 (51,12, >5,1/72, 

Swedes Cri* (d 331.93 : 4 16.66 • 221 L 61 

I i (22/3, i flllTl 

Switerl'd(( X £982 239.0 [3UJJ; I 5K0-S 

! l/lt/M)! ,3,5, 


65B2, 

(5/11(28,12) 
36A01 39053 1 350.49 
' (29/9) (Z4/11) 
282.80! 282.78 > 088X2.242^3 
1 (29(8) 1 0(58 


Indices and hale dates 'ail ease values 
100 except NYSE All Cmnmoa — 50 
Standards and Poors—ID and Toronto 
300.1.000, the last named based on 1973 1 . 
t Excluding bond*. i 400 Industrials. 
1 4M lads.. 40 utfUdes. 40 Finance and 
(11/6) i(4/1/18} 30 Transport- >9) Sydney All OnL 
73.711 64X0 dll Belgian SE 31/12/63. (■*) Copenhagen 
SE 1/1/73. (ft) Pans Boone ton. 
(ft) Commerzbank Dee_ 1953. (Hi Amster¬ 
dam. Industrial 1970. i' r i) Hang Seng 
Bank 31/7/84. (HD Milan 2/1/73. (a) Tokyo 
New SE 4/1/68. (b) Straits Times I960, 

fc) Closed. (d> Madrid SE 31/12/77. tei 
Stockholm Industrial VI/5S. ID Swiss 
Bank Corp. 31/12/98. (si Unavailable. 


F.T. CROSSWORD PUZZLE No. 3,561 

A prize oj £' ttrill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times, 10, Cannon 
Street, London, EC4P 4BT. Winners and solution uriU be given 
next Saturday. 


Name 

Address 



ACROSS 

l Start on the nuts (3,8) 

7 Swindle that caught on (3) 

a Nor natural for musician to 
be keen 15) 

10 Left when qualified (6^) 

11 Spectacular part of police 
work (9) 

12 Part of harness causing sus¬ 
picion (5) 

13 Effacing periods spent on 
river (7) 

IS Article on pole in that case 
(4) 

18 Least possible amount of 
holiday (4> 

20 Share wine with one willing 
(7) 

23 A road tax on rocky ring (5) 

24 Peter nice about spot where 
earthquake broke out (9) 

26 No first-class waiter is one 
male doctor's client (9) 

27 Determined party should go 
one better (5) 

28 Took the chair one day (3) 

29 Seconds needed to read book 
on Side (7,4) 

DOWN 

1 Travel south with identical 
right to flimsy stuff (8) 

2 Respite when workers go to 
pot (3.5) 

3 Ties known to the exper¬ 
ienced (5) 

4 Officer I have taken pnson- 
er (7) 

5 Perception is near at baud 

(7) _ 


6 Plough up? (5,4) 

7 Sung by choir as honoured 
companion has spoken (6) 

8 Spicy item told by bead to 
Margaret (6) 

14 Furnish cover for superior 
gun-carriage (9) 

16 Give wrong name to Limit 
set by re-organisation (8) 

17 Opening better place for 
waiters (4-4) 

19 Greek hero makes the things 
here useless (7) 

20 Artist takes father to Bury. 
(7) 

23 One worries about decay (6) 

22 Little darling has to take 
favourite to uncle (6) 

25 All right going in the night 
before call up (5) 
SOLUTION TO PUZZLE 
No. 3.560 


Kt ® -H ¥2 -EH UL E 

QEEQnHE-JEIH 

D 

QQsaBHEjgH rasaan 

ki 

Q 
E 


Francome favoured 
on Spring Frolic 


DESPITE AN acute lack of 
competitors at Sandown to-day 
—where a total of 41 runners 
will be bidding for a share in 
added prize money of more than 
H3,000—a trip to the Esher 
coarse can be recommended. 

The day's feature event is the 
Anthony Mildmay, Peter 
Cazalet Memorial Oiase. in 
which Ghost Writer, Shifting 
Gold and Top Priority will be 
aiming tff add to their course 
records. And there are interest- 
j hurdles events In the Panama 
and the Tolworth. 

John Francome, who resumed 
in exactly the style he envisaged 
here yesterday—a virtual arm¬ 
chair ride on Mount Tallant— 
has fancied mounts In both those 
hurdles events with ' Spring 
Frolic and Gruffandgrim. 

The first-named, a fast 
improving Silly Season gelding 


RACING 

BY DOMINIC WIGAN 


who opened his account at 
Nottingham before going on to 
defeat Hallodri by six lengths 
at Kempton last month. Is 
likely to have the measure cf 
Belfalas and company in the 
Panama. 

I rather doubt Gruffandgrim 
coming out on top. He could 
find Western Rose and last 
summer’s New Zealand Grand 
National runner-up, Purdo, too 
good for him. 

In the belief that Western 
Rose put up one of the most 
promising performances seen 
by a five-year-old last year, 
when chasing home the more 
experienced Kybo at Ascot a 
week before Christmas, I take 
him to resume the winning 
thread. 

Shifting Gold, already nibbled 
at by long-term National ante- 
post backers, may give those sup¬ 


porters a confidence booster in 
the Anthony Mildmay. 

Here Shifting Gold, the winner 
of Hay dock's Tote Northern 
Chase on the corresponding day 
a year ago. Is likely to confirm 
recent superiority over Ghost 
Writer, despite being 2 lbs worse 
off at the weights for his 11- 
length victory over that rival in 
the Etarell Chase. ■, 

With Shifting Gold declining 
anofher tilt at the Tote Northern 
Chase backers are probably best 
advised to rely on Gay Spartan. 
His jockey. Michael. Dickinson, 
rode last year’s winner. 


Allied Stem...,. 88Z* 
Alia CtMtaen._ 23s* • 

.\ALvX_..35* 

A-T-vaB'-a H»v. 26* ; 

.Vine. AmUK?_ 973 1 

A mi- 42* I 

Ajuvt- Broadcast. S9>a > 

Araer. Can-■ S81., ■; 

Amec. Cyntuud 2S3g 
Araer. Kiev. Hnr. 24* > 
Acer. Elf WW , 53“i ■ 
AmerJIaBtePttid- 27it ; 
Acer. Medical.... ITT 8 

33 4 : 

44 - 

36* . 

3014 1 

29T« : 
16*4 i 

2 SH s 
um 

275 B ■ 

29 

2753 ; 
215s : 
9 ! 

I41g 

30 >4 i 

49 ■ 

27 

9-b i 

16> t ; 

46l 2 ' 
26 - 
am ; 

341» ! 

2a»a 
3614 ! 
24 

side ' 
144 
353« ; 
2 i* | 

3* 

26* I 

ZS-a I 
305g ; 

S63« 
av» ! 

135? ; 
3253 

; 

30 

I3lj [ 
194 1 
51 ■ 

S1 «; 
40 Lt I 
68U ' 
3 Sh i 
1S5» j 
11*8 ! 
2££« ; 
12*4 ! 
18 
52* 
475a 
38*4 I 
15S, | 
214 i 
314 j 
384 1 
414 | 
214 1 
324 1 
464 : 

14Sq j 

124 1 
14 | 
394 I 
22 


Avto Prodacts_ 

bait Gaa Ktoel_. 

Daub America_ 

Banker* Tc. NM. 
barber OU-......' 

Baxter TrarenoL 
Beatrice Foorf-.J 
BeetcoDkteuon; 
Beil Jc HonvK. 

- -- 

BeneaetCans'IF 
Brtfalebetn Steel: 
{Rack A Decker- 
Boemg. -. 

Boise LAscade- 

Borden- ' 

Hoes Warner- 

Beaniff 1m—__ 

Btawen M-. 

Bristol 5Iynv_- 
Brit. Pet. ADR_. 
drsdnray Gtos^. 

Bnmnrirk.. 

Sacmts Erie. 

Bndi--^ 

Butova Warch. 

Burlington Srtn 


Campbell Buu|<... 
Cualaa PbcUK.- 
Jsoal Uandolpt]..: 
ijnativo 
Carrier £ General 

Cartel fU«tey.»' 

CaterpiBWrnKta 

CBS—.—1* 


Centra! A iff, 

L«txtnte»i-. 

.‘eMRa Ainialt „ 

.Imr Manhattan 1 
i.'beiniitai Uk. XV, 
JbewHqdi .■ 
Cheaneayatem...; 

Cbkuaffu Bridge...i 
.‘hro malktv——. 

Uhnaler _.. 

. UMPHIIa .-... 

Jinv. Mtlacron 

.‘Ituorp.; 22 

.ities Service—! 504 , 
City inTodne ...j 124 j 
Coca Cota-.J 

Ludfpte DtJic _ . 

unUttu Aikman. I 

Lotombu <T«a- [ 

Columbia Plct_I 

Vwi InU i urt.tm l 

i lmb nt d BB Baft.) 

Combustion Dq_[ 

J’m'w’th Kiiisonj 
Co*n‘w tb Oil Kell 
Comm. Sateiite... 
uompulerSdenee; 

Comae.-; 

Con. Sdacn N-Y. 

Consol Fools.-1 

Consol Nat- GaaJ 
^auumer Power 
Canunemar Grp. 
Continental OIL. 
Continental Tele 

Contra) Data.__ 

toper 44 I 


364 

207 6 

u 
28> 4 
164 
IS 4 
36 
194 
284 
24 
294 
84 
215s 
245a 
245a 
4350 
23Sa 
33* 
““ 

254 

44 


.534 

1*4 

354 

254 

344 

n* 

ssi 

414 

21 

24ia 

3&<b 

264 

10 

425a 

304 

384 

253. 

244 

34Sa 

27% 

184 

33< 

444 

37 

30t a 

60 

304 

16Tg 

264 

104 

273 4 

194 

981 S 

2IH 

94 

144 

3070 

49% 

276g 

9 

167s 

464 

264 

224 

34% 

28% 

36% 

2^4 

32 

143« 

364 

21 % 

15% 

27% 

25 

50% 

27% 

94 

137 fl 

324 

I 64 

294 

14 
19?a 
24 

64 
41 . 
704 
33% 
15% 
114 
29% 
124 
183, 
534 
484 
40% 
1570 
22 % 
32 
287 e 
414 
224 
324 
46ia 
14% 
1270 
1% 
414 
225s 

6 is* 
12 % 
36% 
21% 
11 % 
28% 
184 
164 
36% 
194 
287 a 
24 
294 
8% 
224 
254 
24% 
444 
23% 
537a . 
284 

15 
264 
44% 


Jan. 

6 ■ 


Jan. 

b 


Coming GIms_., 
CPC InCa'tioaaL 

Crane __- - . _ 

C rocker Nat_.1 

Crown Zeuerbacb: 
C uramlna Ennine'. 
Curt-Wojjht,..^^ 

Dana^ . 1 

Dart InJurtrtcau.’ 

Deere.,-; 

Del Monte_t 

Deinma__ 

P tat S fe 1 Inter...' 
Detroit EBJaoa...! 
DlamoodShainritl 

Dtonto . 1 

Digital Bcpip^..) 


60 | 
45 i 
25% 
24% } 
324 
37% I 
19 I 

25 > 
3570 ; 
244 
264 
5% 1 
19 

16% ! 
284 
12 % . 
444 ' 
374 ! 
404 , 
25% 
424 i 


Disney (Wmh) 

Dovur Corpn_• 

D-jw Chemical_, 

I>mraeT.— 1 

Du Pont-_11X4 . 

Uvmn Induabtol 12% 1 
S*«fe Picher„ H 194 { 

Haas Airline*_J 64 ' 

Eartnan KodakJ 49% I 

Eaton_.1 36 ! 


ttK.. 

El Psao Nat. Gm»| 
EHrrn 


Era croon Kertrkr, 

Emery Air Fr'gbt) 

Em hart .. ; 

E.MJ 


EngeUiaril_ 

Ka marfc _ . 

Ethyl_' 


SahtbM Camera! 
Fed. Dept StoreBj 

Firestone Tire—) 
Pst Bat Bostcn.1 
Ptexi Vau__ 

PUntkote_ 

Florida Power....! 
Elmir._ 


KSlJU- 

Ford Motor-. 

Foremost lick_' 

Poxboro.. __1 

Franklin Mint_ 


Fuqua I: 

Q_VJ.. ' 

Q aanaii .! 

Geo-Amcr-In_| 

G-LTJt . I 

Gen.L'able.-. 1 

Qen. pynarnl»...f 

Uen.BItt.’trks._I 

General Food?....i 
General Mills—... 
General Moron...! 

Gen. Pub. Util....' 

Geo. Signal. 

Gen. TeL Blurt. J 

Geo. Tynj.. 

(reneui.: 

Gcn^ta _ 

Gettv ..170 

24 


174 1 

264 
334 
38% 
314 
3% 
257a 
28i« 
19% 
45% 
23% 
37% 
164 
247a 
177 b 
194 
324 
344 
21 % 
434 
174 
30% 
7% 
204 
26% 
8 % 
105* 
37% 
20 % 
254 
11 % 
437r 
4770 
301: 
28% 
59% 
20 % 
26 J 4 
30% 
234 
4 
26 


Gillette. 

Goodrich FJF.—..j 

Goodyear Tire_ 

Gould.. 

Grace W. B.. 

lit. Allan Pat-Tea 
Get. .North Iron... 

Gteybcu&l__, 

Gull A Western...' 
Gull Oil_. 

Hal 1 burr on.......... 

Hanna Mining.... 

Haro huh letter.... 

Hama Canal. 

Heine H.J_i 

Heuhlain. .I 

Hewlett Pai-fcaih) 
Hnliilay Inn*-....* 

Hnmeslake.! 

HiKicyaell 
Himve*. 

HospCormAnier. 
Houston Nat Ga»{ 
Huni(Pb.A.)Chinl 

Hutton (KJ.)_j 

1. C. I nh names... I 

INA_. 

lngemMitaad_„. I 
inland Stael—... 
Inaiko-J 

Lntenmrt Knersyl 
IBM * ' 


IntL Flaapura— 
IntL Harrwrter- 
IntL MinACbeoi 
Inti. llnltlfooilM 
loco 


Inti. Paper— 
IPG. 


Int Hertiher— 
Int To). 4 Tel— 

Invent- 

Ion HeM - 

IU International 
Jim Walter..— 


194 

17 
274 
264 

84 
245* 
127a 
114 
254 
61% 
37% 
15 ; a | 
424 I 
36a* I 
244 1 
7053 I 
144 I 
394 
44 

117 8 I 
24% | 
254 I 
114 

18 

2370 ! 

39% 

534 

38% 

13% 

84 

267 

214 

29% 

40 

21 % 

1B4 

404 

27% 

304 

14 

29% 

11 

297 b 


5070 

454 

2570 

244 

334 

374 

19 

2370 

36 

84% 

2S4 

5% 

19 

16% 

28% 

1250 

444 

384 

414 

25% 

434 

112 % 

12% 

28% 

6 

49 % 

361a 

16% 

164 

26 

835* 

39% 

31% 

34 

36% 

29% 

19 
46 
234 
384 
15% 
247a 
18% 
194 
324 
35 
21% 
43% 
174 
324 

8 

20 
264 

94 

1070 

38 

10% 

254 

124 

4412 

48% 

314 

29% 

607b 

21 

274 

304 

25 

4 

26% 

171% 

24 

197a 

17 

27% 

265* 

84 

247a 

13 
11% 
25% 
62% 
38 
164 
43% 
3570 
24% 
704 

147 3 

594 

44% 

12 

34% 

26% 

11% 

124 

244 

404 

564 

38% 

134 

1 84 
! 266.87 
21% 
29% 
40 
224 
16.-0 
40% 
28% 
74 

3070 

14 
30% 
11 
304 


Jan. 

6 


Jan.* f *m, 

t- 1 & 


Juhni Manilla—! 

Johnnn Johnson' 
Johnson Ccsnroti 

ssssea 

> thm —faftai 
Jsabee Industrie*/ 

halHectHM..-"_ 1 

Asy --- 1 

keanteatt...{ 

£«r Medea_j 

Rldda Wfcltar—i 
hlmWiayUUrfcj 

Bran _ I 

ItiomrCa-1 

h t frif a . I 

GibbyOwJood...! 


udyuw)—::;..;! 
Uttua indust—! 
4iekhsedA3*cr , It| 
tiwdStaeimUj 
Cook Manet £*dJ 
InuiaUtisikL. 
- 

Ii keaXNmnt'n-ni 

UacUUhnL_ 

M«yk.H - 

UtraBaaorsor, 
Maptsn. 


MuatbonOU—J 
Marina VidhuidJ 
MarahaU Field.. 

Mar Dope. Stores' 

MILaZT— _ : 

McDgnnm.— 
McDonnell Docs' 
McGta* HRL.....' 
Itemonac. 


Utwill Lynch. 
Mew Fetroteum. 

MGSL_i 

SUanMtaffAMtK. 

M ohUcg ll-l 

Monsanto- : 

Kaho Obemicei.--| 
National Can_I 

.Xat Distillers.^. 
N»t Service Ind^ 
National Stool.... 
KtlmiM.. 

SOL.. 

•Vcptnne imu...... 

Nts Knffland KJ. 
New EmrlanlTeli 
Niaj^n Mohawk 
Mttara Blare...! 
S. ll Industries. 
NnrttikJtWeatrrn 
North Oat. Cat- 
Sum Braces Pu r 
NUnrest Airline-: 

Nthirat Banror)- 

Norton Blmon.s 

Occidental Dei <• >1- 
OffHvy Mather...! 
Ohio Hditcm—... i 
Olln .. . 

Overseas Btaip—. 
Owen* Corn io*;... 
OvenallHaoh— 

Pavi&eGaa-. 

RMfr» fjtp btinc ■, 
Be, £Vr. A U-J 
FsnAmWortl A It , 
Parker Haantlin, 

HBabodT lot.. 

Fen.FwJtLt_..., 

fennev J.C_^ 

Penrunii_.1 

Peoples Dni«_’ 

Fcsple* Gaa..I 

iVpsks\»—.I 

Perkin Ulmer_' 

Prt.. 

PUzer 


304 
71% 
26 
31% 
3570 
30% 
44 
23 la 
6% ! 
215* ( 
46 1 

27% 1 
39% I 
32 

44 | 

26 

284 < 
26 | 

£7 
374 
16 
13 
19 
184 
2070 
34is 
13% 
64 I 
10% 
384 I 
32% { 
344 
47aa 

tm 

31% 1 

254 j 
354 
864 
254 
184 
274 
537a | 
144 I 
377, 
26 
46% 
60% 
63 
42% 
36 
35% 
467fl 
254 
19% l 

2078 f 
13% I 
32% ; 
37% I 
38% j 
154 
23 ! 

354 j 
154 1 
11 
17 

26% , 
394 
274 
221; ’ 
221 Ft 
184 

21 % ; 

38% 
194 ■ 
16 ; 

234 1 
63% ■ 

21 % : 

2370 : 
21 1 
214 l 
4J 4 
834 
224 
22% 
35% 

28 ■ 
84 
33% I 
264 1 


RtTfc!a n ... Mn . 
RrynoMa 
261( CrowUi R. J—.. 
32% kkb’ati Hmril.. 
861; 'igdnirU lntcrt u ) 
31 VihmX Haas .. 


Pbripa — 
Philadelphia Me. 

Philip Morris_! 

PhllhiM Pettni'nii 

F«r 


Pttttton-; 

Ptaaaev LM ADkj 


18% 

34 

26% 

2070 

19% 

68% 

294 

38% 

1870 

23 

17% 


247a 

Potomac Bleo— 15% 
PPG Induatnw.. 267 S 
Procter Gamble- 82 4 
Pub Serve Bed- 224 

Pullman^___ 26 10 

Purti 16l a 

Quaker Ou a.- 234 

Kapkl Amenean.. 6 

hsytbccm ..: 314 

R0.V__1 244 

Republic SieeL-..( 224 


44 
23% 
6 

21% 

464 

284 

41% 

221a 

443j 

264 

28% 

28% 

27% 

374 

14% 

1370 

194 

18% 

2X4 

354 

14 

6% 

1070 

39 
3270 
367, 
47% 
127s 
53 

254 

36% 

554 

254 

18% 

2770 

53% 

14% 

384 

274 

474 

604] 

55 

424 

364 

364 

474 

25% 

15% 

21 

14 
334 
3829 

3770 

15 
234 
5510 
154 
11 
17% 
26% 
39ij 
28 
22 4 

2Z j 4 

19% 

224 

40 
19% 
16% 

234 

641, 

224 

24 

214 

214 

5 

23% 

224 

2270 

35% 

28 

84 

344 

274 

19 

341° 

27% 

214 

19% 

5970 

304 

38% 

19% 

23% 

17% 

284 

15% 

267 S 

83% 

22% 

274 

16 

234 

6 

324 

244 

22% 


nil Dutch.—... 1 

rlC ..-J 

nlltp-.■ 

Her stem....) 
e-nay Straw.. 

Mia Minerals.: 
arnri* 

Asi 4 Inis,—. 

Sa du trot._ 1 

Baa 

Sdn nrewiQjrJ 

Schi i b erg e c_ _ | 

ScoUtpcr—— -J 

anmFrj;„ _ ■ 

Scudr'M Vsst| 

Beaftatrront^l 
Baarrai...^.^.: 
SaartatO,)^.- 
tkjan Rmek..-! 
SKDCt)..„„„, 

strou oil._ 

ShcUTrmm7V..| 

Siguai- 

S4nodcCo..„. 
Simplicity t... 

Singer—'—19% 
Smith KUut 474 

SolUnin-. 

Suwhd«TOn... 1 i 
SunrbernUU.,1 
Sdutbern 
Sthn. Nat. Re-i 
Soutliem Phcii 


4i : 

$ 1 % . 

55% : 

22 

29% j 

29 % i 

55 | 

134 l 
13 i 
14% ! 
3»l? ! 
30% j 
294 
574 ’ 
4% I 
4% i 
10* 1 
704 | 
17 
134 
21 % ! 

6% l 
S3% f 
21 % ! 
15 , 

26% i 
374 J 
307a > 
39% 
29% 
374 
11 % 


2 
184 
264 | 
17% 
314 , 
»!■ 


BoutirentitaUai 47 

BqnlhlamL.. 24 

S'o 't Bancobaro 25 
Sperry Hutch—16 

Sperry Rand-35% 

Squib..-.—Hr, 

Standard Brand*' 54 
Std-OtUMUnnilB 7 
Stil. mi Indiana J 
Sid. till Ohro_..] 
Suuff Cbeuiloal. • 

SterUnc Dnw —I 

Studeiiurr._< 

Son Gt... : 

Sundstrsnd_1 

Syiites. 

CrctmKMtor..—— | 
Tetlrtrrix..I 

doMyne. ! 

I'elct....; 

Fen el'll . 




4 1 

3. ! 

at] 

ic I 
36, 
58. 
5 


89» 50 
rmaoBKinlnnir 7r n 3 

Te\ac«.; 

l'ewcull...-., 

Xe.vas lioun. 

lV.xaatUI A Gaa.,.| 


42 

31% 

824 

504 

23% 

If' 

sr- 

30% 

3070 

4% 

<\l 

104 

71 

17 

13% 

224 

6% 

M4 

21 % 

15 

284 

57% 

324 

401, 

30% 

46% 

iT 

19% 

47% 

2 

18% 

254 

171, 

32% 

34 

49 

204 

23% 

1610 

354 

23% 

25% 

37% 

474 

704 

35% 

*4% 

454 

42% 

344 

20 

104 

36% 

684 



li'4 u% 

697j ro , 

50% a a 


2i d 


fevo Ltiliucs—.T 21 % )'. 

Time Inc..> 37% I 3 % 

runes Mirror.., 244 1 ts* 

I'Unken.. 48% I j. 

Inure.—I 337 ,) ; t, 

Tmtuaniertra.I 141; , > 

iransLT)._..J 21 % t V, 

l'nuu Union. 334 1 S 

Trunsvisv int’r&ij 234 1 6 
Itans 1 \ urtd .Ur..! 9/0 li 

l'ravellen.j 29 I 31 

Tri IVuit)opntal...| 20 I 8 ( 

ML*..] 30N | 

iltii Century Fiim 214 

UAL.. • 19% 

L'AKUO...I 2U% 

UUI...I 22 % I 

l OP.. 147* J 

U mirror.. 41 j 

Unilever NV_ 53% * 

Union HaoL-rou... 15 I 

Umoa Cartiklr_; 39% I 

Unkoi Cum merer! 67 a ! 
linUm OliCalil^.i 50% ; 

Union Pai'iiie.| 46>; | 

Untniyai.... 74 

Unltcil Braznl(i„. 7% 
United lira...... 1Q% 

(is. Ikoiorp... 31% 

US. Grpaum_ 224 

IS. Shoe_ 23% 

US. Stetrf.. 3Oi0 

U. TccbnofaBlea.'. 34% 

L'V Indnscrlro_ 187a 

Virginia Klpou-. 14% 

Walsrooo- 173] 

ffinerUmamD. 314 
Warner-Lambert. 254 
Waue-Man'ment 184 
W'ella-FaTKu.,. M .. 26% 
ffalnti Bani'orj 314 
Western N..Liner 26 
Western l^nunw 163] 
Wertinchne Hle> I 17% 

Westaroo-28 J 

Waycrhaeiner— 26% | 

Whirlpool__ 214 

White Cun. Iml- 21% 

WdlhniOo.- 184 

WiKtioaio Kim. 30 


WM*qB. HINI ] IQ 

Wyl*- - • 0% I : 

Jrtiw..45% 4 .I 

Za|«m-„..j 1670 }J 

Zwimub..,,,! 134 1' 

!■*Jl.iroaa <Vhat • fS** 
US.Tkroa0ffL5.7l- 181 % 
t j/.«JDay WiU. d.24% , , 


CANADA 

Ablunt iiutom...: 
Aeutro La*te_.,„ 

■Vkna.Uum 1 ahro>. •: 

.UcmuiSiaeJ __ 

AabCBtua;^.. , 

Bank of ttontroal' 
tkuik AovnSnoiia , 
Bure Utanma.' 
BdiraietAnws... 1 1 
Bow Vaitay inrta.; 


BF ( _ _ 

Urusn — 

ItruMi...... 

Calgary PWer II ..l 
Canada U«Mii„ 
CaMbWAW (mid' 
Can I mpUnkCntu' 
l%naria (ndt»c. u 1 
L%n. ITOUkr , 1 
Can. IVdOo In*..’ 

Can. Supct Mil_ > 

t%rlluaOTCoelaJ 

Uurolr Aabrotoa.; 


r-* 



Cn rtatn B iel. 
Henwoo Mines-.' 
LhaDe Minos.... _J 
Dome Petndenmi 
Umiitnfea Bndse! 
tiumtar. 

DiiBom _ 1 

Fataa'gv NUkvij 

/Kd Motor ( m ; 

Getiftsr—.—_ 1 

Itiaut YeTakaleJ 
GuitOil Canada.-! 
Ha* ker SkL Can 
HulUagei— 

HrenoUII -A 1 __ 

Hudwa Bay Uae 1 
HudauaBav-^... 
UudronOtiAGM.' 

L.U'_! 

I Rama 
lm;a<rMil Oil 
(w\' _ I 


(nebd....-..l 61 , 

Inian-i hat. ilaO jdi» 
iua'pr'j-PipcLiuel 14 
Kaiaee tteaiirie*^ 13% 
tduinu'l Fin Carp' 7 l» 

Lutsaiv Cmu. -II'. 3 65 
Mc'iulll'n litoniij 16 % 
Atomy (Vraiimn, 15u 
U.Ibi.vh* I'orfim 243] 

UvurMiDl'n.. 

MkVMtkto UiUro.. 
fcircHi Knrtjir...' 
.'tthn.Teiu. 7 Kii -. 1 
.NuntcihUlitJ 
__ tiakwooii ft'tf'ii.' 
goi RavUle Cojrfcr Mj 

|Si'rt<attrt*etrolpuHj 37 % 
ic,'Pin. Can. IVt'iuj 33 - 

534 ropun Dept, s-l 4.50 ] 
* ihrliM] til.J 1.01 
4 *t DevHopim| 21 

aeeCum'roiVi S.'a 

U6-.:.-- 10% 

1.49 



40% 

7 

50% 
474 
84 
7% 
10 % 
324 
22 J a 
83i0 
314 
35% 
19% 
144 
17% 
324 
25% 
18% 
264 
32 
264 
16% 
17% 
2&% 
26% 
21 % 
214 
187a 

3Q% 


t* DU....,..;. 

^.a* . 

*% Trust........I 


26% 

9% 

27% 

26% 

164 


^Jefcaourarol 8%! 

.—| 234 

folate 4^o I 

SE^-i 

2.50 

rgCSri- 5s 

*5,. 

aacul 291- W 
Ue*um (_,„.{ 14 % 1 ^, 

tW lAMfeL 

|Trj l I Rew stock. • ! 


I " - “ 


GERMANY ♦ 


SELECTIONS 
HAYDOCK 
LflO—Nimrody*** 

L30—Bishop’s Pawn 
2J)0—Gay Spaitan* 

2.30—Brave Kid 
3.00—WlUrae 
3J0—Harry awrchills 
SANDOWN . 
LOO—Andrew Patrick 
L30—Spring Frolic 
2.00—Shifting Gold 
2/30 —Western Rose** 
3.00—Silver Seal 

MARKET BAS EN 
12.45—Supreme Sail 
L15—Wayland Prince 
2J15—The Sundance Kid 
2.45—Son and Heir 


The seven-year-old Spartan 
Genera] gelding. Gay Spartan, 
stayed on strongly to give Jean 
Premier two stone Id weight and 
a two-length beating, over three 
miles five furlongs at Warwick 
ten days ago. He seems certain to 
make a bold show in this follow¬ 
up attempt, despite the Likelihood 
that to-day's three-mile trip is 
now on the sharp side for him. 

An hour before the Tote 
Northern Chase, to which the 
Horserace Tota lisa tor Board has 
contributed £4,000, I intend 
siding with Nimrody- in the 
Philip Conies Novice Hurdle. 



SOLUTION AND WINNERS 
OF PUZZLE No! -.556 

Following are the winners of 
last Saturday’s prize puzzle: 

Mrs. A. Coutts, 13, Hopecrofl 
Avenue, Bucksburn, Aberdeen. 

Miss ’a. M. Dingle. 2. Ilex 
Court, Warwick CV54 4PJ. 

Mr. A. W. Lambert. 5, Free¬ 
land House. Silverdale Road. 
Eastbourne, E. Sussex. 


MCtriHgg 2aSfl90QE 
m H - B E 
w35iE@E3H?3a rmmxn n 
sj .w fa -a. -n a ra n 
gggn faasggasQBQ 
a e a an a a '■ :• q 
HSIiEi0aa^!S3HB0S 
a c a v./rv a in s 
aa.saas- ^f^asaae 
0 - ' a 3 B 9 m :B 
KtiagansEraB rqq^ 
g S’ q a a h . e s 
aanciEr aasanasEB 
3 am u h ra b e 
aGsaeag!*: BaaiaaE 



SPAIN V 

January 6 
Asland 


Banco BObao _ 

Banco Atlantico 0.0001 

Panp o Central - 

Banco Exlertor ..._ 

Banco General __ 

Banco Granada 
Banco Hlsnuio — 

Banco Ind. Gar. (1.001 

B. Ind. Kedtmrranm ... 
Banco Popular ... — 
Banco Santander fSSO) 

Banco UrtjnUo (UHO, . 

Banco Vizcaya .- 

B anco Z anurmaim __ 

BnJiuiilvii - 

Banns Andalncla . 

Babcock Wflcox . 

CTC ——. . . 

Drasados . .- —. 

lamobantr . 

E_ I. Aragxjnesaa ___ 

Rsnanola Zinc_- 

Exp] Rio Tlmo — — 

Fesca <1JW1 - 

Fenosa fLQOCl_ 

GaL Predados —-- 

Grapo vetazorw 


Percent. 
. ULSO 
. 270 

ZD 
344 
276 
254 
147 
3X2 
in 
IS 
204 
323 
244 
218 
211 
152 
M 
B 
124 


Rtdrola 

Iberdnero 


+ OSD 

— 3 


- 2 


— 6 

— 2 


Olarra —.. 

Papeleraa RennMas — - « 

Petrol Iber ... 1C 

Petrotoos -1* 

Sacrfo PxtHlera - n 

Sniace-—. 

Sogeflsa - ——- lg 

Tefefonlea --— H 

Terras Hostench — - » 

Tubacex 
Union 


03) + in 

SS3B — 0JC 

n —l 


+ 2J0 

— 2 
-I- 2 
— 1 

-ta 

- 0l3S 


- , BRAZIL 


in 

105.75 

7150 

72 

ua 

US 


— 4 

— 1 


+ L2S 
+ LZ 


too. 4 



'+or IDtv.lYW. 
— ICrazl * 


Banco Bmtil UP. , 

Betao KheinUK 
Doom OP- 

Lqjn Amer. OF. 

Uannexman OF.. 

Fetrotea PP- 

ttomltzlOF-._ 

Bourn Cm UF_.! 

Vale Mn HI _ 

VoL Cr.iss.3in. snam'nEui. 
■Source: Rln lie lanstro SE 


+0.03 0.12 3.60 
+0.1»t 0.18 455 
+ 0.03)0.12 6.45 
+04110.14 1458 
[—0.03 0^0 L21 
+04fi 0.18 7.59 

+ 0.00 0.10 [s.62 

|—04)10.06 6.00 
+OJW.0^3 >6.91 
+ 00.10.13 17438 


NOTES: overseas prices exclude S premium. Belgian dirtdemft are after 
Wltblioldini! tax. . 

6 DAI30 denom. unless otherwise siaied. 9 Pta&SM denom. unless otbenrae 
stated 4- KrJBO denom. unless otherwise stated. 4> KrsJOO denom. unless 
otlwrwtsE stated t Yen 50 denom. unlass otherwise sated. 5 Price at time of 
suspension a Fiorina, b Scb(Dings, c Coats, d Dividend after pendt ns a ratiits 
and/or serif issue, c Per Sure. /Francs, p Grass d/v. %. a Assumed dindend 
after scrip and/or rlgbta. issae. fe After local taxes, m % fax tree, n Francs. 
mcJudlna Gnllac dlv. p Nota a Share split, s Dtv. and xlebl exclude roectal 
oaymem. t Indicated dlv. a Unofficial tradlnx o Minority holders only, a Merger 
pendlnE. 'Asked, t BM. 8Traded. Isedlcr. rAssumed, rr Ex ris2ns. xdEX 
dividend, xc Ex scrip issue, xa Ex alL a I nte r i m since increased. 


Jan. 6 


AJJG_. 
A lilacs 
BA1W_ 


Bayer.- 

Bayer. Hypo.. 
Bayer. Verna 
ClbaInLWed .xi 

Conti Gununl _. 

Daimler Benz- 

Degnaaa-, 

Densg 


Dm. — 


Dentscfae JUaok^. 
Dieadner Bank _ 
Uycfceriuff Zemtl 

UoteboBnang_..] 

Hapaft Lloyd- 1 

Harpendr—....... 

Boeehrt- J 

Hoesch. 


Horten_I 

Kali and Bale 


nlodinm Dm 100{ 
hi HD 


hlrupp.. 


87-2| 

479^( 

225J 

137^1 

134.71 

276rrf 

308 

150 

Z16JI 

7CL2| 

322 

274 

151. 

300.0f 

239 

155 

211AH 


0U-0. 


+L2 
+15 
5 

k-X 


+0AS 
+1^ 
!—8 
+5 

J2 
!—U5 
h-1 
+3 
+ 1J) 


BUO, 


[onMruDnKXl| 

Lotthuufi -__ 

MAW _ 

3UDneamaon.__ 

UetaUgee._. 

Almicbener BuckJ 
Nw-ty nunn . .. 

Precunas Dm ICO 

Uhein West Hlea.l 
tiubeiixig 
siemeoa 


113A—1.6 
228 |-1 
128.&-1.4 
45.0 +0J 
133 \—2 
144.01_ 

339^t-6J 

220 i_ 

90 j+2 
170.61—1.0 
lOl.ol. 

-If-U 


nuri Zoi*r_ 
rbyaaen All...—] 

VAHA 


Vetem A West Uk 

Volkswagen - ! 


1O9JI+0J 

200Hr-OJ 
163.71—0.1 
233.0—0.5 
480 i+5 
124.5,—1 
119^’ 

207.0- 

27L31+0JE 
293J3—LS 
245 --0.5 
119J +1J 

177.0?- 

1164> + 1^ 

296 l—14 

214.5!+4.3 


BRUSSELS/LUXEMBOURG 


Jan.fi 


Price 

Fra. 


-titled —— _!1^70 

Bq^raJamb-J 1.480 

Bekert“B"_-Jl.790 

C. ILK. Cement_11,214 

Uockedll-360 

KBKS . J2.330 

BiectroheL-15,930 

Fkbtiqtie Wat_12,600 

J-B.lnnoBm_1380 

G resect-1,236 

Hoboken-,2.560 

1 ntoccom— 1.810 
faLrpcUetbanb-6.360 

La Boyale Be%a J5.230 

t%n Holding._,2,600 

Fetroflca-_3,715 

6oc Gen Baoque .12.750 
oec Gen Belflique>1.930 
aoHoa. 

Solra; 


+ cr 


+25 
+ 10 
+ 16 

+20 

+50 


r—10 
+ 16 


+20 


1+30 


UCB. 


Beet._ 


3,096 
5.478 
2,610 
' 990 
Ua. Min. (1,10)... 738 
VlelU e Uontagne | 1.510 

SWITZERLAND ® 


I—25 
+S 
+30 
+60 
-5 
+ 10 
Mo 


Dtv 

Z 

TO 

Z 

_ 


>18 

1.9 

80 

4.4 

17 

b.8 

16 

5.9 

80 

5.fa 

20 

3.2 

— 


18 

4-2 

—■ 

— 

19 

3.0 

18 

3.3 

14 

4.6 

20 

5/5 

20 

4.1 

4 

IS 

12 

22 

12 

5.2 

*9 

3.9 

16 

8 Jl 

4 

4.4 

10 

3.7 

9 

3.1 

80 

83) 

80 

4.5 

— 

—• 

12 

3.5 

— 

— 

26 

3.3 

20 

1^ 

7 

3^ 

12 

3.0 

14 

a 

10 

OJi 

18 

1.9 

— 

— 

7 

6.4 

16 

3A 

20 

3.7 

16 

rsi 

17 

3J3 

11 

4.6 

14 

|C1 1 

12 


80 


10 

1*1 



div. 


Pro. 

nu. 

Net 

% 



60 

4.1 

112 

6.3 

90 

7.4 


ESI 

177 

fen 

430 

7.2 

170 

6.8 

130 

6.9 

80 

6.5 

160 

Mil 

148 

rn| 

265 

Pnl 

305 

5.8 

?2.2E 

tii 

174 

4^7 

169 

6.9 

130 

7.0 

105 

6-6 

A 200 

8.1 

162 

6.5 

-— 

— 

60 

8^ 

100 

EH 


Jan. 6 


A l amid am, 

bBC *A a . 


'ttSSSS 

LKX. - 
Credit -riilnnn .. j 
Uieocrowatc. 
Fischer (Geora 
Hodmao Pi.Ci 

Da (small)_ 

Lntertood M__ 

Jetmoli /Tr J0C9,. 
WeoiietFr. 100)-... 
!>>:•. 

OerUkoo-tUF^SO 
Pirelli (Fr.LUO).,., 

tondoz. (Fr.dM).. 

Do. fcVrvOerta,.. 

-obindlerCtsFlO. 

soner (CtaJ-lOO. 

»laai> (FJ6JL- 

swtsB Bank CF.iOCJ 
stries (KaF.fi*A..i 


Price I + or I Dlv.lXM. 
Fra I - I * S 


L880 

1.625 

1.180 

888 

620 

SJS30 

1.600 

735 


66,2501—7601 


8,650 

3.300 

1,400 

5,550 

2.810 

2,470 

252 

3.960 

485 


1-10 

+5 

ts 

Mo 

-10 


—60 


1-8 
—4fl 
+5 


519 -. 

383 +1 
809 —3 
435 +1 
4.775 ..| 


6 
10 
22 
82 
22 
16 
16 
8 

550i 
65 
20 
20 

+50 ^BS.B 
10 «BEJ 
h-15 ! 14 
15 
26 
26 
9 
14 
8.371 
10 i 

• i 


Union Bank-’» 3J80 20 ! 

4uricb Ins--jj1,500 j+ lOOj 40 1 


2.3 
3.0 
UB 

2.5 

3.6 

3.6 

5.1 

3.4 
3A 
0.7 
341 

1.4 

2.5 

3.9 

5.7 

5.9 

1.6 

2.7 
L4 

3.7 

3.7 
2.3 

2.1 

5.1 

1.7 


PARIS 


Jan. 6 




BIO. 


ttonj-jjuea—„ 
tULN.Gerroi 

Cametocr- 

(J.Q.K. 


Crenwt leant- 

Unmet ___ 

rr.PMroles_ 

Uec. Ocdrieotale 
l metai 

Jacques BoreJ— 

Cafarge._ 

L’UresL—_ 

Legzand- 

Usifrma PbenLx. 

MtcheJtn “B”_ 

Mock Renoessy- 

Moaltncx_ 

Pari ban._ 

Pechtney 


Price 

Pro. 

+ w 

Div. 

Pro. 

» 

694.5 

+ 7.5 

4% 

0.6 

306.6 

-I2.S 

21.16 

6.9 

839.1 

-1.9 

18.5 

6.9 

303 

-18 

24 

7.9 

470 

-19 

1LM 

2.4 

365-0 

-11.5 

31.36 

8.7 

355 

-9 

3/.e 

10-5 

1.184 

-16 

60 

5.1 

245.1 

1—4.4 

27.fi 

11J 

843 

—17 

58.2 

6.9 

256.1 

-bJ3 

IS 

4.7 

314.E 

-11-7 

639 

8-0 

100 • 


111 

11.1 

5R0 

-3.4 

12 

805 

415 

—24 

I 6 .O &1 

3.8 

95^ 

-L8 

3.88 

3.7 

179.0B1 

-1.8 

8.25] 4.6 

57.5 

-1-3 

5^5 9.1 

103.0,—4.5 

_ 

- 1 


Peraod■ Hk+nrd — 
Peugeo^CI troen - 
Podain 


Kauio Technique. 

Keioote _ 

Kbcsne Poalern* — 
si. Gotsun..— 

akls UossigDot.... 


to enaaaq _ 

fhomaan Hmndc.i 


U si nor. 


141.8;—1.2 
620 1—40 
1,278 
744 

1.076 , ._ 
326 -12 
154.2!—5^ 
131.00;—3.3 
69.6|—2.0 
190.2'—2.8 
252.4!—9.6 
103 J -5.3 
—8-6 
—27 
-0.6 


355.5 

475 

50.9 

114 

1^36 


202.Ol—2.5 


563 , 
128.8] 


—85 


—22 
—1.1 


.I 16.80*-O. is 1 


16.7711.8 
,16.861 3.1 
|31.95: 2.5 
39.S 5.4 
32-55' 3.0 
123 3.9 
3 13 

19.66 15.2 
7.6 10^ 


12 

15 

25.6 

24 

9 


6.3 

6.0 

T/2 

5.0 

18.0 


16.6911.9 

39,2.4 
25J'12.4 
lai.75i 3.7 
16.1011.' 


STOCKHOLM 


Jan. 6 


&UA An lKrJUJ-1 
Aita LavalBtKitq 
As'HA (Hr.— 
AuasCopoo (K r^b 


uiitomd 

Bcfon 


C&rdo.__ 

CeUuioro 


Klees'I nx ‘B(KJjd 
Hrioason-B’tivr^cJ 
Ksselte“B"„ 

Pngnrsa-- 

Granges Cfkeej— 

Handetsbanken 


ILoGch Domsto 


3.K.F. *B* Kra- 

Skand Bnsklkia. 

Xandsclk 'BTCrioJ 

Uddebrim -_ 

Volvo (Kr. 60L.. 


Price 

Krooe 


+ 4 

+ 0.6 


163 
148 
93. S 
119 
71 
96 
361 
193 
121 
132 
213 
70 
41 
265 
110 , 
57.5 
200 
60 
129 
853 
39 
58.6j—0 


+i«r Dir. :Yld. 
— Kr. {% 


+ 1 
+ 1 
—2 
—2 
+3 
+ 1 
+4 
+ 1.6 
—1 

+ l" 
+8 
+ 1 
+0.5 
+2.5 
1.5 


S.6 

5 

6 
6, 

46.8 

4 
12 
10 
5.5 

5 
8 
8 

14J7 

B 
8.5. 
6.031 
4.5 
8 
5 


3.4 
A4 
5^ 
6-2 

9.5 

4.2 

3.3 

5^ 

4.6 

4.8 

3.7 
|1L4 

5.7 

7.3 

11.3 
2.B 
7.5 
6.2 

5.8 

102 


COPENHAGEN * 


Price 1 + or 

Jan.fi I Kroner | — 


Bunn’otrW.aw 

t%,|Ske HwnLf , 

Bast Asiaac Co_ 

Plnat MlMUllfaft , 
For-Brygaeriar .. 

FbrJkiSF _ 

Han detohanh — 
GJTtb'nH^KifiO 
Nord Kabel 

OtleGabrik_ 

Prirothank- ■ 

Provinsbanfc- 

Soph. BerendsenJ 

sapar&w. 


140 

395 

130 

247 

116% 

347 

sole 

134 

255 

265% 

IDO 

137% 

144 

388% 

194 


Div. 

% 


+2% 

+2 

+2 

+ i 4 

+%• 


+% 
+3 
+1 
+ 3 % 
-ua 
+ 1 % 
+ 2% 

+3% 


TO. 

% 


7.1 
3.B 
8.5 

. 4.9 

Ill 

3.4 
9.9 

8.2 
4J 

4.5 

8.1 

7.6 

3J2 

e^a 


MILAN 



■ V v| 





b| 

Cu 

jpj 




s 





B| 

B 



MB 

ts 

gj 



i 





J jm 




mwwi 

j 



2SSE23S2B. 


1 s 

jpwtl 

pig 






mPtTW 

ij| 




FPTB 

jB 

BbTv 

■ Y.j 

Bh 

Bil 

m 

mt 

B 


AUSTRALIA 


Jan.fi 


ACM LL (2d cent)._ 

Anew Awtrolla^.. 

Alliellintg-Trdg. | ndus f J 

Am pew Kxptartrtcm_ 

Ampul IVtJidftini -. 

Assoc. Ulntnla 


Assoc. Pnlp fti» IL—. 

Asroc. Con. Induatrlea._ 

Aurt. Foandation Invest. 

AJS.l. 


A a H t n co., 


ADSL Oil a Gas__.. 
Bine IfetaJ Ind., 


Capper___ 
Brakea Bill Prajrittarr. 

bH Boa Lb---- 

UnrtujD United Brenwr- 

U. J. Ooie»~--- 

CHR(Sl)__ 

Cons. GohUeJds Au«~~ 
Container (61)_ 


Coosinc kiotnrto_ 

Uastaln Australis__^., 

Kubber (Si)- 


Ubier Hmitb. 


BJL Industries_! 

Qen. Property Trust. 

Hamers>8y.__-_ 

Hooker. 


1.0.1. Anstmlia__™ 

Inter-Coppar___ 

Jmmnxs Induatrlea 

Jms (David)..-._ 

Metals Kxplpro+ina, 

Ml 31 Hoidinss_ 

Myor Kmpamun-^__ 

Nows_ 


[+ W 

Aust. S I — 


kVnfaoias InternackHiai_ 

•Nictb Broken HMtnsslbOc] 
Oakbndi»._„_.^_J 
Uli riearch 


Pioneer CooaietA___. 
Becate A Golm»n_ 

H. CL filitoh_ 

doutbwod Utnlne- 

iootb (81)_ 

Waitona. 


Wncsrn Mining (50cents)J 
FOOhrartha^.^.^, 


to. 79 
tO.86 
12.30 
tl.32 
10.83 
tO-88 
tlD6 
HM 0 
11.00 
11.55 
10.38 

10.29 
10.96 
tl.05 
15.66 
10.96 
11.93 
11M6 
t3.04 
t 2^0 
t 2.12 
tajis 

11.30 

ti.35 

10.98 

12.05 

12.20 

11.40 

12.30 
10.75 
12.15 
10.29 
$1.36 
11.04 
10.20 
11-80 
11.93 
ta.is 

tO.97 
*1.15 
11.65 
10.00 
11^1 
t3.30 
tO .82 
10.20 
11.85 
ion4 
tl.23 
11.60 


+6J12 

+o!w 


-fl.02 

+0.01 

tOJl 

-0J)1 


1 + 0.02 

- 0.01 


1+0.02 


t—0.02 

I+-0-02 


1+0 J)1 


h-OJll 


i-oioi 


AMSTERDAM 


Jan. 6 


I Fried 

FIs. 


Ab0M(FL2Q)_I 

Akro (Fi.20)-1 

AlErnn Bnk(Fl.lOO| 

Amev. (FI.10)_! 

Amro BanUFl^Oi! 
Blienkcrt (Ft JO).. 
8okaWeat’m(Pl.hi 
Bubrm -Tetiercde 
BlsavterfFl^O),... 
BnntaN.v-Beam 

KuroGomTstFI.JO 

GtstBrorarteetF. tu 

Hdlnefcen (fIJt)- 

Hoogoveaa(F120")j 
Hunter D. (F.IOM 

I B OL Holland-. 

KUI (FI 100)—— 
Int. Muller (IK) 
Neanton (FUO)—. 
Nafti edl ns.(Fi*lOi 

HedOredBk (F12C 

Ned.MMBlirF])60 

Oce (FI .201_- 

Van Ommeren.-. 

Fakhood (FuECO-., 

Philips (Pi JO)_ 

RijnSehVerFl.lOQl 

Uobeco (FI JC)- 

Koinoo (PL60)— 

Umntn (Fl J30) __ 

Boy»i Duteh (FUO{ 
(Uavenbuqt—.— 
dwrin Gro (Fi^OV 
Tokyo Pmc EL kis $. 

Uallev8r(FI^0)... 

VIU 11 gfia.lDt.Sl 

Wrottandiu. Bank 


100.5 

24 


326 (—1.5 


735 
66.9 
78. li 


^or |Div.jYid 


+0.5 

1—0-5 


+0J5 
1.3 


84 

22j) 

23 

r70 

25 

121 


i2aei+o^ 

66^1—0.1 

252Jl;-| 

124 l+OJS-132^_ 

62.01.'9 4.9 5.6 

41.3.. 22 

132.71+1 |-14 

25.7,—0.7 )10^8i 7.7 
12 j 4.9 
10 6.1 


4.8 

6.9 

8.0 

6.9 

5.9 
5.8 

7.6 

1.7 
4.6 


1 s- 3 

! S.6 



so. 1 ,—u./ 

24.Bl+0^t 

X6-S(._ 

119 Uo.1, 
40.0]—0.4 18 
37.8!—0.6 J 10 
S9.9i+0.6 (46-2 
49.5 +O.Zi 20 
174.1 all+0.3 I 20 
161.2!+1.1 |A84 
8 
21 
16 

s 

, 9 
|A50 

19 1 

87i, 

, W 1 

A8L0 

20 

32 


8.9 

2.6 

4^ 

8.1 

5.8 
4.5 

5.9 
9.4 
60 

7.3 
, 2.1 
[sS.5 
7j8 

7.9 

3.7 

0.8 

6.8 
1.1 
4.1 


OSLO 


Jan. 6 

'T*nST 

Eroncr 

Becseu uana.._... 

99.50 

Urorejpra.'i, _ 

60.0 

Credi LtwU-_ 

113 


320 


nii 


192.5, 

."'.nwwpi 

90.00 


hj»r j IMr.jTO 



10.1 

6.7 

8£ 

6.2 

9H 

5.0 

IOO 


TOKYO H 

Jkj). |i 


l" 1 * J 4 . 0 rlulr.IY 

I s *f - I 2 ; 


AHaiti li 

CM non... 
Caria. 


Uhlxmn_ 

Dei Ki|«un Print 
Fuji Photo——. 
Hitarbi 

Honda Moeotts— 
Hoie* Ford .—. 
U I loti 


14 I 
181: 
»!» 

St! 


51 _1 
18 
&3 *+T 
34t^ 

”5-10 

“J ■» ■ 12 

440 
870 ~ 

| 229 l 
1,360 -J, 


1B4J 

36 

ir 


llo-Tototdo_j 1,260 in 1 n 

Jaors..-1 480 F I M 

J-AX-2.620 

Aanwtt Elect.P%r.; 1,140 I in 

Komatvu.—265 h ' 18 

HuLota..£70 l-jjsn 

hyuto Ceramic—12^80 }... -.rt ( 
Matsushita Ind—I 665 +‘,' 00 ' ; 
MtieublBblbnnk.. 880 + , it) , 

MktsubiriiiHeavy. 143 +l''u j 

Mitsubishi CorpJ 401 ....Itfii 

MtisnlACo_J, 306 +I'.uO 

Mitsuknabi_ 580 +l : w(-, 

Nippon Denso..— 926 j+lClg+l 
Nippon Sbtnpsn.J 542 1 —"7 .miJ 
Nissan Motors——| 673 ^ 

Pioneex-1-290 

5aoyo iSlectrtc—| 200 
dekisul Pretob-..11,010 

Hbieeldo——_■ 925 

Bctiy-41.720 

Xalibo Marina- J 860 

OsIemIi liiMmiMi < eu 




”' 41.726 |-Jo jaf 3 . 


fitkeda Chemioalj 245 f-3 
TDK 
tola 


. j —m 

J 1.330 i+30 

tl 


-I 111 


£okh) Marino-1 509 . - 

lokio Kteit P&w'r 1 1.160 '+80 

lokyo donyo——j 818 1+6 
l'OByobhibaara...( ISO 

romy- 184 

Co^-ntw Mntur,.j 710 .. _ . 

Source NTktao Secortrtea wS 

VIENNA 


1+3 
! +1 • 
+6 .1 


---- 

' Jan. b 

Price 

% 

+ w 

TS 

% 

L'redieaasron_ 

300 


V 


260 

—8 

4 

6 electa- 

S73xr 

-4 . 


Sttnpertt 

95 

—2; 

7 


182 

218 

+4 . 


as > 

3J» -V 

*»# 

133 
J S 
l»j» 

43 
&B>. 


JOHANNESBURG 1 

NIME5 ''.i 

Jan. 8 Rwf- 

Anglo American Cano. „» - 

Charter Consolidated_ 

East Driefanteln_ *" 

msbura __ 

Harmony_ 

Kinross _ 

Kloof ... 

RuHcnboTs Pladnnm - 

St. Hckma . 

Spoth Vaal .. 

Cold Fields BA ....._ 

Union Cor p or atio n 
Of Boers- Deferred — 
Mhreoonntzleht s - 

East Ran} Pty. ___■ 

Free Stare GodnJd_j 

Preddmn Brand___ 

Prvsldeot Sleyn ___— IJflJj 

StHfeniem _—. A™ ^ 

Wcfitom ... __ r .-.— Ajg -., 1 

West.Drlnfonteln —-WS.' ( 

Wostorn HaldlmB t 2 B.-W+ 

Westcm Dorp . li*'j 

INDUSTRIALS^ ^ i 

Ana . ---. &£■• 

Angto-Anacr. fednsatil - SJJ , 

Bartow Rand- 85 - 

QtA Javcsontmta -— 

Cuj-rte Finance__— 

Edgars ConsoUL mt. - «■* . 

Edgoro Stores' 2A9; 

Ever Ready S* 

Federate VoUtriffiingglnga • 

Greaterzztans Stores —■ -• j 
Goarrftan asrurance; (SA) ; 

UTA .. IJJ-t 

McCarthy Radway - 

NedBank --'2. 

OK Bazaars --— +-5-.- 

Premier UHUdb . 

Pretoria Cemror- 

Prowa UdMliw ■ i 

Rand Mines 1 Pr w ew &s — 
Rembrandt Groan —*•— ! 

Reicd —. • • • — —— i" *, is I 
Sant BOMInsfi ■—-I—=- 431 

SAPPJ •.—- -WSrl 

CC. stnwi ©mar —r* 

Strrec --> 

SA Breweries -tSSEi 1 

Tiger oau and NM. W *® 1 *,1 

^SriHwIIatd JMSWJ®*.* 


VP? 






































































































































































































































































































19 


INTERNATIONAL COMPANY NEWS 




t •.... 


■ i,. * 

\ 

■ '■ 
i., 

it 


lesra’s economic position ^ Im¬ 
proved " in 1957, President 
iuharto offered a.cautious assess* 
nent of the economic outlook for 
he coming fiscal year. Oil the 
rositive side, he said efforts to 


•- ” ■ JAKARTA. Jan. 6. 

