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PtANHING COWSULTANTS 

J&i f: LONDON -BEDFORD - BRISTOL- HiTCHlN 
LUTON -AMPTHILL 


No. 27,459 


Saturday January 14 1978 ***i 5 P 


WINDS! 
WIPERS 


— l 

TAL SftLt * <G PRICES> AUSTRIA SA.1I, BELGIUM — FiJ5; DEN MARK KrJJ; FRANCE Fr-J.Q; GERMANY DM2.0; ITALY LJPgi NETHERLANDS PI.2.B; NORWAY KrJJ; PORTUGAL Esc.20; SPAIN rat,4P; SWCtN KrJ.25 ; SWITZERLAND Fr.2.0; EIRE iSp 


NEWS SUMMARY 


GENERAL 


BUSINESS 


U.S. trade envoy Interest cut 


-8 ■*?.-« i 


close ; 

firmer. 
Gilts up 


!ENT S 

8011 I , 


— - j . 
w: •• >.„•( > 


Appeal Equities 

for aid close 

: %fter firmer ’ 

;§ „r. Gilts up 

a • EQUITIES eased for most oi 

t ' the day but revived- lit the late 

‘ lY 1 damage provisionally estimated f^. eTnoon ' T * ie FT Industrial 
"■ up to £4m. to municipal ^ " J 

.-.r*: roperty on the Kent coast has a * nt ’ cl ® set * 1 - 5 ^ at 480.9. 

f/*d district' councils to apply to / WB g; ■■■■ ■. 

1 j ic Government for assistance oou l rT , T , .. -~j 
s,p Jth. repairs. 1 RI MSStTSil 

7s * A four-year-old dispute 495 II OrflflSTf ■ falll _ 
r 'Ti. -'tween Canterbury District Y\ rouHyjmwaBns 

ouncil and the Environment & « iMKaiiSE 

it] jv.li v. v epartment about who should Mn 1 

' 11 ^ \ft*ar the cost of repairing the 1 . 

„ . -a wall at Whitstable meant that ft - ^ti - 

"e unrepaired wall let in tides 1 v ; 

. /'"Which caused thousands of 4S5 ^ /- -A - 

„ jUf tJunds worth of damage to jk/- 1 

^‘"'CHijunicipal and private property. r la 

'V rt,a l: Worst hit appears to have 480 5 

. !r, 'h'--ten Margate .where the urumr 1 . T * 

•" i"r.-ivately-owned pier was des- I 

‘ cloyed. Chalets, shops and toilets 475 ^ ^ 1 „ 

• ■■■ ■. w ^re washed away and signs and 9 

: ; v ^ reel lighting snapped off. . 

• , "J.' At least 17 people are reported . . 

. .. .. T : b*™ died in the gales. Page 13 This left a fall of 16.4. on the 


Equities pleased with 


to 8.5% 





m 


on 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


frilts: llfl BY CHARLES SMITH: TOKYO JAN. 13 ^r'?cn b f: 

M 1 1.^3 U.U — its lowest level for nearly live 

years. Further cuts ooem un- 

• equities eased for most of Mr. Robert Strauss, U.S. trade negotiator, left Tokyo this evening after two 11 The new rate represents the 
the day but revived in, nie utc days of discussions with Mr. Nobnhiko Ushiba, his Japanese opposite number. I fourth reduction from the 

ETb Hc ■“ ™ 5t “ attained greater and sounder results than I had SSciS' c | 11 0 'oSb^ r iS?S , J ^ 

10 ajTt, closed 1.5 up' at 480.9. expected. „ means that sross morlgare re- 

- " He came to Tokyo expecting dealing with trade objectives in 1979 and thereafter. fo^have dropp^r'b^over 0 ^? 

— the talks, on UiL-Japaii trade says that Japan and the U.S. may Another question arising out a n ionlh since that dale The 
4 FI tefctrial fi ? ff il , e “ h « °-£ er “ d f e P er lh , a ? °- f t ^. a -\‘ s settlement « to* reac- | a t«r cut will reduce the cost of 

i« flniinarv bnipY conclusion, but felt that. they formula tariff cuts at the multi- tion of Japans other trade part- such a loan bv ncarl- - E7 a month. 
495 V-k. UfUHiafl BUIGA _ had been “extremely positive’ lateral trade talks due to start Tiers to what could be seen as Ql „„„ ' ^ ‘ r r „ 

n mffityiHNasns in coming to grips with the basic in Geneva this month. an' aliemm to settle a global m n L.°^r P 2.°-i n rdl ? 

\ Qomaux problem of protectionism in both This appears to mean that trade issue through bilateral h a S?rlr£ iixnTve? will bi 

Aon 4 J . _ countries. Japan is prepared to go bevond negotiations. 1 Lm « 1 ^ 

U . “We have not eliminated the the tariff cuts offered in the Mr. Ushiba claimed that most j 5 « „ d f J°n t 6 ‘ Vo^MoSn? are 

Wl - - forces of protectionism— but they package negotiated in December of what had been agreed between affected immcdi-.n lv and cvKi- 

[ W - Vr V - would have raged much more -but not until it sees what other himself and Mr. Strauss was Tn , ^ L-niA 


Bukfiag 
Societies. 
HortRafi* 
~y Rate. 


FT bidbstrlal 


8 ;— 




HijayjaveuEKrrs 
0 MYSCUISE'- 


strongly if we had not come,” nations have to offer. 


mg mortgages will m most cases 


,, -- - .. ... , . . relevant to the Japanese trade be” red need from February 1. 

Mr. Strauss said. Mr. Strauss did not succeed In problem as a whole, and that Building societv investor* hnw- 

„ In T a t “>.ore restrained comment, getting Japan to offer further only two or three measures were ever, also face 3 reduction in the 
Mr. Ushiba said Japan and the tariff cuts this week, although for the specific benefit of the rate of interest paid on thoir 
U.S had “by and large" dealt the U.S. is believed to have U.S. I deposits. From Februarv 1. iho 

with the problems that cropped pressed for additional cuts on This meant that Europe could ordinary share rale is to drop 
up in their mutual trade relations computers and colour film. not and should not expect a from 6 ' per cent, net to 5 ? per 
last year, “ although that doesn't The joint communique consists balancing set of concessions cent., representing a pros*; yield 
mean that all problems are mainly of a reaffirmation pf fro® Japan in the near future,: of 833 per cent, for basic rate 
solved.” general economic policy said Mr. Ushiba. ! lav payers against iho existing 

The core of the agreement in- measures which were promised A senior Foreign Ministry 9-W P er cent. 


-IAL£TM£ HIGH 

i sm - 
mu am 


9 10 ' 11. K 

JANUARY, 1978 


; Share Bata 


BUILDING SOCIETY FigJrES 
1977 


criticised ties was ^ e Cr a prSS ^ nSM 

. ."ver fares no inclination . ^ xommit ^ 1978 citru8 ^ 7 ^ cenL reB 

v Rail chm.M :* themselves. juice will be raised; imports of fiscal year 1978 

‘ " ices srructnre°and oranges will be trebled: import a balancing coi 

’ chu- • GELXS gained upKtO'i in the of American high-quality beef U.S. to maint 

•’ '-mfrai C Tranim?M PD r rt «« 0 ,u shorts and the Government will be expanded: several non-inflationary 

' - StteelSi BaSp^P Securities Index < rase 0.80 to Japanese import missions will grtwth ”1. 

ur e saaa. ttacx Fage ^ -- -e nos be sent to the UJS._ and a sween- On the auei 


ill be raised; imports of fiscal year 1978 is restated (with we have done to-day.” he said, now ra le structure "for some August 

will be trebled: import a balancing commitment by the “hut we are determined to take I time aheud." Many believe there 5 *P« mbcr 4**__ 

>rican high-quality beef U.S. to maintain “ substantial, positive action toward the EEC." is a good chance of holding it October son 


January 

February 

March 

Net 

Receipts 

£m. 

99 

201 

202 

Gross 

Advances 

fm. 

379 

390 

441 

April 

47S 

428 

May 

511 

514 

June 

304 

518 

July 

320 

413 

August 

302 

490 

September 

442 

441 

October 

590 

443 

November 

554 

746 

December 

42! 

489 


-loon’ judge: no 
•! lore race cases 


Securities Index- raise 0.80 to Japanese import missions will griwth "1. niain EEC member countries the year. December 421 689 

77.55 for a loss of 0.33 on the be sent to the UA, and a sweep- On the question of Japan's after the opening of GATT Yesterday's decision Is a re- - 

wc "i. -- ing review of Japan’s foreign balanec-of-payments surplus, the negotiations in Geneva on flection of the societies' con- 

exchange control system wUi be communique promises a “con- .January 21, but will not turning success in attracting , A 

m, ctvri imp rii.Mii ’ i ? arried out . to simplify approval siderable reduction '* of the apparently be offering any more funds for lending. Figures dis- ™ neJ P 11 “ ijS 

• SltitiLU'lb ClOScft .2 cent fAr trancaptinnc nrit Aulnmitirillv mimnf aorminlc mmliu 1 QTQ oAnr^m, in Vu.ntM... flocul Vpctprrlav cKmv that in ltl '" pi O^rJiiiilie liir loio. 


Details Page 12 


lari? rapp pa CPC A cirmn TXir »» uucmuic 1 cuuLuuil me- ■Fi'iuruii; uc uumug any more ' muirs uw j 10 -c 

e cases • STERLING dns^_l 1 fii ent for transactions not automatically current accounts sutplus in 1978 concessions to European trade c'osed yesterday show that in r 

- judge at the centre or the higher at $L932a., Its trade- prohibited. and ‘‘all reasonable efforts" to demands 1977 the movement advanced a 1 r«in™ n V™« 

vogs. niggers and coons” row weighted Index was unchanged A section of the communique continue reducing the surplus Details Page 12 record £6.72bn. lo aboui 754.000 ‘ 1 . 

^ XJSPJZ _ — — — — — ' 77 a>3Sa?u2 

-nea Lord O^reUor, .ndtoM l< ’ 7 aM> S ^ . . ; .Sl/lflilt CQVC To|*Oa 1 f|T > pfpT*C! I Q ^ 0W ’ There I, not much .cope for 

«^IhfA te 5 s“‘ ta ” C, .»WAliSTBIOTWhp 05 l 8 J[ :A.~ n/MiAA SSkHta. JSbTO * tte SsHFCsCS .^is 

.nr ntot on .• *«*-*-*?.•/ ."land to peace moyes mg*Srs£Z SwsSSv “ 


widened 

f. - Sadat says Israel prefers 
r" land to peace moves 


$3395bn. (S335Jbri.); M2 

ie next Conservative Govern- 3812.6bn. (S807bnA: commercial 

•■•ill m non a-Ki 3 ? i ^_.r _ , • s.J 


BY DAVID LENNON 


■ 4+m ■ ■ _ piavcu LUUJUiciLiai 

i;ty flutter (6.6SJ per cent 

lottery may be organised by 
Cily of London Corporation cApIfincr 

raise extra finance for public dCtJalllg 

vices. Page 13 rp n , * 

factor dies Tnb stake 

4 “AlSif Nearer gSg 


^ir- bn - 10 abom 

borrowers ' hoped Ihui ihc trimming of. 

_ investors’ rales will have lhis ! 

Inflow 

AUUV fT There is not much scope for : 

Early projections suggest that socicries to solve the prohlom | 
up 10 £8.5bn. of mortgage monev !?> diverting additional funds j 
could be lent this year by the '"to reserves. Average liquidity 
societies without running the lev * ls stand 31 7 ar , n ““ J”l i 
risk of triggering off an unaccept- SiH»1?«*««SnS , ?% II Lr ' 
able rise in house prices. Sll7^ P ^„^ S eent 'i 

S.'m"°re 1 °b^; t "n, a «erS "as »»««»« ^ iS beee 

$VSfS t G^er" S m redS D n b f': 

■artsSd bnn- <“i> ^ 

ins the societies a little more SS^°o57 enSlh ° f 11,11 s0 “ clies ’ 

T™ not clear last night 


uc Visit TO Jerusalem. would collapse. ' mrttee to work out security interest rates generally hui still u . h 7 h „ J?® 1 ' ; I 

He said his attitude was: “It t™, renorter who m P t ar !l a . n 8 einenl s for the West Sank, providing them with a clear ^SSf^r-iiiS 0 •-"SiSTwr nShS*’ 

is not land which gives security', the President roAsJan a?id hi ,• T ^ e ^ secu C lty Provisions out- edee over most competitors, is JJ'SL JL 

but the intentions of parties.” SokeiS^d disilhTSnSanS L ,ne 1,, ^ Mr - Sadat include being seen as an attempt tn ' 

The Egyptian leader made this 5^tlme»"in2£ tones of vial de , n » llt a ri *e d fones on a rccipro- dampen down at least partially rLmai^ out of sfJ5 The Leedil 

declaration in the first interview {J denned TISS’I foiiSre to eal , ba sis: eariy-warnmg stations the very' hish inflow of funds. 

he has. granted _an IsraeU paper *L^ m * h £™L SSSS W J? onboths.des: limited armaments Net receipts in December E^f 


_ „ , , declaration in the first interview £ ^ cal Oasis: early-warning stations the very' high inflow of funds. 

T rill ctfllfP he has granted an Israeli paper roc -„!j ,B on both sides; limited armaments Net receipts in December ^ crman ? n L Abbiy National and 

IHD- SiaKC , ta whi^rSe also outlined the re ^° n f areas: the Straits of .Akaba to be reached £421m. after Mm. in 

m -AMnnATVi) Npwmmwrs secttrity provisions offered to *® r - Sadat said that tbe new international waterway: and a November but should be up Pv 1,01 reauco ini\r investors 
?wnCTOfSt™y lunVS S5E *PWI ” engendered by his peace joint Egyptian-Israeli military again this month m£500m Last 5* 

cussing Uie acquisition of 'a major _.Th« President’s expression of f*ow» had tfcctad Imrt committee ^to meet regularly in January net receipts reached ^Si^mn^recnnm^nilHtL^ 1 


ucaic 1 -—-—i—j axmiicitinn nf a rnifnr TOe JrresiaenrS expression 01 ajxculcu u>r«BU tuuiiuiuee lu 

1BC Tl r s It Ain't Half Hot Trib New dissatisfaction with the progress policy-making. "The fundamental each country. 

o dioH nami 57 4l “ c - * ue •*' cw . . .. .. _ blununte nF irrt» iric.'e T«... U- 


Association's recommendation. 
The Britannia has since . 




n, died aged 57. York’s newest newspaper. Back 'of 'the peace talks comes only a elements of my visit [to Jem- Mr. Ezer Weinnan, Israeli Advances in December a( _. nc ri nrofni-pnliil 

fc ^, , pLe. 1 P P ■ “ few days before the opening in falem] are not recognised by Defence Minister, and most of the £689m. were exceptionally high ?L?e P but ^h^^Loeris an^f ' 

hool religion Jerusalem of the joint Egypt- Mr. Begin, and the same old delegation to the military talks in for the holiday period and new JJ5’ b “} jTJf ™ 

gious education should • TRI-AN G Pedigree, toy com- toa el politi^ committee agreed attitude prevails, he said. Ca«ro returned to Israel this commitment of JSRte . wore hicLer^ returo oS 

L™' 1 "- 1 ?' ^ a . ““P? 1 ”?. paby, bas been given , 12-nontt C*-M —1- li Mr. »*»« will hold dto. iSr o» mJSilh ° ihoir shares. Both art cine co 


afternoon. 


oi“%uWecT ' Mre w “ S ^7’ „T ^ : Egypt and Israel have not been C n lf ril l 0 Mr. Weizman will hold dis- any one month. consider 

lis EdUMtioT seStaH -!5!ri£ f the^5SS Secreii'iy atlc t0 on an a S enda for ^GU-rUie Call cussions with the Israeli Prime The societies are primarily 

irT’ uS MO ms,, the welsh aecreiary sai,a ^ committee meeting, which _ „ _ . . . , Minister oa the Egyptian mili- anxious lo avoid any potential ,e w epK s 

m a Commons written tfa e company would stay in the Monday Mr. Cyrus B ee«u s proposal for Ury proposals. difficulties in attracting more Editoria 

er ’ hands of the Receiver and con- y__ ee . u-e Secretarv of State. PoiosUmwi Arab self-rule on the On his return Mr. Weizman ■■■ v~ 

hnncf trnue trading but also be op^n . expected to meet both deleea- B*nk and in tbe Gaza Strip, sa jd that the talks made pro- 
DOOSt to bids as a going concern. . jj ons ^ Sunday night to find a ?* r ' SadaT he . couid accept press, but emphasised that this 

nriip nnprnlpil fiinnifirantlv - primnrnmin - rm tha nt-Hat- in ^ OS 3 traDSIDOnal measure. W35 OtllV the bppionine 


among the highest on record for 


their shares. Both arc due to 


The societies ere primarily p “ sil "*" io ttlc next 

anxious lo avoid any potential weess 

difficulties in attracting more Editorial comment. Page 14 1 


i Sig. Audrcotti: Talks tn-duy. 

| Italian 
Government 

i 

may quit 
| on Monday 

By Dominick J. Coyle 

' ROME. Jan. 1-. 

J THE resigiiaiion «>f Italy's 
minority Christian Ih-tnocral 
• Cm 1 mi me ill iiihUt Sis. C:ui>o 
j Aoriri-otli K pxperli'ii u» hi- 
j sunmitleil to (limuiuu l.enisr, 
president, uu Muiiday Iit!!nv%- 
! inp talks srhediiled for lu- 
I morrow heiween llie Prime 
| Minister and senior represen- 
l tali res of lUc ii|i|nis:(ion 
! parties indirrrtl* siipjiortin™ 
his administration in Parlia- 
I mem. 

i The renewrd {Nilitieal erisi< 
is continuing in l»a%e re|n-ri-us- 
sions un the lira. Tile oflirial 
rate against the I'.S. didl.tr 
dropped to-day bv set eti anil a 
half points to K75.50 against 
yrsierdas’s olllcial fixing in 
Milan. There has been r. mm-ti 
more eonside rattle depreciation 
of the Italian current' t on the 
parallel, or black, market. 

This timetable for the C.n\ - 
eroment’s resignatinu. ohirii is 
now being predicted npciiis by 
parly political spokesmen, 
could conceivable he over- 
turned in the unlikely event or 
the opposition parties asking 
Siq. Audrcotti In remain on in 
office in the hope of work in •• 

! out an agreed new governing 
! formula. 

' The more likely outcome is 
I Tor Sig. Audrcotti to sulnuil his 
Government's resignation. The 
! Christian Democrats will then 
get down lo serious in*got*a- 
■ tions with the Communists and 
[ the smaller opposition parltes 
| on a new economic and social 
i programme. 

The latest political crisis 
follows Communist demands 
Tor the establishment of ail 
emergency government . to in- 
clude Ihcsu and other opposi- 
tion parties. 

The Communists to-day 
attacked what they caHod 
“open and heavy interference.** 
by the U.S. 

This was a response to last 
night’s State Department state- 
ment in which it said that the* 
U.S. opposed Communist parti- 
cipation in any Western 
European Government and 
preferred a reduction in Com- 
munist influence. 

The Communis'. Tarty news- 
paper L’Unita said in a front- 
page comment to-day: “This 

is open and heavy interference 
In Italy’s domestic politics, try- 
ing lo influence the situation 
in our country in cuntrast to 
the policy or non-inlerfercnce 
expressed many times by 
President Carter.” 


ncorde boost 

orde operated significantly 


in - 
2t Cor 
ifte!sk< 


prde operated significantly * n . BTn ,Wc tw it compromise- on the order in 11 M 3 transitional measure. wa^ only the beginning 

v airport noise standards in • i^Miea row ii w j 1 |gj 1 t^ e topics should be But Israel would have to The Israeli Cabinet is expected 

rst full month of operation, did not intend to change its qec*-^ ^ fllscnasetl. pledge in advance that the Pales- t0 raeet 011 Sunday to bear a 

Government report said, wthflraw^ jonnnie wawer Tj n ai j interview in tbe Jeru- tinians would ultimately have report on .the military talks in 

' Bed label . and ^ llimpie S ralpm Pnsrf triwlav Mr Radaf was splf-rielermination The leneth' Cairo. 


.!„•« . _ E -“S5 salem Post to-day Mr. Sadat was self-determination. The length' Cairo. 

? ZQ? |!u"rldwSde ... - dSpSe SJS Sngs^f adamant that Israel must with- of the transitional period could Other Mid-East news Page 12 

tilery: Miner . died and 10 fresh investigation under EEC ; 1 

injured whe.p a bus' plunged rules of competition. Tbe export . _ . _' _ J 

^ . Pride and Clarke bid expected 

- - ' oid; British Airways is to prepare on companies to adjust Jr 

non-stop ' daily . flights to ILK, prices. Back Page 
Francisco on May 4. •' . . 


I m 


£&3? , ‘ M 


*Iona:. Soccer club, .denied tura^ SHARES of Pride and Clarke, extensive freehold land interests 

: it was negotiating to buy SIm SSSvIm members ortbe: .1 family-controlled jootor in_South London. 

n Kpppsn P.npli ch infftf- — • . « « 


BY JAMES BARTHOLOMEW AND TERRY DODSWORTH 


Toyota (GB) only a few days 
ago announced plans to raise 


n Keegan. English inter- Rpneral Workers’ distributor wl *h the - Toyota The company took on Toyota sales in-the U.K., and gave every 

Jnkl, who plays for Hamburg T t^ distribution iranubise. were suspended j'ester- distribution in 19&5, and has indication of aiming to take on, 

fe iwSrPMs eaH^ ^ because talks were in pro- built the organisation Into the Datsun with a vigorous expan- 
■wrfo. Vibtnr Knrehruii MT°^.rrnfln Fowler 8«ss and expected to lead to a second largest of the Japanese sion of its dealership chain. 

° 0 tS£ -e ^p enSi o n Price 260p a pr0fi U 

. and -"* 1 a ™°ee1a t0 JOlD * In the stock market yesterday from its car interests. accused him of “irresponsible" 

in exile from Russia- ment will be JPjPffi Inclicape the overseas trader, Toyota fGB) employs some 3 M and “inflammatory" remarks. 

Government ordered a P*? P"®?" wh?® ™ uia K „^irr was considered the most likely out of a total workforce of 500 This follows a reported state- 

ruction of police files on overtime oan oy awo bidder^ at Pride and Clarke which had a ment by Mr. Pride that Japanese 

■isands of politicians and Shell tapker dnvers- “ .?** It already has motor vehicle turnover in 1976 of £39m. importers would be free this 

' e unionists considered State ®8ref“ at talks between ^umon^ distributorships in the UJC There has been speculation for year to ignore the fonner under- 
lies by Gen. Franco. Shell management ano . ine through to subsidiaries Mann some time that Toyota, largest of standing on limiting their sales 

Ins- q<*hnotphilriren are learn- ' Concutation auct Egerton and Bewac Motor It the Japanese car manufacturers, in Britain. 

“hniu to oarFhnuakes -^ J ^ i ^ rall0D Service yesterday, > nittSL seT e ra i Toyota franchises might be dissatisfied at the way Datsun said it “ considered the 

riv^ u-^ihPr ' ‘ _ ■-• in the Far Hast and Africa, the group has been outperformed understanding on import limlta- 

nr Lner rorecafiis COMPANIES • A spokesmin offered “No com- in Britain by Datsun. which sold lions between the Japanese Auto- 

■h^i ment " Ian night 82,000 ears last year against mobile Manufacturers' Associa- 

hasis on scientific education. 9 THORN Electrical Industries Tride^ and Clarke’s attraction Toyota's 24.000. lion and the Society of Motor 

<on: Drivers and front-seat increased profit by - - to a bidder .lies mainly in- its In most other markets outside Manufacturers and Traders to 

' engers must wear seat bells £46.13m. before tax m tne^ax Toyota franchise. It also, has Japan Toyota leads Datsun. remain in force in 1978.’’ 
ide Portuguese towns from months to September JU» 
lorrow. Page 16 and Lex 


p . *g ; v9: 
I \0t 




% J wk- ■ . ' 

■ - ..Jf- 

J- 


a «*??•■ *r ■ s, ^ 

” < 4 f 


■sji^rsjNi 







lEF PRICE CHANGES YESTERDAY 


CONTENTS OF -TODAY’S ISSUE 


ices iu pence unless otherwise 
indicated) . . - 

RISES 

■ isury lSpc I990..^113i + ? 
tsury lSpc 1P95...E105I + f 
as. 134pc 1997.. .£113} + ? 
Lhodesa 6pc '78-81 £92 + 4 
row Milling J...; 94+4 

rey's • 42 + 7 

eblrd Confectnry. 153 + 5 

ion A 119 + 5 

•hen tR.) Taylor' 55! .+ 6i 

lex 6S + 4 

ib imeresis 168 + 6 

“nan Elect ric ... 230 + 7 
Is and Whites ... 125 + .4 
le and Clarke ...f267 + 15 
main <R_ and J.)‘ 98 + 5 - 
k Organisation ... 264 ; +. 6- 
id and Simpson A 39 + 4 

1 ley iB.J 222 + S- 

s«. 20 + 3 


McLeod Russel 192 + .8 . 

Cons. Gold Fields — 192 + 4 
Coas. GkL Fids. Au£t 1& + a. 
Leslie ' 42 + 8* 

FALLS 

Avon Rubber 1S7 — B 

Border and Southern 267 — fi 
Davies and Newman... US “ f ’ 
Dixons Photographic 360 30 

English China' Clays... 78 - a. 

Hestair 1JS - a 

-Hickson and Welch ... 540 17 

Lucas Inds. 272 - a • 

Petbow 1?6 “ * 

Pilklngton Bros, 4a 3 17 

Thomson Org.- ........ 644 — ie 

Ttmrn Elect: — S08 - M 

Turner Mnf. 95 — ' 7: 

Durban Deep 246 ” ,-J3 

Gold Fields of -aA -IlO? ~ i 
Kloof 440 -.22 

t Price at xuspehsion -• 


Overseas news 12 Leader page 14 

Home news— general 18 UJL Companies 16&17 

— labour 15 Mining 2 

Arts page 8 Inti. Companies' 19 


The cost of firing around ' 
the world 14 


FEATURES 

Inler-union dispute on ear 
delivery - 15 

FT REPORT 

Language courses 10-11 


Wall Street 1.. 18 

Foreign Exchanges 21 

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


Portuguese arrest of fop 
socialist 12 


Northampton can improve your 
situation -it has for (o^IsbcirU 


Appointments .... 

■rtifata . 7 . 

■ Cfag ...1 

CoUkHub - 

'Crossword Pnzde ... 

'ShudiIc Wary 

' ^iHtrUnxKDt Guide' 
P5««nec <■ Fempy 
inVAetnartes twfleor 

■Gahtseioo 

.coir. 


» How VO Spent) It 7 

4 iMurwiee . — 4 

4 .. Letters . .. - 14 

•4 Lex » 

' It Man. of the weak .. * 

15 Motor) no 5 

22 Prope rty ...» * 

4 RedM IS 

22 Share Information . . 24-25 

s . SE weak’s OeoDnSf 200 

5 Trwre) 4 


TV ud Radio \ 

Taxation « 

Unit Trust* 23 

Weather 3* 

Vour Saolens A Inv. 3 

OFFER- FOR SALE 

Aril oth not. Extra 1J 

Chieftain Hlah 3 

Crescent High 35 

meal and Central - * 


J4 end 6 America ... 3 

SWeolnser Trust . 17 

(Com m 

wte'Hih STATEMENT 
Worweli LM. ...1 n 

Lendl Bo Rates 22 

■undlas Sec. Rates 21 

Bands 21 

U;K. Convertible .; 21 


Northampton is in an eaaXflmt riaarim, an the Mr 
new the A 16 jancuon. with eas.v acceii to nuior pom and 
airports and nhont hkU'wee beinwn London and ’Rirmingbitat 
with 50 ",. of British induMjt vriihm ito miles mdiu-.. It iv 
aha) an Inland Port wuh full Customs nn-i Esa-e fjuliiics. 
The industrial labour ichuoas record of the toon ls one 01 the 
best in the country, 

Northampton is an citablhhcJ martti luon and rcponal 
grtun-ib pomt. The cspinsiao pseenmme ensures a continual 
supply of sites, laa dries, offices and also homes lor incoming 
cttplqn. 

The kmp puabJishcd amenities suppleinaiied by the 
new, pre a neh wmnmment lor living. 


Eight Years app Carkherg wonted to -<t up a nen hrenery 
in 1 he L'K. thrir bippe* 1 one autside Denmark. They luukesl 
01 Nurthampion and liked it. So thcr built architect ural award 
ivmniae premises and now their production ha- doubled. 

Mr Michael C luoL the Director sot's 

Cfi.-li u tutumatty purtvi.'J ItjkJ ,i hJ til- J;/ir.r:i;i,v; 
twin Pf.-omiiK r.iv mire m, wjcb:, avirjl hiyjif.11 ::w , 1 ’riau 
rrjiuremait lo Girhfax.K 

If yon want to improve your situation, find out 
more about us, phone 0604 34734 or write to; 

L Austin -Crowe, Chief Esroies Surveyor, 

Northampton Development Corporation. 

2-3 Market Square, Northampton NNi 2EN. 


s. 







Financial Times Saturday January 6* 


week in London and 


New York 


Confusing for gilts 


ONLOOKER 


MUCH OF the interest shown 
in equities at the start of the 
week was centred on the 
second tine issues but official 
markings were the highest for 
nearly four months. The gilt 
market, however, after a bright 
start was stopped in its tracks 
by the surprise announcement 
of a new “long tap” stock. 
Early gains of up to 2 point 
were reduced to falls of f in 
dealings after the close. 

Sentiment in tbe equity mar- 
ket was natural I v affected while 
the food retailing sector 
received a further setback fol- 
lowing the Sainsbury price cut- 
ting announcement Bv Wed- 
nesday tbe selling seemed to 
dry up and some recovery was 
seen. This was short lived and 
in the absence of any support 
prices drifted sharply lower on 
Thursday. The poor results 
from Thorn yesterday pushed 
leaders a few pence lower but 
new time buying towards the 
end of dealings left equities 
slightly higher on balance. 

While it was a depressing 
period for equities the gilt- 
edged market has had a thor- 
oughly confusing week. Apart 
from the surprise announce- 
ment of a new tap on Monday, 
rather than on the usualgFri- 
day. there was a puzzlingly 
large rise in the banks 
eligible liabilities, the main 
component of money supply- 
The final twist was pro- 
vided by the Government ex- 
penditure White Paper which 
left brokers unsure about 
whether the rise in public 
spending in the next financial 
year would be 2} or 8} per 
cent., or any figure in between. 

Ironically, the City might 
not have been sp bemused if 
public spending in tbe current 
financial year had been near 
the planned level. But the out- 
come now looks like being 
underspending of around* 4} per 
cent, in real terms. This pro- 
vides a low base for any com- 
parison with 1978-79, when 
spending is anyway projected 
to rise above the level originally 
planned for this year. 

The apparent rise of 6} per 


cent between this year’s likely 
outcome and 1978-79 is, how- 
ever. misleading. Much of the 
difference is explained by 
merely financial items such as 
the sale of BP shares, and 
changes in export credit 
refinance. Tbe rise in spending 
of the main departments is 
likely to be much smaller, 
especially as there is likely to 
be some margin of underspend- 
ing or shortfall next year. 

The broad message of the 
White Paper is fairly comfort- 
ing for the gilt-market with a 
projected fall in the borrowing 
requirement over the next two 
years and a stated intention of 
keeping the growth of public 
spending below- tbe rate of 
expansion of the economy as a 
whole. Indeed after some small 
falls in gilt-edged prices on 
Thursday the market rallied 
yesterday afternoon. But there 
is still some apprehension about 
what next Thursday’s money 
supply figures will show. 


fbn. Nominal Amount 


2-03 — 


ISSUES OF GILT- EDGED TAP 
STOCKS 


(at issue or 
later call) 


1-5H 


l-Ol — 


ill 



J FHAMJJASQHOlJFMAMJ J A S 0 H fit J f 

1976 1 1977 1 ' 1978 



Food price war 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM DEC IS 
% Change 

Properly +94 

Banks +7.7 

Insurance (Life) +7.5 

Packaging and Paper +7.1 

Office Equipment +43 

Contracting, Construction +6-2 


All-Share Index 


+ 14 


THE WORST PERFORMERS 
insurance Brokers —0.9 

Chemicals —1.9 

Food Retailing —23 

Oils -4 2 

Breweries —4.6 

Investment Trusts —5.0 


News that the High Street 
price war is hotting up came 
this week with Sainsbury 
launching a major price cutting 
offensive. The reaction in the 
Slock Market was a widespread 
mark-down of food retailing 
shar£ prices. 

Sainsbury in the past has 
placed emphasis on quality 
rather than discount prices, 
though until Tesco's dramatic 
price cuts last summer, when it 
ditched Green Shield stamps, 
Saicsbury was always one of 
the cheaper chains. Since sum- 
mer Sainsbury. in common with 
many supermarket chains, has 
been losing market share to 
Tesco. On some estimates, Sains- 
bury’s share of sales of basic 
food items has dropped a point 
to 8 per cent while Tesco has 
gained more than two points, 
taking its proportion to over II 
per cent. 

Sainsbury has been able to 
maintain growth thanks to other 
lines such as fresh fruit, and it 
has staged some recovery in 
basic items. During December 
the company's share went back 
up to 8.S per cent. But Sainsbury 
has no significant non-food 
interests as yet and to maintain 
growth it must hold its share of 
basic shopping items, which are 
the key to its sales. 

The question now is whether 
the latest move will spark off 
a series of counter attacks by 
other national chains. Tesco’s 
price cuts last summer— about 
5 per cent, across the board— 
probably pared margins as 
far as the company is pre- 
pared to go, while International 
Stores has already had a bite 
at the cherry with its price cut- 


ting campaign. However they, 
as with the rest of the sector, 
must be under some pressure 
to retaliate. 

But some of this week's share 
movements look overdone. 
Obviously further pressures on 
margins is bad news for the 
sector and falls of an eighth for 
Tesco and Sainsbury seem well 
founded. Yet there is not much 
logic behind Associated Daries’ 
14 per cent fall on the week 
and the 10 per cent setback for 
Kwik Save. Both these groups 
are concentrated in the north 
and Sainsbury is in the south. 
Only if the price-cutting war 
really snowballs will it affect 
the northern stores. 

However Sainsbury’s an- 
nouncement has brought a 
touch of reality back to the 
sector. Share prices drifted up 
over November and December 
but the fundamental problems 
of margin pressures and 
depressed volume remained 
unchanged. So some shake out 
was on the cards but not as 
widspread as seen this week. 


that in real terms equities were 
at the beginning of the year 
worth less than half of what 
they were a decade ago, and 
only 38 per cent of what they 
were at the beginning of 1969. 
tbe date of the highest adjusted 
index. 


However, if the inflation 
adjusted performance of equi- 
ties has left something to be 
desired, that of gilts has been 
far worse. Although the 
brokers' Consols index rose 
during 1977 for the third year 
running — only the second time 
that this has happened since 
1919 — it had declined from a 
base of 100 in 1919 to only 40.5 
at the beginning of this year. 
In real terms, the Consols index 
is- worth only 5.3 per cent, of 
what it was in 1919 — and only 
4 per cent of what it was at 
the beginning of 1947. 


Wishful thinking 

The belief that equities offer 
some hedge against inflation, 
which was brought into serious 
doubt during the bear market 
of 1973-74, is now com nig back 
into favour. It is one of the fac- 
tors to which stockbrokers de 
Zoote and Bevan, in their an- 
nual review of the returns on 
equity and fixed interest invest- 
ment since 1919. attribute last 
year’s rise in share prices. • 

Following that rise, the brok- 
ers’ equity price index had risen 
from a base of 100 in 1919, to 
1.408.4 at January l this year. 
As adjusted for inflation, how- 
ever. prices have not even 
doubled over that period. In 
fact, the brokers' tables show 


The stockbrokers have for 
years been pointing out in this 
annual review that successful 
investment depends on a deci- 
sion to disinvest at the right 
moment and to move into cash 
or near-cash during a bear mar- 
ket This year they have pro- 
duced figures to demonstrate 
this contention with a “ best 
performance ” fund, which 
assumes with benefit of hind- 
sight that investments' have 
been switched to the best per- 
forming sectnr in each year 
sin<m 1946. Whereas £1.000 put 
into enuities and left there 
since 1946 would by the begin- 
ning of this year have grown 
to £23.473. and the samCrv^m 
if applied to Consols would nave 
gTown to £2.163, switching to 
obtain the best performance in 
each of those 32 years would 
have produced can\tal growth 
from £1.000 to £306.264 gross. 
In 13 out of those 32 years, the 
best performers were Treasury 
Bills. 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 



Price 

Change on 

1977/8 

1977/8 





*' 


Y*day 

Week 

High 

Low 


Average 

Jan. 

Jan. 

Dec 

Ind. Ord. Index 

480.9 

-IM 

549.2 

357.6 

Int. centred on 2nd-)ine stocks 

week to 

12 

6 

30 

Govt. Sea. index 

77S5 

- (U3 

79.85 

60.45 

Currency/int. rate uncertainties 




• l ~ j 

Allied Breweries 

87 

- 4} 

96} 

57} 

Price Commission investigation 

FINANCIAL TINES 



Assoc. Dairies 

235 

-38 

295 

141 

Sainsbury’s pricing policy 

Govt. Secs. 

77.45 

78.23 

77.96 

Brit. Home Stores 

212 

— 17 

243 

138 

Increased High Street competition 

Fixed interest 

80.88 

81.15 

80.62 

BP 

814 

-28 

966 

776 

Wait Street and currency influences 

Indust. Ord. 

484.7 

4914 

4884 

Brown and Tawse 

94 

+ 11 

95 

74 

Satisfactory half-yearly results 

Gold Nines 

139.4 

1344 

1364 

Caplan Profile 

76 

+ 11 

76 

36 

Bette r-than-expccted results 


6455 

5495 

3,623 

De Beers Dcfd. 

287 

-16 

317 

188 

Lower 2nd -ha If CS.O. sales 


ERF 

ISO 

+ 13 

155 

34 

Good interim figures 

FT ACTUARIES 



GFSA 

£10} 

+ U 

£12 

825 

Bid rumours 





Gordon & Gotch 

92 

+ 7 

95 

60 

Good half-year figures 


211.05 

211.64 

20948 

London Pavilion 

365 

+ 145 

365 

745 

Bid hope* 

(Durable) 

793J9 

19443 

194.4! 

McCorquodale 

248 

+26 

248 

137 

Excellent preliminary profits 

Cons. (Non- 




Rowfinson Construction 

100 

+14 

100 

40 

Speculative demand 

Durable) 

20249 

205.41 

205.14 

Sainsbury (j.) 

180 

-27 

253 

133 

Widespread price cuts 

Ind. Group 

208.20 

21042 

209.94 

Tesco 

42} 

- 6 

52 

33} 

Shinsbury’s pricing policy 

500-Share 

22942 

232.52 

23144 

Thomson Org. 

644 

-71 

765 

365 

N. Sea oil reserves down-graded . 

Financial Gp. 

175.79 

77547 

17340 

Thorn Electrical 

3S8 

-34 

448 

196 

Before and after int. statement 

All-Share 

27347 

216.13 

21544 

Wace Group 

30 

+ 7 

30 

76 

Shareholding changes hands 

Red. Debs. 

63.21 

63.04 

6244 


Funeral march 


BY JOHN WYLES 


NEW YORK, Jan. 13. 


ALTHOUGH nobody on Wall 
Street had been anticipating a 
booming start to the New Year, 
it had seemed reasonable at tbe 
end of last month to hope that 
the stock markets would have 
managed to start 1978 on a 
rising note. But the dominant 
refrain this week has been as 
downbeat as a funeral march 
whose composer, the Federal 
Reserve Board, has littered the 
score with rising interest rates 
designed to set a new tempo for 
the exchange rate of the dollar. 

The dollar’s steady decline in 
relation to the mark and the 
yen replaced possible move- 
ments in short-term interests 
as a major preoccupation among 
investors and analysts in Decem- 
ber. When it was revealed nine 
days ago that currency swap 
arrangements would be used by 
the Federal Reserve Board to 
try to stabilise the dollar, the 
rate of decline on the New York 
Stock Exchange was eased but 
essentially judgment was re- 
served to see how effective 
the new policy would be. But 
within five days tbe market was 


suffering real anguish because 
it bad become dear that the 
Fed was also prepared to sacri- 
fice the recent . stability of short- 
term interest rates in pursuit 
of its new objectives for the 
dollar. Brokers went home for 
the week-end . last Friday 
unsettled by the knowledge that 
a quarter per cent Increase in. 
banking prime rates had been 
triggered by the Fed's .raising 
its discount rate on loans to 
member banks. 

They returned to find that 
the Fed was prepared to go still 
further in tinkering With the 
domestic economy to help the 
Dollar. After several weeks of 
stability the key short-term 
interest • rale, the Fed Funds 
Rate, started to rise on Monday 
and Tuesday as the Fed inter- 
vened to push the target rate 
from 6.5 per cent., to 6.75 per 
cent or higher. 

By pus hing up interest rates, 
with their possible impact on 
economic growth and consumer 
spending, the Fed was not 
exactly pandering to the Stock 
Market’s sensibilities. But -it is 



possible that the market would 
have taken a less anxious view 
of the approach if it had been 
intially impressed by the skill 
of the Fed’s intervention in 
foreign exchanges on behalf of 
the Dollar. But in the first 
half- of this -week the currency 
continued to lose value and 
many Wall Street observers 
were becoming increasingly 
exasperated at what they 
believed to be the Fed’s lack of 
Co nsis tent determined inter- 
vention which should have been 
snmpfl as one put it at “ getting 
a 'few speculators very baRly 
burned.** 

’. Thus every day of the New 


Year proved a loser for the Dow 
Jones Industrial Average until 
yesterday w.hen the doHar had 
'a much better day on the ex- 
changes thanks, it was felt, to 
more determined intervention 
by the Fed. 

By last night the Dow Jones 
Industrial Average -was more 
than 51* points lower than an 
the last trading day of 1977 and 
many analysts would not be - 
surprised to see it go further 
down. . 


Monday 

Tuesday 

Wednesday 

Thursday 


-Close Change 

7843* -8.93 

787.53 -203 -- 

775.90 - 543 

778.15 +125 


y /- 


? . 


31 


Mining 


False expectations 


BY PAUL CHEESERIGHT 


DE BEERS has been the victim 
of its own success. So readily 
has international demand 
mopped up the supply of its 
Central Selling Organisation, 
which markets diamonds pro- 
duced by De Beers and other 
world mines, that expectations 
were aroused which could not 
be fulfilled. 


the week 
a record 
It was 
less than 
in 1976, 
But the 
declined 
into the 


At the beginning of 
the CSO announced 
sale figure for 1977. 

Rl.Sbn. <$2.07bh.). no 
a third higher than 
itself a peak year. 

De Beers share price 
as the news filtered 
market. 

On Friday of last week the 
shares gained 17p to 303p in 
anticipation of the diamond 
sales figure. Last Monday they 
slipped back to 293p and since 
then they have eased further, 
dosing yesterday at 287p. 


Sluggishness 

Although tffis price is substan- 
tially above the levels of a year 
ago, it is nonetheless not as high 
as the industrial and marketing 
performance of the group would 
seem to warrant The reason 
for the sluggishness, both 12 
months ago and now. remains 
the same: concern about the 
group's exposure in southern 
Africa. 

For the present this funda- 
mental factor remains in the 
background, so that, short term 
investment movements have 
been influenced by more imme- 
diate considerations like sales 
and profits. And in this regard 
De Beers came unstuck in the 
market because the CSO sales 
levels in the second half of 1977 
did not come up to those of tbe 
first half. 

In the six months to last 
June. CSO sales were R943.4m.. 
against R681.9m. in the same 
period of 1976. In the sis 
months to December however, 
sales were R8594m,. a hand- 
some increase on the R670xn. of 
the same period in 1976. But 
this was not the comparison 
the market made. 

What seems to be happening 
that the international 


is 


diamond market is consolidating 
after the aggressive pricing 
moves made last year by the 
CSO. Last -March there was an 
average gem price increase of 
15 per cent, nearly double the 


increases imposed in 1976. But 
then last November another rise 
of 17 per cent was imposed. . 

The CSO was in a position to 
adopt such a stance because 
mine output in recent years has 
not risen as fast as demand. 
Indeed, the De Beers group, 
which is the largest producer 
of diamonds in the western 
world, saw a decline in output 
in 1975 and 1976. It is now in 
the throes of an expansion pro- 
gramme. 

Part of this programme in- 
volves the development of a 
new mine at Jwaneng in Bots- 
wana. which should become 
operational in 1982. Details of- 
the financing and- equity 
arrangements for the mine have 
not been formally announced, 
but reports from Botswana sug- 
gest that threequarters of the 
earnings are likely to go to the 
Botswana Government 

It is thought that Jwaneng 
could earn more than Orapa, 
the Botswana Government’s 
biggest foreign exchange earner, 
not because the diamond pipe 
is larger but because 'the 
diamonds are higher in quality. 

Diamonds, indeed, are part 
of what looks like an elite 
group of minerals whose pro- 
ducers have either recovered 
from or have barely felt the in- 
ternational recession. Other 
members of the group include 
gold, molybdenum and uranium. 

The revival of the gold in- 
dustry was made clear when 
Consolidated Gold Fields 
announced mine working profits 
for the December quarter. 
Other South African producers 
will produce figures next week. 
The most striking advance was 
at Doornfontein, where profits 
more than doubled over the 
September quarter to R5.6m. 
(£3.4m.). But there were also 
substantial advances at West 
Driefontein and East Driefon- 
teln 

The Gold Fields figures re- 
vealed the oddity that tbe mines 
seemed to be receiving an aver- 
age price for their gold far in 
excess of -the market rate. 
Kloof, for example, received 
$176 an ounce, when the aver- 
age market price over the 
period was $160. 

The anomaly is at least par- 
tially explained by the timing 
of sales, so that the Gold Fields 
mines seem to have been catch- 


ing up on the September 
quarter, and by the premium 
they received on gold destined 
for Krugerrands, where the 
market has been very strong 
especially in Germany and the 
U.S. 

In the U.S. meanwhile there 
have been molybdenum deve- 
lopments which will serve to 
increase American dominance as 
the largest international pro- 
ducer. Molybdenum usage has 
increased steadily as new 
applications for the metal have 
been found and demand is ex- 
pected by Amax, the industry 
leader, to double over the next 
six years. _ . • 

Phelps Dodge has discovered 
what could be a significant 
deposit in southern Utah. If 
further drilling -confirms the 
results of early exploration the 
group could have substantial 
tonnages of . ore grading 
between 0.29 per cent and 0.38 
per cent, molybdenum. 

United States Borax and 
Chemical, the Rio Tinto-Zmc 
group’s American subsidiary, 
has meanwhile advanced its 
exploration programme at a 
molybdenum deposit in South- 
eastern Alaska to the point 


where it thinks there is a sub- 
stantial orebody of more than 
250ra. tons, grading 0.18 per 
cent. to 0.25 per cetiL ‘ 
molybdenum. 

“ If the new deposits are evor 
brought to production, they 
would be important diversifica- 
tions for both Phelps and RTZ. 
Both have built up their wealth 
on copper, but both have* 
significant uranium interests, 
Phelps in the U.S. and RTZ in 
southern Africa, Canada and 
Australia. 

RTZ’s Canadian uranium - 
interests are on the verge uf 
a large expansion. Its Canadian 
arm. Rio Algom, is already * 
boosting production at Elliot : 
Lake in Ontario. Now Preston ' 
Mines, another company in the 
group, has won a contract with 
Ontario Hydro which will lead 
to the reactivation of a property 
which was closed down in 196ft, , 

Preston is to provide 72m. ihs .; 
of uranium oxide to. -Ontario 
Hydro. over a period of more 
than 30 years starling in 1984. • 
The price it will receive is to 
be worked out on the basis .of 
a formula taking into account 
costs, margins and prevailing - 
world prices. 


4 . ; 7. * . ; 

. I * % ' 


IM i * * 


Facets of the 
Diamond Scene 





TV Radio 


BBC 1 


Northern Ireland — 2.50-3.30 pan. 
Cross-country Running. 3410 Re- 
join BBC 1. 5.00-5.10 Scoreboard. 
5-4 5-5 JO Northern Ireland News. 
12.15 ajn. News and Weather for 
Northern Ireland. 


t Indicates programme in 
black and white. 

3.50 a.m. Fingerbobs. 9.05 

Canoe. 9.30 Multi-coloured Swap 

.Shop. 12.13 p.m. Weather. 

12.15 Grandstand: Football Focus 

(12.20): Racing from Ascot 
112.50. 1.30. 2.05. 2.35): Ski-ing 
(1.10) World Cup from 
Wengcn: Hockey (1.45, 2.20) 
Rank Xerox Six Nations 
Indoor Tournament: Table 

Tennis (2.30, 3.30) Norwich 
Union Championships: Rugby 
League (3.05) Leeds v. 
Workington Town; The Sport- 
ing Year 19T2 (4.20); 4.40 
Final Score. 

5.10 The New Adventures of 

Batman. 

533 News. 

5.43 Sport Regional News. 

5.30 Jim’il Fix It. 

6.23 Dr. Who. 

6.50 Saturday Night at the 

Movies: " The Crowded 

Sky," starring Dana 
Andrews and Rhonda 
Fleming. 

8.30 Mike Yarwood in Persons. 

9.00 Starsky and Hutch. 

940 News. 

1040 Match of the Day. 

11.15 Parkinson. 

AH Redons as BBC 1 except at 
the following times:— 

’ Wales — 8.40-9.05 3JH. Te Lilian t. 

; 12.17-12.42 a-m. Broadsides. 

] Scotland — 1 .55-5. 10 p.ra. and 5-45- 

i 5.50 Scoreboard. 10.00 Songs of 

, Scotland. 10.30-11.15 World Cup 

Sportscene. 12.15 a-m. News and 
.Weather for Scotland. 


BBC 2 


3.00 pju. Saturday Cinema: 
“Forty Guns To Apache 
Pass/' starring Audie 
Murphy. 

4.35 Play Away. 

5.05 Horizon. 

6.00 Indoor Bowling. 

640 Sight and Sound In Concert 
featuring Colosseum n and 
Richard Dicance (simul- 
taneous with Radio 1 
stereo). 

7.30 News and Sport 

7.45 Public Hearing. 

SJ33 Film International: “The 
Lost Honour Of Katharina 
Blum." 

3020 The Book Programme. 

10.50 M-A*S*H. 

11.35. News on 2. 

1 11.40 Midnight Movie: “The Con- 
spirators." starring Hedy 
Lamarr and Paul Henreid. 


3.50 Half-time Soccer Round- 
up: 4.00 Wrestling; -L5Q 

Results Service. 

5.05 News from 1TN. 

5.15 Celebrity Squares. 

6.00 Man From Atlantis. 

7.00 Sale of the Century. 

7.30 “Cast A Giant Shadow,” 
starring Kirk Douglas, 
Senta Berger, Yul Brynner 
and TopoL 

10.00 News, World Cup Draw'. 

10-15 The South Bank Show: 
“ Paul McCartney: Song- 
smith." 

1IJ.5 The Adult Movie: “ Trilogy 
Of Terror,” starring Karen 
Black (film made specially 
for television). 

12.35 a-m. Pro-Celebrity Snooker. 

1.20 Close: Joe Melia reads 

Buddhist poems by Christ- 
mas Humphreys. 

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


wooblnda. 1845 Cartoon Turn?. 1U» The 
Lost Islands. UJO The Socrer Lives Of 
Waldo Kilty. 1280 Captain Scarlet and 
the Mysterons. 505 p.m. Cocoon Time. 
5 JO Hapjnr Days. 780 sale of. tbe 
Century. 7 Saturday Movie: ■' Thir- 
teen Frightened Girls." 980 Seotspon 
Special: World Cup Draw live from 
Ar gen tina- 1X15 Reflections. 1X20 The 
Frankie Vaughan Show. 


7.8 pan. TV Movie: Thirteen Frightened 
Girls. 988 Scotsturt Special— World Civ 
Draw Uvc (ram Argentina. 1X15 Late 
Cali. 1X20 Danger fu Paradise. 


1X15 p.m. Oscar Peterson Presents Joe 
Turner. 11M Sere Comes the Future. 
12.05 a-m. Faith For Life. 


SOUTHERN 


18 a-m. Weekend followed by regional 
weather forecast 1220 p.m. weekend 
followed by regional weather forecast. 
11J5 Quincy. 1X15 a-m. Southern News. 


GRANADA 


TYNE TEES 


9 JO ajn. Ttawaa. 1120 p-m. second 
City Berne. 1185 House of Horrors: 
“The Cal Creature, ■■ starring Gale Son- 
de manl. 


HTV 

985 ajn. Master Golf. 938 Tfcvws. 
10X5 Barman. 1085 Tlswai. 1125 Beach- 
combers. 11.59 Tlswas i continued). 1LZ5 
P-m. ClbbsvtUc. 

HTV Cymru /Walos — As HTV General 
Service except: 5.15 P.m. Cartoonlimo. 
5-30-680 Sion a SUn. U-15-1XID ajn. Cop 
Rushy— Highlights from one of this after- 
noon's Schweppes/' W.R.U Round cflD tics. 


980 ajn. S urvlva L 19 JO Hopalotaf 

Cassidy. 10-50 Skilful Soorer with Jack 
Charlton. 1130 Space lOOO. 1X15 pjd. 
The Practice. 1L« West side MedkuL 
1X0 aJD. Epilogue. 


ULSTER 

1BJO ajn. Sean tbe Leprechaun. 1020 
Baldmoncy, Sncczrwort. Dodder . and 
Cloudberry. 1035 Beachcombers. 1180 
Survival. 1130 Sesame Street. 580 p.m. 
Sports Results. 1X15 Man hunter. 


WESTWARD 


ANGLIA 

980 a-m. Animal Alphabet Parade. 
930 Cartoon time. 930 Tiawaa. 1020 
Spiderman! 1085 Tiswas. 1X25 Valley 
of the Dinosaurs. 11,55 Ttswaa. 1135 p-m. 
Pro-Celebrity Snooker. 1280 At the End 
of the Day. 


SCOTTISH 

9.00 a.m. Horses In Our Blood. WO 
Tliwas ti&cludffia winning With WU6W- 


980 ajn. The Beatles. 925 The Lost 
islands. 930 Curt ajn Raiser. 10-05 
Feature Film: "Pirates Of Blood River” 
starring Christopher Lee. 1130 Gus 
Ha Demon's Birthdays. 1135 Space XHO. 


TV ratings, week ended January 1 


LONDON 


&30 a,m. Fun Foot! Factory. $.55 
Junior Police 5. 9.00 Our Show. 
11.00 Saturday Cinema: “ Sands Or 
The Desert,” starring Charlie 
Drake. 

13. 30 p.m. World of Sport: 12.35 
On the Ball: 1.00 International 
Sports Special: 1 — World Cup 
Ski-ing from Wengen, Switzer- 
land:!. 10 News from ITN: 
120 The ITV Seven — 1-30, 2.00. 
2.30 and 3.00 from Warwick; 
1.43, 2.15 and 2.43 from New- 
castle: 3.10 International 

Sports Special: 2 — World 

Skateboarding Championships 
from Long Beach, California; 


ATV 

985 a_m. The Ratf Harris Show. 430 
Tlswas. 535 pjn. Una [rani Atlantis. 
6.15 Get Some to.’ MS Celebrity SffiWKS- 
730 Tbe Cabot Connection. 030 Sale of 
the Century. 980 The Streets of San 
Francisco. 1135 The Saturday Suspense 
Mode: "Nightmare," starring Richard 
Crcuua. 

BORDER 

930 a-m. Tiswas. including Teebnoflasb 
and the Ghost BuStefS- 1X15 p.m. Second 
City Renew. 1185 Fireside Theatre. 

CHANNEL 

1 &U pjp. Puffin’* Birthday Greetings. 
1135 Oscar Pcicreoa Presents . . . Jm 
Turner. 

GRAMPIAN 

980 a.m. Scene on Saturday, including 
Birthday Greetings and Tree Top Talcs. 
985 Woody Woodpecker Stow. U35 


U.K. TOP 20: Viewers (m.) 
L This Is Your Ufa (Thames) ... 

X Crossroads (Thuri.) (ATV} 

Escape of the Bird men {ITV) ... 
Crossroads (FriJ (ATV) 

5. Crossroads (Wed.) (ATV) 

6. Coronation street (Wed.) 

(Granada) 

7. Bruce's Choice (BSC) 

8. Wednesday at Eight (Thames) 

9. D Isa ay Time (BBC) 

19- The Good Life Christmas Special 

(BBC) 

IX Doctor In Trouble (ITV) .. . 

IX Max’s Holiday Hour (Tuans) 

IX The Two Ronnies (BBC) 

Peer is tire Koy (ITV) 

Dudli Kosi — Relentless River of 
Everest (HTV) 

U. Oh. Ke, It’s Selwyn FrOMltt 

(Yorkshire) 

17. Miad Your Language (LWT) .. 

U. Crossroads (Tues.) (ATV) 

19. Jlm'll Fix It (BBC) ....... „• 


J7.S 

16.30 

ia.50 

1630 

MJO 


16.20 

<0.05 

15.Bs 

1530 


13.00 

1430 

14.70 

UJM 

14.30 


M.fifl 


HAS 

1030 

14.63 

1330 


20. Support Your Local Sheriff 

(BBC) ;- 13.60 

Figures compiled by Audits of Great 
Bniain for Ac Joint Industrial Committee 
for Television Advertising 'Research. 

UJ5. TOP TEN CHdlses Ratings) 
W/B Jm. B 

X Happy days (comedy) (ABC) ... 34.3 

X Fish (drama) (ABC) 3X8 

X Three’s Company (comedy) 

(ABC) 20.4 

4. 60 Minutes (New) (CBS) 28.1 

5. ABC Theatre (Breaking Up) 

(drama) (ABC) 27.9 

0. Orange Bowl Game (span) 

CNBC) 27.7 

7. ATlec C tamed y) (CBS) 27.1 

8. Ail in the Family (comedy) 

CCBjy .. 7S.0 

9. Beta Hope Special (comedy) 

(NBC) 233 

10. Om Day at a Time (comedy) . 

{CBS) 34.5 

A KetUcA Rating tt not a numerical uuL 


YORKSHIRE 

9.00 ajn. The Rolf Harris S hour. 925 
Saturday Scene Action Adventure — Bat- 
man. 1X80 valley of the Dinosaurs. 
U3B Hasnr Days. 1280 Calendar Kids. 
1X15 pjh. The Mm Tyler Moore Show. 
U85 Honour Thy Father. 

RADIO 1 ' 247m 

(SI StereoptiMfc broadcast 
*J» a-m. As Radio X UK Ed Stewart 
with Junior choice rs<. 1B8D ku 
J ensen. 1280 Paul GambacelnL 18 p-m. 
Rock Oh tS). 230 Alan Freeman ■ S >. 
531 Alexis Ranter's Blues and Soul Show 
(S>.‘ 630 Sight And Sound In Concert iS) 
featuring Colosseum n and Richard 
Digance f simultaneous with BBC-2 tele- 
vision i. 738-1X33 a.m. as Radio 2. 

RADIO 2 LSOOm and VHP 
680 am. News Summery. *82 Tom 
Edwards with The Early Show (Si includ- 
ing 8,03 Racing Bulletin. 886 as Radio 
X J8. 22 nteiiy vnmao on the Sunny Side 
of Saturday ts>. 1282 p.m. Two’s Best 
(S>. 182 The News Hnddlines. 136535 
Spon on 2- World Cup Special 12. M, 535 1 ; 
Football League 1130. 2.60, 236, 3.10, 
3.45»: Racing at Ascot <130. Z.8X 235. 
3.16); Cricket <130, X20. 5.331 preview 
and analysis of the Third Test against 
Pakistan to be played on Wednesday: 
Rugby Union <3.00, 53i» prospects for 
Wales, England. Ireland and Scotland In 
the International Championships starting 
next Saturday, also Motor Spare-news 
of practice tar tomorrow’s Argentine 
Grand Prtx; 5.00 Sports Report Including 
classified football at 5.00 and 5.45; rugby 
round-up at 5,23: motor sport at 5.38. 
6JB European Pop Jury. 7 82 The Peter 
Good Wright Show. 739 Radio 2 Top 
Tunes IS). 835 Cordon Langford at the 
Piano IS), sjq Victor Silvester and his 
Orchestra at the Radio 2 Ballroom IS). 
939 Saturday Right with tbe BBC Radio 
Orchestra (S>. HJ2 World Cup Special: 
draw tar the finals In Juno: claffilfled 
football results. 113S Alan Dell with The 
Saturday Late Show.' Including 12.60 Mid- 
night Newsroom: weather: motoring 

Information. 12 3H1 B xJn. News 

Summary. 

RADIO 3 4Mm. stereo &VHF 

' 735 a, nr. Weather. AM News. US 
Admit (Si. 980 News. W Record 
Review including Building a Library <S>. 
1035 Stereo Release of musle by Sdwbort 


(Si. 1X00 BBC Symphony Orchestra iSi. 
1282 p-m. John - Amis presents popular 
classics .os records 'Si. 1235 News. X0Q 
Heritage. X15 CcHo and Plano redial: 
Debussy, MayuxumL Beethoven (Si. XZ5 
Man of Action: Dannie Abac, chooses 
records (S>. 335 Music Of the Masters 
by Ravel, Brahms. . Debussy, Chan&son 
<St. 580 Jazz Record Requests (Si. SJS 
Critics* Forum. - 635 CoHectore’ Corner: 
Josef and Rosins Lhovhwe on records. 
785 Tavener and Stravinsky Double- It U] 
part t “A Gentle Spirit," chamber opera 
by Tsrener f&>- 735 Judging the Judges 
(talk by Lionel Dalchesi. BJ5 Double- 
BUI part £ “The Soldier's Tale" by 
Stravinsky <SL .935 Kodaly jhh Richard 
Strauss concert tSi. 930 Interpretations 
on Record (S). 1085 Sounds Interesting 
(Si. 1X25 News. 1X36-1135 And Tonight's 
Schubert Song fS>. 


RADIO 4 

434m, 330m, 285m and VHP 
SMsdtam Wave only 
630 ini New*. 632 Fanning Today. 
630 Yours Faithfully. tLSS -Weather, pro- 
gramme news; tVHKl Regional News. 781 
News. 730 On Your Farm. 780 Todays 
Papers. 7.45 Yours Faithfnlly. 7ja It's 
a Barga in. - 7735 Weather, programme 
nows: CYHF) Regional News. S.90 News. 
430 Sport Ml 4. 885 Today’s ■ Papers. 
839 Yesterday la Parliament ' 980 News. 
930 PUS of Ihe Week from BbC Radio 
and Tele vision (S) ■ 1080 News. 20.02 
Front Our -Own Correspondent. 2X30 
Dally Service. Uh« Between the Linn. 
1180 News. U82 The Week in West- 
minster. 2X30 Science Now. B JO News. 
2282 pjn. John Amis (SV (as Radio 3). 
tULS weather, programme netro; VHP 
(czccpt London and S,ELj Regional News. 
280 New* X15 Any . questions? 280 
Frank Muir Coes Into . . . Tbe Motor 
Car. 230 Tbim-Mlnme Theatre (St. 3 Jo 
News. 385 Does He Taka Sugar? 33S 
Music of the Musters iS* fas Radio 2». 
580 Kaleidoscope Encore. 530 Week 
Ending. . . . 2535 weather, programme 
news: VHF (except London and S.E3 
Regional News and Weather. 680 News. 
635 Desert Island Dlstr,. 630 Stop' the 
Week With Robert Robinson. 730 These 
Van Rave Loved (Si. 830 Saturday- Night 
Theatre <51. 938 Weather. 10.00 News. 
2035 Round the Horne (selected edition). 
2885 The Thirty Years Peace, part 2: 
HrasscJs, Wic European Capital. 2X00 
Lighten Our Darkness. _ 2X15 News. 

BBC Radio London 

• 206m swft MJ9 VHF 

6.00 a-m. As Radio 2. 732 Coed FiSbi&g. 


*■06 News: weather, traffic, shoppnifii 

BDoru news. 8-15 The London Gardener. 
Dand Kramer with Saturday Scene. 
SPOrtacvne. 1X30 The Robbie Yin- 
asm Satttfday show. X00 pjh. Bob 
Country music. 4J0 
Marjorie Bilbow with Close Up. 5JB-Ckm 
™ KUH) 2- 

London Broadcasting 

261m and 97.3 VffF 
780 A-M— 

ibm frafurcs. snorts. 

Am i 00 P-" 1 - Sarnrdjv Sport. 

^ Saturday. 630 Declaim 

t,e,!t Mala!— musfe. tatarma- 
« Hindustani. ■ 8 .00 Satur- 
day music. 98o Niahillne. 

Capital Radio 

■ 194iu and 95.8 VHF 

lim V dime's Uouiudotro <St. 

1280 Kenny Kvurvtt «E\ 2.00 njn Music 
Mdima narin .s.. s,« ™ a „ shonlnn'i 

*■» Rr.-c Edwards 
Mirmi«rW h ' S '-. 9 '“ MUte AlliU’s 

Muniuiy s Charr i5i. u.00 Amurtr.id 

Eft" <s cV *?■“ b^S .»•. 

xrn. Simon Hooker's Night Plight iffl. 


CHESS solutions 
S olution to Position No. 198 
After l . . . QxRp White can 
toree a draw, but no more bv 
® Q-B4 (not 

4 4 B?Q ’ BxQ; win- 

ning a piece); 4 B-N4, Q-B7: 5 

A ( *T aw with Black against 

LJSJ5S P^dniaster 15 

good— -but Black has sUU bettor 
• ■ ■ N-W! and White’s 

N*NpT ent 18 stoppe ' 1 
Solution in Problem No. 19S 
* £ r ‘2 6 i.„ I ! 1 ■■■ KxN; 2 N-K4. 
or tf R-K3: 2 N-N4. or if RxP: 
2 NxR. or if R-K1: 2 PvRfQi. rir 
if B moves; 2 N-N4. or if P-Q5: 
2 N-B4. or if P-B4; 2 RxP. 




1 r--, 


3 Vi; 


nuWJMlwl dn.lv Sw.. 
5J2* J?, ' 1 * +?■ HahVTtpHon 

— SWSSil ni ft " , * , . r ' mall) per Wwn. 
sewnu (IM Bonaso pam » New XorL. N.Y. 











I. 



Financial Times Saturday January T4 1978 




l 

jd 


\\ 


'•H\ 


■'A 

4 


INTRODUCilOIf of a Wealth 
Tax - has been promised as a 
first priority for a hew Labour 
Government “ $o what? "’ you 
will say. “ It doesn't affect me. 
My salary is modest— £7,5<Hr a 
ryear; £ live in a suburban semi; 
my savings are not large .and 
my household goods are quite 
ordinary." 

You could be in for a shock. 



tax trap 


BY ERIC SHORT 


with an index-linked pension 
this is more than offset by 
rise in pension levels due to 
inflation. By age 70, on oux 
assumptions, the annual value of 
an index-linked pension will 


have reached £8.052. In capital 

cover their present value. All show the effect of varying terms it has not yet become 

that is needed is to assume a interest rates, we .have taken wasting asset, and it will have 

future rate of inflation,' a future three different investment pushed you over the proposed 

Tor current th inking is that **■** investment return (which assumptions— * nil effective Wealth Tax threshold, 
pensions, form -part of a person's fjvesyouyonr mteof dJmnt). investment return (in which It looks u pensions 

wealth. Maybe you’ll jay again a PPropnate mortality inflation and the return cancel pension prospects will have 

VMMhat it doesn't matter to you. m ? s :, Make tlusw assumptions one another out), a negative to ^ aduiei 


V- ... vrr«MM- « «vcsux mauer id you. ... ” r Csio* ‘~~t~ ' — — ~ — - 10 uc exciuaen m assessing a 

*’ You’re about to retire at 65, with aad rest' is- chfldls-play-to 2 per cent and a positive 2 person - s wea]th . MteT M ^ r> 

a pension of £5,000 a year, and m actuary ’ a * Pff CCnt - Actuaries— but only Stanley Onne, the pensions 

.you can’t be considered affluent • "We have had some calculations actuaries— will argue about the minister, keeps on referring to 
l!*^ But take a look at the table- of 'done for. us by Oerical, Medical mortality assumptions. pensions as deferred pay, and 

s “ ' capital values below. The value and .General Assurance (but the The effect of index-linking on therefore as a benefit to be bar- 
of your pension is considerable, assumptions are entirely our the capita! value of a pension is gained for at the negotiating 
, even if It remains fixed in responsibility). The assumed a real eye-opener. The capital table. If earnings prospects are 
-i money terms. If it is linked to fete of inflation is 1(1 per cent, value of a fixed pension de- not to be included in assessing 
.“-the Retail Price Index, then its ***4 _yod can argue about this creases with age, because the wealth, then neither should 
^ ivalue is considerably enhanced, until -the cows come. home. To expectation of life shortens. But pensions be. 

If you add the value of . . .- • • 

p , '% your pension benefits to that of 
" “ : - your house, goods and savings, 

>( you could well be* over the 
? £100,000 suggested as the Wealth 
1 . Tax threshold- 

. "**r ■ In all the huff and puff over 
' to. the Wealth.-. Tax - proposals^ no 
'"••''one bas quoted any figures, on 
;. ; pension values, though the 
method of calculation is quite 
^straightforward — at least to 
Cits. actuaries. It is simply a matter 
***8 of discounting the future flow . . 

J'S of pension payments (allowing Values based on a (55) annuitants mortality tables, issued by the Institute and faculty of Actuaries. Calcula- 


H. 


-djv 


Capital value 

of a' potsion of £5,000 
pensioner aged 65 

a year far t. 

Capital value of this pension when pensioner readies 
the’ age of 70 

Investment 

return 

% 

_{a) fnflatino at 10 
■ percent, 
per annum 
. • Value 
£ 

(b) fixed 
Value 
£ ' 

investment 

.return 

«/ 

/o 

(a) the pension 
is now £8,052 
Value - 
£ 

(b) still fixed 
at £5,000 
Value 
£ 

* 

■ 87350 

42,000 

8 

107,260 

36340 

10 

" 74^)50 

37,750 

1 io 

93,490 

33300 

. . 12 

. .• 63J50 

34340 

! • 12 

82JM0 

30380 


175 


for expectation Of life), to dis- tions by Clerical, Medical and General Asnirwice Co. 


”3.15 


^Oldest Life MM 


CYf ^r\:^ 

****/■& 




ns 


One traditional life company 
has been consistently among 
the leaders for with-profits 
performance, yet way down in. 
the table for the size of its 
life funds: Equitable. Life 
Assurance, the oldest mutual 
life company In the worltL. 

Equitable Life was founded 
in 1762. and from the first 
it nsed the revolutionary 
methods of scientific life 
assurance developed a dozen 
years earlier, by James Dod- 
son, a fellow of the Royal 
Society. Dodson devised the . 
first ever table of annual pre- 
miums, based on probability 
studies and mortality tables 
which, inter alia, suggested 
> - that in the 1750s only half of 
i I* those aged 21 would survive 
to the age of 47. 

One of ^Equitable life's 


;h 


<i jin. -. 

w** 

i’.nia j 
• i a Hy.- 

•i I - . 

’-TIP. 




j.-. 
t ' 

earliest presidents. Sir Charles 
Gould, as painted by Gains- 
borough and hanging In the 
company’s offices near the 
Guildhall, is shown above, 
together with today’s presi- 
dent, Mr. John Caldecott Like 
the records— those dating 
from 1786, in Impeccable 
script on the left, Those in 
the modem computer room 
on the right— it measures the 



difference between the 
and the new company. 

Bat the changes go further 
than that Equitable Life does 
not pay commissions on new 
business, and has hitherto 
relied upon its. reputation to 
produce it— that and the faet 
that it was the leading com- 
pany on the now defunct panel 
handling the Federated Super- 
annuation Scheme for Univer- 


sities. Now, however. Equit- 
able Life is going for aggres- 
sive sales promotion under a 
new marketing manager, Ken 
Wills: and with new business 
from the branches up 50 “per 
cent last year, it looks as 
though it is succeeding. 



And shining minvin" ft ice, 

i /iV/VIfrf //k’< 

Vnu’iUuiiJy : 




1 1 .te *11 V. 


This is the second part m a new series : The Seven Financial Ages of 
Man. The series is written by Adrienne Gleeson, Eric Short and 
Helen Whitford. 

Then the whining schoolboy 

SHOULD THE SCHOOLBOY whereby lump sums can be paid allowance lo fall, 
of the title— or his sister — towards future fees. But using Incidentally, a child's vaca- 
attend a private educational such a scheme means that you tion earnings may have the 
establishment, then the reluc- have to decide on the school in same deleterious effect on his 
lance with which he goes there advance. There isn’t much point parent’s allowances— though not 
is almost certainlv matched by in picking the school simply vacation earninss which are 
the dismay with which his because it provides the best earned abroad and never re- 

parents view the bill. When it investment terms. And in any nutted to this country. During general, but only those esiab- 
comes to. finding the funds for case, not all schools offer this schooldays that probably doesn’t lished on oilier sifts in the 
school fees there is really no facility. matter: local authority bye-laws sa me child. And that could 

substitute for long-range plan- Ideally, you need a scheme under the health and safety cramp the donor's style, 
njtng of the kind outlined last that provides you with flexibility legislation will probably prevent it’s much better, in giving :»» 
week — it may be expensive, but up to the time that senior him from earning that much — a child, to choose somethin; 
it’s not as expensive as provid- schooling commences. The unless he*s a budding film star which has not Inst value lust ;s 
jog the cash out of highly taxed School Fees Insurance Agency, or an eslablished pop singer. . sc r iu appreciate — or tu choose 
income when the bills start C. Howard and Partners, and But it’s something to be borne f rnm amongst thoM- gifts which 
coming in. Save and Prosper, all offer lump in mind once a child has are exempt for capital gains tax 

Those who have, neverthe- <um . facilities through invest- attained his majority. purposes: things like' Savings 

less, nut off the evil hour, may 111 a ct,antabIe tr ? s r o Income provided under deed Certificates, life policies, a gncul- 
want— or indeed need— to use effect * 1 you . Pa 1 ™ 355 * deferred of covenant apart (as with the iura \ property and tangible 
capital to help them over this ?“ nuitjes ’ s,nce you cannot get income provided by a grand- movables (things like pictures 
financial hurdle. That doesn't “ e ^ucouc® tax relief on lump parent under deed of covenant ur furniture) worth less than 
for a parent, produce any sum payracnts - while the child is a minor, tax £1.000. 

capital transfer tax problems. Havin'* provided for a li deducted at basic rate and Or you could give cash, 
since expenditure on a child’s chiId - s infancy and its school th ? C j l d r PV l lD for . a , laX Parent* can open hank and 
education is accepted as a part fee - Ihe ne ^ hurdle facin'* a refU “1.^ ir ,K hl ' i . ,ncomu ** 1,,w building society aeeminl* f..r 
of normal outgoings. However. Darent i s k ow best to nrovide enou8hJ * there IS on £ other im- their children irmu birth, and 
if it’s grandparents who are 4p between ^hS^and portant mvlh f d whu ‘ h «" *nvest f..r then, in gills, 

chipping in — and grandparents celf-suffieienev Once a child Par eQ ts can reduce their own m- sharo. National Saving? 


do chip m in the case of a lg ^ income on gifts f rom a 


eome tax for tax purposes by Certificates and 


quarter of the children being parent ^ no longer aggregated SU PP 0 J 1 .* a , 1 An y mnney Bn 

privately educated-rbe SXiiat Sf ie paren?^^ ^ ^f ^cll eiication T 

tion is much more obscure. But attractive’ method of transfer- of 


Kriti.sli Savings 

supporting a child. Any money Bonds, and mi iheir behalf m 

premium bonds. Front the age 
reason (generally accepted 

they can— each of them — use ri ^ne~ income from a hieh tav- rcl . aled ./° 'bat trad®, at any 10 |, e seven, but cheek with 
the £2,000 annual exemption to oavin® father to a low taxoavin" nniv ? s,t £ ? r techmcal college, your own branch) children can 
mtke th.iT transfers: and sines Ki!i° bv did of can be i ' duf ? d 3S \ tradin « operate their own aeeonnls at 

Hone year’s exemptions can be whjch has been denied to the ^ pcnse ' So a f . an “ er sfnds banks or building Micietu-s, 

carried forward, a lump sum f orm er while the latter was an ? 15 800 lc | a 8 r * e ®| l ]J ra J col lege, though indiriduii! managers are 
of UP to £ 8,000 could be pro- BgJ SET fiSiSJ? pi Sble ? llkP, - v ™iher older 

vided free of etL If the cash provided under ^ a lradlDr - expens,e - before they will allow wiih- 

If you have decided to such a covenant pushes the Quite apart from the drawals. 
provide for a child’s education child’s income over £350 per capital transfer tax considera- As minors, however, they 
out of capital, you may want annum, however, it will result tions, it's important to remem- can't borrow — ai lea-t. rhey can. 
to set it aside for the purpose, in a cutback of the parent’s child ber that a liability lo capital hut bank ami huildmg ^.u.-jety 
And there are various alter- allowance — where the child gains lax may arise on a gift will have no legal comeback 
natives to leaving it in a allowance is still available, that is made to a child. The should the child default, unless 

separate account. But you which is to say. where the child principle to he borne in mind They have lent for ihe neces- 

should bear in mind that their is attending a full-time course here is that losses arc handy si lies of hie. A stockbroker. Too. 
virtues very largely rest on the at college or university. So it insofar as they can be set off would have no comeback miouM 
assumption that someone else is might be a good idea to build against future gains. But where a minor default on a deal under- 
going to manage your money into the covenant a formula to a gift to a child establishes a taken for him. So there are only 
to produce higher growth than the effect that the income pro- loss for capital gains lax pur- limited opportunities, m every 
you could achieve yourself. vided shall be the maximum poses, it won't be available to sense of the word. Tor financial 
Several schools offer schemes amount that will not cause the set against future gains in experience ahead of majority. 


V .UK. 


Of interest to investors 


iSi 


'-’YESTERDAY’S CUT in building tract therefrom; but it’s still paid any interest on your in 
' society interest rates means that providing an attractive 9 per vestment Incidentally, anyone 
f: ; := ‘ , ' 1 " ‘ those of ’ you who are set-dn cent return. . . . • W.-l holding the Fifth Conversion 

'■ placing your money for the However, since tbe interest on Issue (the 7 per cenL issue) 

-• - "maximum possible. return consis- NSB investment accaunje is pro- which matures on May 15, woidd 
- ."rtent . . with safety . and vided out of the yieldfcon _ the on the present showing do as 
•. ^accessibility .Iiad better, look gilts in which such sayings'are weir to exercise his right to 
.- t i elsewhere- For the grossed-up -invested, and the yield -gilts convert into the Jubilee Issue. 

. return to a. basic-rate taxpayer has dropped substantially : otfer As a glance at the returns 
. ... yJom an investment in the de- the past six months, it’s always available from the other trad! 

. -josit shares of most building possible that the rate on invest^ tional havens for liquid funds 

..jocieties is now a mere 8:3 ment accounts will be cut agaimquite clearly demonstrates, 
■Mier cent; and that means it’s ifor oidy the second time ever). National Savings beat the com- 
xo longer the best opportunity So if you want to be certain of-a.perition hands down at the 
going. continuing high return', British foment. Clearing bank deposit 

It’s true that you will have to Savings Bonds might be a better accounts pay a mere 3 per cent.: 

jrovide rather longer notice of idea. ... the, coupon on local authority 

MUdthdrawal to obtain a better The current issue (the Jubilee “yearling” bonds has come 
Qi tftate. Money placed in the -de- Issue) provides a return of 8$ dowh to 6} per cent (and the 
® ’’ ' ^ « gjgiosit shares of a building per cent per annum, and there’s prospects of significant capital 

arSOSc 2 Society is nominaBy available at a £4 per cent tax-free bonus gain are negligible); and with 

A *‘ 5 — — "““jeven days’ notice: blit in fact payable on their maturity,, five local authority and FFI term 

"rou can generally .take it out as years’ after investment In. the deposits you will have to com- 
mon as you ask for it Money meantime, they can be encashed mit - yourself for upwards of 
placed in an investment account at ja calendar month’s notice — three.years before you see rates 
at the National Savings Bank, ip thoug if you cash in within the to compaire with those on offer 

lontrast, takes a month to ex- first six months you w’on’t be through the Post Office. 


cso yjafi* 



rn 






fl » 




y 


AN OFFER FROM M&G7 


A 

M 

E 

R 

1 

C 

A 


HUS AMHUCAN A GENERAL FWlD 

The IB stock rnarkel in stark contrast to that of the 
UK, has performed Ssappcmtingty over the fast year; 
with the Dow Jones approaching a 3-year tow oa 
January lllh. tythaugh share prices in America could 
dedne further share values are today imreattracSvE 
than they have beenlor many years, whether measurai ' 
interns of eanw^s;'yieM or assets. When the anfti- 
pated recovery takes place, it is Kkefy to be both 
soddenandstronj. Current levels on Wad Sheet codd 


vest in a wide range of American securities, wtth max- 
imum long-term growth as the main objective. Invest- 
ment is parhaHy fhnwgh bachlo-back loan facilities 
inorder to reduce the effects of the dollar premium.The 
estimated gross current yield for Income units 0fi8% 
at the buyim priceof 40-2pon 121h January 1978. 

• Unit Trusts are a long-term investment anffnot suit- 
able for money lhafyou may need at short notice. 

The price of units and the income from them may go 
down as well as up. 

Prices and yields appear in ihe FT daily. An initial 
charge of 3i% is included in the price: an annual 
charge of i% plus VAT is deducted from the Fund's 
gross income. Distributions for Income units are 
■ maddW20th March and 20th September net of basic 
rale tax and are reinvested lor Accumulation units to 
increase the value of the! bnrts.lhe next distribution’ 
date for new investors wif be 20th March, 1978. You 


A® m°ree«r«ive*a ncHR0Ni c Le 9 

investors wtib buy units m Axnencan tn^tsm 
the next few months should be sittings® 

a x^nableprefitby^l^^ 77 

TWwSsTO INVEST | 

■To: M&G GROUP LTD.THREFQUfffS, TOWER HILL. LONDON EC3R 6BQ. - 








HDIHHHiBH 


1 

|90ll AG530IT8 1 

EITHER £500 


f WISH TO INUEST | £ ■ 



■ (delete as ap^icabie or Accumulation units wHI be issued) of the M&G 

■ American & General Fund althe pnqe ruling on receipt ol this 


Hication.Doi , 

sishflfi «s«ify now mucli yn owe wd ifi 
loBowshortfy) 


W contract noi^wH l» wnt ta you 
date. Wur certitolc md 


1 ~SIGNATURC 

I 

i 


iyco die wvjWcIo mate Uns 


DATE 


OR £10 


CpimMn Bis secthm it jot wish to mate a Regular 
MortrajrSanqg {rmufcnum £10 a moolte. 


' j«15HT0SAltE|r 
■ 1 enclose i 


1 mchmonthin the MSG American & 
-1 General Fund. 


| j declare tfwi l am nol xgatetautode the liruted Kfngriom. ihe.Ctianoei Islands. 

c J5KMK2EJB ass I 

forpiirctiasesors^es.wiftbedifeforsettlemenl2w3 ~ ...... 

weeks later. lf% conunission s payable (o accredited 
agents. Trustee: Lloyds Sank Limited. The Fund is a 
wider- range securityand is authorised by the Secretary 
of StateJor Trade... ....... 

M&G is a me mtier of thelln'rt Trust Association. 

TWO WAVS TO INVEST . . 

As an aflemafive, or in addmon to Investing a capita] 
sum, you can start a Regular Monthly Saving Plan 
jh a Be assurance poBcy for as fflfle as £30 a 
l.Yba are nonssSy eetaied to ctehn tax r^ef at 
cunent rates of £17 to each £100 paid. . 

On a ClOFIan, lax relief at present rates can bring 
downyaurnet monthly costiO only E830. with wtatil 
you buy units usually worth considerably more. Reg- 
ular investment of fins type also means that you can 
fake advantage of the inevitable fluctuations in' the 
price of units through Pound Cost Av 
gives you a positive arithmetical adva 
your 

price is _ 

cover of at least ISO times your monthly pa; 


■ H&fi Trust (Assurance) United.' 

■ l (Butofsund ilw| Urn wjrt is only piwtsionaj yrd that ihe company wiH not 

■ Kspne risk unnl formal Wc«bxi at aaepOace lv» been atmL 

M DATE. 

■ occijPAnoN; •• .-.of Bnmi 1 

I 


NAME AMD ADDRESS 0F.USUAL MCltjeoowftomnslBencomiy bsoywle) 


I 


uctualfons in' the Axeypp'ankiaigMtof^aolibldw^tet.'l^o | 

Averaging. Which |lfv^tan^^ p « rl l trf!t »»«*iaU0«M<«(}e}etB4a«ds.gnPirtn- a 
vantage, because B *>**»«»«" PART best of my bdirf. I am hrxood health and I 


you a positive arithmetical advantage, because _ fadgtw,™ * , 

nHiilwmwdirwffl ivruc mn units whmi the I L f “ frllln Hlness or major operalion. UmI I 

regular imrestment w»s. rnore unns wiw ore ■ do not bike m iraanfcwi sports orpuisu«. that i do nor troop m m hm 

IS low and fewer when it IS high. You also get life f ncapt as^ aSif-payins mem OR recopnsed routes, and OBt Wproposafon , 
of at least J80 times your- monthly payment 
throutdiout the period ifyOur age at eriry is M or I m , s pioposdi s 1 ”® bttoJamaniSSE TrSi 

under (women 58), and rather less up to 75. ■ (Assurance) Lid and mat I »«^wO tha euslomary lorm ot pdtey I kw Jo 


. . euslomary lorm of policy I agree (o 

If you cash in or stopyour payments during the first 1 D ?*I3'" IB - 
four years, there a a penalty, and Ihe .tax authorities ■ ^ spcamEn 01 «q»«g 

reqiHreustonulreada]uctioH.soyaushoiitdriotcori-' l^Ncninr 

sktct the Plan Jar less than five. yearn. 81% to 94% . . 7 •" . ■ . ■ 

(depending on your starting a^)e invested, except in 

the first two years when an additional- 20 per cent is , B egatand m Wigd No. Mgfegfc g.oHUg » aiy>vp 
retained to meet sethnfiup ttepenses.. 

M&G Isa member of the LiteOfhces' Association. 

This ofter isnoteniUiltto MUdenh eTihe ReoublK otirefud. 



THE M&G GROUP 


Chieftain 

High Income Units 


Since frs Launch 

The UKS ter Performing 

High Income ^ Trust 

o> 




INTlMATiD 
CVJWU NT CROSS 
YIELD 


FIXED PRICE OFFER CLOSES ON 20m JANUARY 1978 


Chieftain Hi^i Income Unit Trust aims to bring 
you immediate high income combined with prospects 
of good capital growth. 

Since the launch of the Trust in September 1976, 
the offer price of units has increased by 76.8% Jn the 
same period, the F.T Ordinary Share index has risen 
by 37.8%. During this time, the Trust has out- 
performed all other U.K. authorised high yielding 
unit trusts. 

Over the years we shall seek to ensure that the 
income you receive grows. Furthermore, while a high 
income is the main piuposc of the Trust, it is an 
historical feet that high income unit crusts have often 
been some of the best vehicles for capital growth. 

We believe that, in the long tcim, the potential 
for growth of both income and capital will give you a 
significantly better total return than a fixed interest 
investment such as a gilt-edged security or a fixed 
capital investment such as a building society 

Although you can sell vour units at any time, unit 
trusts should not be regarded- as a short-tarn specu- 
lative investment, and we would like to emphasise 
that the price ot 'units, and the income from them, can 
go down as well as .up. • • 


Why AUnitTrust? 


The problem associated with stocks and shares 
for the individual investor is, of course, that he rarely 
has enough capital to spread his risk, and sufficient 
information to choosewith confidence. This is particu- 
larly true for those seeking a high income. 

But the beauty of a unit trust is that, through it, 
you invest in a wide portfolio of stocks and shares, 
which is managed for you by full-time professionals. 

Your financial adviser will be able to answer any 
questions you may have about the merits of unit trust 
investment 


Investment Prospects 


The funds of Chieftain High Income fThisfrare 
invested in high yielding stocks and shares. 

Share prices are significantly above their levels 
of twelve months ago, although they are weH below 
their peak of last year This rise has been caused 
by a number of linked financial factors. As North. 
Sea oil has begun to make a positive contribution to 
the balance ot’ payments, sterling has strengthened, 
interest rates have fallen sharply and company 
profits have in general improved. There arc now 
clearer signs that the still high rate of. inflation 
could at last be felling. .. Y •• 

Chieftains managers believe that in the long 
term the wealth gaierated by North. Sea oil will 


continue to play a considerable part in the recovery 
of the.UKx economy from what is still a very 
depressed level of activity In the short term much 
will depend on the level of. wage settlements in 
the coming yean 

If there is a wage explosion, inflation will 
accelerate again and share prices will fall. However 
if the Government continues to hold the general 
level of wage settlements to somewhere near its 
guidelines, then we believe there is considerable 
scope throughout 1978 for inflation to return to 
a more reasonable level, and for industrial 
confidence to strengthen. 

This would allow substantial further growth in 
share prices, and consequent increases both in the 
value of Chieftain High Income Units and in the 
income they will provide. 

Investment Policy 

Our policy is that by far the greater port of the 
Trusts funds is invested in high yielding ordinary 
shares. Holdings of preference shares will not exceed 
20%. More than this would, w*e believe, restrict 
opportunities for growth. 

In order to minimise risk, the portfolio is spread 
over about 100 U.K. companies. 

Our investment managers monitor the progress 
of these companies very carefully and act accordingly 
And here, curiously, they arc helped by the fact that 
Chieftain High Income is still a young trust, because 
this enables them to be quicker and more flexible in 
their investment tactics, especially when shares need 
to be sold. Very large holdings can be difficult to 
dispose of at a satisfactory price. 

’rbuR Reassurance 

ChidtainTrast Managers Ltd. was established 
in September 1976! Its four trusts, dealing hi overseas 
as well as- ULK. markets, have already attracted 
funds worth over £6 million. This exceptional 
rate of growth has owed much to the considerable 


1 


support Chieftain has received from stockbrokers 
and investment advisers. 

The Trustee of Chieftain High Income Trust is 
Midland Bank Tiust Company 'Hie main duties of 
the Trustee arc to hold the title to the Trusts invest- 
ments, and to check that all purchases made by the 
Tristan: in accordance with the Trist deed: to ensure 
that the income is distributed to the unitholders 
properly: and to approve advertising and literature.* 

Tax Advantages 

- You can sell vour units on any normal working 
dnv at the prevailing bid price. You will normally 
receive a cheque within seven days of receipt of 
your renounced certificate. 

If vi iu are a basic rate taxpayer you will ger.ei ally 
incur no tax liability when you come to sell. 

If you are paying a higher rate i it tax at the time 
of sale, you will be liable to Capital Gains Tax. Bur, 
even for the top-rate taxpayer: there h a maximum 
liability ol only 13% (against the normal rate of 30%). 

Closing Date 

Until 20 th January PCS. units will lie available 
at a fixed price of 44.2 p each.Your application will 
not be acknowledged but you will receive a 
certificate by 3rd A larch ! g 7\ 

Fill in the coupon, or talk to y«*ur financial 
•adviser without delay. 

General Information 


.* Tlte oiler will close if the underlving price of 
units should rise by T S\>. Alter 2<Uh January I97S 
. units will be available at the daily quoted price and 
& yield published in mo>r newspapers. 

Chieftain High Income Units were fiisc offered 
on rijli Septemlxr l ,,- n at 2 s p each. 

There is an initial management charge of 
included in die price « «t units. There is ol>< » an annual 
charge i >1 s’.'o i plus VAT i w liich has iven allowed :• •;* 
ill the quoted yield.. 

The Manager* will pay the standard rates of 
commisd m lo i ccngniseJ pr* ile..-i« »na! advisory who 
are invited n ■ ring U1-2-1N ?'»12 lor lurther details L«f 
High Income ami other Chieftain Ti iists. 

Income is paid net ut income tax. but this can he 
| reclaimed by non-tn’xpay ei s. 

Distributions and a report on die fund are made 
<■. half-yearly on 3 1st May and 30th Nr a cmbei: 

This olfer is not applicable to Fire. 

The Managers of the Ti ust are Chieftain Trust 
Managers Ltd.. ?0.'?1 ( )ueen Street. London FC-il<. 
3BR. Telephone 01-2-fs 

The l^irecu »vs » >1 Chieftain Trust Managers Lid- 
arc F I.. P'«lt< M.A. 1 Chairman l : K: I. D, bats- M.A., 
M.B.A.: I. D. Gillelt B.bc.: ]. 1 1. A. 1 laicel FiC.l.S,; 

AL.KK.Tud. 



CHIEFTAIN 

T k II < T M A N A I’. I R S L I M I T I 1 1 


Application Form 

Fill in the coupon and send it now to: Qncttam Trust Manapers 
Limited. ?*J ' SI Ouccn Sum. London ET.4R 1 ML 

L Vic Mjukl like lo buy Qucttam High Income Urals to (he 


value at' C_ 


at ^4.2p cadi. 


]. VCfcJcvI.Ko ih.ic I ant he an- i*it I.S .ini iu<t riraik-m ■ vtside 
the UN nr Scheduled Ten turns and that ! ani-ue aie n«< 
aajuinnj: Hte urals as rxmrnms- 1 w perv-wr^i residen: 

muddeihe LLKLir SthtskilcdTirniiriev !l \>xi aie urviHe in ^1 
this Jcdonrt»-n ir JfHild be tk-leicd and ywir appUsiu.ni 

tlnuuj.’h an nitf fmrScd dtp norny J 


. ^Minimum tnitLil h»IdinK t C2‘>ri' 

1 Vie end use a renanawr, payable to Qucitain Trust 
Managers Linmeii 
^TkibuX: 

I 1 ll you want maximum growth by autonaiic nr-hnxstment of 

~~ T5CT mconxL 

I | It you want to know how to buy Chidtain High Income Units 

□ on a regular monthly basis. 

If yw swkJ ike dewfls rt our Share Exchange Plan. 


SUK.SAM.iMP. N*S 

f «nT NAMfeVNIUl 

ALCflhSS ^ 


FT 

i'll there are nil it npfificants nil must sign and .inach n.ime<: a«i 
addresses separately i iRrgd <4l'icc as above. Regd No 7-UHIhl 


adswnAb^- 












Finance and the i 

Fan 

lily / 1 

nsurance \ 



Capital gains warrants 


BY OUR LEGAL STAFF 


Toot answer (December 10) 
under Capital Gains warrants 
regarding disposals of New 
Throgmorton Capital Trust 
Warrants appears to imply 
that the Capital Loan Stock Is 
categorised as an Investment 
Trust share for Capita] Gains 
liability purposes. Would you 
please confirm whether tills 
is in fact the case? 

Yes, the capital loan stock of 
New Throgmorton Trust 
Limited qualifies for relief 
under section 112 of the Finance 
Act 1972, by virtue of subsection 
11 (which was added at the 
Committee Stage of the Bill): 
(11) For the purposes ofthis 
section loan stock issued by an 
investment trust before April 11 
1972, being loan stock to which 
there would be attributable in 
a liquidation of the trust the 
whole nf the assets of the trust 
representing gains on capital, 
shall be treated as shares in 
the trust falling within sub- 
section (1) (a) above.” . 

Incidentally. the reference to 
“Montague Burton Investment 
Trust Limited” in the reply 
published on December 10 
shnuld, of course, have read 
“ Montagu Boston Investment 
Trust Limited.” 


components. The only way that 
you can properly dispose of 
these is to deliver them to 
their owner. The statutory pro- 
visions relating to uncollected 
goods do not relate to an unpaid 
arrangement or to one which is 
not in the course of ' a business 
where goods are deposited for 
work to be done to them. 


Free use of 
a garden 


without the full history and 
documentation. 

(c) You can take one of three 
courses: (i) You can (instruct 
your solicitor to claim 100 per 
cent of the land in question, 
whatever bis own assessment of 
the likely outcome may be: or 
(ii) you can withdraw your 
instructions from your solicitor 
and act yourself in the ancillary 
proceedings; or (iii) you can 
withdraw your instructions from 
your solicitor and instruct 
another solicitor to act in the 
ancillary (or all) proceedings. 


Liferenter as 
trustee 


Can a person who is to receive 
(in Scotland) the life rent of 
an estate also be appointed as 
trustee and executor? 

The answer to your question is 
that a liferenter can act as 
trustee in respect of the estate 
from wbich the liferent is paid. 
However, it is generally con- 
sidered advisable in such a 
situation for there to be a 
second trustee appointed who is 
not a liferenter. There are two 
main reasons for thjs. First of 
ail. it is important that someone 
should be available to distribute 
the capital to the fiar on the 
termination of the liferent. 
Secondly, it may be necessary 
for advances of capital to be 
made during the currency of 
the liferent — when it is obvi- 
ously Unsuitable that tbe life- 
renter should be the sole person 
responsible for this discretion- 
ary exercise. 


My neighbour allows me free 
of charge to grow vegetables 
in his garden and this has 
been going on for years. Could 
I establish squatter’s rights? 

To preserve bis rights and mine 
would a 51 week agreement 
with nominal rental keep the 
tenancy oat of tbe courts as 
an agricultural tenancy? 

You could not establish a title 
by adverse possession (“squat- 
ter's title ") if your use of the 
land was by permission. How- 
ever. oral permission can be 
difficult to establish after a long 
lapse of time, so that a written 
licence or tenant? is the best 
means of establishing that 
occupation is not adverse. Tbe 
requisite period of adverse pos- 
session in order to establish a 
title is 12 years. - 
It is possible that you could 
acquire rights against the land- 
lord with such an agreement as 
you propose and it would bo 
sar»r for him to take legal 
advice. 


Double benefit 
bonds 


CTT and a sale 
of shares 


A sham 
agreement 


With reference to answers 
you have given regarding 
shared premises being outside 
the scope of the Rent Acts, 
what do yon think would be 
the position if a man and 
woman who had made 
such agreements with a 
landlord, subsequently 
married? 

We think that the subsequent 
marriage of the two persons 
who have separate agreements 
requiring the sharing of accom- 
modation might well render the 
agreements ineffective to oust 
the Rent Acts. This would be 
because it could then be urged 
that the agreements were a 
sham. Mucb would depend on 
the particular facts of the case. 


I understand that capital 
transfer tax payable on death 
on quoted shares can be 
reduced if the shares are sold 
within 12 months at a price 
lower than the valne at tbe 
date of death. Could you 
please tell me if tbe sale must 
be effected by tbe personal 
representative, or if the 
concession applies even if tbe 
shares have hoen distributed 
to the beneficiaries, and the 
sale U by a beneficiary? 

The relevant provisions are set 
out in paragraphs 14 et seq. of 
the 10th Schedule to the Finance 
Act 1975. Provided tbe sale is 
effected by an “ appropriate 
person ” it need not be by the 
personal representative. The 
appropriate person is in effect 
the person liable for tax 
attributable to the value of the 
investments in question. 


We have a life Insurance policy 
linked with building society ' 
deposits (Donble Benefit 
Bonds) whereby the life 
Insurance company invests 95 
per cent, of oar premium with 
a building society and retains 
the remainder for life cover. 

I understand that the optimum 
period to hold one OF these 
policies for tax purposes is 
four years and we have now 
been investing monthly for 
that period. Could you advise 
if our best course woold be 
to continue with the same 
policy for its lt)-year term 
or would it be better to 
surrender. tbe policy and 
start again? 

Without knowing the particular 
policy and the terms on wbich 
the b uilding society investment 
are made it is not possible to 
confirm or refute the four-year 
investment theory. A minimum 
of four years’ investment is 
required in order to avoid the 
tax claw back penalty on sur- 
render. However a number of 
building society linked contracts 
on the market weight their 
terms in favour of investors 
who maintain their policies for 
a period of 10 years. You may 
in fact be concerned with 
investment “ bonuses and penal- 
ties " of the insurance company 
and with “ bonuses and penal- 
ties" of the building society. 
You should therefore ask your 
insurance, company to quote 
terms for surrender now 
specifically requesting them to 
state any penalties involved and 
also to give estimated pay out 
figures for the end of the 10- 
year period together with any 
bonuses, etc. 


The income tax 


A spendthrift 
husband 


Uncollected 

goods 


Some six months ago I allowed 
a neighbour to store, frit 1 oF 
charge, a considerable number 
of car components in my 
sbed. with a view to his 
assembling them later. I told 
him I should need the shed 
shortly, but despite repeated 
requests he has neither 
assembled the car nor removed 
the parts. Am I now entitled 
to dispose of them? 

You cannot divest yourself of 
the responsibility which you 
have undertaken without the 
consent of the owner of the 


I have filed a petition for 
divorce against my husband. 

One of my main complaints 
is that he is completely 
irresponsible about money. We 
own ai smallholding for which 
I paid and I should like to 
dispute his daim to half of 
it, but the solicitor who Is 
acting for me appears to think 
I have no claim. 

(a) In the share out of 
property would my husband’s 
irresponsibility be taken into 
account? (b) Can I fight for 
the land which I bought whilst 
he had actually deserted me? 
<c) In the event of the solicitor 
persisting in the view that 

I must accept 50/50 on all 
property, can I fight this 
case myself, without a solicitor, 
if the decree nisi is passed? 

(a) The court would probably 
take into account the likely con- 
sequence of retention of pro- 
perty bv, or distribution of 
property to, a spendthrift hus- 
band: but this is more likely 
to affect the method of divi- 
sion than the actual shares. 

(b) You certainly can claim 
the land in question, although 
we obviously cannot state what 
your prospect of success may be 


if 

i 

i 


i 

i 


Have you ever wondered . . . 

how some people consistently make money in the 
commodity markets? The first step must be to find the 
rk£it broker — skilful, well-informed, employing the very 
latest analysis techniques — and with an administration 
system to match. 

Send Tor our free handbook "An Introduction to 
The London Commodity Markets' 1 or telephone 
Simon Bingham on 01-242 2142 to arrange to come 
and meet us. 


I 


year 

Could you tell me whether the 
last income tax year extended 
from April 5. 1976 to April 6 
1977? Is Income derived 
during the 12 months imme- 
diately preceding this tax year, 
the basis of assessment for 
the following tax year? 

The income tax year 1976-77 ran 
from April 6, 1976 to April 5, 
1977. (The beginning of the 
tax year would have been Lady 
Day had it not been for the loss 
of 11 days between Wednesday. 
September 2 and Thursday, 
September 14, 1752.) 

Unfortunately there is no 
simple answer to your second 
question. Assessments under 
schedules A. B, C, E and F are 
based on the current tax year’s 
income, as are assessments 
under case VI of schedule D. 
Assessments under cases 1IL 
TV and V of schedule D may 
be based on the preceding tax 
year’s income or the current 
tax year’s income (or a combina- 
tion of the two), according to 
circumstances. Assessments 
under cases I and n of 
schedule D may be based on 
tbe income of the accounting 
period which ended during the 
preceding tax year or on the 
current tax year’s income (or 
on the first year’s income); 
according to circumstances. 
This muddle will no doubt be 
replaced by a rational basis of 
assessment one day. 

If you care to give us details 
'of your own particular sources 
of income (and how long you 
have field any sources of un- 
taxed income assessable under 
the first five cases .of schedule 
D). we can give you a more 
helpful answer. 


I 


I 


y^ana meet us. 

Prescot Commodities Ltd ® 

6 Bloomsbury Square WC1A 2LP. g 

Name 


Address.. 


\ 


TdEphone. 


Please send me your free Handbook. 


BUILDING SOCIETY RATES 


Every Saturday the Financial Times publishes 
a table giving details of Building Society 
Rates on offer to the public. 


For further details please ring 
01-248 8000 Extn. 206 


Order for trust 
account 


My sister and I are the 
beneficiaries of a settlement set 
up by our mother. We have 
never been able to get proper 
aecdnnts from the trustees and 
there seems to have been 
negligence in that while ample 
cash was available in the 
trust funds, overdraft interest 
of £200 was paid to tbe bank. 
Have we any remedy? 

You can apply to the Chancery 
Division of the High Court for 
an order directing the trustees 
to furnish full and proper trust 
accounts and also for an order 
that they make good any losses 
incurred by Improper adminis- 
tration. But the latter course 
may be restricted if the trust 
instrument limits the liability 
of the trustees. 


No legal responsibility can fce 
accepted by the Financial Times 
For the answers given in these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


THE -COST OF the mid-week 
storms and flooding cannot yet 
begin to be - assessed, . even 
roughly, though -the .comments 
coming In -from so many east 
coast areas— that this was the 
worst damage since the early 
50's — must surely mean that the 
cost could be well in excess of 
the cost of the January storms 
two years ago in 197$. For the 
most part weather damage, both 
domestic and commercial, is in- 
sured, and . insurers; will clearly 
have to allocate many millions 
of .pounds for the claims that 
will now begin to come in. 