SSf 1 ^ toTe been “« Dite ex V°n earnings are estimated to 

juiiere 187S-7S draft budget satisfactory." reach fiififihn in 1 B 7 R .79 .m 4 

lcvK m He ??&? *** “ iafi f 5on Per cent, from the current year' 

■*™°£5*?*- spends and an grew 31.S4 per cent, down from projections 

.°F^!. a e ?d r j fipeni ? nce on 8 M-2 Per cent, rise in 1976. He Instead, President Suharto 

luurces of domestic tax revenues, predicted that the rate of stressed the ^m^ortaiTce 
. P J “* Preseoteif by Presi- Increase in inflation for the raising significantly non-oil 
lent Suhartcr to Indonesia’s 1977-7S fiscal, year ending March sources of domestic revenues 
vur mment on.Thursday. projects 31 Mil be about 12 Per cent He that S?aT revels 

- inflation target for P^ected to increie about 14 

. '! , s, ? n -Sl0.2bn. in 10T7-7s! President-' ’Suharto said he Jear^oVSbn! 116 CUrrBm toal 
Tue budget, following approval expected .gross export earnings Q ' . ,, , ( 

V.-Pd»‘tiaiBent, will take effect for the current fiscal "year to . **resident Suharto added that 
from April. 1. reach $10.4bn^ an. increase of tbe increase would have been 

The new budget indicates about 13 - per ■ cent, from fiscal mo , re J* Ji 16 Organisation 

.strongly that Indonesia will 197&-77. . He attributed the PejgSj Exporting Coun- 

■onlinue to stress cautious fiscal increase-to “stable” conynodity * ne ® (OPEC), of which Indo- 
lolicies, despite the country's Prices of ncra-oll exports in nes, a is a member, had voted 
Considerably improved overall particular. - Export earnings will a l ,r,c ® increase last month, 
iinancial situation. - .rise to Sllbn. in 1978-79, up 5.9 Indicating Indonesia's dis- 

Dospite , Indonesia's . good Per cent He said imports in appointment at the OPEC 
■sport performance in 1977 and Oie current fiscal year will total decision. President Suharto said 
in increase * jii ■ the - country's shout SB-Sbn. and predicted"they the country has been “com 

'oreign reserves to more than will increase 6.7- per cent in pelled to exploit more inter) 

?2.6bn. in December 1977 fTom fiscal 197&-79 to $9-5bn. sivaly different sources of 

\L22bn. a year earlier, President A hey feature of tbe budget revenues other than oiL" He 

Suharto devoted .little comment address was its indirect, high- said he has instructed govern- 
o those developments and none lighting of growing uncertainly meat finance officials to increase 
it all to Jakarta’s rebound from about the future of Indonesia’s the effectiveness of Indonesia's 
he Pertamiria crisis, reports the crupial ‘ oil sector. President tax apparatus to boost non-oil 
\sian Wall Street Journal. Suharto noted only that net oil revenues. AP-DJ 

Although noting that Indo- -=—- 1 -—-- 

Australia delays uranium 
export until unions decide 

CANBERRA, Jan. 8. 

DEPUTY Prime Minister Doug Minister Tor Trade and Re- 
Anthony announced here unlay sources, said in a statement the 
that there would be no uranium decision was to ensure that noib- 
sbipments from Australia until iny occurred to create tension 
mid-February when trade, union during the vote on the issue by 
members decide if they will union members. 
^ p i or J, t t leminili f s ^nd export of “Th* Government will defer 
Australia s -vast - nuclear - fuel consideration of any arrange- 
reserves. merits for further ’ shipments 

Ur. Anthony, .who is also until that time when members 

nf unions involved in the uran¬ 
ium industry participate in the 
poll." the statement said. 

Mr. Anthony said the Govern¬ 
ment was consulting with 
Japanese and British companies 
expecting uranium shipments 
earlier to explain the position. 

The Australian Government 
decided last September to lift a 
four-year ban on mining and 
export of uranium causing a split 
among trade unions some of 
whom are opposed to nn clear 
development 

• Australian unemployment rose 
to a post-war record high of 
404.100 or 6.5 jper cent of the 
workforce in December from 
357.000 or 5.8 per cent in Novem¬ 
ber and 327.500 or 5.4 per cent. 
In December 1976, Employment 
and Industrial Relations Minister 
Tony Street said in a statement. 

Unfilled job vacancies fell to 
20.000. from 20.20Q in November 
end 2S.500 in December 1976. 
Mr. Street said movements in 
the statistics were dominated by 
normal seasonal influences. 

Reuter 



Commodity OFFER 42.9 
Trust BID 40.8 

Double OFFER 92.0 
Option Trust . BID S7.0 ,c 


Commodity & General 
Management Co ltd 
8 St George's Street 
Douglas Isle of Man 
Tel: 0624 4682 ’ 



. WARDGATE COMMODITY . 
FUND ‘ 

10th December 1977 C9.5749.M 
WCF MANAGERS LIMITED 
P.O. Bax 73 
St. Halter, lerwy 
0534-20591/3 

3lit January 1978 


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 EC4A4AO 1 would like to receive your 
monthly investment bulletin The Outlook for Commodity Futures" . 

Mr ■ Mrs Miss _ ___ ■ ’ ■ _ 

Address 


Postcode 


The Commodity Brokers 


: - v.: 


AUSTRALIAN TAKEOVERS 


bankruptcy 
in Germany 

By Guy Hawtin 

FRANKFURT, Jan. fi. 

BANKRUPTCIES in West Ger¬ 
many increased heavily last 
year despite the slight upturn 
in the economy. This must 
come as a major disappoint¬ 
ment to tbe Federal authori¬ 
ties, who last year reported a 
significant slowdown in the 
bankruptcy figures. 

According to figures From 
the Federal Statistical Office In 
Wiesbaden, there were 10,160 

bankruptcies in West Germany 
daring 1977. A large propor¬ 
tion of them were small com¬ 
panies and tradesmen whose 
ha si nesses have been destroyed 
by the recession. 

Altogether the bankruptcy 
rate rose by 7.9 per cent, from 
1976’s total of 9.3C2. This was 
significantly above the 1976 
returns which showed that 
bankruptcies were only L-S per 
ceuL above (he 1975 level. 

The number of bankruptcies 
in West Germany has risen 
alarmingly since 1970, when 
they totalled only 4,201. How¬ 
ever, this, itself, was more than 
a third np on 1960's 2,958. 


Two bids for Gillespie 


BY - JAMES FORTH 


j GILLESPIE BROS. Holdings, 
flour and baking group, today 
{received two takeover offers — 
only two weeks after the com¬ 
pany announced plans fOr a 
SA9.7m. merger with another 
flour and baking group. The first 
bid came from corporate takeover 
specialist. Industrial Equity Ltd. 
(IEL), which revealed that it 
■was the mystery buyeT which 
has built up a 10 per cent, 
stake in Gillespie in recent 
.months through sharemarket 
; purchases. 

IEL did not disclose its offer 
terms but said they would be 
cash, and higher than Lhe 
theoretical value of SA2.65 a 
share in. the proposed merger 
with flour and bakery group. 
Fielders. . 

Another large flour and baking 
group. Allied Mills, then 
announced that it intended to 


EDF tumround 
to profit 

STATE ELECTRICITY utility 
Electrieile de France (EDF) 
made a gross operating profit 
of around Frs.950m. last year 
compared with a Frs.621m. lass 
in 1976. company sources said, 
reports Reuter from Parts. 

The sources attributed the 
recovery to the contribution of 
hydroelectric power stations, 
which were hit In 1976 by the 
long drought. 

Investment last year was 
about 19 per cent higher than 
the 1976 net figure of 
Fro.L0.lbiL, they added. 

Merrill Lynch rates 

MERRILL LYNCH and Co. said 
it is raising Its retail commis¬ 
sion rates by 7 per cenL, 
reports Renter from New York. 

The company said the- in¬ 
crease, Its first in two years, 
reflects the adverse impact of 
inflation which increased 
operating costs. A spokesman 
said that on a typical trade of 
100 shares of a ¥40 stock, tbe 
increased commission, rate 
would amount to $4.90. 

Merrill Lynch said it was 
making a discount service 
available that would operate 
throngh a customer's regular 
account and “receive the per¬ 
sonal attention " of a company 
account executive. 


offer SA2.S0 cash a share. The 
attraction of Gillespie for both 
Fielders and Allied Mills is the 
need for rationalisation witliin 
their industry. Gillespie directors 
responded to the takeover bids 
by stating that they would confer, 
with Fielders, whose merger 
proposal they have previously 
recommended. 

Gillespie shares closed at 
SA2.S5 in Sydney to-day, with 
suggestions that IEL was among 
the buyers. 

* * * 

ON ANOTHER takeover front, 
Westralian Farmers Co-operative 
(Wesfarmers) clinched the 
struggle for control of Cuming 
Smith. Wesfarmers, which this 
week mounted a market opera¬ 
tion designed to defeat a formal 
offer Tor Cuming Smith from 
Howard Smith, picked up 35 


SYDNEY. Jan. 6. 

per cent of the company to-day. 
taking its holding to 50.3 per 
cent. 

Among lhe sellers was IEL, 
which had earlier made a formal 
offer that was subsequently 
topped by the Howard Smith bid. 
Wesfarmers won the bottle 
although the SA2.46 cash was 
fractionally less after brokerage 
charges than the SA2.45 promised 
by Howard Smith, and well 
below Howard Smith’s proposed 
share and cash alternative. The 
directors of Cuming Smith 
responded to the changed situa¬ 
tion by urging Wesfarmers to! 
extend an offer of approximately 
SA2.46 to remaining share-] 

holders, which they would! 

recommend. Wesfarmers said I 
that it would consider its position i 
and make an announcement asj 
to its future intentions as soon, 
as practicable. [ 


CM takes 
control 
of Poulain 

By David Curry 


VMF-Stork foresees; 

! Didier-Werke 


a difficult year 


j BY CHARLES BATCHELOR 

: VMF-STORK. Holland’s largest 
, industrial engineering company, 
expects a difficult year in 197S. 
with shrinking markets and 
increasing competition. New 
orders in 1977 were lower than 
in 1976- and the order book is 
now shorter than a year ago, it 
sai d in a staff magazine. 

It gave no figures about its 
present position, but in Septem¬ 
ber Mr. Feyo Sickinghe. the 
chairman, said that he did not 
expect the company to make a 
profit In 1978. He then 
announced a loss of Fls27m. >n 
the first half of 1977, and.said 
the loss for the year as a whole 
would be between Fls50m. and 
FIs 60m. 

Despite a reduction in tbe 


AMSTERDAM. Jan. 6. 

workforce, the company still has 
extensive short-time working. 
This year. 1978. must be the one 
in which VMF-Stork solves its 
problems, the magazine said. 
The unions have emphasised the 
need to maintain jobs in discus¬ 
sions over the 1978 wage agree¬ 
ment but VMF-Stork cannot in 
the long term spread a decreas¬ 
ing amount of work over tbe 
same number of staff. The com¬ 
pany Is at present rationalising 
its engineering and foundry 
sectors, with Government assist¬ 
ance. State aid has also been 
given to extend the diesel 
engine range. VMF-Stork blames 
its problems on high Dutch wage 
costs, the firmness of the guilder 
and the lack of Government 
help with export financing. 


Swiss bond coupon of 3.75% 

BY JOHN WICKS ZURICH, Jan. 6. 


THE SWISS Cantonal banks’ 
mortgage unit (Pfandbriefzen- 
trale de Schweizerischen Kanton- 
albanken) is from January 10 to 
36 to float a major bond issue of 
Sw.Frs.200m. at a coupon of 
3.75 per cent, the issue is one 
of tbe biggest ever made on the 
domestic capital market by a 
borrower other than the Con¬ 
federation. 

The offer of the llryear bonds 


at par and a 3.75-per cent, 
coupon marks the drop from 4 
per cent to 3.75 per cent for 
the “ standard ” interest rate for 
triple-A borrowers in Switzer¬ 
land. A first attempt at this 
coupon by Canton Zurich in 
December—the ’ lowest rate 
offered by a cantonal borrower 
for 14 years—proved a success, 
and the bonds are now going on 
the secondary market at nearly 
2 per cent above issue price. 


! By Our Own Correspondent 
| FRANKFURT. Jan. 6. 

[THE EUROPEAN steel in¬ 
dustry's difficulties were clearly 
I reflected in the 1977 figures uf 
I Didier-Werke. the West German 
i manufacturer of refactory and 
‘fire-proofing products. The 
parent company's turnover— 
i which totalled DM4R3in. during 
the opening 10 months of the 
year—is expected to end the 
year some 5 per cent, below 
1976's level. 

Production in the fire proofing 
sector during the first 10 months 
was 16 per cent, below the pre¬ 
vious year’s performance, 
according to an interim report 
published to-day. Total deliver¬ 
ies fell back by 15 per cent., 
while the sector's exports were 
off by a full 23 per cent. 

Orders also slumped, with the 
inflow some 13 per cent beneath 
the level for January to October, 
1976. At the same time, the 
order book at the end of The 10- 
month period stood some 14 per 
cent, below that at the end of 
last year. 

Shareholders, however, should 
have no reason to be unhappy as 
the concern’s half year forecast 
of “satisfactory results” for 
1977 remains unchanged. Ger¬ 
man shareholders can look for 
ward to improved earnings owing 
to the West German corporation 
tax reform which has increased 
the tax liability on distributed 
profits but which allows holders 
to offset their corporation tax 
against personal taxes. 


PARIS, Jan. 6. 

CM INDUSTRIES, the pharm> 
ceutlcaIs group, is extending its 
food interests by taking control 
of France's leading chocolate 
makers. Poulain. 

Poulain has heen one of a 
series of French chocolate 
makers in severe difficulty fol¬ 
lowing thp rise of cocoa prices 
and the takeover by CM means 
that its rescue will have been 
at the hands of a French rather 
than a foreign concern 

Overseas companies have 

recently become much more 
urominent in the French choco¬ 
late industry Rownlree 
.Mackintosh has added Lanvin, the 
Perrier Group company Menier. 
and the family concern I bled to 
its collection, while the Swiss 
group Lindt ct Sprungli in 
[October took control fmm 
Perrier of the Consortium Fran- 
I cats de Confiser’c. lhe French 
I manufacturers under licence uf 
| Lindt products. 

; This tendency far French enm- 
. panics to come under foreign 
' control, in considerable part 
[ linked with the withdrawal of 
Perrier from Us food business 
(o concentrate on its traditional 
table-water interests, left Poulain. 
as one of the three mam French 
: flag-carriers, another nf which. 

! Banunia. already belongs to CM. 

| While the takeover of Poulain 
! bv CM comes nowhere near 
[creating a group of llu- dnnen- 
[sinn of Interfnod iSuehard. 
■Tobleri. nr Rowntrer. it does 
!mean that the remainder of the 
I French chocolate industry i* now 
! cDQccnirulcd within the nrhit of 
j an expansion-minded company. 

( The acquisition of the 51 per 
cent stake in the Poulain hold¬ 
ing company means that CM's 
food interests now extend to 
chocolate, sweets, candied fruit 
and biscuits. Whether the com¬ 
pany will urove willing to take 
on the mantle of the locomotive 
of the fragmented processed 
roods sectnr, which has sat so 
temporarily and painfully on 
other shoulders (including those 
of Perrier! remains to be seen. 


Wooiworth sales up 
11% in December 

F. W. WOOLWORTH Company 
sales for the five weeks ended 
December 27 Increased 10.8 per 
cent, to Slbn. from year-earlier 
sales of S903.0m., Reuter reports 
from New York. 

For the cumulative 48 weeks, 
Wooiworth said sales were 
S5.22bn.. tin 7.5 per cent from 
sales of S4.S6bn. during 1976. 

Woolworlh's domestic sales in 
December increased 12.7 per 
cent and foreign sales, in local 
currencies, rose 9.4 per cent. 


OOi^ODtllES/Revsew of tiis week 

+■ Cocoa sinks to 15-moath ‘low’ 


BY OUR COMMODITIES STAFF 

COCOA PRICES fell to their 
lowest levels since October, 1976, 
w the London futures market 
yesterdHy. The May position lost 
Fi5 to £1,588 a tonne — £160.50 
lower than a week ago. 

The market was undermined 
?>• the continued easing -in lhe 
nearby supply situation, as a 
;horl.ige of immediately avaii- 
ihlt* supplies has" been a major 
wop to prices. 

The March position still re- 
fnains at a substantial premium 
o May on the Futures market, 
jm* physical market traders goto, 
hal the premium of shipment 
neoa has considerably narrowed 
>ver terminal values; following 
enorts of cheapen afloat sup- 
fciies — notably from Ghana and 
[he Ivory Coast 



tin Os in the value of sterling 
against the dollar. 

- The obsession with curencies 
was exaggerated by the absence 
of any notable supply-demand 
developments to influence the 
market, apart From a rise in ware 
house stocks to a record level off 
setting the decline in stocks 
during, the previous two weeks 
After losing ground yesterday, 
as sterling recovered and the 
dollar fell back, copper cash 
wirebars ended the week £5.5 up 
at £671. 

Stiver was very sensitive to 
currency movements, but was 
also, influenced by the price of 
geld, which usually moved in the 
opposite direction. Any weaken¬ 
ing in the dollar meant a rise in 

r * , * ** Agreement provisionally entered 

.. hrSSgaM?77fS q^rie? ^ J ° rCe “ L f W Seraf^p 

•' ! figures out simrtlv w§! TIiere was sufficient support The disappointing performance 

^hnw T furthe^fa?l * rom es P ortin £ ^ importingof silver is attributed by traders 

Sii'UDiinn have made* consumers countries to ^ensure that the t 0 the tendency of U.S. investors 
Muctant to build UD stocks. Agreement djd come into toree. iq- turn increasingly to gold— 
i ’KbyexT^ further nrice falls 3,11 there are considerable “ the real Ahing "—instead of the 
ip the*months 2? - doubts as to whether the Agree- previous substitute, silver, in 

Tho London dailv-'oriee' for me ° t CE0 achieve the desired ob- times of currency crisis. 

' raw mar ms marked So to £ 1 $ i ective . of rawing market prices Tin defied the trend in other 
a tonne vesterdav — £2 higher at a TI ™ e when the surplus of metals, as it has often done 
-than a w»ek sen • * production over consumption before, closing last night margin- 

Howeve'r, fituW values fell continues to rise rather than to ally down on the week, 
back again yesterday, following clIne ' m view the favourable a sharp fall yesterday, off- 
the new rise in the value of J 3 " 011 prospects 111 maio r produ& setting increases earlier In the 
sterling against the-dollar... - ins o™ 5 - week, was attributed to forecasts, 

Currency considehatibns. were Currency considerations were of : another rise in warehouse 
the dominating influence in the the dominant influence in the ■ stocks .and a sluggish market in 
sii^ar market, in spite of the fact metal markets. With copper in Penang as consumer demand 
that the ’International Sdgiar particular following the fluctua- eased. 


WEEKLY PRICE CHANCES 


( Utew 

yer twine 
unless 


iCh’acr 

on 


•1877TB 


• t -• • • 

u— 

t iJ.f...] S9P0 -10 

CS.Vh' — 


Menus 

Aluminium.. 

Fn*s HnUiPt 
Aniimnji.v fi&.Sfi 
Free U«rMtt!».Siil82JbM0 t - 

CsSiWiroKurt..J £071 +S.6 

& mibK Do. Do.......' £684.75 +E-.B 

Cuh I'mluAieN._...j £P69.35 +A.7S 

.,!■ 4 Omni lit. Ho.,_ _ - ^*711,76 .+5 

Uahi nerut.__-5169.876 +4.7S 

■ LnilCufai_! £361J2S +5J> , 

A uwntha J.„..J+M£5i 

Itli-knl.- I —■ 

JVee Usrti-tr.i.t.lh-i {U*J2A> | — 
nsUnuni |«rax..J C9S - ! — 
liwi.Uju+ettHW iMtJ C9B.t> 

QulektilUT - 

:i4|wr j«-r !•». -SS&Ap i+5.B 
‘ 1 Wunthp perns...; -«- a 

7«.cs»h... i :-3U 


Y«tr 

BK>I 


R4d» L*®' 


£610 : £600 ; £fun 
ti:fl>flio slow-w, seecMO 
Citlao: £2,160 1 -££.160 ■ 
Sjaxvso73^ou-ioo52,isaeo 

£79025 £&4&ti- 

"=■ ! £326w7o £664^6 
&S6.7a i£65aj& 
i»U.7o <41644 
5171^ 8129.12 
£447.76 SSSBM 
imZi) tfiaOLb 
£5JB« ! £2,732.6 
S2.I0..22S1.7-2A 
£10>10J} Cb7.li ■ 
E£S6L& ! £03J06 


£851.76 
£787.6 
. E818J) 
8135.675 
£3EL» i 
-£32l.ri£S| 

J sl.is>i! 
!£b7-To£.d 

£&J» 


S120-12S I 537>lE®j S85-106 
^6Sn 1 S£BZp I 24ajp 
aK7.&n -.f294'Zp » 250.7p 

_ , ... £5.2*5 ,! £7.465-ifiVifa 

A munUto!"-!"!!!" - 1».',72.5 —E2.& 1 £S.3*».S ' -502-6 


WiiSliam i22.04|Kl.. : JS1P4-W 

' 7.lnr null..! fiEKLS 

■' numlfa. iSSXl.Ki 

Htaiuecn.. 1 ,. I „ M „,: SWW 


■+025 

4.13.5 


S141-44 

£3S7 

C4IS.T5; 

^*|!0 


&nim i • i 

HmVy EKC!._. ! ' : ' I - |-CM 

Him* Fuxiinr*...., £32.25' . j £6L8b 

''Miltt _ .j i 

* ftvudiNnJYrilcW' i __ 

<<• - lAmrrioin/ £97.6 . »• £83— 


Si iS 1*1-44 
C43&* ;£5>72.75i 
£4&4-{l5 f£27^.7j 
?79c. WOO 
l 

49-U . }iria=i 

£34.78j VMM 

. i. 

£08 


priott Iqh'Kei 
pet tonne; on i 
ml ess 1 week | 

SMtod -i... J 


Year 

■go 


1377f73 


Hifih | Low 


Xu. 1 Rnl S|<rlng| IS5J5 '+1.75 . 
Am. Han) :* - . \ 

WinteH --- 
Kni!, Hilling inurowcpl 


.'Ckives,..W - 

Prj^er, \Vhw<‘-v- 85.160 t.— 

mis;.!.- 62376 - 

Q0 b 'v t 

CowmiitlridUp’i'w :-7ii 


UroUmltuit 3L 
Llanevd, Crude..— 
hilm Uma^-an- 


£37.25 


«W 


plO 


l£6,000 

IS&bCK) 

32.160 


£533 

£450 

3455 


' £92 

! i-72.9 
j £35.6 

\ £5,031 
SJ^60 
! 83.860 

j S56b 
£706 ■ 
■' £630 
I-M75 


f 


Cm iPhl!tnj«M*l 1 Wte ' !—10 ' S3E5 
SovabeuiB lU-r.l •■■I S246^ -^0.5 i ; ; 


£1.788*.; - : £2.130 


Soj-gbeanB I 
Other 

Commodities 

Cftw diiinim-nt'... . - . —.... 

&uti rru. *}»«[ LlfiOi. £1.473.5 

U'iiir«-Fiu.uii»i»MW|. £1.7W (+20- i i2.Fi' 
Ci>n<Hi Index—-rf.05 . 
lira r<ftiiuiiL.- 41«2s ;- 2 & • 

•IuK'LJ.VBW CupIi'i 1 • 1 

liutiWr kiln--; 4 /Jik, f*o.& 


5560 

S341 


£76.6 

£66 il 
£82 

£4^76 

32,276 

suoo 

SMifii) 

1-436 

£246 

S425 


£300 

S208 


riaipj Pewrl.. - .—■ 

61*4*1 .Nv. 6 I*...... - 1 — 

... . £W0 j+2 

l^ii.Vl. i - 

lw» (q»W>1 kUn—! I*pr . - 
. (plkMU Kiln .- »pr < j - 
! WnnlrfiplKfl Wcrp.>. SSSpIdUf —2 




£7d.7i- 
1*71U 
' 5 j 90 
h2A|. 
£-1* 
tfftKl 

£lt» 

raw 


I £3,612 1 £1.749 
£3,123 

£4.232 ; £l.o2S 
27J:" I 57 Jk* 
riflO. • £710 

57.5|i 


£214 
MO0 
£150 
£200 
top 

aop 


«fip 

£190 

fibcci 

£ito.O 

£180 

11 %, 


MWpkilb .l06pSei!O|S^plfilo 


atlflntMMO. •NranauL, t Uadftsucar. 


COTTON—Hons Kimp. Prices wera IMPORTED—Wheat: CWRS No. 1. IS{ 

more or less andunced an the week, in per cent- Jin. £33.75, Feb. and March 

routine trading. Friday’s dosing prices £83.25, Tilbury. U.S, Dark Northern^ Spring _ 

<cents per oaiuid) trere: March 52.S4-5S.4fl, No. 2. 14 per cent.. Jan. £8425. Feb. irported. 
May 5B.St%75. July 5M5-52J8, Ocl ISL23 transhipment E* 51 Co***- 00ier 
53.3^3.80. Dec. 54.7fr54.N- Week s high- grades unanMed. 


MARKET REPORTS 

n i rvp UTnrrvr sfi.issw.su. uec. otis-otwi- ncr*s umn- ^ . Auimiiu iY«M«ntarl 

BASE METALS law: March S.65-51A5. July 58.lfr5S.10. MWaa: VS./Prt^a Jan. £97w0. Fc% CtMe 

• ■ Oct.-53.7fro3.00. Dec. 54.70. Tnmover: 137 £88.54, March £99.50, trarshlpment East UTg *^ °° v l 


WOOL FUTURES 

LONDON—DHll and featureless, Bacbe 
iPence per kiloi 


Coasu Sonih African grades nmooled. 

HBCA—Location ex-farm spot prices 
Jan. fl. Peed Wheat: Kent. £72.80: Xjnca- 


COPPER—Lower on the London Metal ] 0Ui fi# io K ,. 

Exchange, with movements influenced by 
currency considers dons. Forwent metal ^2 IT V h it 

started at £8M. fee to MWJ. regained --—.—-- -- 

tbe lost gronnd and then fell avay Silver tras fixed L5p an ounce higher Lancashire. £89.50. 
again lo a close cn tbe Kerb of IS83-5 for spot delivery in lhe London bullion u.K. monetary co-offledent for the 

after an unimpressive Comes opening, market yesterday, at 255.5p. U.S. cent week from Jan. 9 will remain unchanged. 

Net fait on tbe week was £5.5. Tarn- wpiiealems of the Axing levels were: snot EEC IMPORT LEVIES—Eflecttre »»- 

on?r: £8.450 tonnes. 486.1c, op 4.3e: three-month 493.3c, up a ay in order current levy pins Feb., 

4.4c: six-monrh SQl.bc,_ up _4.lc: and March and April premiums, with pre- 


—m r. — 4.4C: iix-monin am .he, up vie; ana March and April premiums, witn pre- _■.......i_- 

C'OPPEU - T i«.i r 1 " or -VTL2C. up 4.5c. The metal V loas In hrackets. a!) In nnitt of accoant Sales: Nil I2> lou of 1.500 hiio*. 

_ i 0gk4ftl = ~ rnoftcial \ - opened cl 75««71 p I4S7H8K) and Closed a «««*: Common «rt«rt-S7J4. - nil. nd. SYDNEY CREASY —Close tin 


Australian 1 Yesierrtay 
Greai^vroolj Clow 

+ or 

Huiuimr 

Done 

March.-J257.&40.0 



May._.... 256-0-57.0 

-1.0 

— 

July... 236.0-67.0 

-1.0 

— 

October.259.0-42.0 


— 

De.-ember...-240.3-42.0 


— 

March ..,242-MB.O 

' ' 


July .,244.0-48.0 


_ 


£ i £ 

Wire bars 

Cm*. 675-.5 

5 month*.. 1 689.5 
A-ttl'ni'ni 675.5 
Cathodes 

Cm.h.BW.2&-S + bJTS 

anKin;lj*_ c7B-9 
SeiM'm'Dl, 665 
I'.s. Mur.. 


£ 


at 25frZ57p 11904-Wile 


+ 6 670.5-1.5 —6^ 
+3.5 6S43-5 ■ i—7 

660. A -4.75 


SILVER 

per 

imvus. 


Knillen !+■ on. Llli. J+ a 
lining ; — : i-Iok j — 
l«nctn« [ ! 


I?76 i.* ■ 7 « spar. gss.op +1.5 anb.np -1.7 nit. nil. nili. Crain nmnam—. 

,+^re rf.n 4 inontle,.. BsELBp (+1.6 239-3|> >-1.86 ml. nil iBamct. For flonr: V 

• 60 _62 5 . tmnnUis.. Z68 m ,+«■ — ’ - mixed wheat and nra—133.77 


_ _ _ order 

□II (samel. Durum wheat—US-64, nil. niL buyer, seller, business, sales—Micron 
nil (samei. Rye— 1 73-32. niL nil. nil Contract: March 339.0. 340.0. MU.frS+O.O. 

or 1 samei. - Barley—775S. all. nil. ml i76.B3, 44 : May 346.3. 340.0. 340.5-340J. 10: July 
ml, nil. mil. Oats—08-8S, niL nil. na sals. 353.5. 35SJ-3534. 1; Oct. 355 5 . 

fsamel. Maize (other than hybrid for uti 3u6.IKa.O. R Due. 359J. 3W4. an 
stodtag)—'7T.H. nil. mL nil (77.14. nil, traded: March 3B3.0. 361.0 . 363.5-563.0. 
nil. oi'i. Milter—71.07. nil. oil. nil <70.38. Mar 364.3. 365.0. 364.7-304.7, 3- July 
2S5.5p +1.5 \ 255.5p -1.7 ml. nil. nili. Crain nrghom—79.14. nil. 367.0. 367.9. nturaded. Total sales: 70 
_ ... ‘ “ " Wheat or jots. 

12monthn.' 273p +1.3 I - . Rye—U4.13 (samei. “*■ VEGETABLE OILS 

LME—Turnover 77 fl2ll lots of lBjOp RUBBER LONDON SOYABEAN OIL-CImu: .Imt 

WTO U ftmmSi W ^B ounces. Morning: Three months 258J. Sto-Stf). Feb. 285^75. March 2S2Jfr^7, 

■ sa CaU^ rash Ifiisi wltimM 60.1.. S38J. 59. S. Kerb: three months STEADIER opening on the London April 277-270, May 273-270. done 27.-2T0. 

months’ KnTKHte Wtrelra three 259-6. 59 . T. Afteraoon: Throe months physical market. Fair imen-si thraruh- July 275-270. Aug. 275-270. Strpt. 273-270 

months oms n SKi Afternoon- WlnC 260.5. W.4. 60S. N.l, 00. M.L 259.4. Kerb- out the day. Closing easier. Lewis and 3 Uib. 

rrauhs m: Thro., months 259.2. 59. 38.9. Peat reported that Malaysian godon-n LONDON PALM OIL—Quiet. Close: 

BL5 sS ffl a: . price was 198 cents a Win nauyer. Feb.i. Jan.. Feb.. March aU 27D.0O4ai4i.00. April. 

u^mSSSXSSJSt'A 3s COCOA -—v-;——;- *" M 

w. W-S- pncea held steady thraughemt the day. K " ’ wJ - 1 ** ‘“« l - 

TIN-Weaker in a market influenced Commission House and dealer seU- 
by ihp torvizn ptcfurscs and t&e pros* Inc on ffic cloae poditO Pticw down 
poet of fresh arrivals of metaL The 6harply. Gill and - Dnflfus reported. 

backwardarioo narrowed- The East was-i - eMwKT r s7+o» r rThBaeS" 

steady, hot forward metal in London i-orflA 1 Ctaae — I Done 
moved between f«.358 and £ 6 . 28 ) In the LWJOA 1 u " e 1 1 ^ 

morning 


No. 1 

Vewertay'J 

pRvnms 

Busin ess 

TCjSjS. 

elcwc | 

flow 

rfr«e 


before losing gronnd in the Vn.su*nir't 
a/tenuos lo close on the Kgrb_at 58JW. \, pr rh _.1706.0-90 I—49.5’170!. 05.8 


Net laU on the week was ELL 
1.800 tonnes. 


Turmwr: UaV _!“"!"l587..-89JJ —36. D1B54.0-1506 


_ _ .. a.iMj/.u j—i 

I ■.m. ^ or: p-m. |H-«w Sepc^-... 1330.^51.0 [—1 

1 ———-.-.1 ,E "-.i-lH.O I —1 


T1X I Official — i rnofficbtl | — 


273 1601.6 50.0 

Dee..!. ; l50...-0a.0 1—50.0 I656JI-20.B 

March.'U7i.5-70.J. 1 - 28.26 14894-75.0 

May. 1 468.0-B1MI !-27.60 — 

Saks: 3.883 <2448) lot* of 10 tonnes. 


High Grade £ £ I £ • £ 

1531-j 6340 3 !—70, 6360-6 —180 

4 months. 6330.50'—42.6 626580 '-157A 
Sertlem't. 6343 |-70 j - _ 

I «gM -IB 4^*6:“tdw' 143.09 (143X41: 

Jmontha-I 6320^5 —45 6B&5-60 —145 22-day average 144.41 (144.75). 

deuleint j 6345 '—70 | — I_ 


MEAT/VEGETABLES 

-March 48.00-40.50, 48.20-48.fi0, - 6 - cb—C al tie 38-HTp per k&Lw. 4-r0.42i: 

AprJne| 43.70-40.BO- 49.26.4fi.3Di 48.60-48.K U.K.—Sheep 129JP per bs-C5t.d.c.w. 
Jl.r-Sep-; 50-46-M.60) MJ6-B0.9B! bi.S66D.46 f-4.B>s CB-Pigs 57.Bp per kg.Lw. 
Ocb-Dec 62.10-S2.S0 63.60-62.M 62.70-62^0 i+;.ji. England and Wales—Cattle 
Jan-llr.j 56.866530 54.54-64.25, 54.40-5330 numbers up 78.2 per cent., avenge price 
AprJne 65.BO-66.7a 66-85-583Q BBJU SO.OSp f+932i: Sheep np 20.4 per ccnL. 
Jlv-Siep. 5736-67.60) 67.6S-G7.7Gl 57.70.57-50 |M3p (-4.lt: Pigs up S1.3 per n.-ni.: 
Cict-Deq 5336-68.90 6930-69.40, 6336 57.8p 1-S.ii. Scntlnnd—Cattle average 

1 I ; price 5736 p: Sheep average price E!8.0p: 

CtZJT~Zt ..j -K*, Pigs oil- 'No Scottish numbers or price 

<m^ci h rraaes. 18 3 t0DDes ^ ^ ri.aog.-s d» to MMr.) 


COVERT GARDEN (sterling 

_ .. . _ Physical Closing prices (buyers) were: wnr ^. aHn ohIdsb slated)— imported 

International Cm Or puna dan (U3. Spot 473p i«p 1 : Feb. 4730p (47.73pj: ^5r. S n 
coils per pound)—Daily price for Jan. 5: March 47.Tap (48pt. — 


per 


U7.46 {142.831. Indicator prices for 


SOYABEAN MEAL 


Straits E.!) 5S1693 1 + 1 j - I rUFFFP 

New York. 1 — i_! *563 *+ llo r ££ 

Maratep: standard £6350. «j. three A,u-r some Initial lack: of 


Njtl-Uous 2.30- 
230. Navels 2.50-2.70: Greek: Jaffa: 

2.15-1.19; Egyptian: 230: Crprlot: O'nis 
approx. 14 kilos 54/Sus 3.50-0.60: 

Fntnws dosed £L30 to 50n per tonne 
down. Dealers sakl values were marked *^7*’ kl 

lower at the opening, alter ea easing In Jr*]" 1 ?;*? nwli - Si 

Worest, atas ovcroteh L = ^_the_ e.nnpan.tivc -g; “wS2£AUL 


kSS? values^ ■ . Mew York Ww ofM b *e*n* t 


mcrnSi 15. ‘utw. strengthened. Drexal Burnham reported. aa J kekf steady in uolet d ealings. 

noon: Standard cash £MmTuii£ months intoeR was Htfn. reflecting a duD ... ■ — - 

IW03. 10, £0 J300, USM, SO, TO, 80. 70. 65. 

60. Kerbs. Standard three «■» prolli-taking, penned values 10 terete 

BS. about £16-520 higher Uum Thursday's. 


jl'esewtly’si + or 
Cloce — 


iJfeateeday’aT 
! L’lo» j + or I 


Baaaum 

Done 


Febroory. .... 

AprlL_ 

Jane 


KDenonne 

mwuUj 

11!.10-12.4'—1.6 

111.4i>;12JI|—0.B 


Done 


AlUtHLuw.__, --- 

Octriier.-nil.OO-lTJ.-tl.S 

De.tHnber. 1100.50-10.6 —03 


116J10.16.6a 
118.50-11.90 
111.60-1130 


LEAD—Easter in quiet trading in- 
flnenced by copper and curzonclas. For- COFFEE 
wan] metal was steady at abont £360-. i"'““—“j 

£3073 In the morning, bm dropped to a par tonne | 

close on the Kerb or £8643. Net gain - 1 ,-,- ( __ _ —---ttji ue-.wnber. —iioa.bfr 10.5 —^i — 

on the week was £3.«5, Tttrwrcr: 7.650 ftSS7—-;}fS P JSS ItSI - ? J2£2'JS2S Feb...riU.M-IU.-fl.ni - 

tonnes. 


.50-3.40. satsamas—Sna&la: lJsfrSAO. 
Apples—French: 40 lbs Cranny Smith 7.30- 
8.40. Golden Delicious 5-8fr6.to. 20 lbs 
72/110 - Granny Smith 3 .BM. 20 . Golden 
Delicious 2.50-3J0. Static Crimson 5^0. 
jumble pack, per pound, Colden DoUetoos 
0.12-0.13; Italian: Golden DeUclOtis DJ3: 
Danish: Per pound Spartans 0J3; U.5.: 


Uareh_(1786-1770+1 

May_jl715-1720 |+21 J 


1785-1766 

1725-1095 


.LEAD | Official 


O^l J'»ly--”- _ -- ll67a -lBSe [+18fll 1690-1848 

Official — tmfllaui — iMiliuk . . n cl 1 utrLiem 


Sales: 66 (61) lots of ■ 100 tonne*. 


Btvwmber-. 1635-1645 +17^11650-1616 
Kovember „ '1600-1616 +S0J 1607-1666 

* r__ 'HUU 1 . 1 BOA . 47 ^ _ - 


111.06-12.4 1—1 1112.60-11.60 Bed Delicious S-50-9.00. Peaches—Strcth 

African: Per tray i3/24s 2.S0-3.M. Apricots 
—South African: Per pound 0.25-0 35. 

Emlisb prodnee: Potatoas— Per 58 B». 
Wblies/Ends IJO-lflO. Lotture— Per 12, 
Indoor Q.7D4UN). Cabbage—Per J -bag 

Prime tLGO. CaatBlawers—Per 12. Kent 
2,40. Beemets—Per 25 ba 0.70. Carrot*— 
LONDON DAILY PRICE tor raw sugar: £ !r t Ji ia ® Jr* 0n ‘ oos “ES!' 

£109.00 (£107.80> a tonne ett for JaiL-Feb. ! G art n, * B i5 , ‘V^S' B ^ to Jt7 E ^? ae LJ^J 2s 
shlpmenL White sugar daily price was J*ked Ids OJJ. Ife l.ifl. Swcite— 


SUGAR 


C«h.j662.75-5.a!-1.25: 361-.5 ‘ + 3 .-1566-1580 |* 17^1 

Juuinthaj 567-.& (-C126. 36S-.5 -1L25 -- - 1 —__ _ _ _ 

tiettWoti 363.25 -L2B; — ; . Saks: I .Ml (M82) lots of 5 tonnes- flx«J at JQI4 (samei. SS', IJ | Blt ^ -u. cW n 

N.Y.«p*J — .| »38 * 3V ; . . ICO indicator prices for Jan. 5 tU:S. The market opened armmd overnight n 0 

Mere teg: cash I3037utTW^omhs£368. pwuD: Cotomblin Mini levels and made small gains duri ng t he I'SftS' 

«j. 63.75. 67. G7.3. Kerbs: three mowte Arablras OT.0O (208.00); Unwashed morning. The trend was reversed daring ^?5j. ce 

CJ67.5. 67. Aftwnosi]-three Arab J cs ' ? ,'“»!■ Other Mild the afternoon, bo«vw, wbw the dollar 

«. SSJ, 65. Kerbs: three months £36i Arafrlcas 203.62 (206JB>: Robtutan 17L00 again weakened, & CMtav reported. 28 “ 

01 j, (173J0J. Dally average 18M1 099.191. There were losses of about 150 points at " nu “"^ pcr wmDd 

„ the close. 

zlNC-riLmoer In featureless trading. . GRAI]\S 
Although forward meiai mnalncd at UIV/VLI ’y 
about £293 m early trading, it later fell GRAIN FUTURES (GAiTAJ—Alter 
away -to close on the Kerb at CSS, early strength of-ms to 10 points, market 

Change on Uk< week was fractional Ton- fen baric on hedge sell tag and closed 

over 2.5M tonnes. gMwrelly ahoot 5 -js pomis lower. Aeli 

- 7 *-;— reported. New crop values suffered on .. , 

B,m. H-or. H.DL l+or The back of old crop/new crop spreaders Sian*.. 


Surar 1 
Pmf. | 

Ye»T onlay’s 

Pr.'VKdlK 

Btnlnesa 

Comm. 

Cluee 

Cloee 

Done 

Cunu. j 


• 

!-1 



RIAC i Official 1 — 


I'noiliidali — . r.-hlch helped September and Sovtmbcr Jlay.__ 
wheat ro Clost' 50 points lower, however. Aug..... 
Barley options - saw a quat trade and! 
riosed 25 higher on the spot. Barley &<*—— 


£perimae 
118JSb-18.70;lia.6o-1fl.75120A5-1B.75 
123 2546.601124.«W!fr4ail5JS-. 5^0 
128.20-!a 25! 12 L56-27.45. T29.00-i6.S 
130 ID 60 25:IS 1.00-61-IS.U2.00 SD-10 
■B6.la-ei.5o! 154 jm-i«.161S£.7fr33.20 
156.5fri6J>a;i67.»0-5B.0O;itBJ]9-B7jD 


j: : £ £ ' £ 

Cwb„ . dSB.5-.75 -.875 285-4 '_4 . ...... . 

miunhiu.' M3k26 :-l.rea. 290-.5 [-I.S drimt lnonths. Oo^L d«ed with March — - -—- 

1 uwntS86.75 1-1.125. _ — |. losses of 15-20 potms. Nrtf «W Barley May.l|&9.00.5B.60<159.7fr4tLSft 140.00 

inn.'"so-.. . - > . 30^-31 . 00 Stete- LSflB rt.TO lois of SO tonaes'. 

Morning: casta £56.75. three months urlK ^ t/> >ar ^ __Tate and Lyle ex-refinery price for 

Cto. j. 82.73. !C. Kerbs: iir.-e moiuhs wheat barley OTanulatod basic white sugar was 1240.40 

£292 5 . AFtermore ihm- monibs qw.; , ' (samei a tonne far borne trade and 1174.00 

92. 81.5. 81. 90.5. Kerbs: ih«-e ihmhh. .Yerteniav* -fror ]YeetenlavV 4 -or i£i7*00i for export. 

£254). 68. Si.i. ri). St'nrli • li«? : — ' — — -- —- 

• Cf-nis per notod too. ore si out .- ' 

unofficial close t S31 per Dicnl. Jan. 

Mar. ' 

Maj- : 

‘wi* 

no S'w. . 


FINANCIAL TIMES 

Jan. G Jan. 5 

Mooch bucJ 1 w m? > 

233.13 234.39 
(Bare: Jnl 

REl 

243.93 } Z50.84 
y 1. 1952=100) 

ITER’S 

Jan.E l Jan 6 

Month aeo] i'«tr aaP 

1419.8 {1419.5 

1443.3 1 1574.1 


4-lia«> — 


i 


EEC LEVIES — Effective to-day far 
denatured and non-dunalured susar. m 
unite of accoant per IW takes, prevlam 
ir. brackets; White 24,44 (unchanged 
Uhw 20.10 '20JB). 

HONG KONG—Raw Mffar futures price* 

/ .. . . . .. -v- --- _ - _ . , were well maintained over tbu week. 

spot Or shrpmeirt sales r.-conicd. bavins Business done: Wheau. Jan. 6L90-8L35. Friday's closing prices i«n« per pound) 
tut! Intel for U)c week at 1ST tonnes, starch al.W-KMlS. May S4.M-84.25, &>pt. were: March S.SfrOJS. May 9.70-9.79. July 
emteared with ft? .tonnes the prcvlons M.TfrFLOO. Nor. SX4fr83.45. Sales: 86 low. 9 9frS.1j. Sept 10.13-10.13. Oct 10.37-10.45, 
week. Scattwed inter«l mss. shown In Barley: Jan- "O TfrTOJo. March TSJ&TS.SS. Week's high-low: March 9.4G-9.20. May 
reveral American-type varkrbM. F. W. May 7J.9J-74 Sem. 7830-7640, Nov. 9JS-9.ro. July B.W, Oct 10.46-1030. Tom- 
Tatman reported., !®Ji5-7B», Stiecniu. over. 44 tote 1103 lotei. 


COTTON 

COTTON, Uvcnmtl—There 


were 


81.35 

-0-05 

70.75 

,441.25 

i>2.« 

—fl-15 

72.25 

'-0^0 

84.40 

i-fl.10 , 

,74.60 

—*r. 15 

81.00 

-rB.60 

76.50 

1-0.50 

85.45 

.-ttisfl! 

76.90 

1-0.40 


(Base: September ns. 1031 = 100 ) 

' DOW JONES 

. Dow 1 JbiiT T"Jiui. [ Uourbi Xrar 
JoBPT 1 fi | 6 ; w ' •u.'ii 


Spot. ...rd04.47344l.61. — 
F 11111 rer 1336.63.J3 7.01 — 


(Average iB24-3fr78=iN) 

MOODY'S 


jjaody'a • I Jan, Jan, IMuniliiYciii 

S ■ b \ qnu 


Spio uwitrj ^^g^ 

fDecember SI. iBsd=l09i 


Coffee, gold 
gain-cocoa, 
silver fall 

•XBUT YORK. Jan. s 

COFFEE continned Its advance on roa , aer 
and dcak-r bnytag, Barite reported. Cocoa 
lose further ground tn expectation of 
iUnnday's U.S. grtmlin^s figure-s. Precious 
metals were aKam mfiwucvd by tb>- 
rolanlity nf the U.S. dollar. Silver closed 
about 2 vents lower in reav-Uoti to a state¬ 
ment fay ihv- new rtiairman of ib>- Fed. 
while gold managed a 50 point gain, 
strictly due to the dollar's weakness. 

Cocoa—March lin.sj >142.50,. Mar 1 :n..75 
«1*3.311. July 120 55. Sent. 124.0a. Dee. 
l-H.N'i. March IJs.iO. May 117.50. Sales: 
aw lots 

Coffee—" C" Cnntracf- Mar.-fa 39 h.no 
(19.i.00>. May 1ti3.jfrls7.75 ,:9u.j0i. July 
177,00-177.50. fr-pt. 17X^5-17158. Dec. 
159 00. March 150.00. May 158.00-15t.ini. 
Sales. 055 lots. 

Copper—Jan. 59.S0 ijnflil>. Feb. M .10 
f60.20i. March Ui-5u. May 6.1.50. July 62J«. 
Sept. Kt.40, Dec. 61.il>. Jan. 6.7.20. March 
60.1U, Mai' G7.W. Julj- 67.90, Sept. 6 S.K 8 . 
Sates: 2.350 lots. 

Colton— \o. 2 : Marcht 55.23-53.rm lilJTi, 
May 54.3&-5L40 I54.90i. July 53.60-75.65. 
Oct. 53.Bfra5.i-3. Dec. 37.4u-.VJO. March 
5&25-5S.75. Mv59.70-59.2U. Soles: 350.000 

boli-S. 

•Grid—Jan. 170.M Feb. in.ro 

nTDJSOt. March 172.40. April ir.J.tM. June 
170-no, Aug. 176.40, Ocl isojn). Dec. 1S3J8. 
Feb. ISSJn, April 13S.40, June iBl.en. Aug. 

103.60. Ocl. 196^10. Saies: 10.590 Iris, 
ttanl—Chicago loose 19.00 isame). .Ww 

York prime steam 20.25 tradi-d 120.50 
traded 1 . 

IMaiie—March 2221.2224 i221t 1 . May 
— 6 , (22a;i, July JM, SepL 227}. Dec. 
iSi- 22 s : „ March 2351. 

SPIatinum—Jan. l9fl.uo (185.601. Aon! 
ITJAfrlOl^O 11 001 . July 197.U0. Urt. 

200 . 00 , Jan. 203.00-203+0, April 206.40- 
206.6. Sales: J, 2 «S lou. 

r ,Silver—Jan. IST.OO (4ss.5Qi. Feb. 4 s 8 20 
(491.101. March 432-50. May 450.10, jnly 
505.70. Feju. 512X0. Doc. K2JJ0, Jan. 

525.60. Marefr 532.20, Mar 538.90. July 
J43 60. Sept. 332.40. Sales: 9,000 tots. 
Randy and Harmon bnDlon spot 49U.30 
1452.90*. 

Soyabeans—Jan. 546-597 (3Sj{i. March 
ro6-303 tiBS*. May Gnu. July oos-gosk auk. 
MSI, SepL 391*. Nov. 325d-5S5. Jan. jyj. 

IlSasndwan Meal-Jan. 162J0 (161.701, 
March 1G3.00-1CS.20 ( 162 . 001 . May 163.2fr 

165.60. July I67.C0. Am. 167.SD-lH5.0Vk 
Sept. 1G5.DO-I63JO, On. ltCJM. Doc. 1U3.G8- 
ira>n. 

Soyabean OU-Jan. 20.nfrM.P3 iSO.n&i. 
Man* :o.s;.202:7 i2o.m». Mar 20 . 50 , jui« 
20.65. Aug. 20.65. Sept. 2U.4fr2O.50. Ott, 
20.)j.frtt. - i0. Dec. 26.1a, Jan. 20.10-20.15 
Sugar —\0 11: March 0.17-9.10 iO.mi. 

31 ay 9.3V, 1 IJK i, Jufr B.77-9,78. ScpL 9.33. 
Oct. 10.11. Jan, lo^S-10.60. March lo.Tfr ' 
May 10 72. Sates: 2.850 hus. 

Tto—555.0frS75.n0 asked (552.00075.00 
asked i. 

Wheat —scwrs 13.5 per cenr. protciB 
(2791 1 , July 2S6>2GT. SepL 292, 
Dee. 209, March 300 nnni. 

WDINIPEG, Jon. 6. ttRyc—Jlar 1U.5Q 
bid illl.SO bid), July 110.00 asked (lll.O0> 
OcL 110.60 askccL Sop. 111.70 asked. 

■HOnte-Maj- 77.00 ( 73.00 bjd«, Jnl* 
74.00 bid 173 00 bid i. 

__tBaricy—May 7yw 1 75.70 biffi. jpiy 
77.10 bid tTa.70 bid», Oct. 74AJ bid. 

5§Flatticed—May 210.6U bid uJOO.KO btdi. 
July 212.50 aikcd (212.50 >, Q«, 218.50 bid 
XOV. 217.su nom. 

Wtwai—sewrti is 5 per? cat. proi-'n 
commi rff St. Lawrence 393: 

AD conl.e pct pound ex-warcbmii^ 
tmlcKS ntherulif Mated. *. per lniv 
nnnet —1011 ounce Inis. tChltasti lutmc 
:>' twr IM Hr..—Dup:. uf As. prices srr- 
iluus flay. Prime Steaut (.u.b. N1‘ bulk 
lank car-.. ' Ceni> per 3c lb. buMtul «- 
u-arriniU'H-. J.oo buth -1 ■ ss W t 

lr»'>' ount-e fur 30 nuuev units nf 09,0 per 
cent, nitrin dellrereti NY. 1 Cenu per 
tnsv ouuce fs+’an-huu.-e ■ x*w ■■ g - 
t-’iittract in ft a shurt mn .for bulk |m< 

<rf 108 . hurl tmw detavered -(.o.lj. ears 
CWcaan. Tnlerfn, St. l.nms and Altnn 
“ Cr-nis per 89 lb. bushel in Mure’ 

t- Crate pn* «4 in bu^jj, i.-epap. ' 

* *• ffWMOflwite!. y. Cent--, per 

S« lb. bushel, ox-warebotce. i.floo bushel 
Joiv. 






V- 










J 

4 



Financial Times Satardasr Jam»a^7i97s 


APPOINTMENTS 


Changes at MK 
Electric 


BRITISH FUNDS (884) 

ftps Anns. 2 ZUO 

Z 1 .dc Anns. 24 

tee British Transport Stic. f97B.ua 67'.j 

B S» V 'i *n >id "tS 

ZbPc Cons. Kk. 240 J'l I| ?■ 

4SC Cont. Ln. ]£-<i U H 7 
3>pc Conversion Ln. 3SLO '* 


This week’s SE dealings 


STEKileqlw^u^isre'Ti S3-‘so lufCiFridajr, Juuan 6 .. 6,426 | Wednesday, January 4 ............... 4,747 | Friday, Oecember 24 w V 

13I.K'ftctwoiter Ln. T 996 1 T 6 I 4 ® *i:=j Thursday, Janrnry 5 . «3l 1 Tuesday. January 3 ...:...... 4,778 I Thursday, December 22 . . 3, 729 .to* cade) tot ** 3 *J[ 

, . 4 1 ■(! ^ *-*. 3 ?T a,t 1981 a , * 4 *'64»'© * ; n»c im nefew maw an rcstcriWa mtrMate «nd «im> turn tattst mariUm® cartas tfte week of any *t*an »a MM t» nmrdn. n* «■* “•* 64 awtowtoWO tw »SH?**!* aq ttl 

IPPITIP 1933 -,o *« - w ««»>—l. __ * 

m Ja H. R B & . 5J* 4 ft 2'.! 3: •. «■* 3"« Z'vf The nmta « OMinw mw*« «n each seatw MLnn the. owe or uo ***«. omt Ok im ew rt. fhweforo. W »««"«« *AZ2 - 2^»ta C £oei? Le Bu'Cdwira'i (2s5i«a<F?. U| i 

’fc'JB- -■-W^ «« EM|1M „ .... q 7a . * waien Unless oUH-rS^Tmowi «*an» ore n lid* sold owl sack 080 fun* prices o> which taatwu hw Orm am. *»**•"* L?sS“i5.."Fa«H noi?. M* U I 

iff . 5 ' fc ‘ 19GI 970 6 ; a aid. Stock ExdHMae securities aro noted h> tends and fractions of potonls Lin ■» U 2J5 s-m *« iota* owkimm txm Pc Hnhrt toajp gw *• **“**”* Hjus [HwriV (jtet 57 . * * 

Sir. A. J. w. s. Leonard haa or BEHMUDA. and trust officer s ^“a ““ ,m tST^ST ,t'SE. - «« » ■JZ’JTZSSSS LZlm-'cn JssJuM,', t 

been appointed a non-executive of tbe Bank of Bermuda (Guern- « v. i t** stock Enunw ms. m» raw*** m vt» s»«fc owb» in of ovecioteo- ■»* ««* wt Mro»ta to •** »«• wun. 4 *" w tJSm Im Dim™? Dwa ( 22’ A 

director of 3LK ELECTRIC HOU3- sey). foUowm- his transfer from 1 S§P t^S^S ’ffss^rf?? 9 4% ^ ««*« -m ^r «w, W d n twos «ew. u, smcuj «Um m w>M r^, terTT " 

ENGS. IVtr- Leonard retired as Bermuda to the Channel Islands. T2C2e 6 E«hen«*er stk. i«ras >.?j : EUnu'.ns m Somisi pn-rs. a oarenss «o=e onti. or o*^reen m>T-n»cmoer>. *Banuuts done nreyions day. 8 BsrsJdao aow tmli oiewtiors * o**®®****^ l i c * G *"- MWo *- «0o» « 

fiTOup treasurer of the Royal * u ii»» ^ : Exctuoitc. ABarooiiK don" for dplascd sebnry or “ do btiimK-u» ■ sa—M nvrjiun. SB— SBahomiaa; *C—fCantdtan. «hr—shods Koiu- *j—mmimicm. *»*»■* eann,.-' n«k. <«»«. ... 