Back in 1976 one of the 
insurance problems arising from 
the £20m. worth of weather 
claim* then notified was under- 
insurance. The hope two years 
later mast be that there are few 
policyholders who are un- 
wittingly substantially under- 
insured: for virtually every 
insurer engaged in the provision 
of household cover has" been 
running a campaign first to get 


Storm and flood claims 


BY JOHN PHILIP 


sums insured raised to adequate 
levels, and second to get them 
index linked. At this stage it is 
fair comment that any domestic 
policyholder who has failed to 
heed these exhortations and who 
is now short of cover, has only 
himself to blame if his 1978 
weather claim is not met in full 
because of his under-insurance. 


But even with an adequate 
sum insured there can slill be 
some domestic policyholders 
who may find themselves having 
less than full cover for weather 
claims. Here we must have a 
look at particular policy word- 
ings. Leaving aside the still 
relatively few policies that 
provide . domestic “all risks” 
cover household policies detail 
the perils rhat are insured. The 
most cursory glance at such a 
policy will usually disclose the 
phrase “ storm and flood ” 
among those perils, but more 
Than a cursory glance is 
required, because the precise 
extent of the cover usually 
varies according to whether the 
claim lies under 1 the contents or 
the buildings insurance. 

By long-standing market 
agreement stemming from the 
consequences of the floods in the 
1950’s, insurers provide full 
storm and flood cover in all 
household contents policies, 
without tbe imposition of any 
requirement that the policy- 
holder pay the first few pounds 
of any claim, and without charg- 
ing more for those homes in 
specially .vulnerable areas. 


It is worth remembering that 
the normal contents policy 
covers, tbe contents not only of 
one’s house or fiat, but also the 
contents of one’s garage, garden 
shed, greenhouse and so on. The 
coyer is there, whether one's 
furniture has been damaged by 
water getting into the downstairs 
rooms, or upstairs through a 
hole blown in the roof, or if 
one’s stock of pot plants has 
-been destroyed by a tree blown 
on to the greenhouse. Subject 
to adequacy of sums insured, 
contents claims for storm and 
flood damage should be met In 
full.. 

"Damage to decorations pose 
the preliminary question is one 
an owner-occupier or a tenant? 
By policy wording, the tenant’s 
claim for decorative repair must 
be made under his contents 
policy— and usually he will find 
that there is a small "excess” 
applicable to his claim: this is 
usually of £15, but with widely 
varying policy wordings it may 
be more, and because there is no 
agreed tariff for cover or price, 
some insurers do provide this 
cover free of excess at no extra 
-charge. 


. The .owner-occupier, to get 
payment for repainting and re- 
papering, must claim under his 
building policy, and here also 
ft Is usual for insurers to im- 
pose an excess of LI 5. which can 
be irritating when a claim for 
major external repair is put in. 
: Under his building policy, the 

owner-occupier has coyer not 

only for the fabric of his home, 
garage, 1 garden sheds and so on, 
but for the gates, fences and 
walls surrounding his property, 
arid 'perhaps for terraces, drives 
and footpaths as writ Over 
the yeafcs insurers have' tended 
to throw in almost anything 
that the owner-occupier has had 
installed— some building 1 poli- 
cies ; even cover swimming 
pools. . 

'Although so many items situ- 
ate on the policyholder’s land 
are now included in the defini- 
- tion of buildings, not all are In- 
sured against storm and flood: 
for example almost all insurers 
expressly exclude payment for 
.storm and flood damage to 
^fences -and gates, which by 
their very nature are the more 
susceptible to damage. For this 
reason Insurers do not pay for 


the repair and re-erection nf 
wooden fence that has been 
blown down; but subject, to the 
£15 excess; will P*y fW the 
brick wall that has been broken 
by a falling tree or undermined 
by the pressure of flood water. 

Insurers* agreement to provide 
automatic contents cover for 
storm and flood does not ex tend 
to provide stattar cover on 
buildings an d most ■ insurers . 
have some poUwhddexs whay 
pay less then the fuff ra te far 
buildings insurance, and thereby 
are short on cover certainly for 
flood and subsidence and per- . 
haps for other perils as well. 
To those relatively few who are 
paying a lower rate of pre mium , 

I would merely comment- that 
since the decision to tata^r*- 



.11-' 


suicted cover at the tower price 
was a conscious derision, it i t 
clearly too late, if uninsured 
damage has now been sustained, 
to turn to one's insurers and bag 
for help. 

Whatever the d«s of In- 
surance it is alway s short* 
sighted to cbeese-pare on pre- 
mium when the saving is oriy 
one or two pence per cent in 
the rate: my recommendation to 
anyone with restricted hcape 
buildings. cover is to get in tench 
with his insurers quicMy, end 
pay the small extra premium 
to top up his insurance, for tbe 
winter has still a long time to 
run. 




inf 1 


Taxation 


Dangerous words in small print 


TAX IS- PAYABLE where the 
words of the statute require it 
to be paid, and not otherwise. 
The interpretation of taxing 
words is therefore fought just 
as hard, just abittely and much 
more often in the tax courts 
than is the connotation of 
certain other words in the 
Central Cri mina l Courts. 

Precision in the use of lan- 
guage is of the essence and it 
is therefore with considerable 
chagrin that this column must 
admit to some sloppiness. In 
dealing on December 31 with 
the. arrangement under which a 
wife can have her earnings 
taxed separately from the in- 
come of her husband, tbe pro- 
cess was described as separate 
assessment. Somerset House 
has propertly pointed out that 
the heading of Schedule 4 
Finance Act 1971 is separate 
taxation: that separate assess- 
ment Is strictly the pre 1971 
procedure of making the calcu- 
lations as if all the joint income 
were that of the husband, but 
then collecting a part of the 
resulting liability from the 
husband and a part fromtthe 
wife. • '• 1 ,■ 

Reverting to the courts Inter- 


pretative activities, probably no 
words have bees so microsco- 
pically examined as the* phrase 
in S.1S1 Taxes Act 1970. "tax 
under (Schedule E) shall be 
charged in resepect of any 
office or employment on the 
emoluments therefrom. . . 
Emoluments is no ta ward con- 
stantly on everyone's lips, and 
one might threfore have antici- 
pated its being the object of 
most comment, but the law does 
in fact define it to include all 
salaries, fees, wages, perquisites 
and profits whatsoever, and then 
goes on in each of the ever 
growing number of sections 
dealing with taxation of bene- 
fits in kind to say that their 
recipient shall be treated as 
having received further emolu- 
ments quantified as the section 
dictates. 

The general implication of an 
employee’s relationship with his 
employer must normally be that 
any cash or kind received by 
him from that employer is so 
received simply because of that 
relationship. However true this 
may generally be, there are 
numerous exceptions to it The 
secretary’s wedding present 
from her boss, or cash received 
by an employee from some 


other contractual relationship, 
with his employer, for instance 
the sale of an asset, are neither 
of them related to the services 
given by the employee con- 
cerned, and are . therefore not 
taxable. 

In a celebrated case in the 
House of Lords in 1959, Mr. 
Mayes was held not to be tax- 
able on the refund to him by 
his employer, 1CI, of the sum 
he had lost on selling his bouse 
in order to move at ICI’s 
request to a different location. 
The employer indemnified him 
for this Joss not because of his 
services — these bad already 
been fully remnuerated — but 
under a complicated housing 
agreement which could be seen 
to stand on its own, separate 
from Mr. Mayes’ employment 
contract; the benefits ICI 
derived from the agreement 
and from the employment did 
not overlap. 

Another notable victory was 
scored in the Court of Appeal 
in 1969 by Mr. (now Sir Arthur) 
Bryan. Wedgwoods had required 
him as the company’s senior 
executive to entertain visitors 
at his home, and therefore pro^ 
vided him with a house much 
larger than he would otherwise 


have chosen. Lord Denning re- 
marked that it is well known hi 
the commercial world that dis- 
tinguished overseas visitors 
hope above all things, and in- 
deed expect, to . be entertained 
in homes rather than hotels. 

The company had acquired 
and furnished the house pro- 
vided, and it also paid the whole 
expenses of upkeep. Mr. Bryan 
claimed that something less 
than the whole of those ex- 
penses should be assessed on 
him as a benefit It is necessary 
to be precise in one’s analysis 
of what the company was pro- 
viding. They were admittedly 
providing accommodation, but 
that was not the subject of the 
case. What were in point were 
the additional services provided 
-—cleaning, heating, lighting, 
and gardening. When provided 
for a director or higher paid 
employee, these must be quanti- 
fied for assessment purposes at 
the cost to the employer. 

Had the company paid cash to 
Mr. Bryan so that he himself 
could pay the gardener, the cash 
so received would have been 
assessable on him as an expense 
allowance. Although a‘ different 
section of the act applies, the 
end result appears on the face 


of. it to be equitably tfta 
employee still being taxed - on 
the same figure, namely the 
gross amount of the gardener's 
wages. 

There is however one very 
significant difference. Mr. 
Bryan's customers derived 
enjoyment from the garden, and 
to that extent the company 
benefited as much as he and 
his family did. In a case in 
which he himself paid the 
gardener, he could only claim 
some reduction of his remunera- 
tion if he were able to shew 
that the gardener’s wages had 
been spent by - him - - wholly 
exclusively and necessarily in 
the course of his employment” 
— that very familiar and very 
restrictive definition of deduc- 
tibles under Schedule E. 

What Mr. Bryan was able to 
show was that the gardening (a 
benefit in kind rather than in 
cash) was organised by the com- 
pany as much for its own benefit 
as for his. The relevant section 
permitted an apportionment ef 
the expense incurred by the 
company, so that he should only 
be assessed on “a proper pro- 
portion.” J 

DAVID WAINMAN 



WHILE MOST chessplayers have 
their eyes only an the contro- 
versial Spassky-Korchnoi match 
now in iSf? final stages, the 
young British players are 
quietly gaining further inter- 
national successes. 

Jonathan Mestel, aged 20, and 
Jon Speelman, 21, may be io 
the running for grandmaster and 
international master results 
respectively when this morning’s 
final round starts at Hastings. 

Speelman, previously a 
talented but erratic performer, 
made a big step towards chess 
maturity by drawing with some 
ease against the leading grand- 


masters from Petrosian down- 
wards. Mestel is doing still 
better, and could qualify as the 
world's youngest current grand- 
master if he finishes the tourna- 
ment strongly. 

While Mestel and Speelman's 
final result still hangs in the 
balance, the European junior 
championship at Groningen, 
Holland, which ended last week, 
had a most encouraging outcome. 

With one game to go, there 
were five joint leaders. Twj — 
Dolmatov and Georgiev of 
Bulgaria — represented the pro- 
fessionally trained East Euro- 
peans; but the others — Goodman 
and Taulbut. . of England, and 
Upton of Scotland — were all 
from Britain. 

$baun Taulbut, already 


runner-up in the British Cham- 

g i on ship and winner of the 
erne international open, 
handled the last round pres- 
sures coolly, won his game,, and 
took tbe European championship 
(pins an automatic international 
master title) on tie-break from 
the Russian and Bulgarian; the 
other two British juniors lost 
their final games but still 
finished high up. 

This is the fifth world or Euro- 


pean junior title that England 
has won since 1973; only Russia, 
with six titles, has done better, 
and no other country has suc- 
ceeded more than once. 

Taulbut, 19, is in his first year 
reading natural sciences at 
Downing College, Cambridge. 

The national chess, coach, 
Robert Wade, gave him special 
training before the champion- 
ship and tile Slater Foundation 
contributed to the costs during 


POSITION No. 198 

BUU»(13men) 


Black, a grandmaster, failed to 
find in. the game. 

PRQBLEM-No. 198 
BUCK (6 men) 


Bridge 


THE Sunday Times Inter- 
national Bridge Pairs Champion- 
ship is being beid at the Carlton 
Tower Hotel, London, S.W.l, 
from Thursday, January 26,, to 
Sunday, January 29, over five 
sessions starting on Thursday at 
S p.ra. Belladonna and Farqnet 
of Italy head the list which in- 
cludes international players 
from America, Sweden. France, 
and other countries. There are 
afternoon sessions, starting at 2 
pjn., on Saturday and Sunday. 
For tickets and further infor- 
mation apply by letter to MSW 
Promotions. 9-11 Richmond 
Buildings, Deal Street, London, 
W1V 5AH, or phone 734 3535; 

To-day I offer you a hand from 
rubber Bridge, which I consider 
most intriguing. The original 
declarer failed to find the win- 
ning line — see whether you can 
manage to make 12 tricks: 


N. 

♦ J 10 5 
SQ 104 
O A 6 5.2 
*AQ6 

Wj E. 

* KS 6 ♦ Q 9 4 2 

7852 7763 

v 10 9 3 7 <• J 

*843 *10 9 7 5 2 

S. 

* A73 
vA K J 9 
OKQ43 
*KJ 


With East-West vulnerable 
South dealt and opened the bid- 
ding with two no trumps, North 
raised to six no trumps, and all 
passed. 

West led the ten of diamonds, 
which was taken by the 
declarer's King. The fall of 
East's Knave was a clear indica- 
tion that the suit was not going 
to break, but South led a low 
diamond to the Ace, and the 4-1 
split was confirmed. Now there 
were only 11 tricks on top, so 
the declarer led the Knave of 
spades from the table. East was 


wide awake and followed with 
the four — to cover with the 
Queen would have given South 
a chance to make the contract 
by winning with the Ace and re- 
turning a low spade to tbe ten. 
As it was. West won with tbe 
King, and returned a diamond 
to the Queen. South cashed bis 
hearts and clubs, but eventu- 
ally he had to lose a spade to 
East, and went one down. 

Let us look more deeply into 
the position. If dummy's spades 
had been Knave, ten, nine 
instead of Knave, ten, five, tbe 
attempt to make the contract 
by finessing twice and playing 
for split honours, would have 
succeeded. But with no nine in 
the North hand, is there any- 
thing that we can do to redress 
the balance? Yes, by first play- 
ing a low spade from hand. If 
West decides to jump up with 
his King, the Knave and ten are 
stiff intact, and we can then pick 
up East's Queen by finesse. 

“Very clever ” you reply with 
the suspicion of a sneer, “but 
West does not have to play h&j 
King. If he has any sense, he 
follows with a low card and 
allows his partner to win the 
trick with his Queen. Now the 
declarer is not any better off 
than before, is he?” 

That is perfectly true, but in 
that case, of course, we work on 
an entirely different plan. We no 
longer play for a finesse against 
East, which is obviously not 
workable, but for a squeeze 
against West. 

Let us play the hand through 
together. After winning the 
diamond ten in hand, we lead 
the spade three towards the 
table. West plays the six, and 
East takes the trick with his 
Queen. Suppose East returns a 
heart— we win on the table, run 
tbe other three hearts, cash the 
spade Ace, the Vienna coup, and 
then make the three clubs. The 
third club squeezes West, fore 
ing him either to throw the 
spade King or unguard the 
diamonds. 

A pretty rendering, I think— 
don’t you? 


E. P. C. COTTER 



VWTE(13men) 


Kuzmin v, Jansa, Zinnowztz 
197L Black (to move) -has the 
chance to play 1 . . QxRP. A 
safe capture — or a poisoned 
pawn? The problem is to make 
the correct assessment which 


WHITE (Ilmen} 

White mates in ' two moves, 
against any defence (by J. R. 
Neukomm). 

Solution Page 2 


the tournament 

Taulbut's decisive game was m 
the penultimate round: a full 
point behind the Bulgarian, who 
was an established international 
master and the championship 
favourite. Taulbut bad to win. 
He did so by a well-judged pawn 
sacrifice which cracked open the 
Bulgarian defences and drove 
the black king into the open. 

It is usually dubious strategy 
to castle queen’s side with Black 
when the board can be opened 
up, and this convincing victory 
shows why. 

White: S. M. Taulbut (Eng- 
land). Black: K. Georgiev (Bul- 
garia). Opening: Sicilian 

Defence (European junior cham- 
pionship 1977-78). 

1 F-K4, P-QB4; 2 N-KB3, P-Q3; 
3 B-N5 cfa. B-Q2; 4 BxB cfa, QxB; 
5 0-0, N-KB3; 6 P-K5, PxP; 7 
NxP, Q-B2; 8 P-Q4. N-B3; 9 B;B4, 
04W; 10 P-QBS, NxN; II BsN, 
Q-B3; 12 N-Q2, P-K3; 13 P-QN4, 
N-Q4: 14 Q-B3, P-B3; 15 B-N3, 
P-KR4; 16 P-KR3. P-KN4: 17 
P-B4, N-B5; 18 P-Q5T K PxP; 19 
BxN, PkB; 20 P-N5. Q-Q2; 21 
KR-QL Q-B4; 22 PxP, RxP; 23 
N-B4. RxR cfa; 24' RxR, R-R2; 25 
Q-R3, R-Q2; 26 R-RL, Q-Q4; 27 
QxRP. QxN; 28 Q-R8 ch. K-B2; 
29 Q-R5 ch. K-Q3; 30 Q-N6 oh, 
K-Q4; 31 Q-K6 oh, Resigns (K-Q5; 
32 R-K4 ch). 


LEONARD BARDEN 


Economic Adviser 


for a leading international bank at tlieir large London office. 


* RESPONsreiimr is to the Chief Executive for internal economic 
advice and guidance affecting banking activity, including foreign 
exchange and international loans, as well as externally to customers. 


• rr may prove possible to combine this full-time role with some- 
outside research and teaching activity. 


• the requirement is for persuasive credentials as an economist, and 
for the capadcy to stimulate and challenge through creative thought 
and commentarv. 


salary is negotiable, and is unlikely' to be less tbap 3^15,000. 


"Writc in complete confidence 

to A. Longland as adviser to the bank quoting reference 5213. 


TYZACK & PARTNERS LTD 

IO HALLAiM STREET LONDON WIN <>D]* 

1Z CHARLOTTE SQUARE • EDINBURGH EH 2 4 DN 


H 


id; 


r*. 









TRIUMPH AND disaster, the 
twin imposters that so fre- 
quently court each other, have 
rarely been- in closer conjunc- 
tion than in these case of Trevor 
Walter Brian Homer. In 1972 


Bunkers of professionalism 


BY ROGER PAUL 


' thc * w * BO _ r C"**-* top of th* dm for comfort, refinement and sbe«r driving pleasure. 

■Mfhe Japanese invasion 


stuart Marshall 


elegant three-door hatchback 


and 1974 Homer won the < 

Amateur Championship at Royal he wlU be readmitted to the qualify or whether you win or Homer spent roughly £20.000 
St George’s and at MuirfieW ranfes » and tr ° mer has decided not When you are down the on trying to prove himself as a 

and he was widely recognised as t0 do thaL . luck seems to go all one way. If professional. He went first to 

the top player in the amateur By that time he will not have you are just behind that tree America, where he failed the 
parrtft 0 n this side Of the P layE<J 91X7 Professional golf for then you will not only miss the U.S. PGA Schuu], and then 
Atlan tic about three and a half years and green, you will also three-putt, followed the circuits around 

. he is uncertain as to how much If you are behind the tree you South Africa and the Continent. 

. V s a wealthy man in his own jj e will play after his reinstate- will probably hit the green and He went from an imposing and 

nght, a long career paying men t. the triumphs, for Homer, hole from 50 feet for a birdie.” confident player to “ a golfing 

international golf around the gpg now in the distant past; the Homer has sufficient expert- punch drunk.” In neither of the 
world for England and Great ^ Ras ters still fresh in his mind ence of both to make this home- two full years he gave to the 
Britain seemed certain. In any the decision as to whether spun philosophy relevant M I’ve game did he get into the first 
case, at the age or 31, he was commit himself again will not always been a fairly lucky sort 100 of the PGA Order of Merit 
surely too Old to follow the likes j, e ijgbtly taken. of guy. T h in g s seem to have and it became obvious, even to 

of Peter Townsend or Peter “The thing that angers me gone my way most of my life him, that his detractors had 

Oosterhuis. the most,” he says now, “ is and all the hard work I’d put committed the worst sin of all 

Whereupon, to the amaze- that the knockers were right into things, before turning pro- —they had been right, 

ment of one and all, he turned God, I wish I'd listened to them fessional, had been rewarded “I made a lot of mistakes." 
professional. He was widely — except that if I had I would with success. So it was very hard he says. “ If you are an arabi- 
advised against it has since have gone through my life when I started getting kicked tious man. carried along by your 
proved all his critics right by never knowing if I’d have been in the teeth. It may sound ego. it makes nu sense to play 
winning scarcely a penny, and good enough. And the people babyish but I really wasn’t used a county standard goirer on a 
bis announcement yesterday who knock don’t know how to to it and I didn't adapt very well frosty Sunday morning and get 
that he has applied for his dose the line is between sue- to life without winning. After stuffed four and three. It makes 
amateur status back, is rather a ces and failure. Often enough all, most blokes survive on some you wonder if you’re in the right 


’ ""'r •r ) j f i EEC partners; and 140-000 characterless but which do as a Colt here in a vesx or so amateur status back, is rather a ces and failure. Often enough all, most blokes survive on some you wonder if you’re in the right 

’.■re-. ** under 11 per cent.) were everything, most buyers in their and likeJv to M>nmete stranslv relief. He has been told by the a single inch determines sort of success, even if it’s only game, whether you are any good 

■iv _^ anese - price class could reasonably m Royal and Ancient that if he whether you are behind a tree winning at darts at the boozer at all. Also professional coif 


■‘V: J*»anese. price reasonably i n the Pi^/F^t^/VW^Poio Royal and Ancient that if he whether you are behind a tree winning at darts at the boozer at all. Also professional coif 

‘ ' Jv 'ns..? S- Ut 93 Churchill once growled want class ' asks again, in December 1979. or dear of it, and whether you down the road.” can be incredibly boring. What 

, r^ ais advisers, there are lies. The Carina (from £3,180) is wm*. ■■ 1 

■ej ined lies and statistics, and quiet, lively, adequately if not backs are selling well to family 

~r-'tfgH5 ; 55 5KS 5 33 MIM W I'lfl'HI After the musical chairs 

*11*4 1 the Bnttsh" cars were same only more so. Neither car inB w ■■■■■■■■■■■■■ ^ 

nil iaUy spotted- For example, makes the heart beat faster; g I OHT‘ WJie r~ ITe esta ?v car - 

Ford Granadas and Ghia they just get on with the job ra r 311 0WXI y rrt?. TOP motor racing drivers efforts to make the Tyrell six- KTT ‘ than the CMwr th Ford VS— 

«... i IT® A c °°? e ... froin of transporting up to five people Finaiiv- have finished their annual game wheelers go faster delighted the f; . V •• the .standard Grand Prix 

. «- <* -*-! Jmm a -es* 


do you do on a wot iiay on the 
Continent, for instance? You 
sit in your room getting bored, 
bored, bored. I was reading 
four novels a week because 
there's a limit To the antimttr 
of practice you can do, in Th? 
rain or otherwise. Then y»u 
wake up the next day and ;rs 
raining again." 

Despite it all Homer is n»«t 
bitter. He would still adv;.-<' 
the talented amateur to find 
himself a sponsor and have a 
go. “A sponsor is vital," ho 
says, with some feeling. “It 
makes you very nervous when 
you sue hundreds of pounds 
going nut each week and nothing 
coming in." 

Homer is now coneentrutmt 
on his business, T and T Metal 
Products in Willenhall. Staff--. 
41 I've been away for two and 
a-half years and in that time in 
the motor industry people 
change. My wife has nnt seen 
a lot of me in the past year." 

He has al*i» been doing n 
little practising. “ lt’«s mu-tly 
with the dozens of American- 
size ball that I've got left. H k < 
so much harder to play than th** 
small hall. I'll be glad when 
I've lost them.” 


. — - — — -r— “ iraies o 

“pectively. And a lot of journey. 


1,238 cc overhead camshaft with 


season transfers of drivers is will be looking for wins and 


' component* are sporty CeHca has 60 ^epo^r at M oS u Sc sort ofTtiention to hU rar 

Been radically restyled Into a | 5 ( ^° r J^J uns T ^ “ favourite to win the champion- that -this requires. There could 

s p Chrys er Alpines sold. pr0 p er four-seater instead of a j ananp «j£ r JL ship this year. For he is staying be some friction in the Lotus 

v ^ at Japanese.) watch on two star — ♦ a rocuit 


Uieap-up Kjppprf. .. . cramped one. Now longer and tW0 staT put at McLaren and will be set pits as a result. S 

^ it is • lighter, aero- » 36 QhT£‘ S ‘ra ^ t0 C&IT7 on where he left off at have scrapped ^ sLv rS 

sicn To ?®- v ., y , ear chmamicallv more efifciort and aee< i le sharp rack and ^ end of Jast sea son. Two of wheel cars for this season. Their 

:■ .tr. In 1 Bntain . ^9" claimed, reasonably enough, to fn^ n *h teer L ns v S S lde S “°“ d his three wins in 1977 came in drivers in orthodox-looking four- 

'KTs-irif , fc sfle ,^ rs “5° ® ntain be^ economiraL Under- !?'![!! Just a shade ,., t0 .° the last three races. . ' wheelers wilj be two French- ■ 


' 1 hiH whfi ™ as 1136 Govern- ne . at h +h e smar t new skan it is light on ^ motorway. With The main change at McLaren men— Patrick Depaiiler, pro- pf s ~ car, one being rebuilt and a 

takes an II per cent cut . before 6Xtr ,^ tliree incbes of w ^ eei ~ is that the number two driver moted to number one since ^ couple of spares — even this can 

^ .. . t^every ve^de imported from .^ ca a5 °^; base, ail the former, choppiness ^ now talented Frenchman Peteraon’s departure, and Didier t- ~ prove expensive. 

^ haS fione ont of **** CMsrs ride - Patrick Tambay. McLaren prob- Pironi, one of the most promis- t C &JL The beginning of last season 

-• ( i.t *5>atsun, who sell more cars even 00 potholed roads. The ably sees him as heir apparent ing drivers to come on to the i!-. .': saw the triumph of a kit car as 

■> m re than all the other Japanese gearbox is a delight the f or when Hunt retires. His pre- scene recently. Gill« vnieneuve the Wolf team proved that no- 

nftT4 rices put together, have revised 1 bnefly JOOOi-l (tne switches and minor controls as sence ^ the team is unlikely to Another bright young talent one should overlook outsiders. 

• ■ ivdA* front-drive Cherry and, more dearest and most } uxorious one, good as yon would find on a upset Hunt which is more has emerged — Gilles Villeneuve who last season proved that he This was a new team with a 

'■•!izr cently, introduced a keenly- a j 5 ms bed stami^steel luxury car. the four passenger than can be said for the driver who joined Ferrari at the end could not be written off after new car which came out and 

"•:-ni>n ^ced (£2,292 upwards) auto- P^V Jdce 0,6 o d Sono^m doors make entering and leaving diange at Lotus. of last year. He is a man who his near-fatal crash the previous won the first Grand Prix of the 

• •:.«»? Stic transmission version to Rapier and a tail end not unMke easy and, at a pinch, there is Last year it was only a lot will win Grands Prix in the year, will be out to show that season and. with Jody Scheckter 

:i liftam. The Cortina-sized Blue- ^ Ro^er 3500) and was room for a third person on the 0 f expensive engine failures future, but this year the win- he owes Ferrari nothing. John at the wheel, finished second in 


Gilles Villeneuve 


iT JW 1 than the Cosworth Ford VS — 
the , standard Grand Prix 
engine. 

^ But most teams ore remain- 
■?* ing faithful to the old power 
bj unit, which is not surprising 
jg since all but five of last year's 
|i races were won by Cosworth- 
gg powered cars. It is still the 
H basis of what some disparag- 
Pf ingly refer to as Cosworth Kit 
i l Cars and at £13,500 is by far 
the cheapest engine available. 
When a team needs about four 
^ ^ engines for each car — one in the 
car, one being rebuilt and a 
couple of spares — even this can 
prove expensive. 

&fr|SSI The beginning of last season 
BW saw the triumph of a kit car as 
the Wolf team proved that no- 
one should overlook outsiders, 
that he This was a new team with a 



.r:!f«t«yllndW Laurel (4.095) has pensive engine. . Selling in the same amount shorter than an so he won four races— more moted due to world champion also feel that he has something of having another successful 

Vic r.!i*rar.* ere d the executive market £3.586 to £4,684 range,, the Allegro. The five-door manual than any other driver In the Niki Lauda leaving the team to prove. season. 

. cpwttseToyota, rather overshadowed Celicas promise to competewith Civic is £202 dearer than the series. It would be tempting to and going to Brabham. One similarity between the Kit car newcomers this year, 

mrjjiri r * be Pari by Datsun ra the cars Hke Lancia Beta ctxves as Mini estate, £23 cheaper than tip him for this year, except that It will be strange to see Lauda Ferrari and Brabham cars is the Arrows team, will not be 

j,,. jheitish market, have consider- weH as the Ford Capri. :■ the comparable four - door Andretti has been displeased by in another car and interesting that they both have fiat-12 running a car to-morrow. They 

I : pffJy revamped their range. This . Of the smaller Japanese Allegro 1100 but in a different the choice of the new number to 4iscover whether Lauda cylinder engines. Brabham's is still have not completed build- 

ek, they unveiled a hew manufacturers, Colt : .$ave class from either of them for two in the team — Ronnie Peter- brought success to. Ferrari or made by Alfa Romeo. The teams ing one, but they have them- 

a. l,6rlitr$€ngined . saloon nothing brand new at present comfort, refinement and sheer son. . vice versa. There may be some are part of a growing number selves a target of getting a car 

e. - Peterson, whose full-blooded settling-in problems but Lauda, which are using something other on the grid in Brazil on January 




Ronnie Peterson 

29. This will he only fill days 
after the project wa* launched. 
Arrows, with Nilf^on as thu 
number one driver, could he the 
outsiders to watch in 197S. They 
will deserve some sort of pri.'o 
if they even manage to get the 
car bolted together in time lor 
Brazil. 

Another special award should 
go to Frank Williams fur 
initiative in finding a sponsor 
for his team. There is a certain 
logic that a fuel burning sport 
such as Grand Prix racing should 
look to the Middle East for 
sponsorship money. But Wil- 
liams seems to he the first to 
have thought of it and has 
landed backing from Saudi Air- 
lines. 

BRIAN AGER 


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V.. 



The bleak house 


BY JOE RENNISON 


THE LAST BOOM in house 
prices produced many problems 
for a great number of people — 
problems , that are only now. in 
many cases making themselves 
felt The boom mentality se- 
duced many into a feeling that 
it would go on and on and that 
there would be a profit for 
everyone eventually. Xt proved 
not to be so but perhaps the 
following example will suffice 
to show why it can not be so. 

Earlier this week I received a 
telephone call from a young 
married woman in a near state 
of panic about what to do for 
the best wben selling their 
house. At the height of the 
boom they bought a “ tiny ” cot- 
tage in Sussex for £22,000. Since 
then they have spent many 
thousands of pounds on the 
place improving it inside and 
outside. The internal improve- 
ments did not increase the 
amount of space available but 
simply redistributed it Total 
outlay .has been about £30,000. 

The husband has since been 
told that his job has been trans- 
ferred to the Midlands. The 
basic cry was “ How do we get 
our money back?" The blunt 
and brutal answer is “ You 


don't." Or at least not auto- 
matically and there Is just a 
chance that you could. 

The original phone call was 
obviously made because of 
doubts that the couple would 
be able to get £30,000 in to-day's 
market This is hardly surpris- 
ing: a cottage of very limited 
accommodation must have 
limited appeal in to-day’s harder 
headed market at that price. 
Why I said there is a chance is 
that someone could spot it as 
the ideal home and be willing to 
pay any price for it 

It is interesting to note the 
history of the purchase of the 
property. When the couple first 
saw it in 1972 it was advertised 
at just under £19,000 by the time 
the classic gazumping process 
had been gone through they 
purchased it at jost over £22,000. 
In hindsight it was obviously 
overpriced but then at that time 
np thing ever seemed to be over- 
priced. By now if is looking 
distinctly expensive. 

No doubt they thought that 
they would be able to sell it at 
a higher price but they have 
obviously been deluded on yet 
another front which is that the 
amount of money put into im- 
proving a property will auto- 
matically increase . the value of 



10 o* 


BY SYLVIE NICKELS 


$ r h • . 

Pr- . •* UV 1 •• 
fclvS ;v.; i Y-. * 



7 -,v 



Jackson and Jackson are selling Delaware 
House at Lymington. This is one. of the 
town’s most notable houses, situated on the 
south side of the High Street, overlooking 
open far mland with views towards the Solent 
and Isle of Wight. The house, as yon will see 
from the photograph, is thatched and part of 
the property dates from Elizabethan times, 
although the majority is Georgian with even 
later additions. The accommodation -consists 
of a galleried entrance hall, drawing room. 


dining room, sitting room, study, kitchen and 
foil domestic offices, seven bedrooms and a 
dressing room, three bathrooms, a partially 
covered observatory and balcony above the 
second floor, useful attics and a cellar. There 
is also a garden flat with a sitting room, bed- 
room, bathroom and kitchen, and a number 
of useful outbuildings, including garaging for 
four cars. The garden and grounds extend to 
about two acres. Offers close to £75,000 are 
being sought for the freehold. 


the property by that amount. Xt is a salutary tale for those boom in 1978. When they have 
This has never been true even who, listening -to the scare- to sell who is going to buy: let 
in normal market circumstances, mongers, are looking to a new them be warned. 


Auction 

options 


WITH AN upturn in prices 
more people will be tempted by 
the thought of putting their pro- 
perties up for auction. After 
all, a better price can but not 
always be achieved than through 
a private treaty. Savills offer 
the following advice about such 
a move. 

There has been much uni- 
formed comment on the vexed 
question of gazumping, which 
has no re-appeared. Contrary 
to popular opinion agents dis- 
like and discourage it because 
(a) considerable iU-will invari- 
ably results. Ob) There is a 
minimal increase in fees. Agents 
have a legal duty to submit all 
offers to their clients and execu- 
tors and Trustees also have a 
legal duty to their beneficiaries 
to obtain the best .price. One 
solution is “best offers” by an 


appointed day, the other is an 
auction sale, which has the fol- 
lowing advantages. 

1— A contract is available 
with the safes particulars which 
can be signed prior to or after 
the auction, and creates an im- 
mediate binding sale from which 
the purchaser cannot renege, 
as he can when a private treaty 
sale is first agreed. 

2. An auction provides a 
definite sale date to work to. to 
be followed by a definite com- 
pletion date, which is more 
convenient from everybody's 
point of view. 

3. It is the best method of 
satisfying all parties concerned 
that the property has been 
thoroughly marketed, and so 
satisfies the requirements of 
executors and trustees. 

4. It guarantees that the best 
possible price will be obtained 
in the auction room, always 
provided there are at least two 
bidders. If there is only one 
the property will, probably be 
sold at the reserve figure. 

Xt also has certain disadvant- 
ages: 

1. An auction takes longer to 


mount since all uncertainties 
must be ironed out before the 
particulars are finally prepared 
and the property is advertised, 
and where there are planning 
or legal problems an auction 
may not be advisable. 

2. A purchaser may have to 
suffer a frustrating wait to 
know whether he can buy a 
particular house, and this is 
why some purchasers agree to 
the best offers situation refer- 
red to above. 

3. There is less flexibility 
from a vendor’s point of view, 
that is, land or cottages cannot 
readily be switched from one 
lot to another to suit the whim 
of a particular purchaser, as 
can be done with a private 
treaty sale. 

4. It costs slightly more to 
sell by auction than by private 
treaty, not from the fees point 
of view but due to additional 
overheads. 

5. It may discourage the 
potential purchaser who has 
almost but not quite sold his 
own house and is frightened of 
committing himself to a pur- 
chase contract at an auction, 
before doing so. 


Paving 
the way 


TWO SCHEMES have recently 
been announced that are arrived 
at enabling potential purchasers 
to get details of. properties from 
various pans of the country 
through an interlinking of estate 
agents' information. 

The first is called the 
National Network of Estate 
Agents. 

The number of chartered sur- 
veyors’ and estate agents' offices 
taking part in this scheme has 
now exceeded 350 and will 
shortly top 400. 

Formed in October . of last 
year the National Netwoik sets 
out to make moving house to 
another area an easier and 
speedier operation. Use of the 
service is entirely free to buyers 
and sellers. 

It enables each member to 
provide clients with a complete 
property service, including 
improved promotion of the 
house to be sold to “out of 
town ” purchasers and faster 


professional advice on selection, 
valuation and purchase finance 
in the chosen area. 

For further information tele- 
phone Lawrence Barbet, 0244 
42101. 

The second, launched last! 
Thursday is known as- “ Home 
Relocation.” Describing the 
scheme as "potentially just as 
significant for the estate agency 
world as the Xerox copying 
machine or the Polaroid camera, 
David Morris, a London estate 
agent; said for the first time 
people moving from one town 
to another (or forced to move 
because of a changed employ 
ment situation) .will have a 
‘local” agent to assist them in 
their search for a new home in 
a town 20 or 200 miles away. 

<r Our member firms who 
have some 200 offices up 'and 
down Britain ” said Mr. Morris, 
•* are pledged to give home- 
movers a service our critics 
will say we can't afford. But 
we say we can and we will prove 
we can.” Mr. Morris is the 
senior partner of the London 
estate agency of Allsop and Co. 
Further information 21 Soho 
Square, London W.L 


WE HAD wanted ;tp get Dordogne has become particu* 
away from it all, and the coa-larly popular. Cox and Kings is 
verted farm in the heart ’ of Mother 

rani Fiance proven Just lie «>eir 

__ r . 7. . .. each four covering return 
answer. Having nwsteld me ^ weeks’ cottage rental, 

excellent sketch map provided g/saLWrive car with 75 free km 
by Meon Villas, we spent half per day, and free parking, at 
an hour in the deepening dusk Heathrow. A further-flung bit 
getting lost among a network of of France which is also (to 
farm lanes somewhere south of d£»V my favourite Meaiter- 
the Lot river, until a friend- iknean island, is featured by 
farmer came to the rescue and,-4a&h Morgan: flats and villas at 
literally guided us to the door. Les Hameaux de Propriano on 
I do not think there was another the south-west coast of Corsica, 
building in sight A small leke^Costs of £127-£211 for each , of 
glinted at us from the bottom ftmt-fer two weeks axe accord- 
of a dell immediately below, mid': 

rolling farm country lifted • — 

green shoulders to a distant', 

horizon. Yet within a 30-mUe Addresses: Meon Villas, 32 High 
radius were beautiful old towns, Street, Petersfield, Hants. GU32 
fortified villages,, grand river 3JL; Cox and Kings, 48 Marshall 
scenery and all the prehistoric Street, London W1V 2PA: John 
wonders of this ‘ edge-of-the* Morgan, 35 Albemarle Street, 
Dordogne country. London. W1X 3FB; The Travel 

Meon Villas have about sQnb, station Road, Upminster, 
dozen properties available; in Essex; Tor Line, Anzanl House, 
this part of France, averaging Trinity Avenue^ Felixstowe, 
weekly rentals of £75-£160 for Suffolk; Twickenham Travel, 22 
four-five persons according to Church Street Twickenham, 
season. More typical of their Middlesex; Hoseasons, Sunway 
arrangements, however, areUouse, Lowestoft Suffolk NR32 
those in the Balearic islands, 3LT; Cockbury Court Cottages, 
Algarve and, snore recently, Wlnehcombe, Gloucestershire 
Cyprus. In the latter, a package GL52 JPX. 
of £204-£219 according to season . : 

per person (of four) covers ■ ; _ 

return air fare, two weeks’ viUa 

rental, self-drive car with un- ^ to. season and amenities. Car 
limited mileage, maid service, unlimited mileage 

food hamper^nsurance ond au> rathe r hefty £85 per 

port taxes. The vdlas overlook wefik> but scenica il y you will 

***£• z ? e , ar set your money’s worth, 

west of the island, and this do- one area that is making the 
velopmg complex h^^^ merits post-Revolution come-back that 
•p uetuess without total jj. deserves is the Algarve. 

on * - , . , ... Among specialists to the area 

TWs raises the whole question £ ^, e Travel Club of 

you wont out of a villo Upmjnsteri whose oflers indude 
holiday. Some developments attractive Luz Bay 

t0 PTfudiue complex at the leswieveloped 
‘ of the coast, three 

holidaymakers want and expect, f Lagos. The villas 

These can. however, be rather f , ^ ^ fishing 

^iMed from whatever the ^ IurTiM1 add 

fluid dimension of lobstei pots 

1114 neB and fishing boats that 
offei individual properties that d The ^ 3,, 

Club, available to all villi 

&T£> 1 S sir-Kva 

• P*y more for your own private 

Amnn« th*> P 001 )' cover return flight. 

Among the rural seekers, the 2 fh 0 ur transfer from Faro air- 

— port, maid service. Self-drive : 

Y«r week-end £z Austria 2S.7S. Baiatani cars co st £40 per week. 
sub. Franca us, itab 1.72B, Great* . One country not . normally 
TTJM, Spain ua.tM. swunriand 3.76. ujs. associated with cheapness, but 
Lfi. sonrea: Thomas cook. yielding some excellent 


bargains, is Sweden. The ~ 
Swedes have got the business of 
savouring their . short . and , . 
usually brilliant summers down - 
to a. fine art. They. Hke; their.- ,, 
modem comforts, too, so that.",., 
usually both the attraction of, ■ p ■ : 
the settings and the -standards 
of amenities are high. Another ’ 
happy circumstance for British- - 
families is that Swedish school ' - 
holidays end early in August, .. ' 
when prices drop smartly.' Tnr ; • 
Line have combined* these • 
factors with their own shipping V 
schedules out of Felixstowe. and.' • 
Newcastle to Gothenburg to.. ' 
result in packages ranging from 
£56*£I 27 per person - of four for. 

9-16 nights, according to season, 
including return travel for the 
car as well as passengers. The;', 
chalets arc all within 70-215 : 
miles of Gothenburg. ... 1 

A very recent newcomer to' 
the self-catering market for .. 
British holidaymakers is the 
U.S. Esme Ranger’s luxury self- . 
catering apartments, marketed’ 
through Twickenham Travel, - 
are available in California, 
Colorado, Florida, Hawaii, New<"^ 
York, Washington 1 - Excluding M -f r.C 
+wmv-ai uyfw»blv rates for four •*' 


travel, weekly rates for. four ■** ^ 
persons in Colorado, ' for 
example, are £161.50-£249, 
according- to season and 
facilities; this includes maid ' 
service and sports facilities, as. 
well as spectacular scenery on., 
the doorstep. 

Back home, the selection is 
enormous of course. Wc have : 
made many a happy choice 
through the self-catering aKom- 
modation. lists published by the 
regional tourist boards. There 
is, however, an element of pot 
luck about this method, and 
organisations of all sizes exist 
to meet more specific needs. 

The giant Hoseasons enterprise, 
for example, has a selection of 
4,600 holiday homes from Scot 
land's Great Glen to the tip of 
Cornwall's toe. At the other end 
of the scale are very individual 
operations like Cockbury Court . • 
Cottages recently launched by . 
someone who has been in the. ' 
catering business all his life. 

At £55-£lS0 a week according 
to season for three-five persons, 
they are not cheap: but they do '*• 1 
sound rather special in their 
combination of modem ameni- 
ties (heated pool, tennis, 
croquet, colour : TV) - in an . “ 
idyllic .old-world setting at ; 
Winchcombe, cradled in the 
Gloucestershire Cotswold coun* L 

w - ■ Ifc! 


PROPERTY 


ESTATE AND FARMS: LONDON AND CODNTRY PROPERTY: 
OVERSEAS PROPERTY: LAND FOR SALE: INVESTMENTS 


HOTELS 


ASHLEY COURTENA 



CHARTERED SURVEYORS* CHARTERED LAND AGENTS 


On the Instructions of The Rhodes Trust 


CAMBRIDGESHIRE 


Cambridge 9 miles, Newmarket 12 miles, 
Audley End Station 9 miles 


A PARTLY GEORGIAN MANOR HOUSE 


3 main reception rooms, large halt, study, domestic 
quarters, 15 bedrooms. 2 dressing rooms. 4 bathrooms. 

4 large attic rooms 

3-BEDROOMED LODGE - STABLING - GARAGING 
WALLED GARDEN - PARKLAND & WOODLAND 

Extending in ail to 66} ACRES 
At present residential but other users could be acceptable 


Cheyner) Code*. Astwr^l, Bald ode, Herts. AihwcH (044.2741 2481 
also at Gillingham, Notts. Diss. Norfolk and Woodstock. Oxon. 


Marble Arch, W.l 

Seldom available in this prestige location, a substantial 
Period House plus Mews requiring modernisation. 

Could provide 5/6 Bedrooms ■ 4 Reception Rooms 


3/4 Bathrooms ■ Large Kitchen and Staff Accommodation. 
Gas Central Heating -Lift *3/4 Car Garage- 
Long Lease. Offers invited in the region of £100,000, 


Chestertons 


Chartered Surveyors 


USA 

VIRGINIA 


In the heart of the original 
colonies, 2,250 acres along the 
beautiful James River. Two fine 
period homes, dating to c. 1790 
and 1850, both classic manor 
homes. 750 tillable acres, 750 
acres in' mixed pastures and 750 
acres of forest. Several additional 
houses, all in good repair. Nine 
modem silos, extensive farm 
buildings, miles of board fencing, 
main lake of 76 acres plus others, 
beautiful views of river. Located 
in lovely railing countryside be- 
tween Charlottesville and Rich- 
mond. Sale includes extensive 
cattle herd and farm machinery. 

FRANK HARDY, INC. 
INTERNATIONAL 

Farm and Estate Brokers , 

413 Park Street, 

Charlottesville, Va. 22901 
USA. 

(804) 296-0134 


17 UPPER GROSVENOR STREET and 
19 CULROSS STREET, LONDON Wl. 

Substantial property in Mayfair. Previous \ise 
residential CLUB, suitable for refurbishment and 
part redevelopment. 

Approx. 11,300 sq. ft— Head Lease 56J years at 
£3,750 p.a. (Subject to reviews.) 

FOR SALE BY AUCTION— 19th January, 1978. 

Details: 



7 Lower Sloan Street, 
London, S.W.l. 01-730 3435. 


BOLTON 

GREATER MANCHESTER 

1234 Acres 


RESIDENTIAL BUILDING 
LAND with 

Outline Planning Permission 
. For Sale by Private Treaty 

Full particulars and detailed plans 
oral labia from: 

Messrs. JOHNSON KELLY 
Chartered Surveyors, ■ 

13, Bredehawgate, Bolton 
Tet: Bolton 20214 
■Iso at Chorley. Proton A Gimanf 


core D'AZUft villa wart ment defiBhtninv 
situated. Three doable bedrooms, two 
bathrooms. Swimming pool. BvBeel 
51351. 

10 ACRE SITE lor sale on Che Lower 
Avon at Evesham. Full detailed dan- 
nine permission tor maHna and hire 


use. £30.000. Anoio Wolsb Narrow 
Boats. The Canal Busin, Leicester Reset. 
Market Harbarough. Leicestershire. 
'Phone (08581 2594(4326. 

LUXURY FLAT, newly furnished and 
decorated. Salt director. Company 


ST. ALBANS 


HERTFORDSHIRE 


PERIOD COUNTRY 
HOUSE | 

10,000 sq. ft. Offices 

to be fully refurbished 

TO LET OR FOR SALE 


Full details from 


Joint Sole Agents 

COUN HILL & COMPANY 
Tel: St Albans 63114 


RUMBALL SEDGWICK 
Tel: Watford 24275 


RECOMMENDED HOTELS 



AH are gooff value for money as costs continue to rise. The new 
1978 Edition of “ Let’s Halt Awhile In Great Britain ” personally 
describes over L20Q hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, 'mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author, 16 CD)*. Little' London. Chichester, Sussex, plus 
66p postage in UJK. * 


ALDEBUBGH, Suffolk 

UPLANDS HOTEL. Mallow and mider. 
oised. the 'principal draw is ttia cuJdjna 


SANDOWN. Isle of Wight 


■nd collar knowtodse .pi toe rex id out 
owners. For gaitnmornica] loy. bracing 


weeto-ead pr longer. Tel. 2420.. 

MULUON, S. Cornwall. 


BROADWAY PARK. HOTEL. 3-Star and 
axeollent. . 7 acres or beautiful grounds. 
Imaginative cwsine. Priv. baths. Hid. 


swimming , cool Dancing in sou on. Teams 
coart. Tel. 098 3B4 2007. 



POLURMAM HOTEL.*** Happy. Informal, 
fine cuisine, friendly service. 12 Acres, 
secluded- Own sandy cove. hid. pool 


Nr. STROUD. Glos.’ 


Tennis. Putting. Hr. IS hole goiL course. 
CIIB walks. Dancing. Tel- 240421. 


CUB walla. Dancing. Tel- 240421. 

PORTSCATHO, S. Cornwall 


AMOERUY INN. Strongly ree. for week- 
ends and wmual hoRdavs. GoH and riding 
adjoining. Around, cream of the Cotswcltfs 
countryside. Within, generous fare and 
Tel. Amberley 2565 

STD 045 3871- 


lettlng. 2 ran., C.H„ garage Inc. 

peaceful old Hampstead. LBS p.w. 


If you wish to buy — sell — rent or have- 

REAL ESTATE 

managed in the 


PRINCIPALITY OF MONACO 


Write to: 

AGED1 

26 bis Bd. Princess Charlotte, Monte-Carlo 
Principality of Monaco 
Tel. (93 ) 50 66 OO-Tdex 479 417 MC 
Documentation sent free on request 


SUFFOLK 
DECIDUOUS WOODLAND 
ABOUT 21 ACRES 
In Two Attractive Parcels about 
10 miles apart, comprising.' — 

(a) 13.5 acres at GROTON, nr. 
BOXFORD, a useful stand 
of semi-mature oak. 

(b) 7.5 acres at WHJJSHAM, 
nr. NEEDHAM MARKET, 
being mixed hardwoods and 
coppice. 

For Side By Tender 
Thursday, 16th February, 


1978 By. 
Parker Inswic 


Strutt and Parker lpiwieb Office: 
II. Museum Street. Tel.: 0473 

214841 and London Office: 13, Hill 
Street. Berkeley Square. W1X 8DL. 
Tel.: 01-629 7282. 



WEST SCOTLAND 


Up to 60 acre* arable land in !nt 
growth area to lease. Very suitable 
shrub growing, garden centre. Koine 
for safe. 5 bods.. 2 bads., 3 public, 
fitted kitchen, central heating. Very 
good order. £30.000. Cottago, subject 
to tenants' rights. £5,000. : 
Write Box T.4005, Fi/nncfo/ Times, 
10. Cannon Street. EC4P 4BY. 


Ring 455 4180. 8-11 a.m„ or 

7-830 pm). 

GUERNSEY. Open, market house near 
GPO. Excellent condition. 9 rooms. 
£50.000. pi ndcr, Rancho Allegro. St. 

Peter's. 0481 53661. 

RENOVATED BUNGALOW TYPE property, 
space tor studio. £10.500 cash sale. 
Details 0634 31176. . 

SOUTH CORNWALL, ST, MAWES. Spacious 
water view bungalow. 3/4 bedrooms. 2 
bathrooms. 3 recep.. plus guest suite. 
3 rooms, bathroom, studio. (■ acre 
garden. Handy moorings and beatvnrd. 
£43.000. LEE A CO.. 5L Mrwes 
(Tel. B42). 

FOR SALE. Luxury Bungalow overlooking 
beaut! !ul Youghal Bay. Southern Ire- 
land. 5 bedrooms. 1 acre gardens. Oil 
heating. T otoph o ne. Many extras, local 

home tor boating, shooting and fishing 

enthusiast. Price £30.000. Write Box 
Y.4765. Financial ' Times. 10. Cannon 
Street. EC4P 4BY. 

BETWEEN BURY ST. COM U NOS and 
SCowmarket with easy access to the 
A. 45. Spacious period residence in 
approximately 1 acre, together with 
. outbuildings- Much character and 
many features to hall, drawing room, 
dining room, study, kitchen, scullery, 
cloakroom. S bedrooms, bathroom. 
Lovely setting, lust outside charm.no 
village. £38,800 oj>.o. LACY SCOTT 
& SON. 1, Comhlll, Bury St. Edmunds, 



£2 srsjrz SSTSBEi. r'S. SJ; tresco. isles of sbiiiy 

ST. DAVID’S, Dyfed 

EE’HSE'ffiS: SS^&^SSi sas* 3^ss 

gs'^ssj^gs. sLagsr js i- 

E£“t3 : £»<**** JUrTBioRStt 01 tSSSSZ 


WHIRSANDS BAY Horn. tUX. modern- 
suocr Hews- Safe, sandy breches. Golf 
course adjacent. Now bed. outdoor pool, 
sauna and launderette. Comfortable, warm 


bedrooms, 2 cUfftoo annates overlooking 
Bay. Tef. 403. . 


HOUSE BUILDERS 


With own money fully com- 
mitted, seek Finance Partner 
for further sices available to 
them. Mainly Home Counties. 


Write Box T.4799. Financial Times, 
10, Canaan Street. EC4P 48Y. 


TTie h oliday ho tel 
wiUi an lii tei national 
reputation. 

Luxury rijihi by the tvalnr'a adgv. Belli, 
shower, radio, phofra. colour TV In »-ery 
room. Hair whxi. solan um. kb uko room, 
■ralood restaurant and Iwnad pools. 
King The Marine. Salcombr. Sooth . 
Devon OS4-8B4Z251 . Telns 451 H3. or 


b AUr write lo Mr. F. A. Andnnr. 

™XfaeM*Mrisae 


FOREIGN HOTELS 




HOLIDAY 
ACCOMMODATION 


TRAVEL 


« own. f. winnui, ■•■r »W sunsiim, 

Suffolk. Teiepnono Bury SL Edmonds 
02B4 G3531. 



W. GERMANT 

NEAR HAMBURG. ON SMALL LAKE 
DREAM PROPERTY TO MEET 
SUPERIOR DEMANDS 


abouc 20,000 sqjn. parkland, 
large villa luxuriously equipped, 
with house for staff, garage 
building for 6 cars. Price $!.6m. 

SagnSdeke-hnmaiiiliea, 
Pundtwcg 2, D-282D Bromm 71 
I specixlise In nurdendai and office 
biiildingi, alto industrial planes. 


ANTIBES— COTE D'AZUR 
Pcntbouio m high luxury building, 
Centro el Antibes. Panoramic riew 
of sea. harbour. Cap d'Antibw and 
Bate de« Angcs. 170 sq.m. — 215 
sq.m, terraces and gardens. Two-car 
girsge. Pries: Fn.3.000.000. 

Write W-' 

Domut AncibM. 

14/16. avenue Robert Soieau. 

06600 Antibes. France. 

Tel: f93) 34.69.57. 


FRENCH RIVIERA 
i ANTIBES 

New luxury rooftop apartment-— 3 
bedrooms, 2 bathrooms, modern 
equipped kitchen. 70 sq.m, terrace; 
sea view; chue to beaches and shops. 
Frs.670.000. Write w: 

Lorreine Agence, 

43, boulevard Albers iar, 

06 Antibes, France. 

Tel.; 193) 34.44.68. 


FARM FOR SALE 


Company will sell 21,000 etrei of is 
Nicaraguan cattle and rice farm. 
Contact: 

ARNO LOO OCHOA. Tel: 62-7-32 
or 11 CaBa 2-25. Zina 9, 
Guatemala Chy 

GUATEMALA, CENTRAL AMERICA 


Only £2.00 per line (minimum three lines) 


Return this coupon with details of your property 
together with your cheque and publication will take 
place next Saturday. 



CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 
10 CANNON STREET, EC4P 4BY 
or telephone 01-24S 8000, ext 390 


FOR SALE 

LARGE VALUABLE 
PROPERTY 


ON LONG LEASE (18 YEARS) 
INCOME £15,000 PJL 
with rent reviews" every three 
yeirs. Situated in the centre ct 
one of the major shopping areas 
in Hull. 

Write Box T.4803, 
Financial Times. 

10. Cannon 5treet, EC4P 4BY 


EAST OF DORTMUND 
adjacent to Autobahn . 

Lease For Sale or Sub-Let 
Sbwla Storey 1.100 sq. mama. 
FACTORY /WAR SH OUSE 
with possibly officu accommodation. 
Modem premises. Ample parking. 

fan teen— 


YORKSHIRE PRES A PUBLICITY, 
f Quebec Street, Leeds. 


CARAVAN PARK 

RESIDENTIAL 


Highly develop ad and smallholding with 
buildings, aho fresh water fishery. 
Meal holidays, touring and camping. 
Superior modern house In private 
grounds overlooking trout fishery. Land 
extending to approx. 176 acres. 
Mid lands area. VYrtte Box G.I230. 
Finaneref Times, 10, Cannon Street. 
EC4P 4 BY. 


SPAIN 


Madrid; 'Granada, Seville and 
Santiago . . de Compostela are 
among the Spanish cities listed 
fn our new booklet. 


There are also suggestions for 
two and three centre holidays; 
a coach to'ur through AndaLu- 
sia. and. details of some of the 
best seaside hotels — the 
beautiful Hos.tal de la Gavina 
at S'Agaro. and the . Gran 
Hotel at U Toja to mention 
only two. . 

Travel to Spain is by scheduled 
flight and- our arrangements 
can be amended to fit. your 
exact requirements. May we 
send you -details? 


HAYES A JARVIS (Travel) LTD. 

6, Harriet Stmt. Mgravio, 


London, S.W.l. 

TtLi 01-235 4060 or .4675 


Discover the Sap of Sardinia 


HOTELS. VILLAS, CAMPING & 
CARAVAN HOLIDAYS 
from £85- including direct flights 
from Gatvritfc. Fre* broehure from: 


Magic of Sardinia 

(Dept. FT). 190. Chiswick High Road. 
London, W.4. ToL: 01.994 762S/4. 
ATOL 10I«D. ABTA 42461. 


Small World’s 
Holiday Glossary: 2 

Mirra BIRD: 


A migratory bird found, moitly in 
pairt. In e ho too spoa throughout cht 
Med i ter ran* an looking after Small 
World's villa parties m Greece 


(Parga, Mykonos. Andros, Paros, 
Oyk. Symi and Lindoil. and in 


pete. Symi and Lindos), and in 
Sieily (Syracuse and Upari). A 
web -footed variant can be Found on 
board our motor cniuer. Small World 
I which meanders through the 
Dodecanese and along the furbish 
coast. 

Picked for their personality and 
COOkmg jbllity these popular Cr enures 
P^'*. Small World holiday maker* 
w*t» full board, unlimited wine * 
morning chorus of local Information. . 

OmlrtotogUo should uk for our •" 
yillg Party brochure giving detailed 
i W {ructions oa how to track then 
down. 


SMALL WORLD 
ABTA AJTO ATOL 488B 
5 GARRICK ST. 
LONDON WC2E 9AZ 
01-240 3233 


CARIBBEAN SUNSHINE a norm ip n 
gjwgw V“2" Sultahto .ft*, 
' — 1 - .mulehlq Grenada with 


HrttiiF citBM. ' oSTt Wlin 


MOTOR CARS 


JSRSEY, Socnd a lew days this motor 
■ cpSoyfng 111* at a UP dm HbW n* a 
price I pel tiding air trawl and transfers. 
Write ior wllct lo Hammersmith 
Travel (DeoL P.Tj. 123.FuUun Palace 
Road, Wfi BJA. 






















'I low to spend it 


iswers to our New Year Quiz 


-tMgm : by 




vaiider 



■NK YOU to at! the many readers 
entered into the spirit of ©nr 
- : ,v«l quiz (compiled for ns, for the 
- rannfag, by Qrm Digest the 

,, : ,uuy magazine for puzzle addicts). 

• vJtheis before me have discovered 
• ■ impossible M t© please all of the 

.te aU of the time" and though 

. : readers added little notes saying 

. .. " s’. mnch they had enjoyed the quiz 
1 .■|. |? l thanked ns for the hours of 
■ *,.•* 'rtainment it bad given them there 
/ v a few who missed the really tough 
. -y. lematical problems of last year. 

; ( . ••'i.n i certainly 1 are a learned bunch 
,'A those of yon who did not spot 
. .. (n on-deliberate) mistake in the 
~ ;.,tion about Mohammed and .his 
■^ lations (which were in a cave and’ 

• : 5 j under a tree) were very Inventive 

\ *ne sorts of trees under which 

. v ‘ light have seen the rt light/* they 

-.'seemed very appropriate to the 
• . : l s J and the terrain and have greatly 
,ded my existing knowledge of 
’ v» of trees but in the event we 

* v . the only fair thing to do was to 

-sard that particular question 

■ ; j:_ !, r .'»st of yon,’ It seems, gof most 
...... e questions right bnt when picking 

"-'winner (which' we did by asking 
.. y 1 mtsider to put his hand into a 
V. ^ containing the answers and pull 


out first one, then another, eta. until 
we had three correct sets of answers) 
It became apparent that many of those 
who, failed did so by micrfng the 

simplest of things. 

The commonest mistake of all was 
to confuse the pictures of Tfcaekeny 
and Fielding while other people mis- 
spelt Symkyn (SImkyn does not seem 
to' be. an accepted spelling). 

The word pahs question could he 
solved In various ways and though 
the official answer is “joint 9 all the 
many readers who came up with “ raft ** 
as Che left-over word were not dis- 
qualified od that account, as »»*«; 
certainly was an acceptable answer. 

As usual, the only sadness in award- 
ing the prizes is that so many readers 
who sent in such clever, learned and 
ingenious answers could not all be 
rewarded. Another personal disappoint- 
ment, to me, is that all the winners 
turned out, like last year, to be men. 
I can’t quite make -Out why as T«*aOfig 
through the entries we seem to have 
received at least as many from women. 

Many congratulations to the follow- 
ing winner s who will shortly receive 
a magnum of champagne with our 
compliments; J.-C. Edwards, North- 
wood, Middlesex; Colin Tite of Mon- 
tagu Square. London, Wj; and Mr. 
Chappie of Sutton, Surrey. 


,v : TREASURE 
HUNT 

. . r ’ lers were asked to find 12 
.. , -sh towns and cities from 

k ' clues provided and by 
... g in the diagram, they 
discover what treasure 
., /hidden and its location. 

. .... ^Winchester 
• ?::r- Penzance 
" r -- ; '•> -Inverness 
' 'Hastings 
, " ^ Banbury 
Barry 

. ; . London 
- . Rotherham 
Bakewell • 

//"Elgin 
.. Cardiff 
..Holyhead 

■ . treasure was golden 
. us and it was found in 
t Bromwich. 


famous streets 

1 Which city has a street popularly called 
“The Royal Mile?" " 

Edinburgh 

2 Where Is ^The Golden Mile?” 

Blackpool 

3 For what is Lombard Street, London, 
famous? 

Ban k in g 

4 What is the name given to Chester’s 
g aliened streets? 

Hie Bows 

3 What is unusual about Pulteney Bridge in 
Bath? 

There are shops on it 

6 Where did the Fire of Loudon start? 

Pudding Lane. 

7 In which city is a street called Wbip-ma- 
Whop-ma Gate? 

York . . 

3 In which street is Shakespeare's birthplace 
in Stratford-upon-Avon? 

Henley Street - 

9 . What is the origin of toe name Shambles 

given to streets in somo-ancient cities? 

They were the sites of. slaughterhouses 

10 For which particular house is The Strait in 
. Lincoln famous? 

The Jew’s House 


TREES 

L Under which tree did the 
ancient Druids hold their cere- 
monies? 

Oak 

2. Which member of Royalty 
is skid ‘to have popularised the 
Christmas tree in thlc country? 

1 Prince Albert 

3. Which is the world's tallest 
species of tree? 

Redwood (Sequoia 
Sem pern vens) 

4. Who wrote: “ I remember, I 
remember. The fir trees, dark 
an^ high”? 

Thomas Hood 

5. We originally asked: “ Under 
which tree did Mohammed re- 
ceive his revelation?” However, 
erudite readers pointed out to 
us that Mohammed received his 
revelation in a .cave. It was 
Buddha who saw the light under 
a Bo tree. We have therefore 
decided hot to count this question 
either for or against 

9. Whidh English king hid from 
his enemies in an oak tree? 

Charles H 

7. What year was observed as 
Tree Planting Year? 

1973 

8. What do foresters mean 
J when they refer to some trees 
' as ^^stag-headed?” 

The trees are bald of leaves 
at the top. 

9 . Who was the king who 
hastily summoned a Parliament 
under what is now known as 
Parliament Oak at Clipstone, 
Nottinghamshire? 

King John in 1212 or King 

Edward I in 1290. 

10. The completed lines read: 
“I think that 1 shall never see 
A poem lovely as a tree.” 

1st REBUS 

COLD COMFORT FABM 

2nd REBUS 

TO BE HALF SEAS OVER 

PAIRS 

The word left over was joint. 



Tell-tale talisman 


IDENTIFICATION jewellery to 
be worn in case of a serious 
accident or illness isn't a very 
jolly post-Christmas subject but, 
on the other hand, it could 
actually save somebody’s life one 
day. Tile idea behind the SOS 
jewellery is that a small, discreet ^ 
piece of jewellery should conceal 
all the vital information that 
might be needed should the 

wearer either become ill or have 
an accident. 

St John Ambulance is behind 
tbe venture and some of the 
funds raised from the sale will 
go to help that order. St. John 
Ambulance volunteers of course 
are often called upon to help out 
at the site of accidents and so 
know only too well just how 
much it can help if all relevant 
information is easily to band — 
people who are very ill, uncon- to.'.iv 
scious and unable to speak, often 
can’t indicate if they are allergic 
to certain drugs, whether they ~‘ - *" 
are diabetic, have a heart con- A se 
dition or even just their name Tali! 
and address so that their nearest in d 
relations can be informed. if go 

Each piece of SOS jewellery picU 
carries a small heat and water a ro 
resistant capsule which conceals . . 
a strip of non-soluble paper on P ,aie 
which is written all the infor- the 
mation that might be essential 
in an emergency. 

Because the capsule is an 
intrinsic part of either a watch- , A. r 1 
strap or a piece of jewellery it 
will almost always be worn, even s ? me ]H 
while taking part in sport, when 5000,11 
things like passports, identified- same 0 
tion papers and so on are not 
carried. It is obviously not bulky watch 
to wear and though 1 wouldn’t but lhl 
claim that the designs of the nic-e-loc 
jewellery are so ravishing that m i E ht 
one would wish to buy them for _ t 2L .. 
their own sake. I do think they 
are sufficiently attractive for * d „ Q 
most people who might be at man - s 
risk not to mind wearing them deDar tn 
in one form or another. ment si 

I think anybody who suffers stock tl 
-from a serious allergy (for the go] 



A selection or the major items available In the range of SOS 
Talisman jewellery. The attachment to the ivalch is £5.50 
in chrome and the pendant starts at £5.75 In chrome. Is £9.5U 
if gold-plated, while in silver it is 12350. In the front nf the 
picture Is a bracelet (the price starts at £7.95. is £22.50 for 
a man's gold-plated version. £16.95 for a woman’s gold- 
plated one) showing the cap removed from the capsule and 
the strip of vital Information unfolded for easy reading. 


example, to penicillin), an ill- 
ness like diabetes, or lakes part 
in the son of sports which have 
some risk attached to them, 
should seriously consider using 
some of the SOS jewellery. 

The disc that attaches to the 
watch is the least conspicuous 
but the disc bracelet is quite 
nice-looking and the pendant 
might appeal to some. Prices 
start at £5.50 for the chrome 
attachment to the watch strap 
and go on up to £39.95 for a 
man’s silver bracelet. Boots 
department stores and depart- 
ment stores like Self ridges will 
stock the pieces in chrome and 
the gold-plated versions. Gold 


versions I avail able from Feb- 
ruary) and silver i available 
now i can only he bought from 
jewellers like some 11. Samuel 
branches (especially Oxford 
Circus branch l. If you have 
trouble finding a local stocki-c 
SOS Talisman, 212-220 Regent's 
Park Road, Finchley, London, 
N3 3HP, will send a leuilct 
describing nil the pieces in deiail 
and wall give you the addros of 
your nearest shop. 

You will, of course, need lu 
ask your GP tn fill in Ihc medical 
details on the strip bul details 
of name, telephone number and 
next of kin can he filled tn by 
the owner himself. 


2 Clara Schumann 


3 Robert Schumann 


Philippa Davenport's cookery is on Page S 


WHO WROTE WHAT? 

lers were asked, to link up the titles of hooks, 
their authors and their pictures.. ' 





t i. U\ 


IV!* 

• » •» • 


4UjepDvLur<ia 

vrote Lord Jim 


Henry James 
wrote Daisy Miller 





PLAYS AND PLAYWRIGHTS 

Readers were asked to find the authors of 
various plays. 

1 PRIESTLEY 

2 IB SEN 

3 PINTER 

4 OSBORNE 

5 BRECHT 

6 CHRISTIE 

7 SHAKESPEARE 
.A fiHHBDfr AN 

9. CH^KHOY'. 

10 COWARD \ 

11 WILBE \ 

12 MARLOWE \ 

13 BOLT \ 

14 ELIOT \ 

15 BABBIE V 

16 MILLER \ 

17 SHAW . \ 

Tbe name in toe arrowed column was Tennessee 
Williams. 


MINI-CLOCKWORD 



A»P 

L P- 


H A ! 


. urnoid tteuneU 
. te Hilda Lessways 


W. OL lIucKeray 
wrote .Barry lyndion 


. »o 

A c 



3 

WORT 

7 o 


“r 

N T | t 

►R 

MS L 

H 

i 

W^r « 

T 

L" =-E A N 

U 

q «-¥ t 

G 

o ^ 



Virginia Woolf 
x ote Jacob’s Room 


Sir Walter bcort 
.wrote. Guy Mannering 



Henry Fielding 
te Joseph Andrews 




Laurence bierue 
wrote Tristram Shandy 



K. M., Forster 
rote Howards End 


• George JEHnt. . . 
. wrote Adam. Bede 


THE NUMBERS GAME 


1 Wtrat is meant by a one-horse town? 

A very small town where only one person is 
rich enough to own a horse 

2 How much is two bits? 

• 25 cents 

3 Who were the three musketeers? 

Atoos, JP orthos. Aramis 

4 What are the four freedoms? 

Freedom from fear, from want, freedom 
. of speech, of worship 

5 What is a bunch of fives? 

A fist 

6 Where are- the- Six Counties? 

Northern Ireland 

7 Where &5even Dials? 

, London, WC2 

8 Bow would you-fed if you were one over 
the eight? \ 

Somewhat drunk 

9 Why does it. take nine tailors to make a 
man? 

It is thought the word teller was facetiously 
adapted to tailor and nine tellers (strokes) , 
are tolled at a man’s funeral. The expres- 
sion is used to suggest the physical feeble- 
ness of tailors by implying that it would 
take nine tailors to equal one man of 
good pbysiqne. 

L0 Who were the Council of Ten? 

Secret tribunal of the Venetian Republic 
in 14th to 18th centuries 


LITERATURE 

1 down: Ebenezer Scrooge - 
The other clues- were aU across 
A Enoch Arden 
B. Beowulf ;': 

C Egdon Heath . 

D Ngalo Marsh . 

E < Estlenne - 
F Zane Grey. 

G Elbow grease , . 

H Robert Graves 

I Symkyn 
J Cbivery 
K - Raymond Chandler 
L' Oracle ' 

M Otter ' 

N Gregory Sallust 
O Edda • . 

The numbered squares spelt out How Green 
Was My Valley. ■ ■ 


x ^sProvident^^ 


EXTRA BONUS 

for with' profit policyholders 

Everyone dreams of a windfall. The 1 25,000 with profit policyholders of UK Provident have just 
received one in the shape of a record breaking bonus. 

Record breaking is nothing newto UK Provident. We have been steadily increasing the bonuses 
- we add to with profit life and pension policies ever since 1 840. 

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 profit life assurance and pension policies, 
newwtfrary bonuses have been declared for the three 
years 1 975 to 1 977. These are the highest in the history of 
UKProvjdent. 

ADDED TO EXISTING POLICIES 


Life Policies 


Pension Policies £4.80 pa. For every H DO of pension (orsum 

assured} and attaching bonuses. 

PLUS SPECIAL BONUS of 1 5% of all ordinary bonus*, life and 
pensions, earned up toaod including 31 December 1977. 

In the past, many life assurance companies have also 
offered a variable bonus known as a terminal bonus. This 
has been payable only at the end of the policy term or on 
earlier death. The amount of bonus depended upon 
investment markets; it could-and often did-go down as 
wellasup. 

But not in the case of UK Provident even during the 
■ depressed years of 1 974 and 1 975 we never reduced our 
terminal bonus. Ndw weheye had a better idea; we are 
consolidating part of our terminal bonus. A S FECIAL 
BONUS of 15% of aliordinary bonuses attaching at 
31 December 1977 is SOing to eligible with profit policies. 

This is a major benefit. In effect, we have added 
increased bonuses to our with profit polieies-bonuses 
that are guaranteed. Like the new declared ordinary 
bonuses, the special bonus cannot be taken away or 
reduced-no matter wharhappens in investment markets: 


£4.30 p.a. for every fl 00 of sum assured and 

existingbonuses. 


Extra bonus means extra benefits..* 

A savings policy taken out at the beginning of 1 975 for 
£1 0,000 has now increased to £1 1 ,483 with bonuses- 
and should continue to grow. A Self Employed Pension 
Plan startrng at the same time for a guaranteed pension of 
£1 ,000 p.a. will now have an extra £1 65 of pension- 
which should also grow to give more on retirement. 

Bright prospects..* 

With profit policyholders can look forward to 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 history 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 out on maturity or death in the next three 
years. These are Interim rates, subject to alteration at any 
time up to our next full bonus declaration on 31 December 
1980. 

INTERIM BONUS RATES 


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 

Endowment assurance 

Fora 

pension plan 

sum assured: £5.000 

term of years 

guaranteed pension: 
£3.000 p.a. 

£7.975 

10 

£5.01 3 pa. 

£9.990 

15 

L 6.420 p.a. 

£12.540 

20 

£8.241 pa. 

£15.680 

25 

£10.530 p.a. 

£19,530 

30 

£13.401 p.a. 


NOTE: These figures show the total estimated proceeds payable, 
including 10"'u terminal bunns. They aie noi guaranteed. 

Ask your life assurance adviser to tell you about 
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S 


The Arts 


1 Stewefal Times Sstfoti^ Jaritfmy & 


Let’s Make atl Opera ! England made them 


BY ELIZABETH FORBES 


BY ANTHONY CURTIS 


The Reith Lectures ; are a grammes with a Hardy base. 
Some kids in blue jeans are the children in the audience- horrid. Rowan, agreeably sung severe test for an academic. Don These 3 

lying on their* stomachs on the seme 85 per cent— are at first a by. Helen Field, rightly looks shall, speak unto nation. When J™ ted to om ances of 

floor, watching television; cries bit self-conscious at participating very little older than her he does he is expected to say Hani poems set to music by 
are heard from the attic where in an opera. charges. something of profound import- Gerald Flnzi, and A Wonwm 

an°nw r tS? 2 During the rehearsal of the Margaret .Baiton makes a ance which the Intelligent lay- Much Missed (Radio 3 January 

newspaper?aatingfrom £%£ tfgZSZ, St T-SS# on £ *«“* ™ S on^Mo^M^ 

Bath " with its catchy -waltz tune, toy cupboard in which Sammy is KeiUl lecturer 111 1848 waS 11131 programmes was that they were 
everybody, child or adult, is join- hidden. Andrew Thomas as “taster of lucid utterance, put out at around four o'clock 
ing in -wholehearted!:?. The bird Sammy appears properly pathetic Bertrand RusselL- This year it in the afternoon and. therefore 
noises in “ The Night Song u re- and the other children all con- is Professor A. H Halsey pro- were lively t0 have been missed 
lease aU lingerie inhibitions (as tribute lively, performances. fessor of social ‘and administra- J* samfuUy employwl at 


Opera 



* ->■> 
■ .%:<*■ J; 


Trci'or Humphnct 


a chimney. The children use this Smith’s reference to a- cuckoo poser of the opera, while- Mark Society, was heard this week Tfumws Hardy (Radio 3 January 

story as the basis for their opera, among the critics has anything Hamilton (Alfred the Gardener (Radio 4, January 11). As a pre- ^qj gome on a * in o’clock an 

The Little Sweep, preferring a to TOtl1 me) - as well as Clem)- audition with view we learned something about appropriate time to listen to ’lore 

home-made effort to The Gon- For the opera, Antony an ~ JSS£ the lecturer’s own life and atti- poetry. The poems were read as 

iSSSLiZL S °* me sUnttard McDonald’s set adapts deftly “ “H dr shoo who £2£ tudes in a conversation he had illustrations to a talk by Michael 
entertainment from modern games-room to “ BotoSh's* * with Michael Charlton the week Alexander of Stirling University 

The framework of Britten’s early-Victonan nursery; his Tenor at at. a ipn . before (Radio 4, January 4). He in which he argued that Hardy 

Let’s Make an Opera has been costumes, especially the child- The orchestral ensemble — emerged from that as an ensag- was one of the great masters of 

brought up to date by Eric ren's clothes, are charming. Sally string quartet, percussion and ing talker, proud of the values modem English poetry with a .. 

Crozier, librettist of the original. Day allows the affecting tale of ,p4Stno duet — .ptays Britten's he inherited . from his working- special appeal for contemporary . „ 

1949, version, and Sally Day. who Sammy's rescue from a brutal, beautiful score with the care it ci a « "background his father P 0 ® 1 ^ like Philip Larkin. Mr. A hologram- of a modfcl of Atlaotus from die James Bond film “The Spy who uovea me 

directs the Welsh National master - by the Brook children, deserves and Julian Smith • Alexander's comments were 

Opera's new production. The helped by their cousins the manages to keep audience and sensible and pertinent 1 had ~w~ • w 

Little Sweep, unaltered, remains Cronies, and the Cromes' nurse- stage together in the finale, always taken Hardy's greatness # f/fllT /tMT/VCITV/) r 

after nearly 30 years an example maid. Rowan, to unfold naturally. Coaching Song,” rUbt -up to the H i4c[ t|( is this respect to have been # " f f/ mm ff 'f T fl f If \ f mm A DV runic m iNkl rv 

as moving and as powerful, in with seeming spontaneity. The fast bar. From Cardiff -tire WNO established ages ago. Lyton M'wrmr JL Bvf f’f’ MAr f' r V 4m dt v*nnio r 

its way. as any of Britten's other villains of the piece. Black Bob Let's Make an Opera! goes to Strachey demonstrated Jt first 

dramatic depictions of the out- the sweep. Clem his assistant Bangor, Harlech, Golwyn Bay, was a . railway porter and an when reviewing Satires 0/ Cir- Light Fantastic 2 is' as the title housing solid models. The illu- suggesting that holograms in th* 

sider. intended only for adults, and Miss Baggott the bouse- Aberystwyth. Haverfordwest, acti y e trade unionist— as well as cu ”^tarux..in The New States- hints the Royal Academy's sion is truly startling. More- home may soon be feasible. 

At the Sherman Theatre, Cardiff, keeper, are made • satisfyingly Malvern and. -Coventry. being critical of them. He went 1914' What gives Mr. second exhibition of holograms, over the contrast between the For children there are exhibit} 

to LSE try choice, rather than- “ieir unique The first appeared less than a new exhibits and the four rather 0 f the robots and space shim 


Light Fantastic 2 


BY CHRIS DUNKLEY 






Oxbridge, already beginning to ^ otter year ago. and the RA points out murky little holograms retained from Star Wars (though children 

diagnose the divisive diseases 01 romanticism, their com- enthusiastically that: “It is an from the first show demonstrates W ji] have to be held up for even, 

" _ _ _ ■ TT 1 Om linridififiraTiifl nvacawt ■■■ tun f m . _ . m ■ . 1 _a. JP _ xi. _ ■ _ _ 1 ! J - _ • _ ■ 


T' 



afflicting British society and “““ecomea presentments unprecedented step for the the . amazingly rapid progress hologram since angle of visioc 
determined to probe to the roots ° r n i nings ’ ro ^ are ' 10 * ac f; Academy to invite the re tarn of which has been made; hence this is critical). And the two mosr 
of status-distinctions and *? n0 ?I ber are - an exhibition on the same sub- second exhibition. dramatic illusions on show were 

anomalous inequalities. 2»iSj?n2lL£SrSILr 2L jert twice In one year." What, Unfortunately none of the of a cylinder which appears tc 


eminence with such a prag- supreme achievement, and we wit h lasers beamed on to an 
matic approach to the job and hMu-d such PWant works as emulsified plate and then pro- 
such sympathetic motivation. It The Going,” “ The Voice " and jected into space.” In other 
would he presumptuous to judge Mter a Journey." They were wor( k a 3D picture. However, 
the whole series of lectures well read by Hugh Burden but jf that brings to mind the films 



hologram is inverted, and the 
brain will not accept the fact— 
not only sits out in space, but 
follows you inexorably around 


where are you going ? " the m i p£» call lie^digenous 'strain three months are very much viewing. brief te chn i ca 1 P a JJ?) e ^ a n ^ 

points were not made with quite i n English writina was aloriouslv more convincingly three- Yet the rest of the show— the even a hst o f ex^bi^ menuoo 
the cogency I would have erfdwt a^ dimensional. bulk of it-also contains remark- 

expected. No doubt this was in of The Pilgrim's Progress with So much so. that in the first able exhibits. Several holograms art. and thereby bangs a do t. 
part due to the great complKity Gielgufl u Christian and music of the eahibitions three dark-, pwte* ^ «*2W5 


Peter Mass oc chi, Andrew Thomas and Mark Hamilton 


WUUIUAJ MUiC UUKUUUU UUUUEU UU U>« LUUU UHUCI1C1 ‘ , - Ii 

cepts like “pair-bonding" speakers; in quad it must have the flat glass plates clearly ex- the lasers that were hitherto something 11 

(marriage), and then to discuss sounded simply terrific. peering to discover deep boxes necessary but with white light, photography m la4U, pernaps. 

how this way of viewing society 1 * ‘ “ 

—Mia »ha nhonorae whlhli mvn. ^ ^ ja 

With two or three veg. 


Gardening 


Theatres this week . . . and next 

WAREHOUSE: Frozen Assets: a much more traditional opening Chelsea which features from 
Barrie Keefe on his well worn at the Shaw, a revival of J. B. Tuesday a season of Holly Wood- 
ground of the teenager in Priestley's metaphysical thriller, lawn a U.S. drag artist. 

Kyi!;.*!? .£!*. ^ l ^ ^ premia in 


how this way of viewing society * ” 

reveals the changes which revo- — — 

lutionary ideals such as liberty, 
equality and fraternity have 
wrought It is the last-named 
and most neglected of this trio 

which is to be the Pressor's T0 tfae w gh p ric es a screen. My choice will be Avonresister which I have Kema has been ray best tomato^. . 

hUS^after ft should of 1876 there was a boom in another old timer, Kelvedon grown for several years but am in the greenhouse, early, short 
hi^n *hLtorirai W^od-mort of home garden vegetable growing Wonder, the sweetest pea I discarding as too small for my jointed, prolific and disease-free^. — 
IMZ Woon-sport 01 ^ ^ tha »‘ veget “ toow that mr em;eds 2 feet, ratter poor soil. I shall also though it did produce a fair 

if thP nrofessor were looking able prices have slipped back to I shall also be looking back- return, to the veiy popular number of Sreenback fruits- ' 
if tne pro less or were loob-itie " ^„rorf Wne "RoH flnrpil Pprhans T vine s hIMate with tie 1 


selves this year? I think not pencil podded Tendergreen Peer Gynt % for several years set a good crop but little of it 

though I do' believe that there which cropped , very in- now, often * alongside other ripened in the cool, wet summer. 

THEATRE UPSTAIRS: Our Own 0n Tuesday Kinadom Come nightt^ ^ be fallin S off in the ’ differently with me last summ-r varieties, and find that it They reaUy need a wanner si tua- 

People; A dramatisation of an S&S SrtSn’s black comedy What The £wldn^ quantity grown and a great deal and was almost equally un- ^fie^ •! I -J than iSn ab^onffe? 

industrial dispute involving musical, by Stewart Parker of Butler Saw. Another out of town ? a v and tiieyhave beep noting mor e selectivity. impressive in one of the most which mclude plenty of sprouts than I am able to offer, 

white and coloured workers is Spokesong fame and music by opening of some importance is fart in a number of pro- With potatoes at their present comprehensive vegetable trials to be picked, as I need them. Sweet com was quite good 

the elective theme 01 this Shaun Davey. opens at the Kings at the Glasgow Citizens, the very reasonable price I would 1 visited. But I shall only sow from September to Christmas despite 'the weather thanks 

Mw?!?w?Tr» n ■ i. -m. Head - Islington wheVe you can source of much of the best new exnect far fewer to be nlanted just enough of The Prince for with some beyond when Ihe mainly to growing a really early 

sr par a'a&ASs c !k Jazz brunch at MWjsa ^ «">*-. h “ 

through a series of parodies too and allotments and that is cer- me » "OUS untu xne runnere mis winter, ' . is not the sweetest sweet corn 

well worn to make much impact. _ — ^ ^ __ _ Dnw^nt/vx 1 tainly what I intend to do. I commence to crop so very much For cabbage I intend to have j know but it is certainly the 

AMBASSADORS: Memoir — //I yyf IKTsjlJt V/»v /r A €// AXUlVl shall concentrate mainly on the f more profitably. Enorma has more of the pointed type and most reliable for my conditions. 

Masters in new ror/c ^ 

chara. P > Wb,Ch “ n0t W,thout Christie's began its second year £47,473 from the Dutch dealers ^braalry at SrPortoa^Hotel’s Guard whic* the family partieu- th^Tts ^eaUy not^much SStoned GreyhoSid wfll be my S^^ion in my cold wet 
RIVERSIDE STUDIOS: The of sales in New York on Thurs- Van der Meer for a picture of Jazz Brunch every Sunday. The lariy like but which are not 1 J ~® fashi^M Greyho^a w _ ^ ^ jg 80 slaw and unreliable . . 

Cherry Orchard— This first pro- day with an auction of Old flowers In a vase hy the 17th- Brunch starts at 11.00 a.m. and always easy to buy in the shops. choose between any ofthe mainstay- Wth afew ot tne reia- ^ Jgraw onioofl from 

duction at this new auditorium Masters which totalled £774,052 century artist Jacob Vosmaer; the jazz begins at 12.15 p.m^ last I shall certainly plant some top varieties such as Prize- tively new hybrid Hispi lor com- . ^ Coronado and 

in Hammersmith gives the ven- (SI. 470,700). The top price was £25,473 from the Norton Simon orders by 4.00 pjn.; the Kathy Sutton’s Foremost in a frame winner. Streamline, Achieve- p arisen. - RiindnirEer Wiibo did well last 

ture a most encouraging start. Museum in California for a Stobart Quartet with singer as I did last year. I was lifting m e nt a°d even the old time Calabrese Expess Corona is 

Jttlic Cavineton. Eleanor Bron raVnVHnUrayHHjHl portrait of a man by Jan Lievens; Marion Williams on January 15; them bv the middle of Mav Scarlet Emperor which I used still my favourite broccoli, a rear ana j. snau grow oum 
and Judy Parflrt are featured, m £20.842 for a shipping scene by Bruce Turner Quartet (22); when * po^toec were rfjfi for filling up gaps last year and quick maturing variety that -f 8 "®* 1 a . a leek 

Peter GUI d, reels. J UlflF - Ta " "" Os and £20363 for Dave Shephard ™ DS ”7 could srarcely ctistlnguish from starts by giving one quite large I hot tried prevtousiy, 

* another van Os, this time of a Johnny Barnes and Roy Williams . J ^ e .j. e . ^ others ereen head and follows this with Catalina, and it proved so satis- 

Last niaht saw rhe opening of the £66.578 from a private buyer Dutch state barge; and £18.526 on February 5; ike Isaacs had^ Sainlv What I think gardeners have a lot more which get progres- factory that I have ordered it • 

Edward Bond's new play for the for a portrait of Francesco I de for both a Venetian canal scene Quartet (12): Bud Freeman mid-June they had certainly wnat I mum ^aeners nave a lot : more ■ 

RSC The Bundle at the Ware- Medici by Angelo Bronzino. attributed to Guardi and a land- (19): and the Dick Cbarlesworth paid for themselves besides to remember is that all recent sively smatiLteir until t s no - hrrt _ rf h _,_ h _ f9P 
house, while on Monday there is Other good prices were t)ie scape by Hackert. Quintet (26). being better in quality than any vegetable breeding nas been longer -worth cutting them. My best broad bean by far^^ 

but the Jersey Royals. almost conclusively for the Last year I grew two varieties was Imperial Green Windsor,^ — 

1 I shall also cut down on peas commercial market Garden of summer spinach. Viking and though it did grow so tali ihat-^_ 

partly because grey squirrels demand, though increasing, is Bio omsdale. The former bad the it had to be supported with> « ' - 
* -w-— -g -w- took the lot last year and I have nothing like sufficient to repay darker leaves but both cropped stakes and string. This year 

m j yJ y m /wfffi ■ not yet got rid of the squirrels the years of work which must well -and when cooked were in- hope to be able to compare^* , *»^-- fc _ 

j 1 i amaia a i War # aJS WMaMtTw 1/ or found any effective way of go into the perfection' of a new distinguishable. But the real it with Masterpiece Green Long* 

J a wW %m*a warn/ wm/m keeping them out of the variety. So .it is what the success story was spinach beet, pod which I was unable to buy 

garden, but also because I do market grower wants that ■ included last year, after a last year. 

AFTER the expenses and is too rich for my taste but 1 do mustard and plenty of salt and show off your home-made mar- no t think I can grow peas at counts and top priorities are long lapse. What made me Little Gem, any favourite 

energy-sapping effort involved like avocados filled with flakes pepper. Cook, stirring, until malade to friends. For each around 20p per pound shelled uniformity and ease of harvest- forget this magnificent cut and small lettuce, did not stand well - 

in Christinas cooking, most of white fish which has been thick, smooth and hot. person put 1 tablespoon broken- which is what I am paying for ing. What the home gardener come again vegetable I cannot lacr summer riP^nim tHp rool 


• J>tU U_y UcUdUbC gtcj Mj iiiri ria uvuuiuu, f 

g g* -w- took the lot last year and I have nothing like sufficient to repay darker leaves but both cropped stakes and string. This year I, 

/J m /VMyi /w«fi n not yet got rid of the squirrels the years of work which must well -and when cooked were in- hope to be able to compare 

f 1 a a a § si a a Bar a aMiMm S/ or found any effective way of go into the perfection' of a new distinguishable. But the real it with Masterpiece Green Long* 

g a aw %m*a warn/ wm/m keeping them out of the variety. So it is what the success story was spinach beet, pod which I was unable to buy 

garden, but also because I do market grower wants that ■ included last year, after a last year. 

is too rich for my taste but I do mustard and plenty of salt and show off your home-made mar- no t think I can grow peas at counts and top priorities are long lapse. What made me Little Gem, any favourite 

like avocados filled with flakes pepper. Cook, stirring, until malade to friends. For each around 20p per pound shelled uniformity and ease of harvest- forget this magnificent cut and smalllettuce, did not stand well 

of white fish which has been thick, smooth and hot person put 1 tablespoon broken- which is what I am paying for ing. What the home gardener come again vegetable I cannot lacr summer rtP«nir» th*» rool 

* — I i„ CTICCrr CrCAir 4V.n _ . . r ' U- C j;cr ; 'Tanflar ' ununa 1 



AFTER 


Fishine 


Oh why are we waiting ? 


* 

. m j 


around me just now — and that Vinaigrette looks prettiest if ing it first) so it is ideal for indeed so it dribbles down surpassed for flavour but at 4 varieties still rank high on this Bush as my principal marrow £ 

means that quick, easy and not you include plenty of chopped anyone who plans to be out all between layers) and top with feet it is too tall for most basis. but shall revert to Zucchini this ^ 5 10 ,.J? aaA ' 6eea 48 rape 115 

loo extravagant dishes are fresh herbs. day and can rely on an auto- another tablespoon of crumbled gardens unless one wants to The parsnip I shall grow this year because I think it is more Dut a eoes a l0T1E way ' 

called for. Less fattening Is AVOCADO matic oven to produce a wel- shortbread. grow peas against a fence or as year will be Hollow Crown, not prolific. For two years now ARTHUR HELLYER‘'i...p'~ 

Root vegetables and brassicas WITH YOGHURT AND GREEN come meal for their return. lemon SOUFFLE OME- T“ — — ■■■ -- V 

are plentiful and good value DRESSING. Blanch and chop Although stewing steak is used tpitf is wAane mv 
now. The smokey. earthy the leaves of two bunches of it is not cut into cubes but mrfEs a n* i t il idS 

flavour of Jerusalem artichokes watercress and finely chop 2 or cooked in one large piece for jf fwac B n 

makes them one of my favour- 3 salad onions. Mix them into each person— which somehow ^ inCTedients sir™ ttnre- 

iles, despite their unprepossess- 8 fL ozs. plain yoghurt which gives the impression of using a , _ n . :: * - 

ing looks. Few soups are nicer has been well seasoned with more ritzy and more expensive 1T 15 y SOME YEARS _AGO I was The Highland story is quickly fishing because the Scots won’t timing of these lapses in the w 

than Margaret Costa's SCALLOP salt and pepper and beaten until cut of meat For each person 1 - salmon fishing on the Avon and told.' In 1976 there were no fish on. Sundays), would prob- salmon's normal cautious be- « j.v-.; 

AND ARTICHOKE SOUP (Four smooth and creamy. allow a thick slice of stewing For 6 people heat the yolks ^ nothing at all was ha open ing ^ in the river, and in 1977 ably provide almost as much haviour are impossible to pre-,- “* i,; 

Seasons Cookery Book published Home-produced beef is excel- steak weighing about 6ozs after of 4 eggs with a tablespoon or _ 7“ t th . ’ there was very little water dur- fishing as the day a week diet There must be something <i r-, 

by Nelson and also available in lent now. Prime cuts for grilling fat has been trimmed off. so of sugar and the finely grated ~ up “ » toiinw ing my P er ‘od of fishing. The through the whole season In the atmosphere, the light or ‘ ir 

Sphere paperback). and roasting make a real treat Dust all over with li-2 zest and juice of a large lemon. ™ Wye was poor in 1976, but nearer home. The overall cost some element in the water 

CHEESY ARTICHOKE SOUF- and the cheaper cuts can prove teaspoons flour generously Fold the mixture into 6 stiffly J* „ llT r„ X rather better in 1977. There would not be much greater, which will send the fish berserk 

FLE makes a pleasant and more very delicious too. seasoned with salt and pepper whisked egg whites. Turn into , fi-raJ were fish about in both years although Scottish hotel rates I for an hour or two. 

substantial version of a classic TRANCHE DE BOEUF AU and place in a dish into whit* a hot omelette pan brushed with J*.,:’ * and I was well showered when find the most extortionate in On balance then it is prob- v 

cheese souffle. Simply arrange SAUCE MOUTARDE is a good it flfs snugly (I find the minia- a little melted butter. Cook “J 1 ®* JJj they leapt beside the boat, but Europe. But fishing is not a able that a fixed period on one - 

thick slices of peeled and lightly choice when you want to lash ture Le Creuset casseroles gently on top of the stove until “ 1S j™ ' in no case was I able to catch cost conscious exercise. river should give a better \ 

steamed artichokes in the base out a bit. For 6-S people allow which are sold as onion soup the omelette bubbles and begins one. Two guests to whom I Theoretically the day-a-week ohance of finding salmon on the 

of individual souffle dishes, 2-2llbs boned and rolled sirloin dishes are ideal). to rise; then transfer to a hot “ver naw xiw o^s nanmg J“°-had- given days each hooked rod should have an advantage take than, fixed days a week-X 

sprinkle with chopped parsley, (or topside if you have a really Top each portion of steak with grill and continue cooking until ii,* 6 IvS one and then lost it I did at in that on some of the days 0n the oth er hand to confine bs. ^ 


a week- 
confine 


^ ^ j — r — ° — — v--- j n i ner rt,j a Up tnlrf mo frtr c ^ “>■ in uiai un auuic ui tne aays u«uiu iu 

spoon cheese souffle mixture on good butcher). Marinate the 2 ozs sliced mushrooms and just set and lightly browned on \ , least catch a few pike. throughout the year the river 53101011 fishing to a week or so 

Inn anrl nnnb in tha hcitqI xitnu mPfif fnr cPiroral Kmirc hmwn 9 n7C email ftrt lrtTlC thllllv Bill'd tnn_ * jCfiTSp Haa nGVCl JUlSSGu 3 rrn,- thnnmr KohfnH +1i a dntr. J Vtn - ... s» unar urnn T A 


top and cook in the usual way. meat for several hours, brown 2 ozs small onions, thinly sliced top. 

iVRTICHOKE WITH HOL- it all over in butter, roast for and pushed into rings. Pour on 
LAVD.4ISE (whole steamed 15 minutes at 425 degs F gas I tablespoon port, li table- 
artichokes served with Holland- mark 7, then complete roasting spoons good beef stock and 1 T 

aise sauce or better still, par- at 375 degs F gas mark 5. I teaspoon tarragon vinegar, mo 

tially steam slices of artichoke, allow a, total of 18 minutes per Allow to marinate for 2 hours 
dip in fritter batter and deep pound for very rare beef. or so before cooking If time 
fry) is also excellent, as is To make the sauce, sweat allows, then cook, well covered, . 
PRAWN, ALMOND AND ARTI- 3-1 lb finely chopped onions in for 3 hours at 300 degs F. gas 
CHOKE SALAD. For this 2 ozs butter until tender. Pour marie 1. A bit longer will do 
coat sliced artichokes with vin- on a glass of red wfne and cook no harm, 
aigrette while still warm from over fierce heat until reduced, . Citrus fruit tops the list of 
steaming, mix with prawns, Add the buttery meat juices good buys this month and now 
whole blanched almonds and from rhe roasting pan and allow is the time for all keen marma- 
lots of coarsely chopped parsley to bubble furiously. Reduce Jade-makers to get busy, 
and chives. heat to very low and blend in MARMALADE CRUNCH is an 

Avocado pears are also Pood 4 fl ozs thick cream seasoned ultra-simple custard cup pud- 

now% A prawn cocktail stuffing with 3 tablespoons French ding and offers a good way to " 


Suggested menus: day except fo: 

Avocado pears roads, and ha< 

Tranche de boeuf au sauce nothing. For 
montarde, carrots with olives, doin fi it still- 


day y St for StoSs Srtozen be l ind 1 ? e should be right But a concen- f year would leave an awfully? ftp™ 

rofdfS bad cSt IS aJweek rod !».*» ttere is trated week or fortnight in ■ ion S blank period until the / ?; 
For * ways a * at the fish «* Bod- the river im- ■«* tun. 

Jin 811 1 ™ G b M Will be in taking mood on one fishable for the whole of that „ During ten years' Scottish' 


of the 34 days of fishing. Of time, or fishless. And Scotland fishing we had two good years. 


poached celerfac and This crystalises the dilemma course there will not be 34 days, is a long and expensive way ^ ut one FW my share of the 

steamed potatoes of those who are addicted, ss On many of them the river will from anywhere. But even if 031011 was So the malhe- 

Lemon souffle omelette I am, to the pursuit of this be wrong; through being too there are fish, there is no probabHIties of actu- J 1 - 

rrr — . noble fish. Does one plump all high, too low, and too cloudy, guarantee that they will be in 5ii y catching a fish are slight "•< 

Articboices with the money on a week or two And of course unless one is a taking mood. The - are almost as poor even 

Hoilandaisc sauce in the Highlands or elsewhere, really ruthless there will be Salmon are said not to feed * & 00 ? ***** 00 the Wye. On 

5nss« beer wth leek or take a day a week on a river family and business occasions in fresh water, but they will what S° - ibe best beat last 

to paree nearer home? For the last two which can come before fishing, from time to time snatch at ^ ear . * ^m.told, 280 fish were 

S ?f^i wate . rcress seasons I have tried to have byt not many. various kinds of flies or lures. cau ? 11 a seas0 " of 248 days, 

and Chinese leaves the best of both worlds with a This halves the number of Using worms or prawns is a or i 13 * “ sh 3 Bnj. Six rods 

Marmalade crunch day on the Wye every week, days when the fishing is actu- more certain way of- catching flsh every day, so the 

Dun ippA nauirMDrtDT and a week ln tbe Hi 8 hlands Possible. So a fortnight on them, but such methods are riot odlJs are at Ieast 5 t0 1 asainsL 
Pnii-ir'rH urtvtNPUHJ as welL ■ a Scottish river (12 days of allowed on the best rivers. The JOHN CHERRINGTON . 


Artichokes with 
Hoilandaisc sauce 
Sussex beef with leek 
and potato puree 
Salad of watercress 
and Chinese leaves 
Marmalade crunch 








9 




‘rFtoaircial Times Saturday January 14 1978 


a 

& 






up 


. -.'.v' 4 :, -via 

■ - v : ;.| 

• „v‘- .#?■•'■ 



sW&rr* i 



tv 


f fSPp&NET MARSH 

,V | . • . 

K i il -NOVEMBER last Christie’s 
I ®!d a TiCFany lamp for £16,000. 
L Wmough it’s . not necessary. 
| irSloarily to . pay more than a 
fcmaff fraction of this sum — 
ttiqjless, .'that is, you absolutely 
phsisr ■ oil Tiffany— it does.- put 
iratiter a new complexion on a 
i^ss- of collectors’ items that 
S fjfr recently were distinctly 
5g ~ r^gooes* rather than antiques. 
gft pay, m any case, they are 
|g| (bought- for use rather than actu- 
ra5 • Wly collected. Almost from the 
1 time they ceased to be used as 
l «*ch, old oil lamps have been 
- converted to electricity. Ironic- 

• ally, to-day more and more 
^ -people are again using them 
MBk ’-with oil, no doubt finding in 
y£B«their soft, warm inefficient light 
^^■Nthat vague and . comforting 

nostalgia of past times which 
explains a good deal of the con- 
. A temporary collecting urge.' • 

Until the end of the 
eighteenth century lighting had 
made very little progress since 
^ the Romans. The superb lamps 
’-'^S'S » of bronze or brass, glass or 
' ceramic (Wedgwood produced a 
loti designed to furnish the 
great houses of the early neo- 
' classical period still used simple 
wicks dipped in vegetable or 
whale oil. and produced at best 
. no mare than two candle-power. 

A dual -revolution came in 
17R4. In that year Pierre 
Minckelers first used coal gas 
. for lighting, while a Swiss 
. physicist, Aime Argand. 
■- patented a lamp which used a 
regulated flow of air to the 
wick, and a glass chimney (an 
idea first suggested by 
Leonardo) to increase the 
power of an oil lamp 20 or 
30-fold. For over a century gas 
and oil were to compete neck 
and neck. 

Eighty years after this the 

• discovery of petroleum pro- 
duced a cheap high-quality 
illuminant. paraffin oil. and set 
off a great patents, race to 
create improved forms of oil 
lamp. The most important 
single development was Joseph 
Hunter's “Duplex” lamp, 
patented in 1865 and using a 

^ principle described long before 
by Benjamin Franklin— that 
two wicks burning side by side 
, »/> in close proximity produce more 





y ; - ¥ / j /> in close proximity produce more 

i I t- t' i t-han two separate, wicks s 

w £} * of tiie same kind. f 


.j-f^ssrs 


Tiffany wisteria lamp, sold in New 
York at Christies for C16JDQQ. 

The great era of the oil lamp 
Was the 40 years before the 
First World War, Though in 
many rural areas It remained 
the principal source 1 of. lighting 
till after the Second World War. 
In Ireland on illumination sur- 
vived even longer, and no more 
than three or four years ago it 
was still reckoned a good hunt- 
ing ground for oil lamps at 
bargain prices. • 

In their heyday paraffin lamps 
were produced in great pro- 
fusion of aesthetic and social 
styles, from the simple tinned 
metal models to ' - hang in 
kitchens and corridors, selling in 
1900 for a shilling or so. to 
luxurious brass - standards 
incorporating . onyx - topped 
occasional tables and - whatnots, 
which could rise to as- much as 
live guineas apiece. 3n- America 
the grandest table models, at 
prices up to about .six dollars, 
were styled ** Banquet lainps.” 

The most common and the 
most practical model however 
(and the one most often met in 
antiques shops to-dav) was a 
simple brass base ; set on a 
baluster foot, with a; brass reser- 
voir and burner surmounted by 
a plain glass chimney and a 
globe which permitted a range 
of decorative possibilities. This 
would sell at between ten 
shillings and a pound when new. 

As they rose in the price 
scale lamp designs; achieved 
greater variety. The- .'foot and 


base might be made in cast iron, 
ormolu, brass, glass, wood or 
ceramic. Doultons aDd the Mar- 
tin Brothers produced finely 
designed stoneware lamps: As 
the new century arrived the 
Corinthian columns of Edwar- 
dian neo-classicism vied with 
sinuous ari nouveau brass work. 
The reservoirs to hold the oil 
might be in glass— variously cut. 1 
fluted, moulded, etched or 
painted — or china or brass. 

Though the chimney was 
fairly limited in its functional] 
design, the globe or shade was I 
often the special glory of the! 
more 'opulent lamps. Among the 
many etched glass designs I 
have encountered, one was a 
complete terrestrial globe, 
which shimmered instructively 
when the lamp was lit. 

As for the heart of the lamp, 
the burner and the gallery that 
surrounded it, manufacturers 
competed to market the latest 
improvements, and Messengers’ 
or Benson’s patents, the Veritas 
or the Duplex an had their 
ardent champions. Messengers 
advertised their lamps, en- 
couragingly, as “ Non-explosive 
and of English manufacture." 
You could see their point in 
face of advertisements for a new 
model of c. 1906. the ‘ Petrolite ’ 
which burned petrol or motor 
fuel and was guardedly adver- 
tised by its manufacturers as 
“Perfectly safe if instructions 
sent with each lamp are carried 
out.” 

To-day you might, given luck, 
chance upon a real Georgian 
Argand lamp.' hut most of the 
paraffin lamps you are likely to 
fiad in antique shops are more 
recent than they look and than 
dealers will label them. Most 
of the ' Victorian ' lamps around 
could still have been found - in 
Harrods’ or the Army and Navy 
Stores’ catalogue between the 
Wars. Even those pretty, tiny 
lamps with satin glass reservoirs 
designed to be stuck into 
candlesticks and which are 
regularly offered as ‘Regency’ 
were still retailing (as “The 
Little Princess Model ”) for half 
a crown in 1914 — probably im- 
ported, like most of the new 
lamps and accessories which are' 
again being sold to-day, from 
Bohemia, now Czechoslovakia. 



• • • ■ „•? 

« . 5 -v' - ' /ijsj 

* ** >"V- 


- -o - J - 

, • . . - u-V ■ 






The Fine Art of the Auctioneer 


Wemreb+Douwma Iltd 

93 Great Russell Street. London WC1B 3Qt • ’ - \ 

■telephone 01-436 4895 • • ’ 

shop hours: 9.30-6. Saturday 10- 1 

An exhibition of foreign view and maps 
from 16 January until 4 February -- 


. SAl£AOOM ADVERTISING ARREARS j 
y EVERY SATURDAY 

\ for forthw Information plant contact: : 
IRI CHARD JONES, 01.248 8000 . Eat 325 


Hr HE process by which a work of art passes 
A from a seller to a buyer involves many 
specialist services. 

Property offered for sale at Sotheby's is inspected 
by an expert in the relevant field. This is often the 
auctioneer himself. He will express an opinion on 
the identity and date of the work and place an 
estimate on its saleroom value. No charge is made 
for this service on our premises. 

After the owner has authorised us to sell, the 
work is researched by one or more experts to enable 
the fullest possible information to be pubhshed in 
the sale catalogue. This may involve extensive 
investigation to confirm the attribution, to trace the 
provenance and to ascertain whether and where, the 
work has been exhibited or published. 

SothebyS catalogues are recognised throughout 
the world for the standard of their expertise. 


They are distributed internationally about 
three weeks before each sale to attract the widest 
possible competition from would-be buyers, thus 
ensuring that the vendor obtains the best price. 

At Sotheby’s, vendors can be assured that they 
will obtain the full benefits of the auctioneer’s 
expertise. 

That is why we sell twice as much as any other 
auction house. 


Sotheby’s 

FOUNDED 17*4 

Sotheby Parke Bemet & Co, 

34-35 New Bond Streep London W1A 2AA 
Telephone: 01-493 8080 Telex: London 24454 
Telegrams: Abinitio, London 




m 



• inn 


iTahitian dancing-girls — an engraving 
•after John Webber's drawing of 1777 

This and almost 1,200 other items are described 
in a well illustrated catalogue, price £130 


ART GALLERIES CLUBS 


COLNAGHI**, 14. -Old Band SC.. W.T. 499 
7408.- THE VIENNA SECESSION luyenfl- 
still. Prints and Drawings 1897-1917 
• MalorlW £40-C400) and CHRISTMAS 
EXHIBITION of English ‘Watercolours. 
Until 20 Jan. Mon^Fri. 9.30-84)0. Set. i 
10-1. . 

OMELL GALLERIES. 40. Albsnarte Street. 
Piccadilly. W.l. ANNUAL End-ol-Ye«r 
SPECIAL OFFERS at GREATLY DEDUCED 
PRICES. DELIGHTFUL ORIGINAL 
PAINTINGS FOR PRESENTS from £30 
10 £ 3 . 000 . 


6LOANE STREET GALLERIES. 1S8. Cloane 
St.. W.T. Modem paintings, senioture 
end qraphlcs by InterestHg lotn-nallonal 
artKts. Wide raw o« price*. Toes -Ft i. 

io.oo-s.so. -San. io.ao-i.oo. 


EDUCATIONAL 


KVS. 189. Regent Street. 734 5675. A.U 1 
Carte or All-lit Menu. Three Spectacular , 
Floor Show* 10.45. 12.45 and 1.45 and i 
music of JObooy Hawkesworth &' Friend*. 


GOURMET 


BORDEAUX DIRECT’S Free Catalogue 
I” Outstanding and Generous. Guard- 
IU4 32 pages, man and 
lustrations. Write Tony Lalthwffte. 

Bordeaux Direct. Aquitaine Hone. 

Famborn Avorne. SJoufln. mentioning 
RiudcUI Tims. 


jK. GO ALL THE WAY > > 

COWE TO FRANCE AND DISCOVER • 

" The Total Approach ” to French 

at the INSTITUT DE FRANCAIS 

on the French Riviera 

Next available 4-wwk Immeruan courae com January 30. Febnnry 27 and 
•II year. All age*. AH Lodghg and 2 mnb "dated 

INSTITUT DE FAANCAIS— FTA-14, 23 A**. Gfo. Uetax. 

■ sa UZJO VlHefmdie^nrJIer . Teb (M) MJiil 


Spccwlists in die S«ilc by. Vmlionof Coinbdiul .Medals 

7Ek&heim Street, New Bond Street, WIY9LD l KIephooeOH93244S 


Wednesday, 1st February, at 1 p.m. 
ENGLISH & FOREIGN COINS 
in gold, silver and copper 
including the Collection formed by the late 
Robert W. Forsyth 
of North Berwick, East Lothian 
(Illustrated Catalogue (5 plates) — Price 50p) 


Wednesday, 15th February, at 10 ami. 
ENGLISH & FOREIGN COINS 
is gold, silver and copper 
(Catalogues— Price 40p) 


Wednesday, 1st March, at 1 p-m. 
ANCIENT GREEK & ROHAN COINS 
in gold, silver and bronze 

(Illustrated Catalogue now in course of preparation) 


Wednesday, 15th March, at 1 pjn. 
ENGLISH & FOREIGN COINS 
in gold, silver and bronze 
(Catalogue now in course of preparation) 


Catalogues for further Sales of Coins and Medals 
to be held in the Spring are now in course of 
preparation. Collectors desirous of selling should 
contact Gtendinxng & Co. promptly. 

Commission to Vendors — 20% 

No PREMIUM is charged to buyers 



Mobil Concert Season 


Royal Naval College Chapel, Greenwich 

Tuesday 7th February 1978 


ISoIistiVeneti 

Flute; 

Jean- Pierre Rampal 


Vivaldi:’ 

Six concertos for 
flute ^strings 




Greenwich Entertainment Service. Box Office Tel: 01-854 5250 



ill 


• A nineteenth century Japanese Ivory and tblblyeiaa table screen. 

To be told on Febrnarr 2nd. 

FORTHCOMING SALES— RETFORD SALEROOMS 
THURSDAY I9th JANUARY 

Oil paintings, watercolours and prints including works by T. B. 
Hardy, Paul Jones, George Wright, E. H. Holder, G. Stortzner 
and Ernest Walboum. » 

WEDNESDAY 2Sth JANUARY 
Georgian and later furniture and works of art. 

THURSDAY 26th JANUARY 

Georgian and later silver; Sheffield and other plate; jewels, at 
1L0Q ajru 

THURSDAY 2nd FEBRUARY 

Oriental works of art, including pottery, porcelain, furniture, 
bronzes. Ivories and tacquerwork. 

Cotdofses 55 p each fry put. (Applications must be prepaid.) 

Sales start at 10.00 a.m. unless otherwise stated. 

HENRY SPENCER AND SONS LIMITED, 

28, THE SQUARE, RETFORD, NOTTINGHAMSHIRE. 

TELEPHONE: (0777) 70(767 10 LINES 
IN ASSOCIATION WITH SOTHEBY'S 


Exceedingly rare and believed unique coUectiem of 

BANK OF ENGLAND 

SPECIMEN BANK NOTES 

The collection comprises 7 large vdnte specimen notes of the 
foQouhtgdatormnalions 

£ 1000 ; £ 500 ; £ 100 ; £ 50 ; £ 20 ; £ 10 ; £ 5 . 

oo 

Each note b ran the -serial number Q 00000 and the date, 1934 
April 20 London 20 April 1934, together with the signature of 
the Bank of England Chief Cashier; K.O.Feppiat£. 
E xten siv e enquires have been made, and we understand that no 
other set of this series exists in a private collection. 

Tbe collection is in superb uncirculated condition, and is of 
. significant interest to the serious collector or investor. 

The whole collection offered for the consideration of 
£12£00. 

Interested parties should apply to> 

SANDHILL 

_ , ‘ . Sandhill House, Templar P lace , Leeds 2. 
Telepho ne-. 0532 40571/2/3 Telex: 557853 Sandls G 


8 King Street, 
Stjamesls 
London 
SW1Y6QT. 





EXPERIENCE AND EXPERTISE 


Tel: (01) 839 9060 
Telex 916*29 

Telegrams 

CHRISTIART 



The Great Seal for the Duchy of Lancaster, 1910, made bi t 
Frank Bawdier — 41 in. (10.5 cm.) square, weight 6S 02 s. 
Sale, Tuesday, January 24th. 


The Duchy of Lancaster began in the 13th century with 
Prince Edmund, son of King Henry IH. The Prince re- 
ceived the possessions of Simon de Montfort and the Earl 
Ferrers after the defeat of the barons in 1265 and 1266. 
The following year he was given' other lands as well as 
being created the Earl of Lancaster. Subsequent marriages 
increased the Duchy to at least thirty-four counties and by 
the middle of the 14th century' the Earl of Lancaster was 
also Earl of Derby, Leicester and Lincoln. In 1351 the 
Duchy was inherited by John of Gaunt and Lancashire was 
made a County Palatine. The Earl (by This time the Duke) 
of Lancaster had the right to appoint the Sheriff, the judges 
and the Justices of the Peace. John of Gaunt's son Henry 
of Bolingbroke became King of England in 1399 and since 
that time the Duchy has descended with the Crown. The 
above seal will be Included in Christie’s sale of English, 
Foreign and Ancient Coins and Seals on Tuesday. January 
24th at 10.30 a.m. For further information on this sale, 
please contact Raymond San croft-Baker at the above 
address. 


FUR SALE 

Exquisite Models 
below Half Price 

FURS RENEE 

39 Dover Street W.l. 
(Closed Saturdays) 


W" -■ ■ TiT 






10 


^infingua for languages 
Tuition: translating: interpreting 


Specialists in the one-to-one teaching of executives. 

"How the teacher teaches to give maximum learning in minimum 
fime":is the primary consideration of the inlingua method. 

CIP»- Crash Inten si t y P ro y am nw 

Consists of 1 20 periods of EnArMual tuftkxi extending over four weeks, designed 
accontng to me needs of the pup*. 

MIP* - Maximum Intensity Progr a mme 

Fbr executives, company cflrectora and otters who wtah to team a language wfti 

maximum speed. The programme lasts four weeks and Includes 200 hours o' 
private tutton (including spedaJ “smationaf' lessons), lunch on weekdays, escorted 
outings, texfoooRs and lape-roeorted summaries of each da/s lessors. This 
programme b offered a inirtgua centres in ttte oxintiy where the languapb 

spoten,ag. French in Paris or Brussels: Japanese in Tokyo: Englsh In &jbfln or 
London. 

InDngua is only 1QyB»BoU. Yet it has over 150 language sctxxjfsttxjughout the 

world and your local inSnguaschoc* can pul tne services oi ail these achoote at your 
disposal. Why not contact your local mlincua school? 

Bmi nB hwB 5-tO Roton Part Road. Birmingham B18 9JJ.Tel 021 4540204. 
Britton & Hbv«: 57-61 Portend Road, Have, Sussex 8N3 SDO. 

Telephone 0273 735975. Telex 87323 - prefix code mfingue. • 

Canterbury: Hawks Lane. Canterbury, KentCTI 2NU. Telephone 0227 62543. 
Tder 96473. 

Public 12 dans Street. Dubfln Z Tetaphone 01 768095. Tatex 30424. 
Eastbourne: 27 QlUredge Hoad, Eastbourne, Sussex BN21 4RU. 

Telephone 0323 32256. Tetex67323 - prefix code Eastbourne. 

Hastings: 19 Devonshire Ftoad, Has tings, Sussex BN21 1BE.' 

Telephone 0424)436841. Tetex®7323- prefix code Hastings. 

London: 197 Victoria Steel, LonctonSW1E5NE.Tel!01-«ai061.Tdajt 919128. 


EM 


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DUE SPRING 1978 

ST 1 LUTP 5 N 



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INTENSIVE COURSES THROUGHOUT 
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Maximum of six students per group. 
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for further information, please apply to : 

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London W1X4NX 
Tel: 01-432 0401 
Telex: 27636 INTLAN G 
ILC's at London, Paris. Tokyo, Osaka, Tripoli 
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FRENCH: M>-ch.m:c.t1 Enr.tnc-T iirailrrxi 
ENGLISH: • i-.-nnjn Eroiumuqt i LHiiMiiiiin« , y ■ 

RUSSIAN: F.xpflN M-uijuit iL-l-viranirxi INDONESIAN : Acrlcurionl Consul- 
1 ., -its ismijri. SWEDISH: Salt’s Pcrsnnnrl icash registers' ENGLISH: 
■i.ij-nth Duvctor • M,. , cumiiiiini'Miion*i. SWAHILI: PUnlcr itea'. CERMAN: 
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M £SPAnA CONTE HPORANEA - 
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Euro-Lang Courses rup-w ig. 
break through the 
Language Barrier. Kwwunn. 


Financial Times Saturday Januany 14 1978 - 


FINANCIAL TIMES REPORT 




Language Courses 


Wasteful use of a national asset 

THIS REPORT WAS WRITTEN BY MICHAEL DIXON, EDUCATION* CORRESPONDENT 

much mirth was generated by emphasise that the ability is a The old belief that snbsidte- economic needs, the Govern- Against this can be x }- J?* 

recent Press reports of Presid- hand-earning asset now. Bn: the ing growing numbers of over- mentis progress towards revere- findings of a study of the fLffer* stun ^ » 

ent Carter’s declaration, through Government has shown little or seas students produced a com- in« the apparent decline in ent kinds of skill in u j* n £J* r " p ‘ mailv 0 r tv e 

the agency of a rusty inter- no sign of recognising it as such, pensating return less directly— school language-learning might nun attained by an admittedly wonac , a kcIiminiaKes 

preter, that he very much The opportunity of iraprav- by fostering a preference for {airly be described as [follows, fairly small sample of eduSu 


AAuy uwuiiTOi u iuuuno. mujj AUioii p .. . farms! pd H mi inn 

fancied the Poles. But the ing skills in English, ’ for things British among the up- It is now hoping for the agree- undergraduates at UX higher Cenug xneix u, 

ment of the various professional educational institutions. to . ^wti ttie Mthus^asm rer ren 


leaders of other 


aatioos-has been made to seem ia'er«t .groups that there rough terms the «“»«■ 

vast school courses in British univer- a vsnJd conjecture by what has should be some kind of common ported . in 1975, indicated that on. . 

* core of basic subjects in the when it came to the skill of It is true that theTe has lately 


happened to 
international 
recent years. 


this 


incident also contained a-serious instance, can be no small part anti-coming 
point It is that the everyday of the attraction which post 
use of a language by 

numbers of people inevitably sities, polytechnics and colleges 
brings, over the passage of time, have for people overseas. Some 
marked 'Changes in the meaning idea of the strength of this 
which the language's words and attraction Is given by the 
phrases convey to its habitual demand from abroad for ne:d 
users. year’s places on university 

The aptness of this point to a undergraduate courses. The 

nation whose English mother latest indication available shows __ 

tongue has become the business the overseas applications up L ^ $6,000 or so by Academic 

language, if not the diplomatic by virtually 23 per cent, in 


^ OUn »oer schooling of all children, and is listening 48.5 per cent of the. been an increase in ILK. mana- 
OVKr . . - .v. -n--- iv* r , _ . . iMtaraM in imiunne' 


recent years. PefrS^T thaTls hoping iso that given the pro- 308strong sample were at best gers’ interest m 

who PrtvpnrrmKJt- while fessional agreement the com- only a little above the minimum language skills. But the mam 

why the Government while mQn ^ * might ^ t g£* u of profess i 0 nal caps- explanation for. this upturn 

bility. and the same applied to offered by dose observers is 

-v « 11 MMAUMAiritiiT Thn r»\*t rn 


refusing to charge even the rich ^ . , 

foreigners an economic fee, has stuc ^ of a foreign language ' 
decided to limit the overseas 
total in the State institutions 


no less than 71-9 per cent when hardly encouraging. The extra 
their German-speaking skill was students are said to consist 
tested. In reading, on the other mostly of youngish eseniuves 
hand. 81 4 per cent were well anxious to equip themselves to 

. 1 . . m r 1 ftel. nnmar in Cnmo 


language, u not me oipiomanc oy vuruauy per cent., in imnnc:m«> ouotas on their — 

W °?1 at T 1 f ge * f ile of ave F»« e per , cenL Sessions. The. use of this htod That of course, is depressing S^^^^were 10 ^ 10 ^ 

1“ of curt can surely gam the enough by Itself. But alas there 0t ^i in k. 


heard about an international the tuition fees charged to 
conference in Russia at which foreign students attending post- 
all the papers were given in school courses in State educa- 
Engiish. These were apparently tional institutions here, 
understood readily by the 
delegates from non-English- 
speaking countries— with the 


awnay nothing, xxi must poke u ressen ££ «« “ wiUn ® tte 1 “* uage - 

to the conclusion that, on the if a “core” language became the So it seems that the bulk of - hpjn „ shamefully 

matter of reaping a national rule and the Department of the education system’s language- “ trful botii the natural 

benefit from the foreigi demand Education and Science managed teaching activities render the native tonuue and 

for English linguistic skiHs to train and provide room , in virtual opposite of econonuc ^ . *~ective iearn- 

along with other educational the schools for the necessary service. Not , only does the foreign languages among 

services, the Government has no extra numbers of language system fail to give the great m-iSno 


Oddly 


exception, that is. of the papers Continual exhortations by ^ which brings us teachers, the result need not be majority of its charges any start lts Population . 


given by the British and Ameri- Government about the need for ne edlessT^ S im- of much* economic value. This at~* all ^towards proficiency in Clear, too, is the fact that If 

can lecturers. .... greater overeeas income chime way in which the is because, although some educa- foreign tongues, but it also the profligacy is to_cease. it is 

So we seem already to have oddly with its evident disdain f complacent about tional institutions including a appears to send a great many crucial that the Government 

started towards a tune when for the prospective earnings ^ few universities are now teach- of the others travelling off the should work out a policy on 

purely native speakers of represented by the copious w ^ f ore ign languages as tools wrong way to the eixeum- linguistic affairs as a matter of 

English are liable to be no more demand by would-be students The fact that our world posi- for understanding and being stances, it is small wonder that urgency and then set up a 

accurate in their use of the from abroad. There can be little Hoo declined in spite of the understood by people of the one of the causes of the drift powerful, though - preferably 

international version than the doubt that more would readily public subsidising of growing country concerned, our educa-.. away from language studies in small, central committee to put 

U.S. President’s ex-interpreter be paid by many of them, espe- numbers of overseas students tion system as a whole still schools is said to be a growing the policy into force; 

allegedly was in speaking cur- daily those from tbe Middle may jj e less important than the tends heavily to teach them prl- 

rent Polish. Nor is the prospect East and the growing numbers the marily as subjects for academic 

of an increasingly separate of applicants from countries dedine ^ because of study. In far too many institu- 

development diminished by such as Hong Kong and Singa- the persistent general reluc- tious tbe emphasis on their use 

evidence that the lucrative pore. There is no doubt at all tance of ^ British to make for practical communication is 

market for instruction in the that even now the tuition fees themselves competent m the still little greater than is indi- 

language is being entered by charged by the State institutions u f other cated in Trinity College, 

organisations whose capital and are still well below the unit- ° 0 Dublin’s, expectations, when it 

staff are supplied from overseas, exist to UJL taxpayers of proyid- There is surely little point in set up the first modern language 

The ^ common nam e for this ing the student places. But it is ar mil ti p any longer about chairs 202 years ago, that the 

flourishing market — TEFL, also certain that there will be whe titer or not fluent command teaching would assist “young 

standing for Teaching English no real-term increase in the of foreign tongues is important gentlemen of fortune to finish 
as a Foreign Language— seems fees for the next academic year t0 expoTt 3t has bee n their education at home” and 

itself to be starting to assume starting in the autumn, Mrs. we jj established • over the past “send them abroad more capable 
an ominous double meaning. Shirley Williams. Secretary for jq years at least that, whatever of receiving improvement from 
And while the signs of it may Education and Science, appar- the ^ of exchange at the time, their travels, 
as yet represent a cloud no ently wanted to. but two days the lack bf linguistic skill among mu ‘ L _ nQ shGrtfl p e 0 f 
bigger than a mans hand, that ago confirmed that the rises Bri tish business men is a e vide?re of toe unfwtunate 
should surely be a sufficient would be of only 9 per cent, to definite brake on the country's SrSt that toe toditional 
warning against continued com- counter inflation. export performance. And here ^demic aDnroa^h cab Sve on 

placency about ilnguistic True. Britain has a flourishing a . ain< yfhile we have nor gone the^ wrkiM^kUls finished 
matters on toe part of toe U.K. private sector of year-round and short of Ministerial lamentation mo de ra Sua-es eradu^tos 
But we remain overwhelm- seasonal schools serving the a i J0U t the matter, the Govern- modern angua ° es gradU3tes ‘ 
ingly complacent about them. TEFL market. The fact how- seems t 0 bare no effective A stud 3' made by the London 
We do so, moreover, in two ever, that these un-numbered policy for doing anything about Chamber of Commerce and In- 
ways which are both at the private schools can continue j-j dustry, reported in 1976. dls- 

expense of this country's with such apparent profitability covered that people making 

material well-being. against cut-price competition In toe schools, modern general use of foreign languages 

The first of these two kinds from not only State institutions languages are apparently being as part of their work, as distinct 
of needless sacrifice lies in a here, but also taxpayer-sub- studied by fewer and fewer from applying them' in special 
nonchalant official attitude to sidised English courses provided children— as will be discussed ways such as in making teebni 
toe potential returns offered by through the British Council in a later part of this survey, cal translations, spent almost 
our native tongue. The possl- overseas, again illustrates the But nearly 15 months after the. half of the relevant time in 
bility that the U.K’s dominant egregious failure of toe nation Prime Minister declared his in- listening to and speaking the 
ability to supply instruction in as a whole to achieve a respect- tention of bringing the activities language, but only 19 per cent. 

English to all-comers may be able return on its natural of the education system more of it in reading and 17 per cent 
eroded in the future can only linguistic asset into line with toe country's in writing. 


Turn for the better 


CONFIRMATION of a revival of 
interest In language-learning in 
Britain is provided by the 
accompanying table of the re- 
sults of toe London Chamber of 
Commerce's annual examina- 
ractical linguistic pro- 
ficiency. And even though 266 
of the total entries were from 
overseas nationals learning Eng- 
lish, that still left 1,757 entries 
in foreign tongues compared 
with 1,575 in 1976. 

But as the ten-year record 
shows, good years in the past 
have been smartly followed by 
bad ones. Moreover, the cham- 
ber. like several other organis- 
ations. has noted that a good 
deal of the candidates are pur- 
suing their language 



Elementary-level 

■Intermediate-level 

Advanced-level 




examinations 

■ * examinations 

examinations 

All levels 


Numbers 

% 

Numbers 

% 

Numbers 

% 

Numbers 

% 

Year 

entered 

passed 

entered 

passed 

entered 

passed 

entered 

passed 

1968 

1,182 

77 

671 

65 

290 

70 

2,143 

73 

1969 

917 

76 

666 

76 

. 226 

72 

1,809 

76 

1970 

915 

78 

544 

74 

214 

75 

1,673 . 

• 77 

1971 

.865 

80 

464 

73 

128 

73 

1,457 

77 

1972 

1,098 

83 

556 

62 

166 

71 

1.820 

77 

1973 

1,383 * 

83 

508 

67 

136 

68 

2.027 

77 

1974 

1,394 

85 ' 

464 

74 

143 

74 

2,001 

82 

1975 

1,145 

86 

439 

75 

157 

86 

1,741 

84 

1976 

1,109 

85 

512 

86 

166 

87 

1,787 

85 

1977 

1.207 

85 

550 

87 

266 

87 

2,023 

86 


ficient enough to meet basic Lee, of toe LCCL "and even by 13 to total 73, and that in 

studies seeds in the country where toe though the differences from one Spanish by 38 to 162. But the 

with a view to earning a better language is spoken. The success- year to toe next may have meant combined entries of all of the 

living elsewhere. f U l examinee could be entrusted, little or nothing in real terms above 14 foreign languages only 

The LCCI exams are intended for example, to deal with tele- to us, I think that they’ve had a just exceeded the 266 candidates 

snprifirallv for oeonie who use Phone calls of a routine kind psycho logical effect on candi- examined by the chamber in 

fan -mages at work. They involve or to cope with a visitor from dates which helps to explain the English— 53 more than in 1976. 

no written papers, being entirely tfa e nation concerned, if perhaps improved pass rates. The pros- The language recording the 

oral and most of the Testin'* is not altogether smoothly. pect of handing over a. sizeable greatest number of tests was 

now done on company premises At intermediate level, a pass ^ UnC ^5. once a ^ ajn F renc ^» but the 

up and d<mn Ih/iro. A, signleS fte *L5., J " ^ m^wond'erfX went up b, only W«o SS5 

well as group entries by em- basic commercial votuhulary ! n S rfuUy Meanwhile German registered 

plovers, however, the chamber and. where relevant, sufficient ° ..^I r S 0 P 3^7).,r^ of M candidates to 

will accept individuals and specialist words in the language pleased reach a total of 602. 

for them to be seen t0 carry through standard bust- wth the latest advance d results. The demand for German rela- 



arra ige . ... „ .. 

privately by one of toe profes- ness transactions with a co- ^ heQ ,l^ e goes H p a tIve t0 * at ,f° r French by 

stonal teachers or linguistically operative, though probably not 1( v rendidates or whom people working — which as 

Qualified businessmen who make a cunning, customer. Someone the way, were tested in reflected by, toe LCCI exami- 

up its panel of examiners. The of intermediate proficiency En S lls h—you would scarcely ex- na tion entries varies between 
tests can be tailored to suit toe would also be up to a bit of pec V, “ e s ~ cess nte tQ about thre * fifths and wo thirds 
particular needs of different social mixing. steady at S7 per cent, would — contrasts starkly with the 

kinds of job. and there seems ThQ '. e who sllprpp . ^ you?" ratio in which toe two are 

to be no difficulty in finding ® Mother feature of 1977 was taU ght to school-children, 

examiners even for out-of-the abiHre^to mnt Il aV ? a sudden doubling to a total of Even though German can claim 

way languages. For instance, d^ vari n f ~ , 16 in tfae foreign to he the most widely spoken 

the 1977 candidates included ind^oerifie^ to 2i f 2 languages toe chamber was commercial language in Europe, 

one in Armenian, and another S? 00 , t0 where it has around 95m. users. 

— believe it or not — in Welsh. vf- k v were single entnes in Greek the pupils who take German to 

_ , f SS?" 1 * ° 4 iS ? u S ng b f smess Malay- Norwegian, Polish, and G CE Ordinary and Advanced 

To pass at the elementary dealings in their chosen tongue Portuguese, as well as those in levels are outnumbered rou°hly 
level, a candidate has to be pro- as well as they could in English. Armenian and Welsh men- 3 ? 4 om by toore taking 

Naturally, there is a charge tioned earlier. A pair of can- French, 
for entering these examinations, didates turned up for each of 
the current rates being £6 at Swedish and Turkish, and 
elementary level, £8 at inter- Chinese and Dutch attracted 
mediate and £10 for toe top half a dozen apiece. Russian 
grade of test. “We've had to was taken by 13 candidates corn- 
make successive increases in pared with only five the previous 
our exam fees because of infia- year. 

tion, of course,” says Mr. Ernest The entry in Italian increased 


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Language Courses 


Teaching English as a profitable business 

;HOUUD YOU have any foreign Nor can anyone tell bow total of roughly 75,000 students, however, was. probably raised to pay and conditions of the staff, wouldn’t know what to do with 
riends desperate to learn the many schools of what kind exist who attended for an avenge just over f32 m. by the “I® the better year-round the applications." 'Hie seasonal 
’nglish- specifically of roller- for how many weeks each year of nearly nine weeks apiece, cutomers’ extra spending on places," says Mr. Michael Cun- schools are admirably suited lo 

earing production engineering, where— or, of course, bow many The number of students was board, lodging and making jngham, an experienced TEFL the temporary-employment pro- 

ell them to relax. The same teachers and other staff they some 2,750 lower than that of whoopee. This by the way sug- teacher who four years ago divides of wandering Cana- 

oes for those who are anxious employ. However, I have heard the previous year, but this is at gests that the total inflow stem- joined the General and Muni- dians, Australasians and Ameri- 

or competence In English it said with less than the usual least as likely to reflect in- ming from the private TEFL c jpai Workers’ Union with the cans ’ M<1 fan re ly during the 

(arxism. lack of confidence that this creased competitiveness by sector as a whole is a good deal ^ of getting his former col- summer peak on a good number 

Numerous courses of a like country contains about 150 growing institutions outside the nearer the £200m. guess quoted leagues organised, “ there are " teaciiers {rom 


TEFL schools 'which stay open association 


faltering in earlier than it is to the pusil- 


conditions 



caching of English as a 
'oreign Language. And anyone 
;ith unusual needs that cannot 
-e met from somebody’s stock 
/Quid probably have little diffi- 
ulty in getting a suitable pro- 
janune of instruction tailor- 


operating for only a few weeks schools were coxnvensated by a gone up since the association scIkK ,] Sj for instance they are 
each year, manyjust in the mrage slay, mde ite sutve^Be^aad bade for ^ sam ' e p / n ,| nn 

scheme. 


summer, although some at Almost three fifths of the board is thought to have risen 
Easter and Christmas as well, customers came from Western by about £4 weekly to a typical 
Fortunately, wfthiu this large, European countries, and very «22.. The corresponding rise in 
thriving and generally uni nearly another fifth from the tuition fees is put at about 20 
noticed" export ’’industry there mddle “d Near East The P*r cent to a general average 


Posts 


Uttii r a n c Hi luauucuu/u- uuuur- “ uu| . tu w '-*'*'* >■ . . , . — — _ ~ -f __ 1 ,_v 1 l Tr rio _ ,., n _Tr 

cade for a price that a lot of » a small nucleus of organisa- ® art Wssest source was Latm of roughly £18 a week 


“And although they 


U.K. schools and colleges. 

are a lot of 
attract young 
imagine a day 
when they’ll have neither pros- 
pects nor pension. Standard-type 
TEFL courses are being run all 
the time in overseas countries 
as well, so they can roam the 
world. Here, if they want to 
work on a self-employed basis, 
Mve there’s an increasing lot of 


ompanies evidently think is 
/ell worth paying. 

- In contrast to the exquisite 
.irecision o f som e of the pro- 

- lucts, the TEFL sector itself 
aonot be described with any 
uarantee of certainly even in 
be roughest of terms. Take 
or instance the question of how 
luch foreign exchange is now 
epresented by the tuition fees 
nd other spending of the total 

.nflow of overseas students to 
he private schools in Britain, 
tome people in the sector will 
:ive a best' estimate of about 

- 60m. Others will be a trifle, 
iraver and. say £200m. But 

ir-^iobody really knows. 


tions whose 
sketched in 


toS? accurate cent, followed by the Far EM meotion^^ial-ised business- ^a^som^^S’ 2" 


nothlUo like the career oppor- SC hooIs who'd rather they did. 


posts way f,- om being the easiest 



Recognised English Language 
Schools, whose members must 
have been approved by inspec- 


Topped 



with such good staff conditions „ hnn ,.. 

which may well involve indivi- are regrettably very few As . lor , j . scnooi s 

, , .. , , J ^ , proprietors, they do not seem to 

2 £“* /at breAkfast ; Fax - more places much real cause for com- 

_ _ West Ger man y comfortably to-oedtame tuition — are of are grotty employers. It s not niaint Thev are evidentlv nros- 

**!? ° £ t0 PP ed the ranking of single- course far higher. In addition, hard to find pay rates of only j^g in cite of taiaver- 

Education and Science.. a ^ gy contributions, account- there seems to be growth around £1 an hour still. Most LTsidised competition from 

The latest sample survey ing for nearly 14 of every 100 towards the expensive end of TEFL teaching is done com- State institutions here and from 

available from the association — students. Switzerland took the market in courses which, pletmy in English. You can get C0UTSes run overseas by the 
covering the year to the end second place with almost 10, although Jess complicated, are in without teacher-training. The British Council. The instme- 

of August, 1976— relates to 65 France third with close on nine. s«SU concentrated on business, overseas su dents tend to be tional programmes in English 

schools, although the total Italy, then Iran, followed with B y comparison the schools ** ! " 

membership has, since risen to scores in the seven to eight belonging to the association are 

72. . . v bracket. There seems to be a mass general market. 

In 1975-76 those represented some technical doubt about students attend 

by the survey were used by a which country took sixth porn- les&0us for than ^ lesal 
— ■ tion. But the association is 

minimum of 15 hours a week. 


Not passe— way out 








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inclined to award it, along with .. . , . o 

an estimated 6.5 per cent con- as £500 gross income to the pro- ^ whiIe the behaviour of 

tribution. to Japan. k° n appear }° pnetor isn t downnght exploits- much of the sector may wel! 

At an average weekly tuition ***? much, d^erenc e on the tion, then what is? ” seem loutish by the bureau- 

fee of £18.75 the 1975-76 student of. ttie Oxford- Even so, Mr. Cunningham erratic canons of to-day, I doubt 

throughput gave file 65 schools accent” institutions at the top admits that the private TEFL that unfair dealing is wide- 

an estimated income of £12.4m. and exiguously equipped sea- sector easily manages to staff spread. It is not all that easy 

The total foreign exchange in- sonal schools. There is, how- itself. “If you advertised a to enter even the seasonal 

flow generated by the sample, ever, a marked difference in the year-round job, J’d guess you market successfully, even 

though a TEFL operation does 
not have to have to be regis- 
tered as a school. A key first 
step seems to be to impress 
travel agents enough to have the 
venture put on their books. This 
is not necessarily a 'shark-proof 
barrier, but I am told that a 
• • first-year haul of 20 students 

What positively constitutes a stuffing of extra pupils into the finances, has led many of the W0 “ Id be defir ” te,y soing, 
“good general education” has already voracious 6tudy of local authorities to discontinue „ t0 . a 

never been determined. Many French by the decision a dozen the practice or to curb it sen-sustaining business : depends 
educators in this country seem or so years ago to use that severely. And since the idea is lar S^iy on word-of-mouth recom- 
content to define the notion tongue alone for an experiment now, alas, no more fashionable mendatlon - 
negatively, however, as “that in starting to teach children a than mini-skirts, it is likely to Given that many of the over- 
which becomes impossible with foreign language much earlier slip into limbo along with a 6645 students bave 1116 added 
the imposition of a requirement was usual in State schools good deal of expertise developed wea kness of being young, there 

for a child to study any parti from the age of eight while . at . the time in produc ing cert ainly must be schools which 

cular subject.’’ Which is partly they were still in primary edu- materials and training people to away from treating their 
why we are still far from cation. Given the tendency — teach from eight years plus. clientele shoddily. But they are 
stipulating the study of at least by no means exclusive to ^-4. wh __ _. rTw not confined to the private sec- 
one modern language even if teachers — for people to view ^imj^tbe ourbeTbetfbr tor L 11 “ “ ot un ^°T“ 
only by- schoolchildren with their not being invited to try xlw? ° technical colleges, with TEFL 

above average academic ability, something as a challenge to do ^ s airopny . capabilities which are at best 

In Holland similarly able it regardless, the practice -True, there was the snag abysmal, who nevertheless enrol 
pupils are overwhelmingly re- spread considerably beyond the a ^ out force-feeding French. But overseas youngsters for courses 
fcuired to study seven subjects Pretty large experimental that might perhaps, be circum- in business studies and so on 


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■^ nd a teac ^f r , onJ y appear, if anything, to stimulate 

ab0 f £ .u £35 a weeks bard foreign interest in aitending 

work that might mean as much schools here. 


hich must include not only sample of schools. 

Mathematics and Dutch, but also Oddly enough, however, it is start * nt0 other languages. 
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I or telephone (STD) 079430 426. 


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struck me as at least as broadly 
educated as their English 
counterparts. They do differ 
from us, of course, in being 
mostly fluent as adults in the 


t? comparison with control groups 

languages they studied at school. w ho had started the language 

But although I have at the normal age' of 11-plus, 
mentioned this to numerous the children who had begun at 
educational progressives over the age of eight showed, on 
the past nine years or so, none examination when they were 
of them has been able to make eight years older, a gain in 
me; understand how the Dutch ability to understand the Ian- 
can be getting it wrong. But guage tr hen it was being spoken, 
since, by the definition, it would end also c greater willingness 
also be inhibiting for anyone to speak it themselves. 
to have central power to impose 
changes, however, we at least Cited 
cannot be prevented from press- 


ing on with our more advanced 
theories. 

I can only hope that my last 
sentence is proved false as soon 
as possible. There are 
numerous reasons for that hope, 
but : because of its importance 
to our future welfare, the issue 
of languages is by no means the 
least- of those reasons. - 


The reason for Ihe emphasis 
does not stop at the evidence 
cited in the opening article to 
this survey that listening to 
and speaking foreign tongues 
are the predominant activities 
of people when making general 
use of the languages as part of 
their work. 

I recall quite distinctly that 


Somehow we must change the I was learning to listen to and 
process of language-learning in speak English for some years 
this country so that it promotes before I was ever given any 
fluency of use like that possessed instruction in reading or writ- 
by so many Dutch people. But ing it. But I can still use all 
unlike us, they have huge four skills if I can keep my 
advantages by way of an un- mind on the matter. On the 
inistable need to speak other other hand the traditional “ get- 
tongues, a long tradition of literacy-first-lad" teaching 
learning to-do so, and the vital which made me proficient 
reinforcement of having them enough in reading and writing 
so often spoken in their to reach GCE Advanced-level 
country. standard in French and nearly 

So it would be stupid to that in Russian too, left me 
suppose that fluency could be incompetent at and nervous of 
gained in the U.K. simply by speaking either, and not much 
a switch back to traditionally better at understanding them 
academic teaching. aurally. Moreover, to-day all I 

To achieve the necessary have for my studies of the two 
change we must have a sufficient is an ability to read them 
Crop of potential teachers- with slowly. Now, if the same just 
basic understanding of foreign happened to be the general 
languages. But while we are 

doing nothing, the essential root _ __ 

of -that crop is rottioE away in was'inrt favombie to thiTei- 
Uio school system. The damage periment It fouod “no evi- 
is not .just a deckne m the d . nre - ^ tte early 
numbers of pupils studying bn- were mon effident a 
gauges It is also a opneentra- later „ at forei 


experience in this country. 

But the final research report 


tion of tbe learning that exists !aaguage ^ conld ^ 

on. a decreasing number of 
different tongues. 


This has occurred partly be- 
cause, as small schools have 
been merged into comprehen- 


not have been because the re- 
searchers were somewhat nar- 
rowing their measure of the 
acquisition of those skills to pro- 
gress in secondary-school lessons 


Sed to S ‘ttelSnMc. where tte literacy-first approach 


w still prevails. 

As an example I remember the raJH * h5>t “ 

particular enthusiasm — refresh- 
ing if not outstandingly effica- 
cious — of a secondary modern 
near Stockport Even its otber- 


Tbe report also 
said that the dominant factor 
was the “ sheer -amount of time 
spent learning a foreign lan- 
guage . . . not the age at which 


was given -to slowly unfolding 

in public 'a sort of collapsible SS-SSj 1 ^ a hoie lf 
card table while loudly reiterat- 

ing the appropriate noun in Anyway, the report put a 
Esperanto. damper on enthusiasm for early 

•. Another cause of. the concen- starting which, coupled with the 
tration. however, has been the ensuing - cuts in • education’s 





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OVERSEAS NEWS 


SECRET MEETING IN BAGHDAD MllZOTeWa 

Palestinian radicals agree group says 

• issues not 

on new terror campaign ye t settled 


Gandhi ‘demonstration plan’ 


& 


,>|V 


BY MICHAEL T1NGAY 


CAIRO, Jan. 13. By Tony Hawkins 


AN IMPORTANT faction of the 
Palestine Liberation Organisation 
(PLO), has drawn up a new plan 
to oppose current developments 
in the Middle East involving the 
assassination of a ■ 'substantial 
number of Palestinian moderates 
and the sanctioning of renewed 
terrorist operations against inter- 
national and Arab targets. This 
claim was made by a well-in- 
formed source and was confirmed 
to-day by Arab and western diplo- 
matic sources. 

This development sug. 
gests that a new split has 
occurred in the PLO. This radical 
plan of action follows a secret 
meeting seven weeks ago in 
Baghdad with Dr. George Hab- 
bash, bead of the Marxist Popu- 
lar Front for the Liberation of 
Palestine rPFLP). Dr. Wadie 
Haddad, an allegedly estranged 
PFLP member who works on 
occasions with the international 
terrorist Carlos Ramirez, and 
Abu Nidal. an Tract i-financed 
guerilla still technically under 
sentence of death by Mr. Arafat's 
Fatah group. 

Inevitably such, is the nature 
of a disclosure of this kind that 
it is difficult to provide hard 
evidence to support such a 
change in PLO tactics. 

The sources also claim that a 
key participant in the plan is 


Mr. Salah Khalef (code name 
Abu lyad), second in co mman d 
to Mr. Arafat. Mr. Khalef is 
widely believed to have co- 
ordinated the Black September 
terrorist group responsible — 
among others — for the Munich 
massacre at the 1972 Olympic 
Games. 

Four Palestinians of either 
known moderate outlook or sus- 
pected of sympathising with 
President Sadat's negotiations 
with Israel have recently been 
killed including Mr. Said Ham- 
mami, the PLO representative 
recently gunned down in London.- 
Three Palestinians died, vio- 
lently last month in the occupied 
West Bank including the leader 
of a delegation to Egypt to meet 
Mr. Sadat 

Western sources also believe 
that a death list of Palestinian 
moderates has been .drawn up. 
and attention has already turned 
to the identities of other targets. 

As head of the PLO’s co- 
ordinated intelligence. Abu lyad 
is one of the most powerful 
members of the guerilla move- 
ment His adoption of a plan of 
action with such radical 
Palestinians as Dr. Habbash 
would pose the question of a 
possible split with Mr. Arafat 
whose position within the 
Palestinian movement has been 


fragile since he attended the 
session of the Egyptian People's 
Assembly two months ago when 
President Sadat announced his 
willingness to go to Israel. 

Groups Uke Black September 
have never before been united in 
total concerted action with the 
PFLP and Abu NidaTs group, a 
tough organisation which was 
responsible for attacks last year 
in Syria and Jordan. 

Saudi Arabia, of all the moder- 
ate Arab states, against whom 
such action would be aimed, has 
particular reason to be alarmed 
by the Baghdad decision. 
Guerillla leaders are also re- 
ported to have decided at the 
meeting to terminate a secret 
undertaking, brokered in 1972 
by Mr. Arafat, and acquiesced to 
by the PFLP, to exempt the king- 
dom from terrorist attack in 
return for financial backing for 
the PLO (which reached a record 
3100m. last year). 

The agreement first came 
under strain in 1976 with the 
kidnapping of oil ministers (in- 
cluding the Saudi Minister) by 
Carlos Ramirez from Vienna in 
an operation co-ordinated by 
Wadie Haddad. Last year, oil 
installations were attached in 
Saudi Arabia in the first attack 
of its kind* 


SALISBURY, Jan. 13. 


Egypt-Israel talks adjourned 


BY ROGER MATTHEWS 


CAIRO, Jan. 13. 


MAJOR political decisions need 
to be taken by both the Egyptian 
and Israeli Governments before 
significant progress can be made 
in the military committee, which 
has been discussing the future 
of Israeli-occupied Sinai 
This was admitted privately by 
both delegations to-day as the 
senior memtlkrs of the Israeli 


team flew home for consulta- 

tinne Ain (tats uroe fivorf fn. ' a 


tions. No date was fixed for 'a 
resumption of the talks, 
although some Israelis were left 
in Cairo as a symbolic indica- 
tion that the military committee 
would meet again in the near 
future. 

Officially it was stated th2t in- 
formal conversations between 
the two sides would continue 
and attempts would be made to 
deaj with certain questions. 

Mr. Ezer Weizman, who heads 
the Israeli delegation, is not 
expected back in Cairo until pro- 
gress has been made in the more 
important political committee 
which is scheduled to begin its 


session with the participation of 
Mr. Cyrus Vance, the U.S. Secre- 
tary of State, In Jerusalem on 
Monday. 

Mr. Weizman is understood to 
have agreed with his opposite 
number. -General Gamassy, that 
although the atmosphere of their 
talks was conductive to produc- 
tive bargaining neither of them 
were empowered to take matters 
beyond a certain leveL 

General Gamassy reiterated 
this morning that the issue of 
Jewish settlements in Sinai was 
still the critical issue and 
insisted on total Israeli with- 
drawal from Egyptian territory. 
“The existence of the settlements 
obstructs the peace process.” he 
said. As before, Gen. Gamassy 
was unable to say whether he 
felt optimistic or pessimistic. 

There was agreement, how- 
ever, that progress towards a 
solution would be slower than 
had been anticipated and that 
there was still a great deal of 
talking to be done. “ We are just 


at the beginning of tbe road,” 
added General Gamassy. 

Despite this recognition of the 
difficulties. President Sadat is 
anxious that the political com- 
mittee should -very quickly start 
producing results, and especially 
that it should be able to agree 
on a set of general principles 
which would cover the conten- 
tious Palestinian question. 

Egypt’s team for the political 
committee will fly to Aswan on 
Sunday for detailed talks with 
President "Sadat before going on 
to Jerusalem. They are expected 
to discuss a provisional time- 
table. although Mr. Sadat is un- 
likely to indicate at what point 
he might consider calling his 
men home rif the Israelis appear 
to be inflexible. 

The committee will start its 
sessions without a formal agenda 
— over which there is a dispute. 
However, the presence of Mr. 
Vance might be helpful in seek- 
ing compromises both over sub- 
stance and procedure. 


THE MOST important 
nationalist group participating 
hi . the Internal settlement 
talks. Bishop Muzorewa’s 
United Afrlean National Coun- 
cil (DANC), said to-day tbat 
the question of white repre- 
sentation after a Rhodesian 
constitutional settlement had 
been “partially settled.” 

In a statement suggesting 
that reports of a “complete 
breakthrough ” In the talks on 
white representation have been 
somewhat premature, the 
UANC said that while agree- 
ment had been readied on tbe 
number of white seats '(28 out 
of 100). it still remained to he 
decided bow these seats would 
be elected — dual or common 
voting rolls — and what “ dock- 
ing power" would he given to 
them. 

The reference to “ docking 
power” relates to the duration 
of white minority representa- 
tion In parliament — five years, 
eight years or the 10 to 15 
▼ears favoured by Mr. Smith. 
The UANC said that in its 
view tiie talks had progressed 
but warned that it would 
adhere to its Geneva confer- 
ence position on the armed 
forces. 

In Geneva In 1970 the UANC 
demanded that the guerillas 
should “constitute the main 
strength of tiie Zimbabwe 
army, a position totally un- 
acceptable to the Smith govern- 
ment The Bishop’s party 
warned In its statement yester- 
day that the issues surround- 
ing the army and the public 
service would take some time 
to resolve. 

In a separate development 
the Rhodesian police to-day 
announced the imposition of a 
dusk-to-dawn curfew In the 
Chinampra tribal trust lands, 
north of Salisbury and close to 
the white-owned farm where a 
white schoolboy was murdered 
by guerillas on Wednesday 
evening. 

In an official communique to- 
night. Rhodesian combined 
operations headquarters 

announced the death In action 
of two members of the Rhodes- 
ian air force. It gave no details 
of how they died. Two 
guerillas had been killed, the 
communique said. 


NEW DELHI, Jan. IS , 1 

BY DAVID HOUSEGO . 

MR. CHARAN SINGH. India’s summoned shortly to appear .WS th^co^wfmwtSsM figUsllfl 

Home Minister, claimed to-day before a magistrate's court here agitation to tocos ion i thfc norm, enmng _ nt nf .horse* * * 

that Mrs. Gandhi was- preparing for refusing to adhere to Justice Both Mr. Charan &Qgh and Mrs. resist the net of cha^ Writ 

a massive campaign of civil dis- Shah's demand tbat she testify Gandhi have their poHb J}?*? east at her and her BunUy wfcfi 

obedience against the Govern- on allegations made against her in the northern state oi unar up her rebel Congrej / 

meat. of abuse of power during the Pradesh. notlndined party. One possibility would b,f I 

Quoting intelligence reports, emergeaC7, t0 minister's claims of to court temporary .Imprtsoajl 

the minister said in an interview Though rumours have long evidence at f aCe value, but see men L This would nave & 
that Mrs. Gandhi- would try and been circulating that Mrs, ag a bid to neutralise Mrs. advantage mentioned by Bfa 
stir up trouble for the Govern- Gandhi would resort to such Gandhi's campaign before it gets Singh, but would aia rtrt 

meat by appealing for demonsrra- tactics to harass the Government, under way. Mr. Charan Singh, avo jd the dangers of s political] | v 


fit.' 


tions on such issues as rising she has herself said tbat she htmooif imprisoned by Mrs. g^ack if she seemed .likely tv 4 

prices. " atrocities ” against the would carry her campaign onto Gandhi during the emergency, is ^ defeated In the forthesmaj 

Harijan community and the the streets. It is believed to be 0 ne of her bitterest opponents m state elections. - 

false arrest of teachers and the first time that a senior mem- the Cabinet He has been bla me u other main alternatin'- 1 ' ‘ 

political workers. These are the ber of the Government has for the bungling of her aree« wnu , d ^ _ n attempt to BBOUttt i 

charges that Mrs. Gandhi has publicly claimed to have evidence on criminal charges six monins campaign of civil dis 


charges that Mrs. Gandhi has publicly claimed to have evidence on criminal charges six montns wo campa { gn 0 f civil dis 
been making against the Govern- that Mrs. Gandhi is preparing ago. ^ obedience as that instituted hi 

ment during recent Congress mass popular agitation. Mr. Charan Singh dia not e Narayan. and 

party meetings and in her state- Mr. Charan Singh said that out to-day that Mrs. Gan yh fr h in part led Mrs. Gandhi 

ment this week before the Shah she would pitch her appeal would now see k a jail saarace to impose the emergency to June 
Commission. largely to the Harijaus among in fee hope of portraying herself toimpose 

Mrs. Gandhi is expected to be whom.be conceded she. bad con- as a martyr. - - - — 


Senator 
Byrd backs 
Panama 


treaties 


feom.be conceded die. bad cop- as a martyr. ‘ — 

Sweden cannot manage without 
more nuclear power, says report 

STOCKHOLM, Jan. 13. 


BY JOHN WALKER 


By Jurek Martin 

WASHINGTON. Jan. 13. 


UPI reports from Lagos: Presi- 
dent Agostini o Neto of Angola 
arrives in Nigeria on Sunday 
on a five-day visit at the invita- 
tion of the Federal Govern- 
ment, authorities said ' on 
Friday. 


ENTERTAINMENT 


GUIDE 


DRURY LANE. 01-836 8108. Every 
night 8.00 sharp. Matinee Wed. and 
Sat. 3.00. 

- VOTED BEST OF 1976.* 


MR. ROBERT BYRD. Democratic 
leader in tbe U.S. Senate, this 
morning endorsed the Panama 
i Canal - treaties, though be said 
he would seek to add language to 
them designed further to protect 
American strategic interests. 

Senator Byrd's, support con- 
siderably improves the chances 
that the treaties will be ratified 
by a two-thirds majority of the 
Senate. He had been sitting on 
tbe fence so far. but last month 
paid a visit to Panama and con- 
ferred with General Torrijos. 

Tbe amendments he has in 
mind are based on the joint 
statement put out by President 
Carter and General Torrijos on 
October 14 last year. This pro- 
vided for priority passage for 
U.S. naval ships in time of war 
and made more specific U.S. 
rights to defend- the canal after 
the year 2000, when Panama is 
due to assume full control 

In a speech In New Orleans 
last night part of a tour designed 
to drum up support for the 
treaties, Mr. Cyrus Vance, the 
Secretary of State, hinted that 
the U.S. might accept some 
riders of “ understandings ” 
added to the treaties by the 
Senate, along the lines of the 
October statement. 

Mr. Vance clearly does not 
want the treaties' themselves 
altered, as renegotiation would 
then ensue. Mr. Byrd did not go 
so far as to say that be would 
seek changes in fee treaties, and 
left open the precise way m 
which his concerns could be j 
translated into action. i 


SWEDEN must continue with 
its current nuclear power pro- 
gramme, according to a Govern- 
ment-appointed committee set up 
to examine the country's nuclear 
power needs over the next 
decade. 

The committee suggests feat 
to guarantee future energy needs 
the country must continue using 
tbe six nuclear plants already 
in use and must continue the 
construction of the seven other 
nuclear power plants. 

Sweden, the committee says, 
cannot do without nuclear power 
and the oil It imports over the 
next ten years. The country 


does not have the know-how or 
the means to rely on wind power, 
solar energy and s im i l ar sources 
In place of nuclear power and 
oiL . . 

The committee was set up by 
tiie centre-right coalition parties 
which took office In 1976. It 
Includes representatives of all 
the political parties represented 
in Parliament, the trade unions 
and industry, as well as indepen- 
dent experts. 

Tbe committee was set up 
with two basic aims— -to help the 
Government and Parliament to 
make a basic decision later this 
year on the country's entire 


nuclear power programme, aid 
to work out a compromise over 
the differences among the three 
Government parties on the. issue. 

Tbe nuclear power question 
is political dynamite at the 
moment, as the present Prime' 
Minister. Mr. Thorbjorn Falldin, 
promised before the last election 
to phase out all nuclear power 
by 1985. 

Th e commission has prepared 
alternatives utilising various 
combinations of nuclear power, 
wind power, water, oil and even 
special trees to be grown for 
energy needs, but nuclear power 
remains in all these schemes. 


W. German growth falls sharply 


BY ADRIAN DICKS 


BONN, Jan. 13 . 


. W* - 


WEST GERMANY’S Gross 
National Product grew by only 
2.4 per cent in real terms last 
year, the Federal Statistical 
Office reported to-day. 

This was barely half the 4jS- 
5 per cent goal announced by 
the West German Government 
12 months ago — which did not 
then seem excessively ambitions 
after the 5.7 per cent real 
growth achieved in 1976. 

Confirming the impressions 
already gained from other in- 
dicators. the 1977 GNP figures 
show that after growth had 
slowed from an annual rate of 
5.3 per cent in the second half 
of 1976 to one of 2.9 per cent in 
the first half of 1977, there was 


a farther sharp deceleration to 
one of only 2 per cent daring 
fee second half of 1977. 

The West German Government 
is now expected to issue its 
official forecasts for 1978 in about 
10 days’ time, including its con- 
sidered expectation of GNP 
growth this year. 

A foretaste of its thinking on 
the matter was, however, offered 
yesterday by Dr. Otto Schlecht 
State Secretary at the Eonomlcs 
Ministry, when he said that in 
present circumstances, a goal of 
as much as 3.5 per cent GNP 
growth in 1978 must be re- 
garded as “ambitious.** 

His comments reflect fee de- 
gree to which fee Government 


itself appears to have been ■; 
surprised by the slowdown in - . - j - 
second-half 1977 growth. No , % H 

more than two months ago, t ‘\ 
Ministers were maintaining that 
the goal of 4JTper cent growth 
laid down when fee Cabinet T5 v 

,nHnnnn«l it. lAntbiuntlatl *8“" 


announced 


long-awaited 


stimulatory package last Septem- . 
ber was still “fully achieve- Jill « 

able.*- filK ^ 

Both Chancellor Helmut ... 


able.*- 

Both Chancellor Helmut 
Schmidt and -Finance Minister i)|) 


Hans Apel poured scorn on the 
forecast of fee five leading 




economic institutes, delivered in 
late October, that 1978 growth 
would be no more than 3 per 

cent--’.:r. . _ . : - 


,«■ .-= *. tv 


MERMAID. 248 7656. Rest. 248 2835. 


Era* 8.00. Mats Mon wu Frl & Set 5.00 
DAVY JONES. MICKY DOLENZ 


CC— These theatres accent certain credit 
cants hr telephone or at the boa oBlce 


DUCHESS. 836 8243. Mon. to Thor. 
Ergs. 8-00. Frt.. Sat- 6.15 and 9.00. 
„ _ OH I CALCUTTA I 


in HARRY NILSSON'S 
THE POINT 

“A dozen deHgtiti ill songs which linger 
in the memory.” D- Exsms. 

Stall tickets £1-25. £3-50. Combined 
Dinner-Theatre ticket £5.95. 


The Nudity Is Stunning.” D. Telegraph. 
6th SENSATIONAL YEAR. 


OPERA & BALLET 


COLISEUM. Credit cards 01-240 5256. 
Reservations 01-636 3161. 


DUKE OF YORK'S. CC. 01-636 5122. 
Mon. -Sat. 8.00. Mata. Wed. 3.00 and 


ENGLISH NATIONAL OPERA 


Tonight. Tues. a Frl. next 7.30 Rigoietto: 
Wed. next 7.30 Orpheos In the Under- 


SIAhf^PHiLLI 
PAUL DANE* 


NEW LONDON. Drory Lane. 405 0072. 
International Spectacular with the 
magical Ingredients of Theatre. 


SAVOY. CC. 01-836 8868. Evenings 8.0. 

Mats. Thors. 3.00. Sat. 5.00. 8 JO 
ROYAL SHAKESPEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE. 
NICKY HENSON. JAMES COSSINS In 
Bernard Shaw's MAN AND SUPERMAN. 
Directed by CLIFFORD WILLIAMS. ”1 
sat In a cloud ot Joy From beginning to 
end.” S. Times. RSC also at Aldwych 
and Piccadilly Theatres. Credit Card 
bookings accepted. 


Japan takes Export credit talks inconclusive 

more import BY DAVID CURRY PARIS. Jan. 13. 


PARIS. Jan. 13. 


Cabaret and Circus. 
SURPRISE! SURPRISE! 


Last 3 perfs. today 2.0. 5.0 & 8.0. 


world: Thur. next 7.30 last perl, pi 
Janao-k's From the House of the Dead- 
104 Balcony seats always available dav 


SPINE CHILLER 


. Tickets from ti.ao-t3.ao 
Instant Credit Card Reservation. 
Dinner and Top-price Seat £7.30. 


■UfiMU. PC 01-437 261. 

W.SHVfe 1 ’ 

PML ; 

An erotic JdVentvre in French porao- 
Braohy. Good-looking men and women 
.Permutations of the 
sexual act. _ Evening News. You may 


COVENT GARDEN. CC. 240 1066. 
■Gardencharoe credit carts 836 6903.) 

THE ROYAL OPTRA 
Todav 2 pjh. 6 Tue. 7.30 o.m. Die 
Flcdermaus. Mon. & Wed. 7.30 p.m. La 
fanclulU del West. 

THE ROYAL BALLET 
Tonight 8 wn. and Frl. 7.50. La Fllle 


mal gardoe. Thun. 7 p.m. La Bayadere. 
A Month In the Country. Elite Syncopa- 
tion*. 65 Ampul* seats tor all perfs. on 
sale from 10 ajn, on day of pert. 


***"*} Evening News. You may 

_ drink and smoke In the auditorium. 


FORTUNE. 836 2238. Evas. 8. Thur." 3. 
. - . . _ 5at- 3.0 and fl.o. 


ROYAL FESTIVAL HALL. 928 3191. 
LONDON FESTIVAL PALLET 
_ THE NUTCRACKER 
Todav at 3 Lacber' Johnson 
Tonight 7.30 Terabust Qart. Last perfs. 


5at. 3.0 and a.o. 

Murfel M MISS MARPLE In 

AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year. 


NATIONAL THEATRE. 928 2252. 

OLIVIER (open stage): Today 2JC I & 
7.30. Moo. 7.30. Last perfs. Of THE 
MADRAS HOUSE by Harley Granville 
Barker. 

LYTTELTON rproscenlura stage): Todav 
2 AS A 7,43 REOROOM FARCE bv Alan 
Ayckbourn. Mon. 7 AS The Lady From 

COTTESLOt (small auditorium): Toot. 
7-30. Last pert, of THE HUNCHBACK 
OF NOTRE DAME hr Ken Hill. Tut. 8 
Half-Life. Toe. Late-Night 10.30 P.m. The 
Grascbo Letters (ail seats 50p. lasts 
50 mlns.)- 

Many excellent cheap seats ail 3 theatres 
day of perf. . Car perk. Restaurant 928 
2033. Credit card bless. 928 3032. 


SHAFTESBURY THEATRE 01-836 6598-7 
Evs. 8410. Mat. Thurs. 230. Sat. 5.00 
and 6. DO 

TICKETS £1-50- £4. 00 
PAUL JONES 


measures 


A NEW IBMi-CENTURY ROCK MUSICAL 
DRAKE'S DREAM . 


DRAKE'S DREAM 

'Many Merry Refrahts," Evening News 
"Bouncing rigour.” Evening Standard 
-Spe ctacu lar Presentation .” Stage 
. Dnr. and Top Price Seat £7.75 
Instant Credit Card Reservations 


STRAND. 01-836 2660. Evenings B^M. 
Mat. Thun. 3.00. Saturdays 5-30 & 8-30. 

NO SEX PLEASE 

WE'RE BRITISH __ 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


OLD VIC. 928 7618. 

Christmas macs, for children. 


GARRICK THEATRE. 01-836 4601. 
8.0. Wed. Mat. 3.0. Sat. 5.1 S * SJO 


-Shrieks p( deftght . . . 

THE GINGERBREAD MAN la a ML" 


ST. MARTIN'S. CC. 836 1443. Ergs. 8.00. 
Mat Tuev 2-£5. Saturdays 5 and 8. 
AGATHA CHRISTIE’S 

THE MOUSETRAP 

WORLD'S LONGEST-EVER RUN 
26th YEAR 


SADLER'S WELLS THEATRE. Rosebery 
Ave.. E.C.1 . C37 1672. U»*N Feb. 18. 

... D-OYLY CARTE OPERA 


JILL MARTIN. JULIA SUTTON. 
DAVID FIRTH and Special Guest 
appearance for this we?k only 
BERNARD BRADEN In ttdt 


In Gilbert A Sul'lvan. Evs. 7.30 Mat. 
«»•*. SO Until W*d. neat: THE 


« BRILLIANT MUSICAL 
_ ENTERTAINMENT.'' Peoplo 
fjfe BY, SIDE_ BY SONDHEIM 


s;^e o n f ce penzance - jaB - i9 - 2o - 


Dally Telegraph. 

-Solendld. ■■ The Times. 

•'Lovely stuff.” Dally Express. 
Today 2 p.m, _an d S p.m. Seats available. 
PROSPECT AT THE OLD YIC 
In repertoire Jan 16 -March 25. 

HAMLET 


« ™.E town. CC. 734 5031. 
8.1S. Dlnl ng^Danchig^ 9^3^ Super Revue. 

and at 11 p.m. 
_____ BUDDY GRECO 


icg wa-rj Whr. 


THEATRES 


APFLPHI THEATRE. CC 01-836 7611. 
Evgs. 730 Mats. Thurs. 3 0. Sats. 4.0. 
''LONDON'S BEST NIGHT OUT... 
SPECTACLE CAPTIVATING TUNES 
AND RACY COMFDY." S. Pepula. 
IRENE 

THE MUSICAL MUSICAL 
"SUCK SUMPTUOUS — IRENE HAS 
EVERYTHING ” Dally Ewnrets. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 7611. 


GLO “- CC. 01-437 1 592. Evenings 8.15. 
_ Sal*. 6.0 d> 8.40. Mat. Wed 3.0. 
PAUL EDDINGTON. AMANDA BARRIE 
In the SECOND year of 


DONKEY'S YEARS 
by MICHAEL FRAYN 
THE BEST COMEDY OF THE YEAR. 


GREENWICH THEATRE. 01-858 77SS. 
Evas. 7 jo. Mat sat. 2.30 pinch-mi- 


NOT. A new comedy by Richard O'Kieffa. 
An excellent ftrst pLay.” Times. ■■ A 


ALBERT 836 3878. Credit card bkgf- 
1136 3962 lev. Sat.l. Mon.-Frl 7 45 
Thurs. mars, 4 30 cats. 4 30 and 8. 
A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSieai. Fin. Times. 
OLIVER 

'* ROY HUDO'S Splendid performance. '' 
S Tel. ” Talent*! JOAN TURNER.” D. 
Mai' " Capital fun . . . the vhnw is a 
delluM-' D. Tel. OLIVER! RETURNS 
TRIUMPHANTLY . . CONSIDER YOUR- 

SELF LUCKY TO BE ABLE to SEE IT 
AGAIN.” D Mirror. 

NOW BOOKING THROUGH 197R. 


considerable achievement.''- o.T. 2 Weeks 
Only Jan. 17-28. Evas. 7.30. Mat Ud 
2.30 _ LEONARD ROSSITER i THE 
IMMORTAL HAYDON, •' A Stupendous 
vehicle for Rosslter . . . eom^M^and 
hugely entertaining." PaachT 


• SAINT JOAN 
ANTONY 8 CLEOPATRA 

Bookings now ope n . 

PALACE. _ 01-437 6334 

Mcn.-Thur. 8.00. FTI— Sat. 6.00 S 8.40. 
JESUS CHRIST SUPERSTAR 
PHOENIX 01-836 8611 

Evgs. 8.00. Mat. Wed. 3.00. Sat. Ports. 

4 JO and 8XX3. 

KEITH „ PENELOPE 

MICK6LL KEITH 

NIGEL STOCK 

JUNE JAGO _ ROY DOTRICE 
M the Chichester .Festival Theatre's 
production of 
THE APPLE CART 
by Bernard Shaw 

"Oatetxndfna revival ol buoyant Shaw.* 


THEATRE UPSTAIRS. 730 2554. 

OUR OWN P EOPLE by David Edgar. 
VAUDEViLLE. 836 9938. Evgs. at 8. 
Tue* 2.45. Sats. 5 -and 8. 
Dinah Sheridan. DuVcJe Wav. * 

E f ln ‘2n.SS, , 23^^ d '.i*. mel Grout 
A MURDER rS ANNOUNCED 
THE NEWEST WHODUNNIT 
AGATHA CHRISTIE 
' re-enter Agatfa with another who- 


dannft hit . Agatha Christie Is staft- 
mg the Wert End vet again with arxrtW 
' 1 _ ■"?m»ious murdar 

mysteries. ’ Felhc Barker. Ev, News. 

VICTORIA PALACE. “ 01-834 1 317. 


ALDWYCH. "Teienhrm tho-:. vuvoendrd ■ 
Inf. R36 5332 ROYAL SHAKESPEARE 
COMPANY in rewnelr* Top.vy 2.00 & 
7. JO Jomcm’v THE ALCHEMIST "master, 
pfnee e* ramto-i tn.-i«erv” D Telegraph 
wl»h- THE COMEDY OF ERRORS -T~*t 
n*rf Mun.> RSC also al THE WARE- 
HOUSE net- urn* nr Wi and at Piccadilly 
and 5»*ov Theatres, 


HAY MARKET. 01-930 9832. 

EVQL 7 . 45 . Wed. 2.30. Sat. 4 30 * 8.15. 
CLAIRE DANIEL 

BLOOM MA55EY 

MICHAEL ALDRIDGE n 
ROSMERSHOLM 

DIRECTED BY CLIFFORD WILLIAMS 
EXCITING 

THAN ANY BY AGATHA CHRISTIE.” 
J. Banter D. Tntvjrapn. 
LAST 2 WEEKS 


Dally Telegraph. 

Directed by PATRICK GARLANO. 

LAST THREE WEEKS. 

PHOENIX. _ . __ .01-838 8611. 


THREE WEEKS. 


Doming March 1 
FRANK FINLAY In 
The Leslie Bricucs Musical 
KINGS AND CL OWN 5 
Red. price prevs. from Feb. 16. 


HAYMARKET. 01-930 9832. 

Previews Jan. 24 <Oiarltv) and Jan. 25. 


Opens Jan. 26 7.00. Subs. evgs. 8 00. 
Mat. Wed. 2.30 Bar 5.0 and B.1B. 
INGRID BERGMAN 


s.o and B.15. 


AMBASSADORS. 01-836 1171. 

Evbs. 8 0. Mars. Toes. 3. Sara. S. 
SIOBHAN McKENNA 
as Sarah Bw-hardt in MEMOIR 
with NIALL BUGGY 


WENDY HILLER 

DEREK DORIS FRANCES 

GOOFREY HARE C UKA 


PICCADILLY. 437 4608. Credit Card bfcg. 
836 3962. (Ea. Sat.) Men. to Frl. 8.00. 
Sat. 5-1 S. 8.30. Wed. 3.00. 

LAST 3 WEEKS 

ROYAL SHAKESPEARE COMPANY In 
RAUCOUSLY FUNNY 
18 th century comedy 
WILD OATS 

wild Oat* Season finishes Jan. 28. Peter 
Nicholas's Award Winning comedy. 
Privates on Parade perfs. from Peb. 2. 


Evgs. 7-30. Mats. Wed. & Sat. 2 JO*. 
BASIL BRUSH' S NEW REVUE 
BOOM) BOOM! BEK I WEEDON 
BOBBY CRUSH AND STAR CO. 

"A true family show.” p. Tel. 
WAREHOUSE, Dwi mar Theatre. 036 
55SS* . „5 ovaI , Sf »ke*peare Como any. 
Tont a . 00 premiere production Edward 

asfjgA 

today at 3 tt. D283 ' 
RUPERT'S CHRISTMAS ADVENTURE 
The Family Musical. ft*i a hit,” F.T. 
WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH ICE PANTOMIME 
HUMPTY DUMPTV 
„ ~ Sheer aparktlng spectacle." D. TeL 
Mon. to Frl. 7.45 .Mau. weds.. Thurs. 
•IJ- Sat*, at 2. 5 * 8. Chldn. & Senior 
Ots. half price rvcopt 5»t. 2 & 5 . Pav 
at doors, enquiries 002 1 234. SeadOUS 
car nark. - - 


WATERS OF THE MOON 
bv N. C. Hunter 
NOW BOOKING ' 


PRINCE OF WALES. CC 01-930 8681. 
Mon. to Frt. 8. Sats. 5 JO and BAS. 


WINDMILL THEATRE! CO 447 6312- 


_ Mats. Thursday « 3.00. 

“ THE STAGE IS AGLOW." 


Twice Nightly at 8.00 and 10.00 
OPEN SUNDAYS 6 JO and a-oo. 


APOLLO. 01-437 2663. Evgs 8.00. 
Mnts. Thurs. 3.00 Sat. 5.00 vnd 8.00. 
“ DONALD 5INDEN 15 SUPERB." NoW. 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
“WICKEDLY FUNNY" ■'lines. 
“GREAT ENTERTAINMENT." NoW. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

” Hilarious ■ - ten if." Sundav Time*. 

Mandavt ro Thursday 8.30. 

Friday and Sa'.urdav at 7 .00 a nd 9.15. 
ASTOrrtA. rharing X Rd r 1-437 G239 or 
01-437 5757 or 01-734 4291 Neared 
Tube Toirenham Coun Road Mon -Thurs. 
8.00. Fn. arm S'* 6/10 and 8.45. 

” ELVIS " 

THE STAGE SPECTACULAR 
Tickets £1 .50-E5 50. Instant Crrdlr Card 
Ro*. Eat In our tully-l -censed Restaurant 
or Bu<iet Bar lunch-time and before and 
■Iter snow — haekabl^^in advance. 

•* infectious appealin') loot-stamping ana 
hear! thuraome." Observer, 
cv wve 


HER MAJESTY'S. CC. 01-930 6606. 
Evgs. 8.00. Wed. and Sat. 3.00 and 8.00. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RATTIGAN'S 
CAUSE CELEBRB 

RATTIGAN REVEALS HIS MASTERY." 
S.T.- "A powerful drama " E.N. "GLYNtf 
JOHNS play* brtllisinilv.'- D.T. 


Dally Telegraph 
RICHARD BECK IN SALE 


( LOVE MY WIFE 

" HILARIOUS COMEDY MUSICAL.** Soil. 
Directed by Gene. Saks with “ Bountiful 


PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Take* to unprecedented limits whet I* 


pennlsslble ea our stag** - Erg. Newts. 
You may drink and pngice In the . 


Inventio n and wit" Financial Time*. 
NSTANT CONFIRMED CREDIT CARD 


Auditorium. 


BOOKINGS ON 01-B30 0646. 


OU KEN’S THEATRE. 


01-734 116B. 


HER MAESTVS. CC. 01-930 6606. 

Opening March 25 
BRUCE FORSYTH 

In Leslie Brirusin fi amiwpiv Newlcr'* 
TPAVELLINO MUSIC SHOW 
Preview* Irom March *6 


Ergs. 8.0. Sat. S.O. 8.30. Mat. Wed. 3.0. 
ALEC GUINNESS In 
THE OLD COUNTRY 
A New Play bv ALAN BENNETT. 
Directed by CLIFFORD WILLIAMS. 
BEST PLAY OF THE YEAR 
Play* and Piavers London critics award. 
" Ono of the most notable theatrical 
event* in this country for a good many 
years.” 8. Levin. Sunday Times. ■ 


KING'S ROAD THEATRE. 352 7_4PB 
Man. to Thurs 9.0. Frl. Sat. 7.30. 9 SO. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 


WYNDHAM-S. 838 302b! Credit raid 
booking* 836 3692 (Ex. Sat-). MOR- 
Thurs 8. Frl. and Sat. 5.1 S and a JO. 
"ENORMOUSLY RICH. 

VERY FUNNY. " Evening New*. 
Mary O'Malley's smash-hit comedy 
ONCE A CATHOLIC 
Soreflre comedy an sn and religion." 
.. . - Dally Teleqraph. 


1 MAKES YOU SHAKE WITH 
LAUGHTER." Gdn. 


YOUNG VIC mear Old Vltl. 928 B363. 
Today 3 & 7.45 A CHRISTMAS CAROL 


" ELVIS *• 

“ I was aftiotutelv caughr up in it. carried 
•lane b» .t. reintlgorated by the sheer 
verve and specMcje, M. it. Sun. Tel. 

“ Sfaggeringjv eflcctiK." Time*. 

■■ Performed with a verve rare In British 
musicals. The show immHf had the 
aud.enee dancmg m the aisles. This 
" Elvis " Is marvellous, irurdav E»dre*;s. 


LONDON CASINO. 437 6877. 

Last perta. today 2.1$ 8 7.30. 
SUSANNAH YORK RON MOODY 
- PETER PAN 

“ The best Christmas entertainment In 
town." Evening Standard 


RAYMOND REVUESAR. CC. D1-734 1 593. 
At 7 o.m 9 p.m... 11 p.m, (open Suns.) 
PAUL RAYMOND present* 

. THE FESTIVAL Of 
EROTICA 

Full/ AIR CONDITIONED. You may 
drink and smoke In the auditorium. 


LONDON PALLADIUM. CC. 437 7373. 


Evgs. 7.30 Mats. Weds, and Sals. 2 45. 
LIMITED SEASON TO FEB 2S ONLY. 
TOMMY, STEELE 
SALLY ANN HOWE5 _ 
and ANTHONY VALENTINE 
In The Fairy Tale Musical 

HANS ANDERSEN _ _ 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-734 8961. 


CAMBRIDGE THEATRE. B 1-356 7040. 
Last 2 Perfs. Today 11.00 and ^-03- 
All Mats fil-50 <or 11.00 pert. 

R, chard G^l^ lan T.lbot 

TOAD OF TOAD HALL , 


LONDON PALLADIUM. CC 01-437 7373. 
OPENING MAY 25 


REGENT. CC. _ 01-637 9862-3. 

M.. T.. W.. and F. 8.00. Thurs. and 
5at. 6.15 and 8.45. 

SEXUAL PERVERSITY IN CHICAGO 
AND DUCK VARIATIONS 
bv Oavld Manet 

The talk Is dirty, the people are nice . . . 
You will nave a good time. NY Dly. News 
” Talented eroticism.'* Daily Tcf. Student 
Stand-by Tickets available after- 7,30 p.m. 
£ 1 . 00 . 


CINEMAS 

ABC 1 A 2. SHAFTESBURY AV. 836 8861. 
Sep. Pen. ALL SEATS BKBLE. 

TS THE GAUNTLET IXi. Wk. 4 Sun: I 
2 -OP. 5.00. 8.00. Late show Tonight 
11 ( 00 . 

2 : THE LAST REMAKE OF BEAU I 

GESTE ■ Al. Wk. & Sun: 2.00. 5.20, 8.20. 
Late show Tonight 11.20. Last 5 days- 


CAMDEN PLAZA, oop. Camden Town 
Tube. 435 244 s - Tartanl 1 * PADRE i 
PADRONE (XL Grand PrtK Cannes 77. 
1.S0. 4.05, 6JS. 8.50. 


By Charles Smith 

TOKYO, Jan. 11 
THE JOINT communique issued 
yesterday at fee end of fee talks 
here between Mr. Robert Strauss, 
fee U.S. Presidential trade nego- 
tiator, and bis Japanese counter- 
part, Mr. Nobuhiko Ushiba, 
shows that Japan has added a 
few specific additional import 
liberalisation measures to fee list 
announced last year. 

The core of the Strauas-Ushiba 
agreement, and fee part which 
has involved most heart-search- 
ing in Japan over the past few 
months, involves the Japanese 
commitment to increase quotas 
on a limited range of agricultural 
imports. Specifically, the com- 
munique says that the 1978 quota 
for citrus fruit juice will be 
raised four-fold to 4,000 tonnes 
(Mr. Ushiba offered 2.000 tonnes 
in the earlier round of U.S.- 
Japan heogtia tions), and feat 
imports of oranges will be 
trebled to 45.000 tonnes. 

On the vexed issue of high- 
qaaUty American beef, for which 
Mr. Strauss demanded a 10.000 
tonne import quota, the com- 
munique incorporates a compro- 
mise under which Japan will take 
steps to expand demand with a 
view to increasing the quota by 
10,000 tonnes. Tbe extra imports, 
however, will not be only of 
“ bote? quality ” beef, where 
American suppliers are pre- 
eminent, but also of higb-grade 
“ ordinary ” beef, where fee U.S. 
is in competition with Australia. 

Mr. Strauss claimed this after- 
noon that the Japanese move 
meant an “opportunity for a 
ten-fold increase in American: 
beef exports to Japan.” But 
Japan prefers to regard fee move 
as a global increase designed to 
benefit other suppliers as well. 
The quota increases on beef and 
citrus fruit imports do not re- 
quire sanction by fee Diet, so 
fee communique’s commitment 
on these items can be regarded 
as final. 

Tbe ‘other specific new 
measures included in the com- 
munique are for a series of 
Japanese import missions to be 
despatched to the U.S. in tbe 
fields of timber products and 
nuclear power-plant components, 
plus a general Government- 
Industry buying mission. 

Japan also promises to cany 
out a sweeping review of its 


A FINAL attempt to agree on 
terms for renewing the 20-nation 
“ consensus ” controlling the con- 
ditions on which export credit 
is granted will be made next 
month after four days of incon- 
clusive discussion ended here 
to-day. 

All countries have agreed to 
continue to apply fee terms of 
the international consensus — or 
gentlemen’s agreement — until 
fee February 20 meeting, while 
the EEC countries have decided 
that they will stock to the exist- 
ing terms antil fee end of June 
if there is no formal decision to 
renew the agreement in 
February. 

The difference of view be- 
tween the North American 
countries and the EEC persists, 
wife fee former still wanting to 


be able to .do longer project 
financing at correspondingly 
higher terms and to tighten up 
fee rates in agreement 

However, the U^. is apparently 
more reconciled to the continua- 
tion of the agreement on 
broadly fee same terms as it is 
now than- it was in December, 
when it was talking of fee 
necessity for a newer, stiff er 
arrangement 

Mr. Gilbert Morleghem, the 
Belgian chairman of tbe meeting, 
said that fee February meeting 
would be “ decisive ” but also 
added feat it was felt that it 
would be inappropriate to change 
the terms of fee consensus until 
feere was a better way of polic- 
ing the accord- 

The meeting apparently dis- 
cussed at some length how to 


make fee agreement more trans- 
parent— -that is, to agree on fuller 
and more open ways of reporting 
credit deals. 

In particular, there was a 
desire to avoid “ over-matching " 
— the softening of one country’s 
credit terms often unnecessarily 
to match the suspicion feat an- 
other country was doing fee 
same. 

It is also hoped to achieve a 
more harmonious and disciplined 
view on how to treat credits 
inaugurated before fee consen- 
sus came into effect in June 1976. 

Austria declined to attend the 
meeting '(along with New Zea- 
land) and this caused some dis- 
quiet because of fee fear that 
Austria is contemplating under 
cutting consensus guidelines in 
sales of capital goods to Eastern 
Europe. 


TOP SOCIALIST’S ARREST IN PORTUGAL 


Pedro says conscience is clear 


BY DIANA SMITH 


LISBON, Jan. 13. 


A COMMUNIQUE issued early 
this morning by the Portuguese 
Army High Command has added 
a new twist to tbe case ef Sr. 
Edmundo Pedro, chairman of tbe 
Board of Portugal’s State-owned 
television network and a mem- 
ber of the ruling Socialist Party’s 
national secretariat 


Late last night, after their 
arrests on January II, Sr. Pedro 
and his niece. Sra. Adelaide 
Pedro, were charged by a Lisbon 
magistrate with illegal possession 
and transport of weapons and 
ordered to be held in custody. 

Shortly before his hearing, 
however. Sr. Pedro told the 
Press tbat his conscience was 
clear and tbat the weapons (33 
G-3 repeater rifles) found in his 
possession at the time of his 
arrest had been handed to him 
in 1975 by “ certain army 
officers." 


FOR A SUMMER SEASON 
THE TWO RONNIES 
BOOK NOW : -Theatre and Agent* 




IPI TOMBI 

** "«m ■aw 1 * £? 

Dlnn^^ n «^-P^?°«5»“ gfl-cc. 


COMEDY. 01-930 IS”- E«" 1 ng* ®- 9 - 
Sat*. 5.30 and 8.30- M«a 3 -°- 

W inner of all 1975 Awards 

Best Pfav of the Year _ BAV ,_ 
HYWELL BENNETT In i Simon GRAY 5 
OTHERWISE ENGAGED 
Directed bv Harold Pln y 
LAST WEEKS. Mu« end Jan. 21. 


LYRIC THEATRE. 01.437 3686. Cl). 0 0. 
Mad. Thur* J O. Sals. 5 0 and 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patrick Haves In 
PILUMENA 

bw Eduardo d* Fllinoo 
Directed by FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH- Ev. No***. “AN 
EVENT TO TREASURE " D. Mlr. " MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.” Sunday Time*. 


ROUND HOUSE. 267 2384. 

Last uerf. toi't, at 8 
ACTORS COMPANY in 
THE IMPORTANCE OF 
REING EARNEST 


CLASSIC 1. 2. 3. 4. Oxford Street lOPP- 
Tottenham Court Rd. Tube). 638 0310. 
Is SINJJAD AND THE EYE OF THE 
TIGER (U1. Pnx». 1.10. 3.30. C50, 


foreign exchange control, system 
wife a view to Introducing auto- 
matic approval of all trans- 
actions not specifically pro- 
hibited. 

The communique re-iterates 
Japan's undertaking, contained 
I in the original Usbiba package, 
to abolish 12 import quota items 
and to take a series of adminis- 
trative measures to encourage 
imports (improved financing, 
relaxation of import inspection 
procedures, better access to 
Government procurement for 
foreign suppliers and so on). It 
finally repeats Japan's commit- 
ment to double its foreign aid in 
less than five years. 


8.38. Late Show 11 p.m. Arte GuUtrte. 
Jim Hendrix WOODSTOCK (XI. 
i THE HIDING .PLACE >AI. Sn. Peris. 


ROYAL COURT. 730 174S. Pro**, tram 
Thur*. 41 8. Jan 24 at 7. 

Subs 8 Sat. 5 8 8.30. 

World Premier of 
LAUGHTER ! 

Bv Peter Barnes. 

Sm alto Theatre Upstairs. 


2i THE HIDING PLACE iAI. Sea. peris. 

2.00. S.OO. 8J10. Late show ii p.m. 
Elvis Presley FLAMING STAR iAI. 

3! EAST OF ELEPHANT ROCK (AA). 
Progs. 1.55. 4.10. 6 2S. B.40. 10 .55. 
4; WIZARDS >A). Prog,. 1.0. 3.0. 5.0. 

7.0. BO. Late show every night 11 ».tn. 


CURZON. Cunon Street. W,1. 499 3737 
PARDON MON AFFAIRE <X). f English 


Sub-tides.) "A babbling French sex lark 
that is a Joy Iran, start to finish" — 
Daily Mirror. "The French have a word 


CRITERION. CC _ 01*836 3216. 

Evenings 8. Sats. 5 .M. 8.M. Thurt. 3.00. 

LESLIE PHILLIPS ^ „ 

“ Imeecabte . . . a maste r." Sun. Times. 
In SEXTET 

“ HILARIOUSLY FUNNY." N. of World. 


MAYFAIR. CC- 629 3036. 

□aens Tue*. Feb. 7 at 7.0. 
GORDON CHATER In 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bv Steve J. Sncjrs. 

" Outrageously funny . . Profoundly 


ROYALTY CC 01-40S 8004 

Moodar-Thursdav Evenings 8.00. Friday 
5.30 and 8.45. Saturday 3.00 and 8.00 
London's critics vote 
BUBBLING BROWN SUGAR 
Best musical of 1977 
TeL Dkgs- accepted. Major uncut cardx. 


for it . . . Laughter” — Daily Mall Prays, 
at 2.0 'not Sun.i. 4 05. B is and B.30. 


LEICESTER SQUARE THEATRE. ?30 5253. 


STAR WARS IU). Seo. PC ogs. elv. 2.00 
5.13. 6.35. Seats bkUe far S.15 and 


moving. '■ Variety. 
Previews from Feb. lu. 


SHAW. 01-388 1 39( 

Opens Mon. 7.00. Subs. Era*. 7.30. 
MaiS. Thur*., Fri. 2.30. 

AN INSPECTOR CALLS 
by J. B. Prtestfay. 


OOf ON. Leicester So us re. 930 Bill. THE 
DEEP f A). Sep. progs, every pav. Seat* 
may be b o oked. Doors open at 1.20. 
4.30. 7.45. Lata shows Fri. *Bd $st 
Doon 11.15. 


Sr. Pedro said feat fee 
weapons were handed out on 
November 25. 1975, when mili- 
tary forces led by General 
Antonio Ramalho Eanes, now 

President of the Republic, over- 
threw a radical Left-wing mili- 
tary and civilian uprising. 

The Army High Command’s 
dawn communique confirmed 
that on November 26, 1975, 150 
&3s were distributed to 
“democratic elements'* at a 
moment when “ totalitarian 
forces were threatening Portu- 
guese democracy.*’ Once the 
situation was stabilised, the com- 
munique added, there was no 
further need for these weapons 
to remain in civilian hands. 
Soon after, the Army said. Sr. 
Pedro returned 81 rifles. 

To-day — on the basis of the 
army note — Sr. Pedro's defence 
lawyer will ask for his client's 
immediate relase on bail because, 
the lawyer says, the army in- 
formation cancels out fee 
charges. 

However, Portugal's judiciaxy 


police — fee equivalent of fee 
CED — do not apparently agree. 
In a Press conference this morn- 
ing. its sub-director, Sr. Gomes 
Dias, stated feat the Army com- 
munique had “ no direct or 
immediate bearing on Sr. 
Pedro’s arrest” 

This statement elicited an 
angry protest from Sr. Pedro’s 
lawyer, who has accused fee 
police of “having no authority 
to speak on fee matter and not 
having the Intelligence to rea- 
lise that Sr. Pedro was perform- 
ing a valuable public service by 
collecting weapons in order to 
return them to fee authorities.” 

The background to Sr. Pedro's 
arrest remains confused. On 
January XI,. Portugal's customs 
guards began a nationwide opera- 
ation to track down stores of 
smuggled domestic appliances. 
After tbe guards visited a ware- 
house belonging to Techno- 
Bazaar — a domestic appliances 
firm owned by Sr. Pedro's family 
— apparently searching for 
smuggled goods, they intercepted 
a Techno-Bazaar van and a 
private car near fee warehouse 
across the river from Lisbon. 

The van driver and passengers 
(two packers) indicated they 
were acting on the orders of the 
driver of the private car. Sub- 
sequently the . driver and 
passenger were identified as Sr. 
Pedro and his niece, a director 

of Techno-Bazaar. When the 

customs guards found 33 G-S 
rifles in fee van they made their 
arrests. 

Last night, Sr. Pedro intimated 
that he knew about the customs 
guards' operation and wa» there- 
fore, “rounding up weapons 
stored in old houses in order to 
turn them over to fee authori- 
ties.” 

The customs authorities have 
reported that their operation has 
led to fee discovery of hundreds 
of thousands of escudos' worth 


of smuggled domestic appliances. 
Yesterday, moreover, fee 
judiciary police reported that the 
swoop had unearthed a store of 
explosives, detonators, handguns 
and rifles. 

Sr. Pedro has not been charged 
with any smuggling offences, and 
nothing Illegal was found in his 
family’s warehouse. However, 
several newspapers posed fee 
same question to-day: why, if the 
weapons found in his possession 
were handed out in 1975, were 
they not handed back to the 
military months ago? 

According to the local Press, 
the Techno-Bazaar warehouse was 
on fee customs guards* list as a 


possible store of smuggled appli- 
ances- Moreover, at the end of 


1977 the independent weekly 
newspaper Expresso, echoing 
speculation that had been 
rife in Lisbon, hinted 
that Sr. Pedro mi g h t be involved 
in smuggling. 


AUGUSTUS „ 
BARNETT 

em wtmsptMsai 



BARGAIN PRICED 
SPIRITS 


L. — J 



4 




Financial limes Saturday; Janizary 14 1978 


o -ahead Confusion in Tory 
!!l y pay curbs policy 


soon 


for City 
lottery 

by David Churchill 


BY RUPERT CORNWELL, LOBBY STAFF 

THE 'WATERS of official Tory of a formal kind in existence monetary policy. Denis Healey 
policy on pay restraint were now" started off on this course last 

yesterday muddied still further Conservative views on how to summer. Unfortuantely. he’s 


Devolution 
may start 
reform of 
Parliament 
MP says 

By Rupert Cornwell, Lobby Staff 


Councils seek help | 
to cope with £4m. 
gale damage repair 

BY JOHN LLOYD 

DAMAGE provisionally esti- to or because some of the] 
mated at up to £4m. to municipal installations damaged— granite 


Britain’s 

steel 

* 

output 
falls 8% 


yesterday muddied stffl further Conservative views on how to summer. Unfortuantely, hes . crnTTrcir property on the Kent Coast has piers and walls for instance— 

when Sir Geoffrey Howe, shadow manage the economy were con- subsequently translated it into a J.T2 led district councils to apply to were not thought vulnerable to 

Chancellor, declared that the tained in the pamphlet The 10 per cent guideline for earn- 5?i the Government for emergency natural forces 


BY ROY HODSON 


3 Conservative government Right Approach to the Economy, ings, which people have inter- ViQ “ e commons assistance \ n coping with essen- Because of the uninsured 

aid only "gradually” move which emphasised control of the preted as a 10 per cent, guideline P *°» T , for tial repairs. damage, coupled with the I STEEL OUTP1 

kto free collective bargaining, money supply— implying that for. settlements. refonn j Jj * Tl , A four - year - old dispute salvage and cmerccncv relief] by nearly 2m, 


STEEL OUTPUT in Britain fell 
raergcncy relief] by nearly 2m. tonnes last year 
now required lot compared uith the previous year. 


> "iiy 


m 


- “-‘EXT WEEK, the City of colleagues her desire for an higher unemployment 

..'. ' London Corporation's Court of immediate end to pay curbs in “All that. follows fn 

Common Council is expected Public and. private 

to vote in favour of joining the sec * ors ’ when she becomes Prime m t j H 

fast-growing trend towards Minifiter - [VI OTA [ 

lorai authority lottories to But Sir Geoffrey said a decision X y Ht/Vr -L 

Ilh* nua ; extra “Uance for public to drop pay controls, was not 

l UI(l 3erv ^ * t a S °P t0 the unions. “What we -.-a a 

me City .ot London’s finance have been through is -a. number 1 1 ft««i 

-committee has already •neom- of years during which a formal I ./I 1 1 mj y 


mended that a lottery should rigid incomes policy has shown it- 
[» art • by the summer and self to be increasingly onwork- 
b should he run In conjunction able, squeezing down differentials 


willr .other. GLC lotteries to and bolding back productivity, 
save administrative costs. 


■: . he council at Kinaston s U rr»v “W e have got painfully and strengthened by inclusion of the 
"••has started a ffr^ualiy to reconstnict a system neutron bomb, the nuclear 


Nato Neutron bomb 
call by Gilmour 

BY IVOR. OWEN, PARLIAMENTARY STAFF , 

NATO’S ARMOURY should b© tion programme.** 


__j .. j 1 “ . a four - year - old dispute salvage and craerccncv relief 

that their policy arSat the ded^o/^tJh £ etwe *? Canterbury District work they are now required to 
Uglier earning SSocracv Council and the Department of undertake. Thanet and Canter- 

,JL t “ Br AlSb up the Environment about which bury councils have applied to 

ment r and higher f “J ^ bore the cost of repairing the sea the Departmeni of the Environ- 

K Dartv^Si?«i M 55!ti!!S defence wall at Whiistable has ment for financial assistance. 

meaDt that lhe unre P aired wall The Department said ycsier- 

S?e oo/o^tfnn rniS’ ™L si “5 decision could .be I The British Sleel Corporation 


Mrs. Margaret Thatcher. Leader bargaining beyond the monetary “This means that their policy 7rrest “the Vtam v* h ^ between Canterbury District work they are now required to! compared uith the previous year, 

of the Opposition, is understood U®“5 of the day would lead not ... . - . hj , earning democrat ’ BnUS Council and the Department of undertake. Thanet and Canter- Total production by public and 

to have impressed on close only to higher prices, but also J*" t , , 'Tr Mr Aliek B..,b a n an q m ;th up l he Environment about which bury councils have applied to private sectors was 20.4H.20n 

colleagues her desire for an higher unemployment higher unemployment, and higher f bore the cost of repairing the sea the Departmeni of lhe Environ- tonnes compared with 22.273.6QD 

immediate end to pay curbs in “ AU that- follows from proper inflation.” and Meam. add defence wall at Whiistable has ment for financial assistance. tonnes in 1976. a decline of $.3 


■ 'Tias 'started WOuttj to reconstruct a system neutron bomb, the nuclear of the neutron bomb to Nato. “*«“ D„.i., n . nC -, A pro,<fl '‘ , “ n , wa " 'UangerOUS' 

fund«s V°!I e n r J • r ®^ se of free and responsible collective weapon said to "have capacity to recalled that the Allied supreme , “ uc □ a n ™ 1 ^ ^. wa f was breached in several places. 

funds and ^ if most London har gafnin o which we see works Hoctmv Tif^ wrthmit damaging commander had stated that there voicing fears and the mood of chalets and shops on the sea The Department of the En - 

' >■ over'tfie next better t ^ an anything, else in buildings, Sir Ian Gilmour. the was a clear requirement for it. weriSnste 1 ? 8 n i!S!?rf 0f f ^° Dt w l Te « washed^ away and viron ment had refused to i give , , asl year s prooumon uuai. 

- - .^ r tne next few months, it countries which succeed better rnn«pr-™«i7e qhadnw T>efenep ^ . Wert minster worried at the si sns and street lighting snapped advice «o the local authority for Bntish Steel's shave was 

i2““ yton a year gjf™ d o? ‘ ffi5S?52JS ^rosteSav Rls speeeh *L cer S“i!!,fi , Sr ?°i! con],n § s of the system as it off. In Ramsgate, the eastern new plans._ and now ** a danger- J7.244.400 tonnes, which was 


th* defence wall at Whitstable has ment for financial assistance. tonnes in 1976, a decline ot S.3 

meaot that lhe UDr& P aired wa » The Department said ycsier- per cent. 
oDon^tfnn ^ Jet m stonn tides, causing day that no decision could be The British Sieol Corporation 

JKLi £ ‘.^I 1 J lu “" a * thousands of pounds’ ’worth of made until inspectors had and the British Independent 

At dJJm ~ J Dundee the damage to municipal and private assessed the costs. Steel Producers' Association, who 

5,£ S Ornaments ineffective- property. In the Commons yesterday a issued the production figures 

«i j j u,- , The worst hit areas in Kent are debate on flood damage was jointly, said yesterday: "Thev 

P?, I 0 f ? the Thanet Canterbury and initiated by Mr. David Crouch, indicate the severin' of ih«» 

bad , declined. Dover districts The most exten- Conservative MP for Canter- world-wide wessinn. Both 

a * r °f control over the s ive damage appears to have bury. It was a “strange and domestic and overseas demand 

executive to outside bod ies like been suffered by Margate, which grim irony” that the Govern- continued lo be well down." 

wf5 e -,y n i- 10 -? 3 was symptom as took the full brunt of the north- ment had turned down a nlan Latest indications are that the 

M -?i ,uire t0 . . 1 c f m ^ truc ' easterly gales, and where :he for better sea defences in Whit- recession in lhe international 
m prucnjuiuic. istl!* 1T , 5? nstl tt»tional issues privately-owned pier was wholly stable in 1976. he said. steel industry - is affei-tin” the 

Sir Ian, in advocating supply 0 1 u 1 1 0 D snd European destroyed. British trade even more deeply 

m ’ ' ' ' ” than last jear. British Stei.-l's 

I —— •■'«<~iuiui »«i*aa mciciicu in several places. - i losses are now running at a 

voicing fears and the mood of chalets and shops on the sea The Department of the En- record f]Om a week. 

I an inM’PUtlnB niimWft« of UDp n, I r.. — - ...«. ... ..1. a ni.nnn.onl V,..^ n n r ^ In nil'n I rtr ... • 1 , 

Or last year s production total. 


elections. 


The coastal protection wall 'Darnypi’niig 9 

>c hronr-hMl in n h»c UflllgdUUS 


than • we do. 


:-of becoming legal, almost half S' e Shadow Chancellor said DemocSte In a J n Westminster, stands. ’ ' arm of the harbour has been ous gap in the sea defences nearly 'To per "cent "helow *ihe 

r-®f Je wajor local authorities dur gf g “ nw hSSnit that kS\ that 1 i Many , Labour bave -^ ready A The t Protests over the Crown lareely destroyed. remains at Whitstable. and corporation’s output in 1976. 

' J n « Brltaln w,il be operatina a common h round had been e men. rent hMitarin^^ nfE nnv strongly opposed the idea of Agents* report and most recently At Herne Bay, the three- people’s lives and property re- 

lottery. fnT on in^mes oollVv bl^en over the Brltain havmg * e “ eu ^°“ ovw the Commons committee*:- quarter-mile pier-the second main at risk.” 

v;.t present, about 150 councils thl ram 1 major ^nSrties P““ Governments o er t e homb ^ u has ^eu criticised investigation Into British Steel longest in the country— 1 has been Mr. Guy Barnett, Parliamen- 

l are doing so. and trade sources The ToriM had welcomed Ian enndemned the defence by some leading Tory MPs. were proof of the strength of seriously damaged. The 22-mile tary Under-Secretary. Depart- The private sector’s production 
expert aboat 400 -finally to go Labour’s recognition ihat there pohcy sStement endorsed by the Mr. Reginald MaudUng, former their feelings. . stteteh of beach round the Isle ment of Environment said thai share went up while iis tola! nut- 

ahead with a scheme as the u»e „„ ,1*0™ 2^.,,, +„ nnt.pi» P°uS.* d.^:. rnnf»™n« r«i- n^miiv r.nnsprvntiv^ Leader has _ . Of Thanet looks like a battle- the Government still intended put showed n slight decline from 

Kcgeneration - field,” Thanet s chief • engineer to review division of the financial 3.210.000 tonnes in 1976 to 

.v_. j said. responsibilitv for sea defence. 3.170.000 tonnes Iasi your. 


,.|Bie?er share 

The private sector's production 


he boost to council finances Is W ag e controls 

irrnnino it ahn»t _ "Hge CUUIXOJ3. 


devolution is 


: £ ® 0m ; a year He would not accept that Mr. Party.** to God.” stitutioi 

: . 2 nd couJd ri**t 0 about Callaghan was now operating a sir Keith Joseph, Shadow When the bomb was last dls- reform,' 

±Kum. wnen most local author!- “guided" incomes -policy. All Industry Minis ter, adopted the cussed in Parliament, before said. 


SI ^ Left'of lhe -Italian Communist can offer to the human race or use* « ; a cataiyst for widerTon- VSSmB^JSSS thl^lCSSMh? uYdS wen^tm^sh^Plv lart roi? as7hc 

2?' Tfpith Jo^oh. Shadow JLL rha homh was last die. M “ od n.P-tfLl” S3S which has taken on extra staff the 1972 Local Government Act. new; CKX steel-niakin'-: facilities 


u_ D, a*-.* fimui, WUIIU “05 1 1 * axe 1 1 vti v-‘“u ----- iiww Mcn-Iiiuhiii^ rat 

Mr. Duchanan-hnuth l0 cope with claims. All the to make grants or loans to people in Cardiff came on stream. 


■he eS lfl76 n 'LoterieK and A imi- therT'wa* was“*a sort^of fae- same“tteme In*’ a ““speech in ChristmasT the Government held “ideally. Parliament should option 1 o^fhe^^poncie? 6 effects^? flood'Inc^r sfonns ^ 

meite Art lJSJ '£££££. GlM gow. w hgi .he claimed that to 1 the position 1 that considtattons regenerate Itself from within, and ° P H owever. they have not The action could be taken “at 


monte „-L simue snam uemg asseriea oy uiasgow wnen ,ne ciairaeu mat 10 inr puamon inai cubsuiwuous regenerate itseir from within, and ‘ HnW p W , thev have not The action could he taken at 

|l 1 ticifihe^Dov^^+n hnw! PXtra-1^8* 1 powers and Blacklists the entire Labour .programme- were still proceeding m Nato. devolution might not be the best inSired ’everything either onre wrihout havinc to^^btafn 

•lilt' KTi 0 hoW “ft 1 and things of that kind. In was “far to the Left of the and no firm decisions had been starting point . . but better anv ESS thev hlVe not been able nriw consent” 8 

MllS Shan e extra finance ' But reality there is no incomes policy Italian Communist Party’s eiec- reached. source than no source at all." ' becaUSe * 1 P 

•••*'. Thu Aecnmklu tn Ka .A» in ■ 



llACBf 001 OWnuSM CDWU lonim 



BP-Ranger make farm-in deal 


BY KEVIN DONE,. 


WIN UP TO £500 INSTANTLY 

THOUSANDS OF PRIZES 


source than no source at all.” 
The Assembly to be set up in 
Edinburgh must not become a 
shadow of Westminster, but 
should be geared “to .modern 
democratic methods to suit a 
modern economy,” and work 
should start now on the proce- 
dure it should adopt 
“ Parliament needs rejuvena- 
tion. 1 would sav that the 


Lloyds Bank opens 
Edinburgh branch 



More private seclor sicelmak- 
I ins capacity will come inlo prn- 
at ductinn this year with the 
,n 1 mmole! inn and working-up of the 
Alpha si cel mill at Newport. 
South Wales, towards a possible 
production of S00.000 lonnes a 
year. 

In answer to complaints from 
some steel stockholders over the 
new basic price system for steel 
imports into the European Com- 
munity. the National Association 
of Steel Stockholders has issued 
a statement supporting the 
system. 