Dutch Shell Group in 1976, hav- Mr Ken Green W hec _ __ ^SSm iMlw-ifui lV. 1,4 ! IMaiaran; *V.—Mexican; SXZ-&*" Zettand: SSU|S.iM09Of«i *irs-*UiM«t Srauu fWl-BWusi iwUon. ' lSSEScT^“ iSSn 1 W" “ 

TT^ TC 1 ^ irp^nr^f pointed director responsible for 1 lS?rsy64thi e «i^ , >i « T |*’ ,TT -7«nw 7M5 lOOO ?*, lo-.t>cR«sSllt- Use.: 6i^Rd.Da. fi7'«. 7-.ptlla.D0. 7S-'* «5>1>. ; Boron* Prods. iHlittfJ A Won-vto, tupl f SU Cron# 27 -si’ 

2fj$S2S2?ZS&5& s-jssc WSaarsas? i4®*Tib»wi * -a. BnfcSSSV fe%3d?iF5^K.V : i 

Additional NA™NAL°He reptacea SL r™,.™ ^ ,a.r- S . «, « ^.. 0 . 0 .. .««..«■ | ’JS SSS.^TT 

Board ciuaees haws taken Diace Rawlings, who has been appointed gpc fomirb Ln. 1993 71 *® *0 *« *. 1 . HontortMUira w - <s<w * 1=7 ,3 ' , ‘ fJS£ w fSwVwJIrii *2601 otS s «! Tweet*. «v ■ w ! .ow 

foDowifl^ tH? &Cf|tzisition oisil r?vv*,,n #,» Tionb «™‘ 7 w:* g"ag- j ^’c^vks. pocks qo> A a«sra «?__ ^ •* 

El ectric” Holdings of E g a Hold- JSSSm c*. i 2 w*Rcd.s^ 1»«i! W ^ UOW *1L — ^ « #TS 


tamr 0.1 1 m (ZB*i im > M 
>.2SO) ISM 4 ' * 

Leid 1-2Sol 78 ij 4 *e n« • ». ---^ 

isiBi uv s t n v> ’ “4 


LIr ■» h 2J5 0 -m Okiv ho im hHiKiwm ta* De wt-iutMfin tae wnm lJ0M [Hvn*, {*$» 57 " * 

day* OffikMri List. N* taOkatta« knuiabh ■» » ffiMeitiw - WM" rwwww * j« jj?. -^u: 7a *.*. 

a •■'- or aMfca* by nudbM 4 a» Mimic. MvklW hr* *M launiww Lm Cocw^v Grp *Kpi IU Min i 
In wdw of yyrrnHB** vrt wf* m MryaUt to in into WOjrtr *1 to* «*V L ffioch iwnrjm . 1 <B altr,.y.i ( 70 a, j 


I Lnm ana Di«ntt Dm ar* 


ing held that post for ten years. ^ ^™onsihta tiSS? i&SF’Sf. 

He is a director of l GrinrlIav^ Bank P 01111 ® 1 “rector responsible for iou 35*S4ihi «•: -y '.S'l ■ _ 

ae is anirecior or ynnqiays canK ^ Joan syndication department E*ch*o.jer «t. i9ao ioo-<a »,«* ■: 

and of Norcros and deputy chair* „ n \vif np swoTri iweo swpc Funding Ln. 1 ox a-so 96 so 5 -, 

StfSUSSCEiiSiSa STS 'Hw - ««■»« -« 


Ltotury Ciniwin.gM42.ilftp> 1*7 m 
L ennon* Cro. ilOo* 360 “ 

Leo Grp. nopl 2480 .'S I) 
ip^"* '9? 1 ' R 3 -in _-: 
(.mot IntnI. (JCM 104* hi'. 
U«i» (Johm *»'*• (9,11 ’*•! 

U» Semre CrD 125P- 70* ». i 
5priet wimi to tub 29 pjti 


to M *i li I, Harrfordlftlrc CX. S'spdtMJlk. 

I 63 : : (S'U. SiiPeflcAShe. 19*5-67 BIO, 


ofthVFinan. to. Vaas-ex axu 7 w '|h ,13 5 &1%! CUGAUL DOCKS O0> 

EleeSlTHoMliiS of B*a"W «LS™lSV?.» at iM.iwduute cm. , 2 ^^ , 9 B«-1'W »°« ■*- tt."* _ '* 


DieciTic norainp 01 ega noiu- America XT and SA in New York. I SWee Fondlna ilk. 1999-2004 42^0 Uiimnoo Cm. i 2 i 4 Pcftcd.SK. 1903-B4 ; >. 

ines. Mr. F. A. W. Payne, the America .\i ana sa *n i>ew xorK.. > Ai0 ^ 2 « _ 107110 f5:u. iz-npcRcd.sr-c. 1936-67. Mjnche*w ssip cnui 195 . 

fnrmrr r'iisirman nf TTon ffnlHinir* It I 5'iPC Funding elk. 1982-3* 83 lO 9 Bis 109iiO 15.1' 'S ” r 

J® 7 ? 1 -^sa HOIidings, IS S* 'a K«n*.nBion and Chriwa 1: '•* ** M*r**r Etocfc* tod Haroo 


Uruts 22 
S .-ecOb. S7-: 
Ob ISOa-97 
Milford Dscri 


COMT3AU LVDL'ST. 


U..4 iF. H.i 125P* 6 B»: 7WI «:» »i 
Lorinrr iTHonMto (Nlda*..i ijpi ui 
W-rifu tap- I3*r 
Lockwood* Food* (25s> 113 «n 


-ST. (3^99) ’5 iS t“Jd ,*4 lJS if. h.. W •£,. 7-i vt tT 

Tw SI® 8 sssr-Tsrsr-'ta.'Mr , •s5s.•T s r«v‘"““■ , ,5 » «* 

S IO “ S SnvJr^doSr^Ob* ° ¥ ‘ ,ric ’ w W0B, * ,#6 FosSr ,B| o*jy‘ sin'ai-or^'pi- tA 1» LwSjwI^d F k?S^ S l«d«^ti?ato 

“JsVns 14 S"«r^°S D ^A fiQni as ,4 u f^'w^^ioSi‘‘{ a is V*’- LOHOM «d NOrittota Ore. usrf? 

i tsi I Cimlord Eramccnnj OOD> SSO ‘r*. 9 . F??ISIn SLontow S W.9I (»P) 294 „ Lsndan^Md PrbnnOAl IW c_; 

9 :0. 10 *«Uns. Ecmp*ri .20W 133. ,3 '2§P1 119® Fr^rjeh Kier Holdimn (25p> 34i«0 3:»« 3 171 ^ 

i 4 iSK P(.S7D S^!»57^ 7 | ■ -•■i.il*-- LonJto. J.51c.7r,. JJ 

i; ! Cape industries i25dj 1120 14 13. 7WPC 

0 2 [ Ln. I9B6-91 64 ___ 

V. A (Z5pi[CaMan ProOlc Croup (lap* 63 «k!) 


Fried land Dosaart Croon (25p) 91 


Cappcr-Nelll ;10 di 670 70 
CtoWcaJs 4 Sd> 43't 14.11 


London Bt>cV l2Sp l 7V; 7 8',. |i 
LCU>a Inn Transport HI So*. qj» £j 
Low no )2Spi 7W 41:0 8 9 S- | 
670. 8041. n- 70 U (3(1». 

L.xiu-ale lloiumal t2Spl 81 


araWMS Ir.tcnuticnal <20P)_f4 3 S flijl etv.Cnv.Ln. 350 


u 11 | LMitfiie iimverul «Spi 81 

CBI IntenutloMl (20P) *1* 20 3. 10DC '■SSSS'V*. 5 ?", ,'oV.i 


Bfr ; William H. Mam, financial STAVELEY INDUSTRIES. Mr. D. Treasury lu. 1995 ii3>*o wo w West Bromwich cm. s-^c aswo 

con holier of NORDIC BANK, Carrot hers has been appointed t Iiic T«»sarY Ln 1997 ns-vo * j- short dated bonds 

London, has been appointed an secretary is&E i 9 §?vi 9 i*» 4o «*:•"4 19 1 * f« ee of stamp duty 

associate director. + 14I;PC Treasury Ln. 1934 123WO 75* 12pcBtf*. Rag. <8•2.78) 1CWZ1-6 

! * ISlibc Treasury Ln. 1996 130\m 11 apcBdv Reg. (132.78) 100?:* 

* Mr M D Hare at Tir*»w»T»t 16'soe Treasury Ln. 1996 124 .'40 JiO toD 9 Sdcb«*s. Reg. (I7sr78) 101 < 

Lieutenant-General Sir John ”■ u ’ , re * at P 1 ^ 5601 a Vs _ 9?*pcBds. Reg. n4'6 7a, ioi : o 

Archer is to.beco^ d£n a£S g«“ Tnte^tSnSf^DiS’ WW B, fc£“SWg 1 

Fiirre-j 5 * in Jl «ip d ranfc 1 ^^MIDLAND BANK, has been 3 pc TtwSy s8£ 1979 95«Ji»* '* n u «'m 9V»!cv (12/7/701 li 

Major-General R.J1 F Redgrave assistant general mana- ^‘Treasury stk. 1982 bs-i i* 6'» sii ippcBd?. R«g-‘ ^?9^,7 s'? SB: i 

i-lvLTr-^^w,»^ser (personnel), domestic 6 h s>. 02 . 1099 . _ _ 


1 . 147 Cor less CzddI Leonard M0o» 39 

I Carlton Industries i25pl 72.14.1). . 

: ;DcPf.! Carpels International > SOpJ S3.;_ 

I Carr rjobn) iDsncaster} (25p) 89 90 


Gallllord CrmtHev (5p) 640 SO - 
Garfora-Ullev Industries <5p> ifk (SI) 
Gamer ScoOMr i25a) 103 i4ili 
Gain (Frank G.) 25*>) 52 


A^ftx Indm-ies (ZOp) 48:. Wrnts 5. Carrington VI veil a :Z5p> 39*4*0 ijO 40 Gaunt [Rowlands (25 p) 7 


7 ; :pcUds.L n. 62 
A.rflaw 5treantnPeS fZSen 75 


<2. fi-'toePt 350 
Carran (Holdinss* *i5oJ 59* 


Gelfer IA. J.) (20t>1 33 (411) 

General Electric (2SP) 2790 800.80 \ 


LoveU iY. J.* rHkM*-) I2SP1 82 Bus 

Db. 70 in 7® (i'll__ - . 

Low and Boost go, 'WW 17lH ' 
Law iWnj i2Dbi 123. 

Lucas Ind*. !MS « « * 

Lyon and' L«ao ate) 84t . 

Lyons U i 1119 10 12. BlwcLo, 


i& F. 7UosLn. 06 


MarnhcriCfl iDonaJd* Grp. GBol SB 
1 S 1 I 1 • 

MMmt TwwupTs 'Sg* SJ 
Magnet and southern 1230' 2078 2 . 
Maanet Joinery 9pcDb. 78*t 'Sai . 


FIRST NATIONAL BANK OF SUM Treasury «k- 1982 9 S«ia* 6 sa H xjtocBds: Refl.' 1101,79) ioo-M»'iise »* 9 r « k * 11 

DELTA METAL COMPANY -pcncmv w, rhavia, T» L k % s m _ „ cs/ii : apiIi. Metal Carp 

nnnnntiMic *!,«♦ n T _, Tj ihJSTON. iUr. CttaTles R. Klotx has 5 pc Treasury stk. 1578 10J47 m.pcBds. Rea. 103.7320 103-7670 i A-nalg. Powv Enon. 

announces _Jiat Mrs. Jackie P. been made vice-Dresidem resoon- sw Trawnr stk. 19B3 99*w:o h a’. ^ JaiimIb. stores t5oi ? 


been made vice-president respon 


top) 121 in) 

270 

. (25p) 1290 

10 


Mr. David Wolf son has been Ttarik 

appointed a director of CEDAR * ,?.*• y+~, mni ^ iosu«o u “«■ wmprjoi 1 *wW •s;i^ _ rx^i «-,» «. «* c !!f-?7 rs Dalr,es A TianmVlv - W5W ** rsiSi"’yiSpT’af’UrTi. B'TSaL “sat, MSmn* \& ibwtt' how^'' aoil'*s*~ 

INVESTMENT TRUST. FoUowinc the retirement of Mr iivE xJS55^ i!Si w**% „ Port l m Authv - 3pc A 27 ® 92^5 /1 “^N^aopt^u® l 3 ® 30 “® d5iii Chemkai Pro it. aso) 76® ■ 7 . *■ M^a' B Th? N«SS\4St uso. j*o 

' „ _ ^ ^ Cedric Co^S- as a diritor of 1995 '**?**"* f'7* 1? R0V - «*> tSSSSt t^^T 5o , , 2 °a5\l??i.‘!^ 5Sn£t£*n csi). ?i 12 

r S' SeS 3r S SoNMr SFg'ES^ff’Tj *3® * Wi ti&g V«J 7 W* « cgtsRatonsaSptTl.;®^ L ML ^ 

• BOUaorSM&^ SSter andMr^^ve Ln ^ fflf’■ 

* appointed to the Board. AU three vol^ir Rau: «*. ism 95fj 6 dc 8 °i 977 . 8 * 0 ^zu. D d«>. 1 ilaiHs s lsfu i 31 ,- ‘s’^pi^Tio (an.* T 7t«pSf. z aiS Cd&ie paimouw sn*. su saio GroSS>ei? t S-p C,, f r sw <s i , B < f 3 i , t 47 ® 7 mc?»i R«n P 3ii* 12^170 «* le.ii 

Mr. Roger R. Matthews has been wlU continue as executive direc- M1 ., * v. h J1?>l son* j. e m „ ... Rn D “ kBn “"- M f,<w 57 w s z s KSS ■ c . l SSS T *\S3f n ?ff 72m •' 

)pointed managing director of tors of Wagon's subsidiary com- *$?% 1 ’“* * * .„ "fitL* - ® I 0 !; S 11 ‘ 5 7 V 3 dc a 7 | 5«SS‘. BSEt -teftaR 8 i s crf’.n, (Wimant. sons iHktos.) as& f n * Jgi* ( V> 1 ?' “ «**■ «'* SSm^SmL'Tw is 1 *«i» 

P^es.Bank of Europe and Union B ^ 6 ,fr^uc^^^BVcT 6 - 9 Bh{Ktoi ; 2 , JDC a , 6M , S;1 , SSSS gSTC««?? P> 170 1 Jg* ^ ^ kcm NettMCd, cujc., 10 ..^ fc«^05A&?V 7 


special industries division of,theplr^sVW 9 ?!^' §Si 9 ^w Wi? i|pei,te ’ 104 ’*' ^ t:!5o, 


lIllPC Treasury stk. 1970 tOS® 4W|* Connwlth. Drlpmnt. Rn. S'uxDb. 6S1^ Arrot-cno F;*w« ft Op] 60® 
7* ii _ .. _ __ _ Met. Water Board. Si-pc T7':® «5T • I Ash Lacv_l2Sui 111®_ 


Cartwright I H.I (Haldlaos) <1°» 340 5® GdcLd. 1976-91 88 i5.li. bo:Ln. 1970, MFI Furniture Centres OOv> 124 6 
6® 1954 82 (Sil). 7UpcLn. 73 f5'1J. UK Electric man*. I25W 181 a rn 

Ca«ei (SjJ ™ w * 7I4PCLIL 74. Float lad Rale Caa. Natw ml Urdus, ate* 90® 1^1] 7 

cattles (Holdings) HOpi ,, loss goi'O i>t® ?00*, ■« g*j, my bin itooi 38- 

Ca^tOH »3ir Jcwajii Sons^S) 1« <«» General EM. CRaitctWCI tlflo) 18*:® (3111 MV*O-MOon' 7'*ocLn. 58*J* 
Cajcnhare 4'rDClstPf. 27^Q_t). lOpelrt General Motors Coo. Br. Depstre. Recetats M v-artnvs Jmarm, l20n, 97 I3:fi . 

6. 3 tecLn-, 199*.-»7 78® ,0. Issued by Barclays 8k- comorliino Units Mcftrldge iBobertl LMiBtflsbHii (lDf0k 

__ c ^ . ___ _ . . .. _ lCPCLn .. 1991 -96 u.Sot® ,75n 30 fill - 01 1:2Q o( 4 SOJ 20® M.COW SUncnon Orr StoPf. 12™ 

7eT ^02.1060 ASrfooe Seas ;iOa) 21® 1 5 SS?.JSSS’saoi ’ Gcstcmw Homings A (23p> 151 McCoargaotU'c 2»?p t£ 

78) ;Edcar, Boifcm- (25 pJ 56® S t wSHSSL* 2 r%d ’sa 7 sT. rsiti Gibbons Dudley i25p) 66=: McKrcnnw Bras. *25oi to ran * “ 

ini-. (4 1) i? || ,w ' ‘ CMtmMM* 15d) » 7 6i: (5/1) Gibbons (Stanley' mini. (250* 190 88 M*dd»tosh (John* 4'iPCPf. 40*. i, 

101 - (4 1) »...?!?-- -- New ££L 3 TLl -0 GibbJ Dandv Non-Vtg. A (10P) 27 (3/1) Pf. MI.; (St* . * 

cSS5m4bS3«m 2 Huldlapj «3g> 12* LwlF-ftarer 4J.pcCny.Lo. 35 ^ Qtal M 

Central Shcctwcad .301 4 S :.-® 6 5. S Bt ^ Qrol|B r2So , M MacDhcriM Otel W 

rMW>« ManufactnriKi TrafltoB GreiOD notrt G'» tXi«u» Grcn.p (ZSa) 226 Manama Tw*»v4* •»> SI 

Manurartar.Ra 'raomc uremp nm Cl . :wnr (10o ) S8<- 5 >, 7ij Magnet and SOiifherM (2te* 202* J 

Central Wagon 97-- ; f4»U Class and Metal Koldlngs MOp) 68 (Sit) »W“« 

fentrewav # 53 d2 228 30 1 Glass Claw Group iSp' 23 ™?' n O* ***** ^ “S| 

i^Ss asa *iop j » y^r* 79 5ww 60s - &&***— 90 1 

SSr 2 ™ 213 iapcPf - sssss 48 ,j "«* 

Cba^ rUnri iiwwaiTtenajSPl S5®(»T) fijwwsd 3|A; **|j “•Wli* 3*« 2*t. £2SSE5U H 

bure* 109 * 80 s 1C ‘ ,sw ^ 

ga£js?9^a"« 780 M s isss &sa gJS BjL ci&^3^ ,> n*t. 

®,igr f?v ,2 s? f “) 7 ® 7 *• Ntw asis c«Mr ( -,^p.‘ , 76 , ^" 1 ^^skffiwssrtj 4 * 
3-Sfi *sffe ’. s ? ii . pj^n^'r^sB'^’,, 57 % qgra K^KortV-*» 

Cltv Harris Ctoiid i20d 1 97 Graitioian Television N.V. A ClOp) 34 J* . nor. m y • ■ 

C« r l«-.N‘eWls Ciwwbs I2SP1 341]* am ^ A ^ 100 - M M4SRl| 2 CtoWtiS» C10O. 97V® 8 u 

STord^Snefl «a) 19 6® CS-1) GreSd Mctrooal.ton (SOD) lOO^aij 7'i 6: Marshall (Hafitoci f25n; I00*_19 ' 

ffwna * « 

CoJUtr Criemleal Prols. (25o) 76® ■ 7. ^SffW 2 *' 3 nff N«Si*wSf <3te> M* 

New ^d. Ute. 76®„ _.. v g^r, an um.^P U ^^*!?L,\ 4 42aS Is is MartM.lr IntrreallM.1 ISOoi i|S 


Glass and MchI Holdlnfli f'lOp) 66 CSI1) 

Glass Glarcr Group i5p* 23 MaKin O.. *nd JJ Paoor Ml*It ah 

Glaxo Holdings <50p) 605® 7® 596® 605. _ _' , 

T'lBcCnv.Ln. IMS 126 Mallliwon-Donnv (Jap* 49* 50 


MrV Trade Sutwl^ »2So> 41 
MrivlHo Dundas WMUan I25pt 46 
Muntmore Mnfg. i5n* 12!*® *j 13 -. 
Mrnrles (Johni iHldas.1 iZ5a* 300 . 

Mc'nl Hnn 314* 12* 17® P® I6.li 


appointed managing director of tors of Wagon's subsidiary com- *STh u 

Management Internationa] (Jer- panies. Bank of Europe and Union B ii l -* h fi , E, 5 tr ^ n ,^'M47fl t 96‘t e 6 !L 
sey). a subsidiary of the BANK Transport Finance. .Si to aiS.£ iiSo"s szum 5 ?^ 


ENTERTAINMENT GUIDE—coirt. 


Grp. (10o> 38® B I: - - -— 

rp. Noo-Vtg. (2SPJ 117® (5.T) Mni* <a Ji iHIdiir * lain* M nm’ 

PrcoiAW tnpinxdrlno (te) 2ft SJmi AUCT IHulS?.* 6 ?«wW 


Midland l"4S. l5B» 41't® 1.2 
Midland News Assoc. BocUnakU 


c* Scsdand Electricity 4ocGW.sdc. 1973- rnPFICM emrcc rt* 

1978 98Ja® *-. 3*»e 1977-EO 93-‘i»:o rUMJoll OlUUU) (5) 

(5111 COUPONS PAYABLE IN LONDON 

Northern lre(i n d B^spe Escheouer Nfc. Chilean soC Anns. Ser. B 92 f5 li 


l Astra Industrial Grp. dOa* 20® 19*VO 1 CcmpAir ( 2 Sp) 93® 6 71 - 
I 21 :, CorcerlHc (I 0 o) 43'- 

j Atki ns Bro s. (Hosiery* (2So* 49 Coooer (Frederick* (Midgs.J 


Haosas Uohn) $£* W^oSl'ncw (10o) ^I'Seu’nsrclS. °oi ***"’ 4,8 2 ^ 

l L? l ? 7 l sfr» nBWUiai - yib0 *' flM - 7 ' m wi; c c i sK n ss fn sBd^.? ,, j*s. ,j 57»» 

JJ.' - 4 . Mole (M.1 son (20D* 25® f5't» •• 


ICS ftOpI '710 


Caooer (Frederick* (Hidgs.j (10oi‘ ta«M0 13 JSi*!*. 
Coooer inds. |10pi l5. : « ™ En 


WHITEHALL. 01-930 6692-7765 CLASSIC 1. 2 . Z. A, Oxford 5ir*et (Odd B:=PC E * cfteol,er g|{jjj“ ..^pe^cSfd fSs. IMI es’iBriBan ' <2°°‘ it (5/1) Cooe^Anounn \ntnl. 1 54>»® Sb 3 6b. |Ajjf {2SB , 303 - ", f* 7 » 

SO U.B In K oaiNCTQN KgMg'-Jfa CORPN. * countt uje ( 53 ) (fcjf’.UTJW »* «” ! pjrM'i.’VtlV, "gf™ Wmpwli <.» .«. .5 KSSKSa.'!?/;,’ 1 *®,'. 

JwfSMW: &»g.s^ 2 :Vp”-p^ _™" OT .^:' ou ” «.. ^wwsur!^,?ttisr,ss BS.'stui. asaS®?‘ 


“Not to be miSMd.” Gdn. “EPITOMISES 
THE BEST OF THE WEST END" 
“HILARIOUSLY FUNNY.” TIME OUT. 
“Beth Play and cats deserve this trans¬ 
fer.” □. Tel. ” Pruned# Scales leads 
solyndld cast.” D. Exd. 
instant confirmed telephone credit card 
bcckmgs. Easy parking. 


2.00. 5.00. 8.00. Lace show 11 p.m. 
E'rlS Prcslev G1 BLUES |U|. TIT FOR 
TAT {(Ji Laurel and Hardy. 

3: DEATH IS CHILD'S PLAY (X). 
Press. 2 . 00 . 4.15. 3.30. S-4S- 11-05. 
4: WIZARDS «A>. Progs. 1 . 0 . 3.0. 5.0. 


•p. Pens. ^ Bcedum Fin. HV Ebpc 103 4 (4 11 j Avina Gre. /5o> 32»» h Si¬ 

ll p.m. uwdon Couniy 3r»i^ons.Stk. 1920 25b r.ci. Internatl. Finance 6 * 4 oeBds. 68 (S| 1 * Aren^iasoi 1E3® £'»® 3i-® 
TIT FOR C5/1). 5 pc Stk. 1980-85 B4h b <3lll- inchcape (Bermuda* EbpcBds. 109 (4;1) 1 R riiber T94_3._.4.9ncPL .50 


SboCStk. 1977-81 92b 2. SbncStk. 
1962-04 B*-s. SbPeStk. IMS-87 75. 
eocStk. 1975-78 99 "ii® m * n C. EOCStV. 
1976-79 96 5b (411). 6bPeStk. 1986- 
1990 77ii 


I Austin > James) Steel Hides. i2Sei 96 (A’l) Ccmon ;F.i csdi 16 ;3.1* 

I Auromated Security (H!dTs.j IlOo) 43 Coaydex (IOpj 29 8 {SI) 

' Automotive Produ-“ts (25n* 1009 Corah (25pi 35 13-11 

! Avxrta Gre. /So* 32»i b 3:- Coral Leisure Grp- IIOpI JS1® 3® 7® 

I Averys (25oi 1E3® £',e 3i-® *• 4b:® 51® 24 5 7 34 26 S 4b 3. New 

I Aw- R.-bb^r 194 3. 4.9oePf. SO HOP' 142® 31*® 3® 70 b® 4%t® St® 


STERLING FOREIGN- 
CURRENCY BONDS 


f*EK« SBBwJS SKtoum. ««ARDS W. Progs. 1.0. 3 . 0 . 5 . 6 . 1976-79 96 5b (4111. 6 KPCStk. 1983 - CURRENCY BONDS 

- jg JTJTUto supdtk. 1 97B-79 « ".TRa-ir . I Baa.-TB i 

Tsr.i, «ai! o! &. ssr sk ■«»■ *“■ v Et “ rfer,^—■ «"■ »■»■ «—■«• “S- is gffi 

‘SSRRffSK«?S3fJK , n^8 TT 4g t «^.ig>g,» ujk. t. cwlth. rails m 

Mri oAi A cSv a.m. Not Sun.) 2 . 00 . 5.15. 8.35. (11^5 'L 1 .': 7L 


S^^"s^.3^:Sap,.40 atEt lanT 

b 3 at 4 muxm: «y« SssSlIs.w- »® 

33 IS 4 7 30J 1 8 Co ta It (25 Pi. 76 

BBA Grouo (25W 60 1 Costoto (Rlchardi (2 Sp» 277 « 

BICC (50p» 1090 10® 10 13 12. 6*3»c £ 0U ,2“^?*.i!S|?*iiSS? JJ'ia , 
Db. 82m U. ism 7ocOt»_ rsio. 7.or Courtaulds [2Spi 118® 18 19 I 


^x cVob, 29 8 Ys n U#«"«) (Hldgs.) OOp) i«* 15 Iffi&c .2CP) 7 * ?S»1i - . 

:r LSrc 35 <&"„0,, » ™ liffiy U "MBin !?£,>«, i‘%. (J5B ' ™ *» * 

iiiTa, i *,!?,YTswu!. , sa & JssrsBiWi’i&ffw, ssi5!tias?n'',tT,, M , M 


l2M A ^« td - MSS? *&!?%& 'paoor* OX*. 
Hanreaies Grp. (20p| 59. 1 D.«cD 0. Mb M ** 

Harris and Sheldon Grp. (25p) 48 MaMu-rriL j.^Mnl.i 3 ^ nm± *■ •*- ' 

Harrlun (James) HMbvOO*) 62 4_. 


. V6RY_ FUNNY. 


Ma-y O'Ma'ICY'* smish-hit comedy j 

ONCE A CATHOLIC 1 

'"Surefire COjjw^/ nn 5-» and redgion.” J 


Dalh« Telegraph. 

“MAKES YOU “SHAKE 


YOJING VIC (near Old vicl. 928 6363. 
Tcdav 3 & 7.45 5CAPINQ. 


STAR WARS (U>. Sep. Prty». Dly. (10^0 b b (5f1). 9t«»eStk. 1M0 99® 83i « \,WLiin. lUklLA It/ 

a.m. Not Son.) 2.00. 5.15. 8.35. (11-45 (S'lVi SbpeStk. I980-8Z90UJ T2bBC Canadian Pacific (SCSI 10b UtSli. 7bPC 
Not Son.l. Seats biiMe. for all progs. 5tk. 1982 106-’o- 12ijpcStk. 1983 111 APId. (JC10) 570®. 4pc0b. 57 u 

e xcept 10-SO am oreg._ Barnet Cpn. 7-bpeRed.Stk. 1982-84 91*3 Ontario Quebec SpcDb. 42 CS.1. - 

OPEON LEICESTER SQUARE <930 61111. Ba* (City at) t IbPcR^.Stk. (1*4. at FOREIGN BAILS (J) W % CoSKjt;. *sSr*V hH 

THE DEEP (A). Sri*, progs, every day. EMJpc. £50 pdj 1585 S4U wL,™ t-, mi* tfaS,**ak ■V r Sn 1- "‘ ,00 '** ^ deetrooTa (10B> 2S>-® (SKI) 

S*a“ may be booked. Doors upon at Belfast City Council ftpcRecLStk. 1977 - A ^f B * sta Ch,,l) 18h tS 1J ' 5pcPf " 32 trrq 25 ? 5 90 Creltqn Hldgs. (lOpi 29® 30 

J-5?' Shows FrL and 1380 91 ^ 1 Amiailr-Touapse 4LpcB«Js. £3 alreJek an- f25ol Cre« N.cholson nooi 76® S 

Sats. Doors 11.15._Berkshire CC 7i«peRed2!lV. 1978-79 98L Chlhtn NortfiSn sSdk. 90® 3 i£ 7 «£ff..%^( 3 m 20 19 SSSJ’SS. M. %*%** 

ODEON MARBLE ARCH. (723 2011-2). Blrinfngbam 3b»cStk. 1946 26b® 7 A.bc RaVKS Jt, nicrx-Tki Banner)doe Brick *f25p) 31b n w &S5S?Ho5o‘&5 lSBfB>i> 

Sen dtool vR5 E 2 5? S lso U a kn am. 90,1 (S,1) * 8pcS,k ' 1 ” 9 ' ^®,^ S » (2S,) ^!'«y !?., HA.dOnl ,7b b * " SSKrJdtt? SS AAI ©28b 

S*J; WHL Wks. 2.30. 5.50. 8.30. Sun. 81 93b® Alexanders Discount 230® 80 

_ 8 - 3 P? a - 15 - ute show Frl - * Sat 12 -mP Birmingham Dls.Cnd. 1 SncRed.Stk. 1983 Allen Harvey and Ross 522 C3'1 * 

PRINCE CHARLES. LelC. So. 437 81 at HO It® A J i^.. )25p) 1 S3® .640 


D5J. 7ii Db. HO *t. 7’jpcDQ. 76>4« 5':PCUr 

BOC International t2Sp) 77b® 8b 9 8. !* (l 5 z .-_ 6, jS. UB *' Ln vK;fii« , i < Si a *fs»i 

SpcDb. 1988 91b (4/1L 9pcDI>. 88. gUni-Lo. 66b. 7bocUna.Ln. BB* 

BPS ~ iRdustrie * 9 (5001 248 7 VbscLii. Courtney Pope (HMoLi (2001 68 ■ * - 

14S 6 7-LOCLn. CwJrts ^Fomlshers) Wqo’v.a <2»l 104® 

ESG InUnuMonal flOul 421. IV* 3.- 5. Cowan d« Groot (1 Op? 72 


w.fv.r79 ,aw,te ' ,,o °’ 

M p ytten (IOdj 12b . 

Mowtem u.» rasp* 140® 39 j 


laorirer SWdciey Grp. (Z5M 194® 6® | BSBiKeTgVffSS.to tSk* 9 ® , 

Hawkins, and Tl 


Hawkins”and \lpson (250) 68 My*0«i Gp. IIOpI 58® 61 60 L 

Hawlcv-Goodall Grp. (Sp) 10 b® 

HM^ewood? , (A^pr/otann )20p* 59® (Sfl) N—O—P 

Helene at London (lop) 13b . 

Hwiderson (J. and W.) CHldgsj X25p) 140 Nash a. F.) Secs. GSpi 659 GW» 
■A.J.L_ _ not. National Carbonising (10RI 46 


N—O—-P 


"a'rd (W.l 159 (5!11 

»»aker Per kins Holdings (SdPl 103 


Hendirson-KWItcn (20o) B6® 
Heniya <20n) 116 17 18 
Htnsliall (W.i Sons iiopi IT 


National Carbonising CIOdi 48 

Neorem Zanthra i25di 81 

Nril Spencer Hldgs. OOP* 69* (5/1). 


- sw. Ttrau-04 Stoll rail/. Bpaw. TSfS- - ~ — v-”»/ "alley (C. H.I (10 d* 7b b Crns&land R and A G.I (5ol 26L HlPSliall (W.I 50”% IIOPI 17 iuliil ,T» ocab nt/ri 

CINEMAS See. P«MS. Wta. 2.30 5.3a.8.J0.Sun. ai 93b® . Alexanders Discount 230® 80 **a«rd (W.i 139 (511) _ C^ey BiilWng lb^uca?2*o) 69 (91 > Hemhor (Pure. Trades! 11 0PI211*. A. Non KriMnOarid^VSD* 6^ 9S * 3 * n 

430. 8.15. Ute show Frl. 6 Sat 12 .nip Birmingham Dls.Cnd. ISocRed.Stk. 1983 Allen Harvey and Ross 522 (3'1* _ "aker Perkins Holdings (SOol 103 rrnurtT (Dereki (rontraeniSl (20o* 87 V HQu) 21b 3 EEEKLhi ^%n5 pl 6 

r :«flH c„. _ a*mrr - «nrr r agaaif nr-r-r 0 : 

~ - n,r “:.r,r giafc^-.. r 

*A{ . JYk. & -Sun.:, 2.00. 5.20. 8 20- A BRIDGE TOO FAR i A). Prog*. 12.50. Cambridge CPA 7ucRed.Stle. 1978 99*i _ 16 3 '5'1* Cutter Guard Bridge Hldgs. (25p> 21b Hewden-StuaTt PUnt tlOpl 50 b KSwe Lmui (foni ?0<S*1i * 


RINCE CHARLES. LelC. So. 437 8181. I™ 1 *® A ^n^i ,25p * 1580 ' &4 ° Household Stores TLeodSl (lOo) 29 

SALON KITTY (X), Sen. Pert*. Dly. line. Bradford Cpn. 3bpcRed.Stk. 1972-82 79b ArtStono* litiiam Hlduv. sfioa , ., 

Sun.) us,_6.18. 9,00. Late Show Frt. (3/1) aSCi^'^ rfl!z IuSh™ Sfo. riAD SSL lASSJSSZ? .S?2JJL 


^ M ?nS?Sb 93 M MSP1 J " N^wtotoT eiriSi Hldgs. (2«rt 3»b® 

cup* Sto«S 9 (20p? , 760*ANon.V. (20p) H^n MoKT Grp (Z5p» 89b® (5(1) SSSIl-T^ki (Mo. 69© 71 - 

Cutter Guard Bridge Hldgs. ate, 21b H§^ „ «b 

ss«a w w.* 62 60 156 x ^ SStfSySL^S 1 i£m 

Dartmouth Invests. (5PI 17® (5Hl Hlglipate Job &p. 'SOW 59 (S'Tl NSrfffM E |?>'iicn^'4s °* . ® ™ 

Dames Metcalle HOpi 29 b (5/1> Highland Eltc- Grp. crop) 24b (5;T) Nom_tM w F j now 

Davies Newman (25u) 122 3 1 19b Hlflard* nop) 250 *8 (4'i* g E ^ Mref? 'jffiatecH' 7* 

Dams (Goofrey) (25p) 80® 1b 1 2 lb Hiltons Footwear J20 p) 67 *- “a, ? 4 fr, DcW - 97 ” lU,CCW :.-- 

21; Hinton (A, Sons (tap* 91 90 (Sil). FtarrhJrerr uCS r-r-j.'i vta r*lSJM 

Da.V Intnl. (25pi 258 60 2 Hirst Malllnswi (20o, 30'-® ‘ |S h-r " Fo ®* 11 (25pJ ™ B..4, SJSP^ 

Dawson ^intnl. L«p) 104 6. A (25p, 105 fig***- Jgg^gpfe’tt ©Vo ®3rVttnSLP8lM OT - 
Dawson Uames, Son (25pi 84 (Sill (5:^1). 12000,* Uns-Ln. 100 (4,1» KSton (RE? fifsj 9 '■' 

La Rue (SOp, 564® 5 8. New (SOP) IMMn tA> So« I«•-«»» 65b . KSJrt c " fiSSft|£n^5 28b «#»■•> 

De Vere Hotels <25p) 173 Hollis Brosl E-S^. i25pi 74. _ 8pcUns.Cn. iJP 1 *' ***«> 83 ® s * 6® 

5 ^6S l 2®. ,2S 7 > JcUL , 6*b«T fi 'nl!iS IlSt' uovd IntM flOo* 135 - Brick CBM arc gm I. .. 

116® Homfray (25PI 52® 49® (511) ' J*? ' M ,^TTi ur 1 na <25»J K . 

8SSS. , oSt| ,, l5- .S^) 25P, 5029 494 90 "SST ° 5P ' 383 t4,,, ■ A tfi,H ”°® " S PeSSk^aVioM 7 5 l • 

DeiU Metal (2 Sp) 68® 8 >2- 4i a pcPf Heokliwons Hltfoi. J50p) 82 3 Cl HI NUtoSwfft IntSuUrlu CSp> 26 lS"l) • 

SJSNSW?SS ,V ^ 9 ”' WRr“ re0) “** 50 MlS * ^ O.K- B^are (1929) (R0.50, 297 tel 

C5.1I 71 7 40 *■ ggy-n^G^n 0 ^ ^ M 

Denuply BpcLn. 83b_ . ___ House al Lereco <2So, 59 'S/ll omce Electronic Machines (25o> 9* i: 


Late Show Tonight 11.20. 4.10. 7.4G Late Show FrL & Sit 11J)0l| 

CAMDEN PLAZA, opp. Camden Town - 

Ti.be. 485^2443. TWIanls - * PADRE «■ Jme 
PADRONE -X). Grand Pnzr Cannes 77. CLUBS 

1.50. 4 05. 6.25. 8 50. No Late Show _ 

tins week ___ •"•""■""■we 

CURZON. Curzon Street. W.I. 499 3737 EVE, 149. Resent Street. 734 6 
COUSIN COUSINE >AA). (English sub- Carte or Ail-in Menu. Three S 
Hts.] Progs. a< 2JO ‘not Sun. A Tues-k Floor shows 10.45. 12.45 and 

4.25, 6.25 and 8.SO. Last 5 days. music al Johnny Hawkesworth 


Bank oi Montreal (SC2< 10b I5H* 


620 (5111 

OOP) Heron Motor Grp. GE5p* 89 b® <511) 
Hestalr C25p) 113 

b Hewden-Stuart Plant (1 Dp, 50b 
Hickson Wald* (50p, 560 £5111 


F.T.-ACTUARIES SHARE INDICES 

QUARTERLY VALUATION 


Citlcoro She. ol Com. rlUS4l 14>^ r5H> Beecham Grp- i25a) 67S® 1® 7® 69 ® 
Clive Discount Hides. <20p< 82b® 4 3 72 5 6 4 3 69. Soctn. 28ln- 

Commerrial Banking Co. to Sydney fSAI) Beechwood Consfrueticn OOp) 25 i5/7* 


118® 

Fraser Ansbacher riOol 11 


Bel am Grp- (tap) 72® 3. 
Too 3 


Garrard and National Disc. (25p) 19* 51 Bell s-n»e SprPf. 23 iS’D 


15.1) 

Gibbs (Antony* Hldgs. /25 b* 45 (5/1 > 
Dil'ett Bros. Disc. 252® (5.'1 * 
Grindla*s Hldgs. Q5o> 120 19 22 
Guinness Peat Grp. i25m 213 10 15 
Hambras 5hS i25«t 215. 7ocLit. 25 
Hill Samuel Grp. (25p, 97® 7 S b 1Q0 


Bell Canada Capital f?C25) SU54Bb® 
Remrese f2Sa) 71 >5 1) 

Benson’s Hosiery 11p(Ln «4’i 5 (dd) 
BentaOs HOP) 28:-® i5’1) 

Bentima Induttrles £25 pI 27 6b 


57S® Hollas Grp. (5p> 603 1* 

De Vere Hotels (25p) 173 Hollis Bros, E-S^. i25pi 74. 

Debenbims i25p) 109 10 8 7 6. GbPC «7* «I1)' 

Ln, 65k®. 7-VpcLn. 64b®. IIpcLn. Ho lt. Llo yd_lntnl J .J10jn 135 
116® H omf ray I25pi 52® 49® (5|1) 


NihSwm Industries (So) 26 (51) . '. 

Horizon' Midlands (5o) 83 b® 3® 80 b® 9b . _ „ 

5b 8 b 8 _ O-K- Bmamrs (1929} (RO.SO) 297 OR 

House to Frasw (2501 136 3: 7 4® S- Ocean Wilsons (20 p) 97® . „ 

BpcLn. 54 *IT». 8 '*nc(_n. 71 Ore-Van Der Grinren Finonoe 92 .Wl 

House ol Lereco <2Sol 59 'S/ll Olfice Electronic Machines (25p< 9* 


shares 


lamonos ixavi zi&. 7oan. 25 Beraer Imcmi Nlrttnl^cm iDttcLn iii.a ucnupiy wpcui. oj *3 Hflim a! Lcrrsco CZScl S3 rSMI UCTree Electronic Machines r 2 Sp# OR i; 

7 1 IL*W(W ,l rimto" 6 b 9W 9? ® ” ^ 100 " «- «.) «ta> 223® 2® 4t 3 ^SSSSLr^wSST tate) ’taSb® (XI). ^ R - Strtc, * d Vottefl **■ °5S C2O0) 1OT ® 7 ^ NW * 


S.ZSpjPf. 57Jto 8 ® 15/1) Howard, Wyljdhjm <2Op) 19*- CSC 

Dew ( 6.1 (25p) 163® |5I1| A Oid. ODpl 22 

Dewhurst Partner (IOpi 10b®- A ( 10 p» Howard Machinery (25 p1 32 1 
11 (Sjl) Hoxfxnl Shuttering (Hldgs.) rtOp* ; 

□ewhurst Dent ( 2 Op) 240 <5iT) Howard Tenens services c25o* ZS 

Dickinson Robinson >25p) 127®. 7JtpcLn. Howdan Gro. (25o> 66 5b; 4b 5 


»2So>611= _ _ _ 99® DLU 

Howard. Wyndham <20p) 19b 4511). Do. Olympia 94® 

4 Oid. OOP) 22 _ - Qrme OovekwnMnts (tap) 5«b 7 . 

Hnward Machinery (254>* 32 1 Osborn (Samuel) nen) 74 

•STi « « ? 


the two preceding quarters. 

EQUITY GROUPS 

& SUB-SECTIONS 

(FIeutps in parentheses denote number of Blocks) 

1 j CAPITAL GOODS GROUP (173) 
z : Building Materials (28) 

3 j Contracting and Construction (26) 

4 I Electricals (15). 

G Engineering (Heavy) (9) 

6 Engineering (General) (67) ... 

7 Machine and Other Tools (8) ... 

8 Miscellaneous (20) . 

11 j CONSUMER GOODS 

< (DURABLES) GROUP (52) ... 

12 . Lt. Electronics. Radio and TV (151 

13 | Household Goods (12). 

14 ! Motors and Distributors (25) ... 


21 1 CONSUMER GOODS 

t (NON-DURABLES) GROUP (173) 

22 ! Breweries (14). 

23 : Wines and Spirits (6). 

24 : Entertainment and Catering (17) 

25 ; Food Manufacturing (22) 

26 Food Retailing (16) . 

32 1 Newspapers and Publishing (14) 

3a | Packaging and Paper (13) 

34 Stores (37) . 

35 Textiles (25) . 

36 | Tobacco (3) . 

37 i Toys and Games (6) . 

41 | OTHER GROUPS 08). 

42 I Chemicals (27). 

44 ■ Office Equipment < 6 >. 

45 [ Shipping (10) . 

46 i Miscellaneous (unclassified) (55) 

49 ! INDUSTRIAL GROUP (496) ... 
61 / Oils (4 1 . 

sTi 500 ^HARE INDEX 

si 1 FINANCIAL GRO tip (100) ... 

«z ! Banks (6) . 

63 • Discount Houses (10). 

64 • Hire Purchase (5) . 

65 > Insurance (Life) (10). 

66 ! Insurance (Composite) (7) ... 

67 ! Insurance (Brokers) (10) 

6a : Merchant Banks (14) . 

69 ; Property (31) . 

to Miscellaneous (7) ... ■■ 

71 . Investment Trusts (50) 

st • Mining Finance (4) . 

si ; Overseas Trade rs ( 19 ). 

99 I ALL-SHARE INDEX (673) — 


Ha'S* Bank 298 5® 85® 930 7 8 300 sThby 11 U.’T^ll^'fS/U? 4-VocDb. 87 Sixon' <DavhD Son“nlBpj“s7 <5/f) 
2981 305. 7hpcLn. 94® 5b S >6 1 ) DLXOOS Photo, (tap) 174 3 

Lombard North Central 5pc2ntfPf. 41b Billam a.) Flop) 41 Dobson Pork Inds. OOp* 78b 8 

.‘4T, __ , 8 irmid Quaicast (25p) 64® 4 I*. 7bPcLn. Dorada Hldgs. (2Sp) 71® 


72*a >5/11 _ 

Diploma Invests. (25p> 163® 4 5 


Market > ™ ; Market 

capita) iiatloa .* n i oairitalleatian 
■a M I “ h . " s» at 

W77 i SE I Sept.M. 1977 


8.579.4 

1.608.8 

867.4 

8.357.0 

302.3 

2,697.1 

108.0 

73EL8 


8.498.7 

1.416.2 

219.8 

862.7 


] 26.478.3 

i 1.708.5 

B25.5 

1.156.3 
J 2.555.8 

1.026.0 
I 635.7 

448.1 
! 4.529.6 

j 950.2 

1.658.6 

1 86.0 

! 9.338.0 

I 4.987.0 

572.1 
659.5 

f- 5.119.4 

35.894.4 

6.341.3 

j- 43,236.7 

-1 S .866.9 

■j 2.612.4 

141.3 

221.1 
1.042..3 
2.625.2 

768.3 
388.8 

1.663.8 
40fl,7 
" 2.&4B.& 

956.0 

1.113.6 


BAM.S 

1,554.8 

818.7 

2^16.9 

309.4 
2.810.7 

111* 

622.4 


2.572.6 

1.449.6 

282.5 

900.5 


I Market 
Z eapItaMtottoD 
to all I a* at 
abare ! Jane 30.1977 


7.270 St 
1,263.4 
619.5 

1.780.1 
285.0 

2.681.2 
90.8 

610.9 


Mercury Secs. QSp* 134® 4. BbucLn. 70 >511) 

67 W-'J* , .„„_ Birmingham Mint 12501 61® 

_ . e'id Bk. ,357® 94® 3® 7S 4OT 3 3«8s Birmingham Pallet HOa) 63 

* i» B _f2, 4 A s i 4 'ir .'O'tSEtSr 35*. * »• Btshop's store* *ts») no i*ni 

toon DBW> 9 ® : Block Edglngton '500) 11Si;S® J.S® 

■2E doSwe^l Banking (W»l 79b® OM t20p) 

tode* •5«W ( ^ ,S ■ »2 S .sm. 

_ 'WSJ& Austretel. 183® 7 (SIL a g2*.“pjfi3i CSu) 36 C5.1) 

14.77 SISaSTc^lcSSS 2STl41 

2JS7 104® 6 7. 7pcP». B7 71 8': 7b- BUocLn. Biucmel Bros. (2Spi 63 i3-'T) 


B»y CIOS b 

Humphrfet Hldgs. >75®, 16 
HunL Mewe pop 'Mlddhrlorl ffipl 29 b 
Huitinu Asspe- »* , dust* I25u> 217 
Hunt. CCtertcto J2 Sdi 73 <5/1> 

Hyman a. and J.) (5o) 22b 

I—J—K 


(B.) nop) 21 2 ( 50 ) 

Parker Knoll A C»p) 103 
Pariew Timber <2teJ 106 • 

Parkland Texrtle A (25p* 8®b. . . • 
Pa terson rnj sans (25p, 35 (4f1) _ S, 
PyfK*?" .Swlioith (tap) 225® (Sri), 
nop) 210 ® ( 5 / 1 ) 

G50) IDS® Ju® 8* 10' 

i Z 14 13 • ; j. 


Douglas (RMert M.l Hldgs. <25p) 101 _ _ _ <10p) 210® fS/Ti V 

Oowdlng Mills (5p* 21 (4/1) I-— J ■ K Pauls White Q5e) 105® *m® B® 10 . 

□owniebroe Hldgs. «10p) 32b 3 12 14 13 “* . ~ ; 

°! ”W. grew _(SOp» 163® 2 4 5 3. 7t* ICL 234® 8 ® 2*® 42 40 3 4. 5*apcDb. (W.LJ Son tte) 32b (K«V X 

Unsec.Ln. IKi; 771 , nit). Peak Investments (lop) go, (Sfl) I 

Drue Scull Hldgs. <2Sp) 23b® 3 4 I.CLC-Gn*. (20p) IIO® is.'l) Peareon Longman izte) 17% , \, 

□ubllier «5p1 19® 18 151) I Mock Johnson (25a > 147 Ptoreon CS.I tSSo) 202 3 u-l - 

Ductihs Storis <25p) 131 (3:11 Hnnsworth Morrb (ZOp) 30®. Do. A **«?ler-H«rersley I25p) 165 4. 7BdJl 

Dufay Bitumastle (tap) 39® 8 9 (5>li *2te, Mb® «3« v 

Dufay Titanlne 7LpcUnMC.Ln. 61: 1S/1) Imasco A £17',® -V9- Primline-Motor Grp. HOo) 44t® (Sfl) 

□ unbee-Cambex-Marx (IOpl'138 Imperial Chemical Input. 373 ® s«® Z Pentiano Industries rite) 20b 

Duncan (Walter) Goodrlcko 368® 5 4 7 6 3 8 . 5'aPCLn. 504.0 1. SbpctA. Pe«tos (Md) H k 79 fit. ISpcL® f 

□unhlll (Alfreo) HOp) 362 r5'1) 96 (3/1*. 7 M>cLp. 721,0 4t« 3 * b 1 bJ Jl M ) _ 

DunlOP HfdOS. (SOpi 89ta 90 1 89. s/.nc 2. SpcLn. 7«b 4. lOUpcLn. 92b® S’: J^nr (Harold) (25DI 164. 


imssco A fclTV® -V®- Penaine - Motor Grp. H0n) ft® (Sfl) 

Imperial Chemical Indus. 373® SOI® Z Prottond Industries rite) 20b 
547 6 3 8. 5’ancLn, SOWfi 1. SSpctA. Pentos (tap) SO h 79 SI. 13pcU- 
96 a/lL 7WPrt.1l. 721.0 4t® 31 W 1 bJ Ji' 1 ).. , 

2. SpcLn. 7«ji 4. id-UpcLn. 92b® 5b £*^7 (Harold) (25DI t64 


^-1)1 


Dunlop Textiles 6iipcPf. 50 (Sil) 


„ | si hie Darby London 11 On) 81 
5.39 I Smith St. Auhyn (ZSul 94® 


1 87.84 1 

15.571.3 

86.68 . 

1 3.00 . 

1.571.3 

8.72 , 

1.45 : 

798.6 

i.37; 

. 8.04 

1.088.5 

I.8B . 

• 4.50 i 

2.578.8 

4.4S . 

i 1-81 : 

1.048.5 

1.80 < 

; 0.94 1 

636.3 

0.93 ! 

; 0.79 1 

477.4 

0A3 ; 

i 7.97 i 

4.539.9 

7.88 

1 1.67 • 

-952.2 

1-65 

i a.93 •• 

1.683.5 

8.91 

- 0.15 ' 

| 

94.9 

0.16 ; 

16.43 , 

— 


? 8.77 , 

5.27B.6 

9.13 . 

: l.oi 

614.2 

1.06 : 

1.18 ' 

710.8 

1.23 1 

' B.49 

3.112.6 

5.38 

. 63.17 

36.184.3 

62^7 

11.16 

6.950.1 

11.98 . 

1 74.33 i 

43.114.4 

74.55 

: 17.37 : 

9.923.0 

17.16 ! 

4.60 • 

2.914.4 

4.35 

0.25 

148.4 

0-26 

0.39 

829.8 

0.40 

1.83 

1,063.9 

1.84 

4.68 ' 

2.804.8 

4.85 

1.34 

810.0 

1.40 

0.69 

418.3 

0.71 

8.93 

1.533.3 

2.65 


• 4.66 1 2.705.7 

1.68 991.0 

1.76 ‘ 1.102 .4 

I 100 ! 57.836.5 


8.188.0 

1.169.8 

194.8 

883.4 


12.796.8 

1.347.7 

615.2 

913.5 
2.153.3 

937.1 

482.7 

438.6 

3.345.7 

910.3 
1.573.9 

78.9 

4.793.2 

455.3 
670.9 

2.570.6 

30.745.7 

6.79E.9 


I 7.545J 

2.060.4 

109.8 
180.Z 

798.8 
2.088.4 

573.4 

318.0 

1.210.4 

103.9 

2.204.7 

894.9 
1.039.9 

I ‘49.221.4 


' Blamtoll-Pormogim (Jte) te HCTi. iRX tT** W> «siTi. iSrertjrc^; dsZi tab-TS®‘6*T*X Sfe fTK) 200® MO. 

9T to> ! M I l Pan]*. 40 W® (5 1) Board man IK. 0.1 I So) IJW® 12 'j rSn) Db. 75 w 5 6bS 5'i. JpeLn. 8S® 9 iSll) G.SpcLn. p sters Stores ulOp) 34'a® 

“ isssSaffl^yS@sry%!W& 4 i' , » , ®tik sboc gssir.Si^n!;^*- ?? ts,,> RWirt sscve&w iVcSr 

6 32 iSth“^^f7zsJi°"g4?* Bondi Stnit Fahrie* rite* 32'r *4.'1» ollraplw^erea’fionto' (zsK°ii ^lm«^l Me^ Injfc aSnl SS 1 ^. Ord. pilWnKSJSreSSys 1 478® 9® 6* Vl» 

dl 20 w? “ 7 ««- *»»Bsrisartert^)-* 2tti£%r *" 8 v 9 ' 

114 H.to« ,250> IBS *5111 gjEi (V J J., CH |!/«to <2S A PI (2| 7 p , I : S 0 «5„, & l£ *5?SB® 2® RjS2«» '' 

A or, , d °". *£* Booth (Intnl. Hl«ha.i -2301 62® J > Non W ' A ^Z5p, 50 I s ' 1 ’ Ingram (Hareltf* OOp* 31/4/11 p|SJ^ d3 o nm uii 

Wlntnttt, (JOB) 68 (3Tl Boots (2Spi 250® I 2 2 9 30 2 8 3D*s. 7Lpc _ Inter-City Ine. iZOp) Pht® b (SII) *4^ xtnriW? sS'W 

BREWERIES. DISTS. <X64) .Sithw^f (Thom,.. (50P. 73. 2® 1 & “ F Intnl.^BuSlm* Machines Cora. (SUSS) 

«.4B AIHed Brews. (2Sp* OO'-O lb® 90® to ■•»'*»' WIIIUmi.Grp.il Op* 20® *MI C50p)_ 189® 8 90 87 9. 3.5pe litojl- Paint «5pl 63 <4111. BbDELn. 740 PtomariFlS ,, ?»ai» , «S *'* 

p ID 2® BO li. 90’- 2 11- ai.SnhTk in tewater Cm. 1B4: : ® 4® SO 6 6® B 7. ?.*- 41 . -4.025pc Pf. 53 . 8:-pc «I1» bSImII.-I* in!S\ TS®, „ , y*£ 

89 S'!?. ftpcOb. 1 fl' 4 -e*“ 7 §£’ |i,pS S'jBCPf. 50ij rSn,. 7 kLh B 3 2 ij *9:f“ 77® <5’l)- 8”pcUns£ Intnl- Urnter Core. (2S»I 124® 30 S 9 im 0pl 45 4 3b * ft 1. na - 

0.40 Db. 1987-92 66*«®. 7uSlr«wi» li? Bowtflorpe Hldgs. HOp' 5Sic 9 kn. 1981 10 p® 5: lot 6 7. ICocLn. 12B fnrt. r.Z?.r nr. - 

7 f-rj ail 7 4PCUnsaf.Ln. 71 M Br4hY LesDe nOpI 86® 7 (5111 E.R.F. <Hldgs.i i25pi 127® 30 28 (5.1i Inwresk Group (5Qp1 Bib® 80® H *. r,0j,J a ® . i”, 


oils S “£tf>re Chartered Bank -r^4>1 w 20 Into MeCormell' ISOp, 227* 4® 9 30 27 dSST^ 7l J 4 ®'' 

114 « J “ ”” 1“^ Hawkes ,=5p, IBS .5,11 ^jiTSgtW*? 1 ^ 

union DiSCODPt London 468 Booth (Intnl. Hldgs.* 'ZSol 62® “yawn u. J./ non vis. A (25PI 


j > sg®^3* 7 i«. ra&terw;an® 7 

r*9** v i: «** V1 

liSAtiu rii* PJtotle Construction (tte) 01 b 

„„ IngSn liwi. ll Op) 23® 2® rSarborewjhJ C25p) W7* 

50 (Sill inSram (H«ro|® OOP* 31 /4/11 SS!!.?'?.'* 85 .??* -- 


aw vw li- sw'J Z I,;. 4lipcDb. 7S-S0 
®9 Mrtlj fi'jKOb. B4-8*7ft. G UPC 


200 108 

Pori. Forms rtOp) 4204 20 


Hldgs. 1 i25pi 127® 30 28 (B.li Inwresk Group (SQpl Bib® 80® b 1, - roims nnpj 4209 20 

Chjrlesi Marriott (Wltnev) ClOp) 4Jpe2i»dPt. 12 (4I1L 7bocLn. 67 * P fs^j 1 Q5fll aneU*-; 1 *. 


Lancashire Paper Group ( 2 so) 43 Jacks fWIUUmi (23 p) Z4,r<3/1) 


Porter Chadhom i20p) 103® 6 CSJIJ 7-1 


a nm Bellhawm Brew. Groua rscni an 1 , - 1 . Brent Chemicals Inti. iIOp* 2DQ '4 11 
Boddington^ l*rewa. g ribgi w® 2 »i * Brent Wjlkpr (5D1 38 
1-25 Border Brews.' HVmu.i n Brick house DucHuy (10m 33 <3 1 1 


II Jackson 'J. and H. BJ (Sp, 28 , 1 ® 300 Porvilr QSaJ 6i " . 