The Denartmenl of Trade has 


BRITISH PETROLEUM has com- the East of the Shetland Islands, the Sedco 707— and the credit Stands f!? Ul devo?2 r tio? a Lo!5d day p»mam errv rrrcw rnnBFWnwnmT 

pleted a “ farm-in ” . agreement It is 50 miles west of the Frigg arrangements. This will allow iSss rtri deit a?d^ arSSl* PERMAN, SCOTTISH CORRESPONDENT - . --r ; - 

“SS {^-SL“ Souto - E - t 0£ « 0Ur inslitUtions of cerement LLO.’DS BANK yesterday be- Lloyds was looking to the long- imported steel < compiled bv 

whJCh it has^acqmreda major. Ninian Field. . °*ocl k ^after March 16 when were functioning raore effec . carae Ae ]afil of th e b ig four term prospects in establishing a Rrus-ei.i and the sveem now 

share of block 3^) 1^ the UJv. BP has received permission “, cence comes U P for sur ' tively— and if people generally London clearing banks to open branch in Scotland, and expected has ihe force of law ‘within the 
sector of the North,. from the Department of Energy renaeT - had more confidence in them." a branch in Edinburgh, but said its Edinburgh branch to move Community. 



sector of the North, Sea. from the Department of finer*, re “ dtr ' . v _ 

Under the agreement BP be- to drill the well as a credit ^ P art t0e ® rou P* “ e 
comes the operator for^ie second against its hcence obligations British National Oil Corporation 
well on the block and requires a which were still outstanding on has acquired a 12| per cent ln- 
37* per cent, interest. : Drilling another block 9/5. immediately terest in the block, which It can 


Uiing Cdfl* o' a ccnn. gmulv >uD III 5 i« i WflS 

i* >*<r same n«i»e' amoum mptat «naei 
"ii«e (hlwrni flags rau win maJ fwue 

ALL IHSTANT GAME WINIERS 
ENTERED TN fUflfl JACKPOT DRAW 


biM-.bUY ^<UUBL I U) ilLCULC VDU^dLEUUa . ■ 7 W ~^ fiO 

well on the block and requires a which were still outstanding on has acquired a 12J per cent In- F OrhnrbTTllcix* 

37i per cent, interest.: Drilling another block 9/5. immediately terest in the block, which it can XjLUJuUIIIIijIiJ 

began last Wednesday- Ranger to the South of 9/30. The farm- take up 0r relinquish when the 

will resume its role of operator in w ingests that BP has hopes «' ^,.7 nf Th ‘ -ril T, M ___ knnu ,_ Hic^licr 

inthe block when .the, well is Snrtas a iSler^lfmaehlik^nov OISCUSS 

c ? mpIete 5*. . ■*., sttuoture straddling the .two Bp 37, ^ SNOC l2i per • 

Only one well, whidi was dry, bIocJcs ' cent. Ranger Oil 20 per cent.. rPOP^IOIl 

Tmp rtveiri/Mi ol it Kaon iVlnrlla/4 ktr Tko timinn tko ilonl uritli T.nvwlnn ififl CftntHeh MnriviA f \ il • JL V* A \/ 


:y -,*?«?» ,*w. 

Only one well, which was dry, D10c ^' cent.. Ranger Oil 20 per cent.. 

Act has been heavily criticised has previously been 'drilled by The timing of the deal with London and Scottish Marine Oil 

by some local authorities as Ranger m this block, which lies Ranger has been influenced by 25.5 per cent, and Canadian 

being ■ too restrictive . to be on the median line between thd, the availability of rigs — the Pacific Oil and Gas of Canada 

effective in helping councils UJv. and Norwegian sectors tot second well is being drilled by 4.5 per cent. 


\ effective in helping councils UJv. and Norwegian sectors 
* take some pressure off tie ' 

rates. 

rbc rules arc that for lotteries rfl • "1 

held more than once a month, . ■ A||ClA|lJ 
the top value of a single prize JL V/Uk3JLVrff.I. J 
' must not exceed £1,000. For 
lotteries held more frequently - 

. than once every three motnhs, by OUR GLASGOW CORRESPONDENT 
the prize must not be above 

aiooo for toe ' )rlze THE SCOTT LITHGOW Group 


[second well is being drilled by 4.5 per cent. 


Tension-leg oil rig planned 


I that it did not intend to compete into profit in a year or two. 
with the Scottish -banks in trying The bank was treating Scot- 

for retail business across the land much more in the way ii ^ a. 

country. does foreign locations than U.K. LyOVGrillllCnt 

, The . new branch. George branches. , , 

Street, will try to recoup U.K. Coming into Scotland now was An 

business already lost to Scottish a continuation of the trend to UJ1 

competitors and to pick up replace reciprocal arrangements ta/T . x 1 

international business, particu- with other banks overseas by 1VI-W21V D0ITO! 

larly in the U.S. and Latin opening Lloyds branches. “ ” 

America, through Scottish con- Sir Jeremy, speaking at a lun- By Our Industrial Staff 
nections. cheon to launch the branch, took 

Sir j erenQy Morse, chairman a less dogmatic line on Scotland’s PRESSURE from the Depart- 

THE NATURE and causes of of Lloyds, said that this was in political future than other busi- ment of Transport may have led 
the present economic recession ,ine with the bank’s policy of nessmen have recently. to reductions in the price of 

was discussed by a panel of trying to build up the interna- What mattered to investors motorway service station petrol, 
senior economists, acting as a tional side of its activities to was not the political arrange- Mr. John Hnrara. Under- 
consultative forum for the Bank compensate for the low profit- ments, but the health of the Secretary of Slate for Transport. 


By Michael Blanden 


of England; at their first meet- ability of activities in the U.K. Scottish economy, he said, 
ing of the New - Year. 


In a letter to Mr. Leon Brittan, 
Tory MP for Cleveland and 
Whitby .after complaints from 
Mr. Brittan about motorway 
prices, he said a number of ser- 
vice stations now sold four-star 
petrol at between 75p and 79p a 
gallon. This compared with SOp 


is cl# 


lunciica uc-iu iisMusuuj »pu e fnrura set UD last 

BY OUR GLASGOW CORRESPONDENT AlJnttX NCW LakCT tSllkS SOOn 

£2’TO0' foTtiie a rert P prte ..° f THE SCOTT LITHGOW Group of for the small discovery, in more ships put it in a leading position Provide an opportunity for a pettof^!' b"*ween 

’lw ’total Seu of ill tickets sold Lower Clyde shipbuilders is bid- than 500 feet of water near the amongst UJC companies to «gu ar exchange of views on BY LYNTON McLAIN, INDUSTRIAL STAFF S' This comoared Viih 

ta aS controlled ding- to build the world^ first gta.nl Brent Fields east of tender for the job. ^relating ?o ecoSc^and MR. P. J. NIXON, Federal Trans- national airline wa* reported to "gallon 

for a short-term lottery £20,000 tension-leg oil production plat Shetland. Mr. Belch, in a recent address fij, anc ^} problems port Minister of Australia, have proposed^ a further reduiy stations before Christmas, 

for a medium-term, and £40,000 fwm {nCmoeo* Hutton Field Jto to Society for Underwater Academics ‘ representing drives in London on January 21 tion in ai? fares between Austra- .. Department had been 

for others. m me North bea. . . gow*s managing mrecior, saia Technology, estimated that a various economic noints of view for talks with Department of lia and Britain. perturbed for some tune 

>ther regulations also limit the The .group, which recently y^terday his group had expres- st ee i tension-leg platform would anc j the Bank’s senior men par- Trade Ministers on the impact ' , . . . about these prices. But “in 

cost of each ticket to 25p and signed a licence with the Ameri- sed ^particular interest in the be up to 65 per cent cheaper ticioated In the meeting which of Laker Airways’ proposed Laker has called for a mini- fairness to the operators they 

operating expenses to not more can company Deep Oil Techno- projort to Conoco, which pro- than a conventional piled, jacket included members not on the advanced charter fares to r “ um , off Peak advanced booking were forced by their terms of 

than 25 per cent, of turnover, logy to market and build “its duced its own concept of a in a depth of more than 400 feet original list This was in line Australia. c ^ ter . f JJ® ? f *3*° return, contract to operate 24 hours a 

’iekets cannot be sold in licensed tension-leg design, has talked to tension-leg design, similar to the _ Lith'-ow was awarded a with the expectation that mem- The Minister said in Canberra " s ‘ n f T1 t° c ||| c ? in mid-peak sea- day, 365 days a year, 

betting offices, bingo halls. Conoco and the British National one for which the shipbuilders nf “ tv ,._ - 1rn . .. bership would be varied yesterday that he was not un- i n th cpeak months The price of motorway petrol 

gaming dubs, or on the streets. Oil Corporation, which holds a hold a licence. _ grant of more than £lm. from the The discussions were based on sympathetic to cut-price fares. ^ I* r\ UeusL L ^ e P temljer - will be investigated by the Prior 

Door-to-dooT sales are res- one-third stake in the Hutton Scott Lithgow was keen to EEC toward the cost of towing a two paper* prepared bv a mem- “But technical and economic UCToDer a °d December. Committee, 

iricied. - Field. • • make off-shore platforms, and one-third scale model of the Deep b er 0 f the panel and by a questions remained to be 

lost council lotteries, therefore, a development decision is ex- felt that its wide experience of Oil Rig to the Clyde for research member of the Bank’s economic resolved.” 
depend on newsagents and p ec t e d in the next few months building such hardware as drill and development work. staff. He spoke as Qantas, Australia’s 

small shops for their main . . 

distribution. 

IsSSSSS British Airways to start Hire-purchase law protection 
1 gosmsEGiB new daily U.S. service limi t extended to £5,000 

*hese tickets, developed in the Vkl ™i am w ? 

- U.S,, have six panels made of BY LYNTON McLAIN 

an onaaue rubber substance . . BY MICHAEL BLANDEN 

' which, when rubbed, discloses BRITISH AIRWAYS is to begin between the two cities in 1976-77. 

money denominations ranging non-stop, daily flights to San ■ No growth figures fw the the PROTECTION for -con- fall in the value of money, con- sumers the right to cancel agree- 

from 50p to £500. If three Francisco, California on May 4. route were available, hut hntisn gamers in the Hire Purchase sumers have had progressively ments in certain, circumstances, 

amounts match up, that amount The decision comes after agree- Airways expects the service to Acts Is to be extended by increas- less protection under the Acts. There are restrictions on right 

is the prize. •• ment at last year s Bermuda.- be profitable by IBS?- ing the upper limit from £2,000 When the limit was set, £2,000 of owners^— the hire-purchase 

•mail denominations— rup- to £2 — talks on air fares and routes. Boeing 1 47 jumbo jets powered to £5,000. covered the cost of all but the company — to recover possession 


British Airways to start 
new daily U.S. service 


BY LYNTON McLAIN 


Hire-purchase law protection 
limit extended to £5,000 


BY MICHAEL BLANDEN 


Our guide to 
investment success 

AH of Gartmorc’s UK-orientatcd unit trusts 
featured in the top twenty performers over four years, 
according to ilie authoritative investment magazine 
‘Planned Savings’, published on January 1 , 1978. 

For the full story, send for a copy of our Guide, or 
ring Adrian Collins on U1-2S3 353 1 during working 
hours. 


til prize winnexs^-there can be the. San Francisco routes. -The win leave London daily at 2.30 sumer Protection, will adjust the £2.000, and the increase in the measure, since eventually the 
more than 2JXK>in a full com- stopped flying to aan P-nn, am^g on Racine t0 take some account of in- limit means that protection will present legislation will be super- 

petition— are included in a Francisco, via New York. Ct ^,5 t v. 5 « 0 «^is flation since limit wa5 set again apply to most family cars, seded by tire more extensive pro- 

^ize drawfor STli oOO rSjor but still operates daily to Los Far^ have npt been pnblishei . 1965 . M r. Fraser said in reply D _ , visions of the 1974 .Consumer 

prize. ’ Angeles. n „ . **J?*m, smg it JSTO J?? to a Parliamentary question that Possession Curb Credit AcL 

)ut of the maximum turnover . Smc ® by US ' 0rdere wou,d 5000 b J ' laid t0 Th® Protection provided by This is in process of being put 

of £10,000, therefore. £4,000 is b? v . e had a joint mOPOP°jy^Ot crp erato rs is £269.50. 1 put the increase into effect the Acts covers hire-purchase, into effect, and. once its major 




distributed as prize money, n?w Bntbfb Airways daw id advance cost ^ but * This wil1 h ? ve an im P ortaDt eredit Mle and conditional sale provisions have been imple- 

about £2.000 goes to cover “BL in SmxSTS Rrittsi AttSav? wo^Id not Sv effecl - Particularly In relation to agreemenja It includes require- mented, will provide greater pro- 

operating cost! and the re- b e 1 compete for ^ purchases of expensive goods ments on the contents and form lection for consumers with a 

raaining £4,000 is council profit bo s °^ e ga i 1 6,000 passengera .flW- StoSt Slating rati such - rnotor-cars. With the of agreements, and gives con- similar general limit of £5.000. 

rne tickets, which are considered : •• • : 

virtually fraud-proof also 

S^r°pSr f £ Belfast sit-in is over Cash limit pledge to lecturers 

claimants. , • L Tl 1 A ° 

Random numbers Wltll ]OD CUtS llKCiy by ivor owen. parliamentary staff 

tae main comoanv involved with A RELAXATION Of the cash price university teachers then” action to eliminate the pay 

^ iMtimtSSffiffia’tS ^n^Uclv. BY OUR BELFAST CORRESPONDENT limits on public expenditure What Mrs. Thatcher was anomaly inflicted on university 

i qSSf Norton ^ and P Wrirtt . - v - to accommodate a settlement advocating was a “free for air teaching staff tn July 1975 and 

r quoiea morion ana wngai hv n r r.ennnriM» fnr _ .7. » iho tv,. w iiiRi,w. 


such as motor-cars. With the of agreements, and gives con- similar general limit of £5,000. 

Cash limit pledge to lecturers 


BY IVOR OWEN. PARLIAMENTARY STAFF 


„ V in^nt ticket nrocess General Workers Union, repre- .. Some technical problems 

’ dfi WJ SL52R 1 J22r5« senting the 170 workers, and the remain to be solved, and it is 

IsH jF rJctan toKT SI rn^T/ement reach a P«M .thoesht that lhe management. 
\ d P“ '•, . ranti oL' nuXiAtheMwl formula in talks with Ulster** after it regains control on Mon- 

M t ro^rT more ^puSiy Ubour Relations Agency. y day morning. m!] soon start 

' inTbUc S m KSeffi A work-in began at the glass negotiations aimed at cutting 

Ci cSt mclS. Pl»M list month after the the work force to about 100. 

. 10^ ft-ocai Authorities have set 'the agement raWth^ it would lay . 

P«e. with loterles under the employees because of Yhe . ■ x AAfl i. 

. 1 new jregulationsa but many oJ» ^SSSJSSm .-KllOmetre COSt 

v . , other pnvate sector orgamsa- ‘ 


A RELAXATION of lhe cash price university teachers then” action to eliminate the pay 

limits on public expenditure What Mrs. Thatcher was anomaly inflicted on university 

to accommodate a settlement advocating was a “free for air teaching staff tn July 1975 and 

of the university lecturers’ pay in the private sector, at the which Mr. Rifklnd said was one 

claim provided it Is within the expense of the public sector. of the main reasons why 

Gover nme nts 10 per cent There wag no crisis in universities were “ seething 

guidelines — was promised in Britain's universities, a charge with resentment” 

the Commons yesterday by made by Mr. Malcolm Rifkind Phasing would have to be 
Mr. Gordon Oakes, Education Pentlands) when be opened used in removing the anomaly 
Minist er. the first debate on the unlversi- between the pay of university 

He also reaffirmed that the .• ties held In the Commons since teachers and other teachers in 

Government saw no need for a 1969. the higher education sector, 

general adjustment of the cash_ But . there was • need for Mr. Oakes concluded. 

limits set for 1977-78. ' 1 

Mr. Oakes contrasted the . 

Vigilante call backed 

face if Mrs- Margaret Thatcher The Loyalist paramilitary that the Unionist Party should 
were in a position to operate Ulster Defence Association has take the lead and get its West- 



action to eliminate the pay 
anomaly inflicted on university 
teaching staff tn July 1975 and 
which Mr. Rifldnd said was one 
of the main reasons why 
universities were “ seething 
with resentment” 

Phasing would have to be 
used in removing the anomaly 
between the pay of university 
teachers and other teachers in 
the higher education sector, 
Mr. Oakes concluded. 


in public us ne such methods A work-in Began ai me gnu» negouauons aunea ai curang Mr. Oakes contrasted the 
a« Kngo nSblr^clSTes ^ Ph»nt last month after the man- the work force to about 100. Government’s approach to the 

SS^S^hSrSPt he- agement ^d th^^t would ;£y - : pay of acadentic teaching staff V 1 21131110 Call 030^0(1 

pace with loteries under the 03 employees because of the . T/ - M . with the position they would 

new -regulations, but many effects of an inter-union row, ■• . . COSt face if Mrs. Margaret Thatcher The Loyalist paramilitary that the Unionist Party should 

other .pnvqie- sector organise . The mmiageinent underatmki were in a position to operate Ulster Defeoce Association has take the lead and get its West- 

tions are also actively inter-- to have been promise d S naamai CHANGING BRITAIN’S road the poiley she outlined at the backed the suggestion by Harry minster MPs to set up a co- 

estedl- Abouf 108,000 societies,, support from the Noraernuu- signs to kilometres would cost conclusion of her Scottish lour. West Unionist leader Th9t ordinating department in party 

including charities, art gal-, land- Department of Commeree between £7.5m. and £S-5m- at After defining the policy as vi[ . ilante rDt : headquarters where all Loyalists 

lefies, and football dubs, have to meet shortterm demands, to- .present prices. Mr. William meaning no interference so far ' JJ 6 ' . 7 be ^ U P coU ld repon for duty. But a 

registered, with local authori-, eluding the wages -bill, after the Rodgers, the Transport Secre- as the private sector was eon- party spokesman said it had no 

tics under the AcL as wanting return to work. . .. tary, said yesterday in a Com- cerned but cash limits on the ai 15 weelv 111 Uie CJ ty. intention of setting up such a 

to .nm a lottery, .. . Mr, Donald Concannon, the mans, written reply. public sector, he asked; “IVhat The uDA suggested yesterday department 




f 


Financial. Times Saturday January 14 1978 


HNANGMLTDVBES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnautimo, London PS4. Telex: 886341/2, 883897 
Telephone: 02-248 8000 

Saturday January 14 1978 


Tax cuts to 



A guide to travel costs 
around the world 


BY FINANCIAL TIMES CORRESPONDENTS 



come 


HOW PRICES COMPARE IN STERLING 


DESPITE SOME reasonably no tap stock with which to con- 
encouraging news, it has been trol the gilt-edged market at the 
a dull week for the stock end of last week and announced 
market. Industrial equities no new one, announced an 
have been depressed by two fac- £SOOm. issue on Monday instead- 
tors in particular. First, Wail The reason for this unusual 
Street has not taken kindly to timing seemed to become appar- 
the rise in U.S. interest rates ent on Tuesday, with the news 
announced at the end of last of a fairly sharp rise in bank 
week and intended to reinforce deposits in the month to mid- 
the other action taken to bolster December, partly as a result of 
up the dollar exchange rate. At higher lending to industry, 
the same time, UJS. investors 
(like many overseas observers) Expenditure 
have apparently still to be It remaills t0 be seen pre _ 
convinced that enough has been dseIy what effect ^ wilI have 
done to protect the dollar and Qn sterling m the normal mea . 
are concerned about the risk of f money supply growth, 

a further slowmg-down in But - t may we „ have kept it at 
economic growth. the top Qr sightly beyond the 

Second, equities have been target range for the year of 
affected by the uncertain reac- 9.13 per cent, and the gilt-edged 
tion of the gilt-edged market to market nowadays is highly sen- 
the latest news about progress sitive to these indicators. Sales 
against inflation and to the of gilt-edged had apparently 
Governments White Paper on been going well; but if, for 
future nublic expenditure. On example, the usual tax inflow at 
the inflation front, the final the beginning of the year is 
ending of the firemen's strike reduced by the large sales of 
has made relatively little impact, tax reserve certificates which 
Evidence it may be of the Gov- took place in previous months, 
eminent's readiness to stand up more may be necessary. And, 
to public sector waee claims in though last week's cut in raini- 
excess of its guidelines; but mU m lending rate and bank base 
there are other critical negotia- rates has been followed, as 
Hons still to come and the expected, by a cut in the recom- 
formula used to end the strike mended mortgage rate of the 
— a new special deal next year — Building Societies’ Association, 
may be storing up trouble for simultaneous rise in U.S. 
the future. interest rates limits the scope 

for a further move downwards. 
Prices down Second thoughts in the mar- 

More important in their effect ket about the Government's 
on investment sentiment have White Paper on future expendi- 
heeri the latest wholesale price ture plans were more reassuring 
indices and the latest indication than first The trouble lies in 
of the speed at which the money the inevitable uncertainty of the 
supply is growing. The two point estimates. Although the Gov- 
in opposite directions. The ernment is projecting a reason- 
price indices are once again ably modest rate of economic 
good. The average cost of growth over the next five years 
industry’s input of raw and a slower growth of public 
materials fell in December expenditure, the position in the 
for the eighth month in succes- next financial year will be enm- 
sion while wholesale output plicated by the underspending 
prices rose by only 1 per cent-, that has taken nlace in the year 
bringing the rise for the whole just ending. Different assump- 
of the fourth quarter to only 14 tions about the amount of under- 
per cent. This suggests that the snending likelv to take place in 
increase in retail prices could 1978/79 and the relative move- 
drop to single figures and remain ment of public and private sec- 
there until the autumn, though tor pay can produce a wide 
it is likely to begin rising again range nf estimates about spend- 
after that if (as is widely f ng and borrowing, 
assumed) the average increase D r »• 
in earnings works out nearer 15 truouC sector 
per cent, than the official target It now seems more certain 
of 10 percent It is true that the than ever that the Government 
index prepared by the Price sees room for sizeable cuts in 
Commission on the basis of personal tax in the spring 
price increases notified to it in Budget. Whether the financial 
advance took a jlight turn up- transactions of the public sector 
wards last month for the first then lead to a raising or further 
lime in nine months, but this lowering of inflationary pressure 
may have been a purely seasonal —and this, with the approach 
phenomenon. On the other hand of an election, is what most 
a devaluation of the “green concerns the financial markets 
pound,” which would put up — will depend mainly on the 
food prices, is now thought to Government’s readiness to keep 
be fairly imminent expenditure bn as tight a rein 

The Government, which had os it has been recently. 


City 

Frank furt 

Brussels 


Bueno s Aires 

Dubai 

New Y ork 

Kuwait 

Bahrain 
Rio d e Janeiro 

Nassau 

Khartoum 

Amste rdam 

Algiers 

London 

Tokyo 

Co penhagen 

Oslo 

Chic a go 

Stockholm 

Tehra n 

Mon treal 

Genev a 

Jeddah 

Beirut 

Vienn a 

New Delhi 
Lusaka 

Helsink i 

Tel Aviv 
Caracas 


Rate of 

Exchange 

DM4.145Q 

BJr.S 4 . 7 S 

Fr-8*$75 

Ar.Nw.Peso 941-9 3 
UJLE. Dirham 7.12 

U**l *4 

Kuwait Dinar 0520 
Ba hm. D inar 0,723 
Cruzeiro 28.04 

Ba*l*4 

Sudan £0 -64 086 

Guilder 4*0 

Algn. Dinar 7.62 

£ 

Yen 45.9 

~DJCr.17.19 

NJtr. 10.035 

U5*1 *4 

SJCr** 075 

Rial 129 

Can*2*385 
Sw Jr .4.11 
Saudi Ryal M3 
Lebanese £ 5.6 503 

Schilling 29.60 

Rupee 15.1 3 

Kwacha 1-375 
Markka 7.64 
Israel 083558 
Bolivar 7.91 


Restaurant 

Dinner 


JHLBl 

16*8 

10*9 

J4*4__ 

1538 

J! 54 — 

9.68 

8*2 

8.75 

8.15 

JL64 

7.87 

JBJOO 

1438 . 
9X7 

J4J5 

639 

9.88 

630 

_ 8*4 

739 

JO .89 

_9*1 

5*7 

■3.1 2 

5.45 

10.73 

_5*1 

5.69 


_Whidc^ 

2-41 


Col umbo 
Sydney 

Cairo 

Hong Kong 
Ankara 

Seoul 

Jakart a 

Singapore 

Nairobi 

Warsa w 

Mosco w 

Karachi 

Rome 

Tuni s 

Lagos 

Damascus 
Dublin 
Port of Spain 

Amman 

Madrid 

Johannesburg 

Rabat 

Wellington 
Koala Lumpur 
Mexico City 
Birmingham 
Lisbon 
Belgrade 
Salisbury' 
Nicosia 


Rate of 

Exchange Imto 

Drachma 643435 76 

S. LRupee 14.965 74 

Ajl.633 73_ 

Egyptian £131 72 

HKS8.65 71 

Turkish Lira 33.55 71 

Won 800.60 69 

Rupiah 736*07 ■ 4 8~ 

S34.41 &jf 

Ken- Shilling 14.5898 67 

Zloty 59 JO (T) 6 6 

Rouble 138 6 6~ 

P. Rupee 1735 6 5 

lira 1,618 . .. 6 3~ 

Ttaiisian Dinar 0J75. 6 2 

Naira 1-1486 62 

Syrian £0-64086 61 

Irish £1 JO 61_ 

T. T*4.4172 59 

]. Dinar 0-589 5 8 

Pesetas 153-375 58 

Rand 1*95 . 5 Sf 

Mor. Dirham 8.15 51 

N.Z*1*47 5T_ 

Ringgit 4.4250 . 50 

Mex. Peso 4135 48 

£ 48 

Port. Escudo 75.10 43 

New Y. Dinar 3147 40 

RHJ131528 _39_ 

C£0.7T4 35 


Restaurant 

Dinner 

6- 99 

Z67 

f92 

4J5 5 

10.40 

2*8 

632 

5-43 

237 

4.11 

339 

191 

(L8 4 

2.47 . 

430 

439 

336 

7* 8 

3.96 

4* 8 

8.48 

4.70 
439 
7*4 

439 

4.72 

3-50 

333 

3.70 

4.94 

2*0 


_2*4_ 
10.47 
_133_ 
2 * 6 _ 
JL8 S__ 
_1*9_ 
7.97 
_3*(K 
5*3 
632 

_4*0_ 

2.11 

1*9 

0*0 

S* 0 _ 

_ 2.45__ 

~3.17 

331 

2*3 

”o.98__ 
J.7 T^_ 
_137_ 
_2.70__ 

^L97 

0*8 

2*6_ 

*~134 

1*3 

J*8 

0.75 


Whisky 

_ 1J2 H 

_0*0_ 

0*9 

_Z*6_ 

139_ 

_JZ*0_ 

1.47__ 

J32_ 

T-12_ 

0*7 

_0*1 

_0.76_ 

_1*S__ 

130__ 

0.44 

0*5 

_Q*0_ 

_Q*7^_ 

0.90 

131 

0.41 

1.47 

0*7 

7*2 

0.79 

0*6 

130 

fj3 

030 

0.70 


The index is based on the sterling cost of three nights' bed and breakfast, and two a la carte dinners in an hotel, one dinner in an average restaurant, three bottles of house wine, one hotel lunch, two snack 
meals, one 5km. taxi journey and five whiskies. Exchange rates are as published in the Financial Times on 1st November, 1977. 

An attempt has been made to give the best estimate of prices to be expected for comparable standards throughout the world: for this reason the median price in the first dass/intemationa] category is given for 
hotel costs. 

There are, necessarily, some anomalies specific to individual items in certain countries. For example^ soft drinks have been substituted for wine and spirits in Saudi Arabia and Kuwait, where these latter are 
unobtainable, and the indices for these countries will be unavoidably low. 

The results, based on a slightly different sample from last year's, contain one significant change. London's ranking, which fell from 19 to 38 last year, has recovered to a highest-ever fourteenth position. Otherwise 
the -composition of both the top and bottom twenties is virtually unchanged. 


T he sharp rise in charges levelling over the last year. It 
made by its leading hotels should also be added that, be- 
over the last year has led cause the index relies so much 
to London jumping to 14th posi- on hotel life and hotel 
tion in the index league table restaurant' eating some anoma- 
of those costs likely to be lies can occur, particularly 
incurred by the travelling busi- where a country, such as Saudi 
nessman in a survey of 61 Arabia, which is known To be 
business centre. #very expensive, falls well down 

This compares with 38th in a the list because soft drinks 
similar survey last year and have to substituted for wines 
19th in ,1976. The top of the and- spirits, which are taboo. . 
table has also changed. Frank- in Europe life has become 
•furt is now the most expensive uniformly expensive for the 
of the cities surveyed, followed businessman travelling from one 
by Brussels and Paris, whereas first-class hotel to another. If 
last year Abu Dhabi, New York anything it will be -the UJS. 
and Frankfurt occupied the top businessman who is particularly 
three spots. feeling the pinch — following the 

Although there have been a recent fluctuations in the 
few shuffles in the order of ex- exchange rate of the dollar, 
pense, the most significant which took place after our table 
development in the last year has was compiled. The Englishman 
been the reduction in differen- travelling to Europe, except for 
tiaj between the most expen- Italy, will have gained little be- 
sive, Frankfurt, and the least cause the relative exchange 
expensive, Nicosia. Last year, rates of sterling against the 
with London rated at 100, the major European currencies have 
index ranged from 232 in Abu not improved much. And salary 
Dhabi to 58, again In Cyprus. levels in Germany, Holland and 
This year, however, the France will ensure that English 
range is from 360 to 35, show- businessmen will feel very 
ing that there has been some sharply tbe effects of their 


relatively low salaries and high 
taxation. 

But if a businessman visiting 
the UJt would like to save 
some money then be would profit 
by staying in Birmingham 
which comes fifth from bottom 
In the FT index with a rating 
of 48 compared with London's 
100 . 

But while there is increasing 
uniformity in the level of ex- 
penses throughout Europe, as 
well as in the decor of the 
hotels, the methods of doing 
business stilt vary very much in 
different parts of the world. 
Most are aware of the care 
which must be taken when doing 
business in the Middle East 
where the laws of the Moslem 
religion have an obvious effect 
on eating and drinking habits. 
Less well-known are old customs 
which Arab businessmen bave 
brought to the modern world. 
In Dubai, for Instance, visitors 
are warned to expect to have to 
drink many cups of coffee before 
getting down to business, and 
the appointment may already 
have been delayed by the host 

In less-developed countries 


like Egypt it is better not to 
flaunt large foreign cars outside 
the cities, as this can provoke 
hostility, while the problem of 
what to wear, especially for 
women. Is common to most of 
the Middle East In Saudi 
Arabia it is rare for a woman 
to be given a visa when travel- 
ling alone and difficult when 
there, to obtain a taxi or drive 
a car alone- Throughout the. 
Middle East and in some 
southern European countries 
women are advised to dress 
conservatively and to avoid dis- 
plays of affection in public. 

Avoiding discussion of sensi- 
tive subjects — religion and 
politics— can sometimes be diffi- 
cult in places like South Africa, 
where race and politics are con- 
stant talking points. The French 
are, apparently, very touchy 
about the Common Agricultural 
Policy of the EEC and any sug- 
gestion that it might work in 
their favour. They are wary of 
the British Labour Patty’s 
ambivalent attitude to the 
Common Market Also they can 
be quickly upset at the mere 
mention of Manchester United 


football supporters. The other 
French, in Montreal, claim 
always to be won over by the 
simple, direct and warm 
approach, with the proviso that 
this approach should, at least 
initially, be in French. 

The Brazilians, too. bave a 
language quirk in that if you 
cannot handle the local pro- 
nunciation of Portuguese they 
wiU try to be accommodating 
in almost any other language 
but become; agitated when 
addressed in the rival language 
of South America, Spanish. 

Certain gestures also can 
lead to unintentional trouble. 
Hands on hips in Indonesia 
means anger, a hand extended 
with flat palm upwards in 
Greece is considered very 
insulting, in many countries it 
is bad form to give anything 
with the left hand and in Iran 
the thumbs up sign is very 
rude indeed.' 

When in Japan make sore 
your socks are in prime condi- 
tion as you will he expected to 
remove your shoes when enter- 
ing a Japanese home or a tradi- 
tional Japanese restaurant. 


Carry a large bundle of visit- 
ing cards, preferably including 
one in Japanese. 

A reminder, too,- that public 
holidays vary around the world. 

Saturday is the Israeli sab- 
bath and Sunday is a normal 
working day but the Kuwaitis 
have their week-end on Thurs- 
day and Friday. Also remember 
that the Chinese take a full 
week for their New Year cele- 
brations In Hong Kong at the 
beginning of February, while io 
New Zealand over the Christmas 
break in mid-summer Govern- 
ment offices *dose down for up 
to three weeks. 

Lastly two tips from two 
extreme points of Europe. In 
Finland be prepared, if asked, 
to take a sauna with your host 
And in Greece do not ovei> 
praise a man's family. Some 
Greeks are still wary of the. 
“evil eye" 

The full "Llrma Costs Overseas: A 
GuUe fnr Businessmen." is pnWxJftcd iMu 
month In the Financial Times, price £30. 
II mrlades faith short and tone stay rr- 
pomes, far tad (no the average price and 
araHaWHw al fowls, accommodation and 
(fomrsHr help. Copies from r/ie Financial 
Times. Dept GEIB. Brat-tan Haase. 
Cannon Street. London ECiP 4 BY. 


Letters to the Editor 


Quality 


from Mr. L. Kent. 

Sir. — As Mr. W. Murphy 
(January 111 docs not recall any 
economist relating the hyper 
.sensitive subject of wages to the 
equation of a rising pound and 
»is effecLs on exports, so few. if 
any. From' management, market- 
ing ft n! hare considered raising 
The quality of the exported pro- 
duct os adequate compensation. 

I believe that consumers of 
all nationalities arc prepared to 
pay a small premium for goods 
uf a better quality and cite the 
appreciation of the Deutsche- 
mark and the German automo- 
bile as u classic examole. 

This seems a far more sensible 
approach than suggesting wage 
cuts because the subsequent 
reaction of the labour force to 
this possibility would un- 
doubtedly result in the exact 
opposite. of the present "prob- 
lem.'' that is. a falling pound. 

L. J. Kent. 

■38. Rings tead Road. 

Sutton. Surrcfi. 


Accountancy 


from Mr. T. Parkin. 

Sir. — The comments from Mr. 
Cox (.January 10) replying lo my 
letter on Hyde Inflation account- 
ing. provide a basis for preparing 
a profit and loss account using 
the averaging method as recom- 
jnended by the Hyde .guidelines. 
The averaging method for the 
cost of sales adjustment, how- 
ever. is only to be used “ Where 
a more appropriate method can- 
not be devised.” My example 
was for a single-product company 
and accordingly there was no 
necessity to resort to averaging. 

The averaging method will 
give the current cost at the point 
of sale, when purchases are the 
same as sales, stocks are con- 
stant. and suppliers' prices in- 
crease at a uniform rate. When 
these conditions do not fully 
cxist. averaging will usually give 
an acceptable result when a more 
appropriate method cannot be 
devised. The objective OF the 
averaging method is to match as 
closely as possible, sales with 
current costs at the point of sale. 

In mv case study, a purchase 
was male to beat a price increase 
of £30 per unit, and 7,000 units 


were sold after this price in- 
crease. Therefore, the cost of 
sales adjustment as recom- 
mended by the Hyde guidelines 
is 7,000 at £30 =£210,000 as 
quoted in -my example: current 
cost being charged at the point 
of sale. With this adjustment 
the traditional accounts show a 
profit of £200,000 and the Hyde 
accounts a loss of £30.000. the 
difference being chiefly caused by 
buying forward to increase pro- 
fit. Which result is the more 
meaningful? 

When making the cost of sales 
adjustment. In order to arrive 
at a meaningful answer consider- 
ation should be given to both 
buying and selling price policies. 
An adjustment to the cost of 
sales without reviewing the 
basis for selling prices, which 
will normally be based on buy- 
ing prices, may be illogical in 
some cases. The Hyde guidelines 
remain silent on this important 
aspect of inflation accounting. 

T. J. Parkin. 

3.5, Brookside, Witton Gilbert, 

Co. Durham. 


Pensions 

From Mr. P. Froppatt. 

Sir, — Does Mr. Morris 
(January 71 seriously believe 
that all' those employees who are 
not contracted-out of the new 
state pension scheme are accept- 
ing smaller rewards now in 
return for greater benefits at 
retirement ? Of course they are 
not. 

The fact is that the contract- 
ing-in/out decisions have been 
made by employers foilowinc 
any advice they may have 
received. In maay cases the 
advice has been given by insur- 
ance companies and brokers 
who have a vested interest in 
ensuring that tbe decision is to 
“ contract-ouL” Tn my view the 
right decision has often been 
made for the wrong reasons but 
perhaps more alarmingly the 
wrong decision has sometimes 
been made largely because tbe 
advice given did not adequately 
present the alternative solutions. 

By no means am I trying to 
preach that '‘contracting-in” is 
the only course of action. I am 
simply saying that it is a very 
attractive alternative which I 
feel many have not examined in 


sufficient detail and which some 
of the many will live to regreL 
P. J. Froggatt. 

Director and Actuary, 

Lonburn Insurance 
Advisory Services. 

Zodiac House. 

163. London Road, Croydon, 


Democracy 


From Mr. .4. Chamberlain. 

Sir, — Mr. Cassidy's letter 
(January 11) appears to ignore 
the facts as reported in your 
article on industrial democracy 
io tbe Post Office of January 6. 

Seven members of the new 
Post Office Board have been 
nominated by the unions. Of 
these, three are full time officials 
of their unions and two of these 
were previously Post Office em- 
ployees: the remaining four are 
currently employed by the Post 
Office. In all cases, they bave 
been nominated as a result of a 
democratic procedure as appro- 
priate to their individual unions. 
These procedures have included 
ballots of the union membership 
and election by union annual 
conference. 

It was noted in your article 
that none of the union nomi- 
nated directors will draw the 
part time director's salary. They 
will simply receive the appro- 
priate saia'ry for their current 
post. 

I hope Mr. Cassidy will agree 
that his facts are inaccurate and 
his remark “jobs for the boys” 
Is mischievous. 

Alan Chamberlain. 

Assistant Secretary, 

Council of Post Office Unions. 

1 13. Tottenham Court Road. W.l. 


In this respect, there are no numbers may be in comparison 
special advantages in either form with legal immigrants) and of 
of construction. Brickwork, how- crowds at overseas certification 
ever, is a heavy material which centres. Surely it is beyond 
has the capacity to store beat so dispute that most of them are 
that not only are peak load re- here of their own volition because 
quirements for heating equip- they expect a higher standard of 
meat lessened, allowing tbe use living here than in their native 
of smaller plant, but the discom- land? . . , , , 

fort from rapidly changing They show no sign of wishing 
Temperatures is also markedly to be integrated into U.K. 
reduced. Insulated to the same society, for they set up their 
degree as lighter, framed con- ow 9 communities within the 
strucllon. brickwork niters a U.K. 

better overall energy/comfort Some natives of the U.K. feel 
solution. It is also a substantial that they dare not criticise an 
solution which is vandal-proof, immigrant, in circumstances in 
durable, incombustible and virtu- which they would freely criti- 
ally maintenace-free. cise an indigenous citizen, for 

I believe that we are at last * J 8 " ' bein 8 a«used ° f ™ 

moving into a period when the 
main criteria for housing is not 

merelv the annarent sm&rt with- ?? en anw . lse to . ?Pe»k as he did 

which it, Jan ^ n d0 not traowhls act °al words), 
hiftMthar 3 !?* k n?£ U but the real problems will not 

Pretemling ,hat tber 

Thus I can see every reason why t? \ t » e i 1 K ' 
local authorities should look to i.’ j 

highly insulated brickwork for wqi 
their housing rather than to the m 

alternative forms of construction Bever N ' 

that your correspondent suggests. 

Robert G. D. Brown, 

woodstde House. Unetnolovnient t 

Winkfield, Windsor. Berkshire. 


Brickwork 

From the Chief Technical 
Officer, The Brick Development 
Association. 

Sir,— The director of the 
British Woodworking Federation 
(December 301 Is reiterating a 
myth which I fear too many 
local authorities may come to 
believe, that timber-framed hous- 
ing has intrinsic advantages in 
terms of thermal insulatioa. 

Insulating material may just 
as easily be built into _all-brlCk 
housing as it may be incorpor- 
ated in timber-framed buildings. 


Woodside House. UtlCfflDloVnUint I 

Winkfield, Windsor. Rerksfiire. 

From Mr. D. Morris. 

Sir, — In his article on Decera- 

T her 31, Alec Calrncross holds out 

immigrants little help for the unemployed. 

„ n . _ _ „ However, I believe unemploy- 

From Professor D. Belt. ment could be reduced and in 

Sir.— it is a measure of the 1978 it is the small firms who 

present state of affairs that I could do iL 

f ™ S m W v°Sam r e m W tS ether h H I Overmanned nationalised 
ration of I SM?; industries have to reduce staff, 

sliGhLlv different “SH ex P° rter s will be facing more 

Rosaly’s (January 10) ™ Joe competitive exchange rates and 
oga y s t y □). most large firms have sufficient 

Of course there is no excuse slack to meet anticipated demand 
for the immigrant-bashers (un- before they start expanding. On 
less .it be the favourite excuse, the other hand, small firms are 
that they are the victims of their largely in new and expanding 
environment), any more than areas, service industries and the 
for football hooligans in fact professions, ettL* where scope for 
they are probably much the same growth at present lies. In adSi- 
type of individuals. But there tion small firms collectively era- 
are some real problems con- ploy millions of people and could 
nected with our immigrants. reduce unemployment substanti- 
The manner of dissolution of all? if many of them . just 
tbe British Empire gave the engaged one or two extra staff; 

“ rigbt ” of residence in tbe UJv. Currently small firms are taxed 
tu substantial numbers from beyond tbe point of taking risks 
quite alien cultures. It is no and- seeking rewards, us I was 
use pointing to a recruiting reminded by a German who said 
campaign by London Transport u I work half the week for the 
at one particular time when we Fatherland and half for Herr 
frequently hear of illegal immi- Braun.” With tax rates as high 
grants (however small their as 83 per cent and 98 per cent. 


In Britain, many successful 
people don't start working for 
themselves until Friday. 

The best way to help the 
unemployed this year will be to 
reduce taxes with a maximum 
payable of 50 per cent. The 
incentive of a 50 per cent, maxi- 
mum would encourage the 
owners of firms to u have a go " 
and the small loss Of tax revenue 
would be balanced by getting 
people off the dole. 

David C. Morris. 

Allsop and Co.. 

21, Soho Square, W.l. 

Steel 

From Mrs. C. Ribbens. 

Sir,— The ban on Russian steel 
imports, December 3L although 
necessary, detracts from the fact 
that the major importers of steel 
into Britain are our Common 
Market partners, against whom 
we can take no action to reduce 
imports. 

In the period January-October, 
1977. Russia was tenth in tbe 
league of steel importers with 
80.000 tons, out In front were 
West Germany (720.000); 
Holland (556*00); Belgium 
(299.000) and France (226,000). 

Surely the state of our steel in- 
dustry warrants a special plea 
from Edmund Dell, tbe Trade 
Secretary, to the EEC commis- 
sion for a limit to be imposed 
on imports from these sources. 
Christina Ribbens. 

50 Whitebeam Avenue, 

Bromley, Kent 


Crosswords 

From Mrs. V. Evans. 

Sir,— While letters such as 
that written hy Mr. Cawdry are 
published (January- 12). men 
will continue to be deluded into 
thinking that " it is still a man’s 
world.” I gave up sending in 
completed crossword puzzles 
many years ago when I decided 
that the odds on being a winner 
did not warrant the outlay on 
postage. I am sure many other 
women have come to the same 
logical, intelligent conclusion, it 
is tint surprising that such an 
illogical statement emanates 
from a man. 

V. Evans. 

Oakland.': Lane. 

Arkley, Barnet, Herts* 


DON’T MISS THE 
NAP SHARES FOR 1978 


£C00 Losanttwbc ixaie 


ICNL Naps 

£205,885* 


FT index 

£2.204V 


Retail Price Index 
£4,083* . 


I 19ST 1960 1865 <970 1975*1977 

•Before gama tax and expenses. 

At the beginning of every year, the 1C News Letter selects a number oFshares 
for capitafgam over me following twelve months-rts Star Nap Selections 

The chart above shows the cumulative 12-month performance of each year's 
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are showing an average gam of 72.7% led by Serck and De U Rue against 34 6% 
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15 



Fmajitfar nnjK- Saturday Jamraiy .1978 




y 





Didcot 


BY PAULINE CLARK 




&TSE FIRST two weeks of the 
;JTew Year have seen some 
'curious : goiitg5-on at the Didcot 
freight distribution . centre in 
Oxfor^hire— now emerging as 
the chief battleground in a long, 
standing tripartite road-versus- 
rail wrangle between railway- 
^men, lorry drivers and freight 
operators. 

Tn 'the first Didcot incident 
on January 4, a train carrying 
more than 100 British Leyland 
'cars Hem Cowtey to Didcot 
found its path blocked by k van 
as U moved into a siding at the 
freight centre. 

M ambers of the Transport and 
General Workers’ Union have 
admitted responsibility for the 
obstruction but have failed to 
convince trading operators in 
the centre that, there was 
nothing especially strange aboTit 
the van being on the track. - 

The van was carrying railway 
.sleepers to a point where a 
ramp was to be constructed. In 
their view, it “naturally" took 
the most direct route down the 
railway line and it was just 
“bad luck" that it got stuck in 
the raud and shingle and took 
an. hour or so to remove. 

The second incident was 
earlier this week, when another 
train from Cowley, carrying 
about 60 cars, arrived at Didcot, 
stayed for about 24 hours and 
then took the same cars back 
to Cowley. 

According to British Rail, 
whoever had loaded the - cars 
at Cowley had quickly changed 
their minds and the. train. 
merely travelled to Didcot so 
that it could turn the rolling 
stock round - with the cars 
facing the right way for driving 
off again at Cowley. The 24- 
hour delay at Didcot arose 
because the engine had been 
retrieved by British Kail for use 
elsewhere. 

Both events have taken on a 
special significance, partly 
because these trains were the 


-first to appear' at the Didcot 
centre carrying Cowley cars 
from Oxford, and partly 
because Didcot has emerged as 
the focal point in. a :mounting 
inter-union row over alleged 
restrictive practices by lorry 
drivers. 

The Didcot incidents are 
already being investigated by 
Hr. Sid Weigball,' general 
secretary of the National Union 
of Railwayman, • as- possible 
further evidence of foul play 
by lorry- drivers trying to boost 
the use of road transport at tbe 
expense of the railways and 
without regard 'to ;. transport 
efficiency. Earlier this week, he 
described the latest happenings 
at Didcot as “madness” and 
announced that if he could find 
sufficient evidence, he would 
take tbe issue up in a direct con- 
frontation with Mr. Jack Jones, 
general secretary of the Trans- 
port and General Workers' 
Urrio.n. 

Xn railway circles and in. cer- 
tain freight distribution 
quarters on the Milton. Trading 
Estate at Didcot, little doubt 
is expressed that the obstruction 
to the first consignment of cars 
was mischievous. 

The second - incident , has 
raised several questions. Who 
ordered tbe 60 cars to be loaded 
onto the train? Why; did they 
change their minds about taking 
the load by rail? And- if there 
was not in fact a 'change of 
mind, were the- cars- taken to 
Didcot and delayed there to see 
if anyone could be persuaded to 
unload them? 

The lorry drivers pn^the site 
make it quite dear that -it is a 
railway man’s job to drive a 
train and their job to drive 
vebicles. So it would have been 
up to the TGWU drivers to un- 
load them. - - ' ; . 

The Hilton Trading ' Estate 
was set up three yeu&^ago as 
a joint commercial enterprise 
between Lansdown Industrial 



Hr. Norman Davis, managing director of Landsown Estates, and the Didcot site which is the scene' of the conflict. 


Estates — an 80 per cent, owned 
subsidiary of English Property 
Corporation — and the Howard 
Tenens Services distribution 
and engineering company. 

One of its chief aspirations 
right from the beginning has 
been to receive British Leyland 
cars by rail from Cowley and a 
railway track has been routed 
there specifically for the pur- 
pose. 

Yet the arrival of the 200 
cars a- week ago was the first 
train cargo in the three years 
since the centre was set up. 
Until then, all cars bad been 
brought by road. 


The centre has also failed to 
evolve as originally intended 
because of a similar problem 
affecting its function as a 
major inland port for receiving 
container traffic. 

As the geographical centre of 
England and Wales, with direct 
rail connections to a number of 
ports including Southampton, 
the 3m. square feet of land at 
the Didcot centre was expected 
by now to be fully occupied by 
warehouses, factory depots and 
other transport buildings. But 
there remain bleak acres of flat 
rood still to be developed. 
Moreover tbe Didcot Distribu- 


tion Centre itself is staffed by 
only six customs and excise 
officers compared to the 60 

originally intended. 

Hr. Norman Davis, managing 
director of Lansdowne Estates, 
has no doubt that the restricted 
growth of the Didcot centre is 
the result of pressure being put 
on freight agents by TGWU 
members not to use rail for 
transport. 

There are 140 tenants on bis 
site and none has admitted 
yielding to threats from the 
TGWU. But Mr. Davis believes 
the evidence is in the use of 
road transport in cases such as 


car transport, where rail would 
be cheaper and more efficient 

The National Union of Rail- 
waymen. which points out that 
Tail jobs have been - reduced 
from 600,000 to 240,000 since the 
pre-Beeching era, claims tbat 
the actions of TGWU members 
at Didcot and elsewhere is 
“undermining the whole Gov- 
ernment policy on transport ” 
and that Didcot is a clear, 
example of the failure to co- 
ordinate road and rail services 
in the face of a union strangle 
hold. 

The union condemns TGWU 
leaders for neglecting to tackle 


the problem. It points speci- 
fically to the refusal of Hr. Jack 
Jones even to discuss tbe issue 
when a list of allegations about 
restrictive practices by his mem- 
bers was brought up at a 
Labour Party meeting of tbe 
sub-committee on transport on 
September 22 last year. 

A paper, now referred to as 
"the Didcot files” and com- 
piled by members of the com- 
mittee, ’alleges that “ the TGWU 
have put pressure on operators 
iq cease using Didcot Distribu- 
tion Centre and instead to con- 
tinue handling goods at 
Southampton.” 

It also alleges that “ com- 
panies, particularly car manu- 
facturers and brewers, have 
been threatened with blacking 
by TGWU members if they 
attempt to switch traffic from 
road to rail.” 

Companies which the paper 
said were alleged to have 
yielded to threats of “retaliatory 
action on their distribution and 
production capabilities,” in- 
cluded British Leyland. Ford 
Motor, Vauxhall Motors, Raleigh 
Industries. Scottish and New- 
castle Breweries, Bass Charring- 
ton, Allied Breweries, Watney, 
Mann and Truman, Guinness 
Son and Co.. Ranks Hovis Me- 
DougaJl, Metal Box and Aber- 
thaw Cement. 

According to the minutes of 
the September 22 meeting, Mr. 
Jones asked for the office paper 
to be destroyed after denying 
that the TGWU had anything to 
do with the situation at Didcot. 
He admitted, bowever, “that 
Southampton dockers were 
worried about losing their Jobs 
because of developments at the 
Didcot distribution centre.” 

In spite of this admission, Mr. 
Jones also did not allow discus- 
sion of extracts from an article 
in a Southampton ' shop 
stewards publication called “The 
Hook” in which Mr. Ron Moulsr 
dale, the TGWU chairman of the 


Southampton container commit- 
tee, wrote of shop stewards 
visiting all the agents at Didcot 
and telling “them straight that 
they had a choice either to use 
Southampton or DidcoL If it was 
Didcot, they would not get an- 
other container through South- 
ampton Docks or any other 
port." 

Concern about loss of jobs to 
lorry drivers as well as dodders 
has also emerged in the recent 
Didcot car affair. Mr. David 
Buckle, Oxford District Secre- 
tary for the TGWU. said last 
week that the agreement to 
carry the first train-load of 100 
cars had been reached with a 
shop steward while Mr. Buckle 
was away on holiday. This was a 
“one-off agreement made to help 
British Leyland out of a conges- 
tion problem at Cowley, so on 
that understanding he allowed 
the venture to go through." 

The ordering of the second 
train load is denied by both 
British Leyland and by the car 
transporting company involved, 
James Car Deliveries. But in 
any event it is seen by Mr. 
Buckle and his members sis “ an 
abuse” of the one-off agreement. 

The problem for the TGWU 
at present is clear, though the 
solution is certainly complex. 
Because of existing agreements 
for transport of cars by road, 
any change to rail now is bound 
to threaten existing jobs and it 
has to be the union's job to 
protect these as far as possible. 
A similar argument must apply 
to the need to preserve dockers* 
jobs in Southampton. 

Mr. Norman Davis is hopeful 
that one day renegotiations on 
the present agreements will 
take place tn decide how the 
jobs should be distributed on 
the basis nf efficiency. 

If jobs must be lost before 
they can be recreated, however, 
a solution tn the Didcot problem 
looks a long way off with some 
bitter fighting enroute. 


*. .. - 






LABOUR NEWS 


Tyne pay relativities 
annoy boilermakers 

BY OUR SOUTH SHIELDS CORRESPONDENT 

•MORE PAY trouble is simmer- tended tbat the boilermakm 
ing among boilermakers in the could not just terminate their 
Swan Hunter shipbuilding yards agreement.. Apparently Me." J ohn 

• - on the Tyne^ Chalmers, general secretary of 

TJ» 3,500 boilermakers in the the Boilermakers’ Amalgamation* 

• • consortium have been called to ^irew. 

• a mass meeting in the Newcastle Yesterday the boilermakers' 
City Hall on Monday by their shop stewards went en masse to 
ship stewards to consider tbe ero- the umon s headquarters at JSew- 
sion of their longstanding pay castle and saw Mr. Chalmers to 
differentials following tbe recent protest about the erosion of 

• £5.40 "fair wages” award to the differentials, 
company's 1,700 outfitters. -O ne important B £jf va ?5 e 

T jl* appears to be tbat, while the 

Last week, the boilermakers boilermakers have relaxed work- 
shop stewards served 14 days’ j practices to achieve their 
notice on the management to end JJ* p ]eSj 011tfirters have been 
their working: agreement, cover- Jiaed £ 5.40 bn a plate, without 
mg interchangeability, flexibUity equivalent sacrifices, 
and mobility between their fc, e boilermakers' complaint 
trades. But it was learned yester- bard on the heels of the 

day that the notice was given lifting of an overtime ban on 
after the management, had Thursday by outfitters so that 
refused a request to restore- the their demand for pay parity with, 
differentials. ■: boilermakers could be pnt 

The management also con- through. 


N 




BY CHRISTINE MOIR 

THROGMORTON Publications, 
publishers of the Investors 
Chronicle, the weekly investment 
magazine, has been sold for 
£L25m. to Morgan-Grampian by 
its joint owners; the Financial 
Tlines and EPC Business Press, a 
subsidiary of Reed International. 

The agreement will not be 
completed until next week, but 
ftthe points still to be finalised are 
aot believed to be critical. 
iMr.: Graham Sherren, chief 
executive of Morgan-Grampian, 
said yesterday that he hoped 
^Throgmorton would make pre-tax 
profits of about £180,000 this 
year; compared with £175,000 in 
■•flT?. Turnover last year was 
£1.67m. and shareholders’ funds 
amounted to £274.000. 

Throgmorton staff were also 
told yesterday that any future 
development of the Investors 
Chronicle and its sister publica- 
tions would be designed to 
maintain or, if possible, 
enhance their standing and 
authority.” 



Strike move defeated 
in BBC staff vote 


BY PHILIP BASSETT, LABOUR STAFF 


MEMBERS OF the Association 
of Broadcasting Staff at a mass 
meeting in London yesterday 
rejected a call for an all-out 
strike by; the union's BBC tele- 
vision and radio staff. 

The union's -Loudon. Inter- 
Branch Committee asked the 
meeting of 3,000 BBC employees 
to give full support to the 500 
engineers suspended by the BBC 
for walking out on the union's 
orders in a dispute about 
overtime working. . 

The committee said that if the 
suspended engineers were not 
reinstated with full pay immedi- 
ately there should be a total 


stoppage by members within 
seven day& 

Although the strike motion 
failed, the members backed ;a 
motion by the national executive 
calling for. support for any action 
it might take in the dispute- 

Mr. John Elses, chairman of. 
the union, said: “The executive 
has been given a mandate by this, 
meeting to take further indus- 
trial action, leading to a 
stoppage of the whole member- 
ship if necessary. 

“ It would not necessarily, 
come hi the next seven days, but 
that action will he taken if we 
believe it has to be." 


Leyland bid for lm. target 


LEYLAND shop stewards, yester- 
day agreed to dry to persuade the 
130,000-strong workforce to 
increase output to lm. vehicles 
a year as an alternative to re- 
dundancies.' 

This year's production target is 
825,00ft— or 80 per cent, capacity. 
Bui Mr. Derek Robinson, chair- 
man of the union side oh ' the 
company's Cars Council, put for- 
ward. the new target as an 
” alternative strategy ” to redun- 
dancies at a council meeting in 
Coventry.-; 

He said shop stewards were 
totally opposed to cuts in the 
workforce. 

Comments - on the suggestion 
are being sought, by the end of 
this month. 9 

Shop stewards, said Mr. Robin- 
son, could not guarantee trouble- 


free production, hut there was 
a “tremendous change of 
attitudes” taking place on the 
shop floor. 

National union officials and 
shop stewards are meeting; Mr, 
Michael Edwardes. British Ley- 
land chairman, on Monday, - 


Jones demands 
four-day week 

TRADE UNIONS should take 
advantage of . tbe improved, 
economic, climate and press for 
& four-day week, Mr. Jack Jones, 
general secretary of the Trans- 
port and General Workers, said 
in Coventry. • 

The shorter week would help 
reduce unemployment 


Dockers back guidelines 


TRANSPORT AND GENERAL 
Workers’. Union dockers in 
London's : enclosed -docks voted' 
overwhelmingly, at a mass meet- 
ing yesterday to accept a pay 
offer within Government guide- 
lines. 

The settlement will add 8:95 
per cent, to the wage bill and 
includes consolidation of :Stage 
1 and ^supplements plus B per 
centi 1?hf overall package,. with 
bonuses and selffinandng pro-. 


A 


ductivity, may yield UP to 13 pfer 
cen.t._ 

- “ Enclosed " dockers who arc 
members of the National Amal- 
gamated ‘Stevedores, and Dockers 
meet on Monday to decide about 
the deal. . ; . _ . . 

TGWU dockers <Sn the river- 
side wharves accepted a pay 
deal within Government guide*, 
lines by a large majority yester- 
day. The stevedores have 
rejected .the deal and will meet] 
the employers again next week; ~ 


Investors Chronicle sold 
to Morgan-Grampian 


It is noft known that these new 
developments will include a 
change of direction for tbe 
Investors Chronicle over the long 
term. Traditionally, the IC has 
drawn Its readers from the ranks 
of the small, private investor.. 

“The small investor has been 
disappearing for some time, 
hence the need for gradual 
changes over the long term," Mr. 
Victor Matthews, chief executive 
Of -Trafalgar House, the company 
which recently acquired Morgan- 
Grampian. said yesterday. : 

For the present the main 
changes are in the top manage- 
ment of Throgmorton. . Mr. 
Andrew Ross, at present director 
of development and books at 
Morgan-Grampian, will become 
Throgmorton's new chairman. 
Mr. Donald Eglington, managing 
director, has resigned. Mr. 
Michael Brett remains as editor. 

Trafalgar is also taking this 
opportunity to set up a holding 
company covering its newly 


acquired publishing and printing 
interests, which include Beaver- 
brook Newspapers, publishers of 
the Daily Express and the Even 
ing Standard as well as Morgan- 
Grajnpian and Throgmorton. 

Sir Keith Skinner, chairman of 
IPC Business Press, was not 
available for comment yesterday. 
However, it has been known for 
some time that Reed Inter- 
national, lPCs parent company, 
has begun a policy of sales in 
order to reduce borrowings. 
Throgmorton was not central to 
IPG's main publishing interests, 
which include the Mirror group 
as well as 41 magazines. 

The Financial' Times said 
yesterday: “We are embarked 
on a number of reasonably 
ambitious plans at present. They 
include a commitment to print in 
Europe next year, and a joint 
venture just announced with 
Ex tel for the electronic transmis- 
sion of financial information. 
Oiher possibilities include 
further developments in the U.S.' 


Labour protests at decision 
to take no action on judge 


BY RUPERT CORNWELL, LOBBY STAFF 


LORD ELWYNJONES, the Lord 
Chancellor, will take no further 
action against Judge McKinnon, 
who is at tbe centre of a politi- 
cal row over his summing-up in 
a race trial last week. But 
Judge McKinnon will not bear 
any similar cases in the future. 

A statement to this effect was 
1 issued by Lord Elwyn-Jones 
yesterday, after an hour-long 
interview with the judge on 
Thursday, when Judge McKinnon 
regretted “any inference that 
he might have approved of tbe 
political aims' of Mr. John 
Kingsley Read." Mr. Read's 
acquittal on race hatred charges 
started the controversy. 

- The Lord Chancellor's decision 
fell far short of satisfying 
Labour MPs, of whom 113 had 
put down a Commons motion 
demanding the judge's dis- 
missal. They intend to press for 
a full debate on the incident. 

-A leader of the group, Mrs. 
Barbara Castle, the former 
Cabinet Minister, said tbat Lord 
Elwyn-Jtmes’s statement was “a 


step forward, but does not go 
far enough." Mr. Norman 
Atkinson, MP for Tottenham and 
party treasurer, expressed his 
determination to press for a 
debate. 

“Judge McKinnon exposed a 
grave error of judgment when he 
implied that freedom of speech 
was an unconditional right — not 
just within the law — but in spite 
of the law.” Mr. Atkinson said. 

The row stems from the 
judge's view tbat public use of 
the phrase “wogs, niggers and 
coons” by Mr. Read, a former 
chairman of the National Front, 
was not itself harmful, and did 
not constitute a breach of the 
Race Relations Act. 

Incensed 

Judge McKinnon also incensed 
his critics by- observing at the 
end of the trial that he wished 
the defendant well. 

Lord Elwyn-Jones's office 
emphasised last night tbat. 
although the issue of a statement 


from the Lord Chancellor in 
response to . public clamour over 
a particular' case was rare, if 
not unprecedented, the statement 
did not amount to a reprimand. 

In deciding to leave matters 
there the Lord Chancellor has 
taken into consideration public 
opinion and the views of Labour 
MPs who saw him this week — 
but also the need to protect at 
all costs the judiciary from 
blatant political interference. 

Lord Elwyn-Jones said yester- 
day: “I am confident that the 
courts do and will continue to 
administer the law fairly and 
impartially to all sections of our 
population, of whatever race, 
colour, or creed; and tbat they 
will be mindful of the need in 
their public utterances to respect 
the feelings of those sections." 

Mr. Sibghat Kadri, organiser of 
the newly-formed Afro-Asiau and 
Caribbean Lawyers' Association, 
said that he was “ absolutely 
astonished” at the decision. This 
will certainly no t satisfy black 

communities In this country." 


Imperial re-enters price war 


BY OUR INDUSTRIAL STAFF 

IMPERIAL GROUP yesterday re- 
entered the cigarette price war 
with details of how its two 
tobacco subsidiaries are to tackle, 
competition from new cut-price 
cigarettes which can be made at 
home..— a concept half-way 
between roli-yonr-own and con- 
ventional products. 

W. D.' and H. O. Wills is offer- 
ing a discount . of 4p on pur- 
chases of Golden Virginia 
tobacco, the . best-selling . hand- 
rolling brand, which Wills 
chums has more than 48 per 
cent' of the £200m. a year 
market. • v 

John Player and Sons is to 
Increase the size of Britain's 
best-selling cigarette. Player's 
No: 8 Filter, but will continue 
to recommend' the same retail 
price as for the present version. 

' The .moves have been stimu- 
lated by. the launch on Monday 
of Benson and Hedges ; Custom 
by the GftUaher group, which is 


cumber two behind Imperial in 
lie UJC. cigarette market. 

Custom is made from a kit 
which enables 20 small cigar- 
ettes— -the same size as the 
present Player’s No. 6 Filter— to 
be made for S9p, about lOp 
under the normal retail price of 
tailor-made cigarettes. 

Gallaher is backing the launch 
with a £lm. promotion and the 
group believes that, after the 
higher prices for small cigar- 
ettes' resulting from EEC tax 
harmonisation on tobacco pro- 
ducts. tbe new type of do-it- 
yourself cigarette could capture 
3.3 to 5 per cent, of the U.K. 

market. 

Rothmans, third largest in the 
U.K. market, expects to be setting 
a similar product before the end 
of next month. . 

Wlfis - * reaction has been to 
offer roU-ymir-twm cigarette 
smokers 4p off their next pur- 
chase of Golden Virginia tobacco. 


via coupons which will be In 
nine newspapers. The accom- 
panying advertisements will be 
headlined; “How you can get 
20 cigarettes for as little as 35p.” 

Smokers have until February 
10 to hand in the special offer 
coupons to retailers. 

John Player has. told retailers 
that, in about four weeks, they 
will receive the new size Player's 
No. 6 Filter. This will give time 
for existing stocks to be run 
down. 

“ Although the adoption of the 
EEC lax system has forced us to 
increase the price Of Player's No. 
6 Filter, it has enabled us’ to 
improve the value ol this pro- 
duct" Mr. . Ritchie Harrison. 
Player's marketing director, said 

Players will^ifo be introducing 
looser versions of Player's No. 6 
Extra Mild- and Player's No. 6 
with NSM tobacco substitute at 
the same time as launching the 
new No. 6 Filter, 


MONDAY — Balance of payments 
current account and overseas 
trade figures (Dec.). British Ley- 
land chairman meets senior shop 
stewards. Meetings of Yorkshire 
and Scottish mineworkers on pro- 
ductivity schemes. Two-day EEC 
meeting of Fisheries Ministers 
begins, Brussels. European Parlia- 
ment session opens, Luxembourg. 
Retail sales (Dec.-prov.). Cyclical 
indicators for the UJC economy 
(Dec.). 

TUESDAY— EEC Foreign Minis- 
ters meet. Brussels. Power engin- 
eers pay talks resume. Professor 


Economic Diary 


O. R. McGregor, recently created 
Life Peer and former chairman 
of Royal Commission on Press, 
speaks on dosed shop, 1, White- 
hall Place. S.W.I. 

WEDNESDAY — Monthly meeting 
of CBI council. Index of indus- 
trial production (Nov.-prov.). 
Basic rates of wages and normal 
weekly hours (Dec.). Monthly in- 
dex of average earnings (Nov.). 
THURSDAY— U.K. banks' assets 


and liabilities and the money 
stock (mid-Dec.). London dollar 
and sterling certificates of depo- 
sit (mid-Dec.). Confederation of 
Shipbuilding and Engineering 
Unions pay talks resume. 
FRIDAY— Retail prices index 
(Dec.). Third quarter figures for 
financial accounts of Industrial 
and commercial companies and 
persona] sectors, and net acquisi- 
tion of financial assets. 
•SATURDAY— Liberal Party Spe- 
cial Assembly, Opera House, 
Blackpool: Lib-Lab pact debate 
and vote. 


NO OTHER INVESTMENT TODAY 
PROVIDES ALLTHAT WE OFFER. 


V7/ Vfft discount on initial 
1— J purchase 

Tax Relief 


J~V^ No front-end loading 
[v^ Easy cash-in facility 
Substantial life cover \^\ Simple application, form 


r~> £ cost averaging with. 

i.Tl regular investment 

XI25.000.IHW hacking 

r~jr 75 yrs. Scottish Investment 
L *_i management experience 


Look through all the financial advertisements in 
today's papers and you will find that no other Plan 
prorides all the benefits of the Crescenl Plan. 

The Plan offers the private investor a means of 
regular saving with which he or she can benefit from 
the skills of a large investment team using appropriate 
world .markets. The Plan is a proven success. The 
4.125m investment group behind it is of proven 
integrity, and the fact that your subscriptions buy 
more units when prices are low and fewer when 
they are high guarantees that the average price you 
pay for your units is less than the average of their 
varying prices during the savings period. Unit prices 
can, of course, go down as well as up but 'pound cost 
uv eraging’ makes positive long term advantages out of 
such occurrences. Joining the Plan is as simple as 
filling in the coupon below. You can start Torus little 
as £5 per momh and ihere is no upper limit although 
if you want to save more Lhan £50 a month further 
medical evidence may be required. Subscriptions may 
also be paid quarterly or y ea rly. 

As the CRESCENT PLAN is a fife assurance 
policy you arc entitled to tax relief on your subscrip- 
tions! Currently this means that for.eveTv £100 you 
subscribe £17.00 wijl be allowed in lax relief, but 
If you stop subscribing to the Plan within the first 
four years the Inland Revenue may require us to 
refund to them a portion of the tax relief you may 
have obtained. This we do by deducting the 
appropriate amou nt from the proceeds. 

The Plan also provides a guaranteed minimum 
return in tbe event of the death of the subscriber 
before the end of the savings term. Experience has 
shown us that the most -popular savings term is 10 
years, therefore, for persons aged IS to M) next birth- 
day this guaranteed return is at least eight times the 
annual subscription and for those up to age 50 next 
birthday at entry, at least ten times the annual sub- 
scription. ( Details of longer term policies are available 
on request.) 


Depending on your age at enlry, between £95 and 
£90 out of every £100 is invested in units from the 
very firstsubscriplion. (See Table below.) 


Age rob. 
at entry 


Uplo 

25vre 


26/30 

yrs 


31/37 

vis 


38/42 43/47 48/63 
yrs vis yrs 


% invested 95’.. W-:. 0.*. QT. 91“ 




Nevertheless. us indicated above the net cost to 
you is only £83.00 after (ax relief. Later, when the 
value of your accumulated units exceeds the guaranteed 
lire cover, the amount invested rises lo £97. The net 
cost, however, remains the same. 

The CRESCENT PLAN is designed to be a 
medium to long term investment so Ihe longer you 
keep the Plan in Torec the better chance you have of 
substantial capital appreciation. Any capital gains tax 
liability that occurs is the responsibility of the 
Company, but as you have had the full benefit of 
any capital gain the Company must reserve the 
right to make a deduction from the proceeds lo cover 
its liability. 

Your investment begins as soon as we receive 
your cheque and application form and the latter Is 
accepted. We will send you our broch we which we feel 
sure will confirm your decision to start a Plan, but if 
it doesn't or you are in any way dissatisfied, vre will 
refund your subscription without question provided 
that you advise us within 10 dais. 

Incidentally, you may cash the Plan at anytime, 
although it can be left to increase in value after the 
end of the subscription-paying term if you so wish. 
We will pay to you the net value of jour investment 
Jess a deduction of only 20°n of one year's subscriptions 
lo recover the initial expenses including stamp duty, 
of setting up the Plan. (This is a much smaller 
deduction than most companies make.) 

Finally, we do noL employ salesmen so there will 
be no unwelcome callers at your home at any time. 

C repeal t impart of.VmerianTrtM Group, a British. EdJabinfch 
based UueiimuU tiro* lEst, I«Cl aunaftintifaiah [aeMetsoUSCSto. 


This offer links the Crescent Plan with the Crescent High Distribution Fund. 

The overall performance of the British stock market recently has bean encouraging and with the arrival of 
North Sea oil irfsignificam quantities we believe the Jong term potential to be excellent. 

’ The Crescent High Distribution Fund is invested in lop quality. shares on the U.K. stock market and 
provides regular income distributions which are reinvested under the Plan for the benefit of subscribers. Since 
J une 197! the net annual distribution rate has more than doubled. Current commencing gross yield £7.08% p.a. 

THIS COUPON ENTTIUS YOU TO A SPECIAL IlfTRODUGTBRY DISCOUNT IF 10% 


(Subscribers to this offer nil! receitc (heir first allocation oC 
units ad fixed price of 42p. a discount of wer 10% on the 
current offer price of 4&8p ruling at 13lh Jarman . 19734. 


This offer doses an. Tuesday 24tli January. 1978 


H 


To Crescent lift: Assurance Co. UnL, Acre House, 
Windsor; Berts, SU JEU.Tei: Windsor 624G. 

I berriiy apply fi>raT3lESCENT HIGH KtSTTUBLTIC^f 

PLAT^as^rance policy £ Monthly 

ala subscription of £ Quarterly 


-Yearly 


I enclose a remittance for fhe first subscription, payable to 
Cres«®tl^A»n»raneeC&Ix«L Subscriptions must be . 
in exact iTs (mini mum £5 monthly; £15 Quarterly; 

£bG yearly). 

[ Surna me (Mr.. Mrs.. Miss) 


First Names (In lull I 


Have you had any medical attention during the past 
6 months? YES/NO. If YES, please give details. 


1 declare that I am in good health and agree that this 
application shall be the basis of tfe contract. 

SIGNATURE 

DATE . 

A remittance for dw first paymentmust accompany das 
application. All payments thereafter must be by banker's 
order or Giro standing order. 

Not available to residents of the Irish Republic. 

_ "~FT9? 1 


Address 


Registered in Erfinburgh. Number 5 1555. 
Registered Office- -iMeUille Crescem, Edinburgh. 


Dale of Birth 



CRESCENT 

HIGH DISTRIBUTION PLAN 







16 


Financial Times Saturday January 14 1678 


COMPANY NEWS + COMM ENT 


Thom up £3.76m. to £46.13m. at midway 

EXTERNAL TURNOVER for the demand in Australia for most the group is carrying a high stock November 30, 1977. Pre-tax profits 

six months to September 30. 1977, products, particularly colour TV position — stocks have risen by advanced from £35L307 to 

at Thom Electrical Industries rose receivers and the excess pro- around a half to £6. 75m. — into £378,885 after £165,500 compared 
From £4fl0.57m. to £523 j5m. and duction capacity for consumer the current year at a time when with £153.«00 at half-time, 
profits advanced from. 142.37m. to durable appliances which exists the group expects demand to re- After tax of £138,063 (£133,813) 

£46. 13m. before tax of £24.8m. throughout Europe. ‘ “ 




See Lex 


against £22 _53m. 

UJC. turnover increased by 13 
per cent, to £414m. but despite 
increased direct exports turnover 
overseas dropped by 3.4 per cent, 
to £170m. 

The directors say that before 
the financial year ends in starch, 
there is still time for recovery 
in trading conditions in the High 
Street to take place but they con- 
sider it would be prudent to _ 

ci’mHar tcMast^ve a r^s£103 .i ll TURNOVER < T..f!i rnin iHr rC * a r 5 ? ar " on U1B un»«ir i»r uicuriwis. asp 
"pteiS, i r the Shares stand on a p/e of 3,3. 


£3.4m. from 
Turner 
Manufg. 


main static. As a result of in- earnings per share are shown as 
creased working capital needs 2JJ6p (2.l2p) and net profit came 
Turner's nil borrowings have been out at £240,823 (£217.492). -Net 
transformed into a £640.000 over- asset per share Including full 
draft. However, the group's im- investment currency premium and 
pressive performance last year after deducting prior charges at 
owes much to the fact that over par, was BS.6p (68.7p). 
three quarters of sales went to 
the more resiliant truck and 
tractor markets; so although de- 
mand is only just beginning to 
weaken Turner may show relative 
strength against those component 
companies who are more reliant 
on the motor car markets. At 95p 


*.-.V; . O ’ v. 

‘•“V Jg 

*£../# »/.,.• 1A, ' : 


First-half earnings are shown f DS expanded from £19.B4m. to 
to be ahead from an adjusted £25.44m. for the 52 weeks to wr 
13.Sp to l3.2p per 25p share and October 1, 1977 and pre-tax profits H 
the interim dividend is lifted rose from £229m_ to £3 .4m. 
from 2.22?5p to 2.45p net. Last in June, reporting first half 
year's total was 6.6527p. profits of £1.73m. compared with 

Fim-haif £0.93rn., the directors forecast 
second half profits of a similar 
amount. 

It was mentioned that the level- 


5.7 (fully taxed), and yield 6.5 


Turnover 

1J77 

rooa 

SS4,lri 

1975 

LOW 

SC.47S 

Imcr-xroup 

CO. 623 

3I.92R 

External turnover 

SZ3J4* . 

4W572 

Depreciation 

4.T.3U 

41.107 

Finance charevs . 

4 (ITT 

TC07 

Pre-tax profit _ 

46.134 

42,367 

Tax 

24.799 

K.3n 

Nei profil 

21.223 

19JC14 

To minorities 


Ml 

Attributable lo Ord. . . 

20.792 

IS.S93 


inlo 1977-78. They now say that 


that profits for 1977-78 


Technology 
Trust ahead 
at halfway 

GROSS income of Technology 
Investment Trust increased from 


Wearwell 

advance 

mid-term 

PRE-TAX profit of clothing manu- 
facturers and wholesalers Wear- 
well was up from £85.000 to 
£111,000 for the 26 weeks to 
October 28. 1977, on turnover 
little changed at £2.1 6m. against 
£2.l5m. Profit for all 1976-77 
came to £84,000, 

The directors state that the 
company has a full order book 
both in export and home trade 
and turnover is currently run- 
ning above last year's levels. 


The directors say that the first 77' * months to November 30, 1977, and pared with 0.896p net per dp share 

four months of the financial year After tax of £769,000 (£615,000) pre-tax revenue advanced from last time, but the matter will be 
produced a satisfactory increase full year earnings are shown at £389.566 to £450,953. reconsidered they say as soon as 

in sales and profits but trading 2K.2p (16.7p) per 25p share and Taxable revenue for all 1976-77 the full year’s results are known 
results in August and September the dividend total is lifted from came to £767,103 and the single — there was no final payment last 
were disappointing. This was 3.575p lo 3.993p net with a final dividend payment was 2.25p net year. 

mainly caused by industrial of 2.29Sp. The retained balance per 25p share. Before tax of £58,000 (£44.000) 



AsMeo Asfnmod 

Sir Richard Cave, chairman of Thorn Electrical Industries. 


relations problems stemming is £2 -23m. (£1.3 1 m.). 
from working within the pay Figures Tor 1975-76 have been 
guidelines. In addition, consumer adjusted in accordance with 
spending was at a lower level SSAP 9 and ED 19. 
than expected. . 

The lower level of expenditure • COmmeflT 
by the public on consumer elec- The share price of Turner Manu- 
tromes and household appliances factoring, the commercial gear- 
has persisted throughout the box manufacturer, fell 7p to 95p 
normal peak season cf the on news that the group was ex- 
group's business although growth periencing difficulties in the 
?f the colour TV rental busine.<s Turkish market and that its U.K. 
in the U.K. and Europe has con- customers were reducing output; 
tinued at a satisfactory level. Turkey takes around a half of 
Lighting and engineering profits the export sales of- £5.78m. Ex- 
hoth show some improvement on port sales volume to Turkey in the 
last year despite a costly strike current year is only a quarter of 
at a key supplier. 


™ „„„ earnings are shown at 0.9 Ip 

iJiri m? <0-77p) per share and 0.43p 

dividends starting in (0.370) after tax. 

* . - . 26 Weeks 

The net asset value per share tm xooo 

stood at 129.75p (lOo.OSp) at the 1977 wrs 


half year end. 


Grange Trust 
earns and 
pays more 


Turnover 
Pre-tax profit 

Tax 

Retained 


2.156 

111 

38 

58 


2.149 


FNFC loss under £5m. 
after second half profit 


comment 


“ BANKING AND FINANCE group a total of £93.2 m. of deferred and 
u First National Finance Corpora- subordinated loans the residue 
(ion returned a £2.Glm. profit in now amounts to £17m., directors 
the second half of the October 31, say- 


1977, year reducing the full year 
At first sight WearwelTs figures deficit to £4. 87m. against £32.11 m. 
look far from impressive. Turn- j as t time, 
over is unchanged and profits are 
only higher because the 


See Lex 


-r — « — V - A final net dividend of 1.32p E&o.oolf 0 f^c e p tiona^write -offs. ?. ider ^ e ™* l S5i 25 

- that of last- year. More per 25p share against l.lp at Nevertheless, shareholders should *jnue at their current level and 

Lower overseas profits in the significantly, industrial problems Grange Trust lifts the total from no , | 0Se heart The fi*Tires are **** r * Jse “ Property values 
first half reflect the decline in in -the motor trade means that 1.82 p ' " *- *- * 


_ Directors are encouraged by the 
by improvement in results and con- 


Sales by 
UniChem 
reach £72m. 


10 “ p for w JSS^^SSTSA 

Sidlaw increase is only £7,000 


did not get ECGD backing for its 111 197S - sa i es f or 1977 <rf £72m„ a 34 per 

exports until August it was not But they say the raiprovement cent increase over the £5 3m. for 
able to take full advantage of its must be viewed as being relatively jg7g ant j more than three times 
export potential. Meantime the small when compared with the t h e ££23-5m. reported for 1974. 

, home market was depressed, net deficiency applicable to share- \j r Peter Dodd, the managing 

AFTER RISING from £462.000 to Members are told that the com- Robber Plantations rose .from particularly demand for clothing holders of £76.2m. director, says that one of the more 

£566.000 in the first half, pre-tax pany was in better shape at the £60.118 to £88,576 for the year to f ro m small stores. But there has In the past four year's FNFC pleasing factors in the achieve- 

profits of Sidlaw Industries end of the year than 12 months end September 19/ / . been some revival since October has amassed losses of £126.17m. ment has been the impact on the 

finished the year to September 30, before. The facilities and services Earnings are shown to be though the real drive is coming Lower interest rates were the Unichem network of the con- 

*®Tr. just £f,000 higher at provided by the oil services and- ahead From 1.92p to 2.66p per lOp from exports. The main overseas most important factor in the sumer-orientated promotion — 

£1.18 1 ,000. Turnover was slightly engineering division had been share and the dividend is stepped markets are Canada, Europe and second half improvement, direc- “Spot the Savings”— -which was 

at £3,,96m - com P ared expanded, the rationalisation pro- up from 1.0744p to 1.75p net. the Middle East with ladies’ and tors say. nut in the autumn. 

* SS Hlm - gramme of the lextiles division sj nC e Jitra’s investments are children’s clothing selling very The pre-tax. loss for th.e year Membership of the network in- 

After lower tax of £604.000 was 'veil advanced, and the hard- primarily in companies which we i|. Second half turnover could includes an £S.04m. profit from the creased steadily throughout the 

(£687.000) earnings are shown to ware division had eradicated most trade and operate almost exclu- be up ( 0 £3m. with exports consumer credit operations and Ls year to well over 3.000. and with 

be ahead from 9.02p to 10.G7p per ?f problems arising from the sively overseas the Treasury has accounting for as much as 40 per after charging interest and income j( had come a measurable increase 
50p share and the dividend total integration of its three former confirmed that • it will not be cen ( 0 f ih e to tal Last year over- deferred and subordinated loans in the support given toy indepen- 

1 - *- A * seas' sales represented 13 per of £20.11m. It is before tax dent pharmacists to the UniChem 

cent, of turnover.' Full year profits recoverable of £0.08m. (£0-35m.). wholesaling concept. This support 

could be over £250,000 without Directors say £l2.Bm. or interest has encouraged the directors to 

any tax liability, establishing on income loans has now qualified offer a further improvement in 

Wearwell on the road to recovery, for payment and .sufficient remit- the rebate structure for 1978. 

Borrowings meanwhile are little lances have been made to the which will now be at a forecast 

changed at £1.4m.. but part of this support group to cover this basic rate of 6 per- cent on quali- 

fying purchases subject to a 
minimum average monthly turn- 
over of £800 (excluding VAT). In 
-73JB9 addition, a further rebate per- 
centage up to 4 per cent wiH toe 

stoop's Inc. 


is raised from 3-3S931p to the companies. A higher return on a subject to dividend control, 
maximum permitted 6.01942p net reduced investment in associated 
with a final of 4.51942p. companies was in prospect, and 

bank borrowings were over £2m. 



1976-77 

1973-75 


fom 

teen 

Turnover 

37.961 

3P.910 

TradtnK profil 

I .SKI 

1.910 

Interest 

796 

S84 

From associates 

120 

74 

Profit before tax 

1087 

W 80 


604 

6S7 

.Vet profir 

5M 

493 

Extraordinary debits . . 

1SI 

79 

Attributable 

402 

414 

riniinaiT dividends 

329 

295 

Retained 

73 

119 


In 


the early months of the 
nt year, the oil services and 
eering division has con- 


for textiles and hardware have 


Avenue Close 
ahead at 
six months 

Gross income of Avenne Close 


upturn in demand. 


is now funded by ECGD money amount _ 

which costs Wearwell 2> points 

less than its overdraft. The ^ term fund* 5 ’si 
still looks heavily other assist ms.9to 


i m. uucttuia uiui iui ii’ , 7 

over was lower, mainly because of Deen lovver - 
ihe textiles rationalisation pro- m /./.mmanf 

gramme and the disposal of cer- • com men l 

lain interests. Sid law’s 13.5 per cent, downturn Tor the full year, and expect to £2-2m.- 

The textiles division suffered in the second half offsets first half recommend a dividend in excess 
from Ihe withdrawal of the progress and full year profits are of 1.477p net per 20p share paid 
regional employment premium in virtually unchanged. Lower con- for 1976-77. 

January 19* < which would have turner spending has naturally had Tax took £88,303 compared with 
contributed an estimated £200.000 jts effect, but in Sidlaw's case this ^3.0°0 and after extraordinary 
to trading profit for the rest of h as been compounded by falling credits’ of £2,800 (£56,065), the 
ihe year. Some disruption arose demand for its basic product Jute amount attributable came out at 
° n’ V «f 03611 ifl 1116 manufacture of woven £86 * 760 (023^45). 

riifoniT h^n b \h/> n Sfnmpf carpets, as the tufted variety 
lh °° ent became popular. Therefore, fhe 

Dur“ n? the second half the 

market^ for consumer durables ^ ; c n 

was particularly depressed and *"5** dl | Sl< ? n 

this affected adversely both the C V± 

textiles and hardware divisions. j 3S P r °7®d to be wen 

Textiles trading profit was 16 per r3pcnalisation of boih 

cent, lower at £0.9Sm. while the llle textile and hardware divisions 


Bank her 30. 1977. rose from £251.664 to (the debt to equity ratio L«s 

I con- £262.582 and pre-tax profits were probably around^ 1.1) but f oans 

have ahead at £172 .263 against £140,880. Wearwell a heading the right way D imi loans* 

Profit for 1976-77 was £307,227. though the shares are still, other bomwinn. de- 

The directors anticipate a fur- speculative at 18p (down 2p) w '<* t« liabmues 

ther improvement in the accounts "here the market capitalisation is ‘uSSSad 


KillinghaU 

(Rubber) 

outlook 


Record start 
for Gardner 
Merchant 


U 0.644 
101.781 

23 461 
16.993 

12 314 
S.802 
JC.0M 
76.173 
18.619 
74j47 


. awarded related to the profit- 
lmnw abilit V of individual cost centres 
in respect of each member’s 
46.953 account, making a total achiev- 
13.4M able rebate of 10 per cent 
,, nnn Mr. Dodd says that the organ i- 
8.902 sat ion’s branch development pro- 
w.iw gramme completed during the first 
72.373 year would guarantee that turn- 


CarriJal 

Share ororaitun .... 

Aceumalatcd deGctc 
Dcfinency 

74347 ffi.S dver records for die forthcoming 
t A?icr provisions. • To anwimier credit year would be broken yet again 
division. “We have a number of exciting 

This will leave total unpaid commercially proven projects in 
Interest on all loans at £34.52m., hand for 1978: these, together 
which has been accrued but not with our strengthened member- 
compounded. ship network will provide the 

After deducting the share- soundest' possible base for 


sultancy company 
chant Food Services, part of Trust 
Houses Forte Group, gained 35 
new acceptances and opened 26 
new contracts in the first six 
weeks of the current year— a 
Mr. J. AddimselL the chairman record. 


Catering J.yertaJ «£ ho £ere’ 


hardware division made a loss of J P he n JJffiSS ny tL* of K'l(>°Kball (Rubber) Develop- The new acceptances and open- 

Il.i.OOO. The oil services and cngi- ment Syndicate, says in his annual ings include Warwick CastJe, 

neerina division achieved an ie P Ho C ° nL 31 " P ’ "* ule statement lhat prospects for the where Gardner will be catering 

current year depend on the level for over half million visitors 



Good figures produced 
by Ldn. & Manchester 


of lin tribute, the company's annually; Peat, Marwick and 
largest source of income. Mitchell, training centre for 

Receipts to date are in advance management in Hampshire: Bar- 
of those for the same period last clays Bank Bullion centre at 
year, he adds, and although the Warrington and Monkton 

rubber and [investment interest? public school near Bath. cnesier assurance tor ivr,. wun (£108.092 000) The corresoond. 

may not repeal last years record Mr. Sunon Davis, sales director, satisfactory growthv in the newly ing fi^ires in L* COrreSp ° nd 


Results due next week 


increase of 14 per cent, to (be p/e is 8.9. 

£90(1.0110, which included nn con- 
tribution from ihe sale of T9 

properly- related assets us com- I I|T5I Wllflhpr 

pared with over £200,000 in the oi mose for me same penoo iasi clays Bank Bunion centre at Good new business figures are £3 im 000 (£2 8»>nnfl» 

l ycil , r - . „ . nnxrc 1 he add *- and ahhough the Warrington and Monkton Combe reported £ London and Sms assufed^of^ £12?^ ono 

Interest charges m the second nEVS l./DD rubber and investment interests public school near Bath. . Chester Assurance for 1977. with SHo&Joooi The 

hair were appreciably lower than “ J “ may not repeat last years record Mr. Simon Davis, sales director, satisfactory srowtht in the newlv correspond- 

m ihe fist because of a reduced Including ’ 123.714. against contributions, he says that 1977 '78 said that the company’s sales mda3tnal 

level or bank borrowings and £20.939, from associated com-, should show . very satisfactory team was “ heading for^ over all buriness ^New annual nremiums floL TfimS premiums 

lower interest rates. pan.es, pre-tax profits of Jitn, results. record achievements this year.- TSotSS^ 

21 per cent.— weU above the in- The society’ is extending its 
durtry average— to £3.44m. from special final bonus, payable on 
£2ium However, new sums death or maturity cla ims , with 
assured more than doubled to effect from Januray 1. 1978 by 
£239m. from £I17m. showing the one year. Ihe rate is kept at £1.50 
Full year figures from Grand sion should have shown a further machinery is said to be holding its looks possible. growth in group life business, per cent, of the sum assured and 

Metropolitan, due on Friday, may useful advance. Brewing profits own q Sa j^t table-top offset. While first-half profits or J. B. bonuses for each year 

provide ihe high spot in a rather should also be ahead, despite 9n > innirinc tnr Eastwood (due out on Monday) rose to £0 - 39m - from to 1975 (previous it was 

unexciting week for company re- some industrial action and a slug- analysts are looking for arp a downturn • j t w 1974) with a maximum of £58.50 

suits. Other figures to note in- Eish performance from lager, but no mor ® J roa J. timber from 1 £44 m l0 abou ? In Uie industrial branch new per cent, (previously £57 pea- 

rlude those from J. B. Eastwood, prospects for the current year Sfoup Magnet and Southerns at analysts cspec t the full-sear aruiuaJ Pre/nJtxras jumped by 9.4 cent.). 

look less certain. the halfway stage, compared with be cimil ar to I asr vear's pcr ccnt ‘ to £302m - from £2 - 76m - 

Analysts are expecting Gestetner £7.11m., when the group m uc j, th e caDa -itv in about the average for the industry 

to turn in profits of about £29m. announced interim results on important eg* division 1 a fifth wilh SUD1S assured of £40m. 
vcrnnniiim ,ho canr hntoi. when full year results arc Wednesday (for the six months to 0 f profits in 1976^77) has heen out a 8 ain& ( £37m. 

^ tZ ^ o f„° announced on Tuesday compared September 30E Softwood timber 0 | p commission w hi ,t the figures include business 

with £26m. last time. The upward prices have been coming off the modernisation and automation ^ausacted by Welfare Assurance 
£73m but some analysts are ex- movement of the pound could boil since July, and demand has scheme has progressed, but the » well as London and Manchester. 

firSns roncTrn^ IHu” tS S- h »« held back profits by perhaps been poor. Both iare wpected to befits shoUid start comSg ^ here » a w J r M,tra , c 4? n ,n 

rent unexciting outlook for sov- Tho forecast is somewhat contribute to a fiat performance, through in the second half. Feed j>usmess from Welfare last year, 

erj| or iL prom arms pa r l ic u larly hiffher than anticipated at half- Yet other analysts argue that increases are bound to have *>ut this was fortultious. 

ihosn like whisky diMMling. which way, mainly due to the extent of since Magnet has a superior distri- a ff e cted the broiler division, 

have important export markets P r *ce increases and some recovery bution and retail netw-ork, and which last year accounted for 40 

likelv lo be affected by the * n the second half, principally only’ two out .su its first six months per cent, of profits, 

slrcnclhening pound. In the year from the U.S. (22 per cent of has been affected by price weak- . other results to note include 

under review, however, whisky profits in 1975-76). Trading, ness £7.5m. seems more likely, interims from Allied Retailers, 

sales should have been helped by especially in paper, is expected to Depending on which school of Allied Colloids. Stock Conversion 

increased exports ahead of the show a somewhat firmer trend thought is followed, a full year and Dlxoos * 

l ! S. dock strike while ihe hotels, towards the end of the period, outturn oT between £13, 5m. and finals from 

’ with 114.3m., and Henlys. 


Current 

payment 

Grange Trust 

Jltra Rubber J-i5 

Christopher Moran ...inu 1 

Sidlaw Inds. _ — 

Thorn Electrical Int. 2.4 j 

Turner Manuf. v — -j® 

Wearwell u»t- Nil 


Dam 

Corre- 

Total 

of 

sponding 

for 

payment 

div. 

year 

A • 

Mar. 3 

1.1 

-2.1 

Feb. 24 

1.07 . 

1.75 

Mar. 20 

— 

— • 

Mar. 15 

3.89 

fi.02 

Mar. 3 

25S 



253 

3.98 

• — - 

0.9 

— 



Total 

,wt 'fl'ii*' 
ISfi v 
1.07 » 

'2.68 , ) 

5.39 

B$5 'i»E 
.3.58 •«* 

0.9 * 


Dividends «hown pence per dare ne._e»^whe« ethnr^e M 


-Equivalent after allowing for scrip 
increased by rights and/or acquisition Issues. 




UNIT TRUSTS 



High income funds 
coming back 


With tooth equity and fixed So this w 1 <n 
interest markets dithering over savers rather _ 
the uncertainties implied by the J,S d “SJ!?. 


for long-tens 
than income 
High 


behaviour of the dollar and of Distribution Fund uni^-7.08 pet 
rates worldwide, it w cent.— is not distributed, but re- 
easyenougb to see why investors invested for benefit^ ^ough 
-mmb a qnin Kp ittrJciBd Crescent k fminl-cnd IOAqidk is 
ni irtflntE lif W-h income lower than that of some of Us 
iouiS^pnt SweS <1? the unit competitors, this is not an Invest- 
SS^SSip-. bS the qierttTor 

tts*tSZXt bm ~ ,ands ^ K fS f“S;* 

T& jssi 

at a fixed price to produce an — insofar as they are subscribed 

ss“iSn i ssru.?* ^ s r ‘m^s.'SSwiSK 

ausi 

nuhed gross vield of 105 per cent, tn any case, investment in America 
CrhiMfnser’s my\v Preference looks sornetlnn^ of n longer - 1 & rno 
^fiSrJStiyp™ld!TS venture «t moment, though 
estimated 11 per cent. However. M & G’s fund nrnnagers. remain 
Chieftain’s portfolio contains a firmly of the opinion 
oE fixed present malaise 


PENSIONS 

If you are self-employed, then 


that the 

ne»liirible proportion of fixed present uhukun; on Wall Sweet 

interest investments— less than 5 P™ v,d * s M h^SSTSPSkmi 
per cent, at the moment: and the advantage should be taken. 

managers have a policy of re- 
stricting that proportion to under 
20 per cent. 

■ In contrast Arbuthnot’s fund is .. 

some 42 per cent, invested in fixed y0 u need to" make your own pen- 
interest stocks, while with Schle- sjon arrangement since you will 
singer’s, as the name implies, the ver y little from the State 
portfolio will be composed of scheme, even in its new form. The 
nothing else. The significance or most tax-efficient method of pro- 
the distribution of investments v iding this pension is through a 
lies, of course, in the fact that pension contract with a life com- 
the income on the equity element pa ny. You get tax relief at your 

in a portfolio is going to rise, lop rate on tf, e contributions, 

whereas that on the fixed interest investment is into a tax exempt 
proportion is not — not, at least. f Un d arc’ the ultimate pension is 
unless the managers can switch taxed as earned income with the. 
their investments from lower to op tion to commute in part for a 
higher yielding stocks. completely tax free lump sum. 

For those who wiU need a rising Legal and General is offering its 
income, then. Chieftain's High Personal Investment Pension Plan 
Income Units are likely to prove this week to meet the needs of 

the best of the opportunities avail- th e self-employed. It provides 

able this week. In common with considerable flexibility as to the 
most of the high income' funds, method of payment, and a choice 
those of both Chieftain and 0 f funds for investment. 

Arbuthnot have comfortably out- Directors and senior executives 
performed the FT All-Share Index should also be giving thought to 
over the past year: that of pension arrangements. There are 
Schlesinger has yet to show Its considerable advantages in sot- 
paces. Arbuthnot and Schlesinger ting up separate arrangements, 
require a minimum investment of ggt only in that it provides corn- 
1500. while Chieftain requires piete flexibility in arranging bene- 
£250. fits to suit the requirements of - 

One other group of managers individuals, but in that it per- 
is inviting applications for a high mils a transfer of assets from 
income fund this week: Crescent the company to the directors in 
with its High . Distribution Plan, a tax efficient manner. Two com- : 
This one. however, is going to panies are offering their con- 
appeal to an investor rather tracts this week— Legal and 

different from those for whom the General Unit Assurance, which « 
three preceding funds will have marketing its Executive In vest- 
attractions. For Crescent's High meat Retirement Plan, and 

Distribution Plan in fact provides Property Growth Assurance with 
the life assurance linked way into its Directors and Executives Plan 
its High Distribution Fund, for “ 100.” Both plans provide a com- 
those with upward? of £5 a month plcte range of- investment funds 
to tuck away in regular savings, with switching facilities. 


ISSUE NEWS 


Preedy raising £838,000 


t- ■ 




Aifred Preedy and Sons, whole- of trading. Interim profits were . 
saler and retailer of tobacco and up 43 per cent. V ^ 

newsagent, is proposing to raise They are forecasting a final ? i i v v 
£838,000 by a jrights issue of one- dividend of 2.275p per share 
for-four at 56p a share. In -thfe making a total of 2.85p. Last year Sf‘ ; v 
market the price eased 3p lower tbe group paid a total of I.42293p 
to 75p. per share. The Treasury has 

^..feo^rSTe ss 

expansion programme which is Finance Corporation is under- . 
exnerted to cost £lm writing the issue and brokers are 

expected to cost xun. Harris, Allday, Lea and Brooks - 

This includes the acquisition an( j Panmure Gordon. 

West , Mercian Wholesalers, 


Gcslelner Holdings and Magnet 
and Southerns. 

The^ market i, -3.Pjj.ina „ hcn full JC „ 

brewing group, to produce full 
year pre-tax profits of around 


Benefits for 

Reliance 

Mutual 


of 

eight new branches and com- 
pleting the construction of the 
Oswestry branch. This year there 
are two more completions at 
Stratford-upon-Avon and Ashby- 
de-la-Zouch plus the opening, or 
rehousing,- of 
brandies. 

So far this 


MANGANESE 

BRONZE 

Manganese Bronze 


Holdings 

11 i announces that valid elections to 

ii ouier reiaii receive, fully paid new ordinary 
shares in lieu of cash in respect 
expansion pro- of the final dividend for the year 
gramme has been financed by ended July 31 1977 have been re- 
retained earnings and increased ceived from 1408, out of a total 
borrowings. ^ , of 2.199. shareholders, holding 

On December 20 the group had 7.617,922, out of a total of 
outstanding bank debts of 9,600,000 issued shares. 

£389,000. fo the last accounts. Accordingly, 290,474 new shares 
dated March 26. 1977. net borrow- have been issued. 289.984 to such 
ings equalled £710.000. shareholders and 490, re p re sen t- 

The directors are not making a m B fractions, will be sold for the 
profits forecast for the current benefit of the company. 

^ ear but state that they are Dealings are expected to com- 
ouageUng for an improved level mence on January 23. 


Christopher Moran tops 
£lm. at six months 


SCOTTISH LIFE 
BONUS 


A very successful year is re- 
ported by Reliance Mutual In- DDI . T . r D»nirrr „f 

snrance Society with new annua) uftL? S r n ^ Pr ^uisttkm, result solely from sale 


premiums on Ordinary business f^ooq^i^the^Jul ° f ^ tbree induslrial companies, 
nearly doubling to £440.000 from ££ff% hl t S^Sf willed ^ 

Simon Engrg. 


entertainment and catering divi- 

while 

stencil 

duplicating 


Arm ounce- 

Piridcnd cpi* 

Company 

ment 

Last year 

TWs year 


due 

lot. 

Final 

Im. 

FINAL DIVIDENDS 

Ahbr-y Patu-ls .... 

Thursday 

1.3 

1.93 

1.5 

AVHOCJJtl-d Sprjj-. rs 

Friday 

Nil 

Nil 

Nil 

Banh U-omt -L-.K.i 

Tuesday 

2.BS 

4.3rt 

2.HS 

Braid Croup 

Monday 

0.393 

0.S4 

0.4X1 

Countryside Properties 

Wcdnc-aday 

Nil 

0.16-1 

0.183 

T. Cowjc 

Tuesday 

o.n 

0. 926 

0.66 

Fluldrm- Enshici-rinii Cotupanj- 

Thursday 

0.7S8 

1.936 

0.893 

Thomas Frcnrli and Sons ... 

Wednesday 

1.0 

1.29 

2.25i 

Cpstctnrr HnWInss 

Tuesday 

1.75 

I.TM 

LttS 

Grand Metropolitan 

Friday 

1.4 

ura 

1.8 

Great Norlbcrn Inwsmtent Trual 

Monday 

1.03 

2.37 

1.13 

Green (riar Investment Company 

Thursday 

— 

1.2 


HrnJrs 

Wednesday 

1.S5 

4.131 

2.0 

UncroU Kil60ur Croup 

Thursday 

1.19 

1.91 

1.335 

Lonrho 

Friday 

0.75 

4JI3h 

2.33 

Lookers 

Wislncaday 

0 923 

1.198c 

0.903 

Mnrkmnon of Srotlond 

Thursday 

— 

Nil 



Meesltt HotduJtS 

Monday 

0.170 

. 0.175 

8.193 

Ractrarn Invi-suneoi Tnisr 

Friday 

I.OTi 

2.1 

I.l 

Rnraltan Properties 

Friday 

Nil 

Nil 

Nil 

Scottish American tnvevtmem Compjoy 

Wcdn.sday 

n.fi 

1.31 

n.s 

Spencer nark Metal Jnanstncs 

Monday 

Ottf 

• 1^6 

(1.96 

Trident Tele vision . . . ... 

Tuesday- 

0 TOT 

i m.i 

n.MSa 

United States and General Trust 

Wednesday 

t.« 

3.31 

I 6 

Warner Estate tinldlncs 

Ttnirsd.iv 

1.2 

LIST, 

1 .1 

Wi.-stinithousc Brake and Siioul Company 

Tbursday 

0.7« 

UM 

0AJ 

Wbatlincs 

Tburoday 

0.5 

1.5 

0.9 

INTERIM DIVIDENDS 

Allied Colloids Group 

Monday 

0.517 

1.0 



Wednesday 

I.R 

8.092 



Tuesday 

a.«7 

1.37 


A'sovi.ued Toallm; Industries 

Wednesday 

i.t 

1 IS9 



Monday 

n.n4 

1JI3I 


Burt Boultan Holdings .............. 

Thursday 

3.5 

8J 




Announce- 

Pividvnd 

Company 

nival 

Last year 


duo 

IdL 

Final 

Tam muons Stationery — - - 

Thursday 

0.7 

1. 62 

Courts i Funi ishcMi - 

Tueiday 

1.415 

1.7H1 

Cray Electronics - 

Monday 

O.S 

0.S1 

Crouch Croup 

Wednesday 

0.894 

1.829 

Dixons PfiolonraBtilc 

Thursday 

0.8=3 

1.34 

A. and J. Golfer 

Thursday 

1.12 

1.138 

Group Investors 

Wednesday 

D.S3 

l.fci 

Hallilc Holdings — - 

Friday 

1.925 

a.m 

Heron Molar Croup 

Wednesday 

1.348 

1.8.1 

Howard Shuttering (Holdings ) - 

Monday 

0.77 

0.78 

London and Manrrosc Investment Trust _. 

Thursday 

1.0 

4J5 

BJstgpet and SonthartM 

Wednesday 

3.0 

5.0 

Morstoa Tbompsoo and Evcrsbcd 

Weddesday 

0.6S8 

03V7 

Louis Ntnnnark 

Thursday 

2.0 

4.022 

Notion 

Thursday 

0.37 

1.73 

Peterborough Motors 

Thursday 

0.X* 

JJS7 

Property Security Investment Trust 

Tuesday 

0.4.T9 

1.421 

Provincial Cities Trust 

Thursday 

0.32S 

0.818 

Stock Conversion and Investment Trust ... 

Wednesday 

(LStJ 

0.99 

Wrllman Flrcaneertns Corporation 

Monday 

1.043 

LI 

Western Beard Mills 

Thursday 

I.i 

2J 

INTERIM FIGURES ONLY 




J. B. Ea3ttvnud 

Monday 



G. R. Francis Group 

Thursday 



U'isb Mills Company 

Friday 



Lowland [nvestmem Company 

Fridays 



Melody Mins 

Monday 



Wilson Pocfc «... 

Monday 



F. WrlshiKon and Sons tAssord. Cos.i _. 

Tuesday 



Zetlcrs Croup ' 

Tuesday 




£230,000 and new sums assured r. .. c .9o m 

The terminal bonus information up by 139 per cent to £35m. from from 10 •«-3Sm. 

Photographic with for Scottish Lire Assurance £l5m. After tax of £559.000 (£400.000) 

Trident Television quoted in the Financial Times of This success arose from many n *t profit stands at S29.000 
January 11 was incorrect. The sectors, increased concentration (-030.0001 before extraordinary 
company is ceasing to pay a on conventional life assurance debits of £554,000 and minorities, 
terminal bonus on its simple and protection plans- and the sue- The bitest year's figures include 
bonus series and has declared a C ess of the flexible term assurance results for the industrial division 
special bonus of £4.50 per cent- of But one important growth area for which no comparisons are 
the sum assured or annuity in was in the sale of Whole-life non- availabte- 


This year 
Int. 


German 

venture 


P™ 81 contracts which have in- Directors say negotiations are . .. 

P rtnT«f fa nn d ^ H^nth^np creased by 150 P er cenl - The continuing for the disposal of the of Duisburg 
pa -i d k? or company is not a member of tbe two remaining industrial com- jointly-owned 


TR International (Chemicals)! 
London-based Simon Engineer- 


_ -i i- „ . : r . . l_ „ ~~zr > — v ■- --wfc « uj. luc liiu na mmtw s *Muumiioi cu m- jx.u.ij-uimcu chemical trading 

guaranteed boniu P of d the b same 0ffices ^ Association and panies winch will enable the com- .c^parv named GriHo Cheml- 

88,5,0 t ^ erefore was not affected by Che pany's buaness to become purely ££Uen GmbH based on Duisburg, 
change to a premium related insurance broking and related TR and Grille each have a 50 per 
hP rtTSTnn This Aange substantially activities. cem. shareholding in the new 

ment Assurance at th? rate of contra^ 1881011 waUe on A dividend net per th? 5, S2r^n ich w ‘lL? J ? er8lt -' . m ^ r 

£1.50 per cent of the basic' sum ^‘ESSS pays even higher . ° f the 

assured for each policy year. commission rates than on the_oM Jnerim iwS*pS oxf* profifa^f i * ! K>t « d J ov . itfl and 

LOA scale and 90 per cent, of its £0.99®. in the nine months to manufacturing business 

ROYAT T ONTIflN business comes through brokers. January 81. 1977. and as a chemicals producer. In 

J* J* apparent that brokers are The insurance division has -per- r . e ?? t _? e ? rS L developed a 

Total new-annual premiums in puttmq business through Reliance formed well in the half year with substantial business .as chemical 
1977 under life assurance policies Mutual that -formerly would have profits before tax 48.4 per cem. in distributors and TR- regards this 
effected with the Royal London gone to other life companies. excess of those for the correspond- J0in t vet1 ! u . re as an important ex- 
Mutual Insurance Society The company also experienced in* period of the previous year ’ lens ! Dn oF its world-wide chemical 
amounted to a record £8.008,000, a 200 per cent, growth in sales Satisfactory progress continues lrad “ J S activities, 

compared with £7.104,000 in 1978. of convertible term assurance which Is particularly pleasing 

New suras assured totalled contracts, while regular premium bearing In mind the adverse iu nnirr 

£192J)4m. net f£17122m. net) in unit-linked business rose by 50 per effects of the fall in interest rates ISKltr . 

, , , w , IS76. Single premiums and con- cent. New single premium income and the strengthening of Sterling - schlesinger American - invest. 

‘ DoMi-mls^ shoan n«-L ponrr per aharc.^ and aJJuairi for Jmon Mine strip siderations for annuities toUlied was also buoyant rising by 74 pel against the dollar. MSlfTS— Iacoaie XM3.33f In Onobur at; 

d" S STL ' fm SrtfT&Sf t 7n£ B EFU £i P- a ™ ' cent, to £270000 from £153.000 The extraordinary items, which gjjjf 

increab-Pd capiuL h includes h« ond nu«nn of i.DBTjp. < bcMes special dividewi !n tba Ordinary branch, new mostly from the sale of property consist largely of the write-off or SaTS™' 'hJ» 

oi 4.0213 d. annual premiums amounted to bonds. goodwill arising at the time of lea vine income at ffiizix. * 


in* V 
mi- 



Ic 





r -Etomci'al ’nines Saturday Xsnuaiy K T978 


BIDS AND DEALS 


] 


IT 



of 


>l x Mtl\\ 


Epicure and Slea 
agree terms 

Plans have now been finalised tional ales showed a 21.5 per cent, 
or the acquisition of the family- increase for the. calendar year 
owned Slea Holdings by its former 7977. over the 1978 - production 
•subsidiary, Epicure, the hotel and figure, 
restaurant company, in what is 
effectively a reverse takeover. BL.AKEY’S SAYS 
The deal, costing around n nw ■ 

75,000, has been agreed by tiie HOLD FAST ■ 

Boards of both groups which Dealings . in the shares 
have Mr. Reginald Brealey as Bbkey's (MaDeable Castings) 
hairman and chief ■ executive. were resumed yesterday following 
Oder uje teiros, the Brealey the announcement on Thursday of 
anuly «dl receive a Bo per cenu a take-over bid by Centreway. the 
stake in the enlarged group in Birmingham-based industrial 
return for its holding In Slea. .holding company. Blakey's share 
■ “5J. cure is Proposing to. issue price ended the day 7p higher at 
12.507 new 5p Deferred Ordinary 42p which compares With, the sus- 
a hares, priced at 7p, in return for pension price of 35p- and the cash 
Slea, a holding company whose- hid from* Centreway of 41p a 
activities include paint tnnnufac- share. 

The Board of B2akey% which is 
ma pm VeStmen 1 ^ estate already an associate of Centreway, 
management. has said - - that it will , bfe consider- 

Hie deal has been expected ing the- terms and advises Jn- 
since November last year when dependent shareholders to take 
Epicure’s share price was no action. The resolutions to yes- 
suspended at 35p. Epicure is also 1 terday’s extraordinary meeting 
proposing a one-for-two --scrip regarding tbe scrip issue were 
issue, while Slea is offering to sell not proposed by the Board, in 
its 57 per cent stake in Epicure line with the conditions of the 
through . Grindley Brandts, to offer. 

Epicure shareholders and Slea era- 

• ployees. raising £177,000. p pcfAT 71? A NT 

The various offers are subject AAJKANT 

rovai at an EGM on CROUP CHANGE 
February. 6. A Stock Exchange _ _ . - ... 

listing will ■ be sought for the Great American Disaster, 

shares after the bid and serin £ he hamburger restaurant group, 
issue. The new Deferred Ordinary has ^een acquired for a six-figure 
shares will be classed as smn ^ **r. Peter Gross and Mr. 
Ordinary shares from March 28. Ba C ry Judd - whose other interests 
The enlarged group is fore- j? cIude ^“don Town Taverns 
casting pre-tax profits of not less Group, Le Routier at Camden 
than £350.060 in the year ending Lock - Simply Steaks in Hamp- 
.June 30 with Slea (included for atead and Madison’s, 
only nine months) expected to Great American Disaster com- 
c °ntribute not less than £225,000. prises restaurants in London’s Ful- 
Tnis compares ■ with pre-tax hqm Road and Beau cham p Place, 
profits from Slea, excluding Manchester, Brighton and Paris; 
Epicure, of £11,000 in the year and these, together with the 
to September 30, 1977. when most worldwide franchise for the group 
of the group's main interests were acquired by Gross and Judd 
came under pressure. The from Mr. Brian Wolfson’s Con- 
Joinery interests showed a £90,000 seji dated Home Industries Group, 
deficit 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers 


Value of Price Value 

Company bid per Market before of bid 
bid for share** price** bid f£m’s)*+ 


Bidder 


Final 

Acc’t’ce 

date 


PRELIMINARY RESULTS 


Prices in peace nakss otherwise I n di cate d. 

B1CC 


Britain's State-owned National Enterprise Board will control 

a company setting up two major hospitals in Saudi Arabia If _ he _ 
an agreed £7.7m. bid for Allied Investment nursing homes and dcSTg!) 
medical supplies concern goes through. A now company, Doland (Geo.) 

United Medical Enterprises, 70 per cent owned by the NEB, • 
last week, announced the long-expected takeover offer for iSerat^’chem. 

Allied, which has recently been awarded a £2 50m. contract by yteshbake 
the Saudi Arabian Defence Ministry. The offer comprises 55p Glenlivet 
a share in cash, which is substantially higher than tbe 40p price Graham Wood 
at which the shares were standing prior to the announcement Harcros 
that bid talks were taking place; Harrison (James) 

Victory seems to be in sight -for Ladbroke in its struggle Hull Cinemas 
to acquire Leisure and General now that Mr. C. Forbes, a Lafareefof- 
director of L. and G„ has agreed to sell the 11.2 per cent of 
the equity he controls at 70p a share. The general offer lias Le Vallonet Tst 
been increased from 6Qp to 70p a share. There are also several urad.Aust.invs. 
alternative offers. SK*” 1 * 

Minority shareholders in Amalgamated Industrials, in Mamture n issaads 
which Mr. Per Hegard and his family interests hold an 84.7 Halayalam 
per cent stake, are being offered one new Amalgamated 10.6 per . . - T 
cent . Cumulative Second Preference stock for every four rL nM . 

Ordinary shares. Subsequently, shareholders may. sell each pontins nm&sr 

Preference to stockbrokers Rowe Rudd for 80p cash. See. Broadmoimt 

Centreway,’ the Birmingham holding company, is bidding c T T T ^ t /r . , 

4lp a share cash for the outstanding 67 .per cent of Blakey’s 
(Malleable -Castings) not already owned. The offer compares 

with a market price of 35p ruling at the rim* of Thursday’s cash offer. 

suspension of dealings in Blakey’s notalready held. 9 Combined market capitalisation. 

«.d Crosfield has sent nt its forma! offer ffSSS -TST SMB'S 

documents for both Malayalam Plantations and Harcros Invest- 13/1/78. 

ment Trust At the same time it made the success of the latter ^ 

bid more likely by buying approximately 2m. shares at 82p each A/r r . 

and raising the general offer to the same leveL OfffirS TOT Safe, PiaCinflS 31)0 HltrOdUCtiOflS 


53J§§ 

52* 

47 

2.19 

170* 

164 

155 

7.05 

25* 

25 

20 

LOS 

147fl 

140 

140 

9.12 

73 

72 

65 

10.88 

20*5 

191 

133 

U 

510* 

505 

440 

29.66 

60* 

57 

44 

2.36 

82* 

83 

70 

15.59 

67* 

65 

51 

3.50 

132* 

125 

40 

0.73 

95* 

92 

88 

5.3 

70* 

6S 

48 

72 

467J* 

465 

77 

1.40 

26* 

27 

26 

0.6 

781*5 

103 

101 

435 

59111 

62* 

52 

12JS9 

45* 

62* 

30 

9.51 

25i* 

30 

22 

6^3 

30* 

30 

25 

S.15 

100* 

98 

75 

3.44 

35* 

4435? 

35 

43 

37|t 

L75 

5438 

36J5S 

33 

28 

3.59 

400* 

387 

2S5 

4.79 

105 

103 

102 

6.71 


Company 


Year to 


Pre-tax profit 


tax pro 
(£ 000 ) 


Earnings* Dividends* 
per share (p) per share (p) 


Adriaan VoDter — 
James 

(Maurice) — 

MK Elect. — 

Dalgety — 

Bonhwick (T.) — 
Seagram — 

Brit. Steel Cpn. — 
Harrisons & 
Crosfieid 5/3 

Barra tt Devs. — 

Meeca 12/1 

Lafarge SA 2R/1 

Ladbroke 13/1 

Palmer & Hitt. — 
AirCaD — 

Hooker Corp. — - 
ATV — 

S. Pearson 19/1 

SIcLeod Russel — 
Harrisons & 
Crosfieid — 

Antony Gibbs — 
Bnllongb — 

5138 Coral Leisure — 


Bakers Stores 

Oct. 1 

2251 

(205) § 

5.7 

(9.1) 

0.427 

(0.402) 

Ben Bros. 

Aug. 31 

2,860 

(2^40) 

9.1 

(7.6) 

1.702 

(1.5241 

Cap. & Counties 

Oet.1 

254$ 

(105) § 10.6 

(3.9 j 

1.556 

(1.093) 

Caplan Profile 

Aug. 31 

653 

(438) 

15.9 

(6.G) 

4.79 

(4291 

Eng. China Clays 

Sept. 30 30,480 (24,470) 

10.0 

(S.U) 

3.554 

12.4*1) 

Hickson gi Welch 

Sent 30 10,135 

(7,918) 

1134) 

(8S.0) 

10.377 

(93) 

Kenning Motor 

Sept 30 

7,063 

(4,760) 

12.8 

(85) 

4.15 

(. I-Tir.) 

Ley’s Foundries 

Sept. 30 

1,678 

(3,102) 

7.1 

(13.7) 

4-3 

(3£>5) 

9L & G. Group 

SepL 30 

1,540 

(1,310) 

9.5 

(S.4) 

3.459 

(3.097) 

MeCotqnodale 

Sept 30 3.032 

U.046) 

43.3 

(15.3) 

14.24 

(12.75) 

Midland Xnds. 

Sept 30 

1,801 

(1,339) 

C.8 

(3.0) 

0.9SS 

tO.SSJ) 

J. F.Nash 

Sept 30 

717 

(903) 

155 

(13.3) 

5.175 

(4.R35) 

Norfolk Capital 

Sept. 30 

470 

(100) 

2.0 

1 0.5) 

0.6 

(0“> 

W.J.Pyke 

June 30 

25 

(84) 

0.5 

(Nil! 

0.66 

(Nil) 

ReoStakls 

OCL2 

1,747 

(1,254) 

3.S 

(2.7) 

1.0J7 

(0.921) 

Saatchi & Saatchl 

Sept. 30 

1550 

(9S0; 

15.1 

(125> 

4.13 

(o.7 1 

SGB Group 

Sept 24 

84M7 

(5.714) 

19.9 

(12.3) 

5fi54 

(4.7U4) 


INTERIM STATEMENTS 


Cbxeftan 
Andrew Weir 

Carliol Inv. 


— Company 


Half-year 

to 


Pre-tax 

profit 

(£ 000 ) 


Interim 

dividends* 
per share tp) 


Cash alternative, t Partial bid. 


5 For capital , 
Date on which vKf*. 


BnUoogh’s cash bid for Newman Granger is 35p 
(valuing the company at £l.75m.) and not 33p a 
inadvertently recorded .in last week's bids table. 


a share 


Value of Price Value Final 

Company . bid per Market before of bid Acc't’ce 

bid for share** price** bid (JEm’s)** Bidder date 


Prices in peace 'unless otherwise indicated. 


Allied Inv. 

55* 

' 54 

47 

7.67 

UHL Medical 

Assam Frntr. Tea 

400* 

360 

305 

Sfi 

Enterprises — 
Wrengate 13/1 

D. F. Sevan — 

Berner (Leon)' 

W 

22 

14* 

0.28 

BCA 

Blakey’s (Malle- 

125t 

122 

53 

L4S 

A_ P. Cement — 

able Castings) 

41* 

42? ? 

35 

0.79 

Centreway — . 

British Industrial ■ 

Sfi* 

39 

31 

5fi 

Greenbk. Secs- — 


able stock 1984-85 at £99.25 per cent 
Metropolitan Borough of Tameslde: £3m. o 
Redeemable stock 1983 at £99.75 per cent. 
Tap Stock; £800 xn. of 10 i per cent. Exchequer 
per cent 

Rights Issue 

Manchester Garages: Two-for-three at 21p eaci 

Scrip issue 

Hicksons and Welch (Holdings): Two-for-one. 


Abbey 

Oct. 31 

924 

(472) 

0.S13 

(0.4SS) 

AGB Research 

Oct. 31 

533 

(3S0) 

1.1 

(1.2) 

Astra Indi. 

Oct 31 

411 

(369) 

(1.303 

(11.225) 

D. F. Sevan 

Sept 30 

70 

(05) 

Nil 

(Nii) 

British Benzol 

Sept. 30 

255 

(oSlt 

Nil 

1 0212) 

Brown & Tawse 

Sept. 3p 

1,622 

(1.530) 

1.179 

( 1.072) 

Botterfield-Harvev Sept. 30 

1,140 

(SS0I 

1.123 

i l.iii 

ERF Holdings 

Oct. 15 

2,550t 

(628) 

2.475 


Gordon & Gotch 

Sept. 30 

50S 

(3G2I 

2.G4 

1 1.1921 

Raima 

Sept. 30 

404 

(170) 

1.12 

< 0.56 1 

Hogg Robinson 

Sept 30 

3,2 DO 

(2.560) 

J.li3 

l325 1 

Hollas Group 

Sept. 30 

455 

(2S6) 

U.0S3 

lU.N.Lit 

Jones Stroud 

Sept. 30 

1,160 

(MS) 

1.6 

(l.iii 

Letraset Inti. 

Oct. 31 

3.400 

(2,570 ) 

0.997 

(O.&iiil 

MnDchstT. Garages Nov. 30 

39yg 

<26S)a 

(Ifitlb 

m.s.7) 

Ray beck 

Oct. 29 

2.760 

12J100) 

1.01 

I f'.it 1 . 

Reardon Smith 

Sept. 30 

5fil0L 

(2,770 )L 

Nil 

I0.su 

RFD Group 

Sept. 30 

1,454 

(1.446) 

n.i; 

(0.45) 

Scottish & Nwcstle. Oct. 31) 

22,103 

(20,492) 

1.35 

(1“» 

Stroud Riley 

Sept. 30 

201 

(65) 

0.5 

f— 1_ 

Symonds Eng. 

Sept. 30 

92 

(1WJ 

0.425 

((1.2, a) 


(Figures in parentheses are for corresponding periml.) 
Dividends shown net except where otherwise stated. 
•Adjusted for any intervening scrip issue, v For 28 week* 
throughout, t For 53 weeks. § For 52 weeks. U For 11 months, a For 
one year, b Includes second interim of 0.565p. L Loss. 


Meanwhile, Epicure announced C A- T Cl ARK* 
yesterday pre-tax profits for the ^ - w 
year to June 30. 1077. of £26,327. C- and J- Clark,- tbe private shoe 
compared with the previous year's company, has completed its $26m. 
loss of £35,061. purchase of the assets -of Hanover 

The capital of the group after Shoe. It was advised -by Schroder’s 
all share transactions should be which also led the consortium of 
£981.000, compared with Enicure’s banks financing the deal. Chase 
existing capital of £237,000. Manhattan provided the largest 
In addition. Epicure is pro- single portion, 
posing to return, to the dividend 


Leisure & General advising 
acceptance of Ladbroke 


The Board of Leisure and Board on which Ladbroke would 12 per cent Convertible Cumula- 
. , ... _ . .. General is recommending share- be represented. tire Participating Preferred Re- 

M JSSfiTS*. hambro income ^ ? rT dM " ?6,e 

forecast for the current year. Allied Investors Trusts and offer made by Ladbroke. _ With ], etweeil chairman 

The group also — * ” “*■ ” " ” ' u ‘ ■“ - J “ " J 

ing an interim 

with Davments in _ 

30. 1979, expected to total 0.5p Income Trust to be issued to recommend them to shareholders. 


Tussaud’s forecasts over £2m. 
— ATV offer unrealistic 

BY CHRISTINE MOIR 

The Board of Madame Tussaud's, in the high-risk world of film, price at Baker Street from 11 Op 


Allied Inveetoni -ft® «d made b, fdbtoke. Witi subaequent exmaortlnm, Si *°J25 


currem year. auicu invesrors *xusu» ana “J — ■ — ■■ between its chairman Mr 

b envisages pay- Hambros Unit Trust Managers the financial advisers, the Board chatmle and Mr CvrH cjtpin 
in future vears announce that the number of consider the termsto be fair and ^ Ladbroke 9 ^ 

; the year Tn .Tune units of Allied Hambro Equity reasonable and wm unanimously 


net 


former Hambro Income Fond 


MECCA , 

Mecca’s offer to acquire the prevl0US,y hel{L 
Ordinary capital of Hull Cinemas 
has been extended, with the con- 
sent of the Panel, until February 
10 . 


Ladbroke owns or has contracted 
5®! de " to purchase a total of 2,954.604 

for each Hambro Income unit L Md G ^* 3 , or 28.7 per cent. 

of the capitaL The directors of ^ 

L and G (excluding Mr. C. Forbes 
who bas already undertaken to 

( , n januarv iu uaoej-^ure acce PU and ICFC intend to take Yesterday Wrengate announced 
un January iu, uapej-^-ure t |.„ nfTp, ; n n>cnAft nf th^ir sharp- that it bad been unable to 
Myers sold on behalf of discre- Sinn? SSSL persuade Sane Darby, which has 


ASSOCIATES DEALS 


WRENGATE FAILS 
TO TAKE OVER 
ASSAM FRONTIER 

Wrengate’s bid 


company to complete its acquisi- pre ’ Iax protJts 01 

tion of the steel riockholding com- ■ £21j ”- current year, com- highly, 

pany, H. StockweU and Company P» r «d with an estimated a.tom. “ATV's Midlands 

/ne (no irme inrf ttirrnJ nnn 


Acceptances have been received tionary ravestment clients, 182,665 ^dings totalling 1211.802 shares 


latterly 


pro- 


BELHAVJEN BREWERY cal Enterprises 490,000 Affied In- The Board considers that the 
. At an EGM yesterday, share- at S3>P- :i ; ..... ; merger enhance scope 

hblders of Brihaven Brewery On January 11, W.L parr, Sons future piofiteNe development 
Grapp approved an increase 3n and Co. purchased on behalf of WuJ be to- the advantage of 

authorised capital from 8m. to Charterhouse Japhet, advisers to-, and employees generally m Wrengate owned 30,000 Ordinary April, and 

,12m. shares. Commonwealth Deve- Coral LeJsnre Group, the follow- \terms of job security and ^ prior t0 ^ anj granmie an neared to have heen Tn 
lopment Finance Company - has ing shares in Pontius: 50,000 at projects. It ls^ptended that tbe yj ese together with acceptances slipping behind schedule The the c 

exercised an option to acquire 43p. 400,000 at 43Jp, 437,000 at management of L and G's SSouniffto 5.7 pw SlotS ijS5, d t? a rohSS email 

500.000 new shares in Belbaven, 43^p, 100.000 at 43iP, and 275.000 business (exdiKkngthe book- ^jjMiy^share^ g - “ - 

all of which have been placed'with 12, they purchased 50.000 at 43Jp, making interests which are to be 
leading institutions. 150.000 at 43(p -- J -♦ “■* n »- ^ «•» 

Brewery production of tradi- 4-5 Ip. all cum^div. 


the 

s 

hicli 

compares with 3.68p estimated for 

_ ww. television 1977 31,11 2T9 P actual for 197H. 

r '" ,,, V „ for the year just passed and franchise presently” contributing Tussaud’s is also negotiating 

S 1 ',^ h " n £1 - a ”. ■? “»■ _ w 35K ol the S «J» of "'»■ Requisitions 

Shareholders are also promised pany’s profits expires in July next b,,: n0 contribution from the*e 
a further 30 per cent, increase yea r and aiready local bodies has been deluded in the figures. 
In the dividend this year, in addi- have started to campaign against 

tion to the two-and-^half times the renewal of the franchise in TIVTFR^TATF IITD 
increase already in the pipeline it® present form" I!tlCR5iAic U1L>. 

for 1977 Gross dividend in 1976 By comparison Tussaud's profits Interstate United Corp.. which 
hopes for’ a to 1 - a P P® r „, s "? re - , F ? r are described as stemming from is 77 per cent owned by Hanson 

7<W7 **ic «" ------- Industries Inc M says that Hanson 

requested it should hold a 
shareholders meeting by the end 

preliminary a document which strongly re- ™ ^ of March to consider Hanson s 


for Jan. 20, 1978. 

UNILEVER HOPES 
FOR U^. RULING 
IN MARCH 

Unilever now 




Many private 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 
Schlesinger Preference & Gilt Trust pro rides a 
well-spread and efficiently managed vehicle for 
this purpose. 

mV''' 1 " JHighincome-low volatility 

. , s : , -v /{ By mating 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 equities. Whilst 
equities woul d provide greater opportunities for 
growth than fixed interest stocks, tbe Jailer are likely to 
be less volatile. The proportion in preference shares 
and Gilts will be varied at the managers’ discretion. 

Schlesingers also expect a useful degree of 
capital appreciation from this trust, as long term 
interest rates continue to falL 

: Investment in Gilts 

Under current legislation, most interest 
received in an authorised unit trust from gilt-edged 
’ „ securities is subject to corporation tax which is 
s' disadvantageous id unitholders when compared with 

•" ” direct investment in such securities. 

For this reason initially some SO?-, of ihc fund will 
’ -- - ' ■ - r * J "' va ‘ Gills, at 


unrealistic - . ' -ick MltM wd merchant 

Tussaud’s directors claim that advisers. Brown Shipley. 0 f cash a share, 
offer “ fails to value the high They do _ not include^ any 
quality of Madame Tussaud's estimate of increased adimssions reprp 4x17 1 
whereby major shareholders in profits and ignores future 31 the . mai n exhibiUon hall In cjruiviivr.A 
ar«in RTSflOO "at soldi wtII be continued for the Wrengate states: “The views of National Starch will be able to growth.” Ba ££Lj:lI o ,n , Espera"* 3 Trade and Transport 

30(1 8 ’ 3 time teinx through the L and G Ordinary stockholders in Assam defer capital gains tax liabilities. Holders are also warned that 3 forecast 8 per cent, upturn in has acquired minority interests in 

tune being through tne u and 1* gJJ made ^ ar b ^ e the shares being offered by ATV the number of visitors, to Britain tvv0 of its subsidiaries. Graham 

number of acceptances . . . JOHNOON GROUP d0 not carry voting rights and ‘? 1S -^ e ?- r runiisnea ny Miller and Company (Sydney) Ptv. 

representing a majority of holders _ uKULr specifically exclude ATV’s next the British Tourist Authority. and Graham 3 Idler and Co. (Mel- 

both by value and number, ” It Relating to the acquisition of interim dividend. The offer would However, included is a full year bourne) Ply., both of which arc 

also comments: “Wrengate has Zemys, the Stock 'Exchange has also prevent Tussaud’s share- contribution from the Laserlum engaged in loss adjusting, ior 
made every effort to enter into ? ranted hstings for the 76,433 holders from obtaining the final (opened last June in the approximately £32,600. 

negotiations with Sime Derby but Ordinary shares of 25p of dividend from Tussaud's. To- Planetarium), and from Tolgus in connection with 

it hag not proved possible." Johnson Group Cleaners issued as getber this would result in share- Tin Mine, plus a small increase acquisiton, Esperanza has issued 

part of the total consideration of holders losing “82 per cent of in admissions for both Wookey 2L92G shares all of which have 

some £440,000. their dividend . for 1977," the Hole and the Amsterdam centre, been placed. 

The new Ordinary shares will directors claim. A disproportionate increase in 

The Board of Wace Group the not rank for any dividend payable The document also claims tbat profits contribution from Amster- at T)IJS 
London printing platemakers, in respect of tbe year 1977. a merger with ATV makes “no dam is also foreseen resulting J 

announces that following tbe pur- commercial or financial sense.” from tbe completion of a major Collie and Oh has acquired 

chase by Energy Finance and W ITT .TA M EVANS “ATV’s progress is due largely depreciation programme. There 1S4.000 Ordinary shares in Aldus. 

General Trust on behalf of itself _ . to its remarkable 71 -year-old chair- will also be benefits from the re- bringing its holding up to 28.75 

(4J55 per cent) and its client. The offers by Booker McConnell man. Lord Grade, with his flair cent increase in the entrance per cent of the Ordinary capital. 

Blade Investments (2A8 per cent) for William Evans has been j 

of a total 2933 per cent of the accepted in respect of 52,514 

Ordinary shares of the company. Ordinary shares (98.7 per cent.) I 

Mr. R. G. Day and Mr. J. D. Robert- and 30,941 Preference (97.5 per 
shaw have been appointed cent.). They are unconditional! 
directors. and remain open. 


11% paM quarterly 

In order to help investors plan their income, the 
distributions will be paid quarterly on the 30th of . 
April, July, October and January, starting July 1978. 
The table shows the approximate level of income 
(net of 34% basfcrale tax) you would expect to receive 
every three months, based on thetestimatsd 
gross yield of 11 % on the fixed offer price of 25p. 





£5000 

£550 

£90 i 

• £2500 

£275 

£45 

£1000 

£110 

£18 

£500 

£55 

£9 


n filfl be invissicd in preference shafts, and 20? „ in Gills, 5 
( Uf which Icvd Sdiksingcrs cslimate any disadvantage 
• - - will be minimal. Should the legislation be changed. 


Si::!* 1 -* 


jii (i 


legislation be changed, the 

fund will be invested entirely in Gilts (see General 
information.) 

Schlesingers’ HMS service 

Investors of £2,500 or more will receive the 
Schlesinger Personal Investment Management Service 
(Pi MS) which includes regular investment reports and 
invitations to meet the investment managers. 

Your investment should be regarded as Tong term. 

Remember that the price of units ami the income 
from them may go down as well as up. 


The distribution dales have been carefully 
selected 10 complement those of the all-equity 
Schlesinger Extra Income Trust. By investing equally 
between these two funds, shareholders can obtain eight 
e\cnTy-s paced and approximately equal distributions 
per annum. * _ 

An initial offer 

Units are on. offer at the fixed price of 25p. 
for inveslments. received by January 19,after which 
time units wiU-be available at the price quoted in tbs 
daiiypress. 

General Information 

In ihc oent of* change In uutlon wbtdi would remove the 
4 iudvanl««MUklimnieuiafRlIi Inco™. Ith lnLeodcd (hat Itao wbola 
of Uie piirlMln wEUxvxclaKWdla MjmyteKUnB Xrfti&h Government. 
Securities. Such « ounce would be nude only U. In tbe Jud cement of 
lIK m jit J 8 <n. II ww not nodjaadw, rase a us to uni Utohlers and 
tbe Innler oovajrred. Tie name uftbs Trust would also be changed to 
'^cbletliucr G III Trau , To knot, nu itocoonon ptbvWmL Appliodtou 
■Kill he ik.LnOwiediea.andeerriflcaiea trill betemotadurins February. 
IteTntatauaUHMMBtaib* Rum la £W 0 . Ifeo Utk Pile* and yield wo 
imMuhcd Jollr mwauni uanaoen. To Sell uniu. Umrly return your 
cen itteaic anpromuiy adontd on tbe back— my mens a normally 
made ulibin 7 dwnOTdtvieEeltlas ifae renounced eer riflcn te. 

COmmlxston uf 11 «WU bo pau la xecuonbed acaw. CWo***:- An 
fnltul chaise of J 1 % II lcglg ded h* tbe O Otar ptjee. A charts at an 
amuEilTSic of i o fPW % ATI of Site value of the Fuad K deducted from 
*rte«y inenme ip’*™ admlabmutr exiKnxx. Indices: MtdLmd Bunk 
Tract C». Lid. Aodborr, Pear, Miintkk. MlKhcfl A Co. Maaanen i 
SdilmirtG=r Trust Mtntten Ltd, 19 Hanover souare. CmnSon W.i. 
KcsMcml In Eialand^Tfo. 93 Mf 5 . Mcmben of the Unit Trust Auop. 

TBi. afler Is i»l aratiahte to lesldcntt of the Repute eflrebujd. 


Schfesingers"S|)tGialist^iii iheinanagemenlof privat&mstitudona! and pension funds. 


1 


To 1 Scbtesingcr Trust Managers LtiL, 

140 Somh Street. Dorking. Sumy. 

WttkeadadErt^agAtuupiivc Tel. DorkbglOXKftBMl 


I wish to invest 


I declare that V amnatTesidutontskfe the Scheduled • 
Territories and Urn I am n« tCQoinnfi the unit* as a uomiaco 
of any pnvoii r«deniouukto iho Territories. (If you are 
unable to make Out deriaratjon, it should be tklcud and this 
applicauun sormnoaSd then beiodgeA titroogh your U.&. 
b=nk,siPckbrok«orHjhcitor.) Minors ciianot be registered, 
hut accounts de si gn a ted mith their uiiiials will be acmpted. 


in the SehfcBht^r Preference nod QiliTrust (anuumum £500) 
at the fixed price of ^p. 


Santomc. 

First names- 


| I wish to hare my dividends reimested | j AdJress- 


: zxnzas fixase) 
(InfiiU) 


I would like further mfurmatiou, iacludmg j J 
details of Share Exchange I — i 

A cheque is endosed in rcmilUiice, made pa>able to 
Midland Bank Limned. •_ • 


■Dm. 


Signalare- — - — , 

(Iflihe case of a joint arpiicatioti all murtsisn^ PJ14/J 




9 ^ 



WACE GROUP 


Mr. A. Lambert chairman of 
Wace, and Mr. E. R. Heron have 
resigned from the Board. 


C. T. BOWRING 


G T. Rowring has issued 192297 
Ordinary shares being part of the 
consideration for an interest in 
At two separate general meet- the capital of Scbolfields (Hold- 
ings for holders of Ordinary and ings). 


CHANGES WARES 


SHARE STAKES 

Beaumont Propertfes-iondon 409250 Ordinary shares (a per 
and Manchester Asa. -disposed of cent.). 

120.000 Ordinary and now holds Hambros Investment Trust— 

920.000. Abbey Life Assurance has sold 

Singlo Holdings— Empire Plants- 321,711 Ordinary- shares. Bene- 
tions and Investments acquired a ficial interest is now less than 5 

further 100,000 Ordinary, making P*£**“£ . , 

1,425,500' 122.7 per cent), and Wilson Walton Engineering— 

1.000 4.55 per cent. Non Cum. On January 6, Captain G. E. 
Pref., making 1L000 (105 per Downs, managing director, sold 

100.000 Ordinary shares and on 

ICL-^Mr! A. L. C. Humphreys. 

^SS3« and Co. - McLeod 'fHSwd,™ 

Russell has pur chase d a further T 6, Wilson Walton 

OrSnS^SSng holding 

758.000 fio.7 per cent) Ordinary leaving 14o7^00 

Mr h. «“*-) shares. No fur- 

Standart Ftre^ks— Mr k. u, er disposals are contemplated. 

GreCTto^ holds gffl On January 9, Mr. G. M. Murray. 

a director, sold 25,000 Ordinary 
D. G- ft Worthlngt^_8 ^BQ, and ^ leaving him with 185,000 (3.7 per 
K. A. Ariley 6285— alt are gent.)- No .further disposals are 
directors. Britannic Ass. holds contemplated. 

“2J 00 * JgV* 9;, Gr SSHj£ Bfinr Tnat Company— Abbey 
vr 01 ^^ 1C nr^nn \orbank ijf e .\ssurance Company has dis- 

Nonunees DOjbOO- posed of 50.000 Ordinary shares 

Method Russell— Assam Trad- and now holds Iessthan 5 per 
ing (Holdings) as ,„ I S^ ri /&- p cent United Kingdom TeniMr- 
chased a further 32,000 Ordinary ance and General Provident 
bringing holding to M46.035 (35.9 institution has purchased a fur- 
“2H* . . T .... ther 235,000 and now holds L5m. 

Derritron — Am a l ga m aed Indus- 19,36 per cent,) 
trials Holdings tea purchased a Nc ws International: Mr. P. B 

holding to 9,918,795 (S2B per 2o,000 Ordinary shares. News Ltd^ 

"Sib -i t™.- ’rite® 

Abbey Lrfe Group now bolds shares and now benefit iailyown 

Ordinal? shares, mcreasmg hold- Ordinary shares (64 per cent.) 
ing to 120.000 (115S per cent). Derby Trust: December 30, 1977 
Sim Life Assurance Sooety— Sahara Investments transferred 
Kuwait Investment Office has j ls holdings of shares in Derby 
reduced its interest m the capital Trust to its holding company 
to 48m. shares (833 per cent) Oasis Investments. Tbe holdings 
by the sale of 100,000 were as follows— 960,000 capital 

Brown Shipley Holdings — shares (37.61 per cenL then in 
Prudential Assurance has sold issue. 3728 per cent now in issue) 

40.000 shares and now holds and 350,000 Income Shares (33 71 

378,388 (6-85 per cent). per cent then in issue, 1LS5 

Bifurcated Engineering— Brit- per cent now In issue), 

annic Assurance has purchased A. J. Bffls (Holdings): Confirma- 

50.000 Ordinary shares bringing tion received -from Gibbs Natba- 
interest to 554JK0 (726 per cent), niel that it has acquired from 

Lowland Investment Company— Matthews Holdings a - total of 
Busmc Pensions Trust holds 1^46,938 Ordinary shares. 


EXTRA HIGH INCOME 


With thC •limited current sms > fairf 

ARBUTHNOT EXTRA INCOME FUND 

{funner!? the lotion Income Fund) 

• One of the highest incomes available from an authorised unit trust. 

• Portfolio is well balanced with 58% in equities (high yield and growth 
prospects), 40% in preference shares (high yield and stability), and 2% 
in loan stocks (income). Through increased funds invested and capital 
growth, this fund has increased from £350,000 on 21st March 1977 to 
currently over £3.5 million. 

• Fund has good long term record, both for income and capital appreciation. 

• Share exchange— you can acquire units more advantageously through 
share exchange scheme. Tick box in coupon for details; 

The price of units and the income from them may go down as well as up. 

Your investment should be regarded as long term. 

Fixed price offer until January 20, 1978 at 121 .9p (« iho dally prices iflovvw) 

ThpManascnroMivo iho right lo dowiha otter shouttihovatugofliiiiurijo by rnanitunZiS. 

AppEutions will ho ocknowtadBed. and flip clow or this offer utiiu may to 
unit cenHiccisi tviH to issued wilhin 35 pmhasnr be ihe weekly (Wodnt^iby) 
toys. Tto pice Includes si initial dialing daw. when urtit can also to sold 

bock. Pay men i will to mado wiifen 1 a days 
cl the dca&ng dels and on tacto* ol your 
certificate duly imonncctL The vrocWy 
pnes and yield appear in most hading 
newtpepoa. Acoaraiston olliS wU to 


cheige of SS. The annual cfwgo h 2 ‘j+ 
VAT. HoB yesfy dntributisTia, net d tosh 
rate tax. am made on 15tfi June and 15th 
December far those re gista m tl on 30lh 
Apnl aid 37 se October respectively. After 


paid io receoniBad a genu. This allot is 
not open io lesjOerts til 7 ho Republic of 
toiand. Trust ots; The Royal Bank of 
Scotland Ltd. Managers: Arbuthnot 
Securities Lid. (Reg. in Edinburgh 
46634) Members of the Unit Trust 
Association, 


To; Arbuthnot Securities Ltd., 37 Queen St. London fiC4R 1 BY or phone : 01 -236 5281 . 

Directors SirTrevor Dawson Bt. (Chairman), M.G. Barren (Managing). A. PfeMtt, O.B.E. JP„ AR.C. Arbuthnot 
C.O. Lawton, F.OA, M.P. Renton, Prof. R. Smith. BA, M.Sc . Ph.D. (Boon)., P. Ashley Miller, F.CA. 

|/Wa wish to invest the sum of £ (min.£500) in Arbuthnot Extra Income Fund Units and enclose a 

cheque payable to Arbuth not Securities Ltd. 

□ SHARE EXCHANGE SCHEME, TICK BOX FOR DETAILS 
I/We declare diet I am/we are ovor 1 8 and not residing outside The scheduled territories nor am (/ate We 
acquiring the above mentioned securities as the nominee (si of any person(s) resident outside these territories. 
{If you are unable to make this declaration, rt should be deleted and the form lodged through ^ ‘vour Bank. 
Stockbroker, or Solicitor in the United Kingdom.) 

Sia nature (s) 

Joint applicants, all must sign. State Mr/Mra/Miss or Tides and Forenames " * 

Full Nan»(s) 

Address(es) ■ 


EJISFT 


ARBUTHNOTEitabBshed 1833 


V 


V 





i£N« 


Financial' Times Saturday Unwary li' 1^78 & 



Early rally in sluggish trading 


OVERSEAS SHARE INFORMATION 


Investment premium tmsed on 
$2J0 perl— 65% (661%). 


BY OUR WALL STREET CORRESPONDENT 

•STOCKS STRUGGLED to bold an cautious following President Markets and also French political higher. 


NEW YORK, Jan. 13. 


NEW YORK 


Late. 5OS4 

Adrtreraocrapta ... 14 
AetuaLUeA Uiuw 33>5 


Jan. I J*?* 


early rally on Wall Street to-day, Carter's prediction yesterday that developments. 


Internationals [Air pratucta., 


narrowly mixed, Germans steady. lAireo .. tth 1 33sa 

n r\Z__PiM>ont ooIIImiv mmcciipa I Alntn.lliimlnium SAli 24 * A 


as trading moved along at a interest rates would not drop sub- L’Oreal gained Frs.27 to 513 SPAIN — Recent selling pressure AtamAimn'.niwu 24| a 
sluggish pace. stantially until the dollar problem before trading was suspended be- receded and most shares showed >^1^.“'^;;“ 'To 8 

By 1 p.m. the Dow Jones Indus- is solved, and that would not cause of an influx of buying htue change in Ught trading. au«*eiiy Power 197 B 

trial Average was up another 1.74 happen until an Energy Bill is orders. UHLAN — Market closed at days Aiiini Chemical..' &&'•% 

at 779,89. reducing its loss on the passed. Foreign shares irregular, al- lows in thin trading. Allied Siam. l|5a 

week to 13.60. while the NYSE All the AMERICAN SE Market though US. and Oils were mostly Al] leading Industrials An» ttaimen .. gi* 
Common Index, at $40.72, gained Value index rose 0J33 to 120.79. c „ . . . depressed, and Banks and Ajnerail B“H^ 1 ;.;;; 26i g 

while the volume decreased . BESSELS Belgian shares Insurances lost ground. Fman- fiMl9tm x\rnne....i 1024 

; Closing prieos market SUMO ^ares to 970.430 skates. ‘“Ef'&Sj" ISfu.K. issue, C ^uds°'ns™vS“mixed. SSSS£=: Si.. 

reports were not available -.o?” 16 * e acuv ®’ up to lower, Germans mixed, while OSLO — Banking. Insurances and uner. con 37 

for this edition. 519 *‘ ■ J „ . Dutch, Americans and French Shippings quiet. Industrials Amw. as 

Tidewater jumped , $2 to $20* shares nwe. Cold Mines fell. slightly firmer. H* 3 

rT‘ t, on thp rf , v h„t v- ortii Mattel gamed SI to $8. AMSTERDAM— -Mixed with a COPENHAGEN - Lower in tS£aS25Si. ft# 

? tne °£ y but wa* atJB Among this active issues, Ren- a firmer bias following recovery active dealings, although isolated .\mcr. Mertfcai... I7i a 

off g w cents on the week. Rises necott Copper -rose $1* to $245 of doHar and overnight rally on firm spots were seen in Industrials. Am. Moton — *» 

outnumbered falls by a seven-to- and General Motors *i to $585. Wall street VIENNA— Quietly steady. Con- Anwr.NtLG#*... 43ia 

four majority, While the trading w hile Occidental Petroleum eased Dutch Internationals firmed ex- structions narrowly mixed. Z9t B 

volume dropped by 4.18m. shares Si to «<)*. cept for uXvw, wh™h lost HONG KONG-Mixed close. S^SlTSL' 58 >! 

Tci II v I m nnmnoenn ii , ith i m * . * n >■ ■A*A<o>Ahlh ra- 1 no, ■ i- am nea _ 


Allied Store*. -195a 

Industrials iiin Ctaiium .. |3f s 

. nks v . a _ n _ d . 26?1 

i, Fma - .ttmne ....; 10:4 

Amer. Brand# — . 41 

edL Anier. btudcKi. 57 73 


volume dropped by 4.16m. shares si to $203. 

to 1 1.31m. compared with 1 p.m. 

yesterday. 

■ A stronger dollar in Europe OTHER MARKETS 
contributed to an early rise in the 
stock market, but the mood was 


Con- Anwr.3at.Gas... 
Amec, sunduri . 
Amec Store* — ,. 
lose, Anser. TeL*T«. 


FlsJ.40. 


after recovering from lows on I inieiek 


Finnshares included most Ship- fifto cenis to ££==* m8 1 SS 

GERMANY — Firmer foUawing SHK19.30 following a 23 cents *?IS : 27^ 

ollar recovery, while nurchases interim ttradeno. anheuaer Uuscfa. is iB*a 


THURSDAYS ACTIVE STOCKS 

Change 


Bndd 

Stocks 

traded 

535.100 

CIosIuk 

price 

su 

on 

day 

-1 

Wcrerbaeuser 

446.100 

25i 


Squibb 

233.300 

211 

+ k 

General Motors .... 

223.300 

SSI 

+ 1 

Con. To), and Elect. 

217.SOO 

2Sj 

— ( 

GuU United 

207.9011 

131 


Texas Utilities 

I56.3M 

20 

-t 

British Petroleum . 

191.600 

151 

-i 

Exxon 

IS8.900 

444 

+ 1 

Georgia Pacific .. . 

LS2J900 

25 



^ dollar recovery, while purchases interim dividend. anheuser Hu 

Pimnila firmer by Foreign investors and some JOHANNESBURG — Golds gener- atom Stmt. 

A^maaa ill met “large" domestic Institutions made ally declined in quiet deaJm-s, 

Canadian Stock Markets turned for lively trading. following . lower bullion price. ' ^ 

flrmer in moderate trading yester- Bank sector rose, with Bayern- Heavyweight .losses ranged to *um» n.i u ». 
day morning, with the Toronto hypo up DM7. BHF Bank DM6.10 IM cents, with “ smaller-priced Alu 

Comoosile Index up 1.7 to 1.007 J. and Commerzbank DM3.90. shares up- to 50 cents down. into Dora Fr 


Composite Index up 1.7 to 1,007 J. and Comm erzbank DM3.90. 

Tbe Oil and Gas Index rose 9.7 SWITZERLAND — Firm 
to 1.358.$ Metals and Minerals 0JS moderate trading, 
to 83&3. Banks 0.21 to 228.49 and Insurances little changed. 

Papers 0.31 Id 92.26. But Golds ing Industrials generally flrmer. Bank 
lost 14.5 to 1364.9 and Utilities Domestic Bonds advanced and SA3.30. 
shed 0.17 to 160.48. Foreign Bonds higher, In JV1 

PARIS — Firm, reflecting calmer Foreign sector mode: 


ItCrim CUVIQCiiCL ABhciUPf Jhiscb. 19 

JOHANNESBURG— Golds gener- ammAmi. , 26 

ly declined in quiet dealings, A.a. A- ...-... ae 

ill owing lower bullion price. — : ,,- 

Heavyweight w losses ranged to ^^7 oh~ sou 

*0 cents, with “ smaller-priced Au , upheld 46** 

lares up- to 50 cents down. into Du* Pro-... 27 
AUSTRALIA — Firm in moderate avc — - 10j* 


Insurances little changed, lead- xnents in the U.S. dollar. 


trading, while awaiting develop- 1 g* 


Hole Gas Kim 


Bank of NSW shed 6 cents to j dub Aroerk* 2l>e -21 


Foreign 


higher, 


^3.20. Banker* Tr. N.X. 

In .Minings, Pancontinental ad- J* 1, ; 

*„ ps 1 1 on Hosier Traoatol. 


conditions on Foreign. Exchange active. 


moderately vanned 40 cents to $AILS0 and SXl. 


slightly T hi ess gained 2 cents to $A1B2 


Indices 


NEW YORK —DOW JOBES 


N.Y.S.E. ALL COMMON 


Jon. > Jan. Jon. j Jon. 


Rises and Fails 

! Jon. 121 Jsn.il- Jan. 1C 


1977.78 

[tiincecom pi latioa 

! 12 J it io ’ i a ' ; e ‘ i & [ Higu 

Low 

High 

Low 

■ : ! 1 J 

lnrlmitnal-. 778.15 775.00 7BU3 784.56 793.49 8M.82 -Ma.76 

775 JO 

1091.70 

41.22 

: i | 1(3(1(171 Kll/lfTO 

(1I(D731; (2/7/32) 

H'nieB'rats-. 89.70 88.39: 80.18’ 90.15 8D.B2| 90.78; 43.B7 

’ll,: i7 (0) 

89.70 

12(1/78 



Tran«pmT.... 207.64 205.69 205.74' 20S.BI- 210.17 215-87, 240.84 

ISB.flO 

279.88 

13JJS 

. • ; : 1 <LBz5i 

(25 101 

(7/2(68) 

(8(7(32) 

tttmies 108.40: I0G-B0 107.04 107J50 109.24. I10JB2I 118.57 

: 1 ; 1 (22/2) 

Trading uu i • i 

104.97 

183 M 

>0.58 

(26/2) 

(93(4(89) ! (29(4(42) 
I 

DOT* t > 23.738 22. BSD 25.180, 27,990 29.150' 23^70| — 


- 



MONTREAL 


Iwura traded _ 

.. 1.834 

1,858 1 

Hi sea — .. 

■i 745 

542! 

FslU 

. 694 ! 

862 i 

line! bulged — ... 

. 495 

4541 

New Hltrh* 

■! 13 1 

5! 

New Lows 

J 86 1 

108 ; 

| 1977-78 

i. | Jan. i- 


Industrial 

Combined 


Gold 

laduslrioia 


167JJF IBJ.l&f 168.1$ 168.26. 186.47 (17/A I 168.02 (25(10. 

178.411 175.691 174-8& 174 J5! 187-SB (19(1/77)1 186.60 (2S/1lh 

~0D5.B1 HJ06.5 1012J 1 10 12j' 1067.7 (19^ I «L0 {K/lu. 


211.4 308^ 218.2 208A 2T4.7 (17/10) 

211.8 212.0 ! 212.1i £15.1] 214.4 (4/lNEI) 


189.4 (24, -Si 
168.1 (22i4 1 


* Basis of index changed from Annual 34. 


tml. .Hr, yiaht J 


Veor o^O (opprox.l 


STANDARD AND POORS 


] Jon. 1 Pre»- 1977-78 <1977-78 

1 13 ] irura , High ' ham 

Australia, rt) 463.73 461.66 : 479.43 4LB.K& Spain 
• : : (3/1/78), (16(2) 

Beletnm (Pi — : 80^3 • 99.12J 90.43 Swedi 
^ • (10(1/77; (12/1) 

De nmar k*—) 96.66 ' B6J99 loi.vi - 96.54 Swite 


ifu j Pre- lt077-7S^977-7i 

15 j vious | High | Lo«- 


l — Beaaal>t--henson 521: dl>2 

ileiie Uo*eiL.. 14ig ' 1414 

Hendix SSba ' 557a 

dengimt Cuu ■B' 2Sg 2*1 
Hetblehem Steel. 20 1 2 ■ 20 ^ 
riladi S: Dec Iter _ I4X: , 14Jg 

\ doelnjj 25Se I 251 b 

a-i tknse Cosauje ZdSg 225® 

Honlen 50 SOU 

{, Juri Warner 273g . 267g 

10 Htunui Int big 8 

4 diaaen 'A’.-.^.. 15 ig 13*4 

25 Jrlstoi )lven. u . 31le ' 3 17 b 

dnt. Pet. ADU...' 151e | 15*4 

Jrodn ar (ilan- 30 29^: 

— dranswick.. l4lg 145a 

Jucvnu Erie.,—.' 19 I 19lg 

_ JuOd 31 U ! 32 

0. Julnn Watch — B’e 

Jl Jurlington Nrhu. 38i; ■ 38?a 

ilurranf^u 67 >4 ' 66ig 

it Joiuphell boup... 52 (4 . a2sa 

— > nailmn Klu.-|t1u I&I3 151g 

Jomu Kondnlph^' 10 G ’ 10 Jb 

1 ^unotino 287g ■ 28i« 

1 Jomer 4 Generol 11 At . 1 H 

vjuxet Hawley... 17s« . 17 >2 

Ti JoterpUlerTracto S25g ; 32 *« 


1 Cumae Glan.. n j 475a < 47>q 
- CPU int'n'tiuml. 44 1* l 444 

Crnnc j K4»* } 25 

CnckerNot^.....! 23 1 227a 

Cm«uZ«IIerbBcli| 323g ! 32** 
Cummins KoHnf 1 355a [ 365a 
Curt-Wright j 1854 I ICP4 

Hum „l 827a r 237 b 

Dart Industries^ 34 I 341a 

Ueew_ ......j 24l< J 24 

Del Mcaite — 1 235i 34it 

Ddtnno | 5U 51g 

Duntoply Inter...; 18 Ig ZBIr 
L rerroit Edison. J 16<a Itilg 

Uisnholbliunrlil 26ls ; 26?a 

bL.'Upfaone l 12 ll<a 

UUpul tnulp i 4413 ; 445b 

Minwy (Uott;_..; 36io | 361s 

lAucrCnrT.il 581; '. 383e 

Dtra i-benibnl....' 25ia l UbJs 

Dresser 41 G j 41. » 

Du Fuat— 1091a 1 1095 b 

Dynic Iniliuine- l£$e ! 12J| 
Kaele 181a I IWa 

host AirUnea ! 0 s * : 6U 

Ksstnum KodokJ 494 I ^9*0 

Eaton I 341s ! 344 

E. U.AG • 17 , 164 

t- hn Nat. Unsi 151; I 155* 

Bltrs 26 1 8 ; 26 >8 

Kuetwn Electric! 33 1* 321c 

Emerv.Ur FVirtU 37 4n t 5B1* 
Kmbart 29 281* 

K.JLI &5g SSt 

KngBlhartl 251* I 28U 

Ivmmt 27 271* 

Ethyl 20 20 

Exxon «4ia 44ia 

Fairchild Camera [ 15354. ; 231a 
Fed. UepU Htoreal 37 ig j 365; 
Plresume Ttr* , ....l 14&a 14^3 

I'BL Not. Boston.! 241a 24 

i'Uxi Von J 17ij I7I B 

FimtkoEe 19 1 a lBia 

Florida ftiirer._| SU; I 315a 
Fluor_ | 331- ; 325a 

F. M.C : 21 I 21 lg 

Foid Motor I 41k 42 ig 

Foreman Mirk....' 17 >2 1 17 ig 

fnxtMUb 29 la ' 29 iy 

Franklin Mini 75* 7*2 


47 Tr Johns Wanrilte... 284 , 28«* 
44*« Johnson Jotunwnj 69H • 68:3 
25 Johuen Caotml.i 254] 24 J; 
227a JwRoBntwrtnrV:! 317a ; 314 

324 Kjlktanu 254 < 364 

368a KsiaerAlurahu’iui 29 : 29 

181; Isamcv Industrie 45s i 44 


Uevton.. ; 414 [ 405* 

Keynukts Metals. 29% 29*0 

Utrinuhls K. 65^1 I {ȣ 

Ulcfa'Mn llsmll.. 22 . | 224 
KwfcweU Inter,..; 29 , “9 

(Mun/t Him...; 39 J 29 


W«HWuMh n „M— ‘ XB4 j 18 

Wjlyw. ,-.t Oi* 0l| 

,Vena. H . 4BI| 45 

Za(WU. n ... | 104 171* 

iSenltli Hadks 13 4 13'* 

U.8.Tim*4«j9tjC ; 095* ri>3*« 

V&TrtmHitfhlf 18Ib» t81&* 


S3 5* j 234 
37*8 365; 

14*a 14*3 

Mlg 24 
174 174 

19 4 1B4 

5H* I 314 


KntBerStoeJ 244 I 234 

Kny.. 7 > 67j 

KonneisjCL, ... 234 ■ 234 

KcrtUrGw 464 454 

Nitlde Waiter 27 sb ! 274 

kliabn icy Clark. 394 I 38 3 4 

Happen..... Js2 > Z 2 

Hiati 433* 1 443a 

Knijjer Ca. ........ 23bg * 253; 

Uarj rfrn»uw..„_ 2Tin ! 27 t 8 
tabhj Ow.Pood.^J >6 ! 264 

»&:[ £2 ! I?;; 

Luton Indaiil i 144 ; 14 

LtxAbewl AircrTi 134 • 135a 
Lone Star lo>is„, ZB - I9*s 
Line Island Lot. 183* ' 19 
U*i lirtana Lood.iu 21 1 213a 

Lnbrlwt 34 ' 34 

Luefcy Store* 134 135a 

l/knlf'iiiuiat'vti 34 6 

ALacUUinj u......'.. 10 4 . 10 

Many K. U 364 >. 364 

litre Hanover—.. 314 1 314 

Ha pea 363* 364 

Uamthon OIL.. 444 4458 

Marine Midland. 18*4 I 12*8 
Marshall Field... 293* I 30 

H^V Uept.8tOTea| 245s | 244 

6I6 b I 3236 
Mi-Donneii Dout! .26 | 2Elg 


Dutch. * 697a ! 564 j UJ3. 90 Day Ulls4 6>54S i 9.67fc 


UTK 


Urh J14 I 

Uyder bvnem 14 ,134 

Store*,..; 394 ! ||J8 


tit. UckU Rifwr.. J 294 i *9;8 
tiantn i'd l<hla»...i 364 J 374 


Jan. | Jan. 'Jan. 1 Jan. ' Jan. ; Jan. !- 
12 . II 10 i 9 . 6 b I 


place Co m)ii lot' a 


Bifrb j L*j» 


: Indunriala S8.B9. 99.7£r 99-27 99.B6 100.80 101.97. 114.S2 ' 98.75 ] 154.54 \ 8.52 
! : ! : i3(I(77) (ll/l/7«;:i <U(1/73|] fiOffiAlZl 

SOHnimte. 1 89.B2, 89.74 90.17, 90.09' 31.82' 92-74? 107.00 ! 89.74 125.45 > 4.40 

' • ' • (3(1(771 !(lI(L'7»!(ll(D7Zi(l/6i?2). 


l'earaxu (approx.) 


France tt+>. 52.5 

l § 

GermanyfJi) 600.4 

i 

TTnlland (f() 80-5 


(9(6| (28(11) 
61 J • 68.4 4oi 
1(7(1/77) (I0«) 
796J • aliJ, . 712.5 
, <17/11)'. (10(3) 
80 j . 942 [ 75.6 
; (4(61 . (29,91 


Spain rti 97.01 ! 9&S6 100JOO i 

i ; (31/12) ill'll 

Sweden <fl; 343^4 1 339.63 416X8 , &r.68 

1 I (22 (3) i(24 Hi 

Switerl'dt' )] 298X I29&2 3 lux i 2oiij 
j I 1(14(10); is.*. 


UBS 47 So 

JdawM Umim— i 3a is 
.lenuai A S.W....' 154 

.'eruinhttd. 20 Ip 

Jessoa Air-TStt .J 294 
Ltuellanhailnn 28 4 
.'beniLni Bk. M' 40 
Jberetagb Pond .* BUg 
Jbessietiyvcem... 32 4 


Indices and base dates (sll base values ^lucoito Bridge— 43 

IDO except NYSE All Common —50 ;hromaikrr~ 144 

Standards and Poors — 10 and Toronto JhrrNier...— 134 

300-1.000. the last named based on ifllji. cinerama— 24 


t Excluding bonds. 


Industrials. I - inc. Uirncnw... 


Hong None - 383.44 384.41 426.17 j 383.44 p 400 lads.. 40 Utilities. 40 Finance and I vitL-urp ' 213*. | 21% 


(W 

«*) 66.54 


; [II. ■6, (13(1) 
56.73 . 75.71 04.90 


) (5/1(77) (SS/12) SE 


30 Transport- c.i Sydney AH Ord. 
■ i|i Belgian SE 51-12 03. «•■) CopealugfD 


. lues aervict..... 
vitY Invesrins .. 


Iitd. iliv. rlelrt % 

Ind. I»(K Haiti. 

L..nc (inn. IVto-i 1 leu I 


Japan W 374.60 37233 ! 390.90 , 350.48 
129.-9) ,(24/11) 

Singapore — • 263A3 1 2G3.03 : 24!LS 
(6) , 1 (29(8) I (3/6) 


itt) Paris Bonne 1901. i L Vc» ijoUu. 


i»i Commerzbank Dec.. 1953. i W) Amsier- .jraue Faiui— . *04: 194 

dam. Industrial 1B70. i51i Hang Seng Aiaman..; 10-4 1 104 

Columbia Uob_.. 261.; 2b 4 
New SE 4/1/ IS. (M Strolls Times 19S0 „vHnmWa PicL... i«»- • i«'- 


F.M.C : 21 I 214 

Foid Motor I 414 42 4 

Foreman Uck....' 174 ' 17 'a 

fnxtMU, 29*s ' 295a 

Franklin Mini...' 73* 74 

Fieeport Mineral I 20 I 193* 

Fruebaul 244 I 253g ■ 

Fbqiia Indostrle: 84 J 83s 

G .AJ' 1 103* : 104 

Gannett. ; 343* 35*4 

iieiL.biKr.ln...J 1038 10 4 

O.A.1.A 1 254 251* 

lien. Cable. j 12 9e 1158 

Orel. Dynamo.*. 4H; 41 

lien. Kiev tries..... 463a 461* 

General Fbods—l 297g 30 

General Mins.....! 277* 277 B 

General Motow.J 585s 684 

lieu. Pub. Clll— .1 20H 204 

Gen. signal 1 264 263s 

Gen. Tel. Elect... 29 4 293* 

.ien. Tyre 23*8 22A* 

UrteneaL-o 1 4l a 41* 

Geuoa POeilie 1 25 253fl 

Uett> Ob ...j 1644 1663* 

tiii>ette 241a I 2358 

I.oodrv-li F.F...... 193* 197 B 

Good rear Tine— 16<c I64 

Gould 263; 263a 

Grace W. K. 263* 26u« 

Gl Allan Hu- Tea 73* 73* 

Hit. North Iran... 25 26 

Grvytaiaad 125s 124 

Gull i Western... 114 11 4 

Gull Un— 26 4 ) 254 

Haiiburton 60 ! 597g 

Hitnna ll lninj. . 36 054 

Hanuacbreger.... 157* \ 154 
Uitmi Corpa..— i 41 4 ! 393* 

Hein; H.J | 343* i n43* 

Heuhieui i 24 i 24 

Howien Fhcksrd! 693* | 694 
Hu-hlay Innt— ..j 143s j 143g 
Humestaae... 883* ■ 394 

Hr.nejrirell ! 433* 435g 

Hoove. 113* [ 113* 

Uuop I'otpi A niet . 234 I 23U 
Hiojitua Nat. liar' 251* 1 244 
UiiniCPhJUCbra. Ill* | 114 
Huttua 1E.P4.....; 19 j 1X3* 


muaa W1IU..„ M „j UADfl 

Meiiaaneii Uoutl . 26 

MrGreitv Hill .„.i 171* 

Meinure* — | 271* 

Men* J 644 

ILentil Lynch. Z4&g 
Mea PetrotetUB J 363* 

MOM I ' 26 

MinnUmgAUtc. 463* 

UnbUC^pu i B97g 


171* 173b 

273* 27 

644 54 

14&a 14 4 

363* 363* 

*6 254 

463* 46 U 

B97g I 694 
613* j &l5d 


Morgan J. ! 414 ; 414 

Motorola { 554 | 355s 

Murphy Oil 533a , 33 

NitManv „| 474 ^ 47Sg 

Nalea Chemical.- 26 ! 253* 

Notional Can. j 154 J 15 ^ 

Nat. Distiller* .1 20 1 4 ) 204 

Nat benrlco iodJ 13Ge I 134 
National Bteal...J .314 ; 314 

Aatontaa I 56ha 1 664 

NClt..— ^.4 37V* 374 

Neptune Imp. 147a 15 

New hngtand HJ-; 22 22 

New Kokand Tell 34 t 8 3b 
Niagara Mobawa -16 4 155g 

Niagara abate. J 103* 10 &b 

N. L. Industries J 163* I64 

NortoUAWeBtern) 2?3a 263* 

North Nat. Gas. J 374 37Sa 
Ntnn caotea Pwt 264 26 

A tbxvett Airlines 224 214 

Nthueat Uancotp' 213* 21~S 

AorUHitilmoo— . ..: 19 183* 

Occidental Petrrrfi 2D7 a 21 

Ooilvy Mather—} 374 ; '374 

Ohio Edison 194 | 19 

Ultn -.1 I64 I 16 

Overseas Ship j 227* l 224 

UtreaaComine— 61 . 603* 

Oweoa liimota— 205 b . 204 

Pa.-tBr Gas, 234 234 

PodflL-L4heine-< 204 sOie 

1%,-. Pwr.ALt— ■ 213 b 214 

PonAmWorbiAIri 5 43* 

Parker Hannifto. 21ia 213* 
Peabody lnt--J 20da 20 1 8 

Fen.Fw.Aljt .2BSa 

Penney J.C 333* 334 

Penomli 274* 274 

FeojiJea Drug 75a 74 

Peoples Oss— — .* 33 Tg 33>* 
PepsiCo. BSfle 25sa 


tiaui Invest...... 94 : Hig 

ticbliic Hraniag— ' 10-e ! «'8 

ss i 

tikVtl iVpcr— I WH | 

Seniil Mrs-- 2Q» j 20^9 

sivudF Lhiur Ven, 63 b j 64 

ties Contaluers-.; 23 r S34 

awgroni ?07a ) 

^ri« (ti Jl.l...— : 183# . 121* 
Sears Koebuct— 264 ; 264 

SEDCO ! M4 | 

Shell Oil ... 29 j |9 

She! iTranaport. ..; 39 39 #b 

sf||TiiM.i ■ 28*4 \ 2B3fl 

Slgnodei'on^ — ! 35to 

Sliupdclry H4 ! Jl 5 * 

Sin#cw...- j l?7a 193# 

Smith KLuie . 467j . 46 *1 

Sol I iron —..I l s 8 

Scnicbdown.— ... 18 18 

Southern Ou. 1x1.; 253# I 264 

Southern Co.—.. .. 174 | 17 4 
at bn. Nat. lies.-, 297#' 29s# 
Southern FtteiDc; 43Sa I ASOa 
SuuihcmBailwny, 483# . 474 

Southland I 23 | £35# 

S’w'l Banwhorer; 345# 253* 

Spetry Hutch—.. 15 I 164 
Snerrv Man d.— .( 364 ! 364 

Squili. ' 213* . | 2I5a 

Stanford UtamU 254 1 244 
StiLOilCalilorala. 363* I 354 
»t«l. Oil Indians. 447# 1 454 
wuc Oil Ohio— ... 66 (654 

SiauJT Chemical. 354 j 35 

sterling Dnifi : 134 > 134 

Stuiiebaker— .. 45 1 4378 

Sun Co- I 394 ! 403# 

Sundouaud .1 034 I 334 

Syntex ' 194 i 19 

rechnlnrinr— - 94 : 94 

Tektronix— — ... 34jg j 34 
feted vne——..i 677# j 674 

Teiex 1 27 b 1 24 

l'enec— j 29 Jg | 29 

lesoro FetrtSeutu' 7;# | ?.# 

Texociv — 26Sa ! 264 

rcxarpjll.— — .1 153* 18 (g 

reran Instm—j 706# 703# 

rcrasUiiAGos...; 304 30 

Texas GriHries.,..; h0 20 U 

Lime I nc | 16ij 35 &b 

rums Mirror-..-; 23 4 233# 

Himien— -I 475# 473# 

Trane 33 33 4 

11a nssm erica \ 133* 134 

rrauaoO.— i 203# 203# 

Trans Uaica— ... . 34 33 4 

Tramway Infra I 224 224 

Trans World Air J 104 97# 

Travellers 283# 284 

Tri ContlneotaL.J 204 BO 

T.U.W — .1 293# i 294 


CANADA 

AlHttra i'*|4s— , 101* > IO4 

A aural tia*<|p.— ..' 6V# I 61* . 
AmnA!iuniniimi~ 204 | 863# . 

.-Usama til cel.— . : 1*4 j 1*4 ~ 

.Aabewca 394 j 1384 

Bulk, w Montreal) 20 I 17'* 
Bonn NovaScuUaj IBS* I ifis* 
haste KeaauKH#- 7 1 74 

BeHTeteplione....: 625#. I B24 
Bow Valley Irnls-l 204 1 203* . 

ill* Canada...—: 16 • 16 

Brnsean — f 144 f 144 

Urlttco-...— > 13.86 f3J» 

Calvary Power— 1 36 364 

Goondn OmensJ 9J# i»3s 

Canada NW Land! 11 XI4 
Can InipBnkComl 234 257* 

Canada IndusV... TIB4 Ibj* . 

Can. fWrifte — ... 164 154 

Con. Fori Sc lav-!- 174 \ 173* - 

Con. Super Oil—.. 634 j 623* 
Carling O'Kom-i 3.10 ! 3.05 . 

Cossoir AahMtoog 91# | 81* 

Chieftain ..... — ■ 184 183* 1 

Cmulaco-.'. I 27s# 28 

Com HMlmrsu...'- 213* 21 1* 

Uanaumer Uas— | 164 I64 

CiMekaUeaourceai 74 71# 

Costs in Kiel 1 74 74 

UonUm .Mince...! 624 63 

Dome Mines-.— ' 754 76 , 

Dome I'etmteum; 56 54 

Dominion Brnlgri 224 i 122 

Dotmar... ‘ 143* j 144 

Dupont...- 121# 12 

Fskvn'ge NuvkMj 184 I 16V* 

a rad Motor Goa-; 8O4 | 6O4 


Qeuatar—.—. . 263* ( 261* 
(Ham Kei'nimie.; 124 124 

OullOIiCVnada.-; 287# ! 283* 
Hawker Sid. Can 6V# I 64 
HolUnser.....— 294 1 129 

Home Oil -A' 40 40 

Hudson BevMnci 154 I64 

Hudson Boa- 161# I 64 

UuriamOiiA Qm| 434 464 

LA.C. ; 17S# 171# 

Inisao 1 fM 294 

Imperial Oil— IBS* 193* 
iOLO —I 174 i 173* 


todai ..— 84 
[ laauid Nor. Use.. 101# 
Ina'pr'yPiiwUitei 14 4 
tUwerHeanarraaJ 131# 
laurm'i IWinqi 74 
Luoiaw Cool 'B'.; 13.65 
lic'nuii'n Ihoedi: 17 
Money Ferguson I 154 
U--lntyre Forpoel 233* 


Trans World Air- 

Travellers 

lri Continental... 

L.tLW 

Lth Century Fox 
CAL..... 


104 97# 

284 284 

204 20 

294 i 294 

214 207# 

204 197# 

194 194 

204 214 

143* | 144 
40 I 401# 


Moore Cornn— . 
Nmrata Mtnea— t 


inclosed, trfi Madrid SE 31/12/T7. «n « 

Stockholm Industrial l.'l/SS. (f) Swiss « 


Bank Corp. 31/12/38. im Unavailable. 


F.T. CROSSWORD PUZZLE No. 3,567 

A priie of £S will be given to each of the senders of the first 
three correct solutions opened. Solutions must be receiced 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 4BY. Winners and solution Kill be given 
nert Saturday. 


RACING 


BY DOMINIC WIGAN 


Address 


Early Spring can win 
Blue Circle chase 


.'•uubustuM tins.. 354 354 

CombuBUon Eq...' 184 . 184 

Edison . 1 <74 ! 273* 
■.cim'w tb Oil Itel! 24 . 24 

.'aim. Saiellte— j 30 i 2S5* 
^uuipnt«rScienctH e)4 1 84 

.kinrac...— 2 O 4 ! 203* 
Jon.Blia.mN.Si.! 24l a 233* 

Joiwri Foots. • J33* I 234 

Coutol Not. Gu.^ 404 I 414 
Jonaumer Fower. 234 i 234 
JoaM cental Grp., 324 324 

'Janiiaentai Oil.. 27 4 ! 27 
Continental Trie-I 144 144 

Com try Data.—..' 254 • 253* 


! 1 . v. liNiumles — 1 224 

jlXA ; 38 

Inxeraul UontL....' 534 

Inland ateel ! 08 4 

I nail ■a—.— j Ml# 

: Inuroaat Enerjry! 74 

IBM 2664 

IntL Flavours.— Bl4 
I dlL Birreier-. 284 
I nil. MtnAChemj 397 B 
lari. Multi fools. J 2X4 
Iran— .J I 64 

latL Paper. 393* 

IPG — 264 

ink Hectlfler. 63* 

lot. Tel. A Tel 30 

Invent 14 

lone Beet 27 r B 

I U International. 11 4 


Cooper Indus. | 414 1 41 i Jim Walter .| 28Ta | 294 


I “J* Pierian Elmer—.. I 84 
24 j = i2la 

Pfizer— 264 

lid 201# 

“Je PLuiatieintabt Kle. 1%4 

fr'B Philip UiHrlb— . 664 
“f I* FbUIii* Petrol'u 274 

f'*8 nistary 371# 

** * 8 Pitney Bones— 184 

h Pittston. 224 

266 ig P4«ev loi AJOU 171b 
2 l‘ 

284 Polaroid.— J 243* 

40 Fotpmnc Ktec 161* 

214 PPG Industrlea.. 264 I 
I 64 , Proctor Uomliie- 81 
391* Pub Serve Elect- 224 

265, Pul-man J 25 

65* - Pure* — 151* 

30 Quaker Onto. 234 

14 HapW American- 64 
274 kajrtham .— ..— 293* 

11 ttCAi..— .....: 23 
29i 4 KeiaiMU? Sreel— .| 224 


UAL. J 204 197# 

LARGO I 194 194 

UUI 204 214 

I'OP } 145, | 144 

Unilever — ...J 40 i 401# 

Unilever NV— ...1 534 | 54 

Unioa BancnjpuJ 184 1 124 
L'mkm OrWrie....! 394 i 394 
Lni-uj Commereei 65, j 65, 
Unioa UiiCalll...; 474 474 

L'uiun Pacific—-; 467# | 46 
Uoinryal.— 74 74 

tinltek Brands -. 74 74 

Li tu tat Corp—. 104 101* 

Ub. bonrorp 501# 304 

Uti. Qypauin.— 217# 2D* 

Gti. Shoe..—..—.. 217g ' 214 

Uti. titeel— .. 304 l 304 

U- Teihootoales.. 334 33 

UV Iniiintrlea.— 184 185# 

VliKUda Klttt— . 14 - 141* 

Walsrcen- 174 175* 

Worner-Commn . 297 b' • 304 
Warner-Lambert. 264 264 

Wrate-Mon'men, 174 174 

Wello-Fanro. £45* 244 

Western Bara -or, 304 31 

Western M.Amer 244 244 

I Western Union— 167# 161# 

: Wreunrhoe Elect 174 174 


Notarala Mtnea-. 221# 
Noroen Knersy... 164 
Ntbn.TotoLTim....! 264 
Nutrau- IHl A Oui 144 
Uabvoo.1 Pett’m 4.76 
Pacific Copper U[ 1.99 

FarificPe fti tJe u m; 384 
Pan. Can. LWmi 317# 

Pati.ru | 154 

Peoples Dept. 4.15 
PweGMAOi... 0.97 
Placer Deveupmij 20 
FuwerCortmrat’ui 104 

Price— J 104 

Quebec sturgeon 1,40 


154 154 

835* | 244 
294 > 891* 
821# 22 
164 164 

864 264. 


164 
264 ‘ 

14 | 

4.90 , - 
U 10 


Konger Oil. 

dead tibas,.— .. .i >*4 j 9 
H10 A.cum.— .... J 263* I 87 
KoyiL.Bk.oi Gan.' 254 i 86b 
Uo>ra 'iroM. I I64 I 165 

SceptreBcKKuceal 84 85 

anau nuna — —I 885* 227 

tibell Canada. | 161# lb# 

dheniuU. Mine*: 4.70 4.6l 

StabensO.G 234 22& 

alrniMOus...— ■ 14.58 4.51 

ateel ot Canada... 927# 23 S 

steep ifiock Iron.. 2.4n 2.41 

TeracoCanoilq.... 364 355 

Tonuito Donubk. lbbg 16# 
Trans CanFlpeLn 145* 145 

Trans Mount Oil* 87# 101, 

Trttee Tlu ,lu 

Union Gim 1 10 101; 

ffuter Bunn-' 2fil B 291 
West Coast TPm 334 331 

Weston Lea — ... j 1<*4 143| 

• Areertred. tBta r AffiraL 
• Traded I New mnch 



I64" I Western*, 


\WaverhaouMir 
Whirlpool — ..... 
White Con. ln,1. 

William Co. 

W.^mnnln Elect , 


295* j 295* 


GERMANY ♦ 


AUSTRALIA 



IN SPITE of the strong claims open ditch, the prize was his : Pri^S + 0P | diV. yu. j Price +or divjym. 

of Arctic Heir’s up-and-coming barring a fall a long way from J*"- >3 ■ u»«»- . — | S X J,ia - M Fra - — Fra. [ * Jon. 13 

young stable mate Artifice in home. AKO _ 92 . 7 *2.7 i - 1 •# “mm - 3.6 ! 44; o* ' 

to-day's Blue Circle Cement At the line, the Marlborough Aiibuu'veraVcii- 479 i*i8 ! ij 9 AinqnedeeMvTe! aia.o+e au&j o.e acmilm>c«jo 

Chase at Ascot, I believe that eight-year-old had 30 leneths to ustw.- 228.5 + 1.0 j 20 '4.4 au Liquid# 1 .252.5 +8.51 ib.Sj 6.5 Arrow .vo*trai»- — - 

Early Spring could be the one snare over Partv Linp to whom BAt!F - 135.6+0.6 17 i 6.3 Auuiraine. — , — 384 +i0-5j 04 7.4 AiiiatMnqr;TidG.iudna 

thpv all hava m hwt spare over t-arry l^ine, to wnom 132.1+0.4 16 1 6.1 uic 510 +20 11.11 a.a Ampo. Expioorakw 

»/ T J ri ™ 0 . - „ he was SIY ln S alcnost a Stone, Barer. Hypo. : 288*1+7 30 3.4 .taiyeues I 386 +22 31.3# 8 3 Ampoi Petroteam 

Mr. John Rogerson S powerfully with Menehall another length- Haver.V6reim.hki 318 .+4 20 I 3.1 -JS~X. Oervais— 380 +8 37.|J 9^ Atrec. MinanUa- 

made bay gelding, who hitherto and-a-haif back in third Diace Gihaint.sed.wns 1 140 +5 — . — Cajxerour ij*9; +55 60 ; 4.6 A«wc.PainFhnarai 

has produced hit best form at „ ““ « n “ di C a ttat ill lie l #a°'.’ tSSSSSSJt: 

Sandovm Md Kempton. has been Kempton form over to-day’s Daimler b«u.— sao.ii— xl© 1 is 3.0 Uien*ra»ire 891 +14 12^ 4I2 Jii*t Fwmiiattan inrew 

in particularly fine heart of late, ciiehtiv stiffer fences Earlv unwm*-. 269 +1 ! is ■ 33 GiubM©iiier 347 +15.5 6J« 1.8 • 

with only the occasional error 1 lbl i+i ! 14; 4.6 credit o» D Pr’ee. 101.9 +u.i 11.110.9 

in iiminine marrine hi, ner- Pf^ably prove up uS-Bonk...: 307 '+2 1 20 1 3^ cYera»r Loire.-.. aa^+M 12 *2-6 


I TOKYO f 


■* s» Va* * .r* 


t ■ 

Uii • ' £ i., 


l*Pricea | + or j Dh?. :Yld. 


30 ; 3.4 • iniyeuee ...I 386 

20 3.1 -JS-N. Oervais™! 380 

— ! — Canetour ljt9i 

18 1 3J C.G.K.— I 258 

— - C.I.T. Alcatel 865 


I + 82 31.oS 8 3 1 Ampoi Petrotenm— 


on — 1 


37.b( 9^ Aorec. MinsraJa— — _—4 

97 J 10 7 *««.PalpPlKierH 

«l*ol fi - A«wc.C«3n. Industries 

lul ra'S AuBt - ^Vnradattao Invest.. 
1+16.51 6j» i.e 


inmnimi marrinp hi, npr- IT J v ueuistme Bank— • auv +3 au | oja i-reusw xmre.— .. an, 

marring ms per tQ gi v [ng 4 jb s ^e com- Drainer Umu .... 245^+1.4 20 1 4D uumt*. 451 


formances. 


•: ' , . pa natively inexperienced Artifice, Dyckerlwer Zemti 154.5:— 0.3 4 ! 1.3 ' urofan Rill Pramiotanr.— 

It was one such error, at the wbo W0U ]d not I feel sure _ ba Ve GutehoBnuns — [ 209 | 12 I 2.9 Oen.UecJ.leotole 1 178.2 ad| + 0.2 I dJfti] +.6 Sh ™* gl w arv 


16 lBJJd a. 6 
1 14.101 3.6 


dine Metal Lad— 

BcKupinvlIie Copper—. 
nxoken Hill Praprietar 


AhbIu Uiasa— I 316 i — 1 

Uuwn 436 +15 

U»tfc 662 +17 

ta.25 tlhlraw ■ , 390 __a 

tl-85 — , ual Nippon Print 628 +3 

j- — Fuji Photo 600 +8 

Bltaidil— — 189 +3 

-0J3 Honda Motora™. 480 +24 

«#j)i House Food — .„ 875 +6 

C- Itob 236 —8 

+0.02 Ito-Yokado 1,260 

Joeoa. 493 +3 

J-A-L 8,670 _8Q 

-0.01 Kanrai Blere,Pw. 1,100 -10 
+O.OB Kmnatwu— 886 +6 


tl.00 ti- Itob— _ 

tl.56 +0.02 Ito-Yofcado. 


second from home, which pre- coped with Snow Flver he ' e last sagii + iioj 


ASCOT 

1.00— Double Bluff 
1 .35 — Tonzen burg* *• 
2.10 — Early Spring^* 
2.40 — S trombolus 

3.15 — Summer Dance 

3.45— Trainers Seat 

NEWCASTLE 
12.45— Beau Brigg 

1.15 — Alverton 
L45 — Netherton 

2.15 — Rambling Jack 

2.45 — Broncho n 

3.15 — Carrtbeg Prince* 


month had that seven-year-old Howtw#— — □ 124! 1-0^4 1 
been at his peak. Uue»-h..._ +».q 

JPSrWl' ‘i is t0 IILtiiI 

that <the Uplands gelding rated Korua.it. J 3a 1 —a 

so highly by Fred Winter and iraufbm .' 210 1—2 

a number of other astute judges Dhii' 1181 L,n ‘ ^ ,7? Tn’s “ ' “ 


12 5.3 I rnetiBJ 57 

j 9 3.8 Jvqaea Bcral.™ 103 

16 6.5 Ulan,*. 143 

4 4^ L 1 Ureal 5-5 

10 4.0 Legtaral 11.346 

9 j 2.9 Ha (son- Fhenl*..’ 745 
20 [ 3.0 ili faeiln “H" ! 1.142 


4.8 JJoet Heaneaay...i 
— Uvunnei J 


57.21+0.3 | 6.351 9.2 Uaritun United Brewery — 

103 +1.91-1- G. J. Coin 

143.5 -0^ :lft.7r,ll 7 USlt (SI) 

5‘S +87 ld.Sffi 3.1 Lona. Goidftefda Aus 

346 +65 Idl.Mhj 2.4 Umraioer (#1) 

142 +37 I4.J& 2.8 ^L" 1 ” 

r ! 1 5 -B i ? E Uun.o[i Kubbet 151%. — 


t6.40 1+BJffi Kubota j 273 

fO.05 ...... Kyoto Ceramic.... 2.390 

11.85 1-O.O8 Uatauabita Ind ( 590 

tl.86 -0.01 Mitsubishi hot si; J 880 


tO.05 

11.85 -0.08 


a numDer oi omer asiute judges r« 1,//, + L L ascofi. 

is still a long way from being k™ p ^ ZL.'.i loOJSj • — :- Fe" mey„..”“! 73” +3.5 1 7.5-ioiu 1 

back m racing tnm, and it must L«Me- | 236.0 1 16 3.3 Msmod.kiatani-i aos +12 is I 6.9 ,T± i wSgrrear 1 1 

be doubtful whether We shall l*.w;ntmuUlm llOj ^w r .-j2# u Fera-OTt-CItroen.. 272.1 +8.1 1 15 6.5 

see him in aetinn anain this Umu,uls * ^ 1 3.1 lu7 +4.5 1 -I - 


378 +26 25J 

600 El + M-9* 24 
53.6+2.5) 9 


l6 | 6 -' l.C. 

lute 

J ?-s J*™ 


Hooker — 

1-ti.l. Amtolla 


Jemun^a idduatrhH — 


ACROSS 6 Beast’s Tamily could make a — — 7T At Newcastle' wherTihe" threat 

1 Beneficial to free wastrel rug (5, 4) vented Early Spring from giving f ‘ Abandonment due”o frosd has 

(4-3-7 ) 7 Club lakes on youth leader S lb to Young Arthur in a four- gJJJ “SJSSJSJJJI 2?S.JS 

10 Weak beginning by cad taken by pen-ersity of fate <5) runner handicap over to-day’s ^jj uld continue 

bv driver (5l 8 Spirits upset part of snare two-mile course and distance a on nis winmng ways. 

11 Hl«hi inri rimrp mr, nF 13. 4) week before Christmas. 

Ireland h-is to throw us a 9 Takes wild swings at poor beer Going particularly strongly. . 

ctaHm-i. 15 41 161 Bob TurneU’s striking bay for- £1 dOUOle-giaZe 

e, n,. ,.I?l ,,,., 1-ar ni ,_, 15 Lines leaving author im- feitcd the advantage at that . 

1- billy lalk makes piano shaki. p0 verished f4. 5) jump and although he got back cfttH-C naclv 

11 ellf ■: . 1„ J 1" Badly situated but not out of into top gear on the run in from 910.1 la IIIMI 

rafE ri£ s ^ o^r Sci^j h L le ^ y be«°s s™j- •-* 

two sinan’feiiia'les ma n in Joain made miv St|bc^- ^ 

16 Armed request for handy England and France (7) takes when taking on four S** 12 ® wln “ 

elevation (5-2-21 21 Suit supporter of capital opponents for the Ladbroke KUcneD cu 

19 Something to chew for £500 punishment advocate (fi) Finale Chase at Kempton on The leaf 

a head (6. 3} 23 Salesman to come up for December 27. addressed 

20 Nick is not going to church transplant (5) However, his errors there were Snap-wrap 

(5) ^24 Nobody’s in church office (5) minor ones, and with Persian tries, Great 

22 Has tried verv hard' bv the 26 Light Interference with stop- Camp an absentee from the first Middlesex. 


be doubtful whether we shall niwuDm wcij a u Feuuwr-ciu«n..l 272.1 +s.i I is b.s 

see him in action again this i? ntan " 1J8-BI+1-0I 7 I s.i Focioro io7 +4.5 1 - ■ - 

* U “*'« 204 (-1.5(12,2.9 *ulk> Tfe-Jmiflue. 378 +26 25.5 6./ ffli aSSX 

se ? Son - Mannwmano 1G3.SI : 14 ! - Uedoute I 600 B +14.9' 24“ 4^ 

In a fascinating race for the 240.5; + 2.o. 10 2.1 Hbaie Pouim.- ...; 53.6+2.5} 9 i6.c 

Philin Come, hurdle Qualifier “undioner UiieL. 480 : 18 1.9 suGobaln : 133.5 +4.71 la. K 1 11.0 

thL nnaeihli? nvaiwifrf 121.0; I — 1 - skia btewkcnol. 1.650 +40 I 39 1 2.3 J«M»(UtvM) 

the possibly overrated Belfalas ppeusaK^Dmioo ns +0.5; 715.9 su«t 216.7 +B.T. 25.6' 11.8 Ueuu* EzpKntiar 

may have to give best to the RlemWeit Elect. 208 J+1.3 16 ! 3.8 leloineuBnlqiie— .• 685 + 28 |Z 1.75 4.7 JjIM Holdtap — 

Irish challenger Tunzenburg. ' !il *«nii»j 265.5.+ 1.5 ' 20 ! 3.7 Ihomaon Bramli.i 138.01+7.2 16. 18; 11.0 “VW 1 hmporium— 

At Maiifnctlo Iblfra ,1,. SiemeD* 294.5 +2.8: 16 | 2.7 Uslnor 1 17 +0.75. — I — 

ivewcasue. woere ine tnreat su .i iui-iier 250 -+6 17 ! 3.4 — int«ri«ciN»i 

Of abandonment aue to frost has Uij-aeenA.U 119 i+1.5' 11 <4.6 Nioth brotenaMlntrsOOc 


At Newcastle, where the threat jJSUXto 

of abandonment due to frost has iiiy#»#n 

faded Netherton should continue v *«». 

on his winning ways. 


Siemens 294.5' + 2.8' 16 | 2.7 Uslnor 

su.i Aui-her 250 -+6 , 17! 3.4 ' - 

Ilinoen.V.li 119 i+1.5 11(4.6 

Vuria. 176 14 I 4.0 STOCKHOLM 

117 | + i.2 12 j 5.2 — 

Verem*: West HI, 296 : + 2 ! 20 1 3.4 j 

v.j.ksunaen 218.8 T 1.5 ‘ 10 ; 2^ Jon. 13 


216.7 +a7: 25.611.8 Mooi* tixploracirar 

685 1 + 28 121.75 4.7 Jl l M ftobiinn 

138.01 + 7. 2 16.1b- 11.0 “yw tmporium 

17 1+0.75. — I — a* 1 ** 

.Nielirtra Internorinml 

iNiirth fimbea B'.Hjiks (bOcr 


t3D WL08 UlunbtahiHeavyj 145 +7 

t2.60 +U.i» Musubtshi Carp..! 408 '—4 

12.09 +-0-08 Mitsui & Co. 1 316 1+4 

t8.80 f+a-IK MilauVoahi . 515 L_3 

11. aO l-O.BI ^'PP 0 * 1 Uwiao™...l,050 +74 

+I.43 -o.oi dhlnpan.j 654 —8 

tO.as Nloaui Motora ) 699 +2 

11.90 +0.18 !y me Z : L380 1+20 

12.18 +JI.«8 Ktectnc ; 198 |— 2 

tl.41 P+0-01 aefclaul Freu.b..-| 980 ^-20 

ta^O shlaeldo .! 985 +30 

10.78 +0.01 *W-s ;•••- +80 

ta.O -0.M £“lwo31ariii« — 235 l— 1 

10JJ9 r»}ieda Chemical. 269 +7 

11.32 1+0.01 TUK |l.420 1 + 20 

foia Si! 603 !:i 

tr.74 ^*****"''11.150 -10 

t2ll5 !| ’"I.’ Shitonra — j 123 +2 


I Cray 


BRUSSELS/ LUXEMBOURG 


starts rush 


I rtlr. 

; fit. XlU. 
I Net ( 


AUa A.i iKl^ai}..' 168 I — 1 
A m Lnvaifi(Krri.1 152 -+3 

AaEA 1 hLrJ9>li I 94.5, +-UJ 

.AbwU)|o>(lir,l>'; 118 > + 2 

^i.ieruri ! 74.K + 3.! 

fiufors ....... ....| 10S j 


doubled up (4. 2, 3) 

19 Give wrong name to man in 
England and France (7) 

21 Suit supporter of capital 
punishment advocate (6) 


u c ‘ couple o f lengths^ “ loads of maU ” asking for its jTa 

nan in Early Spring again made mis- showing -how to double- Cl 

7) takes when taking on four i £? r IAnder £1 Pterin !") 375 tu 

capital opponents for the Ladbroke kitchen cli n g fi l m . kuus} — -..< 2.340 J+s 


Crtori — 2.000 ,-B0 — ; - cel I uwaft 

.Vl.8ra.Gm1U '1.440 i+2 60.4.1 “!«* ,,,x /“***■» 

Dekcrt-U” 1,796 j + 15 112 6.2 Krluaon-H 

G.6J{. Cement 11,192 [~Z I 90 7 A Kmoita-B* 

Cocberin 375 p-15 — — Fbcctwo... . ...... 

HUES ....'2.340 J + 5 177 7.5 Grannw (irre. 


23 Salesman to 
transplant (5) 


come up for December 27. 


Finale Chase at Kempton on The leaflet is free if a stamped Slyy* ** 1 -.- I'SfS l + f° 

re >.»- ot r addressed envelope is sent to: Fibn *iw*“t- 2 -^ 16 i-7o |170 


However, his errors there were Snap-wrap leaflet. Gillette Indus- 1 Uaraen 


G.ti. I nno-bm 11,050 


24 Nobody’s in church office {5) I minor ones, and with Persian tries, Great West Road, Islewortb, Jk*v*en 2.S1J 

■9R rii+i i uiim cnn. Camn an absentee, from the first Middlesex. loicnoni... 1.785 


40 1430 7.1 tUmleJrfMken _. 271 1+3 

70 170 I 7.0 Uaratou 110 

10 130 | 7.0 Ho (Job Domain.. 67 1 + 2 

4 80 | 6.7 Soralru. A.H 202 !— 3 

25 160 I 6.0 ■a.K.P. ‘B 1 Kn 66 !+2 

6 142 8.0 Slrao.1 Kn*#lkla_ 132 [+1 


Un+brulee I 

<Jli Srtmii _| 

Price i Dlv.,Yld. Pteueer Ccajcrei*...— ...I 

Krone i — Kr. i % (wM.ni. A Ckjltoan | 

1 G. t. .'.letch — ; 

168 I — 1 | 5.6 1 3.2 4uuUi.aiiii Uioloc- ; 

152 +3 | 6 I 3.3 bath (§1) — 

94.5.+iU! 6 | 5.1 iVailflua. 

118 < + 2 ! 6 I 5.1 iVcsicrn AUniqe (60 cent a).! 

74;8; + 3.5 i .6.81 9.1 *'»l»niih».....„ — I 

105 4 1 3.9 

365 + 3 12 1 3.3 

199 1U; 5.0 Aucrcsn8M 

125 +3 6.5' 4 4 AMSTERDAM 

133 1+1 6 | 4i7 ; Price ~ 

217 ( ; 8 I 3.7 Joxl. 13 Fla. 

• 79 .1+5 8 1 10.1 

»2?- 9 ! ,+ £ 5 I, “ J ~ »F<- 97.5 + 

l + ^ Akan<Fi.ttQ ...re. 23-2 + 

HO ; 8 7.3 .UBMnfinktFi.KXl 324.0.., 

if A me v. (FI. 10)-.;. 74.0L- 

202 — 3 1 5.03 2.5 Amro Ban#|FU»)| 67.3; + 

66 + 2 . 4.5 6.8 filjenkart (P.JJOU B2.3 + 


tlill Uoi r °T«*"Mutnr I 770 j+22 

♦ 1 M I r z : 


— J — _ AIKH.I ,Fi. fiOl.-— 


ti-®* ! Source NBd 

ro.09 - 

ti.40 ;-oji 

13.35 '+0.(5 VIENNA 

10.78 1+O.fll C ". A 

riJ.19 | 

11.78 : -0.02 Jan tju 

10- 94 ,+#.02 - ~ U ' 

*?’«? n'ftn tiiral'Bonatait „... 

11- 81 .+TQ2 ranmoMer — 


14 2J 
12 1.4 
25 2.2 
20 2.6 
18 1.7 

15 1.5 

12 3.2 
18 1.9 

35 2.0 
12 2.6 
30 1J 

13 1.3 

10 i.5 
18 3.2 
15 ' 2.7 

36 I 0.7 

20 1.7 

10 1.8 

12 4.1 

13 1.6 

14 2JT 

20 1.9 

15 0.7 
12 1.1 

16 | 1.1 
48 I 1.7 
12 ! 3.0 
BO ] 1.5 
30 1.0 
40 | 1.1 

11 [ 2.2 
15 2.8 
30 I 1.1 

10 I 4.4 

11 1.1 

8 | 3.5 

12 12.7 
10 4.1 
I 10 i 4.0 
• 20 | 1.3 


Source Nlkfco Secnrlues Tokyo 


Frioe |for 1 Ui».]Xiu 
■* (“1*1* 


vrauibuurau — ( 350 I la 

Panmowwr - ] 360 ; I ig 

576*x. — 2 [48 


Setuperw I 

JNP* Datralw.^.! 19 1 !“V‘ 
nerit-J 336 |+S 

* * 

-ZT— JOHANNESBURG 


97.5+2.5 24 
23.2+0.1 _ 

324.0.. IA22J 6^ NSIIES 

52.3 + 241 1 23 5.6 AB * , ° American Cutdo, 

“9'i 29 5 - a CHarter ConsoUdated 

JPhf a LS — 1 “■■ ■■: 

1|2 J|-0.5 32.6 4.7 - 

61 '94.8 6.7 Harmony _ 

40.2j — 0.2 1 22 5.5 Kinross 


>7 I 3.7 
14 I 6.2 


way .ind split * 7 > 

25 Dodging the return of num- 
ber oae rescue <7 1 

27 Language for all peers on at 
something different (9) 

28 Dip with Batman ( 5 1 

29 Head of orderly house infring- 
ing Sex Equali ly Act? (6, S) 

DOWN 

2 Theatrical performance 'at 
Lancing (9) 

3 Pottery from abroad led up 
to this paper (51 

4 Going to mature during slack 
time i3. 6) 

5 Slain unnaturally by spikes 

(5) 

SOLUTION AND WINNERS OF 
PUZZLE No. 3.5GI 

Following arc the winners of 
last Saturday's prize puzzle: 

Mr. L. J. B. Callander, 6, 
Manorgate Road, Kingston* 
u pan-Thames. Surrey. 

Mrs. B. Fielder, 290, Wal- 
worth Road, London, S.E.17 
3RH. 

Mrs. T. McGuffie. 46. Woodend 
Road. Alloway, Ayrshire, 
Si,* 1 land. 


go (5) 

So 1 ut inn to Puizle No. 3-566 


Qgagagnan gggac 
s e rn n h ;■ *3 n a 
aanna nnHassons 
naB-gsHHE 
fgnnGagrasaa gbeq 
m m n 0 s s 

nnsssQQ 
rang as rs 

e s □ ra g -e 
sees fs 

0 .tu n u m a m e 
aasBQnscia heehe 
B 5-H 0 3 !!! E 0 
^gagg; gaEngEEga 

0 g 0 a e s is a 
gHQEQ EaaaSEEED 

00900000 

asseaaoca hehsl 
e 0 n n 0 a hi 

QE05S 
a a a a a h 

EEO0 H0Q0OEE 

a a s 0 u 

Haaaa aGoasnasg 

q g 0 g a:- is a a 

0000000550 E3000 

g g 0 al .a a a ra 
000 saBEEnsaaaE 


SPAIN * 

January 13 

A stand 

Bunco Bilbjo 

Banco AUandco ■ 1.000 1 

Banco Central 

Banco Bxtvrlor 

Banco Ccnural ... 

Banco (iranada ci.BOOi 

Banco HKpjno 

Bunco Ind. Cat. il.OOOi 
B. Ind. Mcdticrraneo ... 

Banco Popujar 

Banco Sanlandcr i250i 
B unco Vrorajo •!,!»#>... 

Banco Vizcara 

Banre> Zaraeozano 

Bunlmnion ... 

Bonus Andalucu 

Babcock wncox 

CIC 

Dnmados 

Imnobanir 

B. L dragonesns — 

Espanota Zinc 

ExdI. Rio Tlnto 

Fc aa »1 900) 

FenoSa 1 1.000' «... 

CaL ProciadOs 

Grupo Velazquez f 400) 

HWroUl 


Per ccul 

107 — 

272 - 2 

246 - 4 

349 - 3 

216 - 

260 — 

165 “1 

208 — 

176 — 

182 — 

20, - 3 

335 — 

236 - 4 

210 — 3 

290 — 

146 «5 

23, - 1 

31 — 

123 - 3 

228 — 

126 — 

54 — 

102 - 

308 + 33 

6838 - 03 

7130 — 

102 -2 

165 — 

75 +1 


Ibcrdacro 

oiarrn 

Papcl eras Rcunldas 

Pctroltbor 

Pc-ltdIbq* 

Sarrto Papalcra ... 

Sniacc 

SohcGsb 

TctetonJca 

Torres Hostcnch 

Tubaccx 

Union E]cc. 


Kredutttonk ,6.320 i-10 '265 I 3.B Twterilk ‘BKrfiO. 

La Ktrywe Uriw.l5.220 1-70 305 I 5.9 ^*Ww» m - = — 

I- 03S Fa" Boldine la.bOO •' IS/ J6i 3.2 »niToihr. Wl.. , 

- 3 I'etrornw... _.;3,6I6 +36 i!74 i 4.8 

— dm: Clan Uani|iip . 2,669 I '189 \ 7.1 mPFUMArCk 


St'ivny „.;H,3O0 .•+ 130|A -OOf 8.7 

Traction Kiret.._. 13.370 |162 ! B.d 

TUB iX.000 ' - I - 

Lin. Jim. il.l'ji ... 726 +2 I 60 8.2 


X32 ,+ Z j 8 6.1 1 boknWcat'mfFl.iOJ 
89 .-3 | 5 ! 5.6 1 fiulirrn ■ r«t«rod« 
I — ! - Hlaevter(FUO).... 

073 6 1 8 .8 ! Knntu N.Vjtearerf 

~ KuraCom'AtFI.IOi 

- ■.•lotfiroi'aim(F.4]( 


-a.» 
-o.t» ^ 

-HI.M 


- BRAZIL 


SWITZERLAND * 


Jan. 13 

Price 

Krenier 

+ >T 

Div. Yld- 
% ; * 

Awleiaiam uu 1. . . . 

140 

-1* 

lu ; 7.1 

Durm'suWxis ... 

429 

+ 6 

15 3.5 

lAmske bank 

13«J 


11 : 8.3 

Kaal A^lnUe L>... 

242 

-1 

12 : 5.0 

PmauiUsinken^... 

1151* 

— In 

13 1 L. 5 


■.Slot firocBil w(F.lO{ 40.21—0.2 1 22 5.5 KJnrws , 
Hrtne*«*n(Fijai..' XOO.laJ.— 3.1 ) 14 ' 3.5 Kloof 

82 KSGB! SSSaSi’Sfa 

l H L. Holla ml ...i 


6j *t. Helena ; H j 


KL31 iFUOOl ! 123.2 -0.6 | - l 11" Sotuhvnal 

lui. Xliiner tlA i| 39.3'— o,3 r IS I 9.2 Bold FlWds SA ! +*iAa 

Nnxleu CPIIOI — i 36 S~ 0.5 lO ; 2.7 Union Corporation ' i « 

NHi.\uiliw.iFL.Kj 100.3 46.8 I 4.6 Deferred ^ 

Nedtrirem (F® 49.4— 0.4 1 20 j Al Blyrooniinirfu ! 

.VH_Mklbk£RJaCi 181*1'. 1 20 1 S.9 Ewt Rand Ptr. .. J“7? 


\ Mnieo (Pi nil i 

NMi.\t,iiu».iyL.iuj 
NedUireiUk (Hal 


9.20 


’• Prli-c” I -f- of 1 Die,.yi(l 
I Cruz ! — .Crus [ % 


+ nr ! (Iiv.-Tl'l. 

— ! t : i 


Ajwiuu 1.41 '+0310.12 18^1 Aiuniinimn J1.2B5 

liaui'O Brazil tJF_ 4.12 1-0.13,0,10 433 oHC'A’ il.595 

Bnco lltneira OFi 1.70 -O^il'j.lB i7,06 '-II* Get i£\(Fr.lOO| 1.105 


Kor.Urypj^rier 543 — 1 

Pw.Papir.. _i 80 >i« 

HnudelBUtok I la3'a:— *Z 

(i.-VUi'n H.iKriC, 253 .-1 

Nonl Kattei 254 ■#(— 3* 

UHetatiriL ! 9B i-i# 


B 10.0 U»(Fi.®l- —I 1S2.0I + 0.5 |A34 I 4.0 


DocarOP..... — | U.«7 < 0.14 ‘14.43 

Ultra Amur. OP.. J 2.66 j -„0.20i7^ 


Da Ft. Certs ..., 875 1+15 
Lla fieu — .1 610 I 


10 1 3^1 1361bi-1 

22 I &!o Frovlnatoanlu. j 148^1 +4 5 


11 8.5 Van Unimewra... 