Midland Allied Press A 'Limltea 19*« 9 Pov/ril Oudryn (50M 193 4. 4<to 

.) 12Spj 701® : : t® lwl Jarne* (Maurice) Ind. (20pl 10® b i z 11b -^tel 19b 15#1> - 


1> Eastern Pr&duce (Hldgs.< (SOpi B2 ran J»r**» «J.) Son* i25p, 189 iSItl 

Eastwood (J. B.I i5p) 104® 6 7 s 1 Jcnks and Cattail >2Spl 9E1; (3(T> 
EX on a HOp) 67 I5;i) jenUaoe Htdg*- «2Soi 32b (3(1) 

. Eribro (Hlsgs.i tZSpl 12S 14/1) J«MIH rtildgi.) (tap, 330 3 

10,me E6«rdS 3 0.ou,s C., Sons (Manchester) jSKK ftrt? BtaK*.ISi*. IS® 1 * 


Pratt 1 F.> Eng. (2Sp> M®. Mini:* 

I&/U 

Press (William) and 5cm (So) 29W, »*■ 
1 30b 1b 30J, 30 


; 1 * 86 Buckley’s BrewT iZSo) 44 3 • B K£°“ni a S l 11 ®* ,6 ’ 8w:Db - 7S ’ ,0, *« E ?c?, rt i 3 C * ten, « Manchester) JSBS5S2 llreh b],sU 2 . HKK — , , fiZSK. J?**, 3 « B n ‘ 

• 4.57 Bulmer (HP., Hflas «tni a „. ! _ Db - 90-r® „ISW .13 (5-f, joaoson Firtn Brown i25bi 630 4® 2 4. Prestige Gre. SccPf. BfiL I; (ill , 

1 n mm _ M - 1 07 9 fi5n> 1380 9 9bt»C BridDortjGiindry iHldac .1 (ZOp. 37. New filter Industrial (SOd) 215. New I50p) noum 6 llaSocPIl »M »riSf {z te> 23S bJ5H>_ 

I 1.90 Burton wood Brew 'M»' 37b IS “■* tppcLn. 09^0 15/11. IIpcLn. 87 Priesr (Bealamwii sad Sons (Hldgs.)**’ 

0 98 Cardiff j3Sit,“r?2'Qnl"3 h l> l25p »■»» I Bright (John. Gp -2SP* ta .3’1* Elbief (Sp) 15b® J^rwon CreupCIeamjrs i2So, 77i,o 5 (5 1)_ . 

I °- BO City of London Brew ■» ... Brigrav Grp. i5p> 8 b Eleco . Hldgs. (1 Od' 42 15 MJ JchMQn MatthA' 067® S Pritchard Semen ,G®. (Sp) 32 b . 

I 0.89 <2Sp> 64 ( 5 t) inwest. Tst Did. ] Bristol Evening Past iZSpi 107 1 ST, Electrical Indl. Secs. riSo. 39 <-ffl 4 t ■jfSS5 on if l r£}5ftxii t £i i* n Ac. R t l u <SOp1 34® of Hars Wharf 166* 1 • 

!« ”-?? 1 »»ssi i5r u " “ &k**iws.'u 


3.2Q °-*renDort Brew. 4 kD b. 27 
D.16 ' 

- ?so ? Vi ?i% r* 

0.93 fibhidge*'pope '&£££?# 

i-36 Kff *asrtiufi& 

SSI S r t cn “ Kln 9 Sons >25pj W 


o^A’itu 7obaM !!.) £15} 26*® 


*ss^w * 2 te,-37-; 

— ISMSWBMaw » at SS'SSsS3BPBSRtt: 


ISSISS Stz ^'« 5 l3‘5 S 3>- 2- «W? H,dw - 

3«® T 4peDh - 96 7oc0b - sr«5cn Sfl s.^!f72 , ?p; , ss r = 30 * 1 

Esoeranza Trade ( 12 ,-p) 156 5 


LCF HMn. OSW 95 b® 6 T 
I L.K. Industrial liwril <2 So) 35 


Jourdan (Tnomos) (ion) 40 t4,i) Pullman (R. and J.) (3p> 92 

Pye Hldgs. (25p1 110® 9® 12_ 

K Shoes :2Su) 53 (4.'ij P** to Cambridge- S'tacPI. 44b <3ri>- 

1 Kalamazoo flop' 30® 

Kclsev. industries ;2Sol iifl C5I11 

Kenning Motor (25p) BOb®. New. (25p) Q- R— S . . . 

Fy. Pd., 7B :- New i2Spi ui® pm. 

Kent 'bend' Sncuns.Ln. 72i. <4/1) . a °** n * Mo * r Hd«s«s (5p> SOb® 3°. 

KnAlw'iaii Sons’lSil'S'-dl * RCf HMjj. (25p> 37 (S/1). Ha* •** 

Kleen-E-Ze HldBi. I25n1 67® „L. S j. 001 . _ .... 

Knott Mill Hides, now iso EES Grp. (tap) ggi, g (S/IV 

Kode International 125pi 94® HP T , (10o) B2® (5J1) . 

Hto^.oop) 2°'* '**> 2 ° , 1 

gK£cn Sfl j£.^!?72 , ?p; , SS r = 30 * 1 SjSjJ* 

y_w Ralne Engtncering Industries CIOp) I®* 1 

tri-Hi (5.D 

LCP HWM. BSP* 95b® 6 7 KSfJSkSSS' .Wll”* ” ^ « 

L.K. Industrlsl Invert. (2Bo) S3 Rank Organtaatien (2So) 282® 3 ® 4 ® 34 


o *n Macdonald Martin nsKIluH s nri . En _, ! 53® ‘*® I EKttthBur Jewellery (5 p* 17® 16'-® -‘j® 

0-37 345 I® .ji • Bist.llenes A OrtL *50p ,, Xroctthouse '25p) 55'- 9 'Exchange Telegraph rzBpi gs® g 

1.62 Mansfield Brewery 206 iz. tl rwlh ■ ^2^ Gp 'J 001 7 * 5 Expanded Metal (25o> 60b 41 

* “ 2004-s^ S? id) ** ”• , BromsttrtWe Casting Machmlng <5nl 13 < , 

4,84 Marston ThnmMan Evershed (25r) 55 : Break Street Bureau «1 Osi 69b® 8 ESSFJ 25 ? 1 '. 5 _ 

1-37 ItSSSSt SUStf Brewer.es ,2tel 67b V B °" fl ' 2 ^' « '*■ ’W ^ ^ 

0.65 *. 5'.-ptPf. 53. fi’opciiiOb. 1978-83 Brooke Tool Enn. cHIddS.) . 25 pl 77® F fsi‘! MIBh Con »* nl « 1 «" C r ®» «=5pi 66 

r«;l r ™S-'SSTr, G 7id;,"",'o?M 4 ,:' BlSF-fW?<aSS .!Hf Vlfc*.' s 


Fairricw Estates riOpi 103® l-® 4 
Farmer ‘S. W.I Group >25p) 130® 2 


Teliemache Cebbold Brewe-n-s 4orOb 940 I 5™"" Beweri Kent <25 d‘ Sib Farnril Elfrtrpnl-s i20o' 219_(5'T 

rSmaTlnD l KLnSrtf 2 S STi 03 ” 24 “T?" Bros.-n On. aib. BbseLn. 66>,« Faunw* Gen. invest ,5s) I77bs T: 66 

Truman Limited 4KDh. '1P*9I Red. I3-'< [ g,^, [J, Z aj SHpetn. 45 <5 1* Federated Chemical Hldgs- iZBo" 73® 2® 

t.M Jvaiir Breweries 404* 1? 10 ■ ' | BrunnlngGp. Rest, vt. (25pi 52 ‘S I) Fridoraled Land and Blowing 1250'. 41® 

2.11 I Watnev M*nn Trum. Mldnt. 7p«Rd Dh. 70*4 j Bn,al, l HUrts. BSdi 3TO-8® 9 8"< <S1i e2£,^l 4 rn-t *1 ri.s\ 

f I4.1i lOboeReLDb. 98'. ram- 8'«p< I Bujaln lA. F.i A N:n-*re. <te> 20 n 'S'l 1 FeSSr 1 h! mnuVi nw 1U ■ 

' 1 vAteMM; M 4 6 41,. .rate, j ISS'pio'p^tofew ^Jfc' 4 ° 18,1 * . EraSSJn ^ {JI” 

9* MIX BpeSrdW. 57%.>p*»NU«». *7 j Bueeo Dun (25W 61 y® (S/1» . FwSlity Radio flow 91 ® fSftj 1 * U ' 1 


Vhltbread (25pi 9S * 6 Slj 41 ,. B/35pl i Bun*l Polo Paper QS«I 99- 
94 (AilX SpeSrdW, 57,*, 7pc3rdJH. *7 Outdo Date <25» 61tgte (3^1» 


Fenner (J H 1 (Kites I <2te) 1 SB 8 
rnrouson Industrial Hides. «5nl 98 (3-ij 
fertlanun (BJ and Sons (20 d 1 32 t *.’11 
Fidelity Radio QOM 91 ® 2 WflJ 


FINANCE^ FOR INDUSTRY TERM DEPOSITS - - 
Deposits of £1,000-£25.000 accepted for fixed terms of 340.* 
years. Tttterest paid gross, half-yearly. Rates for depow® 
received oc*t later than 1*0.1.75. 

Terms (years) 3 4 5 6 7 ' .. 8. & ?P- 

Interest % 9 91 io 10i . 1<H ,I(U 11 .. 

Rates for larger amounts on request. Deposits to and ferthw ■. 
information from The Chief Cashier, finance for Industry 
Limited. 91 Waterloo Road, London SE1 8 XF (01-928 , 

Ext .177). Cheques payable to “Bank of England^ a/c FFfc 
FFI is the holding company for ICFC and FCX 






21 



■5 an »ai> , 


r i 




lr .... ' T,. b 


bmp 


7™vn. jat i*nK™r rF ”" e,M »°rt « 16 #Un«hmmi .'si*p«et. as 


WMiMom <F. WJ ospi 65® 4 S'! h: I Df*ywo Prwnler lurort. Trust C25o) 191* 

4* a | 7oa re tj 


1 ;■« "■ MS?® W'v?* 

A’WWWtt*?: • . **?r. 

’ ^sSSw 4 S , <l”v‘ S0 °* 4IT * *• • 40.' T fsVi\° W 26 151 lj - 40pt,-rfl - now 

„ nsa’aw^-', „ « 


Xerox. Cor so. ;SUS1) 23‘» 

York TnUar Hlitgc. (10p) E9 lilpcP* 
10S< 

Yorkshire Chemicals (25?> 690 IS 1 >. It- 
DcC.n».Un».Ln. 122 {ill 
Youghai Car pc U (Hldg*., /Z5 p, SB [ft 1 > 
Young Austen Young ;25o; 61 2 ISHl 

Zeoltb Carburetter A iftDo) 1009 
Zellers Grp- *5p» 48i z i4'11 

ELECTRIC LIGHTING AND 


f7 ra,ev «"YWt. Trust C25 p) 191* SO 5«| »«• 60 56 a B 40; U Penlnultr Ori^M stMm Nn SocPfd EZ lr»dn*trfe» 160 ® 

700 is 1} SO 6S 58 38 581 5b. BpclltH. 75 44*. h. DIB. in-n 17 16 IB 17■- Haw Par Bros. 25“® 41- 

3 rtiV^rtS n^SSmri 1 ?* a S3 'fSli I24nl Q?' 9S»*i ^ai- TC . w ** r » < “ Sm«h Line' sop I 13S A Non- Hotlirgcr M.nn A £17 Vb 

diflbdi^h Amaripii A»wa Trb»t G5o) Burmaa O'l 35B Zi g 4«» 3 S 4 4* S*i M. rto. fSOoi 42 Hong Kong Lana 90 

4«: Sacii 179 (5,1 1 6 ot 2 fltfPr. 41 i4 1 i, /iinPf. 49*a (5 II. Rundmiii iuu | ijc-i ioAa ,C.7! 'Australia• 1 S 6 

.Olfthurun invest trust DID 226i|* 6 7 • 7i ; &eUf'*.Ln BS 1 *® >» 6 'tpcUni.Ln. 60>j Inland Natural Gat 98S 


' E-HlIdA ana InttTnanonsl trust (2SB) B5 
IS,1) 5':pePt. 43: IS'1) 


Cnarterfeal' t5u> 50>?® 30 29': 9 


TEA & COFFEE (10) 


I « 7 

n Do) _56» 4«s® 5 


ssa.’"asi.r^a> i ?;aa> ... . . 

Tate LY.e 216* is* is 16-20 17 isne £*i eultt l ^ 18 S“W“y 6*' !S:1> 
Uni.La. 112 ia t4rt“ 3I * Nl ®wu»n £Wr<city 218 22 (5-1) 


imrrrenta SU520I;* 

Jar dine Mathesc-n 1 ED 501 B 7 
Kerr McGee SUMS'. 

K|i1im Malarxa 2B'.-» 

Little Lang LK Mines 110* 


Nor can Energy £164 
Sill ISA) J9S 
5entra:nan 135 
Swire Pncihc A 72 


TOWre-arffW s “ S2EJS©©,?»* 

T^gf Ay» A 'Vlas‘Si T t$" *»■ ihwutL 

ft-d fWllm.) [2EDI 70 !« ADraann* (10 b)- 87 


FINANCIAL TRUSTS firaj ForHgfl and Colonial Invest Trust tZSt) 147 
Ackrcvd Simmers (25o< 232 i4/l) f 4[*pc0b 61 <i* 3»j* IS’D- 4i*rcDb 

SSgfecSS^rrS^ Fin . 1 Month F «no west Income Caolui (25s) 65ii* 6 
S-A. .nw Ge^l Fond IW.I 2 SD 1 139 tsm 


! 4 a,. vipj| Transpon 7rzd>ng :2SP1 5240 22 c M^Ieod R*is>rt l??© %mnrm 'PaciAc A 72 

^ s ? n,p '* ta » aBsaBjraESJsa-n. Swaiwr- 

6 ^SiarcOb 6 li«® 3>]9 IS' 1 ). 4i<ocDb Ultramar l 2 »si 233 * 5* 49 4 1 3 30 TR4\1WAV<« X- RUVIRI l*i /»\ Unilever taw iFlc20' \us 53 
fit*'” 01 ■* w 13 2. 7DCP13. 1330 1 ,. 7bCUns Ln. 98* I KAIQn At a & O.ILMKUJl (1) Wrs'hrln Minerals 70* 

Fund nvest Income Caoltal (25s> 65ijO 6 iS/tl AwiIs-Argentine Trams 4acS-oDs. 79 Whwletk Mar-t'me A 4S* 


ft-d fWllm.) (2BDI 70 Abraiives (10 b)- 87 ' UnxLn. 561. 7 

■ Beliinre Hnin»»r do. n n.< an Teicturcd Jersey now 27 * bs> n Australian Agr.cultural ISAQ-So) «s 

RNiant Motor Grp. (5al8a*l5m* EnrM Iff*™*' SYnmSu l»B) 159 (3,^) Authority luvtKls. i;0d) 27 <3;i) 

S3 urp. I5BI 50 (5/1). 6 DC Ft. Thomson Oriiiiunm nsl) 7060 12 »-B-T. flmmous Services lOncCum.Pf. 

...Rohroa P ILW OSdI K7 - - 21.7pePt, ,2aor M 4 72BCPE. S4 IS.1t 35 l5i'l) 

j *is?a. 1 i ns lt V;c 5 i ^" eD, ‘’« n > Mr 168 T4i; - ^ a°s^ 0 ?^ , i5w Z bo* ? s 

P-^rnrlch (W rab? t 20 ij f4,1) ContracUng 252 (4.1) 3 »j (411). 6^DCCum.pt 431 

ft ra rdo Enjlnaers (19271 osat- iu '• rilling ilnM.i'(3iloi 111 ■ » itv 12 10 -^S/1) . 

(3'li t25M **° 3 Time Prods, nop) 117 ® rsin British Elact. Traction Dfd. (2Spi 175 * 

RiriiarOa.WvlM-igtnn indust' (tool 76 tsm Tomkins (F. H.J iSdi 18 17<i J5 13 14b 

ft'cn»nls new 21 I, few, 7S Tootal 1 ZS 0 4ft - 5pcn. 34 w rs'i) Chadd«*et liwesls. (3 Sb) 17 
P'x (Other) (5ot 5 ijo i i! ,, B^OCOb. TlUj® (fin. 7L«l,n, TO *' ChanerhOUBB Grotto <7Sol 66* 5 6 

ft'n'etvon roods (2S D |-taJ» 1 v Loottilll |R. W.) (23o) 70 ■ Corinthian Hidgs. (I0p) 2d ii'D 

Rrrifxjro r f o*m ( 25 p\ um 4 03 Jowlgs A Hop).25* (5’lt . Daily Mall Gen. Tsl tSOo) .*40 I 

U-4ln 71 («rn • - *' 8bc Tqye (25 b) Mij A -SOP) 343* 30* 40® S 

F-B*.Rovrn Metmt Mldav i25p> BBb 8 (ZOul 47 Dalgety 237® 8 6 7 dbscftd Db. 9 


'ESS wi.'V**''*“ 6v *' *S3 JSWTiS-ii'S ar. property (J93) 

jaffi'ww-si',,*" «»• ^53 ssssEaia-nKi. '?A! asTuSa x^,s,-, 

Autho rtw jwgtf *. 27 am dLsgow itortnoWm t 2 Sn. 99* ij Alinats London i25d] mb 

B A T ;5r* flu > SeT ^ cs 10 ocCum.pt. (SOW Glndevao Inv i25pi 85i< ab« iIOD) Z37» 

HnuJ-^ 3 noav 74 .vis Gintta in* (25pi I03ij. 4orOth 89ij (411V AauU Secs. i5n ta>, , 41 , 

gSSU < MQ l ?& 280* 75 ^ncUnsoc.Ln. 94 B^UBSecLo. 12 S .1 Arghr g»««0t. 51% 

ariiaBMP Arrow HIdgs. -2So) 74U* hffl Gcvett Eurooean 12501 57 (SHI Arzour Close iZOd) Vtw 

4 «S? Wt L , 0 aVS; ,or &*P» Narttem ln». 125p, 104ij 5 (5:1) SSmEbSS. 10?) 3 ^ 

Ort 3% (411). 6t.BCCum.pt. 43Til 41 Greentrlar Inv. (2Sp» 70 (311) BeaumB"' i25di S5 f 6 


AllUnca Ptpo. Hldga. B-,BfCb. 761 
Allied London New -10 b SSh 
Alinat* LOn*m i2Si>] Z2B® ft 31 
AW f.100) 237® 


IS 13 14h 

Gtaddvsiey Invests. C75o) 17 


Guardian Inv (25oi 57 9 1 S 1 II 
HamljrOs Inv, t25a> B4; 6 


Belltiav I2S0) 52* 3 b 

Berheiev Hambro .25p- 117 

Bitten (men i2Soi iud 6 

British Lind l2Sp: 29® 6't* 8la* h B 


Antlo-Argentine Trams aacJtsDs. 79 Wheeieiii Mar-t'me A as® 
Tollsair Hides HO, 37® >5'> Whim Creek 4Sjj® 

_ _ _ Mlermald Int 250 

WATERWORKS (3) Yukon Com. 129 ® 

Bournemouth D «T. water i.3» itmly, Soe- 

Brif’cu Waterworks J.Jpc .tmh> Sk, Ft JANUARY 5 

Easr^Surrrv aSSoc 'tmiy. -eoc- Ft. 00 'souin bbl t2S ' > 

E«rbourne Waterworks Ift^D-Oa. 80 ^,^9* 7*ptCnv. tfl,* 9* 

Ei«I *a«rt I.Spc (ftnlv. &bc: SBb® ^ £.31 

7‘.BEDb 70 (dll. 109-Db 38 7L £|Ji Xl. J> ld& 


Mid Kent W.ter 3 Spc iimiv Sac- Mas M -._ k ism 

33 13.1». 4.2oc .Only 6x> P- 64-H' HML nEf frn " ,83# 

M rft° .ftT W ‘ ,: ° r a - 5S:X 6,,BC ’ "SSelSl bVcii Gas E277* 

Wl'a^tt Water 7 'iSCDY. 67 14 1 > */«"»«" IVSO.7** 

oirtamoutUi water d 02 Sdc i»ml*. St.DC KSorS C™ £19*. 

H.rkm.Mwdrth L.«rld»e VW-ev Wile- Con. £211.19 

TptPt. TUI® 15 l 1 Ialm«M TTIt* 

Sundertana s smeiat Water 7ocDb. 71 •) piTVeops. 7 

■4.11. lOncDb. B5 -4111 juneninck Maiaen A in. OB. 8 


: taxon Cpn. £31 ■ 


(250) BS: Brivton 

..___ Capital 


7 ij BerCny.Un4.1jL'74* * 0 ip&Hiar KottM, (2Cv)107 I 

EKd '$8. h SSSTVSTS’-iS'’. 

SrSffiESSsS! .2S4.fr At i 


Dewitay Day Group (25p) 31 b 30b 

Enjnhurgh IndosL Hldga. 11Z bo) 15* 16b, 


Trassoort Dvtot. (250) 70. BlvSCLn. 70 Elflra Inv. T». (25p) 106*. FpcDb. SB 

Tranwood (Sp) 414 ui 1 , English and Dutch Inv Tn Part Certs. 

Tranrls ArnoM (25p)-_l*5 4 lH bv Royal £x. Assurance) <Br.) 1S‘i 


UPS. 4B (bill. 5'*prDeb. S3 1 :® r ^.h« ■SbiVrY ie ” 

irterattwiai inv ffrnts. sub. Oti 30t cSmafolS Bwin 6 fii 

850 90 87 


""7"*- TOltTMft 1 ** 4 !' 3 %, hY Royal **■ Awonince) iBr.) 18«, ^Vusp. ,i 6 on* 

friSS ftSVte f2SM V 7B* , rll. 4b Sl! F ;Sn D F "s? ,f L # - 't^ 5 80 ,S ” J 7 K% stoST)m*%5? M M.-l, 

5551 iKEPSiJ?^ 12 » 6 7 29PC FgS^Nftl^al^hnanr. „Op) 2U® * 2. ’* 49,1 ,5,,: 

Rutty PonUr* 2 £m£i a 5o ) 83 44 5- ft 94^" ,<,pc * tSVSiJlSTS^SJf^! a 8 

25pc Q &X w* «»> iss«ssssi 1 ^: *,# 

s 3^ffi£*hV:hU*”- SSE-i s n^'■ t isffT -5- p —- ,b& 


KSJr’Jf-'fsrss.^ \ 5 § 26 t* 3 

7lapc0eb. 69 iSTj 9 6afl ' M .(v uuces »«*p) bis 

rru. V. fBOvn l.iv, (25pi ]1B iSiij CEmmertlN. Kroet. jncIKDb. »B23 65 

OS Hitt*. I25P1 49 15.11 131). . . . 


SPECIAL LIST 


wneciock Maioen A Jo. DO- S 2k 
woods de Pets. 64 

JANUARY 4 


SB ?SOtiS teESSSSJSlJ* 80,9: 25 

l VSiB5L£l*wii ! \J$ 10 * 8 2 - ^ TSwfep « So ' tos *• 1J 

S V,iS?°rSf: Laundry rWomstir) H0p) Tncns fW ) S®"* Turner rlflo, 23 15‘11 

11 "S 45,1)- 


I'cheap* 373 8 6 12 '?orLn. 100'tJ 


S£r9SU""ttSS’&ftS ’* 4845,5 '” 

‘-* a * *N | h* Loncon irSB) 39 U ij 
Law Debenture Cpn. (25oi 100*; (3,1> 
Lena in.es, Cap.ta) (Spi 24 iS/1/ 
London and Halrrasd i75bi iob 
L { s7n n * 5a prwylBSlal IJ&BI *06fl 
London Australia isai> 102 (5/1) 


Control Securities uoa) ZZ 2 tAI) 
Country ana New ionn properties 7pt 
Ln 1984-89.bO -3 1, 

County DistMl Progenies HOp) 96 4 
Dseian Kclalngs >25p) bbi® 6*a 
Dares Estaus iijpi 14 ®. bLpctsiDp. 
19&8-93 54 13 11 


Ird. and Comm. Plnanre Co-u. 9aeAD-b London Merrhan, y-i ,2s5, go* 
B31i. ft'hPCLn. 81 (3 11. 10'rP'Ln. 9E>. I Cao.tal (23pi 8B!® ‘ ° 


Sterns (London) Sugar factory ISO I [Jds 


UBM Go. (25DI 74 h® Iht® 4>j 6h 6 
UDS. Gp. (25 bV 90* 8 V lAhartlb. 9S I 


54**1 ("* Finanr* tnwR. *R0^0)14 (5 1» ■-1. _ 

•Ztf**** 7pcNon-Cum.Pf (50=) 2Sh |ffiSc , ?Ti,TR fc 1 %ia. s4h 

5amuy (H.) A (25pi 264 (Z *11 lllS iLdb. nn« a. 

Samneivon Film Service f20o> 112® ^ 

Sanderman (Gw. G.) Sons (25e1 50 -4J1) u o 1 ? 50 * 570 

5^+ywn Murray Eldar (Mldgs) (SDp) 33 (jSfET 'i T 0p^°38 7 

psrz ar a ai ■ t 

•SKsrgSar ffWJUf 20 c4-i, « 

Sr«w Hotel A flop) 66® <511} *BA tim 4B ^.* 4 ‘ 


„ Invrsrmen* Co. (25p) ZOO 19 (5/11 London Trust Dtp 1 

H 23 (5 IT Kveilw tlOo) 21 Sill. bccLn. ?0S 

. Unvds and Scottlvh (20pi 111® 10 M and G Second Di 

’.^. 6b _ 6 London and Associated Iny. Tit. (IOpt 7U 15 /I) 

10l«prDb. 9S 'Sll „ Mercantile invest. (2 

ya-vsn Finance T« «2t>P) 47 1911) Db. 79® 9 

... ■ . . . M»rfln (R. P.i l5o' 74* 1 (5/1) Merchants Trust 12: 

**** 1* (4/1 1 M'Tls and an*-* Intnl. (Ex Ciot.1 (50oi dpCLn. 97h (4/1, 
1J0J® 1R« 20 S 4 18 21 17*. N-rv Midland Trust (25pi 
(SOo) 1241® 2 ® 2or® 2 d 17. Ord Sham Monks Investment C 
”9 W»rr. 1*78-79 to e ub 111*. Cum p^d Montague Boston Ini 

l«tFf (E» Caut-1 (90s) SB® S'i*» 21® (3/1) 

_7® I, New ThiOgmortan 


London Trust Dfo i25pi 1 S 89 91 ® 00 Estates and Geneml investments (20o) 200 

•OH? e 6 ^- 0 ^'‘income (, 0 p. 80 $g*JR25S .SSSTS&'V" 82 ° * 

h^rcantHv^n.mn. ( 2Sp , S7 « 6 h. 4 -spc ^ 0 ^i"nTS«U \lll} ■ 

Merchants Trust i25=i 6gh® 9 15/1) =r * e '’ I**'* P'°oc'tlfs 1 IO 0 ) 34® -'»© 3*: 
4peLA «7h (4/ii 3 ^ J* 31 __.... ou .,,, 


Easiness done in securities quoted Atr-.kmaer Leases 301 ® 5 ® 390 * 

in the Monthly Supplement. g!SJ« a t n , B ^.o 2 n 4a 95 ® 

JANUARY fi (Nil) jSSSfpriVf? 

Ain-ral-an Sll Gl» 20® 

B’ue Circle Soul hern Cement S9 

JANUARY 5 (Nil) 9sr.ii it j 

Brt.sn Conircuea Oimeias 11)0 
TIMTIiDV 4 i Vlli Canaas Cement Latarge 52SO 

J.sJtUAKl 4 (i'“l Colon a* Sugar Rehncrlei 225® 

Cork inve.tmems 6 

JANUARY S fWi]1 Ddniop Puddot ■Au*t>a:iai 101 

jAXkUcUlt S I/XIII El p<M} N4ll(r4 , Gas tio: 

E'seaveDt Resources 10'» 

Finsider 6 ,, 

TJTtT 17 ICO / T \ /a) Full Pnora Film 122® 

HULL (Ov (C) Hut.-Hlspa IntemafonM 40i 9 

MMfiao* Rnooes>an Asbestos > 

Rarminc marked tn Sfenrlllp* Mven. Emporium 144 


U ?«H?3igH? * 1 * 7 B’l. ShrK Ln. *»rk Plar- Invest. flOul 23 2h 

B??lrV *5^ = .i S ”• «hPeLn. 1992-97 F"eo*rty Inv. and Ffnaoce 80 U 6pcLn. 

63’jP 2 *i '5 1 * soft . 


noifr a* i iup; nra li/i j «da T sa -— ' — - ——— 

SC,,. Group <25D) 413. 8pcUns.Ln. 7T 21.30 (ATI, ■ 

tsssj^ss^ai r25 ° i ” 7 ® 3004 bsss*^^ 45 ■ . 

'itftp, 26® <3111 ,H iS» •VA ;■?,** 50 6 * 

“i-^si £1f S1 ' P ' Ln - 51 ,3M >■ 75<K U??. C?™ «S?5 D |lB^. a " 

S-M«*h .?./J^,i , rvens . (2Sp , 99tt g/p City Merchant. (1 OP) 54 Newnoo. 

a >im ea uu - M v 


Gerra* Assets (10"l 10*rf> 


S-nti:*h I'-lv—snl lr vests. (2 Sp1 99® 8® 

* *0*1 99 101 


*E!LW rim 1501,1 8 <3nK 8lMP1 - voter <2sp. 40® «B 1) 
e„",; 'JS TVilx »« - Yirtona Group r20o) 11 


^ ,E * C *«- J f50aJ Zt * Ntv *Thidgmorton Income 'Z H^emer, E.Uie. « 10 p> 252® 50 4. JANUARY 6 

U ilKMic°e? J *** 7 8 I*' ®il' ,c Ln. Pvrlc Plar- Invest, fldol 23 2h :5:li. WrfliUH J9 c °^* ‘■ So> a0i * 10hPCl«Ob C5 1>- Bn eai tS 

efhVV ^ ■ ***-"• 1992 97 P 3K r %|(r M Rn3W8 80 W S0Cln - N^t^ , T^tv m £teM ,2 ? 2 B i I3 ;V 4f'*> .5J; PC pSocN* re H 9 etelrK 0 .25p 1 | «7® ;5 U ISS.mfllle Cooper 71 
U -S?f v f5/r' as,, i -548« 60 8-B. SVpcDb Pm.l^nv' rhUnriel Gro *25«> 100® I Nth^'AttanU^si^rjsa^Vj,- 2 ^,| 5n Intereurocean Property ,”?I2' na ^go’ °97 rlf. rl l Dl i a i 6 " di ' 36 

,S9 Z® ? ®* ftPeDh 7Sh <311 Ty~d"|l Ov—-n Fund Dlrt/'butlon Shi Prov. Cmea Trst? »25pi 26h (3/1T ’46®. 1 L ' 146 

Utd. C.-mers ( 10 ni 56 13 fl *iri qs. -urit Raeburn Irv T/st iKm i° n® Ju-r- Law Land '30o- afl'r. 7ijpem 96 L s 

Unto. City Merchant. (1 Dpi 54 Newnosi ■'n'— X C— r-wni- 5hs. «" S OS'b UrS Ln 39,-® is 11 5p , ' D ®' J| iF e Cny tend on and Provincial Shoo Centrda 

..59® . U-'t'd rm—Irlo— Trst <7F-' 46* S® Rlghtv fisues* Inv. Trst Inc r25ol 36 HViys-i «10P* «2 *5 11 - 

Utd. Eng. Indents. <T0oi 216 2 Mill a® 51 ,* 5 h 6 •» 4i*. iBeeLn. 137® R ver Mmcim It Trst msdi 16 a 26 L 0 "d 6 n Shoo tea T«. i2Sp» 72h i4 1 ■ 

Utd: Gas lt>d"* s . (25o» 52h* a River Plate Gen 1 ™ i,u wa Lyn?rn Hltqs «2np. 127 ,, , 

U n d . ^vJ^ftS 1 ** ’O'WtLn. BZh IS<1 1 uix-r- F-a-ce C*5-*1 *4 ROOBCb iRotld, (jalg^ MVi 2 !»n5m MSPC «25n- 1791® 30* URL 

DMLn. B 6 14(11 c-i-'X—->77-> -si,* 6 ® 5 1 . *1,576 -* US. si, 5.V 4'vecPt- 37 15*11. BpcLn 66 ®. SPCLn. 

HIS Guvra nre* (H'nos .1 -. 5 =, 1«.(3f|l. Vuirp ertto IIOPI.Y** 7 dn> 4 7 Pro* B.nk (N„ ,i| 3 ) = 482 * 6 fca •" ,, 108 TBl KT 9 • 

u^icmV?£S.TOte 2 ,’iS 5 ‘a°; d si 7 c «c-u™’ l5“i sVr • 3678 9 * "s^r. ^ 86 4 i - 44 * occn * ^s^ur 1 J -‘ Gro - * « J\L 

Uthcr-Walkcr HOpi 52® i 5»1‘ 8 ,KC U * 1 S9V Rr*rfl:mc-d n, TrM Can She. i'5m ci Feache* Prop- Con. C25p> 83* 21* 1 h® 

d,,. 1 . INSURANCE OSS) L*..its furfl 3 * V-o . .. Cp«. (25di 


Pin Canadian Pets. UOt 
P-lco Will send 410 
P-oneer Concrete 115® 

Power Coro, ol Canada A 615® 

Prorea Htte'no* SOh 1 
Ron.nco 'Coupon 1B> S®. B’aDcCum.Pr 
£14® 

Selcact Explorsilon 29 


Swan Brewery 120 

Toohavs 124m 

Toom Co 141 

Twentieth Cent urv-Fov CIS 1 * 

Unilever 39 

JANUARY 3 

ae ana Cl 110 
Argo Inns. HO® 
eiue Metal inas. 73® 

Clam YeHewknilc M-nes 665 

D nan ResCiUlkPS 15 ® 

PancontincnifI £9‘i® 1 - 
»oc<a l«ds. 70® 

Srn CP"la>ncr> CITi; 

Unite/ 40 t , 
vcikskas 153 

Wgclwiirth (F. W.) £1Z*is 
woelworth Kings, 149 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any SiocU Exchange. 

JANUARY 6 

arbsur Court Inv. i 
Surrauch ijamm> in 
Cambrmi Instrument ■; 

C»dar Hold)' O’ S'? 54. SPcRed.wanv.PI. 
16 

Central Equipment 9 325 
Clairmacc 32 
Clvae Priroieum 1 33 
Gidek •isdanfsm 4 3 

Grampian 1 V. 30 

G.R A Prop. Trust 15*4 15‘: 15'* 15 14\i 
Grendd" Trust Mdr5ub.Uni.(.n CS6 £351, 
Guest iCeen iU K ■ aocGm Sb t-S'a 
L'lesaard Asiirtdrce Zj 26 
New COi'H Natural Resources £";* 6<; 
Oueen Street War eh rut- 4 2 1 
Sau'her- Nrmpgprn ZI9 ZlS 
Unlt-d Frleillv Insuejnre 8 Tji- 74 
Viking 0,1 210 21D*j 220 222 

JANUARY S 

EVtjrioee Pope a 170 
Forestry Pulp ana Pap.;r 20 
Fuller Smith and Turner A 279 
Heav.tu-e Brcver, 320 
Home Bre vrrv 210 
■’lahani Brewn-y 53 
(Vdh-im tm.il~t IDS 104 
Rangers Fnmanll Club 750 
slar Ottsherc 5»rvirrt New H5-: 115 

JANUARY 4 

All-England Lawn rennia Ground CSODD. 
£5 459 

CHI ma/c 27 25 
Commercial Bank «i Wales 55 
Con.ster Trusi 115 
Marnndiip fRaiph- 29S 
North sea Averts 903 
Duvati HlqnhHns 49 
Standard Mill 25 

Wessex Water Audi 4 i;dc £34 £31 

JANUARY 3 

Xcnmare Oil Expirn. 27'; 

St. Pancres Housing Soc. Cnv.Ln. £8 
S-oit.sh C-vion lei 5 4 
I Severn Valiev Railway 90 
1 D 11 turrmixston ol (hr Shirt Exrhnnje 
I Oniu.lli 


5>hi-irh P T-.--it —rv— u- -» Ufd. Eng. Indents. MOoi 219 2 I4/11 

pr.:Eraw., «- 

*SS HrtBI l2Sd5 Ssii. 511 . 7 ue A p».. utd Guarantee rH'nus., -Bo. 19-(3*1 1 


U’d. Newsnxoyr. (25 di 332 


■Irl 4% -5I1S 

In 1 *—it C-r—v Cnmme- 5hs. «*S9S* 


v«kp c.-tto nom.yssi 7o*n e 1 




Senior Eng HOP) 25 
5*rck <25 d)‘96 1 i® 7b . 

Shalresorare rjoiephl'iSoi 3B'i® 

Shaw -/Franctel 12001 30 cs 1 ) - ■ 

S-ieembr dgv Eng i25ot-Blii 
Sherman 'Samoeli HOp) 10® 10 
51-*law ImU. iSOpi 98 7 (4 1) 

Sin be Gorman (25p) 172.4 »/1) fVSnen (lOnl'ay- 

S-msrgn. Hunter [10<»-63 (Sill Vlw-J cj„p C20m 90 7 

"l^A-""’ 12001 ST ‘ - A ^351*31® IS*?) 

Sllvmene Lubricants (TOPI 72Vi4® 340 
I5»1> 

5‘mon EHW. (25p> 221 ■ 

4 -uer 'IDM 13.84 4'11 
S‘*rlar I25p> 53 4 (SH) 

600 Group (2501 71 iy 2 (5/1) 


1 n. 86 (5111 


-. T ._ Bowr-ng 1C T.i (2So> HE* 20. 7h»cP« 

8® 20 1. 7>ipc 5e c 2 f. socCnv.Una Ln. 109 (41i. 
■ . _ ,, I lOpcCnv Unt.Ln. 162 1 '411 


Vauxball Motor. 70CUnadC.ln. 65 U (311) arrrvnn• hm'1 &S* 8 6 TO 1 

■TOr UO ym5 n ' - Comm?rC>af B U«<in'*'2SB, 156® SO 7® 

W*ws l^vw 77® CTO K TO Sft 4 R R Y « 7U RIl (d 

‘Soo 9 W.» B «0«! SJ 4X " 5| ^ ,JtX fPee fD F«l«^tar f?50i ?56 3.7 5_ 


R^^ld^ B TriT f rsoS? 0 17S^5N 2 , St 3 s®* C ° n ' ‘ 25B ‘ ^ 

lJJT'iom, te 0 ".’ 30 l5,,> 61j0cCn '-Li 5 n? ^ ,n A Brs?" ln *** t ’ Bank of England Alin imam were allotted. Next week fSOOm. Treasury bills, a sizeable excess 

cf ,P A^' d ““4 »»*.-25oi »i* «te*,« rg ii Hlfla * "'**“• T **- ,Z5B> 3 Lending Rate 6J per cent- will be on offer, replacing the of revenue payments to The 

‘si, r * w * Tr * r ,2Sp> 117 5L,ocP '- 44 *«i. eannet*bo« ,25»i 70 an (since January 6. 1878) same number of maturities- Exchequer over ticivernmcm dis- 

MOoi^iSaVa ,f ’*- 7rst - iic.sns *% 0X T5^7r Ssscur't'r invovt. Tat. isodi i53»» Th e Treasury bill rale fell by Day-to-day credit was in very bursemems. and repayment of the 

cot.Amcn ■ inv 1 1 son* °a sa "ti- 's?- 0 b 66 Rioian prop. Tw. iso) 4 u» 9 «• 0-1105 per ceoL to 55S26 per cent short supply, and the authorities except ion,illy large amount lent 

*3- CoMi .inv. ( 2 sp> 45® s fmo?- j?5?) 9 . at yesterday's tender, and Bank of gave ejcceptionally Inrae assistance overnight by the Bank of Enslaml. 


Mmimiim Lending Rate 61 % 


asm 84 (S(1i|GX7 a | La AccV^? D F»re B Lif| iF (ls 7 p« 250® 1 


48® 52 4 48 50 


Vosper (2 5 b) ISO 


W—¥—Z 


Guardian Rov8l Exchange 125pi 258® 600 JJ! 1 ’ . _ 

60 7#cFI. 68 IS '1 f«"- *"• Trst. i2Sa, 12B® 

a, 3 , 

H^en^wiM^LGrpi ?1Dp) 170 69 8 Fll. .2S»l 108 

L 4 * I 7 Ts 5 " 5 ^*“" ,5 °' 1?7 * 50 IV-vSl »£ T fn^ to, r J 4 , , 2 ^? 


»■ 45® S' 2«4»*n '5|2i as A (ZSDI 77 al yesterday's tender, and Bank of gave exceptionally targe assistance overnight by the Bank of England. 

A.Non.v * 2 so) 121 pm®. Hidii 8'iocun»oc.Ln. S7I-* England Minimum Lending Rate once again. They lent an excep* On the other hand their was 


WGI l 25d 1 84 jQ 7 a su s s ScO'ttjh Northern Invest T 5 » < 25 dj q juq I Second C»tv ProrS. fl 

Wxctea DoMrUngntal . States, noo) 36 L^si-rda-win (H'dgs.i HOol^SB 9 'Sjt > ■» (Slough Estate. 12 So) 


ow lib® 10 was cut by } per cent, to 31 per tionally large amount over the a slight drop in the note circula¬ 
rs/, Tdmokin. Group .-5 p» no® io MnL The m ? n |^ um accepte | Si d week _e nd to 10 0 r 11 discount tion. 

5J2HS. ft- was £98.53. compared with £98.42 houses at MLR or 7 per cent., and Discount houses paid around 7 

*^**( 200 )' 1^9 last week, and bids at that level bought a small number of per cent, for secured call loans Tor 

second Citv Pror*. non) 4i JW were met as to about 63 per cent. Treasury bills from the houses the most part, but closing balances 

6 The £400m. bills tendered and and banks. were taken at 6 per cent, 

stuck convert ion invest. Tn. ( 2 Sd), 266 ® allotted attracted bids of The market was faced with a Rates In the tabic bcloiv are 
s5n.nv (Bcrnardi in.«.t t«. (2sdi 200® £1^3027m.. and ail bills offered very substantial net take-up of nominal in some cases. 


OP) 43 Hi: 

126® 7bO li® 6 


SmiiHv indi>«irl«a. (50o) .183* BW® 8- (2507 87 ’ —" • 

llUorDb. 92b®. 7bPcLn. 89b I5/1> Warne Wr®ht Rowland HOpi 42 

"issrfV'W*** 


RrfjVe AjMirx-e -So) 142® 39® 40® 2 Terf^ltt.rVii»W. ^'(ZSg. 93 IJ II SllT/trt Sff“? , 2 fi 0 

on-.ii .vsn 473® 5267 Temple Bar Invest, T*t. ijs-i iga ,(,■ f United Beal Prop. Tst. (2SpJ 260 

^lutewtcfc Forbes HWgs. Mflat 346® 6® rhrnqmonon Sc-.uced Growth Tit Cap! Ln t A'JbSUoseohi iSo, 191*0. 7»jDcFi. 


Hui 10 ?' Aw,.Soctete (20p> W*te < rt^d !, «Iw*«ii>?49 > i^ G ® 

samft .. • -SSK'Es £8 A ani 

SomwKtex Holdings (2 Sdi 56 (411) Wearra Grp. dOp) 32 

thetw Park* Barnet. Group (25n) 213 WearwcU <Sp) 15® i7<i (EH) 

2 IS . - Wabners FuoilcaMon* (5p) 25 • 

□nd Diffusion (Sp) 35® (5fl) . Wedgwood (25p) 20312 2 1 


Sound Diffusion (Sp) 35® (5H) 
Southern Cons. (5o> 9V.(4li 
Soar row (G. W.) Sons UOp) J1 
Spear and Jackson Inter oat Ion: 
120 

Snear (J. W.) Sods t2Sp) 240 2 
Speedwell Gear Cue <23p> 20 
Seencor Clark Metal .nidusule 
34® 3® (5/1) 

Snenrcr Gears ism 29* ft® (5/1 • 


sawa 1 51 

.23oPso® 2 49 


6 50 

*:-an Sire Hid ox. CSo) 105: 

<u“ Alliance Lauda-. 597* 602 4 
tun U*e *SD» S06 *-"i 7 9 S'- 
Willis Faber (2 Bp) 2B5 80 

INVEST. TRUSTS (216) 

Aberdeen Trust (25 p) 132. 4DCP1 


gs# - 
Throgmorton Trust GtSpl 711 - 
Tv Investment Trust (2SbJ 7L 
- Caoitll ,25p. 113 15 1) 
Trans-Ocean,r Trust IJSp) 165 I4,'1) 
Tribune Invest. (5oo) 510 (5 1) 
Tr-plrvest Income isOd) S3 


- Mil) 

Winston Esutes (2 Sdi 30 1411) 


WS^SsrA3BSSJk7‘'\ 

(2 Op) We^HindjAIrcraft (25o) 47* 6»t*. 
Westminster Country Props. i25a) i: 


„ S S’ 'wr,?'” “ ■ 

’ Amolcin Tn. lUrt 42 U. I (25p> ,aK. 1 *Kf* ? s 5? A° * l h ’ * Gut-hrle Corp. 225 2 7 

42 " (3 1 - JSY? 7 5 ,Sn - BBcDb - 73h 5 Han-Isons Malavsian (10PI 68*j® 8® 

*g+ Amer, “ n sra - Con *- 1250194,: * ^&rsy*«K'»| li BSS'■«KS?r. B S8S ^^ 1 ) 36 

) ^ ^ 17 
•• Anglo-Scottish Invest. Tst. I25p> 44 (311). “ 5 London Sunwtra «T0pJ 81 80 

Trt - C40,ra ' ,50P> UNIT TRUSTS (II) SSI? - * WS, 294 ,3n> 

Ashdown invest. TsL (25 p» 1290 (5.1) Mr G. American Fn-o Income 42.3 (4/1). PlwtaWon HOdI 58* 7>2 15/1). 


’ 34 b VnNltes C(Yd. «25 p» 132 
II 34 * UHled Brttls/I Securities 


l25p) 123h. 8pe 


RUBBER (26) 


*^Db. 67®. ft sv >: °Ba?WW>i 

iif ‘JSS? toil X&JSBW.W.W I 


Abcrfoyle Plants Bo) 5b >3 1). 
Angte-IndOnMlan (25 d) 77® 9* 


47* 6b®. 9 8b 

«. I2SP) lib* 

61 b® 


Stallex International (Z5PI 21 

S V?DCF| ,,, 9P1# 9 S cam. a5pV 9S *‘ M *’ wrniiiMiHn^vmi'fUiiM i iisiiM mu 'fs't. 'dCpl SO " - - ” M-G. Dlv-dend Fund Income 117.1 • Sungel BPbro ,10pl 36® 

S‘»lt£ iRea.i Drg 'lOoi S3 2*- 4 wmmmmin Enw^(2 50 )^*>417j’ 6 * Atlantic Assets Tst. (2Spj BSb® 6 JJ.G. Extra Yjeid Fund Income 85.5 I3'1» 

Stanley (A. 0.1 HOJHings (So) 158 -Sni wStel?^Hen^S^ i2sSl 151 ' AtUs Eleclrlc General Tst. (25o) 59* 8. «-g- ^ SHIPPLNG (48) 

5‘etiis OIWDU-H <10o> ISO 27 WiDq/ns Construct MOD) 24b 5pCPl. 44b 'll? ,, "1^*- “»9 n u"» Fund Income AcuunuiaHon Mr —, r 

Stavelev lednstrles 230: (5M! Wilkins Mltckell l25o) 46 1511) ftankeri Invest Txt. <2 Sp) $5 15 11 MC CvnvMv c-„ H . von * 25? °r Ihin^inS .cn2, L 7j 

S'exd fd Slmosof! A (25p> 35 4. 4i»pc Wilkinson March 20Gb* 8 10. lOPCLn. B«mr TsL i25p) 5Sb®. 4 UPcUmac.Ln / nd lneen, « 79B - Ac- BHl. ComM Ih . Shipping -5301 2J 

Dh 10 4hD>Wh,.Dn 30 lflim pb 79® cumuli*,«■* ou.e Caledonia inves’4. IZ5P' 2S4 

sicei Fro#. Hol-Iings rsooi 360..' 7peLn. William# (John, Cardiff (25 p> 43. New Bi moose ate Prop. General invests. 7b® M - G> Set ’ ,, ‘ T^111, F “"4 Income 155.3 Fisher lJ-•. ** *D' 120 f4.1' 

MeeileV'liSM^lSi* V Sf1 7prt.n. 116 w»moi-Breeden (Hldgs.) I25 piJ 62 b*. 20 sfwopsgate Tst. (25p) 16 B 5_ • IRON, COAL 4 STEEL (27) _447^'5 ’'. 


Jan. fi 

1378 

sieruiic 

Uertlfitete 

.« depwti 

Interbank 

I>» n 

Aulhr.rll) 

depnnir* 

itvn- AuUi 
nesttlHbli- 
honits 

hmiin- 

House 

Ih'|Kwil 

Unmjanv 

Dr|iivltt 

ii» .. 

market 

lepnrli 

1 rraMin 

KilL J 

hliuihu 
bank 
HM* * 

Fine Iraile 

1 lib* 

Ivemisbi. 

_ 

6 ig 63 4 


_ 

_ 

8*0 

6-7 

_ 



. lay,noCt-e... 

— 


612-63* 

— 

— 

71* 


— 

— 

— 

‘ lay- oi 
r lay* rwtl.-e.. 


fii: 63 4 

613 - 6 S 4 


668-71* 

_ 

658-63, 




-toe month_ 

6 i ? - 6 ^ 

630 612 

83*- 01 s 

7-53, 

0S>.7 

63, 

6 b 

5jJ-S2 



fwi, mooth ... 

6 »- 6 l 8 

6 A- 6 Ss 

_ 

65,-53* 

65s-67 b 


6-610 

S7fl 

ga-«* 

63, 

rbrm tucaoth*. 

6 A -6 

6 A- 6 * 

614-618 

61,-53* 

658-650 

Sis 

57 S -6 

65 - 6 ^ 

6 3*-6 ;•* 

ili month'— 

6 A- 6 S 0 

BA-Bte 

63,-678 

61,-55* 

612-7 

— 



Sji-6 

668-63* 

Ylneinootb-... 

ASs-filg 

658-61* 

— 

878-61* 

63* 

—• 

4— 




->ne year. 

66 »- 6 ^ 

6J*-7 

67 8 -6« 

7-6i* 

7 

— 

— 


_ 

_ 

r«ro v«r-. 

- 

— 

73*-8 

— 

— 


— 


— 

— 


Anglo-Scottish Invest. Tst. iZSpi 4i 
Arcnlmedes Invest. Tst. Capital 
38b tA/11 _ - 


YarlnrfM Imresl (IQp) 9 b «5'1). 


UNIT TRUSTS (11) 


' Local auUkOriilei am finance booses seven flays" noilce. outers seven flajs* fixefl. ** Longer-lenn local authority toon sage 

warrants 47 a® o rares oomlnaQy three years M-M per eenL; lour years M-10 per ceni-i five years lBMO) per cent. + Bank bill rains, m 
table arc buying rates (or prime paper. Buying rate for rour-momh bank bills 5 15 m- 6 per ceoi.: four-monih rradd bills 81-6] 
si 68 b* 8 ® bee r enL 

ad <iM4.0.50i 56 Approximate sellins rare for one-month Treasury bOls 5S-52Sjt per cent.: two-mooOi 5i5ifi-53i32 per com.: and Ihre-Mnuaib 
F' '4*> >311) 5-*it-5l. per renL Approximate seUlng rale tor one-month bank bill* fl’u.Bl per cern.; twn-mnnlh 81 w -fiJ per ceni.: and three- 

, *r month per cenL Cine-month trade bills 61 per ceni.;-twtvmonlh 61-61 per cenL: and also ihrve-mnnih iMftj pyr rvnr. 

1 , ao Rnance House Base Rues ipublished by (be Finance Houses Association) G] per cent from January l, 19M Oearing 

29b *5/1) Bask Deposit Rates (lor small sums ai seven days' notice) M per ccol Oearing Bank Raica (or leoding 61-7) per cent. 

Treasury Bills: Average lender rates of discount 5 88 JB per cenL 


SHIPPLNG (48) 


FOREIGN EXCHANGES 


S eellrv (25p) 193* 6 ; 7pcLn. 116 WUmot-Brueden (Hldgs-) (Z5o> i 
einberg Group (IOp) 15 . PCFf. (2SP> 38 »1L SbPcDB 

SThhen (Alrxandcr) Son (2SPI 29b* WHSon Bres. ( 20 d) 36© 6 :5|1 
(S ll Wilson ConnoHy -25pi 121. 10 

Slewxrt Plants (25o) 1360 '"fl.-l) Wilson Walton Eng. tlflpi 71 2 

S'cLijlre Hldas. (25p) 76® 7 S Wimpey (Georgfl (2 Sp> 84b® 2 

Storks (Joseph) Sons (HUgs.) (ZSP) 1759 Wliut Inds. ( 20 pi 35 b® 70 i, 7 
) iSi. . Wiseman (M.) SpcPI. 70 (3 8 ) 

S'odaarrt (Hldgs) A (25PI 30b W:«er fThOmaSi I25PJ 44_ 

stommiil Hid"s. <25 di 89 wood Sons (Hidos • C5*» 22 ® 1 i 

S'ene-Plitt (25P) 110b* 9* 101* 10 14 Wood Hall Tn l25pl 92 (SMI 


Witter (Tliomest *25 p« 44 
Wood Sons IHW9S • CSo» 22 * 1 b 


S'ene-Plitt (2Sn) 110b* 9* 101* 10 14 Wood Hall Tn l25Dl 92 (5M) 

12 Wood (S. W.) Gro. ( 20 ai 47 

StTiHKcrs Godxlmlnp (I0o) 35 (41). New Woodhead' Oanaj) (25p) 2TB (5*1) 
HOD) 34b 5 (4'll ■ . , Woodward (H.i(12bp) 32* . 

S'rcmg Fisher 'Hlogj.i (25pi 72 15*1) Wooicombers {Hldgs > 7bPcPt. 45b 


Bankers" luSeiLla*. (25p) 55 (5 II *J?.4® T ^uotemrion e ^ % ^ EXCHANGES AND BULLION FOREIGN EXCHANGES 

awr^ Tst. ^Sp) MX* 4(5cUn*«.L n MC - ftMOvery Fund Income 79.8. Ac- Bril. Comwllh. Shining -5301 207 tAWnniYVII.J MWI-UIVIl _ _ 

■S5r- X «*. uSSfSUS:5££ IAY. BSS , - 

Btaaayw ^fe.k fesjw n« x**,. l,., 4«n.n4 h?^- ««■ SwFns - !T i C.v i 

Uiborj ,39« ' “ h “ »"«< iw» \9»-M 2 M. ,M v PvUM •# “P t0 J1.9290-1431tt. a Ttl( , German" D-mark also Sr* Ya,k...| e 

l^» F AmVr,ean t“^25p? 39 b H^vteoru ut. .nd w.j LesJi. (sop) 74 ® °f» ,n Tranioori Trading (25 p* i37b® 7 a rise of 4-20 cents on the day. The finished hiRher against the dollar, itamrwi....! J'sii.aMB.jt.iisc.UifiM.iiM 

Bri^ A«Mts Ttt .25P) 70* 69 b Bb ^-—- pound opened at 81.9030-1.9050. at DM2.1255. compared with i/lrt m ri In I tk si 

British Empire Secs. General Tst.' (Sp) North Brliisn Steel Group 'Holdings) I2SW J and fell tO $1-8970-1.8990 during DM2.1560 previously, while the L\n«nlunva a | lLOB-il SO jH.27j-ll'?3* 

(«« a t Richardsons. Wes.garth csop) 54 mm) \ the morning. It was fairly steady Dutch guilder Improved to Kmnkinn... i \ 4J84.il k«?*4.i J* 


BC»..tt 5 P> » » 11 . SbPcD®. 72 f»1) Border Southern Stortholder* Tst. crop) Broken Hill Proprietary «5A21 418® 250 SC!,,“-, S G?h P ^ 73 V 
Wilson ares. i 20 d 1 36© 6 :sm -j zaa* 7* 90. Ord." turrvlng rtgbU IS n.-ni 

WMm Connollv vZSpt 121. lObBcPT. 100] sub.Or«i T39* 43® (5-1 1 O.mlord Elliott 12 pcDo 1985-80 93b* I a™ 

Wilson Walton lag.,(10pi 71 2 iBnullvpat 5-A. DeansRarv £6500 «5'1i IS IJ 1 Lo«M 0 n_ewwM» Fra 

Wimpey (George) 1250) 84b* 2b* 3b Writisii American General Tst. »25 p) 39u Hawthorn <R. and W.) Leslie C50o) 74® I °. CMB Transport Tra 


Wooicombera (Hides’ i 7bPcP1- «5b* (5"H I Canadian Foreign (25o) 101 


Mariiol' llalex' 


The German D-mark also Sew Y«k...l t 1 \.8a«u.tS5 r .;\.9aaa-i.i5io 
tished higher against the dollar, itaBiiwi..-! Jj5ii.oH»-*f.ii50 l A , i60-2.ii2 n 

DM9 1f»S5 nnninvrori with AmMenlam, 41?. 4.J5 4.42 |4.<0«-4.41j 


British Empire Secs. General Tst.' (So) North British steel Group 'Holdings) r2So) 

12p tlAi (Sil) 26” 

T “- ““ *»• * > K'isss, vssr&gFtVtfli 

CIRP r2Sp) 68 (4/1). Warrants 18 W* r 0 5>b ®0 59. llboe 

Caladontan (25p) 69®. B (25o) 67 (5/1) “ 


Canadian Forug 
Cap/p[ National 
Cartliwl DIP. G 
93b (311) 


S n l2So) 101 
. (25p) .119 15/1) 
(2SP) 103 Ij« 50- 


Waro ■ TUPS- W.J (25 d) S9b 60 59. 11MPC- 
(5J1I Ln. 2000-05 81 (11). 7bDcIn. 1997- 
’ 20&2 65b 4b (31) 

Wfiaisoe i25»> B9 (*1) , _ 

GoeLn. Wrodhouse Rlxson (Holdings) (12bp) 3DO 
30 


GOLD MARKET 


LOCAL AUTHORITY BOND TABLE 


Authority 


Annua . . 

grass Interest Minimum Life of 


(telephone number in 

. interest 

payable 

sum 

bond 

Poole (02013 5151).. 

" % 
-• 9* 

i-year 

£ 

■ 500 

Year 

4 

Poole (02013 5151). 

. 10 

f-year. 

500 

5-7 

Redbridge (01^478 3020) 

..... 10 

4-year 

200 

, 5-7 

Thurrock (0S75 5122) . 

. H 

. 4-year 

300 

4 

Thurrock (0375 5122) 

..... 10 

4-year . 

300 

5-7 


CarlloJ 1260 ) 110 (3/1) . .. 

jgsjig-'^aaL » 5 .5 

c?rJ 7 Fo?e?B0 (25p) 53b* . Yfessern ivAO Eof 93* 90 2 

City UnidT (250* 97* t5ll) ... „ 

ciawhoujo isop) sib oil) Kisccllaneous (76) 

■sssfl.°?y» 6 7 ***** >«*■ iiusi> 3sa -®- wtoti ' 

cSn M^rk^n P) 24 Obi VsMxf^ao® Dr * dB " , « 1 


Parlnga i5p' I2ia 

Western iVAO 50) 93* 90 2 

Miscellaneous (76) 

A MAX Inc. UUSIl 234,0. ftpcDU. £60 
14,11 

Ayer Httam Tin Dredging Malaysia Baroaa 
ISMfcl) 240® 

Beralt Tin and Woltram (25p) .44b 8 


UoM BuJlir/n r 

-a finenuO'-e) ^ rom 

■io-e..fti69i s 1701. 5165J«-I66i8 65.2 at noon 

Ofenin-.sl68-^.I691g 51651.-ie6 trading. 

Womin- fis"» 5X63 9 J 5166-30 Euroi)63D < 

It8 .755 (£87.434. . d 'u- do 

Vfiern'nf.s’i 4169 90 5165.70 P 

t£<a 333 . £38.043. a general pri 


at around $1.90 for most of the Fls.2.2837} from Fis^J055. iJsboo.... 15 76.20 ( 8 . 0 J , /7.7D-78 Ou 

day, before the late rise. Sterling's The dollar’s trade-weighted .I i?., i^uD 1 V;S' "A5 S 

u-ade-weigbted index against a depreciation since the Washington ” * b Is-'w M 1 10 . 03-16 05 

basket of currencies, as calculated Currency Agreement, as calcu- tbri»!!!!!"" I 8i; s.ga-9 .12 j 9 . 10 . 9 .i 2 

by the Bank of England, rose to Jated by Morgan Guaranty of New *o>-Vhp»in..j B B.9o-i.o5 } 9.01-9.8! 

65J from 64.7, after standing at York, widened to 4.82 per cent T.^° . f! 4 i ,„ 4 S J 70 ., 


1«'1L Warrantt cgSo’ "it? isT 30 4. 


rhiuf inc <50 d) 44 Warrants 7h ConsolfMied G^ld Ff»rds (25p> J7W 49 * 

&cS C f 5 )p , n^ S5h ,4n * ^^Li.’eS^^ 50 ; 1 ' 3 W " 77 OM Sovrun, 

Dominion Coni. (2501 188 CS/1) El Oro Mining and Esplovaggn .HOpi 57 

Drayton apcPf; 33 '4/1) _ Geevtt Tin Mines I25p) 470 (4'T) 

Dvayton Consol I doted Trust (25P1 144b. Gooeng Con^ (25o) 255® _ ' -J, 

' 5pcPf. 41b (4111. • TbocLn. 124® Kamuntlng Tin Dredging (Ml Bettiao «ote L*iin,... 

Drayton Far Eastern Trust (25P) 30b 1 (iMao.SD) 69 Internal Ny-i 

• <4/11 Rio TI nto- 21 ne Corp. (Reg.) iZ5p) 186 Krugers oil... 


Uornin- fix'* 9X68 9 J 5X66.30 

ll8 .755 (£87.434, 

Xfiern'nfix’i a 169 90 5165.70 

dU.8 383. £38.0451 

'JoM Com .... 

canwti.-niiy 

Kmcemn-1.. J175 177 517(3172 

(£9114-9214 (£9014-9114 

.VewSov'gu-. 3 i 2^4 5 d 0 ^ 4 -— 2)4 

LE2/-28) (£27-28) 

LUrl Sov" run, 551-53 560-62 


^ j£"«?"! l Mr5 fr° r m4« d S- e Jen l “* "" ^ WStd tiS DJMal I IMwVl 

* ,r Sia^SMUnm-iw.Th. ?**“rr! 


trading. Gold rose SSf to S1G9$-1701. The - 

European central banks sup- krugerrand’s premium over its * Ro, . c a Rive nare /or convcnUilc franc, 
ported the dollar, and there was gold content widened to 3.60 per FlnaiKUal franc 63 ,(} ' ra 90 ' 
a general pressure on (he U.S. cent, for domestic and inter- 
currency after its recent improve- national delivery from the pre- other mark 

merit. The Swiss franc .touched vinus common level of 3.93 per 
a best level of Sw.Frs.1.9925, after cent L,, .....J. 


OTHER markets 


e*6l s -27«2 !c£26>8-27i2> 


Rio Tint©-21 ne Coro. (Rw) i25p) 1TO Krusenoil... 5175-177 S170-172 

iAU 1ir i ?! 5 s«lpi k£9 114 - 9214 ) i£90u-viu 

S C .l^ P, |Hrl 2 2 ( 2 i' P ) 69 1SotAP, ‘ 434 VuSovrVu.&=4 %*lM-65}t 


BUILDING SOCIETY RATES 


Alliance v...... 5.i5% 

Anglia .- 5.75% 

Birmingham Incorporated.... 5.75% 

Bradford.' and Blngley 5 73% 

Bristol and West ..^.,...'._ 5.75% 

Bristol Economic ' 5.75% 

Britannia ._....;» v 5.75% 

Burnley ..“....... . 5 75% 

Catholic ..1... 550% 

Chelsea , .......................... - 5 75% 

Cheltenham and. Gloucester . 5.75% 

Citizens Regency ..:.. - 5.75% 

City of London ... 

Coventry-Economic.'.- 5.75% 

Derbyshire - ... 5.75% 

Gateway .. 5 . 75 % 

Greenwich .- 5;75% 

Guardian ..... 5.75% 

Halifax ... 575% 

Hastings and Thanet 575% 

Heart or England .. 5.75%. 

Hearts of Oak & Enfield ... 5.75% 

Hendon ... 600% 

Huddersfield &.Bradford 5.75% 

-Leamington Spal- — 5-35%. 

Leeds Permanent. , 5.75% 

Leicester ...... 5.75% 

Liverpool .....'.... 5.75% 

London Goldhawk ............ 6-45%. 

Magnet & Planet 5-75% . 

Mellon Mowbray ... 585% 

Midshire ..... ®**®5 

Momlngton . — 5.70% 

National Counties -. 600 % 

Nationwide . —. —5.75% • 

-Newcastle.. Permanent ...»•■ • 5 75%; 

Northern Rock. 5 ’I-a? 

Norwich .... 5.ia% • 

Paisley .^.. 5.(0% 

Pcckham Mutual ,„«««.«•» 6.00% 

Portnlan 1 ...... . 575% 

Progressive. .. 

Property Owners. ■5 75% 

Provincial. .. — 5.75% 

Skipton ... 575 % 

Susses .Mutual.6 05% -- 

Town and Country-1-.- 555% 

Woolwich .J.... -o-f 5% 


Deposit 

Share 

Sub'pn 

Rate 

Accnts. 

Shares 

.575% 

-6.00% 

7J5% 

5.75% 

600% 

7^5% 

5-75% 

6.00% 

725% 

5.75% 

fi.oo% 

7^5% 

5 75% 

6.00% 

7^5% 

5.75% 

'6.00% 

7J5% 

5.75% 

6.00% 

7-35% 

5.75% 

.6.00% 

' 7JI5% 

575% 

6.00% 

7-25% 

550% 

•6-20% 

7J25% 

5 75% 

640% 

7^5% 

5.75% 

6.00% 

7.25% 

5.75% 

640% 

7R0% 

?A25% 

JA50% 

7.45% 

5.75% 

6.00% 

7^5% 

5.75%- 

. 6-00% 

7-25% 

5.75% 

6.00% 

7.25% 

5:75% 

6-10% 

750% 

5.75% 

A25% 

6.50% 

575% 

£00% 

"755% 

575% 

R00% 

755% 

5.75%. 

6.00% 

7.25% 

5.75% 

0*25% 

7.75% 

000% 

6-50% 

— 

5.75% 

6-00% 

_t7^5% 


6.00% *10.00% 
6.00% . 7-85% 


v.. • .•Term Shares 
7.00% S- yrs.. A50% 2 yrs. min. £500 
7.00% i yrs., 640% 2 yra., 6^5% 1 yr. 
7.00% 3 yrs, 650% 2 yrs., min. £500 
6.50% 2-yrs, 6^5% 1 yr. 

7.00% 3 yn H 6.50% 2 yrs., min. £500 

6.25% 3 months’ notice 

7.00% S-yrs, 650% 2 yrs., min. H.000 

7.00% 3 yra, 6^0% 2 yra. 

— • M5% over £5,000 

6.75% 6 months' notice, minimum £500 
7.00% Syrs., 6.50% 2 yrs., £500-£15,000 
7.55% 3 yrf over £5,000 
J7^5% S-yi. increment share, min. £500 
7.00% 3 yrsL,.Cap. Shares 6 j0% 

6.50% -S-months’ notice, minimum £5,000 
7.00% 3yr& K &50% 2yrs. min. £S0O-£15J»0 
7.10% 2 yix:fixed 1% over Share Accts. 
6.95% 3 months’ notice, minimum £1,000 
7.00% 3 'yrs^ 6J0% 2 yrs. 

7.00% 8 yrs^-6.50% li yrs. £250-£15.000 
7.00% 3 yrs^ 6.50% 2 yrs. min. £500 
7.25%. Sjfs. 7.00% 2 yrs., S.75%1 yr. 
7.00% 6 months’ notice, minimum £2.000 
7.00% 8 'yra.j 6.50% 2 ynL, £100-£15,000 
6.85% 8 years ... 

7.00% S yfSn 650% 2 yrs., £100-115.000 
7.10% 3 yrxi'6.60% 2 yrs., min. £1,000 
7.95% S.yrs, 7.45% 1 yr., min. £1.000 
7.00% 3yz&, 150%2yrs^ 650%6mths.not 
6^5% -2 years -• 

7.08% 3 yrt; 650% 2 yrs^ min. £250 
6.75% 6 months 

7.00% 3-4 yra* min. £500, 6 50% 2 yrs. 
7.30% .S yrsL, 7.00% 2 yrs. . 

7.00% 3 yra., 6.50% 2 jts.. min. £100 
7.00% 2 yts..jninhn'am £500 
7-00% 2 yra, 650% 2 yra., min. £500 

7.00% 3 yrs^ 6.50% 2 yrs.. B^5% S mths. 
7^5% 3yrs^, 7% 2yr&, 6.75% 3 mths. t»L 
6.90% 3 mths. noL ■ 5.00% to limitd. COS. 
7.00% 3A yrs.. 6.50% 2 yrs. 

7.00% 3 jts, 6^0% 3 yra. 

6.70% 3- months' notice, min. £500 
7.00%' S-'yes,. £1.000^15,000. * Max. J250 
7.00% 3 yr^, 6.50% 2 yrs. 


Sxlnt Pirxn 125D1 60 _ 

Sflrccicm T*t. (25 d 1 S98 403 
S-IvyrnUnes (2 bo) 37b 
South Crony C l On) 590 ^ 

Southern Kinta Cons. (M) B«rtiad 
rSMiO.SO) 150 <4/11 
Southern Malayan Tin Dredging (Mi 
Bvrhad fSMgl) 255* 

TvnJcmg Tin Drcdalng (1 So’ 98®. (Slit 

TahCdv Minerals <10pl 42 CS/1)_• _ 

Trcmoh Mines Malaysia Bertiad fSMal) 
152® 

Rhod. & B. African (17) 

Botswana (Po2) 17 

Falcon Mines <250! 163 (Sil) . 

Globe PhoeaJx Gold Mining (12bP) SSLt® 
■1>:® (5.1 > 

M.T.D. (Mxngula) (2Sp) 48 (5-1) 

Minerals Resources Corp. CSBD1.40) 127® 

8 G 

RDodHiao Corp. (1G1D) 19b* b 20b 
Tanganyika Concessions (50 bj 136 (5.'1) 
Wankie Cdlery (500) Mb® 7 5 6 8 9 
_Sb 7b Bb 


S’eSnvr'KU'5Ssa.s4 Sbltg-6Blg 

(£157-281 ;£3s7i®-aai«. 

■Jbl Sovr"-i» 851 r3 S5D»«-C2*4 

K£8*ig-S7isi r£3fls«-evsai 

S20 Hafiie- -I5849.4&2 J 4246-249 


EXCHANGE CROSS-RATES 


Jan. b \f laiikiui l Aru Xuta 

Franktort . — 2.134-137 

New YwL«. aeJki 65 - 

Pan. 221J0 70 1.7285 7376 
BrnwbU—. lb. 48-63 63.15-20 

London ... •J9|H I.BZj. 931 
\nr-t"«Um.. M 51- 68 L29GS-» 
Zuridl .... 3 75 34-251 2.CQ3-f>13 


rvpnt ' iVrlr- l!at< > 

b Aremtlnii.lISa.4fl-llB6.6f\r W *niiiiv 11100-1200 

A,tmil,.. I.6674-/.584ZI\n-ina. SBlp 50 

Uru-.ii. 3D.4S aft. 6 c >iv?.™:uin .. 52-t4 

> Fluiand... 7.70-7.75 [-'ra/i:.J 53-iif 

f* roece.68.Mi.fi<.74j|-.'finn. 1 n„ 2 0B*jJ. 1 D 4 

ms gm -a-.iar p^«*-gj:R“* (jSS^rKif 

n^4046E 4J.6347B «. 9 > 95.20 1 6 20 80 N “-5*0-0.140 [jeriiuni ■ 

3.034)4 1.915UK2JC 45.70 81 49 60 90 MiWMh V- «-7gj* .g5 Mn-v. f- rfi-BO 

U^49i85 9 005 025 fel6 54 '34 I*) 66 1 -■ f. 

63.70-Sb - 4 . 401 41j >6* 57* wuih ArH hrtheri’n- 4 »«d 

4ftl75-fl22t aj?ftv76 _ 1131)65 605 j4-45584.4rai|.N.-.ru«v... H.B5 P.0S 


6B9-7.06 — rSOb-ra 14.4247 

910 13 63.7085 - 4.40* 41J .Pb* I 

R.9I7S-e22t a^7£-i-75 - 113 555 

2 397 6535(6 0503057? 1>3*3-Mi4 7 9 * 88.661 - 


CURRENCY RATES 


U.S, S in Twnnir, U.SLS.= K®.(*-fQ Canadian eeois. 
OaBBdlao 3 id Sew York=91.37-39rente L A S in Milan 874.40ftO 
Sterling in Milan 1665.60-li3S6JX 

EURO-CURRENCY INTEREST RATES* 


S. Alrlni.. I.S4S7-I.6G94 IVniicai.-l 85 13 

UJ*. -jpaln. 158 li 5 

Uansdn. S«-its",an-< ! JBB 515 

l"?i . Ujj.n.iO 1 .. a 

IT.S . pent- . 9JL40.9l.4S Yu wlarlul 57-1 8 

Rate given tor Argentina Is free rate. 


Sperfa' 

Drawing, 

RiirfaU 


'ter, ing.- 

ti.S. dollar. 

.’tnaliu. 


Zambia Copper inyestniefits iSBDlL24i I \nstrla >eh—. n/v 


0.635237 
1.20822 
1.32179 


! 12 k® 

I South African (50) 

Anglo Amerkan S.A. (RO.lOi 2 S 0 8 


Jd,i^au Irene.| 
Janleb sir>na. 


40.1189 

7.10433 


Anglo American S.A. iRO.tOi 2SO 8 iWiLu-lientirfc 2.58539 
Anglo Amer. Gold Invest. «R1) SUS2S® .“uii tar 2 77SEq 

AiHtlO-TranSvaar COrsird. >RO.b3i B® ISHl 

BlLhonsgate Platioum iRO.tOi BS® 9 .-ran.-P Iran3.71669 


BiUiopsgatv Platinum iRO.tOi B5® 9 .-ren.-P iran-.. 5.71669 
Blyyooniitzlcm Gold Mining iftC.ZSi 290® lUilaa >lra...^ 1096.77 
Bracken Mines (R0.90) SUS1.02 tell) Isnnp-eren.. 291.181 
B^eWonlH. Gold Mining iRl SUSISb* Xvinm 631174 

Cbwltd. Mdrehicga (RO.lOi 26o (S/1) ’P*m a Iy 

Coroiuuon Svnd. ,R0J5i 48 40 2 >werti*h ttnn, n/v 

East^ DaggafantedD Mines mi SUSDJ2 - w ,.. (nne.^. 2.44 987 

East Drletouteln Gold ■ Mliflng IR1> . . 

SUS9-2Q® -—- - - 

East Rano Consltd. HOpi JO (Sill __ /«>,„ 

East Rind Gold dranlum IRCftOi 304 |T COlvV 
East Rand Proorterarv Mines iRO.SOi 310 WteL VVil V 
Elclmra GoJft Minina «R1 1 lftfSffl fS'll 
Free state Gadoid Mines IRO 50' '12.19 
Free State Saalplaas Gold Mining 9S 
‘111 l 

Go's Fields S. Atrlea 'R0.251 91* 

Groatyiei proo. iROJfS- 134 
Harmony Goto CfiO.YO) SUS5.2S® IUU 

lenaaneiburg Coesd. Hives!. R2» 10b* N ame and d 

K^htpii Mires iRl i 290 (S/1 l 


European 
Unu oi 
Aecoan t _ 

J«»iLUirj' 6 

0.637358 

1.81267 

1.32806 

183646 

40.2667 

7.12788 

B.5U5D0 

2.79017 

5.74728 

1062.59 

292.530 

6.33922 

98.1875 

5.68518 

2.45080 


Laiuuiw L»ui.-Ii awiu , n.(ir.miu FORWARD RATES 

Jan. 6 Stern ru: Ik. I la, C.s. Itei®i Cm We, i*anr | mm a _ _ 

. ~ — T~ - - --— - - — - - —— -!— --- | iin,- i.i.mrli llirfr momli 

tShm-i term... 6«e 65e 6-7 65a 67g 5i*-5ts ij S, 2^.-3^; _... , , .... ___ 

7 nay* 0*4 Wr 6ft»-7 6-7 7-7U |Ja-Sl 8 J*Ja f r"« Xnr Kweb-IB f.21J.28-U.38. nin 

Uontb.?5 b 6?4 6Tft6U Sl 4 'Si! v, 69 -** 27 R 3 Jinonest. 0.-.7-D.I7 . ,1u J.50-U.4O e. ,11a 

rbreemwithH. 65e 63, 67 B 6Ja /-71< V.’’ 1 .* 4 **" 8 4 AnisiMun 5s .-.(.m Sg - *1U l*e % . i-m 

Six months.... AVIA 7Ji »*a 7Se-7Sa 3l ^ lE s Drawl*... 10-25 .His 55.50 urc ndls 

One sear7-7l 8 7iq-7Sa 7lg-73 4 57 a 61a 11 >j_L'op’nhcn. 14 16 .,roi1tv 32i 34i ore -lis 

Franklu-i Il4a- S a l’l. |in llij-alj (■! | m 

Euro-French flepedt rates-. wm!o M-*l per cent.: seven-day ifl-ifl) per ts?nt.; 5-inV.<n.[5^, 151a.. ol- liaO-6'JOi-. itn 

one-month 111-111 per cent.; ihrcr-monm 11 HU per cent.: sSz-monlil 13i-l31 per a®inil,.. l8 -150 >jln |35a450.-. ii« 

cenL: one year 334-lU per emu. Milan..114 28 lire di* 58-47'ire.1i» y 

Long-term Eurodollar deposits: two years 71-S per cent.: three Fears 8-81 per Oslo™.|l0 12.vedi« 263, 2BJin-rffa 


I cent.: tour years 81»-SJ^ per I'eni.: five years 81-84 per cenL 


Farls..5 Ij- 41« ■. ills 


The following nominal rates were quoted for Unarm dollar certificates of deposit; Stn 9 th":iii | 8 10 urc ills 
one-month 6ft5-6.93 per cent.: three-manth 6 95-7.05 Per cent.; six-month 7 20-7.30 Vianm |l .-25 cm.ll* 138-58 ■ 
per cent: one-ye ar 1ft5- Tft» per cent- fiiirtch.’ijdJfi J ifl -.pm 5 S. 4 }^ 

■Rates are nominal dosing rates. —. -—-■ — ■ - 

Short-term rates are call for sierllng, dollars and Canadian dollars: two Slx-momh forward dollar 0.57-8.' 
days' notice for guilders and Swiss francs. 13-momb fl 90-1 00 c. dJs. 


12-monib fl 90-1 00c. dJs. 


Il3i-14ii. <J1 b 
20 22 .mile 
158-58 Slfill, 
|55*«4 Aj i-. pir 
r o.«7-a.r7c."disT. 


UiL CONVERTIBLE STOCKS 6/I/Z8 


British Laud 12pc Cv. 2002 
Change Wares 12pc Nt.Cv.Pt 


lanamwsSHifB cwi«i. mvni. R 2 » to be Name and description 

Klnroll Mires tilli 290 (S/1 l '" "" '■'* . . 

a 056 - 75 * Alcan Aluminmm Spc Cv. S9-&4 

lorame Gold iRU too® . ——. , j _ ■' 

tvdenh u ia h«. fkfi.igi»' 54® ^ Associated Paper fljpc Cv. 85-90 

Mwenli Com). iRD.SOi tUSl.50 *4J1i ---- lr . __ 

fTranSteali Dete’esmem *0 50. Bank of Ireland IDpC Cv. 91-96 

mi-mi- whniwfiid (Western Areas' _ . . . , .——rr**—— 

■40.351 i|o® so® Bnti.'h Land 12pc Cv. 2002 

Rres'ijvitt Brand Gold HtD.SOt SUSISb-- ... 

Gtevn Gale ffto-Mi. 632 Change Wares 12pc Nt.Cv.Pt 

n»»dtente/« ews-^cwM wxwaiertniid »R 2 i English Property 6ipc Cv. 98-03 
Pten Pi»t Hida. (R 0 . 10 . 74* it English Property I2pc Cv. Off05 

1-mw Beserk <R0.10) 158 62 fSfll --. — ----— ~ ~ ~ ~ 

^sniti African land t* >ro w\ 5°« *sn* Grand Metropolitan.lOpc Cv. 91-96 

stlltofiteln 'R0.5O1 202* 4 31 b 30----—- 

IZJTZZ. ro«,:* mbT® B% Hanson Trust. C ipc C v. 88 93 

vpi^r™ iriUai m mi® HewdeinStuart 7po Cv. 1995 

•r'vir'QiMoin '01) 11150 86 _ ’ . ■ 

Wri OrtetepteJ" «R1« «US26b 5«» <S'1» PeOtO S lOPC Cv . 1985 

SSpf.' ihv 5,1 Slough fc^ates 10 pc Cv. 87-90 


' Con- 
Size Current ■ version 
(£zn.) price Terms* dates 


Premiumf 

Income 

Current 

Ranget 

Equ.g Conv.ff Difftf 


. Stitiiclcs provided by 

dsto STREAM InternoUomif 


taar(-)^ 


Current 


'*'-5*eni fftOWi 14 io - 
■Vl'ikelllaaff -B'» SSft- 3 ' 

West African 

Auiai. Tin Nigeria iHidos.) iloo) 2»f5/1) 

8'tichl Tin llOal fii, '£n, 

Diamond (13) 

Dr Beers Conte 40p;Pt .4-j - iRSi 9i9 


Tozcr. Kemsley Spc Cv, 1981 _ 7.33 9100 153.9 74-79 

WilftiltyoiTMatch lOpc Cv. 83 BS ll.10~~~1P2.00 40 0 7BS3 

* Nuntwr ol Ordinary shares into which nM nomtuti d comrvnime ■iulIe is convembh! 


-10 to -2 

- 8 to -2 
10 to 39 

0 to 27 
-II to -0 
40 to 66 
-12 to -2 

- 9 to 5 
—15 to -S» 


* 11.1 27.2 IT to 311 11.9 11,0 - 1.3 -SS .6 

? 9-6 19.7 2U to 43 PS.S 39J 13.5 - 

The ektni cusi ol mvesiinrnl in canvrninle eypn-ssM a- wr cent, of tho 


•t*«« 4 ™»» '““ie ta ■{ussjrssssi'sssi' 


In ordmary.sharp rates. t’Moneymaker Shares. 


8 rttisn-Borneo P.5 IIOP< ISO J5,'1t 
British Petroleum 85420 66® 58M 84® 


Bmterlyfns Ww. + Is an Indication at relative cheagnew, - la u IsiUcRthm of relnlw dearness. “w™* w m k, ccau « me value of 











22 


Financial Times Saturday Januaiy .71978 



EXCHANGE REPORT 


u 


Second-line shares again attract bulk of equity trade 

Index up 11.9 on week at 497.3—Gilts uncertain—Golds rally 


Account Dealing Dates 
Option 

‘First Declare- Last Account 
Dealings lions Dealings Day 
Dec. 12 Dec. 29 Dec. 30 Jan. II 
-Jan. 3 Jan. 12 Jan. 13 Jan. 24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 

* " New time 1 dealings may take place 
tram 530 a.m. tuna business days earlier. 

Currency uncertainties and 
interest rates continued as the 
dominant influences in stock mar¬ 
kets yesterday although confirma¬ 
tion of the cut at 1 to 61 per cent 
in Minimum Lending Rate was 
in line with expectations and 
made Nttic impact on sentiment. 
Down, by as much as £ in the 
early trad**. Gilt-prized rallied with 
sterling on second thoughts about 
the changed U.S. policy to sup¬ 
port the dollar which had fairly 
violent effects in money and 
related markets on Thursday. 

The absence of new tap slocks 
also helped towards a better feel¬ 
ing in The Funds and quotations 
ended with losses reduced to ? 
which left the flovernment Securi¬ 
ties index 021 off at 77.8S. 

Gold shares rallied well with a 
S35 mck-up in the bullion price, 
at Slfiftl an ounee. and the Gold 
Mines index put on 6.3 at 136.6 
after the previous day's drop of 
3 points. 

There was little of substance 
m enuitv shares, the leaders see¬ 
ing little trade of note with the 
bulk of rhe interest again being 
centred on the smaller, more 
speculative, issues. However, tech¬ 
nical considerations continued to 
underpin the market in the 
leadens and the FT Industrial 
Ordinary share index put on 2.8 
at the day's best of 497.3 which Is 
11.0 up on the week. 

Official markings of 6.426 
brought the wpek'js average to 
3.393 and pointed to the busiest 
trade since early November while 
the firm overall tone was reflected 
in the 11-tn-4 majority of gains 
over falls In FT-quofed equities. 
The FT-Actuaries All-share index 
hardened to 217.99. The Prnpertv 
•nih-scclion rose to a 1977-7R peak 
of 953.82 heined hv the cheaner 
credit conditions; the sector has 
also benefited bv figuring 
prominen'ly in New Y»ar tips. 

Gilts dip and rally 

The efforts of over-enthusiasm 
for the recent tap. now exhausted, 
were still apparent in the Gilt- 
edged market. Together with the 
im ponderables about Minimum 
Lending Rate and possible re¬ 
placement tap issues they caused 
initial uncertainty which saw 
early quotations fall as much as 
l at the longer end: the shorts 
were then a maximum of 2 lower. 
Sizeable Discount House selling 
created additional nervousness 
among the latter but the offerings 
were eventually absorbed and 
before the first indication of the 
cut in MLR a recovery had set 
in. Confirmation of the Tall to 
6} per cenL in the rate and the 
absence of any announcements 
regarding new tap issue encour¬ 
aged a rnntinn^ion of »hc rally 
and after the 3.30 pjn. close quo- 
t!i'-n»i- were reverting to over¬ 


night lerels, .Sterling’s late rise 
on foreign exchange markets 
underpinned the better feeling in 
the Funds which is expected to 
continue on Monday. News of 
the 1 per cenL hikes in many 
I'-S. Prime rates to S per cent 
were disregarded and had no 
impact on sentiment. Corpora¬ 
tions appeared slightly mixed but 
Southern Rhodesian Bonds were 
bought as optimism returned 
about the current peace talks; 
rises of live points were seen in 
many maturities including the 6 
per cent. 1978/81. at 183. 

Slightly less volatility was seen 
in the investment currency mar¬ 
ket the premium moving within 
the much narrower band of 70} 
and B8£ per cent in an active two- 
way trade before closing a net 1] 
points down a t 69 per cent Yes¬ 
terday's SE conversion factor was 
0.8039 10.8037). 


per cent, of BCA it does nor 
already own: APC closed 3 better 
at -72p. By way of contrast. Aus. 
tralian concern Jennings fell S 
to inop. 

An encouraging report made on 
the industry-in a Government 
Trade and Industry publication 
failed to stimulate Chemicals 
which closed qaietly firm. I Cl 
closed only a penny dearer ar 
354p. after Safip. British Tar 
Products gained 31 to 57p. 

Howard and Wyndham issues 
were marked higher on a 1978 
investment recommendation, the 
Ordinary finishing 4 to the good 
at 22Jp and the A 31 higher at 


Banks easier 


Early improvements of up to 
5 in the major clearing Banks 
were quickly erased following 
Barclays' swift move in reducing 
its base lending rate a full 1 per 
cent, to 8} per cent, in the wake 
of the cut in Minimum Lending 
Rate. Barclays ran back from 
352p to 345p, making a small loss 
of 2 on the day, while Lloyds and 
Nat West which followed suit and 
cut their rates performed simi¬ 
larly. both closing 2 easier at the 
common level of 295p. after 300p. 
Midland, however, failed to an¬ 
nounce a reduction, but also 
closed 2 off at 395p. after 400p. 
Elsewhere, overseas issues drifted 
lower on investment premium 
influences. Commercial Bank of 
Australia lost 6 to 177p and 
National Bank of Australasia 8 to 
iSOp. Merchant Banks encountered 
selective support with Keyser 
Ullmann notable for a rise of 4 at 
49p. Arbutfanot Latham at 160p, 
improved a in response to an 
investment recommendation. 

Life Insurances continued to re¬ 
flect bullish comment and closed 
firmer throughout. Britannic put 
on S fo I72n and Hamhro IJfe 
rose 7 more to 302p. while Pearl 
ended 6 to the good at 23Hp. 

The emphasis remained on 
secondary issues in Breweries 
where Builonwood stood out with 
an advance of 12 to 157p and 
Wolverhampton and Dudley, 199p, 
and Border, 72p. gained 4 apiece. 
Elsewhere, Irish Distillers ad¬ 
vanced 11 further to 132p. 

Buyers continued to show an 
interest in Buildings. Fresh 
speculative support in a thin 
market lifted HL and R. Johnson- 
Ricbards Tiles 6 to 346p and 
Ncwarthll! 5 to 185p. Ellis and 
Everard put on 6 to 90p as did 
Cement Rnadstone, to 128p. while 
Manders were notable for a gain 
of S at 93p. Burnett and Ballam- 
shire. 165p. and International 
Timber. 129p. rose 5 apiece and 
Warrington hardened 3 to 38p. 
Suspended before Christmas at 
53p, dealings in BCA were 
resumed at J30p following details 
of the minority bid from AP 
Cement for the outstanding 23 



similarly dearer at 21 !n bneous industrial sector yester- 99p. and Haslcnierr Estates, 253p, 

Vickers reacted jo is3n before day. I CL were particularly gond the last-named still reflecting bid 
welding at ISSp for a net Tall of a! 244p, up 12. after 246p. with possibilities. Likewise. Bernard 
7 follow inc the company's official sentiment buoyed by recent bull- San lev moved up to 216p before 
denial that it was nearing agree- comment or. the annual report casing to close a net 2 up at 2l2p. 
mem with the Government on and accounts. Still on hopes that Great Portland put on 4 to 330p 
compensation terms for its ship. Sterling's recent firm performance and Rush and Tompkins, which 
building interests VuMwr. up 14 spark off a big demand for has sold Its Seven oaks industrial 
at 154p. and Yarrow- fi dearer at cheaper overseas holidays this estate for £3Sm- hardened to 
25*0p. however, responded to >'«**■» Horizon Midlan d s hardened uip. Or the smaller-priced 
recent Press comment about 2 mar * to SSp and Davies and .stocks. Midhurst Whites improved 
possible compensation terms. ; Nwn ? 11 * «® Ca ™ t ? n * In ' 23 to 34p. 

Secondary Engineerings en- tcrnatlonal at 9Hp. and Leisure Exchange rare considerations 
countered selective support. " HijT^Lkivd^late^ eaiewil a react on in British Petro- 

Pcter Brotherhood pul on f, to **”* brum which, at 842p. surrendered 

106p and Newman Tonks 4 to JJJ? a” of Thursday's gain of 22. Other 

71P- while Westland continued to }*JP “g ,,'n b losses in Oils were relatively 

renec. faction «iLn lh, pre- ^'-Jg a Vli <rf and h ero andI Ihar, ninor 

8 a l 123fi. Furr her consideration J£?f f s ! 0T *3 ieDtS R ,^_ n 

or the good third-quarter figures SMSS&aJK? 1 !!*Sfc 4 i n 
heined 31organ Crucible improve £'* E x pl°ra»1nn back 4 to _^p 

4 more to I27p, while Northern bu . r j? s m t , 

diAi-vwV iin m o(\n raised Siebens (l-.K.J that amount 


21 Ip. Elsewhere. Anglia A put on 
6 to BOp in a thin market. 


Engineering moved up 2! to 90p r«.«frieted marker 

on an investment recommend- 12 j n . a J? ifl. » JPiSSl' 
ation. Gestetner A added 4 at Oydc Petroleum rose 6 to ■HWp. 
IMp; the preliminary results are Ei-wwhere. mveslmem «nw 

due on January 17. By way of b fj ped R«£2T e ,ii?ki!i 

contrast. Esperanaa Trade and 186 P. while BrjtKh-Bornwi picked 

Transport lost 7 to I56p following “I* 4 t0 *j®P. fTS? 1 jSLfr 
rhe disappointing first-half profits. flu |"=f s *“£ 

Of the quietly firm leaders. Gl»*o % £3fl<. an d S from Meeks Natural 
put on 5 to 6I0o and Reed Inter- Resources, at 90. 
national gained 4 more to l39p. Despite a 1978 investment 
Rank Organisation, however, re- recommendation, Furness. Withy, 
acted 3 to - 2fi2p after recent at 339p. lost 6 of the previous 
strength: the results are due on day’s speculative gain of 17 in 
January 23. Shippings. 

A lively trade developed in Textiles ™de further PJo^ks. 
some Motors. Demand ahead of although interest was a httle 
the interim mmi'f* due next more selectite. J- 
Wednesday, left ERF S to the &n«cd in demand at 99p. up 3. 

good at 137 p, after i 39 p, but s«nul 2 r improveDm^s were 
further consideration of the 5jad° b> Parkland A, fiSp, and 
interim statement prompted a s » ,r “ ar * J °P- 
reaction of 4 to 56p in Fodens. n . , « 

Among Components, Lucas vxOlGS rally 
advanred 6 to 2S«n and Dowry ^ teeaw „ in the bullion 
? *° 1 ? p i^. h;Ie B " edPn price, which closed $3.73 higher 

liminary results and closed 3 JLJ? aI <*** an 011 nce - prompted a 
dearer at 48}p. Uke and Elliot SSSlSlSSSt 3 "n 


FINANCIAL TIMES STOCK INOiCCS 


' . • 


Jmi. 

Jan. 

Jan. 

1 tv.' ■" 


— 

1 , | 

' 

4 

O 

-V ' 

“ 5 

Ijiurni'i-ci'i '*«- .. ; 

"77.8b! 

78.08 

75.3 b 

78.68 

78.09 

77.93^ 

Fixi'.’ Inirtrs*. 

oii.sj 

81.1* 

81.17 

81.03 

80.73 

8060 6t 

In-(u«tna •*' 'umri 

4B7.3-. 

4B4 S 

487.0 

489 6 

486 4 

490.6 - 38 


136.6 

130 3 

158.3 

133.7 

335.1! 

139.6 It 

■ tnl. Ihr. Ymiil.' 

8.41' 

5.43 

3.30; 

9.92 

5.51 

5 45 -4 

l^rninss V -••J.- 1 «i 

1645: 

1647 

18.73 

10.78 

16 74 

1667 19 

t*-K llntlii •lull t B ft. .. : 

aea 

8.81 

8.48 

8.45 

8.47 

8 « . i 

Ocollll^O ourkrtl. 

6.436' 

6,231- 

4,747. 

4.178 

4,818. 

7.8 

Kqiniv uirtP'vi-T Bni.. 

_ i 

76.98 

69 54 

49.10. 

52.68 

63.88 B6 

Ki|ittlv )-r«4"i‘ ' 


16,287 

14.719 

12.097 

11.049, 

U. 148 lii 


Hi a.m. 4MA 11 a.m 4S8.7. Now rw*. 1 pm - 

rpmlNj 3»i» Ml 

LHMt IWta> M-Mfc •)». 

• Rs»-d m X i»-r I-PJU. wnwauon *»x- »Nll-S la. 

Buis 100 13ml Set*. Ilia* Fu«l »«■ t»? !«* q »4 i-tys 

sikwai'A se Aciivit* jn!jr-D«. i»k. : Com-Mi-d. 


HIGHS AND LOWS 


S.E. ACTTVlt 




Lira 


Hull' 


KIm-iI lilt.... 


79.85 

81.23 

tc-l i'-i 


I nil. Uni ; 549.2 

1 iU.-ii 


b0.4b 

,».|; 

60.4tl 
f* l« 
357.6 
il- h 


147.4 

iP-I.Ji'i 


!•« 

4B.X6 


Ju. 

a 


n 


Until UiiM'l 174.0 

) Ip lo¬ 


ss. X 

• I 2. 


—Hum 

iiIII UiEfiiW.: 190.3 
lU'lmlrttv. .. 222.7 
ipn-uiiliir.; 46.4 
.... • . 146.3 

; tv 4 -,, i liw-tasfti — 180.4 

. ,1*.*! .IV , m.jurtn,,, . 178 6 

- 442.3 ' 43.S .' -'ll- nwrivH.. > 4.34 

il ■ ] r-»n «.; tgo.a 


150.4 ' 50.53 

11.474 i3 rir-i 


% 

ML 


16% 

:» 

lOTi 


4 


Musto Exploration stood out 
among Canadians as profit-taking 
lowered the price by 12 to TSp. 
Falls over the last two days have 
amounted to !7p. following a rise 
of 22p on Wednesday when news 
of a US. oil and gas find was 
announced. 

Australians had a steady under¬ 
tone. but the easier dollar 
premium led to frequent falls of 


a few pence in light tun* 
Coniine Riotlnlo were 9 bwt 
167p after falling in Sydney.^ 
night. Hamersley were 19 ff 
at 170p and. In the coal » 
Tfaless went 8 easier to lp- 
Coppers and tins were u 
and Gcevor remained unc 
at 470p following its arr-^ 
ment of a sharp increase in- 
yearly profits. 


Stores qaietly firm 

Leading Stores closed on a 
quietly firm note. W. IL Smith 
“A” put on 4 to 165p. Elsewhere, 
Martin the Newsagent gained 6 lo 
244p and NSS Newsagents added 
3 at 11 lp in sjmipathy. Wallis 
moved up 4 to 5Sp as did Wilkin¬ 
son Warburton. to 70p. Rainers 
tJewellers), at 93p, retrieved the 
previous day's fall of 3 following 
further consideration of the 
interim results brj Knott Mill 
receded 2 to 10p following the 
increased first-half loss. Cope 
Sportswear declined 5 to 85p in 
a thin markeL Irregular Shoe 
concerns had George Oliver “A“ 4 
better at 50p. but Slead and Simp¬ 
son 2 lower at 35p: the latter 
afi°r the half-vearly results. 

IL Wlgfall dipped shgrply to 
l37p on the half-yearly loss 
before recovering to close only a 
penny lower on balance at I50p 
helped by the forecast of an over¬ 
all profit on the full trading year. 
Elsewhere in the Electrical sector, 
demand continued for Dale 
Electronic, up 8 more at 160p. 
after 162p, while Comet Radio- 
vision advanced 6 to 168p. Lee 
Refrigeration hardened 2 to 79p 
and Dnwding and Mills 'were 



appointment with _ _ 

statement. Good gains were recorded in impetus from US. buying which 

Foods continued firmly Asso- selected • Pa per/Printings. Runzl started overnight. Presidcnl 
dated Dairies ended 6 to the good Pulp. I93p. and Watmonghs. Dip. **"•»«* c, ood «'»u n l«nn of 

ot 273n. after 276n. while Tate aril rose R ani'pce. wniie J»*Tnraon 97 to 847p, while St. Helena were 

Lyle closed 4 better at 218p, aFter Smnrftt improved 5 further to 92 up at Win and Randfonlein ; 
220p. following news of the £73m. 210p and DRG put on 4 to 13fln. hicher at £301. 
contract to develop a sugar plant North-Sea-oil^enthusiasm together The stronger bullion wire also 
In Swaziland. Robertson Foods, with continuing vhare-split hopes helped Consolidated Gold Fields, 
however, came on offer after the again assi«ted Thomson, up 3 where trading was encouraged bv 
recent useful improvement and more at 7J3p. vague bM rumours involving an 

gave up 5 to 140p. Supermarkets un-named U.S. consorlium. Th*’ 

to make headway included PrnniM^inc *rnt\A share? were 10 harder at UHn 

J. Sainshury, 9 to the good at * r aP“Fnes gOOQ London buying interest. )i r t«ri 

M7p. and Tesco which put on a . . Hiarfer 8 to ISfin. but the mhe*- 

pennv further to 48 tp. Properties a^arn Bgiired promt- domee»i/- flnnnr 1 **! Selection Trust 

Pollowinn the eesh end there “ h ?!»J jftg?. °“ r *T7 .ere rentnrele* 

exchange offer from Coral Leisure. [S^<oct?Srh UVlS?Smfuta “J 1 

dealings were resumed in Pontin's o -^^d WEPT iS? ™TSt 977 W , ,' , ’7 rT1 . nnri ** 7 
which closed at 46p compared with 5 i fi ? v ?° r lpd 2, 

the suspension price of 38 d Coral 3 and 2 h L-« er respectively but dpmsnd for De Beers whic*i 
U-Ure ended 6 iSwer at 12 Sp "5^ went Mn-cd at 307o for a gain of 17 

mSSZ *e bid currently worth rSSS LS?! 1 There were also reports of share 

jusl over 44p per sare. Elsewhere Sj^d rSlS" ?‘? c,1,n! V fr ? m London tn r 

in Hotels and Caterers specula- ■ . .- t0 * * ha ™ *1** ! n , C f ntTO ‘ Johannesburg for the purpose of 
live interest was seen * Adda jSffJSPlS’ SStSS** cr V" inz panties Randstherr 

International, up Sat 36ip. mS 9 and the Ordinarv 8 to the Among Rhodesians. HanWe had 

common level of 90p. Ai?o its highest turnover of recent 
in improve notable were Clarke Nickolls, up weeks and responded with a rise 

mipruve 3 at 60p on an investment recoin- of 6 lo 39p after rouclHn® 4lh» on 

Secondary issues claimed most mendation. while similar garn-s revived hopes of a political scttle- 
of the attention in-the mfscel- were established by Beaumont. menL 


RISES AND FALLS 

Ycsfprdav 


On the wi 


SrltMi Funds .-.- 

Corpus. Dominion and Foreign liinaa - 

Industrials . 

Financial and Prep. 

OPs ... 

plantation ..i-- 

Mines ..-.. 

Recent Issues —-.-— . 


Totals 


Up 

Down Santo ' 

no 

Mni 4 

m : 

3 

6 ) 

T 

M 

12 

t 

46 

» 

a x 

587 

210 

71b 


«s .< 

149 

m 

235 

306 

W6 

7 

11 

15 

' 21 

O 

7 

3 

28 

27 

a-.‘- 

M 

u 

41 

174 

112 

12 

» 

m 

43 

»- 

534 

431 

hzn 

MB 

2X63 I 


NEW HIGHS AND LOWS FOR 1977/71 


The tallowing lecunhe* ousted In tlte 
SMic Informal Ion Service wterdav 
attained new Highs and .am tar 1977-70. 


NEW mens <210) 


CORPORATION LOAN5 rfi 
COM*WEALTH A AFRICAN LOANS U1 
LOANS (II 
BANKS <91 
BEERS IS* 

BUlLOlNGS IZD 
CHEMICALS *2) 

CINEMAS >JI 
DRAPERY & STORES >9) 
ELECTRICALS <41 
ENGINEERING GUI 
FOODS (2) 

HOTELS 15) 
INDUSTRIALS («6) 
INSURANCE HI 
MOTORS 110) 
NEWSPAPERS (2) 

PAPER 4 PRINTING 13) 
PROPERTY 128) 
SHIPBUILDERS fi * 

SHIPPING HI 
SHOES (2) 

TEXTILES (9) 

TRUSTS 111] 

OVERSEAS TRADERS (1) 
RUBBERS II) 


AMERICANS (2Si . 

Hinton E F.l. 

■ U nK*nwi«Nt 
Morgan (J PJ.- 
Oweni-lllinoU * 
Shefl 04 
Sinner 
Tcnnncn 
T.'xacn . 
Tramain-rtca . 

WnolwOrtht 
x-.-in Con*. - 
Xante* Int. 


AlMI 
Aurco Int 
(L'L-er l Ml. Core. 

CM 
CPC 

Ch.*;e Manhattan. 

City Inv 
Corrtinenta: Oil 
Crown rellw OKh 
Evicon 

Fir—.tone Tire 
Fluor Com 
Font Motor 

CANADIANS 41 '' - 

Bank Nova Scotu Rava* UK of Cni 

Hollln'ivr Toronto Doff 

Inland Nat Gas 

BANKS I3> 

Bjnii Amerka Nati Bank A«fa .' 


Comtnt. Awt 


Ua large S.A, 


BUILDINGS It) 


-• !• 
■'•I 


CHEMICALS 13) 

Nonfc Hydro 


H'ver a.G. 

Hoechst ENGINEERING I2> 
Cummins 78-94 Thwtn 
HOTELS tit 

Borel <J.) 

INDUSTRIALS O) 


■ .1 


I.C. Industries - 


NEW LOWS (51) 

BRITISH FUNDS (T) 
Exciter 8>>ocT9BT 


Borg-Warner 

Franklin Mint is 

INSURANCE m 

Combined Ins. Amer. Travelen CofB- -3 
OILS II) . , 3 

Roval Dutc h .. -i 

OVERSEAS TRADERS ft) J 

SI me Darby •-« 

RUBBERS (1) 

HIM ... 

Wmtern Mining Tara EnoloraWO*^ 


ACTIVE STOCKS 


YESTERDAY— 


No. 


Denomina- 

of 

Closing 

Change 

1977-78 

1977-75 

Stock 

tion 

marks price (p) 

on day 

high 

low 

BP . 

£1 

12 

842 

-22 

966 

776 

Rccd Inti. . 

£1 

12 

139 

+ 4 

233 

118 

BATs Defd. 

25p 

10 

235 

+ 2 

260 

202 

BSG Inti. 

lOp 

9 

41} 

+ 1 

41} 

17} 

Midland Bank ... 

£1 

9 

395 

- 2 

400 

245 

Burmah Oil . 

£1 

S 

54 

— 

S3 

41 

Commercial Union 

25p 

8 

156 

+ 1 

170 

102 

Coral Leisure. 

10p 

8 

128 

- fi 

144 

54 

GKN . 

£1 

8 

273 

- 1 

369 

260 

M'ankie Colliery... 

50p 

8 

39 

+ 6 

42 

27 

Barclays Bank ... 

I) 

7 

345 

— 0 

350 

228 

De Beers Defd. ... 

B0.05 

7 

303 

+ 17 

311 

188 

GEC . 

23 p 

* 

277 

- 1 

284 

163 

TCI . 

£1 

7 

354 

+ l 

446 

325 

Imperial Group ... 

25p 

7 

70* 

+ i 

86 

64 


The ntirv'e I rut pj active stock* is hosed on the number of bargains 
re^nrHcri ye*tertian in ike Official List and under Rule 163fl) (e) and 
reproduced to-day in Stock Exchange dealings. 


ON THE WEEK— 


So. 


Denomina- 

. of 

Closing 

Change 

1977-78 

1977-71 

Stock 

tion 

marks price (p) 

on week 

high 

low 

BP . 

£1 

57 

842 

-16 

966 

,7d 

Rank Org. 

2op 

38 

262 

+21 

276 

128 

Barclays Bank ... 

£t 

36 

345 

+ 10 

350 

228 

BATs Defd. . 

25p 

36 

235 

— 5 

200 


ICI . 

£1 

35 

354 

+ 2 

446 

325 

Shell Transport... 

25p 

35 

527 

- 1 

635 

454 

Beecham . 

25 p 

34 

673 

— 5 

693 

373 

Midland Bank ... 

ri 

33 

395 

+ 10 

400 

245 

Coral Leisure ... 

lOp 

32 

128 

- 6 

144 

54 

GEC . 

25p 

31 

277 

+ 5 

284 

163 

Barker & Dobson 

lOp 

30 

14} 

+ 2i 

15 

3} 

Burmah Oil 

£1 

30 

54 

+ 2 

S3 

41 

Cons. Gold Fields 

25 p 

29 

185 

+ 19 

224 

137 

GKN . 

£1 

29 

273 

+ 3 

389 

260 

Manganese Bronze 

2np 

27 

86 

+ 6 

91 

13 


71% 

7i% 

7i% 

7i% 

7t% 

7i% 


BASE LENDING RATES 

7»% * Hill Samuel.$ 7 % 

7~i% C Hoare & Co.t 7 % 

7 % Julian S. Hodge . S*% 

7j% Hongkong & Shanghai 7 % 
7 % industrial Bk. of Scot. 7 % 

Keyser Ullmann . 7 % 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank . 7 % 

London & European ... Si% 
London Mercantile ... 7 % 

., .. Midland Bank . 6 <% 

8 % ■ Samuel Monlagu . 6 }% 

74% ■ Morgan Grenfell . 7 % 

Sl'% National Westminster 7*% 
Norwich General Trust 7 % 
P. S. Befson & Co. ... 7 % 
Rossininster Accept'cs 74% 
Royal Bk. Canada Trust ~ 
Schlesinger Limited ... 

F. S. Schwab . 

Security Trust Co. Lid. 

Shenley Tnist . 

Standard Chartered ... 

Trade Dev. Bank . .. 

Trustee Savings Bank 7 % 
Twentieth Century Bk. 8 »% 
United Rank of Kuwait fi 1 ®^ 
Whiteaway Laidlaw ... 7J% 
Williams & Giyn’s ... 7i% 

Yorkshire Bank . 74% 

_ Members of ih? AccdDtltu Houses 
g % nomininpj 

q (K ■ 7-daj deftosto i-mouih deposlrs 
7 <c i ‘* i " 

i, J i 7<Jar deposits on sums of HO.OOO 
I * % and under 4*i. up la £35.000 (W 
74% and over 123.000 5“„. 

71 v t Call deDOSlK o»er £1.000 4*4. 

A-J } Demand deposim 
• “1 f Rale a!w a pdI t m to Srerllng ipd. 
7 % S«HS. 

. T iir 


A.B.N. Bank . 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank . 

A P Bank Lid. 

Henry Ansbacber . 

Banco de Bilbao . 

Bank of Credit & Cmce. 

Bank of Cyprus . 

Bank nr N.S.W. 

Banque Beige Ltd. 

Banque du Rhone . 

Barclays Bank . 

Barnett Christie Ltd. .. 
Bremar Holdings Lid. 
Brit. Bank nf Mid. East 

I Brown Shipley . 

Canada Permanent A FI 
Capiln] C & C Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings . 

! Charterhouse Japhet... 

C. E. Coates. 

Consolidated Credits ... 

Co-operative Bank .• 

Corinthian Securities... 

Credit Lyonnais. 

Duncan Lawrie .U 

Eagil Trust . 

English Tran scout. ... 

First London Secs. ... 
First. Nat Fin. Corpn. 
First Nat Secs. Ltd. ... 

Antony Gibbs . 

Goode Durrant Trust... 
Greyhound Guaranty... 

Grlndlays Bank . t 

Guinness Mahon.. 

Hambros Bank . 


S4% 
7 % 

7 % 
7*% 
9 % 
74% 

8 % 


Sl% 

74*^ 


74% 

74% 

9 % 

84% 

95% 

75 % 

7|% 


7?% 
7 % 
7«% 
71% 
S % 
71% 


OPTIONS TRADED 


DEALING DATES 
First Last Last 

Deal- Deal- Declara- 

ings lugs tion 

Nov. 22 Dec. 5 Feb. 23 
Dec. 6 
Dec 20 


Group, English Property. Han- 
For ganese Bronze. Trident TV A, 

Settle- Town and City, Britannia Arrow, 

ment EL WigfaJL Brillsh Land. Oxley 

Har. 7 Printing. TricentroL Adda Inter- 
Dec 19 Mar. 9 Mar. 21 national. BSR and Plessey. Cape 
Jan. 10 Mar. 30 Apr. 11 Industries were dealt in for the 
Far rate indications see end of put, while double options were 
Share Information Service arranged in Renwick Group. 

Call options were traded in Thomson Organisation, Premier 

Reed International, Wm. Press, Consolidated. British Land, 
Talbex. Thomson Organisation, Oxley Printing, Town and CHy 
EMI. Grand Metropolitan, HAT and Adda InternalionaL 


RECENT ISSUES 


EQUITIES 


1^.5 li, 


1*77 


. ,< 


s^jffigb Low 


Slo.’L 


<:« . F.l*. ! — | »H 0 
104 I F.p. ;20/l I 122 
i53 . F.P.. 6il ST 
58 ! aSp 27,1 ' 29 


j 362 
1 109 
i « 

I * 


ERGOiKO^O.—.455 |+15 1 F2& 

.Firmer (S.W.).„.. 122 ” ** ’ 

HoWwuA).. 1 67 

! I.M.I.S6ppl-1 29 



FIXED INTEREST STOCKS 



C 100 I B.F. ] - 
£98icl£50 i S/2 
£100 £50 |Z5/1 
£100 : F.P. 127/1 
£99 j£60 | 3/3 
BlOO . F.P. J - 
SlOO P.P. | — 
»100 J F.P. 

BlOO ,£10 
£100 K.P. 

£1001 - 
eiaoj f.p. 

Ft £99 £10 
SSBlsi F.P. 

B90ls£OO 

- [ F.P. j - 

- | F.P. <27/1 

- ! F.P.t 6/1 


24/3 


3/5 

3/2 


| 1001 ,! 

W»4| 

1 ^ 

I j 0 I 

I 61 | 
I W ) 

serul 
»■* U 
15»# 

I tool, 

[ 100 
100 

! 121 , 

S97t, 

Wl», 

imp! 


iNlilAgrie. MfTt. Variable MB.-1 997,._ 

Haih 1U% 1*6___J 54 —U 

«7I< Uatillff 11% ...1 Sl«*l-l4 

VO lUenuml 4 sheen*c»1 10% Una. In. 1*1._.i 
67ls|flmoi7Ua Keg-lUtit 1936. 


FT-ACTUAKIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


Variable 1*12.___ 

S871« Ini-net* Nntes ISM.....J7J497SJ 1 

»9tls! Do. •*% Veb. 19K._....^98 

11 i«|K«uln/n*>n A I'helaot R>-87..... 