12 i 4.5 Fakhocd iPi^... 

13 ; 4.7 Philips Ifl.lO)..... 
— I _ KgnSctiVerFUOL 
11 ; 8.1 Kwbeeo (PUW}..... 
11 7.4 Komwj iPiJXJ) — 


22 25 »!*■ Hwendsen.! 368 !— is* i 12 3.2 liorentoiP'JO)— ■< 129.6,+O.lj «9 ! 5.3 
H£ : »upcrf0i..^„, 188 -2M I 12.1 6.4 K^-a.UutaWP'.Sfl! 126.8; +1.6 ASU 7.9 


>.< ; -*.d -- ueicrrea s rs 

10 j Al glyrooniinldu =■« 

» i S.9 East Rand My 7^ , 

» ( 4.o £ve fiiatc Geduld -5*# 

a ! 5 JO Brand T 12 -n > 

6 1 6-0 £^? muln 4JS 

- I _ WCiKom «La15 

SA 7.6 K' iSt Ofnrfontrin 

b[ 2.2 Wrafem Deep tsj# 


ld6.5[ + 2.0 8 ! sis PresKlen: Brand 
40.71-0.5 I 21 (10J Stej-n 

26.6- + 0.7 16 G.O MlUomdn 

63.8 + 1^1— i_ Weftom 

166.4! +0.9 Ia 264| 7.6 " esl Dritrfontrin 
116.0'+0.2 ; d [ 2.2 "«tem Deep 


Majinc-inan liF..' 2.97 1—0. II] j. 18 7.00 ' "redlt Sulavj. '2.210 |+ZO 

l^na-ro- l*P j 2.99 i + O.M'OilO '4^4 KwwrrauBL 11.580 i + S 

rireUI DP — J 1.96 1 (J.l&ill.JG Plrali+r ithsnn!«..i 720 ; 

Nm*i L'ru* OP... 1 5.57 ;+UXS.«.25 lfl.82 Hodman II. Ceuta 85.7501— 2501. 

Va-oltinUr... HI; l.B6i+-O.Qg .15,7.83 Da (anw>i).,..; 6,600 1 + 36 ' 


22 3.6 ’'ipanoa- 

16 i 3.6 

15 • 3.1 

MILAN 


po Vciazqaez .MO) IK - Vol Cr.io^im Shaw# «jsm. j^VvPrj'odi';' 

rola * +1 Swr«: Rio de Janeiro Se. jiratieiPr. UO)..... 

— — * Da Kes-.^J 

MOTES: Overseas' prices exclude S premium. B.?Udan dividends are after ^rithH£U.(P.!!SU| 


vnLbhddloe tax 


Hodnun II. Lena 85.7501 — 8901 550i 0.6 

Da (nnad).,,,; 6,600 1 + 26 j 65 ! 0.7 

InteriMdM , 3,3^5 (+100 20 I 3.0 4«a 

Jeunpll iPr.JOO) . | 1.440 1 + 30 20 , 1.4 

MmumPT. IJO)....- 3,610 -4 J laW^l 2.4 Anic 

Da Keg- 2.210 , + 20 ind&B 3.- .,m«l.„ 

Oemfctm-8.(P.!!9u| B.445 +16 ! 14 5.7 r'w* 

Firom (Fr.lO*....i 265 +6 I 15 5.9 Uo. Fnv, 


iw -BM, 12. i 6.4 i«qTi‘Uutginr<.aj: 1^0.3 + 1.0 auu v.9 INDUSTRUm 

J | siovenimqj 258.71-0 JS 19 \ iji 

StcvinGrp(P..aCl 146.6, 87i( 5.7 SL aSJJ’Vi- 

TnHynPacHria®. 88.8; 50 j '.8 toflUKrtaj ... 

UnlicrwtPi^O)... 120. T— 1.4 7,0 £ *** 

■ pv, ' — V TK — rvrr '"'roftKealnt.fl 43.8+0.4 20 , U ; 

51? + J* Era f% V*u,n**H«l. 399.5 j +0.5 J 32 | 4.0 i5 t S S r ,D |« rlal 

1 \—L FodoraJe 


117.75I-6.SSI - I - 
d6.B[3.-l .irt«-l 36J -17 J - - 

14 5.7 elal — -.1,900 ^14 15U | 7.9 qjlq 

15 5.9 Uu. Fnv. >1.500 ,1-6 ! loU'iQ.O 

26 1.6 Pmriiler H .. N w. M ; 71 \ - j- 


4 DM jO di-nom. uak-ss omerwisc suted. V PtasJOfl detwm. unless orherwlse j '“'•nraiFr-.MOsJ 5.^75 < + 75 


stated. £ Kr.lOQ denom. unless otltenrisc stated. Frs.SM denom. ~unk?ss i + ? ! * b ! 2.7 j ipu.vmenii- 

! oUtenriSL' stated. ■; Yen 50 denom. unless otheratse stated, g Price nt ume of s ™ | °dtert-ifcFia. 3Q5 > + 5 1 9i 1.5 j luut-Irter.,,:.. 
suspension, n FJorlus. b SchUllnus. c Cents, d Dividend after ponding rictus s , i.Teritla.».lu..j 377 1+9 j 14 [ 5.7 , .ioiinban'.-H. 

and. 'or scrip Isaac, e Per share. I Francs. 0 Oross d!v. *:!. H Assumed duideod i ®99 ' + ? i®;57i *■? '*ontwU , ara- 

1 oiler senp and/or rlchts Issue. Jt After locul loses, m % lax free, u Francs. 3ttlK ^ I *? ?■* ti'ivenl Fnr 

Inclndlns Ifnilae die. pNoni. <1 Share sollt. a Dir. and yield excimle spcdal sw 1 *- iKo-K.iPui.. 4,900 +60 j 4 2.0 »'iw,iiAC„, 
rhayment. 1 Indicated dlv. n UnofHulal iredltra, r Minority holdcra only. 11 Merger ww j + S I 20 . 3.1 Flrem Sfn... 

oeodiiji. • Asked. * Bid. {Traded, t Seller. Assumed. Jtr Ex riKhis. xd Ex “"wh lire ,11.225 [—100 40 1^ SnraVinKm 

dividend. Xu Ex senp issue, xa Ex ail. a Interim 8lnre Increased. ; 1 


475 +5 
305 : + 5 


377 ; + 5 
800 +8 


! 2b 2.7 ipu-rmenii '9.660 1—140! 200 2.1 

1 V j 1.5 j I ujp liter. ! Iw4 I ! — ; — — 

j 14 [ 5.7 ( vleiinbuiLH. (30.250 1—630 1,800; 3.9 bei 


Krooei ; — 


8.57 5.8 don tv l i-on 128 .--'A \ — ! — 

10 2.5 yuvenl fnr ( 727 -21 ; - 1 - 

4 2.0 t a ih>»ii A L‘„ 1,960 L HO 6.6 

20 . 3.1 Fl rein Sp* 998 |-4 1 tJOi 8.0 

40 1,8 Snra Vwcoaa ' 393 —7 1 - • - 


derami uaiit. 100 1*1 

utinearani-. ...... 60.75' +0.76; 


CuartHan Assurance tSAi i.~ 

NodBwft 1 i'S 

Premier Milling — 

U7?jYw Cement - a^5 

£ , Protca Holdings i#5 

Rand Mines Properties ... 

1U 10.0 ® e,co „ 0.40 

11 8.8 10.55 


- ; - tireditbmL..,™...! 113 1 11 6.8 - '•••■ 

,10 6.6 (MniiKi, I 30B.S +7.5I 20 | 6.6 

8O1 8.0 Kre.HUiuwni ! U2.0' + 0.sl 11*J 9Jb 0aIS Sl,aU - Mi*. 

NcrakHv'tnAr.rii 169^+4 12 ! 5.1 DnJS(K: 

1 (nirfrirami I 69,25] + l.oo, 9 *10.0 Securities Rand Dim 


JLiliy* Securities Rand Discount 33 J% 





v 




^Fina&dal*. Times Saturday January 14 1978 

.^ii^ENTS , -..■."■■■■ 


19 


c an 


iCI petrochemical Board posts 


8SmSSF 01 " ssu-m. s«« 
$SS 8 £ , S»ift 8 rai ESLTj* ° f , * sKmE®w 2 

'ePJfuary a. -They are Mr. R. W. * Sir Johj. HabafckuX and Profes- X 

Sark, TAforks .manager. Olefine * so* - Gerald Aylmer have been JJJ 1 ? ***o 

Vdrki.. .'Wilton, and Ur. IH„ E. Mt Jim Quinton, western apposed members of the ROYAL 5JJ jS^tfSS *** f 

lohmsosu marketing manager regional manager of MARPLES COMMISSION ON HISTORICAL KOSt umce - 
ydrocarbons, who become RIDGWAY BUILDING, has joined MANUSCRIPTS, 
echnical and planning resource the Board. * The Earl of Crawford and BaJ- 

irector and marketing director . carres has been appointed to the 

hydrocarbons and fibres inter- ■ * „ ™ „ h2S , Board of SCOTTISH AMERICAN 

jediates) respectively. Mr. Clark ***• Han 7 w Daesdonk, aPP^mted Proftssor Valerie P«ri INVESTMENT COMPANY, 

jined ICI in I960 and Mr “wnagins director of Grants of ***B®?*™ ,r oi the M USEUM OP * 

.oblnson has been with the group SL Jones’s Services, has been „£_ su 5g? si £?_ jLJjf er R rBf , TTT) . . 

luce 1958. appointed deputy chief executive who has retired. SGB GROUP has appointed Mr. 

: c A ^ r. , * . of GRANTS OF ST. JAMES’S. Mr f*°i esa 5S P*** 1 has been Reader Hamish Lo rimer as managing 

Captain S. A. C. Cassels la to be Owen Hunt will he retirim ,n * e History of London, Univer- director of SGB Dabal In Saudi 

f remote^ Bear-Admiral on July 7 c hj e f executive of Granted SL ^ Collej* Ixmdon, since 1968. , Arabia. He was formerly manag- 


/oval Staff (Operational Require- 
ments) in succession to Vice- 
admiral S. P. Berthon next month 


■. K. A. B. Jackson has retired “ the Bepublic of Ireland. 


Mr 

^ . . . as managing director and chief 

JOr. W. EL Duckworth has been executive officer of IMP ALA 


1 the aetinsr ronV’irf “lZZZl .^i 1 "• *»- wacKwerw - ms Deen executive officer or IMP ALA Mr. J. V. Bedford has been 

LdmiraL g ' elected^a^ imn-exeajdve^ director PLATINUM and Hr. R. C. Bovell app ointed to the Board of 


of : RICARDO AND CO. has become managing director. MINTCX as engineering director. 
•k ENGINEERS (1927). He » manag- Mr. I. T. Greig continues as chair- * 

' AUSTRALIA AND NEW ZEA- di f e ? tor . of the. Fulmer man and is now chief executive _. . . . , 

— — officer. The company is a member ■ ™: ** *• Tebodo has been 

of the Union Corporation Group appointed president and general 
* manager of the RAMSEY COR- 

_ . PORATlON of TOW in the U.S. 

Mr. C. F. Taylor has retired as from March L Mr. J. J. Mcduskey 
■bajman of C. F. TAYLOR has become managing director of 
(HOLDINGS) and has become TRW Valves, in the U-K, a posi- 
P resident. He remains a director tion previously held by Mr 


. ^ iw .. tJ „ - director of. the 

AND BANKING GROUP! London' Rascarcil institute. 

.as appointed Mr. P. Bnrehette as ■* 

^ior manager <“"«*« « 


* *■ 

'.?*£ » Mr. T. J. Kassem has been made Qf Weir Group. Mr. R. F. D. Tebodo." 

^fmJTE^OF D^^TORS f U? chief executive of the ARAB AND Reed, deputy chataun uri chief 

5£ SSSlSlAL *22 Mr. F. D. Stoneman, chief 

been m^dTdSS^ Sq" SSSSSS^. * - OF 


■enfor Directing Staff of the Royal £Hgri has become ..manager. Tayf or Mr G^don BRISTOL (HOLDINGS), has been 

; „Ucge of Defence Studies. S£? J .‘g°'££ a £ S3 E^S ‘ , ^ r - 

M. Thomas has been M? 1 p-'lt n D.”™!*' Eurobond aeguliltion of C. F. Taylor _,^'^ccretara tor Social Ser- 


~ dSSSTr srw«t. and Industrial ric« has appoint^ Mr. OmS 

TICK ENGINEERING TNVEST : Lethbridge, project flnanee. * r Chairman °J 

CENTS m addition to his posts as Mr. John Walford has been mtor-c LcotIt °f 

■irtslonal chairman of the o--*. . iL- 1^,, appointed manufacturing director “®SPITALS in place of 

larlne engineering division and Mr* Frank A. Lewis x«s been at ^he Leamington Automotive S? e l ate .® ar * Antrim. Mr. 

: director of Johnson Progress. ^Ifoo d“v””SS!t a'S'S’o-' AOTOMOTIVE JRCr ^“^“of^Sd. toct “ r 

- Mr. P. A. P. Ashworib has ^ M r Pet, rnl h v. 

sen. elected -president of the GENERATING BOARD in succes- mrector ^ Leamington. Mr. Peter Gibbs has been ap- 

■EEDS PERMANENT BUILDING sion to Mr. Leslie BUUer, who „ „ „ „ - _ _ KSwin?H?S?2£ 0 L mafl ' etm * °- f 

SOCIETY succeeding Mr. Alfred retires in June. - ; Mr. N. R. Coflins has been S^ER OATS. He was previ- 

rhofteld. -who has been president * appointed a member of the ously with Carnation Foods. 

.r the past two years. Mr J. M. „ ■ w « r J' COUNTRYSIDE COMMISSION for * 

iuKr baS b ®®o“^«-prealdent JgJ; g^^SnSi SttI ^ * pie^dW^eS^oSSS J2S 

- Mr. Peter Edwards ;faas Wen a iJJ2, Y Si Mr. S. D. Liriit has been Mayor of London, has returned 



g director of Duhford Hadfields 
-id Brown Bailey Steels. 

* 

.Mr.' John Hensman has been 



Commodity OFFER 42.5 
Trust BiD 40.4 


Double 


OFFER 89.0 


Option Trust BID 83.0 


Commodity & General 
Management Co Ltd. 
8 St Georga’s Street 
Douglas Isle of Man 
Tal; 0*24402 


xd 



Mr. J. H. Bardrick has retired Policy. Mr. Daymond is to sue- gog ■ «* _»hat company and Mr. 
from the Board of the GLEN- ceed G - *•. B- B** 1 82 has been made a 

LIVET DISTILLERS chairman of the Final Selection director of Wig ham Poland UJC 

Board when Mr. East retires on * ■ 

■ * . , . • - February 17. • Mr. P. G. BL Tnrijen s b as been 

Mr. I. R. Angus and Mr. L P. .w appointed financial controller and 

Kelly have been appointed execu- Mr. G. H. J. Robinson, recently actuary of WORLD-WIDE ASSUR- 
ANCE. 

• ■ kr 

Mr. Tom Agnew has been ap- 
pointed divisional technical execu- 
tive of LOW AND BONAB UJC 
Packaging Division. He also joins 
the Board of member company, 
Bibby and Baron. 


THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now 

To: Cometco Commodities Limited, Bridge House, 181 Queen 
Victoria Street. London EC4A 4AD I would like to receive your 
monthly investment bulletin The Outlook for Commodity Futures” 

Mr/Mrs / M®s ■■ - ' 

Address - 


rtaa 




Postcode 


COMETCO 

The Commddrty Brokers 


WARDGATE COMMODITY 
FUND 

at 30th Dcccmbtr 1977 11.S7-19M 
■ WCF MANAGERS LIMITED 
P.O. lax 73 
St. Hcliar, Jcncy 
0534^0591/3 

Meet deallnsa 31st January 1971 


international financial news 


Write-down of Amax 
African mine assets 


BY KENNETH MARSTON, MINING EDITOR 


THE MAJOR TJ.$. mining house, 
Amax, has written down heavily 
its Investments in Botswana and 
the Zambian Copperbelt which 
have been severely hit by the 
depression in nickel and copper 
markets. 

A net charge of 581m., or 52.50 
per .share, has been approved 
against Amax fourth-quarter 
earnings. It is pointed out that 

the write-down does not affert 
tbe Amax cash flow and the group 
Is declaring an unchanged 
quarterly dividend of 43}e. 

Tbe write-down includes the 
group’s investment in the ill-feted 
Botswana R5T copper-nickel 
venture's equity and subordin- 
ated indebtedness of 891.7m. at 
December 31 last. Am ax’s invest- 
ment In the Zambian copper- 
producing Roan Consolidated 
Mines will be lowered from 
S34.9m. to S4.3m., its quoted 
market value at year-end. 


However. Amax Intends to con- 
tinue to make '’significant ” cash 
advances to the struggling 
Botswana RST if the project's 
future needs are not provided 
from improved metal market con- 
ditions. It Is believed that these 
advances will be recoverable as 
market conditions for nickel and 
copper strengthen in the future. 

Amax has an equity slake in 
Botswana RST of 29.S Dcr cent., 
the other major shareholder is 
tbe Anglo American Charter 
group with a similar pemntage. 
Botswana RST owns 85 per cent 
of the operating company which 
runs tbe Selebi-Pikwe operation, 
while the remaining 15 per cent 
is held by tbe Botswana Govern- 
ment. 

Selebi-Pikwe started up on 
schedule in early-1974. but it 
has since been bedevilled by 
both technical and financial prob- 
lem 1 . It has been limping along 
with the aid of loans from the 


Amax-Anglo group hut produc- 
tion has never reached full 
capacity and losses have 
mounted. 

The nickel-copper mine came 
close to reaching a break-even 
point In the latter part of 1976 
only to be struck down by the 
fall in nickel and copper prices. 
A financial reconstrurttiring of 
Botswana RST is now awaited. 

Roan Consolidated Mines, how- 
ever. is a long established and 
good grade copper mine and re- 
fining complex. Like copper 
operations throughout the world 
it is losing money at the current 
level of metal prices, but a 
revival in copper demand would 
soon be translated into good 
profits. 

The Zambian Government 
holds 51 per cent, of Roan Con- 
solidated Mines, Amax has 20.4 
per cent, and a further 12.25 per 
cent- is owned by Zambia Copper 
Investments. 


Rumasa fined 
by Ministry 
of Commerce 

By Robert Graham 

MADRID, Jan. 13. 
THE MINISTRY of Commerce 
has confirmed fines total ling 
PtslGlm. imposed on two subsi- 
diaries of Spain’s largest 
private holding company, 
R omasa, for alleged failure to 
repatriate export earnings 
from sherry sales. 

The decision to fine the two 
subsidiaries was made by the 
Cabinet on December 9, and 
is • one of the largest known 
trading sanctions imposed by 
the Spanish Government 
Confirmation of the fines was 
published In the official bulletin 
to-day and relates to Palomino 
y. Vergara SA and Zolllo Rnix- 
Mateos SA. The companies 
bare been fined Pts82.45m. and 
Pts78.65m. respectively. In the 
case of the former the fine 
relates to failure to repatriate 
earnings on five export licences 
and for the latter a similar 
frilure on one export licence. 

Tbe alleged offences relate 
to sherry shipments made in 
1974 mainly to the Netherlands 
and West Germany. When the 
possibility of a fine emerged 
last October, Rumasa publicly 
denied any allegations of mis- 
conduct 

Three weeks ago, Rnmasa’s 
chairman and founder. Sr. Jose 
Maria Ruiz-Mateos. told the 
Financial Times that he would 
figbt any fine lo the highest 
courts. 


Ahold to acquire Borel 
restaurant chain 


BY CHARLES BATCHELOR 

AHOLD. THE holding company 
for Holland’s largest supermarket 
chain. Albert Heyn, is to take- 
over most of Jacques Borel Inter- 
national's restaurant and hotel 
chain in Belgium. Ahold's cater- 
ing division, A.C. Restaurants, 
has agreed in principle to acquire 
ten motorway restaurants and 
cafes and a sixty-room motel 
is one of the largest known 
group. 

The deal depends on approval 
from the Belgian authorities, 
but this is expected within a 
matter of weeks, the director of 
A. C. Restaurants, Mr. Fred 
Lachotzki. said. The operations 
involved are currently managed 


AMSTERDAM, Jan. 13. 

by the Borel subsidiary, Jacques 
Borel Belgique. 

Tbe Borel chain made a loss 
of about ' B.Frs.50m. on the 
Belgian operations now being 
sold in 1976 and this figure was 
higher in 1977. Ahold plans to 
return it to profit within about 
three years, Mr. Lachotzki said. 
He based this forecast on the per- 
formance of tbe two roadside 
restaurants Ahold already has in 
Belgium. 

• JACQUES BOREL Belgique 
SA expects to make a profit in 
1979 after three loss-making 
years providing the group's 
restructuring plan is carried 
through, Reuter reports from 
Knokke, Belgium. 


Lykes loss estimate 


FINANCIAL TIMES REPORTS! 

STEELMAKER, Lykes Corpora- 
tion, which is the subject of a 
proposed merger with ITV Cor- 
poration. has forecast a uet loss 
for 1977 in the range of 5195m. 
and stated that “ present failure 
to meet the covenants of certain 
bank credit agreements could 
lead to default” 

The forecast includes a provi- 
sion of 5137m. for the shutdown 
of certain facilities in Youngs- 
town, Ohio. Tbe loss for tbe com- 
pany’s Youngstown Sheet and 


Tube subsidiary has been esti- 
mated at $lS5m. Last November 
Lykes reported a group loss of 
$l75.4tn. for the first nine months 
of 1977. 

The company's plans to merge 
with LTV— which would produce 
the fourth largest steel group in 
tbe U.S.— was apparently built 
around the hope that by combin- 
ing their steel operations the two 
companies would eventually stop 
tbe losses both are making in 
this field. 


Sun Life of 
Canada 
compromise 
signs 

By Robert Gibbeiu 

MONTREAL, Jan. 13. 
THE SUN LIFE Assurance Com* 
pany of Canada will hold another 
board meeting on its decision 
to move headquarters from 
Montreal to Toronto, Federal 
Finance Minister, Jean Cbretien, 
declared to-day in Ottawa. He 
said that the company had agreed 
to this after meetings with him- 
self and Prime Minister Pierre 
Trudeau. 

1 have good reason lo be 
optimistic that the damage to 
the city of Montreal and tbe 
Province of Quebec will be 
minimised,” Mr. Chretien said 
in a statement. 

He added ibat tbe new Sun 
Life board meeting would be 
followed by a company state- 
ment as to any change in its 
decision to move to Toronto. 

This was the first cncrete sign 
that a compromise may be 
reached on the Sun Life's con- 
troversial decision made at a 
board meeting last Friday. 

Quebec comment 

Quebec Premier Rene Levesque, 
in bis first public comment on the 
Sun Life Assurance Company of 
Canada’s projected move from 
Montreal to Toronto, said quite 
clearly that while the Govern- 
ment did not want the Sun Life 

or any other company head- 
quarters to move from Montreal, 
14 it would not go down n its 
knees.” 

In a generally restrained com- 
ment he said tbe company 
showed “a sad lack of courage'' 
in proposing to hold its policy- 
holders' meeting in Toronto on 
January 27 and in Tailing to warn 
tbe Government of its intentions. 

He said the decision to move 
was “politically motivated and 
the company was opposed to the 
French fact in Quebec.” Sun 
Life bad never shown any effort 
to find out what the new bead 
office regulations would be under 
Bill 101, the French Language 
Charter. 


Sharp rise in profit 
at Source Perrier 

SOURCE PERRIER S.A., the 
French mineral water concern, 
has posted a net profit of 
Frs^Tm. for* the financial year 
to September 30 — sharply up 
from net earnings of Frs.13.56m,, 
in the previous year, AP-DJ re- 
ports from Paris. 

The company said that it is to 
propose to shareholders -the dis- 
tribution of a Frs.5 net dividend, 
more than double the Frs^.40. 
net paid for 1975-76. 


* »• 


COMMODITIES/ Review of the week 

Malaysian tin stockpile plea 

BY OUR COMMODITIES STAFF 

■MAYS LA WILL seek a phased earlier in the . week, as specula- Manufacturers Association 
onramme of releases from the tive buying came back into what announced that U.S. cocoa grind- 
S strategic stockpile of tin was considered lo be an oversold ings in the final quarter of last 
help fill the expected short- market.' - year was 43, 4S5 short tons. 

II nf mine production lo Standard grade casli tin That was 27.6 per cent below 
. mand, Reuter reported from reached a peak of nearly £6.450 -^g ggur C for the corresponding 
. iaJa Lumpur yesterday. - a tonne at one stage before fa 11- 1975 period and represented the 
Daluk Taib Mahmud, Malay- * >ac * s t0 la st night, still sharpest year-on-year fall of last 
m Primary Industries Minis- W.pn the week. ■ . year. 

\ said a proposal wo old be Currency uncertainties re- The news pushed prices lower 
limit red by Malaysia- to the mained tbe dominant influence briefly, but the downtrend was 
jn meeting of the Inter- in the copper market in the quickly, reversed and futures 
tionai Tin Council, -starting' absence of any supply-demand prices finished the day higher. 

.. xt Tuesday in London. developments. There was little London dealers said that may 
Other major producers have consumer , demand and cash have been due to tbe fact that 
Seated thev arequilefavour- wirebars closed £9*5 lower on Wgher cocoa product imports into 
li disposed the idej he the week lut night at 1661.75 a the OJ. had partly compensated 
i U ^ tonne. for the lower grindings. They 

- . Lead prices fell back vester- said the real faH in consumption 

At the same time, be s&ii. , Qn sports that there was a could be as low as 10 per cent. 

good chance of a settlement of pother announcement to 
SM-W m tj>e Agree- oew lal)01ir contracts for workers make little impression on the 
:nts floor price from the . Asarco lead-zinc London market was made by the 

went level of SMI ,200 a picul. pl ^ ^ deadline for International Cocoa Organisation 

' It is said that the existing SegotiaS expiecL *hich f ? recast ** l977Jr * 

or price is too low to attract Ea r i ier the prospect of a Production would exceed con- 

■ w investment in view of rising str ike, and reports of more sumption by 39.000 tonnes. 

• TductioTi costs. : Soviet Union buying, had buoyed By la*t nights close. May cocoa 

But it is believed that leading up the market. 

nsumcr countries, led by the In contrast, zinc values fell ** f t0 ”^r 8 

S.. will argue 'that there is no steadily with the cash price ^ e ®®“ ed *L616.5 jn mid-week. 

' anomic justification for a rise losing £9.5 to £274 a tonne. . The week promised to be quite 
1 hr- Agreement's price ranges The standing committee of the m Interesting one Tor rubber 
this stage. There couid. International Lead and Zinc with the newly-formed Inter- 
jrrforc. be a bitter confronta- Study Group is to meet on national Natural Rubber Council 
n. Monday to review the present beginning its first meeting in 

zinc market. Kuala ^Lumpur. 

It is expected to call for an. World sugar prices were 

buoved ud bv the emergence of 
buying and the 


MARKET REPORTS 

BASE METALS 

COPPER— Stead-r o a the London U«U1 
Exchange but trading ns subdued and 
prices moved narrowly.. Alter moving up 
from £Si j to UTS pre-markoi forward 
metal settled at I67E, but fell later to *[*■» 


down *c: six-month 509c, down 5.4c: and IT5.B8. Feed barley: Kent 07.40, Lan- 344.4. 344.5-344 J; July 351 35L4. 35L4- 

12 -month as*., down 62c. The metal cartUre M&.80. 351 J; Ocl 3542. 354.4. untraded: Dec. 

opened at 254.7-255. Tp «492-499»C> and U-K. coefficient for week ftom Jan. 16 358.0. 358.4. 3S9.4-3S8.3: March 383.2. 3B3.5. 
closed at. 255.2-S58.2p »4934-495c>. tWM be 1-282. an.0-M2.fl; May 365.2. 365J. 365.0-365.0; 

EEC IMPORT LEVIES— ‘Effective to-day July 3«7_5, 36T.7, 367.0-367.0. Sales: 113. 
la order current levy pins Feb.. March 

and Apr* (previous In brackeisi. In MCiT/VrrCTiDICO 
links of account per tonne. Commsn M-C/l I / T JtllJfJll /vt>L£ J 

nU - nlK '- nfl !?— £:- P S T5 t meat COMMISSIon-Averasc fatstock 
wbeat— U7.54, itffs (same). Rye— .4.00. prices representative markets Jan. 


S1LVBK 

|+r 

In') 't | 

Bullion H- or, L-M.B. 
lisinc i — | clcae 
t«ni-lilg | | 

+ or 

•■v* -1 

255. 2|i '—1.7 255 Jp ' 

-1.5 

6 ni"iifli»- 

258.8]. —1.7 258.95p 

-1.5 

O iin .:irti- 

I 263. 2p —1.6 — 


iTih.m lit 

1 373.70 —1.7 - 



13, 


UJC.— Sheep 


The Malaysian -proposal to 


?k stockpile tin reuses, which cxlraordinary meeting of the full buoyed up by the emergence of 
\i previously been strong]} stU( j v gr oup council in Geneva to further Chinese buying and the 
posed by producing countries. dec ^ e b what action should he London daily price ended £3 
L taken to bring supply closer into higher at £112 a tonne. The first 
mourn of proposed [stockpile y JIC wit ^ sluggish demand. fall council meeting of the Inter- 
leases undermining the market (nje cocoa market was national Sugar Agreement will 

u a way or trying to control q Ulet though there was no short- be held on Monday when export 
? amount of releases, a ge of fundamental news. Quotas will be the main topic for 

Tin prices rallied strongly On Monday, the U.S. Chocolate discussion. 


IEEKLY PRICE CHANGES 


'tal* 

I'ninnim... 
- Marie* 


mar 

.TilVi! 


hmllt' Do. 
hi i*r nx. 




Aina 


Us* 


Laim 

iTTKirT 

|+r tonne 
unlres 

hUiint 

Ch'ge 

4 01 

xfrtk 

Tear 

ago 

tarns | 

High 

Low 

£hM> 


«no 

can 

£6lU 


-l.oa 

$seoAQ 

91,040-*) 

*920-40 

£2.17-> 

__ 

£a.lo t 

£2.150 


ija2.IfiO.90 

- ' 


£661.75 

-8.3b 

£798 

CrtSe.a 

CMS.3 


—ELS 


jaas.73 

Cb54Jffi 

UPoO.Ed 

— 9.0 

£71:3.5 

£>ilX.lb 

£ti£jta 




£91«.7-> 

£844 

A 5112^5) rift 

SUL63S' &L75.12& 6129.12 

. CJ59X 

-1.75 

£320.5 

£«i.W 

002* 

£5&> '-0XS 

£332.76 


£301X 

■ 


£3.-14 










CB7-IU2.P 


£10(U6 

+1^6 

£89 <£10L86 

4X5X06 

SI 845 

+5.0 

S 14U-46 

6175-186 

f9b-10b 

BbXp 

-QJ> 

233.1p 

Eafi.6p 

M&Bp 

+MXi* 

-0.1 

2r2.4ii 

284-iip 

2S0.7p 

K.s05 


S&J&TiJi 



Ck.&IA 

+40.0 


£#.982.* 

1 £5,308.5 

I1FB.73 ' 

-3.0 

SI 37X4 

S1HL88 

3141-44 

£274 

-^.6 

£ 400.ES • 

£*S8J» 

£272.75 


—9.15 

£41R.7b 

£45423 

£276.73 



8780 





* 

£88 

£73-6 

£70.85 

+Cl£ 

43»»X 

£84.76 


on A. 


£8SX 

£98 

| 


lAtttt I 
-pcfcer - *Cb’«e 
Ipfcr- tonne; 


W H0AE 

N,«. 1 KPI diwlnji! . -£84.8 . 
Am- Bap' .1 
W Ini pH 
kn«. Millinc ineiwcpj £SS 


union 

•Oiled 


VMk 


Year 

•Rx 


+ 0.78 


- 

1'epuer. White.. ^ S3 JOO 
Black- «.«») 

Oils 

<A«omiC(ehtlip'l’« ' - SMS 

Uraundmit < 631 

Lin seel. Crude— 

Palin Malayan- 


9305 


I - £5,000 
+160X52.680 
:+754) 

+1&5 

I GAS 
«4oU 
S463 


Seeds 

Cent* (Pbtlippi»«S 
Boyabwna lU^.j 

Ocher 

Commodities 
Ct»«* Jib kpm«nt*~ 

y*ta Sail pen ......... 

CoffeeFuturwaMw, 
(Jnttoa imlcx.—u. 
Da* Coponuj--— “ 
Jal*LJAflW Cgril 


not :+,M 

»261 l+U 


1977/78 


HiRh 


£82 


£TZ3 

aatu) 


a, 

53,300 

«b6b 

£70b 

£630 

.967s 


IU0 

8341 


Liw 


CTibJb 

£S!. 5 
CBS 

£4J7» 

SU0J 

MBA 
£436 
£248 ' 
8426 


8300 

9206 


Unbber kllci — r — <4 J8,75p j+LSpj 


dam P«*H . 

SIml No. 3 L— ~! 
dnjmrtmvr). 
tHptosa S6. 

Ten <qo*I lnle-J 
<pWa> SU' 

WooltopvM* Warp. 


£1^88.26+11X2)' 
+22J 
*29 
+L8 . 


CLSlOb 

£1.797 

B3.75e. 

’ £.2i 

M80 


£186 

g&UM>A> 

£112 

£1*U 

- MOp . 


+W 
+8.0 

£67p*Ulo LlO- 


1-6-0 

+i" 


£S>338 
£2484.5 
12 . 762J 
76.Be 
A'llJ 
WM> 

n3.. 

£X14 
SBGD 

£-09 
lap 

«p , — . . 
3Q6plrtl»i jjWtfrtw^Hiitaiii 


Abb 
X*l2o 
i» jiv 
%7.;- 

A2TUU 

•490 

£214 

ssoo 

£130 

£208 

32bp 

360p 


£U49 
£1,632 
£I,M- 
674* 
£7 Id 

6h|. 

£ia 

ten 

£iao 

lisp 

Mp 



: £ i £ i 

Wirebars _ i _ 

full 663-. 5 +2.5 

• month;.. 676-5 +1.5 
Srtil'ni'nt 663.5 +2.5 
Cathodes 

ffcafa 652 .5 +2.76 

i mimthH.. 665.5 +2 1 
Seui'm’iu 662.5 .+ 2.5 
l'^5. sml.. — i -....' 


661.52 1+1.5 
675.5 1+1.76 


COCOA 


RUBBER 


665.3 

664J 


Prlu * 


«+0..?i: Sbeeo down 
av.-raee 132.“o 1+4.71. 

STEADY openins on the London physical 51[ ‘ rl i n| j 

martin. Good demand ihronsbtmi the ocr . P“***e unless stated!— imowted 

i..— • Oranges — Spanish: Navelisas 

Lewis fl*»d Peal reported Uiat Malaysian 3JW » navels 3.WL2.50; Creek’ 240; 


+ 1 


< dosed wflb Ilf tie netr rban«c aIK j m c market closed on a firm note. 
after uneventful day with consumer buy- Lewis and Peat reported that Malaysian 2.M-2.28- Navwa 3.06-2.50; 
ina shewing at lower level, reports Gill codown price was 206 « 204i eenia a kilo Jaffs_ S-154.M; Egyptian: 2-20: Cypriot 
and Duff ns. i buyer Fi-b. >. Ovals approx, is kilos 54/80's 3.30, 

. — , „ — . Moroccan: 2.40. Unions— It ah an: 100/721 


CiJCOA 

.reaterdaj-'a 
< Close 

+.OT| Bnsineea 
— • Done 

L"irtr't' 


Man-li 

.1737.6- 59.8 

r-4.35 1744.0-50.0 

Mav — 

.161tUI-1l.fi 

—2.0 le20.0-IB.tl 

Jiilv - 

. 15EB.8-70X 

—2.5 1SX0.964X 

»t»|rt 

.lfr«.M4X 

— 2.0 165S.0-MX 

tire - 

-1M5-0-I0.0 

-2.0 1516.0-06.0 

\J«n-li 

..I485.CX7X 

+ 2.0 1486.0 

Mav - 

-■ 146Z.fi- 7D.U 

+6.0 1470.0 


Xir. 1 
1LS.>. 

Ye*terrtaj''» 

Hoae 

Previnos | 
rime 1 

Business 
done ' 

Keb 

Mnivb .. 

49.15-4BX6; 
49.70 50 00; 

49.4MB.60 49.S.49.D& 
48.85X9.35. 49.75 


60-62.5 ' 

Amalgamated Mela] Tradms reported 
that In the morning cash wirebars traded 
at ££03. KL3: three months 1077. 7CJ, 75. 

75.5. Csihodes: Three months ££05. 55.5. 

Kerb: h'trebars. cash £5(0.5: three 

months £676.5. Afternoon: Wirebars, 

three JOODlhfi £676. j. 73. 74j, 7a. 

Cathodes, cash £650.5: three months 

£564.5. Kerb- Wirebars, three months 

£673. 75J. 76. 77. 7B.3. u. Sak-S- 2.9*1 1 3.0941 Jots of 10 tonnes. 

TIH — Little changed in quiet trading. lotemstfonal Cocoa Omanlratlon tU.S. (wni,' ngLun' *m faii'u «|js 
The East was lower overnight and a/ter cents per poundt— Daily price Tor Jan. 12- 1 w 

holding between C8.U0 and £6.330 forward 140.03 .J4d.95i, indicator prices Jan. 13: - , . m - ^ • 

metal slipped to a low of £tL2flfl on bedae 15+laj average 139.98 (140 90<: S+fay Sales: 392 »390i lots Of 25 tonnes. Per bag. Devon .50. 

UnStatton bSSre tSSSS 1CLW Physical dosing ortcos (buyers, were: Derby O.IM.ia. Cox’s 0 1MJS4. BnnHt 

onX Kerb at £6J10 There was am«t Spat 4S.T3: Feb. 48.35; March 49.25. . 0.1M.16. Poar*-Per pound. Conference 

rise on Uai week of £40. Turnover l ire rOPCCC - _ _ 

«*““«• COFFEE SOYABEAN MEAL ZEJ 3 *TSTln 28 

, - m - t+t,r - >•«"« cawed 59 p flon-n . on Urn. *>™* *™- 

bS, n D n? vtdumc Values fluctuated within nar- ★ 

■b Grade £ ; £ 1 £ £ Ule^^SSTu^SSe 1 "SS were ^“ ,ia “ en,al H0NG « oftC ' Cotton futures: Prices 

i ■ 6315-20+12^ 6300-10 -22^ uncbanc.d lo £15 lower lrom Thursday. ”***• fc P orL ' t SNW Commodities. rallied sbarpty - during week, with gains 

1 month*.' 6320-30 .^2.5' 6310-20 -22-5 Y(Htril>> + UuMuew 

detUom*|J 6330 -+10. — ■ lleMetri^y’s, ! ■ , Cluse ' — . Done 

Standard' . ' COFFKB I ' JU * C l + ori Uu»ineM 


100/130 

3-50-3.80: Cypriot: S.20-4.50. Grapefruit 
—Cypriot: 13 kilos 2 40-2.60. 20 kUos 3.00- 
3.80: Jaffa i 20 Mlos 3.304.65. 5oars- 
Spanish: Approx. 40 Jbs 539. Ctomentlnes 
—Moroccan: 3.00440; Spanish; 3.00: 

Portuguese; 3.00. Satsumas— Spanish 

2.00-2.50. 

AI+ Jue M.7SSO.BO, 49.bt50.D0 B1JM9.K English pradoce: Patatoes— f*er 50 lbs 
Jly-'Nfli.. S2.55 s2.60j 51.7a-51.M- d5.u 0-51.75 urtiires/Reds 1J0-1.50 Lett u c e Pe r 12. 
V“'Uf c ! indoor 1.20-1.40. Cabbage— Per J-bsR 

Jan- II r.. bG.I 64B.66 54.6a-a4.70 a6.7W6.60 primo 0.70. CaolMowera-Per If. Kent 
AicrJntH S7.1o-b7.2B, S6.1S-SS.56 b7.1b-57J)l> j.co. Beetroots— Per 28 lbs D-80. Carrots 
Jlv-S ,, | , 1 ^8. £2-58. 80' 57.B5-B7.M 58.6S-68.4S —per has 28 Sw 0.504.60. Onions— Per 

56 lbs -LOW .40. Celery— Prepack IS/22's 
3.50. naked 10’s 0 88. irs l.aO. Swodao— 
Apples— Per pound. 


TLN j Official 


Rhubarb— Per 


Cash— 6515 20 +12J 6300-10 -22.5 

4 nioptho... 6305*10 +5 6295-300—23 

Deuletu'r.! 6320 [+10; — 


<£ 


— i Duue 


per tonne; 


Xpennnnc 

Felmiaty I IS. 80- 1 6.4 -0.05 1 16.50-16.00 

April... 115.5U-13.4 -0.15 115^0-15.10 


StraJln J8171I —19 I — I Jamitrv J1964 1J68 — 4.5 j 1976 1950 June ........... 111.8+12.3 —0.05 

Sett Vorfc. — i. ■ — llarvli 11796 1796 —7.0 it>08 .7bB .VuauM. 112- 18- 17.5 -0.70 112.80-12.50 

- — - — May _;i724 17U6 — 16.0 1736 “16 u.-t-.ia-r 1 12.0J-12.8— 0.8S — 

^r a f^ VJT*!: Jul >' (1685 1687 — 11.5.1699-1660 Dft-emlier.... 108.8 -j. 10.0 -1.55 110JW 

mouths £6JM. M. £6 JflO, 10. Oi, 10. High 6e|rtemi«r .. .1650 1655 -22.5, 1655- IbSO Pebmarf '109.00-15.0—1.50 — 

Grade, cash £6.315. Kerb: Standard. .\,„em!*-r ..16201630 -10.0 - ‘ Saw- tz iUi tom of in mam*. 

three months £6 joe. High grade cash JwmaM- — 1650 1615 -27 6 - 42 100 « 109 «»**- 

£6^15. Afternoon: Standard 8 months I . . _ 

£8,300. £8. 93. 90. £6.300. Kerb: Standard, w , 1 - SUGAR 

three month? £8 JOS 10. Sales- -- 0jI *2.0431 job of 5 la naes. uwvraii 

ICO miurator prices for Jan. 12 (U.S LONDON DAILY PRICE for raw sugar 


□p to 1.48 cents on July delivery. Friday's 
close items per pound ■ March 53.7043.90, 
Mar 53.30-54^10. JWly 34.33-34 38. Oct. 34.30- 
56 JII. Dec. 54.7046JW. Week s hlgh-lmr 
March 54.0041.70, July 54.3842.31. Turn 
oti-r: 1TJ • 137 1 lots. 

HONG KONG; Raw sugar: Prices 

fluetuaicd narrowly over wet* in routine 
trading, Friday's cion itt-nis per pound): 
March M3-9.4S. May 9.S6-9.SS. July 10.07- 
10.16. Sent. 10J2-10.43. uci. 10.44-10.46 
Week's hinh+ow: March 9.3MJ®. May 
9.88-B.S2. Jtllv 10.0C, Sept. 10.41-10 .22, Oct 
10.51-10.4S. Turnover: 52 (441 lou. 


LEAD Lost ground In the afternoon ceoLT per .'wwii'i: Cph^bian' M M IlSi m tf h toM to goSd."pr?« nMfc^Jde. 'Sl!ir^SSS! 


on reports that Asarco woold settle Its Arab leas K»40 laamci: 

labour negoUabons slier bolding steady Arablcas 319,06 rsaaiet: other 

In ti»e doming helped by reportg of Arablcas 209.00 fSUJOj; Robusias 179.00 


i^T^Ud *** PrtC * W “ taed aoo-^So: S ^ C ^haSk 6 ' 

s±, ^ ^ sanst 

b is grains 

change od the week was fractional. Turn- _ m , n „ _ , £6 '°° ; * aWs? tt.W-D.0ft. 

over BJOO tonnes. CRAIN FUTURES tCAFTAJ— Market '“ rl ‘ qtroUtlons. C. Czanikov reports. 

— . . — ---- — 0Pl ' ned 5 hiBJ>nr . «» oid crop wheat and ‘tfurar 1 ' 

T p, n ' I + w i 1-^.1 r 0 " crop barley and wheat. l*rci. Yestentav 

LKAD . Offii-ial , — .LtmfflciaJJ — traded hcarily between unchanged and LTimmi . Ulrae 

7. 1 W higher early with large scale comacr- .;unn' 1 

£ £ i L I ctal buying. Towards lunch failles 


3ucar ! 



l*rel. Yrttwda.v'si 

Previous 

Husma#> 

Cum tit. . Ulnae 
Cunn. 

( 

, Ulnae . 

Done 

— 


COTTON, Liverpeol— Spot and shipment 
sales amounted to.54( tonnes bringing the 
total tor Ihe week to 2J79 tonnes against 
167 Tn n nra . . Improved business was 

l's»h ! 365-.S +.62.' 359-60 -1.75 tmprmvd up to »' hlghur "where teavy “ ' " Z 1— ' * evident in (he raw coitonmarkel after 

' mail hs.. 369^-70 +.12S 364.&-5.5 -5.75 prafli-iatiag. partleularl,- from country £|«?r tonne last week’s Inactive trading, Middle 

.Sett'lni'nil 365 £ +.761 — I sources, forced values back to 15 lower Ms*efi_ 119.40-10 50. 120. 1640X6 120.40-1840 Eastern and similar deacrlpuons were ihe 

.V. spot. — ...... ■32-33 i d urine mid-afternoon. Bm on cJofcc strong H«y lab 41-a.Mffli W-TLft Ht5.5ft-24.25 centre of attention, ¥. W. Tattersal] 

-- *— • • — _ w - _• - coomervlP- baying forced values to dose Anjf..... 12i.«2B.4.jl28.2S-2 0 .4in2-.M-»^8 reports. 

Morning; Cash £365; three months £375. borween 70-50 higher on day. Uld crop HI GS-al.|. 

??•*: 4*^°- ®- W.3. 69.76. bar.i-r thinly traded, btu remained steady lAw ...... 115.5 j+5 7 . 

a - ®-», Three months CffO. After- and dosed between 40-30 Mghcr. Both Mareh.. l57.2j-a7.BQ 
^^-r®i 0 a, £S e 2®”*“ 2‘ “CW crop options rallied strongly on news- May 140 85 407B[ 


U.S. Markets 


lil.4WI.8Q lil.M-4D.E0 
154.00-54 JIB ]54.Sg-56.e6 
I59.DO-58. IQ. 158.60-4740 
140.50-41.00 


INDICES 


*?■ fij- 5 * ®^. 85 ’5' nwr report at Impending devaluation of s,j es - IiS > ,vflsa. intc or i'isdih ' 

^ TtiHt m0BUB “*• “■ " arwn ^ “ fl by ^ Ta o Mfl Lyle ST ft 

«. 63 64. 53*5. _ ■* «« Barl " granulate bads tAuvLU 

ZINC — Lower in routine trading wfth W- M . 0-90 higher . Acli reports. - 

forward metal sllnpiug (ran a start of aiucav 
£263 to a close on the Kerb of EM.5, , 

The fall on the week was £9.75. Turnover ■Yesterday'^ + or ti'csii 


1,650 tonnes. 


M'nth, 


plise 


ZI.NC 


&.m. 

Official 


J**''- 

rial — ; LncsSca] 5y 4r> 

t i £ ■ £ £ 


C~li 274.25-.75 -2J25 273^-4.5 -2.62 

5jnenths..J!8(L25-.75 280-1 ' “ 


83.00 

84.65 

86.55 

62.40 

84.60 


+ 0.RJI 

+ O.SDi 
+0J6! 
+ l.lfli 

+ i^o: 


for 
40 

t same * a tonne for home trade and 
BARLEY n77 1 1*3* {0r export. 

International Sugar Agreement— lndica- 
eslontayV + nr ror prices tU.S. cents per pound f.o.b. 

— and stowed Caribbean pom: Jan. i* 
dally price 8.63 (8.71 1: average. 


:N.«e 


7055 

72.65 

74.90 

76.90 
79.40 


+ 0.M SJH 1 8.23 j. 
+0.40 


mein. H74.75 

Wert: — 


- i Buslneffl^don^wtieai:"" Jan, 83.1d«LK. Bache. 


+a 7 D WOOL FUTURES 

+ 1-10 LONDON— DUD gad featureless, reports 


oO.h 31 


Man* S4.85-S4J0. May 8t85^£.20 SeoL . - - — : v- ■ — • — — 

.82J96U5. Nov. BiJO^S^soieS: 2»! . «! 


lUnqootstL 'MommaL f Madagascar. 


Cents per pound. tOn previous Barley: Jan^ TO, 96-70. 80. March ^7>72.40. U ^ 

nuofficlal ctosr. ( KU per picul.' May 75.05-<L»i Sent. TIM-TeJO. Nov. : . 

Manilas; Cash £274-25; three months 79.40-79.15- Saier 132. „ . <n „ 

CS3. a. BL 80^. Kerb: Three mmiths IMPORTED— Whra l CWRS no. 1. 12} S"** 1 - S 

£289^5, S0J. Afternoon: Cash £270. three per cent.. J“. 4BLS8. Feb. out, March liH ' vo'njj n 

months SSL 80,26. SO. BOA SOJS. Kerb: 184JS TflW«T- VJ. Dark Northern Spring , 

Three months £B9J. SB. - NO- 3. 14 Per cent.. Jan. J8L50 Krt ^ cU *'" 

- £92.06, March £».«. - transhipment East S e ^ 0er "' SS'S-JI'S 

SFT VFR Coast Oiner andop unguotctL 

SUver was fixed i.U> an otmee lower aoa.00. March HBQ.ee, transliipnwnt 3oiy 

for' spo t deUrery ta rte Lo»^ baUloi. Coia. hm»oUd. Sales: Nil (same. lots of'l.SM Kilos, 

mriat yesterdiy, at U.S. cent HGCA— Ex farm coot prices Jan. is. YDNEY greasy tin nnt»r hunr 

BeBer ’ bnatoe88 ' sa!rs>— Micron Contract: 

4BL5Ci non* SJb. taree-moiim 409. 5c, caanre I7B.W- reed whaat: Kent £73.10, March 3 S?a 337.9, 338J^37.8; May 344.1, 


Omiiitn 

Ik wirt 


FINANCIAL TIMES 

■Ian. 12 Jan. 11 Jlom^asoi Year ago - 


256.3 1 1236^92 l_«40.16 ! 25 4.86 
(Base: July j, 1952=100) 

REUTER'S 

Jan. 13 Jan. 12)1 1 until hcoJ Year agiT 




1424.7 142 L3 ! 1421.4 ' 1587.4 
(Base: September 18. 1931 =sl00i 


DOW JONES 


Dow 

Junes 


Jan. 

12 


Jail. 

11 


Month] 

ogr> 


if Tear 
j <9!0 


^tot .... 350.78351.09 352.92 378.47 
Fomrea 340.21 340^4 323.40 371.94 

lAverafie 1924-26.96= 1MJ 

MOODY'S 


Mnrslj-'. 10 


i l ISlnn^hjYeat 


11 


ogu ago 


dplo (.V wn pi u-'8B 1.4*892 .4 872.0 ! 073.6 


(December 31.' 19U1=1M| ' 



NEW YORK. Jan. 1 L 
Cocm — Not available. 

ColToe— C " Contract: Not available.' 
CowwpJan. 3SJ0 tSS.5ffi, Feb. S9.48 
06 .NJ 1 . March auto. May GO .70. July 81.70,- 
* S ; 8U ' M-WL Jan. 64.50. March 
65.40. Mj> 88.30. July 67*0. SepL 6S.I0. 

Cou«n_No. 3: March 54.70-54.3U >54.611, 
May aj.io-3b.00 iSo.TOi. July 56.9637 os 
W. 57^a-57.ro. Dec. 5S.60. March 58.20- 
a9.BU. May 59X0-G0.$a. Sales: 385.000 
bales. 

"Gold— Jan. 17130 1 174.3UI. Ket>. 172JW 
M75.O0;. March 1TSA0. April 175.00, June 
1.I.5U. Aug. ISO.UO. Oct. 182.30, Dec. 

1 *j'»> b’eh. tbl. 68 , Apnl 190.30, Jung 

193X0. Aug. 1K.70, Ocl 19S.46. Soles: 
13.00U. 

tLnrd— Chicago loose 20.00 (samel." 
New York prime steam 21X8 asked I2L50 
traded i. 1 

aw* March 2243-2:4 1 224*1, Mag ' 
2285-22t>2 (228ii. July 2301. Sept. 230. Dec.- 
231. March 238. - 

SPIsUnum— Jan. 1B3L50-194.D0 1 195X9). 

April t»ijtH97.60 1199X01. July 201.08- ' 

201.50, UCt. 2D4X0-2IM.70. Jan. 207.70-297X0, 
■tiuU 210.80-310X0. Sales; 1.470. 

'.Silver— Jan. 488.50 1495 X 81 . Feb. 490) ' 
• -UI7.3III. March 493X0. May 50080. July 
307.10. Sept. 513.90. Dec. 524 J0, Jan. 

547 80. March 534.70, May 541.M. July 

345.50. Sept. 555.40. Sales: 15.000. Handy 
and Harman bullion spot 491X0 (same). ' 

Soyabean*— Jan. 5fl6-S96j > 5961 , March 
ittOoJ*. May tUMUl. July B174- 
018. Aug 81541b. Sept. 596. Nov. SSS-5881. 
Jan. 59a-59S|. 

jXoynhean Meal — Jan. 1B3JW-1G3A0 
185.90). March 103XD-163.39 1104X01, May 
1U5X0, July 167.30. Ang. 16s. 00- 16620, Sept. 
1B5.00. Ocl 163.00, Dec. 184.00-165.00. 

Soyabean Oil — Jan. 21X5 121.02), 

March 21.45-21X0 iSl.lgi, May 21X0-21.U. 
July Jl. 65-21. 70. Aug. 21.69. Sept. 21X0- 
1X3. Ocl 20.45-20.50, Dec. 20.40. Jan. ' 
0.35. 

Sugv— Nu. ll: Noi available. 

Tin— 564.00-575.ro asked (562.00X67X0 
asked i. 

■Wheat — March 2774-2777 i278i, May 
S4-2S4: <:'65i>, July 2bO-:89i. Sept. 2 DS. . 
Dec. 303L March 311 num. 

WINNIPEG. Jan. ft Rye— May 109.08 . 

111.501. July 107.30 asked (108.50 bull. 
Oct. I09.ni asked, Nov. 109.80 asked. 

ttOate— May 7S.10 ( 79.00). July 7SJ9 
asked ,t 76.30 bidi. Oct. 76.50 asked. 

JSarley— May 78.70 iTE.TOt. July 77X8 
bis 1 77.80 asked ■ . Oct. 73.50 bid. 

SFIaxseed— May Slfi.N (SI4.3S bid), 
July asked i21G-58 asked). Oct 

ui.OO bid, Nuv. 220.00 bid. 

Wheat— SCWRS 13X per cent, protein 
cunteni cU SL Lawrence not available 
«3K>. 

All cents per pound ex- warehouse 
unless otherwise stated. Ss per troy 
ounce— lM ounce iofe. r Chicago loose 
is per 100 lbs.— Dept, of Ag. prices pro* 
viuus day. Prime Steam f.o.b. NY bulk 
lank cars, t Cents per 56 lb. bushel eg- 
warehouse. 5.000 bushel lots. 9 3s per 
l nunuC tur 50 -mnee uoit> of 09.9 per 
-eat purity delivered NY. * Cents per 
troy ounce ex- warehouse. i| New “ U •* 
-■uDtract m Ss a bhort ton for bulk lou 
■f 100 shin tons delivered f.o.b. care 
Chtc.iKO. Tnledn. St. Louis and Alton. 

** Cents per 69 lb. bushel in store. 

»t Cents per 24 lb. bushel 73 Cents per ■ 
ta lb. bushel ex-warehouse. H Cents per 
is lb. bushel, ex-warehouse. 1,000 buttei 
lots. 


JUTE 


DUNDEE JUTE— Very Am. but m 
sellers. Cafcattu Bonds qntet. Quotations 
v. and f. D.K. for prompt shipment: 
IO-oes 4Wncb £ie.04. 71-ozs £7.67 per 
100 yards. Jan. £10.17. £7.74. Feb -March 
£10.35. £7XL “ B " twills £29X3. 09X1. 
£10X3 for the respective shipment period. 
Yarn and cloth quiet, bm prices firm. 


VEGETABLE OILS 

LONDON SOYABEAN OIL— Lacks new 
features on trend, reports Cnjsvenor 
Commodities. Clow: Jan. 310-tmmioted 
Yob. 29S-SB8. March 2SKB0. April 279-M4' 
May 277.273. June 277-273. July 277-273 
Anmwt 275-270. Sept. 273-288. Sales: NIL 
LONDON PALM Oll^CJosilK: Keb- arm 
March 270X0-280.00: April Mas. j™ 
July, Aag., Sept, all 26S.S0-2T0.8a. * 


1 




















f 


• ; - *Kmefi»>Satgrday - January- 14- W& 


BRITISH FUNDS 738 ,458®°® (ste^i wp.bbs® 

2JW« Ann*. 32 b* Cl Sf I) ImSSm («?»» 

4to0C Aims. 23U <10/1 1 g^rfe&STsai. 100.81 10 O 

V*H£ ft* 7 ,' 1 , 5 '* ' '* 145 »/5ScSl Rffl- 412/4/78) 100.8194 

2 >]iK Com. stk- 23i«a u® -to b ioo. a 22 ® ti 2 .i» 

|SU c SEw. L Ej,. 3 llfb % Ja 1 »»■ *«■ <,9;4,78 ‘ 100 960 100 -* 3 

" e8, Ist:WM ,0KO ” ,0,08s 
StopcSds. BM. (7,6*781 101 .292® 


Mo*c M.1 Son 
Mglta* <298* 
Monk CA.) <25 


< 20 rt 284 fianj 

nans *=:• 


1981 96 u »® 49440)3 >» jojIgeS j 01.858 lOzTfiS 102 

9toOC Eych. SI) 1982 99 *tbO lu , ni^PHc dm, (2j87B1 Idz*. ftQii, 

9; : pc Excti. St. 1981 100M® -to 39-6401* r”. ,1b 8%1 °10lil *1*2 

■S 11*11 11911 


This week’s SE dealings fifiBa*-- 

: riday, January 13 ! 5.034 | Wedn«by, January « SJ7*. Mod**, Jannary 9 Mg <11(11 

r»e list oetaw ream alt nmntarH marUmst mad Use tfe Mm ntt® «? -** # *** ***** *>•* «*“* to *■*«*■* Tie tetttF ew *• “JkaUiW bv M»rison cwm.i Spnrirti. (lOirt 200® 200 gj*? «. £. gM^jlQjn * 

Un date (ta hmCNri). Mu Bros. OOpi .MLOJK” K<™ W I t Tte 


: noili ’ , ° Friday, January 13 5.034 | Wednesday, January 11 5,978 

& 9 ffi25s® >12fo " ,a7Bl 101 J92 ® Thursday, January 12 5,266 | Tuwday, jiiiry 10 - 7,130 

Jto* 9'jpeBds. Reg. HZ 7/781 101.965 101.968 

* ’* io J. 955 101.958 102.105 102.109 n*> Hsc oeftw recoras alt naardasTr rai k tes* mad aba Urn l stoat markiast dortaa tae mat k at aay share 


The number <X dealings narked in each sectwe itA\mm the name of the 


Morris nitty pw ,’712(11 r 

IV MwrtS? mJu Wrt*. nopi 200 ® 200 grt.** ««£', „„ v . ^ 

An«q m.. « 

ol Moo «*• '■* DO. 97. OoCOa 110 19 1* 


IOIjdc Exch. stk. 1997 93V® E*!*>'i 7 5i‘ u JS5SV 5S' (30 $7ai > 10? 1 oft’ Voi^so * ect,<w - ***r*ta demnee «ms are Q fully paid and stock £388 Mb 

S’* «':i 6/4 * J «&«“’■ **”■ {3 ° 0 ' 7a, 15, 047 101 050 mid. stock Excbaiw M«rfties are quoted is pounds and (ractiuu of pwuds 


cam and the ita cam. (her dn oe parted as a martoi m«* f^^flioo<32t»1» B ^2£« ?5Sl s i 

prices ni wtricb bestow ins kitfl d*»*. aarpams an recorded h» *e OMdn KSL^^iiOpi lS*® 2 *180 g;5? 


««K 6 w s a ,8: "' 78, 99862 ”- 66S 

■WVAfi 1978.80 951. , s ’ ° ° ,J1 1W - Ua 

3»4pe Fpndlna Ln. 1987.91 74 Mi 1'i4U 7i«Bds- Rea. (29 Hf78l 100J. 

6pc Funding Ln. 1993 71 S U <i BUpcBdS. peg. H3'12:78i 101 >w (1211 1 

6«*0C Funding Ln. 1985-87 86%® >.0 6%peBd s, Reo. O^'tjTSI 99i « 

% 4 *.• !30CBd$> P*9. '7/2.7 9j lOS'j® (JZ1) 


h> h mm» and fractions of ocscu 

The Bn below gives ike prices at ortnek bantu does ay inmbdn of 
The stock Exchange have boon recorded In The suck Exchonoo Dally 
Official List. Members are snt obllsod ta mam berates, except to special 


pries b recorded. 


7pcBdl Res. 11S1 1,781 iooi»s ioa.162 i Bargains ar Special Prises. A oanums done with or Denreen aotMneaiDen 4 Bargains done PKrioa day. JBaraB* otme widimentberB 4*IMM ^ 
1M1G5 no;ii | Bxdutngc. 4* Baraalna done tor delayed deliver? or “do barms- in." ja— 4Anst raiafl) IHBltaMB SO— C a nadia n; SHS— JHdue Kods. ti— SJa tB awa o . MS*— 

SUalayan; JMe— Mexican; JNZ— SNew Z ea lan d ; SS— SSkngaoore: SUS— SUnbed Staiea; SWi— 8Wen lodua. 


Myddtetm Hotrii (30 pi 19b® 
Myson Gro. (10o» 59 

N — 0— F 

NCR 4pcLn. 59> {10;ii 


«2S?i 45 .11 I ) . ■ 

| Rossi 1 1 Holdings (5P) tte *9.i> . 

I Rsuffex iGreai 8r:uini (lOoi M -nOr' 

Roupmtt iSDpi 50 . - • „ 

' Rothmans Mini. B *I2 .-Di 49® 9 
iRotom non) ns. tail 
Rowttnwn Construct, an* JGrOuo vl(brt 94- 
Rowntree MacUmtoU i50o) 414® 80 I 


B^oc Funding Stk. 1999-2004 <R«g.) 41 H® 

SJjK Funding Jtk. 1982-84 884 %* 8 

6»«oe Trexs. Ln. 1995-98 70%® 1% 

7'2PC Treat. Ln. 1985-88 88^ % i* :• % 
71»se : Troaa. Ln. 2012-15 74 J <® 5U 
Bpc Trvas. Ln. 2002-06 79<aO uo 


PUBLIC BOARDS U.K. (12) 
FREE OF STAMP DUTY 


7':pc Treat. Ln. 1985-88 8S->* % i< =; '« Agricultural Mort. Cpn. 4::ecDl). 1977-82 Db. 97® U 
7%BC Tr oas.Ln. 2012-15 74 WSU 4% 82%tw?1». SocDb. 1959 J9 63 (11;li. 7wCOb. 72% 

8?SJ rr 5 a3 - Ln i Z0 9S5. 6 79'«® U® Do. 1979-83 79»i® H2M). BUBCOb. 63. 7UecLn- 199 

“n 9 ? I™?*.- , Ln -. 1887-90 B7'i® 8i|® % 6%PC0b. 72 ill.H- 7l«cDb. 1981-84 . % ■■ B? % *1 J 

i'-ww »- vxuv: v»a atiw ,tss 

e;-.> s , ia . 86 * 5l «•*- «*- * 

Bpe Treat. Ln. 1997 | 7 M SS® 7 to |1 ? PCLn - 1084 CAN 

?«* ' :i * lll * , Motra Water Board. Met. Water 3pc (Bi Bristol Chanm 

T.i*« *•?•„ 1 ii i* vf •Vorthern * Ireland Electricity Service N.I. V^CJ, ester S 

12 Si TreS Ln ^ Elec. 5 <:pc 1977-79 95^ I10.1i. 6'jpc Merse* Docks 




12'I0C Trcas. Ln. 1993 109 >pb Bi. to gi, p “r» °L Autov- StopeRas. 97 ( 10 I 1 L 
!2|iPC Treas. Ln. 1992 11o%® >*B % % i 2 6 :D<Re *- 56 n * * 

tSZI iS- ’illl ViV ! .® -;® j4 J cwlth. gvt. & prov. (i8) 

1^<PC Treas, Ln. 1993 11B>-® to® Antigua Go«L 60 C B 6 to < 1111 ) 

laiyjc Treas. Ln. 1994 1271ns i.j 6 u Australia iCommonwealtti ol) 5 >tbc 197s- 

151-k Treas. Ln. 1996 1291 -® s 1078 100 * H 2 | 1 ). Stone 1976-7B 101 

fe SS* ,B rt r ■-’* 7 * jv^io 


7pri>b- .70 Noble Lund ( 10 n) 11%® .... Saban Timber 1 IO 01 37'j h ; s _ 

*Sar f ®ya , » !art ,86 ® 800 3 


CANALS. DOCKS (7) p^^/o^B?ionV W1> ’ A ^ ISStlC « « ??£ E TJUTi, ^ ^ Ssfe MBS' tSUttt'B, 

'fir 1 ship Repajr ~ rto " 9) - 52 -t D“te 5 f^”^ 8 c miii ~ 43 S r&*s-t 

Hp?” . ^ 

sffii — « ■*— K^f|p' 2 ,ss:.4S"C “ 8oc “- "• ifenjFaafcTi: ■«. — ssiLf 

COMOAL. INDUST. (2,791) 050 . 97 flirts gSSRS? 104 WTJ BSlSTcSS’ i|S # 6o aSrt 66 02n> £Sg?f, u dro C »{. ^ 

6 « 3 tfLn. _SS« _ . infwdM sSTu* «Sn, 23® 7 1-0 7a C? f* Sit 'W*. T-..., -n im. ,«nn, NArvia Sees. <'10b> 26© _ _ rVl or 1 a 


COH'CIAL. INDUST. (2,791) 
A — B 


ills <5fl> 23® 2 1 :® 2® 


ISSfTBSJ-' & WJ * '-•* ’■ jVrJ/io 

as ksk at &T * , a aw a wt , jBi& 

3k Treuur* Srfc '8 .f u * 'HU*- Da- 'Hall wars. Harbours) 5hpc 

” 5tk ‘ 1902 8S,; ® ' K ® u “ ** 73'. <11/11. Do. 1 Posts. Telecom mu nlca- 

5 ?f Stk. 73 "»® .%« i.® 4 u 4 New^Zealam^ ipe Jl 97 , 11 / 1 ). 5L»c 

i!:* 1 Trlwury St Stk 57 gsiU - s. c SVJlVj 1 /* 

agUathTf^S' Stfc ' 95 *® ■ « 1* »jj Northern Rhodesia Spc 91 i 2 

g tfoc 7 T^Suury 1 " Ln ^ ^uth^RtoSaM' V- bcj 67® 7 70. 3pc 

issur: tn n : jii§ jga.'v vj^^f Eb<^-6™& or-fiM ,&?. 

■vssjPtt ar-b^’w. ,o °* 7 > *» 7aS!f 

5? 4 7 r SaS ' ,rY L "' 1<M AM® 

loupe Treasury stk. 197 a i 02 «u FOREIGN STOCKS (8) 

1o!?£ ris;.^ #.?■ ,12?» .JWto.J"!; to COUPONS PAYABLE IN LONDON 


‘ii-ifom” mJsswwzsssL.}'. <>«•’ 

hgcaii AGB Rmeareh OOP) 83 <12/1) 


77 7%^. DOwSlnS ig!h.|IM») 2iO0. 

In -an 51 C12J1). 7peLn- Dwra Surgical Hdp) 3&|^0 1 . 

- M > 8° Dowry Gra CSOp) 166 8 T. 7p 


Bcr^Aorpe Hkfos. [lOoi 58 <12/1) 
Braby Leslie HOB, 87 


Holt Lloyd 

J* , .... Homfray ( 2 . 

7PCLA. 164*2 Hoover A C 
. __ Hoptlnsons 


Holden (Ai Sons (2 Sp) 66 Cl 2 / 1 ) 
jlSUffeSLW&M 72 70., (ion) 

Hoover A cUpl 382® 5 02,11 . 

Hooklnsons Hldoi. /50 d» 79 B_ 1 _ CI2/1) 

ndS <5P) 


« jr&ffs e»*t ~ «» . 
[ §w.2s e ^: ar-^iSS tt!*;’*?* 

, If^dcS^TS'V Wll! 3 EaS« tanKn ^P?* M ^*1 

ISMKSV 7WCP. 
Ndrvk SMv *‘1 Ctal *r®|. 52 * 5'*OCPf. 39 4.11. 1i 

^ r ^ r 5 at HolSl l25P ” *“ 7PCLfl " 77 ' Seville GordSS IJ.I Crop SO 

f^Klngham Brick «0p» 21B S?up A i25P°»1?0 HO D. Sod. i 

Nottingham Mnto. (2So) 107® 8® *- ^a.n 70^ I i«H 

I Ln, B3>: . mtA am DO Crhluirleroer ilUSIl SUS45 IIOTl 


ffilnES SO., w™, 10 


■*" * Duple Intnl. I5P) 12® 13^ 13 
Duport (23 d) 65 ! ?® 5 
Duraoipe Intnl. <2Sp) 129 8 (1211) 
ail) Dutton- Forshxw 12SPJ 46® 5*J 

f Dumlc Hop) *»x <11111 . 


British American Tobacco 


10*;£ ST l , J«r,;Sr , . B 7 a g COUPONS PAYABLE IN LONDON SJSi? 1 AtemSu n m^U^\'9dtr(®:ij/ 9PC ^rponnmg COP) in — S 

IOIjdc Treasury Stk. 1999 Hss at £9 Sk Iceland «Rep. at 94,nc 0 988-92) 90to® Uns-Ln. 115® 16 (12.1) . British Car Auctions (lOo) 41® 1 E F 

£55 «tf.i 55-*t« ^i^ 4u“® 5ija°| - *’"**«, ^ British Dredfi/ns <25p» 24 (T2/T/. Bpcto. ^ * 

“■ ’«“>• =« “S'* 1 * “■ 95 • 'Zr^o.T s ».” 5 ‘ w “ us ,1= ,= hWuP™J3£H>’Ssr > z £ s 

13PC stk. njhj JiV to STERLING FOREIGN CURRENCY A i ,,e<J Co,,oldi <10p ‘ 81 w ht ® 3 ® 1 2 S^ n, Sp f jiS , tJ 7 l ,!# 4 2 nc B« lSSSS»4 

bonds £jia » a* 61 New g?- b^TOi. S^SssUffirS 1 

vA-bte Ram Treasury Stock 198, 96 to ?.»« ** WidW *'?"* ** 101 

v ? 3 R4te Treasury Stock 1982 95 to ^ °" NOt ” Mig ^ B^StSm'^.mm <20p) 82*=/® tot® Ifflg !S* (12/1) 

B ^Jvar Ln. 36..C® r,:® ,= to -S, v tt „ ^ & C^VLTH. RAIIS (3) ^ c_. ^ Bo n2J1 21°5 (9.1, ! "'New 

_'*•. ■» is L-j-l.,— < ..j MI- 1 .IM d. jwnh =ev* Alninp Soft Drinks (10p) 121 110111 British Svnhon Inri r?rini cat. I- ■ SUB*, e.\ ic i. ,vnis\ 


flfSESi ?• i * USb^a 


tf 6 ® JltSS LI? J^fasS) 1 ^* 5 (11/1). NV A 

ofekig 9 (?&?’l S ’ 2 20 '= I ^Sp) 4Bto ( 12 / 1 , 


British Car Auctions (lOoi 41® 1 
Bridth Dredging <25p» 24 (12/1/. SpcLo. 


! Allen <2 Sp) 49 110/11 


Hurrt Moscrop <5p> 30 *1011) . 

Hunting Associated Industrie* (25p) 214 
Huntleloh OOp) 116® 17 02/1) 
Hutchinson IOpcPI. 59 rt«1l 
Hyman <5p, 21 2to HO/li 

I- J — K 

I CL 250. StopcDb. 18 b® 

I DC C20pl 111 12 13 *10/1) 

Tbstock Johnsen (25pi 147 _6 i 01/11 • 


OiSSro^Smuel, i 2 So) 74 5 
Owen Owen (25pi 74 tllX'l) 

Panta (P ) nOp) 24 2 (12*1) 
pirate iB.) ii dpi ia „«•?» 


Sears HldDS- i25P* 64^ 5. 7pcAP1. 59 
61 l9’ll. TtjptLn. 67 - 4**T >:S 
Securlcor Go. i2Spi 58. A •Non-wp-* «25c. 

S«urfn' 1 Services A (Non-rtg-* i25p) BS> 
Setincourt <5p> £6to® 7® 6*! *L 9Wtr_ 


pirtS Ti 1^ar A ^mla C2W 108 11 flll S*m J ShIt Ests. iSOpi 9«s Mi'll 
oSJSnd ^r?rtlle (Hldgs .1 (25p) 69*2 9. Senior Tnp. Co. HOD) 2* (12 Ii. 


p^SSnd Textile lHldgS-1 USp) 
lArSwi. 7 ?^ <Z5 p» 48® 02/1, 


stk. Zs\Z: 9S ^ &?-3 S ^ '% mSt& w L 6 A^JasM. <25P) 27 5t w 8B ^ 12 , n „, fhtf ;s^nzrn ^ , ao IS^^Sop, 29 «2/i'x dp. a . « s; p 

, Stk. 196, IQSto r, to Babcolk Nederland 7oc 8*,. 94to rtlrt) A| ^ck^lr^ (10P, 93® Irittih 2 1 7 ® 1 2 1 1 * 1 3 2^75^8 1. S^pcP^M (9(1). S« £1G^> * 5 2 gEftgj 

; su - 1991 ^ .irxr^ ^ ® ?2s " 57# ' A?1B? T M&W^JSSillpNiia as-Xv-js ' 6*53! 

a^iVito STERLING FOREIGN CURRENCY " ' 1 W ^ VBB 

« . BONDS A>«! ?»' 61 I c2Ss> 77 ,^1. ^ tth t « 6b= 9 Bto 


4 5 b‘‘5. , «5K Ite*^5n S flV.„M JSK 


'■ Senior Ena. ( Co. (10PI S* t!2-1l. 9.6p , 

SOTt 7 (2iB?'m 2. lOtopeOB- 93® Oil - 
. She nut Ware <20M 74 
* Sharpe Fisher *2 Sp' 39 40 
, Sharpe iC.i 570 tllPl* 

1 Shaw Carpets 23 2to 

SneePbridge Ena. (2 So* 80®, ,8° 

Sherman is-' ilOpi 10b * 1 * 1* . 


AW** .<»*• . ,Sp ,n 52 » rw. Mew R b 871= /1 0/1). 8 bPCLn. 65 f12/H 

Allied Plant OOpi 14 (9/1). Do. New gritM, shoe Coro. StooePI. 4B'-t <12 11.1 
1< l 1 ;'!’ nr,,.- V*. BtoDCPL 89b: V2. 7PCD0. 88 * I12/1j. 


TocLn. 68 <1011, Edwards (Louis C.) Sons ISp) 12t 

British Steam Specialties <20p) B2*=t® tot® EdworS t193S} A <R0.10) 31 (12/1) 


A 1 250] 72® <12/11 
Eastern Produce (50 d) 85 
Eastwood ij. B.) (Sp) 10S 
Ecotra ildp) 73 (9/1) 

Edwards (Louis C.) Sons ISp) 12t 


( 12/11 

British Sugar Csrp. 490® BO < 12 J 1 ) 
British Syphon Ind. rzapi 59i- 


BritNh ri.j r.i- . „ Calgary and Edmonton Ry. 4ocOb. 3 6 tot Alpine Soft Drinks (10 p) 121 1 1011 1 British Syphon Ind. reap) soi; 

L i?- n. tt kt \ 3 zX 5tfc fl 5«iv* to 7 11211) Am.lgamatod Indastriafe /2So» i 1 9 to British Tir Products <10p) 5B>; 

Brute Ew*ri»w.\i ^ l. Canadian Pacific (SCS) 9.60:. 7topcWd. Amalgamated Power Engineering l25e) 128 British Vending (iDol 31 m.U 

British Electricity 4 I.bc Stk. 96to« to to to rsciOl 54 St® 60 112/11. 4pcPrp.Cons. 9 Mil „ . 6rtls h VM- .2 Spj 87 to: Bt 6 

British Gas 3pc Stk. 51to® to to SO'a 1*- Db. 37to Ama'gamsted Stoies (Spi 9i= to Brittains '25 d) 260 7» 5b. 1 

North el Scotland Hydre-Blectrlc Board Amat.I SiipcPf CSAIi SUS040 H2/I) 83 »11/1i 

98°?® MZM.^ E,ec - 4PC stfc 1 373 78 FOREIGN RAILS (-) E3& WS?.? u?Sp) 69 (HID ftSSFWuJfV fiSpanles hop 

MLa .Nflote rue LtL!T.“ cSMiV Northern Ry. SocDb. 93 1*11 Anglo-American Anhalt, 2 Sp, 61 (9,1) Brer, Eng.naering Hukflng, <„ 


Elbar Industrial <S0p) 215 (9|1). New 
' 5Cp) 15om < 1 K 1 ) 

ElMef (Sp) 15b 112/1) 


British Tar Products < 10 p) 58*1 Fiecu Hides. (iW 42b n2/11 locO A w-ir f-iu’^- 1 * -» Prar Pan Bakeries, 2 3 «f»la . 

British Vending nopi 31 ni.'ll Elecn-ical and indurtrlal Sees? <25o) «3t 2 ® J"S aM ,inSf as nail Peters Stores iIOp) 42® i 

hrtlsh Vtt- .2Soi 87 to: Bi 6 Electrocomponeots OOpi 345® (1211) "W w 73 l Di BocUt. Petrocan il2:.-p) 72 

Brittains i25d! 260 7» 5b. lO'-PCDb. E’ectronic Machine (2 Sp) 23 Hill) 1 5??' /£?•??*** t2S,>> 7Z ®’ ° Pharaoh Gane 8 pc PL 43 (11|1> 

83 '11/1 1 Elxtronlc Rentals Go. IlOpi 1219.1 2 ,71to flliH . . Philips FloaPCQ . 3 -PcLn. ,56Ujf 

Brock house (25ot SB® El'iott iB.) (25o> 99 <1211* lncer-C*ty Invest. . 2 Qpi 9to l*Jj Philips’ Lamps Hldg. (FI.10J 075 


NorthWh Ireland 7oc Exchequer Stk. B7® 
3pc Redemption Stk. 4Si- 

BMT. BANK STOCK (— ) 

FREE OF STAMP DUTY 


BANKS & DISCOUNTS (159) 

Alexanders DIs. 270 .,1 1) 

Allen Harvey 51 CO i12<1> 

Allied Irish Banks i25pl 162 3$. lOpc 
Ln. 132 


Anglo-American Asphalt i25p( 61 (9/1) 
Appleyard «25 pi 81 J12i1i 
Aquascutum A >50) 39 
Arenson «A.) OOpi 4d <9;1i 
Arlington Motor i25pi 120 (10/11. C 
New 27 ill’ll 

Armtage Shanks <2Sp) 72b 3b 
Armstrong Equipment (lOoi 59_ 

Ash and Lacy »25p» 114® nil) 


Arbuthnot Latham 165 (VI. fl). StoPCLA j Assoc . Biscuit Mnfrs. (20pi 86 (11/11. New Brotherhood (Peter) <50p) 


Brockhouse (25p) SB® El r ioet iB.) I25p) 99 <1211* i!!P nuilS? ‘ M.Th nci fit 

Brocks Group or Companies (10P) 70® Elliott Gp. d( Peterbarougb tlOpl 230 I Mer. Business Mscrwne* m 
Bjomsoroy* Casting Machinery isp) 31 to 2 ® 1 _ i, 2 J *u«h n 74 noi 

. (1C) Ellis i Richmond) <5 p) 18 17b 19/11 l ater, r nri IWI. ] 

) Bronx Engineering Holdings IlOpi 37® Ellis Eyt^ard <2 Sol 92b 2 Inter Stantord EleC. S .pcLil < 

02 1) Ellis Goldstein (Hidgs.) £5p) 18** Irtjr. Stores 4topcLn. 42b 

■rook Street Bureau of Moytoir (10 p) 66 EJswick-H&pper (Sol 22b 3 b 2 - 67 b_j 9l1i iux 

DC. Brooke* Bond Ltete aSo) 46b® 7 6b ‘SSSSnUSSS. 1 ’kff’Um 7 J 

s^efc. iW& !-r^ n ^® HWo " n0p,12,s4 ‘ n2 ' 1> TT7,unL» 

7008 44 ■11)11. 7oetn. 20O3riM 60to® EnertTy Sem. Electronics ClOo) 12to to: J. 8- Holdings (Sp) 62b 02/11 
59b- 7topeLn. 2003-08 65 England (J.E.) Sons (Wellington' »5p) S4»= J.CI.G. 25oi 27 

' ‘ p) 111® (12.D ifito) Jackson .J. and H.B.l (5P* 29® 

6(11/1, English Overseas Invests. HOP) 21b 2 Jacksons Bourne End ■»£ 'S3 <1VJ{ 


67 blBJIi PlrelllGeneral Cable 7pcDb. 69 (1011) 

inter. Timber Corn. -ISn) 131® 1 30 34 2. p ittan - ,2 Sp) 65 
TOpcLA 135 <T2.'11 Plastic ConstniCTIons OOp) 65 

ynveresk Gp. SOW 76bt® 7 b Plaxton’s iScarborough) i2Sp) 129 

Pleasurama iSo) 70 '12/1) 


») 62 b 02/1) 


500 Group i2Sp> 72b® . 

Sketchi-y «25 p« 106 n-:l* •! 

Small U. C.i 71d*ast«P =3 iSi.n 
Smart (J.l iCo«racto»»> >10 o* 48 . *911 
Smith Nephew Assoc. <*0B) 65. B«n.Ln.. 

si* h "Biilmw T 6pcPf. f50Pl 20 <12 1* 

Smith (David S.< iMteos.* l20pi 
S mith Hidgs. iWtl.t wort tii .5 p* 7j® 
smith rw. H.) (Hlrtovi A .5i’o« 163, 
New A 1 5 Do) 167 I9.IL, 9 . 

(1 Dpi 31 (11111. N«w 8 <10Pi 32 (9.1 

Si-pcun. 37b 1 1 2/1 * 

Smiths Industries iKCp) 169® 8 
Snwjrftt ijcHerson) Gro. (2Sp) 210 l, I 


t&F*" 900 89 9, 9 °- 7UpeDbl ji. o 

jSteWV aim - I WTOi 1 - “ !?. 

RiB^n'SSi 45® ^?5® ,1 S!». »«* 2 ® 


Greater London 6 topcsikT 74 to® ‘ to (12/1). ** M1 ' 1 ' S^BtopcLm 6B:® llim"" Burrdtme Investments ‘ 5 ,M 1 7® I tiered lUdgs^ilVp) \6‘j' v 

9'iscatk. jufih. ®.=pc5tk. adc* nw **. I i 7 i^<i l >1 1 Assoc. Paper Inds. I2bpi 50 (12/1 1. 3 to pc Burnett Hallamshte Holdkw <25 p) 189 Evode Hidgs.. <20p) 80 

1 2 I VSd tub U Ix.-arXiiTia*.. Comm. Bk. AusL *5A1 • 171 Ill’ll p. Mj (. . -toll it Ml. A N-Vt*. (2So) 1*8® to® <12 1)1 Ewer (GePriK) dOP> 2Sh 

106 to® * C nH!T e £?^*. ,»uf S?^u ?5n!fi Certs, Portland Cement Mnfro. 268® 7® Burns Anderson 41 Op) 3®b« tot (1 2 1). I Excat' bur Jewellery <5p> l)lL' 


Burrdmc Investments »Sp) 17® 


Evered Bldgs. (25p) 16'= (10/1) 


1 06' to® *v»a a iscjlk. I 3 bj Commerzbank Aktiengesell 

S££rc£r i sStofii^-, 69 m 

■tsawsi ^ssm-s; 92 m - i> - 

B ?S, IS!'* ° IJ ,V GritesJl i 17® i’b'i) 


Metal (25o1 62 

3) 73 <11/11. 5-45pcPf. 56 


'•12/is “ , .... kenning Motor tisp) 7». Now <25 p) 

FaWsle Tejrtlles (Sp) 16 <11/1). A NV 77b® 1 L 7ocPf- 50to® (18/1). BpcUps. RCp New {fr pd _, U5pl 3B (12,U Do. 


r^r^* rf n 5 .° '“’ J 5T n2 '» Morgan iSUS^SOl 26*>* 26.29 
- „n r ,1 m 0 . } 1 nn ■ National Commercial Banking t 

Coventry (-.itv of) Council 1 09 to i9/1, 71 .. iincPf. 91® f12;1i 

Coventry Corpn. SccRedjtk. 59 to iB'l) Nat'onal Bank Australasia 1 L 01 


C^ESS* fiSSBmPJSKf. C * rt, ‘ *s»c- Portland Cement Mnfiu. 266® 7® Burns Anderson « 0 P ) 3®bJ « (12 1l. Exnl'bur Jewellery <5PI illk 19 to Jonco Stroud tHldBAI lOpcPf. 1041® 

Dep. Warburg iDMIOi 14 *10|1> 4 j K nh. 72 L iitm. gpcDb. iikLa -19B3 84 (ion) Exchange Telegraph (Hides.) <2Sp) 100® 1 .12(1) 

£ r * M L. A J! s, “ ehe . r «? ®P' 11*J_ 34 V <1 Oil *. 7 6 topcLnr 46 (Ill’ll BunSl (So) IS OKI) Expanded Metal <£5p) 62 Jourjan (Thomas) (lOp) 40 39 (10/1) . 

““t U5p ) 186 A isoc I at M 1 Spra vera( 1 Obi 33 b 2 tortSi ^o^’VoV) 1 M 30 AN-Vtg. FMC (±5p) 73 <11 HI- SASpcPf. 56 

8 G ;fiSw ‘n^ nn nnm Associated Television Cpn. A <2Spi 110® -bopJ US® IS. WaranU to suta. .lor non) K Shoes. (25p) 58 7b 7 , 

8 | im 1 12, 13 11 10 9 . 1 A N-Vtg. 24b 0?' 1 !: 7 p ^. n - , J2I® FPA ConStTKIlM Grwp I25B) 19b 20 KeN’vitt Hydraulics StoPCOb. 73 to b 

gSl^'lW' Nalsvj’ ™ " .S2S.« a SSfe SKi'S’ S 7 * ,m ” fSSSS.’SSS^? oSS» oa» 67 ,£!S' 1-m1m , 2S „ 116 t,r,i „ , 

■ns's S"i ■ h:’”” c_ D riKii <*» i 6 <i.n, a nv 

H S3" l! 5 n | B-nklna .SHK2.56I SVi ’(Lelmnl M Ool ’l. v'.B'll -MvU- EM»l» M OM 10» . 4. Km't IM. P. } [10.1 41 flZlll 

w.¥.w ‘”'’ - 7 “' aaBsaKsaair-aw M 49 &»«ss«ftaYVr 8 V ,, sii.w w/l^w 

A/^ ra. w . 67 js.r-SBtoS’vaa*. r. ^”* 52 ^- 3 ,««.*»* ay- a» 

L dto® Sto ii - 299 88 B3 ’ 7 : ” L 960 Ayrshire Metal Prods. (25 pj 50 (1011) Cartyns^SOo) JO^rtin^ Federated Chemical Holdings f2Spi 72® Kynoch (G. GO 6 bPcPf. 35 

Lombard North Central 5pcPI '40 to® '12/1 1 BAT Industries C25pi 277® 82® 76 5 7 c!krt rr.d^bey HOP) 53 (loa). A 4-^ated Land and Bunding (25pl 39 T M 

MEF u, ]f 125 4 ,1 «1 3 5 ®a S . 3 80 78. Did. Ord. (ZSo) 229t« 31 1® non) 2 * '12(1) 310 rg/l) ^ “ 

Midland Bank 393 1* 2 90 3 4. lOtoPCLn. 27 8 32 2S Caled^nlen Ancelated Cinemas <-5p) 310 ' ' - S1 f11f1l 

i« h ffi’R smvi mM " &T-a»*«sK. • w . 


jfSSto £3ir Estates USw 12 <9H> Polymark Inti. iIOd, 54® 11211) Sothebv Parke Bcrnet Group U5pi H1< 

James -Johrvi asp I 44 1K1> Pontln’i IlOpi 45® 4 M .® i=l® 3 to® 2® IS® J4 . 

James (M.i Ind. <20p) 10b 9b t= 3 2. 7ncLir. 195 Sotmtl Wte'Slon C#P* 981- <911 

Jamesons Chocolates -1 Op i 70 " Perk Farms ilOo) 418® SllrijtBd Stadium (Sp) ji <9iH 

jwvhlj.i and Sons -25 p) 191 2 01/10 Portals Hidgs. < 2 Sa) 242 ( 10 / 1 ). 8 pcLn. Southern Construction tHldas.* )5pi 9 . 

S ’ 1 Pomr f Chad burn . 20 p) 112 10 ) (12/1) $2(£. -C. W.« <20p. 116, 10 1* x „ 

JeromTlS.) (HWBV> 2 Sp* 51 (1T71) Powell DulTryn (SOp) 191® • Spear »M Jack ioo Intnl. ( 2 Sp) 12- 

jessops Hldoi .1 .TOP) 32b <10.1* Pratt (F.) Engineering i2Sp) 64 U2TI). <12ri) - 

Johnson and Bams New Ord. (12bnl to to BpcLn. 85 it 0 / 1 , Spencer Clark Metal Indus. (20m J4C 

Am iQ‘i> Are^Hv • \ i i7«"i n z 1) 

Johnson an<f Plrth Brown <25p) 62® 1. pr«H (Wm.) ffip) 2«bM 8 t- tot. 6 h®CLB. Soencer Gears iHid?s.)(5n, 31 (91 « 

£Za^%&&>£& ^ lPCLn - W P^W* V “ 6 - M ' 54J: ‘ 

jShSSilRIchlfds UH. S and R.) TMe* tSOpi pri« ' Clarfce°i25pi 2 5Bi=t ^rnimiir^Mrli ^Mi'^rTTnl l 2 - 5 f >> n 1^ 

344 ® 38 4 Pritchard Services ISdi 301® 2 to. . Soooncr Industries I25ni 54 (9 1) 

Jones (Edward) (Contractors) (lOp) 13 Prrorletor* Hay’s Wharf 155b ^Ifp’^shhe Pclt.jnea LHIdai.l (200) 154/ 

iones Stroua tW, IOPCPI. 1041® ^^92® 2 . JSS?' W 19 18b 

Jminlan (Thomas) (lOp) 40 39 (10/1) . Rye Cambridge fibPcDb. 89b 5W« F ,Hr' l SL re , n H , WB5 - USpl 1Qa ® 93 


Q— R— S 

Queens Moat Houses (5 pi 29b® 9® 
Quick iH. and J.i (5pi 34 ( 11 , 1 ) 


| New IQpcPf. 101 
SlJkis LReo.i OraanlMtion <10p) 23 
Stanley (A. G.l Hlc-js. (SP, 135 ,10, '1 
Status Discount tiupi 126® 

Stamm Industries 231 
stead ano Simpson a (2Sp’ 39 a ao 39b: , 
8b. 4bPcDb..Pen>.< 30 (6,1 • 

| Stool 8ra*. ( Mates. CSCKx 360 (12/1). 7m. 

Stcetlcv (25ni 192. 6'jpcDh, 74®'. 


J Stk ,n Iff 4 76 S, f i |%1? OUBtV COUncU 9pcRed - Lombard North 'Central Spew 40 b® H 2/1 1 BAT Industries (2Spi 277 

E fmKHrt™. V™n inn .win Mercury Securities IZ5P) 133® S 3 80 78. Did. Ord. <23 

9 m<M B rn£Pn V ' o.rCM Si’ 1 i nm Midland Bank 3931® 2 90 3 4. lOtoPCLn. 27 8 32 25 

,00,| “ 55® 4 to® to. 7'wcLn 91b* 90b 3BA Grouo (25P) 63 

-i/ti tfStaStSH,* rV°„'L, c , Minster Assets rasp, 60 BCA ( 20 pi 120 ..10 1, 


Ayrshire Metal Prods. U5 pj 50 (1011) 


>n and G€ n enl '.5 pj l BO* 1 ^ UO 5$ 51 ii> 1 2 ! «S Radio Rentals 6i«acLn. 520 Il2. a li 

ntemaftonal HOp> 2» (9/11 Kw > k Save Discount (1 Do) 2100 10 5 6 Raine EnaincertrYO Industrie* 11 Op) I6«a 

■ted Chemical Holdings (25pi 72® Kynoch (G. GO 6bPd»f. 35 Rakosen (1 Op) 18 to (9/1, 


Now 6 pm LT2(1, _ Ln. 58® (12.1 1 

RFD ,1 Op) 66bt 02111 Stectlev (2Sbi 192. 6topcDh. 74®’ 

RKT Textiles (IOpi 73 0 2/11 , , Steinberg Group 140 02 1) 

Racal Electronics OSpi 206® 5® 6. B 5 * Stentmuse Inns. S'rpctn. 57® 
RauaM Metal HnJshlng ,12‘=p> 29 Sterling Ind*. (4boj 25- 

Radio Rentals EtoacLn. 52® 112.1, Stirling knitting Grp. 20p) 23® 

Raine Engineering Induttnea OOp) 16b fJOCktoke Hlogs. ,25n< 7S 
Rakosen OOP) 18 b <9/11 »Hldgs.l 125p- 29 HJ.1L 

Non.Vtg. (25oi 28 b 12 1» 


&^»rt5 rt 3 12,i 12 nr;1 ’ s^St^^spr 112 ® lib 1 . 

RaiS^Ck®- 21 (2SP, Z ^5B® 9® SO SOt «=; 4) V 

521 Bi RLpcPf, 5GUA BpePf. 69. r 0 *^ 152® 

l5b ilHc WajOmXM. 72 |t Godalrmng MOol 34 (ID II. Nei 

; 11 2/1 L 10toPCURS.Ln.B6® Sbi « cioSS 1 ^1 k-. ' 

Rank Hovts McDougall ,25p> 46 7 - 6 b. S™?* Fisher (25PI. 11 


L.CJ*. Hldg*. (25p) 94_ 


I BICC C5DH 113® 9 11. 6 bpeOb. Bib Camoart OOn 131 K- » 

I25p) 79 8 (911 1 . 7pcDb. 75to (11/1). 7topcDb. 721= Caern (H’lgs.' f 20 o) 7 Z rt 2.11 


Coventry Corpn. 6crRed^tk. 99to ,9’11 
Croydon Corpn. 6bmR$d-5tk. 89 ill 1) 
Dudley Corpn. 9>. ocRcd. Stk. 99 ,11 1) 


7b. UpcPf. 91® (12/11 ,911) Cl-^tlan • Owraeax Packaging 

Nat’onal Bank Australasia iLondon Reg.) BQC Intnl. I25pi 77® 6b® 7 b 61= 80. rtOIII _ • 

9 All 179 3. Ord. U>A1i 44 3 , StopcDb. 74® (12.K. 9pCTor»naee Db. Canning (W.) i2Spi 61. 7b 

N-'tlcn’l Westminster Bank 296ri 3 90 88. 1990 B8to (9,11. 1 1 bPCTnge.Ob. 100to® riO/ll -- 

Warrants 103® TOO® 2. 7 pcPI. BBl-t (12 1* Ct(*rr* A ejJ-W». «n» 29 


E dinburgh Corpn. 9oto (11 1, Warrants 103® TOO® 2. 7 pcPI. BBl-t (12 n Ctiritrs A iwm-rtg- ,'20nl 

liasaow Cortm. 9>«p=Red.Stk. 96 to 11111) BtoncLn. 99b H2H*. 9peLn. 84b® 3b SPB Industries <50o1 244®. 7topcLn. Cane Inds. f2S«a' 113® 13 


6PCAH?54 lia’lto 94 6PCBP?.' 54: 112/1)1 ttyl^Sh^^C ‘ J 'Si' V-' f . N , t .?, 1 ' 01 ” ,! - 


Grampian Regional Councli 10'jpcRed.Stk. Ottoman Bank 40 (911) 

100't®. IQtopcRed.Stk 61 to 112 1) Rea Bras. , ZSo) 62 
^Hammersmith Corpn. 9<=pcRed-Stk. 100b Royal Bank Canada ISC2) 14 to® ”m to 
-Mampthira County Council 9topcfled.Slk. Schroder* 444®. BtoncLn. 73':® 112/1 * 
100 ill’l) Standard Chartered Bank 419® 20 17S. 

Hertfirdshirc County Council 5topcRcd.Stk. IS'-ncLn. lOBto 
93 S® .12 11* SbocRed-Slfc. B3to4 Toronton-Domlnlon Bxnk iSCI, 9to (12/11 
(12(11). 6 topcRed.Slk. BOto ,1211) Unlrn Discount *40 50 

Islington Caran. lOpcRed.Stk. 101 to (12 1) Wlntrust I20p> 66 <10/1* 

Ken*. Chelsea IRB) Var.Rt.Rd. (l922)P’..o 


Caolan P'HWe G-ouu (100) 70® * * 


B5G Intnl. C10P) 40 '« to 40 to. 12bnc Coo"er-Nel» i1"’«.i 67 -i 
I 1 4 to® »w to Ln. 104b 5b '-. 35e ,i s - So*. 44^ via-yj 

i. 73b® 112/11 SSR (IOpi S3® B 9 carevewF. Intn l.. n 

, 419® 20 17:. BTR <2Sni 242 C*ri*** Cjje« Ly ard 10" ■ gt.pjxn. 

Babcock ano Wilcox >2Sp) 114® 131 t® Carlton I «dus. (2501 166® 7 9. up 


Pnisn 0.1 (10m 29 nun 
FI "la* (.Uirni (50nl 306 H Oil to ! 
7-dW 5« < 12 ' 1 l 

First Castle Securities (10p) 37b 
Fisher (Alberti Group fSjw 12 (11/1) 
FlvonS 37S® 5ffl 69i 73 5 
Fflrh Lovell <20o1 82® 59 8 80 
Ruldrlve Engineering <20o) 81 ,911) 
Fouartv (EJ -25o» 142. (11111 „ 


Laing (John, Son 125p» 
5oc . IS ncn\ an Rnrllit 


Laird (25 p) 80. 0 pc U ns. Ln. 8 3 (11/1) 

Lake Elliot (25P, 61® 

Lambert Haworth ( 2 Op) 39b 40 (10.1) 
Lancashire Cotton Corn ,3p) *S 
Lancaster (D. M.I S*3i» 6 

Lone (Percy) (1 Op) 62 

Laporte Ind. (50p) 99t® 8 ® 7® b 9 6 - 


Ransome Hoffmann Pollard (25p) 66 ® 4b 
5. BpcUns-Ln. 86 ( 12 . 1 ) _ 

Ransomed Stms Jefferies 133 
Ratcllffe (F. SO Inds. i25bi 75 ( 1011 ) 
RattllHs i Great Erl doe) (25p) 63® 

Ratners CJewellera) (lOp, 94 

Roybeck ClOo) 71® TO® b to 1b* 70 


Kens. Chelsea iRB) Var.Rt.Rd. (1922)P'-o 
■ Kensgn Chcl&ea IRB) ITtopcRd. (1978-87) 
103J<q«. 1 1 toOCRd. ii 985-87 J 14"i 


BREWERIES DISTS. (171) 


Kent Co. 
Lanark*. 
Rd 1 1 9 


12 13. AtoPCDb. 8 fl»a a. GpcDb. 84 76 <10/1* 50*02*1, SbartH* rE J . 25m l 42 (?1 111 Liportv lnd. (5 Dp) 99t® 8 ® 7® b 9 

ConstmcHon ( 10 .C 12 Cl, S^S^W^SSSi liSSEM&.ll- 

B^y t XC. H., HOP, 9*,« bf W® tot® 8.4PC CaolUl Corp. 6 pcLn. olpltt* '■ 7Kn - 

Bvlnbridce Engineering OOp) 34 (12/11 rf fe . T ffi.rj.S '! 1 ««- > 40 c 7 Z?’ru 7 ^ ?e , L,, iinlf 34 nan, Leboff (S.) (Fobd) HOP) 5*b® 4 *2 

Baird iWm.l 181® 68 ® 7 uVv^?/‘ ) lndr ,25 pi AS Ford (Martini „(10gi. *4 . (12H » t Letius iHairtti (25P> SSb | I1W1I 


KOrOKK IIWI <IW IUV * IV I (.Ha.; nr., a . c 

Roadie ut In®. < 6 o) 35 4to- B>«ncLn. 76 7 S£^: 2 e ®£i®i* 


Sumner (Francis) (Hidgs.* tiOpi 16b 1* ; 

Sumrie Clothes (20 pi 27 (11 n 
Sunlight Service Grp. HOP, 2Bb® 9 
Suora Group tiOni 3G 
fute;. Electrical iSp) 8 <12.'1 • 

S ?12T? M4Utl 8 <KSi,, Cl 1.73® 11.7 1 


Beany MWeri^on Crete C25m 135® 4b« « 

56 R«i^"ciymm <S0n1 432® 26® 3 S 18; 
22. Spc*»f. 46b 

Record fi*dgway L26p) 66® -Cl 2/1 to -New 


(Fobd) (IOPI 53b®. f b 


Svmonds Engineering .*5pi 18 (liirt, 

T — U — V 


(12,1. <2Sp) -311 


sfinrPf Lec Relrigergdon ospi 75 Dp I 
lopcpr. Lef} tArtjmr) Sons ( 12 bpl 23b 3 
Lee Cooper Group *25p1 111 
Leech (William) lZ 0 p» 82b® 

... Leigh interests »3p> 157® 9* 8 ® 


ra„ -M~ T 2fi(B n0 "' 25 ’> <9 ,) «»'™- 

»'SS41!Uo..u S ,.a„ „, Wj ’**» ,7: ”* , 9 I V_ 

RedHfuslon < 250 ) 90 ® Tarmac J 50 pl 136® 5 4 6 8 4 b 7 . SbD 

SS!p?%to OOP) 57 . 4 topc 2 nd ir&v **■ 58 8 ’-ft., 

46 7 ^\l»^Mtop 2 Sns f 1 L 2 n' 1 , 67 .- 7 ,lD i r f 5 

Reed Intnl. . 134 ® Sb® 40 36 7 8 9*41 Cnv.Uns Ln. 114 “ L " 130 


L-vcrcool Corn. J jpckd. H9ES-78> 97to 7-*jc-n. 71 to b (12 Ii ' 9 iit (A. G.» CZ5m 203 >10 1) Caivoods Hl-as. <2501 1365® rt 2/1 ,. 4bPC 63"b _ _ 

nun b «a:Ro. 11^76-7 o' 99 i12i 1). Bas» Chairinguin Growers 7HncLn. 68 Bart 4"1 Wallace Arnold Trust (2 Sol 70 FL33 HO ?1 Fothergdl and Harvey (25p) 83® 5 

9ton:Kd. ii9n-J-o4) luJ 1911 Cli/li oarran Developments Mum i/d® s® 9® ceiestlon inds. (Sp) 36 <11111 

Maidwono Com. GtoocRd. (1979-81) 89to Bel.avcn fagff USp, 41® b® 4,32 ^ ^New Urn. 126 (10)11. 25 p, 125 1**1, !S g^9 ^»g jrfgl* 

-Manchester Corp. 4pcCons.lrrd. 30 ,9)1/ Bell (Arthur* (aup) 233® 79 20 3 7 8 84now Heoburn twp. (2Sp/ 46. 12pcLn. Cwitral Sheerwopd'Sm 48 1227? uJ- L .7<nl t, P ® 

M.dus CC 6-4X.IU. .IMOU. 94 ,12 1, dcedlngtons Breweries >25pi 1400 B 5Sr, < !iJ l fau. r2Sol atw n Ctrrtral Mot. Trading Group (lOoj 67b Freneh Kte HWos. OSP) 33 

Newcasilo-Tyne Coro 9toiACons.hd. 11978- Iruwn (M-tthew. .25a) 109 12 (12.1/ ju2££ riia r-« Wvw 7uocLn 97to "9(1) Fried land Doggart '250) 92 (1 1/1) 

8JIM*. Ill II btoPCLons.hd. 11981-04) Buckler’s Brew. ,Z5p> 42 nSrtaSi 250 M(1 I’ll * kimum uos«n u ,ini< 

&9'4 - . 1 ■ .i.r.i r> ji. l25d) 139 (9.1 1 6a *h and Portland Grp. .25p> 75 6 Centrewav (50pi 230 « ilr* 

iwr* c 7 “ R «- " a7 "-™ Kff&i , Bseii!5jg 1 , 8iL„ E5ssa::i G -ss.'^. 5S / : .'i 8 ”*«"- g-h 


(e(ta . Leigh Interests ,5pl 157* 9? 80 9 60 1 _te-.Sg.pl*/ 1* Tarry (E. W.l (25p* 78 fi 1 - 1 ) 

(50p) 108 Leisure General Hide*. <10p) G9t Rred <Aosttri 1 Gnp. <25p) 87 (9/1). A Tate Lyle 206® 8 7 9. 4-topcDb. 