US/gt Do- Do. Variable TS2.. 

* ill Leeds VartaWe 1982.... 


loo air— 


1001$; Lai.-ester Variable 1*8- 

tll*|Ui.l Kent Water T% 1982... 


JliXJ 


san 

491, 

896 


105k 


Norsk Hydro H% (sole* 1982._ 

fleiene ll3£ Kerf. 1*6. 


phall loti. Fin. N/V. Guar. Note* 1990JsS6 


Sfljiium Furniture 10% Cum. Prof. 


York Trailer 10% Pref_ 


too 
121*1 
*97 
64 S« 


101 | + 1 * 
tQ6*d—I* 


FRIGHTS” OFFERS 


Issue! = 3 
PHcel gS 


pr . < 2 


lilel 

Uenunc. 

IhU, 


1977 


I Closing 


High j Low 


Sire* 


Prio* 


!+■ 


Pi 


I - 



EQUITY 

GROUPS 

Fri., Jan. 6, 1978 

Thurx. 

-Jan. 

a 

Wed 

Jan. 

4 

Tues. 

Jan. 

3 


Year 

ago 

unnt> 

n* 

a 

and 

SUB-SECTIONS 

urea In pymUhasM abtfw 
aaboral aodca peraecti an. 

Index 

No. 


i 

Gross 
Div. 
Yldd % 
(ACT 
«3K. 

E*t 

PfS 

Ratio 

(Net) 

Corp- 

7kx3t% 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

1 


214.04 

+03 

1636 

5.46 

8.54 

21172 

21030 

209.32 

20195 

13600 

2 


197.86 

+13 

1537 

5.33 

■9.18 

195.39 

194.17 

19193 

191.90 

113.37 

3 


350.75 

+0.8 

16.53 

3.61 

8.8C 

34105 

34437 

34124 

34010 

179.73 

4 

Electricals (15)— . 

464.54 

— 

14.37 

3.80 

10.01 

46437 

46163 

45180 

458.21 

26634 

5 


307.85 

+1.2 

19.03 

6-07 

710 

304.10 

300-43 

297.57 

297.75 

17117 

6 


166.11 

+0.7 

1733 

6.20 

8.16 

164.93 

16213 

16112 

160.92 

12654 

8 


162.47 

+0.4 

19.43 

8.69 

6.81 

161.90 

159.93 

16011 

16170 

116.49 


H'J.Vjij 1 * ;I^. m! 1 '.mi 











11 

|<i H.0.1 IMF •! fSSUKH 

196.67 

+0.7 


4.70 

8.61 

195.25 

193.66 

19154 

19339 

11149 

12 

- i 

235.96 

+0.4 

14.93 

3.48 

9.67 

23532 

23151 

23113 

23131 

13104 

13 

1 'ft ■ 1 III II 

18432 

+03 

16.91 

637 


283.82 

183.80 

18171 

18264 

127.41 

14 


119.61 

+1.4 

20.17 

6.21 

7.43 

117.92 

11717 

11634 

11730 

78 36 


^WvfrVrr 











21 


20715 

+03 

14.90 

530 

9.71 

20566 

204.74 

20590 

203.79 

13140 

22 


231.12 

+1.4 

13.89 

5.69 

EE 

228.02 

22834 

22934 

23032 

15154 

23 


249.65 

+83 

16.18 

5.53 

937 

24930 

2«844 

24938 

25318 

159.98 

34 

, ,, ffl 

269.17 

+03 

1334 

636 

11.44 

267.80 

267.13 

263.00 

26134 

17538 

2S 


20338 

+03 

19.62 

5.22 

733 

20230 

200.43 

20018 

20100 

15171 

26 

11114 

22312 

+L7 

12.14 

4.04 

11.99 

21937 

21632 

21469 

21514 

13361 

32 


36032 

+03 

9.05 

3.45 

16.60 

359.06 

357 63 

34689 

34630 

20415 

33 

l.;4i MKJ 

135.99 

+1.9 

19.40 

838 

7.43 

133.49 

13L95 

129.45 

129.97 

9216 

34 

Stores (37) 

197.95 

+03 

9.74 

4.00 

16.18 

197.04 

196.60 

19512 

193.92 

11148 

35 


17537 

+1.1 

19 84 

735 







36 


226.11 

+0.7 

21.37 

7.96 

614 

22433 

22436 

22636 


20130 

37 

■ if-d U.jHH, 

100.74 

+0.9 

20.49 


632 

99.80 

100.45 

10019 


77.78 

41 

■ »jf | , ■ 

196.66 

+01 

15.84 



196.24 

19439 

19314 

19578 

14935 

42 


7» 95 

+03 


638 

BTtl 






43 


262.96 

+0.2 


3.70 

1123 

262.35 

259.87 

259.93 

26177 

0.00 

44 

Office Equipment (6)_ 

132.72 

-03 

17.15 

4.32 

7.78 

133.13 

12910 

124.64 

FHTT 1 

8039 

45 

SblppincGO). _ _ 

483.01 


EjEJ 1 

6.06 

5.81 

48188 

477.97 

47436 

469.77 

41191 

IL 

Miscellaneous i54j. 

209.16 

EH 

ETTA 


ESI 

208.23 

206.62 

k'ltvl 

rm 

14509 

48 

IXDUSTHIAL GB0U? (C«) 

Rwe fl 

TTrT* ■ 

tin 

pn 

rafrii 

l r fri.i i 

ESI 

EEJ! 

ElFli 

r n I' |. 

E323I 

fcvy ■] 

W-M 

Evi-Ull 

W L / 11 

gggi 

tin «ii 

58 

506 SHAKE INDEX 

Wlk'rM 

rm 

>>■ nr s | 

E 0 i 


Inrl 

EISi 

EZ3 

mn 

E±nni 

mi 

HI 

FINANCIAL CBOUP (190). 

178.S6 

+0.6 

— 

4.89 

— 

Mi/.il 

E53I 

17230 


12199 

62 


203.04 

-03 

2417 

532 


K 'I, ill 





63 


226.11 



730 


226.11 

228.33 

224.73 

22469 

yam 

64 

ffire Purchase (5)- 

16934 

+1.0 

11.00 

4.61 

13.46 

167.65 

166.74 

162.89 

16666 

85.45 

65 


15139 

+21 

— 

5.47 

_ 

248.19 

Kgrni 

13919 

14014 

10467 

66 


143.46 

+0.7 

— 

5.61 

_ 

14142 

139.75 

13735 

13737 

9714 

67 

n PI 

334.82 

+03 

12.69 

4.07 

1135 

33184 

32437 

333.14 


23663 

68 


8512 

+1.8 




83.67 

8175 

8154 


6162 

69 

Property (31) _ j 

253.62 

+0.9 

Z71 




249.20 

244.83 


145.65 

70 

1 

11032 

+03 

2137 



Ll’xAri 


109.01 


75.70 

71 

Investment Trusts (50) _ I 

200.40 

-0.4 

3.10 

4.54 

3127 

20113 

203.05 

v»r=i 

207.85 


81 


92.09 

+2.8 

16.93 

6.36 

6.87 

8939 

9136 

90.85 

8837 

8730 



284.89 

-03 

1539 

6.69 

824 

285.67 

28161 

28181 

280.97 

21830 

99| 


217.99 

+0.4 

— 

510 

— 

217.22 

215.10 

214.20 

21433 

15615 


Highs and Lows Index 


1977-78 


Hick 


Low 


Since 

Compilation 
Hlich ) L«w 


228.03 114/9 77) 
214.72 04:10/771 
379.99 124.10,77) 
483^9 121/10/77) 
33222 (13/9/771 
187.45 (14/9/77) 
177.02 (14/9/77) 


213-75 (2110,77) 
26L72 {21/10,77) 
199.07 (27,10/771 
130.95 05/9,77) 


213.83 (21/10,77) 
236.74 (8/12/77) 
256.45 (29.12/77) 

272.82 (21/10,771 
214.63 (2110.77) 

244.41 (2700/77) 

360.82 (6/1/78) 
144JZL (14/9/77) 
204.02 (27/10/77) 

181.41 (15/9.77) 
243.86 (7W77) 
119.68 (27.10/77) 
ZU70 aw77) 
29510 04/9/77) 
262.96 (6/1/78) 
14L25 (15/9/77) 
539^8 08/5/77) 
21802 (21/10/77) 


222 J 2 mmm) 


54310 05/9/77) 


248.32 04/9(77) 


184 48 (600/77/ 

204.03 (5/1/781 
249.10 (300/77) 
199.47 (7/10/77) 
159.05 (21/10/77) 
16172(6/10/77) 
37153(15(9/77) 
97.82 (7/10/77) 
253.62 (6,1/78) 
113.18 0/10,77) 


20912(7/10/77) 
105.96 (20/9/77) 
297.01 (15/9/77) 


226.99 (21/10/77) 


135.13 (4/1/77) 
11211 (5/1/77) 
167.99 (4.1/77) 
26535 (U/1/77) 
168.98 (4/1/77) 
125.42 (12/1/77) 
11315 (4/1/77) 


117H 02/177) 
129.69 (121/77) 
12251 (4/1771 
7717 02/1/77) 


136.79 021/77) 
14313 04/2/77) 
156.15 04/277) 
17297 040,77) 
150.84 (4,1.77) 
13115 021/771 
2010802/177) 
90.24 (5/177) 
10935 02177) 
12271 (5177) 
19L4104/2/77) 
76.14 (4177) 
144.93 02/3/77) 
20416 021/77) 
259.87 (41/78) 
77.65 (4/1/77) 
405.40 041/77) 
140.61 02/177) 


142.0802/1/77) 


42203 021/77) 


164.45 02/177) 


U9.90 (4/1/77) 
13636 04/2/77) 
147.94 04/2/77) 
8432 (41/77) 
100.97 (27/7/77) 
9534 (51/77) 
225.75 (12/1/77) 
59.49 14)1(77) 
1069 (41/77) 
7184 07/1/77) 


15539071/77) 
83.60 05/2/77) 
214.80 (5/1/77) 


153.70 (120/77) 


228 03 (14 VTTi 
233.84 (25.72) 
38933 09/572) 
483 69 (ZL10/77) 
33222 03)9,77) 
187.45 CMVTD 
177.41 (27/4/72) 


227.78 (23/4,72) 
26L72 (21/10.77) 
263 22 (4/5/72) 
17159 0511/69) 


226.08 06/8/72) 
28187 (280172 

257.40 03/7/72) 
329.99 OZOZTO 
214.63 CO/10/771 

244.41 (2700/77) 

360.82 (60/78) 
14411 04/9/77) 
20439(14(8/721 

235.72 07,167) 
339.16 (2«1Z) 

135.72 060,70) 
213.70 04/9.77) 
29530 04/9/77) 
262.96 (61/78) 
246.06 (1/9/72) 
539.68 (18/5/77) 

258.83 (2/5/72) 


22232 


543.20 (15/9/77) 


248.32 04/9/771 


24141 (11/4/72) 
28832 (207/72) 
29333 (2/5)72) 
433.74- (4/5(721 
194.46 (15(312) 
16172 (600/77) 
37153 05/9/77) 
27857 (1(5(72) 
357.40 (911/73) 
303.18 OB/5/72) 


245.79 (25/4(72) 
175.90 (28/4/69) 
297.01 (15/9(77) 


2838 (1/5,72) 


50.71 (1112/77 
4417 lllUIN 
7148 (212)74 

84.71 (25WiT- 
64.39 (21 
45.43 (60-75) 
49.65 (him 


3839 (fi(MS 
4285 ilSIUW^- 
63.92 (17/1204^- 
19.91 «<W5is 

'h 

6141 OU/EffM 
69.47 03/12«? 


78.88 

5483 (90®, 
59.67 011 
5415 (1M , 

55J» (blTO* 
43.46 (61/?^ 

52.63 (6/1/757 

6266 0102 W 

94.34 (D/fi/fih . 
20.92 (6/1/755' . 

58.63 (fiflflH. 

7120 ar&W ■ 

259.87 {CM ' 

45.34 (21 RSI 
90.80 C2WW21 
6039 J6/7/3. 


59.01 ayttlZ 


8713 (29 


63.4903®2J.-. 


55.88 03/E/W 
62.44 02/12)74 
81.40 OWBfW.- 
3813 (110^« 

44.88 (20/^, 
43.96 (13/12/741 
65.86(160^5'. 
3L21 <7lVW 
56.01 (20/*®- 
3319 07/1273 . 


71.63 (13/12/W1 
66 ji 

9737 (60/®. 


6192 (UO^fl 


285 

114 

as 

2 W 

50 

38 

180 

ISO 


8/li;i4 i2[ 

I l4! * 


F.P. 

F.P. 

F.P. i 2,12:13.1 I 128 
K.P. '16/14 27 1 | 37 

f.p. i el) io,3! 78 

ITpm 
US If 

iso 
180 
185 


23, ll 27,Zi 
Dll I — I — 
K.P. I a-13| Sit 
UmlGO Dll I — j — 
15b ' P.P. 25,11.13-1 


Bunk._ 


28b lAum ... 

lb |Anl@>l Irikh tianb....™......,,.,,,, 

100 iSuntt Oerelotanenc .. ".! 

32lf! Unilport Uandr>..i 

S 6 IbJjielnrni... I 


J ..... 


300 I P.P. 89 11113.18, 


! 


67b 


320 I K.P. 29-11113,1 
liutSBO Uil j — , — 

50 | K.P. 2,18. 6-1 
ml I 13. V 
nil ; i — 

f.l'. 129,12. 27 1 
K.P. j 6.-1. 10,2 
K.P. 125 11, 6.1 
nil ; 17,21 3.3 

17i*| K.P. ;23/12. 18/1 

K.P. 116/12. ^7.1 
nil l — — 

F.P..' 3/11 8,li 
P.P. 18.li riiS 

F.P. • 3.1 *7-1! 43 


190 

I 2 l*i 

3 J I 

63 

-1J I 
A.I.7& 


32 

7i/ 

10 

148 

163 

30 


bjmi Clirtet.V bn>........ 

44 ll'-omm. Hank ,tf Auitralia.I 

l-.2 'iVmiiwt \n 1-Qivjn.........I 

160 j Commerzbank ... 

lx>l*|cnn-. Uiml FleM»...| 

82a [Cor* 1 Lel-urv ___ 

a80 | He U Uue.. 


IJmtfUUiuiMIlleulia-be Hank .. . 

it | 5/ IKa-i Mvllami Ailie-I Prr». A.. 

VO^j 23;,roj IO|jai|Ktl»r InOuM ria .. 

ttpm lapnaiJ'-bnaun 4 UtrD«... 

n5 I -vi JJohiiKHi Firth Urn«rn.... 

78>*! »1 KenouiK Motor.. 

:4t- | l*i |Kwia 3a*r lii*x»mt... 

63pun 50|nn'.NaUulial Bk. o( AitflnliidiL. 

531*1 24 i Pavi-oa W. L ....._...._. 

biinn'; 5)pailR.O.P..... 

UO 1 o* [Ktkrmi lil-UiMf. .. 


jprui Ipm'-Hturla (Uev.).. 

lt>l I 140 JL'1,1. ui» ult.. 

■5/ Uhl. li-lentitL-. M i„. 

36 


WIIIMIHN u. I.HPIllI)..j 



FIXED INTEREST PRICE INDICES 


British Gov era meat 


Under 5 years_ 

5-15 year* . 


Over 15 years_ 

Irredeemables. 

AHatoefca 


Fri. 

Jan. 

6 


109.69 

12SD7 

13334 

147.62 

12188 


Day’s 

change 


-04C 

-012 

-019 

-037 

SIS 


xd ad|: 
To-day 


xd adj. 

1977 
to date 


ODD 

0.00 

0.00 


0.00 


FIXED INTEREST 

YIELDS 

Br. Gtwt. Av. Gross Bed. 


10 


Low 

Coupons 


5 years.-...| 

15 years- 

S years—.1 


Medium 

Coupons 


S years;- 

15 years...I 

28 years- 


High 

Coupons 


5 years.—. 

15 yean—. 

25 yean. 


Irredeemables__ 


FTL 

Jan. 

S 


7.13 

9.25 

9.87 


9.43 

1033 

10.47 


9.93 

21.29 

1137 


1110 


Thun. 

Jan. 

5 


7.13 

9.21 

914 


938 

1017 

10.43 


9.81 

1113 

1134 


11.16 


Veai 

a<o 

(approx.) 


9.96 

1236 

X336 


22.92 

1330 

13.95 


13.88 

24.64 

14.73 


25.03 


1877.78 


Highs 


Low*. 


10.48 

3236 

1336 


(4/1/77) 

(41/77) 

(71/77) 


1332 

13.89 

1417 


(4,177) 

(4.1/77) 

(4177) 


1417 

1499 

15.08 


(4177) 

(41/77) 

(41/77) 


1613 (27,10/76) 


5.81 (6/18/77) \ 
876 00/9/73 
963 l38W7n.\ 


8 73 (26/9/77) 

9.30 (38/917) 

9.91 {30*77*, . 

893 (610,77) .5 l 
n eaiwRifn I* o 


10.78 00(9(77) 
10.56 08/W72, 


1036 (30/9/77) 


I Index Yield 
1 i • 


Tbur.i W«). 
Jan. I Jan. 
6 I 4 


Tow. 
Jan. ■ 

3 ■ 


Kr». ‘Tbur.' 
Dec. Dee. 
30 Za 


igio-yr. Red. Deb. & Loans (15) ... 85.51 |tl1.726538 92. 


lttlnrestment Trnsi Prefs. (15) 

17 Cool, and Indl. Prefs, (20) •• 


.5732 j 12.16 I57.M 156.08 
77.71 111,65 177.68 tun 


E2.60 


M.73 
! 76.93 


162.48 

66.72 

178.72 


32.48 

16.23 


Kenunaanon date unially (as) day nu dealing tree ot stamp duly o-Kwuree 
nasefl u umioectiu estimate a Assumed dlvinend atm yield u K,it,n.-as> dmdriid 
n%ei Kjwi 01 - etevwue vear'« eanunaa » Divtdenn and yield prtKpe* ■>» 

or mhei offtca* reiimaim tot IW9 o (iron 1 Figures assumed } uorei allow* 
io, rqiryenror of sbares not oow ranking tor rtmdeni or ranRinn nnrt (or resonttMt 
iindt-m* 1 PlamtB pete* In pgbtte. nl Pwwy unlras otberwiar umteaieu I laswn 
h» tedder 11 unered ro holrferp m Ordinary shares u 1 " nsjhtg.” *• RllWt 
by war « cannalnnon r Minimum tender once II Rrtnimrtmed rt Iaanen 
In rannenlnti trhb moreanisailfln merge, «w lake.over RO intfnriiH^mn • 1 /Swire 
lo fortiwi Preferrere hntd-n ■ AUninwmt letters for rally paid). # Prg*Jo»noi 


ar parti)-Paid aUotmoni letters. * With warranto. 


5«Uaa Or Craap 

Base Date 


Pharnuccutfcal Prodncts 

36/U/77 

261.77 

Qrber Group* 

3VWU. 

61.75 

Oversgaa Traders 

31/12/M 


fiofllrwertag Csntreetor* 

31/12'71 

15X81 

Mechanical Eagineerittg 

31/12/71 


Wine* and Spirits 

16/3/79 

1W.T& 

Tan and Games 

16/1/78 

135.72 

Office EquIptRent 

16/1,78 

12SJ9 

Industrial Croup 

»,TZ,T8 

128 X 


Section or Grenp 
MbcoIlaueeH ^Hnanclal 
Food Maouroctnrins 

Faod Ratal if Bg 
Insurance IMitri 
Klnhg Finance 
All outer 

+ Rodrawtion yMtf, 


|w«d. 

Kri- 

j -Tear 

I Dee. 

Dec. 

• 

1 si 

25 

appra. 

[62.37 

,e.n 

(47.52 , 

56.23 

'8815 

>40.78 

Tin 

76.72 

44.96 


1977(78 


.1 


Since 

Compilation 


High* 


Low* - 


Hi|>he. 


(,,« 


63.56 10,1) 

57.62 ( 6/11 
79.B3 ,4;lo 


46.97 1 4/1) 
44.78 (4/1) 
68.76 («,!)■ 


113.43 (SS h'/db) |47.M(3/|rf» 
U4.41 113/9.415) ! 34.45 (OltfN 
114.96(7.19f(^t ;47.67 


Base Data 

51/12/70 

24/12/67 

21/12/67 

29/12/67 

a/12(b7- 

10/4/62 


Base Value 
12806 
113-15 
110-13 
96.S7 

100.00 

106 DO 


. - - A Hst of the cantlluaitts Is 

mflable (rom nw PublWb«r», Tin Financial Timas. 
Bracken House. Cannon street, London, EC4, price 


Up. by son. 22s. A forttdshUy record of group *** 
submtien Indices, dividend yields and. aarelsw 
Uoco 1462. with, euxneri Ushs am) low* * 

Indicts, Is obtainable (rwn FT Budoosf 6«oareH*“ 
M Boll Court. Louden, ECS. at £so per *o«, • OeM|f 
hor 30 coiTactioai to those puMUbod to J#bq*»» 4 tasua- - 




; CONSTITUENT CHANGE: 
(Hewspapers, Publishing) has 
Gibbons (S.) (Entertainment. and 


Morgm 1 - Gram*/** 

Mi replaced ™ 
Catering). . • 















































































































































































'TOCk 


ORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


2H 2. St Mary A\-. EC3A 6BP. 
tea '*lA«ricaqT*l _ 1230 


+0.R 4.49 Brflbh TJ*. < Ace | _ 
-O il 2 ftS (ommodity Share . 

tel ler East.Trix... 


W>w Unit Ttt. MEgn. Ltf. <a) fc) Utum. T«i_Cwdi»«i l 

SflM^fehouM02S05B41 prtifc—io n.i |cm 7 nnM i 3n fi «tm«re Fund Masters 

, • Till —\ S30 Sfclald-47.5 Sioj +Q5 tea 'rjAacrw-anTtf „ (230 M.& 

V; ££2(S£ T*t 'fix? •> 5a HZ S*"te»Ch«n*«-~»ft 3OR+0.I 4.49 Britb-hTX.lA«.|„ 5S S Ji 

SbCfWh.TX.—[46.3 49j) ..-J 359 H»l* Energy_ -...IHa 34.7) -01 258 <ommodiry Share . 1»2 l«3i 

p«d Hambro Group? (a) <g> The Eritfeb Life Office Ltd.? fa) SroiiESiSiEL fil 

■ Kk r “* w „ t BSHfc da ■ a*3.aSEffinli 5. 

: rit lad. FVndZZ 07 . Si H? 'hlMta 4.Ti« ijadlng 9 ^ Jtt, fl** GSbbs (Antony) linlt T$L 

SiV'ted'fw Si *|*S -•■• 5“* a_ . a.Blom/iridSL.ECTMWU 

i&auLui n» £2. *g Brown Shipley & Ca Ltd.? “‘ff? 

umbra fund—., 104.8 lilt* tn Founders Ct, ECS (h-WOSSIO lij^c E?b 5? — fi7 5? 

amhro Act Fd. „ XX 4 UW Z 4 U BS Units Dec. =0_1223^ 427.21 ..._J -s S3 ,a A ‘ G ' ^ nSkr^La. ttw«- 

imwlM - 4 Do. I Act»Dee. 28 -- [262ft 2793-J «6 r„ « 

5gb Yield FH_K*4 . jm( _ I 7 fl «><*■»* Tria* to) «{ . U ® vetl U«H0¥ 

unity Income_DR7 - i“3 I * ™ FUmaelal-—IfSJ 370} — .1 431 77. London Wall E.CT- 2 . 


Oartmore Fnnd Masters V <a« g) Perpetual Unit Trcst Mngmi-V ^s^ Ariiotlmot Secnriaes (C.L) Limited Fidelity Mgmt. & Res. (Bda.) Ltd. 


24.M -0 2 
5*3 + 0.7 


01-2333331 43 Han SL Hen)e? on Thames 
-021 1XB FpcioalGpRUi_.[183 < 


MM2 BBSS 05 “™ T7 PO. Bax UTo. Ramin*. Bermuda. 


Kenq»Gee Management Jersey Ltd. Save & Prosper International 
L Charing Cun St Hclicr, Jersey, 0334 73741 Beallne to; 


1063d J 3.74 Piccadilly Unit T. Mgrs. 


rn.7Di.Zi 7% « KpTTB. -J - 

3 . Ltd.? iaKbl “ SSS w- ^ = K^^-elacmne.Sli 6 !l| _.J 7.98 


■. 2 * ornce Lt<L * fa) rA:l i it 

^ Rrfi«Bc«H»..TunlirtdgeWeii»,"ia.oeW 2 am I os. Acmrles 12 67 1352* 4 etc 3 * 

BLBritish i^ e -{09.9 S2M ^0.7) 5.22 Did. E&eniptFd—3S.5 92.4*0^ 5A 

-SS-5 473 -—{ 5.4* U'trtLTH-JAetl. . 358 28.9L4! 

*5 "Price* JaTiTNext 4«diqg do Jul fl** Gibbs (Antony) Unit Tgt. Mgs. Ltd. 

5.06 _ 13. BlacqfMd SL. EC2M 7NL. 01.688411 


*ardiftoHae,3BaLondowWauEC 2 638f«oi 


SghYlrtdWL. 


gutty Incomes_L5S.7 

► . fcfalnrane-[U.9 

ambro Inc. Fd._154.4 

■ernttad rand* 

rtamnUonnl__(23 S 

fee*. Of Ameiicn^. W4.7 
■Mile Fund | 2 fP- 

fectallst Fund* 
mallrr Co.’s Fd. 


twwySla.... 
ct.mn.&CAy... 
renees Earnings. 
xmpLSnur.Cs'a. 


33 


in General. 

u. 

3JS index_ 

3 JO QWKH 
FeHornuneb 

• « Recovery_.... 

gjg Estnpt.Nov .22 

498 ... 


- STildr. Jaa &_1.11233 1323 

— aS fo-AcoanUnlt— 1499 15AC 
■■■■! 2 2 Next dea lin g day Jan.. 


35 a GrievesM Management Co. Ltd. 

M Gresham St. EC2P2DS. 01^06433 

~ ‘ -9 2MJS _I 420 


1 - U 

“ J 4.77 Bei*enLJaB.4. 

‘—I Jll (Aeeum. Unhsi 

"Zi Las BtgBLHVJBH.S 

—3 (AectuE. Unit*< 

_ .... Endtac.Jaq.3. 


+L1I ttt Extra Income_$43 36 a .0 Of 800 

i{?d3 379 SmsUCo'aFd_ &iS 423 +03 3.02 

VoS lil capital Fund_B0.4 53 6 * + 0 B 333 

-f03 L42 Ini. Snw. & Assets..S >8 7 523* *1-0 448 

’ Frlxaie Fund_B5 6 413+0-2 350 

PS. Ltd. Accamitr. Fund,__fei.fi fifil *03 *50 

mMsasii Tertinoloi®:Fund- Ml .63* +03 35fi 

1 Far East fa_228 241 -81 3 00 

•H Amoncan Fund—122.7 Mo| -0^1 330 

030 Practical Invert. Co. Ud.f ffWc) 

. 44, R1 wmabuiy Sq. WCT A 2RA OH5036893 

Practical Dec 30 -1145.5 154.91 .1 3 89 

OI-E88SCSO Accum. Units __{j03.7 2 Ul9 —-I 3.59 

-o!i{ 201 Provincial Life Inv. Co. Ltd.V 
>. 22!.Bishoipwa».RC2. • 0W4785SJ 

Ltd. Prolific umt*_.[73.7 7B«.I 3.68 

High Income-|l082 lisj|+0j| 736 


Nwt &ub Jut 12. 

Anstrallan Selection Fond NT 
Uarhet Opp<+TiintiiM. e.o Irish Young ft 
OuUimlK. 127, Kent St. Syduy 

USSl Shares-Bl’Sli* _ 1-0H8I — 

Net as?ct value Jaa. 3 


37 Bread St.,St.Holler, Jersey 
I'A IHdlar-dnioDlnaEpd Fond* 


Fidelity fcrld Fd _ SUS1231 -Q2C — 

FMelrty Ster. Fds._ — .... — 

Series A 1 Ida).i_ £309 - 5 . 5)4 — 

Senes B«rattilc.>_ ttCB _ — 

Series D lAmJIcsg £1344 _J — 

First Viking Commodity Trusts 
8, St George's SL, Douglas, Id M. 

0824 4GB2 Ldn. A gU Dunbar ft Co. Ud. 

33. Pali Uall. London sw 17 SJH. 01-330 7S57 


Keyselex Mngt. Jersey Ltd. 

FO Box98.St. Heller. Jersey iEno01-G067trm> 

Fonselex-IFrJJfil 1*911 . 3JK0 

Kcoaelexlnn....^ C5.95 658 456 

Reyaem Europe—K371 459 . 493 

Japan Glh. Fund—1927 2824+033 — 

Keyacte* Japan — £7.24 7.98 -n « — 

Cent Asset* Cap.— 029.82 +aor — 


BanOne Bruxelles I»mW “» i>CB2 - ^a. a gu Duqb-r ft Co. Ltd. tent Asseucap- U298 

“"•“f . “ 33. Pali Hall. LondonSW17SJH. 01^07657 

2 Rne do BegenceB 1000 Brussel* Fit Vik Cm.Ta. _}caa 42.91-_J 640 Kine & Shaxson Mem 
Renta FmulLF..—11.938 US* -M| 832 F^VLDbtOp Tsl. ^ .j 3 70 rSfriSS?? SR 

Bk. of London & S. America Ltd. Fleming Japan Fuad S-A. . on, 


Jg Stcrllng-draemlaaifd Fond* 

*» ChannelfnpitaI♦ . 7192 W0.3^ +0 3 L38 

— Channel <sIu.-uU,* . 1^7 154 5rf+CB 4 73 

— CumaioiHtj—■* ... 1236 110a .... — 

— St Fed. ]«.—J_ 124.7 UiS 1053 

Prices on "Jan 4 “Jan. 4. “•Jan 6, 

I Weekly Denlinci 


371 Canada Life Unit Tst Magrt. Ltd.? ^ScSlS_ 

j-M 341 High St, Potters Bar, Barts. P. Bar 91122 Crnchstr. Jan.8— 


2284 _ 

1B22_ 

2K2 .— 
1317_ 


" 2* Prudl. Unit TsL Mngz*.* (aVbXc) 

— Ho] bom Ran, EC1N SNH. 0J-W3S222 

—. 7.07 PrudenUal_11255 13351+I5[ 454 

— 842 _ - 


C8n.«enDtst-l—| 

DaGen.Ac«m —A 


nderton Unit Tnrnt Managers ua. t, 

<8 F+nrimrch St EC3K 8 AA S230231 Do. toe. Amu*_J44.4 4fcj| +0.«| 7. 

adersonU.T._|4i- 492J_j 457 _• 

U® 1 * Ws™*. Co. Ltd. M^u01-58800 

+1 Noble St. EX3V7JA. 01-622*378 Capital_HU 8851 | 3J 

r. Monthly Fuad -P45.D 37S5(_J 830 tocomo.—_.^.PU 789( 1 7J 

> „ , rnee* on Jen. 4. Next dealing Jan. 18. 

■. rbntbnot Securities Ltd. (aXe> 

i.'', Queen st LondonEC4S1BY 01-2365281 Carllol Unit Fd. Mgr& Ltd-V (age) 
' , ybthBLCmpnd...B23'- MJf- 1 8 « lOllnua Hbuse,NewcMtle upon-Tyne anm (gtatropei* 

^Sbd»85£& 


ans lAccum. Unllsj— 
Ojja La.4.HTiliJan.4 
749 lAcmsL Unit*!— 


Bk. of London & S. America Ltd. Fleming Japan Fund S_A. 
4M8Queen Victoria St, art 01-8302313 S "srl^lze-Dame. LuxemhonrE 

l Alexander Fund _j SUSA 32 I_I _ FI ms. Jan. 4-1 SUS3&81 [-1 — 

Net «*et value Jan. i Free World Fond Ltd. 

Barclays Unicorn Int (Ch. Is.) Ltd. RoRerfidd BW C- Hamnton. Bermuda. 
j.amrSTcross.StUeHer.J^. St»5i NAVD “ 30 -1 l*U9l - 

^ ^ “»■ A * u :_ 

hhnl rlfng tax 


1 Sharing Croet st iielier. Jcrsw-. Scblesiogcr International Mngt. Ltd, 

Gill Fund 1 Jor»cyf!]lOW '°S»nl .....|*105D i'.LaMrflcSl-.SL Hrher. JorM-y. iKHT^JS. 


GiRTrnstUo.M- 7 -.llU.M 121 .' 
luH Govt Secs. Til. 

Flnt Sterling-11*32 ifij 

First IntL-Krsaofl in 


59 'ZSkzi - 


1050 S.A I.L,..03 

SA.ni_ .. 5ISSS8# 

— Gill Fd .. 253 

— IMl.rd Jcney.. .. 1D00 
Intel Fd-LsmhTg.-pi ; F93J 


•Subject to fe 


Klein wort Bennm Limited 
SO. Peueknxch St. £C3 
Eurimeat Lux. F. j 1513 I 


Park Hse. 18 Flnsbazy Cirrus, London BCR. Guernsey Inc_ 


1639 ] :,..J z <2 QoUter Management Ca Ltd.? 


Barclays Unicorn Int a. O. Man) lid. 


Teh 01-633 8181. TLX; 836100 


M a Sttsssar-s-jm lasBassst- 


^ 7 „ Is asssssstiffii iu=da^ew= 

+M 7.49 Guardian Royal Ex. Unit Mgrs. Ltd. Seliance Unit Mgrs. Ltd-9 Do^LrfMaaW— 

Royal Exchange. EC9PSDK. 01538 BO 11 Reliance Hsa. Tunbridge Wolls, Kt. 08SC22Z71 Do. MaaxMnUUi-. 

(BKjGuardluJITsL.pLfi .924 +0-91 AM Opportunity Fd. _IM5 fi4.71 -J 584 ■. . ^ 

01-5888010 _ _ _ SeBordeT.<Acc.)...wl5 4471 +0.4J 52S Sisbepsgzte Cl 

—| in Henderson AdministrationfaNP SekJordeT.ine.—..| 5 l 4 4*ij+e.<| «s -> n —,^ 5 . 

,J-5° Premier U.T. Admin. Rayleigh Rood, — , _ __ . . iuuir>tw * 


Unicom AuaLESti .099 

Do.Ausl.Miu-237 

Do. Cftr. Pacific— 55 0 

Do. imL income 40.1 

Do. Lof liioaTht— *30 
Do. Maas Mutual— 23.4 


. _ _ .... _ 1 International Lid. 

c /0 BE. of Bermuda Front St.. Hamlto. J 
Anchor Gill Ed«e„ CIO » iLoSSaoM 

2® HS Am:horIixJsy.TSl^ra .6 24 £d —oT3f 

MS —. 2.40 Anthor'B'Unit*_fe.'Sfi79 t® ....1 

J9-2- - Anchor lot Fd-guStt I 

11 * TS a C.T. Benumb Lid. 

Ui U U 0 II “fBerondx, Fnw SL Hamlnu B. 

"■**. Berry PucF._ 337.41 I. 

O r+j G.T.SFd-(fi *6 -055i 87fiJ 


Do. Aecom._— 

KB Far East Fd_ 

KB IntL Fund- 

KRJapatfFund- 

K.B.US Gwth- Fd. 
i« SicoaBermuda— 
•AioifoadalDMk-_ 

+■“ >im «* >c 1 


SUS9K 

SUS1099 

5US24 64 
51071 
. SUS438 


M^a ISF 


Schroder Life Group 

01-8238000 Enierprise House. Punameulh. CBt)57iT] 

* U I 2?t Ituematlonal Funds 

- 102 5 108.71 ...... — 

*155 122 fij — 

—I fFlietflniere^i._143.9 153.51 — 

— am *M*«1 Interest_1021 losa — 

nd S-Vanaeed-..1088 115.71. - 


Siena P-ermuda.— I SUS438 -0W 1.83 

J*»enry Schroder Wafig & Co. Ltd. 


Brentwood. p .w*. 
(£.■ Australian .. 
a p. Accum. 


0S77227X0 JUdgefleld Management Ltd. 


B4 ro Box 4 13 . Bank Has. Manehstr. oci 236 8 K 1 [ COUNT” Dec.5_j 


29 2] .J . 0.34 PD Box 415. Bank H 

45 M —4 '358 Ridgefield Int UT. 
c+a -~l Ridgefield income. 


a* 0 90.04 J 

f».Q IflUf .—4 


Sisbopsgzte Commodity Sex. Ltd. 

PD. Box42. Douglas. J.OJJ. 0B24C3911 ®- T * Mgt. (ASlftl Ltd. 

ARMA.C*Dec.S— 1 SUS2S.ni I i — Hutchison Hse^ Hammrt 

CANRBO** Dec. 5.1 f 1 034 _I — C.T.4xi«F_RHE72S 

COl.'rrfT-'W-C-5—[ _ £2370 „.... — C.T. Bond Fund_IsUSl 


107 Lloyds Bk. (C.L) U/T Mgr*. 


Originally issued at *5ID am 


0624-2391 

J JodT 


#, V 


leh U»e. llnllx__ 4L4 

; , , Acc.Utal_542 

■'"Vi rtarthnotPret_252 

1 1 , ■ , Accum.Units)__ TiA 

„ '• , rbathu«rCxo.-_, 19.4 
V. xbUUmLCmdtytt- 528 
r; 1 . . «um.Unltiltt— 733 
, r "^l%Wdr«walSl_, 46.9 
1T - r rtJthnt Fn. Prp.tt »* 
1 . fb athnot G I»nt* 40.6 

* jeeum. Unit*)_472 

“ -growthUnits..— 342 

iccum. DnltsJ_402 

„ 1 jnian Groonh—_ 136J 

II *t Srfr. Ldrs.tr— Z0.1 

mi C»*t AlnU. Arc. 212 

'^096 With dmvaU^ 175 


-, Do. Accum. Units—I 

-Do. High Yield_f 

- a m Do. Accum. Unhj_l 

Next deal) 


date Jan. i& 


~ _ Charterhouse Jzphettf 

- 563 .— 553 LPaoeraosterRaw.BC*. 

JK — 5S CJ.lntemaCl_mn 

S86 — 3.ra Accum. Units ■ __14-* 

192 ..... 356 CJ. Income__ 3*0 

43.9* .— 3^ a:^FUir=: 24.0 

5-2* 35 Accum. XI nits_276 

+0j CJ.F81nv.Tri_255 

<3-54 +1.C 322 Accum. TJnlta_28.4 




TjS fg'FUumftlTU 

- 1 777 IR’HIchIncome 

“"j 777 l&lnc.fcAsxets. 
i—4 (giLHemdioual 

" uuNth. American 
N.A, GrosiJan .8 
OUftKat_ 

01-3483800 

iu tpCabol_ 

'— Cabot Extra lac___. . 

'For tax exempc fonda only 

— *50 Hill Samuel Unit TsL Mgrs.t (a) 

- 3jg 46Beech SL.EC2P2LX W-628 

**f? tblBritisbTruri-— 


— Rthfhld. & Lwnds- Mgrs. (a) 

5 J 7 St. Stri thins Lcae.LdiL.ECA 01-8S843M 

-US New CL Exempt,. .ttl4.0 124.0] _ X 350 

. 217 Price on Dee. 15. Next dealing Jaa. la. 


G.T. SPd -1&56 -0551 D-76J 875 p.O Box 1M. St. Heller, Jersey. 0334 ST 

C.T. Mgt. (Artai Ltd. U ” yd5 ^'wTScai^ 3 date 3^17. ^ 2 

Hutchison Hse_ Harcoun H8, Hoag Rome 

C.T:^Fi'5dZ:p i S?rtl5si S4 |^;u| slo Uoyds Inltrnztlonai MgmnL SJL 

ui.xraana.-_i j-u-wj 3-w 7Ru*duHhoBC. P.a Box IW. 1211 Ge»m» 

G. T. Management (Jersey) Ltd. Uoyds Int Growth .JfiF»3 JG5t-50( l 


iSO.CbeapsIde, E.C5. 
CheapSJon 5 ...I 

TrufxurNov.30..[ j 


033427561 Arlan Fd Dec 28_ lr,'6UCS 


5U51099 
SLIFU3 08 


0I-58S4O00 
-607I 255 


'■'ext dealing Jaa. 18. 


MAG Group 

Three Quart. Tower 1)01 EQH SBQ. 01-838 4X8 


K Al i.S 


a SS ^ 5J9 Prt«« Doc. 26- Next dealing JiS. 4. 

1 » Chieftain Trust Managers Ltd.Yf«Kg) 

?reign—_(724 7B5 . 214 30131 Queen SC, EC4S1BR. 01-2483032 fbi Income Trust. 

i American Int_.p55 27.6 . IDO American_l/riwn na jnl 7.66 (h' Sec uri tv Trust _ 

Deal. *Mon. -Tues. ttWed. *Thuis. ttFri. ITleli Incoma_HU 1.07 fbi High Yield TsU- 

* Sait dlgx.—Dec. 22. -'Dec. is. Dally iSmational Ta__|tS.9 2*5) Z\ US Intel V (aMri) 


ZA l.g Rowan Unit Trust MngL Ltd. 

354 City-GateH»eMFln»bury S»,EGL 01-8061063 Britannia TsL KnemL (Cl) Ltd. 
aiy 835 rSwsSJ'.jSSi*! isilo im'S §» m J T r ** g « ^ ^ 

Lt (a) S?Sm. H 3njS^_“:: Hi 1*1 70 I itnu. sy 6*^ ::d 

01-8288011 BwnJfirliL Jxil 3_733 77 i ...- 320 . \ 

”l-7| 693 (Accum.UolU)__|s7.8 9l| . 320 SS iH 


1675J +3.1 493 uuiiaj.-,«w.a vaai - 4 9. 

ral zlo !M Royal Tst Can. Fd. Mgrs. Ltd. 

32* - 429 34. Jarayn Street. S.W.1. 01-8298! 

- m Capita) Fund_1674 7121_I 3.1 

S? IXe at* Income Fund-?70S 764| ..j 7J 

,57 3 +05 478 Prices at Dee. 30. Next dealing Jaa. a. 

..... O.Lu 


- Kan tugs.— doc. sa -'Vec. is. xmiy ^nianonrtT»^Jwia.9 2431 .1 sx Intel.f (aMg) Sa« & Prosper Group 

rcincay Unit TsL Mgs. LttLV (aXc). “““ T*t|242 »0| -0-4 *51 u cMriaphT«WLHCJ. 01-2477343 4. Great St. Helens. London ECJP 3E3> 

9, High Holbora, WC1V7NL. oi-mi 6232 Confederation Funds NgL Ltd-V (a) tnieUnv .Fund_poJ 9*9«4 +05| *10 aTsEteaaBffi 

MOmnceryLaoe.WdAiHE^ oi.»:om 2 Key Fund Managers Ltd. (aKgl 

^ Prices at Job. ft Next sub. day Jaa. IS. erowthFund_(4BL1 422 } | -439 25.MUkSt,EC2V8JE. 0 ,^ 7 ^ . Save-1 Prosper Securities Ltd-V 

m“ arclays Unicom Ltd. (aUgWc) ' Keygucrc7iajrtL_n33 7na+o^ 3.74 *«**«*““ FBnd * « 

. : piiwoHe.262Itomfcr81Ul.KT. 01-63AW4* l»5 wfil’ *” _:§* './d 

•*. dcoru America.-128.7 30.91-0-3 Z34 Coiraall Ave_LondonEC2R7J7C . 838«S2 Key)ncoiacFuni }5 82.ll +06 820 Univ.Grtnrth-[59,9 64.^+051 

1. n. Anri. ACC +l3 2R9 Oow^Pola-GULFcLtUa 185) 1.695 Key Fixed Int!ffi. 5*3 Mia..— 12.43 inaroiog Incwme Fund 

llovu+^M *:^ Kletnim^^unit^iersv " 1,+071 

if si TS Ksasaass « vs fisa==w an ta 

|-S SttScSDbLlzRo . 21 ZA 8K-B.UntIF«lAe_{S52 M.tI _.-1- I JL Fnad, 

394 Crea.RlwrivM JZpSo 445} Z] 456 LAC Unit Tmst Wa«agAm»nt Ltd.? UKEamtyFimd_K5.0 4BJt +051 

35 vw_____ «» ?^ k Eehange. ECSN 1HP. Ul-H» WOO m . 


uz G. T. Management (Jersey) Ltd. Uoyds int Growth .tewa 

Bridge Management Ltd. . Royal Tst. H«e, Colomberie. St HeUer. Jersey Lloyds tot. Income.|ST©5* 

" P.O. Box BOB. Grand Cayrmin. Cayman la G.T. Aria Sterling.. JC1055 UL42}-J L75 __ 

“ i xm? NTuBbiJaiL*_.-...| 712547 [-3361 -» Bonk af Bermuda iGarrnsey) Ltd. MAG Gronp 

■!■■•* GP.O. Bqx seo. Hone VIong 31-33. Le Pellet. Guernsey. Three Quki Tower T 1 U 1 EC 

“■ Nippon FtLJan.4_BU5C« U*fc}—J 0.9S BenyraeSWg.—[19950 20954-J L43 Atlan dc&TjM 3 mag 

Ex-Stock Split, Tr .0004 ItA Tin Acrt. Anri Ex. Jan.4-toSl SB 

Gartmore invest. Wd. i^in. Agts. Gold Ex. Jan.4.—pvrta; 

1063 Britannia Tst Kngmt (Cl) Ti l l , 3, St. Mary Axe. London. ECS. 01-2833331 laJaod_—fill? 

f£2 aOBaxhSftSt.ReUer Jeraov Asaamna Gai Huw ■ Fund Mart Tfar But) UA lAccum UnitxJ-[1552 

IS SmShmt Ml *w I 1S03 Hutchison Hse. 10 Harrourt JW. ILKone 

?% gST^i^ zr S? Mzd 12 SSSS. 9 S: K«t»w l*. 

329 Jerxev EuerwTrt.. 1495 161*3 .i 1 M n! ASmTCMTsT^feM — 114. Old Broad 5ft. ECi 

3a0 U^ST&_.: S3 y lag Bond Fuud.^IttSMfl - AffiUoW 1^.31. 

Vain. Jan. 3. Next dea,lng Jaa. 9 MRMT** «*»» tSE^SlS.'SEES 5 
Eutterfield Management Co. Ltd. lpe ~ * s uj | ^ irtJiSS^asDcii^o.TO 

j 58 Buttress Equity_[205 [ 258 Hofubro Pacific Fond Mgmt Ltd. Murray, Johnstone (I: 

Buttress Incotne -.JL93 1 W _,.J 7.49 2110. Connaught Centre. Hour Song • 183. Hope St, Glasgow. C 2 . 
prices at Doe. 12. Next sub. Amj Jan. 9. Far East Jan. 4_|9J7 9.791.J — 'Hope St. Fd_1 SUS2 


^ T ^s^^iiE^ , dat e JS.v■■ , 245 Baw^»-Ba W^J 

Lloyds International Mgmnt SLA. 'oumvL a 

7RueduRhone. P.O. Bo* 179.1211 Grams !1 Dokafonds. -. IBOfiJl Z7.MHI.13i 7.94 

UoydsInLGrowth tfiF3»a BJ3A-59 1J0 TokyoT sl facia..| Sl’529It | . ...1 206 


Snrinvesl (Jersey) Ltd. (z) 
PU Box P8, St Keller. Jersey. 


033472873 

ooa L42 


_, f _ a=d = 

Gold Ex. Jan.ft—Ovan i5S .....J —_ Sorinvest Trust Managers Ltd. (x) 

- MlS-aS^ 5ft Athol Street, Dough-., La M 0C24 2316- 

^ ^ ^ v The Silver Trust_[98 4 1005| + 1 J[ — 

Samuel Montagu Ldn. Agts. . TSB Unit Trust Managers iC.Ll Ltd. 
114.DM BroadSL.E.C 2 . 01-3886404 BacUelloRl.SLEaiiour, Jersey. 033473436 

ApoUoFd.Doc.3I.(SF47B 31 Uj H ~ JerteyFund-145 0 4741 1 4 05 

JBfderiDo*31-IHE9^ 97WHI.OO 150 GueruacvFund ....(450 47V - — 1 4CS 

in Group Dec. 14 _ llS 191 I Tim oa Jan. 4. Next sub. day Jan. 1L 

117Jersey Dec. 14.-.IC4 65 SJBI .I — _ _ 

i i7Jnyo < seasDcift fOo.n llftoj_j — Tokyo Pacific Holdings N.V. 

„ ... . .... Indrnis Hmugcment Ca N.V. Curacao. 

Murray, Johnstone (Inv. Adviser) X.W per shore Jan 2 SL'Sotcs 

JM^ 1Staa T-^s 27DB Wdgs- (Seaboard) N.V. 

*MS?wF^d~“ VUS9OT Z Int)mis Monacement Co N.V. Cnrocnn 

•NAV Doc. 31. NAV per share Jaa 2 SUSZiai. 


American lnd.Tst,.l£690 TcSMHia 1,4 

CopperTruM -ElOM 10.87 .Olffl — 

— Jap.IndexTri.. . _|£8 06 623^+00^ — 


Samuel Montagu Ldn. Agts. 


prices at Doc. 12. Next sab. 


n. ExemptTst_ 

>» o. Extra Incotna _ 

0 - financial__ 

_ 

• lv o-Growth AcclUZ 
—Incocue TsL__ 


70 4 *01i 
-'1135 +23 
50 5 +a3 
652* +06 
—762 +02 
330 +05 


w •rftwsssssscss* 

1Z5|-|. 4.95 Key Fixed Int. Fd.. 5* 3 

_ .... Key Smell Co’s Pd_ 85.8 


Capital International S A. 

37 rue Notre-Dame, Luxembourg. 

Capital tot Fund—| 5US1551 | _J — 


bjri __J 356 Charterhouse Jsphet 

2 a :» jI fS5 X,rateroori*rRow.EC4. 

fi0.il+0.71 6.M — asg 

g-a -sa 7.4s gsssi^-^S 




yjaaR FarEajujan. 4-[937 9.79) ...J — 'HopeSt.Fd-1| Sl»S27.0B 1+0331 — 

. Japan Fund-|H.SS«1 SM-OIM — 'Murray Fund_[ SUSS cs ]+uSl — 

Hambros (Cuernsey) LtdJ ' NAV Dotr - 31 - 

Hambro Fund Mgrs. (C.L) Ltd. „ A 

—I - P.O.Box88,Guernsey 0481MS21 

,-iT l*a*e luii tu 10» Botuevara Royal, Luxembourg 

^nJP^Lr - . 800 NAV Dec 30-1 SUS991 |_J — 

01-W83a90 IntExyuCy-IUS177 Urn_ 250 

*75 totSavtnss-A*._SV5B.9* liij ..... 8 00 NCglt Ltd. 

E ip deaitoi am. il 30 f^on ml Tl B i nn ?' 

— “ Henderson Bering Fond Mgrs. Ltd. 


. 1,97 P.O. Box N4723,Na 


Old Court Fond Mngrs. Ltd. 


Intimis Management Co N.V. Curaratx 
NAV per shore Jaa 2 SL'SZiai. 
Tyndall Croup 0T-34 37221 

Homllioa, Bermuda, & St Holler. Jcraey 

Orerscat Jaa 4 SV’Slht 110x3... 600 

iAccum L'SltS■-H'^159 14! . — 

TASHCJtu.6. UIS33 ITt .. _ 

3-urajr Int l)ee —. P.-rtW 2« .... — 

TOFSL+aa 4- C5 70 7 IS .. .. 6 00 

(Accum Shares) .. . E10 05 10 70 ... — 

TASOFJon.4- 79.5 840 . . _ 

(Arrmn.Sharefii... 79.5 840 .... — 

Jersey Fd Jan 4 .. U4.6 145 1 .... 720 

iNoaJ. Acc. UtS.).. 252 0 267 2 — 



■geiePr M Detx - [ua.1 17154—I 
K2ia.-D«c50_g903 . iSfl — ] 
■jjljitc Int Jan- 4_. p5BJ 168.5) ..‘..J 

VCCUm)Jaa4_(1785 U4*j -1 

Next sob. day Jaa 17, rVaa 10. 


^ :r| IS SSi r iSS s= S3 Si z: H 

). Lcatlcnhall SL.EC2. 01-3882830 ^ TtGUt and Warrant J69 4*2 2-8 

ssss 1 —sa- : ■'■■sa-=i is ^ ^ “ gj E = u 

Next sub. day-Jaa ji 20, Arlington St. S.W.1. 01-4W7351 IiHi C h Yield_492 53.4 1BA 

4 _ -- - • . _ — EmaoaDudleyTct..|68g 733| 1 520 "(Accum. Dnltsi— 6*6 72.4 10.4 

lishopfigate Progressive Mgmt C&9 - Deal. *uoa -Tnes. rfWed. tibura. -FrL 

BifihopacEte. ec 2 . . V 01-3886280 Equttas Secs. Ltd. 1 fttXO Legal & General Tyndall FncdV 


48 N+ 0 AI 4 0 cornhlll Ins. fGuernsey) Ltd. 

■WJ8 +0^1 4.11 p o Bo, 1>7tSt yen. Port. Goernacy 

7*91..1 3.42 Intel Nan. Fd.-1163.0 1773) —4 — 8 LeFebrre St, Peter Pmt Gnernaey. CX Sm.CoJ^d. Dec30..)l4t5 inj| I""] 333 UIG. inn»L Jtin,-piMt. |U.l.) LUL 

Ha “Hi n ^ l4 _ GuernaeyTsL_|15fi5 167.8i +L7[ 336 14. Mulcnster Street, SL neiler. Jcney. 

SS. P N^,. Hill OnncH F,»d SA ”• IS L “T.' * J 

7 P 71*1171 43B naiinim. t wo* i ici la 1 Mil f S7 Rim VfdTfhftmm 1 +.umlujirj PO. Boi A SL JoliMi I Cl, GtMRMy 0481 26*41 Ullllfd StQtfS Tst. KllU> Adi*. Co. 

J0 3 || *-«!-| — 37. Rue Nocn.Dan^jcm^ _ OCCmmRjTri- gJ.I £3*.I J-M 14. Rue Aliiringcr, Luxembourg. 

715*1+051 331 Dentscher Investment-Trust _ . „ . _T „ _ i? li U-S-TstInv.Pod.~l SV89.I* 1-0551 0.1 

f« &e h28BBie lw ® W 8.10flS?Frmikf nrt . 114 . - N « “«* »*« Jaa i 

: ?f3 +2^ 3^ Coo centra- |dk2)2# 21541-5 10 } — f° *“*!• J** Ao5 f' S. G. Warburg & Co. Ltd. 

5*71+551 753 KentenJouds—lDITlOO 75»[+oiq — JaealinEquityTri.|5L89 205*1 1 — Phnanhf IwlamaUimal 30,GrashamStreet,EC2. 01-00043 

L nw.It IntMmnKcnial T» aw JJB.T. Managers (Jersey) Lid. PO box 77. St Peter Port. Guernsey. Ca. Bd. Jaa 3_. 1 SlWR |-0.PT1 — 

saaa is S^aSSSS^SLS*" - «*.■>- gffiffid’ssrai 

h 62 j 4 +aal 43» av jaa.3—-Rusus ns) —| — Ax <* Doc. »T Not aub. day Jaa si. Property Growth Overseas Ltd. Warburg Invest. Mcgt Jrsj-. Ltd. 

SIS ■::::;! a *-»> * ^r, TBJw^iii Fi™b« * Ca Ltd. BSfflaSTS-u. I T-“ fesmss'aff'-a - 

ubrdayjBa.lt. P.O. Box 73. St Helier, Jersey. 033420381 4fltt Floor. Coauaught Centro. Hoag Kong Sterllnr Fund rSil I 1 _ CM Ud! TtzeZsS... jrn « 1203 _ 

EJjXC.T.-pl72 124.71 _| — JardlaeEstaTri.- SHK21924 _ 2.9a MetalsTri fiec.IS.E2220 1253 ... . — 

F ^ to,W F ft C. Mgmt Ltd Inv Adviser, feSS? “ ™ ^ ™ ™ Fd. Mgt. Lid. ffFESt&lClffi? 1 M Z. Z 

SSSSRSJii: SSSSff ™ World Wide Growth MaimsemnnUfr 

ffiM H ssSLm^i susftso ,. i - ^ v n&3siaa iUk _ 


,..J 357 Higb-MaltBinB Ftxads 
«a+i •— Selecttotenuit—«L1 

BA DZ7 Selectlnrome_ 


JapaBFd....J — P.O. 3G, St Julians CL, Gnernsey. 010120331 GUtJna4_117 4 

Prices cm Doa 28. Next daaliag date Jaa 21 Ea.Fr.Dec.30_U96 529 ..1 258 lAccum. Sharesi „(W3.8 

Hill-Samuel ft Co. (Guernsey) Ltd. d “ 


Sm.Co.Fd. tw m p a+x 1^3 |"”j 323 Vfd. IntnL Mn,imut. (C.I.J Ltd. 

14, Mulcnster Street, SL tleilcr, Jcney. 

Old Court Commodity Fd. BIgrs. Ltd. uJ-a -1 svsitu t.... j B2S 

PC. Box 38. SL Julian's Cl, Gucnocy 048128741 United Stales Tst. lutl. Adr. Co. 