_ Laaure Caravan Parks MOpi 114 <»p) W^ilOli) 12 ; 1 l S'jocDb. 77 (12H. 7 top 

® a ® Lennon* Group <10p) 38 - n 73b (12H 6 -toPcUns.Ln. 67 is, 

.. Lesney Products tfP) GO 1 59b 9 Reed Intnl. .134® Sb® 40 38 7 8 9*41 Cnv.Uns Ln. 114 

I). 9PCU1. Letraset Intnl. HOd) 1050 3 6 S 58b 9b. 7pcPf. 67b ,12/1). 7 bP 0 Ln. Tavener Rutledge (ZOpl 115 HO 1 1 

. - Leu ex >5PI 17*=® 17® 18 ...... 63to * 1 1 1ll- TOpoLn. 76bt 7S 7 ,12/1) Taylor Woodrow f25pl 404® 400 39B 

® 5 Lewis (John) Partnership SpcPt. 4Gb til ft I Reed Publlttilng Hidgs. 3bocDb. 62. Bpc Tebbltt Grp. MOP) 14f10 b 

l.gv- JB- . 6 Jiff M-,f» 1 U2h l ^ Pto. 76® 4to ,1 2/11. SpdUl. 74 1® . TocSomlt (2Spl 1 12 b il2 Ii 


toCW>® (jwmiii rma inciomip wrw> • - • ■ • • • v 1 

Lewis's lav. Til gi=pcH. 69b ,1*11) 

Lex Service Group (2Sp* 76b® 7b® 7 6b. 
Secano Series 2ob <9/1 ). 8'iPcLn. terry. 1 


Fried land Doggart ( 25 p) 92 ( 11 / 1 ) 


b Otv of London Srewerv and Investment. 


Beau tors) Grp. MOD/ 49 


Chamber! Fareus (Soi 14 (9/1) GEI fptereattoul j20p) S3 

r. Change Wares : 10 m 20 i; G.R. (KMgs.) isop, 420 ,12/1) 

- ciuin&vi fBathami fSOpi 72 112/1) G^lliford Brindley (5p) 64# 

Ch^Sotf*h!^striir Wdffi. lOtoPoLn. Garoford-Ulley lip) 17® 1S«, 15to 
ii 881a® 11211* Garnar Scotblalr l25o) 103 ,11/1) 

Chemring *5ol 47 HO/Tl . Gates (F. G.) t2So) S2H HZ/TJ 

, Chloride Group (2Spi 108 6. 7bocDh. Geller LA. and jT i20p) 32 4 (9/1) 
v 73 rifim General Electric Comoany Sb*. ol Com. 

^ Christies Intnl. >10oi 70 3 Stk. ISUS2J0) SUS46to 

■* Christi e-Tyler (lOoi 69* 9 __ General Electric (25 p> 287® 9® 7 70 

,, Christy Bros. (25m 48® 6 ,12’1). New 6S 6 8 701. 6pcUi. ,1976-81 87b®. 
3 I ZSo) IS pm ,1Z’1» . 7 topcln. 71b®.- TtopcLn. 78 11011). 


Ley i ana Paint Wallpaoer <25pl 63 5. 8 PC 
Ln. 87® 7 

Ley s Foundries Eng. i25pi 57* (12/1) 
Liberty 20’s. Non via. 20b 
Lldcn (Hidgs.) (IOpi IS 16 <10/11 
Lillev lF. J. C.1 <25 p) 79® 

Line raft KilOour Group ililp) 56b® 
Undimrles <25pj 145. 5pcPI. 39 <12/11 
Unor Concrete Machinery MOP) 28 «9/1) 
Llnlood Hidgs. 05p* 160® 580 61 58 
Lister i25pi 41 (11/1) 

Uvtrpool Dally Post. Echo (SOp) 133 4 

( 11 / 1 ) 

___ Lloyd lF. H.t Hidgs. C25p* 67 ‘s. 7topcLn. 
com. 69 to® 70® ,12/1) 

, __ Locker (T-l ,5p1 14to (9/1) 

L.iJJ London and Midland industrials (25p) 78® 

raiit 801210 M ** 79 ' 9 ' a>cU ’- 10 <> 


Stirling CC 
Sunderland 
Sunderland. 


9*to te UnS ‘ C4plt * 1 No “* 1 001341 London and Northern Grp. a5n* 28b® 6b® 
General Engineering (Radcllff) nOp) il^on^and Provincial Poster Gro. iSOm 


INVESTORS 

—is this a record? 

The following table Is a comprehensive, non-selective list of share 
recommendations made by the mysterious share tipster who operates 
under a pseudonym in the Private Investor's Letter each month. 


Warwe-s CC IZbixRd, I19B0'> 105 Hinsons Brewery >25p) 142 1 i12/l> 

W. flrom. Corp. 5topcRd. (1977-79) 95 to Inveroordsn Olsri. iHlq->s.i (250) 95® 
>511 _ Irish DlvtS. Gp. ,25pi 128* 

Westminster (Cl 13ocRd. <19811 107>=® 8b Macallan-Glenllvet (2891 332 (9.1* 

Wigan Corp. 3 ocFd. 24 1, <11 -I, *? 10 ??r* 8 lbpeJ?."i™ rtV li^ ,SaP> S 

SHORT DATED BONDS 5212121 Erer^hcd , 2 Sp* S 3 

FREE OF STAMP rillTV MOfljnd 395 ® <1911 

, ™ V ° MP DUTy Septtrih Newcastle Breweries (20m 66' 

iSpcBds. Reg. (812 78 ) 100 21 - 64 rhs G« 1 «l : 4 Sto 7 toecPf. 74 '=®. 6 tope 1 

1 ' L - 1 ( Db. 741 = 3 to no.ll. 7 topClStDb. 

ll toecBds. Rec. H 5 .’ 2 >’ 7 B* 100b. HOI, 

12* a pcBds. Reg (22.2>78i 100 i* (12’1l S. African Breweries iROJZO) 58b® 
11 mcBcIs. R-g ,1378) IOO*"'-® Oil <1211,. 7pe**f. «RH 32b 

1 1 bpcBds. Reg lS'3,-78- 100.795 100 797 Tomatln Dists. i25p, 103b 3 


Berwick Tlmpo (25p) S3 (9:1) 
Best and May (10P) 50 (10/1) 


6 OOri) C i9^P!l2/1 E , nBlne * T,r,B ^teffeHff) rtOp) London^ arijd^ Provincial Potter Gro. (SOp) 
C fg? a . l iyM? t0rS Br ‘ D * D0 * rt * nr Receipts London Brick <25p> 73 b® 5*J® 4Jj 2 b 
ODT-Vts. SBktMT H'dw. A <28 p^ 1 60® 5S 8 9t ■ ^Ston t TraS?wt Hidgs. ^5p< 6l' (9/1, 

*. New 0 fbiSs L D , sa , Srt 'as 1 * T0WP ,mi 3 6 ** = ■=. 

Gibbons (S.) littl. l25p) 180® 1® jwft Sh 00,1 * 

r. 4 bpc Glhhs Dandy A ,10o) 26l- inwiu ofr 76 rin-n 

9. 7 bpc Glevas <25p) 94. 5PCBPI. 37b <10/1, r?Xl, % . U rw!J£ lakln at ,p-,» 
G/M Duffus l25p) 217® 19 17 L^r'a^d 1 2£S, „ 

ill Clltsour (IDd) 54® LO T(. ar ? t * Gn *- ' 5 °p* *72 19/1). 


coats Patans >259/ 70 691 bt. 4'=pc Gibbs Dandy A (10b) 26s 
UirsrvLn. 40®. 6toocUns<K.Ln. 59. 7bpc Glevss >25p, 94. SocBPJ 37s <1011, 

1 UBsefcLn. 87to 8 r?2 1) G/H Duffco L25p, 217® 19 17 

Cohen (A.) A <20p) 140 33 flOri) r 

Cole (H. H.) (250) 130 1 27 9 I9 1 ) G ass and Meal. HMgs. OOp) 67® 


2 *2PCLn. 110 ® 

Low (Wm.l (20a> 120 ® 2 ® bo 4 


< 101 * 

T 1 bpcBds. 


Black and Edgington (50p) 120 16 Cooper «F.l , Hidgs. I HOpj 14<b non) 

(12111. 5pcW. S4 (10/11 . ... Cooper kidusts. <10oi 16b® 17 ,12/1) 


Goldberg (A.I J2SPI 63 4 (loti* 
GoJdrel (Ch.i Pouard <2501 4 B® 
Gorame HMgs. (2Sm 78b 9 (1011 


McBride (Robert) (MiddJetoxn (25pi 33S 

McCleerv L’Arale Grp. Q5pl 11 


— . .... v ?. u * .Breweries 403 396. 7toocDb. 74to 5 ( Black Arrow Grp. (50o) 27 (10 1, Cope Ail man Intte- i5pi 59® 50 

TOO 87101 (11111 I Black (Peter, Hidgs. <25 p, 130* (12/111 Cooe Sportswear ,10pi 82b 3 <9)1) 

.. — to copson (F.i ,5pt 16 19/1 J 


Goodman Bros. Stockman (So) ITb(IWI) 1 Mrtorijuodale 2 S 0 t® It® 3 48 . BbPt 
Goodwtr (R.i (Engineers' ClOo) 10 Lii. 


WEARWELL LIMITED 

INTERIM FINANCIAL STATEMENT 


Copydex (IOpi 28 9 OOlli 

Corah (25pi 379 __ __ _ _ — riut , _ _ . _ UJ , . am _ . . 

C nSL ^fam*127 3 0 ,,DPt 1Z8<P S 6> 7 *‘ Grampian Rides. <25o) 54 f12>1) MacKIntOSn IJ.I StoPcPI. 61 bt 

r nwSn nrrTi nr 1 1 n I in IO 1 1 Grampian TV A MODI 34 I12 1 ) ■■>•■■<«' 1 1 Gre. USpl 45 (9/1) — 

r^HJrcrSh^fnm ' .mi 'i ” 1 V_i__ at rsom Granada A (25p, 92 Macpherson (Donald* Grp. (2SP) 57 

C 3t rToril aDP> 53 19,1 ’• 6la,ri ^’ t5Qpl Grand Met. (50p) 107b® 5**® 8»i 5 7 8 *■"; 62 _ Jt 

-ii Vu , le_, ton. e«... 7ij t£i Bt Ah B 6 I 3 . WarriDts uih. for Madam* T(i*uud'& (Sp) 654 

rn2lt H ,25m B 7'S? * 19,11 1.5625 1 7b. StoPcPI. 49'; (12 1 1 . 8 )=oc « n “ Southerns l25p. 190® 

5?SS_ l f5® , J3*. Um-Ln. B7t.. 9toocllns.Ln. ^00 fin'll. 10 MaOlnwn-Denny OS pi 47® 8 


Gordon Gotch Hidgs. ( 2 Spi 83 02/1) 

Gough Bros. <20p) 47 (llrl, 

Gough Coooer (ZOM 73 

Graham Wood Steel Grp. < 2 Op) 56b 


Ln. 69 (9/1 1 

M act arl arte Grp. (Clan wn an) izspl 44*® t. 6 * 
Macfcir (Hgghi C2Sp/ 43 (Il,tl 
McKechnie. Bros. (2Sp> 88*=. lOpcLn. 
or’, ilul L 

Mackintosh ,j.i StoPcPI. 61 bt 
..i^.<eill Grp. USp) 45 <9/1 ) 

Macpherson (Donald* Grp- (25P) 57. 7topg 


Cosalt (25pi 73® 


THE UNAUDITED GROUP TRADING RESULTS 

FOR THE 26 

WEEKS TO 

38th OCTOBER, 1977, are: 

26 weeks 

26 weeks 

52 weeks 


ended 

ended 

ended 


38th October 

29th October 

29th April 


1977 

19T6 

1977 


FOOO 

£’000 

£’000 

Soles 

2^56 

2449 

4,008 

Group Profit before Taxation ... 

111 

85 

86 

Taxation — (estimated) 

58 

44 

(393) 

Group Profit after Taxation 

53 

41 

■479 

Interim Dividend 

_ 

. — 



Retained Profits 

53 

41 

479 

Earnings per share before 
taxation 

0.91 p 

0.77p 

0.78p 

Earnings per share after taxation 
based on notional tax at 52% 

Q.43p 

0.37p 

4.36p 


f B ^yq S, ! c ^vitc 7 Jieitii G uest Ke * n Netriefo/ds 265® ‘ 9® S® 8 i (^Opl 15® 14 10'=oc 

i >2Spl 105 <10111. c 7 6toecCnv.Uns.Ln B3n21i _ Secd.Ln. 72 70 

JS5 4I2' 1 ' Gu « Keen Nertielokb (U K.| 7'=pcGtd. M^P Pln W ebb ,BocPf._45®_(1_Zj1 » 


Courtney Aooe (Hid gs.) Spc Pf. 17 W’l) 

Courts 'Furnishers. >2Spl 105 <10(11. 

Non-Wg. A CZ5p) 104 110-1 1 __ „ 

Cowan de Groat (10p) 73# Db. 7 * 1 . nirii. iDbocGtfljih M ' Marehurtel Hldg*. »25pi 272® 

cowie CT.1 isp) 42® 112/1, * 1 c iwbOCGta-Dti. 94 Marla Soonew (2Sp, 153® 5 3 4>- 4 6. 

Crtdlev Priming (10p) IBto <9;ll u at c_ nnm ssi-dt nun 7pcP1- 6S1, (16/11 

Crane Fruehauf OOpi 9B ( 11/11 H TV Gro' (25 di 114'° 111,1 * M«rtev <25p) 91 1 -®. B'lPCW. 48 (9/1) 

Cray Eleetronles <10 di 23 dirt* Haden 3rrler i25n) ®|> 41 , ri 2 / 1 i Marling Inds HOP] IB ) 8 b (12/1) 

Crean U-i .50pi 145 to® to® *12.1) if ,, 1 _ Morehau Cavendish (IOpi 56 7 

C red on Hidgs. (IOpi 29 *WRA!SWnVWsgiA 4 2 <, 2 , 1*- N * n * Marelwll (T.i iLoxley) (25pi 39 (11/1). a 

Crest Nicholson ( 10 s* 72 1 h.ii f™i71J,2a t vu« im-oo y> »- iMp) 35 JIHI, 

Croda Pood Ingredients So. BpcM. 57b "Bm n? ycriS'4, t50t0 89 ' 7J<PC ^arshis (Hainan <25 bi 100 (1211, 

19.11 . luiT^.Mli; rjjui jin jTjL-ii Marshall's Universal (25p) Ido 

Croda intnl n OB) 58 111 / 1 ). 10 tope Ln. K || ThSrSSS" L nU«1l1 1 80® to® Marti" (AJ Hidgs. <20pl .84 

MM /1J/1I 11211 ) BU ® w Marllis-BUck (25pl 42t® «i* ( 12 / 1 ) 

CroiRte Gp. (25 b 1 38 19/1) Halma >10p) 57® 5 8 b Martin The Newsagent I25pi Z36 

Crosby House Go. 135 Hampson imH.(5p) itf® Martonalr Inti. (20p) 157 Oil, 

Crosby Spring Interiors (lOp) 11b .<11/11 Hanger Invests. (IOpi ri2.1, Matthews (Bj (25pi 150 (10-1) 

CrcsiJjnd iR. A. G.j l5o) 27® 8b2 Haran Trust (25 el f4 8b® g J 7. 6bpc MbV Nassa/I (25 pj 76 

Crossley Building Prods. *Ugi 66 02/11 MnW Mean Broa. Hidgs. (25 pi 28 (12/1) 

Crouch ID.* icon tract orsi (20p. 95® <12 1* Hardy (Fcrrnkhersi (25pl 35 *11(1, Meat Trade SuooHers (25p) SB 9 

Crouch Go. .250) 69® H 2-1 1 Hargreaves Grp »20e) SB [T2;11 Mecca 5topcistDb. 79i=« 

Crown House >250* 51® 49® dOCIi Harris Sheldon Grn (25p) 46b® Melllns j5pt 9b to I0i 2 

Crysialatc (HldBS.) *5 pi 19b Harrison (lames) HKg* fiOff* B2 >12/1) MfHjIy Mills :25oi 72 Ill/ll 

Cullen's Storo5(20p) 79 11211 1 . A Non- Harrison IT C.* (25 d> 95 7 'iom Melville Dundas -Wh.tson 25pl 44 ® 8® 

vlc i20p< 72 *9 11 HirrrSOiri CrOSfield £3h. SecPf. SS i9.'1» MentroOre Man(. (So: 12b® J- 


Groenbeld Mllletts C10p> 40 '=® 
Grtpperrods Hidgs. (10p> 45 ’= (1^1 1 


Mann Eocrten 7'iocPf. 60 <11/1, . 
. Unsecd.Ln. 70 *9/1 1 


Db. 75b (11(11- ICbocGtd-Db. 94 


“ The first six months’ trading of the current year has helped the Company lo 
further strengthen its Cash Flow and Working Capital situation. 

I am pleased to announce that thd Company has a full order book both in Export 
and Home Trade. Currently turnover is running above last year’s levels. 

The Board has decided not to recommend an Interim Dividend and will reconsider 
the matter as soon as the results for the year are known." 

ASH. NADIR, Chairman. 


vis. iZOpi 72 >9 11 
Culler Guard Br.dfie Hidqs- <2Sn) J1 
Currys ,2Spi 21S 14 <12:l) 

Cu MO magic Mn/g (10 r) 13b (10/1) 

Dam Eled. Int. 11 Op) 156 
□aiu Con. tSUSli SU523U <12/1, 
□an rh Bacon A 1 23® 1 1 2. 1 , 
Dartmouth In*. (5p) 16® 

Davies MetcaMe ANon-vtg. (IOpi 3 

(10/11 

Davies Newman ( 2 Sp> 118 

Davis (Godtrovl < 25 p) 82 ® 1 ® »j 

Dew Intnl. < 2 3 c) 242 b® 2 


Martin The Newsagent , 25 pl 236 
Martonalr Inti. ( 20 p> 157 Oil, 

Matthews re.) tzspi 150 ( 10 - 1 ) 

Ki.pc May unseat t 2 S oj 76 

Mean Bros. Hidgs. ( 2 Spl 28 ( 12 / 1 ) 

Meat Trade Sucollers fZSpl SB 9 
Mecca 5 topci stDb. 79i=« 

Melllns (5p) 9 b to 10*2 
1/1) Md Jv Mill* :2Sd 72 111/1) 

Mglville Dundas -Wh.tson 25pl 44® 8 ® 


Price wfaun sate 

. _ . rnce when Recommended 

■**°* Reoommended Share Recommended or 3/1/78 close Gate/Losa 

7* Sept. Veoterpost 48 25Bxd 438 

Octo Fmdfa vgt Capital 28 68 143 

Nov. Joseph Camion 7 1S 157 

S*Mariel 75 131xd 75 

Howe of Fraser 40 159 275 

Manson Finance 25 46 84 

»“■ H U ioo 

BARS 45 ri in 

77 Jan. Ladbrake Warrants 34 101 197 

_ . CoujL Plaaitatioa Warn. 23 35 52 

F**- St. PI ra n 32 40xd 88 

Geevor 33 s ng eg 

Mar. Wit Ni{«l 16 jji ,09 

May Coital & Counties 26 49 BB 

assas 2 i w 'ii 

De Vere 160 175 9 

lone yikmg Resources 72 961 34 

J*" 70 120 71 

Auf. Mt. O uHotte ,7 16 6 

Rowton 100 ,42 n 

Dm 230 ng << 

Sept. Ladbrake 162 212 31 

at z ?ss 

•evfcehV Hambro 109 112 3 

On the basis of this performance. Private Investor’s Letter is 
indisputably worth many rimes its modest annual subscription 
for its share recommendations alone. In fact it is far more than, 
a hsc of share rips: it is a comprehensive, succinct, reliable guide 

* »K n ?o S ,*, and J wou,d *. be s « riou *) private investor. For details 
or a rKtfc ] RIAL offer, write or telephone now. 

To: The Private Investor** Letter, Dept. TPK, 

13 Golden Square, London W.l. 

- P,ea ff ”" d *"* fa y ret “ r « P«t details of the FREE TRIAL offer 
for The Private Investor s Letter. 


Name 


. , , Cipiab Please 

Address 


_^j?hone .Q]-j{>7 733 7 (24 hour answering. service) 


HjrHe Machinery Intnl. I 2 Sol 24 ® 
HartwelH Gra. <2Rpl 84 Ml 1) 
Hnwker Fiddeiev Gra. r25m lpd. 

50" (12'1>. r'-pct». 73to 'll) 
Hawkins Tlpson <25p) 71 1 70i> 
Hawley Gnadxll Grp. >5 d> T2b 
Hjwtin r5o> 9»a® to 
Nea, Son Hldo«. €11 MI-1) 


Menrraore Manf. (So: 12 b® b 
Mtr^ B T (jgjhRt HMgs.) <25» 300 1. 


er Skidelev Gra. (25n> 304 . S’-pcPT. MtUl Box 306® 10 51 6 5 9. 2.8oc«. 

C12'T. T'-pcOb. 73-to »9’1) .8* Mi'll. 6prLi. 92 to. 1<H-MLn 92'=® 

ins Tlpson <25p3 71t 70i» M-ral Cl Mures Grouo 2531 33 S12.'1I 

-v downfall Grn (Snl 171, Mot ’I rax (HMqS.) ,5PI 39 40b (12,11. 


Met'lrax iHtdqsi ,$pi 39 «*s 112, 1). 

7 bPCPf. 60 . 10 ( 1 ) ^ 

Mritov i 25 p, 44 ( 12/11 


7 i ' 6 * Mn _. 28 7 ,10pJ l8 ' z *- ta »* ePf . Mover (Montague L-' '2501 85 ® 5 6 ( 12 / 1 ) 

ANorvvtg. (IOpi zo 7 iB 7 no'll Mia and inds, (9p) 40® b® l b 

<J. W) (H/dgp) (2Sp) 140 Midland ISkn 4* (5/1) 

b® ** Henderson- Kenton (76p) 86 MFhT > Marner3 Grau^SOpl 159 f 10/11 


Dawson Intnl. ( 25 pi 108 ® 6 7 ( 12 / 11 - A 8<<DcUn».ln. 59 ( 9 ' 1 > 

Npn-vtg, (25pi 104® <12/11 - - Henrlques (A) CIOdi 20 19 (10/1) 


HJnJvS f26p) 112: l3t.7*teffl. 32 (till). M^n^5uDplfes C (10P) *7? B 2 

Henriqun^A, BoStVo 19 (10,1) * ** ^ 


De Lx Rue I 30 pi S 52 ®. Do. New < 50 d) 570 Henshall (W) Sons (IOpi 15 - Mliclicl! Somers (IOpi 63 doll, 

8 ( 9 /n ’ _ . - j. Heojher rtMrri^ Trades) ( 10 b] 2 l to bC 12 H). Modern emrineets of Bristol vHIdgs.l ( 2 Sp| 

□9 vere naccjs ness, uspi 1690 70 ~ ^ 


A. Nan. V* (IOpi 210 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £I.OOO-£25, 000 accepted for feed terms nf no ■ 
years. Interest paid gross, hail-yearly. Rates for deposits ' 
received not Uter than 20.1.78. aeposus 

Terms (years) 3 4 S 6 7 8 9 io 

Interest % 9 9* . 10 101 101 105 11 11J 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited, 91 Waterloo Road, London SE1 8XP (01-928 782’' 
Ext. 177). Cheques payable to “Bank of Enaland, a/c FFI?’ 
FFI is. the bolding company. .for ICFC and FCI. . . 







i 


V- RnaiiffS^ 'Itoes Saturday January 14 1978 

T (^OT n ” P1 H * ..A <N0R.y.) WjUg (Gea*,) Md Son* (Higgs.) C 5p) 

,hr, 

£s?«g5'ss.ra™» -- ■ . . « 


'*S l ’S£$Si5 , f87».j SBsr3ttL™»isip ,?i 
tS^^^o^oVs: JBSSK£P9^ 


INVEST. TRUSTS (237) scotMort oinj ios* 6t;®.e _ „_. MSSE^ITTa^!!”, ^JJ 1 62 oam 

Aberdeen imn i2Sp) S3 (12/1) KSKjftft Ts *‘ U5w 138 «11 ; 1?, gpePrt. |.M ji ” Q.^j <6®’ l *"i.T>fn^^* >1 , 


McArthy Croup 27? ' 

Abcraeon Inratta. i2£p) S3 11 2m '•Sff'.MV “ iw " '■'.■* ■' «»"•'■•■ "«m,' , ; 1 ?,' 1 , , v ‘''" •*’ My*r Emporium 1300 ..... 

Tsl (25b) 1300. 4pcPf. 35 SroL Nlrthero - «Sp> 96*; 9V .**&*■ P S,^ 1 ? , (‘roper^ 5 Coron? <25 P| ‘l "nSFai**”* °* A««ratau» TAnst. Rcsj 

15 *£>"» *«ss. an) 79 sScbfc^il tOn* 1 ' 7962 2S1< 54 wSTb. pfSwrw Vceuri*. \nmA. v™* /<nCi iso New Zaaland Forest Products 138* hi 

Alisa f25p> IM'i (11/1) S^lS«Srlo?25»V lax 2 l,OUi 2ttUI) **" Tnnt «0p) 150 NlrtwlU lnt 650 

SO AIJJ«nw Inv. iZJp) M'tO sS* i? ifm 1 1 luolaii Property Trust iSai s gaan Resources 140 

« 5 « a,2 » * »■ 4 ^0b. gg&.SK^'^sS? 5 ** PftSn? 5«PJ!« qUfti a tia« w 


*■»« wlnpoy (Gmtsc) (25s) 77* .0 34«i (irim — . scot. .won. uspi so 1 112/1 

3* w*SL*25^®^ f20p>5 W3"f10.‘i> AKMorrf capJhs, <50s> 1830 ^if A,lw *“ a5rt 1M ' 

S» Wpfcerbotti»ni Stmtfun m3 Flame 6 pc Al«« (25o> 124 (12(1) -“'IL 

PI. 44 3A, ftom Ambrose tiB^Stes, I55pl 60 1- iS/1) Can. - on .3 BroadiQpunTJSp) 33': 

ffifff Plante Prottoets. O O pI 281- f£i,jB2 ? asLVii 


JUoiTai iSRrr " Proomw Secure in,**. 7nHt <Sort 150 ^SUBrntS filSF* ProduCU 

ISt fcfUw!*& 1, ai&T } Trw ISM 5 OwsMi^TrSt^wk^ao bo 

scot. .Won. I25M SO 1 ll2/1 ) 5WPJSB froowths OSpl 11 4l2m PKkhDM! hEjS* 10,4 ** 

Second All nee. OSp) 180. 3-toeOb. 67 Tfo.il g^sSs&fttL « 17 

EPiSfitarjB#* . "W* 9 '« i « Db - i997 - zD02 


SO ThfWfhortoii (25 p) 70,^0 <40 1. Bhutto. „Tpa». 1982-97 79 W BOO HID. 

1} II®! Slough iltlta i25n> use j j 5 7 AIICaTn Ex 1 

Tor Capital C25p) 118(11,1) lOp^"- ’967-90 1730 lO HZtll filiam UnSrf 1 3fl 

' PgWrtftmiie-MBrJet ns) BSOO C13M) Stoefc.fonversJon In*. Tr«»t IMP) 2620 AmpSl mSt SB'. 
SbPCDb. Tribune ffiOp) 595 1*1) _ - *121) „• BtT&iiith New 61 


JANUARY 12 


«rcwiita»7<un> _ ----- — - JBUTBB M - iBBUL "TRL M.OM as.) 

Mlilh«,r, iu.*, . .r W<Md ft' W^RS S| A«£t®af®ri5.*i% 401; : no/1*. Can.Ln. 9OI1O TO Sacomf C1W .hjjerOcs <10P) AUs (1 U1) T4NTJ4B1 

T^lMr^4MMrj»M^ r ^S«iSP t jl, ( uSl *a WoodbeM UonS S ‘aS°Sul 7 f25ii 1 V-.-. A* 1 * 5 Electric Gen. I25p) SSijO BO Tbfwftiortofi (25 b) 701.-0 UO 1. Bi-pcLn. 8 °® I’M) JAWUAKl 

T 51"5!SST SKa awf tijOVT* 0 w® 1 *®' arw 9®“ f25p J 213 Rankers' (35p) 520 50 2i s (12/1) 1 Dfiij Sl OUflR Estates i25b» 12fro Jj 5'- 7 ij. Alittaw* Ex 1 

’ r srr^ DoY ' klf,meDt Orp- «5«> W»W ''iT.f f F ‘, w j> «*» «• S'1» 2-1 Hr— TSt t2S0J 162: ®' S1,PCDbl Ttee^?Son« { 'ISil 64 >: S'- fl 21). S® Cnimardl Investment Trust (25 p1 |ki5°OM bo" “ 

Se * , ‘ <AM0C - C<n -’ > nVm 172 ® TiWynion 1 (25p) 100 Town^CIW Properties nom IBbO 15b» l^ini3ft 5 c*wS , 'M d ‘ 

TravK^ Arngld raSBi 141 C12.D <10p) 19 »/1) British Anorlean (Z5nJ 3B® . T rus ses Con. I25P) i_2_7_ri2’H iSU 151*^16 «* 15'*. GeeLn. 1B80 C»a Gtanr BdSb. Ml 


Toy* i25p) 36 
Toter Teems lev M 
' Trafaloar House 
7VipcPf. 610. 7 
_Urt*.th. 68*; >1 


TrlcovlllB (10p 


British American (25 nJ 380 Trustees con. i2Sp) 127 ri 

British Assets (25 di eSbOaij 5. A 5oc ?>n«ide (25g>. 103 (101) 
Pf. 40. SpcLn. 123 nom Un icd. British _S«cs. (25p) 


™ T """ »'«»■ <’«> SB >, , to „. 6 ,. KDB . Jffll «?,«&■ <=-■ aw “» 4 - 

74 l13 ”- ’O'W T K5“|S!„“““‘ ■“.« "■ .ISBi. : .IlPeLl. 9,. &"!£"?? aaws4 * 2 


1&I. 15>t 15 15 <4. fiecLlk, >80 £uu Gm «Kfw (U 

n 4 (9:1). 8oc-14pcLn. 1994.99 98 aViT 

Town Centre Securities i25p( 604 I _?nw i« . 


Tube liNQp\|« 3S0 SOX 4 5. UiDCURS. YOtiDhAl rirni ir fflJilxK.) r? c *o 

W A ”“ n M — wBra**-. . 2 5« si ««,, &!g£Sff' 

sa«rierA?« - ”» ««- - “ v - — ™ -jjM , 

1 ELECfT. LIGOT & PWR. <-) Canadian. Forrtm ln«t. Tn»t (25pJ- 107 VNJT TJiv ^ rs ahw c™** £ 23-.- 

Tumer M>mOouHrg r»s B i *010(1371} Calciitta Electric Supply 65. 19.1) CaWtml, National Trust CtSP) 1140 M. and G_ American Ren i„„™ to T Wd ■ ^ American Modkorp £21b 

Turner W. BJOOdT 27 i; ill'll ' ■ - UMw „ • • . .. Carilol mvst. Trust Ct5n) 106 HOTIl ,ii if *■ American Gen. income 59.7 Consolidated Pianist, on* (lOp) 1020 ‘i®. American Standard £22 it.: 

Tvsoh (Contractors) (TOW 220 FINANCIAL TRUSTS (114) Cedar Inve. True 125P) 671:0 n 2-1) m. and G. Dividend Income iis.fi -Warrants a Sub . 28 (10.1). . BP CaiuA SI 0: 

Aktwd and Smltbers 0587 233 Channel Islands. Jitter Invtt. Trust Cap. Acui^ 216.30 °™° 716 CMitra! Invest. Hldas. CIOp) 9 B ire law National Bank 169 

1 a ^ ™ 


lovtft- (250) 143. Gl.pcDb. 163 J»|Jl» 1A (W,'l) 

7>tocDb. iso: Viking Resource* 05p) 940 2 

S* (2DP) 1400. ( 4iiPcLit. 910 Wemyw 12950 3 ~ ^ 


ss 11211) West Cbm; Texas Warrants 27i» C911) 

11 S a Brunner (250) 92 (9/1). 4pcDb. 52 <: "terboamn <25p) 162 iIVU 


Town centre securities i25pi 68 1 , Endeavour RtuorM g,j 

T5S2I a x’Sm * S ^£55_25? J 4S« , 1 SI|?^ Huddm?* Bay oil Gas £24 '.O 
United Kingdom Property i2S») 24 Jaroine Matnesen 1530 47 
United RcH Property Trust dfip) 265 Lend Lease 171*- 2 

9 (V**;. , . National Bonk Aus‘re 

Warirford Investments (20 p) 263 (12:1’ OH Search 7UO bO 
Westminster Property Group dOpj IB’: paiatM-a 315 
70. tIO l) Swan Brews lie 

Winston Estates i25o) 31 (12:1) Swire Pacific A 70’- 


WbtHock Harden A 28 «i 
Wooaside Pott. 56 

JANUARY . 10 

African Oxvscn 83 
Atlantic RiChbetd SUS49*40 
Aouitaine £43 43.04 
CeMdlan PacJOc inv £101* 

Duiker Ex. 1500 1o 

Gas and Fuel Coro, of Australia 75 

General Foods £19 

Gull Wl at Canada £1670 

Lcnnard Oil 3 

Lion Match 75 

McIntyre Porcupine Mines £13-’M 

May* Dept. Stores SUS25>:0 

Metal Ex. iso 

Pacific Copper 3S 

Par continental £RSffl 8500 5 

Peeples Dept- Stores 245 

Sears Roehuvk £i7*«a 1 f»t 

Steel Co. of Canada £13 (il 

Sund strand Carp. £2 1 

Swank Inc. 993 

Tooth Co- 126; 

Unilever N.V. iFfs.a0) SU553 
Union Carbide £35-, 

Wood side Pets. 60® 2 1 

JANUARY 9 

American Standard £24: 

Australian OH and Gas 19.20 
Beatrix Foods 5US24*a 
Bramalea Cons. Devs. 438A 
Cooper Ind*. £29i 


XS tSHiJ ** A^imlaaia iAo»t Res.) 170 dl Paso Natural * Gas £19 »u: 
RUXffWf**^ ■ e“r®P«" invwt- bc. BbocStlB.* 


Ewan Brews lie 
Swire Pacific A 70'* 
Yukon Cons. 128® 


UBM Gp. O5oi 73 5 

UW^Ge. C«p) 90>3O 90 891^ lOVpcDb. 

UK O* Internal. Q5P) 1670 5 9 6 7 
U.6 Rubber TJnIRoyal K»bs. SA 9pcLn. 

1982 94h rSH) 

U.U. Tetile*. flOpi 7 (1111) 

Ulmer TV Non-vtfl. A l25p) 55 
Unkorn Industries <25p) 95 (1 1)1.) 
Urrifiex HldSi. (1 Opt 37 rflfl) 


Calcutta Electric Supply as. 19. 1) 

FINANCIAL TRUSTS (114) 

Akroyd and Smitten 0597 233 


Caledonian Trust (23o) 64 **- B raSi 
63 ilOil) 

Canadian. Foreign imst. Trust (25pT 1C 

C^rtal. National Trust CtSo) 1140 
CarUol invsfc Trust (25n) 106 llffll 
Cedar IiwsL Trust 1250) 67h0 (1 2.T) 


531jO < )<|. T-'rpcDb. 77b 
Ln. 50 1911). 6tj>cLn. 

*1 2U a Oh!.. B'aPCLn. 


ciba Gleuy ?bpcConv. £90'J 


Wrt«* a * Sru'MI iron coal & stejel mr) 

■ 9/1 ). 5ncLn. so 1911). 6^pcLn. Db. 361. (9/11 ™ S BrwThwafte 142 (12/1 1 w.™- m rr MnnH , n „ 

ISIS'S '* 2U non),. B'apcLn. -Chaddtttay invest. (2501 VT fail, Cre«ent Japan Invst. Tniit ISOp). 120® Im1 ce ^^ l l l Ji A ?, , « 390 c* 02 , » mSSSathm^H ««?*'■’ to^SSbA OO 'is® HutcWnsocfwEn 

— c- ,« ChaH«Be Coro. (SNZIj 1US« fit 20. Warrana to suh. 32 IIO.I) h52.i!!!^ 5SI’J 'ISP 1 * 6 ? <12 1J SoS^tna Grouo <lOm in -ion PI. 13b 

s”£Ec:, 6 r 5 t ,-;;: ! — ■ B \sss t t ss sfes. 

£?®r ■ aspAs^tii -Me - ■s^iar&wa . ;r.; w &=•*? a* »**&• », « s^? 

United Biscuits (HldpiJ OSp) 163 # .«• Dawnay Day* Group f^Si^^Oia^Cl Of i). Drayton Par Ea ster n Trea t (25P) 29® Varroi* (SOpJ 285 .’10/1) «,.» • OBsnore^Olf^i 

■fl°H 5 ,»J- 4 11 ,; „ E a|r n L, M eud«™.h M« ,30 7«.aa., S9W AMtnlUa (7) * 5h »«■ "*'=• BBiSyfBS 

.25» S3. 7..^, lnra ^ 05» ». ««. 57. 5^, T«. «5., W ... g ggS ftfTS F’ 2 SSSS^.f iS 'HSi^ ^ tSSTp^^ 

8 _ _iSSLT«r _ (8) ,IBS" 


European Invest, bk. 9bPcSdB.8ds. 1992 
£98 

Guardian Assurance <S_A. i XUS1 .10: 

ri loti void) Steel SUS1.13 

Hcndlcr Metals loco 

Hons Kong Land S9!i 

Hutchison Intnl. 51 

Inland Natural Gas 590 

Inland Stoel SUS39 

Lockheed Corpn. SUS14I*:® 

Mercedes Hldgs. £761 
Norm da Mine* tl),! 

PinCanadlan Pets. £19- ut 
Reaco B4t 
ftrpco SU550.2b: 

South African Eagle inftur. SUSI.65 
Southern Pacific Props. 7U 
Stauffer Chemical sUS34>s 
Swire Prens. 33 
Thless HI doc. 130 


M-«W G. Second tt-BnSf ?. 06 42 " I ^ SS - 

mA.. London Sumatra Pliimttons CIOp) 7B European Coal Stwl Comm. 9?ipcStlB JBds 1 A^?- 5 r 5 ,‘ 


6 !^>cLn. Db. 36 >5 (9/11 

6'aPCLn. -Cbaddeslvy invest. (25al 77 1911) 


Makavalam Plants. <Hld9S.I (10P) 29h 
Mlrysia Rubber (1 Op) 

Must Rhwr Rubber flop) 30'- l^ll 
Plantation Hides. 'lOoi 55b® 6® >:• 
Soeenuma Group 11001 1M ■IB'II 
Suneai Krlan Estate 20 flOHl 


Bab. fi-'apcDb. 77V 5bDCUns.Ln. 50 Daily Mai! General CSOd) 344 

}*ru. -a • rsoni 337- 5 to nin? 


SHIPPING (36) 


Unilever (N.V4 Sub-aha. (Fls.121'20 55 31 (10ll> 

°fl 0n ai? t * , ^£TV 6,KP/4 *— {12n, ‘ 7pC DhlOMY 229 
Pi. m7'* liWlj flj'l 1 Ale 

Unitacti non) 9o* Oami (C I 

United Biscuits (MldOlJ C25p) 163® v© Dawnay day 

60 2 1 ‘ K**H h CCl 

‘sn.wussL?%s srv.. now ***** ™.is m ensaa 

umSS EWl' Ifl^L’Iltoi 3i ;l> eSm-^infUl GoUsbrough Mort ISAD 130 ■«* London liw. Tit. asp) 594® Australian (7) 13^"' 4 

*7^, M * 1 *™** ■“» « . v— ^s;; o5»i». 6««, 671 5 SSS ™, £ ^ s .*=«T«. as ., n ... H sga s ev ’ laSii h'tv™ 2 sssz^r^'^i 

iiMS . ^ Vea.v-r^jpyip ■"»> 'STW. "*"■ mZJ^JTsiT teac coffe 

*1,2/1’ „ , - FC rtoftl ■ - Eiectrlc and General Invest- <25pi 61 “12'lt fltlrr ^ » w i Assam Frontier 330 5 

l M 9aysf Si, t i? p, .ii^ wws. w-bv - " 83 4 '■ Hv 30 ^® Bert,M sssm iVA?? 

Inochrome Internm. <lOp) 12b* 13 . Iffi 2l ZSJrSASKJB SI, '* 3 S&£V 

alnr y=5-1 37 Fi^S ^InJeli.* “ofiol «-*. -. JlAS"” M 132 ‘ SPCLfl ‘ 19 « 74 J°W' »« Oil. 


Brit Commonwealth Shipping (5Dp) 287 1 Natal Cora. Inds. I30: : ;e 


_198B £101 
Eurounlon £25© 

Firestone Tires 950® 3 

Hawker Slddeiev CaffUa A 320- 

HutcIHraon Whampoa 49: : ® I. 7HpcCam. 

Pf. 12V 
Kaufhol ££4 u 

Merck £34 V® I 

Mount Lynlr IB 


Union Of! 01 Cinida £31 U® St. Pancras Homing C 

Woolworth (T. W.J com. £11*.:® IWSSlTBitaTre^a 

... . v Wynnitay Press. 335 

RULE 163 (2) (a) Blyme Green Jourdan 

Applications {(ranted for specific JANUA1 

bargains in seenrities not listed cmar Holdings s* s 


Oldham Brewery 55 
Petroleum Rpyalbn Ireland ISO 
Queensland Mine* iu 12b 
SOwthern Newspeoera 220 21 B 
Trlceotol Warrants 1W) 149 
United Friendly ins. B 74 
Viking Oil 228 222 S20 

JANUARY 12 

Air England Lawn Tennis £50Dbs. £4! 950 
Baitcraby 7pcCuui.Non-Part.pt. 14 
Carr's Milling 7:-BcUn$.Ln. 137 £35 
CWd; Petroleum 144 143 142 
Edinburgh Crematorium 100 
EldridM Pope A 170 
GRA Prop. Trpjf IS 14.. 

Generml Ceylon a 
Grampian TV 32 

Grendon Trust 1 1 ocSub.Uns Ln. £)9k 
£38*; 

Hull Blythe 5ocPf. 33 32 
Irish Marine Oil 40': 

Mswlem (J.l 4'zBCCum.PI. £29 £28 V 
3M United Kingdom asocCum Pi. 43 
Tricentrol Warrana ISO 
Tw.'nlncl 12pcUna Ln. £74 
Viking OH 222 228 226 220 

JANUARY JI 

All England Lawn Tennis £50 Do. £5.000 
Aston Villa fC Eli £11-', 

Blythe Green llocCnv.Uns.Ln. £91 £80 
Buenos Ayres Lacrose Tram. Stig. 5acin 
Mgrt. Ob*. £26 . 

Buenos Ayres Lacrou Tram. SocEyt.Mert. 

Db. £16 _ _ 

Buenos Ayres Lacrou Tram. SocCons.lnc. 
DO. 25 

Burro ugh (James) 114 110 
Ca'dcr Water A Red. Anns. 650 
Cambridge Instrument H 
Castletown Brewery 157 
Cutlet: wn Brewery si-KlitMort.Da. £21 
Clarence Hotel 100 
Clyde Petrol***! 147 14fi 144 
Cramohorn 295 291 
Eldrldoe Pope A 167 
GRA Prop. Trust 15V 15 14V 14J; 
Grenoon Trust HoeSub.Uns.Ln. £40 £59 
£38': 

Guernsey Gas Light 253 252 
, Heavltree Brewery A 333 
Heavliree Brewery 340 333 
Heavltree Brewery BPrl. 34> 

Jm*» Electricity TeeLn. £94 
Lr Riches Stores 500 
Lifeguard Assuranre 27 26 
O'd'vioi Brewery ns 
Richardson iSAi 28 27- . 

St. Pancras Homing Cnv.Ln. £19 
St. Pancras Hawslnp ?:-PCLn. £10 
KV-flUld United FC £220 
1 Wynnitay Press. 3 JS _ . ... 

| Blythe Green Jourdan 11ocCnv.Uns.Ln. £81 

JANUARY 10 


National Sank of Australasia (Aust. Reg.) ' 
1 (12/1) New 41 

1 112/11 New Metal Mines 2V 

7, 5i so:. 5 pc Nicholas lnt. 64 
7 ® Oakbridge Sec*. 117 

• Onshore Oil 2'; 

>rs i2£p) 36i- Pahang Com. 47 

i (250) 132 Petroleum Sees. (Australia) 13 

□fd- 112*1® in® Phillips Petroleum £1B.‘*a 

Rfaeinlschc Westohalische Electrical £60 
Ipi 44® 3>5» Southern Pacific Pets. 380 

tin Target Pets. 7 

roi? rst Texas Instruments £45'ri» 

rEE (8) Trf Continental £14 a? 

Vamgas 25 


on ao>’ Stock Exchange. 
JANUARY 13 

Cedar 6 
Clair mace 30 

Clyde Petroleum 145 144 142 
□imoula Valley tCoylom Tea 34 
Eldrldpe Pope A 170 


Grendon Trust t1nc5ub.Uns.Ln. £39 
I Kathleen Inv. (Australia) 100 90 
North Sea Assets 950 B99 B97 


Oart Valley Light 'Railway 35 32 
Forestry Pulp and Piper 1 3 
Fuller Smith Turner A 275 
Parker (Frederick) 139 

JANUARY 9 

Dalkeith (Ceylon) 5 
Gadek ilndene&Jii 43': 

Home Brewery 210 
New Court Natural Resources 6'r* S'* 
Queens Park Rangers F-C. *00 
United Friendly Injur. **S" »4'i .4 
■ Bli pernuutun of Hu’ Skirl: Earlnmo* 
QjiujliI* 


United WH 
Unochrome 


30 V®- OtrPCLo. 
_h 20 4a <a Hi 2 


v ^u K2M 217 <iaM) - zzz y ps& ( ssu , *«ro^ (5p) 25 8 <wi - m @a™!.w 

Vantona 120p)126® 7 C12V1). 4.9pcPf. 3J*ocPf. ^tSOp) 18V HW1J : p »nd C. {gragus ,25pi "HTi" *12Llt fi*j ’ S ■ W 7 6 5 7 (j B. New t25BI ?i»llfnn»i^1 ilfl/t 1 

93 (*U1). FirrtScottftSi ArSl«an P T*t. czspl 63® 2 »*dw f*®; 1 *. ttsPcLn. 1968-93 7bV«> wKS/tSip)' 1SB® 5 


14ocUns.Ln. 226® 
Vernon Fashion 67 0/1) 


Grimabawe Mol dir 
Hambro Trust <21 


(20 p) 250 
33 (12/11 


Vinton (20pj BB'.sij 

Vlscoat Development (25 d) 47 <12.1) ?*** >■_ _ 80^1^1*. 1& 

VJta-Tmt (20P) 46 ■ (*«JU VU’.JHP' £ I I 1 ***- * 8J * d 10 

as-w®* A StaCiw-,- 

_ London Asscd. Invest. ilOoi 7 dO.’ll 


5txpcDb<‘83*t. 7 tape 
1® nail). BpCADb. , 
n. 8CT<12'11. I&ijpc , 
lltwLo. 984, (TOi’l). i 


F. and C CorotruH i25pi 3g»a »iaii *9. * W ; 6 5 7«i A New t25pi sipgio ClOpi 23 (10/1 1 

First Scottish American Tit. (2Spl 830 2 Vj*f f*4j1>. B'sOcLa 1968-93 7hJWH warrrn C25p) *86® 5 (12H1 
Forn’gn and Cofcmtal Invest. T6t- Ctipi gOro Mining Exploration mop) 57 (127U w .T**, , rrLTTr . , . 

138® 7*1. DO. 4 upc da 634, ^SL 7 ^ 1 ^‘"S» «2 Sp) ii i'/i) TRAMWAYS & OMNIBUS (— ) 

Utm 'Vf-oFl*- "■ ^ D0; Cap ' WSWr.?® SSU ,:L cAJnj Anglo- Argent I nr Trams 4peDb. 75S (12H) 

a il V?Ji ,nrert - Do ' 8,in,: W^hto Zinc Corporation (Reg.. OSp* WATERWORKS ( 8) 

Gv*ra( and Commercial Invest. Tst- 2Sal ’J?" ' ?? 82 79*» 80. Accumulating Bristol 3.5PC (fmlv 5 PC) Pf. 94 (12/1). 


Ge'tral and Commercial Invest. Tst- -2So> JK AceumplaUM 

133*2 (12.-7). " DA 4«ipcLll. BAlg 02/1* ’^f® J°*L . 

Gei^al rumis C2&p; v-iw. util iiupj CReoJ 44J. 6^rt»cLn. 1S5S- 

General Investors Trosura (25p) 99 (10/1) Saint Hran P23p) 60 i12_1) 


General Scottish (Z5p) 7S*»® 6 5*x ^ lect,0 , n Tn S* ^^p) 380® 4 

Glasgow Stockholders’ 125P) 96 7 19/1) 51 1 verm h ies < 2*;pj 38 

Glenoevon t25p) soij® u (12/1). Warrants 5°VS* Crertw *1o»> 57 

7 6*2 (12(1). B (25p) 80 (9/1) Southern Klnta Consolidated <M) 

Globe asp) 105*2® AbTH*. 4pcDb- , Mg. SO) , 1 38 


W— Y— Z 


L-ndon Scettlsh Finance (70 p) 38® 
Manson Finance OOP) 49® 9 0 2/11 
Martin R. P. <50) 70 <12/1). 


Viftf- OOB) 75 * NeW Mil's 8 MIM innl. fl t N4W ISOPI MX *?■! nn.,^! «’’/’> 

(1 Op) 75 (9/1). - • 112117 1110 wan- in- i»m ,n. Govett Enropaan K5p> 55 (10(1) 

W-G-l- (25b) 81 <11.11 « in ii m. ware. vx. isut. SOpl Granae l2 5p) 72 ® <12/11 

Ware (20p) 30 >t Moornate Mercantile HkMi. (lOoi 13 Great Northern OSp) 105® 4® i- 

Waddlngion 'Jofei* GlAn) 222 rill) NN£*htye£T(lS5) 17°^ • 10B, 13 Greer, trier (25 p) 73® J, 

Wade Potteries riOPIzB® ’:® CTZ'I) Parambe C10o» ifnWn 9KC2. I ■J ^ ,:2 5 P, 73 S" 4iipcPf. 39. 4. 

Waditgm Jgtoumr Cl.Qgj -36ta» . .. Property Invest, 1 ^FiniSi AS t <1®'1) 1976^86 i™ taj Kq« 

Wadkln <50p) 115 <12/1) Provident Financial Group asm. 101 H- ‘i JS 5 ??, 8 ? 

Waoon InduStaia] Ridas. (2Spi 120 <1G/1> Rneheagh t25ol 115 . , Hambro* (25a) BS 7SS 95 b 

Walker Homer ,5C0 IZij® . Slme Darby H’dgs. (1 Op) 86 -'• . 1S?\ 8 ?w3 ' 4 I’ 2 * 1 /. ~ . 

Walker Art) Son <10p) 8<t <T0.'1/ Smith Bros. [25o>-E0 H i* j ‘" p ) 1 17*2 7. 4<;pcDb. 

Vilker IJcTSw.) Hides. (25p) 117 (12*1) Sterling Credit Grp. (lOp) 36 (9.11 u *l!$ *J *23 . _ 

Gold Smith SHvcremlTti Stock Exchange £425RetLAl». (Keg.) 51®, 


Bristol 3.50C Cfmiy SPC) Pf. 94 C12I1). 
4 JWoe grimly 6»ipe) P<. 83®. lOwPf. 

Carobridoe 4.55PC tlmly 6*tpc) Pf. 76 

Colne 1 Valley .4. 9 pc tfmly 7pO 52*s (12/1) 
Eastbourne Waterworks 10-iDCDeb. 89® 


MONEY + EXCHANGES 


Decline in bill rate 


Sern IU Ki V nta 1 ‘con wudatod <M) Bemad Mid Kwt ,, wafef , io^> e . io7 (1 ii2fii The Treasury bli! rate eased by Day-to-day credit was in short On the other hand Government 

Malaysia BerhadUMi) wbWk“ VmV 0.0638 per cent, to 5^188 per cent supply, and the authorities gave disbursements i eweded revenue 

6 (ici) TSspcPi. 26'< ii2;i) at yesterday s tender, and Bank a moderate amount of assistance payments to the Exchequer, and 

I^M 1 iMrS? d fl l o?)‘ii p J»“® iisL^Wh ^2U. of England Minimum Lending to the London money market, another helpful factor was funds 

RhAriMion a- f African ildl SESsocPf. 66*. no i*. 70*^^, 76 <i i.i) Rate was unchanged at 6J per They bought a small amount of coming into London across the 
Rhodesian A E. African (14) aidunMarorlll. Uxbridge Valiev Water .. nt im.. minim, rm onnaniAri hid Traacuru Nille /mm fh* rikrrniint fnrrihn rvrhanfB rnarkpf. 


Bimlt of England Minimum 
Lending Rate 6i per cent, 
(since January 6, 1978) 


were allotted. Next week 1400m. balances and the market was also 
will be on offer replacing faced with a substantial net take- 
maturities of jESOOm. up of Treasury bills to finance. 


Walker (James) 


Green trier (25p) 73® ->j 

Guardian OSp) 7Sh. 4i2PCPf. 39. 4ocDb. 


(250) 91 Ail® 2W® {12r1). Non. V. 7UoeDb. 69® V (12(14- • 

tPJfflu » u2,„ yt S,," 4 <? 5 « 177 

Walker (Thomas) rjo) 11 U n !*ec Gtd. (ROJO) 569 HZ’!! 


1976-86 (1956 taj 62q® - Falcon (25pi 184 

H. T. (25 p) 8B flO/T) MTD I25pi 46 

Hambroi 050) 85 751 65b Mlnerali Resources *SBD1.40) 125® 4* 

S? 2 * 1 /, m. m,.*. Nchanae Cons. SoePf. 45 i9i1) 

H ™ ”7*2 7. 4(;pcDb. 77 J«® Rhodesian Corp. Il6ipi 22 

J ?J1} , Tanganyika Concessions (SDpt 135 (10/1) 

'. H ttS? 3- 8 aSo} Wankle (50p* 40*, 40 1 39 

, lffiif / Si-ra4r.Sip? 4 4B W 8. S'iPcDb. Z * m6, “ "» 12 1,11 


suMtS'^Beii 1 Mhws Malaysia Beriiad <sMi) m B%c"'iim' 0.0638 per cent to 5B1SS per cent supply, and the authorities gave disbursements i eweded revenue 

136 Ho i) BASpcPi. 26'< iiz;i) at yesterday s tender, and Bank a moderate amount of assistance payments to the Exchequer, and 


Tairiong Tin Dredging (15p) 98® 
Teiildy Minerals MOP) 46 t»1) 


67*2® >. «igpcDb. 100® 


South African (41) 


Walllf Fashion <TOo) » S 
Ward dohfstonu (iSplTOJ 11Z1) 
ward Hldas. ■'lOp) S7* z 
Ward White <25o) 6Bl> 70 


Wandle (Bgntanu stupi i»i nzn . m nwure in. now av nin» a-i mm — 

Waring GIUow <HldtfS.) NtwlSd 83 (9*1) WeKern Scfertlon and' Owpt. GOp) 25® JanfiM Japan (2 Sb) 
Warn*. Wright Rowland (10p) 42 V® 3® V-ule Catto (10pl 76 (12/11- iJSeir ciSSi srec 

^ . gas ( 6i ESnSB 


250) 681> 70 

ird) OOpi 19b 112’11 

<HldtfS.) Ngw > 25 p> 83 ( 


United Cores. Shi. nov p£.S5-(12n) 

MM- P*"’!"*;™ «. C2SP) •48® 6 5 7. 
jOKLn, 143,. 

Wanon Finance Con. t25o) : 9Z 
West of Enolaod Tst. (Z5M 361- (llfli 


Intontationai invest. Trust Warrants 37';® . . ^ __ “ * 

n M ® u® B 5^ - Anglo Acnerican Coro. 5. Alrlca (RO.lO) 


Investing In Soccass EanRIes (25 d) 110 


Investment Trust Corp. -asp) 188. 4*,oc Anglo American Gold Inv. iR1> 15.209 
™3« W/1J. 5 b 3^ 6«f <12i1) 15.16® 15.08® 15.10® 141- 

InveStors Capital (25 d) 68 i,. SUoePf BiliropSBate Platinum iRO.IOl 640 6 
*1 Sm a mare. BIvra £rutalctat Gold rfl0-25i £3U 2.01 


Warner HoHdatrs (lOp) 29h® 9 <9?i). A 

• 10M 28 «s f12‘1) GAS (6) • ~“ 

VWnrioo onramra). Son. «5p) 37 lmMrtal CoBt 372#> 7 . 7ecf ^ 15B {la 

Wpssal (J- w.) (Sol 10® INSURANCE: CTB71 

Waterfonl Gins On) 49 50 (TOJ1) _ , "\OUKAXVUS tl#7) 

Watson. Ph HI A (10c) 63 Bowring (C. t.) (25p) list-® 14 1 

Watson (R. KeWhO C*0o) 51’.-® 2® 49 SocLn ’08 (lO.'l). lOpcLn. 157® 8® 
Watts. Blake. Beam QSM 156 flOM) (lOp) 54® .' 

Weorra Grtwo nop) 31 ■' ‘Mpl 166 5 . 

Wear-well i5P> 1G«a® Cmmeretal Union (2Sp» 150® . 1 b® 41 

Weber Hkfo*. reoa) t34 ni- l) -P* 9,f S1_48b 50 2. SpcPf. 4^12® 

Webster* PubUcstton* t5p) 24*a S f* r ,ST *. ■ 7^6 .. 

Wedowood (25®) *99® TO 8 J™ 2 

Weeks Assoc flop) 30*b eiorii . ^^iAecJdent C2Sp) 234J0-4O® 37® 
Wajr Group (2So) 112tj® 16 151* 15 7UpcLn. 1967-! 

WellCO HidaS- (Sp) 241® LM 2fc® 4 -PPl* 


Jos HMflS. (2Sp) 49 (11/1) 
Keystone l50p) 137 
Kinsslde OSp) 49i- (11 11) 


Mill ) 

Bracken Mines (RD-50i 66 <i (10(1) 
Buffelstonttfn *Rll 8.56® 

Cons. Murchison / RO.lO) 240 
Csnmi-iM jynUcnc An ’M 69 


Britannic (25 p) 166 5 . 

Commerelal Union (2 Sp» ISO®. lb® 49® 


Eagle Star (2Sp) 1ST® a 
Equity Law f5ol 174® 2 
General Accident U5o) 23 


LondUMt Hofyrood Tst. (25 p1 102 
London Lennox Invest. Tst. (2So) 670 
London Provincial Tst. OSpl 99 
London Strathclyde Tst OSpl 39 (10/11 


Deelkraal 4R0.2OJ 84 >a (1011) 

« U® 40 1- 1 Daornfonte.'*, (A1) 258 4 lifts 
Law Debenture (25p) 99 1® '-® 6b (12/1). Ea * Driefaitteta (Ri) 585; 

4*-pcLn. 78® ^ * '■ East Rand Cora. iTOo) 20-V 01/11 

Led* Invest Tst Inc. (20p> 40>- Bast Kind Gold Uranium 4R050i IUS4.7B® 

London Aberdeen Invest Tst Soc <5pi 20>°u^ 330 ‘ 11,T> 

102 Eisburg Sw^O* 113*; 16 

(2Soi 67® Free State Gedutd (Ri) suszo 02m 
I gg 0 Free State SaaJolsss )R1I SUSt.80® (12/1* 
il 39 (lom Geta MmiiiB Finance Corp. <«2) isij® 


Rkdugansworih. uxhridae Valiev water cfin ^ ,j^ e ITTri ac cepted bid Treasury bills from the discount foreign exchance market. 

Tendrtnn Hundred waterworks s.tocPf. W as £98.54 i, compared with £98.53 houses, and a small number of Discount houses paid around 

JSS waterworks 7oe so. socDb! as*- last week, and bids at that level local authority bills, and also lent 6} per cent, for secured call loans 

were met as to about 15 per a small amount over the week- at the start, and closing balances 
SPECIAL LIST c® 11 - Th® £300m. bills tendered end, at Minimum Lending Rate, were taken at 51-6 per cent, 
sxa v and attracted bids of to one or two houses. Rates in the table below are 

Business done in securities quoted fi403.55m., and all bills offered Banks carried forward run-down nominal In some cases. 

1 In the monthly supplement. 

JANUARY 13 (Nil) I Sterling ■ Lund [ Local Auth Finatu-e ] Uianmoi j b1i(;ihlr 

Jon. IS Certificate I Interbank Authority negotiable House Company { market Treaxury . Hank Fine Tnoln 

JANUARY 12 (Nil) 1978 ioT deposit# ■ ileporita buriil# Dei«sita Dejwait* | depraii Bills® j Bill*® . Bill*® 

JANUARY 11 (3) Overnight I - 4-65* - - I - «V» 51 7- 6l a ; - I - : 

Morton Sumfour Fabrics SDCCum.litPrtf. ^ i.ir i [ . ; * 

Ufltan® Steel Corporation tof South Africa) 7daj^nartt»_. — _,^ cc SS'cI* « , cL 1 7, 

Preferent B o40t Qua months..., 6ij-6i« 608-61* 60*-61s • 7U-6fi|| 681-604 6*4 6I4-6I4 6^4- 5 jj . 6a* , 60j 

Two months...; CZe-614 6U>6-,V — 6i*-6 6le>65* — j 6 5j r ' 6,i ' fiij 

JANUARY IV Three months. I 6l a -6 j 618-6,^ fi’s-Bii 63,-61* 614-61* 61* 57*-6 5;^-Sg ‘ 5^.-0 ■ 65* 6^4 

•ss? «*■ s “ c “”-’” k - SK ssit: as ! aa *' t - H ' 6 s.a 6, if = = - \ - i - 


Fine Tnoln 
Bill* ® 


JANUARY 9 (NO) 


One year 

T\ra years 


■i 7U-6B* 

6*2-6 
644-61* 
' 65,6/* 
7.61* 
7-61* 


614-6)8 - 

6I4.6I4 j SS4 S£ 

6 


nwwswu rule xss a> (#) 

69*j Cllit). _ __ London Merchant Secs. C25 d) 92® GrootHOj Propty. N*0-23l iUSZ 110/1) . . _ . ... 


West Bronwrich Sorino Cl On) 331, oo 7ocut. MU© 91* 6 

westbriefc Pro tliwta C2Soj 30 »9;t> . KJ2S r ? r - L ? e , ?S’® 90--2 

Western Bo*m Mltfa tint,) 62 1 tit 1) L c -. , E - 1 lz Qgl^5Q$ 50 • 

Westhw house Brake. .Wpi»1 (25p> 45«s® c j 8 ^. ’ J* » C 

Wert la nd Aircraft (250) 119*3® S- 8 H 5JT d 5 n tW«»«dar). Grp. tj 


92® 

195 .mm. 


-S’*!’* . C ,,, "RITIiE 162 (’ll fel Local' amhoritlM and finance House* seven days* notice, others seven days' fixed. -Lon#er-term local aothortty morvase 

to^£^raota trt (3oS» ,a fu*a l Via/fi 1 ' “ tLli AD ^ y ' XJ ' c ' rates nomituhv ttrws years SW per cent: four years M-1Q psr cool: five rears lOi-101 per cent. OBanls bin rates in 

KsEny Gow m n^^so* ?338°® 46® Bargains marked in securities uWe are bnyin* rate* for prime paper. Buy In* rate for tour-month bank hills fi per cent.: four-month trade bills 
. .HwwheestfontalBCjlII 5US t50KX» 15. 05© „„ nn nn Si per cent. 

1 | ^,o"(*gh“j9 JCsjs.Ibv *R 2> 10 wmen are qumea or U3ica on an Apprnrimate selling rate tor one-month Treasury hills 5.-S2332 per cent.: tvro-momh 5U«-5: per cent.; and three-month 

10 ®' M I u-Sp mo.«s) 57 iuso 7 54j' a 11 1,1 ’ .overseas Sfoek Exchange. 3 , per Approximate selling rate tor one-month bank hills fit per cent.: two-month 6iu> per cent.: and three-month 51- 


Mtartlamf ^Aircraft Gao) 1 18«jh» y 9 tAtoander): Grp.' «Ob>'i'« 7* fytarvchvsterLondOn Invert. ■ Tat. (500) 20 «iV iVf/,'"®” 7 ' 40 ® “ -* 

^sa'ferjsp^ 01 *-?^ SJsSSSWv 4 *- 1 ' “j ? 5 ^ 

Westward 7V_<10 p) 26® 5'* 5 • > - .Umdon . Manchester <5P >132 30 _ Merchants Trt. (23p) g7». 7 dVl» Jidte SiiJ’, 


Whril^ a n^-' 5 )'* 5 London AosomMie 4pcPf- 32 m 1) MWIand Tit. i25p> 74 "was* *155' ‘uwVT* LWDTern *«•' BS?s5" 

«t£B^;^v. 4 t 5# ,i^49u®. ro/,r wa ^ rand SdS^ssftfi 

W , ^,^(H W gs,t5p) ,7 1© ”p, ^ ”* 9*,*(1.I11. Srt Australia <A* 

znsw T,L ,nc - W5p) 20 ^' BS£® 8 E!^ 1,0# 

Whitetiouse I Geo rye) (Tng.) • /50o)--H5 SlSSSL^ 25 90 84 6 (121) . Ns® York - . Gortmore Invest. Tst. (25pi RuStanOury Plstinum Hldus «RO 10) ri 1^55 9>*pc 1989 £100^ 

WhltrtMiS. TT W.) iSsn) P^ridertLIte Asscd. London A (25o) 32*:® 1® St Hrtena ran pjmi mo i) ,R0 - ,0> 72 Endesvow Resource 9k 

Whites <Tlm«iihv), 3*,ocDb. 841,®. . .* rNon^.V.) G5Pf 127 .Ntnetaen Twenty- Eight InvesL Tit. GSpi Sentrusl Beoork iRO 10) 162^i- (9T> Europesn InvMtment Bank 91,pc 1 . 


Uslle Godwin (HMbc.i (lOoi 93® 
London Manchester (5 p* 132 30. 
London Aran ranee 4 pcP|. 32 (9k 1) 
LpMpn Utd. inv, (501 146® 4 - 


U baron Will !US7.38©- 7 r«0<P 
Lorame HI) 113‘t ’ 

Mariovole Cons. (RO^OJ 82 (10/1) 


JANUARY 13 


20® _ 

South 69 


Approx im ate selling rate tor one-month Treasury hills 5>-5U32 per cent.: tvro-momh 5Uis-5! per cent.; and three- month 
5| per cent- Approximate selling rate tor one-month bank bins fit per rent.: two-month ei[ D per cunt.: and three-month SI- 
3293* per cent. One-month trade bin 61 per cent.: two-mooth 61 par cent: and also three- month 6! per cent. 

Finance House Base Rates (published by the Finance Bouses Association* SI per cent. From Jaouary 1. 1CTS. Clearing 
Bank Deposit Rates itor small sums al seven days' notice) 3 per cent. Clearing Bank Rates for lending fit per cent. 
Treasury Bills: Average tender rates of discount 3 .£188 per coot. 


t/l/hewav Watson (Hldss.i t5p) 17 19 
v|lpy iGroree M.1 f»*) 2E ni/1) 
fi/hfte Child Belter f23pi 80 (9/1) 
Nhitenreft t50oj rrs® _ 


MMet Hictos. rtOo) 1(9® 

Moran. iChristopher) Grp. (2 Ddi fie 112.1) 
Fear) Assurance (5PI 255® 3S 4 5 
Phoenix (ZSol 283 90 84 6 (12 H'. 


mS) T« liil 74 ‘ htkldle Wttwxtxrsrand (Western Areas) Bank of .New York £20 1* 

— « - sfe 5 ,ww, 

M^Sfde Trt. ^ 05?* 92*, M (12/11. 5pc RSdSJt fiE? ^2I8» 659® 7 ‘ 93 * COTiwirdal Bank of Australia fAust. Reg., 


WhltetiouM t Geo roe) ring.) i50jj)-i 13 r.7^i °L . . , 1 ?c_' gt T„ 9 n . 6 £' 2 ’L . N -55' Gartmore 

Whltelor IB. S.. W.) ^25p) 45® Lo fi d . on „5‘ ’• 

S^kiiD i '^ eDb - M'*®. ( 7 Ni ■ CNa "- v - > «w- m Njmn Twantr-ElBht 


Aimkglnm iWHUon) rHWgs.l T2^p) *spew. (21 

*%Hle Fltttngs I20n) 127® . nf li 1 

VtafoJI (Henry).. Son 12 Sp) 153 RoVXc25p 412®1S« IS 10 13 

•rioht Construction HldBS. <2 So) Hot 1** 12* 9 7 

nzfll SectgwhJc Fortes HWot, (1 Op) 342 

mx, sSSk*™h3^-"2p) 1030 3 2 
nrincirrson Mmui JSid., liipcL.no lOPi Sun AIBukv LfiMkin An?A coc 4 

V/Wiams. James <*"9.) t^o) 84 6 <1X1 > S< S!x. TsTtTz^" 4020 59S - * 
WII | amt_j-)ohn)_ of Carelff C25p) 401*. Sun LHo<St») 107® b® 6 S 
New (25p) 43 (12/1) WUHs FaberCZSp) 2SS® 3 (12m 


LOCAL AUTHORITY BOND TABLE 


South African CR0.35] 


European Investment Bank 9t,pc 1992 £98 
Felloe 66*:: 71 'si 8i 
ln Hoag Kong Land 87b 8*- 
’soil Hutcnison Whampoa 7*:PCPf. 12 k 
1 Hutchison Whampoa 4B*i 

Jardlnt Motheson 150® 49*; 51 3':: 2 *jJ 
47 9 


Rortrook invest, t w. ras p'_39 Western Hldgc. (R0.501 £14.63® 14,12® PAI MADICBTT 

■M J^non 1 ! >*i* 57a ii2.il GOLD IHAICIVc.1 

iwwtf- *■«« — — — 

Robeoo (Brj CFi-soi £47u® sus73*-. sub^ . West African ( — ) Jut- u [ J 

P b7: <FL5dS 32^ 7 ®W^»^ W;e,7, B v M '"“ N1 « ria WU *™ ««P» 


Robeco (Brj C FI .50 1 £47Uf SUS73*-. Sub- - West A 

‘ Shs. (Nat Prov. Bk.1 rF1-Sl 477® 70® 9® Amal. Tin M(na« 
RoHnco NV Br. <F1.50) 32.30. WarraaU 29 112(11 “ 


EXCHANGES AND BULLION FOREIGN EXCHANGES 

Conditions remained rather noon and 65.6 in early trading. ’ ; Market Kate* ~T 

confused in the foreign exchange The dofiar’s trade-weighted de- iBauk| — - — ; — 

market veslerdav endfn? a week P rccia tion, as calculated by Mor- Jan. la lf.(«l Hay* , 

market yesterday, ending a week gan Guarant; y of New York, wid- S ***** 1 C1,w 

of almost complete frustration for ened t0 4 ,77 ^ cem. from 4.64 7~ TT~ . ^ , 

dealers. Dealing spreads were per cent. - ii,«tTeai.!l!! 7i*io375-zisi5 2liiM-*Iis«a 

again very wide for all major The West German D-mark Amsterdam; 4i s j «.aw.« < 

currencies, with trading at a very touched a best level of DM2.1160 Brussels.... .» «i»; 83 BD-B3.60 1 6SJ0-fi3J0 

low level, particularly in the against the dollar, and closed at * 'i'S’J i! 6 

afternoon. There was no indica- DM2.1215, compared with £j^ urt - I yT’oJ.yi.sa ! /7^7 b m 
tion of any intervention by the DM2.1375 previously. The Swiss xudrki"."!!” ■ lMJvi&a.M its-bO-iM.TQ 
central banks. franc was also firmer, rising to 3iitan.. iu*- i,«so-M8!> . 1.715-1.795 


■ j Market Kate* 

1 Hank! — 

Jan. 13 'Ifain! Ua.v'» 7 

■ a : tipcMui ■ ciiw®- 

New York...; Gis.'l.oTOU- 1.=400 'I.t500-U'550 
MtmtreoJ 7i*2.0975-ZI!752.11M*.lS4a 


Authority 

(telephone number trt . 
parentheses) 

- Poole f 0201 3 3151) 

Poole (02013 5151) ; ; 

Redbridge <01-478 3020) 

: * Thurrock (0375 5122) ...;. 

^ Thurrock (0375 5122) 


Annual 

gross Interest Minimum Life of 
Interest payable sum bond 


501 ff2'U Sub. -Shs. (Nan. Prov. BkJ 
1 FIJI 329* 

Roninev Tst r25p) 7?h® 

Hosed Imond Invert. Tst. Inc. (25pi SB 
Rothschild Invest. Tst. CSOp) 186 4t: 4 5. 

SJSpcPf. 29 h® >4 6hPcLn. 100 (11/11 
Safeguard Industrial Invest*. (25 pi 68 
(9/1) 

SC. Artdrew TSL (25p> 115® 14. SocOb. 


Diamond (15) 


Gold Bullion 
(e fine ounce) 


Sterling opened at $1.9350-. a high point of Sw.Frs. 1.9850, and Oslo { 6 | s.m-io.ob I 9.87*4.99} 

1.9370 in terms of the dollar, and finishing at SwJrs.127371, com- J 1 * S-k!'®’. 1 ? ' 

fell to 31J100-1D123. Towards the pared with Sw.Frs.1.9850 on JJ 

close it was quoted at $1.9350- Thursday. V iwin.' ""'" six' jg. 15. -29.45 : ssj-j-at.ss 

1^400, and dosed at $1.9300- Gold fell $} to 9172|-173 in Zurich nj 5.793.S5 i 5.&0-S.F2 


SS3^5?ftI8j8!Sga 1^4O0, L and Closed at »■ 'Gold fell 91 to 9172W73 in LTfc I 
3?9?M^ 1 ,9ii 0 ) 287 * B - * r ’»f R00SI U«^SS£ : r $178.40 H $174.80 L9350, 1 1 rise of I cent on the quiet, trading. The krugerrands t are for eonrerttolc franc. 

1 !.«««««. day. The pound's trade-weighted premium over Jts gold content P ,;.n^ f S, c 53.35.63.53. 


OIL (202) 


(£69.675) 

kUern'nfixV 5172.45 
(£89.263) 


Sara aw’ 1 ’rasper' Invert. Trt. Can. (lOp, PetreMum Syndicate ,10 p> |(£a9.283) 

. British Petroleum 810® 15® 19® 201® 10 Gn ’'' Com....) 

SCrttiSh Amertrarr Invert. (SOP) 82.® 4® 4 128 16 « 14 26| 2 4 13 20.“ ficlttpg .loniertlrally 

scows/) and Coatlnenui Invest. i25p) 44 1 2 9 ^sacSS!'aata %® * pc1st “h- S7-u Knisnrand.Jsi78.160 

■ . ... Burma h' Oil 52 '■ 3*s 4*3 4i. EpcZndPl. IllSTh’fiS 


(£89.663' 
9173.55 
f £89.43 6) 


Index, as calculated by the Bank widened to 3.69 per cent, from 
of England, was unchanged at 3.39 per cent, for domestic and 
165.8, after standing at 65.7 at international delivery. 


OTHER MARKETS 


BUILDING SOCIETY RATES 


I 5-VpclrtDt. 82® 

KCA Intel- i25d) 34® 

L S12? n .r Sc ? ttls 5.r. ,, ^ill5' P*1 (25p) 183® Gobi Cains..., 
400. 8 f 4pC U «*!(! a. P l'oa^ t 0n n 0p ’ 3Be ® Intcrtsatllji 


Oil Ewloratian (Hkfgs.) (TOP) 276® 8: 70 Krugerrand- *178-180 ,5178-180 

Rremtar Cora. OlKrtds (5ai 1BU 18 (£9214-831*1 (£92^3!*) 


FrankiiinJ - I Z.1215 56 ! 46.06-16 5.4D&470 ■ 4.1^6-105 \ UfiJtt-56 
>etr york*;j6.a} «.00( - l 21.15 26 - iLS29iH^4O43.BOA4.0 

Hkric pi 1.26- .75 '4.T095-7216 1 — 14.S1B^B3 ; 9 oj78439S I 307.0 60 


“ 1 ; Nines Kalre ^ 

Argentina. 1 J?87 28-48 Arjicriilita. IISd- 1S50 
A u < rail* Jt.i8fiD I.70B0 \urtr1n.... 

Brnil , J0.7MD.9I iHeJirium..., 62j-644 

Ftnbuul....- 7.71-7.15 Uraail I 62-58 

Brussels i Uiuilon lAmctM’m Zurich"" f’reech |69.SS9 70.252L'Hrtn.|s ... 2.1T-2.I5 

. ■ j— Hoot; K’ngi B'.BB-d.SI Dm) mark.. II. 05^ II. 62 


i LotSm*.'.’.”! 4XGU j LJ30-M5 J 9n?i49i ■ 653360 [ ‘ - ~ j 4366-586 \ 3-KMffi X. iteatandJI.iSSl-l.iOWJtltPn^..... 4bO-«D 

Amec itomJ IG6.91-96 2^777-2802. W326-3i6 6J)10>63 ! 43B53-86 ! - 1 114.88-87 saudl Anbi b-5Bo.S8 /Netheri nd «W4B 


OB-ie 5.«b470 i 4.096-105 ! 8536 56 I 1UT.0 SO Jr« n I . toO-lfifi jFraoiv 9.S&-S.I5 

15 25 — 1 13290+540 43. 8044. iX" £0 6545 Kuwait...... D351C.641 HierinanT.. 4.09-4. 15 

- 14.S1B35S ! 90*76486 I 307.0 60 I2a7.b 2SB.0 Luxeinb'jrJ 6530-63.50 Jiiree.-e ; 7BJrf 

17-7.0 - i 63 2S4B 14.-562 | lb2®-64 Malay-da.., 4.584 *39* ;Itel.V |V7B0-1CBD 



Deposit 

Share 

Sub'pn 


Rate - 

Accnts. 

Shares 

Abbey National 

5.75% 

6.00% 

755% 

Alliance 

5.75% 

6.00% 

7^5% 

Anglia 

5.75% 

6.00% 

7.25% 

Birmingham Incorpora ted,. , 

5.75% 

(k00% 

725% 

Bradford and Blngley 

5.75% 

6 00% 

7.25% 

Bristol and "West 1 

5.73% 

6.00% 

725% 

Bristol Economic 

5.75% 

6.00% 

725% 

Britannia' 

5.75% 

6.00% 

725% 

Burnley .“...... 

5.0% 

6.00% 

72a % 

Catholic ;.... 

5.30% 

• 6J20% 

725% 


Chelsea 5.7S% 

Cheltenham and Gloucester 5.73% 

Citizens Regency 5.75% 

City of London ..: JB.25% 

Coventry Economic 5.75% 

Derbyshire : 5.75% 

Gateway 5.75% 

Greenwich 5.75% 

Guardian 5.75% 

Halifax 5.73% 

Hastings and Thanet 5 75% 

Heart of England ... — 5.75% 

Hearts of Oak & Enfield ... 5.75% 

Hendon .- 6.00% 

Huddersfield & Bradford ... 5.75% 

Leamington Spa 5S5% 

Leeds Permanent .. 5.75% 

Leicester 5.75% 

Liverpool — 5.75% 

London Goldhawk 5.75% 

Rfagnet & Planet — 5.75% 

Melton Mowbray 553% 

Mtdshlre 5.75% 

Mornlngton 5.70% 

Nation^ Counties 6.00% 

Nationwide - 5.75% 

Newcastle Permanent ...... 5.75% 

New Cross 6.50% 

Northern Rock . 5.75% 

Norwich '«..m 5.75% 

Paisley . 5-75% 

Peckham Mutual 6.00% 

Pottman ... ............ 5.75% 

Progressive 6.00% 

Property Owners BS.75% 

Provincial ........................ ■ 5.75% 

Skipton • b.75% 

Sussex Mutual 8,05% 

Town and Country. ........... . 5JS% 

Woolwich ;. 5.75% 


6 . 00 % 

6 . 00 % 

&S0% 

16.50% 

6 . 00 % 

E00% 

600% 

6J0%- 

6-25% 

6 . 00 % 

' 6 . 00 % 


5.75% 

6.00% 

725% 

5.75% 

625% 

7.75% 

. 6.00% 

620% 

— 

5.75% 

6.00% 

t723% 

525% 

- 8.10% 

8.04% 

5.73% 

8.00% 

7^% 

5.75% 

6.00% 

725% 

5.75% 

6.00% 

7.45% 

5.75% 

825% 

.’7-50% 

5.75% 

8.00% 

725% 

525% 

8.10% 

725% 

5-75% 

6.00% 

725% 

. 5.70% 

6.70% 

— 

6.00% 

820% 

720% 

5.75% 

6.00% 

725% 

5.75% 

6.00% 

0^0% 

6.50% 

6.75% 


5.75% 

6100% 

725% 

5.75% . 

6.00% 

720% 

5.75% 

K00% 

620% 

.. 6.00% 

820% 

— 

5.75% 

6.00% 

723% 

6-00% 

625% 

725% 

■5.75% 

620% 

7.75% 

• 5.75% 

6.00%. 

725% 

• 5.73% 

6.00% 

723% 

8,03% 

62S% 

825% 


' ''Term Shares . 

7.00% 3 yrs^ 6^0% 2 yrs., min. 1500 
7.00%’ 3 yrs, 6^0% 2 yrs., 6^3% I yr. . 
7-00% 3 yrs., 8-50% 2 yrs., mil). 1500 
6.50%: 4 yrs* 6^5% 1 yr. 

7.00% 3 yrs^ 6.50% 2 yrs., min. £500 

6.25% 3 months’, notice 

7.00% S yrs., 6.50% 2 yrs., min. £1,000 

7.00% 3 yrsn 6150% 2 yrs. 

— E45% over £5,000 

6.75% O’naonths’ notice, minimum £500 
7.00% 3 yrs, 6-50% 2 yrs., £500-115,000 
7-55% - 3 yrs.. over £5,000 
77.35% 3-yr. Increment share, min. £500 
7.00%'7yr& Cap. Shares 6.50% 

6.50% 3 months’ notice, minimum £500 
7-00% Syrs^ 630% 3yrs. min. £500-115,000 
7.10% 2-yts^ fixed 1% over Shye Aeets. 
6.95% 3 mths* notice, minimum £1,000 
7.00% 3 yrs, 6^0% 2 yrs. 

7.00%; 8 yrs, 6fi0% IJ yrs., £250-H5,000 ' 
7’°0%^yri, fl.50% 2 yrs^ min. £500 
7.25% 3 yn^ 7.00% 2 yrs^ 8.75% 1 yr. 
7.00% 6 months' notice, minimum £2.000 
7-00% 3 yrs,'E50% 2 yrs., £100-115.000. 
6.85%' 2 years 

7.00%’ 3 yrs-, 6.50% 2 y«., £100-115.000 
7.10% 3 yrs., 6.90% 2 yr&, min, £1,000 
7^5% 3 ynL, 6.75% 1 yr. 

7.00% Byre., 6J50%2yrs., 6 j0%6mthiuiot 
6^s%2yeare 

7.00% ; 3 yrs, 640% 2 yrs^ min. £250 

6.75% & months . ’ " 

7.00%. 34 yrSn min. £500, 630% 2 yrs. 
730% 3 yrs, 74)0% 2 yrs. ' 

74)0% 2 yra^ 630% 2 yrs., m!n_ £100 
7.00% 2 yr*, minimum £500 
7.00% 3 yrs, 630% 2 yrs., min. £500 ' 

7.00% 3 yrsi, 630% 2 ynL, 635% 3 mths. 
725% 3yr&,7%2yrk,6.75% 3 mths. not 
630% 3 mths. not. ■ 5.00% to limitd. cos.' 
74)0% 3-4 yrs. 630% 2 yrs. 

7.00% 3 yrs., 630% 2 yrs. 

6.70% 3 months* notice, min, £500 
7-00%, 3 yrs., fl.OOO-naJKJO. *Mas. £250 
7.00% 3 yra, 830% 2 yrs. • 


Shell Transport Trading (25pl 9141® 12:® 

20 IS 13 IB 17 19 14 16; is; 13; 11. Old 
_Ord. Shs. (2Sp) S22. 7pc2ndPf. 66 
TriccmroJ I25pi 164® 3 4. Ord. OSpl ™ 
170 69 01/11 

Ultramar (25 pi 225® S 30. 7pcPfd. 1342. — 

7PCUns.Ln. 99 (9 1) 


hVM 0IU 

Sovr’fm 
Eaclra ... 


14..& 62 
4.364^*4 


[£2 7l4-ZB)4l i£Z7.2B) 
561-55 te51-53 _ 

(£26-27) i(£2Bl*-27l*’ 

52541* -2571* S254i z -257i* 


Drawing 

Ri«rh’a 

Jannary 12 

0627789 
1.21791 | 
U3727 
1GL3965 | 


■ier in?- — .... 
f.S. ■1ni»r.— . 

nuts lion 

Viutm --cii...- 


PROPERTY (144) F'llRRPVilPV OfiTFC 

Alliance Prop. Hldoa. 9 *:pcdx». 76 rll;l) UUnntHUI IW I W 
Allied Lomfoa Preps. New mod) S3 -HOD) 

AOoatt London Props. (26 d) 225® -sc — ,-r 

Apex Proas, mdi) 236 iiiMj Special 

AquU Props. I5p) 171. Orawia 4 

Argyle Sms. lawPb. Sit® fi® stj «2;i) R/o-hTc 

Avenua Close 120a) 74 : .f u n * 

Bampton Hides. BlapcUosec Ln. 51 (10/1) Jonnary ] 

Bank Commercial Hides. (10p» 34, 1. - . 

bS^r Props. (25 P) 94. BDCUnMCLn. tlfTfll 

Bglhrav Hides- 12 5 O) 571j 61; OIU lion 1.33727 

f t r00 - IIS 13 uuina 'Oh..L 18JS965 

?!x t s g7ag5y > i72 , fi ry*- ■* tcu " ,u ~ %*£££• asss 

BWWflibc Prop, Co, SpcIirPf. M flOII) Jtiuw ITW, 6.9M45 
BracUard Prop. Trt. (25p) 224 (11/1 ) Jaiil- - htMn»rt5 2.56563 

British Load (25p) 37 :o i* t 7 Fi 7Xi t>uh.*h ^oiirior 2.74882 
6 81 l^ttaMt-Dt, liiifc 12pcUnsec. /ro H) ini „ 6.70956 

Brixton Fvr (25 n) 115^ 14 f12'li l(L»,, 1069.&8 

Capital Couotli pVilr cisto 49N 9. Hptnotawo.. 392298 
«njta «o sub, 1 (ii/i), 9-WpcUnseLLn. Sonv^V 6.21745 

C^ , £t£ r0 lfw& y (50^) 94 (1011} | 7 b|§2 

C S1 m n ° h *‘ Pro °’ MocmrHCJ.il. 797, -tri (tanp.... 2.39441 

Controvlnem Ests. (20p) gfii, . - 

JSSratS- Bss .Wi S 2 UJL CONV 

"“Worf? IP - OSa) 263 
|S 5 Sfc«S 1 fc 4s « 3 -« 

Coro Eat hang# MOo) 170 

tGiW *°”- tloo) J «- 

“ !J Na me and d 

Porta Ests. noo) 14I40 15® 

SgSJ». < a 4 ®6 , A , lg , iK Alcan Aiuminium 9] 

9 ■scIstDb. 85H®. fii'PCLn. 94 tll.li. . — — 

i2Ln. 95® 7® 4 Associated Paper 9f 

estates (ten/. Invs. i23di 20® 19:* ** 

r !5£? Bank of Ireland lOp, 

Evars of Lrcds i25d) 193 British Land 12pc C 


AulNi uaufri lUQ.ai-ao ,®iGf i rawb. rawter 

I92.B685&5 1 l.flTfi-981 i 41.904855 jBJ034Ji24B 3JRB7-ESSS ijfi.ElB 191B. — 

UjB. S in 'IVunato U-S. fi = l (M 2(7 -89 (.^nadiaii ceala 
Cnmuluin f in New York — PL02-04 cento. U2i. fi in Milan 877.0880.0. 
Sterling In Milan 1694.0-1896.0. 'Kate* for Jon. 12. 

EURO-CURRENCY INTEREST RATES* 


unf o 

Arcma (ilh , ir| 6U.634 

January 12 7 days n.H totJ 61*43 4 

Amri xx Month 1 61? -6 73 

Three raomiis.1 

v"atc95 ^ month*.... 1 . 6^-7 

J-355M One year 7A-7,1 


Uanadisn ! Dutch [ 

Dollar jUJ. Dolbr, Uui(der . | 


W.lietnmn 

mark 


Italian lnt — .. 1059.58 
J t pan eve, ven.. 292.298 
Sprivsy krone 6.81743 
(pain perota... 97.9248 
ivolisfa Krone 5.63222 
■tri (tane.... 2.59441 


1^3100 
1.35554 
I8-6BO6 
40.1182 
7.06258 
2.58369 
2.77864 
5.77586 
107 L95 

295.BS7 

6J0789 

99.0611 

5.71688 

2.41967 


i 6-7 
I 618-7*8 
Gafi-7 
6J a -7i*- 

i 

•la-'n 


1 6 >4-5*8 
! 514-51* 
j b5«-fr54 
[ 5Sf,J»i4 

i 5 6 » ; 3 « 

57*8 


Singa|xire.j 4.49 4^1 'Aur^ay ....;9.90-10.10 
d. Africa. ..'I.ti 602- 1.679* Porf u^l .. M-S/i 

l : .6 | ^ola : 169-115 

Canada.....' '^u-ll/'lnrnL iil.lU 

fSL 1 ‘l.S ./I.62 1 .36* 

L.S. ceni.vj BT.04-91.97 lYuiftnlnria' 575-68/ 

Rate Given for Argentina Is a free rata. 


FORWARD RATES 

| fine iui.qiIi 1 Three month 

Vurk'0.15- .25 c. 'its ic.55 u.4S imIh 
M ontreal..' .95-0.15 -. ilir -0.^6 3 5<-. ill* 
ArmiMani.l* .1 in la ill- 2-1 > . ]<m 
UruBvels... 110-20 . ilia 50-40 *ii» 
Cofi'nli-.ro Jl2i*-14i2 cire>lifj33^ 55/ ore ilia 
Frankfort ,.t. | ,n 1 /41-51 i>i 1,111 

Li*Uin ^...'53-155 nis lauu-oOO v. dia 


* Frankfort :1)4 .14 ,.i. | ,ni iHi-3/ pi |,tn 

Enro- French detusit rates: Hrtwlay 81-81 per pent.; seven-day 9>-9J per eenL Li*Un^...i53-155 ■-. uis jnuu-oOO «■. di« 
one-momh uf-ul per cenu; threo-momh Ui-122 per com.: slz-mmifa 135-131 per Madrid.. 90- 16U . «li« 420 S20 c. dm 

cem.; one rear 331-131 per cent. Milan .16 22 UivdU 45-52 lirudia 

Uma-ierm Eurodollar deposits: two years 981 per cent.; three years 5541 per Oulu 1Di*-12lc nre div 50U-32/ nredio 

mbl; four years 8*-BJ per cent.; five years 8I-S1 per cent Parts :24 i- 3* 4 c. dib ‘13-14 i-. di* 

The tollmring nominal rates were muted for London dollar certificates of deposit: Stock b'lm -5-7 ore di, 18J 20j ore <ii« 
one-month T.15-T4S per cent.; three-month 7^5-T.SS per cenL; six-month 7.S5-7.7S Vienna ... .'7-17 rro rii* ‘24-44 zrodia 

per cent.: one-year 7J3-7J5 per ecat. Zurich Zto-ltoe. pm ;65»-44* e.tmi 

• Rate* are nominal doting rates. 

Short-term rates are call for sterling, U.S. dollars and Canadian dollars; Iwo Six-monih forward dollar oaw.boc dts., 
days’ notice for guilders and Swiss francs. is^nonth 1 . 05 - 1 . isc dis. 


UJL CONVERTIBLE STOCKS 13/1/Z8 


Sutiincs provided by 
data STREAM Inter national 


Godfrey's <5pi 5 (12*1* 
aw^Fortfond £*tt. t50p> 324® * b 

Green (R.) (i-On) 34 * 5 (12*1) 

Groaccoat Fran. (Set 911 ni-ii 
Hamm arson FroP*. A (23 b) 580; 76 (12; 1 1 
Hxdamere Eus. >100) 252)-® y® 

Heron Cun. 104,pc1stDb. 91ij« f12'li 
Imry PfO®. Wag*- OSp) 323 fIO-11 
interau ro paan Proa. Hldas now 35; 4 
Land Investors i25p> 132 <9112 
Land Securities Inv. Trt. (Wp) 224'-® 5 
4 6)f_3«s. _ 6pd0h. 1979-82 .S7L0 8®. 


Name and description 

Alcan Aluminium gpp Cv. 89-04 
Associated Paper 9jpc Cv. 85-90 
Bank of Ireland lOpc Cv. 91-96 
British Land 12pc Cv. 2002 
Change Wares 12pc Nt.Cv.Pl 
E ng lish Pr operty fijpc Cv. 98-03 
English Property I2pc Cv. 00-05 
Grand Metropolitan l Opc Cv. 91-96 
Hanson Trust 6Jpc Cv. 89-99 




Con* 



Size Current 


version 

Flat 

Bed. 

(£m.) price 

Terms* 

dates 

yield 

yield 


Premjumf 


Income 


Cheap(+) 

Dear(r-)0. 


4 Slj 3's- GocDb. 1979-82 .B7LO 8®. : — ~ ■ 

! firWJf'BflMVfc ., T 2fff Hewden^stuart 7p C Cv. 1995 
£LrtSn. ( i»B5 144?* lopim PentoS 15pc Cv. 1085 
V20pi 47 w S*. 7'uKDfr. 76 Slou gfa Eg tatfts lOpc Cv. ST’90 
lU-ii U«U1) Prep*. SVpcDb. 8l-« 2 (9/11 T(W r K emgla w rv. 

Londw* PwriosW .Shop Centre* iHIctgU - — apc ^ 1981 ^ 

LtaSim County Midland Tit. 6:;pc&b. B2® WDkinsOn Match lOpc Cv. 83-98 

I 'a® ■ — i ii m i 


Town and Country ... . 125% . 6.00% *10.00% 7,00%, 9 yrs., £X,OW)-£13J«0. *Mas, £250 

Woolwich , 5.73% ' 6.00% r^5% 7.00% S jn, 6j0% 2 yrs. • 

•Rates' normally variable ln : line with changes In' ordinary gha£e rates, t Moneymaker. Shares. 
• ' J; Maximum Individual account £2£Q0. . 


1 Jlanget |Equ.§{Conv.H jPiff.q Current 

-10 to -2 14.1 S.7 - 5fi + 1.7 " 

- " to -2 14fi U9 - Oi 4-33 

14 to 39 0.0 93.8 75,0 + 61 .4 ~ 

- 7 to 27 23.3 60fi 185 +13.8 7 

-11 to -0 llfi BJ - 5J + 1.7 

40 to 66 31.4 52fi 30fi ^4.4 J 

“12 to -2 iT Ofi - 37 - 0.0 

- 9 to 5 10JS 13.7 1.0 - 3.0 ~ 

-15 to -5 145 64 - 3A + 4.0 “ 

-37 to 10 47.3 47.1 - Q.l - 4.0 

4 to 16 37J3 55.1 lljl + 2.3 • 

17 10 39 1L9 1L0 - L-i -31.3 ” 

22 to 43 28.4 40.0 14^ - 1Q^ ~ 

rstmeni m cOTvmaie expressed as per cent, of the 
rich flflO nominal of eonFurtibh* stock is convertible 
Income os £100 aamlaol of convertible 1 or tin? final 




2 


22 


Financial Times Saturday January 14 197S 


tU 


STOCK EXCHANGE REPORT 


Gilt-edged and leading equities end on a firm note 

Share index up 1.5 for net fall on week of 16.4 at 480.9 


Account Dealing Dates surprise at either the non- where in Chemicals, ICI drifted firmly and put on 3 more to 14"p. figures on January 24, found late Exploration, a poor market of late 

Option appearance of a new tap stock in down from a firm start to finish while similar rises were recorded support ■ and put on 5 to 9Sp. on rumours of a ary well, fell to 

.• * First Declare- Last Account the area or in the absence of a 2 lower on the day at 340p. after in Ransomes Sims, I33n and W. Still drawing strength from the 26hp, but recovered tocireeun 

Dealings lions Dealings Dav further cut in Minimum Lending 338p. Carmine. 8Io. the last-named betrer-thsn -expected _ results, ^tered on balance at276^ AmonE 

Jan. 3 Jan. 12 Jan. 13 Jan.24 Rate- The disappointing 

Jan. 16 Jan. 26 Jan. 27 Feb 7 Corporation stocks were regarding profits over the _ 

Jan to Feb o Feh in f*h generally a shade easier, where traamg year which accompanied „„ vv .— - . . , - 

- new Mm, -' changed. Issued at 99*, £10 paid, the interim results prompted speculative demand- In contrast, 12ap. recorded speculative rises Properties traded rather 

Mm "jo I™ the heavily-oversubscribed Tame- marked weakness In Thorn Elec- Davy International, still reflecting of 6 and 4 respectively. An quietly. Leading issues moved 

In a reasonable trade stork side 10} per cent stock started trieal. down 14 at 35Sp, after 33fip, recent adverse Press comment, investment recommendation left within narrow limits, but Uie 

markets on the last dav of th^ life at 1Q‘ and closed at that price making a fall or 34 on the week, eased 2 to 242p, making a fall of LRCfi dearer at 39Jp. Lawtev trend was towards slightly higher 

fTrst Account fn t?e \0w° Year after touching 102 in a reasonable Other leading Electricals, how- 19 on the week. Falls of 2 were added 4 at fiSp huLj endAccount levels in the fina dealings, 
Iirst Account in tne -\e» rear luu ‘- held up reasonably well, also marked against Baker profit-taking clipped '6 from »jepc ending 2 better at ISOp. 


White Paper, senHmei^ ^proved more hopeful feeling about 2 I*"***..!?' *° , 15 * p ? n _ news that the a_t_ llSp. 


& r;r.o V ‘ P roVL "gay* & bsj! » sbsj?* ”zsz » j* 


long end of the market. took Southern Rhodesian issues 

Short-dated issues put on to 1977-78 highs, the 2} per cent 
amounts ranging to i and the putting on 2 to 69 and the 6 per 
Government Securities index cent. 4 to 32. 
hardened 0.20 to cut the week's The investment dollar pre mium 
loss to 0.33 at 77.55. The un- became much steadier yesterday, 
changed Minimum Lending Rate the rate moving between 66} and 
was as expected, but hopes that 69 per cent, in a good two-way 
the recent turmoil in currency business before closing at 68 per 
markets might soon subside led cent for a rise of li. Yesterday’s 
to expectations that the recent SE conversion factor was 0.8031 
-downturn in U.K. interest rates to mi 
may be resumed in the near 1 ' 
future. 

Trading in leading equities was 
difficult and slow with buvers 

showing 'no inclination to commit „ auuM1 

P fft eS c ? sed . for mosi easec i l0 oj despite details of the 
^ showing early ^p, reduced loss before 
len l ? en £ y closing unchanged on the day at 

hLi»A Y «T 3 P ; **• latter's loan stocks were 
hijilted on disappointment with active uith the 91 per cent on- 

™? r "' s ‘"''i; 1 ". /Weraent. The Shi 1*W7 Si.“ 

Snnn P hn^f? *' «?' tfc* 1 P°' ntS ]0WCT at 118 ««* 9i P er 

HmUto! 1 rS'r,. a A, ^ J 7 In ‘ cent. 1982 J easier at £29, after 
■ 6 ** "5 «2. Elsewhere, the major clear- 

ni?t LS = A ™ m n J ng Banks closed quietly firm, 

Thi^iirT 38 ^!! 3 y .l' a while overseas issues took a turn 
un at 4S0.9. This feTt a fall on the r or fhp hetter 
week of 16.4 after the previous l0r T nil® on 
weeks promising gain of nearly 
12 noinLs. 


feoor 


550r 


Yl'IIkinson March way were also favoured at 67p, 

I97p, Whatman up 3« Pf whale Regplian continued 
' “ “ put on a penny more 

_ — — Dull spots included 

encountered Polish ships deal Tfoliowine the cell an eo us industrial leaders £ H- Beazer, 5Qp, and Evans of 

ended the week on a dull note. Leeds. lMp, down 3 apiece. 

PilhingtoH Bros, fell 17 to 453p, overseas Traders had a couple 

while Unilever receded 9 to 526p of firm apo ts in Booker McConnell, 
and Glaxo 7 to 59 Op. By way of 4 up a t 232p. and Nigerian Elec- 
contrast, Rank Organisation tricity, 7 higher at 230p. 

moved up 6 to 264p on buying investment Trusts drifted „ , . 

ahead of the results due on nrentlv lower on small selling, that the mine is to be State- 4 to 394p. Rhodesians, however* 

January 23 , Border and Southern were agam aided. P“t on a “ 

Turner aiannfacturing featured on oHerj falling & to 267p for a 


F.T. INDUSTRIAL 
ORDINARY’ INDEX' 



FNFC dip and rally 

A firm market of late ahead of 
the preliminary results. First 
National Finance Corporation 



too 


insurances passed a quiet 
session. Christopher Moran re- 


1974 


197S 


1976 


1977 


1978 


FINANCIAL TIMES STOCK INDICES 


~Jnn- | tan. 


— j 

13 

1 >2. ! 

Govern mom tan. 

77.65 

j 77JJ6; 


80, BC 

80.60t 

End oat rial OnUmuy — 

480.9 

479.4j 


13S.1 1 

1 148.4 


s.eo! 

1 6- 60 ! 

Jjerulnga V'ui5((iilW*i 

i 17.0i 

1 -17.031 

F/B Ratio loot) (*t) — 

8.32| 

[ 8.32! 

Dealings rnartnl 

6,034] 

526«| 

BquHv turnover £m.. 

1 - i 

76.03; 

ISqnitv hwwiine t<it«l 

— I 

14.057! 


Jnn. 

it 


tan. 

10 


Jan. 

» 


tab. : Ay*r. 

6 I *p» 


77 

80.95) 
484.9! 

iss.aj 
9.95! 
1652) 

a4 5 

7.130) 
69413! 98.23: 


77.27 

80.68; 

487.81 

139.3! 

9-saj 

16.78} 

S.4S! 

s.stbI 

1-03 1 


77.89; 
81.27! 
491.7) 
136.9! 
fl.47j 
16.62; 
8,53! 
6.868) 
66. is! 


77JB8j 63.16 
SL23j. 64J8 
497.3J «39 
136.6; 118.1 
9.41 6.16 

16.451 19.13 
8.62) . 7.66 
6,426} 6JS0 
87.25( 60.08 


17.910 16. IS II 14.489 


» a.nu «A U 

2 p.m. 4T9JI. - 

Latest intax OW* W®. 
•Based on 52 per wm. OTwratlon la*. 
Basis TM Uort. See*. 1S3, 

Ulan SE Activity July-Dee. 1W2. 


Soon 4 7U. 1 pm- <n.7. 
3 p.«l. 478.9. . . 


r xu =snL 
ind. Ord. 1-T3S. 


CM 


HIGHS AND LOWS 

[Sire-* l-iml'i <*t tua ; 

I High 


S.E. ACTIVITY 


IB77rte 


Govt. Sees... 


Fixed. lot.... 
tod. Ord..... 


Gold Mines. 


High | 


I»HV 


Lnr 


tan. 