I Dentscher Investment-Trnst 


.8£SEK&®..|Bi-l i“ SOiSSX-.'-sgs^ 


— Scrtbits Secnrities Ltd. 

7E4l :J lfl/S Scotbltt.. B7.9 40.71+0.' 

tTfnri 3-FM. Sc^yield-fog 55jJ +0/ 

... —_... SCOtsbarrs..IB.4 6024 +0/ 


IS 41 Bishops gate, DC2 01-3082851 i8.canyngsRoad.BrinoL 0B72 32241 

Rogranho-|fift2 67.71 —I DJs.Pec.14_WJ 5741 J 500 

4t5 LAccum. Un-U)_J5« 71 (jj ...J 500 

2MI Equity * Low Un. Tr. M.f (aXb Uc) . Next sub. day Jaa 12. 

Amersham RtL. High Wycombe. . : 046433377 Leocine Administration Lid. 
BaullyftLme-(fiftfi 695}+55}*.07 2, Puke SL, Loudon KIM. WP. 01-466 MSI 


trldge Fund ManagersWaXO 

OngWUllom SL.EC4RBAR - D1-8BB4BD1 Ja * iuly C" 

ridge toe.'_.._ r .lg.*. ' »Bj .—| *66 Frandington Unit Mgt Ltd. (a) 


LeoDiri.-_[722 770} -00| 504 Am.Exam 

Leo Accum._(78.0 82.0) -00} 4 83 Am. 


■Prices at Dec. 28. Next sub. day Jaa 11. 

Scfalesinger Trust Kngrs. Ltd. (atfz) 

(l ata vi ss tisi Trident Tmctsj 

140.Soulh Street, Parking. (5305186441 


W= <11 £2^=1? ^=- i «... SSsEL- 

SBSEEIW- sad s a sassf 

-■-f ’ »«®«»l* MacagsmentlaMg) Friends' ProvdL Cnit Tr. Bgra.y n£uSSt?~ Si- "7 iS KrtfiSia*. 

L«^” BnUdtoJia H ypomltn^ nroM.it.- .- 03005055 ThirdGncomel_R9 3*9 +02 5 35 ‘NUYleld^- 

.. . , asdoa EG2M SQL 01-8380478/0479 .. . M/.V *Oti *jn Do. (Accum)_ yiaj 31*6 +50 555 Property Sharoa 

' N -' -Jriets_:_(MO 74« +10 fo5 sifiM.ftS rSKhrSKlT^l 620+80 7.« S^SUat-Tri... 

. apltolAec-_-58.7 . 545 +80 356 Accum.—--pas Mq tv ^' vu Do.CArcum .1 _fyi-2 69^ +0.1J 755 SSTSth. Aceam 

- w:3 750 ^00 5.4i G.T. Unit Managers LttLF Uoyd’s Life Unit TsL Mngrs. Ltd. 

“ mna-xttr . 39.B ' Ol +00 Lid 16.FlnxharyCircusKC317DD 01-8588131 7260.GatehmueRd, Aylesbury. CC965M1 

- a SZ ^ VS G-T.Cop.lnc-»40 t9«+L9I 330 Equity .Accum.-11«2 152J|_J 3.99 J. Heaiy Scfcrt 

• - SSSS= II Ei J0 HI K ft G GreupV (yKeKri 

Itumrlal Sees...... »4 


Dreyfus Intercontinental Inv. Fd. 
xen P.O. Box N3712, Nassau. Bahamas. 

428 AV Jaa 6,— -RDSIOJ Dill_ \ — 


az ?^l l l iSlJ:Yid.tffil ::::;! *a En “ on * TsLMgUrsyJJtL Janllne Fleming ft Ca Ltd. 


TO l=| - 


If. ft c. Mgmt. Ltd. Inv. Advisers 


'j'sn T? UR.T 3 LInv.Fnd._l Sl>S9» 1-0551 0.9» 
te“ii ft - Nct “« val “ J “- * 

5. G. Warburg ft Ca Ltd. 

SO, Grashsm Street, EC 2 . 01-8004599 

y. Ca Bd. Jaa 8 -1 51*5931 P-O.tra _ 

1 _ Bncy.Int.Jaa3— SUS1S.72 -0^9 — 

■* Gr.SLSFd.DM21—| SI'it38 ( — 

td. Warburg Invest. McgL Jrsy. Ltd. 

(Gib) 6108 1 , Charing CroaaSL Heifer. Js>-. Cl 063473741 
....) — CVFUd DM.29 _fSl-.TLU 1LU .....J - 

...J — CKZ Lid. Dec. 20... 1(2255 11M . — 

Metal*Tri Dec.IS.p 220 120 ^ .... _ 

.7 TMTDoc.R.. _...BU5902 — 

“■ TMTUd. Dec -8 _^9.03 50^ . — 


9*41 1 - 2 . Laurence Pcwntney HUi, EC4R OBA. 

277 01 423 48c0 

UJ CantFd. Dec. 28.—| SUS4J0 |.J — 


NAV Dee. IS. -Equicalent _ 
Next sub. Dec. 3* 


Worldwide Glh Fd| rj50311 1+8.14] - 


+DJJ 5 35 ‘Nil Yield-_ 

+0O 5B5 P rop erty Shorea 
+80 7.4J Special Sit_T«t... 

+0.1 7AS tOtTOrth. Accum. . _ 

" , A •UJCGrthJlIri- fas 214 

rs. Ltd. ‘Next sob. d«y Jaa 1 


32o 22.^. 'w 

436 ■■ . . 

__ 431 - 

_ 021 

.... 203 Abbey Life Assurance Ca Ltd. 


INSURANCE, PROPERTY, BONDS 


Credit ft Commerce Insurance 


M ft G GroupV 


+0.6] 736 
+0.3 8.93 
+0J 4.73 


ic. 6 Growth__ 72.9 

atl Growth__5L2 

ncMt.T(L6bares_ fiJ 

tloermls___S.7 

lot High Inc_77-8 

iewtosue.-3*7 

Iortli AmericaB__|Z7.fi 


23 iff 

-0.11 337 


mm 




HI 6Gl PenaJSxJPd— 

G.T. totT Ftuii)- 

aT.FoarYdsFd.__ 


|5 ?G. ft A.-Trnst U) (g) 

404 g. Rayleigh Rd_B i e n twood 

L65 atA_-pw 


G. Index Limited 01-351 3466. 

I Lamon! Road. London SW10 OHS. 


CUVE INVESTMENTS UMITED 
1 Royal Exchange Ave., London EC3V 3LU. TeU 01-283 1101 
Index Guide as at 6Ih December, 1977 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital ... 135.19 

„ Clive Fixed Interest Income .. 12S.03 

CORAL INDEX: Close 494-499 _ 

INSURANCE BASE RATES 

t Property Growth .... 8i% 

. Cannon Assurance ...«... 4J% 

t Address shown-under insurance and Property Bund Table. 


89# +1.91 330 Equity Aceum.-11«2 IS2J| —J 299 

®o i*l ?38 M ft G GroupV (yKcKa) 

423 -4.0 230 Throe Qnay*. Tcww mil. SC3P. 8BQ. 01G» 4338 

262 -43 120 •*. see also Stock Sc r hangr Dtillnp. 

■36J J-J2 An>ericao__-39.0 - 42.41 -OS 

las -32 250 <Aceum.tiniuw- aaZ 422 -07 

5731 7X8 Australasian- 59 3 422 -12 

(Accum-Units!-«,! «.! -12 

Commodity _-532 67.1 -03 

mcm221300 tAceum.Dnitxl-662 71.7 -0.6 

rue iiu Compound Growth. 993 1065 +ei> 

JJ0 <. 1 Oonrendou-Growth 57J sa.8 -0.4 

•nhHAfiwt-111.4 118 9n +U3 

. (Accum. Unit»)„.„ »i.9 ■ 2103 +18 

. European-6*0 99.4s! -02 

u — I-Uiiea* (ACCUOL Unit*)- 4*5 50.0 -D„-- 

May Cocoa laSl-159*. extraxiau-e.9 »a +ob 

(Aeenm. GnltaJ-1078 13AI +10 

FkE astern-—_ 37.7 402 ..... 

■ (Aecom Unit*) __ 40.9 436 . 

Ftrodonn*.Tuts— 58.7 632* -03 

... ' (Aeenm.Doits)- 70.4 732 -03 

General-1373 1693d +09 

(Accum Dnitai-Kfl-5 258 9 +1.4 

ooo nni Hlghlnruius-96.4 lOftfa 4-U . 

-3SS HUi lASwaUniw)-160.1. m3+13 




ng+08 

mfl+u 


US S3 J S3 Equity fned-135.9 

-- .N^ro^JaM- 1 ^ 

399 J- Henry Schroder Wagg ft Ca UdT s3SSjran5aLZ bj ) 5 

120,Cheapsida.E.C 2 . __ 01-M024K ConvertibleFucd_ 1273 

Capital Jaa 3 _—1973 IflUx _ 2A5 KVont-yFood_118.4 

lAccuzn.)_—--1173 1232- 145 Pons. Property_161.8 

Incinn«Jaa3- 1753 181.3a — 6.94 Pons. Selecttoe_793 

(Accum. Ucits)- 2553 2642 *?4 Pen*. Security_130.8 

General Jon. 4-783 82.0* „... 334 Pens. Managed-hfiB.4 

(Accum Umtti-973 lrtJ- 3.34 Peno-Ecufty-154.4 

Europe Dec.31- Z7A 293 - 15* VPropTFd.Se-4_ U96 

(Aceum.Dnlt 3 i.__ M 9 3U_ 133 9UoaFd.Srr.ft_ 127.9 

•Pto’CbyDee.3t)_ 171.9 1772 ..._ 335 wBqaltyFd.Ser.4_ DJ 

-Spect Ex. Dec 30.(2243 ZJLOf _.U 337 VCoov.Fd. Scr.4—.DOBJ 
-Ro+n-cryI>tc.C 0 _ 


g” lOSt. Paul’s Churchy srd.BC*. 01-2488111 120. Regent St, LoadoaWIRSFE 01-4389081 Throe Qaflyx. Tower HBl EC3B 8 BQ 01 JE 6 49BB 


For tax exempt funds only 


_ 6-94 Pons, selecttoe 

— 6 °4 Pens. Security ___ : 

.... 334 Pens. Managed-k 

— 3.34 Pens. Egufty-B 

—. 15* VProplFdISer.4—B 

— 133 9UaaFd.Srr.ft_t 

335 WBqaityFd.Ser.4_E 
337 VCoov/Fd Scr.4 —L 

. AR2 VMoneyE'I-Ser-4-t 


■IlElE 


i/M . — 

|=: 

125.9_ — 

134 .7 _ - 

35.1 . — 


CftC lined. Fd. P2L0 ^ 130.0 ,—J - Ptcs-Penrioa* 

Crusader Insurance Co. lid. Conv. Deposit* 

Vincula Houae.-DswerPL.EC3. 01-8288031 

- WsBzr 

l,ThrradneedIeSL,EC2. 01-5881212 lawtnL KonJ 

EagterMld-Unha-plO 53.H +0J| 535 

Equity * Law Life Ass. Soc. Ud.¥ rlbI 

Amersham Road. High Wycombe 0*9433377 Recovery Fd. Bd. 

fSKfczrfe 5B3 ,M, g :: 

Fixed InKreftF._|u3.5 U9M -^oJs — Price* On -Ja 


m z 


Prices on ”Jaa 4, “Jan. S. 1 


Scottish Widows* Group 

PO Box 802. Edinburgh EH105BU. 031-8558000 

InvJ’ly.Scries ]_(101.7 10171+031 — 

Inv. P(jr. Series 2— KA2 Iflljl+0^ — 

Inv. Cash. Jan-6_rc&Q 10111 .... 1 _ 

Ex UtTr Jan. 4-0383 1«3+L« — 

— lied. Pea Jaa 4—P315 258.1]-L4 — 


—1 z SSsSTSztzmi - *«*tora* Investors Assunacep 


Solar life Assurance Limited 
107 Chenpsilfr. BC2V 8DU. 01-8080471 

126.0 134 H . _ 

UK 2 1M.R . — 

S7.3 1£*2| +03 — 

?I1 1^-3-D.5 — . 

916 ; . IMS. — 

279 • 13131 . — 

UN fij . — 


Scottish EquitaUe Fhd. Mgrs. Ud.f Albany Life Assurance Co. UL 
28 SL An drew i Sq.. Edinburgh 031-9588101 31, Old Burlington St. VI. 01-4375802 


■T 1 nan IPCOOC_ 

(Accum. Units)_ 

M llpIf lM_ 

(Accum 0nit3)_— 
Midland 

(Accum UnUu- 


- Units M 

Gen. __ 

L Quits)_ 


119.8 -02 

194.7 +0.1 
2393 +0J 
163J +13 
264.fi +23 
810c +13 

819 +13 
170.4» +03 

254.7 +0.4 

157.7 +03 
195. ‘ +03 


5.00 wFixealnLAcc.-^. 

CGtd.KonOTFd.Ac.. 

. . WlnUJCaaFdAcm. 

(l) 9Prop.Fd.Acc. 

,9000 ♦M-plelny. Ac , 

**■ GtoLMon-Peu Ace. 

IntUInJ’uFdAee. 

Prop Prance-- fUftS 1Z4.71 .. 

3386 BTple InvJV:nAce..[1933 2033) .. 

H AMEV Life Assurance Ltd-V 


Price* at Dec. 20 . ValuaiJais* nonniaiy Tnes. General Portfolio Life Ins. C. Ltd-V i 25, H i?[L s 25* 1 ' CKk> 

nwiifutcn.^r* T+* 80 Bartholomew Ci, Waltham Cram WX3187I - SfJ 

Albany Life Assurance Ca Ltd. portfolio Fund__i uu j ._..j - SSrhrftK n 1 io?j 

SI.CBdBorUngtcuSL.W.l. 01-4375802 Portfolio Capital—[414 416) — Mer.Iuv.Pty.Bd_ 141B 

vEquttyFd. Acc~[175.4 184.W. — Gresham Life Ass. Soc. Ltd. EquftyBond- 6C.9 

a!r : u^^zzzz iHi 

1843 _ — Gl_ Gilt Fund-|U75 123.7] .| — Equity Pens--.._ 1733 

mj - Growth & Sec. Life Ass. Soc. Ltd-V Com? i>p iw__ u*i 

wr - — weir Bent Bray-on-Thomea. Berta. Tel. 36284 Mon. S 0 £L F*n»- l* 7 ft 

1 CT 5 . _ Flrrible Finance_I £1882 | J — VET. Pensions Ltd. 

ilk! — - iSdh^fetoE 1169?2 bJ H Milttm Court. Dcrting.Suney. 

Uft7 Z: Z p * S. Super Fd. -r aflin -Tj - Naj«|q.C*P.-(796 & 

srpieiavJ^nAcc..[i 93 J 203ij ,_..j — Guardian Royal Exch a n g e "eV 

,huv i if- B Royal Exc h a n g e . E.C3. 012837107 Nalex Moo. AceJfi4j 67.1 

L V5.‘rf I ^ BCe _ Property Bonds[157.4 16391 _I- Next *£; day Jaa 2 


01-0800171 Solar 


107Chenpsllfe. EC2V8DU. 
Solar Managed S "■** 
Solar Prapetty S 
Solar Equity S_ 
So’orPxd. luLS. 
SolarCaabS—.. 

Solar l£a as god P 
Solar pre p<^riF P 



National 

Westminster 

Bank 


NatWest announces that 
with effect from Monday, 
9th January, 1978, 
its Base Rate is reduced 
from 1\% to 6f% 
per annum. 

The basic Deposit and 
Savings Account rates 
will be reduced from 
4% to 3% per annum. 


Truxtae-__U4lA 149.41 +0.91 622 

(AccumUnhi)- 26*6 2812 +L7| *32 

Chari bond J ou.3— 120.7 —1 1037 

Chartfd—Ion. 3_145.0 1SS2 .1 7.47 

(Accum Uuixa)-1703 173 4 „J 7.47 

Peus.Bx.Jaa3—(l233 13C3J __J 5.75 

Manulife Management W 

SLCeerga*iWay. Stevenage. ' ■ 0*3800101 

Growth Unite-[513 54.0! +0 Jl X76 

BL*yfltrK«- Bbuugement Ca Ltd. 

Hfl8 Gresham St_BC2V 7AU- 014008008 

tucom.Dec.2Q-1103ft 109.21_I 830 

General Dec. 20—poft 743| 5ft0 

Mercury Fond Managers Ltd. 

01-8006555 
- 4J9 

™ ico 

---- ^ 

_ft-40 


z=z%&=m m=j.i« ra3saas=BH *** . J - ^^^i^ 

Dealing day Wedneadoy. 9 Gtd.Kcw 5 Fd.Ac.. 

91ntiJHaaFdAcm. 

Sebag Unit Tst Managers Ltd-V (a) 9 PtoplFi1_acc. 

POBoxSH.Bcklbiy H*t,E.CA. 01-2305000 
Sabag Capital Fd—B4ft 3Sft( +03j 332 

Sebug Income Fd._P03 31i| +03[ *96 Q td Mpn- Pao Acc 

Security Selection Ltd. 

10 -is.UacuIii'i inn Fields, wcz. 01-83106306 BTple IovJcnAc«..[i93J 283J| —J — Guardian Royal Exchange 
UnriGtfclbt Acc ...1233 2ftfj .__J XE iiq+rrilf. ll.ra Royal Exc h a n g e . RCA 013837107 

UnvlGthTftlnc—(203 ZL 6 H -^j 3 J 3 AMEV Life Assurance Ltd.v Property Bonds [1574 16391 .| - 

^ 1 . 11 . 1 + tt ir t 1 Win a m i 11 t 1.1 Aim Hie. Aim BftKdpic RrlstlettiOi. Hflmhm Life AssursDCe Limited V 
Stewart Unit Tst Managers Ltd. (a), amevH awed_ 12,9 13*1 — 

45, Charlotte Sq_ Edinburgh- 031-2383271 A1SEV Mrd. ’B 1 -p93 1153 —• 7 Qldt^rit Lane. London W1 01-46B0031 

AMEVMOMTFd..„hlB3.1 1085 _ - FbcedlllLDap-1233 1».7 - 

Stewart Awimrra rang AMEV MetrPen-FdIioi.7 1073 _ Equity——_ if# ? 1773 . . • 

Stondard Duita-JH3 teM-J LTD AMEV M^d.Pea-Rffizj 1083 — — -153J lrt-4 —, — 

Accum. Units-(59.6 fo *] ._„J — FZextnUn—(99-4 HH.fi __ — Managed Up- 1359 143J — 

Withdrawal Vnrta-pSJ 48ftj ZZ — 1 - Manned Aee-MJ 173.0 ._... _ 

Stewart BrUteh Capital Find Arrow Life Assurance — — 

TSS&hr. — [ HS-t I “ 01-7480113 m.? — r 

Son AHiance Fund Mngt. Ltd. beiMtFd^bat_fe2 -4 — ^ - 

Sun Alliance Rra.. Uonhom. 040384Ml Barclays Life Assnr. Ca lid. PcaM^Cap—! 2Q5J 215ft —I! — 


Moa MU. Pens- 


133 “ 


= 

28 = 


Solar Fxd-Int. P 
Solar CaufaP 


, M-a, . — 

uw. - 

RNfiJ . __ 

itftS+oi — 
127^ -ot, — 
104.7] . — 


Sun Alliance Fund Mangmc. Ltd. 
Sun ADiaacc flouca Horsham. 040304161 

Exp FdJnf Dcc.14.UUX9 MflftJ.| — 

tot Ba Jaa 4-j £1035 I 4 — 

Son Allisnce United Life Ins. Ltd. 
Sun Alliance HoccaHaraham MOQMlftl 

Equity Fund-(973 MZN . — 

Fucod InMrast Fd_ “7.8 Mid ...... — 

Property Fund-■■5.7 IMS . — 

Inlcroatious! Fd. _. H.1 S3 £ . — 

Deposit Fund_951 JM.2 . — 

Managed Fund-[94ft 99.q ....J — 


4S, Ctaarinttn Sq, Edinburgh. (01-23832 

Stewart Anutaa Fund 

Standard Unite..—[553 589 J Li 

Accum. Units-fe9.6 63.fl .„J — 

WithdrawalUnrta-WSJ 48ft| ] — 

632 Stewart BrUteh Capital Find 

£5 


031-2383271 

. , AMEVMgiLPcaFi; 

-1 1.70 AMEV Mgd Pea'BT 

—1 — FlextpUn —- r 


Next Jab. day Jaa 2* Manege* Fund _Z[94ft 94ft| '.'..'.'A — 

New Court Pro p ert y Fond Magm. Ltd. 

St.SwithlnsLone,Loudon,EC4. 01-8304^56 Sun Life Of Canada (UJo.) Ltd. 

N.CLPr^.DM.30_.JU43 DQ-5 .J — 2.3.4.CocksparSt. 5W1Y5RH • 01-8005400 

Next sub. day Match 3L Maple U. Grib-;.—[ 198.0 |.J - 

NPI Pensions M a n age me nt Ltd. JuSic u I Z 

48.GracechnirhSt,EC3P3HH. 014234200 PeranlPoFi-1 284ft 1—J — 


Sun Allian ce Fuad Mngt. Ltd. 

• Qmt ftlllanM Ruu lf/wohmi' fidfl 


Son AUknee Rn„ lfonhaa. 040304 141 Barclays Life. Assure Co. lid. Pen.kraB.cap. 


T«.r»»vr«—-—l +-<• Borclayferada 
Target Tst. Mn^ra. Ltd-V (aKg) 

Dealings: 02869841 Propert y 

f +oa 434 Managed 

+C7a 438 Mocey—-- 

+061 531 MaaPtnS-Aecum. 
.._] *87 Do. Initial- 

IS 

+S3 433 Money Pm*-ACC. 

-c3 U1 Do. Initial . — 


+0.U — 


Managed Fond.-[1513. 157-9 .J — 

Prices Dec. so. Next denting Feb. L 

Norwich Union Insurance Group 
PO Box 4. Norwich NR13NG. 00(022200 

Managed Fund-gll 7 222.31-0.1 — 

Equity Fund-04.7 352J +03 — 

Property Fund-1204 126.7+0.1 — 

Fixed InL Fund—162.6 1713-0.9 — 

DepontFnnd-1CL6 18*9 . — 

Nor. Unit Dec. 15_ 1973 ..... — 


Midland Bank Group 

Unit Trust Managers Ltd-V fa) 

S aS a W Sfr Stn ^eE e 0^7W42 
S3 3d is 


138 >Current unit valso Dec. 21. 

<S Beehive Life Asa nr. Ca Ltd-V 
f-25 71, Lombard SU.Ed 01-8 


Pea Gilt Edg. Cap . [1286 13&.* TXtI — 

12?'| .i ~ FjS d ^ S -Fuad—162.6 17lJ -o!3 _ 

-fiw* iS'3. Z DepontFnnd- 101 * 1 B*W .J — 

K5 t 6ftSlt 1 & 4 ^.GnitDOT.1 5_r*IW3 - 

EottbnRoiui.Umdun.NWt oi-3875<ao ra ® eilis: Assurance Co. Ltd. 

Hearts of Oak_[373 353)_| _ 4-5,Kin«WUUamSt,EC4P4SR. 01-8388870 

VHin Samuel Life Assur. Ltd. -P" 5 - 1 -, 1107 ! --J - 

NLATwr,AddteeouibeRd, Cray: 01-088 43» Eb^ SjSqS-lIIlbwft 73.0| “”1 — 

iTBpflnysen*! 


Target Life Assurance Ca Ltd. 
Ihrcct Koan, Gauchouje Rd.. Aylesbury. 
Buds. Aylecbnzyi028ui38U 

Maa Fund luc.-[956 lfti-3 . — 

Kan. Fuad Ace-11*7 2X3 s|.. — 

Prop. Fd. Inc. ____. 122.1 UM7. — 

Prop. Fd. Ace.- 12*0 1 — 

Prop Fd-tov- 95.0 j . — 

Fired tot Fd. Inc. 1110 11731 . _ 

Dep.Fd.Acc.toc... :&S 1023.... _ 

Ret Pino Ac-Pea.. 752 rt-fl +03 — 
Rtt.Pl9iiCmp.7Mi_ 62ft 67.71 +C.4 — 
RetPIanltoaAec.. 1223 129 fl ...... — 

HetPianMraCap... U4.4 1ZLM ... _ — 

Gift Pnr„\rc_1419 lW.fl . — 

CUtPeaCap._(13*5 1441) . — 


Managed Unite 
Manaced Series A_ 
Managed Series C 


'Ea^iino 71.LombardSt_Bd 014231288 . — 

_ ^3 +"d ^ “ Bloch Horse Bd___l 13251 I —-I - ^ -0 J Z 

zeet. T HcadL_ Target TSL Mgra. Scotland) (aXb) 5^ n * aa i af ££?***?? uo| Z 

•toftOTCTWB ^^ararautiMaX (m^SSrtl^ %*$*£***» , PJtar , 5 “ ~ iSJ S3 'Z Z 

wl — irt ?£|gfSi 5 irz:T« 3 ft Kemucd-Det-e-t l Z.\ - Imperial life Aufca 8 l&m»da 

ZZ 3 « Extra Income Fd._ 60 ft 6 «ft|+oi| 9.® Cannon Assurance Md-V _ 4fl . . 713 

2 tl < a. 3 " Trades Union Unit TsL Managers? uOlympicT^.WanhtoyHAsoiKB 01 - 002 8878 pS?f 2 j 2 ! 4 -Z|g *6 tL* Zl| Z 


Prop. Equity ft Life Ass. Ca? 

1181 Crawford Struct Win 2AS. 01-1880037 Transtoteniatioaal Life Ins. Ca LXtL 

R. Silk prop. Bd._.J U9J |.| _ 2 Biram Bldgs. ECtlKY, 01-J0564S7 

t- 53 - ,703 - — TulipInvea. Fd—_|1744 1313 1 _ 

Do Fx. Mnr- Bd. FdJ 15*3 l —-J — Tulip ttangd.Fd_1082 1138j J — 

n jui- il , f U ruL— H t In. rv _ , . _ lira. Bond Fd.-1135 UfiJI_.1 — 

Freperty Growth Asaar. Ca Ltd.? i5an.pru.Fd.cap.. mn lify.| _ 

Leoo Boose. Croydon, CR81LI7 01-8800608 Ena Pea Fd. Ace. .[1193 1255? ....J — 


__ 602 10a Wood Street, EC2. 

ESiSSS^nzri:? “ TCUM “- S -—^ ! 

8«ga.zi±rW[ m.o M 7.3 Transstlantlc c*®- ’ 

Dnii-mm _ Ik*i 6*1 +fl3 7,79 

KquttyExempt»__R57ft 113.7 ....J SOS 

Do. Aeeam*Z__li87ft 1TJ.71 —A 508 

. *Fri$es at Dec. 3* Next dealing Jaa. 3L 
Minster Fund Managers Ltd. 

Mto*erHae_ Arthur St_E.C-ft 01-8231050 

s&ss-fcja 

HLA Unit Trust MgearnL Ltd. 

Old Qabea-Street, SW1H9JC. 0 IBM 7233. 

MLA Unite_pftl 4001 +051 434 

Mutual Unit Trust Managers? (aKg) 

13,ChpCbsILAvn. ECZRTBU. . 01-8064803 

fttiwiil and Commercial 
31 Hjtodrow Square. Uinhurgh 031456 8151 

. m :d H ’^Sdl Hawser, UiT 


M.C +02 
6*1 +02 

113.7 _ 

113.7 _ 


682 10a Wood Street, E.C2. 014BS8QU gg toty U nite—- 

^ TOUT Jaa 3.-PU SAM —J 4.96 

z-n Transatlantic and Gen. Sees. Co-V 
7,76 81-88 New London Rd. Chelmsford 034591651 Deposit Bond¬ 
ers IhAlMiiluS_1748 suj_I- 5.95 Equity Aceum.. 

17i nl ..J 5.45 Property Accum. 
84.41_323 MngH *mm — 



Gnu Linked PerttoHo 

MnmgedFnnd_W5J 

Fixed tot Fd-K5 - 


1 M n j 

Seenfe Cop.Fd._fe6 l»'« i""! — 

Equity Fund-»S.C 10Q^ A — Money Fu^tAl 

Irish Life Assurance Ca Ltd. cuSJS^d^^__ 

lt,Fhwbary Square,EC2. 01-828B293 Gilt-Edged Fd. (Aj 

Blue GL Jaa 4,-DOS 74^ —J 430 fRe^e AmndOi 

Manawd Fund_blt.fi 22B.oj .._.J _ ftlmmed-Ann'ty- 

- - — P rop. G rowth rmiliiia ft Anaides Ltd. 

Frpp.Mod.GU>.-h7« Mftfl-1 — AlPw-tbar AfcDU. 129.9 13*7 J — 

Kins ft Shzxsoa Ltd. VAllWemberCap.. 124.4 1510 _j — 

3tt.Comhni.Era. 01-623M39 ~ j “ 

Bondr±Mtt_riia« uBft9t^36i - cStoTrijr uil ::;H z 

Ijngham Life Assurance Co. Ltd. M*a Pens. cw. Vt 154.7 ”....1 — 

Langham H*. Bolmbrook Dr. NW4. 014035211 jjr” — 

LongWA-Pim^IfiSB 67.11 ..._J _ fSSflSFeSFffc SJ ZA Z 

Fdfe 9 ^ Xli Z M8-Soc.Cap.Utrl 1U3 .J - 

Legal ft General (Unit AssorJ Ltd. Provincial Life Assurance Co. Ltd. 

Klngswood House, Klngxwood, Tadwocth. 222. Bishopagato. EJTi 01-247853 

Surrey KT208EU. , gtagh Heath 5345B Prev. Managed F«J„|117.2 . Wtl.| _ 

Casbtoltul -W54 •3TT — Prov.CoahFd- hra.4 ioa.5. J — 


—J — Pro pert y Fund- 

—A — Prop er t y Fund CA>- 

nada Agricnlrural Fund. 

Aorta Fund tA)- 

71350 Abbey Nat Fund— 
—| — Abbey NaL Fd. (A). 

—I — Investment Fund— 

Investment Fd.lAJ- 

_I _ Equity Fund- 

. .J — Equity Fund £AJ 

_1 _ Money Fund- 

f — Money Fund. (A1 

> Actuarial Fnod._ 


+0.4 — 

+0.4 — 
+0.9 — 
+0.9 — 

+0.2 — 
+01 — 


a oq 2nd Equity 
iftl 5. HI 2nd Property 

= H ^M^zz: 

:- |S ISiq'pSsJASZ 

™ |g gfiSfS^a'. 

- t*4 2nd DepPenVAcc. 

*5 2nd CUt Peas/,*- 1 

- 331 LiESXF. 

— fc EftESiF- 


9*1 +0J — 

103 J- — 

10U +0.1 — 

toOJ .— — 

1B1.0 — 

96J +0.1 — 

Iffif-— 

3Dig *01 — 
1S0.H _.... — 


ilt-edced Fund— 
SOt-Edgad Fd-CAl-l 


ma ~ 


- 3J1 

_7.41 

*33 
_*53 


444 Capital Life Assurance? 

4.M CanisuoRoosc. Chapel Ash Wien 0S02W11 

2S Key Invest. Fd 10016 I. | — 

7.S2 Pacamxierin' Fd. ,| 18273 j —— 


Edited by Denys Sutton 


he world's leading magazine of 
Arts and Antiques 


iblishod Monthly price £lJ0. Annual Subscription £21.00 (inland) 
verseas Subscription £24.00 USA. & Canada Air Assisted S4S 
pptlo Maguine. Bracken House, 10, Cannon Street, London, 
. EC4P 4BY. Tei: 01-24B 8000.. 


(team. UntoQ ____| 15*0 IfiLftj —| 3Jfl 
National Prorident Inv. Mngrs. Ltd.? 

48LGfSceehurehSt,BC3P3BH . 01-6234300 

ttPiGto.Uh.Tot_.j4tl 49JJ ,_.. I 1*5 

CAoctna UaftaT_Si SMi ... J 3*S 

NKotoas.Trust„ti<L2 120.3 in 

lAccum, Uniter*—pO-8 1Z7.4| 1 518 

" ■P ri c e s ob Dec. 30. Next dtaltog Job. 36. 

.•Prices jaa 4. Next dealing Jaa 1& 

Nrtfeodl WesfanlnsierVfB) 
lflL CTuutprida. ECSV «EU. 01-800 608* 

SSftaSSiBi'' S|~:.1 “ 

Wnaweial—_33ft 3*3d __J 5.63 

tocume-361 _3ftM— .1 626 

PotttoiiQlnv,Fd_L. »-9 7*.7ri ___ .. 

4Wfttohwr.ECSPftR 01 ‘ i r T !S£ Financial Pfrty— 1*6 173 +0.1 4. 

^w^tov.-frtft 9auq ) 4ft7 Do Acctnn. 19.9 .2131 +01 4. 

NEL.Trust Managers Ltd.? (a)fg) SSSiKjaj w?* B* s 

ate^fw—«s?' ■ §3 m * 

NeiMac High ioe. ~po.2 5*i|+o3 «46 TSB Unit Trusts (J) 

New Court Fend Managers Ltd. (g) 21 . Chantry Way. Andover, Rants. 0264621 

■JMO,GatehouseRd-Ayttaburr. ' CB963841 _Deallnfis w 025*8MB1 

N.C.EqoltyFund_[159,0 1M« ..... 3.07 ^IfSBGeDmd—«4 gi+OJ 3. 
KP fatrti Hal Tt «ft 10.1 - 2,94 iljj D*. AcClUft.-56.B , M«+W J 

XlSSRC i«9 1Si ZZ Tfti (hiTOBIura«_.Mi iSI X 

ttC-IuenuLInc- 71ft 75i _._. ib^Da Accum—„ 612 S-fl tfi l- 

K.Clnwraat. Acc_ 71ft 7S5 ..... 252 TSBSeottlsh.-, M.l ^ *- 

N.cSn?crFd.^H5& 1M^ 111 4.15 thJDaAcruia-j79ft S4ft|+0.7j £ 

Norwich Union Insnrance Gron p fb) Lister Bank? (a) 

P.G. Boxft Norwich. NEI 3NG. " 06H32Ua o Waring Street.Belfast 022235! 

Group Tit. Pd_-1598.7 S69JH+«7| 46* CDUlslcr Growth.-PS 6 4H|_| 4. 

Pear) Trust Managers Ltd. (aUgKz) Uait ^mst Account ft HgmL Ltd. 

King Will lam Sl ECSRSAR 0183341 

^SlSStT«.ZZM4 5*lid+W 4.70 Do-Aecmc--&3.2 35.1} —Tj J- 

lAectuaUnite>—_|45 04*41+0^ 4.70 Wider Growth Fund 

Prticaa Units-Admin. Ltd-. isHa) aapgw uvams* ft4 p 9 ar oi-82S4t 

81 Fouutxto St_ Bxnebetter osi zaaess totem* Unite_Q8J 31.91 _»J SJ 

PeUcuDnlte__jB0ft ' S*fij *CL5j 482 fteeam. Unite-]3ft3 . 3*2j Z_4 J. 


? Charterhouse Magna Gp.? 

CC7SS2341 18, Chequers Sq. Uxbridge UB81NE 
££-■ -- 70 Chrth>eEt>ergy—Kft 37.8 

^ - IS Chrthae. Money— »2 3Oft 

- H2 ChrUBa Maaeced- S8ft 40.3 

°5-‘ . Chrth&e. Equity.™ 34ft .3*6 

HSI — 212 Magna Bid. 5«.— U*6 

JS itogeaManaged-. 1BJ 


Trident Life Assurance Ca Ltd.? 

Rnuslode House. Gloueaitcr 04K38MI 

Managed_D3L2 12SJS __ _ 

GuLHed-1543 1A3.4 — 

Property__ 1431 15U ..... — 

Kqulty/A^wncan—125 67 4 . — 

ILK EC'iity Fund... 107.9 114 J +0.7 — 

HI^Yluld-141.6 149.9 — 

Gut Edged_32T.6 1362 — 

Money_1*0.1 1264 — 

Interasaano]- 96 0 101.7 — 

FixcaL..129 6 157.1 — 

Growth Cap._12B.7 13*3 — 

Grow-Jj ACC.-131D Igft . _ 

Penft lined. Cap. _ 113.4 1203 — 

Pens, lined. Ace._1161 123.1 — 

PenaGtdlbep.Cap.. 100.2 10*3 — 

Pen».Gtd.Dej»-Acc.. 102* 108.7 — 

Pmu.Ptty.CMg—UK 6 11*1 - — 

Pen*. Pty Are-1122 11SX .. — 

Trdt Bond_3*6 38.0 — 

*Trdt G J. Bond1022 . — 

•Cash value for £100 premium. 


Do. Accum. 

EquitjInitial 
62X81 Do. Accum.... 

— Fixed I mrial —. 

— Do. Aceum.— 

— Mans red Initial 

— Do Accum. 


1607 +flj — 
124.9 +1.7 — 
125.4 +U — 
119ft -0,6 — 
119ft -Oft — 
1232 +1.1 _ 
1236 +lft — 
10C.1 _ 


j»I.soe.Lap.vrt.-.v UJft | ..._J — P-WuyDec.22_ 

Provincial Life Assurance Co. Ltd. nSJdnS?ilfZ!Z 

222.Biahopagale.KC2. 01-2478533 P rope iti Dec 22 _. 

Prev. Managed Fd_|U7ft . 123.41.J _ 

Prav.CoshFd-_run 4 im.3 J — 5-eay Pm. Dec- 22 

SBnSSEz— m* m-£a _ g^aiwp«.a. 

_ ' ^ MnPn^-WJaaS 

Prndenfial Penahms Usuiedt paEqpiwj>a3 

nmV“ *E8GA 

Proper'S k 1 ?! —flfj? IJlM '.Z-l - Vanbrugh Life 


|5J = 


Tyndall Asnunace/FenshnsV 

18. CanyngeRood, Brinul (E7S22241 

U-WuyDec.22_1 1200 — 

1524 — 

tool . - 

UMJ2 . — 

124ft — 

M18 — 

654 _... — 

1L7.8 — 


T, .mm-n *»■ BOtW Jan 3 
01-4058222 Da Pro?. Jnn.3 


S|:r|z 


U? City of WestnSnster Assnr. Soc. Ltd. 

537 RtortteadHipu». A WUtetaene Read,_Do Areata_WSft lOCffl. __ 

40 Grajdra.CR0iI.V _ 01-S4B8B* ExemptEqty.toil...[ 95.0 1M.C( — 


FITS Unite- 

Property Unite. 


*os City of Westminster As*. Ca Ltd. 
Art Rmgxieod Hoiue, * Whhebarae ltosd. 


+«J «S croSoacraaJA- 

*8: ]1 WXfiStzB?.< 

m & ^^-zzp 3 

PULA Fuad (rifts 
Fund earrettly clayed to 1 
ir» d 4 i ynay Perform. IJiuts——-l M 


48iJ +0. 
60fti+& 
Mftrf +0, 
M+0. 
• 79.3 +0' 
S4JB +0. 


^es Commercial Union Group uuvumwM«.u-ja ■ 

SL Helra’i 1. Undeiahaft, EC3. 012837500 Li V 

g£ |Si3= SSSfiMfliBB SSSH|= % 

S4^ +0.7} £33 Confederation Life Insurance Ca . ~ 0J ( «_ 

90.Chane«y La**.*C2A ike. 01 -SC 02 S 2 London Indemnity ft Gnl. In*. Ca Ltd. 5 

OZttKffli SjggffSisz: nH SSI. Z 1*00, The F«bniy.Re#«ling583511. toi 

41ft[ 1 <■« p*£*5jpiaFd-_ WJ 73 7 Z Money Manager.— .|30 4 3ZS\ +*3 — K i 

w^. ... ESiKrtaFand— • 212.4 ZZ Z MJl Flexible--U7.0 3b3 +53 - JU 

Ngnit. Ltd. FUtod tot. ton- Fd. 1973 _ _ Fixed Inicr«!»t-___p43 3*71 +a3| — Mr 

01-823401 Managed pen. Fd.- zrt3 — The London ft Manchester Ass. Gp-V Hj 

Mzd 5S eftSSSjffaroii toa r.: z ,.®® 573a3 “s 


117SS I — Do. Accum.-_ 

3Sft|.-I — Fixed lab. gft l*« — - 

Do. Accum —95,0 106.H -- — 

* Lid. Exempt Uogd. tolL OS ft 10O« — 

. Do. AcetUO___95.0 100.a . _ 

-ftfffitum. EaomptPriJP.InlL.95ft lOOrt . — 

DoAcramZ:-9Sft ..._. - 

i s*n — ]jf e Assnr. Ca of Pennsylvania 
fiLU+Oft ^ 38-43 New Bond SL.W17 0RQ. 01-4838306 

.Till — LACOPUnits.-pfU3 1064J ._..J _ 

;jj Z Lloyds Bt Unit Tst. Mngrs. Ltd. 

- _ 7L Lombard SL.EC3. 01-8231288 

ttment &empt—-1 toll 1C9J|_[ 7.41 

-“I — lloyds life Assurance 

12LeadeiihaU».EC3M7LS. 01-6338021 

012837500 “ 


Reliance Mntul 

Tunbridge Wells, Kent. O SWa sni SSSj^j 

BeLP«8».Rds.-J VOX } .| - Intel Tund- 7. _ 

Royal Insurance Group Prowrryrt? Fl 

New Hal! Place. LlrcrpooL 0512274422 Com Fund- 

Royal Shield F<L _ [335.0 140.7]_| — 

Bave & Prosper Group? 

4. CtStBrtena, Lodo, EC3P 3EP. 01-554 8S3B 

^~m M= “Sal 

Draoeil Fit_Q20.9 UJJ 

cu5m*^Pe»Fd.TWi Oil .1 — Windsor life A 

raaftfcffl. &g +I 1z tHtShrtrett.Wta.i. 

GlitPeSotj W ZT 9*4 ms lo«l Z life Inv. Plant_ 

DepoobPtsia. FMt -n5,7 iooi ^ — £f ture ^ M ^ SiKi*' 
Prlcra on -January < Ci n, T Ej ^l pu " bl - 

.. _ . ItXtSSsz 

Schrader Life GroupV 

Enterprise House, Portsmouth. 070527733 

Equity Dec. 28...—I — . 1 ..,..[ _ N 


Vanbrugh Life Assurance? 

41-43 Maddre St. Ldn W1R8L.V 014894SS3 

Uanaged Fd._U41ft toll . — 

Equity Kd_2=£ft 237.4 . — 

Intel Fund-_ 540 EB5 _ 

Fixed toterat Fd- 1742 183-4 . __ 

Property Fd_ 134.9 242X ...... _ 

CaMFund_U15ft 123-9 ..._ — 


Save & Prosper Group? Welfare inrorance Co. Ltd,? 

i£gEr*'*u^2RV mm JSSSiSET'^fc 1 ““ 

"* For other rands pleueretor to The London ft 


Property Fd*__ 

Gilt Fd._ 

Daporil Fit.-— 


Manchester Group. 

Windsor life Assnr. Co. Ltd. 

1 High Sireat, Windsor. Windsor B81-M 

Life Inv. Plane_(68 4 TEH — 

FuturcAstdGUj'ai. 19.0 — 

FunireAasd.GU>ibi. 47ft . _ 

BM.Assd. Pens.-,.. £27.75 — 

Flex. tov.GloM.Ti.. 10*4 HUJ _ 


.* r. r> I»• •i-TBi 


-1 4-« IVWplWird.. 

«*■ ^ f&ttSfr 

01-8234151 Managed Pea Fd. 

_4 asp Property Pep- Fd. _. 

,_.j ftS vrttteewd to P»>I 


mzA « 


London Indemnity A Gnl. Ins. Ca Ltd. nSStoLDrela 

18-20, The For bury. Reading 56351L InL UT Dec. 28 

MooeyM onager. _ .[38 4 Rft+U — K&SCUtDec-3L_ 

3LM. Flexible-to.O 2BftJ +0 — K&SGvtftcDceftg. 

Fixed lBSers#t u ___p4J 36,7| +0^ _ Mrfd.tFIxjDec.28. 

The London & Manchester Ass. Gp-V Monev’r^ia 8 

The Leas. FDlkettone. Kent. 030357333 Money 3 Dec. 28 


... •—■* Cap. Growth Ftand- 

CorahiD Insurance Ca Ltd. ^Exempt Ftox.Fi' 

32.CorahUI.f Cft. -. ■ 01-6265410 K,l£ {S 

Certtol Noun 1 1 1 . — . ni M IZlft|—J — f^HaFund. 


32. CorabUI, ECft- „ 
01-8234862 capital Nor. 13.—K 

. 23 rd liS ffiBSSSaf 


--1 — IBV. Trust FUfHi , ,, 

—1 — Properly Fu ad - 


+29 — Deport* Dec. 38, 

+L3 — Prope rt y Dee. 38 

-0ft — Property 3 Dec. 28 

+4.7 — BSPadp.rec.aa. 

+17 — BSPa Art Dee. 3B., j 

+3,0 — HaPaCp.Dec.I8.hW4 

+0J — MafaAcc.Dtt.28. 



NOTES 

iticsk do not includes premium, except where 
Indicated 0. nod are In penceunlesaotherwise 
indicated. Yields 96 ttftown In lax column) 
allow Air all baring expound Offered prices 
tucl’ice nil expeis**-.. b Today s uri«., 
r \ .old based on offer price, d Eximated. 
I,W*rt openmc priee ¥ aitfrihuiion free 
of U.K. taxes, p Periodic premium Insurance 
plan. ■ iiknrfe premium imranc*. 
x Qifered price Includes all expentea except 
&ceut*( cwnmixsloa y Offered price include* 
all^ expenses If bought throuKh managma 
1 Previo us da y* price, f Net of touTcS 
ranlteed capital caira unless Ind!rated t» * 
5 Guernsey gross, g Suspended. * Yield 
before Jenny Ul ) Ek-suhdivision. 











































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































25 



r Time* SsftntSay January 7 1578 


p.._ -■ 


,'B^IlSTSIAI^-^oDtinu^ 


INSURANCE—Continued 


PROPERTY—Continued 


i«ms ; 

atxfa Urn 


SKt 


J 


(RAC-lA'lUp-l 

— ite*i 


teBasffldl—_ 

. LftbdHFbbellOp 
LehtaHsfrii__ 

Leigfc ;.'.tt5p_ 

■ Leisure Car. lflp. 

LepGraop]Oa_ 

L«4nfyProdx.5p 

L«ra*M10p__ 

Litton 10 p _ 

LjndsfiyaWins- 
linduaries 

Lsa.*?ft!m.G 
Long HmWy._ 
longtan Trans... 
LonatitefBifTsLJ 
LowftBoaarsSpl 
M-YDan-ift 
Hatsoielda] 


L91 

U 

TL&5 

iwa 

g327 

U333 


+1 


1+2 


tM.03{b22i 53(13.3 

tl164 
6183 




McBride Rhti 

,.. McOcerjl/A_. 

Wi Mflcphersooffl). 
1? MdineTta , d*5p. 
46 Magnolia Group 

50 Mngnn.AgHJG 

166 Man. Strip cat Q’J 
9*4 MsHfegll' 1 
25 HikmL'w.'A^LI 
89 Marshall'sUntoJ 

52' Martm-Blacfc_I 

£91 MBtbesm&Thpc-l 
60 Maynards® 

11 Mriasna&l.,., 

9 MeatOOrtto_ 

246 Until B« El_ 

64 Metal Closure*—! 


d346 

14.21 

blOJ# 

fiS 

% 

t4.46 


+1 


+2 


NnrSqaip 18p*-J 
NeweyGhnipELl 

Narmur_ 

Northern Bug 
Narton&Wrtl 
Nome Section 
No-^xftSiw: 
Gee Finance Oj- l 
Office ftEJeet_| 

QfrraMp-_ 

Ovensumel%o. 
PMA (Mings).. 
ParherKmBpjfL 
Pauls ft WMUs^. 
F rerare lftn 

PartSlX-—i 

PcntoilOp.J- 

Do. 13% Ct. Ln. UK 
Petroran ]2%p_ 
Phfllips Patent: 
Ratal Loa)_ ; 

fca 

Pitn'ylkKesIn.. 

E9sshcCoul]Dp_ 

Ptosnra»pa5p— 

RjgnNfclOp. 

Powell Dn2.50p.J 
' Press CWnLl5p_ 
BreSigeQreap 
Pritchard Svi; 
Prov. Launds-S 
Pullman R&J. 
ILFD.Groo] p| 


+3 

+T 


1-i 




4.2173 
. 92.49 
1410.4 6.0 
5.6 6.1 33 
b4.4 83 33 

20 83 9.6 

21 9.6 63 
43 53 43 
ri 153 (i« 
4.1 U'tt 
17 8310.7 

7.9 2-0| 93 

6| 6.01 
27162 
5.0 531 
A. 113 
2310 J 

22 73103 
33101 43 
4.0 6.7 4.1 
0713.9183 

13 183 — 
13.74 6.0 6.7 

U133 111 
03113 IBS 
32 6-5 7.0 

2.9 68 7.4 
4.0 70 5.9 
40 4.8 7.7 

^J3 90 60 
QS%t7K r J M2 

-J13.7 
29.5.7 9.0 
17 90 63 
17 17 50 
111 

14 i - 
16100 53 

14 9.6 65 
00 42 47.6 

319 16.7 — 
16 62 7.9 
13 4.0 62 

15 MD 8.7 


102 

0.93 

+1331 

1383 






1+4 


1+3 


+*-. 


.El. 

rPBWS— r 
_ aIw.T5ft 
I RmwickG rw^-J 


1-1 





^^dnFojboJ; 


tl 


+5 



Da’A’N-V. , 
IStwritySavitB J 
[DaA'N-V_ 

tetanus Ware 
Kiebe Gonna 



HKS1 
tSterimj; Icrt'LSjp- 
SfflwhfllHldss.. 

rtF.)- 

iSen.Wp- 

[SwcdishH^EM 
tewfre Pacific GOc 



+3 


HM 

tU4 

TL81 

tlOl 


3.81 , 


20 82+72 
4.6 69j 42 
26 73l 66 
.401 63 5.9 

MU3S| 

.... B.tei 

22} 3421.4 


> ISna Alliance £1. 

L SunlJfoSp__ 

‘ TjirimStor EDR 
i Trade rodenuR* 

|£19 s i TravdmSlSIL, 
394 [Wilirs Fiber_ 


t'rtfe I 4 -**]. J& | (Nr I™) PfE 


1451 


606 

-2 1118 32 

— 

4 A] 

108 

+2 1311 

__ 

44 

704 

-I gD-JPo 

___ 

07 

165 

.. 


70 


-h «J$3 2fl 


36 

282 

.. .17 61 

76j 

4 lj 


IM 63 
6.4 4.9 
43 73 


MOTORS, AIRCRAFT TRADES 


Motors and Cycles 

195 ]-s J 10 

46 
51a 

« |+3*?(t3.9 , 

775 L..f|*ga^ 


BritLrrfandMp 
G«. MU. Uniis_ 

Lotos Car Kb_ 

Reliant Bfltr 5p„ 
M&Rop*M«J 
VdroKiSO 


Commercial Veh 

99 


Crtne Freeh. 10p 
PR FfHM w) . 
FbdaudO^J_ 

Peak Invests. lOp 
Plnnnm • 

Fork Trailer I Op. 


137 

56 

69 


121 B.Pi 73| 
23] 8.7) SI] 


04 94 


17.41 


Ides 

!ft238| 19[ 33)23.9 


AhGv-Pandi _ 

AMnw Sfnwn 

SSJ_ 

Auttwrtlv*.-, 
BJuemdBns. 
Brawn Bn».IOp. 


Hrem-Smitii lOp. 
Bnk-PBK^i%_j 
n 

Supra QrwpiOp. 

TnmeTlCg__ 

WUmat Braden. 
W6odbe6d(J3_. 
i&nilh'A'SOp_ 


Components 


SB 

n 

6012 

124A 

IDO 

ft? wt 
ZLh 
165 
90 
118 
*h 
4 &> 2 
286 
35 
103 
67 
217 
106 


3.3 

F325 

05 

d752 

(231 


264 

t4.47 

234 

439 

LB 6 

357 

0.06 

4.21 

S; 

tan 

8.22 
hfl.77 
3.62 
12.8 
t693 
4.0 


6.<fl 3.6) 43 
42] &3 i 46) 
291 8-fj 6.6 

431 


9.3 « 
4.71 80 


45J 6.9 50 
7.5 &9 40 
3.0 51100 
39 57 68 
88 28 64 
* 90 © 
L« 75124 
37t 3.9 10 6 

8.9 47 
33 115 
45 38.6 
23 15.0 
4.4 7.4 
3.4120 
53 9 9 
6.3 4.9 

4.9 50 
SJ 9.9 


y 

75 

4.7 

ue 

29 

49 

53 

27 


4.U1 U*t i -4. l l 

Fttl'd 70 
7m 45112 
25J243 1.7 1 
266 
7.9 4.8 4.0 
3.4 55 

i u 

, - ,23 81 

3.0) 72 

MiJ " 

5.6101 
^ 95 70 



Mifnij 


Garages and Distributors 


|Ad*msGIbtMC_ 
Alexander 5pL_ 
■ IGrp.- 

_Motor. 

BSC tot. Up- 


[Dutton Ftonbav. 

Bttt* IF.Gj 

]OaiifleMJUmr_ 

iHangerlaw IQp. 

CferrSinnXJ-. 

pfenteafc 

ISaty Mtr. (kit, 
J Do.lftocCix>._ 
iHurrt Khtrlw)- 
ipi Uhl.- 

|g«minyyiT 

Era Service Grtt. 
[Lookers 


Manchester lOp, 
NeteutDasiim 
Pennine Mtr. V 

PenrCHJMtn.- 

PririeJctlaitP- 

Quick®, ft JJ5p 

Reynolds WJ.Sp | 
Rixrt!aivert6p_ 
XMeof Leeds—.1 
WufiumStr.lOp. 
Western )fir^_ 


"79 

if 

120 

£** 

39 

431s 

19 

106a! 

43 

82 

73 

g* 

30 

22 

95 

85 

118 

89 

£332 


72 

33 

U 

Sf* 

36 

ft 

166 

238 

If 

& 

% 


5 

+h 


451 

4.47 
9775 
«21 
ia 
198 
tL3 
584 
d!55 
t3 03 
4.19 

a? 

127 

dO.O 

'S 721 

15.99 
323 , 

ssr 

L55 

S4-15 

*3.41 

[246 


+3 

:ia 


+'l 


t4.93 

10.15 

61.62 

g0.62 

0.63 

t22 

20 


4J 


2m 8.71 6S 


2«S 


t 

a 

26 

1 ? 

9.7) 

38} 

26 

'17.0 

32 

4.4} 

til 


1 


7.7f 4.9 


45 73 
_ 7.0 205 

an P 




a j 

4.S 93 
69113 
103 103 
R3 8.7 
55 88 
53 4.9 

8713.9 
83 69 
43 7.7 

6.4 21.9 
29 5.4 

5.9 68 
7.1 73 

7.7 9.8 

5510.4 
177 
1113 41 

72 4.9 

7.8 7.1 
66103 
75 68 

ILO 6.0 
3.6} 7.4 
» 


22| 57 152 
80(103 550 


65 


NEWSPAPERS, PUBLISHERS 


42 

HSi" 
fflP «£l 



J?P 

22110 6J 

94 

44 
'.7119 

sms 

iiiaSJ 

««a 

i 


120 lAsoc News_ 

82 AK.BookP.20p. 
26 BPKHWJS.'A_ 
22b Benn Brothers _ 
50 8Iack!A*Cj-J 
BrfattflPort_ 

MUnsWilUajn- 

Da“A‘ 


ft 


TnribltMI'A'XpJ 

kwd. Allied-A 1 
|GoriBrtkG«ch_ 

Bm»flinritl»i 

i’^^RpSsBpI 
33b [MaoshaD Cav.IOp 
82 UfoTgtaGrimp— 
mews tot, 


PetnoKl/BBnu. 

Pn»tnWHh>— 

Rautledee ft KE. 
Sharpe |wN> — 
Thomsoa- ■_■ 

Ihtl Newspepm 

WeMersPub-Sp 
18 [WilsottBros 3ftpl 


172 

173 
46 
65 
73 

106 

152 

152 
345xd 

72 

85 

62 

130 

132 

59 

197 

266 

179 

40 

153 
135 
715 
330 

25 

36A 


-1 

+2«a| 

-2 

+1 


1523 

t3.66 

287 

213 

446 

15.8 

14.64 

14.64 

tlL61 

□.63 

t264 

t335 

m 

18.12 
5.44 . 
'td221 

g5.91 

tl271 

fL28 


64 


1.6 

22 

44 

4.4 

14 

4.4 

1481 

25 

32 

27 

18 

b6.6 

4.6 

4.4 

23 
3.9 
5.0 
19 
29 

24 

3.4 


35 

117b 
230 
130 
455 
116 

461 8Dr?i 
3 2 73 


951 53 
[105 
103 


a 


102 

20 

4.6 

4.6 
64 

3.7 

3.4 
13 
SJ 

7.4 

5.4 


1550* 

68 


t2L7 
56 
8.4 
68 

. 99 
7.6} 73 


86 
II 13 
72 
7.4 
82 
107 
9.0 
1707 
96 
87 
7.0 


PAPER, PRINTING 
. ADVERTISING 


3fif 


+1 


£290 I-1 



ilii 


HH 


as 


1-1 


■■■aaop. 