16 


.tan. 

12 


79.85 

(3CW) 

81.27- 

(9/U78) 

649.2 

(14r9) 

174.5 

IB.'IA 


60.45 

l*/l> 

60.49 

(4/1) 

367.6 

(13/11 

95.1 

llffl 


127.4 i 49.18 
19/1/36) ; 13/1/76) 

. 150.4 I 60-63 

(3/1/76) 

649.2 ! 

(14/9/77)! C2b.-e/«J) 


—Daily • • 

. Otlt-kilgeiL-l 198.9 
] luduurkr*. ...I 175.0 
Sn«-tjlAtdve_.i 36.3 
! %nta (114.8 

1 Mlay Av'wgej 
| Gilt- Edged ...| 199.S 
1 lnlustnaN ...1 212.1 
SpecutaUve...). 43.4 


4/9/7N 

442.3 I 45J5 | SpecntaUee...} oa.j 

(22ft>/7S>io9UUV71t I Ti-t*' '■» 137.8 



good performance 

_ _ l £w 1 ' Beers again lost ground throughout the week foHowtng a . 

Motors and Distributors with a l'oss'orTthe week'ofis. Wemyss amonc Financials: the shares revival of hopes of a political 

reaction of 7 to 9op on disappoint- investment declined 10 to 290p. weakened considerably on Monday settlement. Falcon Mines rose 
menr with the company s forecast ^ Financials, R. Kitchen Taylor toUowing the Central Selling Or- another a to 196p and Wankie 
of a profits slowdown which responded to small buying in a sanitation's reduced second-half Colliery 2 to 40p. 
accompanied the preliminary thi ^ mar ket with a rise of 6} to S es ficure and lost 4 more to Australians were firmer across 
figures. Lacas Industries remained 5510 907” W sterdav bringing the fall the board in line with overnight 

dull, losing 5 at 272p for a loss T n ' Textiles Sidlaw edged up 2 on the week to 16p. domestic markets. Gold Mints of 

on the week of 14. Manchester t0 gg p f 0 n 0 w-ing the preliminary London-registered Financials Kalgoorfie rose 2 to 54p and 
Garages eased - to 32p on far- jj^ures. Carpet issues had Black- drifted on lack of interest. Bougainville 3 to fflp. QD the re<- 
ther consideration of the com- Morton a penny better at Selection Trust gave up a further cent strength of the gold price, 

panys fund-raising plans. By - — - - - ■ - 


2Bip and Tooghal 2 harder at 


way of contrast Pride and Clarke ggp f 0 n 0 wing Press comment 
improved la to „67p for a two- pjantations were notable for 

MtLeoi 6 «*■■" at mp - 

interim figures, hardened 2 to r<nnc finM rahnnnH 
I30p. while small buying in thin LdllS. UOItt reDOmm 

maijets left both Adams and The official denial by Atlantic SKw 5 ™!' mm 
G ibbon and Plaxfnns (Scar- Richfield of rumours that it in ■- 
borough) 4 higher at 83p and 130p tends to bid for 


RISES AND FALLS 

Yesterday 


On the week 


Brftfsb Funds 

Corpus^ Ofltn. and Fonrign Bonds •— 


OH* 


“Business in seennd linn i eE .,n. UnQ^ished 2 to 63p In response scattered demand and closed 2 decision by outfitters to call off a resoeetively. Fields did 

was less active than recently, but t0 th ? ,n . te _ ri £L de arer a t 75p i after _7»pL_ five-month (Hd overtime ban. The Still unsettled ^ by the down- shares of the latter from moving 

official markings of 5.0M brought d0 ™ 


Consolidated PtnnUttena 

not prevent If 1 ”* 

Recant issue* 


Totals 


The following securities quoted In the 
Share Inlomatlon Service yesterday 
attained new Highs and Lows ror 1977-78. 


Folk) wing Thursday’s late mark- Stores were featured by a gain announcement of the B50m. ward revision of the Claymore agaiii - yesterday, 

the” week's dailv ^"enw down on news that AIUed of 5 to 119 P in Burton A following Egyptian order failed to stimulate and Piper North Sea oil reserve. p r i QC tQ the news Gold Fields 

—the highest sincp earit rtotni^r Boweries* applicaUon for price in- a good late demand for the next Vosper. unaltered at 150p. Thomson fell away further to were steady at IS7p and were 

Movements in leariin" ceases is to be investigated by Account. Gussies A, on the other After the recent sharp down- 640p before closing 16 lower on momentarily marked down to 

■rarely exceeded ro-Dnmr*' “-m! the Ww Commi.ssion, Breweries hand, cheapened 2 to 298p and tarn which followed Salisbury's the day at «4p. and 71 down on i&i p following the announce- 
raih led rises bv 3-To^ in all pr staecd a modest recovery. Allied, Mothercare shed 4 to 182p. A announcement of its plans to cut the week. Other North Sea-oil ment _ Th is level failed to arouse 

auoted eouitiec “thp pt" at 87p, regained li of the previous fund-raising call for £0.9m. de- prices over a wide range of its orientated stocks continued to an y interest and the next 

Actuaries indices' also moved da >’’ s f“ 11 ° f 4 i- wWle Scottish Pressed Alfred Preedy which, lost products. Food Retailers became **je ground In sympathy. Else- business was transacted at 187p 
narrowly and the All-sham n w»7? “fi Newcastle improved similarly 3 to iop. after /2p. and the failure 3 steadier market and closed where. News International added as further buying orders came in NfcW tuuiu* fas; 

a shade off a t211K for a Io« t0 *** following Press comment to pay an interim dividend narrowly mixed. Following 4 at 27Ip. Paper/Prmttngs were t0 S STmarkkln after hours Bri ^ l7 c ?£ P ^? N tOANS n> 
on the week of about 3 ner %»nt on the in l erim statement. Other brought about a fall of 2 to 18p m Thursday’s fail of 17. Associated noteworthy for renewed strength dealings the price strengthened co^onw^l™ and 

cent - firm spots included A. Guinness, 3i WearwelJ. Dixons Photographic Dairies were active and 3 better l n McCorquwiale which moved up t0 192Pi a net gain of 4 and a N . Zealand™ T&So^tac’i-pe 65-70 
harder at 185p and Davenport 7 came on offer at lBOp, down 10, at 235p, after 240p. Kwik Save 3 mor€ to 24Sp on further con- similar improvement on the week. Do.6pe78-ai 
higher at 70p. and Empire receded 5 to _177p. rallied 4 to 206p and BcSam 3 siderat!on_ of the Mceuent Gold Fields’ South African and Highland oistuiwim ’ 

BUILDINGS Ml 
Jarvis 0.1 

... - . , I A McNeill 

timwrtninitaa n ._ ■ -u n ~ ~ »»•»• «««,« u .»« u . — — but losses of 3 were seen in |>p remained £11 higher over the „ ngAW e«v and stores <21 

un cen amt 1 o\ e r the Govern- Ormc Developments hardened a Engineering leaders ended with Hillards. 230p, and William Low. *** Steamer week, while CGFA put on 5 more 8 A ' N electricaumu 


Up 



Up 

Down 

Same 

H 

0 

xo 

92 

88 

M2 

n 

6 

« 

57 

to 

2 M 

265 

XS 

952 


2,127 

4*51 

ST 

US 

520 

3U 

931 

US 

8 

4 

21 

27 

56 

82 

9 

2 

23 

24 

29 

m 

28 

55 

48 

US 

ui 

259 - 

7 

8 

38 

n 

55 

in 

Ml 

58S 

MU 

2. M3 

un 

6 JOS 


NEW HIGHS AND LOWS FOR 1977/78 


News Inti. 
McCord tod ale 


NEWSPAPERS <1 
PAPERS rl) 


Gilts quietly firm 

fiimmhi^th. u ft“L etly The T per cent, redaction in Shoes were notable for a” Press- to'“6Sp.‘ Toko ‘ held aTlSlp, annual results, making a gain on Aus^U^Trmr\vere^o^activ£ 

but . held to a the mortgage rate had little effect inspired gam of 4 to 39p in Stead making a loss on the week of 6. ,he wee k of -*■ GFSA relinquished I to £10 but Haadanon A 

iirm tack vvrth the previous day's on Buildings vvhich closed mixed, “d Simpson A ‘ ■ ' ~ • * ■ • • ■ --- 



n,:‘ j wni J® improvements of 3 were seen in limits. Ahead of next Friday’s in- a rise of 2 to 33p. Other firm prices closed without much price to $172,625 per ounce, 

V*f. er - Quotations ended at the Blockleys, 67p, and J. Jarvis, 104p. terim results, John Brown im- counters included Barrow Mining, alternation. Helped by the cessa- although it was still $2.75 higher CMntord *• foods «> 

aa> s oesi u un gains in the longs Ahead of next Wednesdays proved to 235p before settling at 4 better at 94p. and Bluebird tion of recent U.S. selling, British on the week, caused end-account Biwbird Con 1 , i iDUSTR1Als (1G) 

e\ientung to «; uie new long tap interim figures. Magnet and 234p for a net rise of 2. Gains Confectionery, up another 5 at Petroleum rallied to S22p before profit-taking in Golds but prices canian proMe p*«us and whites 

, h ^i u . r , per , ce , nt > Ieft Southerns cheapened 2 to 193p, of 2 were also recorded in 153p. easing back to settle at 814p for staged a good recovery in after- ggwannscn" 

stranded by the markets recent while Ncwaiihill gave up 5 to Hawker, 19Sp, and Vickers, 189p. A resurgence of speculative a rise of 4 on the day. Shell, hours trading as U.S. buymg.be- icl sms Furniture 

.... ... --- - - - - - - - -- — . — - — Wellco 

Talbex 
WIRtam* U-) 
Wills (G.) 
MOTORS <7) _ 

Heron Motor - 

_ „ Pride snd Clark* 

rises of 1. the market evincing no taking and shed 17 to 546p.‘ELse- Securities” Braith waite continued PuUmann,' 'which' ^report interim to favourable Press’ comment Oil ther consideration of the news -. Revno ' t,s ^ J - 5 


PROPERTY f7) 

Beiiwar Kcaalian 

Clarke NickolU Suniov iB.) 

Dorrlngton Wins Ion EstS. 

BaflUn SHOES ,1) 

Stead and SimMon A 

TEXTILES .1) 

nh TRUSTS <S> 

Brldocwater M.SG. 2nd Dual ln«, 

City & Comm. Inc. Kitchen (R.) Taylor 

Equity Consort Dcfd. 

OVERSEAS TRADERS <tl 
Nigerian Elect. 

NEW LOWS (20) 

AMERICANS (51 

Colt Ind*. First Chicago 

Cant. Illinois ' Ford Motor 

Firestone Tiro 

CANADIANS (3) 

Sank ot Montreal Royal Bank of Canada 

Bank of Nona Statla 

BANKS It) 

HK and Shanghai 



Hoechst 


CHEMICALS (2) 

; Hydro 


. er cent, scrip issue. Hickson and news of the proposed bid of 4lp Monument Securities a - penny at £36. Elsewhere, British Borneo general trend Leslie Gold Mines pistons 
were also firm and dosed with Welch ran into end-Account profit- per share cash from Centreway better at 9£p, after fl}p. B. and J. hardened 2 to 154p in response advanced 3i more to 42p on fur- 

idi 


Norek 1 . 
INDUSTRIALS <1> 

Unilover N/V 

SOUTH AFRICANS (2> 

OK Bazaars Primrose 

TRUSTS CD 

G.T. Japan Mass Mart, i Realty 


Vogels 
South Crafty 


MINES <4) 


Jons. Murchison 
Tara Evoloratlo-t 


ON THE WEEK- 


No. 


Denamina- 

of 

Closing 

Change 

1977-78 

1977-78 

Slock 

lion 

marks price (p) 

on week 

hifth 

low 

BP 

£1 

71 

S14 

—28 

966 


iGr 

£1 

lid 

340 

-14 

446 

323 

Grand Met 

sop 

.12 

106 

- 3 

109 

62 

Shell Transport... 

25p 

411 

515 

-12 

635 

454 

EAT.s Defd 

25p 

48 

228 

— 7 

260 

202 

Rank Or" 

-3p 

47 

264 

+ 2 

276 

12S 

Barclays Bank ... 

11 

46 

342 

- 3 

350 

228 

Burmuh Oil 

£1 

46 

33 

- 1 

83 

41 

Assoc. Dairies ... 

25p 

43 

235 . 

— 3S 

295 

141 

GUS A 

25p 

45 

29S 

-14 

347 

176 

GKN 

£1 

44 

267 

- 6 

369 

260 

Cons, Gold Fields 

25p 

42 

192 

+ 7 

224 

137 

Pon tin’s 

IDp 

42 

42 

- 4 

46 

22J 

Reed inti 

£1 

42 

13S 

- 1 

233 

11s 

Ladbroke 

lOp 

41 

199 

-11 

215 

89 


YESTERDAY- 


NO. 


Dcnomina- 

of 

Closing 

Change 

1977-7S 

1977-78 

Slock 

tion 

marks 

price (p) 

on day 

hiuh 

low 

BP 

£1 

11 

814 

+ 4 

966 

1 r6 

shell Transport .. 

25 p 

11 

315 

- 1 

(83.1 

454 

Grand Mei 

50p 

in 

106 

+ 2 

109 

62 

ICI 

£1 

10 

340 

- 2 

446 

325 

Barclays Bank 

11 

•1 

342 

+ 2 

350 

22S 

Cons. Gold Fields 
First Xai. Fin. n 1 % 

25 p 

s 

192 

+ 4 

224 

137 

Sub'll Lns.Ln.*!i2-7 

£100 

8 

IS 

- 2 

21 

i 

Hicksmi & Welch 

50p 

S 

346 

-17 

60S 

295 

Reed (nil 

£1 

8 

138 

+ 2 

233 

IIS 

Rn,val insurance... 

25p 

S 

412 

+ 2 

49(1 

280 

Axsnc. Dairies ... 

25p 

7 

233 

+ 3 

295 

141 

nisiilfcrs 

50p 

1 

170 

+ 3 

193 

120 

Imperial Group . 

23p 

7 

7S 

— 

Rli 

64 

Wooiivorlli (F.W.) 

2.1p 

7 

63 

+ l 

68 

48* 

BAT lnils 

23p 

u 

275 

— 5 

303 

235 


The nl>mv Iwf nj tie-litre stuck-? iit bused tin flic member 0/ liarpum.? 
rvr. iri/tM :ic?riTrfrty iw flic O flic in I !«i unci under Rule 163fl) tci and 
rt'/Tudi/ird m-dnij in Shvk Exchange dealings. 


BASE LENDING RATES 


A.B.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbachcr 

Banco de Bilbao 

Bank of Credit & Cmce.!| 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit. Bunk of Mid. East 

M Brown Shipley 

Canada Permanent A FI 
Capitol C & C Fin. Ltd. 

Cayzcr Ltd 

Cedar Holdings 

■ Charterhouse Japhel... 

C. E. Coates 

Consolidated Credits ... 
Co-operative Bank ... 
Corinthian Securities... 

Credit Lyonnais 

The Cyprus Popular Bk. 

Duncan Laurie H 

Eapt! Trust 

English Transennt. ... 
First London Secs. •• 
First Nat. Fin. Corpn. 
First Nat. Sees. Ltd. ... 

D Antony Gibbs 

Goode Durrani Trust... 
Greyhound Guaranty... 

Grindlays Bank t 

W Guinness Mahon 

S Hambros Bank 


61% 

6!^ 
fi!-^ 
7 % 
6J<£ 

6k% 

0i °o 
6% 
6?°& 
6)% 
7 ^ 
6\% 

71% 
6*. ‘7, 
6\% 
6)% 
9 % 
7 % 
S % 

*{% 
7[% 
71% 
6J°o 
61% 
61% 
BA% 
6 ,tr . 
61% 
S % 
6 J % 
9% 
S % 
61% 
71% 
61% 
R'.% 
61% 
6J% 


I Hill Samuel 5 

C. Hoare & Co t 

Julian S. Hodge 

Hongkong & Shanghai 
Industrial Bk. of Scot. 

Keyser Ullmann 

Knowsley & Co. Ltd.... 

Lloyds Bank 

London & European ... 
London Mercantile 

Midland Bank 

(Samuel Montagu 

1 Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Refson & Co. ... 
Rossminster Acccpt'es 
Royal Bk Canada Trust 
Schlesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Sheniey Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk- 
United Bank of Kuwait 

Whiteaway Laidlaw ... 
Williams & Glyn's ... 
Yorkshire Bank 


7 % 
6*% 
7J% 
61% 
7 % 
6i% 
9 % 
61% 
SJ% 
61% 
65% 
61% 
61% 
61% 
6!% 
61% 
61% 
6i% 
7 % 
S\% 
71% 
9^% 
64% 
61% 
64% 
7i% 
6-1% 
7 % 
Bi% 
61% 


I Mi'mtwrc of Dig Acci'Ptint: housob 
C ommtricc. 

Tw)ay depostiu 3"«. I- month deposits 

3:-.. 

T-(laj rivposils on sums ot lio.noo 
und under a"-. Up 10 &J.00D Ejv, 
aud over £35,000 
Coll d'.-positu over £L,iW0 .Ti. 

Domand deposits 41%. 

Rate also applies to Sterling Ind. 
Sacs. 

7-day deposits 3!%. Raius for Term 
Deposits over ClJWO nesotloble. 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Se t tie- 

in gs ings tion ment 

Jan. 11 Jan. 23 Apr. 13 Apr. 25 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 
For rate indications see end of 
Share Information Service 
Calls were dealt in Premier 
Consolidated Oil, British Land, 
Ultramar, Highland Distilleries. 
Ellis and Everard, Lonrho. 
Queens Moat. G. R. Dawes, 

Trident TV A, Fitzroy Invest- 
ment, Be jam, J. Crean, Fitch 


Lovell, GKN, Marks -and Spencer, 
Hestair, Status Discount, Grand 
Metropolitan. Swan Hunter, Ex- 
calibur Jewellery and Hestair. 
Puts were done in Gussies A, 
Thorn Electrical and Hestair, 
while doubles were arranged in 
Town and City, Trident TV A, 
J. Crean. British Land. Hestair, 
Fitch Lovell, Consolidated Plan- 
tation Warrants, Bnrmah Oil 
Britannia Arrow and TicentroL 
Short-dated calls were transacted 
in Grand Metropolitan and Swan 
Hunter, while a double was taken 
out in Bunnab Oil. 


RECENT ISSUES 


EQUITIES 



= . 7 = o. 

lBTTrS 


• • 1 1 

1 

IVut 
p : 


HiijI* - Liw 


1 








104 

F.l*. 20 1 

125 . IU) 

Fannpi (!>.W.» 

— 1 123 :+ 1 1 

A7.5S: 2.3l 9.3J 7 JO 

;53 

52 

F.l 1 . 6,1 
F.l 1 . 27 1 

HI < 

Hoklen (At 


1 *3.3; d.6| 7.8- S.4 
53.29' 2.7| 8.4} 6.4 




FIXED INTEREST STOCKS 


1 § i 1977.8 | 

— £ — ' Hich ' L.iw I 


Stock 


iKI- 


L6u 

F.l'. 

IM 1 . 

K.l-. 


X100 1 - 

L-5i.l 2 L-tl 

eiju F.r. 
cioo 

C99 

Ll Jw 

alOJ 

ClJu.ClU 
eu-; F.l". 

IllOU - 
C1J-- : F.l*. 
rtEJVlL-10 
j99l;! F.l*. 
*H)it C50 
- 1 K.l*. 

C99J 4 : r>. 

£99 u; £10 


* 6, A 
Ail 
.Alii 
d,S 


aa.a 
. 3,3 
'27/1 

1 e”i 


1 liAUs 1 IdOiji.lKrii.- Mrtrt. Varutblo 1883 

- U' -lulUMIIi 1 !•» 

IOC . 97V*'ar«Ufl IL& \v* 

' t 1 •« 'Ceai nit iV SbeerwiApi Wife L'un. La. IUdi.... 

, 6i | aii-|i.Tminpuii Kts.lWfe IfLib 

: « i *1; HounaUiW Variable LUKi. 

' Sa;lj!.«9IU.IniaitI%.\rt*a lliW 

58/ U : Do. 9“ U**- 

tiijg: Uij KwiBinKfuu Sc Che lues 

LOU1-. 997g' Dll. Do. Variable 'da 

IiaJ i Alia i Leeri» Variable laB2 

' 100 i lOOl-l Lekiirter Variable LBBi 

I Lzisi 1 1 la 'lllil Kent Water 7% 

! S97 H>iiiv HZ «Uea lfllfil 

i W ; Helen# Iltfb ltd. 

; S3J1* S9b ,9beli toll- Pin. SiV. Bjfe tunr. Korea I ago 

1 lul| I ftilp filan Furnilure I0{ Cmn. Kref 

10), i ilOO,'/- ;T«meaii'e VariaMe 1383 

: 1058i 101s! Ho lOSvfe Ke.1 

i li'if. wJbj ,Yi-ik Tnii **1 1(15, Krei 


..•lOOig' 

| ... 
101 M 

oj i--. 

: 61 | -... 

. uai s : 

, S97i 4 .. 
.8971, .. 

143, 

• 1003b 1 
lUL 
100 
1212 
.59712] 

55i! 
8963, 
lOlp) .... 

. im, r 

10 12 
1 106 


+ ia 


“RIGHTS” OFFERS 


I Jle- = “ 

I'rl- £ ' i-i 


I*. 

95 
An 
30 
52 
ISO 
la ■ 


5£ 1 


lau ■ 

hVuunc. 

Ltaie- 

• t 


1977/3. 
Hlcii - tow 


! I'riix-V 


ml — — ' C8 |iii«; !£:jim-.\rlluiiliin M<<u<r 

i-.K '16 11 27 1 in ; --A^u «sn**|wM Guinirv 

F.l*. 61 J0;J ti , M Cablcinrtn 

mi 23 1 27 2 Umiii epiniCtHi»t> Un* 

ml 24 2 10.3 lil? i tapniLunmi. bank „i Va»tnilia.. 

m, 13»1 10-2 Eibiu lut.ui Kitair lailuvtna- 


12 >2 

nil 

1 24,1 

6,-2 

is mu 

0 . 

f.l*. 


■ri I. 

ai '. 

6^ 

F.F. 

' 6(1. 

10.2. 

m • 

10 

• nil 

. — 1 

— •! 

•Si pm 

158 

i nil 

; zb, i : 

9;3[ 

■XJpni 

iA../S 

1 111, 

| 17, A- 

is 

Upuii 

171a 

F.l*. 

'23(12' 

18; 1 

iiiei 

38 

till 

; — 1 

— ' 

6 pm : 

t j 

K.H. 

16, lif 

• l »' 

*' i 

10 

ml 

19,11' 

16/2; 

diiin! 

165 

F.l* 


2d 1 

m 1 

9" ; 

P.F 

: 1 I : 

*7 1 

«# 




ij.ihn*«« Firth Krmvn.. 
Komi me Motn, 


W irtir-niW. L 

ttptn!R.t'.F 

• .Ktfvnl Ul>i|tw«v 

Ipo, Murm iUen.1 

ii It 11. 3 wntilli. 

v :W,' >*«.• 4 Im 'Hli. 


26i>ni' 

36 , .... 

69 '+21? 

15pm— I 
42|i«jj + 6 
t®imn •••••• 

' 78 | 

.261; pm 1 — t 
I 23pmj— I 

i "frit 5 ... 

1 6pml ...— 

8b j 

• l 1 !), mi 

289 -J 
42 !♦! 


Komnicuiiui. .la'e u«m'» usi Uy mi 'eaims irw* -j> ramp ur> >. hi^ur^. 
oaamn un orusuecMis (.-sumau- u AsSuniurt fliviifwifl iai yiebi a Harouam nivmenn 
raver Das^/i tin un-nmu vears ejminss r nivioenrt and %icfi baara on ur/wu-vnis 
nr oilior -irtluai Ksuman-s ini I3i!» wOru» 1 oiitures jpuhmi . Cover allows 
rot nniverviin >il «ojr.*n no» now rausmii for .lividend or rankma iiiiii inr reanclrti 
■iivHiriifis • Kl jiinw once in nun In. pi IVne* luilesa oUierwise mhiu-ea E ihuoo 

iy icodcr. .i Ollifrert tn hnldi-rs oi OnliBafS shares fas 4 ” rusnta ■■ — pjKhr.. 
liv way of capitalisation. *t UiOnnioti rentier once. »! ReintrtMucwi. ]| ib-hko 
in cannccilon with mirsamsaliDD merger it lake-twer. Rfi lnrroductinn Isniwi 
to termifi' Preference hotrtere | AJIoimcnt letters tor fully •twwi. • Provuiionai 
or birtlv-BiiS flllormpot lenera * With warrants 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Plpim id paratthe&cs show 
Dumber of Rods per seetioo. 


CAPITAL COCDS( 179) — j 
BaUding Materials 27) 

Coo tractiiC CanSrortioaCa — | 
Electricals (15) 


Engineering Confrectora 131- 
Mechanical Qigmeerin^a) - 

Metals and IfcUl Fonnm|Ji7) | 

CONSUMER GOODS 

I DURABLE! 53) 

LL Electronics. Radio TV (15). 
Household Goods ( 129 - 
Biotas and DistrihutorsCfi 
CONSUMER GOODS 
(NOK-DUIABIEii ITS). 

Breweries il4) 

Wi nes and Spirit I6i 

EntetHuunent. Catering 1 131- 
Food Manufacturing (22i 

Food Retailing(13) 

New*pap«i.Publi5hing(13)- 
Packaging and Papenl5i_ 

Stores (38). 

Textiles 1 25) 

Tobaccos (3) 


Toys and Games t£) j 

OTHER GROUTS (ST). 
Chemicals (23) 


Pharmaceutical Ptwbca(7i_ 

Offl ce Squl pment ;0 | 

Shipping 1 10) 

Miscellaneous (5*)_— 


rvp«a^;Ai. faaoup nbsii 


OUs (4). 


583 SEASE INDEX 


FINANCIAL G2T U? ( iW) . 
Banks 1 3> 


Discount Hoo sen 1 iff) . 
Hire Pure base (5L 


Insurance (Lifei GO 

Insurance (Compoate) re- 
insurance Brokers tlO) 

Merebant Banks <141 

Property 01) 


Miscellaneous (7)_____J 


In vestment Trusts (30— 
Mining FTnance(4)_— . 
Overseas Traders 1 14) — 


AIta32.«E INDEX 0K) . 


Fri^ Jan. 13, 1978 


Index 

So. 


208.99 

19L£2 

33A59 

449.7S 

295.06 

16437 

16L75 

190.41 

227.02 

1B283 

116.69 

199.53 

22232 


Day's 

Chage 

% 


-OJ 

-1.6 

-on 

-03 

—0.4 

-03 

-13 

-L8 

-C.<J 

-0.7 


Eel 

Emum 

V*eW% 

(.Max.) 

Corp. 

tnS» 


16.96 
16.07 
17 23 
14X2 
19.89 
17.77 
19.52 

17.49 

1532 

27.05 

20.6? 


24337 

258.75 
1963C 

199.75 I 
33839 J 
132.50 
19132 
174.67 
222 30 


-03 15.48 
+0J5 lUe 
+L5 li75 
— 113.83 
-B.9 I2C3? 


103.43 

19133 

253.0J 

254^1 

23334 

47212 

203.0'i 


205.04 


45935 


227.24 


174.7*] 

200.66 


2X637 


169.46 

145.6i 

137.72 

327.73 
83.6C 

255.43 

29031 


M2i2i 

9134 

27733 


2U.65 


+J.4 
-L5 
+■.13 
— SA 
-0 2 
-12 
+0.7 
— CJ* 
-33 

+1.7 

-0.9 


-0.4 


+03 


-03 


-9.1 
+03 
+G3 
— D.6 
-03 
-S3 
-02 
-0.7 
+0.2 
-03 


-QA 

+05 

—05 


-03 


13.57 

19l92 
1 Obi 
19.93 
22.73 
19.96 
1631 
1953 
19.80 
17.12 
20.84 
1535 


16l18 


5.16 


16.03 


24.56 

10.99 

12.96 

2.75 

23.34 


3.23 

17.07 

1739 


Gross 
Div. 
IWd % 
(ACT 
83ft 


5591 

55U 

3.76 

3.93 

635 

6.24 

8.73 

434 

3.62 

6.42 
637 

5.70 

5.92 

5.68 

6.62 

5.42 
4.52 

3.60 
£.75 
434 
758 
8.10 
5.75 
5.65 

6.61 
3.89 
431 
6.20 
6.01 


5.60 

436 


5.40 


551 

5.08 

7.63 

4.61 
559 
5.8S 
4.17 

5.61 
2.73 
7.21 


4.76 

6.41 

6.CS 


~ 5.35 


EsL 

P/E 

Ratio 

(Net) 

Corp. 

TnS» 


833 
8.89 
8.44 
9.71 
659 
8.02 
6.78 

834 
93d 
8.02 
7.Z4 

934 

1032 

69f 

10.99 

7.P7 

10.73 

1339 

732 

1550 

6.37 

6.13 

6.70 

835 
7.22 

1157 

7.73 

5.68 

9.24 


8.75 


8.02 


8.63 


6.21 

13.47 


1131 

68.-2 
6 J0C 


30.05 

652 

733 


Thnrt. 

Jon. 

12 


Index 

No. 


210.04 

1«.84 

33937 

45106 

29623 

16435 

16252 


19323 

23124 

183.49 

117.44 

20029 

21053 

23^.73 

252.3b 

.7754 

19899 

34452 

13226 

19191 

17454 

22459 

10259 

19216 

25450 

25626 

13112 

47153 

205.71 


206.94 


45850 


22853 


174.91 
200JL4 
215.05 
37055 
143.79 
Z1C2S 
52827 
8421 

249.92 
1T9.68. 


19356 

93.91 

ZJ&M 


21227 


Wed. 

Jon. 

11. 


Index 

No. 


21139 

19512 

34018 

458.42 

29034 

164.73 

16351 

193.97 

Z32.71 

182.77 

11751 

20152 

22039 

244.30 

26158 


199.09 
207.72 
353J52 
13312 
19211 

174.09 
22558 
10142 
193.42 
257.66 
25931 
13108 
47218 
205.70 


20067 


46130 


22958 


176.06 

20257 

21070 

16051 

14664 

159.91 

32094 

8450 

24934 

309.62 


19253 

9126 

27053 


Toes. 

Jan. 

10 


Index 

No. 


21116 


195.76 

342.86 

45536 

299.12 

16453 

16160 


192.93 

23036 

18354 

117.66 

20173 

227.86 

243.82 
259.98 
19859 
20758 
35232 
13317 
19175 

172.83 
2Z2.94 
150.70 
19256 
255.72 
25939 
329.05 
47219 
20612 


20003 


46454 


22932 


174.86 

19062 

220.41 

165.90 

146.75 

13075 

330.49 

8450 

249.84 

110.11 


193.72 

92.43 

28153 


213.80 1 213.43 


Mon. 

Jan. 

» 


Index 

No. 


21357 

19737 

34037 

46170 

306.96 

16632 

162.83 

19551 

Z35.04 

18433 

11856 


20610 

23180 

24732 

26454 

20213 

222.08 

56031 

134.90 

197.00 

17433 

224.44 

10193 

194.78 

25033 


26115 

13029 

476.43 

S1063 


21134 


46073 


232.93 


17838 

20255 

22635 

169.48 

15093 

142.23 

333.71 

8517 

253.45 

110.87 


19638 

9187 

284.93 


216.72 


Yen 

ago 

BWMW 


Index 

No. 


137.03 

H537 

175.77 

26851 

17330 

126.96 

11000 

12056 

13350 


12759 

7931 

137.41 

15051 


157.46 
17439 
3525 9 
13249 
20152 


94.05 

5)9.78 

12672 

205.78 

7870 

14755 

207.71 

0.00 

B219 

405.40 

14274 


34338 


43151 


16638 


12239 

35454 

36671 

8630 

10115 

97.94 

22672 

6057 

14087 

7235 


15552 

9750 

22LZJ 


155.69. 


Highs and Lows Index 


1977-78 


High 


Low 


22003 Q 4/9/77) 
214.72 (24/10/77) 
379.99 (24/10/77) 
48359 (21/10/77) 
33222 (13/9/77) 
187.45 04/9/77) 
177.02 04/9/77) 

21375 (23/10/77) 
26172 (21/10/77) 
19957 (27/10/77) 

130.95 05/9/77) 

213.83 (21/10/77) 
236.74 (8/12/77) 
25645 (29,12/77) 
27252 (23/10/77) 
214.63 (21/10/77) 
24451 (2700/77) 
36052 (6/3/78) 
14451 (14/9/77) 
20452 (27/10/777 
35L41 05/9/77) 
24356 17/9/77) 
319.68 (27/10/77) 
Z13.70 (14/9/77) 
29510 04/9/77) 

262.96 (6/3/78) 
14L2S (15/9/77) 
53958(18/5/77) 
21002 (21/10/77) 


22212 (23/10 77) 


54350 (15/9/77) 


24832 04/9/77) 


184.48 (6/10/77) 
20453 (5/1/78) 
249.10 (3/10/77) 
199.47 (7/10/77) 
359.05 (23/10/77) 
161J2 (6/lfl/7Ti 
37153(15/9/77) 
9752 (7/10/77) 
25352 (6/1/78) 
11318 (3/10/77) 


20922 (7/10/77) 
105.96 (20/9/77) 
2975105^177) 


22699 (21/10/77) 


13513 (4/3/77). 
13211 (5/3/77) 
167.99 (4/1/77) 
265 35 030/77) 
168.98 (4/3/77) 
125.42 020/77) 
11325 (4/3/77) 

11721 02/1/77) 
129.6902/1/77) 
122.51 (Gl/77) 
7727(12/2/77) 

136.79 (12/1/77 » 
.34323 OV2/77) 
1561504/2/77) 
172.97 (34/2/77) 
15054 (40/77) 
33115 02/3/77) 
20108 02/V77) 
9024 (5/1/77) 
10935 02/3/77) 
122.71 (S/1/77) 
191-41 (14/2/77) 
7614 (4/1/77) 
144.93 02/3/77) 
20426 02/1/77) 
2>L41 030/78) 
7755 (4/3/TTl 
405.40 040/77) 
140.* 1020/77) 


74108 Q2tV77) 


42Z.03 020/77) 


164.4S 02/1/77) 


119.90 (4/1/77) 
33636 04/2/77) 
147.94 04/2/77) 
8432 (4/1/77) 
100.97(27/7/77) 
9514 (5/1/77) 
225.75 02/1/77) 
59.49 (4/1177) 
142.69 (4/1/77) 
7184 07/1/77) 


15519 07/1/77) 
8350 05/2/77) 
21450 (50/m 


35170(32/1/77) 


Since 

Compilation 
High . [ Low 


22853 04/9/77) 
23384 (2/5/72) 
389.33 09/5/72) 
46359 (21/10/ 77) 
33222 03/9/77) 
187.45 04/9/77) 

177.41 (27/4/72) 

227.7B (21/4/72) 
2SL72 (21/10/77) 
26322 (4/5/72) 
17359 05/1/69) 

22608 06/8/72) 
23187 (28/U/7Z) 
257. M (13/7/72) 
329.7? 02/32-72) 

2M.C3 mm 

244.41 (27/10,77) 
3M.fi lUlffti 
14421 aV9!7J) 
20433 (16/8/72) 

235.72 amiat 
339.16 (218/72) 

135.72 (16/170) 
Z13.r0 04/9/77) 
29500 04/9/77) 
262.96' (60/78) 
24-5.06 0/9/72) 
539.58 08/5/77) 
25^.93 12/502) 


2aLL2 £1/10/771 


54320 (1519177 ) 


24832 04/9(77) 


24141 
28832 
293 J3 
433.74 
194.46 
16172 
37153 
27037 
357.40 
30317 


01/402) 

(20/7/72) 

(2/5/72) 

(4/5/72) 

05/3/72) 

(600/77) 

05/9/77) 

G/5/72) 

(901/73) 

crisim 


215.79 (25/4/72) 
175.90 (2»<iT69) 
277.01 05/0, 77) 


223.15 0/5/72) 


50.71 (13/12/74) 
4427 (11/12/74) 
7148 (2/12/74) 

84.71 (25/6/62) 
64J9 (2/1/75) 
45.43 (6/1/75) 
49.65 (6/1/75) 

3839 (6005) 
42.85 (1302/74) 
63.92 07.02/74) 

19.91 (60/75) 

6141 03.02,74) 
69.47 030274) 
78.88 0302,74) 
5433 (9/175) 
59.67 03/1274) 
5425 (11/1274) 
55.08 (6075) 
43.46 (6/175) 
5263 (6075) 
62.56 (il/1274) 
9434 03/6(62) 

20.92 (60/75) 
58j13 (6075) 
7120 (1/3274) 

1*54.61 (13/1/78) 
4534 (2075) 
9H80 (29/6/62) 
W39 (6,775) 


5931 030274) 


8723 (29/5/621 


63.49 (130274) 


55 88 030274) 
62.44 020274) 
8140 (10/J274) 
38.83 (11/1274) 
4438 0/175) 
4196 (13/1274) 
65.86 (160274) 
3121 7075) 
56.01 (20/4/65) 
3329 07/1274) 


7163 03,1274) 
6631 (30/974) 
?L37 (60/751 


6192 (13/12/74) 





■ 





FVL 


Year 





FIXED INTEREST PRICE INDICES 



YIELDS 

Br. Govt Av. Gross Rad.- 

Jan. 

(3 

Jan. 

12 

ago 

(approx.) 

3977-78 

Highs Lows 

British Government 

Fri. 

Jsn. 

13 

Day's 

chrnce 


xd adj. 

1977 
to dale 

T1 

2 

2 

Low 5 years 

Coupons 15 years 

25 years 

731 

M2 

10.91 

7 33 
9.47 
10.07 

952 

1195 

li.iK 

10.48 (4/1/77) 
1556 (4/1/77) 
1356 (7/2/77) 

551 

8.76 

9.63 

III 

133 

1 

Under 5 years 

law 

+926 

— 

0.89 

4 

5 

Medium 5 years 

Coupons 15 years 

9 JO 
10.44 

957 

1050 

1Z40 

1357 

U52 f «vm 
13.89 (4/177) 

8.73 

9.70 

(26/9,77) 

(30/977) 

2 

5- 15 years. 

124.74 

+0.47 

— 


6 

25 years 

1058 

1054 

1352 

1457 (4/1/771 

9.91 

(33,9/77) 






HP1 

7 

Hi?h 5 years 

9.95 

1052 

13.44 










fi 


3135 

1L43 

M56 

M.99 (4/1/77) 
1558 (4/3/77) 

10.79 

1056 

(38/9/77) 

(30/9/77) 

4 

Irredeemables 

K7.97 

+0J&6 



B 


1144 

3352 

14.47 

5 

All stocks 



in* 


E3 


1124 

1151 

1453 

3A23 (2700/76)“] 

1056 

(30/9/77) 


1 IFri., tan. 13 



I | 




v 

Thur. 

Wed. 

Tue*. Hon. | Fri. 

Thur. 

Wnrt. 

Year 

ln-iesi Yield 

Jan. 

tan. 

Jen. | tan. i Jao. 

fan. 



1 5 No, 1 % 

12 

11 

10 i S l fi 

6 

4 

o^prx 


1977/78 


Slitve 

Compilation 


Higho 


Lows 1 


Highs 


Lows 


16 Investment Trust Frets. (.16 ) 
7'Coml. and Indl. Frefs. (20) 


U&.15 [63.43 (10/1/78) (46.B7 (».'l |T7),- U3.4S (26/10/66) 


65.14 |fl 1.75)85.13 162.99 165.45 ;653) 05.51 |S3Jfi |62.89 

.57.45 1 12-28 67.58 [57.71 |67J7 lB7_B7 iB7-62 -57.Ji 56.B8 [47.5S |97.7X illil/TS) 144.78 l4|l(77i! 114.41 ilAfifiot' 

.7833 :)M9 |78.54 78-8(1 >78.55 173.91 177.71 )77.B^ .77.28 >67.18 ‘79.S3 c3(lO)T7> 162.76 Mill 77) 114.96 (7/li)£5i 


Section or Croup 

Base Dale 

Base Value 

SocUoa or Group 

Base Date 

Base Value 

PbarmaeotiLical Products 

30/12/77 

261.77 

MiscaJlanero* Fin; clal 

31/12/70 

12846 

Other Croup* 

XJIZna 

63-75 

Food MafliKfacturtns 

29/12/67 

1UH 

Overseas T radon 

xifxzna 

WJM 

Food Retailing 

29/12/67 

11423 

Enslneet-tes Centractera 

31/12/71 

153.84 

Sasaronce Brohero 

29/12/67 

96.67 

Mechanical Ensinaoriag 

J1A2,71 

153 ax 

Mining Ftaanee 

29/12/67 

10(1.00 

wtoes and spirits 

16/1/78 

1AL76 

All other 

10/0/62 

10B4D 

Toys and Games 

16/1/70 

135.72 




OtTico Equipment 

16/1/78 

12X2S 

t Redemption yield. 

A list of the 

eimstltunntu Is 

indosiHaT Group 

31/12 /TD 

12820 

available from the Publishers, The Financial Times. 


37.01 13/1.751 
34.4(5 (4|12,-74| 
47.67 (6;l/75) 


Bracken House. Cannon Strom. Lomion. ecu. prico Up, 
Iff. oast So. A Iwtabfiilr record of group ng sub. 
tectiau indices, dhrhtand yields and caratags (taures 
since 1WL with quarterly hlglt* and Im of dm IwUeas. 
it ofaUubaMc from FT BwImu Bmerurtah U Bp)t 
Court, Uwdooi 6C0, at £49 pot copy. 

CONSTITUENT CM AMCC: Aided Potomcr 

(Chemicals) has hem replaced by Ratacn (J wul l iip ) 
(Stores). 






5- J •? 

I : : 


*4 3 


u 3 ^ 


!v , 


i i 
• l 


V. •- 

• ? 





i .rlf 























































































23 





RSnancial Times Saturday January 14 '1978 


- 


ic ^ 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 




\fr\ 


M 
3L 

5* 

-441 2JO 
-03 AM 
-Oil AM 


INSURANCE, PROPERTY, 


£L Index Limited 01-351 3466. Three months- lead 361.7-365.8 
1 Lamont Road, London SW10 OHS. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. TeL: 01-2S3 1101 
Index Guide as at 11th January, 1978 (Base 100' at 14.L77.) 

Clive Fixed Interest Capital 134.97 

Clive Fixed Interest Income 127.53 


CORAL INDEX: Close 479484 


INSURANCE BASE RATES 

t Property Growth 8J% 

Cannon Assurance 43% 

* Address shown under Insurance and Property Bond Tabic. 


A FINANCIALTLMES SURVEY 


Bam”-— 


I 111 I I 


February 21 1978 

Tlie Financial Times is planning to publish a 
comprehensive survey on World Mining. The 
editorial content will include: 

Introduction and new challenges 
Emphasis on energy 
Undersea mineral potential 
Reviews of metal and mineral prospects 
Investment ' 

Taxation 

. Australia 
U.S. and Canada 
South America 
The Far East 
The UJK. and Ireland 
Southern Africa 
Developing countries 
Mining equipment 

Exploration and new mining techniques 

Labour 

Coal mining 

For further details of the editorial synopsis and 
advertising rates please contact: ■ Neil Rogers, 
Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY. Tel: 01-248 8000 Ext 572. 
Telex: S85033 FINTIM G. 

FINANCIALT 1 MES 

EUROPE’S BUSINESS NEWSPAPER 

The. content and pubMeatJon dates of surveys in the 
Financial Tiia.es are subject to changeat the discretion 
of the Editor 


HE 


It -'A' 




A71 | Do. Initial 

I Beehive Life Assnr. Co. Ltd.* 
■ tt I 71. Lombard SL.SCS. 01- 

Black Horse Bd 1 13Z51 | 


Black Horse Bd — | mg [. 

Canada Life Asanranoe Co. 


m 


KlMonal Qd COBUOBTCill 

3L8L Andrew Square, Etfaburtfa 031-558 9151 


d (0*551851 
. — 5J78 

5.7* 

3X3 

A0* 

AB* 

IS 

, 620 

J 42* 

55.* 557 

M« 557 

5 - 4*L* £44 

7 563 2.44 

.7 5D 328 

42.4 328 

m2 

5.94 

- AW 

...... 4.W 

—0.7 £24 

-01 826 


w\ 


Jta. 2S. cAeeun. Unity 


OSS 32241 
7.4* 

& 

A 12 

72* 

729 

...... 5.42 

_... 5.42 

524 



454 

454 

850 

—05} U2 
—05 .422 
9.76 

+02 I'A2 

+02 452 
-02 825 

+02 520 

-02 452 


CotahUI lastuaRce Co. Ltd. H« 

IgSSSig.. 

iSg&d.Bee.sfe& Jsl - r^Swf 


NOTES 



















































24 



» ‘ 
3 . 





















































































































































































































































Financial Times Saturday January 14 1978 


25 



INDUSTRIAI^Contmaed 


s i !;? 


is 


Mil 


>7 


V* 




4 




LHC. fast 10p I 3Wjir | +3 ‘ii 1223 | 

LtWtex.. j * 

J«dlBds.50p_] 

„ £Bw(EdL-T^| 

30- LbbeflFdheUQp 
31 UbaHnis. 

Leigh Ms.5p-> 


10p.L 

Lesae* Prods. 5p 

LarvctiGp 

[idea lop 

Lindsay feUftos.: 

l-tatastncs 

LwLiNfcnGra- 
LoagHuHily.lOp. 
Longtoa Trans *. 
'JUsstWcCnitr-J- 
Lcw4Benar50p 
M.Y.Dart.Mp.„ 
Ham* L±l Mk»_ 
tfrtttsPlLlip- 
HacfadsneGn.- 
NcBrlduRiK.lbp 

McOaeiyL'A..- 
Siarphef^tmiDl. 
17 NtfiueTcs'dESp. 
" Magnplia&ccte. 
Mngia .AflMJflp 

fa.fiiupCaL£l„ 


Stock 


ftjM 


-1 


jMartin-BlBck 

iMfflhftonsTVpC- 


JKetalBasL 

MctalOa£i»s- 

r 44 +1 

, . Vnto.30p. ue 
IffiLCDta.ft’mt- 49 
ffl* saBto5pcfe«- £US 

K 5k. - 

I Crat-ifia 

Whell.-. 

Swjwp.; 

b?*u. 

am 



KirtBJkWt'lto, 
Nor>k Sea. lOp. 
NiK^ap-Z. 
Ore Finance Cv- 
Office* Beet— 
QfraxaipZ 

KJWnstanellljC. 
PJLA.(HotHngU- 
,PnrterKDoIl'A'. 
(PmlB&WrfteL- 

Fcteua lBp.... .... 

Da B% ft. La® ; 
!Fetro&vnJ2iaL— 
[PhiffipsPatetfis. 
|PfcotaifL«rt; 

■Til 

IPta'yfiawesLn.. 
|Pl atirCtB3 U^i, 

I Pfeasurru&5p _ 
p’djntaifclOp. 

, U*eaiM.'50p.| 
12 {Press (Wia)fip— 
[Prestige Group _[ 
IPritehardSvK.r. 
Liot. Lands, 


sd.rtt 



HJp~ 

Chi . 

Reed Exec. 5p_ 
teaealndOL^ 
ffid?ouFBWS_ 
femora foe. TO 
lEeimct Group- 

jR S^^j jlOp- 






ffteSHsq 

tSCCt&'Ua.toK-l 

.Da'Jwtl 

{Security Scnica- 

^^VtfeSip 
S^ebeGorann— 

.Jfc 



J2F 

5Dp. 

(Sdlk.Lacv2Cp_ 
IStHtPC.. ■ 

SoOteftyPJ 


£115 DaPViCraXn. 

11 Stetofot 

StagFnroJtnre- 

Stflefle? 

atelox Murf. KKS1 


H 


& 

\&2 



38 

19 

10 

i 


.. . Lsjnuiriascv.litoJ 
Jb temdiBeS 1 
037 BUedAl 
70 |Swiro Pacific fw;| 

3 

E Vn-Sp. 

2jp — 
.91— 

ar“ 
1 

48 {Transport Dev.. 

- 2 £Tnu»radGp.5p 
|130 htawr&New.iU 
16% jTnny r Can. 5p 

o5 bnkuroMtettt- 

, 29 jiytaHfc 

MID lCrileses - 

k20\:jpirt’N.VJll2_. 
35 tiMCnrleniijp 
2bi« {United Gas Ind*. . 
4^ 

18 Ivdcr— . 

— Iveaesia 

21 {yinercMp— __ 
Ib^ [ITiiraCrp.iOp-, 

"" WKlbbrolUp 
tWadeMh. 


ffflltw KnBT Sp 

WawnGtatltL. 
Waterford 5p— I 

Witham'S- 

WtfmnSXMp4_ 

fftetaBoanfit 

rttnin.lt™ 


9 
34 
, 10 
J2S>2 

1175 fflumo&AofeL 

4. wESIe^i 

|12B 

18 [WWekTasAW.j 
30 

,20 _ , 

■iB BSS“: 
teSiBr 

3* jjniraTCsIJmMSL 
ft rojaiudsa^-. 

| 28J: WtlwfflMBasL. 

I life {ft<«di(Sttu59.. 
33 mood(A*thaj5j> 

« (Wood Hull 

Z1 lEeoaalp^. 


MS 


INSURANCE— Continued 


PROFERTY-Continued 


.INV. TRUSTS-Continued 


.... 14.79! 


+1 


-3J 


+1 


—2 


-17 


H» 


:W 


+i 


-7 


+1 


a hr is 


1414 

dM.92 

H2i> 


077-78 I L 
ffitfi Lurf - Stack 

[662 (370 I Son Alliance El. 

lU6 ) 63 (SonUieSp 

Mar. EDIl 


5^ 

4.5 33J 
S.7MM) 

. 33 20.9 

1512.7 
1.9 11 
6 J 4.7 
4J 17 

14 116 
. 91 41 
410.3 51 

12 3.2 
83 12 

8.0 9.7 

9.6 63 
,51 4.8 
i|153 (8 4) 

11 4.7 Sun 
_ S3 10.7 H55 
7.9f ZQ 95/ 

15 51 
2.7163 

,5.0 5.1 

UU * 

101 15 
7.3 9.6 
_ 93 *J\ 

4.0J 17 41 
Ojm.9 181 
1^7 - 
. SJ 67 
LTJ133 1BJ 
1113 1S3 

6.6 6.9 
6i9 73 
73 5J 

. 4.9 7.7 
ljl0.4 6.4 
]{4.4 

163 
53 91 

9.0 63 
9.2 55 

1123 


mo 1194 


clndaradcs 
Jen£L50_l 
sF^eri 


Price 

+ at 

Div 


TV 


- 

Net 

Cw 

Vs 

P/E 

594 

107 

-6 

-1 

fflf 

- 

4.7 

4.4 

— 

680 

165 

-5 

W 

— . 

0.7 

.7.8 

— 

OB' 

280 


qsiZe 

17.61. 

26 

4^ 

43) 

1M 


1977-78 
ffigh Iav 


MOTORS, AIRCRAFT TRADES 


Stock 


Prop. Sec Im^)J 
8a3flnProp.op. 
Regal ian 

HecjonailVop— 
Do. ‘A 1 


Motors and Cycles 



]f?p 

5.7 18(23) 
iS 4J 73 1 


faah i T aaipKna 
Samel Props^. 
SwtMeffop.30p 
Secs^CtQ^. 
“ i*Eas___ 
_ jmcooY.’w 
Stock CMfflftn- 
SmileyfBilnT-- 
Swireftopmlfcs 

Tom Centre 

romftQtriOp. 

Tiu . f*j . ■ 1 DmL 

jTOEara ran 

DK Property— 
UM. Real Prop _ 
Warner Eslale-., 
fenAErdlw.aipJ 
Webb (J«l 5pIT 
rmijHterP.20p. 
WlnMonEsts 


Price | - 
+2 


\+ ori Dir 
Net 


3 i 


+h 


+8 


0.65 

0.65 

H 1 


0.01 

335 

5 .S 

12.42 


+h IU6 | 13j 5.71 


Crr 


TH| 

Gr*s| PfE 

_ -44.9 

3^1 

23)445 


U 

1.4 
3.6 15 1 

3.4 493 

26 522 
62 123 

27 403 
£5.9 

1140.4 

28 ■ , 
7.6 68 
18 * 


14| 53l 


2s 

S 


29362 
25362 
28 33. » 
3.8165 



‘TM 



M u a 

6.8 56 
20 7.4 
65 5.9 
_. ., 71 92 
43) 6.9 4.9 
1«303 75 1 
73 72 
. 42 19.41 
4112 6 2 
7.6 55 

53 5J 

im 

9 as 

4.4 4.1 
42 92 


m 

O.a 

43 7, 


16.09 






ffi 8 

1822 

g?| 

Itujil 


26 57 75; 




0.48 , 
1191.] 

5^1 

d0.9 

W215 

4335 


545 

& 

lloi 


4.8S 

126 


.8 7.4; 


26) 5.4 



Ff 


Components 

32 ' AlibeyPaDobi — 

35h AbfltnSam&_ 

38 AraafraEq. lOp 

82 Aasoe.oe's — 

47*2 AiteaSse 

33 Mnemrtfiroe— 

12 &twnBros.l0p. 

93 ' ~ 

34 Fti^tl 

6b HnmSsaihlOp. 11 n 75 

52 + p a KJ1 ] 

Lpcwfirtifl.^ 272 -5 822 

1412 Slttn&CQDlOp. 35 h 0 . 77 | 

54 Snvlfift— !. 95 -7 199 

.51 ■ Wflaot Breeden. 65b -b 128 

96 Wbodhsadll.) — . 213 16.93 

58 |Zes3n , A , 50p — 115 45 

Garages and Distributors 


45^ 63 5.0 
i5\M 55 
3® 52 9.7 
3.« 53 56 
84 27 6.6 

LSI 1'7 lL 


SHIPBUILDERS, REPAIRERS 


Hawthorn L50p. 
SwanHonterEl. 
Vojper_— 
YamwiGp 


SHIPPING 


Ed Li Com.: 

tofflaaBrcs.* 

FtaberU) 

ParneesWKayO 
Routing G2an.£l_ 
1 Jacobs Q. Lr 


18 6.7129 
i 185 42 19 
52 25 8.7 


421 4.41 83 


(M 2 






lAJamHbb^ . 



I DnttonPbHhfiW. 


41 

% 

66 

174, BSGI 
164, Braid [ 

29 Brit. Car/ 

14 CLG.SJB.H)p 

a CuflteiCp 

c«2»cd%!_ — 
28- ' 

39 
26 

S 

« 

42 

T9h HtalplQp- 
33 Hens Mfc Grp»> 
■HI Da 30 - 

52 EbtSti . , 

36 Jessnptlto 1 

49 KeamgUr. — 
35 Lei Sura* GrpJ 
2b Loiskfls. 


KdsasDevU.i 

Ptffiaiue 3 Br.il 

ini 

&bsbS 9 

Wadtom&Wp-l 

WesttmMtr 


4.01 

4.47 , 
t7.75 


R L98 
tl3 
5:34 
d!55 

JET 

& 
127 
d0.42 

& 
15.99 
323 


+1 


■ W.93 

(+15 [415.35 
fL62 

g0.62 


20 





3-0| 




SHOES AND LEATHER 


& 


HHtnn32^» 

ESboes 

LnubertHlbakL- 
! Nevi»U6Bn?aI 
Oliver (G) 'A' 

PittSTii Grp. 

Stcsd&Saa'A'- 
Strong* PUhB-. 

1 SiyioShcej 

rurnerWftElCj) 

Ward White 

WearalOp 


E3 

a 

7117 

|P 

M 


Pvf 





HR 

JtJP 


■ j. 


HR 

it" 


EVr 

B/8 






S3 



Ui 


RH 





HI 



-F- 


HI 

i/ivj 


.r 


ft ■ 

1 Jv ILfj 


£ 


in 

VJi| 


'U 


RH 

vm 


fl 


HR 

^ lJ 


.fi 

Wi 




£ 


Stack 

[Cedar Inv I 

[CliatfJls.lne.£l.| 
Do. Cap 

Ihanwi 

Ciry & Com. loe. . 

nb&iaernr!- 

Cityo£CWoni__ 

ClaverbcoEeSOp. 

OlMfiaInypl0n_ 

!rt 'iesda]eifl?_ 

j.“B" 

Col ocbi Secs. Did. 
ContinenrtaiDd 
CoctSnaulLakai [ 

sas?.-' 

Cmnaliwlnr 
ItanaeOntiia^j) 
Do.(Cap.)l(^L„ 
DebakureC 
’jextHT5t.I1 
DaQip.58] 

Panimoni, 

[DrajtojCoitfd- 

Do-Obm : 

Do. FnEutero 

Do. Premier 

Dtulve&t Inc. S(hi 
Da Capital £l„ 
Dnndee*Lon.__ 

Edin.Inv.Df.tl_ 
Hectralnv.Ttt, 
Bertftfi wi 
&i£. * interoatL 

EJ«. tS«t Iw_ 

Cooftti 

, ffdSOp— 

©roily lxtt 5fo_ 
pattDo£ia!_ 

p.4C.Eurotni5L 
.IFanalylirv.Tst— 
[Rat Scot Am. _ 
Florrotlnv, 

Fmtim&C 

iFn riTT ffln^n 
tFbndlinestlne. 
Da Cap. ^ 

IGX Japan 

(GeiL&Cnnii'd. 
[Gen. Comddtd.- 
KJoDeral FimdsJ 
Da Conv. 1 Dj»__ 
HJealrmstcn:— 

B^m • -gJtirii 

fetafifflwsniidEi_l 

Glo>devonlnv„ 

Da “IT 

Seuminaj Inv. 
Da-B-Oi 
[Globe Inv, 


[QrahaB^tov-JR 

ChoDpimeamJ 

lisSMa 


Price 


4.6 7.0 
62 233 

6.7 SuO 
4.6 7.6 

1*0 
22 5.7 
8.9101 
4.4 *5 


SOUTH AFRICANS 


NEWSPAPERS, PUBLISHERS 


AaotUrn — 
Ajn.BookP.29p~ 
BPMHBgt‘A‘1 
' BemiKmbros— 

iaifttC.)- 

BristodRat— 

HnTHiw BSTlbra 

Da«A"- 

bafiEfi£ffSiH 

femton*Ootdi. 

EQoBeCaddks 


185 tl04 


38 



-3 

“i'zl 


-16 


42 4.9 7.6 
*4 33 7.4 
24 92 6l0 

22 BA) 81 

4.4 4.1 
M 4 < . 

14 53 210 
4.4 7.6 53 

a sj hi 

h 7i ?3 
1810.7 81 
hW 20115 
4.6 43 7.4 

4.4 4.7 72 

23 8.4 82 
3.9 3.710.7 

H 14 63.7 

I! 14 27 

3.4 5.4 73 


AbercomRQUL- 
AngloAm.ln.Bl ■ 
Ani-Tr^buLSOc 

EdworkglOc 

GoW™s.P.2bc 
Grtnms‘A'50c_ [ 
KnlfitfsCpn-BL- ! 
K55 1292 OS Bazaars Sk_ ; 
« PriwoselMa-J 
150 BnTnefomi ‘jySQc 
40b SA Brews. 2Dc_ 
1395 Eger Oats 51 — ■ 
Dmsec — 


46 


45 


57 



TEXTILES 


Sa 


PAPER, PRINTING 
ADVERTISING 


AlBedTeaik. 
AOdnsBros— _ [ 
Beales U41 
3edaanA.l._ 1 
fflacteroadMot 
BondSl.Fab.l0p 

27b BrifiMUWut).. 

iS . 

24 (Rrrt Mnhnir.. 

29 [Bohns rmb-SOpJ 
13 fc£5t . 

48b RrpMaMI 

22 ‘ " 

22 

56 Coats I 

16b Cm* 

89 Comtaukk.. 

[£60b Da7%Deb887l 
28 CrowthHOJ- 
49 Dawson ML. 

48b Do-'A'- 


PiWJn( 


-1 47 


81 4.4 
23 20.0 


72 


£31b 



3.4 223 ■ 
5.0 26 
4.9 
631231 


Etojl 

FMas^H 

Gem Gross 
Harrison A Sans. 
IPCiOOs^H 

tawsssW 

t*R| 



Mffis&ADenSOp 
25 BtareCTRaT. Up 

^aesttos 

9 OriejPriiitGi 
23 OeedtSmthS . 

52 SaztchilftJ 

27 SmfthtDvuhaOp. 
79b StmrffitUeODU. 

48b Transparent Pft 
35. TridantGrocp— 
41 Cuter Waite ftp- 
16 Waise Group 2Dp- 
m> 2 WaddlngtcmUj- 

TSSBfifed 


“1 

+3" 

1+5" 

+b‘ 


-5 


271- 
JE03 - 
24 84 7i 
2.8 80 63 

JUB 
r, u n 

33 u 7.6 
- - 51 
21 84 82 
73 7.9 
7.9 4.7 
7.9 52 



3JH 


6.2 203 
33 82 

81 63 

82 89 
52 031 ) 
6.4 A 
3.9 83 

«r _ 

101 58 
24 61 

83 24 
72 84 
75 83 
33 7.7 


7.4 6.7 
10.B 4.0 
33 89 
80 85 
53 63 
184 71 

"Vul 


PROPERTY 




17 191 
113 {95} 

SJ « 

f98 

9.7 5^ 
45 5.1 
84 98 

105 7I1 
[105 7A 
31 S| 

4.8 29^ 

7.9 82i 
3.7115 


• 65 
.. 41 

bpl 

102 

.« 

Bl£97- 

I 

J67 
1H 
137 


n 

lasU 

fffi 

m\ 


|l 


t8owring(C.Tj-. 

[Brifenme5p- - 

PomaUram— 

MfiSar 1 

nicaint% 

MCKKCk. ' 

{GaitdiaaBoyBl. 

^KlJSOp- 

jftwikWrow- 

Po%n(A.lWp- 

WritGoLta. 

Les.4Gdro.ifrj 

Hkal'niiM 

WShncWr.d 

|jBmaiCh ngap-j] 



1-2 


+? 


271 


1.42 

1634) 

i 


2g^ | 
■Hobo 

£155 
£159 

SCHlsi 


51b 33 
cm £73 


lAird London top 
&HnettLenKton_ 
kmdfaBSCfdSraes. 
[AaatonHIdgs—. 

Apex. Props. jUfc. 

k^Seoi 5 * 

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1 62 Sidlflwlntii 50 p. 

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Industrial k Gen 
Im.PM.Sc.HKM_ 
Intarc-'dl Inv_ 
Im.hnr.1M.JuIl. 
Inv.inSaccesi — 

Investors' Cap. _ 

InresDntTaup. 
Jardme Japan _. 
Janame Sot HKBj 
JerayEri.Pf.lp 
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Jove lov. Inc. I0p 

DaCap2p 

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Lake View Inv. _ 
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Ledalnv.IncJMp 

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40 UdouLBostoolOp 
16 lDaWntx.fl — 


11\ NewThroc. Inc- 

24 Da Cap. £1 

5 DaNewWrits- 
26 KLY.fcGartmore. 

I160 laaisveit- 
75 Nth.Atlflnfie 
71b Nthn-Amm 
66 Northern Secs — 
48 Ofl&Assocrlnv.. 
38 Ontwichlmr.. . 
87b Pe^andlnv — , 
63 Prog. So lev. Mpi 
16 Pamndairaks 
98 • Baetarn 

25 Beahrooklnv. 

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[108 Rftar*Ma=.J_ 

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TRUSTS, FINANCE, LAND 
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l ® 8 

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BenTCms 

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sail 

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Brazil Fund C41 

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268 

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55^7 

15581 
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4.4 316 
5-4 289 
87 220 
25 59.4 

48 389 
43 318 

12 87.9 
38 33.9 
7518.7 
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53Z7.9 
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53 25J 

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FINANCE, LAND— Continued 


Stack 

LeaMarchant— 
M.taHld®.5p. 

1 HaJeduImtHlpJ 
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71 

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200 

10 

23 

196 

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130 

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£29 

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36 

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635 

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£66 (£55 


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[BriL Bgniep lOp. 
iBritPetroraa 
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112 8 
154 
814 

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inQ6p_ 
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fl£l 

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JSCA. 

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2 usMouumoteiosb 
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OilExpl. iOp — I 
Premier Cans. Spl 

Hanger Oil 

Reynolds Div. 1c. 
s ®[ Dutch F129-. 
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Da7CT ^a_. 

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12.43 

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69.4 

5.7 

85 


44.3 


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OVERSEAS TRADERS 


lAEricsi! Lakes _ 
lAnst.Ag Dc.50c- 1 

lBsrtlBcickrDxn.1 
[|Bocffite3da 0p~ 
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Kmi&DagnsZ-J 
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RUBBERS AND SISALS 


1977-78 
High Lev 


Is 


Stack 


34 Arqdn-lcdeneAL. 
43 BeitamCona 10p_ 

8 BirdtAfriea) 

18 Bradwsdl/ 

82 Castk5dd 
Chersonese 
Cons. Plants 

28 Gadefc Malay 10p-. 
GranriCemrol 
GntfarieEI 


49 BsnnsMly.Ea.llpJ 
,36 HienlawfaSEOeZ- 
34b KnaiaERKDgMSl. 

20 rtEnBmaET 

40 Ldn. Sumatra 10p_ 
31b MatafrnffMfl. ... r 

10 ifobf 0 !** 1 " Mp 

[ 12b MnarBivcrlOp— 
b Rrotatam EBdra. 
(b|SnngMEiianM_ . 


Price - 



Cw 

241 

♦ . 


U 

11 

16 

17 

0.4 

31 

171 


ru 

Grt 

45 

7.9 

81 

25 

5.8 
113 

93 

7.1 

7.0 

52 
88 
95 

3.8 
5.6 
55 
21 

53 
3.8 


TEAS 

India and Bangladesh 


AaamDooaisa _ 
Aszm Frontier £L 

AssBmInva,£] 

Empire Plant* lOp. 

123 JokaO 

I 88 LongbanrneEl — , 
[118 McleodRnss&lU J 


6.6 HU 

5.7 223 
68 15 J 
861531 



80 


□24 te»w£L 


SlnglolCdgs. 10p . 
Warren Plante. . 
WUIiamscn£l — 


14 

5.9 255 
5$ IBS 

4.9 3M 
4.6 23.4 
4.9 29.9 
3-928.6 

5 A Ml | 59 iLmrovaU 

7.9 175 
4.6303 
43 318 


180 


♦951 

350 

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. 104 


7.0 

202 

217 

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220 


10.0 

192 

390 

+6 


22 

186 


♦FL72 

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143 

— 

9.0 


80 
„ 17 

92 

8.4 
65 
7.9 
. 5.9 
11124 
, 10.6 
95 


Sri Lanka 

] 148 I — 1 263 J 10) 27 


Africa 


410 

165 


[190 Mjndjrefl J 

1 50 [BnoEKates .. „| 


4.6 29.7 I 
1031531 

53 25.0 
84173 

4.9 384 
3.9418 
4.0 35.4 

7519.7 

4.7 326 
65 25.7 
4.4 338 

4.4 30.8 
89 355 
45 324 
58 329 

3.4 478 

3.7 421 

483861 
38 373 j 

48 30.6 | 

88178 

3.9 321 
42 380 

9.4 193 


RUNES 

CENTRAL RAND 


iDcrbanDeepRl^, 

, Rl.. 

RandfonPnEeLIC. 
[West Rand R] 



246 

323. 



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EASTERN RAND 

127U 

m 

32 


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29 ls. AfricanLd.S5c- 

nkfnrtHn R7 

tnkeihaakBO. 

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15125.8 


fa 

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[187 


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7.6 
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183 




249 |Blyvoor25 

510 BnSelsRl 

58 DcelkraalBO) — 
138 DoornfooteinRI — 

430 EaatDrwBl , 

97 EUndtradGld.30e_J 

64 EWmrsRl 

ECO EaitebeestRl 

290 Kloof Gold Rl 

175 LlbanoaRl 

235 SotOhrodSOe 

113 SdHontetaSOc — . 

B12 VaalfteefeSOc 

70 VeBtaranostBl — 

£13% W.DriaRl 

110 Western Areca HI. 
544 Western Deer R2_ 
130 pjmdpirnin 


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90 

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115 

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475 

685 

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114 

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118 

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WBMn^sJOc 

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Q35c 

Q280c 



FINANCE 


-1 


If 


Finance, Land, etc. 

AkrtffdSmMwsJ 


& 



CaabriasnlGea 
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86 CarihdJis- 


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84 2751 
45 26.7 
54 402 


13 


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3.0 87) 80 1 

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182 
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320 
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230 1117 C.CtareflfU 


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12111 
13 9.4 

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Lf 65 
1310.7 
20 148 
3.4 5.4 
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DIAMOND AND PLATINUM 


09 

47 

188 

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a fully Integrated banking service 



MINES— Continued 


CENTRAL AFRICAN 

U77-78 

Hfefc Lev) Stack 

70 lFalcecRhiOc. 
bod*n Corn If 
|RoanCons,iW. 

i50p_- 

DoTpreLaop™ 

”tanfceCoLRh.l_ 
xCpr3BWk24_ 


Price 

190 

22 

52 

135 

78 

40 

11b 


AUSTRALIAN 


£13 B75 


Acmes Sc 

BoaeatavlIleSOTMi 

IBS ^emth 50c 

nnrinrRiiilfflUSOc. 
(OK-KnlgoarlicU- 
nntn Areas 5p... 

£&l50c 

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KnuaLyellshc 

N'esmeul 10c 

North B.Hm50c__ 
Nth-Kalptrl! 

PaciiicujroerZZ 
Pancontnisc 

tS2wall^dMcl 

PcsekkHi2Dc 

fnfcjnMm Sflp , 

Westn. Mimne 50c - 
Whim Creek Me 


10 

69 

72 

162 

54 

82 

15 

129 

15 

* 

81 

8b 

120 

34 

875 

S* 

88 

45 


I Anal Nigeria 

Ayer Hitara SMI 

iBerakTin 

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kkevor 


TINS 


Gold t Base ISap., 

Gopengftu. 

iHongkong... 

pdric iftn 

pama&zp— 
' “--01050 



South EctaBi^, 
Srim Malayan SMI _ 
Sanget Besi Ml — _ 
Supreme Ca rp. SMI 


iBrbr.SMl 
ffroonhSMl 


30 

240 

46 

200td 
485 
10 
255 
130 
93 
10 
68 
450 
290 
44 
58 
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245 ui 

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100 

78 

150 


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145 

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2.51 

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24.5 

3.9 

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3.4 

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■4| 5.8 


78 

149 


h 

14 

11 

20 


12.7 

433 

124 


111 
8.2 

, 57 
146 
1.7 
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□0.3 
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43 
9.9 
5.4 
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COPPER 

198 | 84 [Messina R050 [ 88 ) [Q30e|19|228 

MISCELLANEOUS 

A 


9 

, 58 

600 (235 
475 
247 
Iffl 


£14%' 

55 

160 


Burma Mh»fll7bp. 
Colby Mines SCI -1 
Cons.Unrth.10c_ 

250 NsathgateCSI 

173 &T£ 

2&i 2 SabimlndsCSl 

Sljj |TBra 


... rrfndyifiiwnilslflpJ 
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9 

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250 

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818 

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127 


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433(12 

•"S' 


NOTES 


1 


IUm othenrUe ImUmaJ. prices and net dtvUeadi ara la. 
pence and dewntauksa are ZSp. KflUiulc d prtce/eansinsi 
nttaaandcneroazclMHcdealaCeatanMulrepaKtBaadacemrota, 
■4atawwifWanwmktad»ataWroat»Bpuw.Wliwt 
ealrnlated on (be basts a/ act iB ild b all n; te s etm d flfiw 
Indites U per cent, ar mure dBhwnw if — ivitemi am "aD" 
distribution. Caron are baaed oa “martm—" dbMtada. 
Tlteda are based an ndddle prleea ■» P*. adjasud te ACTef . 
H per seat and allenr tar nine at dadand dWrikitieit mad 
rights. Securities ntti* dtaMBtitetilaas ether than sterflite an 
anted tadasiM ef the h amaul deltar. prmhun. 

A Sterling denominated securities which Ipctmle tuneatroeTti 
dollar premium. . 

“Tap" Stock. 

Highs and Low* marked Urns ham been adjusted to sUotr 
for rights Issues for cash. 

Interim since Increased Or resu m e d . 

Interim liace reduced, passed «r deferred. 

Tax-tree to non-residents on application. 

6 Figures or report awaited. - - 

ft Unlisted security, 
d Price at time te snopenslcu. 

9 Indicated dividend after pending scrip andfor rights tafluee 
cover rotates to pterions dividend or forecast. 

** Free of Stamp Duty. 

Megger bid or reor ganisati on far pr opea s. 

Not comparahla. 

Same interim: reduced Qnal and/or reduced corning* ' 
indtcatocL r* 

Forecast dividend: cover on earnings updated by latest- 

Cover allows for conversion te shares not now ranking fof " 
dividends or ranking oniy for restricted dividend. 

Cover does not allow for shares which may also tank for 
dividend at a future data. No P/E ratio usually provided. 

V F is rlndlng a final dividend declaration. 

* Begumal price. 

No per value. 

z Tax free, b Figures based on prospectus or other teOdal 
e cents, d Dividend rate paid er pafsble on pan 
Of capital; cover based on dividend on full cspttaL 
c Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip lxsne. 

Payment from capital sources, k Kenya, m Interim " 
than previous total, n Rights Issoe poxliiu 4 
based on pr eUnrinar y Ukuics. r Australian xuuene y. 
a Dividend sod yield exclude a special payment, t Indicated 1 
dividend: caver relates to preriona dividend, P/E ratio based 
on latest annual e ar n i ngs , u Forecast dlridend: cover based 
on previous year's earnings v Tax free up to 30p In tbc £. 
w Yield allows tor currency clause, j Dividend and jtaM 
based on merger terms, x Dividend and yield include a* 
special payment: Cover dace not apply to special 
A Net dividend end yield. B Preference dividend 
deferred. C Canadian. D Cover and P/E ra ti o end mi 
te D.K. aerospace subsidiaries. E Issue price. F Dividend - 
and yield based on prospectus ar other ofllrlnl sstimutas for - 
1077-78. 6 Assumed dlridend and yield after pending scrip ", 
and/Or rights issue. B Dividend and yield baaed on 
la or ether official eotbnatea for 1070-77. K Figures 
1 prospectus or other official estimates for 1S7R 
u TViridcmd and yield hnsed on prospectus or other official 
estimates for HOT. N Dividend and yield baaed on prospectus 
other official es timate s for 1078. P Dividend and yield' 
based on prospectus a* other nfflrfal estimates for 1077. - 
Q Gross. T Figures assumed. U No significant Cocpotation 
Tax payable. Z Dividend total to dale ff Yield based on- 
amummloo Treasury Bill Rate stays unchanged until maturity, 
te stock. 

Abbreviations: ul ex dividend: m ex scrip tasne; rex rights; a ex 
all: it ex capital distribution. 


passed 
de prof 


Eecent Issues ” and M Bights ” Page 22 


This service is available to every Com pany dealt in on 
Stock Exchanges throughout the United I 
fee of £406 per an mm for each 



REGIONAL MARjc 


is n selection of London quotatioSL 

, led only m regional markets. Priced 

Isaacs, most of which are not offlcially listed In Lb. 


The foil 
previously I: 


are as rooted on the Irish exchange. 


Albany Inv. 0Dn 
Ash Spinning .J 
Bertam 

Bdgtetr.BstSOp 
clover Croft — ! 
AaigARow£i 


Evans FrTc.: 
Evcred„ 
Fife Forge, 




Finlay Pig. 5p. . 

Craig Ship. £i_ 

■ KKuBrew- 
J.Stm.£l_ 
Kott<jQs.)25p._ 
Nthn. Goldsmith 
PeareolC.H.U. 

Feel Mills 

Sheffield Brick 


23 

41 

19 

2B2 

23 

3B0 

■35 

66 

27 

17 

47 
2 Db 

2 40 
142 
132 
237 
45 
122 
17 

48 


+1 


-1 


EhrfLflrfnhmi. 50 t 1- 

Shiloh Spinn „ 20 L....I 

Sindall (Wm.X-. 85 ], L . 


IRISH 


Conv. 9% W82.I 
Alliance Gas 

Arnott 


Concrete Freda. ' 
HeitanCHldgs .1 

Ins. Corp ] 

Irish Ropee — [ 
Jacob..— 
Sunbeam 

TALC 


Unidare 1 


*3?* 


70 

1MlH 

315 

|H ,„ 

113ri 


85 


125 

nwsesv 

51 

+1 

175 

il5 

Ufis 

13 

62 

+2 

25 

-2 

165 

-5 

75 



OPTIONS 

3-month Call Sates 


Industrials 

A. Brew 

AJ*. Cement _ 

B. S-R. 


Babcock 

Barclays Bank. 

Beecham — 

Boots Drug— 

Bow stars. 

B.A.T_ — m 
British Oxygen 

BrownU.L 

Barton ‘A' | 

Cudbmys _ 

CourtauldA 
Debentures.-: 

Distillers I 

Dunlop. 

gjjfeStar — 


Gen. Aeeldent 
Gen. Hecmc- 
Glaxo.— . . 
Grand Met—! 
..U.S.'A 1 — ... 
Guardian—. 

G.KJM j 

Hawker Sidd^ 
HeotitOftset. 


LCJ.... 

“Imps". 


Ladbroke.. , 

Legal & Gen. J 
Lea Service—] 
UoydaBaak., 
"Lott" 


London Brick.. 

Umrho 

T^cjslnds. 

Hrkc. ASpncr 
MH1 and Bank 
Not WCsL Back- 
Do. Warrants 
PiODfd,™ 

Pleswsf - 

RHM 

rUnkOre.'A'-i 
Reed Inti.. 

Revrolle 

SpUlera 

Tesco 

Thora'AV— J 
Tract Houses. 


Charter ConeBI 
cons. Gold 

:IuoT.ZinCyr ya 

A selection of Options traded is given on 
London ijtoc& Eacbange Report page 


(Tube Invest. J 
Unilever — 
CtiLDrnpery. 
Vlekera— . 
|Wool worths 

Pr*P««y 
Brit Land 
Cap. Counties. 


Intrauropean 

Land Secs. 

MEPS 

Poeeher— , 
Samuel FKpfl-., 
Town&CiQr_ 

OUt 


















STRATHSPEY 

M,100^o Highland Mali Whiskv. 


ive 


Saturday January 14 1978 


^j/j. ' ^ S uas 


'UrMisneadid." 


r/'hV/J/JA* 



MAN OF THE WEEK 


A war by 
any other 


Owen favours special Ma , u 

seeks 

North Sea oil fund n. y< 


THE LEX COLUMN 


. . ..Av-"'''* 


BY PETER RIDDELL, ECONOMICS CORRESPONDB4T 


N. York 
Trib 


Hopes deferred 


name 


BY ELINOR GOODMAN 


OUTWARDLY, John Sains bury 
is not the kind of man you would 
expect to find embroiled in a 
price war. Mr. Leslie Porter, 
chairman of that other super- 
market chain, Tesco. fits the pub- 
lic image of the pugilistic grocery 
leader far better. When Te s co 
dropped trading stamps in the 
summer and- slashed its prices, 
Mr. Porter visibly relished the 
excitement of it all: behind a 
dignified front, you felt he would 
like to have been out in the 
stores in his shirt sleeves, piling 
it high and selling it cheap. 

Mr. John Sainsbury, chairman 
of the company which his family 
founded over 100 years ago, takes 
it all much more calmly. Though 
clearly pleased by the publicity 
which has surrounded the launch 
of Sainsbury's new cut-price pro- 
gramme, he manages to remain 
aloof from the scrum. He 
describes himself as a per- 
fectionist — a trait endorsed by 
those who work for him — and 
says he gets his satisfaction from 
seeing the business succeed 
overall ratber than, say, selling 
coffee at a cheaper price than 
anybody else at one particuar 
time. 


PROPOSALS to channel some of 
Britain's North Sea oil revenue 
into a special fund to aid indus- 
try have received unexpected 
support from Dr. David Owen, 
the Foreign Secretary. 

The proposals are opposed by 
the main economic Ministers in 
the Cabinet. 

The debate within the Govern- 
ment about how to take advan- 
tage of North Sea oil is likely 
to intensify in the next few 
weeks and Mr. James Callaghan, 
the Prime Minister, is personally 
supervising preparation by the 
Cabinet Office of a document on 
the options. 

Versions of this paper are 
likely to go to the National 
Economic Development Council 
and to the TUC-Labour Party 
liaison committee. 

The whole subject is regarded 
as highly sensitive within White- 
hall in view of the differences of 
opinion about possible uses of 
the oil. It thus is Likely that 
the eventual document will defer 
major decisions ahead of an 
election and will just list the 
main options, on the lines of 
a draft prepared for the liaison 
committee last November. 

Dr. Owen’s views have been 
set out in a paper circulated to 
members of the Cabinet; this 


is believed to have been written 
by Mr.- Michael Stewart, bis 
special economic adviser. Dr. 
Owen is also understood to sup- 
port proposals for linking indus- 
trial aid to planning agreements. 

At the liaison committee meet- 
ing the proposal for a special 
oil fund was criticised not only 
by the economic ministers pre- 
sent but also by Left-wing MPs 
and union leaders. Mr. Jack 
Jones, tbe retiring General Sec- 
retary of the Transport and 
General Workers’ Union, is 
believed to have been one of 
the few supporters of the idea, 
along with Mr. Anthony Wedg- 
wood Bexm, the Energy Secre- 
tary. 


Re-investment 


The opposition to the plan on 
the Left is based on the view 
that such a fund might be used 
primarily for re-investment In 
energy and .would detract from 
direct aid to industry and an 
increase in - money for the 
National Enterprise Board. 

But the predominant White- 
hall view, represented by Mr. 
Denis Healey, Chancellor of the 
Exchequer, and Mr. Eric Varley, 
the Industry Secretary, is that 
a large proportion of the pro- 
jected revenue — more than £3bn. 


a year at current prices by tbe 
mid-1980s — should be used 
towards reducing tbe tax burden 
rather than in direct- aid for! 
Industry. 1 

The growing view in Whitehall 
is that cutting taxes and a com- 
mitment to a steady growth in 
tbe economy as a whole will pro- 
vide a much better incentive to 
higher investment than a large 
increase in direct aid, wbich the 
Department of Industry anyway 
does not believe is necessary. 

There is general recognition 
that a large pan of the needed 
investment in energy will have 
to be carried out by the State. 

Other spending Ministers have 
argued that the priority- sbould 
be on improving the social in- 
frastructure — for example, social 
services; education and transport 
— while there have also been 
calls for increased overseas aid. 

The liaison committee docu- 
ment merely stated both sides of 
the argument on an oil fund — 
saying that the main- point in 
favour was that “use of North 
Sea revenues would be visible 
and accountable, while, on the 
other hand, such a fund raigbt 
provoke disputes on special 
claims and would 1 not in itself 
show how the revenues were 
being used. 


at Thom 


4 

din 


BY STEWART FLEMING 



Craftsmen’s strike hits 
Vauxhall profits 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


m3 



John Sainsbury. 

A cut above the rest 


To some extent his personality 
is reflected in Sainsbury's cor- 


S orate image — definitely less 

rush, and perhaps a little more 


brush, and perhaps a little more 
respectable than some of its com- 
petitors. The image, of course, 
goes back far longer than the 
nine years in which be bas been 
in the chair and It is precisely 
because the company has always 
tended to adopt a low profile in 
the price war that its latest 
moves are so interesting. 

Mr. Sainsbury himself refuses 
to play along with the idea of a 
price war between his company 
and Tesco. For a start, he de- 
nies that Sainsbury's new “Dis- 
count 78” programme is a 
direct response to Tesco’s new 
pricing policy. He also says he 
dislikes the word “war”. “It's 
alright for the popular papers, 
but it over dramatises the situa- 
tion." 

In particular, he points to the 
move inwards larger stores with 
lower operating costs — both by 
his own company and others — 
and the emergence of the dis- 
count chains which, because they 
only sell a limited range of 
goods, can also operate on lower 
costs. Sainsbury’s, he says, had 
decided some time before Tesco 
came out of stamps that it was 
in a position tn exploit the 
economics of Ihese larger stores 
' - n uvtinc margins and so in- 
’57;®. | u®, volume. The recent 
rate nF f°°d 
crea^rf-’ wtf V w ' abled the com ‘ 

slowdown w-rrr-ith its plans. 
JScc inHatton ei^ that - D is- 
pany to so a} ie 2» fundamental 
F -Even sn, gSbury’s strategy, 
count 7S he says, that the 
change.-* gearing itself to 
it is volume and to increas- 
CO p- sales per square foot — 
Jdy ahead of the industry 
-srage — still further. 

' As such, it is the second fun- 
. damental change to occur in the 
i company since John Sainsbury 
\ took over from his uncle. Sir 
\Robert Sainsbury. as chairman. 
■The first, of course, was the 
- public flotation five years ago. 
Since then, the company has in- 
creased the number of its stores 
from 13S to 221 and lifted its 
turnover from £297m. to £664ra. 
in *.he year to March 1977. 

John’ Sainsbury is punctilious 
about his position as chairman' 
of a public company. Without 
making any further comment 
about the outlook for profits, he 
implies that be does not alto- 
gether go along with some of his 
competitors who apparently 
believe that in today’s trading 
conditions, it may be necessary 
for them to sacrifice profits in 
the short term for volume. 

In one sense, of course, John 
Sainsbury, now SO. has been 
through all this before. As the 
fourth generation oF the family 
to co into the business, he has 
worked in the company since he 
c 3 me down from Oxford in 1950. 
During that period, the rules or 
groeerv retailing have changed 
radically, and the company has 
fought many battles, not least of 
* which was the anti-trading stamp 
■ ’Jobbv in the early 1960s. Accord- 
47 ir his father. Lord Sainsbury, 
k 2 i5Vobn succeeded as head of 
.4g* 28 Ibi jflS7, “It’s always been 
this business, we are 


MR. BOB PRICE, chairman of 
Vauxhall Motors, said yesterday 
that the montb-long craftsmen’s 
strike the company suffered in 
November destroyed all hopes 
of a significant profit last year. 

But he said he was extremely 
optimistic about prospects in 
1978. The company had already 
won a major truck order from 
Nigeria worth £34m^ and was 
expecting a substantial increase 
in output of cars and commercial 
vehicles. 

Vauxhall, owned by General 
Motors of tbe ILS. has not made 
a profit since 1971. But its early 
production record in 1977 
pointed to a significant reverse 
in this trend and by tbe half-way 
stage it was abie to report pre- 
tax profits of £l.?m. with every 
indication that it would do 
equally well in tbe second half. 


The strike, which closed Vaux- 
hall factories during November, 
shows the impact which loss of 
production makes on the costs of 
a highly-geared motor company. 

Despite the loss of output, 
Vauxhall was able to raise sales 
by 5.2 per cent to 120.600 
(114,594 in 1976) in the U.K, 
mainly because a significant pro- 
portion of its vehicle supplies 
now comes from the Continent 

But this ability to make up the 
shortfall was not enough to 
absorb the effects of the strike 
and the additional sales for 
which the company is now 
equipped. 

Nevertheless. Vauxhall is 
pressing ahead with plans for 
expansion in 1978. It is still 
recruiting at its three plants, 
having expanded its labour force 
by 3,000 last year, and is 


Fresh look urged 
on railway fares 


expected to increase its car pro- 
duction substantially as output 
of the Cavalier model builds up 
at Luton. , 

There is a strong possibility 
that a Vauxhall version of the 
Opel Rekord will also be intro- 
duced In the UJK towards the 
end of 1978. 

Apart from cars, sales in 
Vauxhall’s Bedford commercial 
vehicle division advanced con-, 
siderably in the U.K last year.: 
going up by IZJt per cent to 
43.047 (38,042) In a market 
wbich was only 7.6 -per cent 
ahead of last year. 

Worldwide truck exports 
increased by 8 per cent, to 
48,764. with a 32.7 per cent, 
expansion on the Continent to 
25-306 vehicles. 

The new Bedford order from 
Nigeria, which is for 900 normal- 
control TJ trucks weighing 6 to 
10 tons gross, will be shipped 
during tbe year for local 
assembly at Apapa by Federated 
Motor Industries. 

Vauxhall car sales on the 
Continent also rose by 7.7 per 
cent last year. 


NEW YORK, Jan. 13. 
ASSOCIATED NEWSPAPERS, 
owner of the Daily .Mail, is 
in discussion for the possible 
acquisition of a major stake 
in the Trib, New York’s newest 
daily newspaper which has 
been in circulation only five 
days. 

Seeking to make his second 
major publishing investment in 
the U.S. within six months. 
Hr. Vere Harmsworth, chair- 
man of Associated, has been 
in New York this week head- 
ing the negotiations. 

Other representatives of 
Associated, including the com- 
pany’s managing director, Mr. 
Michael Shields, are with him. 

Associated’s objective is 
believed to be tbe acquisition 
of a controlling interest 

Hie two sides are thought to 
be oear agreement, but unable 
to overcome some outstanding 
issues. One suggestion is that 
these could involved editorial 
control. 

An important investor In the 
paper, whose 16 shareholders 
have not been named, is the 
publisher Mr. Leonard Saffir, 
who has become publicly 
Identified as the creative spirit 
behind the new paper. 

Associated, which has sub- 
stantial interests in North Sea 
Oil. is said to have allocated up 
to 5100m. for investment in the 
U.S. 

Last August, it was involved 
in the $5m. purchase of 
Esquire, in a partnership with 
Mr. Clay Felker, publisher of 
New York magazine, who quit 
the weekly when Mr. Rupert 
Murdoch’s News International 
acquired controL 

Mr. Murdoch's company is 
the publisher of New York’s 
afternoon paper. The Post, and 
if Associated were to acquire 
control of The Trib, only two 
of the city's four daily news- 
papers would be in American 
ownership. 

Max Wilkinson writes: Asso- 
ciated Newspapers has been 
interested In making American 
acquisitions for some time. The 
editor of the DAly Mail, Mr. 
David English, spent a con- 
siderable part of last year 
scouting for opportunities in 
the U.S. 

When Associated bought into 
Esquire, Mr. English helped 
reorient the magazine. The 
Daily Mail is shortly to send 
an assistant editor, Mr. John 
Womersley, to New York to 
co-ordinate its U.S. activities. 


ScargiU pit 
defeat likely 


BY CHRISTOPHER DUNN 



MR. ARTHUR ScargiU, the York- 
shire miners’ leader, appears to 
have lost the battle over pit pro- 
ductivity schemes in bis. own 
coalfield. 

The Coal Board said that 
nearly all the coalfield's 66 
collieries had voted to accept 


The market has been down- 
grading its targets for Thorn’s 
growth for same time now, but 
yesterday’s forecast of broadly 
unchanged profits in the year 
to March still came as a shock. 
The shares fell 14p to : 358p. 
The first quarter was good, but 
the performance started ' to 
deteriorate in the late summer 
and half-year profits are only 
9 per cent higher at £46. lm. 
pre-tax. 

Pay confrontation at the end 
of phase two effectively para- 
lysed Thom's lighting and TV 
factories in North London for 
a couple of months, and output 
was further hit by the British 
Oxygen strike. These hold-ups 
cost several million pounds. 

In addition. Thorn is - now 
having a very bad time in its 
biggest overseas market, Aus- 
tralia. The group has over 20 
per cent of the local colour TV 
market, and deliveries have 
been reduced by more than 
half from peak levels. A busi- 
ness which was making £5m. or 
so in 1976-77 is now producing 
substantial losses. 

Other problems for the 
current half include the U.K 
retailing side, which has 
suffered a profits downturn of 
perhaps film, so far. Margins 
on colour TV manufacturing 
have fallen sharply (although 
Thorn says it is still in the 
black) and the audio business 
is under pressure, with overall 
'stocks in the UJt. currently 
standing at very high levels. 
Elsewhere, the domestic 
appliance side is facing a new 
wave of fridge and freezer 
imports from Italy, and output 
here is only running at about 
50 per cent, of capacity,. 

Now for the good news. TV 
rental is still expanding strongly 
in the U.K and on the Con- 
tinent, and the lighting division 
has more than made up the cost 
of its labour troubles. Thorn 
admits that it has some funda- 
mental long-term problems — 
like TV manufacturing, and 
Australia— but it is very optimis- 
tic about consumer spending in 
1978-79. ' This year’s standstill 
is seen as no more than a de- 
ferral of its growth plans. 

The market has to hope that 
it is right Despite recent 
weakness, tbe shares have sub- 
stantially outperformed the 
averages over the past year or 
so. The prospective yield is 3 
per cent (covered over five 
times) and the p/e is about 94 
fully taxed. So quite a lot is 
already being pinned on next 
year’s outcome. 


Index rose 1.5 to 480.9 


BsDnadTarestRato-^- 


ILS. FEDERAL 

rumps RATE 


SEP OCT KOV DEC JM 

1377 137G-, 


U.S. equities 

Investors traditionally fight 
shy of buying shares while a 
bear market trend is still intact, 
and that is the problem 
currently facing the sizeable 
band of London analysts who 
keep track of Wall Street. Over 
the past year or so there has 
been plenty of advice about the 
cheapness of U.S. equities — but 
they hare carried on getting 
cheaper. This has been quite 
dramatically true in the past 
three weeks or so, for since the 
dollar premium surrender rule 
was abolished on December 21 
not only have U.S. equities 
weakened in New York but 
sterling has appreciated against 
the dollar by some per cent, 
while the premium has dropped 
from around 40 per cent to 241 
per cent. During this period, 
therefore. UJS. shares have 
become about one-sixth cheaper 
to U.K buyers through invest- 
ment currency (which is the 
same thing, of course, as say- 
ing that existing holders have 
been having a very unhappy 
time). 

This week at least one 
firm of - London brokers, 
Grieveson Grant, has been 
advising clients to move 
into the U.Sl , market The 
reasoning is plausible enough. 
For the first time since 1872 
the U.S/ Standard and Poors 
Industrials Index is 'selling on 
the same p/e (about. 8.65) as 
the UJC. FT-Actuaries 500-Share 
Index, and on very much the 
same yield (of 5.2 per cent, 
against 5.4 per cent). If good 
quality British and American 
equities are selling on a similar 
rating- basis the question - is 
where long term investors like 
pension funds should be putting 
their new money. The answer, 
according to the promoters of 
the New World, is not surpris- 


ingly that the worldfe blj 
capitalist economy is the 
to the building up a nest « j 

Right now, however, 1 
Street is a very gloomy j 
The big problem, moreover,! J 
corns liming: what might}] | 
clover in the very long nnjtift 
look embarrassing in thef 
term. And while history "jjj 
that few invetors can spot' 
bottom of a market, most- 
quite optimistic about / 
chances of doing so the i . . - 

time. ^ 

At present, the U.S. secut 
markets are dominated, by gj ' . 
ally rising interest rates,: ' 
problems of the dollar, and 
inadequacy of the Ad mini 
tion in dealing with the eii 
gap and the associated ball 
of payments troubles. Sht 
term investors will want to 
at least a chink of light in tl 
areas before taking advan 
of what could certainly p 
to be a valuable medium t 
buying nppnrtun ity. 

First National 

First National Finance die , ' , ■ , 
deed make a profit in the se{ 
half of last year— all of £2.fl 
ou gross assets of 1254m.: 
that marks something of a wa 
shed in the histnry of this h , 

extraordinary group, then as?!! dF* : - 1 * 
as shareholders are coned 
it is still an academic one. . 
that anyone would have thou 
so. to sec the way the p] 
was behaving last week, thm 
it closed unchanged yvsten . , 

at 3p. 

The accumulator! deficit, f 
ins in a loss of £3. 89m. tat 
recovery of £9S1.00ti in tax), 
the whole nf last year is o 
£76m.: and there is no rca. 1 
to suppose that contribute 
from either the hire purchi 
division (which turned in j '* 
over £8m. last year, as asai 
£6ra., on ihe back of iov 
interest rates), or the prope ' 
side, will be able to make int 
or a dent in that in the ft 
seeable future. 

So the hopes, insofar as tlS 
a”; any, rest on the emerge; 
of bidders to carve up iho* 
mains. Sn far there has hi 
not so much as the most tej 
five approach for the consul 
credit side. And sales of £2:'^ 
during a buoyant year har 
augur well for the enthusU 
with which any potential bidi 
might view the remain 
£150m. property portfolio. Fi 
National may be slowly red, .. ,, 
ing its reliance on the supp' : 0 
group (whose loans are n 
down to £212m.), but in inw 
ment terms it is still amc 
the living dead. 


has nt 
ost tej 
consul 
of £2:~?S 


A “THOROUGHGOING re- 
appraisal " of British Rail’s fare 
structure has been urged by the 
State-backed Central Transport 
Consultative Committee. 

The consumer watchdog body 
calls for radical changes to the 
season ticket system, and pos- 
sibly its eventual scrapping, with 
an end to the present wide range 
of fare discounts, which go up 
to 45 per cent according to the 
type of journey. 

It says cut-price fares should be 
standard — probably about two- 
thirds of normal fares for all 
journeys where they seem appro- 
priate. 

Timetables should be clearly 
marked to show which journeys 
cost the standard fare and which 
the reduced. 

Cheap fares might not be 
-limited to return journeys. 

Consideration should be given 
to making cheap rates' the norm, 
with a premium for beavily-used 
trains. 

On season tickets, the com- 
mittee- says they are firmly 
established in railway tradition 
and have become a vital com- 
ponent of the social and com- 
mercial structure, especially . in 

the South-East. 

But there are commercial In- 
consistencies, with discount vary- 
ing greatly according to the 
distance involved. Most season- 
ticket holders travel in the rush- 
hour, so a big part of tne reduced 
fare system fails to attract 
passengers on to off-peak ser- 

Overali. the need is for British 
Rati to "provide a clear and 
simple answer to the clear and 
simple question, how much does 
it cost?" 

“The travelling public has 
become Increasingly bemused 


when contemplating an un- 
familiar journey." Widespread 
disquiet at the complexity of rail 
fares was “fully justified.” 
British Rail bad for ten years 
followed a policy under which 
fares in different parts of the 
country were adjusted accord- 
ing to local conditions. Before 
that, fares were worked out on 
a mileage basis. 

The post-1968 policy was right, 
but British Rail had failed to 
follow its own logic. 

Anomalies had multiplied 
“ tenfold." Many passengers 
bad lost sight of the true reason 
for reductions. 

Special offers to students, 
housewives and old-age pen- 
sioners had created an impres- 
sion that BR was seeking to 
“ distribute its largesse as a 
social benefit” I 

The recently-announced sim- 
plified cut-price fare between | 
London and Glasgow was a step, 
in the right direction. 

“ But if the test of marketing 
success is to expand one's share 
of the market, BR has urgent 
need of a fresh outlook.” 

The call for a standard dis- 
count was rejected by British 
Rail as it would “severely limit 
the Board's ability to exploit 
specific markets.” 

The introduction of cheap 
single Tares would lose the nat- 
ionalised industry "a consid- 
erable amount of money." 
Single journeys accounted for 
about a fifth of passenger income-. 

No move away from a season- 
ticket system was planned. 
Scope for experiment and change 
was limited by the need to make 
as much money as possible, and 
to contain or reduce subsidies 
from the Government 


UJK. TO-DAY 

DRY but rather cloudy except 
tor sunny intervals in the- ex- 
treme East and South. 

London, South, East and Cent. 
North England, E. Anglia, Mid- 
lands, S. Wales 
Dry. rather cloudy. Sonny 
intervals. Max. 8C (46F1. 
Channel' Isles, S.W. England 
Dry. cloudy. Sunny intervals. 
Wind tight. Max. 10C (50F). 

N. Wales, N.W. England, Lakes, 
Isle of Man, S.W. Scotland 
Dry and rather cloudy. Wind 
moderate to fresh. Max. 9C 
(4SF). 

N.E. England, Borders . 
Dry with sunny intervals, 
wind moderate or fresh. Max. 
SC (46F). 

Highlands, N.E„ N.W. Scotland, 
N. Ireland 

Cloudy with rain later. Wind 
fresh or strong. Max. SC (48F1. 

Outlook: Wintry showers, and i 
bright intervals becoming raider. 

BUSINESS CENTRES 


Distillers defies 
EEC on whisky 



BY GUY DE JONQUIERE5 


BRUSSELS, Jan. 13. 


Cornwall station marks 
Marconi anniversary 


THE Government has authorised 
the setting-up of a special axna* 
teur radio station in Cornwall as 
part of the celebrations for the 
75th anniversary of Marconi'S 
first two-way commercial radio 
transmission between Britain 
and the U.5., Mr. Merlyn Rees. 
Home Secretary said yesterday. 

He told Mr. Robert Adley (C., 
Christchurch and Lymington) in 


a Commons written reply that an 
invitation to the Queen to send 
a message to President Carter 
through the Cornish Amateur 
Radio Club to commemorate the 
anniversary had been declined. 

International Radio Regula- 
tions forbade the use of amateur 
stations for transmitting interna- 
tional messages for third parties. 


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HOLIDAY RESORTS 

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s— Sonny. _F— Fair C— Cloudy, 

n— Rain. 


DISTILLERS indicated to-day 
that it. did not intend to budge 
from its recent decision to with- 
draw Johnnie Walker Red Label 
and Dimple Haig whisky from 
the British market, despite re- 
newed warnings from the Euro- 
pean Commission that these 
actions could invite fresh legal 
investigation under the EECs 
competition rules. 

Mr. David Kerr, Distillers' 
executive in charge of whisky 
sales to the EEC, said that the 
company would have to consider 
withdrawing other brands from 
UJL sale if it were not allowed 
by the Price Commission to raise 
prices by up to 50p a bottle. 

Mr. Kerr spoke after a meet- 
ing with the EEC Commissioner 
for competition policy, Mr. 
Raymond Vouel,' to explain why 
it had halted U.K sales of two 
brands and raising the prices 
of others, rather than lowered 
Continental prices as_ the Com- 
mission would have liked. 

The Commission, which feels 
that its own case has been mis- 
represented in the U.K, bad 
wanted to discuss other ways in 
which Distillers could obey its 
order. 

But Mr. Kerr said he did not 
expected the company to alter 
its decisions as a result of 
to-day’s talks. 

The Commission is already 
studying the withdrawal of the 
Johnnie Walker and Dimple 
brands from the U.K under the 
“refusal to sell" provisions of 
Articles 85 and 86 of the Rome 
Treaty. 

It said to-day that It would 
subject any similar future deci- 
sions by Distillers to the same 
examination 

Distillers has said that it had' 
to withdraw the two brands to 
prqteci export sales, which are 
vastly greater than domestic 
sales. 

It would justify its application 
for price rises to the Price Com- 
mission on the same grounds, 
rather than on the basis of cost 
increases. 

The company has claimed that 
unless these price increases were 


granted in full, UJK wholesalers 
would undermine the position of 
Distillers' Continental distribu- 
tors by exporting whisky direct 
to other parts of the EEC. at a 
price below that paid by the 
distributors. • 

This would lead to a drop in 
prices on the Continent, to the 
detriment of the distributors, 
who needed to spend about £5 
per case on promoting whisky in 
their markets. 

Distillers confirmed to-day that 
the brand of whisky which it 
planned to introduce in place of 
Johnnie Walker Red Label would 
be a new blend, sold in different 
packaging. 

The company hoped that the 
withdrawal of Red Label might 
persuade some customers to 
move to the more expensive 
Black Label brand. 

Kenneth Gooding writes: Tbe 
export price of Scotch whisky is 
to go up by about 10 per cent 
or just under 9p a battle from 
February 1. This will put 
pressure on companies to make 
adjustments in the U.K 

The Scotch Whisky Association i 
has recommended to Its members I 
an increase in the price of I 
standard, battled Scotch of £1.05 1 
a case (of 12 bottles) to £IL15. 

The recommendation does not 
cover two areas which together 
represent about half the export 
trade — the U.S. and the EEC. 

However, the Scotch com- 
panies in the past have usually 
increased the Common Market 
price. along with that for the 
territories covered by the associ- 
ation agreement 

The association export price 
last went up In January 1977, and 
the EEC price Followed in April. 

Last year Scotch export prices 
went up 20 per cent and this 
helped lift export earnings to 
about £500m. from £437m. in 
spite of a small increase—- 
perhaps 2 per cent— in the 
volume shipped. 

In the important U.S. market 
which accounted in 1977 for 35 
per cent, of total Scotch exports 
against 18 per cent, in the EEC. 
the price bas remained 
unchanged since 1974. 


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: A 


Prnnorti o ^ ^ COntOCt I . }■: 

Head SEKR -1 Ass “ rance Company Limited,' . ■ "4 \ . 

Mead Office. Leon House, High Street, Croydon, CR9TLU; A,i 4 ' 

Telephone ; Qi -6S0 0606 : • , 




PROPERTY GROWTH ASSURANCE 

A incmbcr of the Phoenix. Assurance Group 


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