Trans. Da rS5l- 
rransportDer.— 
PranwoodGp.5|» 
Turner ft Ne» .£l_ 
Turner Cun. 5p 

UKOIntL,_ 

DnirornlaMSfS— 
L'oifiw TOp-^B 
Unilever—JH 
l : nVN.VJ]J2_ 
Carriers lOp 
United Gas ItaK. 
tl Citara otea 5p_ 

Unodnooie-- 

Valor:_H 

Venesta—■■ 
VinmlOp ——j 
VintenGr;. S 
WBibbora^i 
Wade Pons. lOp,. 
Wattcr Binr.Sp. 
WjumiU»lQ- 
WatertoniSp— 

Watshwn's- 

Rat5ouRK10p+_ 
Wedgw onj—■ I 
■■■■ HldfiS 3 
meiin.BoanllB 
(Wstniin ftCtyT 

hrioctaBltjt I 
retenMJttngeL. J 
(WnleHGJLU- a 
hjhjteChildML. 

wnwiii;^— 
Wilkins Hfifebefl 
JjiiffiaJrtdLtl. 
IDo.WpcCnv.Ji 

WUUaauUI- 

MlisiCeorgei— 

vUuaWatto&iBp. 

ru[£i!B:e.2Dp— 

CUter RhaoML 
Wtwd&S«s9H 
Want? (AH_ 

Wood Hall. 

ZiKter*5p_| 


.+609 
K(W39 
■**.31 

d0~82 

5.16. 




+r 


WiJ4 


98 

|»3 
1 9.0 ’69 

126 


ffl8 

672 

t8.12 

1693 

d279 

to36 

[l23 

{363 

0 48 , 
T191 


26} 621 8.4 


[Assoc Paper. 
Da9»jpeCon*.v 
AulilcftTborfi— 

51b teoarwe- 

31 EritPruting— 

{BnmningGrp_I 

Do Hestnr. Vlg_ 

[BnnzlFulp—_ 

Cnpsealsbp-- 

jCaurtno iStr 7.1— 
(Chapman BaJ S^>_j 
KtotMctanJ'.- 
{Collett D son lOp 
ICutaer Guard — 




16 


East Lancs Ppr- 
EtKabjiitSL—- 
Ferry Pick lOp — 
FinlasHol dines. 
Gem Grow lOp. 
HanuonftSons 

IPG lOCts- 

hnereskftp.5ft)_ 
LAP Pwterajp, 
JtcConjnodaleiLJ 
Melody Mills— 
Mills ft AUenSDp 
MnreOTerr 10p 
' rftMLSB— 
iP.MillSDp 
9 . [Oxley Prim Cip-, 
23 Reed* Smith »p-. 

52 SaalrhilOp- 

27' Smith iDricfi3)p. 
79b SmmfiUJeffsai- 
48b Transparent Ppr. 
35 Trident Group— 
*1 Usher WiBwrlOp_| 
Wnce Group COp- 
WaddugtooUj- 


111b WaddugtoaU 
29b Waraonghs.- 
9 PWWvmiSP’l 


£• 

W’ 

44 

55 

£ 

43 

23 

65 

61 

57 

20b 


3.98 
1287 
+297 

a* u 


43 

68 

63 

112 

510 

65 , 
npj 
81 
170 
222 
70 . 
120 
78 
£26 
24 
4Z 
62 
99-\ 
94. 
228" 


52 

23«ri 

22Stri1 

91 

32 


1-1 


+2. 


+3 

% 


1286 

XT* 

+3.46 

14.® 

17<T 


+637 
297 
5.08 
h256 
b7.7 
□0 

, 3BZ . 

s V 


29 

d309 

40d 


- t 2 - 47 -, 

r 

242 

133* 
BT 

FU.0 
hJ-P9 


24 2577 
2J 7,9| 66 
0911111172) 
3.4 9.5[ 46 


3,1 7.1 
61 


22) 9.3} 


8.711051 

, A1 \ ~ 

3U 


L9 
0 &} 
3.6 
23 
17 
0.9 
40 

12 

37 

2b 

14 

3.2 

40 

22 


7i 7.8 
7.« 4.7 
7.9^ 5.2 


75 


ir 


67 

[203 


113 2.4 
62 8.0 
[10.4 
89120 

8.9 (Mi 
0% S3 

9.0 (65) 
79116 
BO 10.9 
63 5 0 

60 211 
30 BJ 
8.0 66 
8 0 9.1 
52 (U71 
50 82 

3.9 83 
3.9)18.2 

56 

8.4 id 
8.7 52 

9.4 69 

7.4 83 
37 70 


PROPERTY 


u 


(116 
261 
6.8 
..,72 
2^102 



290651 


mi 




1 3111:5 l 1 

0 3 



f4.4 

IB* 

33 °, 

ffil 22JJ11 M 

frrU«i 
13.23 
T2M 
1285 
+0.6 
0.81 
464 
116. 


t& 

£103 


180 
100 
100 
- 118 


INSURANCE 

an 

835 


I^HklPsWl 


Comm riniiuv 
Eagle Star ..~ .J I 
&teSGratoi.>,t. 

EmilUSOWnr.. 

GwdimBiffijI 
HnnrixoLSla— 
Heath iC£.ia*t- 

LepritGnuSp.. 
tes.AGdwn.iDp 
loo-AMn-M 
UBsS«alnitaH 
MatttewWa^J 

MHwjWtea^f 
Sknn^HM 

PrariSp. 
RtpnrixJH 
ErtMOeufA 

PJndeB&dSp— 


+7 


+4 



6.08 

4, 

«» 

5.60 ' 

T508 

152 

t4.12 

+529 

fflP 

11.44 

i 1 

7:42 

16.04 

736 , 

flits} 

1959 

60S 


«3T MW* 


{85 
62 
4.9 
S3 

25W5 

aiilS . 3 

—J 44 -4 
171 6 5 8.6 

42} 19 90 

filial 

251 8-2 7 - 4 
bl t 

49 - 

9.0 — 

63 ~ 
7.8 

69 t 


£155 

[£159 


UTdl/mdofilOp 
Albion London- 
Aaalgaiwtd Suits 
teStnoRldgs — 
Apes. Props. lOp. 
Aqnis Serahp— 
AwoueCl’seaip 

Rank ft Com lOp- 
BenamontP 
BeaztrtCR. 
Beflwagr 

Berkeley- 

BittontPereyi— 

BradtordTrt 
Brit.Anraai . 

BnllMiLand_ 

Do.j2prCnv.S01-; 
Rnxton Estate— 
Lip, ft Counties _ 

DaWanants 

Carding GroapSP-j 
Oniii0U»Iirr.9Op 

Cararindaiaip 
DftCa 

flundur _ 

ChomSecs—— 
Chmchbiy Esl— 
City Offices-— 
ClMteNrckrik. 
Control Secs. 10p 
CbraEjcchaDgelftp 
nrixySewT. 10p—I 
iTnl} 4WM.lifc»| 
DaeMiHld^-, 
Dam Estates 10P-J 
DoningunlOp- 
EiitProprSOp— 
Dofc^Cuv.— 
po l^cCnv.— 
Ests. k Agency- 
Ens.ftGMi wp- 
EetoRrop Inv 
Evans Leeds —- 
FuricwEdl 18p-| 
GHgalelOp. 

__GlaulMldheeiL-, 

fl98 Gl Portland 50p 
Green dU 10p— 
GreencoatSp— 
Hatrauenou‘A’- 
HmfiyladTifSp 
HariemerelOp— 
RK Land. HlSl- 
[mrv Property — 
Interearopran »p 
leraurn Invest— 
LandlnvMS—^ 
LandS«a.50n.. 
OahVcCnv 8J_] 
Do fcftiCotrt. 05. 
Do UTSGoaw 95 
LawUad20p_ 
ten d Lease Sta- 
Laa Prorap 10p 
Los. a 

Lratoa 
METC. 


XaHerBdatM- 

._ MtanemsrWP-- 
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FINANCE, LAND—Continued 


M77-78 



ft AH 

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High Law 

Stock 

Price 


Net 

Cw|Grt[Pffi 

23b 

14 

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165 

13 

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72 

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126 101 

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0.7 

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275 

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210 


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141, 

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2.6 

67 

67 

707 

170 

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126 

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902 

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242 

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Q4 25 

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37 

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60 


4.47 

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925 

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17 

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27 

37 


138 

31 

67 

87 

79 

33 

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77 

1124 

33 

24 

143 


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, 46 

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60 

41 

£40*a 

£10 

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18 

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162 


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KTieFr PewlesB J £13 


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450 

138 

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186 

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410 

382 

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£36b 


527 

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OVERSEAS TRADERS 


305 93b (African Lakes _ 

108 62 AnsLAgric-50c- 

225 134 HertfordiS ft W). 

239 124 Books McC50p. 

96 72 3«lirei1!lns,:at 

31 17*2 BmaeadtU 

319 150 nnlayUi&J . 

240 161 GLflfcDoffus_ 

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425 276*2 ITria'ns. Cim £1 

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72b (Ocean Wlsns20p 


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RUBBERS AND SISALS 


um-Tt 

High Low 

79 
67 
12 
33 
200 
57 
108 
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a 


48. 

34 

81 

571* 

30 

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58 

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235 

420 

116 

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250 

250 

230 

415 

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200 

175 


34 

43 

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82 

25 

75 

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Stock 

Angto-todQnesto-. 
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BirdfAfrica)_ 

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Castlefield 10p_ 

dersonese lOp_ 

Cons. Plants II 
Gadek Matey.. 
Grand Central 
GnthrieEl 


Price - 


£11 


.ajmainsiOyEtt.BpJ 
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l&ialaEeixmeMSL 


Knonc 

20~ r ffulim av 
40 Llfci. Sumatra I0p_ 

31b HalskaffMSl_ 

10 Uatoratom l(to_ 

12*2 Hoar Ricer 1 ( 91 +— 

PlamrtionHkfe* lOp 
Sra«elKnana_ 


7B 

67 

8* 

170 

56 

96 

47 

69 

58 

43 

29b 

80 

49 

30 

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+2 


+b 


+1 


-3 


+b 


+b 


Dfr. 

Net 

2.54 

15 


(rid 

CNtIgt's 


hlJ27 

SZ8 

203 
Q12.0 
0.71 
055 , 
110.15 

_ 3.05 , 

+lMfQ12bc 


QlOc 

V 

as 

ho .43 


4 
7 , 

lo 

25 
_ 55 
121122 

Bk 

6.7 
, 5.4 
111-53 
imoD 


1-6 


38 


ir* 


TEAS 

India and Bangladesh 


032 


180 

-5 

♦931 

5.« 

150 


380 

-5 

♦4.0 

• 

52 

Asiam ton £1- 

105 

+1 

1.9 

37 

5 

Empire Plants J0p 

Zfe 


♦L98 

l.C 

123 

)okai£l 

215 


12.0 

35 

88 

LoogbonnieLl_ 

224 

_ 

10.0 

68 

118 

McLewSRusstlU. 

180 

__ 

10.0 

2.7 

124 

Koran £1- 

400 


15.08 

4.5 

1% 

SingloHWgs. 10p.. 

23 


♦PI.7? 

32 

ffamn Plants..— 

383 


PJJO 

3 6 

80 


146 

. 

9.0 

4i7j 


85 


Sri Lanka 


145 | 59 [Lmrara£l_ 


.1 145 ]-(3.63 1 10| 3 


Africa 

410 [190 ffil an men_ 

165 f50 - 


390 

130 


2355 

7.66 


20J 9 
L7( 39 


MINES 

CENTRAL RAND 


365 

478 

£32 

207 


97 

35 

lift 

379 

47 

m 

95 

79 

665 

42 


(329 

178 

EM 

113 


Deep Bl¬ 
ind Prp Hi.. 
fn£stR2 
idKl_ 



254 

326 

£30** 

150m 



f.B 


EASTERN RAND 


55 

9 


62b 

2Ld 

+2** 

QZ5c 

1 Q 20 c 

13 

52 

CkRtunLAnsuac-. 
GnKrti lei 30c- 

140* 

130xd 

+3 

Q24e 

Q34c 

♦ 

205 

Kinross RI_ 

306 

+76 

18 

20 

IfTi 

& 

+1*T 

03c 

1.7 

4ft 


+3 

Q46c 

15 

29 


58*2 

+1 

10.7 

33 


57m 



♦ 

f«J 

I * - If I- *. 1J ,'t i|H4 

554 


17 

ri6 

Nigel 2Sc_ 

32*a 

+iy 

— 



FAR WEST RAND 


710 

£10b 

108 

326 

T3S 

208 

141 

£33*2 

585* 

541 

503 

296 

£14b 

279 

£23b 

226 

834 

241 


P 

Im 

430 
97 
64 
aoo 
290 
175 
235 
1118 
812 
11701 
[03% 
piflr 1 

Bo 


fpteH»ra_ 

WelsRl-- 

Peetkrul R0B0__ 
Donrufoateia Rl 

EaaDrieBl_ 

QandsraniJ Gld 20eJ 

SsfamgRl__ 

FanebeestRl_ 

KhxriGoldRl_ 

UbBMD RI _ 

Southraainc_ 

'SdHoalrtn 30c_ 

[\ : mI Reefs 5te_ 


Western Areas Rl_ 
Western DeepR2_ 
[?Jmripan HI .. 


296m 
83 im 
83b 
238m 
6DOm 
166 
108 
912rf 
436m 
456m 
456m 
228 m 
mvri 
274 m 

619m 
173 m 


30 

+10 


t046c 

N2130e 


«78c 

[Qffiic 


- 1-12 

+7 
+22 
+18 
+16 
+18 
+12 
+b 
(+19 


O.FJ5. 


120 

£14 

126 

469 

131 


70 
1787 
68 
(235 
49 

£10^1750 
~>75 


783 

£12b 

206 

252 

03 


Pree Stile Der. 50c 
FS.GednH50c-_ 
F5. SaaiplBU Rl _ 

HanmnySOc_ 

LaraueR]- 

Pres Brand fiOf— 

Piet. Stem 50c_' 

St Helena Rl 
U nisei 


685 

108 ,. 

118 (WriJmm50c_ 

£101 a priWcfiiijfl5flc,_ 


90 

£12b 

107 

359 

114 

847 

642 

765 

166 

20Z 

£14b 


% 

+19 

+9 

+97 

+37 

+62 

+2 

+12 

+b 


tQ22c 


01 lc 

C?40c 

lQ50c 

qSoc 

020c 

Qll5c 


12.4 

74 

5.4 

33.8 

29*4 


23(10.4 




10 5 


5-1] 

* 

“L - 

15) 9.9 


£« 


a 6.8 

L2 
110 

l 


FINANCE 


522 
322 
,077, 
950 
[255 
-224 
21 ■ 

Q7b 

102 

^86 

130 

05*. 

59 

|500 

230 

55 

£12b 

230 

294 

80 


$ 

S' 

106 

137 

15 


Ao£Affl.CDa!50a*{ 
Anglo Aaa. IDe _ 
Aag. Ain. Gold Rl 
AOg-Vula0e.__ 
Chart er Com. — 
Omul Gold Fields _ 
East Rand Con. IDp 

GednUtor.Rl,_ 

Gen. Mining R2__ 
Gold Fields 5 A 25c J 


£10b palmg Coos. R2_ 


p 

173 

no 

1 


fn 

50 


(Middle Wit35c_ 

:|fe«reoSBDl40_ 
Ne»Wit50r_ 

(Tltmo.\TPli5_ 

Rand London 15c_ 

SetocUtaiTra*!_ 

peatrirt 10c ___ 
, 33 SilreiminesZiro _ 
925 rraaLCofltLdRl. 

UC.InrertRl- 

Union rorpa.825c 
VogeUatjc _ 


455 

260 


625; 

336 

IBS 

21 

2484 

£14*4 

950 

£L0bm 

160 m 

128 

101 

900 

57 

400 

166 

37 

01*4 

198 

242 

50 


-10 

+14 

+J* 

r4 

M 

+B 

f7 5 

+10 

1905 


10 

+*« 

Q40e 
071 Or 

+38 

QUOc 

+*« 

Ol/Oc 

+5 

W41JC 


Q12c 

015c 


QC50r 

a" 

bO be 
16.72 

+5 

IT 


095c 

■4 

030c 

-4 

036r 


ro 71 ^ 


- 92 
113.0 

?9 
. 3-5 
4UJ 
. ai 
110.1 

- Jits 

15(132 


mu 


|1L2 
8J 
7A 
73 
15(108 


13 


9.9 
7.7 
10.8 
9.4 
53 

9.9 

3.3 

5.9 

6.4 

HJ 

i«fio 


1D.0 


DIAMOND AND PLATINUM 


£33b 
■ 33 
]3U 

mb 

76 


a9 
. 47 - 

Aoeto-AraJnr50e_ 

SsspipsePltBeJ 

£30*4 

57 


m> 

LI 

Ia 

188 

DeBeanDLSSe— 

303 

+17 

t^5c 

850 

Da40pePLR5_ 

flora 


W.5 

41 

l^denbnrgn*jc_ 

56 

+1 

T) 7. 

60 

PuaPULlflc_ 

73 

-3 

W*24 

L4 


9J 

7J 

7.7 

13.4 

3w2 

23 


a fufly fntOQTAted bonking service 



Head Office: Ouka, Japan 


MINES—Continued 



Stock 

Faknn Rh50c_ 

Rhnd'ni’orp iPtp. 
Cau.K-1_ 

ganjika.'flp_ 

Do Pref 80p_ 

VankicCal Rti I _ 
Cpr.SBEHia... 


AUSTRALIAN 


Price 

+« 

cm. 

Net 

Pw 

170 

+5 

Q50c 

0 

20 

+1 

037 

43 

52 



_ 

136 


QUO 

11 

78 


Q7** 

164 

39 

+6 

«?** 

L4 

12 


— 

— 


20 

227 

128 

325 

65 

112 

35 

242 

105 

120 

12 

143 

55 

£13 

19 

555 

12 

164 

75 


39 

395 

57 

260 

570 

13 

325 

135 

100 

10b 

85 

490 

410 

70 

215 

90 

73 

210 

305 

160 

<60 

102 

« 

203 


10 

[AraievSc. _ 

10 




57 

Bou£ain'iJ.e50Toe3 

70 


QJJJC 

13 

70 

BK South .tOc 

70 

-l 


M 

119 

ros-isfRirtmin-Vk 

167 

-9 

Q9c 

23 

18 

GUKjEffriir?). 

53 

-5 


_ 

77 

llaimitn.treav.vp . 
3fcial»Ev 3V ... 

SI 


L45 

4.1 

JO 

16 



_ 

134 

MJ M Hides 50c 

134 

-1 

Q9c 

L7 

10 

Mount L.iril25r. 

15 

-1 


— 

1 

Ncttawiai 10c 

2 



_ 

83 

North B III 1130c— 

84 

-1 

Q6e 

13 

a 

Nth XaJjurii_ 

DakbnrircSAl.— 

9*2 

323 

-3 

QUc 

L9 

20 

Pacific Copper_ 

Panranriac.— 

30 



_ 

575 

950 


_ 

_ 

8 

Pannea MftEup.. 
PektyffollsKidaOe. 

12 



_ 

345 

405 

-5 

Q15c 

ft 

—re 

Poseidon 20r_ 

75* 




6 

VoltanMin.50r_ 

U 


— 

_ 

91 

Sestn. MuitnqSOc- 

91 

-1 

Qftc 

L4 

40 

[WnmCreekah:_ 

50 



— 


J 8 

(240 

155 

260 

190 

72 

60 

7 

30 

260 

[217 

„50 

*8 

59 

77 

a S 

19 

42 

45 

93 


TINS 


BenumaiSSn 


Hongkong .- 


Killing* 


(Trenail SU1_ 


30 


2.51 


240 

_ 


09 

45 

n _ 

23 

205a) 

470 

—- 

as 

* 

34 

ID 

_ 

_ 

—re 

260 


132 

vt 

130 



_ 

93 


9.14 

L0 

10 

_ 


♦ 

69 

-3 

3J!5Je 

07 

450 


0175 

ft 

295 


Q955c 

ft 

27* 

58 

— 

SF 

11 

185 

61ri 

— 

SSf 

10.9 

ft 

6ira 


h412 

13 

160 nf 


tl*77flc 

t$3Uc 

L4 

260 Qi 


U 

142 

-3 


_ 

55 

! 

ZQ10 

_ 

100 


ft 

85 

-5 


16 

153 



2iq 


TM 

Gib 

27.7 

43 

« 

9 a 

16.4 


33 

It 


S3 


23 


43 


123 

iji 

60 

”? 

143 

53 

111 

SO 

93 

14.6 

1.7 

5.0 

93 

m 

43 

9.9 

4.9 
4.9 


COPPER 

198 I 84 (Messina ROSO_[ 85 |+1 | Q30e 1 1.9(233 


ffil 58 
250 


MISCELLANEOUS 


600 

475 

247 

70 

an 

55 

160 


m 

, 28b 
862 


BarmaHlDef 11 * 2 p. 
Colby Mine SCI — 
Cods Mnrrh. 10c__ 

NimhgateCSl_ 

R.TZ 


H21 


g na Ind&. C5I_, 

ExptnSl_| 

tUunaklDp-l 
mConiCSl- 


9 

88 

250m 

.270 

186 

43*2 

862 

45 

130 


+3 

-5 

+r 

a 


Q30c 

t&5 


121 

Q7c 


3 

* 


6l9 


43 

32 


NOTES' 


Unless otfierwiae Indicated, prim and net dhlfttft are la 
pence and denominations are ZSp. Estimated priee/camin** 
ratios and men are haaed an latest annul mmta and aceonnln 
and. where poaslblr. me updated on haltoenrly tlgnren PfE* are 
calc Slated an the basis of net dtstribotfon; bracketed agues 
Indicate 1> per eat. or mare difference If calculated on "ntT* 
distribution. Oners are based on ‘-naxfmam'* dMifttitioB. 
Yields are baa^d as middle prices, are grass, adjusted In ACT of 
M per cent and slm lor iralue si declared dUMbnthms and 
rlflMa. Securities with denomlnaihms ethes- Ihsn stedlac are 
quoted Inehnrfec if tbe Inennent dollar trend um. 

Sterli or denominated securities which inctodo Investment 
dollar premium. 

“Tap" stock. 

Highs snd I-owc marked thus hare been adjusted lo slloar 
lor nghte Issues for cash. 

Interim slope Increased or resumed. 

Interim since reduced, passed or deferred. 

*1 Tax-free to non-resldmis on applicanon. ‘ . 

4 Figures or report awaited. 

l toll sled security- . 

Price 31 tune of suspension. 

Indicated dividend alter pending scrip and/or righto tout 
cover relates to previous dividend or forecast. 

Free of Stamp Duty 

Merger bid or reorganisation In progress. 

Nnt comparable 

Same interim- reduced final and/or reduced nernhupa 
indicated 

Forecast dividend: cover' on earnings updated by latest 
Interim statement. 

Cover allows for conversion of shares not now ranking few 
d 1 defends or ranting only for restricted dividend. 

Cover does not allow for shares which may also rank far 
dividend al a future date. No P.E ratio usually provided. 
Excluding a Final dividend declaration. 

* Regional price. 

No par value 

s Tax free, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on put 
of capital: cover based en dividend on full capital, 
e Redemption yield f Flat yield g Assumed dividend and 
yield h Assumed riivutend and yield alter scrip Issue. 
i Payment Irom capita! sources, k Kenya, m Interim higher 
than previous total u Rigbti issue pending q Enralncs 
based on preliminary -figures r Australian currency, 
s Dividend and yield exclude a special payment t Indicated 
dividend cover re tales Hi previous dividend. P"E ratio based 
nn latest annual earnings u Forecast dividend: cover based 
on previous rear's earnings, v Tax free up to 30p In the L 
Yield sllmv fnr currency clause v Dividend and yield 
ha.b>d no merger terms r Dividend and rield Include a 
pecial payment- Cover does not apply lo special payment. 

.4 .Mel dividend and yield. B Preference dividend passed or 
deferred. C Canadian D Cover and P. F ratio exclude profits 
of ILK. aero spare Fubwdianes. E Issue price. F Dividend 
snd yield based on prospectus or other official estimates for 
IPTT-T8 r. Assumed dividend and yield after pending scrip 
sod'or rights issue. H Dividend ond yield based 00 
prospectus or other official estimates Tor 1BJB-7T. B Figure* 
based on prospectus or other ntilcla] estimates for IBB, 
fl Dividend ana yield based .an prospectus or other official 
estimates (or 1018 N Dividend and vidd based on pr ospect u s 
or other official animate* for 1918. F Dividend and yield 
based on prospectus or other official estimates for 1077. 

O Gross T Figures assumed. U No significant Corporation 
Tax payable. Z Dividend total to date, ft Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
of stock. 


Abbreviations: uIck dividend; box scrip isaoeta'i 
all. d ex capital dlatnbuiliUL 


t rights;] 


Recent Issues " and “ Rights ” Page 22 


This service is available to every Company dealt In on 
Slock Exchanges throughout the United Kingdom for 1 
fee of £400 per an a am for each security 


REGIONAL MARKETS 

The following iso selection of London quotations Of shares 
previously listed onlv in regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 


AlbanyInv cOp 
Ash Spinning J 
Bertam 


Bdg'wtr Est 50p 

Clover Croft __ 

Craig ft Rose £1 

Dyson iHA.1— 
Ellis ft UcHdy. 
Evans FrikJ Op 

Evered-- 

Fife Foree.. 

Finlay Pkjf.Sp. 
GnfgStrip. U _| 
Hiffoonh Brew 
LO M.Stm £1 —1 

Holt (Jos. i »p.. 

N"thn GnltUnuth 

Pearce iC. H.)— 

Peel Mills- 

Sheffield Brick 


23 

41 

19 

282 

23 

380 

35 

e>5 

27 

17 

47 

19*, 

250 

I3g 

143 

237 

39 

111 

17 

45 


+3 


Sbcff. Refrshmt 
Shiloh Spinn 
Sindall vwm.T 


gi 


IRISH 


Alliance Gas_. 
Arnott... 


ClondaJkin._ 
Concrete Prods.. 
Helum iHldgs.) 

Ins. Corp_ 

Irish Ropes 
Jacob. 


Sunbeam_ 

T.M.G___ 

Unidare_ 


» 

305 

108x1 

3 

+3 

85 

+5 

120 

rlO 

48 


160 

M-aa- 

135 


54 

+9 

2B 


180 


70 

— 


OPTIONS 

3-month Call Rates 


Industrials 
A. Brew. 


A P Cfement J 
Bii.lt 


BabCOCk™™. 
Barclay? Hank. 

Boeeham_ 

Boots Drug 
Bow at era™ 
B-A.T „ . 

British Oxygen 
Brown iJ.i— 
Burton 'A'— 
Cadhuiys.. 
Ciunmldi™ 

Deben hams_j 

Distillers..., 
Dunlop.——. 
Eagle Star™ - 

E.M.I-—. 

Gen .\ccident 
Gen. EScctric- 

Glaxo__ 

Grand Met— 

C.^'A'- 

Guardian-- 

CLICK.-, 

HowkerSldd>| 
Bouse of Fraser 


ICLL. 


“Im 

l.C. 


f: 


Inverrak. 
KCA. 


Ud broke 
Legal ft Gen. _| 
Lex Service— 
Lloyds Bank- 

Lofs"_ 

London Brick.1 
Lonrtao „.,.. 

Lucas Indg_ 

Lions iJ.i_; 

"Mnnw" ... . 
Mrks ft Sunn- 
Midland Bank 


S* z (Nil Wort. Dank 
11 f Do Warrants 

T'ftODftL. 

Flessey- 

RHM._, . 

Rank Org. f A' u | 
Reed IntL 
Reyrolle- 
SplUera- 
Tesc 


Thorn 'A'_, 

Trust House*,] 


Tube Invest _J 38' 
Unilever—_J 40 

Woolworthg—] 6 | 
Fwperty 
BriLIamd 
Cy. Counties. 


? 

5 

5 

18 

» 

10 

2 


.Peachey.——, 
Samuel Props.., 
Town ft City.—] 

(Mb 

RmPriroltna- 
Burmah OiLI—L 
ChartarluU -J 

Shell__ “ 

Ultramar- 

Maw 

Charter Con*. 
Cons. Gold, 

Rio T. Zinc 


election of Options traded is glean on (h* 
London Slock Exchange Report page 


311 


> 


1 






































































































































































































The Best Blast Cleaners 
intheWorld 


FINANCIAL TIMES 


Saturday January t 1978 



REDIFON 

COMPUTERS 


the choice of top compan 



k KELVIN WAY CRAWLEY SUSSEX (WSflj; 


MAN OF THE WEEK 


Farewell 

Doctor 

Burns 

BY JUREK MARTIN 


DR. ARTHUR BURNS would nol 
welcome it as an epitaph out it 
will undoubtedly be written one 
day that the announcement. of 
December 28. 1977, that be was 
going _ to be replaced as Chair¬ 
man of the U.S. Federal Reserve 
Board of Governors prompted 
such falls in the value of 'the 
dollar as to persuade the U.S. 
Government one week later 
significantly to alter its 
cherished hands-off policies 
towards its currency. 

This is a remarkable testa¬ 
ment to the symbolic power of 
righteousness that' the crusty, 
pipe-pufiing septuagenarian 
Chairman had come to enjoy 
both in the United States and 
overseas. Jn a world where 
leaders and policies have 
changed with alarming regu¬ 
larity. Arthur Burns remained 
a conservative and constant rock 
—a relic of imperial authority 
in an age when imperialism had 
gone out of fashion. 


Cambodians claim 
invaders repelled 


T H A ; lae>; 




BY OUR FOREIGN STAFF 


A I B 11 

I Onm 




THE LEX COLUMN 

Interest rates on 


v ansa dieted m 
'boindeiVMBMtt i 
• Ott/al 


CAMBODIA claimed yesterday' weeks into a major confronta- An earlier broadcast yesterday - - III 

that Vietnamese forces were tion. said the Vietnamese had ad- '* ^, l fj!3 OTT wAA 

beina repelled on three separate The “ battle report" from vanced 20 miles inside Cambo- ^ b 

bailie fronts in the continuing Phnomh Penh did not specify dian territory. Reports from -i^ugirigy j \ Th* ctnub iMri-ot h aa , - , 

border war hetween the two whether the Vietnamese casual- Singapore quoting intelligence - ' sf~- - ine market nas suited 

Communist neighbours. ties included civilians, and gave sources said that the Vietnamese • *; m * = == off m 1H78 in reasonably, en.- 

Reliable . reports remain figures for Cambodian casualties had reached Neak Luong. onlv 35 . ---~ ___^g couraging style. The F.T. 30- 

elusivc. ' Phnomb Penh radio totalling 4fi0 killed and 1.120 miles from Phocunn Penh.' re- '' ■■ —-= ■ 1 ". Share Index is nudging the 500 

said lhat the Vielnamese forces wounded. The radio also claimed mained unconfirmed. mark after rising nearly 12 

invaded across 200 miles :<f the that 107 Vietnamese tanks had Diplomats disputed whether crimes committed by Cambodian points in a shortened week, The 

Cambodian border, and suffered been destroyed or put out of the Cambodian capital is a Viet- Forces against our people." 'and performance of gilt-edged has 

costly reverses which brought » c *“ n - namese target. However capable showed on maps where Cara- been less impressive, but there 

total Vietnamese casualties ,7. ” „. * J,d that « m tbe Hanoi is of taking Phnomh bodiaa incursions bad occurred, have been eood technical rea 

*gj“ bw 10 aPPr,>Xim ‘ had h ^**2Sea m £Z “I »r. **> - assistant to Sns fSttifand EtHtaSL 

independent observers doubted Palely" ™j<£ disinwntiv^ as is the ^'^bv^an^So^hSe 

the veracity of the Cambodian In the Parrot's Beak region threat of Chinese involvement reaffirmed "the Vietnamese view Monday s£320ra. call on 

claim last night, since Vietnam and in the north Vietnamese on Cambodia's side. T«ue shnuidhl^SsnhSS the P" 11 ? pa,d Treasury 

has an overwhelming military -forces had been “ wiped out" In Hanoi, the Vietnamese {hrou "h necotiatinn resaiveu per cent 1999 is out of the way 
superiority. It is clear, however, and Cambodian forces were Foreign Ministry released details ,... ", , ‘ gilts should be better placed 

that a festering border-dispute “pushing" towards the Vie lira- at a Press ‘conference of the ' - “ a * sta S e Vietnam s battle to go ahead. 


^ The stock market has started 

H off in 1978 in reasonably, en- t_ j~_ rn c P 2.8 to 497 ^ 
m couraging style. The F.T. 30- Inaex rosc A -° lo 

Share Index is nudging the 500 »—■■ ■ ■■■ ———— 

mark after rising nearly 12 

didn points in a shortened week. The F.T.Actuaries Ik 

‘and performance of gilt-edged has .. an-CilflDC • 

lara- been less impressive, but there r»| U 

Ted. have been good technical rea- oin- INDEX L-LMfL 


has escalated over the past few mese border. 


countless extremely barbarous with Cambodia, Page 13 


unofficial British companies chase SrEU 

a *wik^** - Jr vention policy. But there was One is tljat the investments will reluctant to bit! 

SlOW19f?C* _ _ renewed strength late yesterday produce a real annual return feeds it. 

|J 1 J 1 _ J_ _afternoon, and the net result of 0 r 4 per cent. For comparison. . 

1 ^ l^llFlO JilPSn i'OflTriltf'TC the wcek ’ s Syrations has been the Govenuneni actuary has Akrovd & ! 

rna v chill WULLJL ilvilJ to leave the pound more Than a worked on a figure of 0.5 per * 

MlO-J dllUL % O cent higher against the dollar, cenL for some of his ra lcula- jH“ c J arac ^ r1 ^ 

T-, , ! . BY RAY DAFTER, ENERGY CORRESPONDENT at ?1 - 93> , , „ „ tions for the new State scheme. f\5gS “.tL J 

Pfirri nlont .‘ Against this firm, if erratic. But the fruitless attempts to 

A BRITISH EQUIPMENT sup. could be supplied from the U.K. rise in the value of sterling but fund th,s position on Mie 

pliers could be in the running providing the terms and delivery this was less important than an interest rates.ryve a^om begun creating an institution of truly . . Semember 

By Philip Bassett, Labour Staff for a large share of SBflOni. dates were satisfactory. British ability to quote and meet attrac- move . ,ow !f 1r ’ . and “f , bl S awesome proporGons. Last year .. oineid(l if rt} tlirn 

C£350m.) worth of gas process Steel could be a major contender tive delivery dates. clearing banks have at last its net cash flow, after paying V/ * l r 

thf FMRn ni-mt Hui-. tn f contracts in Bangladesh, for much of the materials, it is .Apart from the gas exploita- moved more or less back into out ail benefits, amounted to rnc , ; J , peaK . 1 
wood on Mersevside mav be shut f C0 J 6 l?L t0 c ? 3ineenng c ‘®“ t understood. tion project, it is hoped that an line- on base rates;-- Other £367m.. a rise of a hall on the markc . l r In oth ^ 

down next weik and S OM men b,dd, ?3. ror a ma J° r Prinie Minister has also exporting scheme will be economic news is likely to con- 1976 figure. Its cash balances. evc /- ,l was a n 

sLr ik e ^ove r* w S Qrk° f schedules' C by' rTi^h^S-1 *'uk Mn contn^^'blSS ordeis^rom^BriLrya^ds^f^Lv pri^s^an^^he kel&bte ^securiU^. ^totaTS P^STreach 

sj rai ihop workers from IS rjp rrsss's “S: “ss ® z Z 


Undoubtedly the dominant m 
factor this week has been the 
performance of sterling. Rising 
sharply on Tuesday and Wed¬ 
nesday morning, it^ turned 15 [ 
round abrupUy on news of the 
U-.S. Government’s new inter- — 


ALL-TIME HIGH 

zn-re (wuruzi 


JFMAMJJASO 

1977 


ance of fho small man j ;! 
the stock market threaten]^ 
own 1 ‘xistenve. lnshtntf 
business ha a been very h 
tive for SE members and 
still profitable. Bur even tfi' 
likely to come under thr^ 
die not loo distant futun 
the pressure growth for a 
Gated commissions. Mean ^ 
the market finds it harder : 
harder tn cope with the |.’ : 
instinct of the fund manai 
The Stock Exchange’s at 
on personal taxation is fair 
ough. But the leaflet dodge; 
question of whether one wt 
cnrrecGug the balance betn 
individuals and institution^ 
vesiors would actually be ti 
move, some of the institute 
tax privileges. In this re^ 
dearly, the Stock Exchang 


vention policy. But there was One is that the investments will reluctant bn bite the hand 
renewed strength late yesterday produce a real annual return feeds it. 
afternoon', and the net result of of 4 per cent. For comparison. . 


BY RAY DAFTER, ENERGY CORRESPONDENT 




at 91.98. 

Against this firm, if erratic, 


" ’ miu iui aumu it, luo vaivuia- , ' 

Gons for tlie new State scheme. ^£§3 “{L SSiiJ'SLit* 

to d..* ___ 1976-7 1 on the wrongfoot:/ 


But the fruitless attempts to 


BRITISH EQUIPMENT sup- could be supplied from the U.K. rise in the value of sterling but I; 


y background ‘ U.K. fund this growing deficit mrc. • 

rates.i^ave again begun creating an institution of truly “2. 5?*SL5 . 


mm 








UT'.JCi 


strike over work «rhpr 1 nlp« hv r- ..1 .u . — «•**"*. ^ oruers ironi unusn jaras oi sl\ oncec and the trade figures b»tahl» ceeiiritipc P»oxiMieu; reacucu 

LOOO press shop workers from are'if" giSd* postiionToTd" Kh! faSTEST* 'help in , the k £27Sm. How can inflows jjf- - 

Three hundred night sSift ^-it was .earned S£ e StnTUP^i 

workers at the £ll0m. factory The prospect of major U.K. that talks involving a major a_ s hisli as £450m.—four times its shoulder as the currency up- Last summer, the Carter Com- OMeptmital charges for pens 

voted yesterday to join 700 involvement in the exploitation private company — I MEG—and t he value of the recent Polish heavals continue. mittee recommended 3 switch and removal expenses, 

others from the morning and or Bangladeshs rich natural[gas British Gas Corporations Inter- shinbuilding order. . to a partially funded scheme as ft was certainly a remark! 

afternoon shuts m the strike. f®,iowins the PrtWnisfi^s "Sf ? 11 " 1 u p° nsultancy 1l Se . rVlcc IMEG also held out the pros- P.O. Pension Fimd the' most equitable solution to >’oar for Akruyd's staff..; . 

Meanwhile talks between the dis-u^ion,; Srith PresidiSt Zia <T !? S suhsidlar y are wel1 ad van- pect of further U.K. export con- ' . rAnnrt nr tha . Vncf the Post Office problem. Unless average income of all-358. 

Advisory. Conciliation and Arbi- g l0 h tothelndian wd ; . n , u . trerts involving natural gas „Jhe annual report of the Post “wa ployed was £9.940 and no ' 

tration Service, national union fiU Sf nt r n f n r ” r - Ian . Bowler, chairman of technology. The group has been Office Staff Superannuation ^ than 41 employees and direc 

sr-asgss urtsssJ" zs stock ^change MW 

were adjourned late last night ?hl U RnT,K«h n^Irr. Besources. A. senior ICS «id. possible that many po , mt _.°. f The Stock Exchange has this bracket in its ‘1» 


srasgsa urtsssJ" zs - v u LiCT P JZ stock ^change MW 

ms x as t a; sasr-p-* « & ssa-u «•stnt sit ?r. lr ,» e o t s iSLSta. 

Hours. “ letter^ thJt m taurt ““SSSom. Ia,er ,h,s month - equipmeut ordersrould be placed assurance of the payment of New Ym by isslling an jn(or . were 25 at GEC and J*j 

Unions have been' concerned could be spent on a aas gather- Mr Robert Brown. IMEG direc- in Britain. pensions at the agreed mal i on i ea flet which describes National Westminster Bank* 

about the plant after rumours! ing and transmission system, gas tor of projects, said yesterday • Dr. John Cunningham, Under- rates. But in the case of the hnw the present tax svstem course. Akroyd’s staff benefi 

that it could face closure. Both! liquids G-eatment' facilities and that Britain s gas technology Secretary at the Energy Depart- Tost Office, such an assurance penalises the private direct in- from profit-linked bonuses w| 

sides .will consider proposals^ lading terminal. . ranked alongside the best in the ment. will visit the li.S. ne\t is ynnecesserv and illusory. vpstn^ may noi be repeated nn‘ 

reached in the negotiations and! It w as suggested ihal half of world. The country's compel.- week to urge oil companies to T” p -‘ IS? «r?SLm«iS« »S *£ 15? «me scale 

talks should resume next wrek. I this money mighi be spent on live position might have heen‘ establish manufacturing plaots Thus whatever its customers start of a campaign b> the Ex- same scale. 

ThA uvur „ [materials and equipment which slight weakened by the recent in the U.K. may .sometimes think, there is change to obtain the sort of .tax There can be n«i complu 


Doctor Arthur Burns 
An identity with the dollar 

But the additional perception 
that Dr. Burns had become indis- 
pensahle was much more deeply 
bold outside the United States 
than in it. As seen from here, 
there were always ample poli¬ 
tical reasons and sustainable 
domestic economic arguments 
that dictated that President 
Carter should not appoint him 
to another four-year term when 
his current, second, one expires 
at the end of this month. 

This also reflects the Fact that, 
outside the highest echelons of 
the Administration's economic 
policy makers*, the decline of the 
dollar has simply not been the 
consuming topic over the last six 
months that it has io Europe, 
where a strong dollar and Arthur j 
Burns were seen as one and 
indivisible. Even the august and 
literate New York Times, for ex¬ 
ample. wrote an elegant editorial 
in late November in support of 
its contention that. “ like 
,T. Edgar Hoover. General 
McArthur. William McChesncy 
Murtin ithe previous Fed chair¬ 
man) and Walt Frazier ta New 
Ynrk basketball star). Arthur 
Burns is expendable: not deplor¬ 
able, and certainly not unlike- 
ahle, just expendable." -But not 
once in lhat editorial was the 
word “dollar" mentioned. 

Washington may have a rather 
different perception to-day, with 
its policy of “ henign neglect ” in 
laticrs But. characteristically For 
the good public servant' he 
undoubtedly has been. Dr. Burns 
has • nol scughi to exploit ihe 
Adminitration's volte face. His 
only public words have been the 
warmest of endorsements of his 
designated successor, Mr. G. 
William Miller. H t » has so far 
chosen mu io reveal whether nr 
not he is sanguine, satisfied or 
suspicious or the new intent io 
intervene more actively on the 
foreign exchange markets. . 

This is, however, a silence he 
will be under much pressure to 
break in the months to come. He 
may yet decide to stay on as a 
regular member of the Fed Board 
and speak out on issues of 
importance: he may follow ihe 
example of another unquestioned 
ciant nf hi* time. Henry Kissin¬ 
ger, who initially eschewed public 
cmnmem aficr leaving office but 
who, with the passage nf time and 
in the face of many inducements, 
has beenme voluble again. 

Doctor Burns, undoubtedly, 
can be exported to find his own 
solution to this for. during his 
service of six American Presi¬ 
dents, he has always been his 
awn man. Some liberal Demo¬ 
crats still fervently believe that 
he played fast and loose with 
the money supply in 1972 to help 
'in Richard Nixon’s re-election 
flhe Chairman furiously refutes 
this), while be bas himself 
admitted tightening credit -too 
much in 1975. ihoucb not for 
political reasons. But he has 
generally managed to appear 
above politics and politicians, 
while simultaneously playing a 
very successful political game in 
Washington,' as the fierce 
guardian of the independent 
Federal Reserve system. 

.Moreover in a city which revels 
in minute disclosure of the 
private lives of it*- resident 
celebrities. Dr. Burns has kept 
his personal foibles, tikes and 
dislikes conveniently obscured in 
the permanent fog of his pipe 
smoke. 


■eatment facilities ana uwi ww«».ww *■««»»« ll jy. t-ost umce. suen an assurance penalises the private direct in- from profit-linked bonuses 

terminal. . ranked alongside the best in the ment, will visit the U.S. next unnerpssarv and illusory i *»«* mav nnt hi> reneated nn‘ 

suggested Ihal half nf world. The country's competi- week to urge oil companies to ls unnecessary and illusory. vestnr This is said to be the not be repeated nn 

bv miRht he spent nn live position might have heen‘ establish manufacturing plaots Thus whatever its customers start of a campaign by the Ex- same scale. ‘ 

• 1 ■ . ■ ■ - . 1 . . I * 1 . 1 . __ ■ __ AT_T - I.” n* Af i a — It. AKnnrtA tfk nlitnin 17 )OFf» 1*511 Fit* flfl !*f) )TlT)l 2 t 1 


The stoppage over a produc- [ 
livily plan has led to about 4,000 
lay-offs at Speke. Canley, Coven-1 
try and Rover at Solihull.'Pro-; 
duction of Speke's TR7 and 
Dolomite cars has beeR halted, i 
The dispute is helieved to have | 
cost Leyland about £60m. in lost 
retail value. 

No fresh attempts are expected 
at the week-end to settle the 
dispute at Halewood. Attempts 
to stop the strike by bringing in 
district officials or the Transport 
and General Workers’ -Union 


France ready to re-negotiate 
nuclear deal with Pakistan 


BY ROBERT MAUTHNER 


PARIS, Jan. 6. | service liabilities. 


may .sometimes think, there is change to obtain the sort of tax There can he no complaij. 
no possibility of the Post Office concessions from the Chancellor elsewhere in the City about \ ' 
ceasing to exist in some form which might help to tempt the size nf Akroyd’s profits — tl 
or another in the future. Mean- small investor back into The arc the result of judgment f 
while the' size of the fund's stock market With the dollar the willingness to take cal 
deficiency is such that there can Premium surrender victory still Jated risks. Yet the Bank' 
be no long-term guarantee of its f ?* h J n j he * seems England and the Govern^ 

independent viability. The lhat *■“ “of Exchange chair- broker may- nut be> enttf 
actuarial valuation just under ™ n > M u r ‘ Nlcholas Goodison, happy: it-could be that tt, . 

two years ago showed a defici- Judges 1116 t,me ls now nght t0 moves ln ***• mg - 

T„1c 2™ attack some of the nine slices have been too easy for Akij 

iiahiiitiM and FbQfim nn fnM.« of tax which can apply to buy- to read. Condiuons have bec| 
liabilities and i £29»m. on future ingi holding and seIIing share& much more unsettJed .3 


The leaflet's appearance is September, however, andf 


Weather 


an ° j ycnerat workers Union Moreover these enormous red tangible evidence tha l the Stock lush profits in gilts will 

failed yesterday because ail of!FRANCE IS now willing to examined by relevant GnvenT- had already been delivered to - ^ « n m» piLk.JL. ■!,« ■Jl nTtaS. .» i.. e « in 

the three local officials were in-ire-negoliate the controversial merit departments are said to Pakistan. But it was not clear JJ"? • E ? h ^!L h 2 2? 10 ^ d 8t lea ? ?k- C ° .* , l0 

volved. in other industrial nego-j contract to supply Pakistan with provide for a modification of the what would happen if Pakistan P re tty optimistic assumptions, sober fact that the disappear-, to compete in this market, 
tuitions. Ford hopes one-of the!a nuclear reprocessing plant reprocessing system to .be-used rejected the French proposals for 
officials will talk with the men 1 which provoked a serious dis- in the plant bought by Pakistan modification of the plant 
at Halewood on Monday. agreement with the U.S. Instead of a process under France’s latest move is a logi- 

This was revealed to-day by which pure plutonium—which cal conclusion of the nuclear 

ArHuniic * French officials following the easily could be employed for exports policy adopted by the 

niuuuua talks between President Jimmy making nuclear bombs—would be Government in December 1976 

The strike cmild lMd tr» a nm. Carter and M. Valery Giscard extracted from the spent nyclear when, in libe with the French ' 

gressive shutdown of the plant’s d' Es t ain S- the French Head of fuels, the French are reported President’s conversion to Mr. U.K. TO-DAY 

daily production of about 950 State. to be proposing'a method known Carter’s basic ideas . on non- RAIN spreading S. Mild. 

Escorts and light commercial Officials said the two countries’ as ■* co-processing" . proliferation, it was decided that g E ^ Cent E 

vehicles by the end of the week, positions had moved mucti closer This would produce a mixture no new contract for reprocessing EnBlajld s .- cto*,™, , 5t 

.. , together, though there remained of plutonium and uranium which plants would be signed by p,._ ht in ,VZf a i < ’! raln 

The dispute is over work. important differences on several would be much more difficult to France. ««R "■ ler ’ 

practices and work schedules. | 3S pect« of nuclear policy. Ln the -use for making bombs- On Ihe other hand, tbe French . u 

Tne men want to be able to past year France has adopted a French officials -discounted have emphasised repeatedly that Midlands, E. and Cent. N. 

cnange jpos within - the plant more restrictive nuclear exports reports that the contract would they would honour contracts con- England- 

every nour so that no worker policy. he cancelled altogether- since the eluded before the new nuclear Cloudy, rain in afternoon, 

constantly does one arduous After Mr. Carter’s departure plans for the reprocessing plant exports policy was adopted. Max, SC (46F). 
ta^k. rord has offered job f 0r Brussels to-day Presidcut SW NW and NJ£ Enalanri 


rotation every four hours. I Giscard said the U.S. President 
The trouble at Halewood had given him an assurance that 
comes when Ford expected good] uranium supplies to , France 
production figures, ’it had" its j would be maintained at least 
best pre-Christmas month for untilthecnnclusiooofthemter- 
Iwo years, and good work for two national nuclear fuels cycle 
days when the plant re-opened ] evaluation talks, 
this week. - I The proposals currently being 


Continued from Page 1 

Overdraft rates cut 


Vote by firemen 
likely to be close 


Max, 8C (46F). 

S.W., N.W. and NJs. England, 
Wales. Lakes 

Rain early, becoming brighter. 
Max. 10C (5QF). 

f. of Man;Scotland, N. Ireland : 
Sunny intervals, showers. Max. 
7C (45F). J 

Outlook: Changeable. 


BUSINESS CENTRES 


BY PAULINE CLARK, LABOUR STAFF 


a return to work with no im- mending, as 


Anifitrrlin. 

Y-day 1 

Mid-day 1 
°C "F|- 

C 7 45 LuxembR. 

Y'day 
Mid-day’ 
«C *K 
C -2 2a 

Albens 

R 

n 

37 

Madrid 

S 7 

45 

Babrain 

S 

IB 

84 

Manchmr. 

C 7 

45 

Barcelona 

C 

.4 

46 

Melbourne 

R 24 


Beirut 

s 

IB 

n 

Mexico C. 

S 23 

771 

BnJraal 

c 

7 

45 

Milan 

S 5 

41 

Belgrade 

s 

6 

43 

Montreal 

C—17 


Bertm 

R 

2 

36 

MOSCOW 

F—13 


Blnnahm. 

C 

X 

46 

Munich 

C —1 

2S 

Bristol 

G 

9 

4H 

NcwtasdR 

H !t 



pound was allowed to float a traditionally poor month for: conference next week. sector slalied manual workers'by Bristol 6 9 «I NoH-iasrir k a « 

upwards to choke off the inflows savings, funds continued to flow Even the Fire'Brigades Union, 979 The latest revised version, Bno«is c * > kw Yort s s <i 
of funds frnni abroad!’ in. January's figure; are! whose cxmillve advised aSalnsr m Mr. Parry, near, was - ,ery f-J 2 

In New York the move by Citi- expected to be excellent, possibly, the strike in the firsi place, was „ e . .... Cairo s is « ivnh s .in « 

hank which often leads move- breaking ail records. unable yesterday to provide any Mr. y-icnacnan, atratnclyde cardie c s PraRu,' r —2 » 

in uVSSl-^WkjMd A major oousidoraiioo in t b e ^n^=* ^ % SSS 5 -5 5 Bttft S 'i S 

by Manor M.d.and and Bang of soCcfio,- caioulabons w,M be Uje rhic a b n „ a e s a 'i^,e C d' ,< ‘for“ m ^ fifik&d1 rhrougbou, ScoHa St. 8ST c i SjBS-. I A S 

_ . than two months Picketing firemen in Man- Edinbunch c 7 451 Stockholm fk u h 

The nsc. coupled with con- J.«ov era ment about the possible ■ _____ cheater insisted yesterday that Franwun ^ — 1 ■» sirashrs- s i 34 

tinning anxiety about the dollar, effects of a very high mo rt gage Mtxed reports from areas th wou ld be “no surrender’’ Jjcnuva f 0 e Sydney s 22 72 
««» /"rther gloom over Wall in 1978 on S a ^ougb Mr. Clifford DariTthe SBBT sLt l 1? g 

Street. But it was far from clear b0 . u . se P" 0 **- >im . “* Jl ,il® {«^ ntf ; r Manchester union representative, h. rods s 11 b Toronto sn-n 51 

whether other major barks would G has been agreed . between ffJfPJ " P Cr ,?? n ,V t said that a full report on the pay JVhurg c 23 77 Vienna c 0 2 ? 

follow the lend on ihi-s oem-tion the societies and the Govern- indicate only one likely outcome: t Lisbon C 11 s: wamaw so —2 2 s 

» SS,.*? ■Jis- zrt ^SMtSS'ATZ" A— c 8 * “ F -* - 


s 22 72 
s ir, as 
C II 52 


HOUDAY RESORTS 


Fof^dir^^bia NeS C Yo n rk * month should ^be I It seems eertain “that ift^re a 

banks had no? b?en strong in regarded as the lending ceiUng is a return tu work it will not be b J™ offer waf lo’peTrenL 
the past month. throughout this yjar. This 1 would m good grace. ■ ■ w 4 a {| the uncertain^ and 

bv. n, tr. ,w ,. . release about £b.6bn. into the Union commentators said last delays of enmotetion in 1B79 then 

=hf^ r ‘l? ns tn , i Uve v, day h° usin ? market compared with pight that this could be tbe « q.1 poises would be to 9 re?ect Vdar i yvut 

« ,/n - CS , . fel1 , ® u nd r sh ?™ an estimated. £6.75bo. last year, “only possible fair prediction.'’ the latest^ffer" ° ’ J 1 ““^*1 HJjMw 

analj-sts pointed out. that for the Societies have recently been a number oF Midlands and »«- lat . -S «’ j , n ' v 

now inne^ since October 1 the committing themselves toa lend- Southern, region areas have dietin'** a** stmilar 6 ^rejertfon P bv s 14 Laapims. r is In 

Dow Jones industrial average had in « total or nearer £S00m. a shown a readiness to give up the theirrnemtore while iifthe We^r ® «|Lo«n W s .i 37 

closed below what many had re- month, however. A reduction In present fifiht a mood which was L ^ t*! JJ1 if P W v. S 1 Blackpool c s m Mainroa f 12 m 

support investors’ raros . ooo.Ld help X™"by Kaf Ll^a^ep.^ w«“ •'°h"y SSSS i I Z^ZST ?■ 13 r % 

9°*5 l Ml? sw .' lc,v el- . dampen the massive inflow of the still militam stance of strong no means cut and dried ” Y Ca^ To - c 24 7J.Nairobi s us tt 

The Duw lost 11.-+3 points Ln funds and prevent societies from i an d numerically important t„ fiorfu 8 a «jNapk-s s s 41 

™ 4 r rr s ""-- srz ss— i m s sis,, t s: 

tor toe nrst ^our iraarng aajs «r lenaing inniis. and Yorkshire. employers' offer if this were s 6 « Biwdos k m sb 

the new year m 3,.os points But some society leaders are The FBU said tt would be recommended. Mr. Tom Garland, cSl c Is a 185? f 7s « 

In the U.K. the cut m MLR saying a further reduction in the working trying before the secretary of the southern region, Gwm s * 43 twite d t: 3 * 

confirmed the prospects of a cut cost of home loans could prove recalled conference at Bridling- said he thought many firemen Innsbruck f —3 ki Tunis c in 30 


Biarritz S 0 48 j Loranio 
Blackpool C S 481 Halnrca 


S .1 37 
r ti 34 
c 13 a 
F 7 4a 
S 23 TT 
S 3 41 

5 lb 50 
S U 55 
F 1.1 59 


D t- 34 

C in 30 


one investment | 
that makes i 
down-to-earth ^ 
financial sense •••I 


"vyhere there's muck there's money'-an;- 
old saying that is just as true today. • 

More and more experts are once again * 
recognising the investment potential of 
prime food producing farmland. And -, .;j 
that's just what you get with the A 

Property Growth Agricultural Fund. ; 

You can join the Fund by investing a • : 
lump sum of £1,000 or more, with an 
annual income option; or you can save 
from £20 a month, with tax relief on 
your payments. And whichever method 
you choose, you also get life cover into 
the bargain. 


juva 11 


Ask vo u r insura nee broker f or full d etal is or contact: 
Prapeny Growxh Assurance Company Limrted< • 
Head Office: Leon House. High Street, Croydon, CR91LU.. 
a Telephone: 01-68Q06Q6 


PROPERTY GR0AVTH ASSURANCE 

A member ot theJPfiocnj_-s: Assurance Gw>up